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

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
		36,399
Health Care Equipment & Supplies — 0.1%
Baxter International, Inc. 1.92%, 2/1/2027	2,000	1,742
Stryker Corp. 0.60%, 12/1/2023	4,000	3,861
Zimmer Biomet Holdings, Inc. 3.05%, 1/15/2026	11,000	10,346
		15,949
Health Care Providers & Services — 1.0%
Cigna Group (The)
0.61%, 3/15/2024	97,000	92,366
1.25%, 3/15/2026	45,000	39,964
CommonSpirit Health 2.76%, 10/1/2024	5,000	4,798
CVS Health Corp.
3.88%, 7/20/2025	25,000	24,224
1.30%, 8/21/2027	29,000	24,430
Elevance Health, Inc.
3.50%, 8/15/2024	9,000	8,759
3.35%, 12/1/2024	11,000	10,639
1.50%, 3/15/2026	13,000	11,628
HCA, Inc.
5.00%, 3/15/2024	50,000	49,675
5.25%, 4/15/2025	9,000	8,907
Humana, Inc. 1.35%, 2/3/2027	78,000	67,159
UnitedHealth Group, Inc. 1.15%, 5/15/2026	2,000	1,773
		344,322
Hotels, Restaurants & Leisure — 0.1%
Expedia Group, Inc. 5.00%, 2/15/2026	14,000	13,810
Hyatt Hotels Corp. 4.85%, 3/15/2026	10,000	9,833
Marriott International, Inc. 5.00%, 10/15/2027	11,000	10,874
Starbucks Corp. 2.00%, 3/12/2027	5,000	4,447
		38,964
Household Durables — 0.1%
DR Horton, Inc.
2.50%, 10/15/2024	13,000	12,399
2.60%, 10/15/2025	7,000	6,496
1.40%, 10/15/2027	2,000	1,675
Lennar Corp. 5.00%, 6/15/2027	10,000	9,792
PulteGroup, Inc. 5.00%, 1/15/2027	8,000	7,873
		38,235

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Household Products — 0.3%
Kimberly-Clark Corp. 3.05%, 8/15/2025	16,000	15,278
Procter & Gamble Co. (The)
1.90%, 2/1/2027	26,000	23,667
2.80%, 3/25/2027	53,000	49,405
		88,350
Industrial Conglomerates — 0.2%
Honeywell International, Inc. 1.10%, 3/1/2027	92,000	80,036
Insurance — 0.3%
Aflac, Inc. 1.13%, 3/15/2026	17,000	15,133
Allied World Assurance Co. Holdings Ltd. 4.35%, 10/29/2025	9,000	8,633
Kemper Corp. 4.35%, 2/15/2025	6,000	5,852
Manulife Financial Corp. (Canada) 2.48%, 5/19/2027	18,000	16,321
Old Republic International Corp. 3.88%, 8/26/2026	39,000	37,109
Prudential Financial, Inc.
1.50%, 3/10/2026	18,000	16,233
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (a)	10,000	9,733
RenaissanceRe Finance, Inc. (Bermuda) 3.70%, 4/1/2025	5,000	4,826
		113,840
Interactive Media & Services — 0.0% ^
Alphabet, Inc. 0.80%, 8/15/2027	15,000	12,800
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
2.80%, 8/22/2024	7,000	6,777
0.80%, 6/3/2025	25,000	22,812
eBay, Inc.
1.90%, 3/11/2025	2,000	1,870
1.40%, 5/10/2026	19,000	16,873
		48,332
IT Services — 0.7%
Fidelity National Information Services, Inc. 4.70%, 7/15/2027	7,000	6,812
Global Payments, Inc. 4.95%, 8/15/2027	10,000	9,679
Kyndryl Holdings, Inc. 2.05%, 10/15/2026	82,000	70,514
Mastercard, Inc. 3.38%, 4/1/2024	7,000	6,872
PayPal Holdings, Inc. 2.40%, 10/1/2024	8,000	7,662
Visa, Inc.
1.90%, 4/15/2027	35,000	31,417

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

IT Services — continued
0.75%, 8/15/2027	8,000	6,803
Western Union Co. (The) 1.35%, 3/15/2026	100,000	87,891
		227,650
Leisure Products — 0.0% ^
Hasbro, Inc.
3.00%, 11/19/2024	5,000	4,793
3.55%, 11/19/2026	3,000	2,788
		7,581
Machinery — 0.1%
CNH Industrial Capital LLC 1.45%, 7/15/2026	3,000	2,655
CNH Industrial NV (United Kingdom) 3.85%, 11/15/2027	6,000	5,685
Cummins, Inc. 0.75%, 9/1/2025	26,000	23,467
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (a)	8,000	6,892
		38,699
Media — 0.4%
Charter Communications Operating LLC 4.91%, 7/23/2025	10,000	9,782
Comcast Corp.
3.38%, 8/15/2025	12,000	11,526
3.95%, 10/15/2025	61,000	59,292
2.35%, 1/15/2027	20,000	18,128
Paramount Global 4.00%, 1/15/2026	16,000	15,276
TCI Communications, Inc. 7.88%, 2/15/2026	1,000	1,077
WPP Finance 2010 (United Kingdom) 3.75%, 9/19/2024	33,000	31,982
		147,063
Metals & Mining — 0.0% ^
ArcelorMittal SA (Luxembourg) 4.55%, 3/11/2026	14,000	13,629
BHP Billiton Finance USA Ltd. (Australia) 6.42%, 3/1/2026	1,000	1,036
		14,665
Multiline Retail — 0.1%
Dollar General Corp. 3.88%, 4/15/2027	12,000	11,415
Target Corp. 2.25%, 4/15/2025	15,000	14,173
		25,588
Multi-Utilities — 0.3%
Ameren Corp. 3.65%, 2/15/2026	52,000	49,459
Dominion Energy, Inc.
3.07%, 8/15/2024 (d)	22,000	21,210

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
Multi-Utilities — continued
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (a)	7,000	6,752
DTE Energy Co. 2.85%, 10/1/2026	3,000	2,754
NiSource, Inc. 0.95%, 8/15/2025	10,000	9,017
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.12%, 4/1/2052 (a)	21,000	17,792
		106,984
Oil, Gas & Consumable Fuels — 1.4%
BP Capital Markets America, Inc. 3.41%, 2/11/2026	11,000	10,505
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027	14,000	13,049
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025	12,000	11,628
2.05%, 7/15/2025	5,000	4,621
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025	10,000	10,034
Chevron Corp. 2.00%, 5/11/2027	13,000	11,646
Chevron USA, Inc.
0.69%, 8/12/2025	3,000	2,707
1.02%, 8/12/2027	38,000	32,462
Enbridge, Inc. (Canada)
1.60%, 10/4/2026	9,000	7,907
3.70%, 7/15/2027	5,000	4,684
Energy Transfer LP
4.25%, 4/1/2024	9,000	8,854
2.90%, 5/15/2025	13,000	12,269
4.75%, 1/15/2026	7,000	6,850
Enterprise Products Operating LLC 3.75%, 2/15/2025	45,000	43,697
Equinor ASA (Norway)
3.70%, 3/1/2024	10,000	9,847
3.25%, 11/10/2024	37,000	35,927
1.75%, 1/22/2026	39,000	35,609
Exxon Mobil Corp.
3.18%, 3/15/2024	55,000	53,857
3.04%, 3/1/2026	9,000	8,529
2.28%, 8/16/2026	21,000	19,269
Kinder Morgan Energy Partners LP 4.15%, 2/1/2024	18,000	17,760
Kinder Morgan, Inc. 1.75%, 11/15/2026	6,000	5,259
Marathon Petroleum Corp. 4.70%, 5/1/2025	6,000	5,916
MPLX LP 4.88%, 12/1/2024	23,000	22,697
ONEOK, Inc. 2.20%, 9/15/2025	8,000	7,335

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
Ovintiv Exploration, Inc. 5.38%, 1/1/2026	5,000	4,956
Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (e)	1	1
Pioneer Natural Resources Co. 1.13%, 1/15/2026	15,000	13,355
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025	23,000	22,973
Spectra Energy Partners LP 4.75%, 3/15/2024	4,000	3,966
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023	8,000	7,916
Williams Cos., Inc. (The)
4.50%, 11/15/2023	25,000	24,840
3.90%, 1/15/2025	3,000	2,910
		483,835
Paper & Forest Products — 0.1%
Fibria Overseas Finance Ltd. (Brazil)
4.00%, 1/14/2025	6,000	5,864
5.50%, 1/17/2027	6,000	5,989
Georgia-Pacific LLC 8.00%, 1/15/2024	16,000	16,342
		28,195
Personal Products — 0.0% ^
Estee Lauder Cos., Inc. (The) 2.00%, 12/1/2024	7,000	6,642
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom) 3.13%, 6/12/2027	14,000	13,106
Eli Lilly & Co. 2.75%, 6/1/2025	15,000	14,257
GlaxoSmithKline Capital, Inc. (United Kingdom) 3.63%, 5/15/2025	2,000	1,941
Johnson & Johnson
0.55%, 9/1/2025	48,000	43,404
0.95%, 9/1/2027	102,000	87,362
Merck & Co., Inc.
2.75%, 2/10/2025	17,000	16,307
1.70%, 6/10/2027	41,000	36,206
Novartis Capital Corp. (Switzerland) 1.75%, 2/14/2025	2,000	1,878
		214,461
Professional Services — 0.0% ^
Equifax, Inc. 5.10%, 12/15/2027	5,000	4,951
Road & Rail — 0.3%
BNSF Funding Trust I (ICE LIBOR USD 3 Month + 2.35%), 6.61%, 12/15/2055 (a)	3,000	2,918
Burlington Northern Santa Fe LLC
3.75%, 4/1/2024	14,000	13,782

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Road & Rail — continued
3.00%, 4/1/2025	22,000	21,061
3.65%, 9/1/2025	8,000	7,712
3.25%, 6/15/2027	11,000	10,378
Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026	7,000	6,197
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026	5,000	4,806
Ryder System, Inc.
4.63%, 6/1/2025	8,000	7,815
1.75%, 9/1/2026	5,000	4,417
Union Pacific Corp.
3.25%, 1/15/2025	19,000	18,342
2.15%, 2/5/2027	1,000	905
		98,333
Semiconductors & Semiconductor Equipment — 0.5%
Broadcom Corp. 3.50%, 1/15/2028	13,000	11,873
Broadcom, Inc. 3.63%, 10/15/2024	10,000	9,701
Intel Corp. 3.40%, 3/25/2025	2,000	1,935
NXP BV (China)
4.88%, 3/1/2024	54,000	53,540
2.70%, 5/1/2025	7,000	6,574
Texas Instruments, Inc.
1.38%, 3/12/2025	3,000	2,793
1.13%, 9/15/2026	84,000	73,903
		160,319
Software — 0.3%
Adobe, Inc. 1.90%, 2/1/2025	7,000	6,610
Intuit, Inc. 1.35%, 7/15/2027	10,000	8,652
Microsoft Corp.
2.70%, 2/12/2025	15,000	14,438
3.30%, 2/6/2027	28,000	26,746
Oracle Corp.
1.65%, 3/25/2026	6,000	5,361
3.25%, 11/15/2027	28,000	25,618
VMware, Inc. 3.90%, 8/21/2027	13,000	12,149
		99,574
Specialty Retail — 0.2%
AutoNation, Inc. 4.50%, 10/1/2025	7,000	6,804
AutoZone, Inc. 3.13%, 4/21/2026	9,000	8,435
Home Depot, Inc. (The)
3.35%, 9/15/2025	5,000	4,806
2.50%, 4/15/2027	8,000	7,312

