Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2022 (Unaudited)
  Ticker Listing Exchange
JPMorgan ActiveBuilders Emerging Markets Equity ETF JEMA Cboe BZX Exchange, Inc.
JPMorgan ActiveBuilders International Equity ETF JIDA NYSE Arca
JPMorgan BetaBuilders Canada ETF BBCA Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF) BBAX Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Europe ETF BBEU Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders International Equity ETF BBIN Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Japan ETF BBJP Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Equity ETF BBUS Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF BBMC NYSE Arca
JPMorgan BetaBuilders U.S. Small Cap Equity ETF BBSC NYSE Arca
JPMorgan Carbon Transition U.S. Equity ETF JCTR NYSE Arca
JPMorgan Climate Change Solutions ETF TEMP NYSE Arca
JPMorgan Diversified Return Emerging Markets Equity ETF JPEM NYSE Arca
JPMorgan Diversified Return International Equity ETF JPIN NYSE Arca
JPMorgan Diversified Return U.S. Equity ETF JPUS NYSE Arca
JPMorgan Diversified Return U.S. Mid Cap Equity ETF JPME NYSE Arca
JPMorgan Diversified Return U.S. Small Cap Equity ETF JPSE NYSE Arca
JPMorgan International Growth ETF JIG NYSE Arca
JPMorgan U.S. Dividend ETF JDIV NYSE Arca
JPMorgan U.S. Minimum Volatility ETF JMIN NYSE Arca
JPMorgan U.S. Momentum Factor ETF JMOM NYSE Arca
JPMorgan U.S. Quality Factor ETF JQUA NYSE Arca
JPMorgan U.S. Value Factor ETF JVAL NYSE Arca
  

CONTENTS
   
1
2
Fund Commentaries:  
3
6
9
12
15
18
21
24
27
30
33
36
39
42
45
48
51
54
57
60
63
66
69
72
236
262
272
312
315
316
319
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. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
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.

Table of Contents
President's Letter
June 21, 2022, (Unaudited)
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 1

Table of Contents
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2022 (Unaudited)
While developed market equities rallied in the final months of 2021, a resurgence in the pandemic, surging inflation and Russia’s invasion of Ukraine in late February 2022 dented the global economic outlook and erased equity market gains for the six month period. Overall, both global equity and fixed income markets largely generated negative returns for the period, with emerging markets largely underperforming developed markets.
U.S. equity prices largely maintained upward momentum in the final months of 2021 amid low interest rates, a boom in household wealth and record corporate earnings and revenues. However, investor concerns about the emergence of the Omicron variant of Covid-19 and surging inflationary pressure fueled market volatility in 2022 and Russia’s military build-up and invasion of Ukraine in February 2022 put further pressure on U.S. equity prices.
In mid-March 2022, the U.S. Federal Reserve followed through on its stated plan and raised interest rates for the first time since December 2018 and pledged to raise rates six more times in 2022. While U.S. equity prices rebounded somewhat for the month, both equity and bond markets slumped in April as negotiations to end the Ukraine conflict failed and global supply-chain disruptions increased. Notably, the U.S. dollar strengthened against other major currencies in early 2022, which provided a significant drag on both the domestic economy and corporate earnings. However, job growth in the U.S. continued throughout the six month period.
European and U.K. equities largely ended 2021 with gains but the reimposition of social restrictions in response to the spread of Omicron and the outbreak of fighting in Ukraine weighed on financial markets in early 2022. While initial multilateral trade
and financial sanctions against Russia excluded its energy sector, prices for natural gas and petroleum rose sharply across Europe and the potential disruption of energy supplies hurt investor sentiment. 
Unemployment in both the Euro area and the U.K. had fallen to near multi-decade lows by the end of April 2022 but consumer sentiment across both regions tumbled lower in 2022. During the six month period, the European Central Bank maintained its ultra-low interest rate policy, while the Bank of England raised rates three times during the period amid the highest annual inflation rate in 30 years.
Within emerging markets, both equities and bonds underperformed throughout the six month period. China proved to be the largest drag on emerging markets during the period as investor concerns about tighter regulatory scrutiny of large technology companies in 2021 gave way to strict lockdowns in several large cities amid a resurgence in Covid-19 infections throughout the country. The expected slowdown in China’s economy, and in its manufacturing sector in particular, weighed down financial markets and in its emerging market trading partners. Rising prices for energy and a range of other commodities also raised investor concerns about economic growth across emerging market nations, particularly net importers of petroleum and natural gas. Additionally, the prospect of rising U.S. interest rates weighed on emerging market bond prices.
For the six months ended April 30, 2022, the S&P 500 returned -9.65%, the MSCI EAFE Index returned -11.58% and the MSCI Emerging Markets Index returned -14.04%.
2 J.P. Morgan Exchange-Traded Funds April 30, 2022

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JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (19.18)%
Market Price **
 (19.50)%
MSCI Emerging Markets Index (net total return)
 (14.15)%
Net Assets as of 4/30/2022
 $728,181,840
Fund Ticker
 JEMA
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 3

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JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
communication services sectors. By country, the Fund’s largest overweight allocations were to Hong Kong and Taiwan and its largest underweight positions were in Saudi Arabia and India.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
   5.7 %
2.
Samsung Electronics Co. Ltd. (South Korea)
   3.7
3.
Tencent Holdings Ltd. (China)
   3.1
4.
Infosys Ltd. (India)
   1.8
5.
Wal-Mart de Mexico SAB de CV (Mexico)
   1.6
6.
Alibaba Group Holding Ltd. (China)
   1.5
7.
Housing Development Finance Corp. Ltd. (India)
   1.4
8.
NetEase, Inc. (China)
   1.3
9.
SK Hynix, Inc. (South Korea)
   1.2
10.
China Merchants Bank Co. Ltd., Class H (China)
   1.2
    
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
China
   30.9%
Taiwan
   16.5
South Korea
   12.8
India
   11.6
Brazil
   5.3
Mexico
   4.4
South Africa
   3.0
Indonesia
   2.4
Hong Kong
   2.2
Saudi Arabia
   2.0
Thailand
   1.6
Others (each less than 1.0%)
   5.3
Short-Term Investments
   2.0
* 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 $38.12 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 $38.18.
*** 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 April 30, 2022

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AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan ActiveBuilders Emerging Markets Equity ETF              
Net Asset Value
 March 10, 2021   (19.18)%   (21.64)%   (17.17)%
Market Price
     (19.50)%   (21.74)%   (17.07)%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/22)
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 5

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JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (13.12)%
Market Price **
 (13.60)%
MSCI EAFE Index (net total return)
 (11.80)%
Net Assets as of 4/30/2022
 $25,275,445
Fund Ticker
 JIDA
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.
 
6 J.P. Morgan Exchange-Traded Funds April 30, 2022

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TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Nestle SA (Registered) (Switzerland)
   3.2 %
2.
Roche Holding AG (Switzerland)
   2.5
3.
Novo Nordisk A/S, Class B (Denmark)
   2.3
4.
ASML Holding NV (Netherlands)
   2.1
5.
BHP Group Ltd. (Australia)
   1.9
6.
LVMH Moet Hennessy Louis Vuitton SE (France)
   1.9
7.
Diageo plc (United Kingdom)
   1.9
8.
TotalEnergies SE (France)
   1.4
9.
Shell plc (Netherlands)
   1.4
10.
Allianz SE (Registered) (Germany)
   1.4
    
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Japan
   18.3%
United Kingdom
   12.2
Switzerland
   11.2
France
   11.0
Germany
   8.0
Netherlands
   6.4
Australia
   5.4
Denmark
   4.2
United States
   3.1
Sweden
   3.0
Hong Kong
   2.2
Spain
   1.9
Singapore
   1.5
Italy
   1.0
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Finland
   1.0%
Others (each less than 1.0%)
   7.2
Short-Term Investments
   2.4
* 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 $42.13 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 $42.05.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 7

Table of Contents
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
TOTAL RETURNS AS OF APRIL 30, 2022
  INCEPTION DATE   SIX MONTHS*   SINCE
INCEPTION
JPMorgan ActiveBuilders International Equity ETF          
Net Asset Value
 July 7, 2021   (13.12)%   (11.25)%
Market Price
     (13.60)%   (11.42)%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (7/7/21 TO 4/30/22)
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

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JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (3.59)%
Market Price **
 (3.77)%
Morningstar® Canada Target Market Exposure IndexSM (net total return)
 (2.99)%
Net Assets as of 4/30/2022
 $6,546,694,501
Fund Ticker
 BBCA
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 IndexSM (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 9

Table of Contents
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
10 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders Canada ETF              
Net Asset Value
 August 7, 2018   (3.59)%   7.09%   10.15%
Market Price
     (3.77)%   7.14%   10.17%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/22)
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 IndexSM (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 IndexSM (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 IndexSM (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 11

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JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (5.55)%
Market Price **
 (6.07)%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return)
 (3.77)%
Net Assets as of 4/30/2022
 $4,290,527,026
Fund Ticker
 BBAX
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 IndexSM (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

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** 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 $52.00.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 13

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JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)              
Net Asset Value
 August 7, 2018   (5.55)%   (6.16)%   4.86%
Market Price
     (6.07)%   (6.58)%   4.81%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/22)
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 IndexSM (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 IndexSM (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 IndexSM (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

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JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (12.68)%
Market Price **
 (13.28)%
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return)
 (11.85)%
Net Assets as of 4/30/2022
 $9,447,598,743
Fund Ticker
 BBEU
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 IndexSM (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

Table of Contents
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.54 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 $51.34.
*** 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 April 30, 2022

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AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders Europe ETF              
Net Asset Value
 June 15, 2018   (12.68)%   (7.43)%   3.55%
Market Price
     (13.28)%   (8.05)%   3.44%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/22)
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 IndexSM (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 IndexSM (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 IndexSM (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 17

Table of Contents
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (12.64)%
Market Price **
 (13.05)%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return)
 (11.75)%
Net Assets as of 4/30/2022
 $2,945,583,312
Fund Ticker
 BBIN
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 IndexSM (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.
 
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** 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 $51.71.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 19

Table of Contents
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders International Equity ETF              
Net Asset Value
 December 3, 2019   (12.64)%   (8.83)%   3.93%
Market Price
     (13.05)%   (9.26)%   3.81%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/22)
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 IndexSM (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 IndexSM (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 IndexSM (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

Table of Contents
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (16.12)%
Market Price **
 (16.10)%
Morningstar® Japan Target Market Exposure IndexSM (net total return)
 (15.49)%
Net Assets as of 4/30/2022
 $7,120,028,010
Fund Ticker
 BBJP
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 IndexSM (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

Table of Contents
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
22 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders Japan ETF              
Net Asset Value
 June 15, 2018   (16.12)%   (14.25)%   0.19%
Market Price
     (16.10)%   (14.29)%   0.22%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/22)
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 IndexSM (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 IndexSM (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 IndexSM (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

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (11.12)%
Market Price **
 (11.08)%
Morningstar® US Target Market Exposure IndexSM
 (11.13)%
Net Assets as of 4/30/2022
 $1,081,726,160
Fund Ticker
 BBUS
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 IndexSM (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

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*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 25

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF              
Net Asset Value
 March 12, 2019   (11.12)%   (1.74)%   15.07%
Market Price
     (11.08)%   (1.82)%   15.07%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/22)
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 IndexSM 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 IndexSM 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 IndexSM 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

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (16.16)%
Market Price **
 (16.31)%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM
 (16.16)%
Net Assets as of 4/30/2022
 $1,504,652,074
Fund Ticker
 BBMC
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 IndexSM (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 85th and 95th 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

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
28 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF              
Net Asset Value
 April 14, 2020   (16.16)%   (11.66)%   24.53%
Market Price
     (16.31)%   (11.76)%   24.47%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/22)
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 IndexSM 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 IndexSM 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 IndexSM 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

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (17.64)%
Market Price **
 (17.81)%
Morningstar® US Small Cap Target Market Exposure Extended IndexSM
 (17.64)%
Net Assets as of 4/30/2022
 $499,764,617
Fund Ticker
 BBSC
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 IndexSM (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 95th and 99th 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.
** 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 $55.16.
 
30 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 31

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF              
Net Asset Value
 November 16, 2020   (17.64)%   (15.41)%   6.24%
Market Price
     (17.81)%   (15.48)%   6.16%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/22)
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 IndexSM 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 IndexSM 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 IndexSM 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

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (10.31)%
Market Price **
 (10.41)%
JPMorgan Asset Management Carbon Transition U.S. Equity Index
 (10.25)%
Russell 1000 Index
 (11.29)%
Net Assets as of 4/30/2022
 $22,214,925
Fund Ticker
 JCTR
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

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
** 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 $55.49.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
**** Amount rounds to less than 0.1%.
34 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF              
Net Asset Value
 December 9, 2020   (10.31)%   0.12%   10.25%
Market Price
     (10.41)%   0.06%   10.18%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/22)
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

Table of Contents
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (21.24)%
Market Price **
 (21.16)%
MSCI ACWI Index (net total return)
 (11.17)%
Net Assets as of 4/30/2022
 $20,779,859
Fund Ticker
 TEMP
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
* 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.
 
36 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
** Market price return was calculated assuming an initial investment made at the inception date net asset value, 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 $37.82.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 37

Table of Contents
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH April 30, 2022 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   CUMULATIVE SINCE
INCEPTION
JPMorgan Climate Change Solutions ETF      
Net Asset Value
 December 13, 2021   (21.24)%
Market Price
     (21.16)%
LIFE OF FUND PERFORMANCE (12/13/21 TO 4/30/22)
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.
 
38 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (4.84)%
Market Price **
 (5.33)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)
 (4.39)%
FTSE Emerging Index (net total return)
 (12.14)%
Net Assets as of 4/30/2022
 $164,987,400
Fund Ticker
 JPEM
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 39

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Infosys Ltd. (India)
   1.8 %
2.
Vale SA (Brazil)
   1.5
3.
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
   1.3
4.
Al Rajhi Bank (Saudi Arabia)
   1.2
5.
Reliance Industries Ltd. (India)
   1.2
6.
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)
   1.0
7.
Petroleo Brasileiro SA (Preference) (Brazil)
   0.9
8.
Tata Consultancy Services Ltd. (India)
   0.9
9.
Hindustan Unilever Ltd. (India)
   0.9
10.
Bank of China Ltd., Class H (China)
   0.9
    
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
China
   23.3%
Taiwan
   11.3
India
   11.1
Brazil
   9.4
Saudi Arabia
   7.3
South Africa
   7.1
Mexico
   6.2
Turkey
   3.6
Indonesia
   3.2
United Arab Emirates
   2.9
Thailand
   2.5
Malaysia
   2.1
Qatar
   2.0
Kuwait
   2.0
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Chile
   1.4%
Greece
   1.1
Others (each less than 1.0%)
   3.0
Short-Term Investments
   0.5
* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.22 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 $53.00.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
40 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   5 YEAR   SINCE
INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF                  
Net Asset Value
 January 7, 2015   (4.84)%   (3.98)%   4.05%   3.78%
Market Price
     (5.33)%   (3.83)%   3.86%   3.73%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (1/7/15 TO 4/30/22)
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 January 7, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) from January 7, 2015 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 JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return). JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid- cap equity securities selected from the FTSE Emerging Index (net total return). The index is
designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the 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.
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 41

Table of Contents
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (9.39)%
Market Price **
 (9.69)%
JP Morgan Diversified Factor International Equity Index (net total return)
 (8.34)%
FTSE Developed ex North America Index (net total return)
 (11.94)%
Net Assets as of 4/30/2022
 $761,070,541
Fund Ticker
 JPIN
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is composed of large- and mid- cap equity securities in developed markets outside North America, diversified across sectors, international regions and individual securities. The Underlying Index uses a proprietary multi-factor 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 performance for the six months ended April 30, 2022, and 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, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization-weighted index.
From a sector perspective, the Fund’s and the Underlying Index’s positions in the technology and consumer staples
sectors were leading detractors from absolute performance, while their positions in the energy and telecommunications sectors were leading contributors to absolute performance.
From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading detractors from absolute performance and no regions contributed to absolute performance.
Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s multi-factor security selections in Asia Pacific, excluding Japan, and in Europe, excluding the U.K., were leading contributors to relative performance. The Fund’s and the Underlying Index’s multi-factor security selections in the U.K., and their overweight positions in Japan were leading detractors from relative performance. The Fund’s and the Underlying Index’s multi-factor security selections in the industrials sector and their overweight positions in the utilities sector were leading sector contributors to relative performance, while the Fund’s and the Underlying Index’s multi-factor security selections in the consumer staples and health care sectors 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 consumer staples and utilities sectors, while their smallest allocations were to the energy and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and their smallest allocations were to Norway.
 
42 J.P. Morgan Exchange-Traded Funds April 30, 2022

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TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
AstraZeneca plc (United Kingdom)
   0.5 %
2.
Shell plc (Netherlands)
   0.5
3.
GlaxoSmithKline plc
   0.5
4.
Diageo plc (United Kingdom)
   0.5
5.
NN Group NV (Netherlands)
   0.5
6.
SSE plc (United Kingdom)
   0.5
7.
Novo Nordisk A/S, Class B (Denmark)
   0.4
8.
Naturgy Energy Group SA (Spain)
   0.4
9.
Unilever plc (United Kingdom)
   0.4
10.
British American Tobacco plc (United Kingdom)
   0.4
    
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Japan
   27.8%
United Kingdom
   15.7
Australia
   10.4
South Korea
   7.1
Sweden
   4.3
France
   3.9
Hong Kong
   3.7
Netherlands
   3.0
Germany
   2.9
Singapore
   2.1
Switzerland
   2.0
Italy
   2.0
Spain
   2.0
Finland
   1.9
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
China
   1.4%
United States
   1.3
Norway
   1.1
Others (each less than 1.0%)
   5.2
Short-Term Investments
   2.2
* 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 $53.60 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 NYSE Arca. As of April 30, 2022, the closing price was $53.48.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 43

Table of Contents
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   5 YEAR   SINCE
INCEPTION
JPMorgan Diversified Return International Equity ETF                  
Net Asset Value
 November 5, 2014   (9.39)%   (9.34)%   3.16%   3.69%
Market Price
     (9.69)%   (9.40)%   3.06%   3.66%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/22)
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 5, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) from November 5, 2014 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 JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index (net total return). JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid- cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of
factors: value, momentum and quality. The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid- cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. 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.
 
44 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (1.15)%
Market Price **
 (1.26)%
JP Morgan Diversified Factor US Equity Index
 (1.05)%
Russell 1000 Index
 (11.29)%
Net Assets as of 4/30/2022
 $555,789,865
Fund Ticker
 JPUS
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a rules-based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30, 2022, 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 positions in the consumer discretionary and technology sectors were leading detractors from absolute performance, while their positions in the consumer staplers and basic materials sectors were leading contributors to absolute performance. 
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and utilities sectors were leading contributors to performance, while their multi-factor security selection in the health care and energy sectors 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 consumer staples and utilities sectors and their smallest allocations were to the
energy and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Olin Corp.
   0.5 %
2.
Westlake Corp.
   0.5
3.
Corteva, Inc.
   0.5
4.
Nucor Corp.
   0.5
5.
Vistra Corp.
   0.5
6.
Eli Lilly & Co.
   0.5
7.
Steel Dynamics, Inc.
   0.5
8.
Coterra Energy, Inc.
   0.4
9.
McKesson Corp.
   0.4
10.
Southern Co. (The)
   0.4
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Consumer Staples
   13.9%
Health Care
   12.4
Utilities
   11.3
Information Technology
   10.7
Materials
   10.0
Industrials
   8.3
Financials
   8.1
Real Estate
   8.1
Consumer Discretionary
   5.5
Energy
   4.8
Communication Services
   4.6
Short-Term Investments
   2.2
* 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 $99.25 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 $99.17.
 
April 30, 2022 J.P. Morgan Exchange-Traded Funds 45

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
46 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   5 YEAR   SINCE
INCEPTION
JPMorgan Diversified Return U.S. Equity ETF                  
Net Asset Value
 September 29, 2015   (1.15)%   6.42%   11.44%   12.87%
Market Price
     (1.26)%   6.30%   11.41%   12.86%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/22)
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 September 29, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 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 JP Morgan Diversified Factor US 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator,
administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. 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.
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.
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 47

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (3.68)%
Market Price **
 (3.80)%
JP Morgan Diversified Factor US Mid Cap Equity Index
 (3.56)%
Russell Midcap Index
 (12.54)%
Net Assets as of 4/30/2022
 $246,644,357
Fund Ticker
 JPME
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30, 2022, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell Midcap Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions the health care and technology sectors were leading detractors from absolute performance. The Fund’s and the Underlying Index’s positions in the basic materials and energy sectors were leading contributors to absolute performance.
Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and basic materials sectors were leading contributors to performance, while their multi-factor security selections in the consumer staples sector and their overweight positions in the telecommunications 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 health care and industrials sector and their smallest allocations were to the
telecommunications and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Chemours Co. (The)
   0.5 %
2.
Olin Corp.
   0.5
3.
Westlake Corp.
   0.5
4.
Corteva, Inc.
   0.4
5.
Vistra Corp.
   0.4
6.
Nucor Corp.
   0.4
7.
Steel Dynamics, Inc.
   0.4
8.
Coterra Energy, Inc.
   0.4
9.
McKesson Corp.
   0.4
10.
Ashland Global Holdings, Inc.
   0.4
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Health Care
   11.4%
Industrials
   10.7
Consumer Staples
   10.3
Utilities
   10.3
Technology
   9.8
Basic Materials
   9.5
Real Estate
   9.1
Financials
   8.8
Consumer Discretionary
   7.5
Energy
   5.6
Telecommunications
   3.8
Short-Term Investments
   3.1
* 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 $88.09 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 $88.04.
 
48 J.P. Morgan Exchange-Traded Funds April 30, 2022

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*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 49

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   5 YEAR   SINCE
INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF                  
Net Asset Value
 May 11, 2016   (3.68)%   3.32%   10.47%   11.64%
Market Price
     (3.80)%   3.21%   10.45%   11.63%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/22)
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 May 11, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 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 JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell,
the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities selected from the Russell Midcap Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell Midcap Index is a market capitalization-weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. 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.
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.
 
50 J.P. Morgan Exchange-Traded Funds April 30, 2022

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JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (9.70)%
Market Price **
 (9.89)%
JP Morgan Diversified Factor US Small Cap Equity Index
 (9.61)%
Russell 2000 Index
 (18.38)%
Net Assets as of 4/30/2022
 $200,637,978
Fund Ticker
 JPSE
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30, 2022, 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 2000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the health care and technology sectors were leading detractors from absolute performance, while their positions in the energy and utilities sectors were leading contributors to absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s multi-factor security selections and underweight positions in the health care sector were leading contributors to performance, while their multi-factor security selections in the real estate sector and their underweight positions in the industrials 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 financials and technology sectors and their smallest allocations were to the utilities and
telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Antero Resources Corp.
   0.4 %
2.
CONSOL Energy, Inc.
   0.4
3.
US Silica Holdings, Inc.
   0.4
4.
Lantheus Holdings, Inc.
   0.4
5.
Abercrombie & Fitch Co., Class A
   0.4
6.
CNX Resources Corp.
   0.3
7.
Dillard's, Inc., Class A
   0.3
8.
Southwest Gas Holdings, Inc.
   0.3
9.
PS Business Parks, Inc.
   0.3
10.
Plantronics, Inc.
   0.3
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Technology
   10.6%
Industrials
   10.2
Financials
   10.1
Health Care
   9.6
Real Estate
   9.5
Basic Materials
   9.1
Consumer Staples
   8.7
Consumer Discretionary
   7.6
Energy
   6.9
Telecommunications
   5.1
Utilities
   4.9
Short-Term Investments
   7.6
* 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 $40.53 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 $40.48.
 
April 30, 2022 J.P. Morgan Exchange-Traded Funds 51

Table of Contents
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
52 J.P. Morgan Exchange-Traded Funds April 30, 2022

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AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   5 YEAR   SINCE
INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF                  
Net Asset Value
 November 15, 2016   (9.70)%   (4.54)%   9.70%   10.52%
Market Price
     (9.89)%   (4.61)%   9.64%   10.50%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/22)
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 15, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 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 JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell,
the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities are selected from the Russell 2000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. 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.
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 53

Table of Contents
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (28.18)%
Market Price **
 (28.56)%
MSCI ACWI ex USA Growth Index (net total return)
 (18.00)%
Net Assets as of 4/30/2022
 $58,826,196
Fund Ticker
 JIG
INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long term capital appreciation.
INVESTMENT APPROACH
The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics. The Fund invests primarily in equity securities of foreign companies
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2022, the Fund underperformed the MSCI ACWI ex USA Growth Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s security selection in the information technology and health care sectors was a leading detractor from performance, while the Fund’s security selection in the consumer staples sector was the sole sector contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Sea Ltd. and Delivery Hero SE, and its out-of-Benchmark position in EPAM Systems Inc. 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 Delivery Hero, a German food ordering service, fell after the company forecast breakeven results for its food delivery business in the first half of 2022. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, fell after the company withdrew its earnings forecasts due to uncertainty about its exposure to Ukraine.
Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S, Nestle SA and Diageo PLC. 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 Nestle, a Switzerland-based foods and beverages manufacturer, rose after the company reported better-than-expected results for 2021. Shares of Diageo, a U.K. distilled spirits maker, rose in January 2022 after the company reported better-than-expects earnings and sales for the final six months of 2021.
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 real estate and utilities sectors. The Fund had no positions in the energy sector.
 
54 J.P. Morgan Exchange-Traded Funds April 30, 2022

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TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Nestle SA (Registered) (Switzerland)
   4.8 %
2.
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)
   4.8
3.
ASML Holding NV (Netherlands)
   4.0
4.
Roche Holding AG (Switzerland)
   3.8
5.
Tencent Holdings Ltd. (China)
   3.7
6.
Novo Nordisk A/S, Class B (Denmark)
   3.7
7.
LVMH Moet Hennessy Louis Vuitton SE (France)
   3.6
8.
Diageo plc (United Kingdom)
   3.4
9.
L'Oreal SA (France)
   2.8
10.
AIA Group Ltd. (Hong Kong)
   2.8
    
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
United Kingdom
   12.9%
Switzerland
   12.2
Japan
   11.1
China
   7.8
Netherlands
   6.7
Denmark
   6.4
France
   6.4
Hong Kong
   5.8
Taiwan
   5.7
Germany
   5.2
Canada
   3.3
Sweden
   3.0
United States
   2.6
Indonesia
   1.7
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Singapore
   1.5%
Brazil
   1.1
South Africa
   1.0
India
   1.0
Australia
   1.0
South Korea
   0.8
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 $56.02 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 $55.95.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 55

Table of Contents
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan International Growth ETF              
Net Asset Value
 May 20, 2020   (28.18)%   (24.53)%   4.84%
Market Price
     (28.56)%   (24.49)%   4.77%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/22)
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 May 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 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 MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and
mid- cap stocks in developed  and emerging markets, excluding the U.S. 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.
 
56 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 4.83%
Market Price **
 4.36%
JP Morgan US Dividend Index
 4.91%
Russell 1000 Index
 (3.94)%
Russell 1000 Value Index
 (11.29)%
Net Assets as of 4/30/2022
 $63,927,522
Fund Ticker
 JDIV
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2022 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed both the Russell 1000 Value Index and the Russell 1000 Index, which are more traditional market capitalization- weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the consumer staples and utilities sectors were leading contributors to performance, while their positions in the telecommunications and financials sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the utilities and consumer staples sectors were leading contributors to performance, while their security selections in the energy and telecommunications sectors 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 utilities and consumer staples sectors and their smallest allocations were to the consumer discretionary and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Valero Energy Corp.
   0.8 %
2.
Olin Corp.
   0.7
3.
Dow, Inc.
   0.7
4.
Vistra Corp.
   0.7
5.
Steel Dynamics, Inc.
   0.7
6.
International Paper Co.
   0.7
7.
Southern Co. (The)
   0.7
8.
Bristol-Myers Squibb Co.
   0.6
9.
Archer-Daniels-Midland Co.
   0.6
10.
Kimberly-Clark Corp.
   0.6
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Utilities
   17.9%
Consumer Staples
   16.7
Materials
   9.9
Information Technology
   9.3
Health Care
   9.2
Real Estate
   8.1
Financials
   7.3
Industrials
   5.6
Energy
   5.2
Communication Services
   4.6
Consumer Discretionary
   4.1
Short-Term Investments
   1.9
 
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Table of Contents
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $33.65 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 $33.53.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
58 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan U.S. Dividend ETF              
Net Asset Value
 November 8, 2017   4.83%   7.15%   10.69%
Market Price
     4.36%   6.86%   10.60%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 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 JP Morgan US Dividend Index, Russell 1000 Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity
securities from the Russell 1000 Index using a rules-based factor selection process. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis, meaning that the index will establish sector weights by considering both the yield of the sector and the relative volatility of sector returns. 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. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
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.
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 59

Table of Contents
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 1.96%
Market Price **
 1.82%
JP Morgan US Minimum Volatility Index
 2.07%
Russell 1000 Index
 (11.29)%
Net Assets as of 4/30/2022
 $29,607,429
Fund Ticker
 JMIN
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Minimum Volatility ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities and is designed so that it targets lower volatility than the Russell 1000 Index. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute return for the six months ended April 30, 2022 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted equity index.
In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the consumer staples and utilities sectors were leading contributors to performance, while their positions in the health care and telecommunications sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and utilities sectors were leading contributors to performance, while their security selections in the basic materials and energy sectors 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 consumer staples and health care sectors and their smallest allocations were to the
real estate and basic materials sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
   0.7 %
2.
Eli Lilly & Co.
   0.7
3.
Johnson & Johnson
   0.7
4.
Bristol-Myers Squibb Co.
   0.7
5.
McKesson Corp.
   0.7
6.
Coterra Energy, Inc.
   0.7
7.
Walmart, Inc.
   0.7
8.
Merck & Co., Inc.
   0.7
9.
Archer-Daniels-Midland Co.
   0.7
10.
Procter & Gamble Co. (The)
   0.7
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Health Care
   21.5%
Consumer Staples
   19.9
Utilities
   17.5
Information Technology
   8.0
Materials
   6.0
Real Estate
   5.1
Financials
   5.0
Energy
   4.7
Industrials
   4.5
Consumer Discretionary
   3.7
Communication Services
   3.2
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 $37.01 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 $36.99.
 
60 J.P. Morgan Exchange-Traded Funds April 30, 2022

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*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 61

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JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan U.S. Minimum Volatility ETF              
Net Asset Value
 November 8, 2017   1.96%   8.12%   11.54%
Market Price
     1.82%   8.06%   11.52%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index and the Russell 1000 Index from November 8, 2017 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 JP Morgan US Minimum Volatility 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 Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers,
calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. 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.
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.
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.
 
62 J.P. Morgan Exchange-Traded Funds April 30, 2022

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JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (16.17)%
Market Price **
 (16.22)%
JP Morgan US Momentum Factor Index
 (16.14)%
Russell 1000 Index
 (17.84)%
Russell 1000 Growth Index
 (11.29)%
Net Assets as of 4/30/2022
 $244,924,366
Fund Ticker
 JMOM
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify companies that have higher risk-adjusted returns relative to those of their sector peers over a twelve month period. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30,2022 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund outperformed the Russell 1000 Growth Index and underperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the energy and consumer staples sectors were leading contributors to performance.
Relative to the Russell 1000 Growth Index, the Fund’s and the Underlying Index’s security selections in the health care and technology sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selections in the consumer discretionary and real estate sectors were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and consumer discretionary sectors and their smallest allocations were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Tesla, Inc.
   2.0 %
2.
Apple, Inc.
   2.0
3.
Microsoft Corp.
   2.0
4.
Alphabet, Inc., Class A
   1.8
5.
NVIDIA Corp.
   1.7
6.
Home Depot, Inc. (The)
   1.6
7.
UnitedHealth Group, Inc.
   1.6
8.
Procter & Gamble Co. (The)
   1.5
9.
Berkshire Hathaway, Inc., Class B
   1.4
10.
AbbVie, Inc.
   1.4
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Information Technology
   28.7%
Health Care
   14.3
Consumer Discretionary
   12.3
Financials
   11.3
Industrials
   9.8
Consumer Staples
   6.1
Energy
   4.0
Real Estate
   3.5
Communication Services
   3.1
Materials
   3.0
Utilities
   2.3
Short-Term Investments
   1.5
 
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JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $39.83 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 $39.78.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
64 J.P. Morgan Exchange-Traded Funds April 30, 2022

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AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan U.S. Momentum Factor ETF              
Net Asset Value
 November 8, 2017   (16.17)%   (3.41)%   12.13%
Market Price
     (16.22)%   (3.67)%   12.10%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, the Russell 1000 Index and the Russell 1000 Growth Index from November 8, 2017 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 JP Morgan US Momentum Factor 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 Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains
U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a subset of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. 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. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
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.
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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JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (7.49)%
Market Price **
 (7.53)%
JP Morgan US Quality Factor Index
 (7.44)%
Russell 1000 Index
 (11.29)%
Net Assets as of 4/30/2022
 $402,997,978
Fund Ticker
 JQUA
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, earnings quality and solvency/financial risk. The Underlying Index’s methodology includes quarterly rebalancing.   
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30, 2022, 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.
On an absolute basis, the Fund’s and the Underlying Index’s positions in technology and consumer discretionary sectors were leading detractors from performance, while their positions in the energy and consumer staples sectors were leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary and industrials sectors were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the technology and utilities sectors 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 technology and consumer discretionary sectors and their smallest allocations
were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
Meta Platforms, Inc., Class A
   2.1 %
2.
Apple, Inc.
   2.0
3.
Procter & Gamble Co. (The)
   1.9
4.
Microsoft Corp.
   1.9
5.
Johnson & Johnson
   1.9
6.
Berkshire Hathaway, Inc., Class B
   1.9
7.
Visa, Inc., Class A
   1.8
8.
Alphabet, Inc., Class A
   1.8
9.
Mastercard, Inc., Class A
   1.7
10.
Home Depot, Inc. (The)
   1.5
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Information Technology
   30.7%
Health Care
   14.3
Consumer Discretionary
   10.5
Financials
   10.4
Industrials
   8.0
Consumer Staples
   7.2
Communication Services
   6.6
Energy
   4.1
Real Estate
   3.4
Utilities
   2.0
Materials
   1.7
Short-Term Investments
   1.0
* 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 $39.90 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 $39.91.
    
 
66 J.P. Morgan Exchange-Traded Funds April 30, 2022

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*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 67

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JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan U.S. Quality Factor ETF              
Net Asset Value
 November 8, 2017   (7.49)%   2.67%   12.91%
Market Price
     (7.53)%   2.64%   12.91%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index and the Russell 1000 Index from November 8, 2017 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 JP Morgan US Quality Factor 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 Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and
governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. 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.
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.
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.
 
68 J.P. Morgan Exchange-Traded Funds April 30, 2022

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JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
REPORTING PERIOD RETURN:  
Net Asset Value *
 (5.00)%
Market Price **
 (5.03)%
JP Morgan US Value Factor Index
 (4.96)%
Russell 1000 Index
 (3.94)%
Russell 1000 Value Index
 (11.29)%
Net Assets as of 4/30/2022
 $531,443,667
Fund Ticker
 JVAL
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US  Value Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a relative valuation factor to identify companies with attractive prices relative to their sector peers based on fundamental characteristics of book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s 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 operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell 1000 Value Index and outperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s positions in the energy and health care sectors were leading contributors to absolute performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the technology sector and their underweight positions in the energy sector were leading detractors from performance. The Fund’s and the Underlying Index’s security selections in the technology sector and their underweight positions in the financials sector were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and consumer discretionary sectors and their smallest allocations were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
1.
UnitedHealth Group, Inc.
   2.1 %
2.
Apple, Inc.
   2.0
3.
Microsoft Corp.
   1.8
4.
Johnson & Johnson
   1.8
5.
Exxon Mobil Corp.
   1.8
6.
Alphabet, Inc., Class A
   1.7
7.
Meta Platforms, Inc., Class A
   1.6
8.
Pfizer, Inc.
   1.3
9.
Broadcom, Inc.
   1.2
10.
Walmart, Inc.
   1.1
    
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 		  PERCENT OF
TOTAL
INVESTMENTS
Information Technology
   23.6%
Health Care
   14.4
Industrials
   11.6
Consumer Discretionary
   11.2
Financials
   10.8
Communication Services
   7.1
Consumer Staples
   5.6
Energy
   4.1
Real Estate
   3.4
Materials
   3.2
Utilities
   3.0
Short-Term Investments
   1.8
 
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JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $34.85 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 $34.83.
*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
70 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
  INCEPTION DATE   SIX MONTHS*   1 YEAR   SINCE
INCEPTION
JPMorgan U.S. Value Factor ETF              
Net Asset Value
 November 8, 2017   (5.00)%   (0.02)%   10.41%
Market Price
     (5.03)%   (0.02)%   10.40%
    
* Not annualized.
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 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 JP Morgan US Value Factor Index, Russell 1000 Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and
mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. 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. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
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.
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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JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 97.7%
Austria — 0.0% ^
Erste Group Bank AG     10,313     321,103
Brazil — 5.3%
Ambev SA    517,058   1,527,972
Atacadao SA    377,633   1,574,251
B3 SA - Brasil Bolsa Balcao  1,809,708   4,868,398
Banco Bradesco SA (Preference)    352,302   1,287,654
Banco BTG Pactual SA *     71,039     333,070
Banco do Brasil SA    153,166   1,028,552
BB Seguridade Participacoes SA    134,274     685,771
Bradespar SA (Preference)     81,721     486,628
Caixa Seguridade Participacoes S/A    155,065     244,957
EDP - Energias do Brasil SA 121,311 521,908
Gerdau SA (Preference) 83,252 475,370
Hapvida Participacoes e Investimentos SA (a) 339,021 607,556
Itau Unibanco Holding SA (Preference) * 621,734 3,010,611
Itausa SA (Preference) 463,557 865,428
Localiza Rent a Car SA 162,362 1,749,087
Locaweb Servicos de Internet SA * (a) 193,291 282,277
Lojas Renner SA * 326,436 1,575,413
Magazine Luiza SA * 577,798 577,336
MercadoLibre, Inc. * 4,366 4,250,869
Petroleo Brasileiro SA, ADR 343,261 4,658,052
Porto Seguro SA 97,256 403,467
Raia Drogasil SA 245,658 1,039,486
Rumo SA 86,918 291,312
Sao Martinho SA 56,154 530,311
SLC Agricola SA * 33,614 361,708
Sul America SA * 56,933 305,511
Suzano SA 80,580 814,935
TOTVS SA * 36,328 234,106
Vale SA, ADR 130,826 2,209,651
WEG SA 169,023 1,035,892
XP, Inc., Receipts * 14,335 354,290
XP, Inc., Class A * 7,103 174,805
    38,366,634
Canada — 0.1%
B2Gold Corp. 83,877 355,840
Ivanhoe Mines Ltd., Class A * 26,963 216,182
    572,022
Chile — 0.3%
Banco Santander Chile 50,635,613 2,436,300
INVESTMENTS SHARES VALUE($)
 
China — 30.8%
Advanced Micro-Fabrication Equipment, Inc., Class A *     15,883     247,944
Aier Eye Hospital Group Co. Ltd., Class A    151,788     812,187
Alibaba Group Holding Ltd. *    899,300  10,969,382
Amoy Diagnostics Co. Ltd., Class A     16,509     112,919
Angel Yeast Co. Ltd., Class A    150,209     864,175
Anhui Conch Cement Co. Ltd., Class H    189,000   1,027,033
Anjoy Foods Group Co. Ltd., Class A     58,600   1,137,112
ANTA Sports Products Ltd.    118,400   1,360,711
Asymchem Laboratories Tianjin Co. Ltd., Class H * (a)      9,800     211,100
Baidu, Inc., Class A *      9,600     153,060
Bank of Ningbo Co. Ltd., Class A    229,340   1,242,043
Baoshan Iron & Steel Co. Ltd., Class A 458,000 441,886
Beijing Kingsoft Office Software, Inc., Class A 47,757 1,345,328
Bilibili, Inc., Class Z * 26,523 645,805
BOC Hong Kong Holdings Ltd. 87,000 314,928
BOE Technology Group Co. Ltd., Class A 3,568,800 2,027,213
Bosideng International Holdings Ltd. 756,000 377,071
Brilliance China Automotive Holdings Ltd. ‡ * 16,000 7,360
BTG Hotels Group Co. Ltd., Class A * 58,500 205,621
Budweiser Brewing Co. APAC Ltd. (a) 799,100 1,988,319
Centre Testing International Group Co. Ltd., Class A 8,300 27,114
Chacha Food Co. Ltd., Class A 111,600 888,071
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A 5,800 110,963
China Construction Bank Corp., Class H 10,310,000 7,344,836
China Hongqiao Group Ltd. 379,500 472,185
China Lesso Group Holdings Ltd. 348,000 435,185
China Merchants Bank Co. Ltd., Class H 1,432,000 8,631,022
China Molybdenum Co. Ltd., Class H 306,000 152,173
China Overseas Land & Investment Ltd. 782,000 2,415,817
China Pacific Insurance Group Co. Ltd., Class H 722,800 1,602,429
China Petroleum & Chemical Corp., Class H 2,712,000 1,327,449
China Resources Cement Holdings Ltd. 326,000 270,494
China Resources Gas Group Ltd. 66,000 247,988
China Resources Land Ltd. 378,000 1,688,229
China Resources Mixc Lifestyle Services Ltd. (a) 423,200 2,033,186
China State Construction Engineering Corp. Ltd., Class A 266,700 251,046
 
SEE NOTES TO FINANCIAL STATEMENTS.
72 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
China — continued
China Vanke Co. Ltd., Class H    859,600   2,026,938
China Yangtze Power Co. Ltd., Class A    459,000   1,564,175
China Yongda Automobiles Services Holdings Ltd.    188,500     174,792
Chongqing Brewery Co. Ltd., Class A *    134,700   2,522,295
Chongqing Fuling Zhacai Group Co. Ltd., Class A     40,300     210,389
CITIC Securities Co. Ltd., Class H    472,500   1,038,146
Contemporary Amperex Technology Co. Ltd., Class A     37,904   2,297,294
Country Garden Services Holdings Co. Ltd.    410,000   1,728,060
DaShenLin Pharmaceutical Group Co. Ltd., Class A     55,100     217,862
East Money Information Co. Ltd., Class A     89,320     301,951
ENN Energy Holdings Ltd.    156,600   2,097,669
ENN Natural Gas Co. Ltd., Class A 151,300 371,091
Fangda Special Steel Technology Co. Ltd., Class A 436,200 547,885
Flat Glass Group Co. Ltd., Class H 56,000 200,246
Foshan Haitian Flavouring & Food Co. Ltd., Class A 313,335 3,820,213
Fuyao Glass Industry Group Co. Ltd., Class H (a) 459,600 1,877,786
GF Securities Co. Ltd., Class H 760,200 950,140
Gigadevice Semiconductor Beijing, Inc., Class A 17,400 321,049
Glodon Co. Ltd., Class A 26,100 179,942
Guangdong Haid Group Co. Ltd., Class A 19,000 175,544
Guangdong Investment Ltd. 756,000 967,939
Guangzhou Automobile Group Co. Ltd., Class H 780,000 661,359
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A 16,300 199,526
Haier Smart Home Co. Ltd., Class H 2,221,400 7,847,752
Haitong Securities Co. Ltd., Class H 385,600 269,293
Hangzhou Robam Appliances Co. Ltd., Class A 95,800 442,340
Hangzhou Tigermed Consulting Co. Ltd., Class H (a) 19,200 186,077
Hangzhou Tigermed Consulting Co. Ltd., Class A 56,300 750,122
Han's Laser Technology Industry Group Co. Ltd., Class A 130,100 537,005
Hefei Meiya Optoelectronic Technology, Inc., Class A 427,748 1,449,401
Hongfa Technology Co. Ltd., Class A * 38,400 277,731
INVESTMENTS SHARES VALUE($)
 
China — continued
Hualan Biological Engineering, Inc., Class A     38,200      95,297
Huatai Securities Co. Ltd., Class H (a)    313,000     430,197
Huayu Automotive Systems Co. Ltd., Class A    417,046   1,219,540
Huazhu Group Ltd.    461,400   1,452,184
Hundsun Technologies, Inc., Class A     55,400     315,761
Industrial & Commercial Bank of China Ltd., Class H    380,000     229,067
Industrial Bank Co. Ltd., Class A    476,005   1,455,427
Inner Mongolia Yili Industrial Group Co. Ltd., Class A    899,400   5,182,591
Jade Bird Fire Co. Ltd., Class A     46,573     228,410
JD Health International, Inc. * (a)     86,100     536,753
JD.com, Inc., Class A *     84,250   2,626,793
Jiangsu Expressway Co. Ltd., Class H 360,000 355,672
Jiangsu Hengli Hydraulic Co. Ltd., Class A 130,700 896,963
Jiangsu Hengrui Medicine Co. Ltd., Class A 35,680 157,588
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A 18,800 446,171
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A 75,400 269,568
Joyoung Co. Ltd., Class A 98,000 220,923
Kanzhun Ltd., ADR * 29,007 682,535
Kingdee International Software Group Co. Ltd. * 766,000 1,563,095
Kingsoft Corp. Ltd. 3,000 9,003
Kunlun Energy Co. Ltd. 1,460,000 1,211,635
Kweichow Moutai Co. Ltd., Class A 6,700 1,839,124
KWG Group Holdings Ltd. 941,500 336,883
Laobaixing Pharmacy Chain JSC, Class A 16,400 79,069
Lenovo Group Ltd. 758,000 736,020
Li Ning Co. Ltd. 88,500 689,784
Livzon Pharmaceutical Group, Inc., Class H 114,500 385,335
Longfor Group Holdings Ltd. (a) 189,500 938,515
LONGi Green Energy Technology Co. Ltd., Class A 117,240 1,178,934
Maxscend Microelectronics Co. Ltd., Class A * 19,980 550,547
Meituan * (a) 347,700 7,449,962
Midea Group Co. Ltd., Class A 191,812 1,632,147
Minth Group Ltd. 116,000 273,320
Montage Technology Co. Ltd., Class A 57,488 498,253
NARI Technology Co. Ltd., Class A 284,700 1,357,028
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 73

Table of Contents
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
China — continued
NetEase, Inc.    496,000   9,501,019
NIO, Inc., ADR *     43,522     726,817
Oppein Home Group, Inc., Class A    117,430   2,051,037
Opple Lighting Co. Ltd., Class A     61,300     147,249
Pharmaron Beijing Co. Ltd., Class H (a)     19,000     238,687
PICC Property & Casualty Co. Ltd., Class H  1,134,000   1,159,877
Pinduoduo, Inc., ADR *     37,658   1,622,683
Ping An Bank Co. Ltd., Class A  1,238,800   2,839,080
Ping An Insurance Group Co. of China Ltd., Class H  1,138,000   7,192,978
Poly Developments and Holdings Group Co. Ltd., Class A    326,400     891,050
Postal Savings Bank of China Co. Ltd., Class H (a)  4,805,000   3,643,055
Proya Cosmetics Co. Ltd., Class A 16,200 490,217
Qingdao Haier Biomedical Co. Ltd., Class A 42,453 411,122
Sangfor Technologies, Inc., Class A 38,100 507,116
Seazen Holdings Co. Ltd., Class A 56,500 234,979
Shanghai Baosight Software Co. Ltd., Class A 132,349 940,117
Shanghai Liangxin Electrical Co. Ltd., Class A * 166,200 264,751
Shanghai M&G Stationery, Inc., Class A 20,200 145,068
Shanghai Pharmaceuticals Holding Co. Ltd., Class H 209,400 338,594
Shanghai Putailai New Energy Technology Co. Ltd., Class A * 19,400 341,242
Shenzhen Inovance Technology Co. Ltd., Class A 153,700 1,320,664
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A 19,500 914,068
Shenzhou International Group Holdings Ltd. 172,000 2,333,862
Sichuan Swellfun Co. Ltd., Class A 76,000 801,063
Silergy Corp. 27,000 2,403,877
SITC International Holdings Co. Ltd. 78,000 259,309
Skshu Paint Co. Ltd., Class A 115,040 1,277,650
StarPower Semiconductor Ltd., Class A 36,700 1,873,331
Sunny Optical Technology Group Co. Ltd. 95,800 1,396,178
TBEA Co. Ltd., Class A 246,900 711,112
Tencent Holdings Ltd. (b) 477,300 22,492,708
Tingyi Cayman Islands Holding Corp. 1,138,000 2,077,034
Tongwei Co. Ltd., Class A 213,800 1,306,136
Topsports International Holdings Ltd. (a) 1,150,000 879,578
Trip.com Group Ltd. * 17,950 423,865
INVESTMENTS SHARES VALUE($)
 
China — continued
Wanhua Chemical Group Co. Ltd., Class A    174,400   2,028,882
Want Want China Holdings Ltd.    369,000     333,084
Will Semiconductor Co. Ltd., Class A     17,200     384,536
Wuliangye Yibin Co. Ltd., Class A     93,300   2,260,544
Wuxi Biologics Cayman, Inc. * (a)    590,500   4,358,372
Xilinmen Furniture Co. Ltd., Class A     78,500     276,921
Xinyi Solar Holdings Ltd.  2,296,000   3,412,834
XPeng, Inc., Class A *     16,210     201,422
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A     57,800     591,003
Yonyou Network Technology Co. Ltd., Class A     56,800     161,928
Yum China Holdings, Inc.     59,973   2,506,871
Yunnan Energy New Material Co. Ltd. * 35,200 1,062,882
Zhejiang Chint Electrics Co. Ltd., Class A 39,800 193,253
Zhejiang Dingli Machinery Co. Ltd., Class A 35,700 198,462
Zhejiang Supor Co. Ltd., Class A 286,900 2,366,424
Zhongsheng Group Holdings Ltd. 94,500 624,439
Zhuzhou Kibing Group Co. Ltd., Class A 494,240 816,066
Zijin Mining Group Co. Ltd., Class H 840,000 1,223,132
    224,289,718
Colombia — 0.0% ^
Ecopetrol SA 321,293 260,249
Czech Republic — 0.1%
CEZ A/S 8,618 369,416
Komercni Banka A/S 8,946 293,786
    663,202
Egypt — 0.1%
Commercial International Bank Egypt SAE 330,635 798,297
Ghana — 0.1%
Kosmos Energy Ltd. * 64,378 435,195
Greece — 0.2%
Hellenic Telecommunications Organization SA 37,472 720,889
OPAP SA 37,283 552,623
    1,273,512
Hong Kong — 2.2%
AIA Group Ltd. 418,000 4,106,332
ASM Pacific Technology Ltd. 18,800 189,462
Hang Seng Bank Ltd. 56,900 1,007,441
HKT Trust & HKT Ltd. 382,000 548,148
Hong Kong Exchanges & Clearing Ltd. 114,900 4,873,940
 
SEE NOTES TO FINANCIAL STATEMENTS.
74 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Hong Kong — continued
Techtronic Industries Co. Ltd.    187,000   2,496,096
Vitasoy International Holdings Ltd. (b)    384,000     696,221
WH Group Ltd. (a)    487,577     336,721
Xinyi Glass Holdings Ltd.    805,000   1,781,313
    16,035,674
Hungary — 0.3%
MOL Hungarian Oil & Gas plc     41,675     353,367
OTP Bank Nyrt. *     43,552   1,299,132
Richter Gedeon Nyrt.     19,462     388,308
    2,040,807
India — 11.5%
ACC Ltd. 23,861 721,797
Ambuja Cements Ltd. 177,085 856,836
Apollo Hospitals Enterprise Ltd. 19,276 1,116,210
Asian Paints Ltd. 11,113 468,437
AU Small Finance Bank Ltd. * (a) 34,412 619,770
Axis Bank Ltd. * 167,916 1,582,868
Bajaj Auto Ltd. 11,096 538,558
Bharat Electronics Ltd. 321,487 995,011
Bharat Petroleum Corp. Ltd. 109,672 516,114
Bharti Airtel Ltd. * 139,981 1,343,442
Biocon Ltd. * 61,890 296,859
Britannia Industries Ltd. 18,877 805,629
Colgate-Palmolive India Ltd. 14,933 322,254
Cummins India Ltd. 28,851 384,636
Eicher Motors Ltd. 7,242 247,056
GAIL India Ltd. 464,142 959,533
Godrej Properties Ltd. * 18,317 372,550
HCL Technologies Ltd. 71,629 1,003,274
HDFC Bank Ltd., ADR 127,000 7,011,670
HDFC Life Insurance Co. Ltd. (a) 174,112 1,320,188
Hero MotoCorp Ltd. 15,663 508,804
Hindalco Industries Ltd. 76,948 479,058
Hindustan Petroleum Corp. Ltd. 109,447 384,664
Hindustan Unilever Ltd. 96,662 2,808,389
Housing Development Finance Corp. Ltd. 351,830 10,150,980
ICICI Bank Ltd. 322,969 3,104,723
Indian Oil Corp. Ltd. 217,741 355,216
IndusInd Bank Ltd. 30,592 386,958
Infosys Ltd. 628,770 12,743,405
ITC Ltd. 85,004 286,499
Jubilant Foodworks Ltd. 60,170 424,907
Kajaria Ceramics Ltd. 30,003 403,555
INVESTMENTS SHARES VALUE($)
 
India — continued
Kotak Mahindra Bank Ltd.    184,294   4,273,804
Larsen & Toubro Ltd.     75,085   1,650,185
Maruti Suzuki India Ltd.     19,329   1,935,916
Motilal Oswal Financial Services Ltd.     18,543     217,479
Oil & Natural Gas Corp. Ltd.    326,610     676,869
Petronet LNG Ltd.     95,481     253,087
Power Grid Corp. of India Ltd.    364,414   1,079,889
Redington India Ltd.    151,257     299,727
Reliance Industries Ltd.    142,667   5,169,176
Shriram Transport Finance Co. Ltd.     79,243   1,230,916
Tata Consultancy Services Ltd.    183,766   8,469,471
Tech Mahindra Ltd. 75,262 1,229,189
UltraTech Cement Ltd. 12,390 1,067,069
United Spirits Ltd. * 207,450 2,325,810
UPL Ltd. 43,201 461,258
Wipro Ltd. 32,510 213,603
    84,073,298
Indonesia — 2.3%
Astra International Tbk. PT 786,400 410,612
Bank Central Asia Tbk. PT 9,548,400 5,355,426
Bank Mandiri Persero Tbk. PT 824,500 506,272
Bank Negara Indonesia Persero Tbk. PT 608,300 384,233
Bank Rakyat Indonesia Persero Tbk. PT 16,236,470 5,409,783
Charoen Pokphand Indonesia Tbk. PT 552,500 196,273
Kalbe Farma Tbk. PT 1,891,700 214,002
Telkom Indonesia Persero Tbk. PT 13,009,000 4,145,794
Unilever Indonesia Tbk. PT 634,200 169,753
United Tractors Tbk. PT 131,700 275,038
    17,067,186
Kazakhstan — 0.1%
Kaspi.KZ JSC, GDR (a) 5,580 362,700
Macau — 0.1%
Sands China Ltd. * 227,200 500,789
Malaysia — 0.5%
CIMB Group Holdings Bhd. 266,000 317,062
Hong Leong Bank Bhd. 56,100 269,240
IHH Healthcare Bhd. 132,400 199,703
Kuala Lumpur Kepong Bhd. 38,800 262,558
Malayan Banking Bhd. 171,300 356,273
Petronas Chemicals Group Bhd. 152,300 357,530
Press Metal Aluminium Holdings Bhd. 170,400 233,605
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 75

Table of Contents
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Malaysia — continued
Public Bank Bhd.  1,185,600   1,274,339
Tenaga Nasional Bhd.    152,000     315,627
    3,585,937
Mexico — 4.4%
America Movil SAB de CV  2,792,025   2,722,725
Arca Continental SAB de CV     69,876     444,016
Fomento Economico Mexicano SAB de CV     46,763     349,763
Gruma SAB de CV, Class B     27,508     327,618
Grupo Aeroportuario del Centro Norte SAB de CV     26,897     187,455
Grupo Aeroportuario del Pacifico SAB de CV, Class B *    173,080   2,666,449
Grupo Aeroportuario del Sureste SAB de CV, Class B     85,396   1,862,212
Grupo Financiero Banorte SAB de CV, Class O 1,135,495 7,484,090
Grupo Mexico SAB de CV 423,802 1,985,212
Kimberly-Clark de Mexico SAB de CV, Class A 982,332 1,367,125
Orbia Advance Corp. SAB de CV 135,395 325,508
Regional SAB de CV 85,569 516,479
Wal-Mart de Mexico SAB de CV 3,250,284 11,520,498
    31,759,150
Nigeria — 0.0% ^
Airtel Africa plc (a) 92,655 169,534
Panama — 0.0% ^
Copa Holdings SA, Class A * 4,184 315,348
Peru — 0.2%
Credicorp Ltd. 12,808 1,778,903
Philippines — 0.2%
Ayala Corp. 17,120 240,891
Ayala Land, Inc. 399,300 243,720
Bank of the Philippine Islands 112,590 204,670
BDO Unibank, Inc. 95,750 236,605
International Container Terminal Services, Inc. 78,660 322,977
SM Prime Holdings, Inc. * 342,000 227,961
    1,476,824
Poland — 0.5%
Allegro.eu SA * (a) 101,960 524,430
Bank Polska Kasa Opieki SA 23,120 508,068
Dino Polska SA * (a) 4,561 295,059
INVESTMENTS SHARES VALUE($)
 
Poland — continued
Powszechna Kasa Oszczednosci Bank Polski SA *     61,663     455,107
Powszechny Zaklad Ubezpieczen SA    215,869   1,492,463
TEN Square Games SA      5,952     208,680
    3,483,807
Portugal — 0.2%
Jeronimo Martins SGPS SA     67,012   1,394,964
Qatar — 0.5%
Industries Qatar QSC    163,886     845,189
Qatar Islamic Bank SAQ     64,162     431,476
Qatar National Bank QPSC    327,373   2,090,045
    3,366,710
Russia — 0.0% ^
Gazprom PJSC, ADR ‡ 580,313 64,763
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ (a) 12,378 1,869
MMC Norilsk Nickel PJSC, ADR ‡ 22,378 10,742
Moscow Exchange MICEX-RTS PJSC ‡ 571,670 13,582
Rosneft Oil Co. PJSC, GDR ‡ (a) 141,777 13,270
Sberbank of Russia PJSC, ADR ‡ 157,309 12,774
Severstal PAO, GDR ‡ (a) 98,048 31,375
X5 Retail Group NV, GDR ‡ (a) 13,771 3,324
    151,699
Saudi Arabia — 2.0%
Al Rajhi Bank 100,864 4,725,088
Alinma Bank 118,238 1,296,993
Almarai Co. JSC 42,223 581,934
Dr. Sulaiman Al Habib Medical Services Group Co. 9,194 487,992
Jarir Marketing Co. 5,701 291,125
Mouwasat Medical Services Co. 18,318 1,170,233
Saudi National Bank (The) 182,587 3,826,993
Saudi Tadawul Group Holding Co. * 10,335 557,144
Saudi Telecom Co. 43,708 1,344,045
    14,281,547
South Africa — 3.0%
African Rainbow Minerals Ltd. 923 15,306
Anglo American plc 9,169 406,104
AVI Ltd. 205,153 893,359
Bid Corp. Ltd. 67,838 1,419,690
Bidvest Group Ltd. (The) 24,276 332,790
Capitec Bank Holdings Ltd. 35,316 4,929,751
Clicks Group Ltd. 119,948 2,360,756
 
SEE NOTES TO FINANCIAL STATEMENTS.
76 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
South Africa — continued
FirstRand Ltd.    760,339   3,274,538
Foschini Group Ltd. (The)      2,451      21,561
Gold Fields Ltd.     28,076     380,418
Impala Platinum Holdings Ltd.    113,682   1,470,524
Mr Price Group Ltd.     33,791     460,204
MTN Group Ltd.     90,721     962,187
Naspers Ltd., Class N     10,734   1,082,588
Nedbank Group Ltd.     53,511     747,248
Sanlam Ltd.      1,917       7,941
Sasol Ltd. *     14,516     355,597
Shoprite Holdings Ltd.     60,921     879,945
Sibanye Stillwater Ltd. 100,677 348,308
SPAR Group Ltd. (The) 37,601 393,974
Standard Bank Group Ltd. 785 8,319
Vodacom Group Ltd. 134,466 1,294,041
Woolworths Holdings Ltd. 5,341 19,994
    22,065,143
South Korea — 12.7%
AfreecaTV Co. Ltd. 7,866 674,249
BGF retail Co. Ltd. 9,399 1,344,439
CJ CheilJedang Corp. 2,850 896,242
DL E&C Co. Ltd. 14,514 682,626
DL Holdings Co. Ltd. 4,940 240,762
Dongjin Semichem Co. Ltd. 15,471 455,911
E-MART, Inc. 2,134 220,823
Green Cross Corp. 1,329 197,265
Hana Financial Group, Inc. 76,722 2,848,436
Hankook Tire & Technology Co. Ltd. 35,309 969,118
Hanon Systems 72,018 644,485
HSD Engine Co. Ltd. * 34,540 290,314
Hugel, Inc. * 6,273 617,531
Hyundai Glovis Co. Ltd. 5,132 840,822
Hyundai Mobis Co. Ltd. 6,914 1,124,819
Hyundai Motor Co. 3,422 496,490
Industrial Bank of Korea 63,201 560,775
ISC Co. Ltd. 18,561 517,713
JYP Entertainment Corp. 39,181 1,817,688
K Car Co. Ltd. 24,235 520,648
KakaoBank Corp. * 9,564 316,124
Kakaopay Corp. * 3,422 302,688
Kangwon Land, Inc. * 32,643 685,977
KB Financial Group, Inc. 24,471 1,138,492
KCC Corp. 923 246,084
Kia Corp. 78,720 5,163,267
INVESTMENTS SHARES VALUE($)
 
South Korea — continued
KIWOOM Securities Co. Ltd.     10,123     755,474
Korea Electric Power Corp. *     25,807     470,940
Korea Investment Holdings Co. Ltd.     13,571     752,390
Korea Zinc Co. Ltd.      1,149     524,562
KT&G Corp.      9,951     653,471
LG Chem Ltd.      9,750   3,993,262
LG Household & Health Care Ltd.      3,840   2,750,134
LG Innotek Co. Ltd.      1,179     319,908
Lotte Rental Co. Ltd.      6,493     226,546
NAVER Corp.     14,505   3,231,120
NCSoft Corp.      5,717   1,893,279
Pan Ocean Co. Ltd. 79,106 413,521
POSCO Holdings, Inc. 9,184 2,096,953
Samsung Biologics Co. Ltd. * (a) 1,692 1,116,024
Samsung Electro-Mechanics Co. Ltd. 13,185 1,706,604
Samsung Electronics Co. Ltd. 503,860 26,852,502
Samsung Engineering Co. Ltd. * 16,980 346,444
Samsung Securities Co. Ltd. 13,758 429,688
Shinhan Financial Group Co. Ltd. 43,172 1,434,373
SK Hynix, Inc. 102,001 8,938,156
SK IE Technology Co. Ltd. * (a) 2,857 281,424
SK Innovation Co. Ltd. * 7,439 1,183,963
SK Square Co. Ltd. * 15,697 648,362
SK Telecom Co. Ltd. 24,421 1,101,587
SK, Inc. 9,768 2,050,715
SKC Co. Ltd. 12,062 1,409,778
S-Oil Corp. 25,613 2,095,602
Wonik Materials Co. Ltd. 13,973 409,992
Yuhan Corp. 5,572 268,429
Zinus, Inc. 9,765 497,665
    92,666,656
Taiwan — 16.4%
Accton Technology Corp. 221,000 1,723,772
Advantech Co. Ltd. 155,000 1,926,752
ASE Technology Holding Co. Ltd. 544,000 1,735,558
ASMedia Technology, Inc. 15,000 705,974
ASPEED Technology, Inc. 24,000 2,107,999
AU Optronics Corp. 360,000 205,628
Cathay Financial Holding Co. Ltd. 1,122,000 2,359,075
Chailease Holding Co. Ltd. 745,900 5,927,525
Chicony Electronics Co. Ltd. * 58,000 161,334
China Development Financial Holding Corp. 3,595,000 2,167,938
Delta Electronics, Inc. 378,000 3,155,387
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 77

Table of Contents
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Taiwan — continued
E Ink Holdings, Inc.    393,000   2,246,905
Eclat Textile Co. Ltd.    190,000   3,117,619
eMemory Technology, Inc.     10,000     420,269
Formosa Plastics Corp.    378,000   1,343,807
Fubon Financial Holding Co. Ltd.  1,510,000   3,791,485
Genius Electronic Optical Co. Ltd.     40,000     503,540
Giant Manufacturing Co. Ltd.    183,000   1,529,969
Global Unichip Corp.    185,000   2,533,419
Hon Hai Precision Industry Co. Ltd.    357,000   1,223,111
Lite-On Technology Corp.    189,000     414,100
Lotes Co. Ltd.     63,000   1,540,732
Makalot Industrial Co. Ltd. 159,000 978,101
MediaTek, Inc. 162,000 4,466,016
Mega Financial Holding Co. Ltd. 380,000 534,207
Micro-Star International Co. Ltd. 206,000 831,845
momo.com, Inc. 4,600 121,427
Nan Ya Printed Circuit Board Corp. 88,000 1,168,856
Nanya Technology Corp. 413,000 903,738
Nien Made Enterprise Co. Ltd. 160,000 1,685,176
Novatek Microelectronics Corp. 210,000 2,778,000
President Chain Store Corp. 181,000 1,674,727
Quanta Computer, Inc. 745,000 2,098,298
Realtek Semiconductor Corp. 214,000 2,903,876
RichWave Technology Corp. 44,000 295,205
Sea Ltd., ADR * 12,808 1,059,990
Silicon Motion Technology Corp., ADR 4,957 376,385
Sinbon Electronics Co. Ltd. 165,000 1,449,289
Taishin Financial Holding Co. Ltd. 1,313,000 858,849
Taiwan Semiconductor Manufacturing Co. Ltd. 2,280,000 41,228,463
Taiwan Union Technology Corp. 65,000 167,842
Unimicron Technology Corp. 218,000 1,529,081
Uni-President Enterprises Corp. 573,000 1,325,704
United Microelectronics Corp. 1,160,000 1,842,763
Vanguard International Semiconductor Corp. 756,000 2,660,015
Visual Photonics Epitaxy Co. Ltd. 366,000 1,050,312
Win Semiconductors Corp. 63,000 410,055
Wiwynn Corp. 85,000 2,906,630
Yuanta Financial Holding Co. Ltd. 1,690,000 1,487,527
    119,634,275
Tanzania, United Republic of — 0.0% ^
AngloGold Ashanti Ltd. 12,632 258,679
INVESTMENTS SHARES VALUE($)
 
Thailand — 1.6%
Advanced Info Service PCL     94,800     592,700
Airports of Thailand PCL *    380,200     734,725
Bangkok Dusit Medical Services PCL, Class F    589,200     439,570
BTS Group Holdings PCL    723,200     189,093
Central Retail Corp. PCL *    190,600     217,806
CP ALL PCL    285,200     541,255
Delta Electronics Thailand PCL        700       7,330
Energy Absolute PCL, NVDR     78,600     201,656
Gulf Energy Development PCL    190,400     268,588
Indorama Ventures PCL, NVDR    132,600     173,643
Minor International PCL *    323,000     326,420
PTT Exploration & Production PCL 766,900 3,355,504
PTT Global Chemical PCL 133,100 192,970
PTT PCL 532,300 578,518
SCB X PCL 356,800 1,198,015
Siam Cement PCL (The) (Registered) 171,200 1,840,049
Thai Oil PCL 247,200 404,475
    11,262,317
Turkey — 0.2%
BIM Birlesik Magazalar A/S 125,509 705,121
D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR * 4,762 7,619
Ford Otomotiv Sanayi A/S 28,657 576,875
    1,289,615
United Arab Emirates — 0.7%
Aldar Properties PJSC 493,932 756,802
Emaar Properties PJSC 1,082,433 1,867,037
Fertiglobe plc 445,620 672,957
First Abu Dhabi Bank PJSC 287,720 1,757,786
    5,054,582
United Kingdom — 0.1%
HSBC Holdings plc 33,200 208,266
Prudential plc 11,093 138,091
    346,357
United States — 0.9%
EPAM Systems, Inc. * 7,442 1,972,056
Globant SA * 8,436 1,822,092
JS Global Lifestyle Co. Ltd. (a) 883,500 1,048,104
NeoImmuneTech, Inc., Receipts * 3,367 18,956
Parade Technologies Ltd. 42,000 1,997,378
    6,858,586
 
SEE NOTES TO FINANCIAL STATEMENTS.
78 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Zambia — 0.1%
First Quantum Minerals Ltd.     22,758     652,456
Total Common Stocks
(Cost $823,873,143) 		  711,349,775
  NO. OF WARRANTS  
Warrants — 0.0% ^
Thailand — 0.0% ^
BTS Group Holdings PCL    
expiring 9/5/2022, price 9.90 THB *     12,385         130
expiring 11/7/2024, price 11.90 THB *     24,870         385
expiring 11/20/2026, price 14.90 THB *     49,740         712
Total Warrants
(Cost $—) 		  1,227
  SHARES  
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (c) (d)(Cost $14,334,650) 14,330,817 14,335,116
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $368,660) 368,660 368,660
Total Short-Term Investments
(Cost $14,703,310) 		  14,703,776
Total Investments — 99.7%
(Cost $838,576,453) 		  726,054,778
Other Assets Less Liabilities — 0.3%   2,127,062
NET ASSETS — 100.0%   728,181,840
Percentages indicated are based on net assets.
    
Abbreviations  
ADR American Depositary Receipt
APAC Asia Pacific
GDR Global Depositary Receipt
JSC Joint Stock Company
NVDR Non-Voting Depositary Receipt
PJSC Public Joint Stock Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT Limited liability company
RTS Russian Trading System
SGPS Holding company
THB Thai Baht
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(b) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $345,193.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 79

Table of Contents
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Banks 15.0%
Semiconductors & Semiconductor Equipment 12.7
Technology Hardware, Storage & Peripherals 5.0
Internet & Direct Marketing Retail 4.0
IT Services 3.8
Interactive Media & Services 3.7
Insurance 3.7
Food & Staples Retailing 3.5
Food Products 3.2
Oil, Gas & Consumable Fuels 3.1
Electronic Equipment, Instruments & Components 2.6
Household Durables 2.4
Metals & Mining 2.4
Capital Markets 2.3
Chemicals 2.3
Real Estate Management & Development 2.1
Entertainment 2.1
Beverages 2.1
Automobiles 1.7
Diversified Financial Services 1.5
Thrifts & Mortgage Finance 1.4
Textiles, Apparel & Luxury Goods 1.2
Wireless Telecommunication Services 1.2
Hotels, Restaurants & Leisure 1.1
Machinery 1.0
Diversified Telecommunication Services 1.0
Transportation Infrastructure 1.0
Others (each less than 1.0%) 10.9
Short-Term Investments 2.0
SEE NOTES TO FINANCIAL STATEMENTS.
80 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 97.2%
Australia — 5.3%
Australia & New Zealand Banking Group Ltd.   2,915     55,470
BHP Group Ltd.  14,419    481,817
Commonwealth Bank of Australia   1,125     81,769
CSL Ltd.     243     46,377
Glencore plc *  15,037     92,653
Goodman Group, REIT   2,703     44,988
GPT Group (The), REIT   7,546     26,825
IDP Education Ltd.   1,692     31,389
Macquarie Group Ltd.     281     40,454
National Australia Bank Ltd.   4,658    106,336
Rio Tinto Ltd.     794     62,808
Rio Tinto plc 2,332 164,770
South32 Ltd. 8,587 28,598
Wesfarmers Ltd. 421 14,568
Westpac Banking Corp. 4,094 68,534
    1,347,356
Austria — 0.5%
BAWAG Group AG * (a) 354 16,809
Erste Group Bank AG 1,087 33,845
OMV AG 930 47,539
Wienerberger AG 713 20,127
    118,320
Belgium — 0.8%
Ageas SA 379 18,136
Bekaert SA 771 28,580
D'ieteren Group 87 13,965
KBC Group NV 2,080 141,506
    202,187
Brazil — 0.1%
MercadoLibre, Inc. * 20 19,473
Canada — 0.6%
Canadian National Railway Co. 589 69,269
Toronto-Dominion Bank (The) 1,228 88,698
    157,967
China — 0.9%
Alibaba Group Holding Ltd. * 3,504 42,741
BOC Hong Kong Holdings Ltd. 12,500 45,248
Prosus NV * 359 17,314
Tencent Holdings Ltd. 2,270 106,973
Yangzijiang Shipbuilding Holdings Ltd. 34,200 22,313
    234,589
INVESTMENTS SHARES VALUE($)
 
Denmark — 4.2%
AP Moller - Maersk A/S, Class B      10     28,942
Carlsberg A/S, Class B     726     92,226
Coloplast A/S, Class B     707     95,253
Genmab A/S *     236     82,988
Matas A/S   1,569     21,840
Novo Nordisk A/S, Class B   5,149    588,151
Orsted A/S (a)     608     67,263
Solar A/S, Class B     268     31,783
Spar Nord Bank A/S   1,807     22,943
Sydbank A/S     306     10,518
Vestas Wind Systems A/S     288      7,344
    1,049,251
Finland — 0.9%
Elisa OYJ 541 31,714
Kone OYJ, Class B 1,395 67,068
Nokia OYJ * 5,079 25,751
Nordea Bank Abp 8,715 86,889
Outokumpu OYJ 1,778 8,729
Valmet OYJ 645 17,274
    237,425
France — 11.0%
Air Liquide SA 666 115,224
Airbus SE 277 30,324
AXA SA 5,072 134,180
BNP Paribas SA (b) 3,196 165,717
Capgemini SE 1,273 259,156
Carrefour SA 1,861 39,467
Cie de Saint-Gobain 745 43,462
Credit Agricole SA 1,147 12,385
Dassault Systemes SE 328 14,506
Eiffage SA 314 31,007
EssilorLuxottica SA 94 16,003
IPSOS 605 29,125
Kering SA 154 81,939
L'Oreal SA 881 320,517
LVMH Moet Hennessy Louis Vuitton SE 733 474,350
Metropole Television SA 1,374 25,497
Orange SA 3,703 44,086
Pernod Ricard SA 535 110,416
Publicis Groupe SA 643 38,604
Safran SA 1,097 117,816
Sanofi 447 47,246
Societe Generale SA 1,729 41,555
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 81

Table of Contents
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
France — continued
Technip Energies NV *   1,471     17,875
TotalEnergies SE   7,426    364,639
Veolia Environnement SA   1,377     40,176
Vinci SA   1,632    158,359
    2,773,631
Germany — 8.0%
adidas AG     780    157,294
Allianz SE (Registered)   1,509    340,482
Aurubis AG     256     29,092
BASF SE *     452     23,804
Bayer AG (Registered) *   1,178     77,596
Bayerische Motoren Werke AG 540 44,100
Covestro AG (a) 216 9,300
Daimler Truck Holding AG * 1,006 27,056
Deutsche Boerse AG 417 72,597
Deutsche Post AG (Registered) 2,723 116,333
Deutsche Telekom AG (Registered) 7,189 132,430
E.ON SE 992 10,324
Infineon Technologies AG 1,407 39,935
Kloeckner & Co. SE * 1,716 22,105
Mercedes-Benz Group AG * 1,265 88,299
Merck KGaA 212 39,332
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) 517 123,119
RWE AG 3,283 136,308
SAP SE 431 43,680
Sartorius AG (Preference) 57 21,371
Siemens AG (Registered) 1,262 155,169
Symrise AG 837 99,598
Volkswagen AG (Preference) 958 148,362
Vonovia SE * 847 33,745
Zalando SE * (a) 847 33,326
    2,024,757
Hong Kong — 2.2%
AIA Group Ltd. 30,800 302,572
CK Asset Holdings Ltd. 3,500 23,727
CLP Holdings Ltd. 2,500 24,396
Hong Kong Exchanges & Clearing Ltd. 4,200 178,159
Hongkong Land Holdings Ltd. 5,600 26,124
    554,978
India — 0.5%
HDFC Bank Ltd., ADR 2,101 115,996
INVESTMENTS SHARES VALUE($)
 
Indonesia — 0.2%
Bank Central Asia Tbk. PT  90,500     50,759
Ireland — 0.1%
Kingspan Group plc     352     32,767
Italy — 1.0%
Assicurazioni Generali SpA   2,102     39,797
Azimut Holding SpA   1,051     22,309
Enel SpA   3,362     21,863
Eni SpA   3,931     54,951
FinecoBank Banca Fineco SpA   1,466     20,379
Intesa Sanpaolo SpA  18,647     37,997
Pirelli & C SpA (a)   5,521     27,362
UniCredit SpA 3,477 32,180
    256,838
Japan — 18.3%
AGC, Inc. 1,100 41,238
Asahi Group Holdings Ltd. 1,300 49,001
Asahi Kasei Corp. 1,500 12,307
Bridgestone Corp. 1,800 65,977
Brother Industries Ltd. 1,500 26,069
Central Japan Railway Co. 200 25,177
Cosmo Energy Holdings Co. Ltd. 1,300 32,298
Dai-ichi Life Holdings, Inc. 2,600 52,062
Daiichi Sankyo Co. Ltd. 1,100 27,697
Daikin Industries Ltd. 800 122,254
Daiwa House Industry Co. Ltd. 400 9,616
Daiwa Securities Group, Inc. 5,200 25,486
Dentsu Group, Inc. 1,200 43,250
FANUC Corp. 100 15,323
Fuyo General Lease Co. Ltd. 400 21,642
Hitachi Ltd. 1,700 80,625
Honda Motor Co. Ltd. 3,100 81,541
Hoya Corp. 2,000 198,484
Isuzu Motors Ltd. 3,100 36,164
ITOCHU Corp. 2,800 84,507
Japan Post Holdings Co. Ltd. 4,000 28,047
Japan Post Insurance Co. Ltd. 2,300 37,191
Kao Corp. 300 12,024
KDDI Corp. 3,000 99,344
Keyence Corp. 700 281,403
Konami Holdings Corp. 200 12,299
Kubota Corp. 3,000 50,966
Kyowa Kirin Co. Ltd. 4,200 88,522
Makita Corp. 1,700 50,247
 
SEE NOTES TO FINANCIAL STATEMENTS.
82 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — continued
Mitsubishi Chemical Holdings Corp.   5,500     33,537
Mitsubishi Corp.   3,200    107,442
Mitsubishi UFJ Financial Group, Inc.  25,100    145,916
Mitsui & Co. Ltd.   2,900     70,226
Mitsui Fudosan Co. Ltd.   2,900     61,462
Mizuho Financial Group, Inc.   4,400     53,428
MS&AD Insurance Group Holdings, Inc.   1,100     32,744
Murata Manufacturing Co. Ltd.     400     23,843
Nidec Corp.     700     45,254
Nintendo Co. Ltd.     100     45,639
NIPPON EXPRESS HOLDINGS, Inc.     300     17,589
Nippon Telegraph & Telephone Corp. 4,000 117,877
Nitori Holdings Co. Ltd. 100 10,288
Nomura Holdings, Inc. 2,400 9,241
Nomura Real Estate Holdings, Inc. 1,400 34,112
Nomura Research Institute Ltd. 300 8,483
Ono Pharmaceutical Co. Ltd. 1,400 35,967
ORIX Corp. 4,700 85,723
Recruit Holdings Co. Ltd. 1,800 65,307
Rohm Co. Ltd. 100 6,986
Ryohin Keikaku Co. Ltd. 500 4,494
SBI Holdings, Inc. 1,200 26,841
Sekisui House Ltd. 2,700 46,893
Seven & i Holdings Co. Ltd. 600 26,530
Shimano, Inc. 300 53,155
Shin-Etsu Chemical Co. Ltd. 700 96,204
Shionogi & Co. Ltd. 600 33,376
SMC Corp. 200 96,844
SoftBank Corp. 5,700 66,336
SoftBank Group Corp. 600 24,678
Sojitz Corp. 2,120 32,327
Sompo Holdings, Inc. 800 32,568
Sony Group Corp. 3,800 327,944
Sumitomo Corp. 2,700 42,724
Sumitomo Metal Mining Co. Ltd. 500 21,928
Sumitomo Mitsui Financial Group, Inc. 3,400 102,727
Sumitomo Mitsui Trust Holdings, Inc. 1,700 52,764
Suzuki Motor Corp. 500 15,073
Sysmex Corp. 400 26,239
T&D Holdings, Inc. 4,400 56,542
Takeda Pharmaceutical Co. Ltd. 2,600 75,443
Terumo Corp. 500 14,883
Tokio Marine Holdings, Inc. 1,300 70,289
Tokyo Electron Ltd. 500 210,973
INVESTMENTS SHARES VALUE($)
 
Japan — continued
Toyota Motor Corp.  18,400    315,260
Yamato Holdings Co. Ltd.   1,200     22,454
    4,617,314
Luxembourg — 0.1%
ArcelorMittal SA   1,168     34,056
Malta — 0.0% ^
Kindred Group plc, SDR   1,086      9,521
Netherlands — 6.4%
ABN AMRO Bank NV, CVA (a)     737      9,162
Adyen NV * (a)      81    135,861
Aegon NV   2,742     14,216
Akzo Nobel NV 247 21,426
Argenx SE * 111 31,980
ASM International NV 70 21,035
ASML Holding NV 947 537,459
ASR Nederland NV 754 34,268
Heijmans NV, CVA 1,725 23,691
ING Groep NV 9,652 91,445
Koninklijke Ahold Delhaize NV 3,036 89,550
Koninklijke DSM NV 175 29,419
Koninklijke KPN NV 9,709 33,502
NN Group NV 1,808 88,559
Randstad NV 389 20,570
Shell plc 12,973 348,272
Signify NV (a) 381 16,119
Wolters Kluwer NV 674 68,062
    1,614,596
Norway — 0.9%
DNB Bank ASA 1,794 34,763
Equinor ASA 2,831 95,687
Norsk Hydro ASA 4,600 38,629
SpareBank 1 Nord Norge 2,902 30,909
SpareBank 1 SMN 1,798 25,194
    225,182
Singapore — 1.5%
DBS Group Holdings Ltd. 11,500 278,997
Oversea-Chinese Banking Corp. Ltd. 6,200 55,047
United Overseas Bank Ltd. 1,800 38,531
Yangzijiang Financial Holding Pte. Ltd. * 34,200 13,478
    386,053
South Africa — 0.9%
Anglo American plc 4,968 220,038
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 83

Table of Contents
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
South Korea — 0.9%
Delivery Hero SE * (a)   1,042     36,629
Samsung Electronics Co. Ltd., GDR (a)     144    188,102
    224,731
Spain — 1.9%
Banco Bilbao Vizcaya Argentaria SA  13,520     70,943
Banco Santander SA  17,074     49,896
CaixaBank SA   8,091     26,117
Endesa SA   1,294     27,119
Iberdrola SA  16,985    195,171
Industria de Diseno Textil SA   1,643     34,449
Repsol SA   3,130     46,693
Telefonica SA 7,030 34,199
    484,587
Sweden — 2.9%
Assa Abloy AB, Class B 4,021 101,619
Atlas Copco AB, Class A 3,965 179,761
Boliden AB 1,489 64,565
Inwido AB 1,455 20,088
Loomis AB 923 22,997
Lundin Energy AB (b) 2,117 87,529
Securitas AB, Class B 1,831 21,618
Skandinaviska Enskilda Banken AB, Class A 2,286 25,636
Skanska AB, Class B 1,099 20,993
SKF AB, Class B 1,112 18,162
SSAB AB, Class B (b) 3,611 21,235
Svenska Handelsbanken AB, Class A 7,031 70,917
Volvo AB, Class B 5,492 87,616
    742,736
Switzerland — 11.2%
ABB Ltd. (Registered) 816 24,482
Adecco Group AG (Registered) 379 14,626
Cie Financiere Richemont SA (Registered) 370 42,991
Givaudan SA (Registered) 12 47,694
Julius Baer Group Ltd. 787 37,609
Lonza Group AG (Registered) 368 216,985
Nestle SA (Registered) 6,181 797,930
Novartis AG (Registered) 3,832 338,631
Partners Group Holding AG 34 36,023
Roche Holding AG 1,723 638,913
SGS SA (Registered) 43 110,489
Sika AG (Registered) 226 69,034
Straumann Holding AG (Registered) 450 53,051
Swiss Life Holding AG (Registered) 74 43,269
INVESTMENTS SHARES VALUE($)
 
Switzerland — continued
Swisscom AG (Registered)      58     34,295
UBS Group AG (Registered)   8,010    135,983
Zurich Insurance Group AG     385    175,279
    2,817,284
Taiwan — 0.7%
Sea Ltd., ADR *     663     54,870
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   1,380    128,243
    183,113
United Kingdom — 12.1%
3i Group plc   5,811     95,098
Allfunds Group plc   1,845     15,816
Ashtead Group plc 561 29,008
AstraZeneca plc 1,235 164,800
Aviva plc 1,616 8,670
Barclays plc 33,138 60,912
Barratt Developments plc 1,818 11,123
Berkeley Group Holdings plc * 1,208 61,266
BP plc 46,909 226,467
British American Tobacco plc 1,285 53,857
BT Group plc 11,314 25,090
Centrica plc * 37,771 37,423
CK Hutchison Holdings Ltd. 3,500 24,563
DCC plc 514 38,945
Diageo plc 9,442 471,050
Drax Group plc 3,036 30,681
HSBC Holdings plc 23,456 146,580
InterContinental Hotels Group plc 524 33,452
Intertek Group plc 904 56,333
Investec plc 1,947 11,468
Land Securities Group plc, REIT 3,088 28,961
Legal & General Group plc 18,465 57,557
Linde plc 748 234,601
Lloyds Banking Group plc 181,567 103,123
London Stock Exchange Group plc 994 98,000
Man Group plc 8,713 25,394
Marks & Spencer Group plc * 11,914 20,339
Morgan Sindall Group plc 862 23,241
NatWest Group plc 9,102 24,419
Next plc 187 14,006
OSB Group plc 3,983 27,803
Oxford Nanopore Technologies plc * 1,265 4,817
Persimmon plc 1,764 45,942
Prudential plc 3,625 45,126
 
SEE NOTES TO FINANCIAL STATEMENTS.
84 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United Kingdom — continued
Reach plc   4,292      8,775
Reckitt Benckiser Group plc     791     61,687
RELX plc  10,278    306,187
Smith & Nephew plc   1,664     26,971
SSE plc   1,291     29,985
Standard Chartered plc   7,832     53,542
Taylor Wimpey plc   8,971     14,109
Tesco plc  22,060     74,945
Unilever plc   1,241     57,694
Vodafone Group plc  21,036     31,848
WPP plc   3,427     42,717
    3,064,391
United States — 3.1%
Ferguson plc 1,412 177,134
GlaxoSmithKline plc 10,534 237,464
Schneider Electric SE 1,878 269,435
Stellantis NV 6,739 90,475
    774,508
Total Common Stocks
(Cost $27,713,962) 		  24,574,404
Short-Term Investments — 2.4%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $450,008) 450,008 450,008
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $152,324) 152,324 152,324
Total Short-Term Investments
(Cost $602,332) 		  602,332
INVESTMENTS SHARES VALUE($)
Total Investments — 99.6%
(Cost $28,316,294) 		  25,176,736
Other Assets Less Liabilities — 0.4%   98,709
NET ASSETS — 100.0%   25,275,445
Percentages indicated are based on net assets.
    
Abbreviations  
ADR American Depositary Receipt
CVA Dutch Certification
GDR Global Depositary Receipt
OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT Limited liability company
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
    
^ Amount rounds to less than 0.1% of net assets.
* Non-income producing security.  
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(b) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $144,797.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 85

Table of Contents
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Banks 11.0%
Pharmaceuticals 9.4
Insurance 6.8
Metals & Mining 5.2
Oil, Gas & Consumable Fuels 5.1
Semiconductors & Semiconductor Equipment 3.7
Capital Markets 3.5
Automobiles 3.3
Food Products 3.2
Chemicals 3.2
Textiles, Apparel & Luxury Goods 3.1
Beverages 2.9
Professional Services 2.6
Machinery 2.6
Trading Companies & Distributors 2.3
Household Durables 2.0
Health Care Equipment & Supplies 1.8
Diversified Telecommunication Services 1.7
Personal Products 1.6
IT Services 1.5
Electric Utilities 1.5
Electrical Equipment 1.5
Building Products 1.5
Electronic Equipment, Instruments & Components 1.2
Industrial Conglomerates 1.2
Construction & Engineering 1.0
Food & Staples Retailing 1.0
Others (each less than 1.0%) 12.2
Short-Term Investments 2.4
SEE NOTES TO FINANCIAL STATEMENTS.
86 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 0.4%
CAE, Inc. * (a)   1,056,916    25,134,304
Airlines — 0.3%
Air Canada * (a)   1,121,224    19,637,676
Auto Components — 0.9%
Magna International, Inc.     923,662    55,664,899
Banks — 25.2%
Bank of Montreal (a)   2,222,550   235,654,486
Bank of Nova Scotia (The)   4,015,758   254,296,434
Canadian Imperial Bank of Commerce   1,502,935   166,151,737
National Bank of Canada   1,127,809    78,766,219
Royal Bank of Canada   4,738,473   478,587,064
Toronto-Dominion Bank (The) 6,083,933 439,441,204
    1,652,897,144
Capital Markets — 4.5%
Brookfield Asset Management, Inc., Class A 4,867,695 242,806,909
CI Financial Corp. 596,812 7,781,576
IGM Financial, Inc. (a) 271,708 8,610,308
Onex Corp. (a) 246,006 14,781,616
TMX Group Ltd. (a) 186,418 18,979,185
    292,959,594
Chemicals — 2.8%
Nutrien Ltd. 1,838,142 180,630,558
Commercial Services & Supplies — 2.4%
GFL Environmental, Inc. (a) 478,597 14,417,705
Ritchie Bros Auctioneers, Inc. 369,008 20,325,385
Waste Connections, Inc. (a) 867,840 119,726,994
    154,470,084
Construction & Engineering — 0.6%
SNC-Lavalin Group, Inc. (a) 585,345 13,017,792
WSP Global, Inc. 247,685 28,885,819
    41,903,611
Containers & Packaging — 0.3%
CCL Industries, Inc., Class B 493,943 21,535,630
Diversified Telecommunication Services — 1.4%
BCE, Inc. (a) 1,000,194 53,176,546
TELUS Corp. 1,507,876 37,724,777
    90,901,323
Electric Utilities — 2.2%
Emera, Inc. (a) 870,469 42,031,053
INVESTMENTS SHARES VALUE($)
 
Electric Utilities — continued
Fortis, Inc. (a)   1,583,301    77,042,109
Hydro One Ltd. (a) (b)   1,017,248    27,500,894
    146,574,056
Equity Real Estate Investment Trusts (REITs) — 0.4%
Canadian Apartment Properties     283,313    11,097,427
H&R (a)     471,246     4,688,066
RioCan     505,315     9,440,361
    25,225,854
Food & Staples Retailing — 4.0%
Alimentation Couche-Tard, Inc.   2,771,513   123,382,111
Empire Co. Ltd., Class A     551,796    18,224,967
George Weston Ltd. 234,995 29,235,123
Loblaw Cos. Ltd. 544,913 49,844,492
Metro, Inc. 804,747 44,232,426
    264,919,119
Food Products — 0.3%
Saputo, Inc. 802,901 17,162,388
Gas Utilities — 0.3%
AltaGas Ltd. (a) 934,482 21,371,643
Hotels, Restaurants & Leisure — 0.9%
Restaurant Brands International, Inc. 1,031,427 58,923,775
Independent Power and Renewable Electricity Producers — 0.2%
Brookfield Renewable Corp. 424,911 15,257,965
Insurance — 6.9%
Fairfax Financial Holdings Ltd. (a) 83,306 45,773,718
Great-West Lifeco, Inc. (a) 899,952 24,827,228
iA Financial Corp., Inc. 358,862 18,763,679
Intact Financial Corp. 587,112 82,135,810
Manulife Financial Corp. 6,477,479 126,660,392
Power Corp. of Canada 1,906,747 56,104,804
Sun Life Financial, Inc. 1,953,969 97,207,924
    451,473,555
IT Services — 3.5%
CGI, Inc. * 723,254 57,673,405
Nuvei Corp. * (b) 214,490 11,994,677
Shopify, Inc., Class A * 380,097 162,592,694
    232,260,776
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 87

Table of Contents
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Media — 0.9%
Quebecor, Inc., Class B (a)     541,062    12,732,109
Shaw Communications, Inc., Class B   1,494,160    44,499,717
    57,231,826
Metals & Mining — 8.5%
Agnico Eagle Mines Ltd. (a)   1,516,321    88,265,663
Barrick Gold Corp.   5,932,740   132,310,747
First Quantum Minerals Ltd.   1,843,590    52,854,411
Franco-Nevada Corp.     637,960    96,479,873
Ivanhoe Mines Ltd., Class A * (a)   1,855,341    14,875,657
Kinross Gold Corp. (a)   4,366,186    22,057,795
Lundin Mining Corp.   2,132,044    19,467,463
Teck Resources Ltd., Class B 1,562,229 61,630,612
Wheaton Precious Metals Corp. (a) 1,503,297 67,380,097
    555,322,318
Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A 188,136 25,914,191
Dollarama, Inc. 927,507 51,564,667
    77,478,858
Multi-Utilities — 0.7%
Algonquin Power & Utilities Corp. (a) 2,240,226 32,435,452
Canadian Utilities Ltd., Class A (a) 394,013 11,845,080
    44,280,532
Oil, Gas & Consumable Fuels — 17.9%
Cameco Corp. 1,327,985 34,288,921
Canadian Natural Resources Ltd. 3,892,223 240,898,806
Cenovus Energy, Inc. 4,203,524 77,712,758
Enbridge, Inc. 6,755,775 294,810,841
Imperial Oil Ltd. (a) 723,483 36,426,171
Keyera Corp. (a) 736,955 18,282,611
Pembina Pipeline Corp. 1,833,946 69,394,866
Suncor Energy, Inc. 4,807,612 172,821,797
TC Energy Corp. 3,270,289 172,977,961
Tourmaline Oil Corp. 1,025,939 52,836,278
    1,170,451,010
Pharmaceuticals — 0.4%
Bausch Health Cos., Inc. * 959,183 18,225,709
Canopy Growth Corp. * (a) 826,271 4,766,020
    22,991,729
Professional Services — 0.8%
Thomson Reuters Corp. 551,058 55,095,076
INVESTMENTS SHARES VALUE($)
 
Real Estate Management & Development — 0.3%
FirstService Corp.     130,595    16,283,585
Road & Rail — 7.4%
Canadian National Railway Co.   2,011,359   236,543,897
Canadian Pacific Railway Ltd.   3,099,714   226,738,897
TFI International, Inc.     270,377    21,749,706
    485,032,500
Software — 2.4%
BlackBerry Ltd. * (a)   1,724,755     9,868,018
Constellation Software, Inc.      65,701   103,404,726
Lightspeed Commerce, Inc. *     445,311     9,952,033
Open Text Corp.     903,604    36,189,176
    159,413,953
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear, Inc. 641,936 21,751,819
Trading Companies & Distributors — 0.2%
Finning International, Inc. 525,915 14,795,133
Wireless Telecommunication Services — 1.0%
Rogers Communications, Inc., Class B 1,168,519 63,653,882
Total Common Stocks
(Cost $5,175,314,258) 		  6,512,686,175
Short Term Investments — 7.3%
Investment of Cash Collateral from Securities Loaned — 7.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) 221,169,116 221,014,297
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 257,252,232 257,252,232
Total Investment of Cash Collateral from Securities Loaned
(Cost $478,272,533) 		  478,266,529
Total Investments — 106.8%
(Cost $5,653,586,791) 		  6,990,952,704
Liabilities in Excess of Other Assets — (6.8)%   (444,258,203)
NET ASSETS — 100.0%   6,546,694,501
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $440,727,186.
 
