J.P. Morgan Exchange-Traded Fund Trust

CONTENTS


President's Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	3
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	5
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)	7
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)	10
JPMorgan USD Emerging Markets Sovereign Bond ETF	12
Schedules of Portfolio Investments	15
Financial Statements	106
Financial Highlights	114
Notes to Financial Statements	118
Report of Independent Registered Public Accounting Firm	132
Trustees	133
Officers	136
Schedule of Shareholder Expenses	138
Liquidity Risk Management Program	139
Tax Letter	140

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

President's Letter
April 11, 2023 (Unaudited)

Dear Shareholder,

Financial markets have shown some resiliency in recent months after sharply rising interest rates and the outbreak of war in Ukraine in 2022 fueled dislocations in both equity and bond markets. While asset prices have yet to fully rebound from last year, overall financial market volatility has receded and asset valuations may have grown more attractive to investors.

“As investors assess the potential

risks to financial market returns, we

believe it is important to recognize

both the potential benefits of

portfolio diversification and the

potential investment opportunities

uncovered by changes in relative

asset valuations.”

— Brian S. Shlissel

Certainly, the factors that weighed on markets in 2022 largely remain in place in early 2023. Additionally, the failures of two U.S. regional banks and the takeover of troubled Credit Suisse Group AG by UBS Group AG have rattled the financial services sector, though regulators moved quickly to attempt to contain the risk of contagion and overall US. bank capitalization rates remain healthy and much improved since the 2008 financial crisis.

The International Monetary Fund (the “IMF”) recently trimmed its forecast for global economic growth in 2023 and warned that any further turmoil in the financial system could further impede economic activity. The IMF also indicated that infla

tionary pressures had yet to peak in many countries, despite moderation in prices for energy and food. Notably, the IMF slightly raised its growth forecast for the U.S., while lowering its forecast for Germany and Japan.

Above average wage inflation, contracting profit margins and slower economic activity may put pressure on U.S. equities in the months ahead, though companies positioned to weather a secular slowdown may stand out. Lower valuations compared with the U.S. and a weakening dollar could provide support for international equities. Core fixed income assets may also prove attractive to investors if interest rates decline in the year ahead.

As investors assess the potential risks to financial market returns, we believe it is important to recognize both the potential benefits of portfolio diversification and the investment potential opportunities uncovered by changes in relative asset valuations. Our lineup 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

February 28, 2023

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

Global financial markets declined through most of the period amid inflationary pressures, rapidly rising interest rates, war across Ukraine and weaker economic conditions in China. However, developed markets stabilized somewhat in the second half of the period as domestic economic data improved.

While both equities and bonds were down for the period, fixed income assets experienced a historically poor performance. For the twelve month period, the Bloomberg U.S. Aggregate Index returned -9.72%, the Bloomberg U.S. High Yield Index returned -5.46% and the Bloomberg Emerging Markets Index returned -8.01%.

Through the second quarter of 2022, investor demand for bonds was crushed by the highest inflation levels in four decades and the subsequent policy response by leading central banks. Russia’s invasion of Ukraine at the end of February 2022, followed by the U.S. Federal Reserve’s (the “Fed”) decision to initiate its current monetary tightening cycle in mid-March 2022, drove global financial markets sharply lower. Stocks and bonds fell in tandem and volatility spiked higher. By the end of February 2023, the Fed had raised interest rates eight times to a range of 4.50% to 4.75%, the highest level since the 2007-08 financial crisis.

The Bank of England and the European Central Bank also aggressively tightened their monetary policies in response to accelerating price pressures, though the former started raising interest rates in December 2021 and the latter waited until September 2022 to begin raising rates.

In the second half of the period, financial markets appeared to stabilize and even rebounded somewhat. The U.S. economy proved to be resilient and data showed price inflation receding, while Europe largely avoided a prolonged energy crisis through coordinated efforts to obtain alternatives to Russian supplies of petroleum and natural gas. Additionally, China dropped many of the strict anti-pandemic measures that had severely constrained spending and demand in the first half of the period.

While both bond and equity markets had negative returns for the twelve-month period, U.S. high yield bonds (also known as junk bonds) and emerging markets debt posted a moderate positive performance for the final half of the period.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(4.24)%
Market Price **	(4.20)%
Bloomberg Short-Term U.S. Aggregate Bond Index	(4.22)%
Net Assets as of 2/28/2023	$35,218,791
Duration as of 2/28/2023	2.7 Years
Fund Ticker	BBSA

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders 1-5 Year US Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Short-Term U.S. Aggregate Bond Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index, which includes U.S. dollar denominated investment grade taxable bonds with remaining effective maturities between one and five years, is a subset of the Bloomberg U.S. Aggregate Bond Index. Using a “passive” investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2023, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s allocations to U.S. Treasury bonds and agency mortgage-backed securities were leading detractors from performance amid rising interest rates during the period.

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 U.S. Treasury and corporate bond sectors and the smallest allocations were to the securitized debt and agency bond sectors.

PORTFOLIO COMPOSITION AS OF February 28, 2023	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations	56.4%
Corporate Bonds	25.5
Mortgage-Backed Securities	7.3
Supranational	2.5
Commercial Mortgage-Backed Securities	2.2
U.S. Government Agency Securities	1.7
Foreign Government Securities	1.2
Asset-Backed Securities	1.0
Others (each less than 1.0%)	0.1
Short-Term Investments	2.1

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.96 as of February 28, 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 Cboe BZX Exchange, Inc. As of February 28, 2023, the closing price was $47.00.