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — continued
Lowe's Cos., Inc.
3.13%, 9/15/2024	30,000	29,001
3.38%, 9/15/2025	6,000	5,728
3.10%, 5/3/2027	8,000	7,431
O'Reilly Automotive, Inc. 3.60%, 9/1/2027	5,000	4,690
		74,207
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
3.00%, 2/9/2024	15,000	14,697
2.75%, 1/13/2025	10,000	9,614
2.50%, 2/9/2025	2,000	1,912
3.00%, 11/13/2027	13,000	12,107
Dell International LLC
5.85%, 7/15/2025	14,000	14,096
6.10%, 7/15/2027	14,000	14,385
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024	12,000	11,483
HP, Inc.
2.20%, 6/17/2025	38,000	35,477
1.45%, 6/17/2026	2,000	1,755
Western Digital Corp. 4.75%, 2/15/2026	17,000	16,026
		131,552
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc. 2.40%, 3/27/2025	20,000	19,084
PVH Corp. 4.63%, 7/10/2025	6,000	5,859
VF Corp. 2.80%, 4/23/2027	7,000	6,343
		31,286
Thrifts & Mortgage Finance — 0.0% ^
Radian Group, Inc. 4.88%, 3/15/2027	5,000	4,679
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024	36,000	34,704
2.79%, 9/6/2024	15,000	14,372
4.70%, 4/2/2027	16,000	15,472
Philip Morris International, Inc. 1.50%, 5/1/2025	3,000	2,776
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025	12,000	11,680
		79,004
Water Utilities — 0.0% ^
American Water Capital Corp. 3.40%, 3/1/2025	1,000	963

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
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada)
2.95%, 3/15/2025 (c)	24,000	22,768
3.63%, 12/15/2025	5,000	4,749
T-Mobile USA, Inc. 1.50%, 2/15/2026	2,000	1,790
Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025	9,000	8,762
		38,069
Total Corporate Bonds (Cost $9,607,542)		9,117,791
Mortgage-Backed Securities — 7.4%
FHLMC Gold Pools, 15 Year
Pool # J14776, 3.00%, 3/1/2026	4,934	4,793
Pool # G18452, 2.50%, 12/1/2027	15,890	15,087
Pool # G18511, 2.50%, 5/1/2029	1,554	1,455
Pool # G18549, 2.50%, 4/1/2030	15,548	14,478
Pool # G15520, 3.00%, 7/1/2030	7,424	7,006
Pool # G18568, 2.50%, 9/1/2030	7,444	6,931
Pool # J33012, 3.00%, 10/1/2030	18,959	17,925
Pool # G18600, 2.50%, 5/1/2031	5,574	5,176
Pool # G16028, 3.00%, 8/1/2031	4,451	4,208
Pool # J35495, 2.50%, 10/1/2031	11,302	10,478
Pool # G18626, 2.50%, 1/1/2032	25,546	23,720
Pool # G18632, 3.00%, 2/1/2032	5,850	5,522
Pool # J37147, 3.00%, 6/1/2032	7,210	6,806
Pool # G18715, 3.00%, 12/1/2033	3,976	3,734
FHLMC UMBS, 15 Year
Pool # ZS8617, 2.50%, 8/1/2031	12,288	11,395
Pool # ZS7938, 2.50%, 1/1/2033	1,685	1,554
Pool # ZS7988, 3.50%, 2/1/2033	8,697	8,357
Pool # ZK9341, 3.00%, 3/1/2033	2,283	2,137
Pool # ZT0716, 3.00%, 10/1/2033	2,183	2,047
Pool # SB0194, 2.50%, 12/1/2033	4,664	4,302
Pool # SB0109, 2.50%, 11/1/2034	21,347	19,609
Pool # SB0264, 2.50%, 2/1/2035	10,781	9,862
Pool # QN2057, 3.00%, 5/1/2035	13,092	12,226
Pool # SB0345, 2.00%, 6/1/2035	66,812	59,459
Pool # SB0401, 2.00%, 7/1/2035	17,349	15,441
Pool # SB0394, 2.50%, 7/1/2035	9,582	8,765
Pool # SB8501, 2.00%, 8/1/2035	46,412	41,305
Pool # SB0406, 2.50%, 8/1/2035	17,974	16,444
Pool # SB8058, 2.50%, 8/1/2035	22,612	20,684
Pool # RC1591, 1.50%, 10/1/2035	56,062	48,467
Pool # QN4391, 1.50%, 11/1/2035	57,394	49,635
Pool # QN4278, 2.00%, 11/1/2035	6,667	5,927

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # QN4490, 1.50%, 12/1/2035	74,624	64,527
Pool # SB0450, 2.00%, 12/1/2035	40,431	36,081
Pool # QN4861, 1.50%, 1/1/2036	60,539	52,355
Pool # SB8088, 1.50%, 2/1/2036	14,560	12,591
Pool # SB8102, 1.50%, 5/1/2036	25,637	22,170
Pool # RC2089, 2.00%, 7/1/2036	68,812	61,234
Pool # SB8118, 1.50%, 9/1/2036	55,093	47,642
Pool # SB8127, 1.50%, 11/1/2036	70,122	60,638
FNMA UMBS, 15 Year
Pool # AK3264, 3.00%, 2/1/2027	3,360	3,239
Pool # AV4793, 3.50%, 5/1/2029	7,341	7,021
Pool # AW3641, 3.00%, 6/1/2029	7,268	6,863
Pool # AS4489, 2.50%, 3/1/2030	1,721	1,601
Pool # AL6583, 3.00%, 3/1/2030	3,740	3,536
Pool # AS4860, 2.50%, 5/1/2030	12,912	12,009
Pool # AL9852, 3.00%, 9/1/2030	10,608	10,017
Pool # AS7467, 2.50%, 7/1/2031	6,070	5,630
Pool # AS7606, 2.50%, 7/1/2031	20,257	18,788
Pool # AS7620, 2.50%, 7/1/2031	30,648	28,422
Pool # AS7657, 2.50%, 8/1/2031	11,086	10,277
Pool # FM6169, 3.50%, 5/1/2032	47,815	45,970
Pool # 890822, 3.00%, 12/1/2032	34,714	32,729
Pool # BM3276, 3.50%, 12/1/2032	7,743	7,441
Pool # CA1089, 3.00%, 2/1/2033	6,560	6,185
Pool # FM3937, 3.00%, 4/1/2033	7,070	6,675
Pool # FM4036, 2.50%, 12/1/2033	8,070	7,484
Pool # BN3975, 3.00%, 1/1/2034	794	744
Pool # MA3631, 3.00%, 4/1/2034	6,962	6,508
Pool # MA3709, 2.50%, 6/1/2034	4,498	4,131
Pool # BJ5549, 3.00%, 8/1/2034	1,832	1,712
Pool # FM2403, 3.50%, 9/1/2034	7,488	7,195
Pool # FM5400, 2.50%, 10/1/2034	10,450	9,692
Pool # BO4944, 2.50%, 11/1/2034	26,424	24,258
Pool # MA3828, 3.00%, 11/1/2034	7,007	6,549
Pool # FM4671, 3.50%, 1/1/2035	2,230	2,143
Pool # BP5762, 2.50%, 6/1/2035	34,259	31,330
Pool # FM3654, 3.00%, 6/1/2035	21,617	20,205
Pool # FM3936, 2.50%, 8/1/2035	4,737	4,370
Pool # MA4154, 1.50%, 10/1/2035	37,015	32,000
Pool # CA7497, 2.50%, 10/1/2035	9,216	8,430
Pool # FM4850, 2.00%, 11/1/2035	31,216	27,781
Pool # FM5396, 2.00%, 12/1/2035	48,999	43,605
Pool # CA8788, 2.00%, 1/1/2036	64,517	57,414
Pool # FM6510, 2.00%, 3/1/2036	32,705	29,104
Pool # FM6512, 2.00%, 3/1/2036	35,104	31,239

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # MA4298, 2.50%, 3/1/2036	18,789	17,235
Pool # CB0302, 1.50%, 5/1/2036	51,284	44,352
Pool # FM7113, 2.00%, 5/1/2036	39,930	35,534
Pool # MA4329, 2.00%, 5/1/2036	62,168	55,323
Pool # BP3507, 2.00%, 6/1/2036	61,288	54,538
Pool # CB0747, 2.50%, 6/1/2036	9,979	9,133
Pool # MA4361, 2.50%, 6/1/2036	142	130
Pool # MA4383, 2.00%, 7/1/2036	180,826	160,912
Pool # MA4384, 2.50%, 7/1/2036	4,639	4,245
Pool # FM9020, 2.00%, 9/1/2036	24,425	21,734
Pool # FM9367, 1.50%, 11/1/2036	48,361	41,805
Pool # MA4470, 2.00%, 11/1/2036	34,486	30,688
Pool # MA4497, 2.00%, 12/1/2036	33,300	29,632
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 1.50%, 3/25/2038 (f)	226,000	195,261
TBA, 2.00%, 3/25/2038 (f)	205,000	181,833
TBA, 3.00%, 3/25/2038 (f)	125,000	116,549
TBA, 3.50%, 3/25/2038 (f)	50,000	47,656
TBA, 2.50%, 3/25/2053 (f)	150,000	136,781
GNMA II, 15 Year
Pool # MA4559, 3.00%, 7/20/2032	5,258	4,981
Pool # MA7107, 2.50%, 1/20/2036	19,310	17,548
Total Mortgage-Backed Securities (Cost $2,881,074)		2,590,340
Supranational — 2.5%
African Development Bank (Supranational)
0.88%, 3/23/2026	30,000	26,817
0.88%, 7/22/2026	3,000	2,652
Asian Development Bank (Supranational)
0.38%, 6/11/2024	148,000	139,255
1.50%, 10/18/2024	12,000	11,339
2.00%, 1/22/2025	23,000	21,799
0.38%, 9/3/2025	120,000	107,914
1.00%, 4/14/2026	52,000	46,674
Asian Infrastructure Investment Bank (The) (Supranational)
2.25%, 5/16/2024	84,000	81,006
0.50%, 5/28/2025	55,000	49,851
European Bank for Reconstruction & Development (Supranational)
1.50%, 2/13/2025	5,000	4,688
0.50%, 11/25/2025	4,000	3,580
European Investment Bank (Supranational)
1.63%, 3/14/2025	61,000	57,249
0.38%, 12/15/2025	11,000	9,804

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

0.38%, 3/26/2026	48,000	42,339
Inter-American Development Bank (Supranational)
0.50%, 9/23/2024	44,000	40,992
0.63%, 7/15/2025	27,000	24,561
0.88%, 4/20/2026	73,000	65,211
International Bank for Reconstruction & Development (Supranational)
2.50%, 11/25/2024	15,000	14,388
2.13%, 3/3/2025	5,000	4,744
0.63%, 4/22/2025	72,000	65,931
2.50%, 7/29/2025	34,000	32,332
International Finance Corp. (Supranational)
0.38%, 7/16/2025	15,000	13,573
0.75%, 10/8/2026	14,000	12,270
Total Supranational (Cost $941,160)		878,969
Commercial Mortgage-Backed Securities — 2.2%
Benchmark Mortgage Trust
Series 2018-B3, Class A3, 3.75%, 4/10/2051	25,000	24,102
Series 2019-B12, Class A2, 3.00%, 8/15/2052	6,474	6,182
CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050	14,656	13,934
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class A4, 4.13%, 11/10/2046	20,000	19,769
Series 2016-C1, Class AAB, 3.00%, 5/10/2049	7,465	7,179
Series 2020-GC46, Class A2, 2.71%, 2/15/2053	20,000	18,527
Commercial Mortgage Trust
Series 2013-CR12, Class A4, 4.05%, 10/10/2046	75,000	74,102
Series 2014-CR16, Class A3, 3.78%, 4/10/2047	24,015	23,560
Series 2014-LC15, Class A4, 4.01%, 4/10/2047	20,000	19,662
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048	20,000	19,074
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K046, Class A2, 3.21%, 3/25/2025	26,000	25,039
Series K047, Class A2, 3.33%, 5/25/2025 (g)	70,000	67,487
Series K733, Class A2, 3.75%, 8/25/2025	30,000	29,134