SEE NOTES TO FINANCIAL STATEMENTS.
88 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d) The rate shown is the current yield as of April 30, 2022.
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
S&P / TSX 60 Index 154 06/16/2022 CAD 30,005,215 (1,128,590)
    
Abbreviations  
CAD Canadian Dollar
TSX Toronto Stock Exchange
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 89

Table of Contents
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022(Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.6%
Australia — 63.6%
Alumina Ltd.  5,261,776     6,624,558
Ampol Ltd.    533,489    12,542,982
APA Group  2,641,439    21,224,293
Aristocrat Leisure Ltd.  1,499,091    34,782,419
ASX Ltd.    433,403    26,203,404
Aurizon Holdings Ltd.  4,120,801    11,637,621
Australia & New Zealand Banking Group Ltd.  6,303,464   119,949,823
Bendigo & Adelaide Bank Ltd.  1,255,511     9,360,869
BHP Group Ltd. 11,333,069   378,699,396
BlueScope Steel Ltd.  1,097,440    15,600,764
Boral Ltd. (a)    740,848     1,848,141
Brambles Ltd. 3,211,724 23,716,394
Challenger Ltd. 1,290,484 6,529,272
Cochlear Ltd. 147,251 23,717,342
Coles Group Ltd. 2,989,277 39,304,989
Commonwealth Bank of Australia 3,820,115 277,659,385
Computershare Ltd. 1,283,995 22,636,927
Crown Resorts Ltd. * 803,459 7,274,642
CSL Ltd. 1,071,778 204,549,097
Dexus, REIT 2,407,877 18,826,162
Domino's Pizza Enterprises Ltd. 141,452 7,415,077
Endeavour Group Ltd. 2,846,733 15,583,188
Evolution Mining Ltd. 4,103,572 11,611,479
Fortescue Metals Group Ltd. 3,791,099 57,295,171
Goodman Group, REIT 3,805,991 63,346,515
GPT Group (The), REIT 4,288,420 15,244,844
Harvey Norman Holdings Ltd. 1,450,513 5,166,822
IDP Education Ltd. 467,335 8,669,721
Incitec Pivot Ltd. 4,348,077 11,726,856
Insurance Australia Group Ltd. 5,518,642 17,622,630
LendLease Corp. Ltd. 1,542,039 13,209,666
Macquarie Group Ltd. 807,344 116,227,731
Magellan Financial Group Ltd. 324,291 3,668,711
Medibank Pvt Ltd. 6,165,412 13,854,568
Mirvac Group, REIT 8,826,487 14,917,572
National Australia Bank Ltd. 7,257,215 165,672,753
Newcrest Mining Ltd. 2,001,196 37,581,170
Northern Star Resources Ltd. 2,607,225 17,921,518
Orica Ltd. 915,254 10,517,024
Origin Energy Ltd. 3,942,839 18,859,191
Qantas Airways Ltd. * 2,068,930 8,016,742
QBE Insurance Group Ltd. 3,305,483 28,517,344
Ramsay Health Care Ltd. 415,044 23,552,609
REA Group Ltd. 115,351 10,334,062
INVESTMENTS SHARES VALUE($)
 
Australia — continued
Reece Ltd.    636,315     7,730,977
Rio Tinto Ltd.    831,045    65,738,898
Santos Ltd.  6,824,100    38,133,549
Scentre Group, REIT 11,619,747    24,209,894
SEEK Ltd.    792,324    15,525,898
Seven Group Holdings Ltd.    349,691     4,878,860
Sonic Healthcare Ltd.  1,073,974    27,736,703
South32 Ltd. 10,409,843    34,668,290
Stockland, REIT  5,344,184    15,468,367
Suncorp Group Ltd.  2,826,605    22,694,786
Tabcorp Holdings Ltd.  4,982,856    19,055,534
Telstra Corp. Ltd. 9,205,398 26,130,895
TPG Telecom Ltd. 832,505 3,412,672
Transurban Group 6,872,510 69,011,093
Treasury Wine Estates Ltd. 1,616,008 12,785,351
Vicinity Centres, REIT 8,662,537 11,303,002
Washington H Soul Pattinson & Co. Ltd. (a) 549,354 10,704,780
Wesfarmers Ltd. 2,538,338 87,834,339
Westpac Banking Corp. 7,838,007 131,208,173
WiseTech Global Ltd. 365,276 11,324,584
Woodside Petroleum Ltd. 2,170,724 47,226,475
Woolworths Group Ltd. 2,713,262 73,402,053
Worley Ltd. 832,341 8,094,532
    2,727,501,149
China — 2.4%
Budweiser Brewing Co. APAC Ltd. (b) 3,854,300 9,590,259
ESR Cayman Ltd. * (b) 5,905,800 17,927,696
Wilmar International Ltd. 7,055,600 22,491,091
Wuxi Biologics Cayman, Inc. * (b) 7,266,500 53,632,704
    103,641,750
Hong Kong — 18.9%
AIA Group Ltd. 27,082,400 266,050,986
CK Asset Holdings Ltd. 4,404,500 29,858,728
CK Infrastructure Holdings Ltd. 1,297,500 8,723,628
CLP Holdings Ltd. 3,733,000 36,428,024
Dairy Farm International Holdings Ltd. 666,300 1,799,574
Hang Lung Properties Ltd. 4,130,000 7,898,919
Hang Seng Bank Ltd. (a) 1,626,400 28,796,172
Henderson Land Development Co. Ltd. 2,926,700 11,835,623
HK Electric Investments & HK Electric Investments Ltd. (b) 5,143,000 5,079,425
HKT Trust & HKT Ltd. 8,141,000 11,681,873
Hong Kong & China Gas Co. Ltd. 24,228,789 26,722,433
Hong Kong Exchanges & Clearing Ltd. 2,668,000 113,173,827
 
SEE NOTES TO FINANCIAL STATEMENTS.
90 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Hong Kong — continued
Jardine Matheson Holdings Ltd.    565,500    30,045,015
Link, REIT  4,724,100    40,805,760
MTR Corp. Ltd.  3,466,500    18,417,885
New World Development Co. Ltd.  3,155,250    12,068,178
Power Assets Holdings Ltd.  3,058,000    20,595,807
Sino Land Co. Ltd.  7,160,000     9,463,965
Sun Hung Kai Properties Ltd.  3,438,500    39,601,518
Swire Pacific Ltd., Class B  2,002,500     1,887,986
Swire Pacific Ltd., Class A  1,114,500     6,348,091
Swire Properties Ltd.  2,357,400     5,649,643
Techtronic Industries Co. Ltd.  3,860,500    51,530,362
WH Group Ltd. (b) 17,521,191 12,100,129
Wharf Real Estate Investment Co. Ltd. 3,467,000 16,338,474
    812,902,025
Macau — 0.9%
Galaxy Entertainment Group Ltd. 4,489,000 25,614,996
Sands China Ltd. * 5,435,379 11,980,530
    37,595,526
New Zealand — 2.0%
a2 Milk Co. Ltd. (The) * 1,664,832 5,275,339
Auckland International Airport Ltd. * 2,703,399 13,579,190
Contact Energy Ltd. 1,744,183 9,163,266
Fisher & Paykel Healthcare Corp. Ltd. 1,292,008 17,754,933
Fletcher Building Ltd. 1,811,725 7,217,043
Mercury NZ Ltd. 1,402,906 5,439,152
Meridian Energy Ltd. 2,709,939 8,224,824
Ryman Healthcare Ltd. (a) 940,258 5,564,700
Spark New Zealand Ltd. 4,185,094 13,236,168
    85,454,615
Singapore — 10.1%
Ascendas, REIT 7,518,328 15,468,806
CapitaLand Integrated Commercial Trust, REIT 11,391,932 19,088,233
Capitaland Investment Ltd. * 5,582,500 16,927,270
City Developments Ltd. 1,055,700 6,472,623
DBS Group Holdings Ltd. 4,027,500 97,709,699
Frasers Property Ltd. 1,845,700 1,454,726
Genting Singapore Ltd. * 12,694,500 7,370,320
Great Eastern Holdings Ltd. 127,200 1,871,109
Jardine Cycle & Carriage Ltd. 221,200 4,610,341
Keppel Corp. Ltd. 3,216,000 15,860,677
Mapletree Commercial Trust, REIT 4,908,900 6,602,091
Olam Group Ltd. 1,982,800 2,423,032
INVESTMENTS SHARES VALUE($)
 
Singapore — continued
Oversea-Chinese Banking Corp. Ltd.  8,950,200    79,465,149
SATS Ltd. *  1,509,900     4,929,938
Singapore Airlines Ltd. *  2,989,500    11,783,602
Singapore Exchange Ltd.  1,842,300    12,963,062
Singapore Technologies Engineering Ltd.  3,417,700    10,065,514
Singapore Telecommunications Ltd. 15,891,200    31,715,578
United Overseas Bank Ltd.  3,443,700    73,716,719
UOL Group Ltd. *  1,058,500     5,561,927
Venture Corp. Ltd.    604,900     7,425,709
    433,486,125
United Kingdom — 1.0%
CK Hutchison Holdings Ltd. 6,009,000 42,170,723
United States — 0.7%
James Hardie Industries plc, CHDI 996,954 28,740,458
JS Global Lifestyle Co. Ltd. (b) 1,877,500 2,227,296
    30,967,754
Total Common Stocks
(Cost $4,178,595,820) 		  4,273,719,667
Short-Term Investments — 0.3%
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) 954,795 954,127
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 9,907,352 9,907,352
Total Investment of Cash Collateral from Securities Loaned
(Cost $10,861,861) 		  10,861,479
Total Investments — 99.9%
(Cost $4,189,457,681) 		  4,284,581,146
Other Assets Less Liabilities — 0.1%   5,945,880
NET ASSETS — 100.0%   4,290,527,026
Percentages indicated are based on net assets.
    
Abbreviations  
APAC Asia Pacific
CHDI Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT Real Estate Investment Trust
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,721,703.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 91

Table of Contents
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022(Unaudited) (continued)
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d) The rate shown is the current yield as of April 30, 2022.
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Banks 23.1%
Metals & Mining 14.6
Insurance 8.1
Capital Markets 6.3
Equity Real Estate Investment Trusts (REITs) 5.9
Biotechnology 4.8
Real Estate Management & Development 4.6
Food & Staples Retailing 3.1
Hotels, Restaurants & Leisure 2.7
Oil, Gas & Consumable Fuels 2.5
Electric Utilities 2.4
Industrial Conglomerates 2.2
Multiline Retail 2.1
Transportation Infrastructure 2.0
Diversified Telecommunication Services 2.0
Health Care Providers & Services 1.3
Life Sciences Tools & Services 1.3
Machinery 1.2
Gas Utilities 1.1
Health Care Equipment & Supplies 1.0
Others (each less than 1.0%) 7.4
Short-Term Investments 0.3
SEE NOTES TO FINANCIAL STATEMENTS.
92 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
MSCI Singapore Index 246 05/30/2022 SGD 5,500,958 35,171
SPI 200 Index 82 06/16/2022 AUD 10,582,211 259,650
          294,821
    
Abbreviations  
AUD Australian Dollar
MSCI Morgan Stanley Capital International
SGD Singapore Dollar
SPI Australian Securities Exchange
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 93

Table of Contents
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.1%
Australia — 1.4%
Glencore plc *  10,337,412    63,695,688
Rio Tinto plc   1,002,508    70,833,373
    134,529,061
Austria — 0.5%
ANDRITZ AG      67,809     2,882,635
BAWAG Group AG * (a)      65,673     3,118,407
Erste Group Bank AG     320,860     9,990,223
EVN AG      35,601       906,270
Mondi plc     458,889     8,620,673
OMV AG     136,120     6,958,133
Raiffeisen Bank International AG (b)     127,485     1,451,202
Strabag SE 13,654 533,680
Telekom Austria AG * 131,280 935,992
Verbund AG * (b) 64,366 6,880,037
Vienna Insurance Group AG Wiener Versicherung Gruppe 33,781 837,939
voestalpine AG 104,621 2,722,539
    45,837,730
Belgium — 1.5%
Ackermans & van Haaren NV 21,173 3,774,642
Ageas SA 171,478 8,205,490
Anheuser-Busch InBev SA (b) 820,736 47,224,750
D'ieteren Group 22,523 3,615,227
Elia Group SA/NV 31,856 5,070,786
Etablissements Franz Colruyt NV (b) 54,317 1,994,565
Groupe Bruxelles Lambert SA 97,553 9,205,149
KBC Group NV 319,105 21,709,310
Proximus SADP 146,964 2,568,683
Sofina SA (b) 14,912 4,569,887
Solvay SA 68,966 6,485,371
Telenet Group Holding NV 45,070 1,343,195
UCB SA 119,505 13,584,454
Umicore SA (b) 188,576 7,249,514
Warehouses De Pauw CVA, REIT 132,775 5,107,880
    141,708,903
Brazil — 0.1%
Yara International ASA 149,319 7,592,609
Chile — 0.1%
Antofagasta plc 326,033 6,241,545
China — 0.4%
Prosus NV * 822,988 39,691,612
INVESTMENTS SHARES VALUE($)
 
Colombia — 0.0% ^
Millicom International Cellular SA, SDR * (b)      96,228     2,169,436
Denmark — 4.1%
AP Moller - Maersk A/S, Class A       2,846     8,056,003
AP Moller - Maersk A/S, Class B       5,562    16,097,692
Carlsberg A/S, Class B      94,828    12,046,307
Chr Hansen Holding A/S      97,187     7,571,812
Coloplast A/S, Class B     112,309    15,131,243
Danske Bank A/S     643,661     9,873,017
Demant A/S *      95,301     4,187,863
DSV A/S     201,865    33,096,118
Genmab A/S *      62,077    21,828,859
GN Store Nord A/S (b) 130,616 4,901,959
Novo Nordisk A/S, Class B 1,557,711 177,931,547
Novozymes A/S, Class B 198,487 13,836,440
Orsted A/S (a) (b) 178,810 19,781,840
Pandora A/S 94,484 8,296,306
ROCKWOOL A/S, Class A 5,597 1,554,184
ROCKWOOL A/S, Class B 6,552 1,832,465
Tryg A/S 340,165 8,088,146
Vestas Wind Systems A/S 954,200 24,333,061
    388,444,862
Finland — 2.0%
Elisa OYJ 142,240 8,338,308
Fortum OYJ 411,382 6,839,579
Huhtamaki OYJ 90,715 3,429,052
Kesko OYJ, Class A 88,856 2,086,471
Kesko OYJ, Class B 258,058 6,496,988
Kone OYJ, Class B 381,121 18,323,418
Konecranes OYJ 60,654 1,704,604
Metso Outotec OYJ 665,890 5,670,026
Neste OYJ 407,061 17,466,507
Nokia OYJ * 5,113,524 25,925,926
Nokian Renkaat OYJ 119,494 1,604,634
Nordea Bank Abp 3,268,781 32,590,023
Orion OYJ, Class A 28,509 1,155,271
Orion OYJ, Class B (b) 100,471 3,940,726
Sampo OYJ, Class A 476,514 23,138,311
Stora Enso OYJ, Class A (b) 48,370 997,596
Stora Enso OYJ, Class R 578,620 11,386,952
UPM-Kymmene OYJ 504,387 17,447,900
Wartsila OYJ Abp 458,535 3,681,964
    192,224,256
 
SEE NOTES TO FINANCIAL STATEMENTS.
94 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
France — 15.1%
Adevinta ASA *     385,598     2,978,909
Aeroports de Paris *      24,366     3,446,569
Air Liquide SA     449,166    77,709,484
Airbus SE     579,413    63,429,445
Alstom SA     278,683     6,125,565
Amundi SA (a)      57,650     3,466,495
Arkema SA      60,356     6,877,225
AXA SA (b)   1,945,057    51,456,556
BioMerieux      44,819     4,266,853
BNP Paribas SA (b)   1,073,161    55,644,889
Bollore SE     863,421     4,029,091
Bouygues SA (b) 206,106 7,086,595
Bureau Veritas SA 273,627 7,860,403
Capgemini SE 151,430 30,827,975
Carrefour SA 586,549 12,439,275
Cie de Saint-Gobain 495,202 28,889,191
Cie Generale des Etablissements Michelin SCA 168,710 20,896,421
CNP Assurances (b) 136,319 2,995,543
Covivio, REIT (b) 44,761 3,187,769
Credit Agricole SA 1,324,046 14,297,139
Danone SA 649,889 39,299,591
Dassault Aviation SA 22,101 3,708,660
Dassault Systemes SE 655,389 28,984,159
Edenred 235,784 11,841,582
Eiffage SA 76,021 7,506,977
Electricite de France SA 529,680 4,815,345
Engie SA 1,679,996 19,824,757
EssilorLuxottica SA 284,281 48,398,220
Gecina SA, REIT 51,380 5,787,863
Getlink SE 410,582 7,513,286
Hermes International 32,912 40,582,385
Ipsen SA 37,965 3,935,596
Kering SA 69,505 36,981,690
Legrand SA 252,702 22,392,981
L'Oreal SA 222,702 81,021,207
LVMH Moet Hennessy Louis Vuitton SE 252,778 163,581,571
Orange SA 1,784,610 21,246,485
Pernod Ricard SA 190,536 39,323,624
Publicis Groupe SA 222,805 13,376,480
Safran SA 330,971 35,545,772
Sanofi (b) 1,086,466 114,833,951
Sartorius Stedim Biotech 22,718 7,433,988
SEB SA 31,398 3,770,500
Societe Generale SA 735,741 17,682,834
INVESTMENTS SHARES VALUE($)
 
France — continued
Sodexo SA      77,995     5,867,218
Teleperformance      55,560    19,941,096
Thales SA     100,834    12,909,270
TotalEnergies SE (b)   2,318,079   113,824,574
Unibail-Rodamco-Westfield, REIT *     110,014     7,764,234
Veolia Environnement SA     621,553    18,134,784
Vinci SA (b)     487,396    47,293,913
Vivendi SE (b)     764,742     8,783,505
Worldline SA * (a)     235,811     9,277,794
    1,431,097,284
Germany — 11.4%
adidas AG 168,839 34,047,939
Allianz SE (Registered) 385,940 87,081,233
Aroundtown SA 915,064 4,601,429
BASF SE * 868,020 45,712,507
Bayer AG (Registered) * 928,439 61,157,247
Bayerische Motoren Werke AG 301,590 24,629,585
Bayerische Motoren Werke AG (Preference) 54,462 4,012,138
Beiersdorf AG 92,804 9,321,279
Brenntag SE 145,926 11,260,155
Carl Zeiss Meditec AG 34,633 4,350,065
Commerzbank AG * 934,912 6,103,409
Continental AG * 101,995 6,990,850
Covestro AG (a) 182,486 7,857,035
Deutsche Bank AG (Registered) * 1,953,102 19,529,718
Deutsche Boerse AG 179,532 31,255,545
Deutsche Lufthansa AG (Registered) * 564,870 4,202,392
Deutsche Post AG (Registered) 936,687 40,017,600
Deutsche Telekom AG (Registered) 3,204,154 59,024,232
Deutsche Wohnen SE 45,345 1,298,671
E.ON SE 2,121,621 22,079,626
Evonik Industries AG 180,641 4,724,916
Fresenius Medical Care AG & Co. KGaA 188,219 11,704,749
Fresenius SE & Co. KGaA 390,554 13,805,282
GEA Group AG 155,142 6,039,129
Hannover Rueck SE 56,996 8,858,925
HeidelbergCement AG 134,956 7,774,467
Henkel AG & Co. KGaA 93,267 5,918,831
Henkel AG & Co. KGaA (Preference) 168,326 10,808,434
Infineon Technologies AG 1,234,083 35,027,250
KION Group AG 68,227 3,795,192
Mercedes-Benz Group AG * 788,577 55,043,627
Merck KGaA 122,054 22,644,361
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 95

Table of Contents
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Germany — continued
MTU Aero Engines AG *      50,503    10,184,722
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)     132,432    31,537,448
Porsche Automobil Holding SE (Preference)     144,684    11,933,526
Puma SE      96,887     7,128,812
RWE AG     638,920    26,527,568
SAP SE   1,033,117   104,702,281
Sartorius AG (Preference)      23,299     8,735,483
Siemens AG (Registered)     755,000    92,831,021
Siemens Energy AG     377,662     7,274,628
Siemens Healthineers AG (a)     266,552    14,252,521
Symrise AG     125,564    14,941,402
Talanx AG 50,305 2,091,666
Telefonica Deutschland Holding AG 871,428 2,620,846
TUI AG * (b) 1,073,439 3,060,377
Uniper SE 86,487 2,223,117
Volkswagen AG (Preference) 173,343 26,845,013
Vonovia SE * 733,920 29,240,102
Zalando SE * (a) (b) 183,220 7,209,021
    1,074,017,372
Ireland — 0.9%
CRH plc 725,900 28,691,100
Flutter Entertainment plc * 144,360 14,506,661
Kerry Group plc, Class A 145,446 16,111,017
Kingspan Group plc 145,780 13,570,232
Smurfit Kappa Group plc 244,799 10,344,171
    83,223,181
Italy — 3.3%
A2A SpA 1,480,235 2,529,068
Amplifon SpA 87,681 3,498,021
Assicurazioni Generali SpA (b) 1,150,333 21,779,357
Atlantia SpA * (b) 475,938 11,353,757
Banca Mediolanum SpA 203,355 1,476,224
Banco BPM SpA 1,431,802 4,511,174
Brembo SpA 135,687 1,358,061
Buzzi Unicem SpA 89,124 1,650,459
Coca-Cola HBC AG * 185,609 3,763,017
Davide Campari-Milano NV 505,015 5,698,176
DiaSorin SpA (b) 18,523 2,426,362
Enel SpA 7,301,422 47,480,368
Eni SpA 2,385,016 33,339,639
Ferrari NV (b) 120,940 25,464,490
FinecoBank Banca Fineco SpA 576,411 8,012,898
INVESTMENTS SHARES VALUE($)
 
Italy — continued
Hera SpA     760,009     2,834,525
Infrastrutture Wireless Italiane SpA (a)     335,748     3,582,542
Intesa Sanpaolo SpA  16,157,579    32,924,582
Leonardo SpA *     382,356     3,934,973
Mediobanca Banca di Credito Finanziario SpA     661,868     6,633,806
Moncler SpA     199,065    10,370,033
Nexi SpA * (a)     730,544     7,165,119
Pirelli & C SpA (a)     415,747     2,060,446
Poste Italiane SpA (a)     431,906     4,232,308
Prysmian SpA     253,431     8,242,818
Recordati Industria Chimica e Farmaceutica SpA      94,805     4,568,498
Snam SpA 1,937,253 10,625,061
Telecom Italia SpA 9,560,494 2,791,869
Telecom Italia SpA 5,696,088 1,585,547
Terna - Rete Elettrica Nazionale (b) 1,329,614 10,844,440
UniCredit SpA 2,103,519 19,468,236
UnipolSai Assicurazioni SpA (b) 399,985 1,125,092
    307,330,966
Jordan — 0.0% ^
Hikma Pharmaceuticals plc 170,095 3,995,601
Luxembourg — 0.3%
ArcelorMittal SA 576,072 16,796,936
Eurofins Scientific SE 121,799 11,319,732
RTL Group SA 35,123 1,826,307
    29,942,975
Mexico — 0.0% ^
Fresnillo plc 174,077 1,684,404
Netherlands — 8.0%
Adyen NV * (a) 29,245 49,052,443
Aegon NV 1,333,601 6,914,297
Akzo Nobel NV 171,539 14,880,404
Argenx SE * 47,484 13,680,545
Argenx SE * 699 202,345
ASM International NV 36,300 10,907,864
ASML Holding NV 384,108 217,996,085
EXOR NV 107,113 7,433,089
HAL Trust 81,899 11,812,643
Heineken Holding NV 95,256 7,435,896
Heineken NV (b) 223,112 21,778,194
ING Groep NV (b) 3,689,058 34,950,902
JDE Peet's NV 80,633 2,372,147
 
SEE NOTES TO FINANCIAL STATEMENTS.
96 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Netherlands — continued
Koninklijke Ahold Delhaize NV     988,183    29,147,421
Koninklijke DSM NV     165,186    27,769,353
Koninklijke KPN NV   3,277,591    11,309,631
Koninklijke Philips NV     835,180    21,824,184
NN Group NV     300,356    14,711,918
Randstad NV     118,303     6,255,760
Shell plc   7,228,888   194,065,968
Universal Music Group NV   1,250,984    29,030,856
Wolters Kluwer NV     248,132    25,057,065
    758,589,010
Norway — 1.3%
Aker ASA, Class A (b) 22,526 1,836,114
Aker BP ASA (b) 119,097 4,267,113
AutoStore Holdings Ltd. * (b) 842,352 1,878,699
DNB Bank ASA (b) 849,684 16,464,597
Equinor ASA 1,015,903 34,337,099
Gjensidige Forsikring ASA (b) 179,532 3,838,289
Kongsberg Gruppen ASA 84,514 3,630,095
Leroy Seafood Group ASA 264,669 2,483,995
Mowi ASA 425,108 12,008,045
Norsk Hydro ASA (b) 1,290,367 10,835,890
Orkla ASA 709,770 5,759,532
Salmar ASA (b) 53,461 4,374,699
Schibsted ASA, Class A 72,120 1,502,900
Schibsted ASA, Class B 94,488 1,828,439
Storebrand ASA 446,058 3,874,547
Telenor ASA 608,290 8,578,999
TOMRA Systems ASA 110,555 4,347,623
    121,846,675
Poland — 0.4%
Allegro.eu SA * (a) 367,524 1,890,355
Bank Polska Kasa Opieki SA 166,107 3,650,245
CD Projekt SA 66,706 1,805,391
Cyfrowy Polsat SA 253,918 1,387,611
Dino Polska SA * (a) 45,349 2,933,709
ING Bank Slaski SA 30,689 1,357,875
KGHM Polska Miedz SA 128,536 4,157,910
LPP SA 1,005 2,123,747
mBank SA * 12,371 828,012
PGE Polska Grupa Energetyczna SA * 759,847 1,689,850
Polski Koncern Naftowy ORLEN SA 274,820 4,642,931
Polskie Gornictwo Naftowe i Gazownictwo SA 1,528,886 2,142,073
INVESTMENTS SHARES VALUE($)
 
Poland — continued
Powszechna Kasa Oszczednosci Bank Polski SA *     814,953     6,014,798
Powszechny Zaklad Ubezpieczen SA     538,514     3,723,149
Santander Bank Polska SA      31,942     1,945,178
    40,292,834
Portugal — 0.3%
EDP - Energias de Portugal SA   2,773,042    12,924,216
Galp Energia SGPS SA     429,933     5,232,994
Jeronimo Martins SGPS SA     261,597     5,445,570
    23,602,780
Russia — 0.0% ^
Evraz plc ‡     453,755        23,359
Singapore — 0.2%
STMicroelectronics NV 619,512 22,889,205
South Africa — 0.6%
Anglo American plc 1,274,355 56,442,441
South Korea — 0.1%
Delivery Hero SE * (a) (b) 180,314 6,338,573
Spain — 3.8%
Acciona SA 23,273 4,555,628
ACS Actividades de Construccion y Servicios SA 242,279 6,203,619
Aena SME SA * (a) 69,433 9,853,204
Amadeus IT Group SA * 425,750 26,678,739
Banco Bilbao Vizcaya Argentaria SA (b) 6,300,946 33,062,642
Banco Santander SA (b) 16,386,192 47,886,195
CaixaBank SA 4,113,143 13,276,801
Cellnex Telecom SA (a) 539,260 25,135,074
Corp. ACCIONA Energias Renovables SA 52,863 1,954,197
EDP Renovaveis SA (b) 226,881 5,369,628
Enagas SA 235,252 5,086,782
Endesa SA 300,091 6,289,142
Ferrovial SA 471,424 12,089,369
Grifols SA (b) 277,804 4,652,870
Grifols SA (Preference), Class B 246,990 2,681,126
Iberdrola SA 5,535,727 63,609,940
Industria de Diseno Textil SA (b) 1,060,316 22,231,934
Mapfre SA 931,218 1,699,341
Naturgy Energy Group SA (b) 311,513 9,371,033
Red Electrica Corp. SA 409,067 8,236,260
Repsol SA 1,327,938 19,810,031
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 97

Table of Contents
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Spain — continued
Siemens Gamesa Renewable Energy SA *     212,380     3,382,909
Telefonica SA   5,187,950    25,237,522
    358,353,986
Sweden — 5.6%
Alfa Laval AB (b)     281,461     7,834,826
Assa Abloy AB, Class B     937,210    23,685,306
Atlas Copco AB, Class A     610,796    27,691,582
Atlas Copco AB, Class B     368,773    14,595,213
Axfood AB (b)      99,179     2,940,186
Beijer Ref AB     234,101     3,812,096
Boliden AB (b)     258,456    11,206,956
Castellum AB (b) 270,366 5,354,152
Electrolux AB, Class B (b) 238,752 3,641,065
Elekta AB, Class B (b) 327,325 2,204,624
Embracer Group AB * (b) 624,996 4,177,481
Epiroc AB, Class A (b) 591,551 11,992,550
Epiroc AB, Class B 368,515 6,429,059
EQT AB (b) 261,030 7,387,624
Essity AB, Class A 26,669 710,217
Essity AB, Class B (b) 569,259 15,011,922
Evolution AB (a) 170,777 17,521,432
Fabege AB 256,279 3,110,751
Fastighets AB Balder, Class B * 99,416 4,927,780
Getinge AB, Class B 206,476 5,972,895
H & M Hennes & Mauritz AB, Class B (b) 703,945 8,862,021
Hexagon AB, Class B * (b) 1,961,963 25,315,074
Hexpol AB 246,156 2,113,536
Holmen AB, Class B 87,493 5,056,988
Husqvarna AB, Class A 23,704 228,954
Husqvarna AB, Class B (b) 391,434 3,741,759
Industrivarden AB, Class A (b) 172,530 4,420,657
Industrivarden AB, Class C (b) 161,724 4,072,126
Indutrade AB 251,234 5,926,065
Intrum AB * (b) 70,218 1,697,384
Investment AB Latour, Class B (b) 128,751 3,410,945
Investor AB, Class A (b) 541,875 11,317,882
Investor AB, Class B (b) 1,721,698 33,130,470
Kinnevik AB, Class A * 8,044 175,237
Kinnevik AB, Class B * 228,792 4,478,023
L E Lundbergforetagen AB, Class B 60,308 2,820,386
Lifco AB, Class B * 200,302 4,201,465
Lundin Energy AB (b) 180,977 7,482,650
Nibe Industrier AB, Class B 1,331,013 13,049,791
Nordnet AB publ 153,510 2,662,593
INVESTMENTS SHARES VALUE($)
 
Sweden — continued
Saab AB, Class B      76,925     3,253,845
Sagax AB, Class B     157,730     4,029,125
Sagax AB, Class D     105,049       323,616
Samhallsbyggnadsbolaget i Norden AB (b)   1,081,642     3,397,620
Samhallsbyggnadsbolaget i Norden AB, Class D (b)     141,051       370,021
Sandvik AB (b)   1,031,165    19,518,214
Securitas AB, Class B (b)     305,713     3,609,494
Sinch AB * (a) (b)     646,224     2,855,917
Skandinaviska Enskilda Banken AB, Class C (b)      13,207       160,920
Skandinaviska Enskilda Banken AB, Class A   1,517,390    17,016,156
Skanska AB, Class B     378,276     7,225,900
SKF AB, Class A (b) 13,625 267,417
SKF AB, Class B (b) 357,286 5,835,441
SSAB AB, Class A 209,236 1,328,882
SSAB AB, Class B (b) 596,657 3,508,717
Storskogen Group AB, Class B * (b) 936,528 1,975,409
Svenska Cellulosa AB SCA, Class A 29,240 574,071
Svenska Cellulosa AB SCA, Class B 566,501 10,963,381
Svenska Handelsbanken AB, Class B (b) 33,184 374,583
Svenska Handelsbanken AB, Class A 1,451,812 14,643,439
Swedbank AB, Class A 877,181 13,876,339
Swedish Match AB 1,493,070 11,891,976
Tele2 AB, Class B (b) 473,307 6,273,348
Telefonaktiebolaget LM Ericsson, Class A 57,112 483,120
Telefonaktiebolaget LM Ericsson, Class B 2,729,053 21,770,270
Telia Co. AB 2,357,370 9,784,533
Trelleborg AB, Class B (b) 229,230 5,027,836
Vitrolife AB 69,057 1,775,666
Volvo AB, Class A 180,742 2,971,514
Volvo AB, Class B (b) 1,501,006 23,946,211
Volvo Car AB, Class B * 506,889 3,718,629
    527,123,333
Switzerland — 15.4%
ABB Ltd. (Registered) 1,687,886 50,639,889
Adecco Group AG (Registered) 158,909 6,132,284
Alcon, Inc. 472,116 33,709,494
Baloise Holding AG (Registered) 43,202 7,514,597
Barry Callebaut AG (Registered) 2,839 6,534,117
Chocoladefabriken Lindt & Spruengli AG 1,021 11,450,509
Chocoladefabriken Lindt & Spruengli AG (Registered) 104 12,337,805
 
SEE NOTES TO FINANCIAL STATEMENTS.
98 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Switzerland — continued
Cie Financiere Richemont SA (Registered)     493,287    57,315,378
Credit Suisse Group AG (Registered) (b)   2,379,636    16,151,357
EMS-Chemie Holding AG (Registered)       6,508     5,805,950
Geberit AG (Registered)      33,997    19,387,600
Givaudan SA (Registered) (b)       7,523    29,900,327
Holcim AG *     488,846    23,902,385
Julius Baer Group Ltd.     209,056     9,990,336
Kuehne + Nagel International AG (Registered)      47,954    13,414,953
Lonza Group AG (Registered)      70,447    41,537,968
Mediclinic International plc *     383,172     1,776,363
Nestle SA (Registered)   2,660,089   343,401,765
Novartis AG (Registered) 2,300,420 203,286,536
Partners Group Holding AG 21,386 22,658,412
Roche Holding AG 663,928 246,193,831
Roche Holding AG 25,155 10,105,908
Schindler Holding AG 38,474 7,391,841
Schindler Holding AG (Registered) 19,089 3,664,597
SGS SA (Registered) 5,762 14,805,581
Sika AG (Registered) 144,686 44,195,535
Sonova Holding AG (Registered) 50,214 18,108,481
Straumann Holding AG (Registered) 108,256 12,762,479
Swatch Group AG (The) (b) 27,327 7,013,277
Swatch Group AG (The) (Registered) 50,769 2,504,648
Swiss Life Holding AG (Registered) 29,844 17,450,250
Swisscom AG (Registered) 24,003 14,192,994
Temenos AG (Registered) 63,501 6,410,158
UBS Group AG (Registered) 3,498,563 59,393,847
Vifor Pharma AG 45,383 8,026,878
Zurich Insurance Group AG 142,147 64,715,254
    1,453,783,584
United Arab Emirates — 0.0% ^
NMC Health plc * 23,176 —
United Kingdom — 19.3%
3i Group plc 919,570 15,048,986
abrdn plc 2,060,728 4,838,853
Admiral Group plc 257,630 8,109,491
Allfunds Group plc 178,502 1,530,212
Ashtead Group plc 424,505 21,949,987
ASOS plc * 66,120 1,151,314
Associated British Foods plc 336,576 6,735,137
AstraZeneca plc 1,464,066 195,366,779
Auto Trader Group plc (a) 915,679 7,226,687
AVEVA Group plc 116,764 3,138,157
INVESTMENTS SHARES VALUE($)
 
United Kingdom — continued
Aviva plc   3,553,305    19,063,938
B&M European Value Retail SA     804,145     4,927,067
BAE Systems plc   3,047,299    28,146,857
Barclays plc  15,060,917    27,684,112
Barratt Developments plc     966,278     5,911,731
Berkeley Group Holdings plc *     106,151     5,383,607
BP plc  18,727,176    90,410,974
Bridgepoint Group plc (a)     209,975       808,469
British American Tobacco plc   2,158,828    90,481,536
British Land Co. plc (The), REIT     886,346     5,709,322
BT Group plc   8,289,134    18,381,878
Bunzl plc 318,815 12,300,083
Burberry Group plc 382,526 7,549,328
Centrica plc * 5,557,761 5,506,573
CNH Industrial NV 941,280 13,334,449
Coca-Cola Europacific Partners plc 189,814 9,481,209
Compass Group plc 1,687,210 35,603,254
ConvaTec Group plc (a) 1,504,000 3,978,517
Croda International plc 134,786 13,091,298
Darktrace plc * 296,625 1,600,074
DCC plc 95,804 7,258,970
Dechra Pharmaceuticals plc 102,376 4,639,205
Deliveroo plc * (a) 377,652 521,939
Derwent London plc, REIT 106,002 4,021,922
Diageo plc 2,203,060 109,908,106
Direct Line Insurance Group plc 1,257,467 3,991,047
Dr. Martens plc 538,661 1,408,395
DS Smith plc 1,298,319 5,335,139
easyJet plc * 537,231 3,722,740
Entain plc * 554,342 10,416,266
Experian plc 916,115 31,637,439
Halma plc 358,691 11,010,215
Harbour Energy plc 533,509 3,345,636
Hargreaves Lansdown plc 336,235 3,849,334
Hiscox Ltd. 334,432 3,971,138
Howden Joinery Group plc 569,638 5,393,058
HSBC Holdings plc 19,465,284 121,641,042
Imperial Brands plc 897,223 18,676,169
Informa plc * 1,420,353 10,075,843
InterContinental Hotels Group plc 177,340 11,321,339
Intermediate Capital Group plc 277,846 5,316,993
Intertek Group plc 152,549 9,506,085
ITV plc 3,423,384 3,161,335
J Sainsbury plc 1,653,325 4,823,999
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 99

Table of Contents
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United Kingdom — continued
JD Sports Fashion plc   2,339,696     3,855,060
Johnson Matthey plc     187,977     5,170,926
Kingfisher plc   1,951,629     6,154,603
Land Securities Group plc, REIT     710,024     6,659,010
Legal & General Group plc   5,641,755    17,585,891
Lloyds Banking Group plc  67,127,871    38,126,195
London Stock Exchange Group plc     306,162    30,185,043
M&G plc   2,456,858     6,522,826
Marks & Spencer Group plc *   1,850,799     3,159,537
Meggitt plc *     739,001     7,164,554
Melrose Industries plc   4,131,770     6,003,867
National Grid plc 3,662,973 54,420,709
NatWest Group plc 4,862,683 13,045,546
Next plc 125,663 9,412,247
Ocado Group plc * 610,776 6,985,232
Oxford Nanopore Technologies plc * 355,752 1,354,595
Pearson plc 714,951 6,942,035
Pepco Group NV * (a) 92,447 863,363
Persimmon plc 301,622 7,855,527
Phoenix Group Holdings plc 802,844 6,081,061
Prudential plc 2,595,181 32,305,981
Reckitt Benckiser Group plc 695,934 54,272,832
RELX plc 1,873,285 55,806,063
Rentokil Initial plc 1,757,027 12,067,741
Rightmove plc 827,442 6,360,628
Rolls-Royce Holdings plc * 7,906,996 8,105,944
Royal Mail plc 746,567 3,200,010
Sage Group plc (The) 1,059,055 9,718,519
Schroders plc 115,318 4,070,752
Schroders plc (Non-Voting) 47,507 1,398,104
Segro plc, REIT 1,136,235 19,022,959
Severn Trent plc 239,306 9,405,094
Smith & Nephew plc 836,192 13,553,470
Smiths Group plc 374,611 6,855,120
Spirax-Sarco Engineering plc 69,550 10,494,785
SSE plc 990,639 23,008,408
St James's Place plc 510,584 8,204,875
Standard Chartered plc 2,415,075 16,510,229
Tate & Lyle plc 442,759 4,303,442
Taylor Wimpey plc 3,447,743 5,422,459
Tesco plc 7,228,520 24,557,597
THG plc * 677,886 910,130
Travis Perkins plc 212,641 3,243,290
Unilever plc 2,484,605 115,509,582
INVESTMENTS SHARES VALUE($)
 
United Kingdom — continued
United Utilities Group plc     644,391     9,260,166
Vodafone Group plc  25,324,449    38,340,185
Weir Group plc (The)     245,291     4,715,593
Whitbread plc *     190,311     6,643,154
Wise plc, Class A *     396,937     1,945,175
WPP plc   1,147,836    14,307,625
    1,820,470,972
United States — 3.0%
Avast plc (a)     616,338     4,371,080
Carnival plc *     147,818     2,317,527
Ferguson plc     219,330    27,514,771
GlaxoSmithKline plc 4,733,532 106,706,010
QIAGEN NV * (b) 218,123 10,059,197
Schneider Electric SE (b) 537,780 77,154,805
Stellantis NV 2,101,654 28,216,080
Swiss Re AG (b) 273,008 22,388,526
Tenaris SA 435,136 6,649,828
    285,377,824
Total Common Stocks
(Cost $10,215,627,530) 		  9,364,866,373
Short-Term Investments — 6.1%
Investment of Cash Collateral from Securities Loaned — 6.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) 239,737,326 239,569,509
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 331,157,863 331,157,863
Total Investment of Cash Collateral from Securities Loaned
(Cost $570,721,952) 		  570,727,372
Total Investments — 105.2%
(Cost $10,786,349,482) 		  9,935,593,745
Liabilities in Excess of Other Assets — (5.2)%   (487,995,002)
NET ASSETS — 100.0%   9,447,598,743
Percentages indicated are based on net assets.
    
Abbreviations  
CVA Dutch Certification
OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT Real Estate Investment Trust
 
SEE NOTES TO FINANCIAL STATEMENTS.
100 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
SCA Limited partnership with share capital
SDR Swedish Depositary Receipt
SGPS Holding company
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(b) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $502,857,161.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Pharmaceuticals 11.9%
Banks 6.8
Oil, Gas & Consumable Fuels 5.4
Insurance 4.9
Food Products 4.8
Textiles, Apparel & Luxury Goods 4.4
Chemicals 3.6
Semiconductors & Semiconductor Equipment 2.9
Beverages 2.6
Metals & Mining 2.6
Capital Markets 2.4
Machinery 2.3
Electric Utilities 2.3
Diversified Telecommunication Services 2.1
Personal Products 2.1
Electrical Equipment 1.9
Automobiles 1.9
Professional Services 1.9
Aerospace & Defense 1.8
Software 1.6
Health Care Equipment & Supplies 1.5
Multi-Utilities 1.5
IT Services 1.4
Industrial Conglomerates 1.3
Tobacco 1.2
Hotels, Restaurants & Leisure 1.2
Diversified Financial Services 1.0
Construction & Engineering 1.0
Others (each less than 1.0%) 14.0
Short-Term Investments 5.7
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 101

Table of Contents
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
EURO STOXX 50 Index 1,348 06/17/2022 EUR 52,346,493 398,833
FTSE 100 Index 337 06/17/2022 GBP 31,423,971 1,022,771
          1,421,604
    
Abbreviations  
EUR Euro
FTSE Financial Times and the London Stock Exchange
GBP British Pound
SEE NOTES TO FINANCIAL STATEMENTS.
102 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 98.9%
Australia — 8.6%
Alumina Ltd.    442,367       556,939
Ampol Ltd.     44,563     1,047,731
APA Group    220,218     1,769,479
Aristocrat Leisure Ltd.    124,980     2,899,828
ASX Ltd.     36,202     2,188,761
Aurizon Holdings Ltd.    346,123       977,492
Australia & New Zealand Banking Group Ltd.    526,536    10,019,554
Bendigo & Adelaide Bank Ltd.    104,673       780,423
BHP Group Ltd.    946,664    31,633,186
BlueScope Steel Ltd.     91,494     1,300,642
Boral Ltd.     62,292       155,395
Brambles Ltd. 267,763 1,977,247
Challenger Ltd. 108,154 547,211
Cochlear Ltd. 12,276 1,977,264
Coles Group Ltd. 249,218 3,276,883
Commonwealth Bank of Australia 319,098 23,193,164
Computershare Ltd. 107,047 1,887,247
Crown Resorts Ltd. * 67,546 611,572
CSL Ltd. 89,527 17,086,250
Dexus, REIT 201,133 1,572,573
Domino's Pizza Enterprises Ltd. 11,753 616,106
Endeavour Group Ltd. 237,791 1,301,682
Evolution Mining Ltd. 342,775 969,917
Fortescue Metals Group Ltd. 316,674 4,785,919
Glencore plc * 2,045,734 12,605,131
Goodman Group, REIT 317,919 5,291,411
GPT Group (The), REIT 359,679 1,278,618
Harvey Norman Holdings Ltd. 121,957 434,419
IDP Education Ltd. 39,038 724,210
Incitec Pivot Ltd. 363,199 979,555
Insurance Australia Group Ltd. 460,978 1,472,037
LendLease Corp. Ltd. 128,808 1,103,416
Macquarie Group Ltd. 67,438 9,708,582
Magellan Financial Group Ltd. (a) 26,983 305,259
Medibank Pvt Ltd. 515,004 1,157,288
Mirvac Group, REIT 737,287 1,246,083
National Australia Bank Ltd. 606,204 13,838,847
Newcrest Mining Ltd. 167,163 3,139,213
Northern Star Resources Ltd. 217,366 1,494,128
Orica Ltd. 76,702 881,369
Origin Energy Ltd. 329,350 1,575,331
Qantas Airways Ltd. * 173,951 674,030
QBE Insurance Group Ltd. 276,111 2,382,088
Ramsay Health Care Ltd. 34,669 1,967,371
INVESTMENTS SHARES VALUE($)
 
Australia — continued
REA Group Ltd.      9,635       863,180
Reece Ltd.     52,849       642,095
Rio Tinto Ltd.     69,448     5,493,607
Rio Tinto plc    198,393    14,017,689
Santos Ltd.    570,177     3,186,189
Scentre Group, REIT    970,611     2,022,281
SEEK Ltd.     66,183     1,296,882
Seven Group Holdings Ltd.     29,410       410,326
Sonic Healthcare Ltd.     89,538     2,312,429
South32 Ltd.    869,837     2,896,851
Stockland, REIT    446,405     1,292,088
Suncorp Group Ltd. 235,656 1,892,080
Tabcorp Holdings Ltd. 416,224 1,591,732
Telstra Corp. Ltd. 768,937 2,182,742
TPG Telecom Ltd. 70,000 286,950
Transurban Group 574,068 5,764,569
Treasury Wine Estates Ltd. 134,986 1,067,967
Vicinity Centres, REIT 723,591 944,152
Washington H Soul Pattinson & Co. Ltd. 45,888 894,179
Wesfarmers Ltd. 212,030 7,336,893
Westpac Banking Corp. 654,718 10,959,974
WiseTech Global Ltd. 30,453 944,129
Woodside Petroleum Ltd. 181,322 3,944,858
Woolworths Group Ltd. 226,641 6,131,334
Worley Ltd. 69,759 678,408
    254,444,435
Austria — 0.3%
ANDRITZ AG 13,511 574,367
BAWAG Group AG * (b) 12,977 616,198
Erste Group Bank AG 63,373 1,973,167
EVN AG 7,110 180,994
Mondi plc 90,625 1,702,478
OMV AG 26,929 1,376,547
Raiffeisen Bank International AG 25,391 289,034
Strabag SE 2,715 106,118
Telekom Austria AG * 25,951 185,024
Verbund AG * 12,734 1,361,129
Vienna Insurance Group AG Wiener Versicherung Gruppe 6,741 167,211
voestalpine AG 20,844 542,421
    9,074,688
Belgium — 1.0%
Ackermans & van Haaren NV 4,189 746,799
Ageas SA 33,872 1,620,828
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 103

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Belgium — continued
Anheuser-Busch InBev SA    162,429     9,346,086
D'ieteren Group      4,415       708,663
Elia Group SA/NV      6,290     1,001,232
Etablissements Franz Colruyt NV     10,681       392,215
Groupe Bruxelles Lambert SA     19,260     1,817,383
KBC Group NV     63,147     4,296,008
Proximus SADP     29,267       511,538
Sofina SA (a)      2,947       903,129
Solvay SA     13,662     1,284,737
Telenet Group Holding NV      8,985       267,775
UCB SA     23,643     2,687,563
Umicore SA (a) 37,251 1,432,057
Warehouses De Pauw CVA, REIT 26,455 1,017,729
    28,033,742
Brazil — 0.1%
Yara International ASA 29,533 1,501,701
Chile — 0.0% ^
Antofagasta plc 64,524 1,235,241
China — 0.6%
Budweiser Brewing Co. APAC Ltd. (b) 320,500 797,467
ESR Cayman Ltd. * (b) 492,400 1,494,734
Prosus NV * 162,866 7,854,810
Wilmar International Ltd. 588,200 1,875,001
Wuxi Biologics Cayman, Inc. * (b) 607,000 4,480,156
    16,502,168
Colombia — 0.0% ^
Millicom International Cellular SA, SDR * 19,121 431,078
Denmark — 2.6%
AP Moller - Maersk A/S, Class A 567 1,604,973
AP Moller - Maersk A/S, Class B 1,099 3,180,756
Carlsberg A/S, Class B 18,776 2,385,176
Chr Hansen Holding A/S 19,232 1,498,360
Coloplast A/S, Class B 22,216 2,993,132
Danske Bank A/S 127,433 1,954,675
Demant A/S * (a) 18,859 828,731
DSV A/S 39,943 6,548,725
Genmab A/S * 12,290 4,321,676
GN Store Nord A/S 25,840 969,763
Novo Nordisk A/S, Class B 308,269 35,212,424
Novozymes A/S, Class B 39,270 2,737,494
Orsted A/S (b) 35,375 3,913,554
Pandora A/S 18,664 1,638,820
INVESTMENTS SHARES VALUE($)
 
Denmark — continued
ROCKWOOL A/S, Class A      1,111       308,504
ROCKWOOL A/S, Class B      1,313       367,220
Tryg A/S     67,331     1,600,938
Vestas Wind Systems A/S    188,847     4,815,789
    76,880,710
Finland — 1.3%
Elisa OYJ     28,109     1,647,789
Fortum OYJ     81,239     1,350,668
Huhtamaki OYJ (a)     18,042       681,993
Kesko OYJ, Class A     17,687       415,317
Kesko OYJ, Class B     51,076     1,285,913
Kone OYJ, Class B 75,424 3,626,212
Konecranes OYJ 12,089 339,746
Metso Outotec OYJ 131,767 1,121,991
Neste OYJ 80,398 3,449,783
Nokia OYJ * 1,011,951 5,130,663
Nokian Renkaat OYJ 23,502 315,598
Nordea Bank Abp 646,865 6,449,299
Orion OYJ, Class A 5,736 232,440
Orion OYJ, Class B (a) 19,982 783,744
Sampo OYJ, Class A 94,343 4,581,057
Stora Enso OYJ, Class A (a) 9,510 196,137
Stora Enso OYJ, Class R 114,298 2,249,327
UPM-Kymmene OYJ 99,810 3,452,656
Wartsila OYJ Abp 90,737 728,604
    38,038,937
France — 9.6%
Adevinta ASA * 76,148 588,276
Aeroports de Paris * 4,844 685,183
Air Liquide SA 88,887 15,378,196
Airbus SE 114,659 12,551,939
Alstom SA 55,148 1,212,175
Amundi SA (b) 11,393 685,061
Arkema SA 11,924 1,358,672
AXA SA 384,913 10,182,888
BioMerieux 8,853 842,822
BNP Paribas SA 212,425 11,014,531
Bollore SE 170,866 797,334
Bouygues SA (a) 40,772 1,401,874
Bureau Veritas SA 54,139 1,555,235
Capgemini SE 29,981 6,103,503
Carrefour SA 115,852 2,456,939
Cie de Saint-Gobain 97,993 5,716,735
 
SEE NOTES TO FINANCIAL STATEMENTS.
104 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
France — continued
Cie Generale des Etablissements Michelin SCA     33,386     4,135,190
CNP Assurances (a)     26,815       589,246
Covivio, REIT      8,826       628,566
Credit Agricole SA    262,009     2,829,191
Danone SA    128,598     7,776,480
Dassault Aviation SA      4,363       732,134
Dassault Systemes SE    129,713     5,736,474
Edenred     46,584     2,339,549
Eiffage SA     15,221     1,503,055
Electricite de France SA    104,620       951,105
Engie SA    332,443     3,922,987
EssilorLuxottica SA 56,255 9,577,291
Gecina SA, REIT 10,147 1,143,041
Getlink SE 81,253 1,486,858
Hermes International 6,515 8,033,369
Ipsen SA 7,509 778,411
Kering SA 13,758 7,320,252
Legrand SA 50,013 4,431,861
L'Oreal SA 44,055 16,027,648
LVMH Moet Hennessy Louis Vuitton SE 50,027 32,374,239
Orange SA 353,180 4,204,747
Pernod Ricard SA 37,709 7,782,543
Publicis Groupe SA 44,081 2,646,478
Safran SA 65,514 7,036,102
Sanofi (a) 215,016 22,726,102
Sartorius Stedim Biotech 4,473 1,463,695
SEB SA 6,170 740,938
Societe Generale SA 145,586 3,499,021
Sodexo SA 15,442 1,161,633
Teleperformance 10,985 3,942,638
Thales SA (a) 19,955 2,554,738
TotalEnergies SE 458,749 22,525,940
Unibail-Rodamco-Westfield, REIT * 21,771 1,536,488
Veolia Environnement SA 122,998 3,588,660
Vinci SA (a) 96,457 9,359,595
Vivendi SE (a) 151,040 1,734,782
Worldline SA * (b) 46,589 1,833,007
    283,185,417
Germany — 7.2%
adidas AG 33,409 6,737,232
Allianz SE (Registered) 76,383 17,234,611
Aroundtown SA 181,079 910,562
BASF SE * 171,758 9,045,286
INVESTMENTS SHARES VALUE($)
 
Germany — continued
Bayer AG (Registered) *    183,716    12,101,565
Bayerische Motoren Werke AG     59,855     4,888,106
Bayerische Motoren Werke AG (Preference)     10,788       794,737
Beiersdorf AG     18,343     1,842,380
Brenntag SE     28,836     2,225,085
Carl Zeiss Meditec AG      6,858       861,396
Commerzbank AG *    185,013     1,207,825
Continental AG *     20,158     1,381,652
Covestro AG (b)     36,059     1,552,540
Deutsche Bank AG (Registered) *    386,491     3,864,652
Deutsche Boerse AG     35,530     6,185,580
Deutsche Lufthansa AG (Registered) * 111,143 826,856
Deutsche Post AG (Registered) 185,366 7,919,297
Deutsche Telekom AG (Registered) 634,085 11,680,581
Deutsche Wohnen SE 8,938 255,982
E.ON SE 419,842 4,369,279
Evonik Industries AG 35,814 936,765
Fresenius Medical Care AG & Co. KGaA 37,259 2,317,020
Fresenius SE & Co. KGaA 77,287 2,731,937
GEA Group AG 30,715 1,195,626
Hannover Rueck SE 11,254 1,749,216
HeidelbergCement AG 26,669 1,536,332
Henkel AG & Co. KGaA 18,462 1,171,620
Henkel AG & Co. KGaA (Preference) 33,253 2,135,219
Infineon Technologies AG 244,248 6,932,545
KION Group AG 13,493 750,561
Mercedes-Benz Group AG * 156,048 10,892,339
Merck KGaA 24,169 4,484,012
MTU Aero Engines AG * 9,992 2,015,043
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) 26,199 6,239,048
Porsche Automobil Holding SE (Preference) 28,635 2,361,813
Puma SE 19,179 1,411,164
RWE AG 126,455 5,250,334
SAP SE 204,462 20,721,407
Sartorius AG (Preference) 4,612 1,729,175
Siemens AG (Registered) 149,415 18,371,320
Siemens Energy AG 74,593 1,436,831
Siemens Healthineers AG (b) 52,735 2,819,738
Symrise AG 24,830 2,954,629
Talanx AG 9,996 415,631
Telefonica Deutschland Holding AG 173,558 521,981
TUI AG * (a) 213,817 609,593
Uniper SE 17,214 442,480
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 105

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Germany — continued
Volkswagen AG (Preference)     34,320     5,315,016
Vonovia SE *    145,225     5,785,908
Zalando SE * (b)     36,190     1,423,941
    212,543,448
Hong Kong — 2.3%
AIA Group Ltd.  2,262,200    22,223,309
CK Asset Holdings Ltd.    368,000     2,494,724
CK Infrastructure Holdings Ltd.    108,000       726,129
CLP Holdings Ltd.    311,500     3,039,735
Dairy Farm International Holdings Ltd.     57,000       153,948
Hang Lung Properties Ltd.    346,000       661,750
Hang Seng Bank Ltd. 135,600 2,400,861
Henderson Land Development Co. Ltd. 245,000 990,784
HK Electric Investments & HK Electric Investments Ltd. (b) 433,000 427,647
HKT Trust & HKT Ltd. 681,000 977,196
Hong Kong & China Gas Co. Ltd. 2,020,100 2,228,010
Hong Kong Exchanges & Clearing Ltd. 222,800 9,450,948
Jardine Matheson Holdings Ltd. 47,200 2,507,736
Link, REIT 394,600 3,408,470
MTR Corp. Ltd. 289,500 1,538,144
New World Development Co. Ltd. 263,000 1,005,921
Power Assets Holdings Ltd. 255,000 1,717,440
Sino Land Co. Ltd. 596,000 787,783
Sun Hung Kai Properties Ltd. 287,000 3,305,405
Swire Pacific Ltd., Class B 170,000 160,278
Swire Pacific Ltd., Class A 93,000 529,720
Swire Properties Ltd. 196,600 471,163
Techtronic Industries Co. Ltd. 322,500 4,304,764
WH Group Ltd. (b) 1,463,924 1,010,985
Wharf Real Estate Investment Co. Ltd. 290,000 1,366,645
    67,889,495
Ireland — 0.6%
CRH plc 143,698 5,679,644
Flutter Entertainment plc * 28,577 2,871,688
Kerry Group plc, Class A 28,771 3,186,957
Kingspan Group plc 28,830 2,683,700
Smurfit Kappa Group plc 48,438 2,046,785
    16,468,774
Israel — 0.5%
Azrieli Group Ltd. 6,851 588,490
Bank Hapoalim BM 222,000 2,058,209
Bank Leumi Le-Israel BM 271,695 2,851,371
INVESTMENTS SHARES VALUE($)
 
Israel — continued
Bezeq The Israeli Telecommunication Corp. Ltd. *    384,367       609,332
Elbit Systems Ltd.      4,630     1,005,024
ICL Group Ltd.    129,977     1,409,510
Israel Discount Bank Ltd., Class A    217,738     1,286,056
Mizrahi Tefahot Bank Ltd.     27,843     1,029,903
Nice Ltd. *     11,781     2,449,615
Teva Pharmaceutical Industries Ltd. *    206,325     1,817,726
    15,105,236
Italy — 2.1%
A2A SpA    291,259       497,633
Amplifon SpA     17,357       692,455
Assicurazioni Generali SpA 227,661 4,310,326
Atlantia SpA * 94,017 2,242,826
Banca Mediolanum SpA 42,113 305,713
Banco BPM SpA 283,342 892,725
Brembo SpA 27,028 270,517
Buzzi Unicem SpA 17,771 329,096
Coca-Cola HBC AG * 36,505 740,098
Davide Campari-Milano NV 99,347 1,120,950
DiaSorin SpA 3,687 482,967
Enel SpA 1,444,902 9,396,043
Eni SpA 471,976 6,597,654
Ferrari NV 23,935 5,039,628
FinecoBank Banca Fineco SpA 113,833 1,582,434
Hera SpA 151,188 563,870
Infrastrutture Wireless Italiane SpA (b) 66,877 713,600
Intesa Sanpaolo SpA 3,197,508 6,515,618
Leonardo SpA * 75,535 777,360
Mediobanca Banca di Credito Finanziario SpA 130,725 1,310,237
Moncler SpA 39,332 2,048,950
Nexi SpA * (b) 144,277 1,415,058
Pirelli & C SpA (b) 82,807 410,392
Poste Italiane SpA (b) 85,633 839,130
Prysmian SpA 50,047 1,627,774
Recordati Industria Chimica e Farmaceutica SpA 18,771 904,544
Snam SpA 383,812 2,105,056
Telecom Italia SpA 1,881,141 549,333
Telecom Italia SpA 1,134,519 315,801
Terna - Rete Elettrica Nazionale 262,605 2,141,828
 
SEE NOTES TO FINANCIAL STATEMENTS.
106 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Italy — continued
UniCredit SpA    416,291     3,852,806
UnipolSai Assicurazioni SpA (a)     79,895       224,731
    60,817,153
Japan — 23.4%
ABC-Mart, Inc.      5,900       244,673
Acom Co. Ltd.     85,500       219,882
Advance Residence Investment Corp., REIT        259       711,489
Advantest Corp.     37,200     2,538,829
Aeon Co. Ltd.    162,700     3,092,155
Aeon Mall Co. Ltd.     17,800       216,583
AGC, Inc.     42,500     1,593,300
Air Water, Inc. 42,900 569,408
Aisin Corp. 34,200 993,529
Ajinomoto Co., Inc. 102,500 2,663,109
Alfresa Holdings Corp. 39,500 537,149
Amada Co. Ltd. 67,300 522,582
ANA Holdings, Inc. * 29,800 561,750
Asahi Group Holdings Ltd. 94,700 3,569,512
Asahi Intecc Co. Ltd. 44,100 852,185
Asahi Kasei Corp. 260,200 2,134,861
Asics Corp. 35,600 561,653
Astellas Pharma, Inc. 348,100 5,300,072
Bandai Namco Holdings, Inc. 41,500 2,809,672
Bank of Kyoto Ltd. (The) 14,300 623,017
Benefit One, Inc. 14,300 216,823
Bridgestone Corp. 113,500 4,160,195
Brother Industries Ltd. 48,900 849,862
Calbee, Inc. 21,500 385,117
Canon, Inc. 194,600 4,477,583
Capcom Co. Ltd. 30,300 799,530
Casio Computer Co. Ltd. 43,000 445,904
Central Japan Railway Co. 38,500 4,846,580
Chiba Bank Ltd. (The) 138,700 799,368
Chubu Electric Power Co., Inc. 134,400 1,356,777
Chugai Pharmaceutical Co. Ltd. 119,300 3,574,844
Chugoku Electric Power Co., Inc. (The) 60,700 399,802
Concordia Financial Group Ltd. 226,300 823,529
Cosmos Pharmaceutical Corp. 4,100 377,969
CyberAgent, Inc. 76,500 808,212
Dai Nippon Printing Co. Ltd. 51,500 1,076,249
Daifuku Co. Ltd. 23,600 1,451,132
Dai-ichi Life Holdings, Inc. 208,800 4,181,015
Daiichi Sankyo Co. Ltd. 342,200 8,616,225
Daikin Industries Ltd. 54,800 8,374,410
INVESTMENTS SHARES VALUE($)
 
Japan — continued
Daito Trust Construction Co. Ltd.     13,000     1,252,055
Daiwa House Industry Co. Ltd.    124,400     2,990,600
Daiwa House REIT Investment Corp., REIT        394       958,997
Daiwa Securities Group, Inc.    285,500     1,399,272
Denso Corp.     97,100     5,917,785
Dentsu Group, Inc.     46,300     1,668,729
Disco Corp.      5,600     1,370,602
East Japan Railway Co.     70,600     3,681,563
Eisai Co. Ltd.     55,400     2,412,722
ENEOS Holdings, Inc.    604,000     2,125,244
FANUC Corp.     35,900     5,500,887
Fast Retailing Co. Ltd. 12,400 5,709,037
Fuji Electric Co. Ltd. 27,900 1,223,435
FUJIFILM Holdings Corp. 75,100 4,128,341
Fujitsu Ltd. 34,500 5,214,646
Fukuoka Financial Group, Inc. 35,900 655,940
GLP J-REIT, REIT 839 1,132,125
GMO Payment Gateway, Inc. 8,400 704,759
Hakuhodo DY Holdings, Inc. 56,500 666,789
Hamamatsu Photonics KK 27,300 1,221,489
Hankyu Hanshin Holdings, Inc. 45,100 1,190,261
Harmonic Drive Systems, Inc. 9,300 235,210
Haseko Corp. 42,100 461,291
Hikari Tsushin, Inc. 3,800 444,954
Hino Motors Ltd. 53,900 278,232
Hirose Electric Co. Ltd. 6,300 799,306
Hitachi Construction Machinery Co. Ltd. 19,300 436,978
Hitachi Ltd. 181,100 8,588,933
Hitachi Metals Ltd. * 37,900 591,418
Honda Motor Co. Ltd. 321,900 8,467,114
Hoshizaki Corp. 11,200 709,434
Hoya Corp. 69,200 6,867,556
Hulic Co. Ltd. 110,500 932,996
Ibiden Co. Ltd. 25,000 934,297
Idemitsu Kosan Co. Ltd. 46,100 1,214,969
Iida Group Holdings Co. Ltd. 33,600 534,396
Inpex Corp. 191,500 2,278,500
Isuzu Motors Ltd. 116,400 1,357,897
ITOCHU Corp. 278,600 8,408,421
Itochu Techno-Solutions Corp. 17,900 419,143
Japan Airlines Co. Ltd. * 27,100 447,407
Japan Airport Terminal Co. Ltd. * 17,400 720,995
Japan Exchange Group, Inc. 98,700 1,469,683
Japan Metropolitan Fund Invest, REIT 1,304 1,036,457
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 107

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — continued
Japan Post Holdings Co. Ltd.    225,000     1,577,668
Japan Post Insurance Co. Ltd.     37,600       607,984
Japan Prime Realty Investment Corp., REIT        186       564,279
Japan Real Estate Investment Corp., REIT        258     1,248,684
Japan Tobacco, Inc.    205,300     3,492,522
JFE Holdings, Inc.    107,800     1,318,260
JSR Corp.     40,100     1,088,920
Kajima Corp.     92,800     1,034,208
Kakaku.com, Inc.     24,100       504,698
Kansai Electric Power Co., Inc. (The)    154,200     1,351,717
Kansai Paint Co. Ltd.     48,300       665,184
Kao Corp. 88,700 3,554,961
Kawasaki Heavy Industries Ltd. 31,300 556,602
KDDI Corp. 310,200 10,272,180
Keio Corp. 22,800 874,439
Keisei Electric Railway Co. Ltd. 32,200 789,527
Kewpie Corp. 21,100 355,361
Keyence Corp. 36,000 14,472,153
Kikkoman Corp. 36,200 2,034,482
Kinden Corp. 24,700 292,683
Kintetsu Group Holdings Co. Ltd. 35,600 1,020,697
Kirin Holdings Co. Ltd. 155,300 2,263,921
Kobayashi Pharmaceutical Co. Ltd. 11,000 750,141
Kobe Bussan Co. Ltd. 23,500 572,914
Koei Tecmo Holdings Co. Ltd. 11,300 346,515
Koito Manufacturing Co. Ltd. 24,000 880,669
Komatsu Ltd. 182,000 4,096,180
Konami Holdings Corp. 18,800 1,156,076
Kose Corp. 6,500 667,297
Kubota Corp. 213,200 3,621,984
Kuraray Co. Ltd. 66,200 529,450
Kurita Water Industries Ltd. 20,000 682,326
Kyocera Corp. 65,700 3,449,707
Kyowa Kirin Co. Ltd. 47,400 999,039
Kyushu Electric Power Co., Inc. 88,500 555,461
Kyushu Railway Co. 29,400 576,262
Lasertec Corp. 14,500 1,937,220
Lawson, Inc. 9,500 349,412
Lion Corp. 55,800 574,932
Lixil Corp. 54,400 956,805
M3, Inc. 79,800 2,548,329
Makita Corp. 52,300 1,545,823
Marubeni Corp. 325,000 3,547,577
Marui Group Co. Ltd. 38,900 669,760
INVESTMENTS SHARES VALUE($)
 
Japan — continued
MatsukiyoCocokara & Co.     24,000       793,329
Mazda Motor Corp.    112,200       796,705
McDonald's Holdings Co. Japan Ltd.     14,000       555,420
Medipal Holdings Corp.     39,200       645,561
MEIJI Holdings Co. Ltd.     27,100     1,350,852
Mercari, Inc. *     20,900       342,496
MINEBEA MITSUMI, Inc.     75,700     1,452,393
MISUMI Group, Inc.     53,100     1,331,447
Mitsubishi Chemical Holdings Corp.    264,700     1,614,046
Mitsubishi Corp.    277,900     9,330,638
Mitsubishi Electric Corp.    400,800     4,198,096
Mitsubishi Estate Co. Ltd. 260,300 3,791,681
Mitsubishi Gas Chemical Co., Inc. 39,100 570,976
Mitsubishi HC Capital, Inc. 148,400 667,722
Mitsubishi Heavy Industries Ltd. 63,000 2,153,979
Mitsubishi Motors Corp. * 129,600 324,131
Mitsubishi UFJ Financial Group, Inc. 2,359,500 13,716,662
Mitsui & Co. Ltd. 307,200 7,439,096
Mitsui Chemicals, Inc. 38,200 872,790
Mitsui Fudosan Co. Ltd. 180,600 3,827,592
Mitsui OSK Lines Ltd. 67,500 1,580,251
Mizuho Financial Group, Inc. 474,800 5,765,358
MonotaRO Co. Ltd. 45,800 786,755
MS&AD Insurance Group Holdings, Inc. 87,500 2,604,636
Murata Manufacturing Co. Ltd. 120,100 7,158,860
Nabtesco Corp. 22,600 515,452
Nagoya Railroad Co. Ltd. 36,700 589,444
NEC Corp. 50,900 1,974,710
Nexon Co. Ltd. 87,200 1,985,641
NGK Insulators Ltd. 50,300 676,617
NGK Spark Plug Co. Ltd. 32,000 491,047
NH Foods Ltd. 19,200 606,345
Nidec Corp. 102,600 6,632,999
Nihon M&A Center Holdings, Inc. 56,000 689,574
Nikon Corp. 65,100 731,517
Nintendo Co. Ltd. 21,900 9,994,957
Nippon Building Fund, Inc., REIT 318 1,650,836
NIPPON EXPRESS HOLDINGS, Inc. 15,300 897,051
Nippon Paint Holdings Co. Ltd. 270,400 2,141,929
Nippon Prologis REIT, Inc., REIT 498 1,378,350
Nippon Sanso Holdings Corp. 39,600 712,622
Nippon Shinyaku Co. Ltd. 11,500 777,789
Nippon Steel Corp. 177,800 2,823,214
Nippon Telegraph & Telephone Corp. 223,600 6,589,349
 
SEE NOTES TO FINANCIAL STATEMENTS.
108 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — continued
Nippon Yusen KK     31,900     2,301,393
Nissan Chemical Corp.     26,700     1,410,364
Nissan Motor Co. Ltd. *    449,000     1,797,593
Nisshin Seifun Group, Inc.     48,700       649,211
Nissin Foods Holdings Co. Ltd.     15,700     1,092,133
Nitori Holdings Co. Ltd.     16,300     1,676,933
Nitto Denko Corp.     28,100     1,886,099
Nomura Holdings, Inc.    574,500     2,212,087
Nomura Real Estate Holdings, Inc.     21,800       531,173
Nomura Real Estate Master Fund, Inc., REIT        878     1,102,364
Nomura Research Institute Ltd.     80,900     2,287,563
NSK Ltd. 91,600 506,890
NTT Data Corp. 120,300 2,218,081
Obayashi Corp. 134,700 926,351
Obic Co. Ltd. 12,600 1,861,516
Odakyu Electric Railway Co. Ltd. 64,800 981,270
Oji Holdings Corp. 189,700 898,610
Olympus Corp. 242,900 4,275,314
Omron Corp. 38,500 2,269,732
Ono Pharmaceutical Co. Ltd. 92,700 2,381,514
Open House Group Co. Ltd. 13,900 537,856
Oracle Corp., Japan 6,300 404,847
Oriental Land Co. Ltd. 42,900 6,489,491
ORIX Corp. 223,500 4,076,410
Orix JREIT, Inc., REIT 516 697,488
Osaka Gas Co. Ltd. 77,800 1,402,221
Otsuka Corp. 22,000 720,986
Otsuka Holdings Co. Ltd. 104,300 3,504,735
Pan Pacific International Holdings Corp. 99,700 1,526,743
Panasonic Holdings Corp. 436,000 3,886,154
Persol Holdings Co. Ltd. 35,500 704,307
Pola Orbis Holdings, Inc. 15,800 182,160
Rakuten Group, Inc. 171,200 1,203,516
Recruit Holdings Co. Ltd. 317,200 11,508,528
Renesas Electronics Corp. * 261,200 2,789,085
Resona Holdings, Inc. 448,100 1,948,531
Ricoh Co. Ltd. 139,200 1,016,426
Rinnai Corp. 7,300 466,612
Rohm Co. Ltd. 16,300 1,138,732
Ryohin Keikaku Co. Ltd. 49,200 442,167
Santen Pharmaceutical Co. Ltd. 74,700 607,661
SBI Holdings, Inc. 45,700 1,022,177
SCSK Corp. 28,900 459,462
Secom Co. Ltd. 40,200 2,828,250
INVESTMENTS SHARES VALUE($)
 
Japan — continued
Sega Sammy Holdings, Inc.     32,800       581,204
Seibu Holdings, Inc.     50,700       503,708
Seiko Epson Corp.     58,000       817,077
Sekisui Chemical Co. Ltd.     82,800     1,121,206
Sekisui House Ltd.    121,300     2,106,731
Seven & i Holdings Co. Ltd.    148,900     6,583,899
SG Holdings Co. Ltd.     94,500     1,665,343
Sharp Corp.     40,000       338,452
Shimadzu Corp.     51,400     1,680,377
Shimano, Inc.     15,700     2,781,796
Shimizu Corp.    131,400       689,014
Shin-Etsu Chemical Co. Ltd. 74,100 10,183,897
Shinsei Bank Ltd. 23,600 413,848
Shionogi & Co. Ltd. 53,000 2,948,174
Shiseido Co. Ltd. 74,700 3,531,177
Shizuoka Bank Ltd. (The) 111,200 719,472
Showa Denko KK 34,800 677,151
SMC Corp. 11,700 5,665,379
SoftBank Corp. 519,200 6,042,379
SoftBank Group Corp. 235,300 9,677,946
Sohgo Security Services Co. Ltd. 16,200 450,017
Sojitz Corp. 40,180 612,679
Sompo Holdings, Inc. 64,900 2,642,079
Sony Group Corp. 235,800 20,349,796
Square Enix Holdings Co. Ltd. 16,700 666,760
Stanley Electric Co. Ltd. 28,000 482,807
Subaru Corp. 115,100 1,746,609
SUMCO Corp. 60,100 865,540
Sumitomo Chemical Co. Ltd. 309,000 1,313,931
Sumitomo Corp. 234,000 3,702,732
Sumitomo Electric Industries Ltd. 148,500 1,596,498
Sumitomo Heavy Industries Ltd. 22,800 482,480
Sumitomo Metal Mining Co. Ltd. 51,100 2,241,080
Sumitomo Mitsui Financial Group, Inc. 257,000 7,764,984
Sumitomo Mitsui Trust Holdings, Inc. 70,000 2,172,626
Sumitomo Pharma Co. Ltd. 35,600 317,111
Sumitomo Realty & Development Co. Ltd. 89,000 2,361,035
Sumitomo Rubber Industries Ltd. 34,900 302,506
Sundrug Co. Ltd. 12,800 298,011
Suntory Beverage & Food Ltd. 23,500 925,924
Suzuki Motor Corp. 91,800 2,767,322
Sysmex Corp. 31,800 2,086,003
T&D Holdings, Inc. 109,900 1,412,264
Taisei Corp. 38,600 1,045,597
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 109

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — continued
Taisho Pharmaceutical Holdings Co. Ltd.     10,700       421,451
Takeda Pharmaceutical Co. Ltd.    295,800     8,583,094
TDK Corp.     72,600     2,242,739
Terumo Corp.    142,000     4,226,651
TIS, Inc.     40,800       916,342
Tobu Railway Co. Ltd.     39,200       881,144
Toho Co. Ltd.     26,100       968,504
Tohoku Electric Power Co., Inc.     93,900       522,323
Tokio Marine Holdings, Inc.    130,400     7,050,559
Tokyo Century Corp.      9,000       277,219
Tokyo Electric Power Co. Holdings, Inc. *    151,900       524,322
Tokyo Electron Ltd. 29,400 12,405,233
Tokyo Gas Co. Ltd. 76,500 1,465,316
Tokyu Corp. 106,100 1,297,477
Tokyu Fudosan Holdings Corp. 112,900 587,494
TOPPAN, Inc. 65,400 1,081,041
Toray Industries, Inc. 304,500 1,443,112
Toshiba Corp. 80,900 3,359,642
Tosoh Corp. 60,600 836,796
TOTO Ltd. 29,700 1,000,855
Toyo Suisan Kaisha Ltd. 19,000 586,651
Toyota Boshoku Corp. 18,900 301,217
Toyota Industries Corp. 38,300 2,297,112
Toyota Motor Corp. 2,410,200 41,295,670
Toyota Tsusho Corp. 44,300 1,591,577
Trend Micro, Inc. 26,300 1,466,407
Tsuruha Holdings, Inc. 7,600 388,421
Unicharm Corp. 83,400 2,901,653
United Urban Investment Corp., REIT 582 636,787
USS Co. Ltd. 41,500 690,894
Welcia Holdings Co. Ltd. 19,200 393,582
West Japan Railway Co. 45,500 1,688,914
Workman Co. Ltd. 4,400 150,239
Yakult Honsha Co. Ltd. 30,000 1,553,419
Yamada Holdings Co. Ltd. 134,400 401,329
Yamaha Corp. 30,100 1,150,030
Yamaha Motor Co. Ltd. 58,900 1,216,032
Yamato Holdings Co. Ltd. 64,700 1,210,666
Yamazaki Baking Co. Ltd. 33,300 411,659
Yaskawa Electric Corp. 49,800 1,690,982
Yokogawa Electric Corp. 44,600 711,035
Z Holdings Corp. 485,900 1,907,565
ZOZO, Inc. 20,900 437,594
    688,919,431
INVESTMENTS SHARES VALUE($)
 
Jordan — 0.0% ^
Hikma Pharmaceuticals plc     33,778       793,459
Luxembourg — 0.2%
ArcelorMittal SA    113,992     3,323,745
Eurofins Scientific SE     24,088     2,238,686
RTL Group SA      6,983       363,098
    5,925,529
Macau — 0.1%
Galaxy Entertainment Group Ltd.    375,000     2,139,813
Sands China Ltd. *    454,000     1,000,696
    3,140,509
Mexico — 0.0% ^
Fresnillo plc 34,675 335,522
Netherlands — 5.1%
Adyen NV * (b) 5,790 9,711,528
Aegon NV 263,903 1,368,253
Akzo Nobel NV 33,962 2,946,084
Argenx SE * 9,475 2,729,828
Argenx SE * 51 14,763
ASM International NV 7,177 2,156,632
ASML Holding NV 76,012 43,139,738
EXOR NV 21,182 1,469,921
HAL Trust 16,187 2,334,720
Heineken Holding NV 18,852 1,471,629
Heineken NV 44,163 4,310,797
ING Groep NV (a) 730,060 6,916,740
JDE Peet's NV 16,055 472,323
Koninklijke Ahold Delhaize NV 195,553 5,768,026
Koninklijke DSM NV 32,686 5,494,831
Koninklijke KPN NV 649,385 2,240,763
Koninklijke Philips NV 165,291 4,319,238
NN Group NV 59,709 2,924,643
Randstad NV 23,393 1,237,002
Shell plc 1,430,569 38,404,905
Universal Music Group NV 247,547 5,744,679
Wolters Kluwer NV 49,091 4,957,347
    150,134,390
New Zealand — 0.2%
a2 Milk Co. Ltd. (The) * 139,935 443,411
Auckland International Airport Ltd. * 225,818 1,134,285
Contact Energy Ltd. 146,085 767,474
Fisher & Paykel Healthcare Corp. Ltd. 107,715 1,480,233
Fletcher Building Ltd. 152,259 606,527
 
SEE NOTES TO FINANCIAL STATEMENTS.
110 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
New Zealand — continued
Mercury NZ Ltd.    117,953       457,311
Meridian Energy Ltd.    226,649       687,893
Ryman Healthcare Ltd.     79,057       467,881
Spark New Zealand Ltd.    347,582     1,099,295
    7,144,310
Norway — 0.8%
Aker ASA, Class A (a)      4,473       364,598
Aker BP ASA (a)     23,442       839,901
AutoStore Holdings Ltd. * (a)    166,377       371,071
DNB Bank ASA (a)    168,450     3,264,109
Equinor ASA    201,033     6,794,832
Gjensidige Forsikring ASA (a) 35,332 755,377
Kongsberg Gruppen ASA 16,836 723,150
Leroy Seafood Group ASA 52,694 494,548
Mowi ASA 83,968 2,371,848
Norsk Hydro ASA 254,867 2,140,252
Orkla ASA 140,452 1,139,718
Salmar ASA 10,573 865,186
Schibsted ASA, Class A (a) 14,351 299,059
Schibsted ASA, Class B 18,818 364,148
Storebrand ASA 88,261 766,652
Telenor ASA 120,151 1,694,546
TOMRA Systems ASA 21,867 859,929
    24,108,924
Poland — 0.3%
Allegro.eu SA * (b) 73,179 376,395
Bank Polska Kasa Opieki SA 32,699 718,569
CD Projekt SA 13,267 359,070
Cyfrowy Polsat SA 49,941 272,918
Dino Polska SA * (b) 9,039 584,749
ING Bank Slaski SA 6,127 271,097
KGHM Polska Miedz SA 25,287 817,989
LPP SA 197 416,297
mBank SA * 2,466 165,054
PGE Polska Grupa Energetyczna SA * 151,323 336,532
Polski Koncern Naftowy ORLEN SA 54,389 918,872
Polskie Gornictwo Naftowe i Gazownictwo SA 304,524 426,659
Powszechna Kasa Oszczednosci Bank Polski SA * 161,240 1,190,039
Powszechny Zaklad Ubezpieczen SA 105,968 732,636
Santander Bank Polska SA 6,354 386,941
    7,973,817
INVESTMENTS SHARES VALUE($)
 
Portugal — 0.2%
EDP - Energias de Portugal SA    548,777     2,557,665
Galp Energia SGPS SA     85,084     1,035,613
Jeronimo Martins SGPS SA     51,779     1,077,864
    4,671,142
Russia — 0.0% ^
Evraz plc ‡     96,418         4,964
Singapore — 1.4%
Ascendas, REIT    630,100     1,296,418
CapitaLand Integrated Commercial Trust, REIT    949,737     1,591,372
Capitaland Investment Ltd. *    466,400     1,414,219
City Developments Ltd.     88,700       543,830
DBS Group Holdings Ltd. 336,400 8,161,277
Frasers Property Ltd. 157,900 124,452
Genting Singapore Ltd. * 1,066,400 619,143
Great Eastern Holdings Ltd. 10,900 160,339
Jardine Cycle & Carriage Ltd. 18,400 383,500
Keppel Corp. Ltd. 267,700 1,320,243
Mapletree Commercial Trust, REIT 413,600 556,260
Olam Group Ltd. 166,400 203,345
Oversea-Chinese Banking Corp. Ltd. 747,600 6,637,633
SATS Ltd. * 127,600 416,624
Singapore Airlines Ltd. * 249,650 984,036
Singapore Exchange Ltd. 153,700 1,081,487
Singapore Technologies Engineering Ltd. 285,500 840,830
Singapore Telecommunications Ltd. 1,324,900 2,644,229
STMicroelectronics NV 122,599 4,529,684
United Overseas Bank Ltd. 287,600 6,156,439
UOL Group Ltd. * 88,000 462,399
Venture Corp. Ltd. 50,400 618,707
    40,746,466
South Africa — 0.4%
Anglo American plc 252,181 11,169,345
South Korea — 0.0% ^
Delivery Hero SE * (b) 35,601 1,251,481
Spain — 2.4%
Acciona SA 4,617 903,766
ACS Actividades de Construccion y Servicios SA 47,847 1,225,135
Aena SME SA * (b) 13,718 1,946,715
Amadeus IT Group SA * 84,244 5,278,975
Banco Bilbao Vizcaya Argentaria SA 1,246,907 6,542,833
Banco Santander SA (a) 3,242,732 9,476,399
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 111

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Spain — continued
CaixaBank SA (a)    813,971     2,627,414
Cellnex Telecom SA (b)    106,710     4,973,786
Corp. ACCIONA Energias Renovables SA     10,402       384,533
EDP Renovaveis SA (a)     44,906     1,062,797
Enagas SA     47,326     1,023,316
Endesa SA     59,397     1,244,810
Ferrovial SA     93,106     2,387,644
Grifols SA     54,984       920,913
Grifols SA (Preference), Class B     49,209       534,174
Iberdrola SA  1,095,491    12,588,070
Industria de Diseno Textil SA    209,412     4,390,798
Mapfre SA 183,229 334,367
Naturgy Energy Group SA (a) 61,530 1,850,965
Red Electrica Corp. SA 80,947 1,629,808
Repsol SA 263,714 3,934,056
Siemens Gamesa Renewable Energy SA * 42,033 669,525
Telefonica SA 1,026,658 4,994,324
    70,925,123
Sweden — 3.5%
Alfa Laval AB (a) 55,585 1,547,279
Assa Abloy AB, Class B 185,459 4,686,947
Atlas Copco AB, Class A 120,866 5,479,687
Atlas Copco AB, Class B (a) 72,831 2,882,489
Axfood AB (a) 19,747 585,405
Beijer Ref AB 46,337 754,551
Boliden AB (a) 51,147 2,217,794
Castellum AB (a) 53,487 1,059,222
Electrolux AB, Class B (a) 47,239 720,414
Elekta AB, Class B (a) 65,204 439,167
Embracer Group AB * (a) 123,337 824,386
Epiroc AB, Class A (a) 117,075 2,373,469
Epiroc AB, Class B 72,926 1,272,256
EQT AB 51,543 1,458,761
Essity AB, Class A 5,307 141,330
Essity AB, Class B (a) 112,846 2,975,860
Evolution AB (b) 33,790 3,466,797
Fabege AB 50,722 615,671
Fastighets AB Balder, Class B * 19,665 974,741
Getinge AB, Class B 40,795 1,180,109
H & M Hennes & Mauritz AB, Class B (a) 139,038 1,750,361
Hexagon AB, Class B * (a) 388,249 5,009,550
Hexpol AB 49,012 420,825
Holmen AB, Class B 17,323 1,001,248
Husqvarna AB, Class A 4,621 44,634
INVESTMENTS SHARES VALUE($)
 
Sweden — continued
Husqvarna AB, Class B (a)     77,467       740,515
Industrivarden AB, Class A (a)     34,073       873,037
Industrivarden AB, Class C (a)     31,935       804,107
Indutrade AB     49,715     1,172,669
Intrum AB *     13,979       337,915
Investment AB Latour, Class B     25,327       670,977
Investor AB, Class A (a)    107,247     2,240,016
Investor AB, Class B    340,705     6,556,154
Kinnevik AB, Class A *      1,576        34,333
Kinnevik AB, Class B *     45,283       886,300
L E Lundbergforetagen AB, Class B     12,024       562,319
Lifco AB, Class B * 39,629 831,244
Lundin Energy AB (a) 35,823 1,481,133
Nibe Industrier AB, Class B 263,395 2,582,431
Nordnet AB publ 30,579 530,385
Saab AB, Class B 15,322 648,104
Sagax AB, Class B 31,212 797,293
Sagax AB, Class D 20,655 63,630
Samhallsbyggnadsbolaget i Norden AB (a) 213,637 671,070
Samhallsbyggnadsbolaget i Norden AB, Class D (a) 27,751 72,800
Sandvik AB 204,079 3,862,871
Securitas AB, Class B 60,507 714,394
Sinch AB * (b) 127,651 564,140
Skandinaviska Enskilda Banken AB, Class C (a) 2,654 32,337
Skandinaviska Enskilda Banken AB, Class A 300,304 3,367,638
Skanska AB, Class B 74,702 1,426,972
SKF AB, Class A (a) 2,719 53,366
SKF AB, Class B 70,708 1,154,852
SSAB AB, Class A 41,798 265,464
SSAB AB, Class B (a) 117,830 692,914
Storskogen Group AB, Class B * (a) 184,273 388,685
Svenska Cellulosa AB SCA, Class A 5,842 114,696
Svenska Cellulosa AB SCA, Class B 112,106 2,169,565
Svenska Handelsbanken AB, Class B (a) 6,947 78,418
Svenska Handelsbanken AB, Class A 287,304 2,897,840
Swedbank AB, Class A 173,584 2,745,967
Swedish Match AB 294,895 2,348,774
Tele2 AB, Class B (a) 93,658 1,241,370
Telefonaktiebolaget LM Ericsson, Class A 11,518 97,433
Telefonaktiebolaget LM Ericsson, Class B 540,071 4,308,268
Telia Co. AB 466,956 1,938,154
Trelleborg AB, Class B 45,362 994,951
Vitrolife AB 13,651 351,009
 
SEE NOTES TO FINANCIAL STATEMENTS.
112 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Sweden — continued
Volvo AB, Class A     36,012       592,060
Volvo AB, Class B    297,046     4,738,906
Volvo Car AB, Class B * (a)    100,099       734,344
    104,314,773
Switzerland — 9.8%
ABB Ltd. (Registered)    334,029    10,021,525
Adecco Group AG (Registered)     31,458     1,213,961
Alcon, Inc.     93,445     6,672,054
Baloise Holding AG (Registered)      8,564     1,489,630
Barry Callebaut AG (Registered)        561     1,291,173
Chocoladefabriken Lindt & Spruengli AG        199     2,231,784
Chocoladefabriken Lindt & Spruengli AG (Registered) 21 2,491,288
Cie Financiere Richemont SA (Registered) 97,614 11,341,842
Credit Suisse Group AG (Registered) 470,909 3,196,211
EMS-Chemie Holding AG (Registered) 1,267 1,130,322
Geberit AG (Registered) 6,696 3,818,554
Givaudan SA (Registered) 1,486 5,906,139
Holcim AG * 96,752 4,730,740
Julius Baer Group Ltd. 41,290 1,973,160
Kuehne + Nagel International AG (Registered) 9,466 2,648,078
Lonza Group AG (Registered) 13,925 8,210,658
Mediclinic International plc * 76,313 353,783
Nestle SA (Registered) 526,407 67,956,032
Novartis AG (Registered) 455,241 40,229,335
Partners Group Holding AG 4,244 4,496,507
Roche Holding AG 131,380 48,717,550
Roche Holding AG 4,978 1,999,889
Schindler Holding AG 7,600 1,460,155
Schindler Holding AG (Registered) 3,744 718,752
SGS SA (Registered) 1,133 2,911,268
Sika AG (Registered) 28,635 8,746,797
Sonova Holding AG (Registered) 9,923 3,578,493
Straumann Holding AG (Registered) 21,430 2,526,418
Swatch Group AG (The) 5,411 1,388,694
Swatch Group AG (The) (Registered) 10,116 499,065
Swiss Life Holding AG (Registered) 5,885 3,441,051
Swisscom AG (Registered) (a) 4,738 2,801,583
Temenos AG (Registered) 12,579 1,269,797
UBS Group AG (Registered) 692,360 11,753,947
Vifor Pharma AG 8,735 1,544,957
Zurich Insurance Group AG 28,136 12,809,475
    287,570,667
INVESTMENTS SHARES VALUE($)
 
United Arab Emirates — 0.0% ^
NMC Health plc ‡ *        300            —
United Kingdom — 12.3%
3i Group plc    181,990     2,978,311
abrdn plc    407,799       957,564
Admiral Group plc     50,878     1,601,501
Allfunds Group plc     35,543       304,693
Ashtead Group plc     84,022     4,344,547
ASOS plc *     13,160       229,148
Associated British Foods plc     66,621     1,333,136
AstraZeneca plc    289,740    38,663,264
Auto Trader Group plc (b)    181,685     1,433,887
AVEVA Group plc 22,983 617,693
Aviva plc 703,162 3,772,555
B&M European Value Retail SA 159,147 975,108
BAE Systems plc 603,028 5,569,963
Barclays plc 2,980,458 5,478,507
Barratt Developments plc 190,848 1,167,616
Berkeley Group Holdings plc * 21,009 1,065,503
BP plc 3,706,022 17,891,916
Bridgepoint Group plc (b) 41,337 159,160
British American Tobacco plc 427,229 17,906,168
British Land Co. plc (The), REIT 175,401 1,129,831
BT Group plc 1,640,370 3,637,664
Bunzl plc 63,094 2,434,206
Burberry Group plc 75,565 1,491,310
Centrica plc * 1,099,850 1,089,720
CK Hutchison Holdings Ltd. 503,000 3,530,017
CNH Industrial NV 186,256 2,638,557
Coca-Cola Europacific Partners plc 37,475 1,871,876
Compass Group plc 333,874 7,045,359
ConvaTec Group plc (b) 299,443 792,114
Croda International plc 26,654 2,588,811
Darktrace plc * 58,378 314,906
DCC plc 18,950 1,435,822
Dechra Pharmaceuticals plc 20,266 918,361
Deliveroo plc * (b) 75,087 103,775
Derwent London plc, REIT 21,221 805,166
Diageo plc 435,979 21,750,486
Direct Line Insurance Group plc 254,279 807,051
Dr. Martens plc 107,133 280,112
DS Smith plc 256,919 1,055,749
easyJet plc * 106,108 735,275
Entain plc * 109,476 2,057,089
Experian plc 181,301 6,261,113
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 113

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United Kingdom — continued
Halma plc     70,858     2,175,025
Harbour Energy plc    106,265       666,388
Hargreaves Lansdown plc     66,523       761,578
Hiscox Ltd.     66,039       784,165
Howden Joinery Group plc    112,736     1,067,330
HSBC Holdings plc  3,852,066    24,072,052
Imperial Brands plc    177,539     3,695,568
Informa plc *    281,085     1,993,989
InterContinental Hotels Group plc     35,036     2,236,689
Intermediate Capital Group plc     55,000     1,052,506
Intertek Group plc     30,123     1,877,114
ITV plc 677,483 625,624
J Sainsbury plc 327,186 954,649
JD Sports Fashion plc 460,346 758,501
Johnson Matthey plc 37,202 1,023,364
Kingfisher plc 385,485 1,215,655
Land Securities Group plc, REIT 140,497 1,317,661
Legal & General Group plc 1,116,479 3,480,172
Lloyds Banking Group plc 13,284,265 7,544,980
London Stock Exchange Group plc 60,586 5,973,279
M&G plc 486,188 1,290,803
Marks & Spencer Group plc * 366,273 625,272
Meggitt plc * 145,958 1,415,051
Melrose Industries plc 817,653 1,188,130
National Grid plc 724,871 10,769,392
NatWest Group plc 962,306 2,581,663
Next plc 24,814 1,858,586
Ocado Group plc * 120,630 1,379,603
Oxford Nanopore Technologies plc * 70,002 266,546
Pearson plc 141,484 1,373,782
Pepco Group NV * (b) 18,175 169,736
Persimmon plc 59,577 1,551,640
Phoenix Group Holdings plc 158,879 1,203,413
Prudential plc 513,580 6,393,275
Reckitt Benckiser Group plc 137,734 10,741,269
RELX plc 370,715 11,043,778
Rentokil Initial plc 347,698 2,388,085
Rightmove plc 163,731 1,258,616
Rolls-Royce Holdings plc * 1,561,757 1,601,052
Royal Mail plc 146,888 629,606
Sage Group plc (The) 209,187 1,919,624
Schroders plc 22,824 805,692
Schroders plc (Non-Voting) 9,472 278,756
Segro plc, REIT 224,860 3,764,628
INVESTMENTS SHARES VALUE($)
 
United Kingdom — continued
Severn Trent plc     47,530     1,868,002
Smith & Nephew plc    165,472     2,682,063
Smiths Group plc     74,120     1,356,344
Spirax-Sarco Engineering plc     13,766     2,077,228
SSE plc    196,026     4,552,865
St James's Place plc    100,832     1,620,329
Standard Chartered plc    477,915     3,267,181
Tate & Lyle plc     87,441       849,892
Taylor Wimpey plc    682,293     1,073,081
Tesco plc  1,430,468     4,859,758
THG plc *    135,008       181,262
Travis Perkins plc 41,844 638,222
Unilever plc 491,674 22,857,983
United Utilities Group plc 127,269 1,828,908
Vodafone Group plc 5,011,583 7,587,333
Weir Group plc (The) 48,549 933,330
Whitbread plc * 37,668 1,314,871
Wise plc, Class A * 78,405 384,221
WPP plc 227,143 2,831,308
    363,763,078
United States — 2.0%
Avast plc (b) 121,962 864,957
Carnival plc * 29,449 461,709
Ferguson plc 43,417 5,446,627
GlaxoSmithKline plc 936,727 21,116,241
James Hardie Industries plc, CHDI 83,104 2,395,744
JS Global Lifestyle Co. Ltd. (b) 159,000 188,623
QIAGEN NV * 43,165 1,990,644
Schneider Electric SE 106,411 15,266,689
Stellantis NV 415,922 5,584,025
Swiss Re AG 54,028 4,430,666
Tenaris SA 85,610 1,308,308
    59,054,233
Total Common Stocks
(Cost $2,828,172,941) 		  2,914,099,386
Short-Term Investments — 3.1%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $9,889,216) 9,889,216 9,889,216
Investment of Cash Collateral from Securities Loaned — 2.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) 61,030,734 60,988,012
 
SEE NOTES TO FINANCIAL STATEMENTS.
114 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 19,464,695    19,464,695
Total Investment of Cash Collateral from Securities Loaned
(Cost $80,457,110) 		  80,452,707
Total Short-Term Investments
(Cost $90,346,326) 		  90,341,923
Total Investments — 102.0%
(Cost $2,918,519,267) 		  3,004,441,309
Liabilities in Excess of Other Assets — (2.0)%   (58,857,997)
NET ASSETS — 100.0%   2,945,583,312
Percentages indicated are based on net assets.
    
