J.P. Morgan Exchange-Traded Fund Trust

CONTENTS


President's Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	15
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Trustees	32
Officers	36
Schedule of Shareholder Expenses	38
Tax Letter	39

Investments in the 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 the 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 the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the 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 the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.

President's Letter
August 11, 2023 (Unaudited)

Dear Shareholder,

Equity markets largely delivered solid returns for the twelve months ended June 30, 2023 on the back of buoyant corporate earnings, continued economic growth and receding inflationary pressures. Even as the U.S. Federal Reserve raised interest rates in an effort to cool the economy, the unemployment rate remained below 4% and consumer and business spending was generally higher than many economists expected.

“Equity markets delivered strong

returns during the first half of 2023,

with investors who remained fully

invested likely benefitting. Going

forward, we believe investors may be

best served by maintaining a

long-term view and holding a

well-diversified portfolio.”

— Brian S. Shlissel

Among financial markets, the performance of leading equity indexes was mixed through the second half of 2022. However, the S&P 500 Index generated positive performance every month except February in the first half of 2023. Large cap growth stocks generally outperformed other sectors of the market for the twelve-months ended June 30, 2023, partly due to investor demand for shares of large information technology companies. Leading mid cap and small cap equity indexes – both growth and value - posted positive performance for the period. Notably, the collapse of three U.S. regional banks in March 2023 put pressure on equities in the broader financial sector but the responses by multiple U.S. regulatory agencies as well as leading central banks appear to have limited further volatility in the banking industry.

With the exception of its June 2023 meeting, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates at 10 consecutive meetings since commencing its tightening monetary policy in mid-March 2022, and subsequently raised rates again in July 2023. Meanwhile, U.S. inflation, as measured by the Consumer Price Index, fell from 40-year highs in mid-2022 to 3.0% in June 2023. U.S. gross domestic product (GDP) remained positive throughout the 12-month period and even rebounded to an annualized rate of 2.4% in the second

quarter of 2023 from 2.0% in the first quarter. While the overall trend in consumer spending was downward, consumption was better than economists generally expected and business fixed investment in equipment, facilities and software in the second quarter of 2023 increased at the fastest pace since the start of 2022.

Though inflation remained above the Fed’s stated target of 2% annual growth during the twelve-month period, the declining trend in price growth may allow the Fed to end its policy tightening sooner than expected. Moreover, the resiliency of the U.S. economy in the face of the highest interest rates since 2001 could allow the economy to cool without GDP tipping into negative territory or leading to wide-spread job losses.

Certainly, there are factors that remain the focus of investor concerns. The war in Ukraine has continued, without demonstrative progress toward an eventual peace settlement or even a ceasefire. Elsewhere, China’s economy is experiencing weak growth and record high unemployment, and falling prices have raised economists’ worries about the potential for a deflationary spiral in the world’s second largest economy. In the U.S., the run-up to the 2024 presidential election has the potential to increase global political and economic uncertainty.

Equity markets delivered strong returns during the first half of 2023, with investors who remained fully invested likely benefitting. Going forward, we believe investors may be best served by maintaining a long-term view and holding a well-diversified portfolio. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can 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

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	16.61%
Market Price **	16.73%
S&P 1000 Index	15.20%
Net Assets as of 6/30/2023	$854,560,372
Fund Ticker	JMEE

INVESTMENT OBJECTIVE ***

The JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

INVESTMENT APPROACH

The Fund combines a proprietary stock-ranking system with fundamental analysis to identify the most attractive stocks in the S&P 1000 Index (the “Benchmark”). The Fund owns a large portion of stocks in the Benchmark, modestly overweighting higher-ranked stocks and underweighting lower-ranked stocks.

HOW DID THE MARKET PERFORM?

Equity markets largely generated positive returns for the twelve-month period as consumer spending, manufacturing and corporate earnings remained resilient in the face of rising interest rates and slowing economic growth. While leading equity indexes were mixed on a month-to-month basis, the overall trend was toward a rebound from the sell-off that marked the first half of 2022.

Following a sharp sell-off in August and September 2022 that coincided with U.S. Federal Reserve policy guidance on further interest rate increases, equity prices largely stabilized. Corporate earnings for both the second and third quarters of 2022 were generally better than expected given a cooling economy and slowing consumer spending. By the start of 2023, economic data showed some inflationary pressures had eased.

Across Europe, the energy crisis that followed Russia’s invasion of Ukraine in late February 2022 eased somewhat in the second half of 2022 as both the U.K. and the EU obtained alternatives to Russian energy imports and global energy prices began to recede. A political crisis in the U.K. roiled financial markets in London but the ascension of Rishi Sunak to prime minister appeared to remove some investor uncertainty by the end of 2022.

Meanwhile, leading central banks largely continued to raise interest rates during the twelve-month period. Notably, the European Central Bank initiated its monetary tightening policy in September 2022, with its first rate increase in eleven years

and the largest increase in the bank’s history. The U.S. Federal Reserve declined to raise interest rates at its June 2023 meeting, though it stated it would raise rates further in 2023 as needed.

While financial market volatility receded from 2022 levels, it remained elevated in the face of investor uncertainty about interest rates. In March 2023, the financial sector was roiled by the failures of Silicon Valley Bank and First Republic Bank in the U.S., and Credit Suisse Group AG in Switzerland. In each instance, government regulators moved to prevent further contagion within the financials sector.

Within U.S. equity markets, large cap and mid cap stock generally outperformed small cap stocks and growth stocks outperformed value stocks.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund outperformed the Benchmark for the twelve months ended June 30, 2023. The Fund’s security selection in the industrial cyclical sector and its underweight position in the finance sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the software & services sector and the consumer stable sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Builders FirstSource Inc., First Solar Inc. and Jabil Inc. Shares of Builders FirstSource, a homebuilding products and services provider, rose throughout the period amid consecutive quarters of better-than-expected earnings and revenue. Shares of First Solar, a manufacturer of solar energy technologies, rose amid investor expectations the company would benefit from investment tax credits in the renewable energy sector. Shares of Jabil, an electronics manufacturer, rose after the company reported better-than-expected earnings and revenue for its fiscal third quarter.

Leading individual detractors from relative performance included the Fund’s overweight positions in Tandem Diabetes Care Inc. and Netgear Inc., and its underweight position in Penumbra Inc. Shares of Tandem Diabetes Care, a health care equipment manufacturer, fell after the company reported

J.P. Morgan Exchange-Traded Funds

June 30, 2023

consecutive quarters of lower-than-expected earnings and revenue amid increased competition within the insulin pump market. Shares of Netgear, a communications equipment manufacturer, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2023. Shares of Penumbra, a medical device manufacturer, rose after the company reported consecutive quarters of better-than-expected earnings and revenue and raised its 2023 revenue forecast.

HOW WAS THE FUND POSITIONED?

The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather

than sector, style or theme allocation.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2023		PERCENT OF TOTAL INVESTMENTS
1.	Builders FirstSource, Inc.	1.1 %
2.	Jabil, Inc.	0.9
3.	Reliance Steel & Aluminum Co.	0.7
4.	Toll Brothers, Inc.	0.7
5.	United Therapeutics Corp.	0.7
6.	EMCOR Group, Inc.	0.6
7.	Clean Harbors, Inc.	0.6
8.	Life Storage, Inc.	0.6
9.	nVent Electric plc	0.6
10.	Tri Pointe Homes, Inc.	0.5

PORTFOLIO COMPOSITION BY SECTOR AS OF June 30, 2023	PERCENT OF TOTAL INVESTMENTS
Industrials	21.6%
Financials	13.3
Consumer Discretionary	13.3
Information Technology	11.7
Health Care	9.9
Real Estate	7.2
Materials	5.8
Consumer Staples	4.6
Energy	4.1
Utilities	2.5
Communication Services	1.1
Short-Term Investments	4.9

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 $50.12 as of June 30, 2023.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of June 30, 2023, the closing price was $50.16.