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($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K063, Class A2, 3.43%, 1/25/2027 (g)	100,000	95,471
FNMA ACES
Series 2017-M10, Class AV2, 2.54%, 7/25/2024 (g)	11,345	10,978
Series 2017-M1, Class A2, 2.41%, 10/25/2026 (g)	38,284	35,442
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (g)	34,437	32,503
GS Mortgage Securities Trust
Series 2014-GC18, Class A4, 4.07%, 1/10/2047	30,000	29,451
Series 2014-GC18, Class AS, 4.38%, 1/10/2047	17,000	16,530
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class ASB, 3.71%, 1/15/2047	3,314	3,285
Series 2014-C19, Class C, 4.65%, 4/15/2047 (g)	10,000	9,568
Series 2014-C23, Class C, 4.48%, 9/15/2047 (g)	20,000	18,594
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class D, 4.23%, 1/15/2049 (g)	10,000	8,448
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C19, Class A3, 3.25%, 12/15/2047	5,552	5,373
Series 2015-C25, Class ASB, 3.38%, 10/15/2048	17,761	17,217
Series 2016-C31, Class A5, 3.10%, 11/15/2049	32,000	29,430
UBS Commercial Mortgage Trust Series 2018-C13, Class A2, 4.21%, 10/15/2051	5,365	5,308
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046	5,411	5,384
Wells Fargo Commercial Mortgage Trust
Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (g)	12,000	11,939
Series 2014-LC18, Class A5, 3.41%, 12/15/2047	15,000	14,344
Series 2015-C31, Class A4, 3.70%, 11/15/2048	24,000	22,814
Series 2019-C54, Class A2, 3.01%, 12/15/2052	35,000	33,215

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

WFRBS Commercial Mortgage Trust
Series 2012-C10, Class B, 3.74%, 12/15/2045	15,000	13,863
Series 2014-C20, Class A5, 4.00%, 5/15/2047	12,000	11,731
Total Commercial Mortgage-Backed Securities (Cost $828,521)		778,639
U.S. Government Agency Securities — 1.8%
FFCB Funding Corp.
4.50%, 11/18/2024	1,000	992
2.51%, 4/1/2025	4,000	3,808
3.32%, 2/25/2026	31,000	29,866
3.00%, 8/3/2026	7,000	6,657
1.00%, 10/7/2026	46,000	40,082
0.75%, 12/16/2026	18,000	15,496
FHLB
0.66%, 10/28/2024	10,000	9,279
2.75%, 12/13/2024	25,000	23,999
0.50%, 4/14/2025	85,000	77,800
0.38%, 9/4/2025	10,000	9,013
0.75%, 2/24/2026	70,000	62,049
1.25%, 12/21/2026	140,000	124,186
0.90%, 2/26/2027	15,000	12,915
FHLMC
5.20%, 1/10/2025	5,000	4,973
0.84%, 11/24/2027	92,000	77,585
FNMA
0.50%, 11/7/2025	75,000	67,315
0.75%, 10/8/2027	64,000	54,812
Total U.S. Government Agency Securities (Cost $648,411)		620,827
Foreign Government Securities — 1.2%
Canada Government Bond 0.75%, 5/19/2026	140,000	124,691
Export Development Canada
2.63%, 2/21/2024	35,000	34,121
3.38%, 8/26/2025	5,000	4,849
3.00%, 5/25/2027	15,000	14,176
Hungary Government Bond 5.75%, 11/22/2023	1,000	1,001
Italian Republic Government Bond 6.88%, 9/27/2023	20,000	20,099
Province of Alberta 1.00%, 5/20/2025	13,000	11,949
Province of British Columbia
2.25%, 6/2/2026	9,000	8,349
0.90%, 7/20/2026	38,000	33,633

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Province of Ontario
0.63%, 1/21/2026	82,000	73,021
1.05%, 4/14/2026	8,000	7,158
Province of Quebec 1.50%, 2/11/2025	10,000	9,361
Republic of Panama 8.88%, 9/30/2027	8,000	9,211
Republic of Peru 2.39%, 1/23/2026	18,000	16,757
Republic of Philippines 10.63%, 3/16/2025	52,000	57,856
Republic of Poland
4.00%, 1/22/2024	5,000	4,937
5.50%, 11/16/2027	5,000	5,115
Total Foreign Government Securities (Cost $462,363)		436,284
Asset-Backed Securities — 1.1%
AmeriCredit Automobile Receivables Trust Series 2020-3, Class B, 0.76%, 12/18/2025	30,000	28,869
Capital One Multi-Asset Execution Trust Series 2022-A2, Class A, 3.49%, 5/15/2027	30,000	28,975
CarMax Auto Owner Trust Series 2021-1, Class A3, 0.34%, 12/15/2025	16,458	15,882
Citibank Credit Card Issuance Trust Series 2018-A3, Class A3, 3.29%, 5/23/2025	33,000	32,860
Discover Card Execution Note Trust Series 2022-A1, Class A1, 1.96%, 2/15/2027	100,000	93,683
Drive Auto Receivables Trust Series 2021-2, Class B, 0.58%, 12/15/2025	22,957	22,786
Exeter Automobile Receivables Trust Series 2021-3A, Class C, 0.96%, 10/15/2026	40,000	38,224
Ford Credit Floorplan Master Owner Trust A
Series 2018-2, Class A, 3.17%, 3/15/2025	15,000	14,989
Series 2019-2, Class A, 3.06%, 4/15/2026	8,000	7,787
GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A4, 1.74%, 8/18/2025	22,000	21,364
United Airlines Pass-Through Trust Series 2014-1, Class A, 4.00%, 4/11/2026	40,028	37,405
Verizon Owner Trust Series 2020-A, Class A1A, 1.85%, 7/22/2024	1,308	1,304
World Omni Auto Receivables Trust Series 2021-C, Class A3, 0.44%, 8/17/2026	30,000	28,659
Total Asset-Backed Securities (Cost $379,353)		372,787
Municipal Bonds — 0.1% (h)
California — 0.0% ^
University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025	5,000	4,573

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Florida — 0.1%
State Board of Administration Finance Corp. Series 2020A, Rev., 1.71%, 7/1/2027	46,000	40,088
Total Municipal Bonds (Cost $47,775)		44,661
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (i) (j) (Cost $758,888)	758,888	758,888
Total Investments — 101.5% (Cost $37,909,916)		35,742,612
Liabilities in Excess of Other Assets — (1.5)%		(523,821)
NET ASSETS — 100.0%		35,218,791

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
CME	Chicago Mercantile Exchange
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
(a)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2023.
(b)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2023 is $126,209 or 0.36% of the Fund’s net assets as of February 28, 2023 .
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

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)

(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2023.
(e)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2023.
(h)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(i)	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.
(j)	The rate shown is the current yield as of February 28, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

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)

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 40.5%
U.S. Treasury Bonds
6.88%, 8/15/2025	638,000	669,651
6.13%, 11/15/2027	2,134,000	2,303,553
5.25%, 11/15/2028	2,000,000	2,109,062
6.13%, 8/15/2029	2,100,000	2,335,430
5.38%, 2/15/2031	3,169,000	3,460,152
4.50%, 2/15/2036	2,903,000	3,097,592
4.75%, 2/15/2037	206,000	225,152
5.00%, 5/15/2037	3,774,000	4,217,445
4.38%, 2/15/2038	410,000	429,347
3.50%, 2/15/2039	3,142,000	2,958,880
4.25%, 5/15/2039	2,259,000	2,326,770
4.50%, 8/15/2039	996,000	1,055,916
4.38%, 11/15/2039	356,000	372,020
4.63%, 2/15/2040	2,298,000	2,472,145
1.13%, 5/15/2040	13,700,000	8,671,672
4.38%, 5/15/2040	679,000	707,857
1.13%, 8/15/2040	4,164,000	2,622,019
3.88%, 8/15/2040	192,000	188,220
1.38%, 11/15/2040	10,468,400	6,878,066
1.88%, 2/15/2041	7,837,000	5,601,006
2.25%, 5/15/2041	3,425,000	2,602,465
1.75%, 8/15/2041	3,786,000	2,624,171
2.00%, 11/15/2041	3,519,000	2,541,928
2.38%, 2/15/2042	5,611,000	4,316,086
3.13%, 2/15/2042	1,236,000	1,074,934
2.75%, 8/15/2042	1,561,000	1,271,483
4.00%, 11/15/2042	510,000	502,988
2.50%, 2/15/2045	3,276,000	2,503,069
3.00%, 5/15/2045	38,000	31,730
2.50%, 5/15/2046	6,363,000	4,836,874
2.25%, 8/15/2046	1,759,000	1,269,778
3.00%, 2/15/2047	164,000	136,581
3.13%, 5/15/2048	2,991,000	2,555,436
2.25%, 8/15/2049	254,000	182,245
2.38%, 11/15/2049	3,148,000	2,323,126
2.00%, 2/15/2050	3,885,000	2,627,838
1.25%, 5/15/2050	19,756,400	10,964,802
1.38%, 8/15/2050	6,409,000	3,677,164
1.63%, 11/15/2050	13,750,000	8,432,617
1.88%, 2/15/2051	304,000	198,693
2.38%, 5/15/2051	19,000	13,959
2.00%, 8/15/2051	598,000	402,248
1.88%, 11/15/2051	5,300,000	3,449,969
2.25%, 2/15/2052	5,288,000	3,776,789

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

2.88%, 5/15/2052	198,000	162,360
3.00%, 8/15/2052	3,037,000	2,556,774
4.00%, 11/15/2052	282,000	287,199
U.S. Treasury Notes
0.25%, 11/15/2023	13,437,000	12,985,076
2.88%, 11/30/2023	682,000	670,784
2.25%, 1/31/2024	10,000	9,743
2.50%, 1/31/2024	2,434,000	2,376,858
0.13%, 2/15/2024	8,202,000	7,817,211
1.50%, 2/29/2024	338,000	326,091
2.13%, 2/29/2024	10,000	9,706
2.38%, 2/29/2024	3,723,000	3,622,799
0.25%, 3/15/2024	9,829,000	9,345,229
2.13%, 3/31/2024	100,000	96,813
0.38%, 4/15/2024	100,000	94,844
2.00%, 4/30/2024	20,000	19,292
0.25%, 5/15/2024	2,374,000	2,239,257
2.50%, 5/15/2024	110,000	106,618
2.50%, 5/31/2024	96,000	92,951
1.75%, 6/30/2024	1,957,000	1,873,292
0.38%, 7/15/2024	2,101,000	1,970,344
1.75%, 7/31/2024	10,000	9,544
3.00%, 7/31/2024	859,000	834,639
0.38%, 8/15/2024	3,126,000	2,921,345
2.38%, 8/15/2024	2,800,000	2,694,016
1.25%, 8/31/2024	3,403,000	3,216,633
1.88%, 8/31/2024	259,000	247,102
0.38%, 9/15/2024	22,634,000	21,092,059
1.50%, 9/30/2024	100,000	94,723
0.63%, 10/15/2024	1,277,000	1,191,052
1.50%, 10/31/2024	993,000	938,463
0.75%, 11/15/2024	216,000	201,260
1.50%, 11/30/2024	8,182,000	7,716,329
4.50%, 11/30/2024	2,500,000	2,481,836
4.25%, 12/31/2024	17,000	16,809
1.38%, 1/31/2025	723,000	677,700
2.50%, 1/31/2025	450,000	430,963
1.50%, 2/15/2025	1,617,000	1,517,138
2.00%, 2/15/2025	2,745,000	2,601,745
1.13%, 2/28/2025	1,153,000	1,072,830
2.75%, 2/28/2025	2,698,000	2,593,347
1.75%, 3/15/2025	100,000	94,102
0.50%, 3/31/2025	4,602,000	4,217,302
0.38%, 4/30/2025	2,496,000	2,273,700
2.88%, 4/30/2025	2,706,000	2,602,200