***

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

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Net Asset Value	March 12, 2019	(4.24)%	0.35%
Market Price		(4.20)	0.37

LIFE OF FUND PERFORMANCE (3/12/19 TO 2/28/23)

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.

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Short-Term U.S. Aggregate Bond Index from March 12, 2019 to February 28, 2023. 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 Bloomberg Short-Term U.S. Aggregate Bond Index does not reflect the deduction of expenses

associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Short-Term U.S. Aggregate Bond Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund 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

February 28, 2023

JPMorgan BetaBuilders U.S. Aggregate Bond ETF
(formerly known as JPMorgan U.S. Aggregate Bond ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(9.91)%
Market Price **	(9.93)%
Bloomberg U.S. Aggregate Index	(9.72)%
Net Assets as of 2/28/2023	$1,312,100,977
Duration as of 2/28/2023	6.2 Years
Fund Ticker	BBAG

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Aggregate Index (the “Underlying Index”). Prior to February 1, 2023, the Fund sought to provide long-term total return.

INVESTMENT APPROACH

The Fund uses a “passive” investment approach and attempts to closely correspond to the performance of the Underlying Index, which covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. Prior to February 1, 2023, the Fund invested in a diversified portfolio of fixed income securities, including corporate bonds, U.S. Treasury obligations and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. With respect to corporate sub-sectors, the adviser applied a systematic multi-factor screening process that seeks exposure to those debt issuers with attractive value, quality and momentum characteristics.

HOW DID THE FUND PERFORM?

The Fund’s and the Underlying Index’s allocations to U.S. government bonds and agency mortgage-backed securities were leading detractors from performance amid rising interest rates during the period.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s and the Underlying Index’s largest allocations were to the U.S. Treasury and corporate bond sectors and their smallest allocations were to the securitized debt and agency mortgage-backed securities sectors.

PORTFOLIO COMPOSITION AS OF February 28, 2023	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations	37.8%
Mortgage-Backed Securities	25.8
Corporate Bonds	23.0
Commercial Mortgage-Backed Securities	1.5
Foreign Government Securities	1.4
U.S. Government Agency Securities	1.2
Supranational	1.1
Others (each less than 1.0%)	0.6
Short-Term Investments	7.6

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 February 28, 2023, the closing price was $45.92.

***

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

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF
(formerly known as JPMorgan U.S. Aggregate Bond ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)
Net Asset Value	December 12, 2018	(9.91)%	0.12%
Market Price		(9.93)	0.12

LIFE OF FUND PERFORMANCE (12/12/18 TO 2/28/23)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Aggregate Bond ETF and the Bloomberg U.S. Aggregate Index from December 12, 2018 to February 28, 2023. 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 Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for

government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. 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.

Effective February 1, 2023, the Fund’s investment strategy and approach were changed to a passively managed portfolio from an actively managed portfolio. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date may be less relevant for investors considering whether to purchase shares of the Fund.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
(formerly known as JPMorgan High Yield Research Enhanced ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(5.16)%
Market Price **	(5.20)%
Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index	(5.45)%
ICE BofA U.S. High Yield Total Return Index	(5.46)%
Net Assets as of 2/28/2023	$337,479,306
Duration as of 2/28/2023	4.1 Years
Fund Ticker	BBHY

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA U.S. High Yield Total Return Index (the “Underlying Index”). Prior to February 1, 2023, the Fund sought to provide a high level of income, with capital appreciation as a secondary objective.

INVESTMENT APPROACH

The Fund uses a "passive" investment approach and attempts to closely correspond to the performance of the Underlying Index, which is designed to measure the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. Prior to February 1, 2023, the Fund invested primarily in U.S. dollar denominated high-yield, high-risk debt securities (also known as “junk bonds”) from domestic or foreign issuers.

HOW DID THE FUND PERFORM?

For the period February 1, 2023 to February 28, 2023, the Fund performed in line with the Underlying Index before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

For the twelve months ended February 28, 2023, the Fund outperformed its previous benchmark, the Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index, largely due to the Fund’s security selections in the cable/satellite TV, retailers and technology sectors.

Relative to the Underlying Index, the Fund’s security selections in the cable/satellite TV, retailers and technology sectors were leading contributors to relative performance. The Fund’s security selections in the oil field services, refining and wireless sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s and Underlying Index’s largest allocations were to the technology, cable/satellite TV and midstream sectors and the smallest allocations were to the life insurance, office real estate investment trusts and tobacco sectors.

