CONTENTS


President's Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	20
Board Approval of Investment Advisory Agreements	21

Investments in the Fund are not bank 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
October 17, 2022 (Unaudited)

Dear Shareholder,

This year has proved to be challenging for financial markets as accelerating inflation, slower economic growth and the impact of the Russia-Ukraine conflict fueled a sell-off in both equities and bonds. While consumer spending and corporate profits were generally stronger than expected for the six months ended August 2022, leading financial market indexes generally ended lower.

“Given the current circumstances in

financial markets, we believe it is

important that investors consider a

long-term view and maintain a

diversified portfolio.”

— Brian S. Shlissel

In response to the highest levels of inflation in 40 years, the U.S. Federal Reserve (the “Fed”) in early March 2022 implemented its first increase in benchmark interest rates since 2018. The Fed followed up with additional rate increases in May, June, July and September of 2022. The Bank of England also raised interest rates sharply during the first half of 2022 and the European Central Bank followed in early September with an unprecedented interest rate increase of 0.75%.

Meanwhile, U.S. data indicated declines this year in spending on home and commercial construction, capital equipment and inventory, and in public sector spending at the federal, state and municipal levels in 2022. Purchasing Managers’ Index surveys in both the manufacturing and services sectors also showed broad weakness in 2022.

U.S. consumer spending rebounded modestly in August 2022 as corporate earnings and revenue were generally better than expected for the second quarter of 2022. The job market also remained a bright spot in the U.S. economy, with employment above pre-pandemic levels.

This year, investors have had to adapt to economic and financial market conditions unseen in more than a decade. After a multi-year rally in U.S. equity prices, including a sharp rebound from pandemic lows, leading equity market indexes tumbled in 2022.

Given the current circumstances in financial markets, we believe it is important that investors consider a long-term view and maintain a diversified portfolio. Our expansive suite of innovative investment solutions is designed to provide investors with tools to create durable portfolios that can help them meet their financial goals.

Sincerely,

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(9.40)%
Market Price **	(9.40)%
MSCI US REIT Custom Capped Index	(9.37)%
MSCI US REIT Index	(9.37)%
Net Assets as of 8/31/2022	$1,002,597,179
Fund Ticker	BBRE

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of U.S. equity real estate investment trusts (REIT) securities. Using a passive investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index. The Underlying Index includes a capping methodology, which is designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the Underlying Index, from exceeding a maximum of 25% of the Underlying Index.

HOW DID THE MARKET PERFORM?

Overall, the real estate sector declined alongside the broader equity markets. After a period of increasing demand for new homes, second homes and rental properties on the back of a boom in U.S. consumer wealth, sharp rises in interest rates translated to a decline in sale prices on homes. The specialized, diversified and health care sectors outperformed other real estate sectors during the six months ended August 31, 2022. Meanwhile, the industrial, residential and office sectors delivered the lowest returns. For the six months ended August 31, 2022, the S&P 500 Index returned -8.84% and the MSCI US REIT Index returned -9.37%.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund performed in line with both the Underlying Index and the MSCI US REIT Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposure to the office and residential REIT sectors were the leading detractors from absolute performance. The Fund’s and the Underlying Index’s

exposure to the specialized REIT sector was the sole contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the apartments and diversified REIT sectors and the smallest allocations were

to the hotels and regional malls REIT sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF August 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Prologis, Inc.	8.7%
2.	Equinix, Inc.	5.7
3.	Public Storage	4.9
4.	Realty Income Corp.	3.9
5.	Digital Realty Trust, Inc.	3.3
6.	Welltower, Inc.	3.3
7.	Simon Property Group, Inc.	3.2
8.	VICI Properties, Inc.	3.0
9.	AvalonBay Communities, Inc.	2.7
10.	Extra Space Storage, Inc.	2.5

PORTFOLIO COMPOSTION BY SECTOR AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Apartments	25.6%
Diversified	19.1
Industrial	13.1
Storage	11.3
Health Care	10.5
Office	7.4
Shopping Centers	5.3
Regional Malls	3.6
Hotels	3.5
Short-Term Investments	0.6

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders MSCI US REIT ETF
Net Asset Value	June 15, 2018	(9.40)%	(10.38)%	6.76%
Market Price		(9.40)	(10.27)	6.77


*	Not annualized.

LIFE OF FUND PERFORMANCE (6/15/18 TO 8/31/22)

The performance quoted is past performance and is not a guarantee of future results. Exchange-Traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when 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.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders MSCI US REIT ETF and the MSCI US REIT Custom Capped Index from June 15, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Custom Capped Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the respective Index, if applicable.