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — continued
2.13%, 5/15/2025	2,760,000	2,610,572
0.25%, 5/31/2025	1,968,300	1,782,695
2.88%, 5/31/2025	6,189,000	5,947,242
2.88%, 6/15/2025	100,000	96,102
0.25%, 6/30/2025	2,194,000	1,983,170
3.00%, 7/15/2025	849,000	817,361
0.25%, 7/31/2025	2,508,000	2,259,159
2.00%, 8/15/2025	1,245,000	1,169,619
0.25%, 8/31/2025	3,416,000	3,067,728
0.25%, 9/30/2025	17,277,000	15,487,211
0.25%, 10/31/2025	16,549,000	14,777,740
0.38%, 11/30/2025	4,047,000	3,615,109
0.38%, 12/31/2025	1,436,000	1,281,069
2.63%, 12/31/2025	1,319,000	1,254,080
0.38%, 1/31/2026	15,746,000	13,988,107
1.63%, 2/15/2026	516,000	475,284
0.50%, 2/28/2026	28,667,000	25,488,994
2.50%, 2/28/2026	136,000	128,531
0.75%, 3/31/2026	1,314,000	1,175,825
2.25%, 3/31/2026	547,000	512,684
0.75%, 4/30/2026	2,744,000	2,446,233
0.75%, 5/31/2026	2,742,000	2,437,809
2.13%, 5/31/2026	200,000	186,109
0.88%, 6/30/2026	2,736,000	2,438,460
0.63%, 7/31/2026	2,779,000	2,448,125
1.50%, 8/15/2026	507,000	460,103
0.75%, 8/31/2026	2,762,000	2,437,465
1.38%, 8/31/2026	13,000	11,737
0.88%, 9/30/2026	2,755,000	2,437,099
1.13%, 10/31/2026	14,309,000	12,746,189
1.63%, 10/31/2026	3,033,000	2,753,632
1.25%, 11/30/2026	2,729,000	2,437,338
1.63%, 11/30/2026	2,686,000	2,436,076
1.25%, 12/31/2026	2,736,000	2,439,315
1.75%, 12/31/2026	2,679,000	2,438,936
1.50%, 1/31/2027	2,716,000	2,440,793
2.25%, 2/15/2027	1,300,000	1,202,906
1.13%, 2/28/2027	3,235,000	2,863,480
0.63%, 3/31/2027	3,004,000	2,595,878
0.50%, 4/30/2027	1,771,800	1,519,180
2.75%, 4/30/2027	35,000	32,938
0.50%, 5/31/2027	5,170,000	4,417,523
0.50%, 6/30/2027	1,890,000	1,610,782
0.38%, 7/31/2027	6,133,000	5,184,781
2.75%, 7/31/2027	73,000	68,580

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

2.25%, 8/15/2027	2,000,000	1,838,281
0.50%, 8/31/2027	3,414,000	2,895,232
0.38%, 9/30/2027	1,924,000	1,617,964
0.50%, 10/31/2027	8,580,000	7,239,375
4.13%, 10/31/2027	17,000	16,914
2.25%, 11/15/2027	382,000	349,978
0.63%, 11/30/2027	12,953,000	10,973,620
3.88%, 11/30/2027	23,000	22,671
0.63%, 12/31/2027	974,000	823,334
3.88%, 12/31/2027	865,000	852,363
0.75%, 1/31/2028	9,268,000	7,865,491
3.50%, 1/31/2028	1,228,000	1,190,680
2.75%, 2/15/2028	498,000	465,825
1.13%, 2/29/2028	2,011,000	1,735,587
1.25%, 3/31/2028	2,988,000	2,590,456
1.25%, 4/30/2028	2,250,000	1,946,250
2.88%, 5/15/2028	2,752,000	2,583,655
1.25%, 5/31/2028	3,252,000	2,808,153
1.25%, 6/30/2028	2,279,000	1,963,857
1.00%, 7/31/2028	9,945,000	8,434,603
2.88%, 8/15/2028	800,000	749,625
1.13%, 8/31/2028	3,035,000	2,586,863
1.25%, 9/30/2028	3,021,000	2,587,439
1.38%, 10/31/2028	2,488,000	2,142,401
1.50%, 11/30/2028	1,755,000	1,519,857
1.38%, 12/31/2028	5,721,000	4,915,144
1.75%, 1/31/2029	2,139,000	1,873,129
2.63%, 2/15/2029	1,500,000	1,380,703
1.88%, 2/28/2029	500,000	441,016
2.38%, 3/31/2029	33,000	29,909
2.38%, 5/15/2029	2,852,000	2,580,614
2.75%, 5/31/2029	2,792,000	2,582,818
3.25%, 6/30/2029	2,718,000	2,586,772
2.63%, 7/31/2029	1,038,000	951,797
1.63%, 8/15/2029	5,982,000	5,170,224
3.13%, 8/31/2029	18,000	16,996
1.75%, 11/15/2029	2,706,000	2,354,220
3.88%, 11/30/2029	94,000	92,796
1.50%, 2/15/2030	7,456,000	6,330,610
0.63%, 5/15/2030	20,227,000	15,995,132
0.63%, 8/15/2030	8,524,000	6,703,327
0.88%, 11/15/2030	8,617,000	6,886,868
1.13%, 2/15/2031	3,221,000	2,621,089
1.63%, 5/15/2031	102,000	85,760
1.25%, 8/15/2031	2,501,000	2,027,764

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — continued
1.38%, 11/15/2031	7,804,000	6,352,944
1.88%, 2/15/2032	2,204,000	1,867,546
2.88%, 5/15/2032	3,000,000	2,760,000
2.75%, 8/15/2032	645,000	586,345
4.13%, 11/15/2032	2,190,000	2,225,587
Total U.S. Treasury Obligations (Cost $590,071,366)		531,048,339
Mortgage-Backed Securities — 27.6%
FHLMC Gold Pools, 15 Year
Pool # J10548, 4.00%, 8/1/2024	7,928	7,754
Pool # J15449, 4.00%, 5/1/2026	52,148	50,960
Pool # G14781, 3.50%, 3/1/2027	29,451	28,775
Pool # G15201, 4.00%, 5/1/2027	8,525	8,335
Pool # J20129, 2.50%, 8/1/2027	56,410	53,755
Pool # G15438, 4.00%, 9/1/2027	7,754	7,580
Pool # G15602, 2.50%, 11/1/2027	40,150	38,304
Pool # E09028, 2.00%, 3/1/2028	71,027	66,594
Pool # J23362, 2.00%, 4/1/2028	67,942	63,614
Pool # G18466, 2.00%, 5/1/2028	9,732	9,112
Pool # G18465, 2.50%, 5/1/2028	18,445	17,459
Pool # G15601, 2.50%, 1/1/2029	40,868	38,696
Pool # G14957, 3.50%, 1/1/2029	89,364	85,865
Pool # G16570, 4.00%, 7/1/2029	5,800	5,671
Pool # G18540, 2.50%, 2/1/2030	25,018	23,418
Pool # G18556, 2.50%, 6/1/2030	32,471	30,236
Pool # V60840, 3.00%, 6/1/2030	8,587	8,119
Pool # G16622, 3.00%, 11/1/2030	32,062	30,306
Pool # G16019, 3.50%, 12/1/2030	12,123	11,833
Pool # G16044, 2.50%, 1/1/2032	90,350	83,892
Pool # J36524, 3.00%, 3/1/2032	98,389	92,884
Pool # J36660, 3.00%, 3/1/2032	33,287	31,465
Pool # J38270, 2.50%, 1/1/2033	253,587	234,184
Pool # G16568, 2.50%, 4/1/2033	113,483	104,802
FHLMC Gold Pools, 30 Year
Pool # V81680, 4.50%, 12/1/2034	72,586	71,766
Pool # A30892, 5.00%, 1/1/2035	54,792	54,728
Pool # A39210, 5.50%, 10/1/2035	21,744	22,208
Pool # V83754, 5.50%, 1/1/2036	34,159	35,038
Pool # A82255, 5.50%, 9/1/2036	106,888	106,929
Pool # G03381, 5.50%, 9/1/2037	19,917	20,245
Pool # A89760, 4.50%, 12/1/2039	19,601	19,482
Pool # A92197, 5.00%, 5/1/2040	56,114	56,474
Pool # G06856, 6.00%, 5/1/2040	3,827	3,968
Pool # A93359, 4.00%, 8/1/2040	860	838
Pool # G06222, 4.00%, 1/1/2041	193,287	186,058

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # G07794, 5.50%, 6/1/2041	9,689	9,964
Pool # Q03516, 4.50%, 9/1/2041	21,439	21,247
Pool # Q04088, 3.50%, 10/1/2041	20,237	19,007
Pool # Q04688, 4.00%, 11/1/2041	2,989	2,888
Pool # G08477, 3.50%, 2/1/2042	7,278	6,836
Pool # Q06771, 3.00%, 3/1/2042	35,779	32,419
Pool # C03858, 3.50%, 4/1/2042	97,060	91,162
Pool # Q08646, 3.50%, 6/1/2042	23,270	21,856
Pool # G60737, 4.50%, 8/1/2042	94,084	93,404
Pool # Q11220, 3.50%, 9/1/2042	81,753	76,785
Pool # Q13477, 3.00%, 12/1/2042	113,748	103,061
Pool # Q14321, 3.00%, 12/1/2042	27,777	25,167
Pool # C04420, 3.00%, 1/1/2043	167,575	151,834
Pool # Q14694, 3.00%, 1/1/2043	1,264,936	1,146,092
Pool # G61723, 3.50%, 1/1/2043	66,346	62,314
Pool # C09031, 2.50%, 2/1/2043	87,355	75,454
Pool # V80026, 3.00%, 4/1/2043	49,925	45,234
Pool # Q17374, 4.00%, 4/1/2043	90,613	89,049
Pool # G62033, 4.00%, 11/1/2043	123,576	120,294
Pool # Z40090, 4.50%, 9/1/2044	26,908	26,503
Pool # G61769, 4.50%, 12/1/2044	66,107	65,705
Pool # G61617, 4.50%, 1/1/2045	21,885	21,735
Pool # G08651, 4.00%, 6/1/2045	93,154	89,436
Pool # G08653, 3.00%, 7/1/2045	45,100	40,767
Pool # Q35223, 4.00%, 8/1/2045	10,553	10,060
Pool # G60238, 3.50%, 10/1/2045	655,612	612,360
Pool # G60506, 3.50%, 4/1/2046	36,919	34,407
Pool # G08710, 3.00%, 6/1/2046	30,942	27,905
Pool # Q41024, 3.00%, 6/1/2046	528,530	476,767
Pool # G08724, 2.50%, 9/1/2046	11,414	9,858
Pool # G61070, 3.00%, 9/1/2046	445,884	403,981
Pool # G61730, 3.00%, 9/1/2046	123,049	111,495
Pool # G61235, 4.50%, 9/1/2046	22,442	22,168
Pool # G08736, 2.50%, 12/1/2046	12,010	10,373
Pool # Q45872, 3.00%, 1/1/2047	318,325	286,004
Pool # G08747, 3.00%, 2/1/2047	157,824	141,800
Pool # G61623, 3.00%, 4/1/2047	23,187	20,943
Pool # G60985, 3.00%, 5/1/2047	87,514	78,787
Pool # G60996, 3.50%, 5/1/2047	7,203	6,693
Pool # Q47884, 4.00%, 5/1/2047	21,656	20,742
Pool # V83233, 4.00%, 6/1/2047	89,786	86,174
Pool # G08775, 4.00%, 8/1/2047	30,329	28,794
Pool # Q50152, 4.00%, 8/1/2047	71,648	68,022
Pool # Q51268, 3.50%, 10/1/2047	46,893	43,420
Pool # G08787, 3.00%, 11/1/2047	283,455	253,720