***

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

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	5 YEAR	10 YEAR
JPMorgan Market Expansion Enhanced Equity ETF
Net Asset Value	July 31, 1998*	16.61 %	6.85 %	9.91 %
Market Price		16.73	6.87	9.91


*	Inception date for Class I Shares of the predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (6/30/13 TO 6/30/23)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on May 6, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is October 1, 2018. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is July 31, 1998. Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor

Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on May 9, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the S&P 1000 Index from June 30, 2013 to June 30 2023. The performance of the Fund reflects the deduction of Fund expenses, assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 1000 Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The S&P 1000 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares. The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

JPMorgan Market Expansion Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 97.5%
Aerospace & Defense — 0.2%
AeroVironment, Inc. *	5,796	592,815
Curtiss-Wright Corp.	1,607	295,142
Woodward, Inc.	4,509	536,165
		1,424,122
Air Freight & Logistics — 0.5%
Forward Air Corp.	8,319	882,729
GXO Logistics, Inc. *	20,609	1,294,657
Hub Group, Inc., Class A *	22,212	1,784,068
		3,961,454
Automobile Components — 1.2%
Adient plc *	24,124	924,432
American Axle & Manufacturing Holdings, Inc. *	37,017	306,131
Dana, Inc.	86,446	1,469,582
Fox Factory Holding Corp. *	5,651	613,190
Gentherm, Inc. *	8,581	484,912
Goodyear Tire & Rubber Co. (The) *	182,577	2,497,653
LCI Industries	6,377	805,798
Lear Corp.	14,969	2,148,800
Patrick Industries, Inc.	7,124	569,920
		9,820,418
Automobiles — 0.4%
Harley-Davidson, Inc.	40,087	1,411,463
Thor Industries, Inc. (a)	14,997	1,552,190
Winnebago Industries, Inc.	10,260	684,239
		3,647,892
Banks — 5.9%
Ameris Bancorp	51,930	1,776,525
Associated Banc-Corp.	40,787	661,973
Axos Financial, Inc. *	46,004	1,814,398
Banc of California, Inc.	38,569	446,629
Bancorp, Inc. (The) *	14,455	471,956
Banner Corp.	39,125	1,708,589
Brookline Bancorp, Inc.	18,841	164,670
Cadence Bank	18,801	369,252
Columbia Banking System, Inc.	54,697	1,109,255
Commerce Bancshares, Inc.	29,794	1,450,968
Cullen/Frost Bankers, Inc. (a)	17,226	1,852,312
Customers Bancorp, Inc. *	52,253	1,581,176
CVB Financial Corp.	71,587	950,675
Dime Community Bancshares, Inc.	12,518	220,692
East West Bancorp, Inc.	61,457	3,244,315
FB Financial Corp.	8,353	234,302

INVESTMENTS	SHARES	VALUE($)

Banks — continued
First Bancorp (a)	9,335	277,716
First BanCorp (Puerto Rico)	183,806	2,246,109
First Commonwealth Financial Corp.	88,650	1,121,422
First Financial Bancorp	11,658	238,290
First Financial Bankshares, Inc.	16,696	475,669
First Horizon Corp.	138,377	1,559,509
FNB Corp.	151,664	1,735,036
Glacier Bancorp, Inc.	2,723	84,876
Hancock Whitney Corp.	35,236	1,352,358
Hanmi Financial Corp.	8,801	131,399
National Bank Holdings Corp., Class A	47,435	1,377,512
NBT Bancorp, Inc.	8,895	283,306
New York Community Bancorp, Inc.	134,834	1,515,534
OFG Bancorp (Puerto Rico)	71,518	1,865,189
Old National Bancorp	164,798	2,297,284
Pathward Financial, Inc.	7,158	331,845
Pinnacle Financial Partners, Inc.	50,005	2,832,783
Preferred Bank	3,586	197,194
Prosperity Bancshares, Inc. (a)	35,815	2,022,831
Renasant Corp.	14,269	372,849
Seacoast Banking Corp. of Florida	20,530	453,713
Southside Bancshares, Inc.	31,430	822,209
SouthState Corp.	9,005	592,529
Synovus Financial Corp.	38,240	1,156,760
Triumph Financial, Inc. *	5,903	358,430
UMB Financial Corp.	11,321	689,449
United Community Banks, Inc.	26,888	671,931
Veritex Holdings, Inc.	36,524	654,875
Washington Federal, Inc.	30,467	807,985
Webster Financial Corp.	30,797	1,162,587
Wintrust Financial Corp.	37,338	2,711,486
WSFS Financial Corp.	6,900	260,268
		50,718,620
Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A *	2,399	739,947
Celsius Holdings, Inc. *	7,589	1,132,203
Coca-Cola Consolidated, Inc.	1,394	886,612
		2,758,762
Biotechnology — 1.9%
Arrowhead Pharmaceuticals, Inc. *	41,381	1,475,646
Eagle Pharmaceuticals, Inc. *	28,743	558,764
Emergent BioSolutions, Inc. *	3,872	28,459
Exelixis, Inc. *	228,216	4,361,208

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023 (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Biotechnology — continued
Neurocrine Biosciences, Inc. *	27,249	2,569,581
REGENXBIO, Inc. *	61,493	1,229,245
United Therapeutics Corp. *	26,167	5,776,365
		15,999,268
Broadline Retail — 0.6%
Kohl's Corp. (a)	63,916	1,473,264
Macy's, Inc.	144,817	2,324,313
Nordstrom, Inc.	28,255	578,380
Ollie's Bargain Outlet Holdings, Inc. *	9,219	534,056
		4,910,013
Building Products — 3.3%
AAON, Inc.	8,030	761,324
Apogee Enterprises, Inc.	5,500	261,085
AZZ, Inc.	6,477	281,490
Builders FirstSource, Inc. *	70,605	9,602,280
Carlisle Cos., Inc.	13,613	3,492,143
Gibraltar Industries, Inc. *	24,098	1,516,246
Griffon Corp.	13,217	532,645
Lennox International, Inc.	6,498	2,118,803
Owens Corning	26,950	3,516,975
Resideo Technologies, Inc. *	41,092	725,685
Simpson Manufacturing Co., Inc.	11,421	1,581,808
Trex Co., Inc. *	4,267	279,745
UFP Industries, Inc.	36,016	3,495,353
		28,165,582
Capital Markets — 1.7%
Affiliated Managers Group, Inc.	10,657	1,597,378
Avantax, Inc. *	94,557	2,116,186
Donnelley Financial Solutions, Inc. *	12,728	579,506
Evercore, Inc., Class A	6,146	759,584
Federated Hermes, Inc.	12,264	439,664
Interactive Brokers Group, Inc., Class A	37,673	3,129,496
Jefferies Financial Group, Inc.	47,304	1,569,074
Piper Sandler Cos.	3,395	438,838
SEI Investments Co.	11,124	663,213
Stifel Financial Corp.	34,394	2,052,290
StoneX Group, Inc. *	8,613	715,568
Virtus Investment Partners, Inc.	1,931	381,314
		14,442,111
Chemicals — 2.3%
AdvanSix, Inc.	29,340	1,026,313
Ashland, Inc.	11,044	959,834

INVESTMENTS	SHARES	VALUE($)