PORTFOLIO COMPOSITION BY INDUSTRY AS OF February 28, 2023	PERCENT OF TOTAL INVESTMENTS
Oil, Gas & Consumable Fuels	10.6%
Hotels, Restaurants & Leisure	8.4
Media	7.0
Diversified Telecommunication Services	5.9
Consumer Finance	4.4
Health Care Providers & Services	3.4
Aerospace & Defense	3.4
Commercial Services & Supplies	3.1
Chemicals	2.9
Specialty Retail	2.9
Equity Real Estate Investment Trusts (REITs)	2.8
Containers & Packaging	2.5
Software	2.3
Auto Components	2.3
Metals & Mining	1.9
Pharmaceuticals	1.8
Electric Utilities	1.7
Airlines	1.7
Trading Companies & Distributors	1.6
Household Durables	1.6
Energy Equipment & Services	1.4
Wireless Telecommunication Services	1.4
Thrifts & Mortgage Finance	1.4
Building Products	1.3
Food & Staples Retailing	1.2
Insurance	1.2
Road & Rail	1.2
Entertainment	1.1
Food Products	1.0
Automobiles	1.0
Health Care Equipment & Supplies	1.0
Others (each less than 1.0%)	13.7
Short-Term Investments	0.9

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

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
(formerly known as JPMorgan High Yield Research Enhanced ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)

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 $44.41 as of February 28, 2023.

***

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

J.P. Morgan Exchange-Traded Funds

February 28, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)
Net Asset Value	September 14, 2016	(5.16)%	2.51%	3.07%
Market Price		(5.20)	2.40	3.06

LIFE OF FUND PERFORMANCE (9/14/16 TO 2/28/23)

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, the Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index and the ICE BofA U.S. High Yield Total Return Index from September 14, 2016 to February 28, 2023. 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 Bloomberg U.S. Corporate High Yield — 2% Issuer 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 Index, if applicable.

The Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. The ICE BofA U.S. High Yield Total

Return Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Investors cannot invest directly in an index.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(10.21)%
Market Price **	(10.32)%
Bloomberg U.S. Corporate Index	(10.43)%
Net Assets as of 2/28/2023	$44,702,756
Duration as of 2/28/2023	7.1 Years
Fund Ticker	BBCB

INVESTMENT OBJECTIVE***

The JPMorgan USD Investment Grade Corporate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Corporate Bond Index (the “Underlying Index”). Prior to February 1, 2023, the Fund sought to provide total return.

INVESTMENT APPROACH

The Fund seeks investment results that closely correspond, before fees and expenses, to the Underlying Index, which measures the investment grade, fixed-rate, taxable corporate bond market and includes U.S. dollar denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. Prior to February 1, 2023, the Fund invested primarily in investment grade bonds and used fundamental credit research for security selection and sector allocation. The Fund sought to outperform the Bloomberg U.S. Corporate Bond Index over time while maintaining similar risk characteristics.

HOW DID THE FUND PERFORM?

For the month of February 28, 2023, the Fund returned -3.19% and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s operating history prior to February 1, 2023, used a more active approach to issuer selection, and the transition segregates the linkage between the two strategies. Had the Fund maintained its prior investment approach, its performance may have been different.

Generally, prices for investment grade corporate bonds declined in February as investors sought higher yielding securities, which led to negative absolute performance for the

Fund and the Underlying Index. The Fund’s and the Underlying Index’s exposures to the financials sector made a positive contribution to absolute performance, while their exposures to issues rated single-A outperformed issues rated BBB. AAA and AA.

HOW WAS THE FUND POSITIONED?

At February 28, 2023, the Fund’s and the Underlying Index’s largest allocations were to the financials and consumer noncyclical sectors and their smallest allocations were to the other industrial and transportation sectors.

PORTFOLIO COMPOSITION AS OF February 28, 2023	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	99.3%
Others (each less than 1.0%)	0.1
Short-Term Investments	0.6

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 February 28, 2023, the closing price was $44.74.

***

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

J.P. Morgan Exchange-Traded Funds

February 28, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)
Net Asset Value	December 12, 2018	(10.21)%	1.31%
Market Price		(10.32)	1.31

LIFE OF FUND PERFORMANCE (12/12/18 TO 2/28/23)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg U.S. Corporate Index from December 12, 2018 to February 28, 2023. 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 Bloomberg U.S. Corporate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial

issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(6.58)%
Market Price **	(7.36)%
JPMorgan Emerging Markets Risk-Aware Bond Index	(6.06)%
Net Assets as of 2/28/2023	$227,584,365
Duration as of 2/28/2023	6.9 Years
Fund Ticker	JPMB

INVESTMENT OBJECTIVE***

The JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets. The Underlying Index utilizes a rules-based, proprietary methodology that filters for liquidity and country risk and allocates risk based on credit rating. The Underlying Index methodology includes rebalancing monthly within each country and semi-annually across countries. The Fund also employs stratified sampling and optimization techniques that seek to minimize tracking error to the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2023, the Fund performed in line with the Underlying Index. The majority of the Fund’s deviation from the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

During the period, the performance of the Fund and the Underlying Index was hurt by elevated market volatility. Russia’s invasion of Ukraine in late February 2022, combined with the impact of China’s “zero covid” policy reduced investor demand for emerging markets debt. Both the Fund and the Underlying Index benefitted from more defensive characteristics, including less exposure to lower-rated bonds, when compared with the broader market for emerging markets sovereign debt. This effect was especially visible in June, when emerging markets debt prices fell sharply. Conversely, the portfolio saw smaller, more mixed contributions from its liquidity and credit stabilization components.

HOW WAS THE FUND POSITIONED?

The Fund invested at least 80% of its assets in securities included in the Underlying Index. Among the largest positions in the Fund and the Underlying Index were Turkey, Oman and Brazil, while their smallest positions were in Bolivia, Gabon and Tunisia.