Abbreviations  
APAC Asia Pacific
CHDI Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA Dutch Certification
OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT Real Estate Investment Trust
SCA Limited partnership with share capital
SDR Swedish Depositary Receipt
SGPS Holding company
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $65,283,866.  
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Pharmaceuticals 9.2%
Banks 8.7
Insurance 5.0
Oil, Gas & Consumable Fuels 4.1
Metals & Mining 3.8
Food Products 3.7
Automobiles 3.5
Chemicals 3.2
Machinery 2.9
Textiles, Apparel & Luxury Goods 2.8
Semiconductors & Semiconductor Equipment 2.7
Capital Markets 2.6
Electric Utilities 2.0
Beverages 1.9
Diversified Telecommunication Services 1.9
Health Care Equipment & Supplies 1.9
Electrical Equipment 1.9
Trading Companies & Distributors 1.8
IT Services 1.7
Personal Products 1.6
Professional Services 1.6
Food & Staples Retailing 1.5
Industrial Conglomerates 1.5
Electronic Equipment, Instruments & Components 1.5
Wireless Telecommunication Services 1.3
Equity Real Estate Investment Trusts (REITs) 1.2
Aerospace & Defense 1.2
Software 1.2
Real Estate Management & Development 1.1
Hotels, Restaurants & Leisure 1.1
Building Products 1.1
Household Durables 1.0
Others (each less than 1.0%) 14.8
Short-Term Investments 3.0
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 115

Table of Contents
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
MSCI EAFE E-Mini Index 318 06/17/2022 USD 31,723,680 (1,004,203)
    
Abbreviations  
EAFE Europe, Australasia, and Far East
MSCI Morgan Stanley Capital International
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
116 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 98.7%
Air Freight & Logistics — 0.4%
SG Holdings Co. Ltd.    966,100    17,025,270
Yamato Holdings Co. Ltd.    660,700    12,363,017
    29,388,287
Airlines — 0.1%
ANA Holdings, Inc. * (a)    304,900     5,747,565
Japan Airlines Co. Ltd. *    276,100     4,558,268
    10,305,833
Auto Components — 2.2%
Aisin Corp.    349,500    10,153,172
Bridgestone Corp.  1,157,100    42,411,995
Denso Corp.    992,200    60,469,888
Koito Manufacturing Co. Ltd. 245,000 8,990,164
NGK Spark Plug Co. Ltd. 326,600 5,011,749
Stanley Electric Co. Ltd. 287,700 4,960,843
Sumitomo Electric Industries Ltd. 1,515,200 16,289,660
Sumitomo Rubber Industries Ltd. 357,100 3,095,266
Toyota Boshoku Corp. 192,200 3,063,174
    154,445,911
Automobiles — 8.6%
Honda Motor Co. Ltd. 3,283,300 86,362,456
Isuzu Motors Ltd. 1,185,500 13,829,786
Mazda Motor Corp. 1,145,200 8,131,785
Mitsubishi Motors Corp. * 1,307,700 3,270,570
Nissan Motor Co. Ltd. * 4,590,000 18,376,282
Subaru Corp. 1,173,200 17,802,971
Suzuki Motor Corp. 936,400 28,227,886
Toyota Motor Corp. 24,591,400 421,341,938
Yamaha Motor Co. Ltd. 601,700 12,422,516
    609,766,190
Banks — 5.1%
Bank of Kyoto Ltd. (The) 144,900 6,312,950
Chiba Bank Ltd. (The) 1,414,800 8,153,902
Concordia Financial Group Ltd. 2,307,400 8,396,871
Fukuoka Financial Group, Inc. 365,200 6,672,678
Mitsubishi UFJ Financial Group, Inc. 24,073,900 139,950,647
Mizuho Financial Group, Inc. 4,843,800 58,816,852
Resona Holdings, Inc. 4,581,000 19,920,157
Shinsei Bank Ltd. 241,800 4,240,187
Shizuoka Bank Ltd. (The) 1,135,800 7,348,709
Sumitomo Mitsui Financial Group, Inc. 2,621,500 79,205,863
Sumitomo Mitsui Trust Holdings, Inc. 715,200 22,198,034
    361,216,850
INVESTMENTS SHARES VALUE($)
 
Beverages — 1.0%
Asahi Group Holdings Ltd.    968,100    36,490,444
Kirin Holdings Co. Ltd.  1,587,400    23,140,680
Suntory Beverage & Food Ltd.    241,400     9,511,406
    69,142,530
Building Products — 1.7%
AGC, Inc.    434,600    16,292,903
Daikin Industries Ltd.    558,500    85,348,688
Lixil Corp.    555,300     9,766,797
TOTO Ltd.    304,000    10,244,437
    121,652,825
Capital Markets — 0.9%
Daiwa Securities Group, Inc. 2,917,700 14,300,022
Japan Exchange Group, Inc. 1,008,100 15,011,021
Nomura Holdings, Inc. 5,861,600 22,569,834
SBI Holdings, Inc. 467,100 10,447,683
    62,328,560
Chemicals — 4.1%
Air Water, Inc. 438,900 5,825,477
Asahi Kasei Corp. 2,660,000 21,824,479
JSR Corp. 409,100 11,109,161
Kansai Paint Co. Ltd. 493,100 6,790,937
Kuraray Co. Ltd. 677,400 5,417,667
Mitsubishi Chemical Holdings Corp. 2,700,700 16,467,908
Mitsubishi Gas Chemical Co., Inc. 395,800 5,779,853
Mitsui Chemicals, Inc. 390,200 8,915,251
Nippon Paint Holdings Co. Ltd. (a) 2,758,700 21,852,592
Nippon Sanso Holdings Corp. 404,200 7,273,780
Nissan Chemical Corp. 273,800 14,462,834
Nitto Denko Corp. 286,300 19,216,734
Shin-Etsu Chemical Co. Ltd. 755,500 103,831,767
Showa Denko KK 353,600 6,880,479
Sumitomo Chemical Co. Ltd. 3,157,700 13,427,188
Toray Industries, Inc. 3,113,300 14,754,812
Tosoh Corp. 620,000 8,561,284
    292,392,203
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd. 526,800 11,009,084
Secom Co. Ltd. 408,700 28,753,880
Sohgo Security Services Co. Ltd. 165,100 4,586,286
TOPPAN, Inc. 667,800 11,038,518
    55,387,768
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 117

Table of Contents
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Construction & Engineering — 0.6%
Kajima Corp.    947,200    10,556,052
Kinden Corp.    249,900     2,961,199
Obayashi Corp.  1,376,600     9,467,074
Shimizu Corp.  1,337,800     7,014,935
Taisei Corp.    393,800    10,667,256
    40,666,516
Consumer Finance — 0.1%
Acom Co. Ltd.    866,100     2,227,371
Marui Group Co. Ltd.    397,600     6,845,669
    9,073,040
Diversified Financial Services — 0.7%
Mitsubishi HC Capital, Inc. 1,511,800 6,802,302
ORIX Corp. 2,281,000 41,603,094
Tokyo Century Corp. 91,100 2,806,072
    51,211,468
Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp. 2,280,800 67,213,716
Electric Utilities — 0.7%
Chubu Electric Power Co., Inc. 1,373,900 13,869,612
Chugoku Electric Power Co., Inc. (The) (a) 620,200 4,084,958
Kansai Electric Power Co., Inc. (The) 1,576,900 13,823,106
Kyushu Electric Power Co., Inc. 905,100 5,680,767
Tohoku Electric Power Co., Inc. 960,400 5,342,268
Tokyo Electric Power Co. Holdings, Inc. * 1,532,900 5,291,196
    48,091,907
Electrical Equipment — 1.7%
Fuji Electric Co. Ltd. 285,400 12,514,996
Mitsubishi Electric Corp. 4,097,600 42,919,456
Nidec Corp. 1,047,300 67,707,012
    123,141,464
Electronic Equipment, Instruments & Components — 5.0%
Hamamatsu Photonics KK 281,000 12,572,833
Hirose Electric Co. Ltd. 63,700 8,081,870
Ibiden Co. Ltd. 254,600 9,514,878
Keyence Corp. 367,000 147,535,557
Kyocera Corp. 670,500 35,205,914
Murata Manufacturing Co. Ltd. 1,224,900 73,013,223
Omron Corp. 393,200 23,180,742
Shimadzu Corp. 525,600 17,182,996
INVESTMENTS SHARES VALUE($)
 
Electronic Equipment, Instruments & Components — continued
TDK Corp.    742,400    22,934,017
Yokogawa Electric Corp.    456,200     7,272,963
    356,494,993
Entertainment — 2.3%
Capcom Co. Ltd.    310,000     8,180,007
Koei Tecmo Holdings Co. Ltd.    114,300     3,505,011
Konami Holdings Corp.    190,500    11,714,492
Nexon Co. Ltd.    892,400    20,320,937
Nintendo Co. Ltd.    223,200   101,866,406
Square Enix Holdings Co. Ltd.    170,100     6,791,374
Toho Co. Ltd.    265,800     9,863,159
    162,241,386
Equity Real Estate Investment Trusts (REITs) — 1.6%
Advance Residence Investment Corp. 2,632 7,230,268
Daiwa House REIT Investment Corp. 4,022 9,789,558
GLP J-REIT 8,562 11,553,346
Japan Metropolitan Fund Invest 13,325 10,591,098
Japan Prime Realty Investment Corp. 1,890 5,733,807
Japan Real Estate Investment Corp. 2,632 12,738,511
Nippon Building Fund, Inc. 3,240 16,819,835
Nippon Prologis REIT, Inc. 5,102 14,121,164
Nomura Real Estate Master Fund, Inc. 9,001 11,301,111
Orix JREIT, Inc. 5,268 7,120,865
United Urban Investment Corp. 5,954 6,514,483
    113,514,046
Food & Staples Retailing — 1.8%
Aeon Co. Ltd. 1,664,100 31,626,642
Cosmos Pharmaceutical Corp. 41,200 3,798,128
Kobe Bussan Co. Ltd. 239,800 5,846,159
Lawson, Inc. 95,100 3,497,798
MatsukiyoCocokara & Co. 245,000 8,098,563
Seven & i Holdings Co. Ltd. 1,522,300 67,311,418
Sundrug Co. Ltd. 130,400 3,035,988
Tsuruha Holdings, Inc. 76,400 3,904,653
Welcia Holdings Co. Ltd. 196,900 4,036,266
    131,155,615
Food Products — 1.7%
Ajinomoto Co., Inc. 1,048,400 27,239,061
Calbee, Inc. 220,000 3,940,729
Kewpie Corp. 216,400 3,644,556
Kikkoman Corp. 370,300 20,811,289
MEIJI Holdings Co. Ltd. 277,600 13,837,508
 
SEE NOTES TO FINANCIAL STATEMENTS.
118 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Food Products — continued
NH Foods Ltd.    197,400     6,233,982
Nisshin Seifun Group, Inc.    498,200     6,641,418
Nissin Foods Holdings Co. Ltd.    159,100    11,067,416
Toyo Suisan Kaisha Ltd.    195,600     6,039,416
Yakult Honsha Co. Ltd.    306,700    15,881,119
Yamazaki Baking Co. Ltd.    339,400     4,195,709
    119,532,203
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.    794,100    14,312,391
Tokyo Gas Co. Ltd.    782,000    14,978,785
    29,291,176
Health Care Equipment & Supplies — 2.6%
Asahi Intecc Co. Ltd. 451,100 8,717,027
Hoya Corp. 704,900 69,955,784
Olympus Corp. 2,478,000 43,615,594
Sysmex Corp. 323,500 21,220,814
Terumo Corp. 1,449,200 43,135,652
    186,644,871
Health Care Providers & Services — 0.2%
Alfresa Holdings Corp. 402,900 5,478,918
Medipal Holdings Corp. 400,700 6,598,886
    12,077,804
Health Care Technology — 0.4%
M3, Inc. 816,600 26,077,264
Hotels, Restaurants & Leisure — 1.0%
McDonald's Holdings Co. Japan Ltd. 142,400 5,649,415
Oriental Land Co. Ltd. 437,800 66,226,084
    71,875,499
Household Durables — 4.4%
Casio Computer Co. Ltd. 440,400 4,566,884
Haseko Corp. 431,200 4,724,672
Iida Group Holdings Co. Ltd. 341,600 5,433,022
Nikon Corp. 664,800 7,470,240
Open House Group Co. Ltd. 142,300 5,506,250
Panasonic Holdings Corp. 4,447,300 39,639,657
Rinnai Corp. 73,600 4,704,470
Sekisui Chemical Co. Ltd. 845,500 11,449,031
Sekisui House Ltd. 1,240,500 21,544,930
Sharp Corp. 407,900 3,451,367
Sony Group Corp. 2,405,000 207,554,108
    316,044,631
INVESTMENTS SHARES VALUE($)
 
Household Products — 0.5%
Lion Corp.    569,700     5,869,867
Unicharm Corp.    852,500    29,660,181
    35,530,048
Industrial Conglomerates — 1.7%
Hitachi Ltd.  1,846,900    87,591,943
Toshiba Corp.    826,500    34,323,163
    121,915,106
Insurance — 2.9%
Dai-ichi Life Holdings, Inc.  2,131,300    42,677,194
Japan Post Holdings Co. Ltd.  2,300,200    16,128,679
Japan Post Insurance Co. Ltd.    381,300     6,165,542
MS&AD Insurance Group Holdings, Inc. 895,400 26,653,610
Sompo Holdings, Inc. 664,100 27,035,508
T&D Holdings, Inc. 1,124,400 14,449,039
Tokio Marine Holdings, Inc. 1,329,900 71,905,967
    205,015,539
Interactive Media & Services — 0.3%
Kakaku.com, Inc. 246,200 5,155,875
Z Holdings Corp. 4,966,600 19,498,070
    24,653,945
Internet & Direct Marketing Retail — 0.3%
Mercari, Inc. * (a) 214,100 3,508,540
Rakuten Group, Inc. 1,750,600 12,306,518
ZOZO, Inc. 214,500 4,491,093
    20,306,151
IT Services — 2.4%
Fujitsu Ltd. 352,400 53,264,964
GMO Payment Gateway, Inc. 84,500 7,089,542
Itochu Techno-Solutions Corp. 182,300 4,268,702
NEC Corp. 521,000 20,212,648
Nomura Research Institute Ltd. 827,700 23,404,396
NTT Data Corp. 1,230,700 22,691,543
Obic Co. Ltd. 128,100 18,925,409
Otsuka Corp. 224,900 7,370,448
SCSK Corp. 292,700 4,653,440
TIS, Inc. 415,900 9,340,851
    171,221,943
Leisure Products — 1.0%
Bandai Namco Holdings, Inc. 422,400 28,597,727
Sega Sammy Holdings, Inc. 334,400 5,925,442
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 119

Table of Contents
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Leisure Products — continued
Shimano, Inc.    159,500    28,260,921
Yamaha Corp.    307,300    11,741,004
    74,525,094
Machinery — 5.2%
Amada Co. Ltd.    685,200     5,320,552
Daifuku Co. Ltd.    241,200    14,831,064
FANUC Corp.    366,400    56,142,758
Harmonic Drive Systems, Inc. (a)     95,000     2,402,681
Hino Motors Ltd.    547,700     2,827,225
Hitachi Construction Machinery Co. Ltd.    197,900     4,480,723
Hoshizaki Corp.    112,300     7,113,346
Kawasaki Heavy Industries Ltd. 320,000 5,690,498
Komatsu Ltd. 1,856,000 41,772,033
Kubota Corp. 2,174,500 36,941,864
Kurita Water Industries Ltd. 204,700 6,983,611
Makita Corp. 534,300 15,792,222
MINEBEA MITSUMI, Inc. 773,800 14,846,257
MISUMI Group, Inc. 542,400 13,600,313
Mitsubishi Heavy Industries Ltd. 642,700 21,974,008
Nabtesco Corp. 230,900 5,266,277
NGK Insulators Ltd. 515,000 6,927,587
NSK Ltd. 935,500 5,176,809
SMC Corp. 119,200 57,719,072
Sumitomo Heavy Industries Ltd. 234,300 4,958,115
Toyota Industries Corp. 391,400 23,474,929
Yaskawa Electric Corp. 509,600 17,303,707
    371,545,651
Marine — 0.6%
Mitsui OSK Lines Ltd. 690,300 16,160,701
Nippon Yusen KK 323,900 23,367,441
    39,528,142
Media — 0.5%
CyberAgent, Inc. 781,000 8,251,159
Dentsu Group, Inc. 472,800 17,040,497
Hakuhodo DY Holdings, Inc. 580,600 6,851,990
    32,143,646
Metals & Mining — 1.0%
Hitachi Metals Ltd. * 384,500 6,000,004
JFE Holdings, Inc. 1,101,000 13,463,857
Nippon Steel Corp. 1,813,700 28,799,001
Sumitomo Metal Mining Co. Ltd. 521,900 22,888,840
    71,151,702
INVESTMENTS SHARES VALUE($)
 
Multiline Retail — 0.3%
Pan Pacific International Holdings Corp.  1,015,900    15,556,849
Ryohin Keikaku Co. Ltd.    504,500     4,534,008
    20,090,857
Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings, Inc.  6,163,900    21,688,394
Idemitsu Kosan Co. Ltd.    471,352    12,422,517
Inpex Corp.  1,958,600    23,303,763
    57,414,674
Paper & Forest Products — 0.1%
Oji Holdings Corp.  1,934,600     9,164,208
Personal Products — 1.2%
Kao Corp. 906,600 36,335,144
Kobayashi Pharmaceutical Co. Ltd. 110,100 7,508,234
Kose Corp. 66,200 6,796,161
Pola Orbis Holdings, Inc. 161,500 1,861,954
Shiseido Co. Ltd. 763,200 36,077,568
    88,579,061
Pharmaceuticals — 5.8%
Astellas Pharma, Inc. 3,551,100 54,068,042
Chugai Pharmaceutical Co. Ltd. 1,217,500 36,482,590
Daiichi Sankyo Co. Ltd. 3,492,600 87,939,878
Eisai Co. Ltd. 564,900 24,601,922
Kyowa Kirin Co. Ltd. 483,500 10,190,621
Nippon Shinyaku Co. Ltd. 115,500 7,811,709
Ono Pharmaceutical Co. Ltd. 946,700 24,321,245
Otsuka Holdings Co. Ltd. 1,064,500 35,769,800
Santen Pharmaceutical Co. Ltd. 764,000 6,214,898
Shionogi & Co. Ltd. 540,800 30,082,501
Sumitomo Pharma Co. Ltd. 364,900 3,250,385
Taisho Pharmaceutical Holdings Co. Ltd. 107,900 4,249,957
Takeda Pharmaceutical Co. Ltd. 3,017,700 87,563,230
    412,546,778
Professional Services — 1.9%
Benefit One, Inc. 146,700 2,224,328
Nihon M&A Center Holdings, Inc. 570,400 7,023,800
Persol Holdings Co. Ltd. 361,900 7,179,964
Recruit Holdings Co. Ltd. 3,235,000 117,371,020
    133,799,112
Real Estate Management & Development — 2.4%
Aeon Mall Co. Ltd. 181,500 2,208,412
Daito Trust Construction Co. Ltd. 132,100 12,722,803
Daiwa House Industry Co. Ltd. 1,271,900 30,576,724
 
SEE NOTES TO FINANCIAL STATEMENTS.
120 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Real Estate Management & Development — continued
Hulic Co. Ltd.  1,128,700     9,530,064
Mitsubishi Estate Co. Ltd.  2,655,400    38,680,098
Mitsui Fudosan Co. Ltd.  1,841,800    39,034,660
Nomura Real Estate Holdings, Inc.    223,100     5,435,997
Sumitomo Realty & Development Co. Ltd.    908,600    24,103,778
Tokyu Fudosan Holdings Corp.  1,153,400     6,001,912
    168,294,448
Road & Rail — 2.8%
Central Japan Railway Co.    392,700    49,435,115
East Japan Railway Co.    720,100    37,550,902
Hankyu Hanshin Holdings, Inc.    460,800    12,161,251
Keio Corp. 232,900 8,932,314
Keisei Electric Railway Co. Ltd. 328,300 8,049,739
Kintetsu Group Holdings Co. Ltd. (a) 364,300 10,444,938
Kyushu Railway Co. 300,300 5,886,105
Nagoya Railroad Co. Ltd. 375,500 6,030,960
NIPPON EXPRESS HOLDINGS, Inc. 155,500 9,117,085
Odakyu Electric Railway Co. Ltd. (a) 661,700 10,020,160
Seibu Holdings, Inc. 518,900 5,155,304
Tobu Railway Co. Ltd. 399,800 8,986,772
Tokyu Corp. 1,084,500 13,262,145
West Japan Railway Co. 465,300 17,271,462
    202,304,252
Semiconductors & Semiconductor Equipment — 3.3%
Advantest Corp. 380,800 25,988,878
Disco Corp. 57,000 13,950,775
Lasertec Corp. 147,700 19,732,927
Renesas Electronics Corp. * 2,670,300 28,513,378
Rohm Co. Ltd. 166,600 11,638,821
SUMCO Corp. 614,600 8,851,266
Tokyo Electron Ltd. 300,100 126,626,205
    235,302,250
Software — 0.3%
Oracle Corp., Japan 64,000 4,112,728
Trend Micro, Inc. 267,400 14,909,401
    19,022,129
Specialty Retail — 1.3%
ABC-Mart, Inc. 60,300 2,500,639
Fast Retailing Co. Ltd. 126,300 58,149,304
Hikari Tsushin, Inc. 38,100 4,461,253
Nitori Holdings Co. Ltd. 165,600 17,036,821
USS Co. Ltd. 425,300 7,080,416
INVESTMENTS SHARES VALUE($)
 
Specialty Retail — continued
Workman Co. Ltd. (a)     46,200     1,577,507
Yamada Holdings Co. Ltd.  1,456,800     4,350,122
    95,156,062
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.    501,300     8,712,392
Canon, Inc.  1,984,900    45,670,892
FUJIFILM Holdings Corp.    765,800    42,096,989
Ricoh Co. Ltd.  1,422,100    10,384,050
Seiko Epson Corp.    595,200     8,384,897
    115,249,220
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp. 362,800 5,723,808
Tobacco — 0.5%
Japan Tobacco, Inc. 2,097,700 35,685,648
Trading Companies & Distributors — 5.1%
ITOCHU Corp. 2,842,000 85,774,347
Marubeni Corp. 3,316,000 36,196,203
Mitsubishi Corp. 2,834,400 95,166,462
Mitsui & Co. Ltd. 3,133,500 75,880,230
MonotaRO Co. Ltd. (a) 468,300 8,044,482
Sojitz Corp. 409,900 6,250,299
Sumitomo Corp. 2,387,000 37,771,033
Toyota Tsusho Corp. 452,800 16,267,858
    361,350,914
Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd. * 177,000 7,334,263
Wireless Telecommunication Services — 3.7%
KDDI Corp. 3,164,300 104,784,846
SoftBank Corp. 5,296,700 61,642,274
SoftBank Group Corp. 2,398,800 98,663,225
    265,090,345
Total Common Stocks
(Cost $7,926,422,905) 		  7,030,019,552
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 121

Table of Contents
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Short Term Investments — 0.2%
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (b) (c) 10,093,724    10,086,658
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)  1,597,340     1,597,340
Total Investment of Cash Collateral from Securities Loaned
(Cost $11,682,989) 		  11,683,998
Total Investments — 98.9%
(Cost $7,938,105,894) 		  7,041,703,550
Other Assets Less Liabilities — 1.1%   78,324,460
NET ASSETS — 100.0%   7,120,028,010
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $11,113,596.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
 
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
TOPIX Index 568 06/09/2022 JPY 84,647,428 466,375
    
Abbreviations  
JPY Japanese Yen
TOPIX Tokyo Stock Price Index
SEE NOTES TO FINANCIAL STATEMENTS.
122 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 1.6%
Boeing Co. (The) *    16,036     2,386,798
General Dynamics Corp.     6,741     1,594,449
HEICO Corp.     1,236       174,560
HEICO Corp., Class A     2,177       253,925
Howmet Aerospace, Inc.    11,103       378,834
Huntington Ingalls Industries, Inc.     1,172       249,331
L3Harris Technologies, Inc.     5,750     1,335,495
Lockheed Martin Corp.     7,083     3,060,706
Northrop Grumman Corp.     4,301     1,889,859
Raytheon Technologies Corp.    43,673     4,145,005
Textron, Inc.     6,447       446,455
TransDigm Group, Inc. * 1,534 912,439
    16,827,856
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc. 3,802 403,582
Expeditors International of Washington, Inc. 4,957 491,090
FedEx Corp. 7,120 1,415,029
United Parcel Service, Inc., Class B 21,331 3,839,153
    6,148,854
Airlines — 0.2%
Delta Air Lines, Inc. * 18,721 805,565
Southwest Airlines Co. * 17,347 810,452
United Airlines Holdings, Inc. * 9,489 479,194
    2,095,211
Auto Components — 0.1%
Aptiv plc * 7,912 841,837
Autoliv, Inc. (Sweden) 2,306 169,906
BorgWarner, Inc. 7,014 258,326
Lear Corp. 1,747 223,511
    1,493,580
Automobiles — 2.3%
Ford Motor Co. 115,129 1,630,227
General Motors Co. * 42,522 1,612,009
Lucid Group, Inc. * (a) 16,375 296,060
Tesla, Inc. * 24,495 21,329,266
    24,867,562
Banks — 3.5%
Bank of America Corp. 208,044 7,423,010
Citigroup, Inc. 58,089 2,800,471
Citizens Financial Group, Inc. 14,488 570,827
Comerica, Inc. 3,821 312,940
East West Bancorp, Inc. 4,146 295,610
INVESTMENTS SHARES VALUE($)
 
Banks — continued
Fifth Third Bancorp    20,018       751,275
First Republic Bank     5,246       782,808
Huntington Bancshares, Inc.    42,089       553,470
JPMorgan Chase & Co. (b)    86,485    10,322,850
KeyCorp    27,173       524,711
M&T Bank Corp.     5,242       873,527
PNC Financial Services Group, Inc. (The)    12,286     2,040,704
Regions Financial Corp.    27,576       571,375
Signature Bank     1,828       442,833
SVB Financial Group *     1,722       839,716
Truist Financial Corp.    39,061     1,888,599
US Bancorp 39,528 1,919,480
Wells Fargo & Co. 113,730 4,962,040
Zions Bancorp NA 4,431 250,396
    38,126,642
Beverages — 1.7%
Brown-Forman Corp., Class A 1,644 102,618
Brown-Forman Corp., Class B 5,338 359,995
Coca-Cola Co. (The) 113,775 7,351,003
Constellation Brands, Inc., Class A 4,795 1,180,002
Keurig Dr Pepper, Inc. 21,575 806,905
Molson Coors Beverage Co., Class B 5,515 298,582
Monster Beverage Corp. * 11,001 942,566
PepsiCo, Inc. 40,485 6,951,679
    17,993,350
Biotechnology — 2.1%
AbbVie, Inc. 51,746 7,600,452
Alnylam Pharmaceuticals, Inc. * 3,516 469,140
Amgen, Inc. 16,494 3,846,236
Biogen, Inc. * 4,305 893,029
BioMarin Pharmaceutical, Inc. * 5,361 436,117
Exact Sciences Corp. * (a) 5,070 279,104
Gilead Sciences, Inc. 36,708 2,178,253
Horizon Therapeutics plc * 6,643 654,734
Incyte Corp. * 5,508 412,880
Moderna, Inc. * 10,311 1,385,902
Neurocrine Biosciences, Inc. * 2,762 248,663
Regeneron Pharmaceuticals, Inc. * 3,130 2,063,014
Seagen, Inc. * 3,910 512,249
Vertex Pharmaceuticals, Inc. * 7,461 2,038,494
    23,018,267
Building Products — 0.4%
Allegion plc 2,625 299,880
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 123

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Building Products — continued
Carrier Global Corp.    25,037       958,166
Fortune Brands Home & Security, Inc.     3,982       283,718
Johnson Controls International plc    20,573     1,231,706
Lennox International, Inc.       975       207,860
Masco Corp.     7,018       369,778
Owens Corning     2,938       267,152
Trane Technologies plc     6,822       954,330
    4,572,590
Capital Markets — 3.0%
Ameriprise Financial, Inc.     3,242       860,719
Bank of New York Mellon Corp. (The)    21,641       910,220
BlackRock, Inc. 4,164 2,601,168
Blackstone, Inc. 20,618 2,094,170
Carlyle Group, Inc. (The) 4,068 147,628
Charles Schwab Corp. (The) 43,994 2,918,122
CME Group, Inc. 10,514 2,306,141
Coinbase Global, Inc., Class A * (a) 864 97,381
FactSet Research Systems, Inc. 1,112 448,681
Franklin Resources, Inc. 8,222 202,179
Goldman Sachs Group, Inc. (The) 9,931 3,033,821
Intercontinental Exchange, Inc. 16,430 1,902,758
Invesco Ltd. 9,980 183,432
Jefferies Financial Group, Inc. 5,650 173,794
KKR & Co., Inc. 17,126 872,912
MarketAxess Holdings, Inc. 1,118 294,716
Moody's Corp. 4,726 1,495,684
Morgan Stanley 41,500 3,344,485
MSCI, Inc. 2,374 1,000,048
Nasdaq, Inc. 3,432 540,094
Northern Trust Corp. 6,083 626,853
Raymond James Financial, Inc. 5,474 533,496
S&P Global, Inc. 10,376 3,906,564
SEI Investments Co. 3,091 172,231
State Street Corp. 10,716 717,651
T. Rowe Price Group, Inc. 6,707 825,229
    32,210,177
Chemicals — 1.8%
Air Products and Chemicals, Inc. 6,481 1,517,008
Albemarle Corp. 3,430 661,407
Celanese Corp. 3,165 465,065
CF Industries Holdings, Inc. 6,289 608,964
Corteva, Inc. 21,274 1,227,297
Dow, Inc. 21,533 1,431,945
INVESTMENTS SHARES VALUE($)
 
Chemicals — continued
DuPont de Nemours, Inc.    15,022       990,400
Eastman Chemical Co.     3,776       387,682
Ecolab, Inc.     7,295     1,235,335
FMC Corp.     3,716       492,519
International Flavors & Fragrances, Inc.     7,461       905,019
Linde plc (United Kingdom)    14,986     4,675,033
LyondellBasell Industries NV, Class A     7,682       814,522
Mosaic Co. (The)    10,834       676,258
PPG Industries, Inc.     6,951       889,658
Sherwin-Williams Co. (The)     7,053     1,939,293
Westlake Corp.       963       121,868
    19,039,273
Commercial Services & Supplies — 0.4%
Cintas Corp. 2,584 1,026,520
Copart, Inc. * 6,235 708,608
Republic Services, Inc. 6,112 820,658
Rollins, Inc. 6,631 222,404
Waste Management, Inc. 11,271 1,853,403
    4,631,593
Communications Equipment — 0.8%
Arista Networks, Inc. * 6,577 760,104
Cisco Systems, Inc. 123,431 6,045,650
F5, Inc. * 1,775 297,153
Juniper Networks, Inc. 9,525 300,228
Motorola Solutions, Inc. 4,943 1,056,270
    8,459,405
Construction & Engineering — 0.0% ^
Quanta Services, Inc. 4,162 482,709
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 1,818 643,972
Vulcan Materials Co. 3,874 667,451
    1,311,423
Consumer Finance — 0.6%
Ally Financial, Inc. 9,891 395,244
American Express Co. 18,005 3,145,653
Capital One Financial Corp. 12,124 1,510,893
Discover Financial Services 8,430 948,038
SoFi Technologies, Inc. * (a) 18,895 115,637
Synchrony Financial 15,244 561,132
Upstart Holdings, Inc. * (a) 1,441 108,104
    6,784,701
 
SEE NOTES TO FINANCIAL STATEMENTS.
124 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Containers & Packaging — 0.3%
Amcor plc    44,296       525,351
Avery Dennison Corp.     2,414       435,968
Ball Corp.     9,491       770,289
Crown Holdings, Inc.     3,700       407,148
International Paper Co.    11,335       524,584
Packaging Corp. of America     2,792       449,987
Sealed Air Corp.     4,339       278,607
Westrock Co.     7,691       380,935
    3,772,869
Distributors — 0.1%
Genuine Parts Co.     4,159       540,878
LKQ Corp. 7,849 389,546
Pool Corp. 1,172 474,918
    1,405,342
Diversified Financial Services — 1.7%
Apollo Global Management, Inc. 10,854 540,095
Berkshire Hathaway, Inc., Class B * 53,593 17,301,428
Equitable Holdings, Inc. 11,021 317,736
Voya Financial, Inc. 3,165 199,838
    18,359,097
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 208,989 3,941,532
Lumen Technologies, Inc. 26,978 271,399
Verizon Communications, Inc. 122,857 5,688,279
    9,901,210
Electric Utilities — 1.7%
Alliant Energy Corp. 7,322 430,607
American Electric Power Co., Inc. 14,750 1,461,873
Avangrid, Inc. (a) 2,040 90,474
Duke Energy Corp. 22,503 2,478,930
Edison International 11,113 764,463
Entergy Corp. 5,876 698,363
Evergy, Inc. 6,709 455,206
Eversource Energy 10,074 880,468
Exelon Corp. 28,653 1,340,387
FirstEnergy Corp. 16,678 722,324
NextEra Energy, Inc. 57,416 4,077,684
NRG Energy, Inc. 7,176 257,618
PG&E Corp. * (a) 44,167 558,713
Pinnacle West Capital Corp. 3,292 234,390
PPL Corp. 21,958 621,631
INVESTMENTS SHARES VALUE($)
 
Electric Utilities — continued
Southern Co. (The)    31,028     2,277,145
Xcel Energy, Inc.    15,761     1,154,651
    18,504,927
Electrical Equipment — 0.6%
AMETEK, Inc.     6,763       853,896
Eaton Corp. plc    11,663     1,691,368
Emerson Electric Co.    17,392     1,568,411
Generac Holdings, Inc. *     1,837       403,001
Hubbell, Inc.     1,580       308,669
Plug Power, Inc. * (a)    15,177       319,021
Rockwell Automation, Inc.     3,409       861,352
Sensata Technologies Holding plc * 4,617 209,658
    6,215,376
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A 17,523 1,252,895
CDW Corp. 3,982 649,783
Cognex Corp. 5,180 350,323
Corning, Inc. 21,859 769,218
Flex Ltd. * 13,591 224,116
IPG Photonics Corp. * 1,056 99,771
Keysight Technologies, Inc. * 5,346 749,883
TE Connectivity Ltd. (Switzerland) 9,535 1,189,777
Teledyne Technologies, Inc. * 1,374 592,950
Trimble, Inc. * 7,340 489,578
Zebra Technologies Corp., Class A * 1,544 570,755
    6,939,049
Energy Equipment & Services — 0.3%
Baker Hughes Co. 26,504 822,154
Halliburton Co. 26,288 936,378
Schlumberger NV 41,069 1,602,102
    3,360,634
Entertainment — 1.3%
Activision Blizzard, Inc. 22,791 1,723,000
AMC Entertainment Holdings, Inc., Class A * (a) 15,050 230,265
Electronic Arts, Inc. 8,223 970,725
Live Nation Entertainment, Inc. * 3,965 415,849
Netflix, Inc. * 13,003 2,475,251
Playtika Holding Corp. * 2,989 52,547
Roku, Inc. * 3,449 320,412
Take-Two Interactive Software, Inc. * 3,388 404,900
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 125

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Entertainment — continued
Walt Disney Co. (The) *    53,281     5,947,758
Warner Bros Discovery, Inc. *    64,397     1,168,805
    13,709,512
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities, Inc.     4,269       777,641
American Tower Corp.    13,334     3,213,761
AvalonBay Communities, Inc.     4,089       930,166
Boston Properties, Inc.     4,152       488,275
Camden Property Trust     2,983       468,003
Crown Castle International Corp.    12,637     2,340,499
Digital Realty Trust, Inc.     8,291     1,211,481
Duke Realty Corp. 11,138 609,805
Equinix, Inc. 2,634 1,894,057
Equity LifeStyle Properties, Inc. 5,043 389,723
Equity Residential 9,991 814,266
Essex Property Trust, Inc. 1,921 632,528
Extra Space Storage, Inc. 3,906 742,140
Federal Realty Investment Trust 2,068 242,080
Healthpeak Properties, Inc. 15,777 517,643
Host Hotels & Resorts, Inc. 20,903 425,376
Invitation Homes, Inc. 17,465 695,456
Iron Mountain, Inc. 8,471 455,147
Kimco Realty Corp. 18,047 457,131
Mid-America Apartment Communities, Inc. 3,386 665,958
Prologis, Inc. 21,646 3,469,637
Public Storage 4,456 1,655,404
Realty Income Corp. 16,561 1,148,671
Regency Centers Corp. 4,496 309,460
SBA Communications Corp. 3,185 1,105,545
Simon Property Group, Inc. 9,616 1,134,688
Sun Communities, Inc. 3,403 597,465
UDR, Inc. 8,750 465,588
Ventas, Inc. 11,679 648,768
VICI Properties, Inc. 24,665 735,264
Vornado Realty Trust 4,654 180,156
Welltower, Inc. 12,745 1,157,373
Weyerhaeuser Co. 21,867 901,358
WP Carey, Inc. 5,574 450,212
    31,930,725
Food & Staples Retailing — 1.5%
Albertsons Cos., Inc., Class A (a) 2,964 92,714
Costco Wholesale Corp. 12,989 6,906,511
Kroger Co. (The) 19,574 1,056,213
INVESTMENTS SHARES VALUE($)
 
Food & Staples Retailing — continued
Sysco Corp.    14,850     1,269,378
Walgreens Boots Alliance, Inc.    20,968       889,043
Walmart, Inc.    41,396     6,333,174
    16,547,033
Food Products — 1.1%
Archer-Daniels-Midland Co.    16,369     1,466,008
Bunge Ltd.     4,109       464,810
Campbell Soup Co.     5,908       278,976
Conagra Brands, Inc.    14,033       490,173
General Mills, Inc.    17,663     1,249,304
Hershey Co. (The)     4,265       962,909
Hormel Foods Corp. 8,247 432,060
J M Smucker Co. (The) 3,174 434,616
Kellogg Co. 7,495 513,407
Kraft Heinz Co. (The) 20,767 885,297
Lamb Weston Holdings, Inc. 4,260 281,586
McCormick & Co., Inc. (Non-Voting) 7,306 734,764
Mondelez International, Inc., Class A 40,642 2,620,596
Tyson Foods, Inc., Class A 8,548 796,332
    11,610,838
Gas Utilities — 0.1%
Atmos Energy Corp. 3,974 450,652
UGI Corp. 6,138 210,533
    661,185
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories 51,756 5,874,306
ABIOMED, Inc. * 1,344 385,164
Align Technology, Inc. * 2,136 619,248
Baxter International, Inc. 14,644 1,040,603
Becton Dickinson and Co. 8,344 2,062,553
Boston Scientific Corp. * 41,696 1,755,819
Cooper Cos., Inc. (The) 1,444 521,342
DENTSPLY SIRONA, Inc. 6,398 255,856
Dexcom, Inc. * 2,843 1,161,593
Edwards Lifesciences Corp. * 18,278 1,933,447
Hologic, Inc. * 7,312 526,391
IDEXX Laboratories, Inc. * 2,467 1,061,994
Insulet Corp. * 2,020 482,760
Intuitive Surgical, Inc. * 10,471 2,505,710
Medtronic plc 39,345 4,106,044
Novocure Ltd. * 2,614 200,180
ResMed, Inc. 4,288 857,471
STERIS plc 2,929 656,242
 
SEE NOTES TO FINANCIAL STATEMENTS.
126 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Stryker Corp.     9,832     2,372,068
Teleflex, Inc.     1,379       393,870
Zimmer Biomet Holdings, Inc.     6,114       738,265
Zimvie, Inc. *        10           225
    29,511,151
Health Care Providers & Services — 3.1%
agilon health, Inc. *     1,389        24,682
AmerisourceBergen Corp.     4,403       666,130
Anthem, Inc.     7,092     3,559,687
Cardinal Health, Inc.     8,112       470,902
Centene Corp. *    17,086     1,376,277
Cigna Corp. 9,439 2,329,356
CVS Health Corp. 38,413 3,692,642
DaVita, Inc. * 1,798 194,849
HCA Healthcare, Inc. 7,007 1,503,352
Henry Schein, Inc. * 4,060 329,266
Humana, Inc. 3,764 1,673,324
Laboratory Corp. of America Holdings * 2,715 652,360
McKesson Corp. 4,382 1,356,711
Molina Healthcare, Inc. * 1,713 536,940
Oak Street Health, Inc. * 4,088 73,952
Quest Diagnostics, Inc. 3,484 466,299
UnitedHealth Group, Inc. 27,572 14,021,741
Universal Health Services, Inc., Class B 2,130 260,989
    33,189,459
Health Care Technology — 0.2%
Cerner Corp. 8,622 807,364
Teladoc Health, Inc. * (a) 4,683 158,098
Veeva Systems, Inc., Class A * 4,069 740,355
    1,705,817
Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc., Class A * 10,154 1,555,694
Aramark 7,520 272,600
Booking Holdings, Inc. * 1,198 2,647,951
Caesars Entertainment, Inc. * 6,243 413,786
Carnival Corp. * (a) 23,662 409,353
Chipotle Mexican Grill, Inc. * 828 1,205,245
Darden Restaurants, Inc. 3,742 492,934
Domino's Pizza, Inc. 1,074 363,012
DraftKings, Inc., Class A * (a) 9,740 133,243
Expedia Group, Inc. * 4,394 767,852
Hilton Worldwide Holdings, Inc. * 8,156 1,266,545
Las Vegas Sands Corp. * 10,073 356,886
INVESTMENTS SHARES VALUE($)
 
Hotels, Restaurants & Leisure — continued
Marriott International, Inc., Class A *     7,993     1,418,917
McDonald's Corp.    21,865     5,447,884
MGM Resorts International    11,027       452,548
Royal Caribbean Cruises Ltd. *     6,575       511,075
Starbucks Corp.    33,674     2,513,427
Vail Resorts, Inc.     1,182       300,417
Wynn Resorts Ltd. *     3,091       217,854
Yum! Brands, Inc.     8,456       989,437
    21,736,660
Household Durables — 0.3%
DR Horton, Inc.     9,426       655,955
Garmin Ltd. 4,439 487,136
Lennar Corp., Class A 7,642 584,537
Lennar Corp., Class B 435 28,362
Mohawk Industries, Inc. * 1,592 224,568
Newell Brands, Inc. 11,079 256,479
NVR, Inc. * 87 380,730
PulteGroup, Inc. 7,277 303,887
Whirlpool Corp. 1,729 313,848
    3,235,502
Household Products — 1.5%
Church & Dwight Co., Inc. 7,073 690,042
Clorox Co. (The) 3,591 515,201
Colgate-Palmolive Co. 24,674 1,901,132
Kimberly-Clark Corp. 9,860 1,368,864
Procter & Gamble Co. (The) 70,152 11,262,903
    15,738,142
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The) 19,511 398,415
Vistra Corp. 14,110 353,032
    751,447
Industrial Conglomerates — 0.9%
3M Co. 16,702 2,408,762
General Electric Co. 32,185 2,399,392
Honeywell International, Inc. 20,072 3,884,133
Roper Technologies, Inc. 3,098 1,455,812
    10,148,099
Insurance — 2.2%
Aflac, Inc. 17,550 1,005,264
Alleghany Corp. * 391 327,071
Allstate Corp. (The) 8,206 1,038,387
American Financial Group, Inc. 1,947 269,621
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 127

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Insurance — continued
American International Group, Inc.    24,287     1,421,032
Aon plc, Class A     6,297     1,813,473
Arch Capital Group Ltd. *    11,305       516,299
Arthur J Gallagher & Co.     6,102     1,028,126
Brown & Brown, Inc.     6,874       426,051
Chubb Ltd.    12,598     2,600,857
Cincinnati Financial Corp.     4,384       537,741
Everest Re Group Ltd.     1,153       316,741
Fidelity National Financial, Inc.     8,338       332,019
Globe Life, Inc.     2,710       265,797
Hartford Financial Services Group, Inc. (The)     9,810       686,013
Lincoln National Corp. 4,882 293,652
Loews Corp. 5,746 361,079
Markel Corp. * 389 526,426
Marsh & McLennan Cos., Inc. 14,783 2,390,411
MetLife, Inc. 20,547 1,349,527
Principal Financial Group, Inc. 7,098 483,658
Progressive Corp. (The) 17,110 1,836,930
Prudential Financial, Inc. 11,062 1,200,338
Reinsurance Group of America, Inc. 1,972 211,635
Travelers Cos., Inc. (The) 7,052 1,206,315
W R Berkley Corp. 6,129 407,517
Willis Towers Watson plc 3,565 765,976
    23,617,956
Interactive Media & Services — 5.1%
Alphabet, Inc., Class A * 8,795 20,071,861
Alphabet, Inc., Class C * 8,131 18,695,852
InterActiveCorp. * 2,440 202,227
Match Group, Inc. * 8,272 654,729
Meta Platforms, Inc., Class A * 67,573 13,546,360
Pinterest, Inc., Class A * 16,660 341,863
Snap, Inc., Class A * 31,678 901,556
Twitter, Inc. * 23,391 1,146,627
    55,561,075
Internet & Direct Marketing Retail — 3.2%
Amazon.com, Inc. * 12,807 31,833,463
DoorDash, Inc., Class A * (a) 4,734 385,490
eBay, Inc. 18,322 951,278
Etsy, Inc. * (a) 3,717 346,387
MercadoLibre, Inc. (Brazil) * 1,368 1,331,926
Wayfair, Inc., Class A * (a) 2,287 175,962
    35,024,506
INVESTMENTS SHARES VALUE($)
 
IT Services — 4.7%
Accenture plc, Class A    18,508     5,559,063
Affirm Holdings, Inc. * (a)     4,741       136,067
Akamai Technologies, Inc. *     4,746       532,881
Automatic Data Processing, Inc.    12,287     2,680,778
Block, Inc., Class A *    14,656     1,458,858
Broadridge Financial Solutions, Inc.     3,424       493,501
Cloudflare, Inc., Class A *     8,130       700,318
Cognizant Technology Solutions Corp., Class A    15,377     1,243,999
DXC Technology Co. *     7,166       205,664
EPAM Systems, Inc. *     1,668       442,003
Fidelity National Information Services, Inc.    17,815     1,766,357
Fiserv, Inc. * 17,397 1,703,514
FleetCor Technologies, Inc. * 2,372 591,862
Gartner, Inc. * 2,400 697,320
Global Payments, Inc. 8,343 1,142,824
GoDaddy, Inc., Class A * 4,890 395,161
International Business Machines Corp. 26,241 3,469,323
Jack Henry & Associates, Inc. 2,123 402,478
Mastercard, Inc., Class A 25,264 9,180,432
MongoDB, Inc. * 1,961 696,018
Okta, Inc. * 4,349 518,879
Paychex, Inc. 9,389 1,189,868
PayPal Holdings, Inc. * 34,091 2,997,622
Snowflake, Inc., Class A * 6,910 1,184,651
Twilio, Inc., Class A * 4,932 551,496
VeriSign, Inc. * 2,836 506,765
Visa, Inc., Class A 48,542 10,345,757
Western Union Co. (The) 11,536 193,343
    50,986,802
Leisure Products — 0.0% ^
Hasbro, Inc. 3,794 334,099
Peloton Interactive, Inc., Class A * (a) 8,855 155,494
    489,593
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc. 8,785 1,047,787
Avantor, Inc. * 17,829 568,389
Bio-Rad Laboratories, Inc., Class A * 628 321,574
Bio-Techne Corp. 1,151 437,023
Charles River Laboratories International, Inc. * 1,475 356,227
Danaher Corp. 18,624 4,677,045
Illumina, Inc. * 4,582 1,359,250
IQVIA Holdings, Inc. * 5,585 1,217,474
 
SEE NOTES TO FINANCIAL STATEMENTS.
128 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — continued
Mettler-Toledo International, Inc. *       664       848,280
PerkinElmer, Inc.     3,702       542,750
Thermo Fisher Scientific, Inc.    11,543     6,382,356
Waters Corp. *     1,783       540,285
West Pharmaceutical Services, Inc.     2,156       679,269
    18,977,709
Machinery — 1.5%
Caterpillar, Inc.    15,821     3,330,953
Cummins, Inc.     4,160       787,030
Deere & Co.     8,203     3,097,043
Donaldson Co., Inc.     3,604       176,740
Dover Corp. 4,201 559,993
Fortive Corp. 10,493 603,348
IDEX Corp. 2,235 424,248
Illinois Tool Works, Inc. 8,367 1,649,219
Ingersoll Rand, Inc. 11,929 524,399
Otis Worldwide Corp. 12,444 906,421
PACCAR, Inc. 10,166 844,286
Parker-Hannifin Corp. 3,762 1,018,825
Pentair plc 4,853 246,290
Snap-on, Inc. 1,554 330,210
Stanley Black & Decker, Inc. 4,761 572,034
Westinghouse Air Brake Technologies Corp. 5,473 492,077
Xylem, Inc. 5,274 424,557
    15,987,673
Media — 0.9%
Charter Communications, Inc., Class A * 3,489 1,495,002
Comcast Corp., Class A 132,398 5,264,144
DISH Network Corp., Class A * (a) 7,305 208,266
Fox Corp., Class A 9,249 331,484
Fox Corp., Class B 4,276 142,134
Interpublic Group of Cos., Inc. (The) 11,531 376,141
Liberty Broadband Corp., Class A * 674 72,563
Liberty Broadband Corp., Class C * 4,135 462,376
Liberty Media Corp.-Liberty SiriusXM, Class A * 2,293 95,916
Liberty Media Corp.-Liberty SiriusXM, Class C * 4,657 195,035
News Corp., Class A 11,431 227,020
News Corp., Class B 3,539 70,461
Omnicom Group, Inc. (a) 6,116 465,611
Paramount Global, Class A 265 8,361
INVESTMENTS SHARES VALUE($)
 
Media — continued
Paramount Global, Class B    17,756       517,055
Sirius XM Holdings, Inc. (a)    26,566       159,396
    10,090,965
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.    42,975     1,742,636
Newmont Corp.    23,333     1,699,809
Nucor Corp.     7,951     1,230,656
Southern Copper Corp. (Peru)     2,501       155,738
Steel Dynamics, Inc.     5,519       473,254
    5,302,093
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^
AGNC Investment Corp. 15,269 167,654
Annaly Capital Management, Inc. 42,727 274,307
    441,961
Multiline Retail — 0.5%
Dollar General Corp. 6,773 1,608,791
Dollar Tree, Inc. * 6,594 1,071,195
Target Corp. 14,017 3,204,987
    5,884,973
Multi-Utilities — 0.9%
Ameren Corp. 7,542 700,652
CenterPoint Energy, Inc. 18,398 563,163
CMS Energy Corp. 8,477 582,285
Consolidated Edison, Inc. 10,365 961,250
Dominion Energy, Inc. 23,694 1,934,378
DTE Energy Co. 5,657 741,293
NiSource, Inc. 11,480 334,298
Public Service Enterprise Group, Inc. 14,803 1,031,177
Sempra Energy 9,343 1,507,586
WEC Energy Group, Inc. 9,239 924,362
    9,280,444
Oil, Gas & Consumable Fuels — 3.7%
Cheniere Energy, Inc. 6,910 938,447
Chevron Corp. 56,421 8,839,478
ConocoPhillips 38,113 3,640,554
Continental Resources, Inc. (a) 1,715 95,303
Coterra Energy, Inc. 23,816 685,663
Devon Energy Corp. 18,418 1,071,375
Diamondback Energy, Inc. 4,981 628,752
EOG Resources, Inc. 17,128 1,999,865
Exxon Mobil Corp. 123,909 10,563,242
Hess Corp. 8,075 832,290
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 129

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Kinder Morgan, Inc.    57,068     1,035,784
Marathon Petroleum Corp.    16,939     1,478,097
Occidental Petroleum Corp.    25,962     1,430,247
ONEOK, Inc.    13,055       826,773
Phillips 66    13,691     1,187,831
Pioneer Natural Resources Co.     6,649     1,545,693
Texas Pacific Land Corp.       192       262,387
Valero Energy Corp.    11,962     1,333,524
Williams Cos., Inc. (The)    35,555     1,219,181
    39,614,486
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A 6,792 1,793,496
Olaplex Holdings, Inc. * 2,082 30,605
    1,824,101
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co. 63,787 4,801,247
Catalent, Inc. * 5,241 474,625
Elanco Animal Health, Inc. * 13,857 350,721
Eli Lilly & Co. 23,241 6,789,393
Jazz Pharmaceuticals plc * 1,794 287,435
Johnson & Johnson 77,054 13,905,165
Merck & Co., Inc. 73,925 6,556,408
Pfizer, Inc. 164,257 8,060,091
Royalty Pharma plc, Class A 10,437 444,407
Viatris, Inc. 35,443 366,126
Zoetis, Inc. 13,858 2,456,331
    44,491,949
Professional Services — 0.4%
Clarivate plc * 11,655 182,750
CoStar Group, Inc. * 11,566 735,829
Dun & Bradstreet Holdings, Inc. * 4,412 69,665
Equifax, Inc. 3,563 725,142
Jacobs Engineering Group, Inc. 3,782 523,996
Leidos Holdings, Inc. 4,104 424,805
Nielsen Holdings plc 10,499 281,478
TransUnion 5,600 490,112
Verisk Analytics, Inc. 4,711 961,280
    4,395,057
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A * 9,804 814,124
Opendoor Technologies, Inc. * (a) 11,388 79,602
INVESTMENTS SHARES VALUE($)
 
Real Estate Management & Development — continued
Zillow Group, Inc., Class A * (a)     1,088        42,051
Zillow Group, Inc., Class C *     4,879       194,282
    1,130,059
Road & Rail — 1.1%
CSX Corp.    64,911     2,229,044
JB Hunt Transport Services, Inc.     2,447       418,070
Lyft, Inc., Class A *     8,758       285,511
Norfolk Southern Corp.     7,014     1,808,770
Old Dominion Freight Line, Inc.     2,716       760,806
Uber Technologies, Inc. *    48,837     1,537,389
Union Pacific Corp.    18,639     4,366,931
XPO Logistics, Inc. * 2,889 155,399
    11,561,920
Semiconductors & Semiconductor Equipment — 5.3%
Advanced Micro Devices, Inc. * 47,834 4,090,764
Analog Devices, Inc. 15,379 2,374,210
Applied Materials, Inc. 25,980 2,866,893
Broadcom, Inc. 12,069 6,690,933
Enphase Energy, Inc. * 3,907 630,590
Entegris, Inc. 3,976 442,887
Intel Corp. 119,160 5,194,184
KLA Corp. 4,407 1,406,979
Lam Research Corp. 4,082 1,901,232
Marvell Technology, Inc. 24,699 1,434,518
Microchip Technology, Inc. 16,274 1,061,065
Micron Technology, Inc. 32,783 2,235,473
Monolithic Power Systems, Inc. 1,258 493,438
NVIDIA Corp. 73,155 13,568,058
NXP Semiconductors NV (China) 7,790 1,331,311
ON Semiconductor Corp. * 12,600 656,586
Qorvo, Inc. * 3,176 361,365
QUALCOMM, Inc. 32,974 4,606,138
Skyworks Solutions, Inc. 4,787 542,367
SolarEdge Technologies, Inc. * 1,529 382,877
Teradyne, Inc. 4,760 501,989
Texas Instruments, Inc. 27,032 4,602,198
    57,376,055
Software — 9.3%
Adobe, Inc. * 13,793 5,461,338
ANSYS, Inc. * 2,560 705,766
AppLovin Corp., Class A * (a) 1,048 39,981
Autodesk, Inc. * 6,435 1,218,017
Bentley Systems, Inc., Class B (a) 5,374 227,804
 
SEE NOTES TO FINANCIAL STATEMENTS.
130 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Software — continued
Bill.com Holdings, Inc. *     2,691       459,381
Cadence Design Systems, Inc. *     8,114     1,223,997
Ceridian HCM Holding, Inc. *     4,010       225,081
Citrix Systems, Inc.     3,636       363,964
Coupa Software, Inc. *     2,172       187,444
Crowdstrike Holdings, Inc., Class A *     6,095     1,211,442
Datadog, Inc., Class A *     7,531       909,594
DocuSign, Inc. *     5,794       469,314
Dynatrace, Inc. *     5,775       221,529
Fortinet, Inc. *     3,981     1,150,549
HubSpot, Inc. *     1,300       493,259
Intuit, Inc. 8,274 3,464,737
Microsoft Corp. 219,410 60,890,663
NortonLifeLock, Inc. 17,015 426,056
Oracle Corp. 46,099 3,383,667
Palantir Technologies, Inc., Class A * 46,870 487,448
Palo Alto Networks, Inc. * 2,890 1,622,099
Paycom Software, Inc. * 1,413 397,717
Paylocity Holding Corp. * 1,162 220,350
PTC, Inc. * 3,092 353,137
RingCentral, Inc., Class A * 2,396 203,301
Salesforce, Inc. * 28,826 5,071,646
ServiceNow, Inc. * 5,850 2,796,885
Splunk, Inc. * 4,648 567,149
SS&C Technologies Holdings, Inc. 6,468 418,221
Synopsys, Inc. * 4,479 1,284,532
Trade Desk, Inc. (The), Class A * 12,766 752,173
Tyler Technologies, Inc. * 1,196 472,073
UiPath, Inc., Class A * (a) 7,783 138,771
Unity Software, Inc. * 4,782 317,573
VMware, Inc., Class A 5,897 637,112
Workday, Inc., Class A * 5,637 1,165,168
Zoom Video Communications, Inc., Class A * 6,383 635,555
Zscaler, Inc. * 2,336 473,601
    100,748,094
Specialty Retail — 2.1%
Advance Auto Parts, Inc. 1,818 362,927
AutoZone, Inc. * 602 1,177,193
Bath & Body Works, Inc. 7,545 399,055
Best Buy Co., Inc. 6,342 570,336
Burlington Stores, Inc. * 1,962 399,385
CarMax, Inc. * 4,725 405,310
Carvana Co. * 2,515 145,769
Home Depot, Inc. (The) 30,561 9,180,524
INVESTMENTS SHARES VALUE($)
 
Specialty Retail — continued
Lowe's Cos., Inc.    19,725     3,900,224
O'Reilly Automotive, Inc. *     1,978     1,199,756
Ross Stores, Inc.    10,326     1,030,225
TJX Cos., Inc. (The)    34,913     2,139,469
Tractor Supply Co.     3,319       668,613
Ulta Beauty, Inc. *     1,572       623,770
    22,202,556
Technology Hardware, Storage & Peripherals — 6.9%
Apple, Inc.   453,731    71,530,692
Dell Technologies, Inc., Class C     8,482       398,739
Hewlett Packard Enterprise Co.    37,853       583,315
HP, Inc. 31,691 1,160,841
NetApp, Inc. 6,496 475,832
Seagate Technology Holdings plc 5,887 482,970
Western Digital Corp. * 9,145 485,325
    75,117,714
Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc. * 3,448 1,222,764
NIKE, Inc., Class B 37,343 4,656,672
Tapestry, Inc. 7,711 253,846
Under Armour, Inc., Class A * 5,522 84,818
Under Armour, Inc., Class C * 6,304 89,454
VF Corp. 9,434 490,568
    6,798,122
Tobacco — 0.7%
Altria Group, Inc. 53,349 2,964,604
Philip Morris International, Inc. 45,362 4,536,200
    7,500,804
Trading Companies & Distributors — 0.2%
Fastenal Co. 16,848 931,863
United Rentals, Inc. * 2,112 668,490
Watsco, Inc. 958 255,575
WW Grainger, Inc. 1,257 628,538
    2,484,466
Water Utilities — 0.1%
American Water Works Co., Inc. 5,306 817,548
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc. * 17,182 2,115,792
Total Common Stocks
(Cost $1,070,253,861) 		  1,076,821,740
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 131

Table of Contents
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Short Term Investments — 0.8%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)
(Cost $4,124,457) 		4,124,457     4,124,457
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)
(Cost $4,273,902) 		4,273,902     4,273,902
Total Short Term Investments
(Cost $8,398,359) 		  8,398,359
Total Investments — 100.3%
(Cost $1,078,652,220) 		  1,085,220,099
Liabilities in Excess of Other Assets — (0.3)%   (3,493,939)
NET ASSETS — 100.0%   1,081,726,160
Percentages indicated are based on net assets.
    
^ Amount rounds to less than 0.1% of net assets.
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,968,472.  
(b) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
 
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
S&P 500 E-Mini Index 21 06/17/2022 USD 4,337,288 (151,298)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
132 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 1.4%
Axon Enterprise, Inc. *     35,274     3,957,743
BWX Technologies, Inc.     47,503     2,466,356
Curtiss-Wright Corp.     20,204     2,887,354
Hexcel Corp.     43,209     2,348,841
Mercury Systems, Inc. *     29,235     1,631,021
Moog, Inc., Class A     14,950     1,194,056
Rocket Lab USA, Inc. *     74,037       546,393
Spirit AeroSystems Holdings, Inc., Class A     54,344     2,284,622
Woodward, Inc.     32,482     3,588,611
    20,904,997
Air Freight & Logistics — 0.2%
GXO Logistics, Inc. * 50,786 3,006,023
Airlines — 0.9%
Alaska Air Group, Inc. * 64,846 3,526,974
Allegiant Travel Co. * 7,821 1,213,741
American Airlines Group, Inc. * (a) 333,632 6,262,272
Frontier Group Holdings, Inc. * 15,570 165,198
JetBlue Airways Corp. * 163,791 1,803,339
Joby Aviation, Inc. * (a) 136,843 717,057
    13,688,581
Auto Components — 1.0%
Adient plc * 48,800 1,666,032
Dana, Inc. 74,278 1,100,057
Fox Factory Holding Corp. * 21,682 1,775,322
Gentex Corp. 121,823 3,575,505
Goodyear Tire & Rubber Co. (The) * 144,733 1,927,844
Luminar Technologies, Inc. * (a) 116,489 1,440,969
QuantumScape Corp. * (a) 131,926 1,970,975
Visteon Corp. * 14,430 1,510,965
    14,967,669
Automobiles — 0.3%
Harley-Davidson, Inc. 79,263 2,889,136
Thor Industries, Inc. (a) 28,642 2,192,545
    5,081,681
Banks — 5.4%
Associated Banc-Corp. 77,058 1,537,307
Bank of Hawaii Corp. 20,737 1,541,589
Bank OZK 62,323 2,394,450
BankUnited, Inc. 44,107 1,655,777
BOK Financial Corp. 15,513 1,286,493
Cadence Bank 97,012 2,429,181
Commerce Bancshares, Inc. 56,924 3,891,894
INVESTMENTS SHARES VALUE($)
 
Banks — continued
Cullen/Frost Bankers, Inc.     29,347     3,882,315
First Citizens BancShares, Inc., Class A      6,861     4,386,786
First Financial Bankshares, Inc.     66,082     2,641,958
First Hawaiian, Inc.     65,666     1,550,374
First Horizon Corp.    275,053     6,155,686
FNB Corp.    175,008     2,016,092
Glacier Bancorp, Inc.     55,856     2,555,971
Hancock Whitney Corp.     44,721     2,091,601
Home BancShares, Inc.     77,583     1,677,345
PacWest Bancorp     61,598     2,025,958
Pinnacle Financial Partners, Inc.     39,220     3,041,511
Popular, Inc. (Puerto Rico) 41,117 3,206,715
Prosperity Bancshares, Inc. 47,488 3,104,765
SouthState Corp. 39,469 3,056,479
Synovus Financial Corp. 74,694 3,102,789
Texas Capital Bancshares, Inc. * 26,082 1,339,572
UMB Financial Corp. 22,208 2,002,717
Umpqua Holdings Corp. 111,586 1,845,632
United Bankshares, Inc. 70,247 2,336,415
Valley National Bancorp 217,050 2,600,259
Webster Financial Corp. 92,610 4,629,574
Western Alliance Bancorp 54,899 4,178,363
Wintrust Financial Corp. 29,360 2,563,715
    80,729,283
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A * 4,826 1,809,750
Celsius Holdings, Inc. * (a) 19,658 1,022,216
National Beverage Corp. 12,030 530,282
    3,362,248
Biotechnology — 3.2%
ACADIA Pharmaceuticals, Inc. * 60,431 1,114,348
Agios Pharmaceuticals, Inc. * 27,963 614,347
Allakos, Inc. * (a) 18,197 68,603
Arrowhead Pharmaceuticals, Inc. * 54,304 2,232,438
Beam Therapeutics, Inc. * (a) 23,161 869,232
Biohaven Pharmaceutical Holding Co. Ltd. * 31,616 2,819,199
Blueprint Medicines Corp. * 30,295 1,767,713
Bridgebio Pharma, Inc. * (a) 55,349 443,899
Cerevel Therapeutics Holdings, Inc. * 28,805 843,410
ChemoCentryx, Inc. * 25,258 466,263
CRISPR Therapeutics AG (Switzerland) * 36,262 1,799,320
Denali Therapeutics, Inc. * 47,806 1,137,783
Exelixis, Inc. * 162,953 3,640,370
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 133

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Biotechnology — continued
Fate Therapeutics, Inc. *     41,800     1,193,808
Global Blood Therapeutics, Inc. *     30,200       927,140
Halozyme Therapeutics, Inc. *     72,513     2,893,269
ImmunityBio, Inc. * (a)     34,826       126,418
Intellia Therapeutics, Inc. *     35,640     1,747,429
Ionis Pharmaceuticals, Inc. *     72,721     2,673,224
Iovance Biotherapeutics, Inc. *     70,301     1,065,060
Kodiak Sciences, Inc. *     17,299       104,140
Ligand Pharmaceuticals, Inc. *      8,602       798,782
Mirati Therapeutics, Inc. *     25,589     1,581,144
Natera, Inc. *     45,320     1,591,638
Novavax, Inc. * (a) 38,926 1,754,395
Recursion Pharmaceuticals, Inc., Class A * (a) 13,145 81,499
Relay Therapeutics, Inc. * 39,503 941,357
Sage Therapeutics, Inc. * 26,713 841,994
Sana Biotechnology, Inc. * (a) 42,778 322,974
Sarepta Therapeutics, Inc. * 44,845 3,243,190
Twist Bioscience Corp. * 27,731 799,762
Ultragenyx Pharmaceutical, Inc. * 35,090 2,480,512
United Therapeutics Corp. * 23,194 4,118,327
Vir Biotechnology, Inc. * 37,752 768,253
    47,871,240
Building Products — 2.0%
A O Smith Corp. 67,694 3,955,360
Advanced Drainage Systems, Inc. 29,266 2,998,594
Armstrong World Industries, Inc. 24,463 2,071,038
AZEK Co., Inc. (The) * 57,511 1,221,534
Builders FirstSource, Inc. * 98,638 6,073,142
Carlisle Cos., Inc. 26,933 6,985,343
Hayward Holdings, Inc. * 21,519 342,152
JELD-WEN Holding, Inc. * 47,185 980,976
Trex Co., Inc. * 59,296 3,450,434
UFP Industries, Inc. 31,865 2,465,395
    30,543,968
Capital Markets — 2.7%
Affiliated Managers Group, Inc. 20,933 2,628,557
Ares Management Corp. 86,333 5,716,971
Artisan Partners Asset Management, Inc., Class A 34,369 1,104,620
Blue Owl Capital, Inc. 171,355 2,044,265
Evercore, Inc., Class A 20,095 2,125,046
Federated Hermes, Inc. 49,891 1,420,896
Houlihan Lokey, Inc. 26,090 2,173,036
INVESTMENTS SHARES VALUE($)
 
Capital Markets — continued
Interactive Brokers Group, Inc., Class A     44,991     2,679,664
Janus Henderson Group plc     87,072     2,653,954
LPL Financial Holdings, Inc.     41,263     7,752,080
Morningstar, Inc.     12,214     3,092,951
Open Lending Corp., Class A *     52,637       717,969
Stifel Financial Corp.     53,830     3,329,385
Tradeweb Markets, Inc., Class A     54,141     3,854,298
    41,293,692
Chemicals — 2.5%
Amyris, Inc. * (a)    100,030       343,103
Ashland Global Holdings, Inc.     27,255     2,860,957
Avient Corp. 47,120 2,320,189
Axalta Coating Systems Ltd. * 110,546 2,804,552
Balchem Corp. 16,691 2,056,331
Cabot Corp. 29,152 1,919,659
Diversey Holdings Ltd. * 24,531 189,870
Element Solutions, Inc. 112,166 2,312,863
Huntsman Corp. 106,673 3,613,015
Ingevity Corp. * 20,227 1,211,597
NewMarket Corp. 3,537 1,148,146
Olin Corp. 72,677 4,171,660
RPM International, Inc. 66,804 5,538,052
Scotts Miracle-Gro Co. (The) 20,896 2,171,721
Sensient Technologies Corp. 21,644 1,831,082
Valvoline, Inc. 92,386 2,792,829
    37,285,626
Commercial Services & Supplies — 1.1%
Brink's Co. (The) 25,323 1,492,791
Cimpress plc (Ireland) * 10,080 509,141
Clean Harbors, Inc. * 25,769 2,703,941
Driven Brands Holdings, Inc. * 28,453 793,554
IAA, Inc. * 69,452 2,545,416
MSA Safety, Inc. 18,769 2,265,231
Stericycle, Inc. * 47,303 2,374,137
Tetra Tech, Inc. 27,811 3,873,516
    16,557,727
Communications Equipment — 0.7%
Ciena Corp. * 79,759 4,400,304
CommScope Holding Co., Inc. * 105,343 635,218
Lumentum Holdings, Inc. * 37,180 3,019,388
Viasat, Inc. * 38,327 1,410,817
Viavi Solutions, Inc. * 118,482 1,699,032
    11,164,759
 
SEE NOTES TO FINANCIAL STATEMENTS.
134 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Construction & Engineering — 1.3%
AECOM     72,787     5,135,851
EMCOR Group, Inc.     27,502     2,928,413
MasTec, Inc. *     30,301     2,181,975
MDU Resources Group, Inc.    104,744     2,698,205
Valmont Industries, Inc.     10,926     2,718,498
WillScot Mobile Mini Holdings Corp. *    114,936     4,034,254
    19,697,196
Construction Materials — 0.2%
Eagle Materials, Inc.     20,335     2,507,712
Consumer Finance — 0.7%
Credit Acceptance Corp. *      4,131     2,117,137
FirstCash Holdings, Inc. 20,729 1,653,760
Green Dot Corp., Class A * 28,148 745,359
LendingClub Corp. * 52,028 793,427
OneMain Holdings, Inc. 55,790 2,562,435
PROG Holdings, Inc. * 29,217 773,374
SLM Corp. 143,641 2,403,114
    11,048,606
Containers & Packaging — 1.1%
AptarGroup, Inc. 33,906 3,893,426
Berry Global Group, Inc. * 69,676 3,926,242
Graphic Packaging Holding Co. 145,530 3,172,554
Silgan Holdings, Inc. 43,218 1,917,583
Sonoco Products Co. 50,655 3,136,051
    16,045,856
Diversified Consumer Services — 1.5%
ADT, Inc. 75,051 514,099
Bright Horizons Family Solutions, Inc. * 31,083 3,550,922
Chegg, Inc. * 70,523 1,744,739
Coursera, Inc. * 43,349 815,395
Frontdoor, Inc. * 43,631 1,348,634
Graham Holdings Co., Class B 2,066 1,223,837
Grand Canyon Education, Inc. * 20,393 1,957,116
H&R Block, Inc. 84,750 2,209,433
Mister Car Wash, Inc. * 19,915 286,776
PowerSchool Holdings, Inc., Class A * 21,134 319,969
Service Corp. International 84,935 5,572,585
Terminix Global Holdings, Inc. * 62,407 2,863,857
Udemy, Inc. * 7,865 85,807
    22,493,169
INVESTMENTS SHARES VALUE($)
 
Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc. *    107,010     2,823,994
Iridium Communications, Inc. *     68,082     2,431,208
    5,255,202
Electric Utilities — 1.0%
ALLETE, Inc.     28,718     1,704,126
Hawaiian Electric Industries, Inc.     56,301     2,314,534
IDACORP, Inc.     26,027     2,737,520
OGE Energy Corp.    103,112     3,988,372
PNM Resources, Inc.     44,199     2,062,326
Portland General Electric Co.     46,061     2,180,067
    14,986,945
Electrical Equipment — 1.4%
Acuity Brands, Inc. 18,024 3,108,779
Array Technologies, Inc. * 61,888 404,129
Bloom Energy Corp., Class A * 76,101 1,412,435
ChargePoint Holdings, Inc. * (a) 90,358 1,169,232
EnerSys 21,261 1,391,745
Enovix Corp. * 50,123 453,112
GrafTech International Ltd. 103,050 935,694
nVent Electric plc 86,640 2,926,699
Regal Rexnord Corp. 34,892 4,439,658
Sunrun, Inc. * 106,611 2,130,088
Vertiv Holdings Co. 156,723 1,963,739
    20,335,310
Electronic Equipment, Instruments & Components — 2.0%
Arrow Electronics, Inc. * 35,043 4,130,168
Avnet, Inc. 50,969 2,225,307
Belden, Inc. 23,126 1,193,995
Coherent, Inc. * 12,775 3,422,423
II-VI, Inc. * (a) 54,768 3,352,349
Jabil, Inc. 73,908 4,266,709
Littelfuse, Inc. 12,672 2,905,056
National Instruments Corp. 67,924 2,454,773
Novanta, Inc. * 18,343 2,360,744
TD SYNNEX Corp. 21,359 2,137,822
Vontier Corp. 87,079 2,230,964
    30,680,310
Energy Equipment & Services — 0.4%
ChampionX Corp. 104,079 2,196,067
NOV, Inc. 202,237 3,666,557
    5,862,624
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 135

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Entertainment — 1.1%
Liberty Media Corp-Liberty Formula One, Class A *     11,618       667,105
Liberty Media Corp-Liberty Formula One, Class C *    104,997     6,544,463
Lions Gate Entertainment Corp., Class A *     31,721       427,916
Lions Gate Entertainment Corp., Class B *     62,897       790,615
Madison Square Garden Sports Corp. *      8,808     1,427,865
Skillz, Inc. * (a)    134,595       275,920
Warner Music Group Corp., Class A     59,345     1,766,701
Zynga, Inc., Class A *    547,358     4,526,651
    16,427,236
Equity Real Estate Investment Trusts (REITs) — 9.3%
American Campus Communities, Inc.     71,676     4,635,287
American Homes 4 Rent, Class A 152,082 6,023,968
Americold Realty Trust 137,396 3,624,506
Apartment Income REIT Corp. 80,862 3,975,984
Apple Hospitality REIT, Inc. 109,388 1,935,074
Brixmor Property Group, Inc. 153,410 3,893,546
Cousins Properties, Inc. 76,573 2,748,971
CubeSmart 112,696 5,354,187
DigitalBridge Group, Inc. * 264,477 1,840,760
Douglas Emmett, Inc. 90,379 2,662,565
EastGroup Properties, Inc. 20,949 3,927,937
EPR Properties 38,530 2,023,596
Equity Commonwealth * 58,267 1,526,013
First Industrial Realty Trust, Inc. 67,107 3,892,206
Gaming and Leisure Properties, Inc. 120,965 5,368,427
Healthcare Realty Trust, Inc. 76,008 2,058,297
Healthcare Trust of America, Inc., Class A 113,728 3,464,155
Highwoods Properties, Inc. 54,024 2,206,340
Hudson Pacific Properties, Inc. 78,541 1,828,434
Innovative Industrial Properties, Inc. 14,006 2,025,127
JBG SMITH Properties 58,790 1,549,704
Kilroy Realty Corp. 54,099 3,786,930
Lamar Advertising Co., Class A 44,717 4,937,204
Life Storage, Inc. 42,253 5,598,100
Medical Properties Trust, Inc. 307,408 5,653,233
National Health Investors, Inc. 23,628 1,217,551
National Retail Properties, Inc. 90,452 3,965,416
National Storage Affiliates Trust 42,215 2,389,369
Omega Healthcare Investors, Inc. 123,099 3,136,562
Outfront Media, Inc. 74,994 1,919,846
Park Hotels & Resorts, Inc. 121,803 2,400,737
Pebblebrook Hotel Trust 67,678 1,652,697
INVESTMENTS SHARES VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
Piedmont Office Realty Trust, Inc., Class A     63,941     1,029,450
PS Business Parks, Inc.     10,345     1,936,584
Rayonier, Inc.     74,873     3,234,514
Rexford Industrial Realty, Inc.     82,543     6,441,656
RLJ Lodging Trust     85,790     1,202,776
Ryman Hospitality Properties, Inc. *     28,370     2,652,028
Sabra Health Care REIT, Inc.    117,792     1,375,811
SITE Centers Corp.     92,474     1,470,337
SL Green Realty Corp.     33,023     2,285,870
Spirit Realty Capital, Inc.     65,763     2,857,402
STAG Industrial, Inc.     90,774     3,387,686
STORE Capital Corp. 126,402 3,593,609
Sunstone Hotel Investors, Inc. * 112,954 1,383,686
Terreno Realty Corp. 38,871 2,827,865
Uniti Group, Inc. 121,602 1,506,649
    140,408,652
Food & Staples Retailing — 1.3%
BJ's Wholesale Club Holdings, Inc. * 70,036 4,506,817
Casey's General Stores, Inc. 19,120 3,848,856
Performance Food Group Co. * 79,719 3,926,161
PriceSmart, Inc. 12,396 984,862
Sprouts Farmers Market, Inc. * 57,821 1,723,066
US Foods Holding Corp. * 114,757 4,317,158
    19,306,920
Food Products — 1.4%
Beyond Meat, Inc. * (a) 30,982 1,142,616
Darling Ingredients, Inc. * 83,338 6,116,176
Flowers Foods, Inc. 102,358 2,714,534
Freshpet, Inc. * 22,349 2,086,279
Hain Celestial Group, Inc. (The) * 47,039 1,577,688
Ingredion, Inc. 34,256 2,915,528
Lancaster Colony Corp. 10,203 1,583,301
Pilgrim's Pride Corp. * 25,116 712,039
Post Holdings, Inc. * 29,312 2,180,520
Seaboard Corp. 126 532,349
    21,561,030
Gas Utilities — 0.8%
National Fuel Gas Co. 47,097 3,302,913
New Jersey Resources Corp. 49,472 2,135,211
ONE Gas, Inc. 27,608 2,329,287
Southwest Gas Holdings, Inc. 33,935 2,990,013
Spire, Inc. 26,669 1,940,170
    12,697,594
 
SEE NOTES TO FINANCIAL STATEMENTS.
136 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — 2.4%
Enovis Corp. *     23,330     1,513,417
Envista Holdings Corp. *     83,122     3,293,294
Figs, Inc., Class A *     18,737       293,422
Globus Medical, Inc., Class A *     40,712     2,695,949
Haemonetics Corp. *     26,321     1,333,685
ICU Medical, Inc. *     10,260     2,195,537
Inari Medical, Inc. *     16,534     1,334,294
Integra LifeSciences Holdings Corp. *     37,530     2,295,335
LivaNova plc *     27,429     2,102,707
Masimo Corp. *     26,169     2,956,312
Nevro Corp. *     17,967     1,108,384
NuVasive, Inc. * 26,662 1,371,493
Ortho Clinical Diagnostics Holdings plc * 58,635 1,032,562
Penumbra, Inc. * (a) 18,073 3,118,677
Quidel Corp. * 19,522 1,964,304
Shockwave Medical, Inc. * 18,198 2,750,264
STAAR Surgical Co. * 24,524 1,400,075
Tandem Diabetes Care, Inc. * 32,709 3,155,764
    35,915,475
Health Care Providers & Services — 2.4%
1Life Healthcare, Inc. * 87,489 616,797
Acadia Healthcare Co., Inc. * 46,320 3,144,202
Alignment Healthcare, Inc. * 14,475 139,105
Amedisys, Inc. * 16,799 2,144,392
Apollo Medical Holdings, Inc. * 19,448 709,463
Chemed Corp. 7,920 3,891,809
Encompass Health Corp. 51,229 3,526,092
Guardant Health, Inc. * 52,362 3,230,735
HealthEquity, Inc. * 43,065 2,683,811
Invitae Corp. * 107,264 569,572
LHC Group, Inc. * 16,307 2,704,516
LifeStance Health Group, Inc. * (a) 21,182 143,402
Option Care Health, Inc. * 71,321 2,131,072
Patterson Cos., Inc. 44,694 1,375,234
Premier, Inc., Class A 61,350 2,221,484
Privia Health Group, Inc. * 13,721 301,725
Progyny, Inc. * 35,847 1,378,317
R1 RCM, Inc. * 68,779 1,548,903
Signify Health, Inc., Class A * 12,339 170,278
Tenet Healthcare Corp. * 55,191 4,001,899
    36,632,808
Health Care Technology — 0.9%
Certara, Inc. * 53,448 980,771
INVESTMENTS SHARES VALUE($)
 
Health Care Technology — continued
Change Healthcare, Inc. *    129,971     3,062,117
Definitive Healthcare Corp. *     13,807       326,535
Doximity, Inc., Class A *     47,732     1,903,075
Inspire Medical Systems, Inc. *     14,082     2,897,512
Multiplan Corp. * (a)    124,925       553,418
Omnicell, Inc. *     22,622     2,469,644
Schrodinger, Inc. *     24,154       597,087
    12,790,159
Hotels, Restaurants & Leisure — 3.2%
Boyd Gaming Corp.     42,249     2,559,445
Choice Hotels International, Inc.     16,907     2,374,757
Churchill Downs, Inc. 17,731 3,598,329
Cracker Barrel Old Country Store, Inc. 12,125 1,345,754
Hilton Grand Vacations, Inc. * 45,668 2,138,633
Hyatt Hotels Corp., Class A * 25,921 2,461,458
Life Time Group Holdings, Inc. * 19,894 284,484
Light & Wonder, Inc. * 49,694 2,785,846
Marriott Vacations Worldwide Corp. 21,924 3,273,911
Norwegian Cruise Line Holdings Ltd. * 214,710 4,300,641
Penn National Gaming, Inc. * 85,565 3,129,112
Planet Fitness, Inc., Class A * 42,939 3,436,408
SeaWorld Entertainment, Inc. * 25,885 1,745,684
Six Flags Entertainment Corp. * 39,868 1,525,748
Texas Roadhouse, Inc. 35,854 2,951,860
Travel + Leisure Co. 44,461 2,466,696
Wendy's Co. (The) 90,915 1,796,481
Wingstop, Inc. 15,365 1,409,892
Wyndham Hotels & Resorts, Inc. 47,985 4,220,761
    47,805,900
Household Durables — 0.9%
Helen of Troy Ltd. * 12,428 2,665,930
Leggett & Platt, Inc. 68,694 2,447,567
Tempur Sealy International, Inc. 99,168 2,688,445
Toll Brothers, Inc. 57,876 2,683,710
TopBuild Corp. * 16,959 3,071,953
    13,557,605
Household Products — 0.2%
Energizer Holdings, Inc. 33,769 1,022,863
Reynolds Consumer Products, Inc. 28,076 830,769
Spectrum Brands Holdings, Inc. 20,994 1,785,959
    3,639,591
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 137

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc. (a)     23,078     1,793,161
Sunnova Energy International, Inc. *     47,986       828,718
    2,621,879
Insurance — 3.1%
American National Group, Inc.      6,660     1,256,143
Assurant, Inc.     29,345     5,337,269
Assured Guaranty Ltd.     35,967     1,983,580
Axis Capital Holdings Ltd.     39,717     2,276,976
Brighthouse Financial, Inc. *     40,107     2,059,896
CNO Financial Group, Inc.     62,000     1,496,680
Enstar Group Ltd. *      6,388     1,505,971
Erie Indemnity Co., Class A (a) 12,858 2,060,880
First American Financial Corp. 56,526 3,296,031
Hanover Insurance Group, Inc. (The) 18,334 2,691,798
Kemper Corp. 30,834 1,423,297
Lemonade, Inc. * (a) 19,663 410,170
Mercury General Corp. 13,698 690,790
Old Republic International Corp. 147,069 3,236,989
Oscar Health, Inc., Class A * (a) 19,867 146,221
Primerica, Inc. 20,327 2,633,566
RenaissanceRe Holdings Ltd. (Bermuda) 22,641 3,249,436
RLI Corp. 20,540 2,357,581
Ryan Specialty Group Holdings, Inc., Class A * 30,005 1,109,885
Selective Insurance Group, Inc. 31,000 2,553,160
Unum Group 105,320 3,214,366
White Mountains Insurance Group Ltd. 1,535 1,608,711
    46,599,396
Interactive Media & Services — 1.0%
Bumble, Inc., Class A * 37,267 894,035
Cargurus, Inc. * 45,028 1,471,515
TripAdvisor, Inc. * 51,012 1,309,478
Vimeo, Inc. * 80,291 818,165
Yelp, Inc. * 35,356 1,150,131
Ziff Davis, Inc. * 24,830 2,193,979
ZoomInfo Technologies, Inc., Class A * 155,761 7,383,072
    15,220,375
Internet & Direct Marketing Retail — 0.1%
Chewy, Inc., Class A * (a) 45,647 1,326,502
Qurate Retail, Inc. 184,132 775,196
    2,101,698
IT Services — 1.5%
BigCommerce Holdings, Inc. * 30,931 552,737
INVESTMENTS SHARES VALUE($)
 
IT Services — continued
Bread Financial Holdings, Inc.     25,634     1,404,743
Concentrix Corp.     22,108     3,481,568
DigitalOcean Holdings, Inc. *      9,007       355,146
Euronet Worldwide, Inc. *     27,214     3,310,583
Fastly, Inc., Class A *     55,059       875,438
Flywire Corp. *      5,583       170,337
Genpact Ltd.     87,826     3,536,753
LiveRamp Holdings, Inc. *     35,056     1,097,954
Maximus, Inc.     31,882     2,323,560
Rackspace Technology, Inc. * (a)     32,451       320,941
SolarWinds Corp.     22,952       283,916
Squarespace, Inc., Class A * (a) 14,457 288,706
Thoughtworks Holding, Inc. * 18,843 348,784
WEX, Inc. * 23,087 3,837,983
    22,189,149
Leisure Products — 0.9%
Brunswick Corp. 39,692 3,001,112
Callaway Golf Co. * 60,350 1,324,079
Mattel, Inc. * 180,447 4,386,667
Polaris, Inc. 29,376 2,788,957
YETI Holdings, Inc. * 45,123 2,205,161
    13,705,976
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A * 47,167 2,252,696
Adaptive Biotechnologies Corp. * 55,986 461,884
Azenta, Inc. 38,585 2,892,332
Bruker Corp. 52,339 3,008,969
Maravai LifeSciences Holdings, Inc., Class A * 56,203 1,727,118
Medpace Holdings, Inc. * 14,802 1,977,103
NeoGenomics, Inc. * 63,408 599,206
Pacific Biosciences of California, Inc. * 113,610 720,287
Repligen Corp. * 26,472 4,162,457
Sotera Health Co. * 50,997 1,039,319
Syneos Health, Inc. * 53,399 3,902,933
    22,744,304
Machinery — 3.8%
AGCO Corp. 31,607 4,026,732
Allison Transmission Holdings, Inc. 53,712 2,010,977
Chart Industries, Inc. * 18,354 3,098,523
Crane Co. 25,700 2,473,111
Evoqua Water Technologies Corp. * 62,254 2,595,369
Flowserve Corp. 67,096 2,194,710
 