Chemicals — continued
Avient Corp.	41,272	1,688,025
Axalta Coating Systems Ltd. *	22,657	743,376
Cabot Corp.	27,395	1,832,452
Chemours Co. (The) (a)	62,522	2,306,437
Hawkins, Inc.	5,004	238,641
HB Fuller Co.	26,979	1,929,268
Ingevity Corp. *	24,188	1,406,774
Livent Corp. * (a)	19,322	530,003
Minerals Technologies, Inc.	14,462	834,313
RPM International, Inc.	24,765	2,222,163
Scotts Miracle-Gro Co. (The)	10,993	689,151
Sensient Technologies Corp.	15,471	1,100,452
Stepan Co.	20,247	1,934,803
Trinseo plc	10,170	128,854
		19,570,859
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.	16,783	715,795
Brady Corp., Class A	47,381	2,253,914
Brink's Co. (The)	13,764	933,612
Clean Harbors, Inc. *	30,057	4,942,272
CoreCivic, Inc. *	115,800	1,089,678
Deluxe Corp.	11,996	209,690
Enviri Corp. *	17,334	171,087
Interface, Inc.	16,900	148,551
Matthews International Corp., Class A	8,671	369,558
MillerKnoll, Inc.	22,120	326,934
OPENLANE, Inc. *	33,537	510,433
Pitney Bowes, Inc.	39,977	141,519
Stericycle, Inc. *	6,377	296,148
Tetra Tech, Inc.	14,200	2,325,108
Viad Corp. *	5,256	141,281
		14,575,580
Communications Equipment — 1.2%
ADTRAN Holdings, Inc.	14,611	153,854
Calix, Inc. *	14,625	729,934
Ciena Corp. *	88,208	3,747,958
Digi International, Inc. *	8,866	349,232
Extreme Networks, Inc. *	31,311	815,651
Lumentum Holdings, Inc. * (a)	14,611	828,882
NETGEAR, Inc. *	98,932	1,400,877
Viasat, Inc. * (a)	44,567	1,838,834
Viavi Solutions, Inc. *	58,739	665,513
		10,530,735

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Construction & Engineering — 2.2%
AECOM	34,504	2,922,144
Arcosa, Inc.	14,122	1,070,024
Comfort Systems USA, Inc.	26,172	4,297,442
EMCOR Group, Inc.	27,044	4,997,190
MasTec, Inc. *	15,095	1,780,757
MDU Resources Group, Inc.	55,506	1,162,296
MYR Group, Inc. *	17,182	2,376,958
		18,606,811
Construction Materials — 0.2%
Eagle Materials, Inc.	7,188	1,339,987
Consumer Finance — 0.7%
Encore Capital Group, Inc. *	8,581	417,208
Enova International, Inc. *	33,713	1,790,835
EZCORP, Inc., Class A * (a)	23,387	195,983
FirstCash Holdings, Inc.	13,580	1,267,421
Navient Corp.	27,728	515,186
PROG Holdings, Inc. *	17,963	576,972
SLM Corp.	96,070	1,567,862
		6,331,467
Consumer Staples Distribution & Retail — 1.8%
Andersons, Inc. (The)	32,306	1,490,922
BJ's Wholesale Club Holdings, Inc. *	55,135	3,474,056
Casey's General Stores, Inc.	17,375	4,237,415
SpartanNash Co.	51,787	1,165,725
Sprouts Farmers Market, Inc. *	98,995	3,636,086
United Natural Foods, Inc. *	67,090	1,311,610
		15,315,814
Containers & Packaging — 1.1%
AptarGroup, Inc.	13,834	1,602,807
Berry Global Group, Inc.	19,132	1,230,953
Greif, Inc., Class A	12,770	879,726
Myers Industries, Inc.	10,175	197,700
O-I Glass, Inc. *	19,122	407,872
Silgan Holdings, Inc.	41,660	1,953,438
Sonoco Products Co.	52,810	3,116,846
		9,389,342
Diversified Consumer Services — 0.7%
Adtalem Global Education, Inc. *	13,575	466,165
Graham Holdings Co., Class B	1,679	959,515
Grand Canyon Education, Inc. *	5,093	525,649

INVESTMENTS	SHARES	VALUE($)

Diversified Consumer Services — continued
H&R Block, Inc.	44,428	1,415,920
Service Corp. International	43,691	2,822,002
		6,189,251
Diversified REITs — 0.3%
American Assets Trust, Inc.	12,580	241,536
Armada Hoffler Properties, Inc.	47,681	556,914
Essential Properties Realty Trust, Inc.	72,044	1,695,916
		2,494,366
Diversified Telecommunication Services — 0.3%
Cogent Communications Holdings, Inc.	10,797	726,530
Iridium Communications, Inc.	35,468	2,203,272
		2,929,802
Electric Utilities — 0.9%
Hawaiian Electric Industries, Inc.	47,461	1,718,088
IDACORP, Inc.	32,816	3,366,922
OGE Energy Corp.	73,969	2,656,227
		7,741,237
Electrical Equipment — 1.7%
Acuity Brands, Inc.	8,849	1,443,095
Encore Wire Corp.	15,109	2,809,216
EnerSys	2,850	309,282
Hubbell, Inc.	6,193	2,053,351
nVent Electric plc	94,555	4,885,657
Regal Rexnord Corp.	18,154	2,793,901
		14,294,502
Electronic Equipment, Instruments & Components — 3.5%
Advanced Energy Industries, Inc.	11,091	1,236,092
Arrow Electronics, Inc. *	25,093	3,594,070
Belden, Inc.	11,565	1,106,192
Benchmark Electronics, Inc.	9,965	257,396
Cognex Corp.	36,567	2,048,483
Coherent Corp. *	19,225	980,091
Fabrinet (Thailand) *	26,866	3,489,356
Itron, Inc. *	3,125	225,313
Jabil, Inc.	70,940	7,656,554
Littelfuse, Inc.	5,549	1,616,479
OSI Systems, Inc. *	4,709	554,862
Rogers Corp. *	3,965	642,053
TD SYNNEX Corp.	23,113	2,172,622
Vontier Corp.	123,578	3,980,447
		29,560,010

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023 (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Energy Equipment & Services — 0.9%
Bristow Group, Inc. *	7,615	218,779
ChampionX Corp.	90,899	2,821,505
Helmerich & Payne, Inc.	18,184	644,623
NOV, Inc.	104,789	1,680,815
Oceaneering International, Inc. *	50,276	940,161
Patterson-UTI Energy, Inc.	89,914	1,076,271
ProPetro Holding Corp. *	19,862	163,663
		7,545,817
Entertainment — 0.0% ^
Marcus Corp. (The) (a)	8,110	120,271
Financial Services — 1.8%
Essent Group Ltd.	46,686	2,184,905
Euronet Worldwide, Inc. *	4,062	476,757
EVERTEC, Inc. (Puerto Rico)	40,616	1,495,887
MGIC Investment Corp.	132,635	2,094,307
Mr. Cooper Group, Inc. *	28,445	1,440,455
NMI Holdings, Inc., Class A *	55,194	1,425,109
Radian Group, Inc.	23,815	602,043
Voya Financial, Inc.	20,330	1,457,864
Walker & Dunlop, Inc.	12,412	981,665
WEX, Inc. *	17,643	3,212,261
		15,371,253
Food Products — 1.5%
Darling Ingredients, Inc. *	44,039	2,809,248
Flowers Foods, Inc.	50,146	1,247,633
Fresh Del Monte Produce, Inc.	8,150	209,537
Hostess Brands, Inc. *	35,388	896,024
Ingredion, Inc.	31,376	3,324,287
John B Sanfilippo & Son, Inc.	2,678	314,049
Pilgrim's Pride Corp. *	50,164	1,078,024
Post Holdings, Inc. *	15,158	1,313,441
Simply Good Foods Co. (The) *	22,093	808,383
TreeHouse Foods, Inc. *	13,167	663,353
		12,663,979
Gas Utilities — 0.7%
Chesapeake Utilities Corp.	18,026	2,145,094
ONE Gas, Inc.	17,609	1,352,547
Southwest Gas Holdings, Inc.	4,139	263,447
Spire, Inc.	7,124	451,947
UGI Corp.	76,381	2,059,996
		6,273,031

INVESTMENTS	SHARES	VALUE($)