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # G61681, 3.00%, 12/1/2047	6,486	5,808
Pool # Q52866, 3.00%, 12/1/2047	23,451	21,158
Pool # G08793, 4.00%, 12/1/2047	28,074	26,832
Pool # Q53751, 3.50%, 1/1/2048	82,693	76,535
Pool # G08812, 3.00%, 4/1/2048	10,101	9,036
Pool # G61866, 4.00%, 6/1/2048	22,726	21,898
Pool # G61607, 4.50%, 9/1/2048	107,394	107,018
Pool # G08842, 4.00%, 10/1/2048	11,715	11,174
Pool # G61885, 4.50%, 11/1/2048	25,299	24,837
Pool # G08862, 4.00%, 2/1/2049	19,184	18,323
Pool # Q61487, 4.00%, 2/1/2049	34,881	33,322
Pool # G08876, 3.50%, 5/1/2049	36,917	34,032
FHLMC UMBS, 15 Year
Pool # ZS5890, 4.00%, 7/1/2024	46,995	45,911
Pool # ZK2080, 4.00%, 1/1/2025	19,344	19,068
Pool # ZA2587, 4.00%, 9/1/2025	5,662	5,528
Pool # ZK2723, 3.50%, 11/1/2025	10,658	10,423
Pool # ZK3540, 3.00%, 9/1/2026	49,290	47,666
Pool # ZS8460, 3.00%, 4/1/2027	14,534	13,993
Pool # SB0031, 3.50%, 10/1/2027	21,042	20,565
Pool # ZS6674, 2.50%, 4/1/2028	313,864	297,351
Pool # ZS7140, 2.00%, 1/1/2029	176,086	164,224
Pool # ZS7751, 3.00%, 1/1/2029	93,632	89,592
Pool # SB0071, 2.50%, 5/1/2030	23,715	22,525
Pool # ZS7331, 3.00%, 12/1/2030	24,118	22,771
Pool # ZS7888, 2.50%, 10/1/2032	279,236	257,577
Pool # ZK9070, 3.00%, 11/1/2032	619,978	584,477
Pool # ZS7938, 2.50%, 1/1/2033	65,362	60,294
Pool # SB0256, 4.00%, 11/1/2033	46,391	45,303
Pool # SB0077, 3.50%, 10/1/2034	44,699	42,953
Pool # QN1148, 2.50%, 12/1/2034	68,320	62,708
Pool # SB8031, 2.50%, 2/1/2035	138,138	126,369
Pool # SB0302, 3.00%, 4/1/2035	492,083	459,965
Pool # QN2407, 2.00%, 6/1/2035	124,835	111,081
Pool # SB8500, 2.50%, 7/1/2035	363,158	332,307
Pool # SB0424, 2.00%, 10/1/2035	851,348	761,841
Pool # RC1712, 1.50%, 12/1/2035	1,124,831	972,764
Pool # SB8090, 2.50%, 2/1/2036	953,174	872,015
Pool # QN6095, 2.00%, 5/1/2036	148,729	132,351
Pool # QN6718, 2.00%, 6/1/2036	301,929	268,600
Pool # QN7057, 2.00%, 7/1/2036	172,384	153,355
Pool # SB8111, 2.00%, 7/1/2036	161,775	143,815
Pool # QN8347, 1.50%, 10/1/2036	360,637	311,861
Pool # SB8127, 1.50%, 11/1/2036	350,612	303,192
Pool # SB0570, 2.00%, 11/1/2036	338,720	301,406

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # SB8131, 1.50%, 12/1/2036	710,024	613,989
Pool # SB8136, 1.50%, 1/1/2037	448,119	387,367
Pool # SB8140, 1.50%, 2/1/2037	543,477	469,963
Pool # SB8147, 1.50%, 4/1/2037	926,950	801,265
FHLMC UMBS, 20 Year
Pool # ZA2277, 3.00%, 9/1/2032	70,643	65,355
Pool # ZJ9491, 3.50%, 12/1/2032	16,908	16,159
Pool # ZS9164, 3.00%, 9/1/2033	432,918	400,503
Pool # SC0107, 3.50%, 11/1/2034	976,199	932,919
Pool # ZA2463, 3.50%, 6/1/2037	29,646	28,035
Pool # RB5026, 2.50%, 11/1/2039	36,681	32,283
Pool # QK0157, 2.50%, 1/1/2040	15,955	14,004
Pool # RB5032, 2.50%, 2/1/2040	29,853	26,275
Pool # RB5037, 2.50%, 3/1/2040	95,450	83,775
Pool # RB5043, 2.50%, 4/1/2040	40,601	35,651
Pool # RB5048, 2.50%, 5/1/2040	86,593	76,000
Pool # SC0131, 1.50%, 3/1/2041	208,938	171,489
Pool # SC0134, 1.50%, 3/1/2041	212,691	174,569
Pool # RB5142, 2.50%, 1/1/2042	451,944	393,822
Pool # RB5145, 2.00%, 2/1/2042	1,588,207	1,346,294
FHLMC UMBS, 30 year Pool # RA8112, 4.50%, 10/1/2052	1,971,534	1,902,988
FHLMC UMBS, 30 Year
Pool # ZI3765, 5.50%, 11/1/2035	29,340	29,489
Pool # ZS2546, 5.00%, 2/1/2039	16,825	16,953
Pool # ZJ0449, 4.00%, 9/1/2040	20,196	19,418
Pool # ZL3548, 3.50%, 8/1/2042	69,197	64,918
Pool # ZA4209, 3.00%, 4/1/2043	766,096	693,310
Pool # ZS3712, 3.50%, 4/1/2043	157,505	147,760
Pool # ZS4077, 3.50%, 1/1/2044	21,150	19,832
Pool # ZS4592, 4.00%, 11/1/2044	138,252	132,580
Pool # ZS4609, 3.00%, 4/1/2045	37,352	33,747
Pool # ZS9618, 3.50%, 3/1/2046	453,206	422,537
Pool # SD0146, 3.00%, 11/1/2046	123,917	111,602
Pool # ZM2209, 3.50%, 12/1/2046	319,943	296,586
Pool # SD0388, 3.50%, 6/1/2047	456,398	426,306
Pool # ZS4729, 3.00%, 8/1/2047	295,972	266,117
Pool # ZM4635, 4.00%, 11/1/2047	416,179	398,813
Pool # SD0225, 3.00%, 12/1/2047	570,799	513,517
Pool # ZT0534, 3.50%, 12/1/2047	295,520	275,030
Pool # ZS4750, 3.00%, 1/1/2048	23,508	21,010
Pool # SD0343, 3.00%, 3/1/2048	783,460	707,724
Pool # SI2002, 4.00%, 3/1/2048	479,270	457,338
Pool # ZM6887, 3.00%, 5/1/2048	46,451	41,396
Pool # ZM7669, 3.50%, 8/1/2048	70,552	65,201
Pool # ZN4476, 3.50%, 12/1/2048	263,902	243,846

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # ZA6286, 4.00%, 2/1/2049	124,979	119,232
Pool # ZT1776, 3.50%, 3/1/2049	22,819	21,022
Pool # ZN5087, 4.00%, 4/1/2049	116,947	112,445
Pool # ZT1864, 4.00%, 4/1/2049	3,041	2,901
Pool # ZT1951, 3.50%, 5/1/2049	7,361	6,778
Pool # ZT1952, 4.00%, 5/1/2049	48,171	45,931
Pool # QA4907, 3.00%, 6/1/2049	120,425	108,119
Pool # ZT2086, 3.50%, 6/1/2049	41,350	38,064
Pool # SD7502, 3.50%, 7/1/2049	122,698	113,919
Pool # SD8001, 3.50%, 7/1/2049	14,504	13,348
Pool # SD7501, 4.00%, 7/1/2049	75,945	73,112
Pool # QA1997, 3.00%, 8/1/2049	18,042	16,035
Pool # RA1202, 3.50%, 8/1/2049	398,426	367,648
Pool # SD8005, 3.50%, 8/1/2049	50,870	46,817
Pool # SD8006, 4.00%, 8/1/2049	30,622	29,135
Pool # SD8023, 2.50%, 11/1/2049	8,316	7,090
Pool # QA4509, 3.00%, 11/1/2049	402,039	357,329
Pool # SD8025, 3.50%, 11/1/2049	151,550	139,644
Pool # SD8029, 2.50%, 12/1/2049	157,052	133,903
Pool # RA1878, 3.50%, 12/1/2049	112,380	103,332
Pool # SD8037, 2.50%, 1/1/2050	418,006	356,263
Pool # QA7416, 3.00%, 2/1/2050	372,372	330,965
Pool # QA7554, 3.00%, 2/1/2050	999,258	896,349
Pool # RA2116, 3.00%, 2/1/2050	566,022	504,464
Pool # SD0303, 2.50%, 4/1/2050	713,045	609,765
Pool # QA9653, 3.50%, 5/1/2050	35,639	32,833
Pool # SD8080, 2.00%, 6/1/2050	62,675	51,308
Pool # QB1691, 2.00%, 7/1/2050	852,520	697,805
Pool # SD8089, 2.50%, 7/1/2050	1,678,930	1,430,212
Pool # SD8083, 2.50%, 8/1/2050	1,240,168	1,055,294
Pool # RA3727, 2.00%, 10/1/2050	2,017,318	1,650,385
Pool # SD8104, 1.50%, 11/1/2050	1,248,764	968,189
Pool # RA4197, 2.50%, 12/1/2050	539,583	460,420
Pool # RA4349, 2.50%, 1/1/2051	349,798	299,927
Pool # QB8583, 1.50%, 2/1/2051	1,246,754	966,156
Pool # RA4530, 2.50%, 2/1/2051	535,082	454,910
Pool # SD8129, 2.50%, 2/1/2051	677,891	576,736
Pool # SD8140, 2.00%, 4/1/2051	406,141	331,890
Pool # SD8142, 3.00%, 4/1/2051	1,072,325	948,811
Pool # SD8145, 1.50%, 5/1/2051	1,064,013	824,043
Pool # QC2565, 2.00%, 6/1/2051	1,799,667	1,470,072
Pool # QC3259, 2.00%, 6/1/2051	1,630,293	1,339,815
Pool # SD8158, 3.50%, 6/1/2051	314,662	287,199
Pool # SD8155, 2.00%, 7/1/2051	1,335,023	1,090,387
Pool # SD8156, 2.50%, 7/1/2051	635,245	539,263