PORTFOLIO COMPOSITION BY COUNTRY AS OF February 28, 2023	PERCENT OF TOTAL INVESTMENTS
Turkey	7.8 %
Brazil	6.9
Oman	6.9
Dominican Republic	6.2
Colombia	5.8
South Africa	5.7
Bahrain	5.7
Mexico	3.5
Indonesia	3.3
Saudi Arabia	3.1
Egypt	3.1
United Arab Emirates	2.8
Qatar	2.7
Philippines	2.4
China	2.3
Peru	2.2
Chile	2.2
Panama	2.0
Kenya	1.9
Jamaica	1.8
Azerbaijan	1.5
Jordan	1.4
Malaysia	1.3
Costa Rica	1.2
Uruguay	1.2
Kazakhstan	1.2
Romania	1.1
Paraguay	1.0
Hungary	1.0
Others (each less than 1.0%)	5.8
Short-Term Investments	5.0

J.P. Morgan Exchange-Traded Funds

February 28, 2023

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)

	INCEPTION DATE	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value	January 29, 2018	(6.58)%	(0.10)%	(0.51)%
Market Price		(7.36)	(0.05)	(0.40)

LIFE OF FUND PERFORMANCE (1/29/18 TO 2/28/23)

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to February 28, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “Index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the J.P. Morgan

Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating. Historically, the J.P. Morgan Emerging Markets Bond Index Global Diversified has included bonds issued by the countries of Angola, Argentina, Armenia, Azerbaijan, Belize, Bolivia, Brazil, Cameroon, Chile, China, Colombia, Costa Rica, Cote D’Ivoire, Croatia, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Gabon, Georgia, Ghana, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Russian Federation, Senegal, Serbia, Slovakia, South Africa, Sri Lanka, Suriname, Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uruguay, Venezuela, Vietnam, Zambia; however, this universe of countries may change in accordance with the Index Provider’s determination of eligible emerging market countries and there is no assurance that a particular country will be represented in the Underlying Index at any given time. Investors cannot invest directly in an index.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 57.2%
U.S. Treasury Bonds
7.50%, 11/15/2024	199,000	207,318
7.63%, 2/15/2025	124,000	130,316
6.00%, 2/15/2026	300,000	312,000
6.50%, 11/15/2026	72,000	77,091
6.63%, 2/15/2027	212,000	229,275
6.38%, 8/15/2027	323,000	349,673
6.13%, 11/15/2027	320,000	345,425
U.S. Treasury Notes
2.75%, 8/31/2023	48,000	47,453
0.25%, 11/15/2023	905,000	874,562
2.38%, 2/29/2024	1,825,000	1,775,882
2.00%, 4/30/2024	480,000	463,012
2.25%, 4/30/2024	10,000	9,675
2.00%, 5/31/2024	11,000	10,585
1.75%, 7/31/2024	342,000	326,410
0.38%, 9/15/2024	354,000	329,884
1.50%, 9/30/2024	1,083,000	1,025,846
1.50%, 10/31/2024	258,000	243,830
1.50%, 2/15/2025	100,000	93,824
0.50%, 3/31/2025	1,303,000	1,194,077
0.38%, 4/30/2025	46,000	41,903
0.25%, 5/31/2025	1,066,000	965,480
0.25%, 6/30/2025	340,000	307,328
0.25%, 7/31/2025	244,000	219,791
0.25%, 9/30/2025	93,000	83,366
0.25%, 10/31/2025	48,000	42,863
0.38%, 11/30/2025	2,440,000	2,179,607
0.38%, 12/31/2025	226,000	201,617
2.63%, 12/31/2025	5,000	4,754
0.38%, 1/31/2026	7,000	6,219
0.75%, 4/30/2026	1,865,000	1,662,618
0.75%, 5/31/2026	546,000	485,428
0.63%, 7/31/2026	823,000	725,012
0.75%, 8/31/2026	772,000	681,290
0.88%, 9/30/2026	540,000	477,689
1.63%, 9/30/2026	51,000	46,398
1.13%, 10/31/2026	259,000	230,712
1.63%, 10/31/2026	125,000	113,486
1.25%, 11/30/2026	339,000	302,769
1.25%, 12/31/2026	279,000	248,746
1.50%, 1/31/2027	488,000	438,552
1.13%, 2/28/2027	197,000	174,376
0.63%, 3/31/2027	312,000	269,612
2.50%, 3/31/2027	6,000	5,595