Ground Transportation — 1.9%
ArcBest Corp.	13,677	1,351,288
Avis Budget Group, Inc. *	12,580	2,876,668
Knight-Swift Transportation Holdings, Inc.	42,855	2,381,024
Landstar System, Inc.	19,379	3,731,233
Ryder System, Inc.	12,995	1,101,846
Saia, Inc. *	6,740	2,307,843
Werner Enterprises, Inc.	25,348	1,119,875
XPO, Inc. *	28,893	1,704,687
		16,574,464
Health Care Equipment & Supplies — 3.6%
Avanos Medical, Inc. *	11,916	304,573
CONMED Corp. (a)	6,550	890,080
Envista Holdings Corp. *	94,291	3,190,807
Glaukos Corp. *	20,773	1,479,245
Globus Medical, Inc., Class A *	20,304	1,208,900
Haemonetics Corp. *	30,017	2,555,647
Inari Medical, Inc. *	15,318	890,589
Integer Holdings Corp. *	8,518	754,780
Integra LifeSciences Holdings Corp. *	18,732	770,447
Lantheus Holdings, Inc. *	47,777	4,009,446
LivaNova plc *	11,544	593,708
Masimo Corp. *	25,140	4,136,787
Merit Medical Systems, Inc. *	13,291	1,111,659
Neogen Corp. *	117,614	2,558,105
NuVasive, Inc. *	45,981	1,912,350
Omnicell, Inc. *	10,993	809,854
Orthofix Medical, Inc. *	12,828	231,674
Shockwave Medical, Inc. *	9,710	2,771,331
Varex Imaging Corp. *	10,612	250,125
		30,430,107
Health Care Providers & Services — 3.0%
Acadia Healthcare Co., Inc. *	23,287	1,854,577
Addus HomeCare Corp. *	3,972	368,205
Amedisys, Inc. *	21,919	2,004,273
AMN Healthcare Services, Inc. *	5,531	603,543
Chemed Corp.	4,356	2,359,515
Encompass Health Corp.	57,021	3,860,892
Enhabit, Inc. * (a)	12,526	144,049
Ensign Group, Inc. (The)	13,385	1,277,732
Fulgent Genetics, Inc. * (a)	40,111	1,485,310
HealthEquity, Inc. *	39,464	2,491,757
ModivCare, Inc. *	11,996	542,339
Option Care Health, Inc. *	68,443	2,223,713

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Progyny, Inc. *	57,685	2,269,328
R1 RCM, Inc. * (a)	30,674	565,935
RadNet, Inc. *	11,349	370,204
Tenet Healthcare Corp. *	41,439	3,372,306
		25,793,678
Health Care REITs — 0.4%
CareTrust REIT, Inc.	24,205	480,711
Community Healthcare Trust, Inc.	38,624	1,275,365
Physicians Realty Trust	121,281	1,696,721
Sabra Health Care REIT, Inc.	25,077	295,156
		3,747,953
Health Care Technology — 0.1%
HealthStream, Inc.	7,837	192,477
NextGen Healthcare, Inc. *	16,463	267,030
Veradigm, Inc. *	51,437	648,106
		1,107,613
Hotel & Resort REITs — 0.2%
DiamondRock Hospitality Co.	51,275	410,713
Park Hotels & Resorts, Inc. (a)	65,387	838,261
Xenia Hotels & Resorts, Inc.	29,995	369,239
		1,618,213
Hotels, Restaurants & Leisure — 2.3%
BJ's Restaurants, Inc. *	6,198	197,096
Bloomin' Brands, Inc.	20,060	539,413
Boyd Gaming Corp.	22,157	1,537,031
Brinker International, Inc. *	35,920	1,314,672
Cheesecake Factory, Inc. (The)	14,517	501,998
Churchill Downs, Inc.	13,298	1,850,683
Cracker Barrel Old Country Store, Inc. (a)	4,371	407,290
Dave & Buster's Entertainment, Inc. *	13,485	600,892
Golden Entertainment, Inc. *	9,055	378,499
Jack in the Box, Inc.	6,650	648,574
Light & Wonder, Inc. *	16,442	1,130,552
Marriott Vacations Worldwide Corp.	10,797	1,325,008
Papa John's International, Inc.	6,477	478,197
Planet Fitness, Inc., Class A *	24,963	1,683,505
Texas Roadhouse, Inc.	15,755	1,768,971
Travel + Leisure Co.	30,923	1,247,434
Wendy's Co. (The)	34,184	743,502
Wyndham Hotels & Resorts, Inc.	50,326	3,450,854
		19,804,171

INVESTMENTS	SHARES	VALUE($)

Household Durables — 2.2%
Cavco Industries, Inc. *	2,131	628,645
KB Home	24,024	1,242,281
La-Z-Boy, Inc.	12,181	348,864
Meritage Homes Corp.	15,853	2,255,406
Taylor Morrison Home Corp. *	34,204	1,668,129
Tempur Sealy International, Inc.	51,273	2,054,509
Toll Brothers, Inc.	78,596	6,214,586
Tri Pointe Homes, Inc. *	136,583	4,488,117
		18,900,537
Household Products — 0.4%
Central Garden & Pet Co. *	27,349	1,060,321
Central Garden & Pet Co., Class A *	55,045	2,006,941
Energizer Holdings, Inc.	17,547	589,228
		3,656,490
Industrial REITs — 1.3%
EastGroup Properties, Inc.	16,446	2,855,026
First Industrial Realty Trust, Inc.	65,459	3,445,762
Innovative Industrial Properties, Inc.	10,746	784,565
LXP Industrial Trust	69,914	681,662
Rexford Industrial Realty, Inc.	66,356	3,465,110
		11,232,125
Insurance — 3.0%
American Financial Group, Inc.	23,890	2,836,937
Assured Guaranty Ltd.	16,008	893,246
CNO Financial Group, Inc.	32,943	779,761
Employers Holdings, Inc.	17,232	644,649
First American Financial Corp.	27,127	1,546,781
Hanover Insurance Group, Inc. (The)	3,128	353,558
Horace Mann Educators Corp.	10,610	314,693
James River Group Holdings Ltd.	43,065	786,367
Kinsale Capital Group, Inc.	3,425	1,281,635
Mercury General Corp.	7,010	212,193
Old Republic International Corp.	75,719	1,905,847
Palomar Holdings, Inc. *	6,198	359,732
Primerica, Inc.	7,080	1,400,141
Reinsurance Group of America, Inc.	19,782	2,743,566
RenaissanceRe Holdings Ltd. (Bermuda)	15,782	2,943,659
RLI Corp.	16,565	2,260,625
Selective Insurance Group, Inc.	4,488	430,624
Unum Group	87,669	4,181,811
		25,875,825

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023 (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Interactive Media & Services — 0.3%
QuinStreet, Inc. *	35,373	312,343
TripAdvisor, Inc. *	25,408	418,978
Yelp, Inc. *	17,826	649,045
Ziff Davis, Inc. *	12,938	906,436
		2,286,802
IT Services — 0.1%
Perficient, Inc. *	9,219	768,219
Leisure Products — 0.7%
Brunswick Corp.	23,734	2,056,314
Mattel, Inc. *	89,393	1,746,739
Polaris, Inc. (a)	15,245	1,843,578
YETI Holdings, Inc. *	18,284	710,150
		6,356,781
Life Sciences Tools & Services — 0.7%
Azenta, Inc. *	20,679	965,295
Bruker Corp.	26,375	1,949,640
Medpace Holdings, Inc. *	7,034	1,689,356
Repligen Corp. * (a)	4,904	693,720
Syneos Health, Inc. *	23,734	1,000,151
		6,298,162
Machinery — 5.5%
AGCO Corp.	30,576	4,018,298
Alamo Group, Inc.	6,657	1,224,289
Chart Industries, Inc. *	9,219	1,473,104
Crane Co.	31,876	2,840,789
Crane NXT Co.	31,876	1,799,081
Esab Corp.	11,410	759,221
Federal Signal Corp.	15,329	981,516
Flowserve Corp.	34,910	1,296,907
Franklin Electric Co., Inc.	31,849	3,277,262
Graco, Inc.	45,904	3,963,810
Hillenbrand, Inc.	27,996	1,435,635
ITT, Inc.	44,720	4,168,351
John Bean Technologies Corp.	7,934	962,394
Kennametal, Inc.	22,103	627,504
Lincoln Electric Holdings, Inc.	11,278	2,240,149
Lindsay Corp.	2,788	332,720
Middleby Corp. (The) *	14,969	2,212,867
Mueller Industries, Inc.	15,416	1,345,508
Oshkosh Corp.	32,406	2,806,036
SPX Technologies, Inc. *	13,111	1,114,042
Standex International Corp.	19,963	2,824,166
Terex Corp.	18,926	1,132,343