The MSCI US REIT Custom Capped Index is designed to measure the performance of the US equity REIT market across all market capitalizations. It

starts with the universe and weightings of stocks in the MSCI US REIT Index and applies certain investment limits designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the MSCI US REIT Custom Capped Index, from exceeding a maximum of 25% of the MSCI US REIT Custom Capped Index.

For periods presented prior to the adoption of a unitary fee structure, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 99.8%
Apartments — 25.7%
Agree Realty Corp., REIT	71,634	5,395,473
American Homes 4 Rent, Class A, REIT	298,151	10,602,249
Apartment Income REIT Corp., REIT	149,696	6,115,082
Apartment Investment and Management Co., Class A, REIT *	145,490	1,286,132
AvalonBay Communities, Inc., REIT	133,231	26,767,440
Bluerock Residential Growth REIT, Inc., REIT	28,414	757,233
Camden Property Trust, REIT	96,427	12,391,834
Centerspace, REIT	14,641	1,103,638
Equity LifeStyle Properties, Inc., REIT	168,385	11,803,788
Equity Residential, REIT	340,409	24,911,131
Essential Properties Realty Trust, Inc., REIT	124,973	2,829,389
Essex Property Trust, Inc., REIT	62,255	16,501,310
Four Corners Property Trust, Inc., REIT	76,578	2,059,182
Getty Realty Corp., REIT	37,852	1,138,588
Independence Realty Trust, Inc., REIT	210,741	4,098,912
Invitation Homes, Inc., REIT	581,567	21,099,251
Mid-America Apartment Communities, Inc., REIT	109,989	18,221,878
National Retail Properties, Inc., REIT	167,623	7,526,273
NexPoint Residential Trust, Inc., REIT	22,040	1,164,153
Realty Income Corp., REIT	573,255	39,141,851
Spirit Realty Capital, Inc., REIT	127,981	5,228,024
STORE Capital Corp., REIT	240,614	6,491,766
Sun Communities, Inc., REIT	115,883	17,812,376
UDR, Inc., REIT	303,400	13,613,558
		258,060,511
Diversified — 19.2%
Alexander & Baldwin, Inc., REIT	69,256	1,297,165
American Assets Trust, Inc., REIT	49,020	1,360,795
Armada Hoffler Properties, Inc., REIT	64,517	847,108
Broadstone Net Lease, Inc., REIT	161,329	3,087,837
Digital Realty Trust, Inc., REIT	271,260	33,535,874
Duke Realty Corp., REIT	366,342	21,559,227
EPR Properties, REIT	71,438	3,106,838
Equinix, Inc., REIT	86,733	57,015,671
Farmland Partners, Inc., REIT	45,323	657,637
Gaming and Leisure Properties, Inc., REIT	243,443	11,750,993
Gladstone Commercial Corp., REIT	36,828	702,310
Gladstone Land Corp., REIT (a)	30,968	728,058
Global Net Lease, Inc., REIT	98,745	1,359,719
InvenTrust Properties Corp., REIT	64,214	1,686,260
iStar, Inc., REIT	78,945	1,087,073
LXP Industrial Trust, REIT	273,144	2,747,829

INVESTMENTS	SHARES	VALUE($)