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

0.50%, 4/30/2027	138,000	118,324
0.50%, 5/31/2027	164,000	140,130
2.63%, 5/31/2027	100,000	93,578
0.50%, 6/30/2027	437,000	372,440
0.38%, 7/31/2027	444,000	375,353
2.75%, 7/31/2027	150,000	140,918
2.25%, 8/15/2027	100,000	91,914
0.50%, 8/31/2027	300,000	254,414
3.13%, 8/31/2027	100,000	95,430
4.13%, 9/30/2027	100,000	99,477
4.13%, 10/31/2027	100,000	99,492
3.88%, 11/30/2027	200,000	197,141
3.88%, 12/31/2027	105,000	103,466
Total U.S. Treasury Obligations (Cost $21,354,829)		20,143,426
Corporate Bonds — 25.9%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.95%, 2/1/2024	4,000	3,863
4.88%, 5/1/2025	5,000	4,929
2.75%, 2/1/2026	15,000	13,906
2.70%, 2/1/2027	2,000	1,812
2.80%, 3/1/2027	20,000	18,175
General Dynamics Corp.
2.38%, 11/15/2024	7,000	6,673
1.15%, 6/1/2026	10,000	8,852
Huntington Ingalls Industries, Inc. 3.84%, 5/1/2025	10,000	9,635
Leidos, Inc. 3.63%, 5/15/2025	4,000	3,842
Lockheed Martin Corp. 3.55%, 1/15/2026	2,000	1,933
Northrop Grumman Corp. 3.25%, 1/15/2028	11,000	10,161
Precision Castparts Corp. 3.25%, 6/15/2025	16,000	15,390
Raytheon Technologies Corp.
3.20%, 3/15/2024	16,000	15,672
3.13%, 5/4/2027	6,000	5,561
		120,404
Air Freight & Logistics — 0.0% ^
FedEx Corp. 3.25%, 4/1/2026	13,000	12,302
GXO Logistics, Inc. 1.65%, 7/15/2026	4,000	3,431
		15,733
Airlines — 0.0% ^
Southwest Airlines Co. 5.25%, 5/4/2025	2,000	1,991

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Auto Components — 0.0% ^
BorgWarner, Inc. 2.65%, 7/1/2027	8,000	7,183
Lear Corp. 3.80%, 9/15/2027	5,000	4,670
		11,853
Automobiles — 0.1%
Harley-Davidson, Inc. 3.50%, 7/28/2025	8,000	7,691
Honda Motor Co. Ltd. (Japan) 2.53%, 3/10/2027	13,000	11,939
Toyota Motor Corp. (Japan) 1.34%, 3/25/2026	28,000	25,119
		44,749
Banks — 7.6%
Bangko Sentral ng Pilipinas International Bond (Philippines) 8.60%, 6/15/2027	13,000	14,795
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (a)	35,000	32,606
3.50%, 4/19/2026	39,000	37,251
(SOFR + 1.15%), 1.32%, 6/19/2026 (a)	154,000	139,672
(SOFR + 0.96%), 1.73%, 7/22/2027 (a)	51,000	44,936
(SOFR + 1.58%), 4.38%, 4/27/2028 (a)	6,000	5,735
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (a)	7,000	6,389
Bank of Montreal (Canada)
(SOFR + 0.60%), 0.95%, 1/22/2027 (a)	9,000	7,925
2.65%, 3/8/2027	39,000	35,555
Bank of Nova Scotia (The) (Canada) 2.95%, 3/11/2027	15,000	13,772
Barclays plc (United Kingdom) 3.65%, 3/16/2025	40,000	38,404
Citigroup, Inc.
3.70%, 1/12/2026	4,000	3,838
(SOFR + 0.77%), 1.12%, 1/28/2027 (a)	63,000	55,907
(SOFR + 0.77%), 1.46%, 6/9/2027 (a)	139,000	121,502
Fifth Third Bancorp
4.30%, 1/16/2024	12,000	11,865
3.65%, 1/25/2024	12,000	11,822
(SOFR + 0.69%), 1.71%, 11/1/2027 (a)	12,000	10,626
First Citizens BancShares, Inc. (3-MONTH CME TERM SOFR + 2.47%), 3.38%, 3/15/2030 (a)	20,000	18,800
HSBC Holdings plc (United Kingdom) (SOFR + 1.40%), 2.63%, 11/7/2025 (a)	30,000	28,414
Huntington Bancshares, Inc. 4.00%, 5/15/2025	8,000	7,772
KeyCorp 2.25%, 4/6/2027	1,000	890
Korea Development Bank (The) (South Korea) 0.40%, 6/19/2024	200,000	187,781

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
Kreditanstalt fuer Wiederaufbau (Germany)
2.63%, 2/28/2024	54,000	52,629
0.25%, 3/8/2024	22,000	20,907
1.38%, 8/5/2024	10,000	9,486
2.50%, 11/20/2024	100,000	95,854
0.38%, 7/18/2025	27,000	24,407
0.63%, 1/22/2026	25,000	22,350
1.00%, 10/1/2026	8,000	7,091
Landwirtschaftliche Rentenbank (Germany)
Series 40, 0.50%, 5/27/2025	13,000	11,815
0.88%, 3/30/2026	86,000	76,900
1.75%, 7/27/2026	1,000	912
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.41%, 3/7/2024	8,000	7,832
3.78%, 3/2/2025	40,000	38,838
3.68%, 2/22/2027	45,000	42,919
3.29%, 7/25/2027	25,000	23,167
NatWest Group plc (United Kingdom) 5.13%, 5/28/2024	100,000	99,541
Oesterreichische Kontrollbank AG (Austria)
0.38%, 9/17/2025	4,000	3,587
0.50%, 2/2/2026	38,000	33,707
3.63%, 9/9/2027	20,000	19,381
PNC Financial Services Group, Inc. (The)
3.50%, 1/23/2024	10,000	9,845
1.15%, 8/13/2026	160,000	140,482
Royal Bank of Canada (Canada) 1.40%, 11/2/2026	207,000	180,606
Santander Holdings USA, Inc. (SOFR + 1.25%), 2.49%, 1/6/2028 (a)	64,000	55,793
Santander UK plc (United Kingdom) 4.00%, 3/13/2024	32,000	31,569
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.01%, 10/19/2026	93,000	85,583
3.45%, 1/11/2027	16,000	14,916
3.54%, 1/17/2028	44,000	40,562
SVB Financial Group 1.80%, 10/28/2026	46,000	40,155
Toronto-Dominion Bank (The) (Canada)
0.75%, 9/11/2025	5,000	4,465
1.25%, 9/10/2026	32,000	27,893
2.80%, 3/10/2027	16,000	14,622
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (a) (b)	7,000	6,509
Truist Financial Corp.
3.70%, 6/5/2025	6,000	5,804