INVESTMENTS	SHARES	VALUE($)

Machinery — continued
Timken Co. (The)	25,464	2,330,720
Titan International, Inc. *	15,158	174,014
Toro Co. (The)	7,665	779,147
Watts Water Technologies, Inc., Class A	5,875	1,079,414
		47,199,287
Marine Transportation — 0.3%
Kirby Corp. *	16,103	1,239,126
Matson, Inc.	11,916	926,231
		2,165,357
Media — 0.4%
Cable One, Inc.	2,602	1,709,722
John Wiley & Sons, Inc., Class A	11,250	382,838
New York Times Co. (The), Class A	43,874	1,727,758
		3,820,318
Metals & Mining — 2.3%
Alcoa Corp.	41,146	1,396,084
Arconic Corp. *	41,301	1,221,683
ATI, Inc. * (a)	49,242	2,177,974
Cleveland-Cliffs, Inc. *	129,229	2,165,878
Commercial Metals Co.	54,894	2,890,718
Haynes International, Inc.	10,084	512,469
Materion Corp.	10,168	1,161,185
Reliance Steel & Aluminum Co.	23,479	6,376,662
Royal Gold, Inc.	4,509	517,543
SunCoke Energy, Inc.	72,583	571,228
United States Steel Corp.	15,283	382,228
		19,373,652
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Annaly Capital Management, Inc. (a)	144,488	2,891,205
Ellington Financial, Inc. (a)	12,789	176,488
KKR Real Estate Finance Trust, Inc.	16,997	206,854
PennyMac Mortgage Investment Trust	26,355	355,265
Ready Capital Corp. (a)	27,428	309,388
		3,939,200
Multi-Utilities — 0.3%
NorthWestern Corp.	21,372	1,213,075
Unitil Corp.	25,164	1,276,066
		2,489,141
Office REITs — 0.7%
Brandywine Realty Trust	126,732	589,304
Corporate Office Properties Trust	59,455	1,412,056

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Office REITs — continued
Cousins Properties, Inc.	41,025	935,370
Highwoods Properties, Inc.	44,975	1,075,352
Hudson Pacific Properties, Inc.	37,072	156,444
Kilroy Realty Corp.	52,025	1,565,432
		5,733,958
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.	74,514	864,362
Antero Resources Corp. *	30,627	705,340
California Resources Corp.	18,723	847,965
Callon Petroleum Co. *	11,111	389,663
Chord Energy Corp.	16,218	2,494,328
Civitas Resources, Inc.	18,841	1,307,000
CNX Resources Corp. *	23,735	420,584
CONSOL Energy, Inc.	12,791	867,358
Dorian LPG Ltd.	7,487	192,042
DT Midstream, Inc.	14,511	719,310
Equitrans Midstream Corp.	103,341	987,940
Green Plains, Inc. *	29,205	941,569
HF Sinclair Corp.	48,395	2,158,901
Matador Resources Co.	42,496	2,223,391
Murphy Oil Corp.	38,039	1,456,894
Ovintiv, Inc.	11,363	432,589
PBF Energy, Inc., Class A	22,157	907,108
PDC Energy, Inc.	43,886	3,122,050
Range Resources Corp.	77,546	2,279,852
REX American Resources Corp. *	13,005	452,704
SM Energy Co.	57,116	1,806,579
Southwestern Energy Co. *	456,402	2,742,976
Talos Energy, Inc. *	9,328	129,379
World Kinect Corp.	16,413	339,421
		28,789,305
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.	25,790	1,933,734
Passenger Airlines — 0.0% ^
Hawaiian Holdings, Inc. *	22,440	241,679
Personal Care Products — 0.8%
BellRing Brands, Inc. *	36,639	1,340,987
Coty, Inc., Class A * (a)	77,102	947,584
Edgewell Personal Care Co.	15,258	630,308
elf Beauty, Inc. *	13,305	1,519,830
Inter Parfums, Inc.	4,947	668,983

INVESTMENTS	SHARES	VALUE($)

Personal Care Products — continued
Medifast, Inc.	12,481	1,150,249
USANA Health Sciences, Inc. *	2,983	188,048
		6,445,989
Pharmaceuticals — 0.7%
Innoviva, Inc. *	162,064	2,063,075
Jazz Pharmaceuticals plc *	22,246	2,757,836
Prestige Consumer Healthcare, Inc. *	15,258	906,783
Supernus Pharmaceuticals, Inc. *	12,828	385,610
		6,113,304
Professional Services — 3.2%
ASGN, Inc. *	15,158	1,146,400
CACI International, Inc., Class A *	12,303	4,193,354
Concentrix Corp.	13,764	1,111,443
ExlService Holdings, Inc. *	9,290	1,403,347
FTI Consulting, Inc. * (a)	9,299	1,768,670
Genpact Ltd.	94,091	3,534,999
Heidrick & Struggles International, Inc.	33,142	877,269
Insperity, Inc.	8,771	1,043,398
KBR, Inc.	35,215	2,291,088
Kelly Services, Inc., Class A	10,612	186,877
Korn Ferry	36,567	1,811,529
ManpowerGroup, Inc.	31,755	2,521,347
Maximus, Inc.	17,284	1,460,671
Paylocity Holding Corp. *	9,513	1,755,434
Resources Connection, Inc.	31,051	487,811
Science Applications International Corp.	13,281	1,493,847
		27,087,484
Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc. *	81,000	541,080
Jones Lang LaSalle, Inc. *	15,105	2,353,359
RE/MAX Holdings, Inc., Class A	5,804	111,785
		3,006,224
Residential REITs — 0.3%
Apartment Income REIT Corp.	39,091	1,410,794
Centerspace	12,490	766,387
NexPoint Residential Trust, Inc.	6,611	300,668
		2,477,849
Retail REITs — 1.9%
Agree Realty Corp.	47,803	3,125,838
Brixmor Property Group, Inc.	151,223	3,326,906
Kite Realty Group Trust	59,116	1,320,651
Macerich Co. (The)	15,281	172,217