SEE NOTES TO FINANCIAL STATEMENTS.
138 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Machinery — continued
Gates Industrial Corp. plc *     49,503       631,163
Graco, Inc.     87,526     5,428,363
ITT, Inc.     44,083     3,095,508
Kennametal, Inc.     42,780     1,100,730
Lincoln Electric Holdings, Inc.     30,399     4,095,657
Middleby Corp. (The) *     28,646     4,408,333
Nikola Corp. * (a)    106,894       767,499
Nordson Corp.     27,868     6,010,849
Oshkosh Corp.     34,289     3,169,675
RBC Bearings, Inc. *     14,863     2,502,186
Timken Co. (The)     35,552     2,049,217
Toro Co. (The) 54,032 4,329,584
Trinity Industries, Inc. 42,140 1,168,964
Watts Water Technologies, Inc., Class A 14,181 1,807,510
    56,964,660
Marine — 0.1%
Kirby Corp. * 30,956 2,018,331
Media — 0.8%
Advantage Solutions, Inc. * 50,868 255,866
Altice USA, Inc., Class A * 116,330 1,079,542
Cable One, Inc. 2,543 2,965,647
John Wiley & Sons, Inc., Class A 22,423 1,141,107
Magnite, Inc. * 59,079 570,112
New York Times Co. (The), Class A 86,077 3,298,471
Nexstar Media Group, Inc., Class A 21,051 3,334,899
    12,645,644
Metals & Mining — 2.1%
Alcoa Corp. 94,824 6,429,067
Cleveland-Cliffs, Inc. * 246,251 6,276,938
Compass Minerals International, Inc. 17,554 1,037,968
MP Materials Corp. * 38,483 1,463,894
Reliance Steel & Aluminum Co. 32,276 6,398,717
Royal Gold, Inc. 33,812 4,411,790
United States Steel Corp. 134,386 4,097,429
Worthington Industries, Inc. 16,797 799,033
    30,914,836
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Blackstone Mortgage Trust, Inc., Class A 86,856 2,609,154
Chimera Investment Corp. 122,003 1,222,470
New Residential Investment Corp. 240,417 2,500,337
INVESTMENTS SHARES VALUE($)
 
Mortgage Real Estate Investment Trusts (REITs) — continued
Starwood Property Trust, Inc.    156,882     3,589,460
Two Harbors Investment Corp.    177,142       852,053
    10,773,474
Multiline Retail — 0.7%
Kohl's Corp.     71,677     4,148,665
Macy's, Inc.    154,145     3,725,685
Nordstrom, Inc.     57,423     1,475,771
Ollie's Bargain Outlet Holdings, Inc. * (a)     30,230     1,452,551
    10,802,672
Multi-Utilities — 0.3%
Avista Corp.     36,441     1,478,412
Black Hills Corp. 32,884 2,408,424
    3,886,836
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp. 167,246 1,717,616
Antero Resources Corp. * 147,147 5,179,574
APA Corp. 187,120 7,658,822
Chesapeake Energy Corp. (a) 53,695 4,404,064
CNX Resources Corp. * 104,287 2,143,098
DT Midstream, Inc. 49,836 2,678,685
EQT Corp. 154,942 6,158,945
Equitrans Midstream Corp. 209,414 1,645,994
HF Sinclair Corp. * 77,005 2,927,730
Marathon Oil Corp. 400,994 9,992,771
New Fortress Energy, Inc. 21,321 826,828
Ovintiv, Inc. 134,461 6,883,059
PDC Energy, Inc. 50,156 3,497,879
Range Resources Corp. * 128,663 3,852,170
Targa Resources Corp. 117,937 8,657,755
    68,224,990
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp. 45,327 2,924,498
Personal Products — 0.2%
Beauty Health Co. (The) * 49,328 646,197
Coty, Inc., Class A * 177,139 1,436,597
Herbalife Nutrition Ltd. * 50,828 1,351,008
    3,433,802
Pharmaceuticals — 0.8%
Organon & Co. 130,582 4,221,716
Pacira BioSciences, Inc. * 22,951 1,711,456
Perrigo Co. plc 68,890 2,362,927
Prestige Consumer Healthcare, Inc. * 25,838 1,412,305
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 139

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Reata Pharmaceuticals, Inc., Class A * (a)     14,094       357,706
Tilray Brands, Inc. (Canada) * (a)    229,798     1,144,394
    11,210,504
Professional Services — 2.5%
Alight, Inc., Class A *    126,567     1,087,211
ASGN, Inc. *     26,841     3,045,111
Booz Allen Hamilton Holding Corp.     68,636     5,602,757
CACI International, Inc., Class A *     12,029     3,191,294
Exponent, Inc.     26,847     2,572,211
FTI Consulting, Inc. *     17,664     2,785,789
Insperity, Inc.     18,370     1,948,138
KBR, Inc. 72,265 3,557,606
ManpowerGroup, Inc. 27,929 2,519,196
Robert Half International, Inc. 56,389 5,543,603
Science Applications International Corp. 29,327 2,440,886
TriNet Group, Inc. * 19,499 1,729,561
Upwork, Inc. * 62,069 1,301,587
    37,324,950
Real Estate Management & Development — 0.7%
Cushman & Wakefield plc * 77,117 1,380,394
eXp World Holdings, Inc. (a) 34,184 457,724
Howard Hughes Corp. (The) * 21,308 2,136,979
Jones Lang LaSalle, Inc. * 26,004 5,687,855
Redfin Corp. * (a) 54,314 605,601
WeWork, Inc. * (a) 107,635 754,522
    11,023,075
Road & Rail — 1.4%
AMERCO 5,065 2,712,206
Avis Budget Group, Inc. * 20,650 5,527,385
Knight-Swift Transportation Holdings, Inc. 85,483 4,093,781
Landstar System, Inc. 19,409 3,006,454
Ryder System, Inc. 27,660 1,933,434
Saia, Inc. * 13,579 2,796,731
TuSimple Holdings, Inc., Class A * 17,534 181,828
    20,251,819
Semiconductors & Semiconductor Equipment — 2.6%
Allegro MicroSystems, Inc. (Japan) * 28,374 689,772
Ambarella, Inc. * 19,068 1,565,101
Amkor Technology, Inc. 51,639 971,330
Cirrus Logic, Inc. * 29,496 2,235,797
CMC Materials, Inc. 14,717 2,633,018
First Solar, Inc. * 50,930 3,719,418
INVESTMENTS SHARES VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
Lattice Semiconductor Corp. *     70,517     3,387,637
MKS Instruments, Inc.     28,563     3,255,611
Power Integrations, Inc.     30,454     2,436,320
Semtech Corp. *     33,188     1,978,005
Silicon Laboratories, Inc. *     19,657     2,651,926
SiTime Corp. *      7,719     1,301,192
SunPower Corp. * (a)     42,752       705,836
Synaptics, Inc. *     20,344     3,019,863
Universal Display Corp.     22,332     2,852,466
Wolfspeed, Inc. * (a)     63,664     5,838,625
    39,241,917
Software — 7.4%
ACI Worldwide, Inc. * 60,536 1,672,004
Alteryx, Inc., Class A * 30,748 1,974,022
Amplitude, Inc., Class A * 11,652 203,444
Anaplan, Inc. * 76,067 4,943,594
Asana, Inc., Class A * 42,754 1,145,807
Aspen Technology, Inc. * 34,318 5,440,776
Avalara, Inc. * 44,765 3,405,274
AvidXchange Holdings, Inc. * 13,137 107,592
Black Knight, Inc. * 80,003 5,263,397
Blackbaud, Inc. * 23,031 1,336,028
Blackline, Inc. * 27,503 1,844,076
C3.ai, Inc., Class A * (a) 36,593 621,715
CDK Global, Inc. 60,151 3,272,816
Clear Secure, Inc., Class A * (a) 6,888 209,533
CommVault Systems, Inc. * 22,959 1,400,499
CS Disco, Inc. * 6,514 200,045
Datto Holding Corp. * 13,425 465,848
Digital Turbine, Inc. * 45,448 1,438,429
Dolby Laboratories, Inc., Class A 33,859 2,623,057
Dropbox, Inc., Class A * 145,394 3,162,320
Duck Creek Technologies, Inc. * 38,772 617,638
Elastic NV * 37,543 2,858,524
Everbridge, Inc. * 20,278 873,982
Fair Isaac Corp. * 13,551 5,061,434
Five9, Inc. * 35,034 3,857,243
Guidewire Software, Inc. * 42,920 3,731,465
Informatica, Inc., Class A * (a) 15,667 304,880
Jamf Holding Corp. * (a) 28,219 869,145
JFrog Ltd. (Israel) * 22,563 470,890
Mandiant Corp. * 123,598 2,716,684
Manhattan Associates, Inc. * 32,523 4,245,878
Marathon Digital Holdings, Inc. * (a) 52,876 824,866
 
SEE NOTES TO FINANCIAL STATEMENTS.
140 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Software — continued
Matterport, Inc. * (a)     94,924       544,864
MicroStrategy, Inc., Class A * (a)      4,794     1,697,891
Mimecast Ltd. *     32,082     2,556,294
nCino, Inc. *     29,384     1,101,606
NCR Corp. *     67,983     2,381,444
New Relic, Inc. *     30,683     1,941,313
Nutanix, Inc., Class A *    110,577     2,767,742
Paycor HCM, Inc. * (a)     16,215       399,375
Pegasystems, Inc.     21,025     1,610,305
Qualtrics International, Inc., Class A *     49,319       914,374
Rapid7, Inc. *     29,438     2,811,918
Smartsheet, Inc., Class A * 65,296 3,155,756
Sprout Social, Inc., Class A * 23,458 1,437,506
SPS Commerce, Inc. * 18,523 2,215,906
Tenable Holdings, Inc. * 47,695 2,634,195
Teradata Corp. * 55,869 2,310,183
Varonis Systems, Inc. * 55,382 2,392,502
Verint Systems, Inc. * 33,845 1,846,583
Workiva, Inc. * 23,250 2,243,858
Zendesk, Inc. * 62,622 7,642,389
    111,768,909
Specialty Retail — 2.8%
American Eagle Outfitters, Inc. (a) 79,018 1,193,962
AutoNation, Inc. * 20,601 2,387,862
Dick's Sporting Goods, Inc. (a) 32,402 3,124,201
Five Below, Inc. * 28,842 4,531,078
Floor & Decor Holdings, Inc., Class A * 54,369 4,334,297
Foot Locker, Inc. 44,965 1,317,924
GameStop Corp., Class A * (a) 31,843 3,982,604
Gap, Inc. (The) 109,620 1,361,480
Leslie's, Inc. * 70,499 1,381,780
Lithia Motors, Inc. 15,589 4,413,714
National Vision Holdings, Inc. * 42,588 1,603,438
Penske Automotive Group, Inc. 15,714 1,647,142
Petco Health & Wellness Co., Inc. * (a) 42,004 808,997
RH * 8,970 3,014,996
Urban Outfitters, Inc. * 33,785 804,083
Victoria's Secret & Co. * 37,400 1,762,288
Vroom, Inc. * 65,578 102,302
Warby Parker, Inc., Class A * (a) 5,336 124,275
Williams-Sonoma, Inc. 37,585 4,904,091
    42,800,514
INVESTMENTS SHARES VALUE($)
 
Technology Hardware, Storage & Peripherals — 0.4%
Pure Storage, Inc., Class A *    140,379     4,113,105
Xerox Holdings Corp.     63,216     1,099,958
    5,213,063
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd. *     76,044     3,627,299
Carter's, Inc.     21,762     1,833,231
Columbia Sportswear Co.     17,800     1,462,448
Crocs, Inc. *     30,300     2,012,829
Deckers Outdoor Corp. *     14,024     3,726,878
Hanesbrands, Inc.    179,854     2,384,864
PVH Corp.     36,052     2,623,864
Ralph Lauren Corp. 23,843 2,487,779
Skechers U.S.A., Inc., Class A * 69,480 2,661,084
Wolverine World Wide, Inc. 42,425 840,863
    23,661,139
Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd. 56,887 2,305,630
MGIC Investment Corp. 164,994 2,154,822
New York Community Bancorp, Inc. 239,525 2,213,211
Radian Group, Inc. 92,375 1,975,901
TFS Financial Corp. 24,595 368,679
    9,018,243
Trading Companies & Distributors — 1.3%
Air Lease Corp. 55,202 2,223,536
Beacon Roofing Supply, Inc. * 28,658 1,708,876
Core & Main, Inc., Class A * 29,335 697,000
GATX Corp. 18,294 1,891,417
Herc Holdings, Inc. 12,861 1,643,893
MSC Industrial Direct Co., Inc., Class A 24,262 2,010,349
SiteOne Landscape Supply, Inc. * 23,028 3,247,639
Univar Solutions, Inc. * 88,048 2,563,958
WESCO International, Inc. * 22,861 2,817,847
    18,804,515
Water Utilities — 0.4%
Essential Utilities, Inc. 118,475 5,302,941
Total Common Stocks
(Cost $1,584,975,117) 		  1,499,507,503
Short Term Investments — 2.8%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)
(Cost $4,118,599) 		4,118,599 4,118,599
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 141

Table of Contents
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Short Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 2.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (b) (c) 33,492,149    33,468,705
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)  5,221,826     5,221,826
Total Investment of Cash Collateral from Securities Loaned
(Cost $38,690,417) 		  38,690,531
Total Short Term Investments
(Cost $42,809,016) 		  42,809,130
Total Investments — 102.5%
(Cost $1,627,784,133) 		  1,542,316,633
Liabilities in Excess of Other Assets — (2.5)%   (37,664,559)
NET ASSETS — 100.0%   1,504,652,074
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $36,202,057.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
 
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
S&P Midcap 400 E-Mini Index 17 06/17/2022 USD 4,240,480 (111,095)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
142 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 98.2%
Aerospace & Defense — 1.0%
AAR Corp. *    11,877     557,981
Aerojet Rocketdyne Holdings, Inc. *    26,663   1,065,987
AeroVironment, Inc. *     8,233     661,275
Astra Space, Inc. * (a)    44,556     142,579
Kaman Corp.     9,878     385,341
Kratos Defense & Security Solutions, Inc. *    44,114     669,209
Maxar Technologies, Inc.    25,815     831,501
Parsons Corp. *     9,447     348,878
Virgin Galactic Holdings, Inc. * (a)    63,329     474,334
    5,137,085
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc. * 20,596 644,655
Atlas Air Worldwide Holdings, Inc. * 9,562 659,204
Forward Air Corp. 9,552 926,257
Hub Group, Inc., Class A * 12,037 808,405
    3,038,521
Airlines — 0.4%
Hawaiian Holdings, Inc. * 18,192 308,537
SkyWest, Inc. * 17,882 521,260
Spirit Airlines, Inc. * 38,651 912,550
Sun Country Airlines Holdings, Inc. * 11,013 302,968
Wheels Up Experience, Inc. * 62,945 191,982
    2,237,297
Auto Components — 0.8%
American Axle & Manufacturing Holdings, Inc. * 40,565 268,540
Dorman Products, Inc. * 10,126 999,639
Gentherm, Inc. * 11,846 798,657
Holley, Inc. * (a) 13,150 138,601
LCI Industries 9,002 876,075
Patrick Industries, Inc. 7,987 497,191
Standard Motor Products, Inc. 6,822 291,163
XPEL, Inc. * (b) 5,872 254,081
    4,123,947
Automobiles — 0.4%
Canoo, Inc. * (a) 50,977 244,690
Electric Last Mile Solutions, Inc. * (a) 18,515 17,034
Faraday Future Intelligent Electric, Inc. * 61,133 157,723
Fisker, Inc. * 50,287 505,887
Lordstown Motors Corp. * (a) 43,077 93,908
INVESTMENTS SHARES VALUE($)
 
Automobiles — continued
Winnebago Industries, Inc.    11,879     631,725
Workhorse Group, Inc. * (a)    51,558     155,189
    1,806,156
Banks — 8.6%
1st Source Corp.     6,089     263,471
Ameris Bancorp    23,530     981,201
Atlantic Union Bankshares Corp.    26,887     908,243
BancFirst Corp.     6,758     552,467
Bancorp, Inc. (The) *    20,378     462,377
Banner Corp.    12,209     655,623
Berkshire Hills Bancorp, Inc.    17,324     428,596
Brookline Bancorp, Inc. 27,587 398,908
Cathay General Bancorp 26,911 1,078,862
Central Pacific Financial Corp. 9,840 237,931
City Holding Co. 5,388 416,923
Columbia Banking System, Inc. 27,620 775,570
Community Bank System, Inc. 19,169 1,234,484
Community Trust Bancorp, Inc. 5,402 215,054
Customers Bancorp, Inc. * 10,789 453,893
CVB Financial Corp. 48,180 1,109,104
Dime Community Bancshares, Inc. 11,621 365,364
Eagle Bancorp, Inc. 11,334 570,667
Eastern Bankshares, Inc. 60,451 1,158,241
Enterprise Financial Services Corp. 13,440 593,645
FB Financial Corp. 12,682 488,637
First Bancorp 12,296 460,608
First BanCorp (Puerto Rico) 71,765 976,722
First Busey Corp. 17,976 403,921
First Commonwealth Financial Corp. 33,549 452,241
First Financial Bancorp 33,450 684,052
First Interstate BancSystem, Inc., Class A 29,009 943,373
First Merchants Corp. 20,139 789,247
Flushing Financial Corp. 10,900 234,350
Fulton Financial Corp. 57,337 869,802
Heartland Financial USA, Inc. 14,250 623,722
Hilltop Holdings, Inc. 21,647 551,782
Hope Bancorp, Inc. 42,692 610,496
Independent Bank Corp. 16,788 1,295,362
Independent Bank Group, Inc. 13,069 886,078
International Bancshares Corp. 18,910 752,429
Lakeland Financial Corp. 9,010 656,108
Live Oak Bancshares, Inc. 11,503 486,922
Meta Financial Group, Inc. 10,592 462,341
National Bank Holdings Corp., Class A 10,623 387,846
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 143

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Banks — continued
NBT Bancorp, Inc.    15,450     543,840
Northwest Bancshares, Inc.    45,004     570,651
OFG Bancorp (Puerto Rico)    17,673     469,748
Old National Bancorp   105,004   1,591,861
Origin Bancorp, Inc.     7,737     291,530
Pacific Premier Bancorp, Inc.    33,593   1,053,476
Park National Corp.     5,121     603,510
Renasant Corp.    19,848     591,272
S&T Bancorp, Inc.    14,022     396,262
Sandy Spring Bancorp, Inc.    16,023     629,223
Seacoast Banking Corp. of Florida    20,773     675,122
ServisFirst Bancshares, Inc. 17,363 1,394,596
Silvergate Capital Corp., Class A * 10,824 1,265,975
Simmons First National Corp., Class A 44,924 1,072,336
Stock Yards Bancorp, Inc. 8,700 454,836
Tompkins Financial Corp. 4,249 310,177
Towne Bank 23,520 648,446
Triumph Bancorp, Inc. * 8,394 582,879
Trustmark Corp. 21,960 612,245
United Community Banks, Inc. 37,277 1,123,529
Veritex Holdings, Inc. 17,522 575,598
Washington Trust Bancorp, Inc. 6,162 289,244
WesBanco, Inc. 22,145 713,955
Westamerica BanCorp 9,526 561,272
    42,898,246
Beverages — 0.3%
Coca-Cola Consolidated, Inc. 1,684 743,486
Duckhorn Portfolio, Inc. (The) * 11,009 213,795
MGP Ingredients, Inc. 4,430 404,592
    1,361,873
Biotechnology — 5.3%
Adagio Therapeutics, Inc. * 6,759 19,331
Akero Therapeutics, Inc. * 8,219 86,217
Alector, Inc. * 20,777 199,459
Alkermes plc * 57,526 1,659,625
Allogene Therapeutics, Inc. * 26,374 220,223
Allovir, Inc. * 10,468 47,629
ALX Oncology Holdings, Inc. * 7,514 96,029
Amicus Therapeutics, Inc. * 89,168 631,309
AnaptysBio, Inc. * 6,882 161,039
Apellis Pharmaceuticals, Inc. * 31,608 1,375,896
Applied Molecular Transport, Inc. * (a) 5,759 24,706
Arcus Biosciences, Inc. * 16,252 393,461
INVESTMENTS SHARES VALUE($)
 
Biotechnology — continued
Arcutis Biotherapeutics, Inc. *     9,826     198,387
Atara Biotherapeutics, Inc. *    31,459     200,079
Avid Bioservices, Inc. *    21,865     294,303
Avidity Biosciences, Inc. *    15,317     219,033
BioAtla, Inc. *     6,258      21,778
BioCryst Pharmaceuticals, Inc. *    64,017     594,718
Bioxcel Therapeutics, Inc. * (a)     6,791      89,030
Bluebird Bio, Inc. *    24,945      90,550
C4 Therapeutics, Inc. *    13,121     112,447
CareDx, Inc. *    18,790     571,968
Caribou Biosciences, Inc. *     7,271      53,805
Celldex Therapeutics, Inc. * 16,609 507,405
Century Therapeutics, Inc. * 3,856 46,349
Coherus Biosciences, Inc. * 22,698 205,190
Cullinan Oncology, Inc. * 8,576 84,131
Cytokinetics, Inc. * 29,805 1,188,325
Day One Biopharmaceuticals, Inc. * 3,719 31,686
Deciphera Pharmaceuticals, Inc. * 14,798 149,756
DermTech, Inc. * (a) 9,082 77,651
Design Therapeutics, Inc. * 4,353 51,975
Dynavax Technologies Corp. * 39,709 350,630
Dyne Therapeutics, Inc. * 8,775 70,024
Eagle Pharmaceuticals, Inc. * 4,030 177,844
Editas Medicine, Inc. * 24,313 321,904
Emergent BioSolutions, Inc. * 17,027 551,334
Enanta Pharmaceuticals, Inc. * 6,497 418,407
Erasca, Inc. * 6,896 50,203
FibroGen, Inc. * 30,689 285,408
Generation Bio Co. * 15,582 98,634
Gossamer Bio, Inc. * 18,488 127,752
Heron Therapeutics, Inc. * (a) 36,246 163,832
Icosavax, Inc. * 4,423 32,067
IGM Biosciences, Inc. * 5,900 98,766
Inhibrx, Inc. * 7,280 115,388
Insmed, Inc. * 42,081 924,520
Instil Bio, Inc. * 5,926 41,897
Ironwood Pharmaceuticals, Inc. * 58,225 698,700
iTeos Therapeutics, Inc. * 7,170 191,367
IVERIC bio, Inc. * 38,339 530,995
Janux Therapeutics, Inc. * 4,303 42,342
Karuna Therapeutics, Inc. * 7,756 864,484
Keros Therapeutics, Inc. * 4,670 247,557
Kinnate Biopharma, Inc. * 5,759 43,020
Kronos Bio, Inc. * 14,599 69,053
 
SEE NOTES TO FINANCIAL STATEMENTS.
144 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Biotechnology — continued
Kura Oncology, Inc. *    23,643     339,277
Kymera Therapeutics, Inc. *    12,624     395,762
MacroGenics, Inc. *    19,597     140,119
Madrigal Pharmaceuticals, Inc. *     4,371     305,970
MiMedx Group, Inc. *    29,086     114,890
Monte Rosa Therapeutics, Inc. * (a)     4,310      46,979
Morphic Holding, Inc. *     9,351     283,429
Myovant Sciences Ltd. *    15,671     145,897
Myriad Genetics, Inc. *    28,369     581,564
Nurix Therapeutics, Inc. *    14,355     158,910
Nuvalent, Inc., Class A * (a)     3,333      34,297
Ocugen, Inc. * (a) 70,871 155,207
Olema Pharmaceuticals, Inc. * 10,582 26,984
Omega Therapeutics, Inc. * 2,680 9,139
OPKO Health, Inc. * 145,433 392,669
Organogenesis Holdings, Inc. * 22,426 144,423
PMV Pharmaceuticals, Inc. * 9,704 140,611
Praxis Precision Medicines, Inc. * 12,744 103,226
Precigen, Inc. * 33,793 44,945
Protagonist Therapeutics, Inc. * 15,952 145,004
Prothena Corp. plc (Ireland) * 12,742 371,557
PTC Therapeutics, Inc. * 25,111 887,172
Radius Health, Inc. * 16,800 114,912
REGENXBIO, Inc. * 13,389 371,679
REVOLUTION Medicines, Inc. * 22,030 439,939
Rocket Pharmaceuticals, Inc. * 16,021 164,696
Rubius Therapeutics, Inc. * 14,733 24,457
Sangamo Therapeutics, Inc. * 43,022 178,541
Shattuck Labs, Inc. * 10,082 38,715
Sorrento Therapeutics, Inc. * (a) 108,962 164,533
SpringWorks Therapeutics, Inc. * 9,311 399,535
Stoke Therapeutics, Inc. * 7,714 111,390
Tango Therapeutics, Inc. * 22,747 167,418
Tenaya Therapeutics, Inc. * 4,584 42,264
TG Therapeutics, Inc. * 47,314 328,359
Travere Therapeutics, Inc. * 18,253 458,698
Turning Point Therapeutics, Inc. * 17,629 518,998
Veracyte, Inc. * 25,284 517,563
Vericel Corp. * 16,652 474,582
Verve Therapeutics, Inc. * 5,125 76,465
Xencor, Inc. * 20,766 518,735
Y-mAbs Therapeutics, Inc. * 12,273 103,093
Zentalis Pharmaceuticals, Inc. * 13,176 349,427
    26,751,648
INVESTMENTS SHARES VALUE($)
 
Building Products — 1.6%
AAON, Inc.    14,755     719,159
American Woodmark Corp. *     5,872     275,103
Apogee Enterprises, Inc.     8,811     387,684
Cornerstone Building Brands, Inc. *    19,280     470,239
Gibraltar Industries, Inc. *    11,616     439,549
Griffon Corp.    16,787     314,085
Janus International Group, Inc. *    19,831     187,601
Masonite International Corp. *     8,430     653,494
Quanex Building Products Corp.    11,891     228,545
Resideo Technologies, Inc. *    51,367   1,155,244
Simpson Manufacturing Co., Inc.    15,475   1,604,293
Tecnoglass, Inc. 7,491 167,274
View, Inc. * (a) 21,641 33,327
Zurn Water Solutions Corp. 44,771 1,397,751
    8,033,348
Capital Markets — 1.6%
AssetMark Financial Holdings, Inc. * 6,818 131,110
B Riley Financial, Inc. 5,738 259,128
Bakkt Holdings, Inc. * (a) 12,222 46,688
BGC Partners, Inc., Class A 114,820 416,797
Blucora, Inc. * 17,339 351,115
Brightsphere Investment Group, Inc. 12,426 249,017
Cohen & Steers, Inc. 8,952 695,481
Focus Financial Partners, Inc., Class A * 19,692 776,849
Freedom Holding Corp. (Kazakhstan) * (a) 5,901 276,934
Hamilton Lane, Inc., Class A 12,409 851,009
Moelis & Co., Class A 21,692 960,088
Piper Sandler Cos. 5,026 577,890
PJT Partners, Inc., Class A 8,644 570,418
StepStone Group, Inc., Class A 17,315 443,610
Virtu Financial, Inc., Class A 29,289 845,866
Virtus Investment Partners, Inc. 2,536 449,278
WisdomTree Investments, Inc. 38,715 225,708
    8,126,986
Chemicals — 2.1%
Aspen Aerogels, Inc. * 8,796 189,994
Chemours Co. (The) 56,900 1,881,683
Danimer Scientific, Inc. * (a) 30,353 118,984
Ecovyst, Inc. 18,973 190,868
GCP Applied Technologies, Inc. * 19,195 602,147
HB Fuller Co. 18,798 1,253,827
Innospec, Inc. 8,750 833,962
Koppers Holdings, Inc. 7,583 183,963
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 145

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Chemicals — continued
Kronos Worldwide, Inc.     7,842     119,355
Livent Corp. *    57,489   1,227,965
Minerals Technologies, Inc.    11,864     754,669
PureCycle Technologies, Inc. * (a)    27,987     218,299
Quaker Chemical Corp.     4,759     774,337
Stepan Co.     7,580     773,994
Trinseo plc    13,802     654,905
Tronox Holdings plc, Class A    40,509     696,755
    10,475,707
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.    23,934   1,155,294
ACCO Brands Corp. 34,046 249,557
Brady Corp., Class A 17,143 767,149
BrightView Holdings, Inc. * 16,966 214,790
Casella Waste Systems, Inc., Class A * 17,890 1,471,274
CoreCivic, Inc., REIT * 42,770 531,631
Deluxe Corp. 15,165 410,668
GEO Group, Inc. (The), REIT * (a) 34,283 223,868
Harsco Corp. * 28,186 288,061
Healthcare Services Group, Inc. 26,495 452,799
HNI Corp. 15,509 552,741
Interface, Inc. 21,003 266,528
KAR Auction Services, Inc. * 43,090 631,699
Matthews International Corp., Class A 11,222 334,528
MillerKnoll, Inc. 26,909 853,823
Montrose Environmental Group, Inc. * 9,435 428,066
Pitney Bowes, Inc. 58,897 310,387
SP Plus Corp. * 8,274 235,809
Steelcase, Inc., Class A 30,915 362,633
UniFirst Corp. 5,414 932,832
US Ecology, Inc. * 11,143 534,753
    11,208,890
Communications Equipment — 0.7%
ADTRAN, Inc. 17,446 303,386
Calix, Inc. * 19,512 778,724
Cambium Networks Corp. * 3,981 60,790
Infinera Corp. * 74,967 576,496
NETGEAR, Inc. * 10,428 226,288
NetScout Systems, Inc. * 26,220 807,576
Plantronics, Inc. * 15,214 606,430
    3,359,690
Construction & Engineering — 1.6%
Ameresco, Inc., Class A * 10,956 552,621
INVESTMENTS SHARES VALUE($)
 
Construction & Engineering — continued
API Group Corp. *    72,689   1,349,108
Arcosa, Inc.    17,154     918,254
Comfort Systems USA, Inc.    12,788   1,079,563
Dycom Industries, Inc. *    10,761     913,716
Fluor Corp. *    50,303   1,244,999
Granite Construction, Inc.    16,298     483,236
MYR Group, Inc. *     6,033     477,150
NV5 Global, Inc. *     4,245     508,551
Primoris Services Corp.    19,153     443,966
Tutor Perini Corp. *    14,885     137,984
    8,109,148
Construction Materials — 0.2%
Summit Materials, Inc., Class A * 42,135 1,171,353
Consumer Finance — 0.8%
Atlanticus Holdings Corp. * 1,907 82,077
Encore Capital Group, Inc. * 8,793 508,323
Enova International, Inc. * 12,103 452,652
LendingTree, Inc. * 4,059 322,366
Moneylion, Inc. * 32,976 68,590
Navient Corp. 54,753 870,025
Nelnet, Inc., Class A 7,329 601,491
PRA Group, Inc. * 15,524 652,474
World Acceptance Corp. * (a) 1,463 276,083
    3,834,081
Containers & Packaging — 0.5%
Greif, Inc., Class A 9,437 572,637
Myers Industries, Inc. 12,920 283,336
O-I Glass, Inc. * 55,361 746,266
Pactiv Evergreen, Inc. 15,147 149,349
Ranpak Holdings Corp. * 14,212 214,317
TriMas Corp. 15,236 450,072
    2,415,977
Diversified Consumer Services — 0.6%
2U, Inc. * 26,912 268,582
Adtalem Global Education, Inc. * 17,721 519,403
Duolingo, Inc. * (a) 3,050 263,733
European Wax Center, Inc., Class A 4,990 136,975
Laureate Education, Inc., Class A 52,188 591,290
OneSpaWorld Holdings Ltd. (Bahamas) * 20,591 206,734
Rover Group, Inc. * 27,510 174,138
Stride, Inc. * 15,216 597,989
 
SEE NOTES TO FINANCIAL STATEMENTS.
146 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Diversified Consumer Services — continued
Vivint Smart Home, Inc. *    14,109      73,931
WW International, Inc. *    18,907     185,100
    3,017,875
Diversified Financial Services — 0.5%
Cannae Holdings, Inc. *    29,719     665,706
Compass Diversified Holdings    19,933     435,735
Jackson Financial, Inc., Class A    33,079   1,399,572
    2,501,013
Diversified Telecommunication Services — 0.5%
Bandwidth, Inc., Class A *     8,259     182,689
Cogent Communications Holdings, Inc.    15,116     884,286
EchoStar Corp., Class A * 13,771 321,553
Globalstar, Inc. * 235,982 273,739
Liberty Latin America Ltd., Class A (Chile) * 14,524 134,202
Liberty Latin America Ltd., Class C (Chile) * 55,325 511,203
    2,307,672
Electric Utilities — 0.4%
MGE Energy, Inc. 12,822 998,449
Otter Tail Corp. 14,789 857,171
    1,855,620
Electrical Equipment — 1.1%
Atkore, Inc. * 16,177 1,554,610
AZZ, Inc. 8,763 399,943
Blink Charging Co. * 12,935 247,059
Encore Wire Corp. 7,212 813,586
ESS Tech, Inc. * 21,153 117,822
Fluence Energy, Inc. * (a) 12,094 110,902
FREYR Battery SA (Norway) * (a) 28,582 256,666
FTC Solar, Inc. * 7,925 22,190
FuelCell Energy, Inc. * (a) 130,402 532,040
Shoals Technologies Group, Inc., Class A * 37,028 369,539
Stem, Inc. * 47,389 339,779
TPI Composites, Inc. * 13,288 152,015
Vicor Corp. * 7,623 461,344
    5,377,495
Electronic Equipment, Instruments & Components — 3.0%
908 Devices, Inc. * 5,928 105,222
Advanced Energy Industries, Inc. 13,398 1,025,215
Aeva Technologies, Inc. * 32,700 107,256
Badger Meter, Inc. 10,424 841,113
Benchmark Electronics, Inc. 12,559 298,402
CTS Corp. 11,488 406,331
INVESTMENTS SHARES VALUE($)
 
Electronic Equipment, Instruments & Components — continued
ePlus, Inc. *     9,532     538,367
Fabrinet (Thailand) *    13,132   1,289,431
FARO Technologies, Inc. *     6,484     222,336
Insight Enterprises, Inc. *    12,388   1,230,995
Itron, Inc. *    16,066     767,633
Knowles Corp. *    32,641     604,511
Lightwave Logic, Inc. *    35,967     408,945
Methode Electronics, Inc.    13,285     592,644
MicroVision, Inc. * (a)    58,352     188,477
OSI Systems, Inc. *     5,836     461,628
Ouster, Inc. *    26,208      86,748
PAR Technology Corp. * 9,072 299,739
Plexus Corp. * 10,024 813,347
Rogers Corp. * 6,631 1,795,145
Sanmina Corp. * 22,572 922,969
ScanSource, Inc. * 9,095 311,413
SmartRent, Inc. * 31,748 154,295
TTM Technologies, Inc. * 37,079 517,252
Velodyne Lidar, Inc. * 35,202 66,180
Vishay Intertechnology, Inc. 47,174 878,852
    14,934,446
Energy Equipment & Services — 2.2%
Archrock, Inc. 47,695 415,423
Cactus, Inc., Class A 20,974 1,047,232
Core Laboratories NV 16,425 427,050
Dril-Quip, Inc. * 12,604 364,004
Helmerich & Payne, Inc. 37,553 1,728,565
Liberty Energy, Inc., Class A * 37,392 603,507
NexTier Oilfield Solutions, Inc. * 56,810 626,614
Noble Corp. * 21,393 683,078
Oceaneering International, Inc. * 35,493 402,136
Patterson-UTI Energy, Inc. 76,486 1,257,430
ProPetro Holding Corp. * 30,128 426,010
RPC, Inc. * 24,998 258,479
Transocean Ltd. * 214,540 806,670
Valaris Ltd. * 23,200 1,177,400
Weatherford International plc * 23,201 748,928
    10,972,526
Entertainment — 0.6%
Cinemark Holdings, Inc. * 37,899 601,078
IMAX Corp. * 17,671 279,555
Liberty Media Corp-Liberty Braves, Class C * 13,294 333,813
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 147

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Entertainment — continued
Madison Square Garden Entertainment Corp. *     9,045     662,546
World Wrestling Entertainment, Inc., Class A    15,567     908,957
    2,785,949
Equity Real Estate Investment Trusts (REITs) — 5.8%
Acadia Realty Trust    31,469     658,331
Agree Realty Corp.    25,352   1,721,908
Alexander & Baldwin, Inc.    25,778     546,494
Alexander's, Inc.       755     187,368
American Assets Trust, Inc.    18,749     686,213
Brandywine Realty Trust    60,857     710,201
CareTrust REIT, Inc.    34,488     559,050
Centerspace 5,356 494,145
Corporate Office Properties Trust 39,925 1,065,598
DiamondRock Hospitality Co. * 74,920 795,650
Diversified Healthcare Trust 85,022 191,300
Empire State Realty Trust, Inc., Class A 50,307 434,652
Essential Properties Realty Trust, Inc. 43,208 1,036,992
Four Corners Property Trust, Inc. 27,514 755,534
Getty Realty Corp. 14,050 378,086
Global Net Lease, Inc. 36,867 517,244
Independence Realty Trust, Inc. 78,507 2,140,101
Industrial Logistics Properties Trust 23,244 375,623
iStar, Inc. 24,692 415,813
Kite Realty Group Trust 77,886 1,736,858
LTC Properties, Inc. 14,029 462,957
LXP Industrial Trust 100,605 1,262,593
Macerich Co. (The) (a) 75,751 950,675
Necessity Retail REIT, Inc. (The) 43,903 327,955
NexPoint Residential Trust, Inc. 8,059 718,540
Office Properties Income Trust 17,257 373,096
Paramount Group, Inc. 58,384 555,232
Physicians Realty Trust 78,321 1,342,422
PotlatchDeltic Corp. 24,576 1,361,265
Retail Opportunity Investments Corp. 43,166 804,183
RPT Realty 29,995 398,634
Safehold, Inc. (a) 5,038 216,886
Seritage Growth Properties, Class A * (a) 12,913 127,839
Service Properties Trust 58,706 476,693
Summit Hotel Properties, Inc. * 37,895 374,024
Tanger Factory Outlet Centers, Inc. 36,974 596,391
Universal Health Realty Income Trust 4,590 230,372
Urban Edge Properties 39,151 731,732
Urstadt Biddle Properties, Inc., Class A 10,756 186,617
Veris Residential, Inc. * 28,495 456,205
INVESTMENTS SHARES VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
Washington    30,092     724,916
Xenia Hotels & Resorts, Inc. *    40,607     783,309
    28,869,697
Food & Staples Retailing — 0.8%
Andersons, Inc. (The)    10,831     544,041
Chefs' Warehouse, Inc. (The) *    11,588     424,121
Grocery Outlet Holding Corp. *    31,090   1,046,800
Rite Aid Corp. * (a)    19,856     126,483
SpartanNash Co.    12,761     437,447
United Natural Foods, Inc. *    20,655     886,719
Weis Markets, Inc.     5,827     465,461
    3,931,072
Food Products — 1.5%
B&G Foods, Inc. (a) 23,101 622,110
Benson Hill, Inc. * 48,137 174,256
Calavo Growers, Inc. 6,260 226,862
Fresh Del Monte Produce, Inc. 11,861 308,979
Hostess Brands, Inc. * 49,222 1,116,847
J & J Snack Foods Corp. 5,329 797,751
Mission Produce, Inc. * 13,057 166,085
Sanderson Farms, Inc. 7,557 1,431,069
Simply Good Foods Co. (The) * 30,081 1,252,874
Sovos Brands, Inc. * 8,629 130,298
Tattooed Chef, Inc. * 16,015 127,960
Tootsie Roll Industries, Inc. 6,301 220,724
TreeHouse Foods, Inc. * 19,856 625,464
Utz Brands, Inc. 22,369 315,850
Vital Farms, Inc. * 8,431 96,957
    7,614,086
Gas Utilities — 0.4%
Chesapeake Utilities Corp. 6,239 780,936
Northwest Natural Holding Co. 10,916 522,112
South Jersey Industries, Inc. 27,941 955,303
    2,258,351
Health Care Equipment & Supplies — 3.2%
AtriCure, Inc. * 16,328 847,913
Atrion Corp. 466 292,005
Avanos Medical, Inc. * 17,113 499,015
Axonics, Inc. * 16,430 851,403
BioLife Solutions, Inc. * 10,631 134,695
Butterfly Network, Inc. * 47,401 157,845
Cardiovascular Systems, Inc. * 14,443 270,084
 
SEE NOTES TO FINANCIAL STATEMENTS.
148 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
CONMED Corp.    10,423   1,385,842
CryoPort, Inc. *    17,521     395,274
Establishment Labs Holdings, Inc. (Costa Rica) *     7,734     547,258
Glaukos Corp. *    16,673     788,466
Heska Corp. *     3,770     414,097
Inogen, Inc. *     7,267     183,710
Integer Holdings Corp. *    11,711     880,316
iRhythm Technologies, Inc. *    10,473   1,292,054
Lantheus Holdings, Inc. *    24,038   1,596,364
Meridian Bioscience, Inc. *    15,504     396,747
Merit Medical Systems, Inc. *    18,079   1,121,079
Mesa Laboratories, Inc. 1,854 396,070
Natus Medical, Inc. * 12,181 405,262
Neogen Corp. * 38,337 1,012,097
Outset Medical, Inc. * 14,554 507,644
PROCEPT BioRobotics Corp. * 2,488 88,473
Pulmonx Corp. * 12,419 299,298
Senseonics Holdings, Inc. * (a) 145,931 204,303
Sight Sciences, Inc. * 3,685 25,721
Silk Road Medical, Inc. * 12,390 434,269
Treace Medical Concepts, Inc. * (a) 4,123 80,811
Varex Imaging Corp. * 14,092 279,726
Vicarious Surgical, Inc. * 12,659 62,282
    15,850,123
Health Care Providers & Services — 2.6%
23andMe Holding Co. * (a) 75,073 224,468
Accolade, Inc. * 20,702 115,103
AdaptHealth Corp. * 34,343 434,782
Addus HomeCare Corp. * 5,692 479,722
Agiliti, Inc. * 9,762 192,702
AMN Healthcare Services, Inc. * 16,781 1,640,343
Aveanna Healthcare Holdings, Inc. * 13,756 40,167
Brookdale Senior Living, Inc. * 65,922 407,398
Cano Health, Inc. * 64,151 340,000
Castle Biosciences, Inc. * 8,381 187,231
Clover Health Investments Corp. * 96,371 259,238
Community Health Systems, Inc. * 44,169 338,776
CorVel Corp. * 3,323 515,331
Covetrus, Inc. * 36,716 506,681
Ensign Group, Inc. (The) 18,582 1,492,692
Fulgent Genetics, Inc. * 6,893 378,288
Hanger, Inc. * 13,070 214,871
Hims & Hers Health, Inc. * 44,084 185,594
INVESTMENTS SHARES VALUE($)
 
Health Care Providers & Services — continued
MEDNAX, Inc. *    30,338     561,860
ModivCare, Inc. *     4,374     454,765
National HealthCare Corp.     4,802     326,824
Owens & Minor, Inc.    26,828     952,126
RadNet, Inc. *    16,597     323,641
Select Medical Holdings Corp.    37,685     852,058
Sema4 Holdings Corp. *    44,872      96,475
Surgery Partners, Inc. *    12,606     644,923
Tivity Health, Inc. *    15,711     504,794
US Physical Therapy, Inc.     4,615     478,899
    13,149,752
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc. * 43,565 900,053
American Well Corp., Class A * 69,571 217,757
Evolent Health, Inc., Class A * 28,945 796,566
Health Catalyst, Inc. * 18,504 307,907
HealthStream, Inc. * 8,996 171,824
NextGen Healthcare, Inc. * 19,964 376,321
OptimizeRx Corp. * 6,286 176,700
Phreesia, Inc. * 18,199 416,393
Sharecare, Inc. * 102,491 280,825
Tabula Rasa HealthCare, Inc. * 8,397 28,298
    3,672,644
Hotels, Restaurants & Leisure — 1.8%
Bally's Corp. * 10,454 311,947
BJ's Restaurants, Inc. * 8,297 230,574
Bloomin' Brands, Inc. 28,903 635,577
Brinker International, Inc. * 15,877 576,811
Cheesecake Factory, Inc. (The) * 17,282 637,879
Dave & Buster's Entertainment, Inc. * 13,774 626,717
Denny's Corp. * 22,525 288,771
Dine Brands Global, Inc. 6,130 439,460
Dutch Bros, Inc., Class A * 8,424 402,414
Everi Holdings, Inc. * 32,331 561,266
F45 Training Holdings, Inc. * 7,373 64,809
First Watch Restaurant Group, Inc. * 3,339 43,407
Golden Entertainment, Inc. * 7,236 347,039
Jack in the Box, Inc. 7,526 622,852
Krispy Kreme, Inc. 10,740 142,627
Papa John's International, Inc. 11,527 1,049,533
Portillo's, Inc., Class A * (a) 7,633 158,995
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 149

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Red Rock Resorts, Inc., Class A    18,797     826,316
Shake Shack, Inc., Class A *    13,887     803,085
    8,770,079
Household Durables — 2.4%
Cavco Industries, Inc. *     3,003     709,459
Century Communities, Inc.    10,554     556,407
GoPro, Inc., Class A *    46,267     412,701
Installed Building Products, Inc.     8,343     671,361
iRobot Corp. *     9,552     483,809
KB Home    30,469     988,110
La-Z-Boy, Inc.    15,606     410,126
LGI Homes, Inc. * 7,599 712,102
M/I Homes, Inc. * 10,382 459,715
MDC Holdings, Inc. 20,067 740,673
Meritage Homes Corp. * 13,297 1,097,667
Purple Innovation, Inc. * 20,585 84,810
Skyline Champion Corp. * 18,804 959,756
Snap One Holdings Corp. * 4,827 57,683
Sonos, Inc. * 45,360 1,035,115
Taylor Morrison Home Corp. * 43,731 1,145,315
Traeger, Inc. * 8,355 50,046
Tri Pointe Homes, Inc. * 39,516 816,796
Tupperware Brands Corp. * 17,384 305,611
Vizio Holding Corp., Class A * 13,012 94,207
Vuzix Corp. * (a) 21,038 108,766
    11,900,235
Household Products — 0.3%
Central Garden & Pet Co. * 3,500 153,265
Central Garden & Pet Co., Class A * 14,105 583,665
WD-40 Co. 4,834 889,359
    1,626,289
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc. 12,307 349,765
Clearway Energy, Inc., Class C 29,061 887,232
    1,236,997
Insurance — 1.9%
Ambac Financial Group, Inc. * 16,432 127,019
American Equity Investment Life Holding Co. 29,315 1,105,762
AMERISAFE, Inc. 6,886 319,166
Argo Group International Holdings Ltd. 12,384 530,035
BRP Group, Inc., Class A * 19,067 440,829
Employers Holdings, Inc. 9,910 389,859
INVESTMENTS SHARES VALUE($)
 
Insurance — continued
Genworth Financial, Inc., Class A *   180,512     669,699
Goosehead Insurance, Inc., Class A (a)     7,008     402,890
Hippo Holdings, Inc. *   132,098     248,344
Horace Mann Educators Corp.    14,748     587,708
James River Group Holdings Ltd.    13,291     315,130
Kinsale Capital Group, Inc.     7,624   1,690,165
ProAssurance Corp.    19,198     471,695
Safety Insurance Group, Inc.     5,064     435,707
Selectquote, Inc. *    44,289      91,235
SiriusPoint Ltd. (Bermuda) *    30,550     191,854
Stewart Information Services Corp.     9,533     491,903
Trupanion, Inc. * 12,226 777,818
    9,286,818
Interactive Media & Services — 0.2%
Angi, Inc. * (a) 26,553 117,099
Cars.com, Inc. * 23,118 257,072
Eventbrite, Inc., Class A * 27,135 287,088
fuboTV, Inc. * (a) 54,713 207,362
MediaAlpha, Inc., Class A * 7,575 111,656
ZipRecruiter, Inc., Class A * 4,311 97,041
    1,077,318
Internet & Direct Marketing Retail — 0.5%
BARK, Inc. * 29,008 89,635
Overstock.com, Inc. * 15,280 512,797
Porch Group, Inc. * 27,195 100,621
RealReal, Inc. (The) * 28,927 156,784
Rent the Runway, Inc., Class A * (a) 6,190 39,245
Revolve Group, Inc. * 14,059 594,133
Shutterstock, Inc. 8,287 627,492
Stitch Fix, Inc., Class A * 29,644 281,618
Xometry, Inc., Class A * 2,526 82,903
    2,485,228
IT Services — 2.5%
Conduent, Inc. * 57,531 323,900
CSG Systems International, Inc. 11,564 710,839
Cyxtera Technologies, Inc. * 12,696 152,733
EVERTEC, Inc. (Puerto Rico) 21,271 838,077
ExlService Holdings, Inc. * 11,867 1,615,692
Grid Dynamics Holdings, Inc. * 16,256 226,283
Marqeta, Inc., Class A * 82,663 768,766
Paya Holdings, Inc. * 30,052 152,965
Payoneer Global, Inc. * 68,742 287,342
Perficient, Inc. * 11,688 1,161,904
 
SEE NOTES TO FINANCIAL STATEMENTS.
150 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
IT Services — continued
Repay Holdings Corp. *    26,434     353,687
Sabre Corp. *   115,059   1,204,668
Shift4 Payments, Inc., Class A *    18,355     962,903
Switch, Inc., Class A    47,026   1,404,196
TaskUS, Inc., Class A (Philippines) *     9,712     280,580
Toast, Inc., Class A *    26,191     487,938
TTEC Holdings, Inc.     6,518     481,094
Unisys Corp. *    23,887     339,434
Verra Mobility Corp. *    45,539     638,912
    12,391,913
Leisure Products — 0.5%
Acushnet Holdings Corp. 12,309 501,469
Latham Group, Inc. * 11,529 138,348
Malibu Boats, Inc., Class A * 7,393 371,794
Smith & Wesson Brands, Inc. 17,144 235,387
Solo Brands, Inc., Class A * (a) 4,729 28,232
Sturm Ruger & Co., Inc. 6,237 425,051
Vista Outdoor, Inc. * 19,990 704,248
    2,404,529
Life Sciences Tools & Services — 0.3%
Absci Corp. * 4,631 27,369
Berkeley Lights, Inc. * 14,872 73,988
Bionano Genomics, Inc. * (a) 102,850 167,645
Codexis, Inc. * 20,998 252,606
Cytek Biosciences, Inc. * 5,198 49,121
NanoString Technologies, Inc. * 16,249 305,156
Personalis, Inc. * 12,728 71,277
Quanterix Corp. * 11,983 265,903
Seer, Inc. * 12,595 91,692
    1,304,757
Machinery — 4.1%
Alamo Group, Inc. 3,541 447,724
Albany International Corp., Class A 11,531 901,955
Altra Industrial Motion Corp. 23,108 901,212
Astec Industries, Inc. 8,069 315,498
Barnes Group, Inc. 16,585 556,924
Berkshire Grey, Inc. * 14,367 34,912
Desktop Metal, Inc., Class A * 66,348 232,881
Enerpac Tool Group Corp. 21,435 430,415
EnPro Industries, Inc. 7,310 681,365
ESCO Technologies, Inc. 9,204 574,790
Federal Signal Corp. 21,722 739,200
Franklin Electric Co., Inc. 13,848 968,529
INVESTMENTS SHARES VALUE($)
 
Machinery — continued
Gorman-Rupp Co. (The)     8,060     256,792
Greenbrier Cos., Inc. (The)    11,578     494,496
Helios Technologies, Inc.    11,537     775,056
Hillenbrand, Inc.    25,858   1,055,524
Hillman Solutions Corp. *    36,561     425,204
Hydrofarm Holdings Group, Inc. *    12,794     122,183
Hyzon Motors, Inc. * (a)    31,741     126,012
Ideanomics, Inc. * (a)   157,533     113,298
John Bean Technologies Corp.    11,283   1,330,153
Kadant, Inc.     4,097     757,945
Lindsay Corp.     3,919     529,653
Markforged Holding Corp. * 23,818 81,219
Meritor, Inc. * 25,133 902,526
Microvast Holdings, Inc. * 84,425 418,748
Mueller Industries, Inc. 20,377 1,103,414
Mueller Water Products, Inc., Class A 55,777 670,997
Proterra, Inc. * 65,212 404,966
Proto Labs, Inc. * 9,805 417,791
SPX Corp. * 16,182 678,026
Standex International Corp. 4,350 409,074
Tennant Co. 6,577 424,743
Terex Corp. 24,859 845,206
Velo3D, Inc. * 21,470 75,145
Wabash National Corp. 17,405 249,066
Welbilt, Inc. * 46,041 1,087,488
    20,540,130
Marine — 0.3%
Matson, Inc. 14,928 1,284,107
Media — 1.3%
AMC Networks, Inc., Class A * 10,418 339,939
Cardlytics, Inc. * 11,857 404,679
Clear Channel Outdoor Holdings, Inc. * 167,388 411,775
EW Scripps Co. (The), Class A * 20,324 334,533
Gray Television, Inc. 31,525 583,843
iHeartMedia, Inc., Class A * 38,867 621,483
Scholastic Corp. 10,800 397,980
Sinclair Broadcast Group, Inc., Class A 17,322 385,241
TechTarget, Inc. * 9,471 637,493
TEGNA, Inc. 78,676 1,734,806
Thryv Holdings, Inc. * 6,065 156,659
WideOpenWest, Inc. * 18,572 372,369
    6,380,800
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 151

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Metals & Mining — 2.0%
Allegheny Technologies, Inc. *    45,259   1,230,140
Alpha Metallurgical Resources, Inc. *     6,152     951,961
Arconic Corp. *    37,905     953,690
Carpenter Technology Corp.    17,136     654,252
Century Aluminum Co. *    17,984     303,390
Coeur Mining, Inc. *    91,361     331,640
Commercial Metals Co.    43,182   1,770,462
Hecla Mining Co.   191,430     997,350
Kaiser Aluminum Corp.     5,674     547,541
Materion Corp.     7,264     618,530
Piedmont Lithium, Inc. *     5,675     371,202
Schnitzer Steel Industries, Inc., Class A 9,197 419,659
Warrior Met Coal, Inc. 18,247 621,675
    9,771,492
Mortgage Real Estate Investment Trusts (REITs) — 1.4%
Apollo Commercial Real Estate Finance, Inc. 47,005 565,940
Arbor Realty Trust, Inc. 53,543 915,585
ARMOUR Residential REIT, Inc. (a) 31,892 234,087
BrightSpire Capital, Inc. 33,248 282,608
Broadmark Realty Capital, Inc. 47,169 368,390
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 30,108 1,204,019
Invesco Mortgage Capital, Inc. 110,861 192,898
KKR Real Estate Finance Trust, Inc. 15,934 302,746
Ladder Capital Corp. 39,738 452,616
MFA Financial, Inc. 35,265 502,519
New York Mortgage Trust, Inc. 134,934 434,488
PennyMac Mortgage Investment Trust 33,736 517,510
Ready Capital Corp. 23,908 348,340
Redwood Trust, Inc. 40,814 395,896
TPG RE Finance Trust, Inc. 21,080 222,394
    6,940,036
Multiline Retail — 0.2%
Big Lots, Inc. 10,862 335,636
Dillard's, Inc., Class A (a) 1,433 435,360
Franchise Group, Inc. 9,563 356,604
    1,127,600
Multi-Utilities — 0.2%
NorthWestern Corp. 19,226 1,089,922
Oil, Gas & Consumable Fuels — 5.3%
Arch Resources, Inc. 5,444 905,773
Archaea Energy, Inc. * 14,453 317,966
California Resources Corp. 28,596 1,149,845
INVESTMENTS SHARES VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Callon Petroleum Co. *    16,774     860,003
Centennial Resource Development, Inc., Class A *    65,649     508,123
Civitas Resources, Inc.    25,650   1,503,603
Clean Energy Fuels Corp. *    60,338     353,581
Comstock Resources, Inc. *    32,292     549,933
CVR Energy, Inc.    10,397     260,653
Delek US Holdings, Inc. *    26,378     638,348
Denbury, Inc. *    17,809   1,139,420
Gevo, Inc. *    71,775     266,285
Green Plains, Inc. *    19,089     535,828
Gulfport Energy Corp. *     4,076     383,062
Kosmos Energy Ltd. (Ghana) * 160,733 1,086,555
Magnolia Oil & Gas Corp., Class A 52,403 1,217,846
Matador Resources Co. 39,203 1,913,890
Murphy Oil Corp. 51,670 1,967,594
Northern Oil and Gas, Inc. 23,303 582,109
Oasis Petroleum, Inc. 6,585 873,566
PBF Energy, Inc., Class A * 33,763 981,153
Peabody Energy Corp. * 33,632 761,428
Renewable Energy Group, Inc. * 17,851 1,089,982
SM Energy Co. 43,180 1,534,185
Southwestern Energy Co. * 396,364 2,972,730
Tellurian, Inc. * 139,715 695,781
Whiting Petroleum Corp. 13,885 1,014,299
World Fuel Services Corp. 22,464 544,078
    26,607,619
Paper & Forest Products — 0.3%
Glatfelter Corp. 15,856 174,416
Mercer International, Inc. (Germany) 14,360 229,904
Neenah, Inc. 5,926 209,780
Schweitzer-Mauduit International, Inc. 11,196 281,691
Sylvamo Corp. * 12,575 561,474
    1,457,265
Personal Products — 0.7%
Edgewell Personal Care Co. 19,224 733,203
elf Beauty, Inc. * 17,047 414,754
Inter Parfums, Inc. 6,286 513,755
Medifast, Inc. 4,100 731,276
Nu Skin Enterprises, Inc., Class A 17,725 755,794
USANA Health Sciences, Inc. * 4,117 315,609
    3,464,391
 
SEE NOTES TO FINANCIAL STATEMENTS.
152 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Pharmaceuticals — 1.4%
Aclaris Therapeutics, Inc. *    16,572     204,167
Amneal Pharmaceuticals, Inc. *    35,076     135,393
Arvinas, Inc. *    15,452     849,396
Atea Pharmaceuticals, Inc. *    18,898     110,931
Axsome Therapeutics, Inc. *    10,572     335,661
Cassava Sciences, Inc. * (a)    13,383     279,303
Corcept Therapeutics, Inc. *    33,936     729,963
DICE Therapeutics, Inc. *     4,457      90,566
Edgewise Therapeutics, Inc. *     4,022      32,096
Endo International plc *    83,146     166,292
Harmony Biosciences Holdings, Inc. *     8,080     363,923
Innoviva, Inc. * 22,212 378,937
Intra-Cellular Therapies, Inc. * 30,201 1,528,473
Nektar Therapeutics * 65,620 271,011
NGM Biopharmaceuticals, Inc. * 13,294 165,909
Nuvation Bio, Inc. * 41,025 191,177
Phathom Pharmaceuticals, Inc. * 5,554 71,869
Revance Therapeutics, Inc. * 23,502 384,963
Supernus Pharmaceuticals, Inc. * 18,897 527,226
Ventyx Biosciences, Inc. * 3,370 48,966
    6,866,222
Professional Services — 1.1%
BlackSky Technology, Inc. * 19,843 31,154
CBIZ, Inc. * 18,515 775,593
First Advantage Corp. * 14,715 255,452
Forrester Research, Inc. * 3,961 220,588
HireRight Holdings Corp. * 7,919 136,920
Huron Consulting Group, Inc. * 7,755 401,554
ICF International, Inc. 6,066 599,381
Kelly Services, Inc., Class A 12,785 246,623
Kforce, Inc. 7,179 502,889
Korn Ferry 19,319 1,186,959
ManTech International Corp., Class A 9,797 787,091
Sterling Check Corp. * 5,103 132,576
TrueBlue, Inc. * 12,631 322,975
    5,599,755
Real Estate Management & Development — 0.7%
Doma Holdings, Inc. * 61,946 115,220
Kennedy-Wilson Holdings, Inc. 43,097 971,837
Marcus & Millichap, Inc. 8,923 399,661
Newmark Group, Inc., Class A 58,516 710,969
INVESTMENTS SHARES VALUE($)
 
Real Estate Management & Development — continued
Realogy Holdings Corp. *    41,503     454,873
St. Joe Co. (The)    11,698     622,451
    3,275,011
Road & Rail — 0.5%
ArcBest Corp.     8,812     635,874
Heartland Express, Inc.    16,581     228,818
Marten Transport Ltd.    21,284     369,916
Schneider National, Inc., Class B    12,423     293,555
Werner Enterprises, Inc.    21,308     844,436
    2,372,599
Semiconductors & Semiconductor Equipment — 2.1%
ACM Research, Inc., Class A * 13,098 197,911
Axcelis Technologies, Inc. * 11,869 646,267
Cohu, Inc. * 17,330 460,285
Diodes, Inc. * 15,995 1,168,115
FormFactor, Inc. * 27,830 1,060,601
Ichor Holdings Ltd. * 10,112 294,360
Impinj, Inc. * 6,654 327,776
indie Semiconductor, Inc., Class A (China) * 21,132 145,811
Kulicke & Soffa Industries, Inc. (Singapore) 22,143 1,027,657
MACOM Technology Solutions Holdings, Inc. * 17,356 884,288
MaxLinear, Inc. * 25,096 1,201,345
Meta Materials, Inc. * (a) 83,006 99,607
Onto Innovation, Inc. * 17,496 1,244,665
Rambus, Inc. * 38,865 968,127
Ultra Clean Holdings, Inc. * 15,962 497,536
Veeco Instruments, Inc. * 17,993 412,400
    10,636,751
Software — 5.1%
8x8, Inc. * 42,069 385,773
Alarm.com Holdings, Inc. * 16,362 999,391
Altair Engineering, Inc., Class A * 18,073 981,725
Appfolio, Inc., Class A * 6,844 710,818
Appian Corp. * 14,116 674,745
Avaya Holdings Corp. * 30,174 279,110
AvePoint, Inc. * 31,007 151,934
Bottomline Technologies DE, Inc. * 13,757 778,921
Box, Inc., Class A * 52,771 1,615,848
BTRS Holdings, Inc., Class 1 * 27,027 181,622
Cerence, Inc. * 13,895 409,903
Cipher Mining, Inc. * 15,144 45,886
Confluent, Inc., Class A * 21,757 679,689
Consensus Cloud Solutions, Inc. * 5,690 299,977
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 153

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Software — continued
Couchbase, Inc. *     3,134      53,278
Domo, Inc., Class B *    10,451     432,880
E2open Parent Holdings, Inc. *    63,272     489,725
Ebix, Inc.     8,444     251,631
Enfusion, Inc., Class A * (a)     6,789      86,696
Envestnet, Inc. *    19,460   1,549,794
Freshworks, Inc., Class A *    12,271     222,964
Gitlab, Inc., Class A *     4,023     192,822
Intapp, Inc. *     3,943      98,338
InterDigital, Inc.    10,901     619,722
IronNet, Inc. *    12,307      32,983
Latch, Inc. * 32,342 106,405
LivePerson, Inc. * 23,974 542,292
MeridianLink, Inc. * 4,833 78,053
Momentive Global, Inc. * 46,574 736,801
N-able, Inc. * 24,204 242,040
PagerDuty, Inc. * 27,204 777,218
Ping Identity Holding Corp. * 21,395 559,051
PROS Holdings, Inc. * 14,224 397,276
Q2 Holdings, Inc. * 20,223 1,046,136
Qualys, Inc. * 11,891 1,620,506
Riot Blockchain, Inc. * (a) 35,623 361,217
Sailpoint Technologies Holdings, Inc. * 33,201 2,119,220
SentinelOne, Inc., Class A * 47,836 1,591,504
Sumo Logic, Inc. * 31,868 298,922
Telos Corp. * 18,772 146,234
Vonage Holdings Corp. * 76,654 1,530,014
Xperi Holding Corp. 37,203 580,367
Zeta Global Holdings Corp., Class A * 7,951 86,109
Zuora, Inc., Class A * 41,731 507,866
    25,553,406
Specialty Retail — 2.9%
Aaron's Co., Inc. (The) 11,203 229,998
Abercrombie & Fitch Co., Class A * 20,056 693,536
Academy Sports & Outdoors, Inc. 31,167 1,164,399
Arko Corp. 23,472 217,585
Asbury Automotive Group, Inc. * 8,250 1,515,608
Bed Bath & Beyond, Inc. * (a) 34,293 466,728
Boot Barn Holdings, Inc. * 10,542 949,413
Buckle, Inc. (The) 10,458 324,825
Camping World Holdings, Inc., Class A (a) 14,636 375,852
Children's Place, Inc. (The) * 4,822 223,403
Citi Trends, Inc. * 2,997 83,826
Designer Brands, Inc., Class A 21,970 303,625
INVESTMENTS SHARES VALUE($)
 
Specialty Retail — continued
Group 1 Automotive, Inc.     6,126   1,066,782
GrowGeneration Corp. *    18,910     111,758
Guess?, Inc.    13,843     311,052
Monro, Inc.    11,935     545,788
Murphy USA, Inc.     8,119   1,896,598
ODP Corp. (The) *    16,319     702,207
Rent-A-Center, Inc.    21,480     518,098
Sally Beauty Holdings, Inc. *    39,141     591,812
Signet Jewelers Ltd.    18,740   1,315,548
Sleep Number Corp. *     8,036     325,940
Sonic Automotive, Inc., Class A     7,351     312,785
Volta, Inc. * 43,361 90,625
Zumiez, Inc. * 6,933 253,956
    14,591,747
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp. * 45,394 514,768
Corsair Gaming, Inc. * 11,711 177,187
IonQ, Inc. * 40,426 318,153
Super Micro Computer, Inc. * 15,805 665,390
    1,675,498
Textiles, Apparel & Luxury Goods — 0.7%
G-III Apparel Group Ltd. * 15,552 411,817
Kontoor Brands, Inc. 16,941 673,066
Levi Strauss & Co., Class A 34,894 631,930
Oxford Industries, Inc. 5,678 508,749
PLBY Group, Inc. * 7,976 70,508
Steven Madden Ltd. 27,200 1,116,832
    3,412,902
Thrifts & Mortgage Finance — 1.7%
Axos Financial, Inc. * 19,077 722,637
Columbia Financial, Inc. * 13,758 260,714
Flagstar Bancorp, Inc. 18,902 667,241
Kearny Financial Corp. 25,841 306,474
Merchants Bancorp 8,938 210,222
Mr. Cooper Group, Inc. * 26,735 1,202,273
NMI Holdings, Inc., Class A * 30,480 560,222
Northfield Bancorp, Inc. 15,452 202,267
PennyMac Financial Services, Inc. 10,910 529,790
Provident Financial Services, Inc. 27,156 600,962
Rocket Cos., Inc., Class A (a) 48,083 425,535
Walker & Dunlop, Inc. 10,487 1,255,923
 
SEE NOTES TO FINANCIAL STATEMENTS.
154 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Thrifts & Mortgage Finance — continued
Washington Federal, Inc.    23,193     705,763
WSFS Financial Corp.    23,265     932,228
    8,582,251
Tobacco — 0.2%
Turning Point Brands, Inc.     5,095     159,932
Universal Corp.     8,739     505,551
Vector Group Ltd.    46,579     592,485
    1,257,968
Trading Companies & Distributors — 1.6%
Applied Industrial Technologies, Inc.    13,695   1,433,730
Boise Cascade Co.    14,017   1,059,405
Custom Truck One Source, Inc. * 17,624 115,790
GMS, Inc. * 15,291 733,203
H&E Equipment Services, Inc. 11,294 400,711
McGrath RentCorp 8,638 720,927
NOW, Inc. * 39,353 428,948
Rush Enterprises, Inc., Class A 15,295 778,210
Triton International Ltd. (Bermuda) 23,780 1,452,720
Veritiv Corp. * 4,960 697,078
    7,820,722
Water Utilities — 0.6%
American States Water Co. 13,116 1,031,705
California Water Service Group 18,736 971,836
Middlesex Water Co. 6,209 552,290
SJW Group 9,763 576,017
    3,131,848
Wireless Telecommunication Services — 0.3%
Gogo, Inc. * (a) 23,864 439,336
Shenandoah Telecommunications Co. 17,765 358,853
Telephone and Data Systems, Inc. 35,134 643,655
United States Cellular Corp. * 5,325 153,254
    1,595,098
Total Common Stocks
(Cost $564,528,261) 		  490,707,577
  NO. OF RIGHTS  
Rights — 0.0% ^
Pharmaceuticals — 0.0% ^
Zogenix, Inc., CVR ‡ *(Cost $—) (c) 14,091 9,582
 INVESTMENTS SHARES VALUE($)
Short Term Investments — 3.0%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e)
(Cost $6,867,283) 		6,867,283   6,867,283
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (d) (e) 6,001,099   5,996,899
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e) 1,999,074   1,999,074
Total Investment of Cash Collateral from Securities Loaned
(Cost $7,996,972) 		  7,995,973
Total Short Term Investments
(Cost $14,864,255) 		  14,863,256
Total Investments — 101.2%
(Cost $579,392,516) 		  505,580,415
Liabilities in Excess of Other Assets — (1.2)%   (5,815,798)
NET ASSETS — 100.0%   499,764,617
Percentages indicated are based on net assets.
    
Abbreviations  
CVR Contingent Value Rights
REIT Real Estate Investment Trust
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,449,030.  
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(c) Value is zero.  
(d) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(e) The rate shown is the current yield as of April 30, 2022.  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 155

Table of Contents
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Russell 2000 E-mini Index 94 06/17/2022 USD 8,750,930 (486,136)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
156 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.3%
Hexcel Corp.     95      5,164
L3Harris Technologies, Inc.    225     52,259
    57,423
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.    148     15,710
Expeditors International of Washington, Inc.    190     18,824
United Parcel Service, Inc., Class B    197     35,456
    69,990
Auto Components — 0.2%
Aptiv plc *    304     32,346
BorgWarner, Inc.    223      8,213
    40,559
Automobiles — 2.2%
Ford Motor Co. 4,440 62,870
General Motors Co. * 1,416 53,681
Harley-Davidson, Inc. 155 5,650
Tesla, Inc. * 427 371,814
    494,015
Banks — 2.5%
Bank of America Corp. 5,858 209,014
Citigroup, Inc. 2,291 110,449
Fifth Third Bancorp 774 29,048
KeyCorp 1,058 20,430
PNC Financial Services Group, Inc. (The) 493 81,887
Regions Financial Corp. 1,103 22,854
SVB Financial Group * 58 28,283
Wells Fargo & Co. 1,298 56,632
    558,597
Beverages — 1.9%
Brown-Forman Corp., Class B 260 17,534
Coca-Cola Co. (The) 2,618 169,149
Keurig Dr Pepper, Inc. 783 29,284
Monster Beverage Corp. * 428 36,671
PepsiCo, Inc. 936 160,721
    413,359
Biotechnology — 2.4%
AbbVie, Inc. 1,451 213,123
Amgen, Inc. 129 30,081
Biogen, Inc. * 128 26,552
Gilead Sciences, Inc. 1,415 83,966
Incyte Corp. * 208 15,592
INVESTMENTS SHARES VALUE($)
 
Biotechnology — continued
Moderna, Inc. *     80     10,753
Regeneron Pharmaceuticals, Inc. *    114     75,138
Vertex Pharmaceuticals, Inc. *    294     80,327
    535,532
Building Products — 0.6%
Carrier Global Corp.    895     34,252
Johnson Controls International plc    819     49,033
Lennox International, Inc.     38      8,101
Masco Corp.    253     13,331
Trane Technologies plc    269     37,630
    142,347
Capital Markets — 4.4%
Ares Management Corp. 164 10,860
Bank of New York Mellon Corp. (The) 847 35,625
BlackRock, Inc. 165 103,072
Blackstone, Inc. 33 3,352
Carlyle Group, Inc. (The) 188 6,823
Charles Schwab Corp. (The) 1,344 89,148
CME Group, Inc. 337 73,918
FactSet Research Systems, Inc. 44 17,754
Goldman Sachs Group, Inc. (The) 379 115,781
Intercontinental Exchange, Inc. 314 36,364
Invesco Ltd. 380 6,984
Lazard Ltd., Class A 62 2,032
LPL Financial Holdings, Inc. 91 17,096
Moody's Corp. 187 59,182
Morgan Stanley 1,250 100,737
Morningstar, Inc. 27 6,837
MSCI, Inc. 91 38,334
Nasdaq, Inc. 128 20,143
Northern Trust Corp. 218 22,465
S&P Global, Inc. 373 140,434
State Street Corp. 421 28,194
T. Rowe Price Group, Inc. 262 32,236
    967,371
Chemicals — 1.7%
Air Products and Chemicals, Inc. 255 59,688
Albemarle Corp. 134 25,839
Ashland Global Holdings, Inc. 59 6,193
Ecolab, Inc. 288 48,770
Element Solutions, Inc. 267 5,506
FMC Corp. 145 19,218
International Flavors & Fragrances, Inc. 294 35,662
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 157

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Chemicals — continued
LyondellBasell Industries NV, Class A    300     31,809
NewMarket Corp.      7      2,272
Olin Corp.    164      9,414
PPG Industries, Inc.    267     34,173
Scotts Miracle-Gro Co. (The)     49      5,093
Sherwin-Williams Co. (The)    278     76,439
Valvoline, Inc.    204      6,167
Westlake Corp.     38      4,809
    371,052
Commercial Services & Supplies — 0.6%
Clean Harbors, Inc. *     57      5,981
MSA Safety, Inc. 40 4,828
Republic Services, Inc. 241 32,359
Stericycle, Inc. * 105 5,270
Waste Management, Inc. 491 80,740
    129,178
Communications Equipment — 1.2%
Arista Networks, Inc. * 276 31,897
Ciena Corp. * 162 8,938
Cisco Systems, Inc. 3,685 180,491
CommScope Holding Co., Inc. * 240 1,447
Juniper Networks, Inc. 364 11,473
Motorola Solutions, Inc. 191 40,815
    275,061
Construction & Engineering — 0.0% ^
AECOM 135 9,526
Consumer Finance — 0.9%
American Express Co. 712 124,394
Capital One Financial Corp. 478 59,568
Synchrony Financial 600 22,086
    206,048
Containers & Packaging — 0.3%
AptarGroup, Inc. 74 8,497
Avery Dennison Corp. 95 17,157
Ball Corp. 362 29,380
International Paper Co. 447 20,687
    75,721
Diversified Financial Services — 1.0%
Apollo Global Management, Inc. 277 13,783
INVESTMENTS SHARES VALUE($)
 
Diversified Financial Services — continued
Berkshire Hathaway, Inc., Class B *    613    197,895
Voya Financial, Inc.    128      8,082
    219,760
Diversified Telecommunication Services — 0.9%
AT&T, Inc.  2,176     41,039
Verizon Communications, Inc.  3,547    164,226
    205,265
Electric Utilities — 1.1%
Alliant Energy Corp.    289     16,996
Avangrid, Inc.     63      2,794
Edison International    428     29,442
Eversource Energy 396 34,610
FirstEnergy Corp. 625 27,069
PG&E Corp. * 2,292 28,994
Southern Co. (The) 1,227 90,049
Xcel Energy, Inc. 283 20,733
    250,687
Electrical Equipment — 0.8%
Eaton Corp. plc 453 65,694
Emerson Electric Co. 695 62,675
Regal Rexnord Corp. 68 8,652
Rockwell Automation, Inc. 134 33,858
    170,879
Electronic Equipment, Instruments & Components — 0.3%
Keysight Technologies, Inc. * 210 29,457
Littelfuse, Inc. 24 5,502
National Instruments Corp. 163 5,891
Trimble, Inc. * 289 19,276
    60,126
Energy Equipment & Services — 0.6%
Baker Hughes Co. 846 26,243
Halliburton Co. 1,017 36,226
Schlumberger NV 1,625 63,391
    125,860
Entertainment — 1.0%
Liberty Media Corp-Liberty Formula One, Class C * 228 14,211
Netflix, Inc. * 271 51,588
Walt Disney Co. (The) * 1,414 157,845
    223,644
Equity Real Estate Investment Trusts (REITs) — 3.4%
American Tower Corp. 93 22,415
 
SEE NOTES TO FINANCIAL STATEMENTS.
158 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
AvalonBay Communities, Inc.    160     36,397
Boston Properties, Inc.    179     21,050
Brixmor Property Group, Inc.    332      8,426
Crown Castle International Corp.    497     92,049
Douglas Emmett, Inc.    181      5,332
Equity Residential    413     33,660
Essex Property Trust, Inc.     73     24,037
Federal Realty Investment Trust     90     10,535
Healthpeak Properties, Inc.    618     20,277
Host Hotels & Resorts, Inc.    815     16,585
Hudson Pacific Properties, Inc.    164      3,818
Iron Mountain, Inc. 329 17,677
JBG SMITH Properties 141 3,717
Kilroy Realty Corp. 133 9,310
Kimco Realty Corp. 463 11,728
Park Hotels & Resorts, Inc. 65 1,281
Prologis, Inc. 852 136,567
Public Storage 62 23,033
Rayonier, Inc. 164 7,085
Realty Income Corp. 652 45,223
Regency Centers Corp. 189 13,009
SBA Communications Corp. 121 42,000
Simon Property Group, Inc. 366 43,188
SL Green Realty Corp. 73 5,053
UDR, Inc. 346 18,411
Ventas, Inc. 420 23,331
Vornado Realty Trust 197 7,626
Welltower, Inc. 468 42,499
    745,319
Food & Staples Retailing — 1.4%
Costco Wholesale Corp. 294 156,326
Sysco Corp. 587 50,177
Walgreens Boots Alliance, Inc. 821 34,810
Walmart, Inc. 497 76,036
    317,349
Food Products — 0.7%
Hershey Co. (The) 136 30,705
McCormick & Co., Inc. (Non-Voting) 287 28,863
Mondelez International, Inc., Class A 1,592 102,652
    162,220
Gas Utilities — 0.1%
Atmos Energy Corp. 154 17,464
INVESTMENTS SHARES VALUE($)
 
Gas Utilities — continued
National Fuel Gas Co.    100      7,013
UGI Corp.    240      8,232
    32,709
Health Care Equipment & Supplies — 1.9%
Abbott Laboratories  1,376    156,176
Becton Dickinson and Co.    273     67,483
Boston Scientific Corp. *  1,609     67,755
Edwards Lifesciences Corp. *    693     73,306
Embecta Corp. *     54      1,643
Intuitive Surgical, Inc. *     38      9,093
Medtronic plc    400     41,744
ResMed, Inc. 31 6,199
Stryker Corp. 20 4,825
    428,224
Health Care Providers & Services — 4.0%
AmerisourceBergen Corp. 171 25,871
Anthem, Inc. 268 134,517
Cardinal Health, Inc. 286 16,602
Cigna Corp. 374 92,296
CVS Health Corp. 1,416 136,120
Humana, Inc. 140 62,238
McKesson Corp. 173 53,563
Quest Diagnostics, Inc. 121 16,195
UnitedHealth Group, Inc. 686 348,865
    886,267
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc. * 46 101,674
Chipotle Mexican Grill, Inc. * 31 45,124
McDonald's Corp. 712 177,402
Starbucks Corp. 1,276 95,241
Yum! Brands, Inc. 331 38,730
    458,171
Household Durables — 0.3%
DR Horton, Inc. 302 21,016
Garmin Ltd. 171 18,766
Newell Brands, Inc. 429 9,931
Toll Brothers, Inc. 126 5,843
    55,556
Household Products — 1.8%
Church & Dwight Co., Inc. 278 27,122
Clorox Co. (The) 142 20,373
Colgate-Palmolive Co. 964 74,276
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 159

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Household Products — continued
Procter & Gamble Co. (The)  1,665    267,316
Spectrum Brands Holdings, Inc.     46      3,913
    393,000
Industrial Conglomerates — 0.4%
3M Co.     21      3,028
General Electric Co.  1,234     91,995
    95,023
Insurance — 2.6%
Aflac, Inc.    752     43,075
Allstate Corp. (The)    322     40,746
American International Group, Inc.    966     56,521
Aon plc, Class A 254 73,149
Arch Capital Group Ltd. * 77 3,517
Assurant, Inc. 65 11,822
Assured Guaranty Ltd. 73 4,026
Chubb Ltd. 496 102,399
Cincinnati Financial Corp. 172 21,097
First American Financial Corp. 122 7,114
Hartford Financial Services Group, Inc. (The) 384 26,853
Lincoln National Corp. 206 12,391
MetLife, Inc. 815 53,529
Principal Financial Group, Inc. 296 20,169
Prudential Financial, Inc. 441 47,853
Travelers Cos., Inc. (The) 277 47,384
W R Berkley Corp. 237 15,758
    587,403
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A * 356 812,460
Meta Platforms, Inc., Class A * 1,267 253,995
    1,066,455
Internet & Direct Marketing Retail — 3.2%
Amazon.com, Inc. * 266 661,177
eBay, Inc. 723 37,538
Etsy, Inc. * 146 13,606
    712,321
IT Services — 6.1%
Accenture plc, Class A 589 176,912
Amdocs Ltd. 141 11,236
Automatic Data Processing, Inc. 484 105,599
Block, Inc., Class A * 553 55,046
Bread Financial Holdings, Inc. 55 3,014
Cognizant Technology Solutions Corp., Class A 591 47,812
INVESTMENTS SHARES VALUE($)
 
IT Services — continued
Fidelity National Information Services, Inc.    702     69,603
Fiserv, Inc. *    186     18,213
Genpact Ltd.    207      8,336
Global Payments, Inc.    326     44,655
Globant SA *     44      9,504
International Business Machines Corp.    828    109,470
Mastercard, Inc., Class A    712    258,727
Paychex, Inc.    371     47,017
PayPal Holdings, Inc. *  1,355    119,145
Visa, Inc., Class A  1,311    279,413
    1,363,702
Leisure Products — 0.1%
Brunswick Corp. 88 6,654
Hasbro, Inc. 144 12,680
    19,334
Life Sciences Tools & Services — 2.4%
Agilent Technologies, Inc. 343 40,909
Charles River Laboratories International, Inc. * 49 11,834
Danaher Corp. 428 107,484
Illumina, Inc. * 163 48,354
IQVIA Holdings, Inc. * 215 46,868
Mettler-Toledo International, Inc. * 26 33,216
PerkinElmer, Inc. 125 18,326
Thermo Fisher Scientific, Inc. 351 194,075
Waters Corp. * 70 21,211
    522,277
Machinery — 2.2%
Caterpillar, Inc. 619 130,324
Cummins, Inc. 162 30,649
Deere & Co. 319 120,439
Dover Corp. 161 21,461
Fortive Corp. 377 21,678
IDEX Corp. 77 14,616
Illinois Tool Works, Inc. 354 69,777
ITT, Inc. 97 6,811
Middleby Corp. (The) * 63 9,695
Nordson Corp. 67 14,451
PACCAR, Inc. 344 28,569
Xylem, Inc. 202 16,261
    484,731
Media — 0.5%
Comcast Corp., Class A 2,029 80,673
 
SEE NOTES TO FINANCIAL STATEMENTS.
160 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Media — continued
Interpublic Group of Cos., Inc. (The)    439     14,320
Omnicom Group, Inc.    238     18,119
    113,112
Multiline Retail — 0.6%
Target Corp.    554    126,672
Multi-Utilities — 1.2%
CenterPoint Energy, Inc.    684     20,938
CMS Energy Corp.    332     22,805
Consolidated Edison, Inc.    407     37,745
DTE Energy Co.    223     29,222
NiSource, Inc.    449     13,075
Public Service Enterprise Group, Inc. 579 40,333
Sempra Energy 372 60,026
WEC Energy Group, Inc. 364 36,418
    260,562
Oil, Gas & Consumable Fuels — 3.5%
Chevron Corp. 856 134,109
ConocoPhillips 1,442 137,740
Coterra Energy, Inc. 918 26,429
Devon Energy Corp. 786 45,722
Diamondback Energy, Inc. 173 21,838
Exxon Mobil Corp. 3,216 274,164
Hess Corp. 318 32,776
ONEOK, Inc. 227 14,376
Pioneer Natural Resources Co. 248 57,652
Targa Resources Corp. 260 19,087
Texas Pacific Land Corp. 7 9,566
    773,459
Paper & Forest Products — 0.0% ^
Sylvamo Corp. * 44 1,965
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A 258 68,127
Herbalife Nutrition Ltd. * 117 3,110
    71,237
Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co. 2,121 159,648
Eli Lilly & Co. 747 218,221
Johnson & Johnson 1,882 339,626
Merck & Co., Inc. 890 78,934
Pfizer, Inc. 2,509 123,116
Zoetis, Inc. 55 9,749
    929,294
INVESTMENTS SHARES VALUE($)
 
Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.    152     12,408
Equifax, Inc.    141     28,696
FTI Consulting, Inc. *     41      6,466
ManpowerGroup, Inc.     65      5,863
Nielsen Holdings plc    401     10,751
Robert Half International, Inc.    125     12,289
Science Applications International Corp.     38      3,163
TransUnion    221     19,342
Verisk Analytics, Inc.    183     37,341
    136,319
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A * 374 31,057
Howard Hughes Corp. (The) * 44 4,413
Jones Lang LaSalle, Inc. * 56 12,249
    47,719
Road & Rail — 0.5%
Uber Technologies, Inc. * 1,803 56,759
Union Pacific Corp. 194 45,452
    102,211
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices, Inc. * 1,577 134,865
Analog Devices, Inc. 605 93,400
Applied Materials, Inc. 984 108,584
Broadcom, Inc. 155 85,931
Cirrus Logic, Inc. * 68 5,154
First Solar, Inc. * 122 8,910
Intel Corp. 1,390 60,590
Lam Research Corp. 156 72,659
Micron Technology, Inc. 65 4,432
NVIDIA Corp. 1,584 293,785
QUALCOMM, Inc. 1,057 147,652
Teradyne, Inc. 183 19,299
Texas Instruments, Inc. 648 110,322
    1,145,583
Software — 9.8%
Adobe, Inc. * 382 151,253
Atlassian Corp. plc, Class A * 149 33,500
Autodesk, Inc. * 245 46,374
Cadence Design Systems, Inc. * 310 46,763
Dolby Laboratories, Inc., Class A 69 5,345
Guidewire Software, Inc. * 67 5,825
Intuit, Inc. 264 110,550
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 161

Table of Contents
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Software — continued
Microsoft Corp.  4,516  1,253,280
NortonLifeLock, Inc.    616     15,425
Oracle Corp.  1,774    130,212
PTC, Inc. *    118     13,477
Salesforce, Inc. *    782    137,585
ServiceNow, Inc. *    216    103,270
Synopsys, Inc. *    159     45,600
Teradata Corp. *    133      5,499
VMware, Inc., Class A    212     22,904
Workday, Inc., Class A *    208     42,994
Zendesk, Inc. *    133     16,231
    2,186,087
Specialty Retail — 2.3%
Advance Auto Parts, Inc. 72 14,373
Best Buy Co., Inc. 277 24,911
CarMax, Inc. * 184 15,783
Dick's Sporting Goods, Inc. 66 6,364
Home Depot, Inc. (The) 802 240,921
Lithia Motors, Inc. 30 8,494
Lowe's Cos., Inc. 690 136,434
TJX Cos., Inc. (The) 494 30,272
Tractor Supply Co. 129 25,987
Williams-Sonoma, Inc. 83 10,830
    514,369
Technology Hardware, Storage & Peripherals — 6.7%
Apple, Inc. 9,133 1,439,818
Dell Technologies, Inc., Class C 277 13,022
HP, Inc. 1,245 45,604
    1,498,444
Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd. * 60 2,862
Hanesbrands, Inc. 386 5,118
NIKE, Inc., Class B 1,263 157,496
PVH Corp. 79 5,750
Ralph Lauren Corp. 50 5,217
INVESTMENTS SHARES VALUE($)
 
Textiles, Apparel & Luxury Goods — continued
Tapestry, Inc.    303      9,975
VF Corp.    365     18,980
    205,398
Trading Companies & Distributors — 0.3%
Fastenal Co.    592     32,743
Univar Solutions, Inc. *    209      6,086
WW Grainger, Inc.     53     26,502
    65,331
Water Utilities — 0.2%
American Water Works Co., Inc.    209     32,203
Essential Utilities, Inc.    266     11,906
    44,109
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc. * 179 22,042
Total Common Stocks
(Cost $21,629,947) 		  22,175,974
Short Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b)
(Cost $11,653) 		11,653 11,653
Total Investments — 99.9%
(Cost $21,641,600) 		  22,187,627
Other Assets Less Liabilities — 0.1%   27,298
NET ASSETS — 100.0%   22,214,925
Percentages indicated are based on net assets.
    
^ Amount rounds to less than 0.1% of net assets.
* Non-income producing security.  
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(b) The rate shown is the current yield as of April 30, 2022.  
 
SEE NOTES TO FINANCIAL STATEMENTS.
162 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 1 06/17/2022 USD 20,636 (328)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 163

Table of Contents
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.0%
Canada — 2.1%
West Fraser Timber Co. Ltd.  4,936    433,833
China — 3.8%
Contemporary Amperex Technology Co. Ltd., Class A  9,000    545,474
Tongwei Co. Ltd., Class A 18,000    109,965
Xinyi Solar Holdings Ltd. 90,000    133,778
    789,217
Denmark — 2.0%
Orsted A/S (a)  1,057    116,936
ROCKWOOL A/S, Class B    314     87,820
Vestas Wind Systems A/S  8,229    209,848
    414,604
Finland — 3.3%
Neste OYJ 2,607 111,863
UPM-Kymmene OYJ 16,345 565,411
    677,274
France — 3.9%
Neoen SA * (a) 6,108 244,049
Nexans SA 1,438 130,984
SPIE SA 18,707 440,289
    815,322
Germany — 3.8%
Encavis AG 7,554 164,909
Infineon Technologies AG 21,664 614,894
    779,803
Ireland — 2.0%
Kingspan Group plc 4,563 424,756
Italy — 1.8%
Iveco Group NV * 5,756 33,864
Prysmian SpA 10,794 351,074
    384,938
Japan — 2.5%
Daikin Industries Ltd. 2,300 351,481
Kurita Water Industries Ltd. 2,300 78,467
RENOVA, Inc. * 6,700 82,550
    512,498
Netherlands — 5.3%
Alfen Beheer BV * (a) 1,393 125,277
Arcadis NV 2,901 121,041
INVESTMENTS SHARES VALUE($)
 
Netherlands — continued
Koninklijke DSM NV  3,619    608,389
Signify NV (a)  5,847    247,372
    1,102,079
Norway — 0.6%
Aker Carbon Capture ASA * 20,573     41,562
TOMRA Systems ASA  1,956     76,921
    118,483
South Korea — 1.5%
Samsung SDI Co. Ltd.    675    321,539
Spain — 4.0%
EDP Renovaveis SA 10,861    257,049
Iberdrola SA 23,824 273,757
Solaria Energia y Medio Ambiente SA * 13,265 294,359
    825,165
Sweden — 5.7%
Boliden AB 14,632 634,461
Electrolux AB, Class B 11,512 175,563
Nibe Industrier AB, Class B 38,021 372,773
    1,182,797
Switzerland — 4.4%
ABB Ltd. (Registered) 18,415 552,486
TE Connectivity Ltd. 2,925 364,982
    917,468
United Kingdom — 8.1%
CNH Industrial NV 44,315 628,830
Linde plc 2,428 757,439
SSE plc 12,456 289,301
    1,675,570
United States — 44.2%
A O Smith Corp. 3,260 190,482
AGCO Corp. 5,051 643,497
Aptiv plc * 1,573 167,367
Autodesk, Inc. * 3,141 594,528
Brookfield Renewable Corp. 3,868 138,861
Carrier Global Corp. 15,536 594,563
ChargePoint Holdings, Inc. * 6,430 83,204
Deere & Co. 2,248 848,733
Enphase Energy, Inc. * 2,711 437,555
Evoqua Water Technologies Corp. * 9,933 414,107
Johnson Controls International plc 11,018 659,648
Lennox International, Inc. 874 186,328
 
SEE NOTES TO FINANCIAL STATEMENTS.
164   April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United States — continued
NextEra Energy, Inc.  9,421    669,079
Plug Power, Inc. *  1,844     38,761
Schneider Electric SE  5,186    744,031
SolarEdge Technologies, Inc. *  1,828    457,749
Sunrun, Inc. *  4,519     90,290
Tetra Tech, Inc.  1,438    200,285
Trane Technologies plc  4,678    654,405
Trex Co., Inc. *  1,911    111,201
Weyerhaeuser Co., REIT 16,621    685,118
Xylem, Inc.  7,205    580,003
    9,189,795
Total Common Stocks
(Cost $25,003,052) 		  20,565,141
Total Investments — 99.0%
(Cost $25,003,052) 		  20,565,141
Other Assets Less Liabilities — 1.0%   214,718
NET ASSETS — 100.0%   20,779,859
Percentages indicated are based on net assets.
    