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # QC5125, 2.00%, 8/1/2051	272,142	222,245
Pool # QC6057, 2.50%, 8/1/2051	265,649	225,511
Pool # SD8163, 3.50%, 8/1/2051	125,418	114,569
Pool # RA5832, 2.50%, 9/1/2051	735,733	624,340
Pool # SD8168, 3.00%, 9/1/2051	244,183	215,271
Pool # SD8172, 2.00%, 10/1/2051	825,927	674,324
Pool # SD8173, 2.50%, 10/1/2051	445,190	377,717
Pool # RA6507, 2.00%, 12/1/2051	1,913,316	1,560,117
Pool # QD3500, 2.50%, 12/1/2051	1,926,281	1,640,586
Pool # RA6694, 2.00%, 1/1/2052	472,127	385,027
Pool # SD0963, 3.50%, 1/1/2052	1,080,767	986,506
Pool # SD0897, 2.00%, 2/1/2052	962,157	787,743
Pool # SD8199, 2.00%, 3/1/2052	981,828	800,660
Pool # SD8204, 2.00%, 4/1/2052	1,917,451	1,562,516
Pool # QD9578, 2.50%, 4/1/2052	1,531,572	1,298,692
Pool # QD9765, 2.50%, 4/1/2052	1,536,702	1,302,231
Pool # SD0945, 3.50%, 4/1/2052	1,095,367	998,175
Pool # SD8214, 3.50%, 5/1/2052	1,145,998	1,043,862
Pool # RA7502, 5.00%, 6/1/2052	1,056,700	1,040,977
FNMA UMBS, 15 Year
Pool # AC8711, 4.00%, 12/1/2024	127,109	124,107
Pool # AC7007, 4.50%, 1/1/2025	9,531	9,452
Pool # AL9580, 4.00%, 3/1/2025	6,929	6,767
Pool # 932724, 4.00%, 4/1/2025	4,158	4,059
Pool # AE0971, 4.00%, 5/1/2025	12,863	12,564
Pool # AE0939, 3.50%, 2/1/2026	28,218	27,565
Pool # FM2968, 4.00%, 5/1/2026	7,683	7,500
Pool # AJ6632, 3.00%, 11/1/2026	35,911	34,641
Pool # AJ9357, 3.50%, 1/1/2027	74,432	72,365
Pool # AK4047, 3.00%, 2/1/2027	13,823	13,326
Pool # AL4586, 4.00%, 2/1/2027	27,904	27,235
Pool # AO0527, 3.00%, 5/1/2027	20,072	19,306
Pool # AO4400, 2.50%, 7/1/2027	43,667	41,577
Pool # AB5823, 3.50%, 8/1/2027	72,552	70,302
Pool # AL8138, 4.00%, 9/1/2027	16,050	15,664
Pool # AB6811, 2.50%, 10/1/2027	11,379	10,790
Pool # AQ9442, 2.00%, 12/1/2027	24,604	23,042
Pool # AB8447, 2.50%, 2/1/2028	20,861	19,752
Pool # AR4180, 2.50%, 2/1/2028	9,500	8,995
Pool # AL3802, 3.00%, 2/1/2028	58,976	56,669
Pool # AB8787, 2.00%, 3/1/2028	66,012	61,846
Pool # AP6059, 2.00%, 6/1/2028	8,315	7,750
Pool # BM5381, 3.00%, 6/1/2028	64,582	61,902
Pool # BM1892, 2.50%, 9/1/2028	19,698	18,686
Pool # AS0761, 3.00%, 10/1/2028	25,436	24,224

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # AU6961, 3.00%, 10/1/2028	48,928	46,658
Pool # AL6132, 4.50%, 3/1/2029	5,103	5,060
Pool # FM1105, 2.50%, 6/1/2029	41,548	39,361
Pool # AS3345, 2.00%, 7/1/2029	12,733	11,685
Pool # MA2061, 3.00%, 10/1/2029	63,784	60,302
Pool # FM1465, 3.00%, 5/1/2030	105,122	100,362
Pool # 890666, 2.00%, 6/1/2030	26,033	24,188
Pool # MA2684, 3.00%, 7/1/2031	111,420	105,193
Pool # AL9418, 3.50%, 8/1/2031	38,040	36,561
Pool # BD5647, 2.00%, 11/1/2031	16,752	15,203
Pool # 890776, 3.50%, 11/1/2031	24,940	23,973
Pool # BM5490, 3.50%, 11/1/2031	16,651	16,007
Pool # AS8708, 2.50%, 2/1/2032	370,045	343,156
Pool # BM4993, 3.50%, 3/1/2032	36,081	34,979
Pool # BM4741, 3.00%, 4/1/2032	10,528	10,029
Pool # FM1645, 3.00%, 4/1/2032	133,542	127,388
Pool # MA3124, 2.50%, 9/1/2032	35,966	33,174
Pool # FM3099, 3.50%, 9/1/2032	39,614	38,639
Pool # CA0775, 2.50%, 11/1/2032	25,831	23,796
Pool # MA3188, 3.00%, 11/1/2032	19,222	18,122
Pool # BH7081, 2.50%, 12/1/2032	39,325	36,237
Pool # BH8720, 3.50%, 12/1/2032	38,628	37,117
Pool # FM1161, 2.50%, 1/1/2033	38,593	35,794
Pool # FM1691, 2.50%, 1/1/2033	15,382	14,382
Pool # FM2549, 2.50%, 1/1/2033	84,673	78,741
Pool # CA9078, 3.00%, 9/1/2033	484,638	457,607
Pool # FM1123, 4.00%, 9/1/2033	109,475	107,851
Pool # FM2153, 4.00%, 11/1/2033	102,436	100,021
Pool # BD9105, 4.00%, 1/1/2034	30,652	30,246
Pool # BM5306, 4.00%, 1/1/2034	4,700	4,619
Pool # FM1733, 3.50%, 5/1/2034	639,539	614,536
Pool # FM1842, 3.50%, 6/1/2034	134,485	129,259
Pool # FM6946, 3.00%, 7/1/2034	393,840	371,848
Pool # BO1822, 3.50%, 7/1/2034	68,064	65,050
Pool # MA3764, 2.50%, 9/1/2034	8,519	7,825
Pool # MA3910, 2.00%, 1/1/2035	26,874	23,986
Pool # FM3569, 3.00%, 1/1/2035	122,198	115,379
Pool # FM7941, 2.50%, 2/1/2035	356,190	330,324
Pool # FM8550, 3.00%, 2/1/2035	260,918	246,019
Pool # FM2708, 3.00%, 3/1/2035	61,489	58,064
Pool # MA4075, 2.50%, 7/1/2035	399,098	365,075
Pool # FM4035, 2.50%, 8/1/2035	67,699	61,929
Pool # CA7497, 2.50%, 10/1/2035	1,250,758	1,144,105
Pool # FM5396, 2.00%, 12/1/2035	784,738	698,357
Pool # BR3349, 1.50%, 1/1/2036	1,355,668	1,172,688

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # BR1309, 2.00%, 1/1/2036	524,651	466,896
Pool # FM5537, 2.00%, 1/1/2036	590,602	525,612
Pool # FM5797, 2.00%, 1/1/2036	584,412	520,084
Pool # FM5367, 1.50%, 2/1/2036	439,212	379,832
Pool # MA4261, 2.00%, 2/1/2036	643,160	572,349
Pool # CB0305, 1.50%, 5/1/2036	895,967	774,829
Pool # FM7843, 1.50%, 6/1/2036	82,100	70,998
Pool # BP3507, 2.00%, 6/1/2036	161,284	143,522
Pool # FM8292, 2.00%, 7/1/2036	271,303	241,424
Pool # MA4430, 1.00%, 8/1/2036	172,559	142,884
Pool # BT0273, 1.50%, 9/1/2036	441,107	381,435
Pool # MA4417, 1.50%, 9/1/2036	342,661	296,216
Pool # MA4418, 2.00%, 9/1/2036	166,237	147,928
Pool # MA4441, 1.50%, 10/1/2036	479,382	414,405
Pool # BT9452, 1.50%, 11/1/2036	175,760	151,935
Pool # FM9247, 2.00%, 11/1/2036	344,311	305,951
Pool # MA4497, 2.00%, 12/1/2036	2,464,217	2,192,789
Pool # MA4516, 2.00%, 1/1/2037	531,141	472,634
Pool # BV7189, 2.00%, 3/1/2037	896,818	798,001
Pool # MA4581, 1.50%, 4/1/2037	925,654	800,146
FNMA UMBS, 20 Year
Pool # AE6799, 4.50%, 11/1/2030	2,283	2,247
Pool # MA0885, 3.50%, 10/1/2031	27,602	26,651
Pool # AB4853, 3.00%, 4/1/2032	26,713	24,715
Pool # MA1058, 3.00%, 5/1/2032	12,378	11,482
Pool # MA1165, 3.00%, 9/1/2032	68,579	63,447
Pool # MA2079, 4.00%, 11/1/2034	13,671	13,113
Pool # AL7654, 3.00%, 9/1/2035	59,808	55,088
Pool # MA2472, 3.00%, 12/1/2035	11,967	11,011
Pool # FM1133, 4.00%, 6/1/2036	29,086	27,897
Pool # MA3099, 4.00%, 8/1/2037	86,024	82,504
Pool # BM5330, 2.50%, 12/1/2037	38,279	34,379
Pool # FM3204, 4.00%, 10/1/2038	33,285	32,251
Pool # MA4072, 2.50%, 7/1/2040	144,827	127,112
Pool # MA4128, 2.00%, 9/1/2040	1,347,994	1,149,336
Pool # MA4204, 2.00%, 12/1/2040	839,987	716,190
Pool # CA9019, 2.00%, 2/1/2041	370,157	315,577
Pool # MA4310, 1.50%, 4/1/2041	764,621	627,569
Pool # MA4422, 2.00%, 9/1/2041	396,354	335,933
Pool # MA4446, 2.00%, 10/1/2041	397,010	336,488
Pool # FS0316, 1.50%, 11/1/2041	653,339	528,133
Pool # MA4521, 2.50%, 1/1/2042	545,167	475,058
Pool # BV7697, 2.50%, 4/1/2042	951,307	829,059
Pool # MA4587, 2.50%, 4/1/2042	944,535	823,166

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
FNMA UMBS, 30 Year
Pool # 254447, 6.00%, 9/1/2032	21,224	21,898
Pool # 711215, 5.50%, 6/1/2033	17,172	17,195
Pool # AA1005, 5.00%, 12/1/2033	12,951	13,049
Pool # 725232, 5.00%, 3/1/2034	9,982	10,058
Pool # 725228, 6.00%, 3/1/2034	51,620	53,248
Pool # 790003, 6.00%, 8/1/2034	15,877	16,250
Pool # 735503, 6.00%, 4/1/2035	36,950	37,941
Pool # 190360, 5.00%, 8/1/2035	27,244	27,452
Pool # 904601, 6.00%, 11/1/2036	38,688	40,107
Pool # 888538, 5.50%, 1/1/2037	19,950	20,431
Pool # AB0284, 6.00%, 2/1/2037	36,818	38,049
Pool # AL2627, 5.00%, 7/1/2037	17,887	18,023
Pool # 956965, 6.50%, 12/1/2037	12,019	12,321
Pool # BH7907, 6.50%, 12/1/2037	18,388	19,735
Pool # 961793, 5.00%, 3/1/2038	73,083	73,730
Pool # 985661, 5.50%, 6/1/2038	13,111	13,312
Pool # AU7519, 3.50%, 9/1/2038	9,664	9,057
Pool # AA7402, 4.50%, 6/1/2039	104,967	104,100
Pool # AC2638, 5.00%, 10/1/2039	144,179	145,728
Pool # AL0100, 6.00%, 10/1/2039	51,847	53,754
Pool # AC4886, 5.00%, 11/1/2039	24,121	24,305
Pool # 190399, 5.50%, 11/1/2039	80,525	82,718
Pool # AB1143, 4.50%, 6/1/2040	84,680	84,068
Pool # AD6938, 4.50%, 6/1/2040	121,413	120,535
Pool # AD5479, 5.00%, 6/1/2040	23,623	23,803
Pool # AB1259, 5.00%, 7/1/2040	28,344	28,561
Pool # AB1292, 5.00%, 8/1/2040	13,942	13,998
Pool # AL5437, 5.00%, 8/1/2040	87,368	87,820
Pool # AB1421, 5.00%, 9/1/2040	42,298	42,752
Pool # AE4142, 5.00%, 9/1/2040	31,585	31,556
Pool # AE3857, 5.00%, 10/1/2040	617,349	622,074
Pool # AE8289, 4.00%, 12/1/2040	89,015	85,587
Pool # MA0622, 3.50%, 1/1/2041	30,476	28,592
Pool # AH2312, 5.00%, 1/1/2041	69,048	69,244
Pool # AE0828, 3.50%, 2/1/2041	17,316	16,243
Pool # AH3804, 4.00%, 2/1/2041	19,844	19,080
Pool # MA0639, 4.00%, 2/1/2041	30,650	29,470
Pool # AB2676, 3.50%, 4/1/2041	106,868	100,259
Pool # AL0241, 4.00%, 4/1/2041	64,511	62,026
Pool # AI1887, 4.50%, 5/1/2041	238,458	236,197
Pool # BM3118, 6.00%, 7/1/2041	79,122	81,970
Pool # AJ2293, 4.00%, 9/1/2041	19,669	19,060
Pool # AL0933, 5.00%, 10/1/2041	79,180	79,787
Pool # AW8154, 3.50%, 1/1/2042	20,443	19,179

