Annual Report
J.P. Morgan Exchange-Traded Funds
June 30, 2023
Fund
Ticker
Listing Exchange
JPMorgan Market Expansion Enhanced Equity ETF
JMEE
NYSE Arca


CONTENTS
 
 
1
2
5
15
20
22
31
32
36
38
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
1


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
2
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
3


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.
4
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
5


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.
6
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
7


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.
8
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
9


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.
10
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
11


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