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
1.13%, 8/3/2027	68,000	57,901
(SOFR + 1.37%), 4.12%, 6/6/2028 (a)	22,000	21,042
US Bancorp
Series V, 2.38%, 7/22/2026	55,000	50,468
(SOFR + 0.73%), 2.22%, 1/27/2028 (a)	124,000	111,206
Valley National Bancorp (3-MONTH CME TERM SOFR + 2.36%), 3.00%, 6/15/2031 (a)	57,000	50,410
Wells Fargo & Co.
3.30%, 9/9/2024	16,000	15,539
(SOFR + 0.51%), 0.80%, 5/19/2025 (a)	10,000	9,440
3.55%, 9/29/2025	13,000	12,450
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (a)	50,000	46,812
3.00%, 4/22/2026	8,000	7,468
(SOFR + 2.00%), 2.19%, 4/30/2026 (a)	25,000	23,256
3.00%, 10/23/2026	2,000	1,848
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (a)	5,000	4,640
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (a)	52,000	45,273
Westpac Banking Corp. (Australia)
3.35%, 3/8/2027	2,000	1,881
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (a) (b)	127,000	119,700
		2,665,718
Beverages — 0.3%
Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026	16,000	15,334
Coca-Cola Co. (The)
1.75%, 9/6/2024	50,000	48,028
1.45%, 6/1/2027	16,000	14,055
Constellation Brands, Inc. 4.35%, 5/9/2027	5,000	4,830
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023	14,000	13,777
3.40%, 11/15/2025	2,000	1,905
PepsiCo, Inc.
2.85%, 2/24/2026	10,000	9,453
2.38%, 10/6/2026	2,000	1,845
		109,227
Biotechnology — 0.3%
AbbVie, Inc.
2.60%, 11/21/2024	10,000	9,541
3.80%, 3/15/2025	42,000	40,743
3.60%, 5/14/2025	15,000	14,434

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Biotechnology — continued
Amgen, Inc. 1.90%, 2/21/2025	8,000	7,481
Baxalta, Inc. 4.00%, 6/23/2025	4,000	3,878
Gilead Sciences, Inc. 3.65%, 3/1/2026	13,000	12,418
		88,495
Building Products — 0.0% ^
Lennox International, Inc. 1.35%, 8/1/2025	2,000	1,815
Capital Markets — 2.9%
Ameriprise Financial, Inc.
3.70%, 10/15/2024	2,000	1,953
2.88%, 9/15/2026	2,000	1,852
Bain Capital Specialty Finance, Inc. 2.55%, 10/13/2026	24,000	20,644
Bank of New York Mellon Corp. (The)
1.60%, 4/24/2025	10,000	9,269
1.05%, 10/15/2026	173,000	150,347
BlackRock, Inc. 3.50%, 3/18/2024	4,000	3,932
Blackstone Private Credit Fund 2.63%, 12/15/2026	16,000	13,589
Blackstone Secured Lending Fund 2.75%, 9/16/2026	2,000	1,742
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028	6,000	5,588
Charles Schwab Corp. (The)
0.90%, 3/11/2026	74,000	65,278
2.45%, 3/3/2027	30,000	27,222
CME Group, Inc. 3.00%, 3/15/2025	2,000	1,927
Deutsche Bank AG (Germany) 4.10%, 1/13/2026	139,000	133,103
Franklin Resources, Inc. 2.85%, 3/30/2025	2,000	1,899
FS KKR Capital Corp. 3.40%, 1/15/2026	6,000	5,435
Goldman Sachs Group, Inc. (The)
3.63%, 2/20/2024	9,000	8,831
3.85%, 7/8/2024	15,000	14,683
3.50%, 4/1/2025	50,000	48,140
3.75%, 5/22/2025	15,000	14,499
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (a)	14,000	13,458
3.75%, 2/25/2026	5,000	4,778
(SOFR + 0.82%), 1.54%, 9/10/2027 (a)	15,000	13,024
(SOFR + 0.91%), 1.95%, 10/21/2027 (a)	62,000	54,272
(SOFR + 1.11%), 2.64%, 2/24/2028 (a)	14,000	12,515
Golub Capital BDC, Inc. 2.05%, 2/15/2027	27,000	22,600
Intercontinental Exchange, Inc. 3.75%, 12/1/2025	7,000	6,744