Diversified — continued
Necessity Retail REIT, Inc. (The), REIT	126,773	945,726
One Liberty Properties, Inc., REIT (a)	16,105	388,936
Safehold, Inc., REIT (a)	17,707	673,397
UMH Properties, Inc., REIT	49,106	885,872
VICI Properties, Inc., REIT	917,632	30,272,680
Washington, REIT	83,307	1,633,650
WP Carey, Inc., REIT	183,799	15,444,630
		192,775,285
Health Care — 10.5%
CareTrust REIT, Inc., REIT	92,457	1,991,524
Community Healthcare Trust, Inc., REIT	22,697	837,292
Diversified Healthcare Trust, REIT	227,729	332,484
Global Medical REIT, Inc., REIT	59,310	642,920
Healthcare Realty Trust, Inc., REIT	362,770	8,822,567
Healthpeak Properties, Inc., REIT	514,137	13,496,096
LTC Properties, Inc., REIT	37,603	1,687,999
Medical Properties Trust, Inc., REIT	571,827	8,354,393
National Health Investors, Inc., REIT	43,690	2,862,132
Omega Healthcare Investors, Inc., REIT	224,135	7,320,249
Physicians Realty Trust, REIT	214,682	3,576,602
Sabra Health Care REIT, Inc., REIT	220,074	3,294,508
Universal Health Realty Income Trust, REIT	12,479	635,056
Ventas, Inc., REIT	380,864	18,228,151
Welltower, Inc., REIT	432,579	33,157,180
		105,239,153
Hotels — 3.5%
Apple Hospitality REIT, Inc., REIT	207,200	3,296,552
Chatham Lodging Trust, REIT *	44,180	537,229
DiamondRock Hospitality Co., REIT *	200,927	1,754,093
Host Hotels & Resorts, Inc., REIT	681,101	12,103,165
Park Hotels & Resorts, Inc., REIT	222,375	3,113,250
Pebblebrook Hotel Trust, REIT	125,163	2,205,372
RLJ Lodging Trust, REIT	158,983	1,917,335
Ryman Hospitality Properties, Inc., REIT *	49,920	4,104,422
Service Properties Trust, REIT	157,313	1,076,021
Summit Hotel Properties, Inc., REIT	101,865	800,659
Sunstone Hotel Investors, Inc., REIT *	205,071	2,233,223
Xenia Hotels & Resorts, Inc., REIT *	108,966	1,728,201
		34,869,522
Industrial — 13.1%
Americold Realty Trust, Inc., REIT	256,589	7,548,848
EastGroup Properties, Inc., REIT	39,717	6,554,497
First Industrial Realty Trust, Inc., REIT	125,782	6,374,632

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Industrial — continued
Indus Realty Trust, Inc., REIT	3,882	238,432
Industrial Logistics Properties Trust, REIT	62,323	466,799
Innovative Industrial Properties, Inc., REIT	26,653	2,444,613
Plymouth Industrial REIT, Inc., REIT	38,229	774,902
Prologis, Inc., REIT	705,390	87,828,109
Rexford Industrial Realty, Inc., REIT	157,246	9,782,274
STAG Industrial, Inc., REIT	170,770	5,259,716
Terreno Realty Corp., REIT	71,977	4,389,877
		131,662,699
Office — 7.5%
Alexandria Real Estate Equities, Inc., REIT	147,752	22,665,157
Boston Properties, Inc., REIT	141,862	11,268,099
Brandywine Realty Trust, REIT	163,309	1,311,371
City Office REIT, Inc., REIT	41,502	479,348
Corporate Office Properties Trust, REIT	107,119	2,767,955
Cousins Properties, Inc., REIT	141,755	3,806,122
Douglas Emmett, Inc., REIT	167,502	3,269,639
Easterly Government Properties, Inc., REIT	82,178	1,475,095
Empire State Realty Trust, Inc., Class A, REIT	134,914	940,351
Equity Commonwealth, REIT *	107,362	2,824,694
Franklin Street Properties Corp., REIT	98,292	276,201
Highwoods Properties, Inc., REIT	100,200	3,047,082
Hudson Pacific Properties, Inc., REIT	137,811	1,820,483
JBG SMITH Properties, REIT	105,955	2,327,831
Kilroy Realty Corp., REIT	100,095	4,881,633
Office Properties Income Trust, REIT	46,144	810,750
Orion Office REIT, Inc., REIT	53,958	532,565
Paramount Group, Inc., REIT	166,999	1,157,303
Piedmont Office Realty Trust, Inc., Class A, REIT	117,520	1,384,386
SL Green Realty Corp., REIT	61,103	2,698,919
Veris Residential, Inc., REIT *	73,731	990,945
Vornado Realty Trust, REIT	155,303	4,072,045
		74,807,974
Regional Malls — 3.6%
CBL & Associates Properties, Inc., REIT (a)	12,126	350,926
Macerich Co. (The), REIT	204,533	1,957,381
Simon Property Group, Inc., REIT	313,155	31,935,547
Tanger Factory Outlet Centers, Inc., REIT	99,476	1,533,920
		35,777,774
Shopping Centers — 5.3%
Acadia Realty Trust, REIT	90,415	1,440,311
Alexander's, Inc., REIT	2,190	518,811

INVESTMENTS	SHARES	VALUE($)