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # AX5318, 4.50%, 1/1/2042	66,501	66,020
Pool # BD4480, 4.50%, 1/1/2042	354,273	351,713
Pool # AL1998, 4.00%, 3/1/2042	98,069	94,931
Pool # AO4134, 3.50%, 6/1/2042	12,681	11,897
Pool # AO8694, 4.50%, 7/1/2042	35,750	35,054
Pool # AP4258, 3.00%, 8/1/2042	83,378	75,464
Pool # AB6632, 3.50%, 10/1/2042	123,284	115,659
Pool # AB6633, 3.50%, 10/1/2042	22,579	21,183
Pool # AL3344, 4.50%, 10/1/2042	135,206	134,228
Pool # AB6828, 3.50%, 11/1/2042	114,095	107,039
Pool # AL3182, 3.50%, 12/1/2042	19,577	18,366
Pool # AQ9316, 2.50%, 1/1/2043	54,236	46,790
Pool # AB7580, 3.00%, 1/1/2043	120,265	109,028
Pool # AQ1104, 3.00%, 1/1/2043	28,585	25,869
Pool # AR0168, 3.00%, 2/1/2043	48,897	44,253
Pool # AB7964, 3.50%, 2/1/2043	68,094	63,881
Pool # AR2271, 3.50%, 2/1/2043	265,186	248,599
Pool # BM4751, 3.50%, 3/1/2043	32,027	30,145
Pool # AB8742, 4.00%, 3/1/2043	14,129	13,870
Pool # AR6770, 4.00%, 3/1/2043	16,700	16,166
Pool # AT2015, 3.00%, 4/1/2043	33,571	30,381
Pool # AT2016, 3.00%, 4/1/2043	506,751	458,601
Pool # AB9194, 3.50%, 5/1/2043	114,016	106,867
Pool # FM4462, 3.50%, 5/1/2043	780,260	732,007
Pool # AU1629, 3.00%, 7/1/2043	78,709	71,230
Pool # BM3785, 3.50%, 7/1/2043	124,571	116,827
Pool # AS0241, 4.00%, 8/1/2043	782,111	745,797
Pool # BM3704, 3.00%, 9/1/2043	34,378	31,114
Pool # AT2612, 3.50%, 9/1/2043	76,211	71,621
Pool # AU4256, 3.50%, 9/1/2043	21,272	19,876
Pool # AU4283, 3.50%, 9/1/2043	19,169	17,967
Pool # AL4062, 4.00%, 9/1/2043	28,859	28,067
Pool # BM4635, 2.50%, 10/1/2043	155,327	134,015
Pool # AS1121, 4.00%, 11/1/2043	30,445	29,198
Pool # AV0022, 4.00%, 11/1/2043	458,754	439,949
Pool # AL7696, 3.00%, 12/1/2043	55,785	50,489
Pool # AV6103, 4.00%, 1/1/2044	166,955	160,223
Pool # BC1737, 4.00%, 1/1/2044	68,821	66,407
Pool # BM5365, 4.00%, 3/1/2044	69,086	66,427
Pool # FM1744, 3.50%, 5/1/2044	31,449	29,504
Pool # AS2700, 4.00%, 6/1/2044	38,959	37,713
Pool # AW6233, 4.50%, 6/1/2044	1,656,807	1,624,601
Pool # AS2947, 4.00%, 7/1/2044	38,693	37,221
Pool # AL9072, 5.00%, 7/1/2044	69,628	70,719
Pool # AL9569, 5.00%, 8/1/2044	100,930	102,201

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # AX0152, 4.50%, 9/1/2044	25,093	24,999
Pool # BM4620, 3.00%, 10/1/2044	87,126	78,906
Pool # AS3867, 4.00%, 11/1/2044	10,556	10,154
Pool # FM1746, 3.50%, 1/1/2045	96,825	90,837
Pool # FM0015, 4.00%, 2/1/2045	99,244	96,520
Pool # MA2193, 4.50%, 2/1/2045	14,257	13,941
Pool # FM3414, 4.00%, 3/1/2045	624,351	597,625
Pool # BM3398, 3.50%, 4/1/2045	13,992	13,122
Pool # CA2709, 4.00%, 9/1/2045	1,213,910	1,166,416
Pool # AS5851, 4.50%, 9/1/2045	11,480	11,294
Pool # AS6184, 3.50%, 11/1/2045	132,533	123,759
Pool # BA0315, 3.50%, 11/1/2045	426,698	395,690
Pool # FM1869, 4.00%, 11/1/2045	63,912	61,291
Pool # BM4833, 3.00%, 12/1/2045	557,391	503,878
Pool # FM1708, 3.00%, 12/1/2045	39,693	35,925
Pool # BC0066, 3.50%, 12/1/2045	28,509	26,466
Pool # FM3413, 4.00%, 1/1/2046	78,993	76,466
Pool # FM2323, 4.00%, 2/1/2046	39,709	38,181
Pool # AL9128, 4.50%, 2/1/2046	19,456	19,249
Pool # AS6811, 3.00%, 3/1/2046	27,948	25,201
Pool # BM4834, 3.00%, 3/1/2046	28,947	26,199
Pool # FM1782, 4.00%, 3/1/2046	12,295	11,828
Pool # FM2195, 4.00%, 3/1/2046	29,658	28,517
Pool # AS7003, 3.00%, 4/1/2046	36,375	32,754
Pool # AS7198, 4.50%, 5/1/2046	105,382	103,676
Pool # BD0166, 2.50%, 6/1/2046	116,840	100,800
Pool # BM5168, 2.50%, 6/1/2046	25,093	21,650
Pool # BC6105, 3.50%, 6/1/2046	1,057,183	982,508
Pool # FM1780, 4.00%, 7/1/2046	681,302	653,077
Pool # AS7660, 2.50%, 8/1/2046	233,473	201,415
Pool # MA2730, 2.50%, 8/1/2046	32,477	27,897
Pool # FM3810, 3.00%, 10/1/2046	105,733	95,694
Pool # AL9385, 3.00%, 11/1/2046	50,572	45,444
Pool # MA2806, 3.00%, 11/1/2046	154,321	139,152
Pool # BM3288, 3.50%, 12/1/2046	21,751	20,220
Pool # BM4990, 2.50%, 1/1/2047	11,871	10,242
Pool # FM2807, 3.00%, 1/1/2047	81,382	73,552
Pool # 890856, 3.50%, 1/1/2047	127,060	118,282
Pool # FM3374, 3.50%, 1/1/2047	151,062	141,727
Pool # FM0041, 3.00%, 2/1/2047	598,287	537,625
Pool # BM5955, 4.00%, 2/1/2047	35,930	34,563
Pool # BM5270, 4.50%, 2/1/2047	16,343	16,225
Pool # BM4350, 3.00%, 3/1/2047	766,920	691,087
Pool # MA2920, 3.00%, 3/1/2047	7,708	6,918
Pool # FM3107, 3.50%, 3/1/2047	255,827	238,088

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # AS9313, 4.00%, 3/1/2047	16,288	15,615
Pool # FM4735, 3.00%, 4/1/2047	158,628	141,265
Pool # FM6073, 4.00%, 4/1/2047	1,179,291	1,134,473
Pool # AS9480, 4.50%, 4/1/2047	28,746	28,388
Pool # FM1772, 4.50%, 5/1/2047	15,396	15,285
Pool # BD0667, 4.50%, 6/1/2047	391,793	382,266
Pool # AS9937, 3.00%, 7/1/2047	576,408	517,338
Pool # AS9946, 3.50%, 7/1/2047	42,156	39,130
Pool # BM1568, 3.50%, 7/1/2047	67,781	63,588
Pool # BH7375, 3.50%, 8/1/2047	46,728	43,295
Pool # CA0148, 4.50%, 8/1/2047	11,538	11,286
Pool # CA0850, 3.00%, 9/1/2047	34,243	30,650
Pool # MA3147, 3.00%, 10/1/2047	39,563	35,400
Pool # BM2003, 4.00%, 10/1/2047	156,357	149,557
Pool # BH9392, 3.50%, 11/1/2047	13,044	12,036
Pool # CA0681, 3.50%, 11/1/2047	221,831	207,144
Pool # FM0028, 3.00%, 12/1/2047	47,032	42,566
Pool # MA3209, 3.00%, 12/1/2047	271,605	242,940
Pool # FM1420, 3.50%, 12/1/2047	211,884	197,641
Pool # CA4015, 3.00%, 1/1/2048	9,421	8,427
Pool # BJ6154, 3.50%, 1/1/2048	166,518	154,101
Pool # MA3238, 3.50%, 1/1/2048	48,404	44,790
Pool # BJ5910, 3.50%, 2/1/2048	196,801	184,616
Pool # MA3305, 3.50%, 3/1/2048	779,188	719,082
Pool # FM3494, 2.50%, 4/1/2048	11,184	9,648
Pool # CA2687, 3.00%, 5/1/2048	22,747	20,445
Pool # BM4054, 4.00%, 5/1/2048	95,174	91,425
Pool # MA3425, 3.00%, 6/1/2048	32,798	29,255
Pool # BM4757, 3.50%, 7/1/2048	38,488	35,872
Pool # FM3438, 3.00%, 8/1/2048	678,520	609,476
Pool # BM2007, 4.00%, 9/1/2048	4,292	4,095
Pool # CA2368, 4.00%, 9/1/2048	27,781	26,511
Pool # MA3472, 5.00%, 9/1/2048	9,300	9,324
Pool # CA4655, 3.50%, 10/1/2048	89,267	82,860
Pool # MA3495, 4.00%, 10/1/2048	28,237	26,939
Pool # CA2432, 4.50%, 10/1/2048	52,482	51,762
Pool # FM7895, 3.50%, 11/1/2048	270,329	251,536
Pool # FM1248, 4.50%, 11/1/2048	16,498	16,185
Pool # CA2797, 4.50%, 12/1/2048	626,773	623,883
Pool # FM0030, 3.00%, 2/1/2049	50,728	45,591
Pool # FM6237, 3.50%, 4/1/2049	549,393	510,348
Pool # MA3637, 3.50%, 4/1/2049	17,554	16,168
Pool # MA3638, 4.00%, 4/1/2049	16,404	15,650
Pool # BN5418, 4.50%, 4/1/2049	20,683	20,260
Pool # MA3664, 4.00%, 5/1/2049	8,268	7,869