Abbreviations  
OYJ Public Limited Company
REIT Real Estate Investment Trust
    
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Building Products 17.7%
Machinery 15.6
Electrical Equipment 15.2
Semiconductors & Semiconductor Equipment 7.9
Chemicals 6.6
Electric Utilities 6.6
Independent Power and Renewable Electricity Producers 5.8
Paper & Forest Products 4.9
Commercial Services & Supplies 3.8
Electronic Equipment, Instruments & Components 3.4
Equity Real Estate Investment Trusts (REITs) 3.3
Metals & Mining 3.1
Software 2.9
Others (each less than 1.0%) 3.2
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022   165

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.9%
Bahrain — 0.1%
Ahli United Bank BSC     137,305     140,327
Brazil — 9.4%
Ambev SA     233,388     689,691
Auren Energia SA *      63,293     191,520
Banco Bradesco SA (Preference)     166,277     607,738
Banco BTG Pactual SA *      12,678      59,442
Banco do Brasil SA      61,790     414,937
Banco Santander Brasil SA      63,446     408,348
Bradespar SA (Preference)      37,584     223,803
CCR SA     128,970     326,863
Centrais Eletricas Brasileiras SA      47,653     392,100
Cia Brasileira de Distribuicao 26,452 109,843
Cia de Saneamento Basico do Estado de Sao Paulo * 33,311 301,177
Cia de Transmissao de Energia Eletrica Paulista (Preference) 75,900 396,238
Cia Energetica de Minas Gerais (Preference) 174,957 532,591
Cia Energetica de Minas Gerais (Preference) * 920 3,316
Cia Paranaense de Energia (Preference) 298,755 448,983
Cielo SA * 488,300 337,784
CPFL Energia SA 39,305 287,874
Dexco SA 130,507 332,870
EDP - Energias do Brasil SA 74,805 321,828
Embraer SA * 136,599 389,300
Energisa SA 29,532 286,482
Engie Brasil Energia SA 24,238 205,613
Equatorial Energia SA 73,786 383,410
Getnet Adquirencia e Servicos para Meios de Pagamento SA * 50,567 34,162
Grendene SA 104,493 197,829
Hypera SA * 2,697 20,544
Itau Unibanco Holding SA (Preference) * 132,863 643,360
Itausa SA (Preference) 160,774 300,154
Marfrig Global Foods SA 61,384 233,793
Neoenergia SA 7,506 28,512
Petroleo Brasileiro SA (Preference) 251,270 1,549,616
Porto Seguro SA 8,457 35,084
Sao Martinho SA 47,094 444,749
SIMPAR SA 51,960 123,070
Telefonica Brasil SA 55,111 585,114
TIM SA * 111,355 304,968
TOTVS SA * 27,757 178,873
Transmissora Alianca de Energia Eletrica SA 47,700 427,317
Vale SA 146,625 2,492,408
INVESTMENTS SHARES VALUE($)
 
Brazil — continued
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA      61,021     169,340
WEG SA      11,970      73,361
    15,494,005
Chile — 1.4%
Banco de Chile   3,123,279     311,866
Banco Santander Chile   6,231,457     299,823
CAP SA      10,531     130,619
Cencosud SA     244,945     392,080
Cia Cervecerias Unidas SA      21,911     146,457
Cia Sud Americana de Vapores SA   4,298,551     485,928
Colbun SA   2,079,480     148,580
Embotelladora Andina SA (Preference), Class B 64,132 116,568
Enel Americas SA 2,548,085 266,832
Enel Chile SA 1,751,262 46,186
    2,344,939
China — 23.4%
Agile Group Holdings Ltd. (a) 70,000 33,522
An Hui Wenergy Co. Ltd., Class A 163,400 93,558
Angang Steel Co. Ltd., Class H 337,800 147,765
Anhui Conch Cement Co. Ltd., Class H 94,000 510,799
Anhui Expressway Co. Ltd., Class A 162,900 176,306
ANTA Sports Products Ltd. 21,600 248,238
BAIC Motor Corp. Ltd., Class H (b) 297,000 92,748
Bank of China Ltd., Class H 3,597,000 1,411,400
Bank of Communications Co. Ltd., Class A 333,200 253,770
Bank of Hangzhou Co. Ltd., Class A 121,300 277,010
Baoshan Iron & Steel Co. Ltd., Class A 232,600 224,416
Beijing Enterprises Holdings Ltd. 20,000 67,613
BGI Genomics Co. Ltd., Class A 10,100 95,309
Blue Sail Medical Co. Ltd., Class A 57,900 77,274
Bosideng International Holdings Ltd. 414,000 206,491
BYD Electronic International Co. Ltd. 69,000 137,541
CGN Power Co. Ltd., Class H (b) 1,152,000 323,716
China CITIC Bank Corp. Ltd., Class H 981,000 498,593
China Coal Energy Co. Ltd., Class H 58,000 48,828
China Communications Services Corp. Ltd., Class H 424,000 193,107
China Construction Bank Corp., Class H 1,668,000 1,188,282
China Everbright Bank Co. Ltd., Class H 298,000 107,956
China Feihe Ltd. (b) 215,000 204,415
China Hongqiao Group Ltd. (a) 280,500 349,006
 
SEE NOTES TO FINANCIAL STATEMENTS.
166 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
China — continued
China International Marine Containers Group Co. Ltd., Class A     119,300     222,906
China Lesso Group Holdings Ltd.     139,000     173,824
China Longyuan Power Group Corp. Ltd., Class H     153,000     295,108
China Medical System Holdings Ltd.     191,000     273,464
China Merchants Bank Co. Ltd., Class H      93,500     563,548
China Merchants Port Holdings Co. Ltd.     110,000     192,038
China Minsheng Banking Corp. Ltd., Class H     177,800      67,421
China National Building Material Co. Ltd., Class H     308,250     410,223
China National Chemical Engineering Co. Ltd., Class A      95,400     129,807
China National Nuclear Power Co. Ltd., Class A     227,400     241,667
China Petroleum & Chemical Corp., Class H     882,000     431,714
China Resources Cement Holdings Ltd. 202,000 167,607
China Resources Double Crane Pharmaceutical Co. Ltd., Class A 86,200 387,163
China Resources Gas Group Ltd. 82,000 308,106
China Resources Land Ltd. 74,000 330,500
China Resources Pharmaceutical Group Ltd. (b) 167,000 88,005
China Resources Power Holdings Co. Ltd. 164,000 308,374
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A 31,100 172,628
China Shenhua Energy Co. Ltd., Class H 228,500 730,025
China Vanke Co. Ltd., Class H 43,500 102,573
China Yangtze Power Co. Ltd., Class A 141,500 482,202
Chinese Universe Publishing and Media Group Co. Ltd., Class A 95,400 145,567
Chongqing Changan Automobile Co. Ltd., Class A 102,900 160,074
Chongqing Rural Commercial Bank Co. Ltd., Class H 76,000 29,511
CITIC Ltd. 381,000 394,148
Citic Pacific Special Steel Group Co. Ltd., Class A 75,376 203,003
COSCO SHIPPING Energy Transportation Co. Ltd., Class H 76,000 39,871
COSCO SHIPPING Holdings Co. Ltd., Class H * (a) 300,350 467,273
COSCO SHIPPING Ports Ltd. 202,000 144,034
CSG Holding Co. Ltd., Class A 112,500 94,149
CSPC Pharmaceutical Group Ltd. 118,000 120,637
Daan Gene Co. Ltd., Class A 67,260 181,707
Dali Foods Group Co. Ltd. (b) 345,500 175,826
INVESTMENTS SHARES VALUE($)
 
China — continued
Datang International Power Generation Co. Ltd., Class H     828,000     133,187
Dongguan Development Holdings Co. Ltd., Class A     103,500     143,070
ENN Energy Holdings Ltd.      54,900     735,390
Foshan Haitian Flavouring & Food Co. Ltd., Class A      22,028     268,568
Fosun International Ltd.      88,576      93,350
Fujian Sunner Development Co. Ltd., Class A *      45,100     110,034
G-bits Network Technology Xiamen Co. Ltd., Class A       3,200     161,373
GD Power Development Co. Ltd., Class A     465,100     209,748
Great Wall Motor Co. Ltd., Class H     254,000     355,708
Guangdong Baolihua New Energy Stock Co. Ltd., Class A *     275,400     173,897
Guangdong Investment Ltd.     112,000     143,398
Guangxi Guiguan Electric Power Co. Ltd., Class A 219,800 187,717
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H 40,000 103,179
Guangzhou R&F Properties Co. Ltd., Class H 82,000 30,441
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A 11,600 133,454
Haitian International Holdings Ltd. 93,000 228,913
Heilongjiang Agriculture Co. Ltd., Class A 102,500 216,252
Hello Group, Inc., ADR 10,033 53,376
Henan Shuanghui Investment & Development Co. Ltd., Class A 9,000 40,092
Hopson Development Holdings Ltd. 36,320 70,028
Huabao Flavours & Fragrances Co. Ltd., Class A 34,600 113,402
Huadian Power International Corp. Ltd., Class H (a) 530,000 183,933
Huadong Medicine Co. Ltd., Class A 38,500 195,930
Huaibei Mining Holdings Co. Ltd., Class A 79,500 168,410
Huapont Life Sciences Co. Ltd., Class A * 216,300 161,493
Huaxin Cement Co. Ltd., Class H * 124,500 231,643
Huayu Automotive Systems Co. Ltd., Class A 53,700 157,031
Hubei Energy Group Co. Ltd., Class A 241,100 148,174
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A 44,000 150,088
Hunan Valin Steel Co. Ltd., Class A 171,000 148,628
Industrial & Commercial Bank of China Ltd., Class H 1,998,000 1,204,408
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A 127,116 275,918
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 167

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
China — continued
Inner Mongolia Yitai Coal Co. Ltd., Class B      83,100     111,431
Intco Medical Technology Co. Ltd., Class A *      25,600     110,332
Jiangling Motors Corp. Ltd., Class A      64,000     111,184
Jiangsu Expressway Co. Ltd., Class A      35,500      43,476
Jiangsu Hengli Hydraulic Co. Ltd., Class A      26,056     178,816
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A      42,600     152,302
Jiangsu Zhongnan Construction Group Co. Ltd., Class A     149,500      88,371
Jiangsu Zhongtian Technology Co. Ltd., Class A     127,900     310,691
Joincare Pharmaceutical Group Industry Co. Ltd., Class A      89,300     148,980
Jointo Energy Investment Co. Ltd. Hebei, Class A     185,500     115,387
Joyoung Co. Ltd., Class A      29,571      66,662
JOYY, Inc., ADR 3,340 132,164
Kingboard Holdings Ltd. 103,500 465,969
KingClean Electric Co. Ltd., Class A 45,918 140,738
Kunlun Energy Co. Ltd. 214,000 177,596
Kweichow Moutai Co. Ltd., Class A 4,500 1,235,233
LB Group Co. Ltd., Class A 71,300 194,366
Li Ning Co. Ltd. 132,000 1,028,830
Livzon Pharmaceutical Group, Inc., Class A 28,800 143,683
Longfor Group Holdings Ltd. (b) 45,500 225,343
Luolai Lifestyle Technology Co. Ltd., Class A 69,600 130,433
Maanshan Iron & Steel Co. Ltd., Class H 220,000 86,021
Metallurgical Corp. of China Ltd., Class A 288,500 151,021
Nanjing Iron & Steel Co. Ltd., Class A 347,500 186,339
Ningbo Sanxing Medical Electric Co. Ltd., Class A 76,000 99,572
Pharmaron Beijing Co. Ltd., Class H (b) 17,700 222,355
Ping An Insurance Group Co. of China Ltd., Class H 103,500 654,194
Postal Savings Bank of China Co. Ltd., Class H (a) (b) 614,000 465,523
Sansteel Minguang Co. Ltd. Fujian, Class A 126,100 129,888
Sany Heavy Industry Co. Ltd., Class A 75,900 187,233
SDIC Power Holdings Co. Ltd., Class A 204,600 296,934
Seazen Group Ltd. * 132,000 55,755
Seazen Holdings Co. Ltd., Class A 37,200 154,712
Shaanxi Coal Industry Co. Ltd., Class A 150,000 388,537
Shandong Buchang Pharmaceuticals Co. Ltd., Class A 48,600 132,908
Shandong Chenming Paper Holdings Ltd., Class A 201,500 159,088
INVESTMENTS SHARES VALUE($)
 
China — continued
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A      65,840     296,585
Shandong Publishing & Media Co. Ltd., Class A     103,000      91,634
Shandong Weigao Group Medical Polymer Co. Ltd., Class H     160,800     171,308
Shanghai Pharmaceuticals Holding Co. Ltd., Class H      16,900      27,327
Shenzhen Gas Corp. Ltd., Class A     167,800     160,838
Shenzhen Jinjia Group Co. Ltd., Class A     100,600     131,690
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A       7,700     360,940
Shenzhen New Nanshan Holding Group Co. Ltd., Class A     290,400     204,624
Shenzhen Overseas Chinese Town Co. Ltd., Class A     175,800     159,218
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A      36,000     123,777
Shenzhou International Group Holdings Ltd.      41,800     567,183
Sinoma International Engineering Co., Class A 65,500 76,388
Sino-Ocean Group Holding Ltd. 356,000 67,229
Sinopharm Group Co. Ltd., Class H 74,000 170,287
Sinotruk Hong Kong Ltd. 137,000 165,705
Tangshan Jidong Cement Co. Ltd., Class A ‡ 80,300 129,385
TangShan Port Group Co. Ltd., Class A 735,200 302,685
Tian Di Science & Technology Co. Ltd., Class A 306,600 206,134
Tianhe Chemicals Group Ltd. ‡ * 20,000 —(c)
Wanxiang Qianchao Co. Ltd., Class A 194,000 149,752
Weichai Power Co. Ltd., Class A 116,856 194,634
Weifu High-Technology Group Co. Ltd., Class A 59,600 180,816
Wuliangye Yibin Co. Ltd., Class A 19,300 467,615
Xinhua Winshare Publishing and Media Co. Ltd., Class A 117,700 156,305
Xinxing Ductile Iron Pipes Co. Ltd., Class A 275,500 198,529
Yangzijiang Shipbuilding Holdings Ltd. 370,000 241,397
Yankuang Energy Group Co. Ltd., Class H 192,000 541,664
Yintai Gold Co. Ltd., Class A * 102,820 143,731
Yuexiu Property Co. Ltd. 69,400 72,212
Yunnan Baiyao Group Co. Ltd., Class A 11,900 135,944
Zhejiang Expressway Co. Ltd., Class H * 242,000 200,150
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A 103,200 97,362
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A 80,880 201,809
 
SEE NOTES TO FINANCIAL STATEMENTS.
168 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
China — continued
Zhejiang Semir Garment Co. Ltd., Class A     134,700     131,324
Zhejiang Weixing New Building Materials Co. Ltd., Class A      54,097     153,785
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A     135,600     235,655
Zhongsheng Group Holdings Ltd.      51,000     336,999
Zhuzhou Kibing Group Co. Ltd., Class A      84,000     138,697
Zijin Mining Group Co. Ltd., Class H     238,000     346,554
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H     301,400     176,230
    38,528,767
Colombia — 0.3%
Bancolombia SA (Preference)      34,714     336,791
Grupo Aval Acciones y Valores SA (Preference)     330,887      71,059
    407,850
Czech Republic — 0.4%
CEZ A/S 12,560 538,392
Moneta Money Bank A/S (b) 33,154 124,358
    662,750
Egypt — 0.1%
Commercial International Bank Egypt SAE 29,154 70,391
ElSewedy Electric Co. 311,345 131,498
    201,889
Greece — 1.1%
Hellenic Telecommunications Organization SA 28,426 546,861
JUMBO SA 19,258 312,131
Mytilineos SA 24,160 447,392
OPAP SA 32,578 482,884
    1,789,268
Hong Kong — 0.2%
Kingboard Laminates Holdings Ltd. 159,500 244,666
Nine Dragons Paper Holdings Ltd. 88,000 77,716
    322,382
Hungary — 0.7%
Magyar Telekom Telecommunications plc 79,604 86,153
MOL Hungarian Oil & Gas plc 35,993 305,189
OTP Bank Nyrt. * 17,112 510,441
Richter Gedeon Nyrt. 15,707 313,387
    1,215,170
INVESTMENTS SHARES VALUE($)
 
India — 11.2%
Asian Paints Ltd.       1,141      48,096
Aurobindo Pharma Ltd.      11,436      93,508
Bajaj Auto Ltd.       6,999     339,705
Bajaj Holdings & Investment Ltd.         673      45,211
Bharat Petroleum Corp. Ltd.      38,216     179,844
Castrol India Ltd.      11,296      15,919
Cipla Ltd.      27,440     350,219
Colgate-Palmolive India Ltd.       4,614      99,570
Dabur India Ltd.      37,133     268,820
Divi's Laboratories Ltd.       6,946     406,604
Dr. Reddy's Laboratories Ltd.       6,481     349,047
GAIL India Ltd. 11,025 22,792
Glenmark Pharmaceuticals Ltd. 8,901 50,937
HCL Technologies Ltd. 40,978 573,960
Hindalco Industries Ltd. 15,819 98,485
Hindustan Petroleum Corp. Ltd. 23,611 82,984
Hindustan Unilever Ltd. 52,938 1,538,045
Hindustan Zinc Ltd. 11,278 47,111
Housing Development Finance Corp. Ltd. 35,925 1,036,506
ICICI Lombard General Insurance Co. Ltd. (b) 3,178 52,825
Indian Oil Corp. Ltd. 55,521 90,575
Indus Towers Ltd. * 68,027 184,940
Infosys Ltd. 147,792 2,995,330
ITC Ltd. 202,516 682,563
Jindal Steel & Power Ltd. 17,110 119,309
JSW Steel Ltd. 27,187 255,883
Motherson Sumi Systems Ltd. 49,672 88,724
Mphasis Ltd. 2,480 91,068
Muthoot Finance Ltd. 718 11,774
Nestle India Ltd. 1,688 402,462
NHPC Ltd. 200,618 86,618
NMDC Ltd. 49,351 102,381
NTPC Ltd. 158,375 321,455
Oil & Natural Gas Corp. Ltd. 94,294 195,416
Oil India Ltd. 11,242 33,196
Petronet LNG Ltd. 46,002 121,936
Piramal Enterprises Ltd. 3,537 99,069
Power Grid Corp. of India Ltd. 89,448 265,066
REC Ltd. 41,633 68,754
Reliance Industries Ltd. 53,221 1,928,328
Steel Authority of India Ltd. 64,129 79,925
Sun Pharmaceutical Industries Ltd. 27,155 328,249
Tata Consultancy Services Ltd. 33,469 1,542,531
Tata Power Co. Ltd. (The) 197,981 620,316
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 169

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
India — continued
Tata Steel Ltd.      28,170     462,528
Tech Mahindra Ltd.       5,072      82,837
Titan Co. Ltd.      11,188     356,993
Torrent Power Ltd.      10,027      69,572
United Breweries Ltd.       1,897      39,272
UPL Ltd.      17,307     184,787
Vedanta Ltd.      89,133     468,867
Wipro Ltd.      43,197     283,821
Zydus Lifesciences Ltd.      10,992      50,412
    18,415,145
Indonesia — 3.2%
Adaro Energy Indonesia Tbk. PT 2,164,100 494,443
Astra International Tbk. PT 1,340,400 699,878
Bank Central Asia Tbk. PT 1,606,300 900,928
Bukit Asam Tbk. PT * 977,400 255,823
Charoen Pokphand Indonesia Tbk. PT 827,300 293,895
Gudang Garam Tbk. PT 58,600 123,995
Hanjaya Mandala Sampoerna Tbk. PT 1,697,500 113,488
Indofood CBP Sukses Makmur Tbk. PT 143,700 75,596
Indofood Sukses Makmur Tbk. PT 557,000 242,378
Kalbe Farma Tbk. PT 2,579,200 291,777
Media Nusantara Citra Tbk. PT 2,337,800 161,928
Perusahaan Gas Negara Tbk. PT * 335,500 33,400
Sarana Menara Nusantara Tbk. PT 3,397,700 236,566
Telkom Indonesia Persero Tbk. PT 3,181,400 1,013,870
Unilever Indonesia Tbk. PT 312,200 83,565
XL Axiata Tbk. PT 1,187,500 261,390
    5,282,920
Kuwait — 2.0%
Agility Public Warehousing Co. KSC 155,553 631,121
Humansoft Holding Co. KSC 17,743 194,630
Kuwait Finance House KSCP 260,130 835,012
Mobile Telecommunications Co. KSCP 251,303 558,778
National Bank of Kuwait SAKP 336,275 1,152,530
    3,372,071
Malaysia — 2.1%
Astro Malaysia Holdings Bhd. 279,300 64,155
Axiata Group Bhd. 291,800 235,263
DiGi.Com Bhd. 259,300 226,727
Hartalega Holdings Bhd. 191,800 193,848
Hong Leong Financial Group Bhd. 7,600 33,867
Kuala Lumpur Kepong Bhd. 20,600 139,399
Malayan Banking Bhd. 37,408 77,802
INVESTMENTS SHARES VALUE($)
 
Malaysia — continued
Maxis Bhd.     328,500     285,566
Nestle Malaysia Bhd.       6,200     189,696
Petronas Gas Bhd.      97,900     381,360
PPB Group Bhd.      86,960     343,166
Press Metal Aluminium Holdings Bhd.      57,700      79,102
RHB Bank Bhd.      87,500     125,360
Supermax Corp. Bhd.     337,380      86,021
Telekom Malaysia Bhd.     226,800     258,938
Tenaga Nasional Bhd.     282,900     587,439
Top Glove Corp. Bhd.     484,900     187,121
    3,494,830
Mexico — 6.2%
Alfa SAB de CV, Class A 619,781 417,308
America Movil SAB de CV 1,216,817 1,186,615
Arca Continental SAB de CV 73,892 469,535
Cemex SAB de CV * 1,284,666 567,213
Coca-Cola Femsa SAB de CV 62,405 340,580
El Puerto de Liverpool SAB de CV, Class C1 16,939 85,814
Fibra Uno Administracion SA de CV, REIT 406,152 443,838
Fomento Economico Mexicano SAB de CV 21,488 160,719
Gruma SAB de CV, Class B 37,320 444,479
Grupo Aeroportuario del Centro Norte SAB de CV 55,538 387,064
Grupo Aeroportuario del Pacifico SAB de CV, Class B * 41,087 632,981
Grupo Aeroportuario del Sureste SAB de CV, Class B 25,659 559,540
Grupo Bimbo SAB de CV 201,482 620,347
Grupo Carso SAB de CV 37,652 122,717
Grupo Financiero Banorte SAB de CV, Class O 183,832 1,211,644
Grupo Mexico SAB de CV 59,736 279,821
Kimberly-Clark de Mexico SAB de CV, Class A 115,507 160,753
Megacable Holdings SAB de CV 81,539 231,753
Orbia Advance Corp. SAB de CV 176,612 424,599
Promotora y Operadora de Infraestructura SAB de CV 35,690 261,451
Qualitas Controladora SAB de CV 24,081 129,807
Wal-Mart de Mexico SAB de CV 328,302 1,163,653
    10,302,231
Pakistan — 0.0% ^
Oil & Gas Development Co. Ltd. 99,681 45,378
 
SEE NOTES TO FINANCIAL STATEMENTS.
170 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Panama — 0.0% ^
BAC Holding International Corp. *     330,887      24,027
Philippines — 0.6%
Globe Telecom, Inc.       4,985     216,724
Manila Electric Co.      36,670     246,853
Metro Pacific Investments Corp.   2,685,200     194,208
PLDT, Inc.       9,750     346,928
Puregold Price Club, Inc.      21,200      13,357
San Miguel Corp.      14,660      29,851
    1,047,921
Qatar — 2.1%
Commercial Bank PSQC (The)     130,989     276,563
Industries Qatar QSC 135,678 699,715
Masraf Al Rayan QSC 223,410 330,660
Mesaieed Petrochemical Holding Co. 226,163 159,969
Ooredoo QPSC 113,219 232,827
Qatar Aluminum Manufacturing Co. 293,976 193,737
Qatar Electricity & Water Co. QSC 49,046 229,347
Qatar Fuel QSC 34,317 172,727
Qatar Gas Transport Co. Ltd. 457,594 429,731
Qatar International Islamic Bank QSC 30,012 94,966
Qatar Islamic Bank SAQ 73,644 495,240
Qatar National Bank QPSC 6,680 42,647
United Development Co. QSC 53,011 21,107
    3,379,236
Russia — 0.1%
Alrosa PJSC ‡ 200,448 4,122
Federal Grid Co. Unified Energy System PJSC ‡ 127,925,624 2,782
Inter RAO UES PJSC ‡ 6,142,220 4,185
LUKOIL PJSC ‡ 17,853 21,998
M.Video PJSC ‡ 8,526 539
Magnit PJSC ‡ 7,858 5,824
Magnitogorsk Iron & Steel Works PJSC ‡ 334,440 3,866
MMC Norilsk Nickel PJSC ‡ 3,087 14,762
Mobile TeleSystems PJSC ‡ 120,496 6,770
Novolipetsk Steel PJSC ‡ 155,019 6,950
PhosAgro PJSC ‡ 1,940 2,387
ROSSETI PJSC ‡ 6,397,653 1,040
Rostelecom PJSC ‡ 157,186 2,668
RusHydro PJSC ‡ 35,715,691 5,977
Sberbank of Russia PJSC ‡ 537,391 16,767
Severstal PAO ‡ 20,498 6,910
Sistema PJSFC ‡ 308,352 918
INVESTMENTS SHARES VALUE($)
 
Russia — continued
Surgutneftegas PJSC (Preference) ‡     655,737       4,970
Tatneft PJSC ‡      17,275       1,549
Unipro PJSC ‡   4,941,067       1,948
    116,932
Saudi Arabia — 7.3%
Abdullah Al Othaim Markets Co.       3,404     101,463
Al Rajhi Bank      41,946   1,965,008
Alinma Bank      59,139     648,716
Almarai Co. JSC      24,309     335,036
Arab National Bank      14,882     139,204
Arabian Internet & Communications Services Co. *       4,009     257,857
Bank Al-Jazira 40,851 341,453
Banque Saudi Fransi 13,337 191,629
Dr. Sulaiman Al Habib Medical Services Group Co. 7,712 409,332
Etihad Etisalat Co. 54,520 628,663
Jarir Marketing Co. 8,859 452,391
Mobile Telecommunications Co. Saudi Arabia * 12,873 47,483
Mouwasat Medical Services Co. 4,966 317,250
Riyad Bank 35,036 379,688
SABIC Agri-Nutrients Co. 13,456 579,666
Sahara International Petrochemical Co. 32,122 481,178
Saudi Airlines Catering Co. * 11,088 277,537
Saudi Arabian Mining Co. * 11,499 418,755
Saudi Arabian Oil Co. (b) 97,098 1,160,300
Saudi Cement Co. 18,073 277,080
Saudi Electricity Co. * 50,859 364,470
Saudi Ground Services Co. * 23,475 213,930
Saudi Industrial Investment Group 27,247 236,192
Saudi Investment Bank (The) 41,606 254,040
Saudi Telecom Co. 36,291 1,115,968
United Electronics Co. 5,404 185,739
Yanbu Cement Co. 23,763 266,200
    12,046,228
Singapore — 0.1%
Yangzijiang Financial Holding Pte. Ltd. * 370,000 145,811
South Africa — 7.1%
African Rainbow Minerals Ltd. 23,372 387,582
Anglo American Platinum Ltd. 3,875 430,545
Aspen Pharmacare Holdings Ltd. 29,803 321,063
AVI Ltd. 74,297 323,534
Barloworld Ltd. 54,757 397,558
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 171

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
South Africa — continued
Bidvest Group Ltd. (The)      38,648     529,810
Capitec Bank Holdings Ltd.         383      53,463
Clicks Group Ltd.      18,763     369,284
Distell Group Holdings Ltd. *      15,745     172,589
Exxaro Resources Ltd.      22,592     322,844
Foschini Group Ltd. (The)      50,153     441,175
Impala Platinum Holdings Ltd.      43,771     566,196
Investec Ltd.      23,122     140,892
Kumba Iron Ore Ltd.       6,164     204,636
Life Healthcare Group Holdings Ltd.      76,563     104,330
Mr Price Group Ltd.      31,646     430,991
MTN Group Ltd. 90,041 954,974
MultiChoice Group 53,575 438,642
Naspers Ltd., Class N 6,245 629,845
Nedbank Group Ltd. 29,507 412,047
Pepkor Holdings Ltd. (b) 194,034 263,176
Pick n Pay Stores Ltd. 65,301 238,048
Royal Bafokeng Platinum Ltd. 8,474 84,780
Sasol Ltd. * 9,599 235,146
Shoprite Holdings Ltd. 44,813 647,280
Sibanye Stillwater Ltd. 148,600 514,104
SPAR Group Ltd. (The) 24,495 256,653
Telkom SA SOC Ltd. * 73,967 221,351
Tiger Brands Ltd. 22,909 224,847
Truworths International Ltd. 104,047 370,531
Vodacom Group Ltd. 61,813 594,861
Woolworths Holdings Ltd. 123,215 461,261
    11,744,038
Taiwan — 11.4%
Asia Cement Corp. 189,000 307,131
Capital Securities Corp. 402,000 212,115
Cheng Shin Rubber Industry Co. Ltd. 299,000 336,968
Chicony Electronics Co. Ltd. * 13,551 37,694
China Airlines Ltd. * 403,000 370,122
China Motor Corp. 49,000 97,165
China Steel Corp. 128,000 155,055
Chunghwa Telecom Co. Ltd. 249,000 1,103,809
CTBC Financial Holding Co. Ltd. 1,159,395 1,140,403
E.Sun Financial Holding Co. Ltd. 674,945 770,870
Eclat Textile Co. Ltd. 25,000 410,213
Eva Airways Corp. * 249,000 292,522
Far Eastern New Century Corp. 389,000 394,334
Far EasTone Telecommunications Co. Ltd. 149,000 418,653
Feng TAY Enterprise Co. Ltd. 39,000 251,086
INVESTMENTS SHARES VALUE($)
 
Taiwan — continued
First Financial Holding Co. Ltd.     587,743     551,963
Formosa Chemicals & Fibre Corp.     112,000     301,634
Formosa Taffeta Co. Ltd.     158,000     144,954
Fubon Financial Holding Co. Ltd.     209,700     526,539
Giant Manufacturing Co. Ltd.      31,000     259,175
Globalwafers Co. Ltd.      13,000     226,559
Hotai Motor Co. Ltd.      12,000     234,012
Lite-On Technology Corp.     161,000     352,752
Mega Financial Holding Co. Ltd.     624,233     877,551
momo.com, Inc.       8,400     221,736
Nan Ya Plastics Corp.     345,000   1,007,946
Nien Made Enterprise Co. Ltd. 31,000 326,503
Novatek Microelectronics Corp. 9,000 119,057
Pou Chen Corp. 379,000 395,237
President Chain Store Corp. 57,000 527,400
Realtek Semiconductor Corp. 33,000 447,794
SinoPac Financial Holdings Co. Ltd. 607,580 374,162
Taiwan Cooperative Financial Holding Co. Ltd. 558,650 537,212
Taiwan Fertilizer Co. Ltd. 164,000 412,804
Taiwan Mobile Co. Ltd. 163,000 598,843
Taiwan Semiconductor Manufacturing Co. Ltd. 115,000 2,079,506
Uni-President Enterprises Corp. 341,000 788,945
Yang Ming Marine Transport Corp. * 59,000 246,143
Yuanta Financial Holding Co. Ltd. 864,291 760,743
Yulon Motor Co. Ltd. 88,000 117,131
    18,734,441
Thailand — 2.5%
Advanced Info Service PCL 99,000 618,959
Bangkok Dusit Medical Services PCL, Class F 248,200 185,169
Bumrungrad Hospital PCL 29,200 136,055
Digital Telecommunications Infrastructure Fund, Class F 494,400 202,929
Electricity Generating PCL 15,900 76,929
Home Product Center PCL 674,300 293,162
Intouch Holdings PCL, NVDR 129,600 263,820
Krung Thai Bank PCL 490,400 216,198
PTT Exploration & Production PCL 133,400 583,680
Ratch Group PCL 73,200 93,883
SCB X PCL 194,600 653,401
Sri Trang Gloves Thailand PCL, NVDR 349,800 248,179
Thai Union Group PCL, Class F 519,300 255,390
 
SEE NOTES TO FINANCIAL STATEMENTS.
172 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Thailand — continued
Total Access Communication PCL      41,300      55,348
Total Access Communication PCL, NVDR     124,000     166,177
    4,049,279
Turkey — 3.6%
Anadolu Efes Biracilik ve Malt Sanayii A/S     162,545     323,377
Arcelik A/S      95,315     431,427
Aselsan Elektronik Sanayi ve Ticaret A/S     222,084     366,444
BIM Birlesik Magazalar A/S      60,841     341,810
Coca-Cola Icecek A/S      38,129     316,302
Enerjisa Enerji A/S (b)     269,267     255,517
Enka Insaat ve Sanayi A/S     293,093     311,553
Eregli Demir ve Celik Fabrikalari TAS 176,412 398,726
Ford Otomotiv Sanayi A/S 21,989 442,646
Haci Omer Sabanci Holding A/S 191,642 257,985
Iskenderun Demir ve Celik A/S 47,885 88,428
KOC Holding A/S 112,936 305,762
Koza Altin Isletmeleri A/S * 15,430 178,238
Tofas Turk Otomobil Fabrikasi A/S 61,040 323,324
Turk Hava Yollari AO * 153,506 426,559
Turk Telekomunikasyon A/S 427,436 290,173
Turkcell Iletisim Hizmetleri A/S 290,768 423,768
Turkiye Sise ve Cam Fabrikalari A/S 435,031 530,888
    6,012,927
United Arab Emirates — 2.9%
Abu Dhabi Commercial Bank PJSC 206,751 571,528
Abu Dhabi Islamic Bank PJSC 116,027 276,354
Aldar Properties PJSC 303,017 464,282
Alpha Dhabi Holding PJSC * 66,614 491,120
Dubai Islamic Bank PJSC 219,350 383,679
Emirates Telecommunications Group Co. PJSC 171,890 1,644,087
First Abu Dhabi Bank PJSC 161,112 984,292
    4,815,342
United States — 0.4%
JBS SA 95,285 730,449
Total Common Stocks
(Cost $158,606,537) 		  164,866,553
Short-Term Investments — 0.5%
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e)(Cost $780,542) 780,542 780,542
INVESTMENTS SHARES VALUE($)
Total Investments — 100.4%
(Cost $159,387,079) 		  165,647,095
Liabilities in Excess of Other Assets — (0.4)%   (659,695)
NET ASSETS — 100.0%   164,987,400
Percentages indicated are based on net assets.
    
Abbreviations  
ADR American Depositary Receipt
JSC Joint Stock Company
NVDR Non-Voting Depositary Receipt
PJSC Public Joint Stock Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT Limited liability company
REIT Real Estate Investment Trust
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $728,207.  
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(c) Value is zero.  
(d) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(e) The rate shown is the current yield as of April 30, 2022.  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 173

Table of Contents
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Banks 16.8%
Oil, Gas & Consumable Fuels 6.6
Metals & Mining 6.5
Wireless Telecommunication Services 5.2
Diversified Telecommunication Services 4.5
Food Products 4.2
Electric Utilities 4.0
IT Services 3.7
Chemicals 2.8
Industrial Conglomerates 2.8
Pharmaceuticals 2.8
Beverages 2.7
Independent Power and Renewable Electricity Producers 2.7
Food & Staples Retailing 2.5
Textiles, Apparel & Luxury Goods 2.4
Transportation Infrastructure 2.1
Specialty Retail 2.1
Construction Materials 1.9
Semiconductors & Semiconductor Equipment 1.8
Automobiles 1.8
Personal Products 1.2
Machinery 1.1
Real Estate Management & Development 1.0
Gas Utilities 1.0
Others (each less than 1.0%) 15.7
Short-Term Investments 0.5
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
MSCI Emerging Markets E-Mini Index 2 06/17/2022 USD 105,610 (1,524)
    
Abbreviations  
MSCI Morgan Stanley Capital International
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
174 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 99.1%
Australia — 10.5%
AGL Energy Ltd.    522,593   3,176,784
Altium Ltd.     22,130     498,529
Alumina Ltd.  1,319,675   1,661,466
Ampol Ltd.    114,327   2,687,968
Ansell Ltd.    111,706   2,139,530
APA Group    333,811   2,682,213
Aurizon Holdings Ltd.    118,743     335,344
Australia & New Zealand Banking Group Ltd.     27,502     523,341
BHP Group Ltd.     85,391   2,853,377
BlueScope Steel Ltd.     73,546   1,045,500
Charter Hall Group, REIT     61,090     656,559
Cochlear Ltd. 7,233 1,165,001
Coles Group Ltd. 214,878 2,825,358
Crown Resorts Ltd. * 8,521 77,150
CSL Ltd. 13,544 2,584,876
CSR Ltd. 494,698 2,118,587
Dexus, REIT 401,377 3,138,195
Endeavour Group Ltd. 46,512 254,610
Evolution Mining Ltd. 34,438 97,446
Fortescue Metals Group Ltd. 161,756 2,444,631
Glencore plc * 475,925 2,932,491
GPT Group (The), REIT 764,039 2,716,072
Harvey Norman Holdings Ltd. 476,166 1,696,134
JB Hi-Fi Ltd. 43,394 1,607,156
Macquarie Group Ltd. 2,538 365,378
Metcash Ltd. 663,075 2,225,924
Mirvac Group, REIT 1,005,443 1,699,291
Origin Energy Ltd. 376,205 1,799,445
Ramsay Health Care Ltd. 50,469 2,863,977
REA Group Ltd. 9,816 879,396
Rio Tinto Ltd. 33,906 2,682,097
Rio Tinto plc 41,033 2,899,235
Santos Ltd. 548,418 3,064,598
Sonic Healthcare Ltd. 109,799 2,835,695
South32 Ltd. 544,484 1,813,316
Stockland, REIT 214,382 620,514
Tabcorp Holdings Ltd. 589,983 2,256,224
Telstra Corp. Ltd. 803,738 2,281,530
TPG Telecom Ltd. 103,102 422,644
Treasury Wine Estates Ltd. 20,841 164,888
Vicinity Centres, REIT 55,669 72,638
Wesfarmers Ltd. 75,785 2,622,395
Whitehaven Coal Ltd. 232,346 797,887
INVESTMENTS SHARES VALUE($)
 
Australia — continued
Woodside Petroleum Ltd.    130,156   2,831,686
Woolworths Group Ltd.    115,591   3,127,091
    80,244,167
Austria — 0.5%
Mondi plc    121,257   2,277,930
OMV AG     31,857   1,628,454
    3,906,384
Belgium — 0.6%
D'ieteren Group      2,737     439,323
Etablissements Franz Colruyt NV     22,877     840,062
Groupe Bruxelles Lambert SA     13,110   1,237,066
Proximus SADP 107,272 1,874,934
    4,391,385
Brazil — 0.4%
Yara International ASA 65,446 3,327,814
Cambodia — 0.0% ^
NagaCorp Ltd. 124,000 110,823
Chile — 0.4%
Antofagasta plc 149,083 2,854,031
China — 1.4%
Chow Tai Fook Jewellery Group Ltd. * 219,000 367,203
Lenovo Group Ltd. 3,088,000 2,998,458
SITC International Holdings Co. Ltd. 199,000 661,570
Tingyi Cayman Islands Holding Corp. 1,170,000 2,135,439
Uni-President China Holdings Ltd. 1,083,000 949,035
Want Want China Holdings Ltd. 2,393,000 2,160,082
Wilmar International Ltd. 515,400 1,642,937
    10,914,724
Denmark — 0.6%
Carlsberg A/S, Class B 10,671 1,355,572
DSV A/S 570 93,452
Novo Nordisk A/S, Class B 29,850 3,409,655
    4,858,679
Finland — 1.9%
Elisa OYJ 46,975 2,753,740
Fortum OYJ 141,400 2,350,896
Kesko OYJ, Class B 98,889 2,489,675
Neste OYJ 27,354 1,173,728
Orion OYJ, Class B 13,145 515,580
Stora Enso OYJ, Class R 117,583 2,313,975
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 175

Table of Contents
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Finland — continued
UPM-Kymmene OYJ     71,738   2,481,581
Valmet OYJ     16,095     431,037
    14,510,212
France — 3.9%
Air Liquide SA      4,202     726,981
Arkema SA     21,314   2,428,610
Atos SE     24,725     602,339
Capgemini SE     15,879   3,232,632
Carrefour SA    121,699   2,580,939
Covivio, REIT     10,401     740,734
Eiffage SA     26,862   2,652,588
EssilorLuxottica SA 2,335 397,529
Gecina SA, REIT 21,506 2,422,612
Klepierre SA, REIT * 73,165 1,751,252
Orange SA 132,654 1,579,298
Pernod Ricard SA 15,225 3,142,200
Publicis Groupe SA 31,125 1,868,643
TotalEnergies SE 41,177 2,021,913
Unibail-Rodamco-Westfield, REIT * 7,893 557,048
Vinci SA (a) 22,395 2,173,073
Vivendi SE (a) 92,965 1,067,757
    29,946,148
Germany — 2.9%
Aroundtown SA 109,445 550,348
Bayerische Motoren Werke AG 12,087 987,094
Covestro AG (b) 13,970 601,486
Daimler Truck Holding AG * 23,409 629,579
Deutsche Telekom AG (Registered) 178,858 3,294,772
Deutsche Wohnen SE 6,896 197,500
E.ON SE 47,313 492,385
Evonik Industries AG 27,667 723,669
Fresenius Medical Care AG & Co. KGaA 32,367 2,012,802
Hannover Rueck SE 3,384 525,977
Hella GmbH & Co. KGaA 7,523 474,945
Infineon Technologies AG 10,410 295,469
LEG Immobilien SE 12,884 1,321,003
Mercedes-Benz Group AG * 46,683 3,258,530
Merck KGaA 8,561 1,588,300
SAP SE 20,344 2,061,783
Telefonica Deutschland Holding AG 597,689 1,797,568
Uniper SE 57,858 1,487,219
    22,300,429
INVESTMENTS SHARES VALUE($)
 
Hong Kong — 3.8%
ASM Pacific Technology Ltd.    100,800   1,015,841
CK Asset Holdings Ltd.    377,000   2,555,736
CK Infrastructure Holdings Ltd.    429,000   2,884,344
CLP Holdings Ltd.    312,500   3,049,493
Hong Kong & China Gas Co. Ltd.  1,553,393   1,713,269
Hutchison Port Holdings Trust  2,806,800     669,019
Hysan Development Co. Ltd.     14,000      41,303
Link, REIT    213,600   1,845,031
MTR Corp. Ltd.    208,000   1,105,126
New World Development Co. Ltd.    113,750     435,070
PCCW Ltd.  3,618,000   2,049,824
Power Assets Holdings Ltd. 492,000 3,313,649
Sun Hung Kai Properties Ltd. 170,500 1,963,664
Techtronic Industries Co. Ltd. 143,500 1,915,453
WH Group Ltd. (b) 2,391,500 1,651,569
Xinyi Glass Holdings Ltd. 905,000 2,002,595
Yue Yuen Industrial Holdings Ltd. * 344,500 506,720
    28,717,706
Indonesia — 0.2%
First Pacific Co. Ltd. 428,000 172,572
Golden Agri-Resources Ltd. 4,161,700 972,327
    1,144,899
Ireland — 0.5%
CRH plc 42,714 1,688,265
Flutter Entertainment plc * 7,791 786,942
Smurfit Kappa Group plc 23,422 989,715
    3,464,922
Italy — 2.0%
A2A SpA 335,820 573,768
Assicurazioni Generali SpA 44,804 848,278
Banca Mediolanum SpA 64,710 469,752
Coca-Cola HBC AG * 97,469 1,976,076
Davide Campari-Milano NV 155,788 1,757,784
Enel SpA 10,165 66,102
Eni SpA 4,234 59,186
Italgas SpA 353,921 2,291,524
Poste Italiane SpA (b) 164,853 1,615,418
Recordati Industria Chimica e Farmaceutica SpA 28,868 1,391,102
Snam SpA 367,159 2,013,721
Telecom Italia SpA 3,883,727 1,134,131
Terna - Rete Elettrica Nazionale 119,442 974,179
    15,171,021
 
SEE NOTES TO FINANCIAL STATEMENTS.
176 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — 28.1%
Activia Properties, Inc., REIT        207     661,473
Advance Residence Investment Corp., REIT        237     651,054
Advantest Corp.      5,500     375,365
Aeon Mall Co. Ltd.     44,600     542,673
AEON REIT Investment Corp., REIT        486     557,983
AGC, Inc.     26,900   1,008,465
Ajinomoto Co., Inc.    101,700   2,642,324
Alfresa Holdings Corp.     53,000     720,731
Anritsu Corp.    170,200   2,140,183
Aozora Bank Ltd.     27,900     558,573
Asahi Group Holdings Ltd.     53,200   2,005,259
Astellas Pharma, Inc. 197,400 3,005,556
Brother Industries Ltd. 37,900 658,687
Canon Marketing Japan, Inc. 54,700 1,190,265
Canon, Inc. 38,700 890,455
Capcom Co. Ltd. 70,100 1,849,737
Casio Computer Co. Ltd. 43,000 445,904
Chubu Electric Power Co., Inc. 300,200 3,030,539
Chugai Pharmaceutical Co. Ltd. 65,900 1,974,704
COMSYS Holdings Corp. 93,400 1,939,188
Cosmo Energy Holdings Co. Ltd. 93,900 2,332,887
Cosmos Pharmaceutical Corp. 10,200 940,313
CyberAgent, Inc. 142,100 1,501,267
Dai Nippon Printing Co. Ltd. 44,900 938,322
Daito Trust Construction Co. Ltd. 29,200 2,812,308
Daiwa House REIT Investment Corp., REIT 680 1,655,122
Daiwa Securities Group, Inc. 487,900 2,391,261
Denka Co. Ltd. 11,500 308,292
DIC Corp. 46,200 880,976
Electric Power Development Co. Ltd. 160,400 2,197,932
ENEOS Holdings, Inc. 343,700 1,209,348
Fuji Media Holdings, Inc. 17,300 149,417
FUJIFILM Holdings Corp. 41,700 2,292,301
Fujitsu Ltd. 18,700 2,826,489
Fukuoka Financial Group, Inc. 21,400 391,006
GLP J-REIT, REIT 562 758,349
H.U. Group Holdings, Inc. 62,500 1,392,655
Hachijuni Bank Ltd. (The) 137,900 454,758
Hikari Tsushin, Inc. 5,200 608,885
Hoya Corp. 19,400 1,925,298
Idemitsu Kosan Co. Ltd. 60,637 1,598,093
Iida Group Holdings Co. Ltd. 96,100 1,528,435
Industrial & Infrastructure Fund Investment Corp., REIT 273 391,724
Inpex Corp. 269,400 3,205,368
INVESTMENTS SHARES VALUE($)
 
Japan — continued
ITOCHU Corp.     83,500   2,520,112
Itochu Techno-Solutions Corp.     23,200     543,247
Iwatani Corp.     33,100   1,316,943
Japan Metropolitan Fund Invest, REIT      1,726   1,371,875
Japan Post Holdings Co. Ltd.    261,100   1,830,796
Japan Post Insurance Co. Ltd.    121,100   1,958,162
Japan Real Estate Investment Corp., REIT        100     483,986
Japan Tobacco, Inc.    167,700   2,852,878
Kajima Corp.     80,200     893,787
Kaken Pharmaceutical Co. Ltd.     14,900     451,502
Kaneka Corp.     16,500     441,500
Kansai Electric Power Co., Inc. (The) 305,300 2,676,260
KDDI Corp. 93,600 3,099,536
Kikkoman Corp. 23,700 1,331,967
Kinden Corp. 54,100 641,060
Kirin Holdings Co. Ltd. 52,200 760,957
K's Holdings Corp. 165,200 1,635,995
Kyowa Kirin Co. Ltd. 96,200 2,027,586
Kyushu Electric Power Co., Inc. 271,300 1,702,787
Lawson, Inc. 14,700 540,669
Lintec Corp. 48,400 901,577
Mani, Inc. 22,300 254,667
Marubeni Corp. 279,600 3,052,008
Matsui Securities Co. Ltd. 59,000 364,904
MatsukiyoCocokara & Co. 27,700 915,633
Mebuki Financial Group, Inc. 165,400 333,032
Medipal Holdings Corp. 94,500 1,556,263
MEIJI Holdings Co. Ltd. 41,400 2,063,663
Mitsubishi Chemical Holdings Corp. 247,000 1,506,118
Mitsubishi Corp. 30,500 1,024,053
Mitsubishi Estate Co. Ltd. 17,300 252,002
Mitsubishi Gas Chemical Co., Inc. 46,600 680,498
Mitsubishi HC Capital, Inc. 376,900 1,695,851
Mitsubishi UFJ Financial Group, Inc. 226,600 1,317,311
Mitsui & Co. Ltd. 119,500 2,893,789
Mitsui Chemicals, Inc. 23,300 532,356
Mitsui Fudosan Co. Ltd. 28,200 597,664
Mitsui Fudosan Logistics Park, Inc., REIT 106 454,467
Morinaga Milk Industry Co. Ltd. 15,000 604,076
NH Foods Ltd. 28,000 884,253
Nifco, Inc. 8,500 179,468
Nintendo Co. Ltd. 5,400 2,464,510
Nippon Electric Glass Co. Ltd. 70,800 1,425,235
NIPPON EXPRESS HOLDINGS, Inc. 2,400 140,714
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 177

Table of Contents
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Japan — continued
Nippon Shinyaku Co. Ltd.      6,700     453,147
Nippon Shokubai Co. Ltd.      9,800     394,267
Nippon Steel Corp.    162,400   2,578,683
Nippon Telegraph & Telephone Corp.    104,200   3,070,707
Nippon Yusen KK     24,100   1,738,670
Nisshin Seifun Group, Inc.     42,400     565,227
Nissin Foods Holdings Co. Ltd.     22,800   1,586,028
Nitto Denko Corp.     37,200   2,496,900
NOF Corp.     15,100     566,771
Nomura Holdings, Inc.    104,900     403,913
Nomura Real Estate Holdings, Inc.     70,000   1,705,602
Nomura Research Institute Ltd. 77,400 2,188,595
Obayashi Corp. 112,400 772,991
Ono Pharmaceutical Co. Ltd. 93,700 2,407,205
Open House Group Co. Ltd. 67,200 2,600,281
ORIX Corp. 147,100 2,682,953
Osaka Gas Co. Ltd. 155,900 2,809,850
Rakuten Group, Inc. 227,500 1,599,299
RENOVA, Inc. * 66,500 819,338
Resona Holdings, Inc. 463,400 2,015,062
Rinnai Corp. 5,000 319,597
Sankyo Co. Ltd. 28,000 805,700
Sawai Group Holdings Co. Ltd. 25,300 848,680
SBI Holdings, Inc. 65,300 1,460,573
SCREEN Holdings Co. Ltd. 25,100 2,051,405
SCSK Corp. 48,500 771,069
Sekisui Chemical Co. Ltd. 51,000 690,598
Sekisui House Ltd. 81,500 1,415,487
Sekisui House Reit, Inc., REIT 620 362,794
Shimamura Co. Ltd. 7,800 691,770
Shionogi & Co. Ltd. 43,000 2,391,915
Ship Healthcare Holdings, Inc. 20,400 340,760
Skylark Holdings Co. Ltd. 66,000 783,136
SoftBank Corp. 227,400 2,646,450
SoftBank Group Corp. 55,500 2,282,728
Sojitz Corp. 139,320 2,124,400
Sony Group Corp. 27,200 2,347,390
Sugi Holdings Co. Ltd. 35,800 1,534,405
Sumitomo Chemical Co. Ltd. 686,100 2,917,438
Sumitomo Mitsui Financial Group, Inc. 55,700 1,682,917
Sumitomo Pharma Co. Ltd. 149,800 1,334,359
Suntory Beverage & Food Ltd. 26,500 1,044,127
Suzuken Co. Ltd. 20,800 613,959
Taisho Pharmaceutical Holdings Co. Ltd. 7,300 287,532
INVESTMENTS SHARES VALUE($)
 
Japan — continued
Takeda Pharmaceutical Co. Ltd.     79,900   2,318,422
Teijin Ltd.     77,900     832,462
TIS, Inc.      5,600     125,772
Toho Gas Co. Ltd.     26,400     619,319
Tohoku Electric Power Co., Inc.    354,500   1,971,922
Tokyo Electric Power Co. Holdings, Inc. *    711,600   2,456,269
Tokyo Electron Ltd.      6,200   2,616,070
Tokyo Gas Co. Ltd.    127,100   2,434,531
Tokyo Tatemono Co. Ltd.     61,100     861,445
Tosoh Corp.     95,800   1,322,856
Toyo Suisan Kaisha Ltd.     59,600   1,840,231
Toyota Boshoku Corp. 25,800 411,186
Toyota Industries Corp. 28,000 1,679,351
Tsumura & Co. 56,000 1,377,869
UBE Corp. 80,600 1,249,688
Unicharm Corp. 62,200 2,164,063
United Urban Investment Corp., REIT 695 760,424
USS Co. Ltd. 58,600 975,576
Welcia Holdings Co. Ltd. 43,700 895,809
Yamada Holdings Co. Ltd. 428,100 1,278,341
Yamaguchi Financial Group, Inc. 7,700 42,220
Yamaha Motor Co. Ltd. 111,500 2,301,995
Yokohama Rubber Co. Ltd. (The) 71,700 959,963
Zeon Corp. 59,700 635,731
    214,051,834
Jordan — 0.3%
Hikma Pharmaceuticals plc 94,349 2,216,297
Luxembourg — 0.2%
RTL Group SA 24,899 1,294,685
Mexico — 0.1%
Fresnillo plc 64,840 627,405
Netherlands — 3.1%
ASML Holding NV 1,938 1,099,890
ASR Nederland NV 30,748 1,397,456
BE Semiconductor Industries NV (a) 16,000 975,338
Heineken Holding NV 26,352 2,057,096
Koninklijke Ahold Delhaize NV 98,328 2,900,280
Koninklijke DSM NV 7,983 1,342,019
Koninklijke KPN NV 961,030 3,316,123
Koninklijke Philips NV 22,072 576,766
NN Group NV 71,428 3,498,658
Shell plc 138,754 3,724,975
 
SEE NOTES TO FINANCIAL STATEMENTS.
178 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
Netherlands — continued
Universal Music Group NV      4,065      94,334
Wolters Kluwer NV     24,676   2,491,852
    23,474,787
New Zealand — 0.6%
Fisher & Paykel Healthcare Corp. Ltd.    141,245   1,941,006
Spark New Zealand Ltd.    771,515   2,440,065
    4,381,071
Norway — 1.2%
Aker BP ASA (a)     14,337     513,679
Equinor ASA     82,421   2,785,795
Mowi ASA     40,357   1,139,966
Norsk Hydro ASA 112,609 945,637
Orkla ASA 208,305 1,690,321
Salmar ASA 8,014 655,783
Telenor ASA 72,231 1,018,708
    8,749,889
Poland — 0.1%
Polski Koncern Naftowy ORLEN SA 24,711 417,479
Portugal — 0.5%
EDP - Energias de Portugal SA 296,520 1,381,980
Galp Energia SGPS SA 7,358 89,559
Jeronimo Martins SGPS SA 94,828 1,974,000
    3,445,539
Russia — 0.0% ^
Evraz plc ‡ 393,430 20,254
Singapore — 2.2%
Ascendas, REIT 603,542 1,241,775
CapitaLand Integrated Commercial Trust, REIT 676,408 1,133,384
ComfortDelGro Corp. Ltd. 191,700 202,501
DBS Group Holdings Ltd. 106,200 2,576,479
Keppel Corp. Ltd. 420,200 2,072,343
Mapletree Commercial Trust, REIT 817,100 1,098,936
Mapletree Logistics Trust, REIT 480,400 616,989
Mapletree North Asia Commercial Trust, REIT (b) 458,500 395,994
Sembcorp Industries Ltd. 1,405,000 2,975,518
Singapore Telecommunications Ltd. 569,800 1,137,204
Suntec, REIT 601,200 794,227
Venture Corp. Ltd. 182,800 2,244,040
    16,489,390
INVESTMENTS SHARES VALUE($)
 
South Africa — 0.4%
Anglo American plc     63,470   2,811,149
South Korea — 7.2%
CJ CheilJedang Corp.      4,636   1,457,886
Daewoo Engineering & Construction Co. Ltd. *    108,886     577,219
DL Holdings Co. Ltd.     10,013     488,006
E-MART, Inc.      5,488     567,889
GS Engineering & Construction Corp.     59,099   1,946,114
GS Holdings Corp.      5,052     174,514
GS Retail Co. Ltd.     35,804     810,465
Hana Financial Group, Inc.     71,832   2,666,886
Hanwha Corp.     20,561     485,760
Hanwha Life Insurance Co. Ltd. * 226,921 525,834
Hite Jinro Co. Ltd. 27,221 800,938
Hyundai Department Store Co. Ltd. 3,680 219,022
Hyundai Mobis Co. Ltd. 5,208 847,275
Industrial Bank of Korea 172,345 1,529,197
Kakao Corp. 25,163 1,757,725
KB Financial Group, Inc. 60,142 2,798,053
Kia Corp. 40,977 2,687,693
Korea Electric Power Corp. * 75,528 1,378,275
Korea Gas Corp. 51,369 1,679,153
Korea Investment Holdings Co. Ltd. 12,789 709,035
KT&G Corp. 44,153 2,899,477
LG Corp. 36,904 2,131,148
LG Innotek Co. Ltd. 5,956 1,616,091
LG Uplus Corp. 111,394 1,230,591
Mirae Asset Securities Co. Ltd. 62,159 393,198
NAVER Corp. 8,357 1,861,597
NH Investment & Securities Co. Ltd. 68,011 580,453
NongShim Co. Ltd. 415 99,176
Orion Corp. 10,173 758,238
POSCO Holdings, Inc. 8,369 1,910,867
Samsung Electronics Co. Ltd. 49,940 2,661,481
Samsung Engineering Co. Ltd. * 41,427 845,236
Samsung Life Insurance Co. Ltd. 1,560 80,196
Samsung Securities Co. Ltd. 36,668 1,145,210
SK Hynix, Inc. 26,446 2,317,413
SK Innovation Co. Ltd. * 13 2,069
SK Square Co. Ltd. * 24,446 1,009,738
SK Telecom Co. Ltd. 49,853 2,248,779
S-Oil Corp. 13,640 1,115,996
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 179

Table of Contents
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
South Korea — continued
Woori Financial Group, Inc.    272,719   3,159,565
Yuhan Corp.     57,573   2,773,556
    54,947,014
Spain — 2.0%
Acciona SA     10,682   2,090,973
Enagas SA    102,902   2,225,019
Endesa SA    138,126   2,894,769
Iberdrola SA    289,637   3,328,161
Naturgy Energy Group SA    112,653   3,388,863
Red Electrica Corp. SA     55,059   1,108,572
    15,036,357
Sweden — 4.3%
Boliden AB (a) 67,444 2,924,451
Castellum AB (a) 121,052 2,397,235
Fastighets AB Balder, Class B * 24,660 1,222,329
Getinge AB, Class B 36,730 1,062,518
H & M Hennes & Mauritz AB, Class B (a) 163,785 2,061,903
Hexagon AB, Class B * (a) 231,925 2,992,512
Husqvarna AB, Class B (a) 60,387 577,246
Investor AB, Class B 169,783 3,267,118
Kinnevik AB, Class B * (a) 63,359 1,240,092
Sagax AB, Class B 38,522 984,023
Samhallsbyggnadsbolaget i Norden AB (a) 108,671 341,354
Securitas AB, Class B (a) 170,775 2,016,307
Skanska AB, Class B 128,959 2,463,399
Swedish Match AB 368,155 2,932,274
Tele2 AB, Class B (a) 156,013 2,067,842
Telia Co. AB 716,369 2,973,371
Trelleborg AB, Class B 70,219 1,540,154
    33,064,128
Switzerland — 2.0%
EMS-Chemie Holding AG (Registered) 406 362,203
Kuehne + Nagel International AG (Registered) 3,670 1,026,669
Logitech International SA (Registered) 26,916 1,751,656
Novartis AG (Registered) 30,104 2,660,270
Roche Holding AG 8,258 3,062,182
Sonova Holding AG (Registered) 8,731 3,148,627
Swiss Prime Site AG (Registered) 4,478 437,700
Swisscom AG (Registered) 5,199 3,074,173
    15,523,480
United Kingdom — 15.9%
3i Group plc 202,917 3,320,786
INVESTMENTS SHARES VALUE($)
 
United Kingdom — continued
abrdn plc    457,584   1,074,466
Admiral Group plc     86,643   2,727,286
Ashtead Group plc     42,977   2,222,223
Associated British Foods plc    106,814   2,137,428
AstraZeneca plc     29,209   3,897,685
Auto Trader Group plc (b)    364,794   2,879,013
AVEVA Group plc     52,521   1,411,558
Aviva plc    517,824   2,778,192
B&M European Value Retail SA    314,705   1,928,225
BAE Systems plc     97,650     901,960
Barratt Developments plc     61,084     373,715
Bellway plc 24,820 753,840
Berkeley Group Holdings plc * 31,745 1,609,995
BP plc 359,330 1,734,772
British American Tobacco plc 79,858 3,347,036
British Land Co. plc (The), REIT 250,948 1,616,460
BT Group plc 1,423,559 3,156,866
Centrica plc * 3,235,821 3,206,019
CK Hutchison Holdings Ltd. 106,042 744,195
ConvaTec Group plc (b) 918,102 2,428,646
Croda International plc 26,433 2,567,346
Dechra Pharmaceuticals plc 21,786 987,240
Deliveroo plc * (b) 412,589 570,224
Derwent London plc, REIT 55,534 2,107,068
Diageo plc 70,407 3,512,523
Direct Line Insurance Group plc 560,770 1,779,816
Halma plc 48,882 1,500,460
IMI plc 89,652 1,509,267
Imperial Brands plc 156,613 3,259,982
InterContinental Hotels Group plc 17,861 1,140,242
Intertek Group plc 19,584 1,220,376
J Sainsbury plc 724,464 2,113,809
Land Securities Group plc, REIT 235,058 2,204,508
Legal & General Group plc 980,006 3,054,773
M&G plc 347,035 921,359
National Grid plc 62,562 929,482
Next plc 29,379 2,200,508
Pearson plc 304,339 2,955,072
Pennon Group plc 134,565 1,869,949
Persimmon plc 43,992 1,145,740
Phoenix Group Holdings plc 183,337 1,388,668
Reckitt Benckiser Group plc 37,401 2,916,739
Rentokil Initial plc 109,509 752,138
Rightmove plc 218,064 1,676,279
 
SEE NOTES TO FINANCIAL STATEMENTS.
180 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United Kingdom — continued
Sage Group plc (The)    267,359   2,453,445
Segro plc, REIT    190,153   3,183,560
Severn Trent plc     52,682   2,070,484
Smith & Nephew plc     70,732   1,146,464
Smiths Group plc     59,140   1,082,221
Spirax-Sarco Engineering plc     13,470   2,032,563
SSE plc    150,039   3,484,779
St James's Place plc     57,029     916,433
Tate & Lyle plc    292,480   2,842,790
Taylor Wimpey plc    229,669     361,213
Tesco plc    872,028   2,962,558
Unilever plc 24,758 1,149,120
Unilever plc 48,043 2,233,525
United Utilities Group plc 226,003 3,247,757
Vodafone Group plc 1,505,171 2,278,768
WPP plc 88,985 1,109,186
    121,088,800
United States — 1.3%
Avast plc (b) 304,119 2,156,817
Ferguson plc 21,545 2,702,803
GlaxoSmithKline plc 164,302 3,703,790
Schneider Electric SE 7,435 1,066,693
Sims Ltd. 43,645 631,059
    10,261,162
Total Common Stocks
(Cost $785,633,889) 		  753,764,064
Short-Term Investments — 2.2%
Investment Companies — 0.0% ^
JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (c) (d)(Cost $268,189) 268,109 268,189
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) 12,263,027 12,254,444
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 4,448,380 4,448,380
Total Investment of Cash Collateral from Securities Loaned
(Cost $16,701,972) 		  16,702,824
Total Short-Term Investments
(Cost $16,970,161) 		  16,971,013
INVESTMENTS SHARES VALUE($)
Total Investments — 101.3%
(Cost $802,604,050) 		  770,735,077
Liabilities in Excess of Other Assets — (1.3)%   (9,664,536)
NET ASSETS — 100.0%   761,070,541
Percentages indicated are based on net assets.
    
Abbreviations  
OYJ Public Limited Company
REIT Real Estate Investment Trust
SGPS Holding company
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $13,303,812.  
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 181

Table of Contents
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Pharmaceuticals 6.0%
Electric Utilities 5.5
Equity Real Estate Investment Trusts (REITs) 5.1
Diversified Telecommunication Services 4.9
Oil, Gas & Consumable Fuels 4.6
Metals & Mining 4.3
Food Products 4.1
Food & Staples Retailing 3.9
Chemicals 3.7
Insurance 3.2
Gas Utilities 2.8
Banks 2.6
Real Estate Management & Development 2.5
Beverages 2.5
Trading Companies & Distributors 2.1
Health Care Equipment & Supplies 2.1
Construction & Engineering 2.1
Tobacco 2.0
Wireless Telecommunication Services 1.9
Electronic Equipment, Instruments & Components 1.8
Household Durables 1.6
Capital Markets 1.6
Health Care Providers & Services 1.6
Diversified Financial Services 1.5
Multi-Utilities 1.5
Technology Hardware, Storage & Peripherals 1.4
Machinery 1.4
IT Services 1.4
Semiconductors & Semiconductor Equipment 1.3
Media 1.2
Specialty Retail 1.2
Software 1.2
Automobiles 1.1
Interactive Media & Services 1.1
Multiline Retail 1.1
Others (each less than 1.0%) 9.9
Short-Term Investments 2.2
SEE NOTES TO FINANCIAL STATEMENTS.
182 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
MSCI EAFE E-Mini Index 62 06/17/2022 USD 6,185,120 (196,403)
    
Abbreviations  
EAFE Europe, Australasia, and Far East
MSCI Morgan Stanley Capital International
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 183

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.9%
Aerospace & Defense — 0.4%
L3Harris Technologies, Inc.     1,655     384,390
Lockheed Martin Corp.     3,718   1,606,622
    1,991,012
Automobiles & Parts — 0.6%
Ford Motor Co.   123,874   1,754,056
Gentex Corp.    61,258   1,797,922
    3,551,978
Banks — 1.9%
Bank of America Corp.    41,191   1,469,695
Bank of Hawaii Corp.     3,632     270,003
Citizens Financial Group, Inc.     9,476     373,354
Discover Financial Services 9,579 1,077,254
Fifth Third Bancorp 44,434 1,667,608
Huntington Bancshares, Inc. 114,740 1,508,831
KeyCorp 20,471 395,295
Popular, Inc. (Puerto Rico) 13,898 1,083,905
Regions Financial Corp. 24,551 508,697
Truist Financial Corp. 30,215 1,460,895
US Bancorp 14,180 688,581
    10,504,118
Beverages — 2.6%
Brown-Forman Corp., Class B 24,318 1,640,006
Coca-Cola Co. (The) 36,723 2,372,673
Constellation Brands, Inc., Class A 8,238 2,027,289
Keurig Dr Pepper, Inc. 58,366 2,182,888
Molson Coors Beverage Co., Class B 38,623 2,091,049
Monster Beverage Corp. * 21,436 1,836,637
PepsiCo, Inc. 13,867 2,381,103
    14,531,645
Chemicals — 4.8%
Ashland Global Holdings, Inc. 17,785 1,866,891
Celanese Corp. 13,242 1,945,779
CF Industries Holdings, Inc. 25,131 2,433,435
Chemours Co. (The) 60,847 2,012,210
Dow, Inc. 35,213 2,341,664
Eastman Chemical Co. 18,001 1,848,163
Element Solutions, Inc. 76,924 1,586,173
Huntsman Corp. 59,857 2,027,357
LyondellBasell Industries NV, Class A 20,095 2,130,673
Mosaic Co. (The) 38,337 2,392,996
NewMarket Corp. 1,748 567,418
INVESTMENTS SHARES VALUE ($)
 
Chemicals — continued
Olin Corp.    48,126   2,762,432
Westlake Corp.    20,494   2,593,516
    26,508,707
Construction & Materials — 1.7%
A O Smith Corp.    27,549   1,609,688
Carrier Global Corp.     9,075     347,300
Eagle Materials, Inc.     4,512     556,420
Fortune Brands Home & Security, Inc.    11,133     793,226
Louisiana-Pacific Corp.    14,703     948,638
Masco Corp.    27,132   1,429,585
Quanta Services, Inc.    20,576   2,386,405
Trane Technologies plc 9,551 1,336,089
    9,407,351
Consumer Services — 0.3%
eBay, Inc. 30,240 1,570,061
H&R Block, Inc. 12,301 320,687
    1,890,748
Electricity — 8.0%
AES Corp. (The) 407 8,311
Alliant Energy Corp. 28,334 1,666,323
American Electric Power Co., Inc. 19,792 1,961,585
Avangrid, Inc. (a) 32,867 1,457,651
Brookfield Renewable Corp. 1,500 53,850
CMS Energy Corp. 27,130 1,863,560
Consolidated Edison, Inc. 25,565 2,370,898
Constellation Energy Corp. 13,149 778,552
Dominion Energy, Inc. 24,996 2,040,673
DTE Energy Co. 17,897 2,345,223
Entergy Corp. 13,743 1,633,356
Evergy, Inc. 35,074 2,379,771
Eversource Energy 1,404 122,710
Exelon Corp. 51,876 2,426,759
FirstEnergy Corp. 53,599 2,321,373
Hawaiian Electric Industries, Inc. 27,673 1,137,637
IDACORP, Inc. 16,047 1,687,823
NextEra Energy, Inc. 26,256 1,864,701
NRG Energy, Inc. 61,225 2,197,977
OGE Energy Corp. 46,586 1,801,946
Pinnacle West Capital Corp. 22,095 1,573,164
PPL Corp. 80,239 2,271,566
Public Service Enterprise Group, Inc. 32,719 2,279,206
Southern Co. (The) 33,979 2,493,719
 
SEE NOTES TO FINANCIAL STATEMENTS.
184 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Electricity — continued
Vistra Corp.   101,880   2,549,038
Xcel Energy, Inc.    17,169   1,257,801
    44,545,173
Electronic & Electrical Equipment — 0.9%
AMETEK, Inc.     8,688   1,096,947
Emerson Electric Co.     8,199     739,386
Hubbell, Inc.     5,063     989,108
IDEX Corp.     4,209     798,952
Rockwell Automation, Inc.     5,822   1,471,045
    5,095,438
Finance & Credit Services — 0.6%
Ally Financial, Inc. 45,615 1,822,775
FactSet Research Systems, Inc. 1,263 509,608
Moody's Corp. 974 308,252
OneMain Holdings, Inc. 13,245 608,343
    3,248,978
Food Producers — 7.2%
Archer-Daniels-Midland Co. 27,741 2,484,484
Bunge Ltd. 21,210 2,399,275
Campbell Soup Co. (a) 41,355 1,952,783
Conagra Brands, Inc. 55,882 1,951,958
Corteva, Inc. 44,597 2,572,801
Darling Ingredients, Inc. * 25,472 1,869,390
Flowers Foods, Inc. 64,959 1,722,713
General Mills, Inc. 31,949 2,259,753
Hain Celestial Group, Inc. (The) * 39,071 1,310,441
Herbalife Nutrition Ltd. * 25,175 669,152
Hershey Co. (The) 10,792 2,436,510
Hormel Foods Corp. 34,317 1,797,868
Ingredion, Inc. 19,346 1,646,538
J M Smucker Co. (The) 17,177 2,352,047
Kellogg Co. 26,954 1,846,349
Kraft Heinz Co. (The) 57,650 2,457,619
McCormick & Co., Inc. (Non-Voting) 16,457 1,655,080
Mondelez International, Inc., Class A 35,063 2,260,862
Pilgrim's Pride Corp. * 6,183 175,288
Post Holdings, Inc. * 25,157 1,871,429
Tyson Foods, Inc., Class A 24,587 2,290,525
    39,982,865
Gas, Water & Multi-utilities — 3.5%
Ameren Corp. 23,252 2,160,111
American Water Works Co., Inc. 11,843 1,824,770
INVESTMENTS SHARES VALUE ($)
 
Gas, Water & Multi-utilities — continued
CenterPoint Energy, Inc.    72,302   2,213,164
Duke Energy Corp.    21,826   2,404,352
Essential Utilities, Inc.    24,379   1,091,204
National Fuel Gas Co.    31,223   2,189,669
NiSource, Inc.    74,452   2,168,042
Sempra Energy    12,687   2,047,174
UGI Corp.    43,421   1,489,340
WEC Energy Group, Inc.    19,239   1,924,862
    19,512,688
General Industrials — 2.6%
Carlisle Cos., Inc.     2,490     645,806
Eaton Corp. plc 14,252 2,066,825
Honeywell International, Inc. 5,295 1,024,635
Illinois Tool Works, Inc. 8,165 1,609,403
ITT, Inc. 21,254 1,492,456
Packaging Corp. of America 8,545 1,377,198
Parker-Hannifin Corp. 3,778 1,023,158
PPG Industries, Inc. 13,166 1,685,116
RPM International, Inc. 22,240 1,843,696
Sherwin-Williams Co. (The) 6,588 1,811,437
Sonoco Products Co. 1,455 90,079
    14,669,809
Health Care Providers — 3.0%
Anthem, Inc. 4,815 2,416,793
Cerner Corp. 18,534 1,735,524
Chemed Corp. 1,725 847,648
Cigna Corp. 8,501 2,097,877
DaVita, Inc. * 15,004 1,625,983
HCA Healthcare, Inc. 8,661 1,858,217
Humana, Inc. 760 337,866
IQVIA Holdings, Inc. * 4,150 904,658
Molina Healthcare, Inc. * 2,719 852,270
UnitedHealth Group, Inc. 4,607 2,342,890
Universal Health Services, Inc., Class B 11,288 1,383,119
    16,402,845
Household Goods & Home Construction — 0.9%
Leggett & Platt, Inc. 17,839 635,604
Lennar Corp., Class A 20,835 1,593,669
NVR, Inc. * 178 778,965
PulteGroup, Inc. 1,337 55,833
Toll Brothers, Inc. 5,690 263,845
Whirlpool Corp. 9,178 1,665,991
    4,993,907
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 185

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Industrial Engineering — 0.5%
Caterpillar, Inc.     5,017   1,056,279
Cummins, Inc.     8,126   1,537,358
Otis Worldwide Corp.     4,663     339,653
    2,933,290
Industrial Materials — 0.7%
Avery Dennison Corp.    10,034   1,812,140
International Paper Co.    39,234   1,815,750
Sylvamo Corp. *     4,346     194,049
    3,821,939
Industrial Metals & Mining — 2.9%
Alcoa Corp.     6,030     408,834
Fastenal Co. 36,978 2,045,253
Freeport-McMoRan, Inc. 45,282 1,836,185
Nucor Corp. 16,541 2,560,216
Reliance Steel & Aluminum Co. 12,157 2,410,125
Southern Copper Corp. (Peru) 26,070 1,623,379
Steel Dynamics, Inc. 29,650 2,542,488
Timken Co. (The) 12,120 698,597
United States Steel Corp. (a) 73,015 2,226,227
    16,351,304
Industrial Support Services — 2.3%
Accenture plc, Class A 6,618 1,987,783
Booz Allen Hamilton Holding Corp. 13,609 1,110,903
Capital One Financial Corp. 15,991 1,992,798
MSC Industrial Direct Co., Inc., Class A 8,715 722,125
Robert Half International, Inc. 19,394 1,906,624
Synchrony Financial 53,403 1,965,764
Western Union Co. (The) 66,750 1,118,730
WW Grainger, Inc. 4,191 2,095,626
    12,900,353
Industrial Transportation — 0.8%
CSX Corp. 24,665 846,996
Norfolk Southern Corp. 4,420 1,139,830
PACCAR, Inc. 2,329 193,424
Ryder System, Inc. 6,376 445,682
Schneider National, Inc., Class B 9,207 217,561
Union Pacific Corp. 7,198 1,686,419
    4,529,912
Investment Banking & Brokerage Services — 1.7%
Ameriprise Financial, Inc. 3,339 886,471
BlackRock, Inc. 1,535 958,884
Broadridge Financial Solutions, Inc. 1,246 179,586
INVESTMENTS SHARES VALUE ($)
 
Investment Banking & Brokerage Services — continued
Jefferies Financial Group, Inc.    26,344     810,342
Morgan Stanley    23,327   1,879,923
Nasdaq, Inc.     3,844     604,930
Raymond James Financial, Inc.     7,281     709,606
State Street Corp.    25,192   1,687,108
Virtu Financial, Inc., Class A    55,687   1,608,241
    9,325,091
Leisure Goods — 1.0%
Activision Blizzard, Inc.    16,961   1,282,252
Electronic Arts, Inc.     7,022     828,947
Garmin Ltd.    13,248   1,453,835
Harley-Davidson, Inc. 5,239 190,962
Pool Corp. 1,617 655,241
Take-Two Interactive Software, Inc. * 7,503 896,683
    5,307,920
Life Insurance — 0.6%
Aflac, Inc. 22,872 1,310,108
Globe Life, Inc. 5,396 529,240
MetLife, Inc. 8,855 581,596
Principal Financial Group, Inc. 8,479 577,759
Prudential Financial, Inc. 4,569 495,782
    3,494,485
Media — 0.5%
Interpublic Group of Cos., Inc. (The) 53,903 1,758,316
Nexstar Media Group, Inc., Class A 6,770 1,072,503
    2,830,819
Medical Equipment & Services — 4.5%
Abbott Laboratories 18,151 2,060,138
Becton Dickinson and Co. 5,431 1,342,489
Bio-Rad Laboratories, Inc., Class A * 3,031 1,552,054
Bio-Techne Corp. 4,865 1,847,192
Danaher Corp. 7,641 1,918,884
Embecta Corp. * 1,086 33,047
IDEXX Laboratories, Inc. * 3,643 1,568,239
Laboratory Corp. of America Holdings * 7,752 1,862,651
Medtronic plc 17,544 1,830,892
PerkinElmer, Inc. 11,972 1,755,215
Quest Diagnostics, Inc. 12,997 1,739,518
Quidel Corp. * 9,215 927,213
STERIS plc 7,469 1,673,429
Stryker Corp. 5,022 1,211,608
 
SEE NOTES TO FINANCIAL STATEMENTS.
186 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Thermo Fisher Scientific, Inc.     3,734   2,064,603
West Pharmaceutical Services, Inc.     5,294   1,667,928
    25,055,100
Mortgage Real Estate Investment Trusts — 0.3%
Starwood Property Trust, Inc.    64,520   1,476,218
Non-life Insurance — 2.6%
Allstate Corp. (The)     6,296     796,696
Aon plc, Class A     6,854   1,973,883
Assurant, Inc.     6,206   1,128,747
Chubb Ltd.     5,911   1,220,326
Fidelity National Financial, Inc.    32,405   1,290,367
Hanover Insurance Group, Inc. (The) 3,268 479,808
Hartford Financial Services Group, Inc. (The) 27,471 1,921,047
Marsh & McLennan Cos., Inc. 10,331 1,670,523
Old Republic International Corp. 15,489 340,913
Progressive Corp. (The) 21,399 2,297,396
W R Berkley Corp. 19,628 1,305,066
    14,424,772
Non-Renewable Energy — 4.9%
Antero Midstream Corp. 172,903 1,775,714
Baker Hughes Co. 64,174 1,990,677
Chevron Corp. 8,991 1,408,620
Continental Resources, Inc. (a) 22,795 1,266,718
Coterra Energy, Inc. 87,933 2,531,591
Devon Energy Corp. 38,536 2,241,639
DT Midstream, Inc. 7,367 395,976
EOG Resources, Inc. 19,529 2,280,206
Halliburton Co. 67,184 2,393,094
HF Sinclair Corp. * 12,679 482,056
Marathon Oil Corp. 96,341 2,400,818
Pioneer Natural Resources Co. 9,517 2,212,417
Targa Resources Corp. 33,017 2,423,778
Texas Pacific Land Corp. 653 892,390
Williams Cos., Inc. (The) 68,661 2,354,386
    27,050,080
Personal Care, Drug & Grocery Stores — 4.9%
Albertsons Cos., Inc., Class A 53,623 1,677,327
AmerisourceBergen Corp. 14,785 2,236,823
Casey's General Stores, Inc. 8,935 1,798,615
Church & Dwight Co., Inc. 18,551 1,809,836
Clorox Co. (The) 11,758 1,686,920
Colgate-Palmolive Co. 22,513 1,734,627
CVS Health Corp. 21,574 2,073,909
INVESTMENTS SHARES VALUE ($)
 
Personal Care, Drug & Grocery Stores — continued
Kimberly-Clark Corp.    13,183   1,830,196
Kroger Co. (The)    38,975   2,103,091
McKesson Corp.     8,141   2,520,535
Olaplex Holdings, Inc. * (a)    21,647     318,211
Procter & Gamble Co. (The)    14,815   2,378,548
Spectrum Brands Holdings, Inc.    19,273   1,639,554
Sysco Corp. (a)    18,542   1,584,970
Walgreens Boots Alliance, Inc.    47,554   2,016,290
    27,409,452
Personal Goods — 0.7%
Carter's, Inc.     2,943     247,918
Estee Lauder Cos., Inc. (The), Class A 7,229 1,908,890
NIKE, Inc., Class B 14,538 1,812,889
    3,969,697
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0%
AbbVie, Inc. 15,236 2,237,864
Amgen, Inc. 8,375 1,952,966
Bristol-Myers Squibb Co. 29,692 2,234,917
Eli Lilly & Co. 8,725 2,548,834
Gilead Sciences, Inc. 27,515 1,632,740
Johnson & Johnson 13,556 2,446,316
Moderna, Inc. * 8,208 1,103,237
Pfizer, Inc. 42,208 2,071,146
Regeneron Pharmaceuticals, Inc. * 2,744 1,808,598
United Therapeutics Corp. * 10,528 1,869,352
Vertex Pharmaceuticals, Inc. * 2,469 674,580
Zoetis, Inc. 10,223 1,812,027
    22,392,577
Precious Metals & Mining — 0.4%
Newmont Corp. 28,378 2,067,337
Royal Gold, Inc. 130 16,963
    2,084,300
Real Estate Investment & Services — 0.7%
CBRE Group, Inc., Class A * 21,719 1,803,546
Jones Lang LaSalle, Inc. * 10,164 2,223,171
    4,026,717
Real Estate Investment Trusts — 7.6%
Alexandria Real Estate Equities, Inc. 5,107 930,291
American Homes 4 Rent, Class A 17,815 705,652
American Tower Corp. 5,036 1,213,777
Brixmor Property Group, Inc. 30,146 765,105
Camden Property Trust 1,599 250,867
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 187

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Crown Castle International Corp.     9,883   1,830,430
CubeSmart    18,791     892,760
Digital Realty Trust, Inc.    11,725   1,713,257
Duke Realty Corp.    21,624   1,183,914
Extra Space Storage, Inc.    10,668   2,026,920
First Industrial Realty Trust, Inc.    10,951     635,158
Gaming and Leisure Properties, Inc.    26,697   1,184,813
Healthpeak Properties, Inc.    47,063   1,544,137
Iron Mountain, Inc.    44,067   2,367,720
Kimco Realty Corp.    76,785   1,944,964
Lamar Advertising Co., Class A    15,799   1,744,368
Life Storage, Inc. 12,206 1,617,173
Medical Properties Trust, Inc. 80,705 1,484,165
Mid-America Apartment Communities, Inc. 7,450 1,465,266
Omega Healthcare Investors, Inc. (a) 20,872 531,819
Prologis, Inc. 14,700 2,356,263
Public Storage 6,017 2,235,316
Simon Property Group, Inc. 15,452 1,823,336
Spirit Realty Capital, Inc. (a) 18,738 814,166
Ventas, Inc. 27,604 1,533,402
VICI Properties, Inc. 66,342 1,977,655
Welltower, Inc. 22,076 2,004,722
Weyerhaeuser Co. 44,991 1,854,529
WP Carey, Inc. 18,766 1,515,730
    42,147,675
Renewable Energy — 0.2%
Enphase Energy, Inc. * 4,791 773,267
First Solar, Inc. * 1,857 135,617
    908,884
Retailers — 2.9%
Best Buy Co., Inc. 16,728 1,504,349
Dick's Sporting Goods, Inc. (a) 17,467 1,684,168
Foot Locker, Inc. 27,161 796,089
Kohl's Corp. 30,495 1,765,051
Lowe's Cos., Inc. 9,416 1,861,826
O'Reilly Automotive, Inc. * 2,526 1,532,145
Penske Automotive Group, Inc. 8,622 903,758
Qurate Retail, Inc., Series A 94,815 399,171
Target Corp. 8,371 1,914,029
Tractor Supply Co. 9,393 1,892,220
Williams-Sonoma, Inc. (a) 12,285 1,602,947
    15,855,753
INVESTMENTS SHARES VALUE ($)
 
Software & Computer Services — 4.0%
Alphabet, Inc., Class A *       863   1,969,530
Cadence Design Systems, Inc. *    12,862   1,940,233
Cognizant Technology Solutions Corp., Class A    16,142   1,305,888
Dolby Laboratories, Inc., Class A     5,213     403,851
Gartner, Inc. *     4,019   1,167,720
Hewlett Packard Enterprise Co.   103,646   1,597,185
InterActiveCorp. *     7,790     645,635
International Business Machines Corp.    13,442   1,777,167
Intuit, Inc.     3,738   1,565,287
Kyndryl Holdings, Inc. *     1,838      21,854
Leidos Holdings, Inc.       362      37,471
Meta Platforms, Inc., Class A * 8,247 1,653,276
Microsoft Corp. 7,915 2,196,571
NortonLifeLock, Inc. 58,305 1,459,957
Oracle Corp. 24,279 1,782,079
Roper Technologies, Inc. 2,865 1,346,321
SS&C Technologies Holdings, Inc. 15,656 1,012,317
Vimeo, Inc. * 12,854 130,982
    22,013,324
Technology Hardware & Equipment — 4.7%
Amphenol Corp., Class A 21,485 1,536,178
Analog Devices, Inc. 13,280 2,050,166
Apple, Inc. 14,062 2,216,874
Applied Materials, Inc. 17,047 1,881,136
Broadcom, Inc. 3,851 2,134,956
Cirrus Logic, Inc. * 535 40,553
Concentrix Corp. 2,888 454,802
HP, Inc. 46,531 1,704,431
Intel Corp. 31,477 1,372,082
KLA Corp. 6,055 1,933,119
Lam Research Corp. 3,751 1,747,066
NetApp, Inc. 21,183 1,551,655
NVIDIA Corp. 8,649 1,604,130
Skyworks Solutions, Inc. 11,526 1,305,896
TD SYNNEX Corp. 8,195 820,238
Teradyne, Inc. 16,271 1,715,940
Texas Instruments, Inc. 11,558 1,967,749
Xerox Holdings Corp. 16,571 288,335
    26,325,306
Telecommunications Equipment — 2.5%
Arista Networks, Inc. * 19,349 2,236,164
Ciena Corp. * 34,415 1,898,676
Cisco Systems, Inc. 40,156 1,966,841
 
SEE NOTES TO FINANCIAL STATEMENTS.
188 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Telecommunications Equipment — continued
Juniper Networks, Inc.    66,447   2,094,410
Lumentum Holdings, Inc. *    24,315   1,974,621
Motorola Solutions, Inc.     9,283   1,983,684
Ubiquiti, Inc. (a)     5,437   1,534,593
Viasat, Inc. *     7,441     273,903
    13,962,892
Telecommunications Service Providers — 2.9%
Altice USA, Inc., Class A *   152,307   1,413,409
AT&T, Inc.    74,663   1,408,144
Cable One, Inc.       750     874,650
Charter Communications, Inc., Class A *     3,097   1,327,034
Comcast Corp., Class A 43,880 1,744,669
DISH Network Corp., Class A * 59,106 1,685,112
Liberty Broadband Corp., Class C * 12,528 1,400,881
Lumen Technologies, Inc. 214,891 2,161,803
T-Mobile US, Inc. * 15,654 1,927,634
Verizon Communications, Inc. 41,178 1,906,541
    15,849,877
Tobacco — 0.8%
Altria Group, Inc. 42,952 2,386,843
Philip Morris International, Inc. 23,033 2,303,300
    4,690,143
Travel & Leisure — 0.1%
Travel + Leisure Co. 9,639 534,772
Waste & Disposal Services — 1.2%
Clean Harbors, Inc. * 13,305 1,396,094
Republic Services, Inc. 17,668 2,372,282
Stericycle, Inc. * 9,279 465,713
Waste Management, Inc. 14,553 2,393,095
    6,627,184
Total Common Stocks
(Cost $473,370,734) 		  555,137,098
INVESTMENTS SHARES VALUE ($)
Short-Term Investments — 2.3%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,137,701) 1,137,701   1,137,701
Investment of Cash Collateral from Securities Loaned — 2.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) 9,706,181   9,699,387
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 1,933,516   1,933,516
Total Investment of Cash Collateral from Securities Loaned
(Cost $11,632,413) 		  11,632,903
Total Short-Term Investments
(Cost $12,770,114) 		  12,770,604
Total Investments — 102.2%
(Cost $486,140,848) 		  567,907,702
Liabilities in Excess of Other Assets — (2.2)%   (12,117,837)
NET ASSETS — 100.0%   555,789,865
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $10,915,468.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 189

Table of Contents
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
S&P 500 E-Mini Index 2 06/17/2022 USD 413,075 (6,194)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
190 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.1%
Textron, Inc.     4,256     294,728
Automobiles & Parts — 0.6%
BorgWarner, Inc.     9,929     365,685
Gentex Corp.    28,536     837,532
LKQ Corp.     3,038     150,776
    1,353,993
Banks — 2.2%
Bank of Hawaii Corp.     2,397     178,193
Citizens Financial Group, Inc.     6,544     257,834
Comerica, Inc.     3,073     251,679
Discover Financial Services     5,620     632,025
Fifth Third Bancorp 11,253 422,325
First Horizon Corp. 10,191 228,074
First Republic Bank 921 137,432
FNB Corp. 12,638 145,590
Huntington Bancshares, Inc. 60,064 789,841
KeyCorp 14,130 272,850
M&T Bank Corp. 3,837 639,398
Popular, Inc. (Puerto Rico) 8,720 680,073
Prosperity Bancshares, Inc. 2,217 144,947
Regions Financial Corp. 17,817 369,168
Zions Bancorp NA 4,462 252,148
    5,401,577
Beverages — 0.7%
Brown-Forman Corp., Class B 10,884 734,017
Molson Coors Beverage Co., Class B 17,435 943,931
    1,677,948
Chemicals — 5.7%
Ashland Global Holdings, Inc. 10,624 1,115,201
Celanese Corp. 6,459 949,085
CF Industries Holdings, Inc. 11,134 1,078,105
Chemours Co. (The) 40,177 1,328,653
Eastman Chemical Co. 8,832 906,781
Element Solutions, Inc. 46,101 950,603
FMC Corp. 6,272 831,291
Huntsman Corp. 26,763 906,463
LyondellBasell Industries NV, Class A 10,437 1,106,635
Mosaic Co. (The) 16,986 1,060,266
NewMarket Corp. 810 262,934
Olin Corp. 21,289 1,221,989
Univar Solutions, Inc. * 12,536 365,048
INVESTMENTS SHARES VALUE ($)
 
Chemicals — continued
Valvoline, Inc.    31,024     937,856
Westlake Corp.     9,058   1,146,290
    14,167,200
Construction & Materials — 2.4%
A O Smith Corp.    11,623     679,132
Eagle Materials, Inc.     1,968     242,694
Fortune Brands Home & Security, Inc.     9,349     666,116
Lennox International, Inc.     1,580     336,840
Louisiana-Pacific Corp.    10,167     655,975
Masco Corp.    12,483     657,729
Owens Corning     8,764     796,910
Quanta Services, Inc. 9,018 1,045,908
Trane Technologies plc 5,394 754,567
    5,835,871
Consumer Services — 0.6%
Frontdoor, Inc. * 8,887 274,697
H&R Block, Inc. 10,584 275,925
IAA, Inc. * 7,450 273,043
Service Corp. International 8,099 531,375
    1,355,040
Electricity — 6.5%
Alliant Energy Corp. 13,302 782,291
Avangrid, Inc. (a) 15,312 679,087
Brookfield Renewable Corp. 796 28,576
CMS Energy Corp. 15,129 1,039,211
Consolidated Edison, Inc. 11,352 1,052,784
DTE Energy Co. 7,949 1,041,637
Edison International 11,378 782,693
Entergy Corp. 7,103 844,191
Evergy, Inc. 15,772 1,070,130
Eversource Energy 3,194 279,156
FirstEnergy Corp. 23,702 1,026,534
Hawaiian Electric Industries, Inc. 16,818 691,388
IDACORP, Inc. 8,149 857,112
NRG Energy, Inc. 27,017 969,910
OGE Energy Corp. 23,544 910,682
Pinnacle West Capital Corp. 11,177 795,802
PPL Corp. 35,945 1,017,603
Public Service Enterprise Group, Inc. 15,054 1,048,662
Vistra Corp. 45,485 1,138,035
    16,055,484
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 191

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Electronic & Electrical Equipment — 2.1%
AMETEK, Inc.     6,870     867,406
Crane Co. (a)     2,627     252,796
Hubbell, Inc.     3,631     709,352
IDEX Corp.     4,110     780,160
Keysight Technologies, Inc. *     5,450     764,472
nVent Electric plc     6,958     235,041
Pentair plc     4,893     248,320
Regal Rexnord Corp.     4,141     526,901
Rockwell Automation, Inc.     2,849     719,857
    5,104,305
Finance & Credit Services — 0.6%
Ally Financial, Inc. 9,469 378,381
Morningstar, Inc. 1,879 475,819
OneMain Holdings, Inc. 15,053 691,385
    1,545,585
Food Producers — 6.5%
Archer-Daniels-Midland Co. 12,306 1,102,125
Bunge Ltd. 9,374 1,060,387
Campbell Soup Co. (a) 18,850 890,097
Conagra Brands, Inc. 25,277 882,925
Corteva, Inc. 19,775 1,140,820
Darling Ingredients, Inc. * 13,393 982,912
Flowers Foods, Inc. 37,634 998,054
Hain Celestial Group, Inc. (The) * 22,587 757,568
Herbalife Nutrition Ltd. * 15,827 420,682
Hershey Co. (The) 4,781 1,079,406
Hormel Foods Corp. (a) 16,794 879,838
Ingredion, Inc. 11,433 973,063
J M Smucker Co. (The) 7,589 1,039,162
Kellogg Co. 12,449 852,756
McCormick & Co., Inc. (Non-Voting) 8,105 815,120
Pilgrim's Pride Corp. * 8,029 227,622
Post Holdings, Inc. * 12,400 922,436
Tyson Foods, Inc., Class A 10,873 1,012,929
    16,037,902
Gas, Water & Multi-utilities — 3.0%
Ameren Corp. 11,006 1,022,457
American Water Works Co., Inc. 5,453 840,198
CenterPoint Energy, Inc. 33,999 1,040,709
Essential Utilities, Inc. 15,577 697,227
National Fuel Gas Co. 15,512 1,087,857
NiSource, Inc. 33,257 968,444
INVESTMENTS SHARES VALUE ($)
 