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Janus Henderson US Holdings, Inc. 4.88%, 8/1/2025	5,000	4,928
Jefferies Financial Group, Inc. 4.85%, 1/15/2027	5,000	4,904
Moody's Corp. 4.88%, 2/15/2024	2,000	1,988
Morgan Stanley
3.70%, 10/23/2024	29,000	28,251
Series I, (SOFR + 0.75%), 0.86%, 10/21/2025 (a)	107,000	98,605
4.35%, 9/8/2026	4,000	3,847
(SOFR + 0.88%), 1.59%, 5/4/2027 (a)	24,000	21,195
(SOFR + 0.86%), 1.51%, 7/20/2027 (a)	15,000	13,093
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (a)	38,000	34,482
Owl Rock Capital Corp. 2.63%, 1/15/2027	10,000	8,495
S&P Global, Inc. 2.45%, 3/1/2027 (c)	14,000	12,703
State Street Corp.
3.70%, 11/20/2023	9,000	8,896
(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (a)	5,000	4,935
3.55%, 8/18/2025	24,000	23,148
(SOFR + 0.94%), 2.35%, 11/1/2025 (a)	48,000	45,651
(SOFR + 0.56%), 1.68%, 11/18/2027 (a)	25,000	22,083
(SOFR + 0.73%), 2.20%, 2/7/2028 (a)	29,000	26,067
		1,020,595
Chemicals — 0.3%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025	21,000	19,161
1.85%, 5/15/2027	9,000	8,010
Celanese US Holdings LLC
3.50%, 5/8/2024	19,000	18,485
1.40%, 8/5/2026	34,000	28,960
DuPont de Nemours, Inc. 4.49%, 11/15/2025	10,000	9,835
Ecolab, Inc. 1.65%, 2/1/2027	12,000	10,610
LYB International Finance II BV 3.50%, 3/2/2027	5,000	4,674
Nutrien Ltd. (Canada) 3.00%, 4/1/2025	6,000	5,704
		105,439
Consumer Finance — 2.1%
AerCap Ireland Capital DAC (Ireland) 3.15%, 2/15/2024	150,000	146,253
Ally Financial, Inc. 3.88%, 5/21/2024	87,000	85,209
American Express Co. 1.65%, 11/4/2026	25,000	22,104
American Honda Finance Corp.
3.63%, 10/10/2023	6,000	5,939

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
1.20%, 7/8/2025	15,000	13,675
Capital One Financial Corp.
3.30%, 10/30/2024	51,000	49,248
(SOFR + 1.29%), 2.64%, 3/3/2026 (a)	3,000	2,821
(SOFR + 0.86%), 1.88%, 11/2/2027 (a)	14,000	12,236
(SOFR + 2.06%), 4.93%, 5/10/2028 (a)	11,000	10,641
Caterpillar Financial Services Corp.
3.65%, 12/7/2023	6,000	5,921
3.30%, 6/9/2024	12,000	11,705
3.25%, 12/1/2024	6,000	5,823
0.80%, 11/13/2025	12,000	10,753
1.15%, 9/14/2026	1,000	879
1.10%, 9/14/2027	49,000	41,904
General Motors Financial Co., Inc.
5.10%, 1/17/2024	42,000	41,807
5.25%, 3/1/2026	5,000	4,943
4.00%, 10/6/2026	63,000	59,740
John Deere Capital Corp.
0.40%, 10/10/2023	2,000	1,940
2.65%, 6/24/2024	11,000	10,652
1.70%, 1/11/2027	44,000	39,226
PACCAR Financial Corp.
1.10%, 5/11/2026	1,000	888
2.00%, 2/4/2027	2,000	1,801
Synchrony Financial
3.70%, 8/4/2026	12,000	11,136
3.95%, 12/1/2027	89,000	81,130
Toyota Motor Credit Corp.
2.25%, 10/18/2023	17,000	16,688
0.45%, 1/11/2024	20,000	19,195
0.80%, 10/16/2025	3,000	2,690
3.05%, 3/22/2027	17,000	15,823
1.15%, 8/13/2027	10,000	8,508
		741,278
Containers & Packaging — 0.0% ^
Berry Global, Inc. 1.57%, 1/15/2026	2,000	1,784
WRKCo, Inc. 4.65%, 3/15/2026	3,000	2,939
		4,723
Diversified Consumer Services — 0.0% ^
Leland Stanford Junior University (The) 1.29%, 6/1/2027	2,000	1,749
Yale University Series 2020, 0.87%, 4/15/2025	9,000	8,259
		10,008

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026	6,000	5,731
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.87%, 12/15/2052 (a) (c)	5,000	4,926
National Rural Utilities Cooperative Finance Corp.
1.00%, 6/15/2026	35,000	30,607
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (a)	8,000	7,564
ORIX Corp. (Japan) 5.00%, 9/13/2027	6,000	5,947
		54,775
Diversified Telecommunication Services — 0.3%
AT&T, Inc.
2.95%, 7/15/2026	40,000	37,385
1.65%, 2/1/2028	21,000	17,843
TELUS Corp. (Canada) 3.70%, 9/15/2027	11,000	10,376
Verizon Communications, Inc.
0.85%, 11/20/2025	13,000	11,623
3.00%, 3/22/2027	13,000	11,990
		89,217
Electric Utilities — 0.8%
American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025	2,000	1,784
Avangrid, Inc. 3.20%, 4/15/2025	5,000	4,747
Duke Energy Corp.
0.90%, 9/15/2025	22,000	19,676
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (a)	6,000	4,778
Eversource Energy
Series Q, 0.80%, 8/15/2025	20,000	17,883
Series U, 1.40%, 8/15/2026	16,000	14,045
Florida Power & Light Co. 3.13%, 12/1/2025	7,000	6,673
Fortis, Inc. (Canada) 3.06%, 10/4/2026	5,000	4,643
ITC Holdings Corp. 3.25%, 6/30/2026	10,000	9,341
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 2.41%), 4.80%, 12/1/2077 (a)	7,000	6,216
Oncor Electric Delivery Co. LLC 0.55%, 10/1/2025	101,000	90,108
Pacific Gas and Electric Co.
3.15%, 1/1/2026	4,000	3,713
2.95%, 3/1/2026	6,000	5,524
Public Service Electric and Gas Co. 0.95%, 3/15/2026	5,000	4,428