Shopping Centers — continued
Brixmor Property Group, Inc., REIT	285,422	6,130,864
Federal Realty OP LP, REIT	68,111	6,897,601
Kimco Realty Corp., REIT	588,890	12,413,801
Kite Realty Group Trust, REIT	208,721	4,040,839
NETSTREIT Corp., REIT (a)	45,664	897,754
Phillips Edison & Co., Inc., REIT (a)	108,534	3,545,806
Regency Centers Corp., REIT	147,818	8,993,247
Retail Opportunity Investments Corp., REIT	118,352	1,982,396
RPT Realty, REIT	81,101	781,003
Saul Centers, Inc., REIT	13,664	605,179
SITE Centers Corp., REIT	183,377	2,376,566
Urban Edge Properties, REIT	111,895	1,760,108
Urstadt Biddle Properties, Inc., Class A, REIT	28,740	480,533
Whitestone, REIT	44,489	437,772
		53,302,591
Storage — 11.4%
CubeSmart, REIT	213,864	9,848,437
Extra Space Storage, Inc., REIT	127,953	25,428,100
Iron Mountain, Inc., REIT	276,872	14,566,236
Life Storage, Inc., REIT	80,390	10,229,628
National Storage Affiliates Trust, REIT	82,854	4,185,784
Public Storage, REIT	150,533	49,800,832
		114,059,017
Total Common Stocks (Cost $1,114,957,448)		1,000,554,526
Short-Term Investments — 0.6%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (b) (c) (Cost $3,953,702)	3,953,702	3,953,702

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 2.22% (b) (c)	1,997,100	1,996,900
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (b) (c)	593,646	593,646
Total Investment of Cash Collateral from Securities Loaned (Cost $2,589,947)		2,590,546
Total Short-Term Investments (Cost $6,543,649)		6,544,248
Total Investments — 100.4% (Cost $1,121,501,097)		1,007,098,774
Liabilities in Excess of Other Assets — (0.4)%		(4,501,595)
NET ASSETS — 100.0%		1,002,597,179

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust

*	Non-income producing security.
(a)	The security or a portion of this security is on loan at August 31, 2022. The total value of securities on loan at August 31, 2022 is $2,122,327.
(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 August 31, 2022.

Futures contracts outstanding as of August 31, 2022:

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
DJ US Real Estate Index	45	09/16/2022	USD	1,639,800	112,340

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENT OF ASSETS AND LIABILITIES
AS OF August 31, 2022 (Unaudited)

	JPMorgan BetaBuilders MSCI US REIT ETF
ASSETS:
Investments in non-affiliates, at value	$1,000,554,526
Investments in affiliates, at value	3,953,702
Investments of cash collateral received from securities loaned, at value (See Note 2.B)	2,590,546
Cash	55,382
Deposits at broker for futures contracts	479,000
Receivables:
Investment securities sold	3,663,888
Dividends from non-affiliates	626,167
Dividends from affiliates	217
Securities lending income (See Note 2.B)	1,196
Total Assets	1,011,924,624
LIABILITIES:
Payables:
Investment securities purchased	6,618,772
Collateral received on securities loaned (See Note 2.B)	2,590,546
Variation margin on futures contracts	19,723
Accrued liabilities:
Management fees (See Note 3.A)	98,404
Total Liabilities	9,327,445
Net Assets	$1,002,597,179
NET ASSETS:
Paid-in-Capital	$1,084,101,890
Total distributable earnings (loss)	(81,504,711)
Total Net Assets	$1,002,597,179
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	11,150,000
Net asset value, per share	$89.92
Cost of investments in non-affiliates	$1,114,957,448
Cost of investments in affiliates	3,953,702
Investment securities on loan, at value (See Note 2.B)	2,122,327
Cost of investment of cash collateral (See Note 2.B)	2,589,947

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2022 (Unaudited)

	JPMorgan BetaBuilders MSCI US REIT ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$419
Interest income from affiliates	8
Dividend income from non-affiliates	17,270,617
Dividend income from affiliates	30,142
Income from securities lending (net) (See Note 2.B)	7,385
Total investment income	17,308,571
EXPENSES:
Management fees (See Note 3.A)	657,744
Interest expense to non-affiliates	183
Other	877
Total expenses	658,804
Net investment income (loss)	16,649,767
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(31,542,036)
In-kind redemptions of investments in non-affiliates (See Note 4)	61,891,468
Futures contracts	(118,403)
Net realized gain (loss)	30,231,029
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	(166,226,441)
Investments in affiliates	1,699
Futures contracts	128,713
Change in net unrealized appreciation/depreciation	(166,096,029)
Net realized/unrealized gains (losses)	(135,865,000)
Change in net assets resulting from operations	$(119,215,233)