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023 (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Retail REITs — continued
NNN REIT, Inc.	75,307	3,222,387
Retail Opportunity Investments Corp.	121,801	1,645,532
RPT Realty	24,126	252,117
Saul Centers, Inc.	2,967	109,275
SITE Centers Corp.	49,842	658,911
Spirit Realty Capital, Inc.	42,108	1,658,213
Tanger Factory Outlet Centers, Inc. (a)	8,034	177,310
Urstadt Biddle Properties, Inc., Class A	31,680	673,517
Whitestone	8,655	83,953
		16,426,827
Semiconductors & Semiconductor Equipment — 3.8%
Axcelis Technologies, Inc. *	9,513	1,744,018
Cirrus Logic, Inc. *	42,885	3,474,114
Cohu, Inc. *	10,993	456,869
Diodes, Inc. *	10,712	990,753
FormFactor, Inc. *	23,077	789,695
Ichor Holdings Ltd. *	35,468	1,330,050
Kulicke & Soffa Industries, Inc. (Singapore)	61,616	3,663,071
Lattice Semiconductor Corp. *	37,766	3,628,180
MaxLinear, Inc. *	18,793	593,107
MKS Instruments, Inc.	14,385	1,555,018
Photronics, Inc. *	15,626	402,995
Power Integrations, Inc.	15,416	1,459,433
Rambus, Inc. *	30,212	1,938,704
Semtech Corp. *	18,184	462,965
Silicon Laboratories, Inc. *	21,235	3,349,609
SiTime Corp. *	4,116	485,564
SMART Global Holdings, Inc. *	57,514	1,668,481
Synaptics, Inc. *	9,155	781,654
Ultra Clean Holdings, Inc. *	21,182	814,660
Universal Display Corp.	11,186	1,612,238
Veeco Instruments, Inc. *	1,822	46,789
Wolfspeed, Inc. * (a)	17,643	980,774
		32,228,741
Software — 2.9%
ACI Worldwide, Inc. *	28,843	668,292
Adeia, Inc.	98,998	1,089,968
Alarm.com Holdings, Inc. *	5,651	292,044
Aspen Technology, Inc. *	7,742	1,297,637
Blackbaud, Inc. *	12,644	900,000
DoubleVerify Holdings, Inc. *	36,331	1,414,002
Dynatrace, Inc. *	55,329	2,847,784
Envestnet, Inc. *	29,109	1,727,619

INVESTMENTS	SHARES	VALUE($)

Software — continued
InterDigital, Inc.	8,581	828,496
LiveRamp Holdings, Inc. *	80,415	2,296,652
Manhattan Associates, Inc. *	17,447	3,487,306
NCR Corp. *	54,676	1,377,835
Progress Software Corp.	8,306	482,579
Qualys, Inc. *	8,671	1,120,033
SPS Commerce, Inc. *	10,614	2,038,525
Teradata Corp. *	27,796	1,484,584
Xperi, Inc. *	102,124	1,342,931
		24,696,287
Specialized REITs — 1.9%
CubeSmart	92,846	4,146,502
EPR Properties	9,613	449,888
Four Corners Property Trust, Inc.	7,249	184,125
Lamar Advertising Co., Class A	23,629	2,345,178
Life Storage, Inc.	36,762	4,887,876
National Storage Affiliates Trust	66,229	2,306,756
PotlatchDeltic Corp.	13,365	706,340
Rayonier, Inc.	50,262	1,578,227
		16,604,892
Specialty Retail — 3.6%
Aaron's Co., Inc. (The)	8,947	126,510
Abercrombie & Fitch Co., Class A *	15,805	595,532
American Eagle Outfitters, Inc.	56,141	662,464
Asbury Automotive Group, Inc. *	8,761	2,106,320
AutoNation, Inc. *	20,513	3,376,645
Boot Barn Holdings, Inc. *	7,771	658,126
Caleres, Inc.	12,644	302,571
Chico's FAS, Inc. *	28,343	151,635
Designer Brands, Inc., Class A	18,373	185,567
Dick's Sporting Goods, Inc.	17,851	2,359,724
Five Below, Inc. *	11,444	2,249,204
Foot Locker, Inc. (a)	30,574	828,861
Group 1 Automotive, Inc.	10,171	2,625,135
Guess?, Inc. (a)	12,828	249,505
Haverty Furniture Cos., Inc.	4,447	134,388
Hibbett, Inc.	4,356	158,079
Lithia Motors, Inc., Class A	6,935	2,109,003
Murphy USA, Inc.	5,993	1,864,482
ODP Corp. (The) *	14,746	690,408
RH * (a)	4,062	1,338,794
Sally Beauty Holdings, Inc. *	57,376	708,594
Shoe Carnival, Inc.	5,158	121,110

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Specialty Retail — continued
Signet Jewelers Ltd.	15,416	1,006,048
Sleep Number Corp. *	6,103	166,490
Upbound Group, Inc.	31,659	985,545
Urban Outfitters, Inc. *	18,668	618,471
Valvoline, Inc.	51,173	1,919,499
Williams-Sonoma, Inc.	22,335	2,795,002
		31,093,712
Technology Hardware, Storage & Peripherals — 0.6%
Avid Technology, Inc. *	75,320	1,920,660
Super Micro Computer, Inc. *	12,376	3,084,718
		5,005,378
Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd. *	41,834	1,501,422
Carter's, Inc.	8,771	636,775
Columbia Sportswear Co.	2,231	172,322
Crocs, Inc. *	17,089	1,921,487
Deckers Outdoor Corp. *	7,665	4,044,514
G-III Apparel Group Ltd. *	11,444	220,526
Kontoor Brands, Inc.	15,048	633,521
Oxford Industries, Inc.	4,062	399,782
PVH Corp.	17,584	1,494,113
Skechers U.S.A., Inc., Class A *	47,598	2,506,511
Steven Madden Ltd.	21,848	714,211
Wolverine World Wide, Inc.	21,883	321,461
		14,566,645
Tobacco — 0.0% ^
Vector Group Ltd.	32,143	411,752
Trading Companies & Distributors — 1.7%
Boise Cascade Co.	17,447	1,576,336
DXP Enterprises, Inc. *	3,425	124,704
GATX Corp.	5,997	772,054
GMS, Inc. *	47,256	3,270,115
MSC Industrial Direct Co., Inc., Class A	12,375	1,179,090
NOW, Inc. *	179,660	1,861,278
Univar Solutions, Inc. *	42,619	1,527,465
Veritiv Corp.	3,852	483,850
Watsco, Inc. (a)	8,805	3,358,843
		14,153,735
Water Utilities — 0.6%
American States Water Co.	9,557	831,459

INVESTMENTS	SHARES	VALUE($)

Water Utilities — continued
California Water Service Group	12,644	652,810
Essential Utilities, Inc. (a)	87,908	3,508,408
		4,992,677
Wireless Telecommunication Services — 0.1%
Gogo, Inc. *	60,396	1,027,336
Total Common Stocks (Cost $602,937,871)		833,167,959
Short-Term Investments — 5.1%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.05% (b) (c) (Cost $19,564,496)	19,564,496	19,564,496
Investment of Cash Collateral from Securities Loaned — 2.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.29% (b) (c)	17,996,401	17,998,200
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.05% (b) (c)	5,817,078	5,817,078
Total Investment of Cash Collateral from Securities Loaned (Cost $23,815,278)		23,815,278
Total Short-Term Investments (Cost $43,379,774)		43,379,774
Total Investments — 102.6% (Cost $646,317,645)		876,547,733
Liabilities in Excess of Other Assets — (2.6)%		(21,987,361 )
NET ASSETS — 100.0%		854,560,372

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust

^	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 June 30, 2023. The total value of securities on loan at June 30, 2023 is $23,326,174.
(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 June 30, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

STATEMENT OF ASSETS AND LIABILITIES
AS OF June 30, 2023

	JPMorgan Market Expansion Enhanced Equity ETF
ASSETS:
Investments in non-affiliates, at value	$833,167,959
Investments in affiliates, at value	19,564,496
Investments of cash collateral received from securities loaned, at value (See Note 2.B.)	23,815,278
Cash	82,717
Deposits at broker for futures contracts	1,281,000
Receivables:
Investment securities sold	59,254
Dividends from non-affiliates	830,241
Dividends from affiliates	2,709
Securities lending income (See Note 2.B.)	11,589
Variation margin on futures contracts	100,529
Total Assets	878,915,772
LIABILITIES:
Payables:
Investment securities purchased	318,994
Collateral received on securities loaned (See Note 2.B.)	23,815,278
Accrued liabilities:
Investment advisory fees	90,346
Administration fees	50,967
Printing and mailing costs	21,747
Custodian and accounting fees	16,662
Other	41,406
Total Liabilities	24,355,400
Net Assets	$854,560,372
NET ASSETS:
Paid-in-Capital	$627,894,304
Total distributable earnings (loss)	226,666,068
Total Net Assets	$854,560,372
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	17,048,634
Net asset value, per share	$50.12
Cost of investments in non-affiliates	$602,937,871
Cost of investments in affiliates	19,564,496
Investment securities on loan, at value (See Note 2.B.)	23,326,174
Cost of investment of cash collateral (See Note 2.B.)	23,815,278