Gas, Water & Multi-utilities — continued
UGI Corp.    25,365     870,019
WEC Energy Group, Inc.     9,351     935,568
    7,462,479
General Industrials — 2.0%
AptarGroup, Inc.     1,519     174,427
Carlisle Cos., Inc.       948     245,873
ITT, Inc.     3,261     228,987
Packaging Corp. of America     5,145     829,220
Parker-Hannifin Corp.     2,454     664,592
PPG Industries, Inc.     6,299     806,209
RPM International, Inc.    10,321     855,611
Silgan Holdings, Inc. 8,869 393,518
Sonoco Products Co. 7,497 464,139
Westrock Co. 4,555 225,609
    4,888,185
Health Care Providers — 3.2%
Acadia Healthcare Co., Inc. * 9,131 619,812
Amedisys, Inc. * 3,175 405,289
Cerner Corp. 10,985 1,028,636
Chemed Corp. 1,586 779,345
DaVita, Inc. * 7,728 837,483
Encompass Health Corp. 9,518 655,124
IQVIA Holdings, Inc. * 4,071 887,437
Molina Healthcare, Inc. * 3,139 983,920
Premier, Inc., Class A 8,706 315,244
Universal Health Services, Inc., Class B 5,362 657,006
Veeva Systems, Inc., Class A * 4,513 821,140
    7,990,436
Household Goods & Home Construction — 1.1%
Leggett & Platt, Inc. 9,391 334,601
Lennar Corp., Class A 9,407 719,542
NVR, Inc. * 25 109,405
Toll Brothers, Inc. 15,104 700,373
Whirlpool Corp. (a) 4,318 783,803
    2,647,724
Industrial Engineering — 1.6%
Cummins, Inc. 4,078 771,517
Graco, Inc. 12,416 770,040
Lincoln Electric Holdings, Inc. 4,005 539,593
Nordson Corp. 616 132,865
 
SEE NOTES TO FINANCIAL STATEMENTS.
192 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Industrial Engineering — continued
Snap-on, Inc.     4,065     863,772
Toro Co. (The)     9,798     785,114
    3,862,901
Industrial Materials — 0.9%
Avery Dennison Corp.     4,959     895,595
International Paper Co.    17,828     825,080
Sylvamo Corp. *    11,777     525,843
    2,246,518
Industrial Metals & Mining — 3.0%
Alcoa Corp.    11,202     759,496
Cleveland-Cliffs, Inc. *    39,102     996,710
Fastenal Co. 16,582 917,150
Nucor Corp. 7,339 1,135,930
Reliance Steel & Aluminum Co. 5,375 1,065,594
Steel Dynamics, Inc. 13,123 1,125,297
Timken Co. (The) 8,849 510,056
United States Steel Corp. (a) 32,291 984,553
    7,494,786
Industrial Support Services — 1.7%
ADT, Inc. (a) 10,069 68,973
Booz Allen Hamilton Holding Corp. 2,589 211,340
FTI Consulting, Inc. * 1,603 252,809
MSC Industrial Direct Co., Inc., Class A 6,386 529,144
Paychex, Inc. 5,454 691,185
Robert Half International, Inc. 5,992 589,074
Synchrony Financial 20,452 752,838
Western Union Co. (The) 8,939 149,818
WW Grainger, Inc. 1,846 923,055
    4,168,236
Industrial Transportation — 1.2%
Allison Transmission Holdings, Inc. 6,348 237,669
Expeditors International of Washington, Inc. 5,514 546,272
Landstar System, Inc. 4,816 745,999
Old Dominion Freight Line, Inc. 2,909 814,869
PACCAR, Inc. 2,690 223,405
Ryder System, Inc. 4,358 304,624
Schneider National, Inc., Class B 6,329 149,554
    3,022,392
Investment Banking & Brokerage Services — 2.5%
Ameriprise Financial, Inc. 2,484 659,477
Broadridge Financial Solutions, Inc. 1,139 164,164
Invesco Ltd. 40,742 748,838
INVESTMENTS SHARES VALUE ($)
 
Investment Banking & Brokerage Services — continued
Jefferies Financial Group, Inc.    29,270     900,345
LPL Financial Holdings, Inc.     4,088     768,013
Nasdaq, Inc.     3,051     480,136
Raymond James Financial, Inc.     5,269     513,517
State Street Corp.    12,149     813,619
T. Rowe Price Group, Inc.     3,560     438,022
Virtu Financial, Inc., Class A    23,807     687,546
    6,173,677
Leisure Goods — 1.0%
Garmin Ltd.     6,071     666,231
Harley-Davidson, Inc.     1,566      57,081
Polaris, Inc. (a) 3,505 332,765
Pool Corp. 1,877 760,598
Take-Two Interactive Software, Inc. * 5,274 630,296
    2,446,971
Life Insurance — 0.2%
Lincoln National Corp. 3,077 185,081
Principal Financial Group, Inc. 5,856 399,028
    584,109
Media — 0.9%
Interpublic Group of Cos., Inc. (The) 29,626 966,400
Liberty Media Corp.-Liberty SiriusXM, Class A * (a) 8,977 375,508
Nexstar Media Group, Inc., Class A 4,154 658,076
Warner Bros Discovery, Inc. * 17,885 324,613
    2,324,597
Medical Equipment & Services — 6.4%
Agilent Technologies, Inc. 5,973 712,400
Bio-Rad Laboratories, Inc., Class A * 1,445 739,927
Bio-Techne Corp. 2,222 843,671
Bruker Corp. 11,957 687,408
Cooper Cos., Inc. (The) 1,567 565,750
DENTSPLY SIRONA, Inc. 14,731 589,093
Envista Holdings Corp. * 21,857 865,974
Globus Medical, Inc., Class A * 9,470 627,103
Henry Schein, Inc. * 8,757 710,193
Hologic, Inc. * 13,401 964,738
ICU Medical, Inc. * 2,977 637,048
IDEXX Laboratories, Inc. * 1,678 722,345
Integra LifeSciences Holdings Corp. * 6,765 413,747
Laboratory Corp. of America Holdings * 3,514 844,344
Masimo Corp. * 3,047 344,220
PerkinElmer, Inc. 5,761 844,620
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 193

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
QIAGEN NV *    15,459     701,375
Quest Diagnostics, Inc.     7,077     947,186
Quidel Corp. *     4,109     413,447
ResMed, Inc.     3,620     723,891
STERIS plc     4,144     928,463
Teleflex, Inc.       553     157,948
West Pharmaceutical Services, Inc.     2,427     764,651
    15,749,542
Mortgage Real Estate Investment Trusts — 0.6%
Annaly Capital Management, Inc.    31,928     204,978
New Residential Investment Corp.    43,448     451,859
Starwood Property Trust, Inc. 35,585 814,185
    1,471,022
Non-life Insurance — 3.0%
American Financial Group, Inc. 4,751 657,919
Arch Capital Group Ltd. * 2,022 92,345
Arthur J Gallagher & Co. 6,281 1,058,286
Assurant, Inc. 3,497 636,034
Assured Guaranty Ltd. 4,908 270,676
Axis Capital Holdings Ltd. 3,356 192,400
Brown & Brown, Inc. 14,080 872,678
CNA Financial Corp. 112 5,313
Everest Re Group Ltd. 1,310 359,870
Fidelity National Financial, Inc. 7,344 292,438
First American Financial Corp. 4,233 246,826
Hanover Insurance Group, Inc. (The) 1,761 258,550
Hartford Financial Services Group, Inc. (The) 13,880 970,629
Mercury General Corp. 1,490 75,141
Old Republic International Corp. 37,612 827,840
Reinsurance Group of America, Inc. 2,416 259,285
W R Berkley Corp. 3,172 210,906
    7,287,136
Non-Renewable Energy — 5.3%
Antero Midstream Corp. 99,319 1,020,006
Baker Hughes Co. 29,591 917,913
Continental Resources, Inc. (a) 16,653 925,407
Coterra Energy, Inc. 38,915 1,120,363
Devon Energy Corp. 17,094 994,358
Diamondback Energy, Inc. 7,376 931,072
DT Midstream, Inc. 3,534 189,953
Halliburton Co. 29,802 1,061,547
HF Sinclair Corp. * 14,836 564,065
Marathon Oil Corp. 42,663 1,063,162
INVESTMENTS SHARES VALUE ($)
 
Non-Renewable Energy — continued
Marathon Petroleum Corp.     6,549     571,466
Pioneer Natural Resources Co.     4,228     982,883
Targa Resources Corp.    14,606   1,072,226
Texas Pacific Land Corp.       438     598,571
Williams Cos., Inc. (The)    30,427   1,043,342
    13,056,334
Personal Care, Drug & Grocery Stores — 3.5%
Albertsons Cos., Inc., Class A    27,945     874,120
AmerisourceBergen Corp.     6,898   1,043,598
Casey's General Stores, Inc.     4,035     812,246
Church & Dwight Co., Inc.    10,033     978,819
Clorox Co. (The) 5,267 755,656
Grocery Outlet Holding Corp. * 17,346 584,040
Kroger Co. (The) 17,283 932,591
McKesson Corp. 3,614 1,118,931
Olaplex Holdings, Inc. * (a) 14,966 220,000
Reynolds Consumer Products, Inc. 11,192 331,171
Spectrum Brands Holdings, Inc. 10,966 932,878
    8,584,050
Personal Goods — 0.4%
Carter's, Inc. 1,985 167,217
Tapestry, Inc. 21,810 717,985
    885,202
Pharmaceuticals, Biotechnology & Marijuana Producers — 2.1%
Cardinal Health, Inc. 14,111 819,144
Charles River Laboratories International, Inc. * 2,581 623,337
Horizon Therapeutics plc * 9,440 930,406
Jazz Pharmaceuticals plc * 4,184 670,361
Maravai LifeSciences Holdings, Inc., Class A * 15,188 466,727
Royalty Pharma plc 10,377 441,853
Syneos Health, Inc. * 5,729 418,733
United Therapeutics Corp. * 4,781 848,914
    5,219,475
Precious Metals & Mining — 0.1%
Royal Gold, Inc. 2,221 289,796
Real Estate Investment & Services — 0.8%
CBRE Group, Inc., Class A * 11,338 941,508
Jones Lang LaSalle, Inc. * 4,544 993,909
    1,935,417
Real Estate Investment Trusts — 8.6%
Alexandria Real Estate Equities, Inc. 2,383 434,087
American Campus Communities, Inc. 1,613 104,313
 
SEE NOTES TO FINANCIAL STATEMENTS.
194 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
American Homes 4 Rent, Class A    12,286     486,648
Brixmor Property Group, Inc.    31,613     802,338
Camden Property Trust     4,422     693,768
CubeSmart    16,720     794,367
Duke Realty Corp.    16,840     921,990
Extra Space Storage, Inc.     5,021     953,990
First Industrial Realty Trust, Inc.     7,579     439,582
Gaming and Leisure Properties, Inc.    15,754     699,162
Healthpeak Properties, Inc.    23,526     771,888
Highwoods Properties, Inc.     7,793     318,266
Iron Mountain, Inc.    19,474   1,046,338
Kimco Realty Corp. 42,784 1,083,719
Lamar Advertising Co., Class A 9,232 1,019,305
Life Storage, Inc. 7,158 948,363
Medical Properties Trust, Inc. 38,140 701,395
Mid-America Apartment Communities, Inc. 4,744 933,050
National Retail Properties, Inc. 3,588 157,298
Omega Healthcare Investors, Inc. 18,621 474,463
Rayonier, Inc. 12,564 542,765
Regency Centers Corp. 6,433 442,783
Rexford Industrial Realty, Inc. 7,272 567,507
Simon Property Group, Inc. 7,078 835,204
SL Green Realty Corp. (a) 6,226 430,964
Spirit Realty Capital, Inc. 9,966 433,023
Ventas, Inc. 13,868 770,367
VICI Properties, Inc. 26,590 792,648
Welltower, Inc. 11,116 1,009,444
Weyerhaeuser Co. 22,461 925,842
WP Carey, Inc. 8,841 714,088
    21,248,965
Renewable Energy — 0.5%
Enphase Energy, Inc. * 5,065 817,491
First Solar, Inc. * 4,883 356,605
    1,174,096
Retailers — 2.7%
AutoNation, Inc. * 8,454 979,903
Bath & Body Works, Inc. 2,801 148,145
Best Buy Co., Inc. 8,038 722,857
Dick's Sporting Goods, Inc. (a) 7,936 765,189
Foot Locker, Inc. 13,650 400,082
Gap, Inc. (The) 6,627 82,307
Kohl's Corp. 14,496 839,029
O'Reilly Automotive, Inc. * 598 362,717
INVESTMENTS SHARES VALUE ($)
 
Retailers — continued
Penske Automotive Group, Inc.     7,759     813,298
Tractor Supply Co.     4,200     846,090
Williams-Sonoma, Inc. (a)     5,470     713,726
    6,673,343
Software & Computer Services — 5.1%
Akamai Technologies, Inc. *     3,421     384,110
Amdocs Ltd.    11,880     946,717
ANSYS, Inc. *     2,824     778,549
CACI International, Inc., Class A *     1,477     391,848
Cadence Design Systems, Inc. *     5,785     872,667
Citrix Systems, Inc.     5,757     576,276
Dolby Laboratories, Inc., Class A 7,973 617,668
EPAM Systems, Inc. * 1,819 482,017
Fortinet, Inc. * 3,036 877,434
Gartner, Inc. * 2,827 821,385
Hewlett Packard Enterprise Co. 46,451 715,810
InterActiveCorp. * 3,621 300,108
Leidos Holdings, Inc. 7,075 732,333
Manhattan Associates, Inc. * 6,867 896,487
NortonLifeLock, Inc. 26,108 653,744
Paycom Software, Inc. * 409 115,121
SS&C Technologies Holdings, Inc. 13,407 866,897
Synopsys, Inc. * 3,086 885,034
Tyler Technologies, Inc. * 1,728 682,059
Vimeo, Inc. * 5,967 60,804
    12,657,068
Technology Hardware & Equipment — 4.9%
Amphenol Corp., Class A 12,942 925,353
CDW Corp. 5,333 870,239
Cirrus Logic, Inc. * 7,431 563,270
Concentrix Corp. 3,638 572,912
Corning, Inc. 19,657 691,730
Entegris, Inc. 7,879 877,642
HP, Inc. 17,715 648,900
Jabil, Inc. 13,892 801,985
Marvell Technology, Inc. 13,637 792,037
Microchip Technology, Inc. 7,679 500,671
Monolithic Power Systems, Inc. 2,121 831,941
National Instruments Corp. 1,911 69,064
NetApp, Inc. 9,488 694,996
ON Semiconductor Corp. * 13,145 684,986
Qorvo, Inc. * 5,828 663,110
Skyworks Solutions, Inc. 5,454 617,938
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 195

Table of Contents
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
TD SYNNEX Corp.     5,912     591,732
Teradyne, Inc.     7,301     769,963
    12,168,469
Telecommunications Equipment — 2.4%
Arista Networks, Inc. *     8,644     998,987
Ciena Corp. *    15,391     849,121
CommScope Holding Co., Inc. *     4,262      25,700
Juniper Networks, Inc.    29,719     936,743
Lumentum Holdings, Inc. *    10,869     882,671
Motorola Solutions, Inc.     4,546     971,435
Ubiquiti, Inc. (a)     3,422     965,859
Viasat, Inc. * 6,250 230,063
    5,860,579
Telecommunications Service Providers — 1.5%
Altice USA, Inc., Class A * 68,208 632,970
Cable One, Inc. 524 611,089
DISH Network Corp., Class A * 33,638 959,019
Liberty Broadband Corp., Class C * 5,613 627,646
Lumen Technologies, Inc. 96,081 966,575
    3,797,299
Travel & Leisure — 0.6%
Choice Hotels International, Inc. 2,196 308,450
Copa Holdings SA, Class A (Panama) * (a) 5,189 391,095
Travel + Leisure Co. 4,294 238,231
Wendy's Co. (The) 1,150 22,724
Yum China Holdings, Inc. (China) 12,685 530,233
    1,490,733
Waste & Disposal Services — 1.0%
Clean Harbors, Inc. * 10,008 1,050,139
Republic Services, Inc. 7,798 1,047,037
Stericycle, Inc. * 9,350 469,277
    2,566,453
Total Common Stocks
(Cost $215,083,918) 		  246,257,623
INVESTMENTS SHARES VALUE ($)
Short-Term Investments — 3.3%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $250,728)   250,728     250,728
Investment of Cash Collateral from Securities Loaned — 3.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) 5,951,580   5,947,413
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 1,816,951   1,816,951
Total Investment of Cash Collateral from Securities Loaned
(Cost $7,764,543) 		  7,764,364
Total Short-Term Investments
(Cost $8,015,271) 		  8,015,092
Total Investments — 103.1%
(Cost $223,099,189) 		  254,272,715
Liabilities in Excess of Other Assets — (3.1)%   (7,628,358)
NET ASSETS — 100.0%   246,644,357
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,354,015.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
196 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
S&P Midcap 400 E-Mini Index 1 06/17/2022 USD 249,440 (6,692)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
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Table of Contents
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.1%
Moog, Inc., Class A      1,111      88,736
National Presto Industries, Inc.      1,380      98,159
    186,895
Automobiles & Parts — 0.5%
Dorman Products, Inc. *      3,942     389,154
Gentherm, Inc. *      9,155     617,230
    1,006,384
Banks — 4.6%
1st Source Corp.      1,428      61,790
Ameris Bancorp      8,744     364,625
Atlantic Union Bankshares Corp.      5,326     179,912
Axos Financial, Inc. * 5,639 213,605
BancFirst Corp. 972 79,461
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) 8,946 286,540
Banner Corp. 3,228 173,344
Brookline Bancorp, Inc. 7,737 111,877
Capital City Bank Group, Inc. 603 15,443
Cathay General Bancorp 9,027 361,892
Community Trust Bancorp, Inc. 2,184 86,945
First BanCorp (Puerto Rico) 15,191 206,749
First Busey Corp. 2,164 48,625
First Financial Bancorp 5,623 114,990
First Financial Bankshares, Inc. 11,344 453,533
First Financial Corp. 877 37,378
First Merchants Corp. 2,501 98,014
Flagstar Bancorp, Inc. 8,385 295,990
Fulton Financial Corp. 11,423 173,287
Hancock Whitney Corp. 5,207 243,531
Hilltop Holdings, Inc. 18,816 479,620
Home BancShares, Inc. 802 17,339
Hope Bancorp, Inc. 27,193 388,860
Independent Bank Group, Inc. 3,773 255,809
Lakeland Financial Corp. 1,907 138,868
NBT Bancorp, Inc. 2,461 86,627
OceanFirst Financial Corp. 10,538 197,377
OFG Bancorp (Puerto Rico) 6,745 179,282
Old National Bancorp 36,808 558,019
Renasant Corp. 6,761 201,410
Republic Bancorp, Inc., Class A 1,695 70,648
Sandy Spring Bancorp, Inc. 2,154 84,588
Simmons First National Corp., Class A 12,723 303,698
TrustCo Bank Corp. 2,178 67,845
Trustmark Corp. 11,002 306,736
INVESTMENTS SHARES VALUE ($)
 
Banks — continued
UMB Financial Corp.      5,297     477,683
United Bankshares, Inc.     15,933     529,932
United Community Banks, Inc.      7,772     234,248
Valley National Bancorp     47,057     563,743
Washington Federal, Inc.      6,776     206,194
WesBanco, Inc.      6,444     207,755
    9,163,812
Beverages — 1.4%
Celsius Holdings, Inc. * (a)     10,335     537,420
Coca-Cola Consolidated, Inc.      1,414     624,281
Duckhorn Portfolio, Inc. (The) *     13,052     253,470
MGP Ingredients, Inc. (a) 5,334 487,154
National Beverage Corp. 10,585 466,587
Primo Water Corp. 29,684 434,574
    2,803,486
Chemicals — 3.6%
AdvanSix, Inc. 10,211 454,798
American Vanguard Corp. 9,446 202,144
Avient Corp. 12,718 626,234
Balchem Corp. 4,252 523,846
Cabot Corp. 8,130 535,361
GCP Applied Technologies, Inc. * 11,371 356,708
Ingevity Corp. * 9,696 580,790
Innospec, Inc. 5,547 528,685
Livent Corp. * (a) 18,783 401,205
Orion Engineered Carbons SA (Germany) 22,741 343,389
Quaker Chemical Corp. 1,179 191,835
Rayonier Advanced Materials, Inc. * 40,611 208,335
Sensient Technologies Corp. 7,334 620,457
Stepan Co. 4,260 434,989
Trinseo plc 13,763 653,054
Tronox Holdings plc, Class A 33,096 569,251
    7,231,081
Construction & Materials — 1.9%
Comfort Systems USA, Inc. 6,341 535,307
EMCOR Group, Inc. 4,331 461,165
Exponent, Inc. 3,651 349,802
GMS, Inc. * 5,616 269,287
Great Lakes Dredge & Dock Corp. * 3,532 48,777
Griffon Corp. 4,150 77,647
Installed Building Products, Inc. 2,597 208,981
JELD-WEN Holding, Inc. * 6,299 130,956
Masonite International Corp. * 2,657 205,971
 
SEE NOTES TO FINANCIAL STATEMENTS.
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INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Construction & Materials — continued
Mueller Water Products, Inc., Class A     16,495     198,435
Patrick Industries, Inc.      3,120     194,220
Quanex Building Products Corp.      4,970      95,524
Simpson Manufacturing Co., Inc.      4,617     478,644
Tetra Tech, Inc.      3,787     527,453
    3,782,169
Consumer Services — 0.4%
Carriage Services, Inc.      1,699      72,870
Laureate Education, Inc., Class A     37,566     425,623
Perdoceo Education Corp. *     12,044     134,652
Rent-A-Center, Inc.     10,890     262,667
    895,812
Electricity — 1.6%
ALLETE, Inc. 7,202 427,367
Clearway Energy, Inc., Class C 18,024 550,273
MGE Energy, Inc. 4,539 353,452
NorthWestern Corp. 10,156 575,744
PNM Resources, Inc. 13,870 647,174
Portland General Electric Co. 12,141 574,633
Via Renewables, Inc. 17,339 123,800
    3,252,443
Electronic & Electrical Equipment — 1.3%
Atkore, Inc. * 6,305 605,910
AZZ, Inc. 4,241 193,559
Badger Meter, Inc. 5,224 421,525
Brady Corp., Class A 4,546 203,433
Encore Wire Corp. 5,654 637,828
Watts Water Technologies, Inc., Class A 3,495 445,473
    2,507,728
Finance & Credit Services — 1.5%
Encore Capital Group, Inc. * 1,218 70,413
Enova International, Inc. * 7,528 281,547
Mr. Cooper Group, Inc. * 13,174 592,435
Navient Corp. 39,253 623,730
PennyMac Financial Services, Inc. 9,101 441,945
Radian Group, Inc. 24,162 516,825
Walker & Dunlop, Inc. 3,204 383,711
    2,910,606
Food Producers — 3.7%
Andersons, Inc. (The) 8,896 446,846
B&G Foods, Inc. (a) 15,707 422,990
BellRing Brands, Inc. * 16,735 358,631
INVESTMENTS SHARES VALUE ($)
 
Food Producers — continued
Cal-Maine Foods, Inc.      9,521     511,563
Fresh Del Monte Produce, Inc.     14,974     390,073
Hostess Brands, Inc. *     29,312     665,089
J & J Snack Foods Corp.      3,235     484,280
John B Sanfilippo & Son, Inc.      3,684     286,026
Lancaster Colony Corp.      3,137     486,800
Medifast, Inc.      2,298     409,871
Nature's Sunshine Products, Inc. *      4,613      76,391
Sanderson Farms, Inc.      3,603     682,300
Simply Good Foods Co. (The) *     16,750     697,637
Tattooed Chef, Inc. * (a)      8,132      64,975
Tootsie Roll Industries, Inc. (a) 13,275 465,023
TreeHouse Foods, Inc. * 12,852 404,838
USANA Health Sciences, Inc. * 5,471 419,407
Utz Brands, Inc. (a) 17,036 240,548
    7,513,288
Gas, Water & Multi-utilities — 3.4%
American States Water Co. 6,412 504,368
Avista Corp. 11,826 479,781
Black Hills Corp. 8,428 617,267
Brookfield Infrastructure Corp., Class A (Canada) 8,124 576,154
California Water Service Group 7,900 409,773
Chesapeake Utilities Corp. 3,301 413,186
Evoqua Water Technologies Corp. * 14,918 621,931
Middlesex Water Co. 4,039 359,269
New Jersey Resources Corp. 12,491 539,112
Northwest Natural Holding Co. 8,104 387,614
ONE Gas, Inc. 1,819 153,469
SJW Group 3,120 184,080
South Jersey Industries, Inc. (a) 17,388 594,496
Southwest Gas Holdings, Inc. (a) 8,202 722,678
Spire, Inc. 4,567 332,249
    6,895,427
General Industrials — 1.2%
Apogee Enterprises, Inc. 4,784 210,496
Barnes Group, Inc. 2,155 72,365
CSW Industrials, Inc. 1,574 166,073
Greif, Inc., Class A 6,257 379,675
HB Fuller Co. 9,227 615,441
Kronos Worldwide, Inc. 16,279 247,766
Myers Industries, Inc. 4,338 95,132
Otter Tail Corp. 7,923 459,217
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 199

Table of Contents
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
General Industrials — continued
Standex International Corp.      1,597     150,182
TriMas Corp.      1,670      49,332
    2,445,679
Health Care Providers — 3.2%
Addus HomeCare Corp. *      2,647     223,089
Apollo Medical Holdings, Inc. * (a)     10,295     375,562
Brookdale Senior Living, Inc. *      5,069      31,326
Community Health Systems, Inc. *     29,318     224,869
Computer Programs and Systems, Inc. *      3,949     126,052
CorVel Corp. *      2,288     354,823
Ensign Group, Inc. (The)      7,646     614,203
Healthcare Services Group, Inc. 7,364 125,851
LHC Group, Inc. * 3,149 522,262
ModivCare, Inc. * 3,526 366,598
NextGen Healthcare, Inc. * 8,246 155,437
Omnicell, Inc. * 3,746 408,951
Option Care Health, Inc. * 17,997 537,750
Pennant Group, Inc. (The) * 6,856 112,370
RadNet, Inc. * 5,998 116,961
Select Medical Holdings Corp. 16,914 382,425
Surgery Partners, Inc. * 11,654 596,219
Tenet Healthcare Corp. * 6,868 497,999
Tivity Health, Inc. * 13,153 422,606
US Physical Therapy, Inc. 1,606 166,655
    6,362,008
Household Goods & Home Construction — 1.6%
Beazer Homes USA, Inc. * 4,172 62,914
Central Garden & Pet Co., Class A * 6,854 283,619
CompX International, Inc. 1,658 35,199
Ethan Allen Interiors, Inc. (a) 17,886 424,614
Hamilton Beach Brands Holding Co., Class A 2,906 27,200
HNI Corp. 9,119 325,001
Interface, Inc. 23,272 295,322
La-Z-Boy, Inc. 15,047 395,435
LGI Homes, Inc. * 1,004 94,085
M/I Homes, Inc. * 6,166 273,030
MDC Holdings, Inc. 3,624 133,762
MillerKnoll, Inc. 9,911 314,476
Sleep Number Corp. * (a) 1,115 45,224
Steelcase, Inc., Class A 15,749 184,736
Taylor Morrison Home Corp. * 5,948 155,778
Tri Pointe Homes, Inc. * 6,507 134,500
    3,184,895
INVESTMENTS SHARES VALUE ($)
 
Industrial Engineering — 1.3%
Albany International Corp., Class A      2,591     202,668
Astec Industries, Inc.      7,252     283,553
Columbus McKinnon Corp.      7,431     263,429
EnPro Industries, Inc.      3,180     296,408
Franklin Electric Co., Inc.      5,937     415,234
Hillenbrand, Inc.     10,913     445,469
John Bean Technologies Corp.      2,104     248,040
Tennant Co.      1,720     111,078
Titan Machinery, Inc. *      2,807      66,189
Zurn Water Solutions Corp.      9,124     284,851
    2,616,919
Industrial Materials — 1.9%
Boise Cascade Co. 8,390 634,116
Clearwater Paper Corp. * 10,083 333,848
Glatfelter Corp. 12,391 136,301
Koppers Holdings, Inc. 11,084 268,898
Materion Corp. 6,978 594,177
Meta Materials, Inc. * (a) 124,356 149,227
Minerals Technologies, Inc. 8,101 515,305
Neenah, Inc. 6,932 245,393
Schweitzer-Mauduit International, Inc. 12,306 309,619
Tredegar Corp. 8,147 93,283
UFP Industries, Inc. 7,766 600,855
    3,881,022
Industrial Metals & Mining — 4.0%
Arconic Corp. * 872 21,939
Carpenter Technology Corp. 16,913 645,738
Century Aluminum Co. * 22,049 371,967
Commercial Metals Co. 16,443 674,163
Compass Minerals International, Inc. 8,530 504,379
Constellium SE * 25,014 417,484
Energy Fuels, Inc. * (a) 46,863 351,941
GrafTech International Ltd. 50,045 454,409
Haynes International, Inc. 6,386 249,565
Kaiser Aluminum Corp. 4,862 469,183
Mueller Industries, Inc. 11,743 635,883
Olympic Steel, Inc. 4,078 139,998
RBC Bearings, Inc. * 3,264 549,494
Schnitzer Steel Industries, Inc., Class A 12,224 557,781
TimkenSteel Corp. * 15,871 328,054
Uranium Energy Corp. * (a) 87,993 373,970
 
SEE NOTES TO FINANCIAL STATEMENTS.
200 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Industrial Metals & Mining — continued
US Silica Holdings, Inc. *     45,747     849,979
Worthington Industries, Inc.      9,240     439,547
    8,035,474
Industrial Support Services — 2.8%
ABM Industries, Inc.      6,522     314,817
Applied Industrial Technologies, Inc.      6,493     679,752
ASGN, Inc. *      4,581     519,715
CoreCivic, Inc., REIT *     28,742     357,263
CRA International, Inc.      2,499     205,843
Deluxe Corp.      3,398      92,018
DXP Enterprises, Inc. *        926      21,881
EVERTEC, Inc. (Puerto Rico) 6,312 248,693
ExlService Holdings, Inc. * 3,070 417,981
Forrester Research, Inc. * 2,469 137,499
Heidrick & Struggles International, Inc. 3,389 108,312
Insperity, Inc. 2,698 286,123
Korn Ferry 3,807 233,902
Lawson Products, Inc. * 1,166 44,296
Maximus, Inc. 7,431 541,571
Pitney Bowes, Inc. 28,219 148,714
Resources Connection, Inc. 3,802 65,356
TriNet Group, Inc. * 4,532 401,988
TrueBlue, Inc. * 2,495 63,797
TTEC Holdings, Inc. 5,115 377,538
UniFirst Corp. 1,885 324,786
    5,591,845
Industrial Transportation — 2.5%
ArcBest Corp. 4,550 328,328
Atlas Air Worldwide Holdings, Inc. * 7,883 543,454
Costamare, Inc. (Monaco) 12,469 167,209
DHT Holdings, Inc. 96,644 543,139
Federal Signal Corp. 5,506 187,369
Forward Air Corp. 3,461 335,613
Frontline Ltd. (Norway) * (a) 35,757 297,856
GATX Corp. 2,820 291,560
Genco Shipping & Trading Ltd. 11,651 256,672
Hub Group, Inc., Class A * 1,225 82,271
Matson, Inc. 6,069 522,055
McGrath RentCorp 2,654 221,503
Saia, Inc. * 2,370 488,125
Scorpio Tankers, Inc. (Monaco) 2,862 70,777
INVESTMENTS SHARES VALUE ($)
 
Industrial Transportation — continued
Triton International Ltd. (Bermuda)     10,076     615,543
Wabash National Corp.      4,366      62,478
    5,013,952
Investment Banking & Brokerage Services — 1.3%
Artisan Partners Asset Management, Inc., Class A     13,931     447,742
B Riley Financial, Inc.      2,218     100,165
Brightsphere Investment Group, Inc.     17,217     345,029
Cohen & Steers, Inc. (a)      4,352     338,107
Cowen, Inc., Class A     13,431     306,898
Federated Hermes, Inc.     13,369     380,749
Houlihan Lokey, Inc.      3,713     309,256
Moelis & Co., Class A 7,274 321,947
Virtus Investment Partners, Inc. 801 141,905
    2,691,798
Leisure Goods — 1.4%
Camping World Holdings, Inc., Class A (a) 16,167 415,169
Fox Factory Holding Corp. * 3,505 286,989
LCI Industries 2,489 242,229
Nautilus, Inc. * 26,419 79,521
Smith & Wesson Brands, Inc. 41,470 569,383
Sonos, Inc. * (a) 15,111 344,833
Sturm Ruger & Co., Inc. 9,314 634,749
Universal Electronics, Inc. * 4,569 134,786
    2,707,659
Life Insurance — 0.5%
American Equity Investment Life Holding Co. 9,926 374,409
CNO Financial Group, Inc. 27,237 657,501
National Western Life Group, Inc., Class A 190 37,764
    1,069,674
Media — 0.1%
Gray Television, Inc. 12,647 234,222
QuinStreet, Inc. * 2,599 24,717
    258,939
Medical Equipment & Services — 3.8%
Accuray, Inc. * 14,155 37,652
AdaptHealth Corp. * 15,284 193,495
Anika Therapeutics, Inc. * 1,690 36,386
AtriCure, Inc. * 7,127 370,105
Atrion Corp. 188 117,805
Avanos Medical, Inc. * 5,264 153,498
CONMED Corp. 4,571 607,760
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 201

Table of Contents
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Fulgent Genetics, Inc. *      8,248     452,650
Inogen, Inc. *      1,255      31,726
Integer Holdings Corp. *      5,556     417,645
Intersect ENT, Inc. *      2,385      65,277
Invacare Corp. * (a)     14,139      23,471
Lantheus Holdings, Inc. *     12,446     826,539
Meridian Bioscience, Inc. *     23,390     598,550
Merit Medical Systems, Inc. *      9,452     586,119
Natus Medical, Inc. *      8,905     296,269
Neogen Corp. *     13,573     358,327
NeoGenomics, Inc. *     16,802     158,779
OraSure Technologies, Inc. * 34,534 212,039
Orthofix Medical, Inc. * 3,183 98,673
Owens & Minor, Inc. 15,253 541,329
Patterson Cos., Inc. 19,346 595,276
STAAR Surgical Co. * 4,973 283,909
Surmodics, Inc. * 3,892 150,465
Varex Imaging Corp. * 15,346 304,618
Zynex, Inc. (a) 6,316 40,233
    7,558,595
Mortgage Real Estate Investment Trusts — 2.0%
Apollo Commercial Real Estate Finance, Inc. 20,507 246,904
Arbor Realty Trust, Inc. 19,898 340,256
Blackstone Mortgage Trust, Inc., Class A 13,497 405,450
Dynex Capital, Inc. (a) 6,756 109,650
Ellington Financial, Inc. (a) 31,027 502,327
Granite Point Mortgage Trust, Inc. 9,183 89,351
iStar, Inc. (a) 26,893 452,878
KKR Real Estate Finance Trust, Inc. 21,873 415,587
Ladder Capital Corp. 20,726 236,069
MFA Financial, Inc. (a) 34,557 492,437
New York Mortgage Trust, Inc. 88,394 284,629
PennyMac Mortgage Investment Trust 6,524 100,078
Redwood Trust, Inc. 28,193 273,472
TPG RE Finance Trust, Inc. 7,726 81,509
    4,030,597
Non-life Insurance — 1.0%
American National Group, Inc. 968 182,574
Employers Holdings, Inc. 5,396 212,279
Enstar Group Ltd. * 1,160 273,470
Essent Group Ltd. 4,352 176,386
Horace Mann Educators Corp. 4,068 162,110
Safety Insurance Group, Inc. 2,273 195,569
INVESTMENTS SHARES VALUE ($)
 
Non-life Insurance — continued
Selective Insurance Group, Inc.      4,344     357,772
Stewart Information Services Corp.      9,846     508,054
    2,068,214
Non-Renewable Energy — 7.0%
Antero Resources Corp. *     25,769     907,069
Archrock, Inc.     57,240     498,560
Berry Corp.     28,347     310,967
Brigham Minerals, Inc., Class A      9,020     223,516
Cactus, Inc., Class A     11,895     593,917
Centennial Resource Development, Inc., Class A *     75,649     585,523
ChampionX Corp.     13,555     286,010
Civitas Resources, Inc. (a) 10,849 635,968
CNX Resources Corp. * 36,676 753,692
CONSOL Energy, Inc. * 18,058 858,658
DMC Global, Inc. * 7,147 142,869
Dril-Quip, Inc. * 1,618 46,728
Helix Energy Solutions Group, Inc. * 51,207 210,461
Magnolia Oil & Gas Corp., Class A 27,389 636,520
Matador Resources Co. 12,228 596,971
Matrix Service Co. * 2,060 14,008
MRC Global, Inc. * 14,361 172,188
Nabors Industries Ltd. * 3,759 581,217
Newpark Resources, Inc. * 9,383 32,747
Northern Oil and Gas, Inc. 8,357 208,758
NOW, Inc. * 22,213 242,122
Oceaneering International, Inc. * 14,830 168,024
Ovintiv, Inc. 13,642 698,334
Patterson-UTI Energy, Inc. 43,107 708,679
PDC Energy, Inc. 9,289 647,815
ProPetro Holding Corp. * 46,756 661,130
Ranger Oil Corp. * 19,518 621,648
RPC, Inc. * 14,929 154,366
SM Energy Co. 16,384 582,123
Solaris Oilfield Infrastructure, Inc., Class A 30,642 344,722
SunCoke Energy, Inc. 46,977 390,849
Warrior Met Coal, Inc. 3,843 130,931
World Fuel Services Corp. 19,319 467,906
    14,114,996
Personal Care, Drug & Grocery Stores — 3.5%
ACCO Brands Corp. 36,637 268,549
Beauty Health Co. (The) * 22,991 301,182
Chefs' Warehouse, Inc. (The) * (a) 13,690 501,054
Edgewell Personal Care Co. 12,589 480,144
 
SEE NOTES TO FINANCIAL STATEMENTS.
202 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Personal Care, Drug & Grocery Stores — continued
Energizer Holdings, Inc.     13,532     409,884
Ingles Markets, Inc., Class A      5,880     547,546
Nu Skin Enterprises, Inc., Class A     10,042     428,191
Performance Food Group Co. *     12,380     609,715
PetMed Express, Inc. (a)     16,728     366,343
PLBY Group, Inc. * (a)     28,991     256,280
Rite Aid Corp. * (a)     46,404     295,594
SpartanNash Co.     18,024     617,863
Sprouts Farmers Market, Inc. *     16,042     478,052
United Natural Foods, Inc. *     13,122     563,328
Veru, Inc. *     44,456     521,024
WD-40 Co. (a) 2,440 448,911
    7,093,660
Personal Goods — 0.8%
Movado Group, Inc. 5,140 184,886
Oxford Industries, Inc. 4,638 415,565
Signet Jewelers Ltd. (a) 8,398 589,539
Steven Madden Ltd. 8,746 359,111
Vera Bradley, Inc. * 7,309 44,950
    1,594,051
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.4%
Amphastar Pharmaceuticals, Inc. * 6,105 216,544
ANI Pharmaceuticals, Inc. * 3,645 107,564
Arcus Biosciences, Inc. * (a) 6,796 164,531
Arrowhead Pharmaceuticals, Inc. * 10,307 423,721
Arvinas, Inc. * 5,907 324,708
Castle Biosciences, Inc. * 4,779 106,763
Catalyst Pharmaceuticals, Inc. * 35,606 271,318
Codexis, Inc. * 3,583 43,103
Collegium Pharmaceutical, Inc. * 13,512 217,543
Corcept Therapeutics, Inc. * 13,236 284,706
Eagle Pharmaceuticals, Inc. * 2,608 115,091
Emergent BioSolutions, Inc. * 5,129 166,077
Halozyme Therapeutics, Inc. * 10,370 413,763
Heska Corp. * (a) 1,319 144,879
Innoviva, Inc. * (a) 24,714 421,621
Kodiak Sciences, Inc. * 6,185 37,234
Ligand Pharmaceuticals, Inc. * 2,199 204,199
Medpace Holdings, Inc. * 3,340 446,124
Myriad Genetics, Inc. * 8,297 170,088
Pacific Biosciences of California, Inc. * (a) 28,353 179,758
Pacira BioSciences, Inc. * 8,004 596,858
PDL BioPharma, Inc. ‡ * 22,361 55,232
INVESTMENTS SHARES VALUE ($)
 
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Prestige Consumer Healthcare, Inc. *      9,519     520,309
Prothena Corp. plc (Ireland) *     13,300     387,828
Supernus Pharmaceuticals, Inc. *     14,130     394,227
Travere Therapeutics, Inc. * (a)      8,405     211,218
Vanda Pharmaceuticals, Inc. *     15,544     154,196
Xencor, Inc. *      5,144     128,497
    6,907,700
Precious Metals & Mining — 0.3%
Hecla Mining Co.     95,437     497,227
Real Estate Investment & Services — 1.1%
Cushman & Wakefield plc *     15,674     280,564
Douglas Elliman, Inc. 30,847 186,933
eXp World Holdings, Inc. (a) 17,171 229,920
Kennedy-Wilson Holdings, Inc. 14,993 338,092
Newmark Group, Inc., Class A 39,032 474,239
Realogy Holdings Corp. * 37,505 411,055
St. Joe Co. (The) 6,955 370,075
    2,290,878
Real Estate Investment Trusts — 9.1%
Agree Realty Corp. 7,922 538,062
American Assets Trust, Inc. 5,388 197,201
Apartment Investment and Management Co., Class A * 35,673 224,740
Ares Commercial Real Estate Corp. 8,818 132,887
Brandywine Realty Trust 20,064 234,147
Broadstone Net Lease, Inc. 29,605 612,528
CareTrust REIT, Inc. 21,154 342,906
Centerspace 3,015 278,164
Community Healthcare Trust, Inc. 3,570 131,447
DiamondRock Hospitality Co. * 9,931 105,467
DigitalBridge Group, Inc. * 73,979 514,894
Easterly Government Properties, Inc. 8,838 168,364
EastGroup Properties, Inc. 3,330 624,375
Essential Properties Realty Trust, Inc. 20,543 493,032
Four Corners Property Trust, Inc. 16,751 459,983
GEO Group, Inc. (The) * (a) 81,159 529,968
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 9,783 391,222
Healthcare Realty Trust, Inc. (a) 17,389 470,894
Independence Realty Trust, Inc. 24,638 671,632
Industrial Logistics Properties Trust 6,772 109,436
Innovative Industrial Properties, Inc. 2,763 399,502
Kite Realty Group Trust 28,887 644,180
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 203

Table of Contents
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
LTC Properties, Inc.     10,286     339,438
LXP Industrial Trust     41,156     516,508
Macerich Co. (The) (a)     30,727     385,624
National Health Investors, Inc.      6,846     352,774
National Storage Affiliates Trust     10,282     581,961
NexPoint Residential Trust, Inc.      1,600     142,656
Office Properties Income Trust      8,412     181,868
Pebblebrook Hotel Trust     23,520     574,358
Physicians Realty Trust     28,945     496,117
Piedmont Office Realty Trust, Inc., Class A     26,512     426,843
PotlatchDeltic Corp.     11,806     653,934
PS Business Parks, Inc. 3,856 721,843
Retail Opportunity Investments Corp. 25,539 475,792
RPT Realty 19,136 254,318
Sabra Health Care REIT, Inc. 30,128 351,895
SITE Centers Corp. 30,733 488,655
STAG Industrial, Inc. 16,161 603,129
Summit Hotel Properties, Inc. * 18,768 185,240
Tanger Factory Outlet Centers, Inc. (a) 33,187 535,306
Terreno Realty Corp. 9,214 670,319
Uniti Group, Inc. 33,531 415,449
Urban Edge Properties 20,674 386,397
Washington (a) 12,070 290,766
Xenia Hotels & Resorts, Inc. * 358 6,906
    18,313,127
Renewable Energy — 0.4%
Arcosa, Inc. 10,162 543,972
Green Plains, Inc. * 3,813 107,031
REX American Resources Corp. * 2,649 224,185
    875,188
Retailers — 3.4%
Abercrombie & Fitch Co., Class A * 22,664 783,721
America's Car-Mart, Inc. * 1,365 110,360
Asbury Automotive Group, Inc. * 890 163,502
Big 5 Sporting Goods Corp. (a) 25,959 375,627
Big Lots, Inc. 6,574 203,137
BJ's Wholesale Club Holdings, Inc. * 8,512 547,747
Buckle, Inc. (The) 15,915 494,320
Caleres, Inc. 1,855 42,535
Citi Trends, Inc. * (a) 5,490 153,555
Dillard's, Inc., Class A (a) 2,420 735,220
Genesco, Inc. * 5,612 348,112
Global Industrial Co. 1,113 34,347
INVESTMENTS SHARES VALUE ($)
 
Retailers — continued
Group 1 Automotive, Inc.      2,094     364,649
Haverty Furniture Cos., Inc. (a)     11,576     287,432
Hibbett, Inc.      4,966     214,432
LL Flooring Holdings, Inc. *     11,105     153,360
Macy's, Inc.     17,545     424,063
ODP Corp. (The) *      6,314     271,692
PriceSmart, Inc.      1,232      97,883
Shoe Carnival, Inc.     17,113     516,642
Sportsman's Warehouse Holdings, Inc. *      4,174      40,112
Zumiez, Inc. *     11,410     417,948
    6,780,396
Software & Computer Services — 4.1%
Agilysys, Inc. * 5,625 207,056
Alarm.com Holdings, Inc. * 2,069 126,375
Appfolio, Inc., Class A * (a) 1,597 165,864
Avid Technology, Inc. * 8,710 276,194
Blackline, Inc. * 1,679 112,577
Cerence, Inc. * 7,740 228,330
ChannelAdvisor Corp. * 19,053 276,459
Consensus Cloud Solutions, Inc. * 1,670 88,042
CoreCard Corp. * 1,566 35,689
CSG Systems International, Inc. 7,699 473,258
MicroStrategy, Inc., Class A * (a) 1,154 408,712
Mimecast Ltd. * 5,059 403,101
Mitek Systems, Inc. * 8,737 97,592
NetScout Systems, Inc. * 12,001 369,631
OneSpan, Inc. * 9,727 137,443
Perficient, Inc. * 5,334 530,253
Progress Software Corp. 10,500 503,790
Qualys, Inc. * 4,742 646,240
Sailpoint Technologies Holdings, Inc. * 3,704 236,426
Sapiens International Corp. NV (Israel) * 3,830 89,009
Shutterstock, Inc. 6,513 493,164
Simulations Plus, Inc. (a) 4,946 230,780
SPS Commerce, Inc. * 5,068 606,285
Verint Systems, Inc. * 8,112 442,591
VirnetX Holding Corp. * (a) 8,847 12,563
Workiva, Inc. * 5,738 553,774
Ziff Davis, Inc. * 5,568 491,989
    8,243,187
Technology Hardware & Equipment — 7.4%
Advanced Energy Industries, Inc. 5,710 436,929
Alpha & Omega Semiconductor Ltd. * 9,094 390,133
 
SEE NOTES TO FINANCIAL STATEMENTS.
204 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Amkor Technology, Inc.     25,742     484,207
Axcelis Technologies, Inc. *     10,543     574,066
Benchmark Electronics, Inc.      7,303     173,519
CEVA, Inc. *      4,513     164,002
CMC Materials, Inc.      3,668     656,242
Cohu, Inc. *     11,281     299,623
CTS Corp.      5,027     177,805
Daktronics, Inc. *      7,070      23,685
Diodes, Inc. *      6,755     493,318
Fabrinet (Thailand) *      4,665     458,056
FormFactor, Inc. *     15,429     587,999
Ichor Holdings Ltd. * 9,876 287,490
Insight Enterprises, Inc. * 6,232 619,274
Kulicke & Soffa Industries, Inc. (Singapore) (a) 9,380 435,326
Lattice Semiconductor Corp. * 10,373 498,319
MaxLinear, Inc. * 11,134 532,985
Methode Electronics, Inc. 8,755 390,561
NeoPhotonics Corp. * 39,603 599,589
Novanta, Inc. * 3,245 417,631
Onto Innovation, Inc. * 8,024 570,827
PC Connection, Inc. 2,588 128,080
Photronics, Inc. * 21,904 328,341
Plexus Corp. * 4,555 369,593
Power Integrations, Inc. 7,063 565,040
Rambus, Inc. * 23,195 577,787
Rogers Corp. * 957 259,079
ScanSource, Inc. * 5,011 171,577
Semtech Corp. * 7,486 446,166
SiTime Corp. * 2,526 425,808
SMART Global Holdings, Inc. * 11,527 261,202
Super Micro Computer, Inc. * 1,791 75,401
Synaptics, Inc. * 2,597 385,499
TTM Technologies, Inc. * 20,909 291,681
Ultra Clean Holdings, Inc. * 14,371 447,944
Vishay Intertechnology, Inc. 20,469 381,337
Xperi Holding Corp. 23,540 367,224
    14,753,345
Telecommunications Equipment — 2.9%
ADTRAN, Inc. 23,666 411,552
Aviat Networks, Inc. * 7,603 227,330
Calix, Inc. * 11,394 454,734
Cambium Networks Corp. * 16,707 255,116
Clearfield, Inc. * 5,227 304,368
INVESTMENTS SHARES VALUE ($)
 
Telecommunications Equipment — continued
Comtech Telecommunications Corp.     11,385     154,836
EchoStar Corp., Class A *     23,472     548,071
Extreme Networks, Inc. *     55,029     528,278
Harmonic, Inc. *     49,402     410,037
Infinera Corp. * (a)     50,629     389,337
InterDigital, Inc.      7,916     450,025
NETGEAR, Inc. * (a)     12,284     266,563
Plantronics, Inc. *     17,976     716,523
Ribbon Communications, Inc. *      1,005       3,467
Telesat Corp. (Canada) * (a)      5,411      60,820
Viavi Solutions, Inc. *     40,825     585,430
    5,766,487
Telecommunications Service Providers — 2.6%
Anterix, Inc. * 2,517 130,481
Cogent Communications Holdings, Inc. 8,889 520,006
Consolidated Communications Holdings, Inc. * 65,524 389,868
Globalstar, Inc. * (a) 415,863 482,401
Gogo, Inc. * (a) 36,369 669,553
IDT Corp., Class B * 15,937 422,012
Iridium Communications, Inc. * 16,170 577,431
Liberty Latin America Ltd., Class C (Chile) * 42,730 394,825
Shenandoah Telecommunications Co. 19,040 384,608
Telephone and Data Systems, Inc. (a) 24,086 441,256
Vonage Holdings Corp. * (a) 31,430 627,343
WideOpenWest, Inc. * 10,279 206,094
    5,245,878
Tobacco — 0.8%
22nd Century Group, Inc. * (a) 107,736 205,776
Turning Point Brands, Inc. 11,557 362,774
Universal Corp. 7,620 440,817
Vector Group Ltd. 44,506 566,116
    1,575,483
Travel & Leisure — 0.1%
Biglari Holdings, Inc., Class B * 106 14,458
Chuy's Holdings, Inc. * 1,221 30,537
El Pollo Loco Holdings, Inc. * 2,838 30,225
Ruth's Hospitality Group, Inc. 2,357 49,426
    124,646
SEE NOTES TO FINANCIAL STATEMENTS.
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JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Waste & Disposal Services — 0.3%
Casella Waste Systems, Inc., Class A *      6,049     497,470
Total Common Stocks
(Cost $198,558,611) 		  200,340,120
INVESTMENTS NO. OF RIGHTS VALUE ($)
Rights—0.0% ^
Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% ^
Achillion Pharmaceuticals, Inc., CVR ‡ *(Cost $—(b))     12,757       6,378
Investments Shares Value ($)
Short-Term Investments — 8.2%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $96,528)     96,528      96,528
Investment of Cash Collateral from Securities Loaned — 8.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (c) (d) 13,345,264 13,335,922
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) 2,980,846 2,980,846
Total Investment of Cash Collateral from Securities Loaned
(Cost $16,318,337) 		  16,316,768
Total Short-Term Investments
(Cost $16,414,865) 		  16,413,296
Total Investments — 108.0%
(Cost $214,973,476) 		  216,759,794
Liabilities in Excess of Other Assets — (8.0)%   (16,121,816)
NET ASSETS — 100.0%   200,637,978
Percentages indicated are based on net assets.
    
Abbreviations  
CVR Contingent Value Rights
REIT Real Estate Investment Trust
    
^ Amount rounds to less than 0.1% of net assets.
‡ Value determined using significant unobservable inputs.  
* Non-income producing security.  
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $15,285,821.  
(b) Value is zero.  
(c) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(d) The rate shown is the current yield as of April 30, 2022.  
 
SEE NOTES TO FINANCIAL STATEMENTS.
206 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Russell 2000 E-mini Index 2 06/17/2022 USD 186,190 (4,769)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 207

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JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE($)
Common Stocks — 97.3%
Australia — 1.0%
IDP Education Ltd.    30,556    566,857
Brazil — 1.1%
MercadoLibre, Inc. *       682    664,016
Canada — 3.3%
Canadian National Railway Co.    12,684  1,491,689
Shopify, Inc., Class A *     1,065    455,571
    1,947,260
China — 7.8%
Kingdee International Software Group Co. Ltd. *   264,000    538,717
NXP Semiconductors NV     2,790    476,811
Silergy Corp.     8,000    712,260
Tencent Holdings Ltd. 46,400 2,186,594
Wuxi Biologics Cayman, Inc. * (a) 94,500 697,487
    4,611,869
Denmark — 6.4%
Coloplast A/S, Class B 5,981 805,813
Genmab A/S * 2,271 798,578
Novo Nordisk A/S, Class B 19,140 2,186,291
    3,790,682
France — 6.4%
L'Oreal SA 4,568 1,661,884
LVMH Moet Hennessy Louis Vuitton SE 3,252 2,104,484
    3,766,368
Germany — 5.2%
adidas AG 4,968 1,001,843
Sartorius AG (Preference) 1,697 636,255
Symrise AG 8,650 1,029,301
Zalando SE * (a) 10,070 396,217
    3,063,616
Hong Kong — 5.8%
AIA Group Ltd. 165,400 1,624,850
Hong Kong Exchanges & Clearing Ltd. 26,200 1,111,377
Techtronic Industries Co. Ltd. 49,000 654,057
    3,390,284
India — 1.0%
HDFC Bank Ltd., ADR 10,743 593,121
Indonesia — 1.7%
Bank Central Asia Tbk. PT 1,744,700 978,553
Japan — 11.1%
Daikin Industries Ltd. 5,400 825,215
INVESTMENTS SHARES VALUE($)
 
Japan — continued
Hoya Corp.     9,700    962,649
Keyence Corp.     3,400  1,366,814
Kyowa Kirin Co. Ltd.    29,000    611,226
Shin-Etsu Chemical Co. Ltd.     5,700    783,377
Sony Group Corp.    16,300  1,406,708
Sysmex Corp.     8,700    570,699
    6,526,688
Netherlands — 6.7%
Adyen NV * (a)       529    887,288
Argenx SE *     2,390    688,580
ASML Holding NV     4,188  2,376,851
    3,952,719
Singapore — 1.5%
DBS Group Holdings Ltd. 37,200 902,496
South Africa — 1.0%
Anglo American plc 13,631 603,730
South Korea — 0.8%
Delivery Hero SE * (a) 12,643 444,439
Sweden — 3.0%
Assa Abloy AB, Class B 34,616 874,821
Atlas Copco AB, Class A 19,174 869,289
    1,744,110
Switzerland — 12.2%
Lonza Group AG (Registered) 1,576 929,264
Nestle SA (Registered) 21,994 2,839,295
Partners Group Holding AG 595 630,401
Roche Holding AG 5,978 2,216,726
Straumann Holding AG (Registered) 4,910 578,848
    7,194,534
Taiwan — 5.7%
Sea Ltd., ADR * 6,716 555,816
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 30,366 2,821,912
    3,377,728
United Kingdom — 12.9%
Allfunds Group plc 68,760 589,446
Diageo plc 39,812 1,986,174
Intertek Group plc 14,394 896,962
Linde plc 4,233 1,327,628
London Stock Exchange Group plc 9,453 931,988
 
SEE NOTES TO FINANCIAL STATEMENTS.
208 J.P. Morgan Exchange-Traded Funds April 30, 2022

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INVESTMENTS SHARES VALUE($)
Common Stocks — continued
United Kingdom — continued
Oxford Nanopore Technologies plc *    82,654    314,721
RELX plc    51,872  1,546,202
    7,593,121
United States — 2.7%
Cadence Design Systems, Inc. *     5,419    817,456
EPAM Systems, Inc. *     1,094    289,899
Unity Software, Inc. *     6,777    450,061
    1,557,416
Total Common Stocks
(Cost $61,837,165) 		  57,269,607
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,633,814) 1,633,814 1,633,814
Total Investments — 100.1%
(Cost $63,470,979) 		  58,903,421
Liabilities in Excess of Other Assets — (0.1)%   (77,225)
NET ASSETS — 100.0%   58,826,196
Percentages indicated are based on net assets.
    
Abbreviations  
ADR American Depositary Receipt
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT Limited liability company
    
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment 10.8%
Pharmaceuticals 8.5
Health Care Equipment & Supplies 6.1
Capital Markets 5.6
Chemicals 5.3
Textiles, Apparel & Luxury Goods 5.3
Food Products 4.8
Banks 4.2
Professional Services 4.1
Interactive Media & Services 3.7
Beverages 3.4
Life Sciences Tools & Services 3.3
Software 3.0
Building Products 2.9
Personal Products 2.8
IT Services 2.8
Insurance 2.8
Machinery 2.6
Internet & Direct Marketing Retail 2.6
Road & Rail 2.5
Biotechnology 2.5
Household Durables 2.4
Electronic Equipment, Instruments & Components 2.3
Metals & Mining 1.0
Diversified Consumer Services 1.0
Entertainment 0.9
Short-Term Investments 2.8
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 209

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JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.       847    366,006
Automobiles & Parts — 0.3%
Genuine Parts Co.     1,713    222,776
Banks — 1.9%
Comerica, Inc.     2,101    172,072
First Horizon Corp.    11,183    250,275
FNB Corp.     3,931     45,285
Huntington Bancshares, Inc.    17,978    236,411
New York Community Bancorp, Inc. (a)    26,494    244,805
PacWest Bancorp     7,937    261,048
    1,209,896
Beverages — 2.0%
Coca-Cola Co. (The) 6,210 401,228
Constellation Brands, Inc., Class A 80 19,687
Keurig Dr Pepper, Inc. 9,997 373,888
Molson Coors Beverage Co., Class B 1,448 78,395
PepsiCo, Inc. 2,345 402,660
    1,275,858
Chemicals — 5.2%
Celanese Corp. 923 135,626
CF Industries Holdings, Inc. 4,257 412,205
Chemours Co. (The) 12,060 398,824
Dow, Inc. 6,604 439,166
Eastman Chemical Co. 3,194 327,928
Huntsman Corp. 10,255 347,337
International Flavors & Fragrances, Inc. 1,593 193,231
LyondellBasell Industries NV, Class A 3,922 415,850
NewMarket Corp. 119 38,629
Olin Corp. 8,150 467,810
Scotts Miracle-Gro Co. (The) 421 43,754
Valvoline, Inc. 2,943 88,967
    3,309,327
Construction & Materials — 0.4%
MDU Resources Group, Inc. 10,264 264,401
Consumer Services — 0.4%
H&R Block, Inc. 10,742 280,044
Electricity — 13.7%
AES Corp. (The) 14,847 303,176
Alliant Energy Corp. 5,647 332,100
American Electric Power Co., Inc. 4,034 399,810
Avangrid, Inc. (a) 4,601 204,054
CMS Energy Corp. 5,220 358,562
INVESTMENTS SHARES VALUE ($)
 
Electricity — continued
Consolidated Edison, Inc.     4,323    400,915
Constellation Energy Corp.     2,138    126,591
Dominion Energy, Inc.     4,699    383,626
DTE Energy Co.     3,039    398,230
Edison International     5,923    407,443
Entergy Corp.     3,462    411,459
Evergy, Inc.     6,097    413,681
Eversource Energy     3,771    329,585
Exelon Corp.     8,774    410,448
FirstEnergy Corp.     9,060    392,388
Hawaiian Electric Industries, Inc.     5,233    215,129
IDACORP, Inc. 1,840 193,531
NRG Energy, Inc. 10,344 371,350
OGE Energy Corp. 8,407 325,183
Pinnacle West Capital Corp. 5,219 371,593
PPL Corp. 14,687 415,789
Public Service Enterprise Group, Inc. 5,748 400,406
Southern Co. (The) 5,748 421,846
Vistra Corp. 17,259 431,820
Xcel Energy, Inc. 4,550 333,333
    8,752,048
Electronic & Electrical Equipment — 1.1%
Emerson Electric Co. 3,703 333,936
Hubbell, Inc. 1,830 357,509
    691,445
Finance & Credit Services — 0.5%
OneMain Holdings, Inc. 6,567 301,622
Food Producers — 9.2%
Archer-Daniels-Midland Co. 4,690 420,036
Bunge Ltd. 3,585 405,535
Campbell Soup Co. 8,531 402,834
Conagra Brands, Inc. 11,295 394,534
Flowers Foods, Inc. 11,907 315,774
General Mills, Inc. 5,705 403,515
Hershey Co. (The) 1,790 404,128
Hormel Foods Corp. 7,513 393,606
Ingredion, Inc. 2,813 239,414
J M Smucker Co. (The) 2,903 397,508
Kellogg Co. 5,982 409,767
Kraft Heinz Co. (The) 9,755 415,856
Lamb Weston Holdings, Inc. 2,882 190,500
McCormick & Co., Inc. (Non-Voting) 3,335 335,401
 
SEE NOTES TO FINANCIAL STATEMENTS.
210 J.P. Morgan Exchange-Traded Funds April 30, 2022

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INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Food Producers — continued
Mondelez International, Inc., Class A     6,089    392,619
Tyson Foods, Inc., Class A     4,155    387,080
    5,908,107
Gas, Water & Multi-utilities — 4.6%
Ameren Corp.     3,619    336,205
Atmos Energy Corp.     1,535    174,069
CenterPoint Energy, Inc.     5,158    157,886
Duke Energy Corp.     3,691    406,601
National Fuel Gas Co.     4,114    288,515
NiSource, Inc.    12,746    371,164
Sempra Energy     2,557    412,597
UGI Corp. 10,693 366,770
WEC Energy Group, Inc. 4,107 410,905
    2,924,712
General Industrials — 3.1%
3M Co. 2,209 318,582
Amcor plc 17,816 211,298
Eaton Corp. plc 2,331 338,041
Packaging Corp. of America 2,498 402,603
RPM International, Inc. 1,418 117,552
Sonoco Products Co. 4,823 298,592
Westrock Co. 6,689 331,306
    2,017,974
Health Care Providers — 1.1%
Encompass Health Corp. 4,427 304,710
UnitedHealth Group, Inc. 778 395,652
    700,362
Household Goods & Home Construction — 1.0%
Leggett & Platt, Inc. 7,150 254,754
Newell Brands, Inc. 11,545 267,267
Whirlpool Corp. 844 153,203
    675,224
Industrial Engineering — 0.7%
Caterpillar, Inc. 906 190,749
Cummins, Inc. 1,430 270,542
    461,291
Industrial Materials — 0.7%
International Paper Co. 9,203 425,915
Industrial Metals & Mining — 2.0%
Fastenal Co. 2,915 161,228
Reliance Steel & Aluminum Co. 1,223 242,460
INVESTMENTS SHARES VALUE ($)
 
Industrial Metals & Mining — continued
Southern Copper Corp. (Peru)     5,073    315,896
Steel Dynamics, Inc.     5,021    430,551
Timken Co. (The)     1,765    101,734
    1,251,869
Industrial Support Services — 1.2%
MSC Industrial Direct Co., Inc., Class A       618     51,207
Paychex, Inc.     3,026    383,485
Western Union Co. (The)    18,243    305,753
    740,445
Industrial Transportation — 1.1%
PACCAR, Inc.     1,793    148,909
Ryder System, Inc. 3,197 223,470
United Parcel Service, Inc., Class B 1,849 332,783
    705,162
Investment Banking & Brokerage Services — 1.1%
Apollo Global Management, Inc. 2,162 107,581
Franklin Resources, Inc. 5,183 127,450
Invesco Ltd. 15,494 284,780
Lazard Ltd., Class A 5,091 166,832
    686,643
Leisure Goods — 0.7%
Garmin Ltd. 1,220 133,883
Harley-Davidson, Inc. 4,599 167,633
Hasbro, Inc. 1,360 119,762
    421,278
Life Insurance — 1.1%
Principal Financial Group, Inc. 2,444 166,534
Prudential Financial, Inc. 3,651 396,170
Unum Group 3,769 115,030
    677,734
Media — 0.6%
Nielsen Holdings plc 2,507 67,213
Omnicom Group, Inc. 4,172 317,614
    384,827
Medical Equipment & Services — 1.9%
Abbott Laboratories 2,875 326,312
Becton Dickinson and Co. 1,163 287,482
Embecta Corp. * 229 6,968
Medtronic plc 2,882 300,766
Quest Diagnostics, Inc. 2,246 300,605
    1,222,133
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 211

Table of Contents
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Mortgage Real Estate Investment Trusts — 1.8%
AGNC Investment Corp.    22,374    245,667
Annaly Capital Management, Inc.    45,912    294,755
New Residential Investment Corp.    30,660    318,864
Starwood Property Trust, Inc.    13,923    318,558
    1,177,844
Non-life Insurance — 1.1%
Old Republic International Corp.    14,724    324,075
Progressive Corp. (The)     3,579    384,242
    708,317
Non-Renewable Energy — 5.2%
Antero Midstream Corp.    33,235    341,323
Chevron Corp. 2,447 383,371
Exxon Mobil Corp. 4,622 394,025
HF Sinclair Corp. * 38 1,445
Kinder Morgan, Inc. 19,094 346,556
ONEOK, Inc. 5,678 359,588
Phillips 66 4,609 399,877
Targa Resources Corp. 2,983 218,982
Valero Energy Corp. 4,518 503,667
Williams Cos., Inc. (The) 11,606 397,970
    3,346,804
Personal Care, Drug & Grocery Stores — 5.2%
AmerisourceBergen Corp. 751 113,619
Clorox Co. (The) 2,686 385,361
Colgate-Palmolive Co. 5,023 387,022
CVS Health Corp. 3,695 355,200
Kimberly-Clark Corp. 3,010 417,878
Kroger Co. (The) 6,431 347,017
Procter & Gamble Co. (The) 2,506 402,338
Spectrum Brands Holdings, Inc. 2,138 181,880
Sysco Corp. 4,573 390,900
Walgreens Boots Alliance, Inc. 8,146 345,390
    3,326,605
Personal Goods — 0.4%
Hanesbrands, Inc. (a) 18,468 244,886
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%
AbbVie, Inc. 2,582 379,244
Amgen, Inc. 1,507 351,417
Bristol-Myers Squibb Co. 5,593 420,985
Cardinal Health, Inc. 6,664 386,845
Eli Lilly & Co. 1,030 300,894
Gilead Sciences, Inc. 5,239 310,882
INVESTMENTS SHARES VALUE ($)
 
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Johnson & Johnson     2,167    391,057
Merck & Co., Inc.     4,398    390,059
Perrigo Co. plc     7,880    270,284
Pfizer, Inc.     6,736    330,536
Viatris, Inc.     8,731     90,191
    3,622,394
Precious Metals & Mining — 0.6%
Newmont Corp.     5,110    372,264
Real Estate Investment Trusts — 8.2%
Brixmor Property Group, Inc.    10,210    259,130
EPR Properties     3,188    167,434
Gaming and Leisure Properties, Inc. 6,574 291,754
Healthcare Trust of America, Inc., Class A 3,354 102,163
Healthpeak Properties, Inc. 8,789 288,367
Highwoods Properties, Inc. 840 34,306
Iron Mountain, Inc. 7,451 400,342
Kimco Realty Corp. 13,330 337,649
Medical Properties Trust, Inc. 18,969 348,840
National Retail Properties, Inc. 6,827 299,296
Omega Healthcare Investors, Inc. 13,734 349,942
Park Hotels & Resorts, Inc. 3,224 63,545
Rayonier, Inc. 6,238 269,482
Simon Property Group, Inc. 2,534 299,012
SL Green Realty Corp. (a) 1,983 137,263
Spirit Realty Capital, Inc. 6,011 261,178
Ventas, Inc. 1,450 80,547
VICI Properties, Inc. 12,450 371,134
Vornado Realty Trust 5,621 217,589
Welltower, Inc. 3,094 280,966
WP Carey, Inc. 4,805 388,100
    5,248,039
Retailers — 0.7%
Bath & Body Works, Inc. 3,891 205,795
Foot Locker, Inc. 2,091 61,287
Gap, Inc. (The) 2,857 35,484
Kohl's Corp. 2,541 147,073
    449,639
Software & Computer Services — 1.1%
Hewlett Packard Enterprise Co. 23,025 354,815
International Business Machines Corp. 2,559 338,326
    693,141
 
SEE NOTES TO FINANCIAL STATEMENTS.
212 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — 4.7%
Analog Devices, Inc.     2,131    328,984
Broadcom, Inc.       650    360,353
Corning, Inc.     4,247    149,452
HP, Inc.     9,473    346,996
Intel Corp.     6,716    292,750
KLA Corp.       987    315,110
Microchip Technology, Inc.     1,438     93,758
National Instruments Corp.     1,097     39,646
NetApp, Inc.     4,018    294,318
QUALCOMM, Inc.     2,270    317,096
Texas Instruments, Inc.     1,205    205,151
Xerox Holdings Corp. 16,395 285,273
    3,028,887
Telecommunications Equipment — 2.6%
Arista Networks, Inc. * 3,211 371,095
Ciena Corp. * 650 35,861
Cisco Systems, Inc. 6,879 336,933
Juniper Networks, Inc. 11,377 358,603
Lumentum Holdings, Inc. * (a) 408 33,134
Motorola Solutions, Inc. 1,739 371,607
Ubiquiti, Inc. (a) 532 150,157
    1,657,390
Telecommunications Service Providers — 4.2%
AT&T, Inc. 16,294 307,305
Cable One, Inc. 180 209,916
Charter Communications, Inc., Class A * 588 251,952
Comcast Corp., Class A 8,234 327,384
DISH Network Corp., Class A * (a) 1,810 51,603
Liberty Broadband Corp., Class C * 2,384 266,579
Lumen Technologies, Inc. 36,827 370,480
Roku, Inc. * 2,657 246,835
T-Mobile US, Inc. * 2,780 342,329
Verizon Communications, Inc. 7,054 326,600
    2,700,983
Tobacco — 1.2%
Altria Group, Inc. 7,263 403,605
Philip Morris International, Inc. 3,892 389,200
    792,805
INVESTMENTS SHARES VALUE ($)
 
Travel & Leisure — 0.8%
Copa Holdings SA, Class A (Panama) * (a)     1,783    134,385
Darden Restaurants, Inc.       710     93,528
Six Flags Entertainment Corp. *     3,216    123,076
Travel + Leisure Co.     2,629    145,857
    496,846
Total Common Stocks
(Cost $62,644,819) 		  63,743,943
Short-Term Investments — 1.9%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $117,552)   117,552    117,552
Investment of Cash Collateral from Securities Loaned — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,118,762) 1,118,762  1,118,762
Total Short-Term Investments
(Cost $1,236,314) 		  1,236,314
Total Investments — 101.6%
(Cost $63,881,133) 		  64,980,257
Liabilities in Excess of Other Assets — (1.6)%   (1,052,735)
NET ASSETS — 100.0%   63,927,522
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $1,052,590.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 213

Table of Contents
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 5 06/17/2022 USD 103,181 (2,525)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
214 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 1.1%
L3Harris Technologies, Inc.     681    158,169
Lockheed Martin Corp.     398    171,984
    330,153
Automobiles & Parts — 0.6%
Gentex Corp.   2,694     79,069
Genuine Parts Co.     813    105,731
    184,800
Banks — 0.1%
TFS Financial Corp.   2,258     33,847
Beverages — 3.9%
Brown-Forman Corp., Class B   1,954    131,778
Coca-Cola Co. (The) 2,976 192,279
Constellation Brands, Inc., Class A 734 180,630
Keurig Dr Pepper, Inc. 4,625 172,975
Molson Coors Beverage Co., Class B 2,396 129,720
Monster Beverage Corp. * 1,887 161,678
PepsiCo, Inc. 1,120 192,315
    1,161,375
Chemicals — 3.0%
Air Products and Chemicals, Inc. 658 154,018
Ashland Global Holdings, Inc. 1,764 185,167
Celanese Corp. 156 22,923
Ecolab, Inc. 895 151,559
FMC Corp. 428 56,727
International Flavors & Fragrances, Inc. 1,215 147,380
NewMarket Corp. 176 57,131
Scotts Miracle-Gro Co. (The) 1,004 104,346
    879,251
Consumer Services — 0.6%
Rollins, Inc. 817 27,402
Service Corp. International 2,132 139,881
    167,283
Electricity — 12.2%
Alliant Energy Corp. 2,912 171,255
American Electric Power Co., Inc. 1,872 185,534
Avangrid, Inc. (a) 2,369 105,065
Brookfield Renewable Corp. 1,157 41,536
CMS Energy Corp. 2,684 184,364
Consolidated Edison, Inc. 2,019 187,242
Constellation Energy Corp. 1,025 60,690
Dominion Energy, Inc. 2,003 163,525
DTE Energy Co. 1,277 167,338
INVESTMENTS SHARES VALUE ($)
 
Electricity — continued
Edison International   2,540    174,727
Entergy Corp.   1,362    161,874
Evergy, Inc.   2,354    159,719
Eversource Energy   1,745    152,513
Exelon Corp.   3,404    159,239
FirstEnergy Corp.   3,797    164,448
Hawaiian Electric Industries, Inc.   1,743     71,655
IDACORP, Inc.     886     93,189
NextEra Energy, Inc.   2,063    146,514
NRG Energy, Inc.   1,077     38,664
OGE Energy Corp.   3,795    146,791
Pinnacle West Capital Corp. 2,148 152,938
PPL Corp. 5,664 160,348
Public Service Enterprise Group, Inc. 2,684 186,967
Southern Co. (The) 2,440 179,072
Xcel Energy, Inc. 2,528 185,201
    3,600,408
Electronic & Electrical Equipment — 0.5%
Hubbell, Inc. 235 45,910
Waters Corp. * 302 91,512
    137,422
Finance & Credit Services — 0.1%
Morningstar, Inc. 107 27,096
Food Producers — 9.5%
Archer-Daniels-Midland Co. 2,177 194,972
Bunge Ltd. 1,660 187,779
Campbell Soup Co. 3,588 169,425
Conagra Brands, Inc. 4,853 169,515
Corteva, Inc. 925 53,363
Flowers Foods, Inc. 4,157 110,244
General Mills, Inc. 2,645 187,081
Hain Celestial Group, Inc. (The) * 2,051 68,791
Hershey Co. (The) 846 191,001
Hormel Foods Corp. (a) 3,471 181,846
Ingredion, Inc. 1,636 139,240
J M Smucker Co. (The) 1,279 175,134
Kellogg Co. 2,374 162,619
Kraft Heinz Co. (The) 4,396 187,402
McCormick & Co., Inc. (Non-Voting) 1,585 159,403
Mondelez International, Inc., Class A 2,800 180,544
Pilgrim's Pride Corp. * 924 26,195
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 215

Table of Contents
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Food Producers — continued
Post Holdings, Inc. *   1,293     96,186
Tyson Foods, Inc., Class A   1,911    178,029
    2,818,769
Gas, Water & Multi-utilities — 5.5%
Ameren Corp.   1,766    164,061
American Water Works Co., Inc.     945    145,606
Atmos Energy Corp.   1,539    174,523
CenterPoint Energy, Inc.   1,124     34,406
Duke Energy Corp.   1,733    190,907
Essential Utilities, Inc.   2,957    132,355
National Fuel Gas Co.   2,002    140,400
NiSource, Inc. 5,759 167,702
Sempra Energy 1,166 188,146
UGI Corp. 3,758 128,899
WEC Energy Group, Inc. 1,597 159,780
    1,626,785
General Industrials — 1.5%
3M Co. 770 111,049
AptarGroup, Inc. 500 57,415
PPG Industries, Inc. 820 104,952
RPM International, Inc. 1,492 123,687
Silgan Holdings, Inc. 940 41,708
Sonoco Products Co. 153 9,472
    448,283
Health Care Providers — 2.4%
Cerner Corp. 1,923 180,070
Chemed Corp. 179 87,959
DaVita, Inc. * 1,104 119,640
Encompass Health Corp. 1,980 136,283
IQVIA Holdings, Inc. * 31 6,758
UnitedHealth Group, Inc. 382 194,266
    724,976
Household Goods & Home Construction — 0.5%
Leggett & Platt, Inc. 932 33,207
NVR, Inc. * 25 109,405
    142,612
Industrial Materials — 0.7%
Avery Dennison Corp. 798 144,119
International Paper Co. 1,086 50,260
Sylvamo Corp. * 93 4,152
    198,531
INVESTMENTS SHARES VALUE ($)
 
Industrial Metals & Mining — 1.0%
Fastenal Co.   2,796    154,647
Reliance Steel & Aluminum Co.     669    132,629
    287,276
Industrial Support Services — 0.9%
Automatic Data Processing, Inc.     715    155,999
Jack Henry & Associates, Inc.     425     80,571
Verisk Analytics, Inc.     190     38,770
    275,340
Industrial Transportation — 1.0%
Expeditors International of Washington, Inc.   1,329    131,664
United Parcel Service, Inc., Class B     876    157,663
    289,327
Investment Banking & Brokerage Services — 0.8%
Berkshire Hathaway, Inc., Class B * 585 188,855
Broadridge Financial Solutions, Inc. 238 34,303
    223,158
Leisure Goods — 0.8%
Electronic Arts, Inc. 250 29,512
Garmin Ltd. 1,054 115,666
Hasbro, Inc. 232 20,430
Pool Corp. 212 85,907
    251,515
Medical Equipment & Services — 10.9%
Abbott Laboratories 1,437 163,099
Agilent Technologies, Inc. 1,122 133,821
Baxter International, Inc. 1,907 135,511
Becton Dickinson and Co. 618 152,763
Bio-Rad Laboratories, Inc., Class A * 257 131,599
Bio-Techne Corp. 381 144,662
Boston Scientific Corp. * 4,030 169,703
Cooper Cos., Inc. (The) 385 139,000
Danaher Corp. 604 151,683
Edwards Lifesciences Corp. * 1,584 167,556
Embecta Corp. * 124 3,773
Henry Schein, Inc. * 1,858 150,684
Hologic, Inc. * 1,085 78,109
IDEXX Laboratories, Inc. * 285 122,687
Integra LifeSciences Holdings Corp. * 691 42,262
Masimo Corp. * 578 65,297
Medtronic plc 1,424 148,609
PerkinElmer, Inc. 991 145,290
QIAGEN NV * 2,754 124,949
 
SEE NOTES TO FINANCIAL STATEMENTS.
216 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Quest Diagnostics, Inc.   1,088    145,618
STERIS plc     734    164,453
Stryker Corp.     569    137,277
Teleflex, Inc.     385    109,964
Thermo Fisher Scientific, Inc.     297    164,217
West Pharmaceutical Services, Inc.     414    130,435
    3,223,021
Mortgage Real Estate Investment Trusts — 0.2%
AGNC Investment Corp.     604      6,632
Annaly Capital Management, Inc.     879      5,643
Starwood Property Trust, Inc.   2,384     54,546
    66,821
Non-life Insurance — 4.0%
Allstate Corp. (The) 1,356 171,588
American Financial Group, Inc. 21 2,908
Aon plc, Class A 219 63,070
Arch Capital Group Ltd. * 1,541 70,377
Arthur J Gallagher & Co. 894 150,630
Brown & Brown, Inc. 2,625 162,697
Markel Corp. * 63 85,257
Marsh & McLennan Cos., Inc. 1,088 175,930
RenaissanceRe Holdings Ltd. (Bermuda) 929 133,330
W R Berkley Corp. 1,165 77,461
White Mountains Insurance Group Ltd. 76 79,650
    1,172,898
Non-Renewable Energy — 4.7%
Baker Hughes Co. 3,869 120,016
Cheniere Energy, Inc. 1,298 176,281
Chevron Corp. 1,182 185,184
Coterra Energy, Inc. 6,882 198,133
Exxon Mobil Corp. 2,227 189,852
Kinder Morgan, Inc. 8,812 159,938
Phillips 66 2,153 186,794
Williams Cos., Inc. (The) 5,380 184,480
    1,400,678
Personal Care, Drug & Grocery Stores — 6.2%
Albertsons Cos., Inc., Class A 1,350 42,228
AmerisourceBergen Corp. 1,230 186,087
Casey's General Stores, Inc. 388 78,104
Church & Dwight Co., Inc. 1,743 170,047
Clorox Co. (The) 899 128,980
Colgate-Palmolive Co. 2,336 179,989
INVESTMENTS SHARES VALUE ($)
 
Personal Care, Drug & Grocery Stores — continued
CVS Health Corp.   1,749    168,131
Grocery Outlet Holding Corp. *   1,502     50,572
Kimberly-Clark Corp.   1,342    186,310
Kroger Co. (The)   2,964    159,938
McKesson Corp.     640    198,150
Procter & Gamble Co. (The)   1,214    194,908
Walgreens Boots Alliance, Inc.   1,935     82,044
    1,825,488
Personal Goods — 0.1%
Columbia Sportswear Co.     220     18,075
VF Corp.     351     18,252
    36,327
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.1%
AbbVie, Inc. 1,231 180,809
Amgen, Inc. 745 173,727
Bristol-Myers Squibb Co. 2,644 199,014
Eli Lilly & Co. 702 205,075
Gilead Sciences, Inc. 2,445 145,086
Johnson & Johnson 1,121 202,296
Merck & Co., Inc. 2,223 197,158
Pfizer, Inc. 3,405 167,083
Regeneron Pharmaceuticals, Inc. * 277 182,573
United Therapeutics Corp. * 114 20,242
Zoetis, Inc. 814 144,282
    1,817,345
Precious Metals & Mining — 0.6%
Newmont Corp. 2,431 177,098
Real Estate Investment Trusts — 5.1%
Alexandria Real Estate Equities, Inc. 770 140,263
American Homes 4 Rent, Class A 988 39,135
American Tower Corp. 609 146,781
Crown Castle International Corp. 877 162,429
CubeSmart 1,612 76,586
Digital Realty Trust, Inc. 972 142,029
Equinix, Inc. 207 148,850
Extra Space Storage, Inc. 748 142,120
First Industrial Realty Trust, Inc. 575 33,350
Healthcare Trust of America, Inc., Class A 898 27,353
Life Storage, Inc. 558 73,929
Mid-America Apartment Communities, Inc. 188 36,976
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 217

Table of Contents
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Public Storage     479    177,949
SBA Communications Corp.     465    161,406
    1,509,156
Renewable Energy — 0.5%
First Solar, Inc. *   1,916    139,925
Retailers — 1.6%
Costco Wholesale Corp.     351    186,634
Dollar General Corp.     398     94,537
Walmart, Inc.   1,294    197,969
    479,140
Software & Computer Services — 4.7%
Amdocs Ltd. 1,946 155,077
ANSYS, Inc. * 491 135,364
Black Knight, Inc. * 2,227 146,514
CDK Global, Inc. 1,797 97,775
Citrix Systems, Inc. 835 83,584
Cognizant Technology Solutions Corp., Class A 316 25,564
International Business Machines Corp. 669 88,448
Intuit, Inc. 295 123,531
Kyndryl Holdings, Inc. * 127 1,510
Microsoft Corp. 777 215,633
Synopsys, Inc. * 537 154,006
Tyler Technologies, Inc. * 290 114,466
VeriSign, Inc. * 355 63,435
    1,404,907
Technology Hardware & Equipment — 0.4%
Texas Instruments, Inc. 660 112,365
Telecommunications Equipment — 1.6%
Cisco Systems, Inc. 3,008 147,332
Juniper Networks, Inc. 5,263 165,889
Motorola Solutions, Inc. 720 153,857
    467,078
Telecommunications Service Providers — 3.1%
AT&T, Inc. 6,596 124,401
Cable One, Inc. 58 67,640
Charter Communications, Inc., Class A * 274 117,406
Comcast Corp., Class A 3,266 129,856
Liberty Broadband Corp., Class C * 1,103 123,337
Lumen Technologies, Inc. 4,899 49,284
T-Mobile US, Inc. * 1,346 165,746
Verizon Communications, Inc. 3,360 155,568
    933,238
INVESTMENTS SHARES VALUE ($)
 
Tobacco — 1.2%
Altria Group, Inc.   3,342    185,715
Philip Morris International, Inc.   1,756    175,600
    361,315
Travel & Leisure — 1.0%
Choice Hotels International, Inc.     562     78,939
McDonald's Corp.     780    194,345
Yum! Brands, Inc.     128     14,977
    288,261
Waste & Disposal Services — 1.1%
Republic Services, Inc.   1,232    165,421
Waste Management, Inc.   1,021    167,893
    333,314
Total Common Stocks
(Cost $28,701,746) 		  29,556,582
Short-Term Investments — 0.9%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $21,295) 21,295 21,295
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) 24,948 24,930
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 208,935 208,935
Total Investment of Cash Collateral from Securities Loaned
(Cost $233,890) 		  233,865
Total Short-Term Investments
(Cost $255,185) 		  255,160
Total Investments — 100.7%
(Cost $28,956,931) 		  29,811,742
Liabilities in Excess of Other Assets — (0.7)%   (204,313)
NET ASSETS — 100.0%   29,607,429
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $224,302.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
218 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 1 06/17/2022 USD 20,636 (1,304)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 219

Table of Contents
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 1.8%
Axon Enterprise, Inc. *       686      76,969
General Dynamics Corp.     4,998   1,182,177
Howmet Aerospace, Inc.    10,411     355,224
Northrop Grumman Corp.     2,803   1,231,638
Raytheon Technologies Corp.    11,378   1,079,886
Textron, Inc.     7,240     501,370
    4,427,264
Automobiles & Parts — 2.6%
Ford Motor Co.    76,045   1,076,797
Gentex Corp.     9,054     265,735
Tesla, Inc. *     5,771   5,025,156
    6,367,688
Banks — 1.4%
Bank OZK 4,615 177,308
Discover Financial Services 3,289 369,881
East West Bancorp, Inc. 5,700 406,410
Pinnacle Financial Partners, Inc. 2,578 199,924
Popular, Inc. (Puerto Rico) 3,611 281,622
Regions Financial Corp. 26,798 555,254
Signature Bank 2,391 579,220
SVB Financial Group * 1,614 787,051
    3,356,670
Chemicals — 0.6%
Albemarle Corp. 3,024 583,118
Ashland Global Holdings, Inc. 958 100,561
Element Solutions, Inc. 14,099 290,722
Olin Corp. 7,495 430,213
    1,404,614
Construction & Materials — 2.4%
Acuity Brands, Inc. 1,713 295,458
Advanced Drainage Systems, Inc. 2,665 273,056
AECOM 8,871 625,938
Builders FirstSource, Inc. * 9,243 569,092
Carrier Global Corp. 19,179 733,980
Eagle Materials, Inc. 3,912 482,428
Louisiana-Pacific Corp. 8,422 543,387
Masco Corp. 1,123 59,171
MasTec, Inc. * 2,553 183,842
Quanta Services, Inc. 6,344 735,777
Trane Technologies plc 5,365 750,510
INVESTMENTS SHARES VALUE ($)
 
Construction & Materials — continued
Trex Co., Inc. *     6,781     394,586
Watsco, Inc.     1,325     353,483
    6,000,708
Consumer Services — 0.5%
AMERCO       502     268,811
Copart, Inc. *     6,455     733,611
H&R Block, Inc.     7,204     187,808
Rollins, Inc.     1,126      37,766
    1,227,996
Electricity — 1.3%
Consolidated Edison, Inc.     9,898     917,940
Exelon Corp. 23,055 1,078,513
FirstEnergy Corp. 9,428 408,327
OGE Energy Corp. 6,960 269,213
Southern Co. (The) 7,610 558,498
    3,232,491
Electronic & Electrical Equipment — 1.3%
Coherent, Inc. * 613 164,223
Johnson Controls International plc 16,298 975,761
Keysight Technologies, Inc. * 5,197 728,983
Mettler-Toledo International, Inc. * 622 794,624
nVent Electric plc 4,659 157,381
Waters Corp. * 1,326 401,804
    3,222,776
Finance & Credit Services — 1.5%
Ally Financial, Inc. 15,572 622,257
Moody's Corp. 3,093 978,873
Morningstar, Inc. 858 217,271
MSCI, Inc. 1,889 795,741
OneMain Holdings, Inc. 6,829 313,656
SLM Corp. 32,368 541,517
Upstart Holdings, Inc. * (a) 4,290 321,836
    3,791,151
Food Producers — 1.8%
Archer-Daniels-Midland Co. 11,428 1,023,492
Bunge Ltd. 6,334 716,502
Corteva, Inc. 18,572 1,071,419
Darling Ingredients, Inc. * 8,646 634,530
Hershey Co. (The) 768 173,391
Kraft Heinz Co. (The) 12,954 552,229
Pilgrim's Pride Corp. * 5,258 149,064
    4,320,627
 
SEE NOTES TO FINANCIAL STATEMENTS.
220 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Gas, Water & Multi-utilities — 1.0%
American Water Works Co., Inc.     4,763     733,883
CenterPoint Energy, Inc.    24,902     762,250
National Fuel Gas Co.     3,508     246,016
NiSource, Inc.    21,674     631,147
WEC Energy Group, Inc.       695      69,535
    2,442,831
General Industrials — 0.9%
Carlisle Cos., Inc.     2,828     733,470
Crown Holdings, Inc.     5,560     611,823
RPM International, Inc.     3,166     262,461
Sealed Air Corp.     6,241     400,735
Valmont Industries, Inc. 641 159,487
    2,167,976
Health Care Providers — 2.4%
Acadia Healthcare Co., Inc. * 1,855 125,917
HCA Healthcare, Inc. 1,856 398,205
Humana, Inc. 1,269 564,146
IQVIA Holdings, Inc. * 4,499 980,737
UnitedHealth Group, Inc. 7,694 3,912,784
    5,981,789
Household Goods & Home Construction — 0.4%
DR Horton, Inc. 3,707 257,970
PulteGroup, Inc. 12,011 501,580
Tempur Sealy International, Inc. (a) 8,521 231,004
    990,554
Industrial Engineering — 0.8%
Deere & Co. 4,159 1,570,230
Generac Holdings, Inc. * 2,170 476,055
    2,046,285
Industrial Materials — 0.2%
Avery Dennison Corp. 3,398 613,679
Industrial Metals & Mining — 1.0%
Cleveland-Cliffs, Inc. * 10,436 266,014
Fastenal Co. 3,571 197,512
Freeport-McMoRan, Inc. 20,478 830,383
Nucor Corp. 6,850 1,060,243
    2,354,152
Industrial Support Services — 3.2%
Accenture plc, Class A 9,023 2,710,148
American Express Co. 5,151 899,931
Bill.com Holdings, Inc. * 3,620 617,970
INVESTMENTS SHARES VALUE ($)
 
Industrial Support Services — continued
Capital One Financial Corp.     8,625   1,074,848
Cintas Corp.     2,109     837,822
Equifax, Inc.     3,316     674,872
Paylocity Holding Corp. *     2,668     505,933
Robert Half International, Inc.     5,726     562,923
    7,884,447
Industrial Transportation — 1.9%
JB Hunt Transport Services, Inc.     3,490     596,266
Norfolk Southern Corp.     4,079   1,051,893
Old Dominion Freight Line, Inc.     2,743     768,369
Ryder System, Inc.     3,771     263,593
United Parcel Service, Inc., Class B 10,497 1,889,250
    4,569,371
Investment Banking & Brokerage Services — 5.7%
Affiliated Managers Group, Inc. 2,409 302,498
Ameriprise Financial, Inc. 2,477 657,619
Ares Management Corp. 5,609 371,428
Berkshire Hathaway, Inc., Class B * 11,042 3,564,689
BlackRock, Inc. 2,376 1,484,239
Blackstone, Inc. 12,375 1,256,929
Charles Schwab Corp. (The) 19,506 1,293,833
Evercore, Inc., Class A 153 16,180
Goldman Sachs Group, Inc. (The) 2,616 799,162
Jefferies Financial Group, Inc. 18,009 553,957
KKR & Co., Inc. 15,419 785,906
LPL Financial Holdings, Inc. 4,197 788,490
Morgan Stanley 21,256 1,713,021
Nasdaq, Inc. 2,584 406,644
    13,994,595
Leisure Goods — 0.6%
Garmin Ltd. 4,832 530,264
Mattel, Inc. * (a) 14,350 348,848
Pool Corp. 1,467 594,458
    1,473,570
Media — 0.7%
Interpublic Group of Cos., Inc. (The) 19,811 646,235
Liberty Media Corp-Liberty Formula One, Class C * 7,460 464,982
Trade Desk, Inc. (The), Class A * 11,929 702,856
    1,814,073
Medical Equipment & Services — 5.4%
Agilent Technologies, Inc. 6,578 784,558
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 221