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders MSCI US REIT ETF
	Six Months Ended August 31, 2022 (Unaudited)	Year Ended February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$16,649,767	$28,015,841
Net realized gain (loss)	30,231,029	120,936,985
Change in net unrealized appreciation/depreciation	(166,096,029)	136,251,529
Change in net assets resulting from operations	(119,215,233)	285,204,355
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(8,533,760)	(27,102,001)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(226,930,212)	155,051,115
NET ASSETS:
Change in net assets	(354,679,205)	413,153,469
Beginning of period	1,357,276,384	944,122,915
End of period	$1,002,597,179	$1,357,276,384
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$305,521,947	$741,079,084
Cost of shares redeemed	(532,452,159)	(586,027,969)
Total change in net assets resulting from capital transactions	$(226,930,212)	$155,051,115
SHARE TRANSACTIONS:
Issued	3,125,000	8,000,000
Redeemed	(5,550,000)	(5,875,000)
Net increase (decrease) in shares from share transactions	(2,425,000)	2,125,000

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

	Per share operating performance
		Investment operations			Distributions
	Net asset value, beginning of period	Net investment income (loss) (b)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain	Total distributions
JPMorgan BetaBuilders MSCI US REIT ETF
Six Months Ended August 31, 2022 (Unaudited)	$99.98	$1.35	$(10.74)	$(9.39)	$(0.67)	$—	$(0.67)
Year Ended February 28, 2022	82.46	1.93	17.48	19.41	(1.89)	—	(1.89)
Year Ended February 28, 2021	82.62	2.07	0.28(g)	2.35	(2.51)	—	(2.51)
Year Ended February 29, 2020	81.21	2.55	0.80(g)	3.35	(1.85)	(0.09)	(1.94)
June 15, 2018 (i) through February 28, 2019	75.67	1.85	5.10	6.95	(1.35)	(0.06)	(1.41)


(a)	Annualized for periods less than one year, unless otherwise noted.
(b)	Calculated based upon average shares outstanding.
(c)	Not annualized for periods less than one year.
(d)	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.
(e)	Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g)	Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(h)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
(i)	Commencement of operations.
(j)	Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund” or “MSCI US REIT ETF”) is a separate diversified series of the Trust covered in this report.

The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

Shares of the Fund are listed and traded at market price on the Cboe BZX Exchange, Inc. 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, typically 25,000 shares, referred to as “Creation Units".

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the 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.

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 of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund's investments. The Administrator implements the valuation policies of the Fund's investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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).

J.P. Morgan Exchange-Traded Funds

August 31, 2022

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)	$1,007,098,774	$—	$—	$1,007,098,774
Appreciation in Other Financial Instruments
Futures Contracts (a)	$112,340	$—	$—	$112,340


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

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 August 31, 2022.

	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)
	$2,122,327	$(2,122,327)	$—


*	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.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

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 six months ended August 31, 2022, JPMIM waived fees associated with the Fund's investment in the JPMorgan U.S. Government Money Market Fund as follows:

$1,342

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).

C. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are 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. 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 six months ended August 31, 2022
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2022	Shares at August 31, 2022	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 2.22% (a) (b)	$10,994,199	$85,000,000	$94,000,000	$1,002*	$1,699	$1,996,900	1,997,100	$42,386*	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b)	11,322,728	53,705,018	61,074,044	—	—	3,953,702	3,953,702	30,142	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b)	2,282,053	100,582,067	102,270,474	—	—	593,646	593,646	11,249*	—
Total	$24,598,980	$239,287,085	$257,344,518	$1,002	$1,699	$6,544,248		$83,777	$—


(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 August 31, 2022.
*	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 risk. 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.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

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 six months ended August 31, 2022:


Futures Contracts:
Average Notional Balance Long	$6,171,846
Ending Notional Balance Long	1,639,800

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 is recorded on the ex-dividend date or when the 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. 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 August 31, 2022, 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.

G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly. 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.

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of the Fund pursuant to the Management Agreement. For such services, JPMIM is paid a fee, which is accrued daily and paid no more frequently than monthly at an annual rate of 0.11% of the Fund's average daily net assets.

Under the Management Agreement, JPMIM is responsible for substantially all expenses of the Fund, (including expenses of the Trust relating to the Fund), except for the management fee, payments under the Fund's 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Additionally, the Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through the Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser, the Adviser will reimburse the Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Fund. Pursuant to the Management Agreement for the Fund, JPMIM is compensated as described in Note 3.A.