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED June 30, 2023

	JPMorgan Market Expansion Enhanced Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$112,533
Interest income from affiliates	179
Dividend income from non-affiliates	12,331,789
Dividend income from affiliates	797,866
Income from securities lending (net) (See Note 2.B.)	213,434
Total investment income	13,455,801
EXPENSES:
Investment advisory fees	2,082,505
Administration fees	624,755
Custodian and accounting fees	56,908
Professional fees	48,257
Trustees’ and Chief Compliance Officer’s fees	26,474
Printing and mailing costs	84,893
Registration and filing fees	61,797
Other	27,482
Total expenses	3,013,071
Less fees waived	(62,621 )
Less expense reimbursements	(976,495 )
Net expenses	1,973,955
Net investment income (loss)	11,481,846
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	13,885,892
In-kind redemptions of investments in non-affiliates (See Note 4)	34,709,226
Futures contracts	1,625,751
Net realized gain (loss)	50,220,869
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	68,259,447
Futures contracts	1,661,387
Change in net unrealized appreciation/depreciation	69,920,834
Net realized/unrealized gains (losses)	120,141,703
Change in net assets resulting from operations	$131,623,549

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan Market Expansion Enhanced Equity ETF
	Year Ended June 30, 2023	Year Ended June 30, 2022 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$11,481,846	$12,427,409
Net realized gain (loss)	50,220,869	99,215,056
Change in net unrealized appreciation/depreciation	69,920,834	(248,681,340 )
Change in net assets resulting from operations	131,623,549	(137,038,875 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(52,218,514 )	(176,087,906 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(58,838,049 )	26,187,530
NET ASSETS:
Change in net assets	20,566,986	(286,939,251 )
Beginning of period	833,993,386	1,120,932,637
End of period	$854,560,372	$833,993,386

(a)

JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization on May 6, 2022. The Predecessor Fund’s Class R6 Shares' performance and financial history have been adopted by JPMorgan Market Expansion Enhanced Equity ETF and will be used going forward. As a result, the information prior to May 6, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund's Class A Shares, Class C Shares, Class I Shares and Class R2 Shares ceased operations as of the date of the reorganization. (See Note 1).

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

	JPMorgan Market Expansion Enhanced Equity ETF
	Year Ended June 30, 2023	Year Ended June 30, 2022(a)
CAPITAL TRANSACTIONS: (b)
Proceeds from shares issued	$20,677,423	$16,072,047
Distributions reinvested	—	123,329,499
Cost of shares redeemed	(79,515,472 )	(53,645,989 )
Change in net assets resulting from capital transactions	(58,838,049 )	85,755,557
Class A
Proceeds from shares issued	—	7,213,239
Distributions reinvested	—	17,945,255
Cost of shares redeemed	—	(41,770,683 )
Change in net assets resulting from Class A capital transactions	—	(16,612,189 )
Class C
Proceeds from shares issued	—	1,510,970
Distributions reinvested	—	3,548,357
Cost of shares redeemed	—	(11,945,898 )
Change in net assets resulting from Class C capital transactions	—	(6,886,571 )
Class I
Proceeds from shares issued	—	32,169,494
Distributions reinvested	—	23,772,565
Cost of shares redeemed	—	(83,394,480 )
Change in net assets resulting from Class I capital transactions	—	(27,452,421 )
Class R2
Proceeds from shares issued	—	2,031,211
Distributions reinvested	—	1,950,085
Cost of shares redeemed	—	(12,598,142 )
Change in net assets resulting from Class R2 capital transactions	—	(8,616,846 )
Total change in net assets resulting from capital transactions	$(58,838,049 )	$26,187,530

(a)

(b)

Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

	JPMorgan Market Expansion Enhanced Equity ETF
	Year Ended June 30, 2023	Year Ended June 30, 2022(a)
SHARES TRANSACTIONS: (b)
Issued	425,000	267,214
Reinvested	—	2,224,181
Redeemed	(1,575,000 )	(1,008,937 )
Change in Shares	(1,150,000 )	1,482,458
Class A
Issued	—	120,263
Reinvested	—	322,868
Redeemed	—	(750,550 )
Change in Class A Shares	—	(307,419 )
Class C
Issued	—	23,706
Reinvested	—	63,214
Redeemed	—	(204,223 )
Change in Class C Shares	—	(117,303 )
Class I
Issued	—	541,296
Reinvested	—	427,319
Redeemed	—	(1,480,505 )
Change in Class I Shares	—	(511,890 )
Class R2
Issued	—	32,990
Reinvested	—	34,939
Redeemed	—	(230,081 )
Change in Class R2 Shares	—	(162,152 )

(a)

(b)

Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

	Per share operating performance (a)
		Investment operations			Distributions
	Net asset value beginning of period	Net investment income loss(c)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain	Total Distributions
JPMorgan Market Expansion Enhanced Equity ETF (g)
Year Ended June 30, 2023	$45.83	$0.67	$6.67	$7.34	$(0.66 )	$(2.39 )	$(3.05 )
Year Ended June 30, 2022	62.87	0.70	(8.03 )	(7.33 )	(0.66 )	(9.05 )	(9.71 )
Year Ended June 30, 2021	41.41	0.63	23.22	23.85	(0.63 )	(1.76 )	(2.39 )
Year Ended June 30, 2020	48.77	0.63	(4.82 )	(4.19 )	(0.68 )	(2.49 )	(3.17 )
October 1, 2018 through June 30, 2019	58.92	0.54	(4.01 )	(3.47 )	(0.68 )	(6.00 )	(6.68 )
Year Ended June 30, 2019	57.67	0.63	(3.24 )	(2.61 )	(0.44 )	(5.95 )	(6.39 )


(a)	Per Share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on May 6, 2022. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized for periods less than one year.
(e)	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.
(f)	JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Market Expansion Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan Market Expansion Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan Market Expansion Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Predecessor Fund are used as proxy market price returns.
(g)	JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period October 1, 2018 (“Predecessor Fund's Class R6 Shares inception date”) up through the reorganization and the Predecessor Fund's Class I Shares for the period July 1, 2018 through June 30, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2023

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. JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) is a separate diversified series of the Trust covered in this report.

As of the close of business on May 6, 2022 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the “Board”), JPMorgan Market Expansion Enhanced Index Fund (a mutual fund) (the “Acquired Fund” or “Market Expansion Enhanced Index Fund”), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on June 30, 2025. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund’s portfolio turnover ratio for the year ended June 30, 2023.

The investment objective of the Fund is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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 Fund.

Shares of the Fund are listed and traded at market price on the NYSE Arca. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board, which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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 NAV of the Fund is 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 Fund's 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 Fund's 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 table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):


	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Total Investments in Securities (a)	$876,547,733	$—	$—	$876,547,733
Appreciation in Other Financial Instruments
Futures Contracts (a)	$404,700	$—	$—	$404,700


(a)	Please refer to the SOI for specifics of portfolio holdings.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2023 (continued)

B. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, 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 Fund retains the interest earned on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is 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 Fund 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 Statement of Operations as Income from securities lending (net). The Fund also receives 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 Statement 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 Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is 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 Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund 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.

The following table presents the Fund's 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 Fund as of June 30, 2023.

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
	$23,326,174	$(23,326,174 )	$—


*	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 Fund from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees charged to the Fund 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 year ended June 30, 2023, JPMIM waived fees associated with the Fund's investment in the JPMorgan U.S. Government Money Market Fund as follows:

$2,935

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 Statement of Operations as Income from securities lending (net).

J.P. Morgan Exchange-Traded Funds

June 30, 2023

C. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.