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Southern Co. (The)
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 4.00%, 1/15/2051 (a)	35,000	32,737
Series 21-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.75%, 9/15/2051 (a)	4,000	3,439
Union Electric Co. 2.95%, 6/15/2027	24,000	22,197
Xcel Energy, Inc. 1.75%, 3/15/2027	18,000	15,801
		267,733
Electrical Equipment — 0.0% ^
Emerson Electric Co. 0.88%, 10/15/2026	11,000	9,504
Electronic Equipment, Instruments & Components — 0.7%
CDW LLC 5.50%, 12/1/2024	14,000	13,887
Jabil, Inc. 3.95%, 1/12/2028	5,000	4,627
TD SYNNEX Corp. 1.25%, 8/9/2024	182,000	169,926
Vontier Corp. 1.80%, 4/1/2026	67,000	58,565
		247,005
Energy Equipment & Services — 0.1%
Schlumberger Investment SA 3.65%, 12/1/2023	35,000	34,540
Entertainment — 0.3%
TWDC Enterprises 18 Corp.
1.85%, 7/30/2026	55,000	49,510
2.95%, 6/15/2027	15,000	13,897
Walt Disney Co. (The) 3.70%, 3/23/2027	22,000	21,064
Warnermedia Holdings, Inc. 3.76%, 3/15/2027 (c)	14,000	12,844
		97,315
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.
2.95%, 1/15/2025	2,000	1,905
1.45%, 9/15/2026	32,000	27,834
2.75%, 1/15/2027	5,000	4,512
1.50%, 1/31/2028	11,000	9,088
AvalonBay Communities, Inc.
4.20%, 12/15/2023	3,000	2,969
3.50%, 11/15/2024	10,000	9,674
3.45%, 6/1/2025	2,000	1,921
3.50%, 11/15/2025	2,000	1,910
Brixmor Operating Partnership LP 3.65%, 6/15/2024	2,000	1,937
Corporate Office Properties LP 2.25%, 3/15/2026	25,000	22,342

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Crown Castle, Inc.
1.05%, 7/15/2026	15,000	12,977
5.00%, 1/11/2028	5,000	4,927
EPR Properties 4.50%, 6/1/2027	5,000	4,451
Equinix, Inc. 1.80%, 7/15/2027	9,000	7,721
ERP Operating LP 2.85%, 11/1/2026	1,000	920
Essex Portfolio LP 3.50%, 4/1/2025	8,000	7,690
Healthpeak Properties Interim, Inc. 1.35%, 2/1/2027	10,000	8,709
Mid-America Apartments LP 1.10%, 9/15/2026	27,000	23,398
Office Properties Income Trust 4.50%, 2/1/2025	42,000	38,771
Prologis LP 2.13%, 4/15/2027	4,000	3,602
Realty Income Corp. 3.88%, 4/15/2025	20,000	19,386
Simon Property Group LP 3.50%, 9/1/2025	48,000	46,050
SITE Centers Corp. 4.70%, 6/1/2027	6,000	5,626
Ventas Realty LP 3.25%, 10/15/2026	9,000	8,296
Welltower OP LLC
4.00%, 6/1/2025	12,000	11,600
2.70%, 2/15/2027	2,000	1,804
		290,020
Food & Staples Retailing — 0.5%
Costco Wholesale Corp. 1.38%, 6/20/2027	3,000	2,624
Kroger Co. (The)
3.50%, 2/1/2026	2,000	1,902
2.65%, 10/15/2026	5,000	4,608
Sysco Corp. 3.25%, 7/15/2027	7,000	6,476
Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026	15,000	14,053
Walmart, Inc. 1.05%, 9/17/2026	147,000	129,125
		158,788
Food Products — 0.2%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025	17,000	15,505
Conagra Brands, Inc. 1.38%, 11/1/2027	9,000	7,488
J M Smucker Co. (The) 3.38%, 12/15/2027	5,000	4,629
JBS USA LUX SA 2.50%, 1/15/2027 (c)	36,000	31,340
Kellogg Co. 3.25%, 4/1/2026	8,000	7,549
McCormick & Co., Inc. 3.40%, 8/15/2027	10,000	9,282
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025	5,000	4,869
Tyson Foods, Inc. 3.55%, 6/2/2027	5,000	4,677
		85,339
Gas Utilities — 0.1%
Atmos Energy Corp. 3.00%, 6/15/2027	10,000	9,295

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Gas Utilities — continued
National Fuel Gas Co. 5.50%, 1/15/2026	17,000	16,933
Southern California Gas Co. Series TT, 2.60%, 6/15/2026	11,000	10,171

Fund	Ticker	Listing Exchange
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	BBSA	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	BBAG	NYSE Arca
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)	BBHY	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)	BBCB	NYSE Arca
JPMorgan USD Emerging Markets Sovereign Bond ETF	JPMB	NYSE Arca