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.

C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Fund. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by the Management Agreement.

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.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

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 Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the 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 fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.

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

4. Investment Transactions

During the six months ended August 31, 2022, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
	$62,595,557	$117,134,758

During the six months ended August 31, 2022, there were no purchases or sales of U.S. Government securities.

For the six months ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Creations	In-Kind Redemptions
	$302,435,791	$460,280,329

During the six months ended August 31, 2022, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2022 were as follows:

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
	$1,121,501,097	$30,719,899	$145,009,882	$(114,289,983)

At February 28, 2022, the Fund had net capital loss carryforwards which are available to offset future realized gains as follows:

	Capital Loss Carryforward Character
	Short-Term	Long-Term
	$1,762,128	$—

During the year ended February 28, 2022, the Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term	Long-Term
	$9,062,678	$—

J.P. Morgan Exchange-Traded Funds

August 31, 2022

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.

7. 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 August 31, 2022, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

	JPMorgan SmartRetirement Funds	JPMorgan SmartRetirement Blend Funds
	10.8%	32.8%

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Fund may not track the return of its underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, the Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Fund’s return may differ from the return of the underlying index.

Because the Fund invests in Real Estate Investment Trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of the Fund's investments, increase the Fund's volatility,negatively impact the Fund’s arbitrage and pricing mechanisms, 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 the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

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, March 1, 2022, and continued to hold your shares at the end of the reporting period, August 31, 2022.

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 March 1, 2022	Ending Account Value August 31, 2022	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan BetaBuilders MSCI US REIT ETF
Actual	$1,000.00	$906.00	$0.53	0.11%
Hypothetical	1,000.00	1,024.65	0.56	0.11


*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

J.P. Morgan Exchange-Traded Funds

August 31, 2022

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)

JPMorgan BetaBuilders MSCI US REIT ETF

The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board, and now consists of Trustees from both Boards. The Board and its investment committees (money market and alternative products, equity, and fixed income) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 21-22, 2022 and August 9-11, 2022, at which the Trustees considered the continuation of the management agreement (the “Management Agreement”) for the Fund. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 11, 2022.

As part of their review of the Management Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds (including certain ETFs beginning in February 2022) provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund’s objectives, benchmarks and peers. Before voting on the Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser, counsel to the Trusts, and independent

legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreement. The Trustees also discussed the Management Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under its Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

(i)

The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;

(ii)

The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;

(iii)

The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;

(iv)

Information about the structure and distribution strategy of the Fund and how it fits with the Trust’s other fund offerings;

August 31, 2022

J.P. Morgan Exchange-Traded Funds

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)

(v)

The administration services provided by the Adviser in its role as Administrator;

(vi)

Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii)

The overall reputation and capabilities of the Adviser and its affiliates;

(viii)

The commitment of the Adviser to provide high quality service to the Fund;

(ix)

Their overall confidence in the Adviser’s integrity;

(x)

The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund; and

(xi)

The Adviser’s business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Fund and its shareholders throughout this period.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates from providing services to the Fund. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees

concluded that the profitability to the Adviser under the Management Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered the fees earned by J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting, and other related services for the Fund, and the profitability of these arrangements to JPMCB.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Fund. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of Fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees noted that the management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees also concluded that the Fund benefited from the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including to the extent

J.P. Morgan Exchange-Traded Funds

August 31, 2022

applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund, as applicable. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by the Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management

fee rates paid by other funds in the same Morningstar category as the Fund. This review included ranking of the Fund within an expense universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Universe and Peer Group, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees compared the management fee for the Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Fund is positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of the Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the Fund’s net management fee was in the third and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

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 policies and procedures with respect to the disclosure of the Fund holdings is available in the prospectuses 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.

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

$89.92	$89.96	(9.40)%	(9.40)%	$1,002,597,179	0.11%(f)	2.77%	0.11%(f)	5%
99.98	100.02	23.55	23.45	1,357,276,384	0.11	1.96	0.11	5
82.46	82.56	3.37	3.36	944,122,915	0.11	2.82	0.11	7
82.62	82.73	4.06	4.18	1,206,297,493	0.11	2.88	0.16(h)	5
81.21	81.22	9.40	9.41(j)	136,028,924	0.11(f)	3.37	0.40(f)(h)	5

Fund	Ticker	Listing Exchange
JPMorgan BetaBuilders MSCI US REIT ETF	BBRE	Cboe BZX Exchange, Inc.