For the year ended June 30, 2023
Security Description	Value at June 30, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at June 30, 2023	Shares at June 30, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.29% (a) (b)	$—	$83,000,000	$65,000,001	$(1,799 )*	$—	$17,998,200	17,996,401	$303,250 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.05% (a) (b)	4,706,771	84,397,428	83,287,121	—	—	5,817,078	5,817,078	108,333 *	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.05% (a) (b)	29,389,113	156,432,490	166,257,107	—	—	19,564,496	19,564,496	797,866	—
Total	$34,095,884	$323,829,918	$314,544,229	$(1,799 )	$—	$43,379,774		$1,209,449	$—


(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 June 30, 2023.
*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is 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 Fund 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 Statement 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 Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund 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 Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund 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 Fund's 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 Fund's 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 Fund's futures contracts activity during the year ended June 30, 2023:


Futures Contracts:
Average Notional Balance Long	$22,564,980
Ending Notional Balance Long	18,939,900

June 30, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2023 (continued)

E. 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 Fund records 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 Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund's tax positions for all open tax years and has determined that as of June 30, 2023, no liability for Federal income tax is required in the Fund's 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. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Net realized capital gains, if any, are distributed 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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital	Accumulated undistributed (distributions in excess of) net investment income	Accumulated net realized gains (losses)
	$32,800,816	$113,491	$(32,914,307 )

The reclassifications for the Fund relate primarily to redemptions in-kind.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.25% of the Fund’s average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended June 30, 2023, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

D. Distribution Services — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the 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 Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of the Fund’s average daily net assets.

For the year ended June 30, 2023, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees	Contractual Reimbursements
	$32,497	$974,799

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such affiliated money market funds. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended June 30, 2023 was $30,124.

JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2023, the amount of this reimbursement was $1,696.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2023 (continued)

4. Investment Transactions

During the year ended June 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
	$233,976,218	$267,600,184

For the year ended June 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Purchases	In-Kind Sales
	$20,015,830	$76,195,071

During the year ended June 30, 2023, 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.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2023 were as follows:

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
	$651,196,819	$268,251,498	$42,495,884	$225,755,614

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2023 was as follows:

	Ordinary Income*	Net Long-Term Capital Gains	Total Distributions Paid
	$11,287,892	$40,930,622	$52,218,514


*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2022 was as follows:

	Ordinary Income*	Net Long-Term Capital Gains	Total Distributions Paid
	$43,345,176	$132,742,730	$176,087,906


*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2023, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income	Unrealized Appreciation (Depreciation)
	$5,667,356	$225,755,614

The cumulative timing differences primarily consist of post-October capital loss deferrals and wash sale loss deferrals.

As of June 30, 2023, the Fund did not have any net capital loss carryforwards.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

Net capital losses (gains) incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2023, the Fund deferred to July 1, 2023 the following net capital losses (gains) of:

	Net Capital Losses (Gains)
	Short-Term	Long-Term
	$7,063,101	$(2,363,848 )

6. Capital Share Transactions

The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.

Shares of the Fund 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 Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for the Fund 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. Borrowings

Effective November 1, 2022, the Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2023.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 30, 2023.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2023.

8. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of June 30, 2023, J.P. Morgan Investor Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

	J.P. Morgan Investor Funds
	71.7 %

Significant shareholder transactions by the Adviser may impact the Fund's performance.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2023 (continued)

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 Fund's holdings. During such periods, investors may incur significant losses if shares are sold.

The Fund is subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Fund invests. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of the Fund's investments, increase the Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

9. Subsequent Event

Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.

This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate (SOFR). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan Market Expansion Enhanced Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Market Expansion Enhanced Equity ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the “Fund”) as of June 30, 2023, the related statement of operations for the year ended June 30, 2023, the statements of changes in net assets for each of the two years in the period ended June 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2023

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

June 30, 2023

J.P. Morgan Exchange-Traded Funds

TRUSTEES
(Unaudited)

The Fund's Statement of Additional Information includes additional information about the Fund's Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	176	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	176	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee since 2014.	Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	176	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	176	Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee since 2014.	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	176	None

J.P. Morgan Exchange-Traded Funds

June 30, 2023

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Frankie D. Hughes (1952); Trustee since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	176	None
Raymond Kanner (1953); Trustee since 2017.	Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016).	176	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Thomas P. Lemke (1954); Trustee since 2014.	Retired since 2013.	176	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee since 2014.	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	176	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	176	None
Marilyn McCoy (1948); Trustee since 1999.	Retired; Vice President of Administration and Planning, Northwestern University (1985-2023).	176	None

June 30, 2023

J.P. Morgan Exchange-Traded Funds

TRUSTEES
(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Dr. Robert A. Oden, Jr. (1946); Trustee since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	176	Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011-2020).
Marian U. Pardo* (1946); Trustee since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	176	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee since 2014.	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	176	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert F. Deutsch** (1957); Trustee since 2014.	Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013).	176	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957); Trustee since 2022.	Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	176	Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present).


(1)	The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board's current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78.
(2)	A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (176 J.P. Morgan Funds).
*	In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

OFFICERS
(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2021)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020)	Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2022) (formerly Assistant Secretary 2014-2022)	Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021.
Matthew Beck (1988), Assistant Secretary (2021)*	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2022) (formerly Secretary 2018-2022)*	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2019)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011.
Max Vogel (1990), Assistant Secretary (2021)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been with JPMorgan Chase & Co. since September 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)**	Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase & Co. since May 2006.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2023)	Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2019)*	Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2023)*	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2023)	Vice President, J.P. Morgan Investment Management Inc. since 2014.

J.P. Morgan Exchange-Traded Funds

June 30, 2023

SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, January 1, 2023, and continued to hold your shares at the end of the reporting period, June 30, 2023.

Actual Expenses

For the 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 the Fund under the heading titled “Expenses Paid During the

Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan Market Expansion Enhanced Equity ETF
Actual	$1,000.00	$1,087.90	$1.24	0.24 %
Hypothetical	1,000.00	1,023.60	1.20	0.24


*	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

J.P. Morgan Exchange-Traded Funds

June 30, 2023

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The 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 Fund's Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund's policies and procedures with respect to the disclosure of the 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 Fund's 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 Fund to the Adviser. A copy of the Fund's 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 Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's 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.

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	49	09/15/2023	USD	4,662,840	35,260
S&P MidCap 400 E-Mini Index	54	09/15/2023	USD	14,277,060	369,440
					404,700

		Ratios/Supplemental data
					Ratios to average net assets (b)
Net asset value, end of period	Market price, end of period	Total Return(d)(e)	Market price total return(d)(f)	Net assets, end of period	Net expenses	Net investment income (loss)	Expenses without waivers and reimbursements	Portfolio turnover rate(d)

$50.12	$50.16	16.61 %	16.73 %	$854,560,372	0.24 %	1.38 %	0.36 %	29 %
45.83	45.82	(13.80 )	(13.81 )	833,993,386	0.25	1.21	0.36	27
62.87	62.87	58.97	58.97	766,008,977	0.25	1.18	0.35	35
41.41	41.41	(9.65 )	(9.65 )	500,129,035	0.25	1.45	0.36	49
48.77	48.77	(4.81 )	(4.81 )	512,511,625	0.25	1.51	0.37	36
48.67	48.67	(3.56 )	(3.56 )	264,414,719	0.34	1.14	0.61	36

Fund	Ticker	Listing Exchange
JPMorgan Market Expansion Enhanced Equity ETF	JMEE	NYSE Arca

**	Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser.
	The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

Nektarios E. Manolakakis (1972), Assistant Treasurer (2020)	Executive Director, J.P. Morgan Investment Management Inc. since February 2021, formerly Vice President, J.P. Morgan Investment Management Inc. since 2014; Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014.
Todd McEwen (1981), Assistant Treasurer (2020)*	Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010.
Joseph Parascondola (1963), Assistant Treasurer (2023)**	Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006.
Gillian I. Sands (1969), Assistant Treasurer (2023)	Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012.


The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
*	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.
**	The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.