Table of Contents
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Bio-Rad Laboratories, Inc., Class A *     1,024     524,349
Bio-Techne Corp.     1,596     605,985
Danaher Corp.     9,220   2,315,419
Dexcom, Inc. *     2,001     817,569
IDEXX Laboratories, Inc. *     1,848     795,527
Insulet Corp. *     2,726     651,487
Intuitive Surgical, Inc. *     5,117   1,224,498
Quest Diagnostics, Inc.     4,346     581,669
Repligen Corp. *     3,030     476,437
ResMed, Inc.     3,448     689,497
STERIS plc       847     189,770
Thermo Fisher Scientific, Inc. 5,363 2,965,310
West Pharmaceutical Services, Inc. 2,170 683,680
    13,305,755
Non-life Insurance — 2.0%
American Financial Group, Inc. 3,289 455,461
Aon plc, Class A 4,146 1,194,006
Arthur J Gallagher & Co. 5,577 939,669
Brown & Brown, Inc. 10,218 633,311
Marsh & McLennan Cos., Inc. 9,203 1,488,125
Old Republic International Corp. 11,568 254,612
    4,965,184
Non-Renewable Energy — 4.1%
Antero Midstream Corp. 45,573 468,035
Baker Hughes Co. 13,241 410,736
Cheniere Energy, Inc. 6,447 875,567
Chevron Corp. 13,718 2,149,199
ConocoPhillips 18,736 1,789,663
Continental Resources, Inc. (a) 9,201 511,300
Devon Energy Corp. 16,559 963,237
Diamondback Energy, Inc. 1,671 210,930
Hess Corp. 6,277 646,970
Pioneer Natural Resources Co. 3,941 916,164
Targa Resources Corp. 9,985 732,999
Texas Pacific Land Corp. 203 277,420
    9,952,220
Personal Care, Drug & Grocery Stores — 3.4%
Albertsons Cos., Inc., Class A 10,053 314,458
Casey's General Stores, Inc. 661 133,059
Church & Dwight Co., Inc. 1,366 133,267
CVS Health Corp. 14,966 1,438,682
Kroger Co. (The) 15,099 814,742
McKesson Corp. 3,580 1,108,404
INVESTMENTS SHARES VALUE ($)
 
Personal Care, Drug & Grocery Stores — continued
Procter & Gamble Co. (The)    23,837   3,827,030
Spectrum Brands Holdings, Inc.     6,271     533,474
    8,303,116
Personal Goods — 2.1%
Capri Holdings Ltd. * (a)    11,066     527,848
Deckers Outdoor Corp. *     2,038     541,598
Estee Lauder Cos., Inc. (The), Class A     4,408   1,163,976
NIKE, Inc., Class B    18,248   2,275,526
Tapestry, Inc.    17,405     572,973
    5,081,921
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.1%
AbbVie, Inc. 23,910 3,511,901
Alnylam Pharmaceuticals, Inc. * 4,185 558,405
Catalent, Inc. * 6,149 556,853
Charles River Laboratories International, Inc. * 1,798 434,235
Eli Lilly & Co. 11,384 3,325,608
Horizon Therapeutics plc * 6,940 684,006
Moderna, Inc. * 6,590 885,762
Seagen, Inc. * 4,375 573,169
United Therapeutics Corp. * 2,626 466,273
Zoetis, Inc. 7,838 1,389,285
    12,385,497
Real Estate Investment & Services — 0.5%
CBRE Group, Inc., Class A * 9,563 794,112
Jones Lang LaSalle, Inc. * 2,185 477,925
    1,272,037
Real Estate Investment Trusts — 3.1%
Alexandria Real Estate Equities, Inc. 3,070 559,231
Camden Property Trust 2,763 433,487
Crown Castle International Corp. 3,215 595,450
CubeSmart 8,594 408,301
Extra Space Storage, Inc. 4,105 779,950
Gaming and Leisure Properties, Inc. 7,049 312,835
Invitation Homes, Inc. 15,563 619,719
Iron Mountain, Inc. 12,522 672,807
Life Storage, Inc. 4,754 629,857
Prologis, Inc. 10,196 1,634,317
Weyerhaeuser Co. 21,981 906,057
    7,552,011
Retailers — 7.4%
AutoNation, Inc. * 5,012 580,941
AutoZone, Inc. * 513 1,003,156
 
SEE NOTES TO FINANCIAL STATEMENTS.
222 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Retailers — continued
Bath & Body Works, Inc.    11,295     597,393
Burlington Stores, Inc. *     2,440     496,686
Costco Wholesale Corp.     6,106   3,246,682
Dick's Sporting Goods, Inc. (a)     5,371     517,872
Five Below, Inc. *     3,356     527,228
GameStop Corp., Class A * (a)     4,518     565,066
Home Depot, Inc. (The)    13,261   3,983,604
Kohl's Corp.    10,348     598,942
Lowe's Cos., Inc.     4,640     917,467
O'Reilly Automotive, Inc. *     1,540     934,087
Penske Automotive Group, Inc.     2,000     209,640
Target Corp. 7,083 1,619,528
TJX Cos., Inc. (The) 20,013 1,226,397
Tractor Supply Co. 1,600 322,320
Victoria's Secret & Co. * 3,674 173,119
Williams-Sonoma, Inc. (a) 3,791 494,650
    18,014,778
Software & Computer Services — 14.1%
Adobe, Inc. * 6,607 2,616,042
Alphabet, Inc., Class A * 1,962 4,477,657
ANSYS, Inc. * 2,615 720,929
Atlassian Corp. plc, Class A * 3,556 799,495
CACI International, Inc., Class A * 966 256,280
Cadence Design Systems, Inc. * 6,331 955,031
Ceridian HCM Holding, Inc. * 7,051 395,773
Cloudflare, Inc., Class A * 7,659 659,746
Crowdstrike Holdings, Inc., Class A * 4,909 975,713
Datadog, Inc., Class A * 6,544 790,384
Dell Technologies, Inc., Class C 12,518 588,471
DXC Technology Co. * 13,610 390,607
Dynatrace, Inc. * 11,607 445,244
F5, Inc. * 2,245 375,835
Fortinet, Inc. * 3,101 896,220
Gartner, Inc. * 2,856 829,811
HubSpot, Inc. * 1,483 562,695
InterActiveCorp. * 1,315 108,987
Intuit, Inc. 4,085 1,710,594
Manhattan Associates, Inc. * 4,616 602,619
Microsoft Corp. 17,858 4,955,952
MongoDB, Inc. * 1,992 707,021
NCR Corp. * 7,220 252,917
NortonLifeLock, Inc. 24,296 608,372
Oracle Corp. 25,375 1,862,525
Palo Alto Networks, Inc. * (a) 2,055 1,153,430
INVESTMENTS SHARES VALUE ($)
 
Software & Computer Services — continued
Paycom Software, Inc. *     1,704     479,625
Roper Technologies, Inc.     1,127     529,600
Salesforce, Inc. *     6,062   1,066,548
ServiceNow, Inc. *     3,249   1,553,347
Smartsheet, Inc., Class A *     1,342      64,859
Synopsys, Inc. *     3,423     981,682
Tyler Technologies, Inc. *     1,631     643,772
Zscaler, Inc. *     2,923     592,609
    34,610,392
Technology Hardware & Equipment — 13.2%
Advanced Micro Devices, Inc. *    20,800   1,778,816
Apple, Inc. 31,720 5,000,658
Applied Materials, Inc. 14,368 1,585,509
Broadcom, Inc. 5,548 3,075,756
CDW Corp. 4,601 750,791
Cirrus Logic, Inc. * 1,375 104,225
Concentrix Corp. 2,468 388,661
Corning, Inc. 21,678 762,849
Entegris, Inc. 5,981 666,224
HP, Inc. 26,902 985,420
Jabil, Inc. 11,146 643,459
KLA Corp. 3,325 1,061,539
Lam Research Corp. 2,616 1,218,428
Marvell Technology, Inc. 17,140 995,491
Monolithic Power Systems, Inc. 1,735 680,536
NetApp, Inc. 8,746 640,644
NVIDIA Corp. 22,563 4,184,760
NXP Semiconductors NV (China) 5,659 967,123
ON Semiconductor Corp. * 13,687 713,229
Pure Storage, Inc., Class A * 18,689 547,588
QUALCOMM, Inc. 9,553 1,334,458
Switch, Inc., Class A 20,070 599,290
TD SYNNEX Corp. 2,163 216,495
Teradyne, Inc. 5,969 629,491
Texas Instruments, Inc. 12,680 2,158,770
Wolfspeed, Inc. * (a) 6,784 622,161
    32,312,371
Telecommunications Equipment — 1.8%
Arista Networks, Inc. * 7,113 822,049
Cisco Systems, Inc. 41,656 2,040,311
Juniper Networks, Inc. 18,988 598,502
Motorola Solutions, Inc. 4,215 900,703
    4,361,565
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 223

Table of Contents
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Telecommunications Service Providers — 0.9%
Charter Communications, Inc., Class A *     2,265     970,530
Comcast Corp., Class A    16,072     639,022
Liberty Broadband Corp., Class C *     4,746     530,698
    2,140,250
Tobacco — 0.7%
Altria Group, Inc.     5,373     298,578
Philip Morris International, Inc.    13,542   1,354,200
    1,652,778
Travel & Leisure — 1.1%
Boyd Gaming Corp.     8,624     522,442
Chipotle Mexican Grill, Inc. *       675     982,537
Choice Hotels International, Inc. 2,179 306,062
Hilton Worldwide Holdings, Inc. * 6,322 981,743
    2,792,784
Waste & Disposal Services — 0.9%
Republic Services, Inc. 6,372 855,568
Waste Management, Inc. 7,765 1,276,877
    2,132,445
Total Common Stocks
(Cost $255,339,077) 		  244,520,411
Short-Term Investments — 1.5%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $214,672) 214,672 214,672
INVESTMENTS SHARES VALUE ($)
 
Investment of Cash Collateral from Securities Loaned — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $3,349,802) 3,349,802   3,349,802
Total Short-Term Investments
(Cost $3,564,474) 		  3,564,474
Total Investments — 101.3%
(Cost $258,903,551) 		  248,084,885
Liabilities in Excess of Other Assets — (1.3)%   (3,160,519)
NET ASSETS — 100.0%   244,924,366
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,148,692.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
 
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 16 06/17/2022 USD 330,180 (9,957)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
224 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.     6,100   2,635,932
Automobiles & Parts — 0.5%
Gentex Corp.    32,110     942,428
Genuine Parts Co.     9,277   1,206,474
    2,148,902
Banks — 0.6%
Bank of Hawaii Corp.     5,931     440,910
Commerce Bancshares, Inc.    13,432     918,370
US Bancorp    23,552   1,143,685
    2,502,965
Beverages — 0.7%
Brown-Forman Corp., Class B 9,827 662,733
Coca-Cola Co. (The) 12,833 829,140
Monster Beverage Corp. * 16,102 1,379,619
    2,871,492
Chemicals — 0.9%
Air Products and Chemicals, Inc. 5,127 1,200,077
Celanese Corp. 6,780 996,253
CF Industries Holdings, Inc. 13,041 1,262,760
NewMarket Corp. 699 226,903
    3,685,993
Construction & Materials — 0.7%
A O Smith Corp. 9,161 535,277
Acuity Brands, Inc. 3,841 662,496
Lennox International, Inc. 1,923 409,965
Louisiana-Pacific Corp. 4,937 318,535
Watsco, Inc. 3,113 830,486
    2,756,759
Consumer Services — 0.8%
Copart, Inc. * 10,353 1,176,618
Frontdoor, Inc. * 8,790 271,699
Grand Canyon Education, Inc. * 10,090 968,337
Rollins, Inc. 28,555 957,735
    3,374,389
Electricity — 1.5%
AES Corp. (The) 13,483 275,323
CMS Energy Corp. 11,087 761,566
Evergy, Inc. 6,114 414,835
Hawaiian Electric Industries, Inc. 11,213 460,966
IDACORP, Inc. 5,499 578,385
INVESTMENTS SHARES VALUE ($)
 
Electricity — continued
NextEra Energy, Inc.    39,761   2,823,826
PPL Corp.    20,329     575,514
    5,890,415
Electronic & Electrical Equipment — 1.4%
Allegion plc     6,568     750,328
Donaldson Co., Inc.    12,698     622,710
IDEX Corp.     5,050     958,591
Keysight Technologies, Inc. *     8,199   1,150,074
Mettler-Toledo International, Inc. *       975   1,245,592
Waters Corp. *     3,079     932,998
    5,660,293
Finance & Credit Services — 1.4%
FactSet Research Systems, Inc. 2,555 1,030,917
Moody's Corp. 5,128 1,622,909
Morningstar, Inc. 1,543 390,734
S&P Global, Inc. 7,247 2,728,496
    5,773,056
Food Producers — 0.5%
Flowers Foods, Inc. 12,086 320,521
General Mills, Inc. 4,598 325,217
Hershey Co. (The) 5,377 1,213,965
    1,859,703
Gas, Water & Multi-utilities — 0.6%
National Fuel Gas Co. 13,464 944,230
UGI Corp. 8,015 274,914
WEC Energy Group, Inc. 11,152 1,115,758
    2,334,902
General Industrials — 1.1%
3M Co. 14,474 2,087,440
Honeywell International, Inc. 1,845 357,026
Illinois Tool Works, Inc. 9,377 1,848,301
    4,292,767
Health Care Providers — 0.8%
Cerner Corp. 14,661 1,372,856
Chemed Corp. 1,934 950,348
DaVita, Inc. * 7,518 814,726
Premier, Inc., Class A 5,983 216,644
    3,354,574
Household Goods & Home Construction — 0.2%
NVR, Inc. * 226 989,023
 
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 225

Table of Contents
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Industrial Engineering — 0.8%
Cummins, Inc.     5,508   1,042,059
Graco, Inc.    13,953     865,365
Lincoln Electric Holdings, Inc.     6,657     896,898
Toro Co. (The)     4,018     321,962
    3,126,284
Industrial Metals & Mining — 0.4%
Fastenal Co.     5,955     329,371
Freeport-McMoRan, Inc.    11,880     481,734
Southern Copper Corp. (Peru)    12,374     770,529
    1,581,634
Industrial Support Services — 7.1%
Accenture plc, Class A 14,111 4,238,380
Automatic Data Processing, Inc. 11,414 2,490,307
Cintas Corp. 3,459 1,374,122
Jack Henry & Associates, Inc. 4,625 876,807
Mastercard, Inc., Class A 18,576 6,750,147
Paychex, Inc. 12,701 1,609,598
Robert Half International, Inc. 9,107 895,309
Verisk Analytics, Inc. 6,242 1,273,680
Visa, Inc., Class A 35,001 7,459,763
Western Union Co. (The) 31,610 529,784
WW Grainger, Inc. 2,430 1,215,073
    28,712,970
Industrial Transportation — 1.2%
Allison Transmission Holdings, Inc. 13,194 493,983
Landstar System, Inc. 3,589 555,936
Union Pacific Corp. 14,400 3,373,776
United Parcel Service, Inc., Class B 1,611 289,948
    4,713,643
Investment Banking & Brokerage Services — 4.0%
Berkshire Hathaway, Inc., Class B * 23,418 7,560,033
BlackRock, Inc. 3,285 2,052,074
Broadridge Financial Solutions, Inc. 7,059 1,017,414
Cboe Global Markets, Inc. 5,223 590,094
Intercontinental Exchange, Inc. 11,896 1,377,676
MarketAxess Holdings, Inc. 1,540 405,959
Nasdaq, Inc. 6,481 1,019,915
SEI Investments Co. 11,697 651,757
T. Rowe Price Group, Inc. 7,723 950,238
Virtu Financial, Inc., Class A 17,152 495,350
    16,120,510
INVESTMENTS SHARES VALUE ($)
 
Leisure Goods — 0.8%
Activision Blizzard, Inc.    24,534   1,854,770
Electronic Arts, Inc.    10,776   1,272,107
    3,126,877
Life Insurance — 0.5%
Aflac, Inc.    24,131   1,382,224
Globe Life, Inc.     8,153     799,646
    2,181,870
Media — 0.9%
Interpublic Group of Cos., Inc. (The)    31,540   1,028,835
Omnicom Group, Inc.    14,223   1,082,797
Sirius XM Holdings, Inc. (a)   150,383     902,298
World Wrestling Entertainment, Inc., Class A (a) 11,633 679,251
    3,693,181
Medical Equipment & Services — 2.0%
Abbott Laboratories 19,342 2,195,317
Bio-Techne Corp. 2,498 948,466
Edwards Lifesciences Corp. * 18,580 1,965,392
IDEXX Laboratories, Inc. * 2,891 1,244,518
Quidel Corp. * 4,791 482,070
ResMed, Inc. 5,413 1,082,438
    7,918,201
Non-life Insurance — 4.2%
Allstate Corp. (The) 11,371 1,438,886
Aon plc, Class A 6,885 1,982,811
Arch Capital Group Ltd. * 19,795 904,038
Arthur J Gallagher & Co. 8,962 1,510,007
Brown & Brown, Inc. 16,486 1,021,802
Chubb Ltd. 8,336 1,720,967
Erie Indemnity Co., Class A 3,625 581,015
Fidelity National Financial, Inc. 14,760 587,743
Hanover Insurance Group, Inc. (The) 1,831 268,828
Marsh & McLennan Cos., Inc. 14,310 2,313,927
Progressive Corp. (The) 18,588 1,995,608
Travelers Cos., Inc. (The) 7,851 1,342,992
W R Berkley Corp. 16,387 1,089,572
White Mountains Insurance Group Ltd. 60 62,881
    16,821,077
Non-Renewable Energy — 4.1%
Antero Midstream Corp. 48,556 498,670
APA Corp. 27,695 1,133,556
Chevron Corp. 29,767 4,663,596
 
SEE NOTES TO FINANCIAL STATEMENTS.
226 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Non-Renewable Energy — continued
Coterra Energy, Inc.    46,557   1,340,376
EOG Resources, Inc.    17,873   2,086,852
Exxon Mobil Corp.    52,712   4,493,698
Kinder Morgan, Inc.    31,402     569,946
Targa Resources Corp.    15,645   1,148,500
Texas Pacific Land Corp.       475     649,135
    16,584,329
Personal Care, Drug & Grocery Stores — 3.3%
Albertsons Cos., Inc., Class A     8,159     255,214
Church & Dwight Co., Inc.     7,679     749,163
Clorox Co. (The)     5,784     829,831
Colgate-Palmolive Co. 23,763 1,830,939
Kimberly-Clark Corp. 486 67,471
McKesson Corp. 5,736 1,775,923
Procter & Gamble Co. (The) 48,468 7,781,537
    13,290,078
Personal Goods — 1.5%
Carter's, Inc. 3,713 312,783
Deckers Outdoor Corp. * 3,206 851,994
Estee Lauder Cos., Inc. (The), Class A 5,895 1,556,634
NIKE, Inc., Class B 12,847 1,602,021
Tapestry, Inc. 27,878 917,744
Under Armour, Inc., Class A * 47,623 731,489
    5,972,665
Pharmaceuticals, Biotechnology & Marijuana Producers — 10.7%
AbbVie, Inc. 34,068 5,003,908
Amgen, Inc. 12,878 3,003,021
Biogen, Inc. * 4,010 831,834
Bristol-Myers Squibb Co. 27,432 2,064,807
CureVac NV (Germany) * (a) 14,269 243,857
Eli Lilly & Co. 16,432 4,800,280
Gilead Sciences, Inc. 29,147 1,729,583
Johnson & Johnson 42,109 7,598,990
Merck & Co., Inc. 55,724 4,942,162
Moderna, Inc. * 10,204 1,371,520
Pfizer, Inc. 115,293 5,657,427
Regeneron Pharmaceuticals, Inc. * 2,244 1,479,043
Vertex Pharmaceuticals, Inc. * 7,916 2,162,809
Zoetis, Inc. 12,437 2,204,458
    43,093,699
INVESTMENTS SHARES VALUE ($)
 
Precious Metals & Mining — 0.4%
Newmont Corp.    18,440   1,343,354
Royal Gold, Inc.       860     112,213
    1,455,567
Real Estate Investment & Services — 0.3%
CBRE Group, Inc., Class A *    14,917   1,238,708
Real Estate Investment Trusts — 3.2%
American Tower Corp.    10,314   2,485,880
Camden Property Trust     3,842     602,771
Crown Castle International Corp.     5,494   1,017,544
Equity LifeStyle Properties, Inc.    10,542     814,686
Equity Residential     6,908     563,002
Extra Space Storage, Inc. 6,323 1,201,370
Gaming and Leisure Properties, Inc. 7,894 350,336
Lamar Advertising Co., Class A 9,040 998,106
Life Storage, Inc. 4,470 592,230
Public Storage 4,954 1,840,411
Rayonier, Inc. 5,428 234,490
Simon Property Group, Inc. 8,958 1,057,044
Weyerhaeuser Co. 23,742 978,645
    12,736,515
Retailers — 7.2%
AutoZone, Inc. * 824 1,611,307
Best Buy Co., Inc. 11,009 990,039
Costco Wholesale Corp. 9,691 5,152,899
Dick's Sporting Goods, Inc. 8,653 834,322
Dollar General Corp. 7,702 1,829,456
Etsy, Inc. * 6,230 580,574
Foot Locker, Inc. 16,266 476,756
Home Depot, Inc. (The) 20,903 6,279,261
Kohl's Corp. 2,283 132,140
Lowe's Cos., Inc. 481 95,108
Ollie's Bargain Outlet Holdings, Inc. * 11,314 543,638
O'Reilly Automotive, Inc. * 2,468 1,496,965
Ross Stores, Inc. 14,092 1,405,959
Target Corp. 11,110 2,540,302
Tractor Supply Co. 5,444 1,096,694
Ulta Beauty, Inc. * 3,232 1,282,458
Victoria's Secret & Co. * 17,796 838,548
Walmart, Inc. 6,386 976,994
Williams-Sonoma, Inc. (a) 6,800 887,264
    29,050,684
Software & Computer Services — 15.7%
Adobe, Inc. * 10,614 4,202,613
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 227

Table of Contents
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Akamai Technologies, Inc. *     8,590     964,485
Alphabet, Inc., Class A *     3,154   7,198,027
Amdocs Ltd.     8,114     646,605
Aspen Technology, Inc. *     6,755   1,070,938
Autodesk, Inc. *     7,401   1,400,861
Cadence Design Systems, Inc. *    10,473   1,579,852
CDK Global, Inc.     6,859     373,198
Cognizant Technology Solutions Corp., Class A    18,508   1,497,297
Crowdstrike Holdings, Inc., Class A *     6,902   1,371,841
Dell Technologies, Inc., Class C    11,791     554,295
DocuSign, Inc. *     7,566     612,846
Dolby Laboratories, Inc., Class A 11,695 906,012
DoubleVerify Holdings, Inc. * 9,056 196,968
Dropbox, Inc., Class A * 43,161 938,752
Dynatrace, Inc. * 11,779 451,842
EPAM Systems, Inc. * 2,522 668,305
F5, Inc. * 3,186 533,368
Fortinet, Inc. * 4,972 1,436,958
Gartner, Inc. * 4,607 1,338,564
International Business Machines Corp. 19,870 2,627,013
Intuit, Inc. 6,377 2,670,369
Manhattan Associates, Inc. * 7,506 979,908
Meta Platforms, Inc., Class A * 41,535 8,326,521
Microsoft Corp. 27,969 7,761,956
NortonLifeLock, Inc. 27,131 679,360
Palo Alto Networks, Inc. * 3,287 1,844,927
Paycom Software, Inc. * 2,566 722,252
Pinterest, Inc., Class A * 23,934 491,126
Roper Technologies, Inc. 2,665 1,252,337
ServiceNow, Inc. * 4,436 2,120,852
SS&C Technologies Holdings, Inc. 9,724 628,754
Synopsys, Inc. * 5,504 1,578,492
Teradata Corp. * 19,889 822,410
VeriSign, Inc. * 5,004 894,165
VMware, Inc., Class A 11,070 1,196,003
Zoom Video Communications, Inc., Class A * 7,026 699,579
    63,239,651
Technology Hardware & Equipment — 11.3%
Advanced Micro Devices, Inc. * 28,429 2,431,248
Amphenol Corp., Class A 8,654 618,761
Analog Devices, Inc. 15,145 2,338,085
Apple, Inc. 51,022 8,043,618
Applied Materials, Inc. 23,055 2,544,119
Broadcom, Inc. 8,892 4,929,636
INVESTMENTS SHARES VALUE ($)
 
Technology Hardware & Equipment — continued
Cirrus Logic, Inc. *       670      50,786
Corning, Inc.    15,719     553,152
Intel Corp.    81,498   3,552,498
IPG Photonics Corp. *     4,038     381,510
KLA Corp.     5,228   1,669,091
Microchip Technology, Inc.    15,039     980,543
NetApp, Inc.     9,024     661,008
NVIDIA Corp.    30,300   5,619,741
NXP Semiconductors NV (China)     6,872   1,174,425
Qorvo, Inc. *     6,714     763,919
QUALCOMM, Inc.    26,171   3,655,827
Skyworks Solutions, Inc. 5,993 679,007
TD SYNNEX Corp. 1,851 185,267
Teradyne, Inc. 10,429 1,099,842
Texas Instruments, Inc. 22,029 3,750,437
    45,682,520
Telecommunications Equipment — 1.7%
Cisco Systems, Inc. 87,397 4,280,705
Lumentum Holdings, Inc. * (a) 10,223 830,210
Motorola Solutions, Inc. 5,685 1,214,828
Ubiquiti, Inc. (a) 2,337 659,618
    6,985,361
Telecommunications Service Providers — 0.9%
Verizon Communications, Inc. 76,597 3,546,441
Tobacco — 1.3%
Altria Group, Inc. 46,526 2,585,450
Philip Morris International, Inc. 25,563 2,556,300
    5,141,750
Travel & Leisure — 3.0%
Choice Hotels International, Inc. 6,075 853,295
Copa Holdings SA, Class A (Panama) * (a) 7,300 550,201
Domino's Pizza, Inc. 2,674 903,812
Expedia Group, Inc. * 7,389 1,291,228
Live Nation Entertainment, Inc. * 5,848 613,338
McDonald's Corp. 17,452 4,348,340
Starbucks Corp. 30,788 2,298,016
Yum! Brands, Inc. 12,281 1,437,000
    12,295,230
Waste & Disposal Services — 1.0%
Clean Harbors, Inc. * 5,624 590,126
Republic Services, Inc. 9,557 1,283,219
 
SEE NOTES TO FINANCIAL STATEMENTS.
228 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Waste & Disposal Services — continued
Stericycle, Inc. *     3,306     165,928
Waste Management, Inc.    11,063   1,819,200
    3,858,473
Total Common Stocks
(Cost $399,008,342) 		  402,299,083
Short-Term Investments — 1.0%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $442,519)   442,519     442,519
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c)   497,925     497,576
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 3,004,452   3,004,452
Total Investment of Cash Collateral from Securities Loaned
(Cost $3,502,177) 		  3,502,028
Total Short-Term Investments
(Cost $3,944,696) 		  3,944,547
Total Investments — 100.8%
(Cost $402,953,038) 		  406,243,630
Liabilities in Excess of Other Assets — (0.8)%   (3,245,652)
NET ASSETS — 100.0%   402,997,978
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,301,227.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 24 06/17/2022 USD 495,270 (19,707)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 229

Table of Contents
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
INVESTMENTS SHARES VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 2.0%
General Dynamics Corp.     7,928   1,875,210
Huntington Ingalls Industries, Inc. (a)     3,967     843,939
L3Harris Technologies, Inc.     8,407   1,952,610
Northrop Grumman Corp.     4,771   2,096,377
Raytheon Technologies Corp.    27,382   2,598,826
Textron, Inc.    14,291     989,652
    10,356,614
Automobiles & Parts — 2.0%
BorgWarner, Inc.    34,466   1,269,383
Ford Motor Co.   156,603   2,217,498
General Motors Co. *    51,112   1,937,656
Gentex Corp. 40,378 1,185,094
Genuine Parts Co. 11,962 1,555,658
Lear Corp. 8,563 1,095,550
LKQ Corp. 27,277 1,353,758
    10,614,597
Banks — 4.7%
Bank OZK 9,835 377,861
BOK Financial Corp. 7,500 621,975
Citigroup, Inc. 68,384 3,296,793
Citizens Financial Group, Inc. 33,351 1,314,029
Comerica, Inc. 15,435 1,264,127
Fifth Third Bancorp 41,527 1,558,508
First Hawaiian, Inc. 27,326 645,167
First Horizon Corp. 59,536 1,332,416
FNB Corp. 95,556 1,100,805
KeyCorp 70,322 1,357,918
M&T Bank Corp. 15,419 2,569,422
New York Community Bancorp, Inc. (a) 103,242 953,956
PacWest Bancorp 11,264 370,473
Popular, Inc. (Puerto Rico) 14,967 1,167,276
Prosperity Bancshares, Inc. 5,792 378,681
Regions Financial Corp. 72,432 1,500,791
Synovus Financial Corp. 23,686 983,916
Truist Financial Corp. 43,972 2,126,046
Umpqua Holdings Corp. 36,549 604,521
US Bancorp 10,493 509,540
Zions Bancorp NA 15,947 901,165
    24,935,386
Beverages — 0.3%
Molson Coors Beverage Co., Class B 26,072 1,411,538
Chemicals — 0.7%
Chemours Co. (The) 25,442 841,367
INVESTMENTS SHARES VALUE ($)
 
Chemicals — continued
Eastman Chemical Co.     1,386     142,301
Huntsman Corp.    28,588     968,275
LyondellBasell Industries NV, Class A    17,858   1,893,484
    3,845,427
Construction & Materials — 0.7%
Acuity Brands, Inc.     4,251     733,212
MDU Resources Group, Inc.    21,195     545,983
Mohawk Industries, Inc. *     7,186   1,013,657
Owens Corning    15,150   1,377,590
    3,670,442
Consumer Services — 0.9%
AMERCO 825 441,771
eBay, Inc. 30,734 1,595,709
Grand Canyon Education, Inc. * 8,660 831,100
H&R Block, Inc. 25,509 665,020
Service Corp. International 19,989 1,311,478
    4,845,078
Electricity — 2.1%
Avangrid, Inc. 10,468 464,256
Consolidated Edison, Inc. 16,839 1,561,649
Evergy, Inc. 13,792 935,787
FirstEnergy Corp. 25,141 1,088,857
Hawaiian Electric Industries, Inc. 20,604 847,030
NRG Energy, Inc. 35,332 1,268,419
OGE Energy Corp. 17,418 673,728
Pinnacle West Capital Corp. 17,571 1,251,055
PPL Corp. 55,552 1,572,677
Southern Co. (The) 22,132 1,624,268
    11,287,726
Electronic & Electrical Equipment — 1.8%
Crane Co. (a) 12,067 1,161,207
Emerson Electric Co. 23,654 2,133,118
Hubbell, Inc. 6,625 1,294,260
Johnson Controls International plc 31,724 1,899,316
MKS Instruments, Inc. 5,483 624,952
nVent Electric plc 35,750 1,207,635
Pentair plc 19,200 974,400
    9,294,888
Finance & Credit Services — 0.6%
Ally Financial, Inc. 28,890 1,154,444
 
SEE NOTES TO FINANCIAL STATEMENTS.
230 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Finance & Credit Services — continued
MGIC Investment Corp.    55,302     722,244
OneMain Holdings, Inc.    24,208   1,111,874
    2,988,562
Food Producers — 2.9%
Archer-Daniels-Midland Co.    21,700   1,943,452
Bunge Ltd.     3,212     363,341
Campbell Soup Co. (a)    23,428   1,106,270
Conagra Brands, Inc.    36,868   1,287,799
Corteva, Inc.    23,652   1,364,484
Flowers Foods, Inc.    37,489     994,208
General Mills, Inc.    28,339   2,004,418
Ingredion, Inc. 6,933 590,068
J M Smucker Co. (The) 10,185 1,394,632
Kellogg Co. 14,144 968,864
Kraft Heinz Co. (The) 41,590 1,772,982
Tyson Foods, Inc., Class A 18,983 1,768,456
    15,558,974
Gas, Water & Multi-utilities — 1.0%
Duke Energy Corp. 29,446 3,243,771
National Fuel Gas Co. 10,413 730,264
UGI Corp. 35,456 1,216,141
    5,190,176
General Industrials — 2.8%
3M Co. 15,884 2,290,790
Amcor plc 78,167 927,061
Berry Global Group, Inc. * 12,322 694,345
Carlisle Cos., Inc. 767 198,929
Dover Corp. 10,066 1,341,798
DuPont de Nemours, Inc. 5,962 393,075
Eaton Corp. plc 16,287 2,361,941
Graphic Packaging Holding Co. 19,499 425,078
Packaging Corp. of America 9,124 1,470,515
Parker-Hannifin Corp. 6,782 1,836,701
Silgan Holdings, Inc. 21,262 943,395
Sonoco Products Co. 5,818 360,192
Westrock Co. 31,611 1,565,693
    14,809,513
Health Care Providers — 4.9%
Anthem, Inc. 8,094 4,062,621
Centene Corp. * 21,255 1,712,090
Cerner Corp. 16,406 1,536,258
Cigna Corp. 12,224 3,016,639
INVESTMENTS SHARES VALUE ($)
 
Health Care Providers — continued
Encompass Health Corp.     6,830     470,109
Humana, Inc.     4,851   2,156,561
Premier, Inc., Class A    17,674     639,976
UnitedHealth Group, Inc.    22,144  11,261,331
Universal Health Services, Inc., Class B     7,744     948,872
    25,804,457
Household Goods & Home Construction — 1.5%
DR Horton, Inc.    18,770   1,306,204
Leggett & Platt, Inc.    29,827   1,062,736
Lennar Corp., Class A    16,437   1,257,266
Newell Brands, Inc.    56,971   1,318,879
PulteGroup, Inc. 27,555 1,150,697
Toll Brothers, Inc. 19,463 902,499
Whirlpool Corp. (a) 6,359 1,154,286
    8,152,567
Industrial Engineering — 1.7%
AGCO Corp. 8,712 1,109,909
Brunswick Corp. 8,459 639,585
Caterpillar, Inc. 17,039 3,587,391
Cummins, Inc. 7,506 1,420,060
Snap-on, Inc. 6,603 1,403,071
Stanley Black & Decker, Inc. 8,946 1,074,862
    9,234,878
Industrial Materials — 0.3%
International Paper Co. 35,538 1,644,699
Industrial Metals & Mining — 0.8%
Nucor Corp. 14,654 2,268,146
Reliance Steel & Aluminum Co. 7,373 1,461,697
Timken Co. (The) 10,042 578,821
    4,308,664
Industrial Support Services — 1.6%
ADT, Inc. (a) 71,279 488,261
Bread Financial Holdings, Inc. 19,306 1,057,969
Capital One Financial Corp. 18,347 2,286,403
ManpowerGroup, Inc. 12,914 1,164,843
MSC Industrial Direct Co., Inc., Class A 12,084 1,001,280
Robert Half International, Inc. 4,291 421,848
Synchrony Financial 42,371 1,559,677
Western Union Co. (The) 28,382 475,682
    8,455,963
Industrial Transportation — 2.1%
Allison Transmission Holdings, Inc. 18,443 690,506
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 231

Table of Contents
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Industrial Transportation — continued
Knight-Swift Transportation Holdings, Inc.    14,025     671,657
Norfolk Southern Corp.     8,712   2,246,651
Oshkosh Corp.    10,725     991,419
PACCAR, Inc.    17,247   1,432,363
Ryder System, Inc.    15,179   1,061,012
Schneider National, Inc., Class B    22,715     536,756
Union Pacific Corp.    14,021   3,284,980
    10,915,344
Investment Banking & Brokerage Services — 1.1%
Bank of New York Mellon Corp. (The)    39,776   1,672,979
Franklin Resources, Inc.    26,984     663,537
Invesco Ltd. 59,643 1,096,238
Jefferies Financial Group, Inc. 37,053 1,139,750
State Street Corp. 19,364 1,296,807
    5,869,311
Leisure Goods — 1.5%
Activision Blizzard, Inc. 32,561 2,461,611
Garmin Ltd. 11,820 1,297,127
Harley-Davidson, Inc. 32,071 1,168,988
Hasbro, Inc. 15,060 1,326,184
Polaris, Inc. (a) 10,771 1,022,599
Thor Industries, Inc. (a) 12,018 919,978
    8,196,487
Life Insurance — 1.6%
Lincoln National Corp. 22,297 1,341,164
MetLife, Inc. 34,441 2,262,085
Principal Financial Group, Inc. 22,783 1,552,434
Prudential Financial, Inc. 19,669 2,134,283
Unum Group 45,063 1,375,323
    8,665,289
Media — 2.2%
Fox Corp., Class A 33,481 1,199,959
Interpublic Group of Cos., Inc. (The) 42,135 1,374,444
Liberty Media Corp.-Liberty SiriusXM, Class C * 10,549 441,792
News Corp., Class A 62,169 1,234,677
Nexstar Media Group, Inc., Class A 6,984 1,106,405
Nielsen Holdings plc 66,851 1,792,275
Omnicom Group, Inc. 18,923 1,440,608
Paramount Global, Class B 44,551 1,297,325
Warner Bros Discovery, Inc. * 90,508 1,642,720
    11,530,205
INVESTMENTS SHARES VALUE ($)
 
Medical Equipment & Services — 2.2%
Baxter International, Inc.     9,387     667,040
Becton Dickinson and Co.     9,116   2,253,384
Embecta Corp. *     1,841      56,022
Laboratory Corp. of America Holdings *     3,890     934,689
Medtronic plc    39,064   4,076,719
PerkinElmer, Inc.     6,448     945,342
Quest Diagnostics, Inc.    11,011   1,473,712
Quidel Corp. *     5,176     520,809
Zimmer Biomet Holdings, Inc.     7,892     952,959
    11,880,676
Mortgage Real Estate Investment Trusts — 0.8%
AGNC Investment Corp. 84,913 932,345
Annaly Capital Management, Inc. 190,894 1,225,540
New Residential Investment Corp. 95,558 993,803
Starwood Property Trust, Inc. 41,421 947,712
    4,099,400
Non-life Insurance — 1.5%
American International Group, Inc. 28,346 1,658,524
Assured Guaranty Ltd. 19,941 1,099,746
Axis Capital Holdings Ltd. 6,789 389,213
Everest Re Group Ltd. 3,053 838,690
First American Financial Corp. 17,780 1,036,752
Hartford Financial Services Group, Inc. (The) 10,857 759,230
Mercury General Corp. 10,512 530,120
Old Republic International Corp. 48,652 1,070,831
Reinsurance Group of America, Inc. 6,141 659,052
    8,042,158
Non-Renewable Energy — 4.2%
Antero Midstream Corp. 85,713 880,273
Chevron Corp. 29,312 4,592,311
ConocoPhillips 5,004 477,982
Exxon Mobil Corp. 111,362 9,493,610
HF Sinclair Corp. * 28,357 1,078,133
Kinder Morgan, Inc. 106,444 1,931,959
ONEOK, Inc. 19,104 1,209,856
Valero Energy Corp. 8,597 958,394
Williams Cos., Inc. (The) 43,794 1,501,696
    22,124,214
Personal Care, Drug & Grocery Stores — 1.6%
Albertsons Cos., Inc., Class A 28,121 879,625
CVS Health Corp. 43,102 4,143,395
Kroger Co. (The) 31,886 1,720,568
 
SEE NOTES TO FINANCIAL STATEMENTS.
232 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Personal Care, Drug & Grocery Stores — continued
Spectrum Brands Holdings, Inc.     1,628     138,494
Walgreens Boots Alliance, Inc.    40,764   1,728,394
    8,610,476
Personal Goods — 1.2%
Capri Holdings Ltd. *    15,205     725,279
Carter's, Inc.    12,171   1,025,285
Columbia Sportswear Co.     6,203     509,638
Hanesbrands, Inc.    59,124     783,984
PVH Corp.    15,646   1,138,716
Ralph Lauren Corp.    10,611   1,107,152
Tapestry, Inc.    36,754   1,209,942
    6,499,996
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5%
Amgen, Inc. 13,531 3,155,294
Biogen, Inc. * 3,916 812,335
Bristol-Myers Squibb Co. 43,339 3,262,126
Cardinal Health, Inc. 16,738 971,641
Gilead Sciences, Inc. 38,255 2,270,052
Johnson & Johnson 54,099 9,762,706
Merck & Co., Inc. 68,202 6,048,835
Perrigo Co. plc 6,973 239,174
Pfizer, Inc. 141,189 6,928,144
Sage Therapeutics, Inc. * 6,786 213,895
United Therapeutics Corp. * 4,733 840,391
    34,504,593
Real Estate Investment & Services — 0.2%
Jones Lang LaSalle, Inc. * 4,137 904,886
Real Estate Investment Trusts — 3.3%
Brixmor Property Group, Inc. 30,218 766,933
Cousins Properties, Inc. 10,003 359,108
EPR Properties (a) 8,033 421,893
Equity Residential 14,438 1,176,697
Gaming and Leisure Properties, Inc. 11,738 520,932
Highwoods Properties, Inc. 18,389 751,007
Iron Mountain, Inc. 17,224 925,446
Kilroy Realty Corp. 10,090 706,300
Kimco Realty Corp. 60,754 1,538,899
Medical Properties Trust, Inc. 49,048 901,993
National Retail Properties, Inc. 16,444 720,905
Omega Healthcare Investors, Inc. 25,292 644,440
Regency Centers Corp. 11,418 785,901
Simon Property Group, Inc. 10,499 1,238,882
SL Green Realty Corp. (a) 15,626 1,081,632
INVESTMENTS SHARES VALUE ($)
 
Real Estate Investment Trusts — continued
Ventas, Inc.    16,235     901,854
VICI Properties, Inc.    34,637   1,032,529
Vornado Realty Trust    12,940     500,907
Welltower, Inc.    15,850   1,439,338
Weyerhaeuser Co.     7,742     319,125
WP Carey, Inc.    10,538     851,154
    17,585,875
Retailers — 4.6%
Advance Auto Parts, Inc.     6,322   1,262,061
AutoNation, Inc. *    10,167   1,178,457
Best Buy Co., Inc.    14,841   1,334,651
Dick's Sporting Goods, Inc. (a) 11,042 1,064,669
Dollar General Corp. 8,243 1,957,960
Foot Locker, Inc. 29,362 860,600
Gap, Inc. (The) 73,176 908,846
Kohl's Corp. 22,147 1,281,868
Lithia Motors, Inc. 4,013 1,136,201
Penske Automotive Group, Inc. 11,579 1,213,711
Qurate Retail, Inc., Series A 163,725 689,282
Target Corp. 14,317 3,273,582
Victoria's Secret & Co. * 23,666 1,115,142
Walmart, Inc. 39,727 6,077,834
Williams-Sonoma, Inc. (a) 7,529 982,384
    24,337,248
Software & Computer Services — 13.1%
Akamai Technologies, Inc. * 10,631 1,193,649
Alphabet, Inc., Class A * 4,032 9,201,790
Amdocs Ltd. 16,489 1,314,008
Aspen Technology, Inc. * 1,035 164,089
Black Knight, Inc. * 10,034 660,137
CACI International, Inc., Class A * 4,190 1,111,607
CDK Global, Inc. 26,362 1,434,356
Change Healthcare, Inc. * 37,430 881,851
Citrix Systems, Inc. 9,902 991,190
Clarivate plc * 37,382 586,150
Cognizant Technology Solutions Corp., Class A 25,382 2,053,404
Dell Technologies, Inc., Class C 15,330 720,663
Dolby Laboratories, Inc., Class A 16,800 1,301,496
Dun & Bradstreet Holdings, Inc. * 35,976 568,061
DXC Technology Co. * 28,479 817,347
F5, Inc. * 5,223 874,382
Hewlett Packard Enterprise Co. 99,142 1,527,778
InterActiveCorp. * 7,100 588,448
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 233

Table of Contents
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
INVESTMENTS SHARES VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
International Business Machines Corp.    30,758   4,066,515
Intuit, Inc.     7,284   3,050,175
Leidos Holdings, Inc.    13,707   1,418,812
Meta Platforms, Inc., Class A *    44,199   8,860,574
Microsoft Corp.    35,651   9,893,866
N-able, Inc. *    12,587     125,870
NCR Corp. *    21,871     766,141
NortonLifeLock, Inc.    44,159   1,105,741
Oracle Corp.    51,346   3,768,796
PTC, Inc. *     7,486     854,976
Roper Technologies, Inc.     3,585   1,684,663
Salesforce, Inc. * 25,458 4,479,081
Science Applications International Corp. 13,390 1,114,450
SolarWinds Corp. 23,784 294,208
SS&C Technologies Holdings, Inc. 20,028 1,295,011
Teradata Corp. * 21,827 902,546
    69,671,831
Technology Hardware & Equipment — 14.4%
Amphenol Corp., Class A 21,212 1,516,658
Analog Devices, Inc. 19,196 2,963,478
Apple, Inc. 67,682 10,670,067
Applied Materials, Inc. 30,621 3,379,027
Arrow Electronics, Inc. * 9,789 1,153,732
Avnet, Inc. 26,200 1,143,892
Azenta, Inc. 9,176 687,833
Broadcom, Inc. 11,254 6,239,105
CDW Corp. 8,811 1,437,779
Cirrus Logic, Inc. * 9,093 689,249
Concentrix Corp. 3,820 601,574
Corning, Inc. 47,121 1,658,188
Entegris, Inc. 12,004 1,337,126
HP, Inc. 53,683 1,966,408
Intel Corp. 122,973 5,360,393
IPG Photonics Corp. * 5,162 487,706
Jabil, Inc. 23,564 1,360,350
KLA Corp. 6,658 2,125,633
Lam Research Corp. 5,341 2,487,624
Marvell Technology, Inc. 30,608 1,777,713
Microchip Technology, Inc. 24,845 1,619,894
Micron Technology, Inc. 41,063 2,800,086
National Instruments Corp. 17,332 626,378
NetApp, Inc. 19,195 1,406,034
NXP Semiconductors NV (China) 9,723 1,661,661
ON Semiconductor Corp. * 29,324 1,528,074
INVESTMENTS SHARES VALUE ($)
 
Technology Hardware & Equipment — continued
Qorvo, Inc. *     9,003   1,024,361
QUALCOMM, Inc.    34,743   4,853,250
Skyworks Solutions, Inc.    12,170   1,378,861
TD SYNNEX Corp.    11,630   1,164,047
Teradyne, Inc.    11,850   1,249,701
Texas Instruments, Inc.    27,609   4,700,432
Universal Display Corp.     4,804     613,615
Vertiv Holdings Co.    35,446     444,138
Western Digital Corp. *    29,612   1,571,509
Xerox Holdings Corp.    62,678   1,090,597
    76,776,173
Telecommunications Equipment — 1.1%
Cisco Systems, Inc. 99,021 4,850,049
Juniper Networks, Inc. 34,777 1,096,171
    5,946,220
Telecommunications Service Providers — 1.4%
AT&T, Inc. 188,701 3,558,901
Comcast Corp., Class A 49,486 1,967,563
DISH Network Corp., Class A * (a) 32,695 932,135
Lumen Technologies, Inc. 94,789 953,577
Verizon Communications, Inc. 5,269 243,955
    7,656,131
Tobacco — 0.8%
Altria Group, Inc. 54,692 3,039,234
Philip Morris International, Inc. 12,156 1,215,600
    4,254,834
Travel & Leisure — 1.1%
Boyd Gaming Corp. 13,283 804,684
Copa Holdings SA, Class A (Panama) * (a) 13,382 1,008,601
Darden Restaurants, Inc. 11,465 1,510,285
Travel + Leisure Co. 23,524 1,305,112
Wendy's Co. (The) 55,586 1,098,379
Wyndham Hotels & Resorts, Inc. 2,368 208,289
    5,935,350
Total Common Stocks
(Cost $564,237,538) 		  530,416,846
Short-Term Investments — 1.9%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $512,860) 512,860 512,860
 
SEE NOTES TO FINANCIAL STATEMENTS.
234 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
INVESTMENTS SHARES VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) 6,299,773   6,295,363
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 3,034,556   3,034,556
Total Investment of Cash Collateral from Securities Loaned
(Cost $9,328,789) 		  9,329,919
Total Short-Term Investments
(Cost $9,841,649) 		  9,842,779
Total Investments — 101.7%
(Cost $574,079,187) 		  540,259,625
Liabilities in Excess of Other Assets — (1.7)%   (8,815,958)
NET ASSETS — 100.0%   531,443,667
Percentages indicated are based on net assets.
    
* Non-income producing security.
(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $8,759,167.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
Futures contracts outstanding as of April 30, 2022:
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts          
Micro E-Mini S&P 500 Index 39 06/17/2022 USD 804,814 (14,854)
    
Abbreviations  
USD United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 235

Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited)
  JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF 		  JPMorgan
ActiveBuilders
International
Equity ETF 		  JPMorgan
BetaBuilders
Canada ETF 		  JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF)
ASSETS:              
Investments in non-affiliates, at value $ 711,351,002   $24,574,404   $6,512,686,175   $4,273,719,667
Investments in affiliates, at value 14,335,116   450,008   —   —
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 368,660   152,324   478,266,529   10,861,479
Cash 1,093,614   56,260   3,920   10,000
Foreign currency, at value 639,700   83,344   22,271,527   10,914,300
Deposits at broker for futures contracts —   —   1,675,824   1,139,534
Segregated cash balance with Authorized Participant for deposit securities 241,731   —   371,477   —
Receivables:              
Investment securities sold 67,365   —   —   —
Fund shares sold 76,826   —   —   —
Dividends from non-affiliates 1,207,846   90,503   10,911,706   5,084,969
Dividends from affiliates 164   5   —   —
Tax reclaims 4,803   26,084   —   317,370
Securities lending income (See Note 2.C) 273   96   111,327   4,561
Due from Authorized Participant 214,336   —   —   —
Other assets 29,596   —   205,668   196,488
Total Assets 729,631,032   25,433,028   7,026,504,153   4,302,248,368
LIABILITIES:              
Payables:              
Investment securities purchased 638,814   —   —   65,714
Collateral received on securities loaned (See Note 2.C) 368,660   152,324   478,266,529   10,861,479
Variation margin on futures contracts —   —   68,591   52,564
Collateral upon return of deposit securities 241,731   —   371,477   —
Accrued liabilities:              
Management fees (See Note 3.A) 199,987   4,897   1,103,055   725,289
Other —   362   —   16,296
Total Liabilities 1,449,192   157,583   479,809,652   11,721,342
Net Assets $ 728,181,840   $25,275,445   $6,546,694,501   $4,290,527,026
SEE NOTES TO FINANCIAL STATEMENTS.
236 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF 		  JPMorgan
ActiveBuilders
International
Equity ETF 		  JPMorgan
BetaBuilders
Canada ETF 		  JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF)
NET ASSETS:              
Paid-in-Capital $ 858,279,180   $28,789,940   $5,304,819,830   $4,394,889,597
Total distributable earnings (loss) (130,097,340)   (3,514,495)   1,241,874,671   (104,362,571)
Total Net Assets: $ 728,181,840   $25,275,445   $6,546,694,501   $4,290,527,026
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		19,100,000   600,000   101,298,911   82,398,641
Net asset value, per share $ 38.12   $ 42.13   $ 64.63   $ 52.07
Cost of investments in non-affiliates $ 823,873,143   $27,713,962   $5,175,314,258   $4,178,595,820
Cost of investments in affiliates 14,334,650   450,008   —   —
Cost of foreign currency 641,310   84,526   22,446,757   11,167,513
Investment securities on loan, at value (See Note 2.C) 345,193   144,797   440,727,186   7,721,703
Cost of investment of cash collateral (See Note 2.C) 368,660   152,324   478,272,533   10,861,861
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 237

Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
  JPMorgan
BetaBuilders
Europe ETF 		  JPMorgan
BetaBuilders
International
Equity ETF 		  JPMorgan
BetaBuilders
Japan ETF 		  JPMorgan
BetaBuilders
U.S. Equity ETF
ASSETS:              
Investments in non-affiliates, at value $ 9,364,866,373   $2,914,099,386   $7,030,019,552   $1,066,498,890
Investments in affiliates, at value —   9,889,216   —   14,447,307
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 570,727,372   80,452,707   11,683,998   4,273,902
Cash 213,331   1,497,240   110,284   5,653
Foreign currency, at value 31,789,856   1,917,003   13,541,930   —
Deposits at broker for futures contracts 8,690,807   —   4,290,941   380,000
Receivables:              
Dividends from non-affiliates 23,900,926   12,145,683   70,972,945   722,688
Dividends from affiliates —   99   —   41
Tax reclaims 18,910,667   4,832,214   71,906   —
Securities lending income (See Note 2.C) 447,091   73,973   31,580   1,919
Variation margin on futures contracts —   1,330,327   2,016,091   —
Other assets 118,837   —   148,340   34,967
Total Assets 10,019,665,260   3,026,237,848   7,132,887,567   1,086,365,367
LIABILITIES:              
Payables:              
Investment securities purchased —   —   —   186,750
Collateral received on securities loaned (See Note 2.C) 570,727,372   80,452,707   11,683,998   4,273,902
Variation margin on futures contracts 524,356   —   —   160,411
Accrued liabilities:              
Management fees (See Note 3.A) 814,789   176,056   1,175,559   18,144
Other —   25,773   —   —
Total Liabilities 572,066,517   80,654,536   12,859,557   4,639,207
Net Assets $ 9,447,598,743   $2,945,583,312   $7,120,028,010   $1,081,726,160
NET ASSETS:              
Paid-in-Capital $10,167,136,425   $2,834,769,236   $8,112,232,251   $1,070,585,940
Total distributable earnings (loss) (719,537,682)   110,814,076   (992,204,241)   11,140,220
Total Net Assets: $ 9,447,598,743   $2,945,583,312   $7,120,028,010   $1,081,726,160
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		183,299,596   56,800,000   152,797,548   14,550,000
Net asset value, per share $ 51.54   $ 51.86   $ 46.60   $ 74.35
Cost of investments in non-affiliates $10,215,627,530   $2,828,172,941   $7,926,422,905   $1,058,374,731
Cost of investments in affiliates —   9,889,216   —   16,003,587
Cost of foreign currency 32,014,874   1,922,933   13,935,313   —
Investment securities on loan, at value (See Note 2.C) 502,857,161   65,283,866   11,113,596   3,968,472
Cost of investment of cash collateral (See Note 2.C) 570,721,952   80,457,110   11,682,989   4,273,902
SEE NOTES TO FINANCIAL STATEMENTS.
238 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF 		  JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF 		  JPMorgan
Carbon
Transition U.S.
Equity ETF 		  JPMorgan
Climate Change
Solutions ETF
ASSETS:              
Investments in non-affiliates, at value $1,499,507,503   $490,717,159   $22,175,974   $20,565,141
Investments in affiliates, at value 4,118,599   6,867,283   11,653   —
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 38,690,531   7,995,973   —   —
Cash 5,365   745   343   180,630
Deposits at broker for futures contracts 429,000   460,000   12,000   —
Receivables:              
Fund shares sold 64,401,591   73,170,185   —   —
Dividends from non-affiliates 469,756   111,351   18,452   32,052
Dividends from affiliates 41   69   —   —
Tax reclaims —   —   —   15,583
Securities lending income (See Note 2.C) 49,916   37,662   —   —
Total Assets 1,607,672,302   579,360,427   22,218,422   20,793,406
LIABILITIES:              
Payables:              
Foreign currency due to custodian, at value —   —   —   4,669
Investment securities purchased 64,096,659   71,359,839   —   —
Collateral received on securities loaned (See Note 2.C) 38,690,531   7,995,973   —   —
Variation margin on futures contracts 119,850   199,026   798   —
Accrued liabilities:              
Management fees (See Note 3.A) 87,211   33,432   2,401   8,878
Other 25,977   7,540   298   —
Total Liabilities 103,020,228   79,595,810   3,497   13,547
Net Assets $1,504,652,074   $499,764,617   $22,214,925   $20,779,859
NET ASSETS:              
Paid-in-Capital $1,518,123,680   $571,162,967   $20,477,261   $26,388,065
Total distributable earnings (loss) (13,471,606)   (71,398,350)   1,737,664   (5,608,206)
Total Net Assets: $1,504,652,074   $499,764,617   $22,214,925   $20,779,859
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		19,275,000   9,050,000   400,000   550,000
Net asset value, per share $ 78.06   $ 55.22   $ 55.54   $ 37.78
Cost of investments in non-affiliates $1,584,975,117   $564,528,261   $21,629,947   $25,003,052
Cost of investments in affiliates 4,118,599   6,867,283   11,653   —
Investment securities on loan, at value (See Note 2.C) 36,202,057   7,449,030   —   —
Cost of investment of cash collateral (See Note 2.C) 38,690,417   7,996,972   —   —
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 239

Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
  JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF 		  JPMorgan
Diversified Return
International
Equity ETF 		  JPMorgan
Diversified
Return U.S.
Equity ETF 		  JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF
ASSETS:              
Investments in non-affiliates, at value $164,866,553   $ 753,764,064   $555,137,098   $246,257,623
Investments in affiliates, at value —   268,189   1,137,701   250,728
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 780,542   16,702,824   11,632,903   7,764,364
Cash 278,125   506,321   1,940   7,172
Foreign currency, at value 175,224   52,027   —   —
Deposits at broker for futures contracts —   424,600   132,400   15,000
Receivables:              
Investment securities sold —   541,238   —   —
Fund shares sold —   —   —   18,128,281
Dividends from non-affiliates 425,293   4,925,420   511,030   139,041
Dividends from affiliates —   3   11   2
Tax reclaims 5,735   1,444,991   —   —
Securities lending income (See Note 2.C) 216   8,836   1,041   724
Other assets 3,921   8,581   —   4,553
Total Assets 166,535,609   778,647,094   568,554,124   272,567,488
LIABILITIES:              
Payables:              
Due to custodian —   539,914   —   —
Investment securities purchased 20,112   —   1,016,778   18,104,027
Collateral received on securities loaned (See Note 2.C) 780,542   16,702,824   11,632,903   7,764,364
Variation margin on futures contracts 1,524   88,278   26,275   7,050
Accrued liabilities:              
Management fees (See Note 3.A) 62,140   242,813   87,384   47,690
Deferred foreign capital gains tax 683,891   —   —   —
Other —   2,724   919   —
Total Liabilities 1,548,209   17,576,553   12,764,259   25,923,131
Net Assets $164,987,400   $ 761,070,541   $555,789,865   $246,644,357
NET ASSETS:              
Paid-in-Capital $188,786,760   $ 902,054,675   $430,673,873   $215,140,517
Total distributable earnings (loss) (23,799,360)   (140,984,134)   125,115,992   31,503,840
Total Net Assets: $164,987,400   $ 761,070,541   $555,789,865   $246,644,357
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		3,100,000   14,200,000   5,600,000   2,800,000
Net asset value, per share $ 53.22   $ 53.60   $ 99.25   $ 88.09
Cost of investments in non-affiliates $158,606,537   $ 785,633,889   $473,370,734   $215,083,918
Cost of investments in affiliates —   268,189   1,137,701   250,728
Cost of foreign currency 142,838   50,806   —   —
Investment securities on loan, at value (See Note 2.C) 728,207   13,303,812   10,915,468   7,354,015
Cost of investment of cash collateral (See Note 2.C) 780,542   16,701,972   11,632,413   7,764,543
SEE NOTES TO FINANCIAL STATEMENTS.
240 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF 		  JPMorgan
International
Growth ETF 		  JPMorgan U.S.
Dividend ETF
ASSETS:          
Investments in non-affiliates, at value $200,346,498   $57,269,607   $63,743,943
Investments in affiliates, at value 96,528   1,633,814   117,552
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 16,316,768   —   1,118,762
Cash 69,565   113,953   5,099
Foreign currency, at value —   10,266   —
Deposits at broker for futures contracts 79,200   —   25,280
Receivables:          
Investment securities sold —   102,279   —
Dividends from non-affiliates 87,866   59,415   95,418
Dividends from affiliates 1   16   1
Tax reclaims —   64,905   —
Securities lending income (See Note 2.C) 7,398   —   71
Other assets 4,610   1,466   1,916
Total Assets 217,008,434   59,255,721   65,108,042
LIABILITIES:          
Payables:          
Investment securities purchased —   401,366   51,856
Collateral received on securities loaned (See Note 2.C) 16,316,768   —   1,118,762
Variation margin on futures contracts 5,301   —   3,850
Accrued liabilities:          
Management fees (See Note 3.A) 48,387   28,159   6,052
Total Liabilities 16,370,456   429,525   1,180,520
Net Assets $200,637,978   $58,826,196   $63,927,522
NET ASSETS:          
Paid-in-Capital $204,974,054   $67,390,279   $62,900,818
Total distributable earnings (loss) (4,336,076)   (8,564,083)   1,026,704
Total Net Assets: $200,637,978   $58,826,196   $63,927,522
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		4,950,000   1,050,000   1,900,000
Net asset value, per share $ 40.53   $ 56.02   $ 33.65
Cost of investments in non-affiliates $198,558,611   $61,837,165   $62,644,819
Cost of investments in affiliates 96,528   1,633,814   117,552
Cost of foreign currency —   10,348   —
Investment securities on loan, at value (See Note 2.C) 15,285,821   —   1,052,590
Cost of investment of cash collateral (See Note 2.C) 16,318,337   —   1,118,762
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 241

Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
  JPMorgan U.S.
Minimum
Volatility ETF 		  JPMorgan U.S.
Momentum
Factor ETF 		  JPMorgan U.S.
Quality Factor
ETF 		  JPMorgan U.S.
Value Factor
ETF
ASSETS:              
Investments in non-affiliates, at value $29,556,582   $244,520,411   $402,299,083   $530,416,846
Investments in affiliates, at value 21,295   214,672   442,519   512,860
Investments of cash collateral received from securities loaned, at value (See Note 2.C) 233,865   3,349,802   3,502,028   9,329,919
Cash 1,256   —   7,508   —
Deposits at broker for futures contracts 5,320   30,360   55,440   98,640
Receivables:              
Investment securities sold 1,850,319   —   10,259,128   —
Dividends from non-affiliates 26,227   188,030   308,723   505,984
Dividends from affiliates —(a)   2   5   5
Securities lending income (See Note 2.C) 25   2,903   4,671   911
Other assets 411   4,411   4,606   —
Total Assets 31,695,300   248,310,591   416,883,711   540,865,165
LIABILITIES:              
Payables:              
Due to custodian —   3,027   —   803
Collateral received on securities loaned (See Note 2.C) 233,865   3,349,802   3,502,028   9,329,919
Fund shares redeemed 1,850,505   —   10,322,079   —
Variation margin on futures contracts 781   7,296   18,692   25,730
Accrued liabilities:              
Management fees (See Note 3.A) 2,720   26,100   42,934   56,129
Other —   —   —   8,917
Total Liabilities 2,087,871   3,386,225   13,885,733   9,421,498
Net Assets $29,607,429   $244,924,366   $402,997,978   $531,443,667
NET ASSETS:              
Paid-in-Capital $31,267,215   $246,019,366   $381,941,177   $578,320,806
Total distributable earnings (loss) (1,659,786)   (1,095,000)   21,056,801   (46,877,139)
Total Net Assets: $29,607,429   $244,924,366   $402,997,978   $531,443,667
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) 		800,000   6,150,000   10,100,000   15,250,000
Net asset value, per share $ 37.01   $ 39.83   $ 39.90   $ 34.85
Cost of investments in non-affiliates $28,701,746   $255,339,077   $399,008,342   $564,237,538
Cost of investments in affiliates 21,295   214,672   442,519   512,860
Investment securities on loan, at value (See Note 2.C) 224,302   3,148,692   3,301,227   8,759,167
Cost of investment of cash collateral (See Note 2.C) 233,890   3,349,802   3,502,177   9,328,789
(a) Amount rounds to less than $1.
SEE NOTES TO FINANCIAL STATEMENTS.
242 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited)
  JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF 		  JPMorgan
ActiveBuilders
International
Equity ETF 		  JPMorgan
BetaBuilders
Canada ETF 		  JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF)
INVESTMENT INCOME:              
Interest income from non-affiliates $ 46   $ —   $ 7,286   $ —
Interest income from affiliates 41   —   661   1
Dividend income from non-affiliates 4,802,184   430,102   91,010,856   80,305,974
Dividend income from affiliates 6,203   204   —   —
Non-cash dividend income from non-affiliates 309,770   26,050   —   —
Income from securities lending (net) (See Note 2.C) 3,952   158   814,800   303,979
Foreign taxes withheld (net) (448,750)   (50,437)   (12,623,127)   (588,100)
Total investment income 4,673,446   406,077   79,210,476   80,021,854
EXPENSES:              
Management fees (See Note 3.A) 750,332   34,116   6,010,115   3,958,615
Interest expense to non-affiliates —   —   999   4,662
Interest expense to affiliates 261   22   11   —
Other 5,948   281   97,957   73,833
Total expenses 756,541   34,419   6,109,082   4,037,110
Net investment income (loss) 3,916,905   371,658   73,101,394   75,984,744
REALIZED/UNREALIZED GAINS (LOSSES):              
Net realized gain (loss) on transactions from:              
Investments in non-affiliates (18,406,338)(a)   (548,817)   (13,031,222)   (99,741,059)
Investments in affiliates (2,729)   —   —   —
In-kind redemptions of investments in non-affiliates (See Note 4) —   —   5,817,982   —
Futures contracts —   —   2,546,850   (294,699)
Foreign currency transactions 5,851   (6,045)   (987,386)   (334,386)
Net realized gain (loss) (18,403,216)   (554,862)   (5,653,776)   (100,370,144)
Change in net unrealized appreciation/depreciation on:              
Investments in non-affiliates (99,620,753)(b)   (3,636,852)   (308,154,117)   (208,696,637)
Investments in affiliates 466   —   (6,004)   (382)
Futures contracts —   —   (2,003,535)   270,195
Foreign currency translations (13,817)   (5,075)   (785,982)   (922,174)
Change in net unrealized appreciation/depreciation (99,634,104)   (3,641,927)   (310,949,638)   (209,348,998)
Net realized/unrealized gains (losses) (118,037,320)   (4,196,789)   (316,603,414)   (309,719,142)
Change in net assets resulting from operations $(114,120,415)   $(3,825,131)   $(243,502,020)   $(233,734,398)
(a) Net of foreign capital gains tax of $(4,890).
(b) Net of change in foreign capital gains tax of $109,430.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 243

Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
  JPMorgan
BetaBuilders
Europe ETF 		  JPMorgan
BetaBuilders
International
Equity ETF 		  JPMorgan
BetaBuilders
Japan ETF 		  JPMorgan
BetaBuilders
U.S. Equity ETF
INVESTMENT INCOME:              
Interest income from non-affiliates $ —   $ —   $ —   $ 7
Interest income from affiliates 205   1,484   —   —
Dividend income from non-affiliates 160,620,203   49,622,606   98,281,247   6,037,870
Dividend income from affiliates —   4,956   —   144,221
Non-cash dividend income from non-affiliates 13,063,074   3,108,124   —   —
Income from securities lending (net) (See Note 2.C) 944,816   185,845   197,332   13,186
Foreign taxes withheld (net) (17,264,704)   (4,621,935)   (9,821,854)   —
Total investment income 157,363,594   48,301,080   88,656,725   6,195,284
EXPENSES:              
Management fees (See Note 3.A) 4,379,223   1,168,811   7,141,316   92,547
Interest expense to non-affiliates 27,397   1,705   5,451   —
Interest expense to affiliates 43,401   2,514   7,682   62
Other 136,532   50,664   139,721   11,942
Total expenses 4,586,553   1,223,694   7,294,170   104,551
Net investment income (loss) 152,777,041   47,077,386   81,362,555   6,090,733
REALIZED/UNREALIZED GAINS (LOSSES):              
Net realized gain (loss) on transactions from:              
Investments in non-affiliates (42,969,071)   (14,252,071)   (75,497,022)   (2,611,754)
Investments in affiliates —   —   —   (30,497)
In-kind redemptions of investments in non-affiliates (See Note
4) 		205,154,273   51,554,143   60,801,700   8,205,590
In-kind redemptions of investments in affiliates (See Note 4) —   —   —   32,735
Futures contracts (1,215,926)   (2,151,875)   (4,858,794)   (126,571)
Foreign currency transactions (3,776,347)   (235,009)   (4,380,927)   —
Net realized gain (loss) 157,192,929   34,915,188   (23,935,043)   5,469,503
Change in net unrealized appreciation/depreciation on:              
Investments in non-affiliates (1,580,172,171)   (521,827,848)   (1,370,870,730)   (128,226,497)
Investments in affiliates 5,420   (4,403)   1,009   (3,629,975)
Futures contracts (325,286)   (1,188,320)   1,197,554   (275,870)
Foreign currency translations (2,475,332)   (695,769)   (3,795,957)   —
Change in net unrealized appreciation/depreciation (1,582,967,369)   (523,716,340)   (1,373,468,124)   (132,132,342)
Net realized/unrealized gains (losses) (1,425,774,440)   (488,801,152)   (1,397,403,167)   (126,662,839)
Change in net assets resulting from operations $(1,272,997,399)   $(441,723,766)   $(1,316,040,612)   $(120,572,106)
SEE NOTES TO FINANCIAL STATEMENTS.
244 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF 		  JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF 		  JPMorgan
Carbon
Transition U.S.
Equity ETF 		  JPMorgan
Climate Change
Solutions ETF (a)
INVESTMENT INCOME:              
Interest income from non-affiliates $ 61   $ 7   $ 60   $ —
Dividend income from non-affiliates 8,419,212   2,249,623   171,350   162,148
Dividend income from affiliates 5,491   2,305   15   19
Non-cash dividend income from non-affiliates —   386,369   —   —
Income from securities lending (net) (See Note 2.C) 170,823   266,714   —   —
Foreign taxes withheld (net) —   —   —   (11,321)
Total investment income 8,595,587   2,905,018   171,425   150,846
EXPENSES:              
Management fees (See Note 3.A) 531,325   188,600   17,775   42,773
Interest expense to non-affiliates 217   40   —   —
Interest expense to affiliates —   —   —   3
Other 21,677   5,664   368   —
Total expenses 553,219   194,304   18,143   42,776
Net investment income (loss) 8,042,368   2,710,714   153,282   108,070
REALIZED/UNREALIZED GAINS (LOSSES):              
Net realized gain (loss) on transactions from:              
Investments in non-affiliates (30,529,976)   (9,969,603)   (227,577)   (1,264,368)
Investments in affiliates —   —   —   (24)
In-kind redemptions of investments in non-affiliates (See Note 4) 110,972,068   18,242,048   1,437,323   —
Futures contracts (852,934)   97,566   (2,028)   —
Foreign currency transactions (9)   —   —   1,997
Net realized gain (loss) 79,589,149   8,370,011   1,207,718   (1,262,395)
Change in net unrealized appreciation/depreciation on:              
Investments in non-affiliates (354,545,416)   (94,751,398)   (3,908,414)   (4,437,911)
Investments in affiliates 114   (999)   —   —
Futures contracts (293,637)   (630,535)   (1,383)   —
Foreign currency translations —   —   —   (682)
Change in net unrealized appreciation/depreciation (354,838,939)   (95,382,932)   (3,909,797)   (4,438,593)
Net realized/unrealized gains (losses) (275,249,790)   (87,012,921)   (2,702,079)   (5,700,988)
Change in net assets resulting from operations $(267,207,422)   $(84,302,207)   $(2,548,797)   $(5,592,918)
(a) Commencement of operations was December 13, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 245

Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
  JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF 		  JPMorgan
Diversified Return
International
Equity ETF 		  JPMorgan
Diversified
Return U.S.
Equity ETF 		  JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF
INVESTMENT INCOME:              
Interest income from non-affiliates $ 15   $ —   $ —   $ 502
Interest income from affiliates 70   —   —   —
Dividend income from non-affiliates 3,051,771   17,653,782   6,851,525   1,956,302
Dividend income from affiliates 68   1,696   571   230
Non-cash dividend income from non-affiliates 249,283   —   —   —
Income from securities lending (net) (See Note 2.C) 2,605   43,525   7,915   4,750
Foreign taxes withheld (net) (289,561)   (1,339,300)   —   —
Total investment income 3,014,251   16,359,703   6,860,011   1,961,784
EXPENSES:              
Management fees (See Note 3.A) 377,781   1,507,084   587,588   280,656
Interest expense to non-affiliates —   488   206   —
Interest expense to affiliates —   434   —   —
Other 2,765   13,596   9,971   3,716
Total expenses 380,546   1,521,602   597,765   284,372
Net investment income (loss) 2,633,705   14,838,101   6,262,246   1,677,412
REALIZED/UNREALIZED GAINS (LOSSES):              
Net realized gain (loss) on transactions from:              
Investments in non-affiliates 1,866,748(a)   (3,689,290)   7,775,886   5,137,266
Investments in affiliates —   (465)   —   —
In-kind redemptions of investments in non-affiliates (See Note 4) —   1,329,604   66,927,376   7,934,111
Futures contracts (30,838)   (341,484)   144,424   40,884
Foreign currency transactions 42,923   (305,511)   —   —
Net realized gain (loss) 1,878,833   (3,007,146)   74,847,686   13,112,261
Change in net unrealized appreciation/depreciation on:              
Investments in non-affiliates (13,136,407)(b)   (91,110,071)   (82,635,892)   (23,762,135)
Investments in affiliates —   852   490   (159)
Futures contracts 2,627   (271,892)   (51,334)   (5,195)
Foreign currency translations 5,374   (269,137)   —   —
Change in net unrealized appreciation/depreciation (13,128,406)   (91,650,248)   (82,686,736)   (23,767,489)
Net realized/unrealized gains (losses) (11,249,573)   (94,657,394)   (7,839,050)   (10,655,228)
Change in net assets resulting from operations $ (8,615,868)   $(79,819,293)   $ (1,576,804)   $ (8,977,816)
(a) Net of foreign capital gains tax of $(74,102).
(b) Net of change in foreign capital gains tax of $151,105.
SEE NOTES TO FINANCIAL STATEMENTS.
246 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF 		  JPMorgan
International
Growth ETF 		  JPMorgan U.S.
Dividend ETF
INVESTMENT INCOME:          
Interest income from non-affiliates $ —   $ 52   $ —
Interest income from affiliates —   29   —
Dividend income from non-affiliates 1,528,680   412,097   759,096
Dividend income from affiliates 259   808   47
Non-cash dividend income from non-affiliates —   47,776   —
Income from securities lending (net) (See Note 2.C) 39,628   —   131
Foreign taxes withheld (net) —   (41,994)   —
Total investment income 1,568,567   418,768   759,274
EXPENSES:          
Management fees (See Note 3.A) 273,078   162,001   32,575
Interest expense to non-affiliates —   —   108
Interest expense to affiliates —   66   —
Other 2,855   1,002   669
Total expenses 275,933   163,069   33,352
Net investment income (loss) 1,292,634   255,699   725,922
REALIZED/UNREALIZED GAINS (LOSSES):          
Net realized gain (loss) on transactions from:          
Investments in non-affiliates 405,848   (4,003,325)   (369,199)
In-kind redemptions of investments in non-affiliates (See Note 4) 4,260,006   —   2,226,154
Futures contracts (94,707)   —   2,744
Foreign currency transactions —   (252)   —
Net realized gain (loss) 4,571,147   (4,003,577)   1,859,699
Change in net unrealized appreciation/depreciation on:          
Investments in non-affiliates (25,590,865)   (15,517,417)   (424,967)
Investments in affiliates (1,569)   —   —
Futures contracts (11,073)   —   (6,307)
Foreign currency translations —   (4,735)   —
Change in net unrealized appreciation/depreciation (25,603,507)   (15,522,152)   (431,274)
Net realized/unrealized gains (losses) (21,032,360)   (19,525,729)   1,428,425
Change in net assets resulting from operations $(19,739,726)   $(19,270,030)   $2,154,347
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
  JPMorgan U.S.
Minimum
Volatility ETF 		  JPMorgan U.S.
Momentum
Factor ETF 		  JPMorgan U.S.
Quality Factor
ETF 		  JPMorgan U.S.
Value Factor
ETF
INVESTMENT INCOME:              
Dividend income from non-affiliates $ 206,406   $ 1,381,061   $ 3,307,367   $ 5,220,880
Dividend income from affiliates 20   184   305   464
Income from securities lending (net) (See Note 2.C) 144   5,350   14,256   6,084
Total investment income 206,570   1,386,595   3,321,928   5,227,428
EXPENSES:              
Management fees (See Note 3.A) 12,753   148,890   243,688   297,187
Interest expense to non-affiliates —   —   —   26
Other 341   3,173   5,638   15,102
Total expenses 13,094   152,063   249,326   312,315
Net investment income (loss) 193,476   1,234,532   3,072,602   4,915,113
REALIZED/UNREALIZED GAINS (LOSSES):              
Net realized gain (loss) on transactions from:              
Investments in non-affiliates 299,935   (6,616,406)   (2,918,439)   2,061,453
In-kind redemptions of investments in non-affiliates (See Note 4) 640,756   20,804,400   28,587,651   6,736,899
Futures contracts 3,913   61,515   60,645   73,163
Net realized gain (loss) 944,604   14,249,509   25,729,857   8,871,515
Change in net unrealized appreciation/depreciation on:              
Investments in non-affiliates (1,382,944)   (59,681,580)   (61,039,713)   (42,804,105)
Investments in affiliates (18)   —   (149)   1,130
Futures contracts (2,521)   (18,861)   (35,184)   (47,375)
Change in net unrealized appreciation/depreciation (1,385,483)   (59,700,441)   (61,075,046)   (42,850,350)
Net realized/unrealized gains (losses) (440,879)   (45,450,932)   (35,345,189)   (33,978,835)
Change in net assets resulting from operations $ (247,403)   $(44,216,400)   $(32,272,587)   $(29,063,722)
SEE NOTES TO FINANCIAL STATEMENTS.
248 J.P. Morgan Exchange-Traded Funds April 30, 2022

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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED
  JPMorgan ActiveBuilders
Emerging Markets Equity
ETF 		  JPMorgan ActiveBuilders
International Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Period Ended
October 31, 2021 (a) 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Period Ended
October 31, 2021 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 3,916,905   $ 2,679,156   $ 371,658   $ 203,012
Net realized gain (loss) (18,403,216)   (593,949)   (554,862)   (69,347)
Change in net unrealized appreciation/depreciation (99,634,104)   (12,896,276)   (3,641,927)   496,351
Change in net assets resulting from operations (114,120,415)   (10,811,069)   (3,825,131)   630,016
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (5,165,856)   —   (319,380)   —
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 521,604,151   336,675,029   —   28,789,940
NET ASSETS:              
Change in net assets 402,317,880   325,863,960   (4,144,511)   29,419,956
Beginning of period 325,863,960   —   29,419,956   —
End of period $ 728,181,840   $325,863,960   $25,275,445   $29,419,956
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 521,604,151   $336,675,029   $ —   $28,789,940
Total change in net assets resulting from capital transactions $ 521,604,151   $336,675,029   $ —   $28,789,940
SHARE TRANSACTIONS:              
Issued 12,300,000   6,800,000   —   600,000
Net increase (decrease) in shares from share transactions 12,300,000   6,800,000   —   600,000
(a) Commencement of operations was March 10, 2021.
(b) Commencement of operations was July 7, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan BetaBuilders
Canada ETF 		  JPMorgan BetaBuilders Developed
Asia Pacific ex-Japan ETF (formerly
known as JPMorgan BetaBuilders
Developed Asia ex-Japan ETF)
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 73,101,394   $ 116,418,038   $ 75,984,744   $ 145,165,781
Net realized gain (loss) (5,653,776)   55,416,108   (100,370,144)   (6,954,174)
Change in net unrealized appreciation/depreciation (310,949,638)   1,736,255,618   (209,348,998)   397,969,872
Change in net assets resulting from operations (243,502,020)   1,908,089,764   (233,734,398)   536,181,479
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (70,149,474)   (113,624,161)   (130,290,202)   (130,441,819)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 789,077,376   636,591,756   541,433,079   2,241,407,993
NET ASSETS:              
Change in net assets 475,425,882   2,431,057,359   177,408,479   2,647,147,653
Beginning of period 6,071,268,619   3,640,211,260   4,113,118,547   1,465,970,894
End of period $6,546,694,501   $6,071,268,619   $4,290,527,026   $4,113,118,547
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 802,380,856   $ 758,394,817   $ 541,433,079   $2,313,974,196
Cost of shares redeemed (13,303,480)   (121,803,061)   —   (72,566,203)
Total change in net assets resulting from capital transactions $ 789,077,376   $ 636,591,756   $ 541,433,079   $2,241,407,993
SHARE TRANSACTIONS:              
Issued 11,950,000   12,300,000(a)   10,100,000   41,000,000(a)
Redeemed (200,000)   (1,901,089)(a)   —   (1,301,359)(a)
Net increase (decrease) in shares from share transactions 11,750,000   10,398,911   10,100,000   39,698,641
(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
250 J.P. Morgan Exchange-Traded Funds April 30, 2022

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  JPMorgan BetaBuilders
Europe ETF 		  JPMorgan BetaBuilders
International Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 152,777,041   $ 186,741,805   $ 47,077,386   $ 93,794,835
Net realized gain (loss) 157,192,929   173,173,700   34,915,188   57,414,713
Change in net unrealized appreciation/depreciation (1,582,967,369)   1,265,712,790   (523,716,340)   604,876,597
Change in net assets resulting from operations (1,272,997,399)   1,625,628,295   (441,723,766)   756,086,145
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (118,052,301)   (162,749,406)   (67,259,388)   (83,978,586)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 1,411,195,065   4,263,568,980   (225,574,212)   1,141,362,817
NET ASSETS:              
Change in net assets 20,145,365   5,726,447,869   (734,557,366)   1,813,470,376
Beginning of period 9,427,453,378   3,701,005,509   3,680,140,678   1,866,670,302
End of period $ 9,447,598,743   $ 9,427,453,378   $2,945,583,312   $3,680,140,678
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 2,541,825,012   $ 5,534,506,823   $ 23,901,233   $1,372,694,023
Cost of shares redeemed (1,130,629,947)   (1,270,937,843)   (249,475,445)   (231,331,206)
Total change in net assets resulting from capital transactions $ 1,411,195,065   $ 4,263,568,980   $ (225,574,212)   $1,141,362,817
SHARE TRANSACTIONS:              
Issued 46,500,000   96,500,000(a)   400,000   24,400,000
Redeemed (21,000,000)   (24,200,404)(a)   (4,400,000)   (4,000,000)
Net increase (decrease) in shares from share transactions 25,500,000   72,299,596   (4,000,000)   20,400,000
(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan BetaBuilders
Japan ETF 		  JPMorgan BetaBuilders
U.S. Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 81,362,555   $ 147,334,454   $ 6,090,733   $ 6,535,651
Net realized gain (loss) (23,935,043)   467,914,152   5,469,503   15,444,975
Change in net unrealized appreciation/depreciation (1,373,468,124)   440,258,321   (132,132,342)   123,924,342
Change in net assets resulting from operations (1,316,040,612)   1,055,506,927   (120,572,106)   145,904,968
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (220,078,397)   (70,569,312)   (5,648,092)   (5,799,680)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 791,609,166   1,556,564,791   425,340,386   404,128,109
NET ASSETS:              
Change in net assets (744,509,843)   2,541,502,406   299,120,188   544,233,397
Beginning of period 7,864,537,853   5,323,035,447   782,605,972   238,372,575
End of period $ 7,120,028,010   $ 7,864,537,853   $1,081,726,160   $782,605,972
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 1,013,706,529   $ 3,261,931,039   $ 449,220,384   $453,678,097
Cost of shares redeemed (222,097,363)   (1,705,366,248)   (23,879,998)   (49,549,988)
Total change in net assets resulting from capital transactions $ 791,609,166   $ 1,556,564,791   $ 425,340,386   $404,128,109
SHARE TRANSACTIONS:              
Issued 19,000,000   57,400,000(a)   5,550,000   6,000,000
Redeemed (3,800,000)   (29,802,452)(a)   (300,000)   (700,000)
Net increase (decrease) in shares from share transactions 15,200,000   27,597,548   5,250,000   5,300,000
(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
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  JPMorgan BetaBuilders U.S.
Mid Cap Equity ETF 		  JPMorgan BetaBuilders U.S. Small
Cap Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Period Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 8,042,368   $ 16,342,792   $ 2,710,714   $ 2,804,780
Net realized gain (loss) 79,589,149   191,521,497   8,370,011   10,807,502
Change in net unrealized appreciation/depreciation (354,838,939)   308,087,619   (95,382,932)   21,084,695
Change in net assets resulting from operations (267,207,422)   515,951,908   (84,302,207)   34,696,977
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (8,099,081)   (13,365,064)   (2,803,371)   (2,261,493)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 81,334,463   207,905,317   144,808,705   409,626,006
NET ASSETS:              
Change in net assets (193,972,040)   710,492,161   57,703,127   442,061,490
Beginning of period 1,698,624,114   988,131,953   442,061,490   —
End of period $1,504,652,074   $1,698,624,114   $499,764,617   $ 442,061,490
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 431,896,604   $1,062,480,424   $235,676,522   $ 537,840,503
Cost of shares redeemed (350,562,141)   (854,575,107)   (90,867,817)   (128,214,497)
Total change in net assets resulting from capital transactions $ 81,334,463   $ 207,905,317   $144,808,705   $ 409,626,006
SHARE TRANSACTIONS:              
Issued 5,000,000   12,750,000   3,925,000   8,500,000
Redeemed (3,875,000)   (10,000,000)   (1,425,000)   (1,950,000)
Net increase (decrease) in shares from share transactions 1,125,000   2,750,000   2,500,000   6,550,000
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan Carbon Transition
U.S. Equity ETF 		  JPMorgan
Climate Change Solutions ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Period Ended
October 31, 2021 (a) 		  Period Ended
April 30, 2022
(Unaudited)(b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:          
Net investment income (loss) $ 153,282   $ 283,722   $ 108,070
Net realized gain (loss) 1,207,718   1,302,566   (1,262,395)
Change in net unrealized appreciation/depreciation (3,909,797)   4,455,496   (4,438,593)
Change in net assets resulting from operations (2,548,797)   6,041,784   (5,592,918)
DISTRIBUTIONS TO SHAREHOLDERS:          
Total distributions to shareholders (162,100)   (242,528)   (15,288)
CAPITAL TRANSACTIONS:          
Change in net assets resulting from capital transactions (7,572)   19,134,138   26,388,065
NET ASSETS:          
Change in net assets (2,718,469)   24,933,394   20,779,859
Beginning of period 24,933,394   —   —
End of period $22,214,925   $24,933,394   $20,779,859
CAPITAL TRANSACTIONS:          
Proceeds from shares issued $ 6,145,953   $28,088,814   $26,388,065
Cost of shares redeemed (6,153,525)   (8,954,676)   —
Total change in net assets resulting from capital transactions $ (7,572)   $19,134,138   $26,388,065
SHARE TRANSACTIONS:          
Issued 100,000   550,000   550,000
Redeemed (100,000)   (150,000)   —
Net increase (decrease) in shares from share transactions —   400,000   550,000
(a) Commencement of operations was December 9, 2020.
(b) Commencement of operations was December 13, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
254 J.P. Morgan Exchange-Traded Funds April 30, 2022

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  JPMorgan Diversified Return
Emerging Markets Equity ETF 		  JPMorgan Diversified Return
International Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 2,633,705   $ 6,411,783   $ 14,838,101   $ 27,890,593
Net realized gain (loss) 1,878,833   12,861,727   (3,007,146)   48,317,967
Change in net unrealized appreciation/depreciation (13,128,406)   35,165,878   (91,650,248)   134,443,885
Change in net assets resulting from operations (8,615,868)   54,439,388   (79,819,293)   210,652,445
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (3,277,041)   (6,292,381)   (25,631,531)   (25,542,042)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 22,997,561   (108,024,401)   24,505,143   (210,294,305)
NET ASSETS:              
Change in net assets 11,104,652   (59,877,394)   (80,945,681)   (25,183,902)
Beginning of period 153,882,748   213,760,142   842,016,222   867,200,124
End of period $164,987,400   $ 153,882,748   $761,070,541   $ 842,016,222
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 22,997,561   $ —   $ 35,440,916   $ 12,477,390
Cost of shares redeemed —   (108,024,401)   (10,935,773)   (222,771,695)
Total change in net assets resulting from capital transactions $ 22,997,561   $(108,024,401)   $ 24,505,143   $(210,294,305)
SHARE TRANSACTIONS:              
Issued 400,000   —   600,000   200,000
Redeemed —   (1,900,000)   (200,000)   (3,800,000)
Net increase (decrease) in shares from share transactions 400,000   (1,900,000)   400,000   (3,600,000)
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan Diversified Return
U.S. Equity ETF 		  JPMorgan Diversified Return
U.S. Mid Cap Equity ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 6,262,246   $ 12,226,454   $ 1,677,412   $ 3,862,473
Net realized gain (loss) 74,847,686   54,114,412   13,112,261   40,618,595
Change in net unrealized appreciation/depreciation (82,686,736)   144,832,764   (23,767,489)   45,263,900
Change in net assets resulting from operations (1,576,804)   211,173,630   (8,977,816)   89,744,968
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (6,843,465)   (11,091,933)   (2,010,115)   (3,596,501)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions (145,802,440)   (26,778,764)   17,823,576   (66,547,601)
NET ASSETS:              
Change in net assets (154,222,709)   173,302,933   6,835,645   19,600,866
Beginning of period 710,012,574   536,709,641   239,808,712   220,207,846
End of period $ 555,789,865   $ 710,012,574   $246,644,357   $ 239,808,712
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 40,679,940   $ 90,741,445   $ 36,612,482   $ 41,422,965
Cost of shares redeemed (186,482,380)   (117,520,209)   (18,788,906)   (107,970,566)
Total change in net assets resulting from capital transactions $(145,802,440)   $ (26,778,764)   $ 17,823,576   $ (66,547,601)
SHARE TRANSACTIONS:              
Issued 400,000   1,000,000   400,000   500,000
Redeemed (1,800,000)   (1,300,000)   (200,000)   (1,300,000)
Net increase (decrease) in shares from share transactions (1,400,000)   (300,000)   200,000   (800,000)
SEE NOTES TO FINANCIAL STATEMENTS.
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  JPMorgan Diversified Return
U.S. Small Cap Equity ETF 		  JPMorgan
International Growth ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 1,292,634   $ 1,963,738   $ 255,699   $ 140,679
Net realized gain (loss) 4,571,147   34,553,371   (4,003,577)   3,165,822
Change in net unrealized appreciation/depreciation (25,603,507)   42,626,246   (15,522,152)   7,129,158
Change in net assets resulting from operations (19,739,726)   79,143,355   (19,270,030)   10,435,659
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (1,287,924)   (2,069,847)   (823,639)   (18,324)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 45,403,442   (49,484,147)   17,627,915   13,086,957
NET ASSETS:              
Change in net assets 24,375,792   27,589,361   (2,465,754)   23,504,292
Beginning of period 176,262,186   148,672,825   61,291,950   37,787,658
End of period $200,637,978   $176,262,186   $ 58,826,196   $61,291,950
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $ 54,291,204   $ 36,921,776   $ 17,627,915   $22,434,133
Cost of shares redeemed (8,887,762)   (86,405,923)   —   (9,347,176)
Total change in net assets resulting from capital transactions $ 45,403,442   $ (49,484,147)   $ 17,627,915   $13,086,957
SHARE TRANSACTIONS:              
Issued 1,250,000   850,000   275,000   300,000
Redeemed (200,000)   (2,100,000)   —   (125,000)
Net increase (decrease) in shares from share transactions 1,050,000   (1,250,000)   275,000   175,000
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 257

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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan
U.S. Dividend ETF 		  JPMorgan U.S. Minimum
Volatility ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 725,922   $ 852,711   $ 193,476   $ 394,980
Net realized gain (loss) 1,859,699   4,235,475   944,604   1,731,969
Change in net unrealized appreciation/depreciation (431,274)   4,638,990   (1,385,483)   4,325,880
Change in net assets resulting from operations 2,154,347   9,727,176   (247,403)   6,452,829
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (761,209)   (743,457)   (204,699)   (383,526)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 13,692,106   4,893,156   9,898,883   (23,682,193)
NET ASSETS:              
Change in net assets 15,085,244   13,876,875   9,446,781   (17,612,890)
Beginning of period 48,842,278   34,965,403   20,160,648   37,773,538
End of period $63,927,522   $ 48,842,278   $29,607,429   $ 20,160,648
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $22,070,844   $ 33,651,535   $13,581,532   $ 1,784,387
Cost of shares redeemed (8,378,738)   (28,758,379)   (3,682,649)   (25,466,580)
Total change in net assets resulting from capital transactions $13,692,106   $ 4,893,156   $ 9,898,883   $(23,682,193)
SHARE TRANSACTIONS:              
Issued 650,000   1,050,000   350,000   50,000
Redeemed (250,000)   (1,050,000)   (100,000)   (800,000)
Net increase (decrease) in shares from share transactions 400,000   —   250,000   (750,000)
SEE NOTES TO FINANCIAL STATEMENTS.
258 J.P. Morgan Exchange-Traded Funds April 30, 2022

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  JPMorgan
U.S. Momentum Factor ETF 		  JPMorgan
U.S. Quality Factor ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021 		  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:              
Net investment income (loss) $ 1,234,532   $ 1,432,327   $ 3,072,602   $ 6,171,280
Net realized gain (loss) 14,249,509   30,365,700   25,729,857   78,968,597
Change in net unrealized appreciation/depreciation (59,700,441)   28,802,240   (61,075,046)   47,024,395
Change in net assets resulting from operations (44,216,400)   60,600,267   (32,272,587)   132,164,272
DISTRIBUTIONS TO SHAREHOLDERS:              
Total distributions to shareholders (1,079,079)   (1,301,587)   (3,078,455)   (6,236,190)
CAPITAL TRANSACTIONS:              
Change in net assets resulting from capital transactions 68,361,674   27,816,405   45,144,929   (117,395,200)
NET ASSETS:              
Change in net assets 23,066,195   87,115,085   9,793,887   8,532,882
Beginning of period 221,858,171   134,743,086   393,204,091   384,671,209
End of period $244,924,366   $221,858,171   $ 402,997,978   $ 393,204,091
CAPITAL TRANSACTIONS:              
Proceeds from shares issued $126,908,115   $ 98,690,820   $ 148,475,017   $ 173,997,583
Cost of shares redeemed (58,546,441)   (70,874,415)   (103,330,088)   (291,392,783)
Total change in net assets resulting from capital transactions $ 68,361,674   $ 27,816,405   $ 45,144,929   $(117,395,200)
SHARE TRANSACTIONS:              
Issued 2,800,000   2,300,000   3,500,000   4,500,000
Redeemed (1,300,000)   (1,650,000)   (2,450,000)   (7,650,000)
Net increase (decrease) in shares from share transactions 1,500,000   650,000   1,050,000   (3,150,000)
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 259

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
  JPMorgan
U.S. Value Factor ETF
  Six Months Ended
April 30, 2022
(Unaudited) 		  Year Ended
October 31, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:      
Net investment income (loss) $ 4,915,113   $ 11,282,222
Net realized gain (loss) 8,871,515   73,664,284
Change in net unrealized appreciation/depreciation (42,850,350)   11,907,585
Change in net assets resulting from operations (29,063,722)   96,854,091
DISTRIBUTIONS TO SHAREHOLDERS:      
Total distributions to shareholders (5,407,928)   (9,906,929)
CAPITAL TRANSACTIONS:      
Change in net assets resulting from capital transactions 165,335,830   251,164,170
NET ASSETS:      
Change in net assets 130,864,180   338,111,332
Beginning of period 400,579,487   62,468,155
End of period $531,443,667   $ 400,579,487
CAPITAL TRANSACTIONS:      
Proceeds from shares issued $230,396,689   $1,140,325,211
Cost of shares redeemed (65,060,859)   (889,161,041)
Total change in net assets resulting from capital transactions $165,335,830   $ 251,164,170
SHARE TRANSACTIONS:      
Issued 6,200,000   32,750,000
Redeemed (1,750,000)   (24,450,000)
Net increase (decrease) in shares from share transactions 4,450,000   8,300,000
SEE NOTES TO FINANCIAL STATEMENTS.
260 J.P. Morgan Exchange-Traded Funds April 30, 2022

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Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
  Per share operating performance
    Investment operations   Distributions
  Net asset
value,
beginning
of period 		Net investment
income
(loss) (b) 		Net realized
and unrealized
gains
(losses)
on investments 		Total from
investment
operations 		  Net
investment
income 		Net realized gain
JPMorgan ActiveBuilders Emerging Markets Equity ETF              
Six Months Ended April 30, 2022 (Unaudited) $47.92 $0.37 $ (9.45) $ (9.08)   $(0.63) $(0.09)
March 10, 2021 (g) through October 31, 2021 48.00 0.66 (0.74) (0.08)   — —
JPMorgan ActiveBuilders International Equity ETF              
Six Months Ended April 30, 2022 (Unaudited) 49.03 0.62 (6.99) (6.37)   (0.53) —
July 7, 2021 (g) through October 31, 2021 48.00 0.35 0.68 1.03   — —
JPMorgan BetaBuilders Canada ETF              
Six Months Ended April 30, 2022 (Unaudited) 67.80 0.77 (3.19) (2.42)   (0.75) —
Year Ended October 31, 2021  (j) 45.99 1.38 21.78 23.16   (1.35) —
Year Ended October 31, 2020  (j) 49.78 1.29 (3.82) (2.53)   (1.26) —
Year Ended October 31, 2019  (j) 45.19 1.31 4.47 5.78   (1.19) —
August 7, 2018 (g) through October 31, 2018  (j) 49.31 0.29 (4.31) (4.02)   (0.10) —
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)              
Six Months Ended April 30, 2022 (Unaudited) 56.89 0.98 (4.10) (3.12)   (1.70) —
Year Ended October 31, 2021  (j) 44.97 2.44 11.48 13.92   (2.00) —
Year Ended October 31, 2020  (j) 50.63 1.58 (5.65) (4.07)   (1.59) —
Year Ended October 31, 2019  (j) 45.36 2.10 5.17 7.27   (2.00) —
August 7, 2018 (g) through October 31, 2018  (j) 50.73 0.44 (5.48) (5.04)   (0.33) —
JPMorgan BetaBuilders Europe ETF              
Six Months Ended April 30, 2022 (Unaudited) 59.74 0.88 (8.39) (7.51)   (0.69) —
Year Ended October 31, 2021  (j) 43.29 1.67 16.19 17.86   (1.41) —
Year Ended October 31, 2020  (j) 48.71 1.08 (5.43) (4.35)   (1.07) —
Year Ended October 31, 2019  (j) 45.19 1.79 3.28 5.07   (1.55) —
June 15, 2018 (g) through October 31, 2018  (j) 49.58 0.26 (4.58) (4.32)   (0.07) —
    
(a) Annualized for periods less than one year, unless otherwise noted.
(b) Calculated based upon average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d) Not annualized for periods less than one year.
(e) Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g) Commencement of operations.
(h) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(i) Does not include expenses of unaffiliated Underlying Funds.
(j) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(k) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS.
262 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  Ratios/Supplemental data  
            Ratios to average net assets (a)
Total
distributions 		Net asset
value,
end of
period 		Market
price,
end of
period 		Total
return (c)(d) 		Market
price
total
return (d)(e) 		Net assets,
end of
period 		Net
expenses 		Net
investment
income
(loss) 		Expenses
without waives
and reimbursements 		Portfolio
turnover
rate (d) 		 
                     
$(0.72) $38.12 $38.18 (19.20)% (19.50)% $ 728,181,840 0.33(f)% 1.72% 0.33(f)% 11%  
— 47.92 48.17 (0.17) 0.35(h) 325,863,960 0.30(i) 2.11 0.33(i) 40  
                     
(0.53) 42.13 42.05 (13.12) (13.60) 25,275,445 0.25(f) 2.68 0.25(f) 14  
— 49.03 49.21 2.15 2.52(h) 29,419,956 0.25 2.23 0.25 9  
                     
(0.75) 64.63 64.68 (3.59) (3.77) 6,546,694,501 0.19(f) 2.31 0.19(f) 3  
(1.35) 67.80 67.98 50.77 50.84 6,071,268,619 0.19 2.28 0.19 2  
(1.26) 45.99 46.10 (4.98) (4.81) 3,640,211,260 0.19 2.74 0.19 4  
(1.19) 49.78 49.80 13.08 12.97 3,800,754,020 0.19 2.73 0.34(k) 7  
(0.10) 45.19 45.24 (8.18) (8.05)(h) 2,044,698,826 0.19(f) 2.55 0.37(k) 1  
                     
(1.70) 52.07 52.00 (5.55) (6.07) 4,290,527,026 0.19(f) 3.65 0.19(f) 10  
(2.00) 56.89 57.12 31.14 31.26 4,113,118,547 0.19 4.26 0.19 6  
(1.59) 44.97 45.10 (7.87) (7.45) 1,465,970,894 0.19 3.40 0.19 6  
(2.00) 50.63 50.54 16.18 15.94 1,442,853,830 0.19 4.22 0.39(k) 7  
(0.33) 45.36 45.38 (9.97) (9.93)(h) 603,313,934 0.19(f) 3.94 0.45(f)(k) 2  
                     
(0.69) 51.54 51.34 (12.68) (13.28) 9,447,598,743 0.09(f) 3.14 0.09(f) 4  
(1.41) 59.74 59.92 41.54 41.77 9,427,453,378 0.09 2.92 0.09 6  
(1.07) 43.29 43.34 (8.92) (8.90) 3,701,005,509 0.09 2.33 0.09 5  
(1.55) 48.71 48.78 11.43 11.32 3,853,145,624 0.09 3.83 0.25(k) 7  
(0.07) 45.19 45.28 (8.75) (8.55)(h) 1,314,930,292 0.09(f) 1.45 0.34(f)(k) 2  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 263

Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
  Per share operating performance
    Investment operations   Distributions
  Net asset
value,
beginning
of period 		Net investment
income
(loss) (b) 		Net realized
and unrealized
gains
(losses)
on investments 		Total from
investment
operations 		  Net
investment
income
JPMorgan BetaBuilders International Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) $60.53 $0.80 $ (8.33) $ (7.53)   $(1.14)
Year Ended October 31, 2021 46.20 1.67 14.10 15.77   (1.44)
December 3, 2019 (g) through October 31, 2020 49.79 1.05 (4.26)(h) (3.21)   (0.38)
JPMorgan BetaBuilders Japan ETF            
Six Months Ended April 30, 2022 (Unaudited) 57.16 0.57 (9.54) (8.97)   (1.59)
Year Ended October 31, 2021  (j) 48.39 1.04 8.36 9.40   (0.63)
Year Ended October 31, 2020  (j) 49.07 0.84 (0.39) 0.45   (1.13)
Year Ended October 31, 2019  (j) 45.45 0.97 2.93 3.90   (0.28)
June 15, 2018 (g) through October 31, 2018  (j) 49.58 0.48 (4.61) (4.13)   —
JPMorgan BetaBuilders U.S. Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 84.15 0.53 (9.83) (9.30)   (0.50)
Year Ended October 31, 2021 59.59 1.02 24.48 25.50   (0.94)
Year Ended October 31, 2020 54.60 1.14 4.83 5.97   (0.98)
March 12, 2019 (g) through October 31, 2019 50.14 0.68 4.29 4.97   (0.51)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 93.59 0.46 (15.53) (15.07)   (0.46)
Year Ended October 31, 2021 64.16 0.90 29.27 30.17   (0.74)
April 14, 2020 (g) through October 31, 2020 50.78 0.33 13.32(h) 13.65   (0.27)
JPMorgan BetaBuilders U.S. Small Cap Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 67.49 0.40 (12.25) (11.85)   (0.42)
November 16, 2020 (g) through October 31, 2021 51.27 0.62 16.04 16.66   (0.44)
    
(a) Annualized for periods less than one year, unless otherwise noted.
(b) Calculated based upon average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d) Not annualized for periods less than one year.
(e) Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g) Commencement of operations.
(h) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(i) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(j) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(k) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS.
264 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  Ratios/Supplemental data  
          Ratios to average net assets (a)
Net asset
value,
end of
period 		Market
price,
end of
period 		Total
return (c)(d) 		Market
price
total
return (d)(e) 		Net assets,
end of
period 		Net
expenses 		Net
investment
income
(loss) 		Expenses
without waives
and reimbursements 		Portfolio
turnover
rate (d) 		 
                   
$51.86 $51.71 (12.64)% (13.05)% $2,945,583,312 0.07(f)% 2.81% 0.07(f)% 3%  
60.53 60.64 34.26 34.24 3,680,140,678 0.07 2.85 0.07 5  
46.20 46.29 (6.45) (6.27)(i) 1,866,670,302 0.07 2.40 0.07 8  
                   
46.60 46.65 (16.12) (16.10) 7,120,028,010 0.19(f) 2.17 0.19(f) 1  
57.16 57.21 19.47 18.98 7,864,537,853 0.19 1.83 0.19 3  
48.39 48.64 0.87 1.24 5,323,035,447 0.19 1.77 0.19 5  
49.07 49.14 8.74 9.07 4,318,521,919 0.19 2.14 0.33(f)(k) 4  
45.45 45.36 (8.35) (8.51)(i) 2,336,087,667 0.19(f) 2.63 0.37(f)(k) 5  
                   
74.35 74.35 (11.12) (11.08) 1,081,726,160 0.02(f) 1.30 0.02(f) 2  
84.15 84.11 43.02 42.97 782,605,972 0.02 1.34 0.02 4  
59.59 59.58 11.09 11.05 238,372,575 0.02 1.99 0.02 4  
54.60 54.61 9.95 9.97(i) 46,409,125 0.02 2.01 0.02 3  
                   
78.06 77.99 (16.16) (16.31) 1,504,652,074 0.07(f) 1.06 0.07(f) 17  
93.59 93.68 47.15 47.52 1,698,624,114 0.07 1.05 0.07 27  
64.16 64.06 26.91 26.71(i) 988,131,953 0.07 0.91 0.07 7  
                   
55.22 55.16 (17.64) (17.81) 499,764,617 0.09(f) 1.29 0.09(f) 17  
67.49 67.56 32.56 32.70(i) 442,061,490 0.09 0.98 0.09 27  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 265

Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
  Per share operating performance
    Investment operations   Distributions
  Net asset
value,
beginning
of period 		Net investment
income
(loss) (b) 		Net realized
and unrealized
gains
(losses)
on investments 		Total from
investment
operations 		  Net
investment
income
JPMorgan Carbon Transition U.S. Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) $ 62.33 $0.38 $ (6.76) $ (6.38)   $(0.41)
December 9, 2020 (g) through October 31, 2021 49.29 0.63 12.95 13.58   (0.54)
JPMorgan Climate Change Solutions ETF            
December 13, 2021 (g) through April 30, 2022 (Unaudited) 48.00 0.20 (10.39) (10.19)   (0.03)
JPMorgan Diversified Return Emerging Markets Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 56.99 0.86 (3.57) (2.71)   (1.06)
Year Ended October 31, 2021 46.47 1.81 10.70 12.51   (1.99)
Year Ended October 31, 2020 54.43 1.46 (7.48) (6.02)   (1.94)
Year Ended October 31, 2019 50.91 2.07 2.97 5.04   (1.52)
Year Ended October 31, 2018 57.15 1.59 (5.37) (3.78)   (2.46)
Year Ended October 31, 2017 48.68 1.50 7.56 9.06   (0.59)
JPMorgan Diversified Return International Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 61.02 1.05 (6.65) (5.60)   (1.82)
Year Ended October 31, 2021 49.84 1.91 11.03 12.94   (1.76)
Year Ended October 31, 2020 55.06 1.35 (5.01) (3.66)   (1.56)
Year Ended October 31, 2019 53.10 1.77 1.90 3.67   (1.71)
Year Ended October 31, 2018 59.18 1.51 (5.29) (3.78)   (2.30)
Year Ended October 31, 2017 50.00 1.43 8.57 10.00   (0.82)
JPMorgan Diversified Return U.S. Equity ETF            
Six Months Ended April 30, 2022 (Unaudited) 101.43 0.98 (2.11) (1.13)   (1.05)
Year Ended October 31, 2021 73.52 1.71 27.76 29.47   (1.56)
Year Ended October 31, 2020 76.44 1.65 (2.82) (1.17)   (1.75)
Year Ended October 31, 2019 69.92 1.66 6.34 8.00   (1.48)
Year Ended October 31, 2018 68.52 1.39 1.88 3.27   (1.87)
Year Ended October 31, 2017 57.06 1.17 10.75 11.92   (0.46)
    
(a) Annualized for periods less than one year, unless otherwise noted.
(b) Calculated based upon average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d) Not annualized for periods less than one year.
(e) Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g) Commencement of operations.
(h) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(i) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS.
266 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  Ratios/Supplemental data  
          Ratios to average net assets (a)
Net asset
value,
end of
period 		Market
price,
end of
period 		Total
return (c)(d) 		Market
price
total
return (d)(e) 		Net assets,
end of
period 		Net
expenses 		Net
investment
income
(loss) 		Expenses
without waives
and reimbursements 		Portfolio
turnover
rate (d) 		 
                   
$ 55.54 $ 55.49 (10.31)% (10.41)% $ 22,214,925 0.15(f)% 1.26% 0.15(f)% 7%  
62.33 62.34 27.68 27.70(h) 24,933,394 0.15 1.26 0.15 27  
                   
37.78 37.82 (21.24) (21.16)(h) 20,779,859 0.49 1.23 0.49 15  
                   
53.22 53.00 (4.84) (5.33) 164,987,400 0.44(f) 3.07 0.44(f) 15  
56.99 57.05 26.93 27.80 153,882,748 0.44 3.18 0.44 29  
46.47 46.21 (11.20) (11.80) 213,760,142 0.44 2.97 0.44 26  
54.43 54.50 10.00 10.31 353,795,416 0.45 3.87 0.87(i) 51  
50.91 50.83 (6.93) (7.43) 213,804,252 0.45 2.80 0.96(i) 53  
57.15 57.36 18.95 18.65 165,741,046 0.45 2.85 1.06(i) 60  
                   
53.60 53.48 (9.40) (9.69) 761,070,541 0.37(f) 3.64 0.37(f) 15  
61.02 61.08 26.00 26.08 842,016,222 0.37 3.14 0.37 35  
49.84 49.86 (6.72) (6.62) 867,200,124 0.37 2.61 0.37 23  
55.06 55.02 7.05 7.23 1,282,867,303 0.38 3.27 0.41(i) 25  
53.10 52.98 (6.72) (7.22) 1,444,332,261 0.40 2.57 0.44(i) 28  
59.18 59.36 20.35 20.30 1,159,887,006 0.43 2.63 0.51(i) 29  
                   
99.25 99.17 (1.15) (1.26) 555,789,865 0.18(f) 1.92 0.18(f) 13  
101.43 101.46 40.36 40.44 710,012,574 0.18 1.86 0.18 33  
73.52 73.50 (1.40) (1.44) 536,709,641 0.18 2.26 0.18 21  
76.44 76.45 11.65 11.65 802,625,997 0.19 2.27 0.37(i) 24  
69.92 69.93 4.74 4.70 559,362,329 0.19 1.95 0.41(i) 32  
68.52 68.55 20.99 21.02 356,298,771 0.21 1.83 0.47(i) 27  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 267

Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
  Per share operating performance
    Investment operations   Distributions
  Net asset
value,
beginning
of period 		Net investment
income
(loss) (b) 		Net realized
and unrealized
gains
(losses)
on investments 		Total from
investment
operations 		  Net
investment
income 		Net realized gain
JPMorgan Diversified Return U.S. Mid Cap Equity ETF              
Six Months Ended April 30, 2022 (Unaudited) $92.23 $0.66 $ (4.01) $ (3.35)   $(0.79) $ —
Year Ended October 31, 2021 64.77 1.30 27.36 28.66   (1.20) —
Year Ended October 31, 2020 67.13 1.18 (2.38) (1.20)   (1.16) —
Year Ended October 31, 2019 62.24 1.18 4.78 5.96   (1.07) —
Year Ended October 31, 2018 62.06 1.06 0.59 1.65   (1.47) —
Year Ended October 31, 2017 51.65 0.89 10.02 10.91   (0.50) —
JPMorgan Diversified Return U.S. Small Cap Equity ETF              
Six Months Ended April 30, 2022 (Unaudited) 45.20 0.30 (4.65) (4.35)   (0.32) —
Year Ended October 31, 2021 28.87 0.46 16.35 16.81   (0.48) —
Year Ended October 31, 2020 30.84 0.44 (2.01) (1.57)   (0.40) —
Year Ended October 31, 2019 29.58 0.42 1.22 1.64   (0.38) —
Year Ended October 31, 2018 28.95 0.33 0.73 1.06   (0.43) —
November 15, 2016 (h) through October 31, 2017 25.00 0.28 3.71 3.99   (0.04) —
JPMorgan International Growth ETF              
Six Months Ended April 30, 2022 (Unaudited) 79.09 0.29 (22.33) (22.04)   (0.49) (0.54)
Year Ended October 31, 2021 62.98 0.19 15.95 16.14   (0.03) —
May 20, 2020 (h) through October 31, 2020 51.83 0.05 11.10 11.15   — —
JPMorgan U.S. Dividend ETF              
Six Months Ended April 30, 2022 (Unaudited) 32.56 0.45 1.12 1.57   (0.48) —
Year Ended October 31, 2021 23.31 0.90 9.35 10.25   (1.00) —
Year Ended October 31, 2020 27.09 0.91 (3.79) (2.88)   (0.90) —
Year Ended October 31, 2019 24.92 0.93 2.11 3.04   (0.87) —
November 8, 2017 (h) through October 31, 2018 25.00 0.96 (0.17) 0.79   (0.87) —
JPMorgan U.S. Minimum Volatility ETF              
Six Months Ended April 30, 2022 (Unaudited) 36.66 0.34 0.38(j) 0.72   (0.37) —
Year Ended October 31, 2021 29.06 0.63 7.67 8.30   (0.70) —
Year Ended October 31, 2020 30.21 0.67 (1.10) (0.43)   (0.72) —
Year Ended October 31, 2019 26.14 0.64 3.95 4.59   (0.52) —
November 8, 2017 (h) through October 31, 2018 25.00 0.59 1.08 1.67   (0.53) —
    
(a) Annualized for periods less than one year, unless otherwise noted.
(b) Calculated based upon average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d) Not annualized for periods less than one year.
(e) Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
(h) Commencement of operations.
(i) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(j) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
SEE NOTES TO FINANCIAL STATEMENTS.
268 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  Ratios/Supplemental data  
            Ratios to average net assets (a)
Total
distributions 		Net asset
value,
end of
period 		Market
price,
end of
period 		Total
return (c)(d) 		Market
price
total
return (d)(e) 		Net assets,
end of
period 		Net
expenses 		Net
investment
income
(loss) 		Expenses
without waives
and reimbursements 		Portfolio
turnover
rate (d) 		 
                     
$(0.79) $88.09 $88.04 (3.67)% (3.80)% $246,644,357 0.24(f)% 1.44% 0.24(f)% 13%  
— 92.23 92.30 44.51 44.73 239,808,712 0.24 1.57 0.24 34  
— 64.77 64.72 (1.66) (1.79) 220,207,846 0.24 1.86 0.24 28  
— 67.13 67.17 9.73 9.780 187,973,791 0.24 1.82 0.43(g) 25  
— 62.24 62.25 2.59 2.57 112,028,180 0.24 1.64 0.50(g) 35  
— 62.06 62.08 21.25 21.31 62,063,250 0.26 1.54 0.62(g) 31  
                     
(0.32) 40.53 40.48 (9.70) (9.89) 200,637,978 0.29(f) 1.37 0.29(f) 14  
— 45.20 45.24 58.49 58.25 176,262,186 0.29 1.13 0.29 37  
— 28.87 28.94 (4.99) (4.85) 148,672,825 0.29 1.54 0.29 30  
— 30.84 30.87 5.64 5.75 140,343,327 0.29 1.40 0.54(g) 43  
— 29.58 29.58 3.61 3.43 96,135,254 0.29 1.08 0.61(g) 30  
— 28.95 29.00 15.96 16.16(i) 55,011,105 0.31(f) 1.08 0.97(f)(g) 24  
                     
(1.03) 56.02 55.95 (28.20) (28.56) 58,826,196 0.55(f) 0.87 0.55(f) 16  
(0.03) 79.09 79.40 25.63 25.85 61,291,950 0.55 0.25 0.55 37  
— 62.98 63.12 21.51 21.78(i) 37,787,658 0.55 0.16 0.55 12  
                     
(0.48) 33.65 33.53 4.83 4.36 63,927,522 0.12(f) 2.67 0.12(f) 10  
(1.00) 32.56 32.59 44.70 45.15 48,842,278 0.12 2.92 0.12 32  
(0.90) 23.31 23.26 (10.50) (10.72) 34,965,403 0.12 3.78 0.12 26  
(0.87) 27.09 27.10 12.57 12.69 40,631,525 0.12 3.59 0.63(g) 20  
(0.87) 24.92 24.90 3.08 2.99(i) 27,411,126 0.12(f) 3.81 0.76(f)(g) 24  
                     
(0.37) 37.01 36.99 1.96 1.82 29,607,429 0.12(f) 1.82 0.12(f) 8  
(0.70) 36.66 36.69 28.87 29.38 20,160,648 0.12 1.88 0.12 22  
(0.72) 29.06 28.97 (1.32) (1.69) 37,773,538 0.12 2.29 0.12 23  
(0.52) 30.21 30.23 17.82 17.90 107,244,658 0.12 2.22 0.54(g) 15  
(0.53) 26.14 26.14 6.69 6.69(i) 27,445,770 0.12(f) 2.33 0.76(f)(g) 17  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 269

Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
  Per share operating performance
    Investment operations   Distributions
  Net asset
value,
beginning
of period 		Net investment
income
(loss) (b) 		Net realized
and unrealized
gains
(losses)
on investments 		Total from
investment
operations 		  Net
investment
income
JPMorgan U.S. Momentum Factor ETF            
Six Months Ended April 30, 2022 (Unaudited) $47.71 $0.22 $ (7.91) $ (7.69)   $(0.19)
Year Ended October 31, 2021 33.68 0.34 14.00 14.34   (0.31)
Year Ended October 31, 2020 29.04 0.35 4.63 4.98   (0.34)
Year Ended October 31, 2019 25.98 0.37 2.99 3.36   (0.30)
November 8, 2017 (h) through October 31, 2018 25.00 0.35 0.95 1.30   (0.32)
JPMorgan U.S. Quality Factor ETF            
Six Months Ended April 30, 2022 (Unaudited) 43.45 0.32 (3.55) (3.23)   (0.32)
Year Ended October 31, 2021 31.53 0.60 11.91 12.51   (0.59)
Year Ended October 31, 2020 29.74 0.56 1.70 2.26   (0.47)
Year Ended October 31, 2019 26.56 0.58 3.11 3.69   (0.51)
November 8, 2017 (h) through October 31, 2018 25.00 0.52 1.52 2.04   (0.48)
JPMorgan U.S. Value Factor ETF            
Six Months Ended April 30, 2022 (Unaudited) 37.09 0.37 (2.20) (1.83)   (0.41)
Year Ended October 31, 2021 24.99 0.72 12.03 12.75   (0.65)
Year Ended October 31, 2020 27.29 0.77 (2.29) (1.52)   (0.78)
Year Ended October 31, 2019 25.21 0.75 1.97 2.72   (0.64)
November 8, 2017 (h) through October 31, 2018 25.00 0.64 0.16 0.80   (0.59)
    
(a) Annualized for periods less than one year, unless otherwise noted.
(b) Calculated based upon average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d) Not annualized for periods less than one year.
(e) Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
(h) Commencement of operations.
(i) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
SEE NOTES TO FINANCIAL STATEMENTS.
270 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
  Ratios/Supplemental data  
          Ratios to average net assets (a)
Net asset
value,
end of
period 		Market
price,
end of
period 		Total
return (c)(d) 		Market
price
total
return (d)(e) 		Net assets,
end of
period 		Net
expenses 		Net
investment
income
(loss) 		Expenses
without waives
and reimbursements 		Portfolio
turnover
rate (d) 		 
                   
$39.83 $39.78 (16.17)% (16.22)% $244,924,366 0.12(f)% 1.00% 0.12(f)% 21%  
47.71 47.68 42.72 42.38 221,858,171 0.12 0.80 0.12 44  
33.68 33.74 17.33 17.50 134,743,086 0.12 1.11 0.12 39  
29.04 29.05 13.06 13.06 56,620,589 0.12 1.35 0.55(g) 52  
25.98 25.99 5.17 5.21(i) 28,575,370 0.12(f) 1.32 0.74(f)(g) 44  
                   
39.90 39.91 (7.49) (7.53) 402,997,978 0.12(f) 1.51 0.12(f) 11  
43.45 43.48 39.97 40.02 393,204,091 0.12 1.56 0.12 21  
31.53 31.54 7.72 7.68 384,671,209 0.12 1.81 0.12 20  
29.74 29.76 14.10 14.18 107,067,872 0.12 2.05 0.50(g) 21  
26.56 26.56 8.15 8.15(i) 29,215,267 0.12(f) 2.01 0.74(f)(g) 22  
                   
34.85 34.83 (5.00) (5.03) 531,443,667 0.12(f) 1.99 0.12(f) 13  
37.09 37.08 51.38 51.88 400,579,487 0.12 2.01 0.12 34  
24.99 24.90 (5.39) (5.76) 62,468,155 0.12 2.99 0.12 25  
27.29 27.30 11.01 11.05 66,849,642 0.12 2.90 0.52(g) 22  
25.21 25.21 3.12 3.12(i) 28,986,509 0.12(f) 2.52 0.75(f)(g) 26  
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 271

Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited)
1.  Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 23 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
  Diversification Classification
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Diversified
JPMorgan ActiveBuilders International Equity ETF
Diversified
JPMorgan BetaBuilders Canada ETF
Diversified
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)(1)
Diversified
JPMorgan BetaBuilders Europe ETF
Diversified
JPMorgan BetaBuilders International Equity ETF
Diversified
JPMorgan BetaBuilders Japan ETF
Diversified
JPMorgan BetaBuilders U.S. Equity ETF
Diversified
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Diversified
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Diversified
JPMorgan Carbon Transition U.S. Equity ETF
Diversified
JPMorgan Climate Change Solutions ETF(2)
Non-Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF
Diversified
JPMorgan Diversified Return International Equity ETF
Diversified
JPMorgan Diversified Return U.S. Equity ETF
Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Diversified
JPMorgan International Growth ETF
Diversified
JPMorgan U.S. Dividend ETF
Diversified
JPMorgan U.S. Minimum Volatility ETF
Diversified
JPMorgan U.S. Momentum Factor ETF
Diversified
JPMorgan U.S. Quality Factor ETF
Diversified
JPMorgan U.S. Value Factor ETF
Diversified
    
(1) Effective March 1, 2022, JPMorgan BetaBuilders Developed Asia ex-Japan ETF changed its name to JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF.
(2) Commencement of operations was December 13, 2021.
The investment objective of JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan ActiveBuilders International Equity ETF (“ActiveBuilders International Equity ETF”) and JPMorgan International Growth ETF (“International Growth ETF”) is to seek long-term capital appreciation.
The investment objective of JPMorgan BetaBuilders Canada ETF (“BetaBuilders Canada ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (“BetaBuilders Developed Asia Pacific ex-Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Europe ETF (“BetaBuilders Europe ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders International Equity ETF (“BetaBuilders International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Japan ETF (“BetaBuilders Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM.
272 J.P. Morgan Exchange-Traded Funds April 30, 2022

Table of Contents
The investment objective of JPMorgan BetaBuilders U.S. Equity ETF (“BetaBuilders U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (“BetaBuilders U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Small Cap Equity ETF (“BetaBuilders U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.
The investment objective of JPMorgan Climate Change Solutions ETF (“Climate Change Solutions ETF”) is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.
The investment objective of JPMorgan Diversified Return International Equity ETF (“International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Equity ETF (“U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.
The investment objective of JPMorgan U.S. Dividend ETF (“U.S. Dividend ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.
The investment objective of JPMorgan U.S. Minimum Volatility ETF (“U.S. Minimum Volatility ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.
The investment objective of JPMorgan U.S. Momentum Factor ETF (“U.S. Momentum Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.
The investment objective of JPMorgan U.S. Quality Factor ETF (“U.S. Quality Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.
The investment objective of JPMorgan U.S. Value Factor ETF (“U.S. Value Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
April 30, 2022 J.P. Morgan Exchange-Traded Funds 273

Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Shares of each Fund are listed and traded at market price on an exchange as follows:
  Listing Exchange
ActiveBuilders Emerging Markets Equity ETF Cboe BZX Exchange, Inc.
ActiveBuilders International Equity ETF NYSE Arca
BetaBuilders Canada ETF Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia Pacific ex-Japan ETF Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF Cboe BZX Exchange, Inc.
BetaBuilders International Equity ETF Cboe BZX Exchange, Inc.
BetaBuilders Japan ETF Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF Cboe BZX Exchange, Inc.
BetaBuilders U.S. Mid Cap Equity ETF NYSE Arca
BetaBuilders U.S. Small Cap Equity ETF NYSE Arca
Carbon Transition U.S. Equity ETF NYSE Arca
Climate Change Solutions ETF NYSE Arca
Emerging Markets Equity ETF NYSE Arca
International Equity ETF NYSE Arca
U.S. Equity ETF NYSE Arca
U.S. Mid Cap Equity ETF NYSE Arca
U.S. Small Cap Equity ETF NYSE Arca
International Growth ETF NYSE Arca
U.S. Dividend ETF NYSE Arca
U.S. Minimum Volatility ETF NYSE Arca
U.S. Momentum Factor ETF NYSE Arca
U.S. Quality Factor ETF NYSE Arca
U.S. Value Factor ETF NYSE Arca
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
Effective April 12, 2021, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF each underwent a 1:2 reverse stock split which resulted in a decrease to each Fund’s shares outstanding and an increase to each Fund’s NAV per share. There was no change to the net assets of each Fund or the value of a shareholder’s investment as a result of this reverse stock split, except to the extent that shareholders held quantities of shares that were not an exact multiple of the reverse split ratio as described below.
The historical share transactions presented in the Statements of Changes in Net Assets and the per share data presented in the Financial Highlights have been adjusted accordingly to give effect to the reverse stock splits.
For shareholders who held quantities of shares that were not an exact multiple of the reverse split ratio (for example, not a multiple of two for a 1:2 reverse split), the reverse split resulted in the creation of a fractional share. Post-split fractional shares were redeemed for cash and sent to the broker of record.
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The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below: 
  Shares per
Creation Unit
ActiveBuilders Emerging Markets Equity ETF 100,000
ActiveBuilders International Equity ETF 100,000
BetaBuilders Canada ETF 50,000
BetaBuilders Developed Asia Pacific ex-Japan ETF 100,000
BetaBuilders Europe ETF 100,000
BetaBuilders International Equity ETF 200,000
BetaBuilders Japan ETF 200,000
BetaBuilders U.S. Equity ETF 50,000
BetaBuilders U.S. Mid Cap Equity ETF 25,000
BetaBuilders U.S. Small Cap Equity ETF 25,000
Carbon Transition U.S. Equity ETF 50,000
Climate Change Solutions ETF 25,000
Emerging Markets Equity ETF 100,000
International Equity ETF 100,000
U.S. Equity ETF 100,000
U.S. Mid Cap Equity ETF 100,000
U.S. Small Cap Equity ETF 50,000
International Growth ETF 25,000
U.S. Dividend ETF 50,000
U.S. Minimum Volatility ETF 50,000
U.S. Momentum Factor ETF 50,000
U.S. Quality Factor ETF 50,000
U.S. Value Factor ETF 50,000
Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2.  Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A.  Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. 
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
ActiveBuilders Emerging Markets Equity ETF     
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Austria $ — $ 321,103 $ — $ 321,103
Brazil 38,366,634 — — 38,366,634
Canada 572,022 — — 572,022
Chile 2,436,300 — — 2,436,300
China 5,738,432 218,543,926 7,360 224,289,718
Colombia 260,249 — — 260,249
Czech Republic — 663,202 — 663,202
Egypt — 798,297 — 798,297
Ghana 435,195 — — 435,195
Greece — 1,273,512 — 1,273,512
Hong Kong 548,148 15,487,526 — 16,035,674
Hungary — 2,040,807 — 2,040,807
India 7,011,670 77,061,628 — 84,073,298
Indonesia 4,831,107 12,236,079 — 17,067,186
Kazakhstan 362,700 — — 362,700
Macau — 500,789 — 500,789
Malaysia 935,715 2,650,222 — 3,585,937
Mexico 31,759,150 — — 31,759,150
Nigeria — 169,534 — 169,534
Panama 315,348 — — 315,348
Peru 1,778,903 — — 1,778,903
Philippines 204,670 1,272,154 — 1,476,824
Poland — 3,483,807 — 3,483,807
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ActiveBuilders Emerging Markets Equity ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Portugal $ —   $ 1,394,964   $ —   $ 1,394,964
Qatar 2,521,521   845,189   —   3,366,710
Russia —   —   151,699   151,699
Saudi Arabia 557,144   13,724,403   —   14,281,547
South Africa 6,858,891   15,206,252   —   22,065,143
South Korea —   92,666,656   —   92,666,656
Taiwan 1,436,375   118,197,900   —   119,634,275
Tanzania, United Republic of —   258,679   —   258,679
Thailand 9,868,930   1,393,387   —   11,262,317
Turkey 584,494   705,121   —   1,289,615
United Arab Emirates 1,757,786   3,296,796   —   5,054,582
United Kingdom —   346,357   —   346,357
United States 3,794,148   3,064,438   —   6,858,586
Zambia 652,456   —   —   652,456
Total Common Stocks 123,587,988   587,602,728   159,059   711,349,775
Warrants 1,227   —   —   1,227
Short-Term Investments              
Investment Companies 14,335,116   —   —   14,335,116
Investment of Cash Collateral from Securities Loaned 368,660   —   —   368,660
Total Short-Term Investments 14,703,776   —   —   14,703,776
Total Investments in Securities $138,292,991   $587,602,728   $159,059   $726,054,778
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2022.
ActiveBuilders International Equity ETF     
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Australia $ — $ 1,347,356 $— $ 1,347,356
Austria — 118,320 — 118,320
Belgium — 202,187 — 202,187
Brazil 19,473 — — 19,473
Canada 157,967 — — 157,967
China — 234,589 — 234,589
Denmark 21,840 1,027,411 — 1,049,251
Finland — 237,425 — 237,425
France — 2,773,631 — 2,773,631
Germany — 2,024,757 — 2,024,757
Hong Kong — 554,978 — 554,978
India 115,996 — — 115,996
Indonesia — 50,759 — 50,759
Ireland — 32,767 — 32,767
Italy — 256,838 — 256,838
Japan — 4,617,314 — 4,617,314
Luxembourg — 34,056 — 34,056
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
ActiveBuilders International Equity ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Malta $ —   $ 9,521   $—   $ 9,521
Netherlands —   1,614,596   —   1,614,596
Norway 30,909   194,273   —   225,182
Singapore 13,478   372,575   —   386,053
South Africa —   220,038   —   220,038
South Korea —   224,731   —   224,731
Spain —   484,587   —   484,587
Sweden —   742,736   —   742,736
Switzerland —   2,817,284   —   2,817,284
Taiwan 183,113   —   —   183,113
United Kingdom 8,775   3,055,616   —   3,064,391
United States —   774,508   —   774,508
Total Common Stocks 551,551   24,022,853   —   24,574,404
Short-Term Investments              
Investment Companies 450,008   —   —   450,008
Investment of Cash Collateral from Securities Loaned 152,324   —   —   152,324
Total Short-Term Investments 602,332   —   —   602,332
Total Investments in Securities $1,153,883   $24,022,853   $—   $25,176,736
    
BetaBuilders Canada ETF               
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $6,990,952,704   $—   $—   $6,990,952,704
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (1,128,590)   $—   $—   $ (1,128,590)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
BetaBuilders Developed Asia Pacific ex-Japan ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investments in Securities              
Common Stocks              
Australia $ —   $2,727,501,149   $—   $2,727,501,149
China —   103,641,750   —   103,641,750
Hong Kong 67,402,120   745,499,905   —   812,902,025
Macau —   37,595,526   —   37,595,526
New Zealand —   85,454,615   —   85,454,615
Singapore 3,877,758   429,608,367   —   433,486,125
United Kingdom —   42,170,723   —   42,170,723
United States —   30,967,754   —   30,967,754
Total Common Stocks 71,279,878   4,202,439,789   —   4,273,719,667
Short-Term Investments              
Investment of Cash Collateral from Securities Loaned 10,861,479   —   —   10,861,479
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BetaBuilders Developed Asia Pacific ex-Japan ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities $82,141,357   $4,202,439,789   $—   $4,284,581,146
Appreciation in Other Financial Instruments              
Futures Contracts $ 294,821   $ —   $—   $ 294,821
    
BetaBuilders Europe ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investments in Securities              
Common Stocks              
Australia $ —   $ 134,529,061   $ —   $ 134,529,061
Austria —   45,837,730   —   45,837,730
Belgium —   141,708,903   —   141,708,903
Brazil —   7,592,609   —   7,592,609
Chile —   6,241,545   —   6,241,545
China —   39,691,612   —   39,691,612
Colombia —   2,169,436   —   2,169,436
Denmark —   388,444,862   —   388,444,862
Finland 997,596   191,226,660   —   192,224,256
France —   1,431,097,284   —   1,431,097,284
Germany —   1,074,017,372   —   1,074,017,372
Ireland 16,111,017   67,112,164   —   83,223,181
Italy —   307,330,966   —   307,330,966
Jordan —   3,995,601   —   3,995,601
Luxembourg —   29,942,975   —   29,942,975
Mexico —   1,684,404   —   1,684,404
Netherlands 202,345   758,386,665   —   758,589,010
Norway 1,828,439   120,018,236   —   121,846,675
Poland 1,387,611   38,905,223   —   40,292,834
Portugal —   23,602,780   —   23,602,780
Russia —   —   23,359   23,359
Singapore —   22,889,205   —   22,889,205
South Africa —   56,442,441   —   56,442,441
South Korea —   6,338,573   —   6,338,573
Spain —   358,353,986   —   358,353,986
Sweden 3,974,019   523,149,314   —   527,123,333
Switzerland 20,364,683   1,433,418,901   —   1,453,783,584
United Arab Emirates —   —   —   —
United Kingdom 10,289,678   1,810,181,294   —   1,820,470,972
United States 4,371,080   281,006,744   —   285,377,824
Total Common Stocks 59,526,468   9,305,316,546   23,359   9,364,866,373
Short-Term Investments              
Investment of Cash Collateral from Securities Loaned 570,727,372   —   —   570,727,372
Total Investments in Securities $630,253,840   $9,305,316,546   $23,359   $9,935,593,745
Appreciation in Other Financial Instruments              
Futures Contracts $ 1,421,604   $ —   $ —   $ 1,421,604
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
BetaBuilders International Equity ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investments in Securities              
Common Stocks              
Australia $ —   $ 254,444,435   $ —   $ 254,444,435
Austria —   9,074,688   —   9,074,688
Belgium —   28,033,742   —   28,033,742
Brazil —   1,501,701   —   1,501,701
Chile —   1,235,241   —   1,235,241
China —   16,502,168   —   16,502,168
Colombia —   431,078   —   431,078
Denmark —   76,880,710   —   76,880,710
Finland 196,137   37,842,800   —   38,038,937
France —   283,185,417   —   283,185,417
Germany —   212,543,448   —   212,543,448
Hong Kong 5,630,019   62,259,476   —   67,889,495
Ireland 3,186,957   13,281,817   —   16,468,774
Israel —   15,105,236   —   15,105,236
Italy —   60,817,153   —   60,817,153
Japan 711,489   688,207,942   —   688,919,431
Jordan —   793,459   —   793,459
Luxembourg —   5,925,529   —   5,925,529
Macau —   3,140,509   —   3,140,509
Mexico —   335,522   —   335,522
Netherlands 14,763   150,119,627   —   150,134,390
New Zealand —   7,144,310   —   7,144,310
Norway 364,148   23,744,776   —   24,108,924
Poland 272,918   7,700,899   —   7,973,817
Portugal —   4,671,142   —   4,671,142
Russia —   —   4,964   4,964
Singapore 327,797   40,418,669   —   40,746,466
South Africa —   11,169,345   —   11,169,345
South Korea —   1,251,481   —   1,251,481
Spain —   70,925,123   —   70,925,123
Sweden 790,365   103,524,408   —   104,314,773
Switzerland 4,036,245   283,534,422   —   287,570,667
United Arab Emirates —   —   —   —
United Kingdom 2,031,036   361,732,042   —   363,763,078
United States 864,957   58,189,276   —   59,054,233
Total Common Stocks 18,426,831   2,895,667,591   4,964   2,914,099,386
Short-Term Investments              
Investment Companies 9,889,216   —   —   9,889,216
Investment of Cash Collateral from Securities Loaned 80,452,707   —   —   80,452,707
Total Short-Term Investments 90,341,923   —   —   90,341,923
Total Investments in Securities $108,768,754   $2,895,667,591   $4,964   $3,004,441,309
Depreciation in Other Financial Instruments              
Futures Contracts $ (1,004,203)   $ —   $ —   $ (1,004,203)
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There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
BetaBuilders Japan ETF         
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Air Freight & Logistics $ — $ 29,388,287 $— $ 29,388,287
Airlines — 10,305,833 — 10,305,833
Auto Components — 154,445,911 — 154,445,911
Automobiles — 609,766,190 — 609,766,190
Banks — 361,216,850 — 361,216,850
Beverages — 69,142,530 — 69,142,530
Building Products — 121,652,825 — 121,652,825
Capital Markets — 62,328,560 — 62,328,560
Chemicals — 292,392,203 — 292,392,203
Commercial Services & Supplies — 55,387,768 — 55,387,768
Construction & Engineering — 40,666,516 — 40,666,516
Consumer Finance — 9,073,040 — 9,073,040
Diversified Financial Services — 51,211,468 — 51,211,468
Diversified Telecommunication Services — 67,213,716 — 67,213,716
Electric Utilities — 48,091,907 — 48,091,907
Electrical Equipment — 123,141,464 — 123,141,464
Electronic Equipment, Instruments & Components — 356,494,993 — 356,494,993
Entertainment — 162,241,386 — 162,241,386
Equity Real Estate Investment Trusts (REITs) 7,230,268 106,283,778 — 113,514,046
Food & Staples Retailing — 131,155,615 — 131,155,615
Food Products — 119,532,203 — 119,532,203
Gas Utilities — 29,291,176 — 29,291,176
Health Care Equipment & Supplies — 186,644,871 — 186,644,871
Health Care Providers & Services — 12,077,804 — 12,077,804
Health Care Technology — 26,077,264 — 26,077,264
Hotels, Restaurants & Leisure — 71,875,499 — 71,875,499
Household Durables — 316,044,631 — 316,044,631
Household Products — 35,530,048 — 35,530,048
Industrial Conglomerates — 121,915,106 — 121,915,106
Insurance — 205,015,539 — 205,015,539
Interactive Media & Services — 24,653,945 — 24,653,945
Internet & Direct Marketing Retail — 20,306,151 — 20,306,151
IT Services — 171,221,943 — 171,221,943
Leisure Products — 74,525,094 — 74,525,094
Machinery — 371,545,651 — 371,545,651
Marine — 39,528,142 — 39,528,142
Media — 32,143,646 — 32,143,646
Metals & Mining — 71,151,702 — 71,151,702
Multiline Retail — 20,090,857 — 20,090,857
Oil, Gas & Consumable Fuels — 57,414,674 — 57,414,674
Paper & Forest Products — 9,164,208 — 9,164,208
Personal Products — 88,579,061 — 88,579,061
Pharmaceuticals — 412,546,778 — 412,546,778
Professional Services — 133,799,112 — 133,799,112
Real Estate Management & Development — 168,294,448 — 168,294,448
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AS OF April 30, 2022 (Unaudited) (continued)
BetaBuilders Japan ETF (continued)              
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Road & Rail $ —   $ 202,304,252   $—   $ 202,304,252
Semiconductors & Semiconductor Equipment —   235,302,250   —   235,302,250
Software —   19,022,129   —   19,022,129
Specialty Retail —   95,156,062   —   95,156,062
Technology Hardware, Storage & Peripherals —   115,249,220   —   115,249,220
Textiles, Apparel & Luxury Goods —   5,723,808   —   5,723,808
Tobacco —   35,685,648   —   35,685,648
Trading Companies & Distributors —   361,350,914   —   361,350,914
Transportation Infrastructure —   7,334,263   —   7,334,263
Wireless Telecommunication Services —   265,090,345   —   265,090,345
Total Common Stocks 7,230,268   7,022,789,284   —   7,030,019,552
Short-Term Investments              
Investment of Cash Collateral from Securities Loaned 11,683,998   —   —   11,683,998
Total Investments in Securities $18,914,266   $7,022,789,284   $—   $7,041,703,550
Appreciation in Other Financial Instruments              
Futures Contracts $ 466,375   $ —   $—   $ 466,375
    
BetaBuilders U.S. Equity ETF               
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $1,085,220,099   $—   $—   $1,085,220,099
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (151,298)   $—   $—   $ (151,298)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
BetaBuilders U.S. Mid Cap Equity ETF               
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $1,542,316,633   $—   $—   $1,542,316,633
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (111,095)   $—   $—   $ (111,095)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
BetaBuilders U.S. Small Cap Equity ETF         
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks $490,707,577 $— $ — $490,707,577
Rights — — 9,582 9,582
Short-Term Investments        
Investment Companies 6,867,283 — — 6,867,283
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BetaBuilders U.S. Small Cap Equity ETF 
(continued) 		             
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investment of Cash Collateral from Securities Loaned $ 7,995,973   $—   $ —   $ 7,995,973
Total Short-Term Investments 14,863,256   —   —   14,863,256
Total Investments in Securities $505,570,833   $—   $9,582   $505,580,415
Depreciation in Other Financial Instruments              
Futures Contracts $ (486,136)   $—   $ —   $ (486,136)
    
Carbon Transition U.S. Equity ETF               
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $22,187,627   $—   $—   $22,187,627
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (328)   $—   $—   $ (328)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
Climate Change Solutions ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investments in Securities              
Common Stocks              
Canada $ 433,833   $ —   $—   $ 433,833
China —   789,217   —   789,217
Denmark —   414,604   —   414,604
Finland —   677,274   —   677,274
France —   815,322   —   815,322
Germany —   779,803   —   779,803
Ireland —   424,756   —   424,756
Italy —   384,938   —   384,938
Japan —   512,498   —   512,498
Netherlands —   1,102,079   —   1,102,079
Norway —   118,483   —   118,483
South Korea —   321,539   —   321,539
Spain —   825,165   —   825,165
Sweden —   1,182,797   —   1,182,797
Switzerland 364,982   552,486   —   917,468
United Kingdom 1,386,269   289,301   —   1,675,570
United States 8,445,764   744,031   —   9,189,795
Total Common Stocks 10,630,848   9,934,293   —   20,565,141
Total Investments in Securities $10,630,848   $9,934,293   $—   $20,565,141
    
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Emerging Markets Equity ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Investments in Securities              
Common Stocks              
Bahrain $ —   $ 140,327   $ —   $ 140,327
Brazil 15,490,689   3,316   —   15,494,005
Chile 2,344,939   —   —   2,344,939
China 1,311,406   37,087,976   129,385   38,528,767
Colombia 407,850   —   —   407,850
Czech Republic 124,358   538,392   —   662,750
Egypt —   201,889   —   201,889
Greece —   1,789,268   —   1,789,268
Hong Kong —   322,382   —   322,382
Hungary —   1,215,170   —   1,215,170
India —   18,415,145   —   18,415,145
Indonesia 1,599,542   3,683,378   —   5,282,920
Kuwait —   3,372,071   —   3,372,071
Malaysia 2,059,975   1,434,855   —   3,494,830
Mexico 10,302,231   —   —   10,302,231
Pakistan 45,378   —   —   45,378
Panama 24,027   —   —   24,027
Philippines 29,851   1,018,070   —   1,047,921
Qatar 2,195,239   1,183,997   —   3,379,236
Russia —   —   116,932   116,932
Saudi Arabia 730,126   11,316,102   —   12,046,228
Singapore 145,811   —   —   145,811
South Africa 6,212,432   5,531,606   —   11,744,038
Taiwan —   18,734,441   —   18,734,441
Thailand 3,231,184   818,095   —   4,049,279
Turkey 3,852,235   2,160,692   —   6,012,927
United Arab Emirates 1,475,412   3,339,930   —   4,815,342
United States 730,449   —   —   730,449
Total Common Stocks 52,313,134   112,307,102   246,317   164,866,553
Short-Term Investments              
Investment of Cash Collateral from Securities Loaned 780,542   —   —   780,542
Total Investments in Securities $53,093,676   $112,307,102   $246,317   $165,647,095
Depreciation in Other Financial Instruments              
Futures Contracts $ (1,524)   $ —   $ —   $ (1,524)
Transfers between level 1 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2022.
International Equity ETF     
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Australia $ — $ 80,244,167 $ — $ 80,244,167
Austria — 3,906,384 — 3,906,384
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International Equity ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Belgium $ —   $ 4,391,385   $ —   $ 4,391,385
Brazil —   3,327,814   —   3,327,814
Cambodia —   110,823   —   110,823
Chile —   2,854,031   —   2,854,031
China —   10,914,724   —   10,914,724
Denmark —   4,858,679   —   4,858,679
Finland —   14,510,212   —   14,510,212
France —   29,946,148   —   29,946,148
Germany —   22,300,429   —   22,300,429
Hong Kong 3,354,952   25,362,754   —   28,717,706
Indonesia —   1,144,899   —   1,144,899
Ireland —   3,464,922   —   3,464,922
Italy —   15,171,021   —   15,171,021
Japan 651,054   213,400,780   —   214,051,834
Jordan —   2,216,297   —   2,216,297
Luxembourg —   1,294,685   —   1,294,685
Mexico —   627,405   —   627,405
Netherlands —   23,474,787   —   23,474,787
New Zealand —   4,381,071   —   4,381,071
Norway —   8,749,889   —   8,749,889
Poland —   417,479   —   417,479
Portugal —   3,445,539   —   3,445,539
Russia —   —   20,254   20,254
Singapore —   16,489,390   —   16,489,390
South Africa —   2,811,149   —   2,811,149
South Korea —   54,947,014   —   54,947,014
Spain —   15,036,357   —   15,036,357
Sweden —   33,064,128   —   33,064,128
Switzerland —   15,523,480   —   15,523,480
United Kingdom —   121,088,800   —   121,088,800
United States 2,156,817   8,104,345   —   10,261,162
Total Common Stocks 6,162,823   747,580,987   20,254   753,764,064
Short-Term Investments              
Investment Companies 268,189   —   —   268,189
Investment of Cash Collateral from Securities Loaned 16,702,824   —   —   16,702,824
Total Short-Term Investments 16,971,013   —   —   16,971,013
Total Investments in Securities $23,133,836   $747,580,987   $20,254   $770,735,077
Depreciation in Other Financial Instruments              
Futures Contracts $ (196,403)   $ —   $ —   $ (196,403)
There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
U.S. Equity ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $567,907,702   $—   $—   $567,907,702
April 30, 2022 J.P. Morgan Exchange-Traded Funds 285

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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
U.S. Equity ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (6,194)   $—   $—   $ (6,194)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Mid Cap Equity ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $254,272,715   $—   $—   $254,272,715
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (6,692)   $—   $—   $ (6,692)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Small Cap Equity ETF     
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Aerospace & Defense $ 186,895 $— $ — $ 186,895
Automobiles & Parts 1,006,384 — — 1,006,384
Banks 9,163,812 — — 9,163,812
Beverages 2,803,486 — — 2,803,486
Chemicals 7,231,081 — — 7,231,081
Construction & Materials 3,782,169 — — 3,782,169
Consumer Services 895,812 — — 895,812
Electricity 3,252,443 — — 3,252,443
Electronic & Electrical Equipment 2,507,728 — — 2,507,728
Finance & Credit Services 2,910,606 — — 2,910,606
Food Producers 7,513,288 — — 7,513,288
Gas, Water & Multi-utilities 6,895,427 — — 6,895,427
General Industrials 2,445,679 — — 2,445,679
Health Care Providers 6,362,008 — — 6,362,008
Household Goods & Home Construction 3,184,895 — — 3,184,895
Industrial Engineering 2,616,919 — — 2,616,919
Industrial Materials 3,881,022 — — 3,881,022
Industrial Metals & Mining 8,035,474 — — 8,035,474
Industrial Support Services 5,591,845 — — 5,591,845
Industrial Transportation 5,013,952 — — 5,013,952
Investment Banking & Brokerage Services 2,691,798 — — 2,691,798
Leisure Goods 2,707,659 — — 2,707,659
Life Insurance 1,069,674 — — 1,069,674
Media 258,939 — — 258,939
Medical Equipment & Services 7,558,595 — — 7,558,595
Mortgage Real Estate Investment Trusts 4,030,597 — — 4,030,597
Non-life Insurance 2,068,214 — — 2,068,214
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U.S. Small Cap Equity ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Non-Renewable Energy $ 14,114,996   $—   $ —   $ 14,114,996
Personal Care, Drug & Grocery Stores 7,093,660   —   —   7,093,660
Personal Goods 1,594,051   —   —   1,594,051
Pharmaceuticals, Biotechnology & Marijuana Producers 6,852,468   —   55,232   6,907,700
Precious Metals & Mining 497,227   —   —   497,227
Real Estate Investment & Services 2,290,878   —   —   2,290,878
Real Estate Investment Trusts 18,313,127   —   —   18,313,127
Renewable Energy 875,188   —   —   875,188
Retailers 6,780,396   —   —   6,780,396
Software & Computer Services 8,243,187   —   —   8,243,187
Technology Hardware & Equipment 14,753,345   —   —   14,753,345
Telecommunications Equipment 5,766,487   —   —   5,766,487
Telecommunications Service Providers 5,245,878   —   —   5,245,878
Tobacco 1,575,483   —   —   1,575,483
Travel & Leisure 124,646   —   —   124,646
Waste & Disposal Services 497,470   —   —   497,470
Total Common Stocks 200,284,888   —   55,232   200,340,120
Rights —   —   6,378   6,378
Short-Term Investments              
Investment Companies 96,528   —   —   96,528
Investment of Cash Collateral from Securities Loaned 16,316,768   —   —   16,316,768
Total Short-Term Investments 16,413,296   —   —   16,413,296
Total Investments in Securities $216,698,184   $—   $61,610   $216,759,794
Depreciation in Other Financial Instruments              
Futures Contracts $ (4,769)   $—   $ —   $ (4,769)
    
International Growth ETF     
  Level 1
Quoted prices 		Level 2
Other significant
observable inputs 		Level 3
Significant
unobservable inputs 		Total
Investments in Securities        
Common Stocks        
Australia $ — $ 566,857 $— $ 566,857
Brazil 664,016 — — 664,016
Canada 1,947,260 — — 1,947,260
China 476,811 4,135,058 — 4,611,869
Denmark — 3,790,682 — 3,790,682
France — 3,766,368 — 3,766,368
Germany — 3,063,616 — 3,063,616
Hong Kong — 3,390,284 — 3,390,284
India 593,121 — — 593,121
Indonesia — 978,553 — 978,553
Japan — 6,526,688 — 6,526,688
Netherlands — 3,952,719 — 3,952,719
Singapore — 902,496 — 902,496
South Africa — 603,730 — 603,730
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
International Growth ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
South Korea $ —   $ 444,439   $—   $ 444,439
Sweden —   1,744,110   —   1,744,110
Switzerland —   7,194,534   —   7,194,534
Taiwan 3,377,728   —   —   3,377,728
United Kingdom —   7,593,121   —   7,593,121
United States 1,557,416   —   —   1,557,416
Total Common Stocks 8,616,352   48,653,255   —   57,269,607
Short-Term Investments              
Investment Companies 1,633,814   —   —   1,633,814
Total Investments in Securities $10,250,166   $48,653,255   $—   $58,903,421
    
U.S. Dividend ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $64,980,257   $—   $—   $64,980,257
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (2,525)   $—   $—   $ (2,525)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Minimum Volatility ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $29,811,742   $—   $—   $29,811,742
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (1,304)   $—   $—   $ (1,304)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Momentum Factor ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $248,084,885   $—   $—   $248,084,885
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (9,957)   $—   $—   $ (9,957)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Quality Factor ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $406,243,630   $—   $—   $406,243,630
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U.S. Quality Factor ETF (continued)        
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (19,707)   $—   $—   $ (19,707)
    
(a) Please refer to the SOI for specific of portfolio holdings.
    
U.S. Value Factor ETF         
  Level 1
Quoted prices 		  Level 2
Other significant
observable inputs 		  Level 3
Significant
unobservable inputs 		  Total
Total Investments in Securities (a) $540,259,625   $—   $—   $540,259,625
Depreciation in Other Financial Instruments              
Futures Contracts (a) $ (14,854)   $—   $—   $ (14,854)
    
(a) Please refer to the SOI for specific of portfolio holdings.
B.  Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C.  Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2022.
  Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities 		Cash Collateral
Posted by Borrower* 		Net Amount Due
to Counterparty
(not less than zero)
ActiveBuilders Emerging Markets Equity ETF $ 345,193 $ (345,193) $—
ActiveBuilders International Equity ETF 144,797 (144,797) —
BetaBuilders Canada ETF 440,727,186 (440,727,186) —
BetaBuilders Developed Asia Pacific ex-Japan ETF 7,721,703 (7,721,703) —
BetaBuilders Europe ETF 502,857,161 (502,857,161) —
BetaBuilders International Equity ETF 65,283,866 (65,283,866) —
BetaBuilders Japan ETF 11,113,596 (11,113,596) —
BetaBuilders U.S. Equity ETF 3,968,472 (3,968,472) —
BetaBuilders U.S. Mid Cap Equity ETF 36,202,057 (36,202,057) —
BetaBuilders U.S. Small Cap Equity ETF 7,449,030 (7,449,030) —
Emerging Markets Equity ETF 728,207 (728,207) —
International Equity ETF 13,303,812 (13,303,812) —
U.S. Equity ETF 10,915,468 (10,915,468) —
U.S. Mid Cap Equity ETF 7,354,015 (7,354,015) —
U.S. Small Cap Equity ETF 15,285,821 (15,285,821) —
U.S. Dividend ETF 1,052,590 (1,052,590) —
U.S. Minimum Volatility ETF 224,302 (224,302) —
U.S. Momentum Factor ETF 3,148,692 (3,148,692) —
U.S. Quality Factor ETF 3,301,227 (3,301,227) —
U.S. Value Factor ETF 8,759,167 (8,759,167) —
    
* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
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JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
ActiveBuilders Emerging Markets Equity ETF $ 252
ActiveBuilders International Equity ETF 4
BetaBuilders Canada ETF 72,245
BetaBuilders Developed Asia Pacific ex-Japan ETF 9,753
BetaBuilders Europe ETF 15,860
BetaBuilders International Equity ETF 2,044
BetaBuilders Japan ETF 4,112
BetaBuilders U.S. Equity ETF 409
BetaBuilders U.S. Mid Cap Equity ETF 2,493
BetaBuilders U.S. Small Cap Equity ETF 2,669
Emerging Markets Equity ETF 213
International Equity ETF 618
U.S. Equity ETF 956
U.S. Mid Cap Equity ETF 708
U.S. Small Cap Equity ETF 986
U.S. Dividend ETF 16
U.S. Minimum Volatility ETF 29
U.S. Momentum Factor ETF 301
U.S. Quality Factor ETF 465
U.S. Value Factor ETF 761
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Carbon Transition U.S. Equity ETF, Climate Change Solutions ETF and International Growth ETF did not lend out any securities during the six months ended April 30, 2022.
D.  Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
ActiveBuilders Emerging Markets Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (a) (b) $3,609,948   $87,532,066   $76,804,635   $(2,729)   $466   $14,335,116 14,330,817 $6,203   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,214,086   8,421,271   9,266,697   —   —   368,660 368,660 627*   —
Total $4,824,034   $95,953,337   $86,071,332   $(2,729)   $466   $14,703,776   $6,830   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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AS OF April 30, 2022 (Unaudited) (continued)
ActiveBuilders International Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $429,423   $ 963,923   $ 943,338   $—   $—   $450,008 450,008 $204   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 124,086   358,928   330,690   —   —   152,324 152,324 46*   —
Total $553,509   $1,322,851   $1,274,028   $—   $—   $602,332   $250   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
BetaBuilders Canada ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $184,490,813   $2,114,499,999   $2,077,799,999   $(170,512)*   $(6,004)   $221,014,297 221,169,116 $167,566*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 347,161,083   3,488,649,902   3,578,558,753   —   —   257,252,232 257,252,232 78,868*   —
Total $531,651,896   $5,603,149,901   $5,656,358,752   $(170,512)   $(6,004)   $478,266,529   $246,434   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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BetaBuilders Developed Asia Pacific ex-Japan ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $110,984,304   $256,000,000   $366,000,000   $(29,795)*   $(382)   $ 954,127 954,795 $23,762*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 41,285,887   383,378,291   414,756,826   —   —   9,907,352 9,907,352 4,387*   —
Total $152,270,191   $639,378,291   $780,756,826   $(29,795)   $(382)   $10,861,479   $28,149   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
BetaBuilders Europe ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $110,100,856   $ 587,000,000   $ 457,510,000   $(26,767)*   $5,420   $239,569,509 239,737,326 $ 96,440*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 53,626,708   1,074,193,785   796,662,630   —   —   331,157,863 331,157,863 61,428*   —
Total $163,727,564   $1,661,193,785   $1,254,172,630   $(26,767)   $5,420   $570,727,372   $157,868   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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AS OF April 30, 2022 (Unaudited) (continued)
BetaBuilders International Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $30,493,852   $159,500,000   $129,000,000   $(1,437)*   $(4,403)   $60,988,012 61,030,734 $18,696*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 20,389,345   100,378,553   110,878,682   —   —   9,889,216 9,889,216 4,956   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 4,253,477   141,202,044   125,990,826   —   —   19,464,695 19,464,695 6,536*   —
Total $55,136,674   $401,080,597   $365,869,508   $(1,437)   $(4,403)   $90,341,923   $30,188   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
BetaBuilders Japan ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $ 9,087,914   $267,000,000   $266,000,000   $(2,265)*   $1,009   $10,086,658 10,093,724 $20,591*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 10,903,860   270,273,473   279,579,993   —   —   1,597,340 1,597,340 6,600*   —
Total $19,991,774   $537,273,473   $545,579,993   $(2,265)   $1,009   $11,683,998   $27,191   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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BetaBuilders U.S. Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Chase & Co. Class  (a) $ 9,582,475   $ 4,861,324   $ 493,212   $2,238   $(3,629,975)   $10,322,850 86,485 $142,410   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 2,841,848   14,152,912   12,870,303   —   —   4,124,457 4,124,457 1,811   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) 561,034   12,183,986   8,471,118   —   —   4,273,902 4,273,902 1,013*   —
Total $12,985,357   $31,198,222   $21,834,633   $2,238   $(3,629,975)   $18,721,209   $145,234   $—
    
(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
BetaBuilders U.S. Mid Cap Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $62,497,450   $ 97,000,000   $126,000,000   $(28,859)*   $114   $33,468,705 33,492,149 $31,975*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 4,743,180   54,428,045   55,052,626   —   —   4,118,599 4,118,599 5,491   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 7,753,502   75,683,449   78,215,125   —   —   5,221,826 5,221,826 3,069*   —
Total $74,994,132   $227,111,494   $259,267,751   $(28,859)   $114   $42,809,130   $40,535   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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BetaBuilders U.S. Small Cap Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $ —   $17,000,000   $11,000,000   $(2,102)*   $(999)   $ 5,996,899 6,001,099 $4,006*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 5,825,244   18,111,705   17,069,666   —   —   6,867,283 6,867,283 2,305   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 11,679,894   35,576,317   45,257,137   —   —   1,999,074 1,999,074 1,617*   —
Total $17,505,138   $70,688,022   $73,326,803   $(2,102)   $(999)   $14,863,256   $7,928   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
Carbon Transition U.S. Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $9,966   $398,314   $396,627   $—   $—   $11,653 11,653 $15   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
    
Climate Change Solutions ETF 
  For the period ended April 30, 2022
Security Description Value at
December 13,
2021(a) 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (b) (c) $—   $241,534   $241,510   $(24)   $—   $— — $19   $—
    
(a) Commencement of operations was December 13, 2021.
(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c) The rate shown is the current yield as of April 30, 2022.
    
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Emerging Markets Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $ 703,142   $ 942,844   $1,645,986   $—   $—   $ — — $ 68   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 449,126   1,552,514   1,221,098   —   —   780,542 780,542 347*   —
Total $1,152,268   $2,495,358   $2,867,084   $—   $—   $780,542   $415   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
International Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (a) (b) $ 332,532   $ 48,027,976   $ 48,091,854   $ (465)   $ —   $ 268,189 268,109 $1,696   $—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) 6,757,673   32,500,000   27,000,000   (4,081)*   852   12,254,444 12,263,027 6,112*   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,350,975   43,405,787   40,308,382   —   —   4,448,380 4,448,380 1,724*   —
Total $8,441,180   $123,933,763   $115,400,236   $(4,546)   $852   $16,971,013   $9,532   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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AS OF April 30, 2022 (Unaudited) (continued)
U.S. Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $20,205,079   $ 60,500,000   $ 71,000,000   $(6,182)*   $490   $ 9,699,387 9,706,181 $7,039*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,191,071   24,797,789   24,851,159   —   —   1,137,701 1,137,701 571   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 3,486,227   50,044,437   51,597,148   —   —   1,933,516 1,933,516 1,350*   —
Total $24,882,377   $135,342,226   $147,448,307   $(6,182)   $490   $12,770,604   $8,960   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
U.S. Mid Cap Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $ 200,580   $15,999,999   $10,250,000   $(3,007)*   $(159)   $5,947,413 5,951,580 $2,696*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 356,647   9,052,327   9,158,246   —   —   250,728 250,728 230   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 3,674,212   26,587,676   28,444,937   —   —   1,816,951 1,816,951 968*   —
Total $4,231,439   $51,640,002   $47,853,183   $(3,007)   $(159)   $8,015,092   $3,894   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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U.S. Small Cap Equity ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $16,344,863   $21,000,000   $24,000,000   $(7,372)*   $(1,569)   $13,335,922 13,345,264 $ 9,429*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 337,403   7,670,144   7,911,019   —   —   96,528 96,528 259   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 3,231,887   36,785,948   37,036,989   —   —   2,980,846 2,980,846 1,420*   —
Total $19,914,153   $65,456,092   $68,948,008   $(7,372)   $(1,569)   $16,413,296   $11,108   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
International Growth ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $446,263   $6,960,552   $5,773,001   $—   $—   $1,633,814 1,633,814 $808   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
    
U.S. Dividend ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $80,127   $2,416,193   $2,378,768   $—   $—   $ 117,552 117,552 $ 47   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) —   1,863,729   744,967   —   —   1,118,762 1,118,762 143*   —
Total $80,127   $4,279,922   $3,123,735   $—   $—   $1,236,314   $190   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
U.S. Minimum Volatility ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $24,948   $ —   $ —   $—   $(18)   $ 24,930 24,948 $ 18*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 24,381   489,203   492,289   —   —   21,295 21,295 20   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 26,822   630,075   447,962   —   —   208,935 208,935 69*   —
Total $76,151   $1,119,278   $940,251   $—   $(18)   $255,160   $107   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
U.S. Momentum Factor ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) $ 155,476   $ 5,245,369   $ 5,186,173   $—   $—   $ 214,672 214,672 $ 184   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,686,209   10,854,031   9,190,438   —   —   3,349,802 3,349,802 844*   —
Total $1,841,685   $16,099,400   $14,376,611   $—   $—   $3,564,474   $1,028   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
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U.S. Quality Factor ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $6,249,325   $16,000,000   $21,750,000   $(1,600)*   $(149)   $ 497,576 497,925 $1,216*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 244,069   12,323,076   12,124,626   —   —   442,519 442,519 305   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,942,017   24,381,805   23,319,370   —   —   3,004,452 3,004,452 1,046*   —
Total $8,435,411   $52,704,881   $57,193,996   $(1,600)   $(149)   $3,944,547   $2,567   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
    
U.S. Value Factor ETF 
  For the six months ended April 30, 2022
Security Description Value at
October 31,
2021 		  Purchases at
Cost 		  Proceeds from
Sales 		  Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
(Depreciation) 		  Value at
April 30,
2022 		Shares at
April 30,
2022 		Dividend
Income 		  Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) $7,298,070   $34,000,001   $35,000,000   $(3,838)*   $1,130   $6,295,363 6,299,773 $4,609*   $—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 682,276   13,999,735   14,169,151   —   —   512,860 512,860 464   —
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) 1,292,238   43,700,782   41,958,464   —   —   3,034,556 3,034,556 1,031*   —
Total $9,272,584   $91,700,518   $91,127,615   $(3,838)   $1,130   $9,842,779   $6,104   $—
    
(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b) The rate shown is the current yield as of April 30, 2022.
* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
E.  Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations. 
F.  Futures Contracts — The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, Climate Change Solutions ETF and International Growth ETF, used index futures futures contracts to obtain long exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the six months ended April 30, 2022:
  BetaBuilders
Canada ETF 		BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF 		BetaBuilders
Europe ETF 		BetaBuilders
International
Equity ETF 		BetaBuilders
Japan ETF 		BetaBuilders
U.S. Equity ETF
Futures Contracts:            
Average Notional Balance Long $26,729,186 $23,223,583 $60,531,149 $25,700,964 $59,352,459 $4,276,208
Ending Notional Balance Long 30,005,215 16,083,169 83,770,464 31,723,680 84,647,428 4,337,288
    
  BetaBuilders U.S.
Mid Cap Equity
ETF 		BetaBuilders U.S.
Small Cap
Equity ETF 		Carbon
Transition U.S.
Equity ETF 		Emerging
Markets
Equity ETF 		International
Equity ETF 		U.S.
Equity ETF
Futures Contracts:            
Average Notional Balance Long $7,186,860 $4,230,057 $25,905 $224,347 $6,160,197 $1,728,773
Ending Notional Balance Long 4,240,480 8,750,930 20,636 105,610 6,185,120 413,075
    
  U.S.
Mid Cap
Equity ETF 		U.S.
Small Cap
Equity ETF 		U.S.
Dividend ETF 		U.S. Minimum
Volatility ETF 		U.S. Momentum
Factor ETF
Futures Contracts:          
Average Notional Balance Long $509,879 $775,269 $168,237 $32,384 $473,687
Ending Notional Balance Long 249,440 186,190 103,181 20,636 330,180
    
  U.S. Quality
Factor ETF 		U.S. Value
Factor ETF
Futures Contracts:    
Average Notional Balance Long $739,589 $1,212,123
Ending Notional Balance Long 495,270 804,814
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G.  Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
H.  Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
I.  Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. 
J.  Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Japan ETF, Climate Change Solutions ETF and International Growth ETF, for which distributions are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3.  Fees and Other Transactions with Affiliates
A.  Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:
ActiveBuilders Emerging Markets Equity ETF 0.33%
ActiveBuilders International Equity ETF 0.25
BetaBuilders Canada ETF 0.19
BetaBuilders Developed Asia Pacific ex-Japan ETF 0.19
BetaBuilders Europe ETF 0.09
BetaBuilders International Equity ETF 0.07
BetaBuilders Japan ETF 0.19
BetaBuilders U.S. Equity ETF 0.02
BetaBuilders U.S. Mid Cap Equity ETF 0.07
BetaBuilders U.S. Small Cap Equity ETF 0.09
Carbon Transition U.S. Equity ETF 0.15
Climate Change Solutions ETF 0.49
Emerging Markets Equity ETF 0.44
International Equity ETF 0.37
U.S. Equity ETF 0.18
U.S. Mid Cap Equity ETF 0.24
U.S. Small Cap Equity ETF 0.29
International Growth ETF 0.55
U.S. Dividend ETF 0.12
U.S. Minimum Volatility ETF 0.12
U.S. Momentum Factor ETF 0.12
U.S. Quality Factor ETF 0.12
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
U.S. Value Factor ETF 0.12
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
In the case of ActiveBuilders Emerging Markets Equity ETF, the Adviser has contractually agreed to waive fees through February 28, 2023 in the amount of the acquired fund fees and expenses for any unaffiliated investment company that the Fund invests in so that the total operating expenses do not exceed 0.33%.
B.  Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C.  Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D.  Distribution Services— The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E.  Waivers and Reimbursements— The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds are covered under each Management Agreement as described in Note 3.A.
F.  Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
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4.  Investment Transactions
During the six months ended April 30, 2022, purchases and sales of investments (excluding short-term investments) were as follows:
  Purchases
(excluding
U.S. Government) 		Sales
(excluding
U.S. Government)
ActiveBuilders Emerging Markets Equity ETF $463,809,079 $ 48,450,364
ActiveBuilders International Equity ETF 3,830,331 3,802,713
BetaBuilders Canada ETF 193,234,877 190,982,389
BetaBuilders Developed Asia Pacific ex-Japan ETF 475,592,279 411,379,688
BetaBuilders Europe ETF 381,813,636 367,650,009
BetaBuilders International Equity ETF 97,585,500 122,705,658
BetaBuilders Japan ETF 63,575,255 222,922,726
BetaBuilders U.S. Equity ETF 21,987,359 22,454,743
BetaBuilders U.S. Mid Cap Equity ETF 260,475,489 272,246,783
BetaBuilders U.S. Small Cap Equity ETF 69,804,659 70,677,497
Carbon Transition U.S. Equity ETF 1,760,646 2,292,763
Climate Change Solutions ETF 27,523,014 3,387,463
Emerging Markets Equity ETF 40,978,811 24,843,300
International Equity ETF 120,662,205 127,694,027
U.S. Equity ETF 81,960,801 82,930,380
U.S. Mid Cap Equity ETF 30,750,969 29,889,306
U.S. Small Cap Equity ETF 25,973,180 25,366,248
International Growth ETF 10,296,394 9,461,148
U.S. Dividend ETF 5,571,065 5,466,474
U.S. Minimum Volatility ETF 1,835,004 1,788,189
U.S. Momentum Factor ETF 51,731,145 58,736,006
U.S. Quality Factor ETF 44,635,141 48,210,506
U.S. Value Factor ETF 63,117,672 66,140,385
During the six months ended April 30, 2022, there were no purchases or sales of U.S. Government securities.
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:
  In-Kind
Creations 		In-Kind
Redemptions
ActiveBuilders Emerging Markets Equity ETF $ 92,425,952 $ —
BetaBuilders Canada ETF 798,890,135 13,235,687
BetaBuilders Developed Asia Pacific ex-Japan ETF 432,888,920 —
BetaBuilders Europe ETF 2,516,436,211 1,117,207,994
BetaBuilders International Equity ETF 22,894,050 244,349,517
BetaBuilders Japan ETF 1,003,400,313 221,731,268
BetaBuilders U.S. Equity ETF 445,026,687 20,086,681
BetaBuilders U.S. Mid Cap Equity ETF 426,025,599 332,692,597
BetaBuilders U.S. Small Cap Equity ETF 231,394,937 88,585,745
Carbon Transition U.S. Equity ETF 6,007,203 5,686,763
Climate Change Solutions ETF 2,129,732 —
Emerging Markets Equity ETF 6,484,624 —
International Equity ETF 30,267,354 9,900,953
U.S. Equity ETF 40,089,480 183,563,455
U.S. Mid Cap Equity ETF 36,116,456 18,204,417
U.S. Small Cap Equity ETF 53,527,128 8,434,985
International Growth ETF 15,180,301 —
U.S. Dividend ETF 21,953,823 8,115,135
U.S. Minimum Volatility ETF 13,510,613 3,648,405
U.S. Momentum Factor ETF 124,792,353 56,442,193
U.S. Quality Factor ETF 147,379,713 100,590,451
U.S. Value Factor ETF 226,659,457 57,676,312
During the six months ended April 30, 2022, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
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5.  Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2022 were as follows:
  Aggregate
Cost 		Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net Unrealized
Appreciation
(Depreciation)
ActiveBuilders Emerging Markets Equity ETF $ 838,576,453 $ 10,781,495 $ 123,303,170 $ (112,521,675)
ActiveBuilders International Equity ETF 28,316,294 771,578 3,911,136 (3,139,558)
BetaBuilders Canada ETF 5,653,586,791 1,431,149,314 94,911,991 1,336,237,323
BetaBuilders Developed Asia Pacific ex-Japan ETF 4,189,457,681 308,440,243 213,021,957 95,418,286
BetaBuilders Europe ETF 10,786,349,482 316,704,904 1,166,039,037 (849,334,133)
BetaBuilders International Equity ETF 2,918,519,267 323,694,688 238,776,849 84,917,839
BetaBuilders Japan ETF 7,938,105,894 279,212,228 1,175,148,197 (895,935,969)
BetaBuilders U.S. Equity ETF 1,078,652,220 79,335,895 72,919,314 6,416,581
BetaBuilders U.S. Mid Cap Equity ETF 1,627,784,133 151,203,688 236,782,283 (85,578,595)
BetaBuilders U.S. Small Cap Equity ETF 579,392,516 26,163,443 100,461,679 (74,298,236)
Carbon Transition U.S. Equity ETF 21,641,600 1,902,875 1,357,176 545,699
Climate Change Solutions ETF 25,003,052 316,937 4,754,848 (4,437,911)
Emerging Markets Equity ETF 159,387,079 29,989,347 23,730,855 6,258,492
International Equity ETF 802,604,050 76,789,864 108,855,240 (32,065,376)
U.S. Equity ETF 486,140,848 102,488,374 20,727,714 81,760,660
U.S. Mid Cap Equity ETF 223,099,189 40,029,434 8,862,600 31,166,834
U.S. Small Cap Equity ETF 214,973,476 21,909,128 20,127,579 1,781,549
International Growth ETF 63,470,979 3,350,848 7,918,406 (4,567,558)
U.S. Dividend ETF 63,881,133 4,306,870 3,210,271 1,096,599
U.S. Minimum Volatility ETF 28,956,931 1,923,404 1,069,897 853,507
U.S. Momentum Factor ETF 258,903,551 10,287,548 21,116,171 (10,828,623)
U.S. Quality Factor ETF 402,953,038 27,032,753 23,761,868 3,270,885
U.S. Value Factor ETF 574,079,187 21,926,073 55,760,489 (33,834,416)
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
At October 31, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
  Capital Loss Carryforward Character
  Short-Term Long-Term
ActiveBuilders International Equity ETF $ 68,769 $ —
BetaBuilders Canada ETF 20,845,190 86,600,099
BetaBuilders Developed Asia Pacific ex-Japan ETF 18,171,779 21,324,799
BetaBuilders Europe ETF 27,609,126 59,635,553
BetaBuilders International Equity ETF 4,525,044 —
BetaBuilders Japan ETF 30,273,156 32,151,593
BetaBuilders U.S. Equity ETF 2,147,526 —
BetaBuilders U.S. Mid Cap Equity ETF 9,867,052 —
BetaBuilders U.S. Small Cap Equity ETF 5,458,075 —
Carbon Transition U.S. Equity ETF 45,097 —
Emerging Markets Equity ETF 24,533,444 5,007,738
International Equity ETF 36,165,399 62,789,489
U.S. Equity ETF 20,891,686 11,518,882
U.S. Mid Cap Equity ETF 8,423,388 4,365,390
U.S. Small Cap Equity ETF 7,633,472 3,234,916
U.S. Dividend ETF 978,409 1,070,914
U.S. Minimum Volatility ETF 2,963,724 528,648
U.S. Momentum Factor ETF 4,832,703 —
U.S. Quality Factor ETF 7,102,747 1,383,423
U.S. Value Factor ETF 20,097,834 1,606,270
During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:
  Capital Loss Utilized
  Short-Term Long-Term
BetaBuilders Canada ETF $8,268,163 $ —
BetaBuilders International Equity ETF — 120,369
BetaBuilders U.S. Equity ETF — 254,472
BetaBuilders U.S. Mid Cap Equity ETF — 24,134
Emerging Markets Equity ETF 615,867 4,743,289
International Equity ETF — 17,034,366
U.S. Equity ETF 4,231,236 6,514,973
U.S. Mid Cap Equity ETF 1,644,600 769,407
U.S. Small Cap Equity ETF 223,894 1,443,492
International Growth ETF 52,976 —
U.S. Dividend ETF 242,692 —
U.S. Minimum Volatility ETF 148,103 180,118
U.S. Momentum Factor ETF — 1,038,813
6.  Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the  Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
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Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF, Climate Change Solutions ETF, International Equity ETF and International Growth ETF, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF and Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7.  Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2022, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
  JPMorgan
SmartRetirement
Funds 		JPMorgan
SmartRetirement
Blend Funds
ActiveBuilders Emerging Markets Equity ETF 59.5% —%
BetaBuilders International Equity ETF — 81.6
BetaBuilders U.S. Mid Cap Equity ETF 57.3 36.5
BetaBuilders U.S. Small Cap Equity ETF — 84.5
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
As of April 30, 2022, the Adviser owned shares representing more than 10% of net assets of the following Funds:
  % of Ownership
ActiveBuilders International Equity ETF 81%
Carbon Transition U.S. Equity ETF 75
Climate Change Solutions ETF 87
ActiveBuilders Emerging Markets Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacifc ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
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NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
As of April 30, 2022, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
  ActiveBuilders
Emerging
Markets
Equity ETF 		ActiveBuilders
International
Equity ETF 		BetaBuilders
Canada ETF 		BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF 		BetaBuilders
Europe ETF 		BetaBuilders
International
Equity ETF 		BetaBuilders
Japan ETF
Australia —% —% —% 63.8% —% —% —%
Canada — — 95.5 — — — —
China 30.9 — — — — — —
France — 11.1 — — 15.3 — —
Germany — — — — 11.5 — —
Hong Kong — — — 19.0 — — —
India 11.6 — — — — — —
Japan — 18.5 — — — 23.6 100.0
Singapore — — — 10.1 — — —
South Korea 12.8 — — — — — —
Switzerland — 11.3 — — 15.5 — —
Taiwan 16.5 — — — — — —
United Kingdom — 12.2 — — 19.4 12.4 —
    
  Emerging
Markets
Equity ETF 		International
Equity ETF 		International
Growth ETF
Australia —% 10.6% —%
China 23.4 — —
India 11.2 — —
Japan — 28.4 11.1
Switzerland — — 12.2
Taiwan 11.4 — —
United Kingdom — 16.1 12.9
As of April 30, 2022, a significant portion of the investments of the ActiveBuilders Emerging Markets Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Climate Change Solutions ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth ETF consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, Climate Change Solutions ETF and International Growth ETF, may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.
ActiveBuilders Emerging Market Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Carbon Transition ETF, Climate Change
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Solutions ETF, Diversified Return Emerging Markets Equity ETF, Diversified International Equity ETF and International Growth ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were  perceived as comparatively stable becoming riskier and more volatile ActiveBuilders Emerging Market Equity ETF and Diversified Return Emerging Markets Equity ETF each invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
8.  Subsequent Event
Subsequent to April 30, 2022, BetaBuilders Europe ETF had net redemptions of $ 3,768,224,114, which represented 40% of the Fund’s net assets as of April 30, 2022.
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2021, and continued to hold your shares at the end of the reporting period, April 30, 2022. 
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
  Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses
Paid During
the Period 		Annualized
Expense
Ratio
JPMorgan ActiveBuilders Emerging Markets Equity ETF        
Actual * $1,000.00 $ 808.00 $1.48 0.33%
Hypothetical * 1,000.00 1,023.16 1.66 0.33
JPMorgan ActiveBuilders International Equity ETF        
Actual * 1,000.00 868.80 1.16 0.25
Hypothetical * 1,000.00 1,023.56 1.25 0.25
JPMorgan BetaBuilders Canada ETF        
Actual * 1,000.00 964.10 0.93 0.19
Hypothetical * 1,000.00 1,023.85 0.95 0.19
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)        
Actual * 1,000.00 944.50 0.92 0.19
Hypothetical * 1,000.00 1,023.85 0.95 0.19
JPMorgan BetaBuilders Europe ETF        
Actual * 1,000.00 873.20 0.42 0.09
Hypothetical * 1,000.00 1,024.35 0.45 0.09
JPMorgan BetaBuilders International Equity ETF        
Actual * 1,000.00 873.60 0.33 0.07
Hypothetical * 1,000.00 1,024.45 0.35 0.07
JPMorgan BetaBuilders Japan ETF        
Actual * 1,000.00 838.80 0.87 0.19
Hypothetical * 1,000.00 1,023.85 0.95 0.19
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  Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses
Paid During
the Period 		Annualized
Expense
Ratio
JPMorgan BetaBuilders U.S. Equity ETF        
Actual * $1,000.00 $ 888.80 $0.09 0.02%
Hypothetical * 1,000.00 1,024.70 0.10 0.02
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF        
Actual * 1,000.00 838.40 0.32 0.07
Hypothetical * 1,000.00 1,024.45 0.35 0.07
JPMorgan BetaBuilders U.S. Small Cap Equity ETF        
Actual * 1,000.00 823.60 0.41 0.09
Hypothetical * 1,000.00 1,024.35 0.45 0.09
JPMorgan Carbon Transition U.S. Equity ETF        
Actual * 1,000.00 896.90 0.71 0.15
Hypothetical * 1,000.00 1,024.05 0.75 0.15
JPMorgan Climate Change Solutions ETF        
Actual ** 1,000.00 787.60 1.67 0.49
Hypothetical * 1,000.00 1,017.17 1.88 0.49
JPMorgan Diversified Return Emerging Markets Equity ETF        
Actual * 1,000.00 951.60 2.13 0.44
Hypothetical * 1,000.00 1,022.61 2.21 0.44
JPMorgan Diversified Return International Equity ETF        
Actual * 1,000.00 906.00 1.75 0.37
Hypothetical * 1,000.00 1,022.96 1.86 0.37
JPMorgan Diversified Return U.S. Equity ETF        
Actual * 1,000.00 988.50 0.89 0.18
Hypothetical * 1,000.00 1,023.90 0.90 0.18
JPMorgan Diversified Return U.S. Mid Cap Equity ETF        
Actual * 1,000.00 963.30 1.17 0.24
Hypothetical * 1,000.00 1,023.60 1.20 0.24
JPMorgan Diversified Return U.S. Small Cap Equity ETF        
Actual * 1,000.00 903.00 1.37 0.29
Hypothetical * 1,000.00 1,023.36 1.45 0.29
JPMorgan International Growth ETF        
Actual * 1,000.00 718.00 2.34 0.55
Hypothetical * 1,000.00 1,022.07 2.76 0.55
JPMorgan U.S. Dividend ETF        
Actual * 1,000.00 1,048.30 0.61 0.12
Hypothetical * 1,000.00 1,024.20 0.60 0.12
JPMorgan U.S. Minimum Volatility ETF        
Actual * 1,000.00 1,019.60 0.60 0.12
Hypothetical * 1,000.00 1,024.20 0.60 0.12
JPMorgan U.S. Momentum Factor ETF        
Actual * 1,000.00 838.30 0.55 0.12
Hypothetical * 1,000.00 1,024.20 0.60 0.12
JPMorgan U.S. Quality Factor ETF        
Actual * 1,000.00 925.10 0.57 0.12
Hypothetical * 1,000.00 1,024.20 0.60 0.12
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
  Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses
Paid During
the Period 		Annualized
Expense
Ratio
JPMorgan U.S. Value Factor ETF        
Actual * $1,000.00 $ 950.00 $0.58 0.12%
Hypothetical * 1,000.00 1,024.20 0.60 0.12
    
* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 139/365 (to reflect the actual period). The Fund commenced operations on December 13, 2021.
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LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The Report discussed the implementation of these changes. No
other material changes were made to the Program during the Program Reporting Period. The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program); (5) whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (6) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (7) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
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BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited)
JPMorgan Climate Change Solutions ETF
On July 29, 2021, the Board of Trustees (the “Board” or the “Trustees”) of JPMorgan Exchange-Traded Fund Trust (the “Trust”) held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan Climate Change Solutions ETF (the “Fund”).  The meetings were held by video conference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019.  The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to that Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel.  Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information
furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
(i) The background and experience of the Adviser’s senior management and investment personnel;
(ii) The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
(iii) The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
(iv) Information about the structure and distribution strategy of the Fund and how it fits within the Trust’s other fund offerings;
(v) The administration services to be provided by the Adviser under the Management Agreement;
(vi) Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;
(vii) The overall reputation and capabilities of the Adviser and its affiliates;
(viii) The commitment of the Adviser to provide high quality service to the Fund;
(ix) Their overall confidence in the Adviser’s integrity; 
(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and 
(xi) The Adviser’s business continuity plan, steps the Adviser and its affiliates would be taking to provide services to the Fund during the COVID-19 pandemic and the Adviser’s and its affiliates’ success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
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The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of the Fund.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fees and Expense Ratios
The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s proposed management fee compared favorably with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.
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(Unaudited)
JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF,  JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan International Growth ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF
The Board of Trustees of the JPMorgan Exchange-Traded Fund Trust (the “Trust”) met regularly throughout the year ended December 31, 2021 ( the “Board of Trustees” or the “Board”) and considered factors that are relevant to their annual consideration of the continuation of the management agreements at each meeting.  The Board also meets specifically to consider the continuation of the management agreements annually.  The Board of Trustees held meetings on November 9, 2021 and December 14-15, 2021, at which the Trustees considered the continuation of management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for  JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan International Growth ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”).  The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with these meetings, the Board reviewed and considered performance, expense and other information individually for each of the Funds.  The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreements or any of their affiliates, approved the continuation of each Management Agreement.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser.  This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance.  In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge.  Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements.  The Trustees also discussed the Management Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below.  The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process.  Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative.  As part of their review process, the Trustees considered and placed emphasis on relevant information in light of changing circumstances in market and economic conditions.  The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Management Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
(i) The background and experience of the Adviser’s senior management and investment personnel;
(ii) The qualifications, backgrounds and responsibilities of the
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  portfolio management team primarily responsible for the day-to-day management each of the Funds;
(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
(iv) Information about the structure and distribution strategy each of the Funds and how it fits within the Trust’s other fund offerings;
(v) The administration services provided by the Adviser under the Management Agreements;
(vi) Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;
(vii) The overall reputation and capabilities of the Adviser and its affiliates;
(viii) The commitment of the Adviser to provide high quality service to the Funds;
(ix) Their overall confidence in the Adviser’s integrity;
(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and
(xi) The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Funds and their shareholders throughout this period.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services.  Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser.  The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that
publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses.  Based upon their review, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered (i) that under the Management Agreements, the Adviser earns fees from the Funds for providing administrative services and (ii) that J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, earns fees for custody, transfer agency and other related services for each Fund. 
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.  Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
The Trustees also considered the benefits the Adviser receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which each Fund will benefit from potential economies of scale.  The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are limited even when a Fund is new and not achieving economies of scale.  The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.  After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund.  The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds.  The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable.
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Investment Performance
For all Funds with the exception of the JPMorgan International Growth ETF, the Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management.  As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser.  After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective and supported renewal of each Fund’s Management Agreement.
For the JPMorgan International Growth ETF (the “Fund”), the Trustees received and considered absolute and relative performance information for the Fund in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included ranking the Fund within a performance universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum.  The Trustees also considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management.  As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser.  After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.  The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the third quintile based upon the Universe for the one-year period ended August 31, 2021. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.)  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory. 
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management
fee rates paid by other funds in the same Morningstar category as each Fund.  This review included a ranking of each Fund within its Universe, as well as  its Peer Group.  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser.  The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts.  The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan BetaBuilders Canada ETF’s net management fee and actual total expenses were in the first quintile  of the Universe.  (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.)  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders Europe ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe.   After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders International Equity ETF’s net management fee was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.  
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The Trustees noted that the JPMorgan BetaBuilders Japan ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively.   After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Equity ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF’s net management fee was in the third and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Small Cap Equity ETF’s net management fee was in the fourth and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Carbon Transition U.S. Equity ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net management fee was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.  
The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net management fee was in the third and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and fourth quintiles of the Peer Group and Universe, respectively. 
After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net management fee and actual total expenses were in the second quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan International Growth ETF’s net management fee and actual total expenses were in the third quintile of the Universe.  (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.)  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Dividend ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe.   After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Minimum Volatility ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net management fee and actual total expenses were in the first quintile of the Universe.  (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the
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limited number of Fund peers.)  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Value Factor ETF’s net management fee was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Funds' quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each  Fund's policies and procedures with respect to the disclosure of each  Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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