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # FM4074, 4.50%, 5/1/2049	286,710	282,774
Pool # CA4358, 3.50%, 7/1/2049	16,557	15,237
Pool # FM1672, 4.50%, 7/1/2049	779,938	771,681
Pool # MA3745, 3.50%, 8/1/2049	81,147	75,075
Pool # MA3746, 4.00%, 8/1/2049	12,284	11,670
Pool # FM1385, 5.00%, 8/1/2049	366,253	369,973
Pool # BO4012, 3.00%, 9/1/2049	109,198	97,061
Pool # FM1449, 3.50%, 9/1/2049	140,799	129,556
Pool # FM4430, 3.50%, 9/1/2049	549,378	506,532
Pool # FM3572, 4.50%, 9/1/2049	77,714	76,647
Pool # MA3803, 3.50%, 10/1/2049	39,351	36,395
Pool # MA3833, 2.50%, 11/1/2049	623,996	533,246
Pool # BK0350, 3.00%, 11/1/2049	817,807	730,897
Pool # MA3870, 2.50%, 12/1/2049	196,394	166,859
Pool # FM2363, 3.00%, 1/1/2050	1,636,647	1,467,636
Pool # MA3905, 3.00%, 1/1/2050	864,224	766,832
Pool # CA5021, 3.50%, 1/1/2050	36,749	33,777
Pool # FM5922, 3.50%, 1/1/2050	363,079	335,185
Pool # MA3906, 3.50%, 1/1/2050	36,656	33,706
Pool # CA5135, 2.50%, 2/1/2050	142,016	122,402
Pool # MA3936, 2.50%, 2/1/2050	143,951	122,614
Pool # FM2733, 2.50%, 3/1/2050	103,464	88,129
Pool # FM4883, 2.50%, 3/1/2050	1,992,608	1,697,888
Pool # FM4372, 3.50%, 3/1/2050	523,974	485,213
Pool # BP2403, 3.50%, 4/1/2050	256,898	234,723
Pool # BP5001, 2.50%, 5/1/2050	576,837	490,914
Pool # FM3257, 3.00%, 5/1/2050	240,991	216,356
Pool # BK2753, 2.50%, 7/1/2050	920,535	783,423
Pool # MA4078, 2.50%, 7/1/2050	353,276	300,945
Pool # BP6626, 2.00%, 8/1/2050	2,356,772	1,928,590
Pool # MA4100, 2.00%, 8/1/2050	1,107,548	908,155
Pool # BP9500, 2.50%, 8/1/2050	91,050	77,479
Pool # BQ0723, 3.50%, 8/1/2050	1,286,984	1,180,562
Pool # FM5750, 4.00%, 8/1/2050	334,127	316,003
Pool # MA4119, 2.00%, 9/1/2050	149,492	122,379
Pool # BK3044, 2.50%, 9/1/2050	774,457	658,859
Pool # BP6702, 2.50%, 9/1/2050	598,107	511,266
Pool # FM8260, 4.00%, 9/1/2050	552,762	532,821
Pool # MA4158, 2.00%, 10/1/2050	1,744,697	1,431,286
Pool # MA4159, 2.50%, 10/1/2050	583,290	496,168
Pool # MA4182, 2.00%, 11/1/2050	1,826,997	1,494,895
Pool # CA7603, 2.50%, 11/1/2050	316,877	270,274
Pool # MA4183, 2.50%, 11/1/2050	2,613,082	2,224,252
Pool # CA8222, 1.50%, 12/1/2050	1,481,706	1,148,322
Pool # MA4209, 1.50%, 12/1/2050	1,292,761	1,002,299

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # BQ5160, 2.00%, 12/1/2050	2,670,591	2,183,442
Pool # FM5849, 2.00%, 12/1/2050	898,864	735,279
Pool # MA4208, 2.00%, 12/1/2050	470,317	384,771
Pool # BR2807, 2.50%, 12/1/2050	1,295,598	1,103,164
Pool # MA4210, 2.50%, 12/1/2050	1,459,857	1,244,970
Pool # FM5597, 2.00%, 1/1/2051	222,015	181,540
Pool # FM6241, 2.00%, 1/1/2051	3,804,809	3,110,351
Pool # FM5854, 2.50%, 1/1/2051	177,893	151,284
Pool # MA4254, 1.50%, 2/1/2051	345,667	267,871
Pool # CA9190, 2.00%, 2/1/2051	850,678	695,327
Pool # FM6037, 2.00%, 2/1/2051	1,785,955	1,467,104
Pool # FM6126, 2.00%, 2/1/2051	216,693	177,209
Pool # MA4255, 2.00%, 2/1/2051	4,729,215	3,863,281
Pool # BR3515, 2.50%, 2/1/2051	165,146	140,417
Pool # FM6244, 2.00%, 3/1/2051	855,115	700,601
Pool # MA4281, 2.00%, 3/1/2051	259,900	212,465
Pool # FM6523, 2.50%, 3/1/2051	303,511	258,929
Pool # FM6764, 2.50%, 3/1/2051	864,815	735,332
Pool # FM6537, 2.00%, 4/1/2051	2,935,874	2,433,122
Pool # MA4306, 2.50%, 4/1/2051	252,730	214,407
Pool # FM7099, 3.00%, 4/1/2051	801,212	717,894
Pool # MA4325, 2.00%, 5/1/2051	2,341,846	1,913,695
Pool # FM7066, 2.50%, 5/1/2051	828,711	721,997
Pool # MA4354, 1.50%, 6/1/2051	1,499,856	1,161,129
Pool # MA4355, 2.00%, 6/1/2051	439,969	359,843
Pool # CB0727, 2.50%, 6/1/2051	1,466,203	1,248,326
Pool # FM7418, 2.50%, 6/1/2051	903,527	767,775
Pool # MA4356, 2.50%, 6/1/2051	3,499,873	2,971,838
Pool # MA4377, 1.50%, 7/1/2051	1,499,809	1,161,087
Pool # FM8194, 2.00%, 7/1/2051	370,185	302,528
Pool # MA4378, 2.00%, 7/1/2051	2,136,049	1,744,839
Pool # CB1027, 2.50%, 7/1/2051	271,804	230,651
Pool # MA4379, 2.50%, 7/1/2051	4,135,299	3,510,744
Pool # MA4380, 3.00%, 7/1/2051	223,427	197,088
Pool # FM8278, 3.50%, 7/1/2051	412,466	376,897
Pool # BT9030, 2.00%, 8/1/2051	185,769	151,670
Pool # MA4398, 2.00%, 8/1/2051	2,151,051	1,756,014
Pool # BR2236, 2.50%, 8/1/2051	267,257	226,763
Pool # BR2237, 2.50%, 8/1/2051	526,579	446,966
Pool # BR2258, 2.50%, 8/1/2051	169,934	144,265
Pool # CB1276, 2.50%, 8/1/2051	759,887	644,836
Pool # MA4399, 2.50%, 8/1/2051	1,451,457	1,232,015
Pool # MA4401, 3.50%, 8/1/2051	134,884	123,123
Pool # BT0240, 2.00%, 9/1/2051	182,497	149,029
Pool # MA4413, 2.00%, 9/1/2051	775,173	633,041

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # MA4414, 2.50%, 9/1/2051	522,636	443,521
Pool # MA4437, 2.00%, 10/1/2051	779,368	635,137
Pool # MA4438, 2.50%, 10/1/2051	532,965	452,192
Pool # CB1917, 3.00%, 10/1/2051	1,957,403	1,728,298
Pool # MA4464, 1.50%, 11/1/2051	564,554	436,614
Pool # MA4465, 2.00%, 11/1/2051	1,296,814	1,058,673
Pool # MA4492, 2.00%, 12/1/2051	3,013,975	2,460,817
Pool # FM9868, 2.50%, 12/1/2051	554,202	472,414
Pool # FM9870, 2.50%, 12/1/2051	560,972	477,729
Pool # MA4493, 2.50%, 12/1/2051	916,557	777,404
Pool # MA4511, 2.00%, 1/1/2052	845,059	689,251
Pool # MA4512, 2.50%, 1/1/2052	464,453	393,913
Pool # MA4513, 3.00%, 1/1/2052	1,999,676	1,762,592
Pool # MA4547, 2.00%, 2/1/2052	2,380,339	1,942,552
Pool # MA4548, 2.50%, 2/1/2052	468,792	397,631
Pool # MA4562, 2.00%, 3/1/2052	3,499,907	2,852,720
Pool # MA4577, 2.00%, 4/1/2052	5,493,354	4,476,502
Pool # MA4578, 2.50%, 4/1/2052	3,622,499	3,071,657
Pool # MA4579, 3.00%, 4/1/2052	1,076,076	947,471
Pool # MA4598, 2.50%, 5/1/2052	1,639,644	1,389,558
Pool # MA4600, 3.50%, 5/1/2052	2,267,251	2,065,180
Pool # MA4743, 2.50%, 8/1/2052	1,754,013	1,486,669
Pool # MA4699, 3.50%, 8/1/2052	2,000,460	1,821,654
Pool # MA4700, 4.00%, 8/1/2052	1,972,693	1,853,127
Pool # MA4733, 4.50%, 9/1/2052	996,629	960,771
Pool # MA4784, 4.50%, 10/1/2052	996,367	960,493
Pool # MA4805, 4.50%, 11/1/2052	1,193,073	1,150,118
Pool # MA4868, 5.00%, 1/1/2053	796,210	783,111
Pool # MA4869, 5.50%, 1/1/2053	524,346	523,795
Pool # MA4933, 3.50%, 2/1/2053	1,310,739	1,193,528
Pool # MA4918, 5.00%, 2/1/2053	1,993,717	1,961,218
Pool # MA4919, 5.50%, 2/1/2053	2,515,387	2,512,724
Pool # MA4920, 6.00%, 2/1/2053	2,774,884	2,808,661
Pool # MA4962, 4.00%, 3/1/2053	2,000,000	1,878,362
Pool # MA4943, 6.50%, 3/1/2053	1,190,000	1,221,159
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 1.50%, 3/25/2038 (a)	2,500,000	2,159,961
TBA, 3.00%, 3/25/2038 (a)	500,000	466,194
TBA, 3.50%, 3/25/2038 (a)	5,500,000	5,242,187
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 3/25/2053 (a)	13,500,000	10,993,799
TBA, 2.50%, 3/25/2053 (a)	12,100,000	10,248,605
TBA, 3.00%, 3/25/2053 (a)	13,900,000	12,224,670
TBA, 3.50%, 3/25/2053 (a)	5,400,000	4,915,266
TBA, 4.00%, 3/25/2053 (a)	9,351,000	8,776,790

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

TBA, 4.50%, 3/25/2053 (a)	4,866,000	4,688,087
TBA, 5.00%, 3/25/2053 (a)	3,600,000	3,538,688
TBA, 5.50%, 3/25/2053 (a)	1,500,000	1,497,422
GNMA I, 30 Year
Pool # 704155, 5.50%, 1/15/2039	16,807	17,131
Pool # 726769, 5.00%, 9/15/2039	13,245	13,294
Pool # 721340, 5.00%, 12/15/2039	46,995	47,054
Pool # 754439, 3.50%, 12/15/2041	106,966	101,251
Pool # 711674, 3.00%, 9/15/2042	45,267	41,772
Pool # 783748, 3.50%, 4/15/2043	63,002	59,666
Pool # 784660, 4.00%, 4/15/2043	5,503	5,329
Pool # AC2224, 3.50%, 6/15/2043	42,095	39,844
Pool # 785088, 3.50%, 7/15/2043	55,018	52,448
Pool # AJ4151, 4.00%, 9/15/2044	201,744	195,110
Pool # AL9314, 3.00%, 3/15/2045	39,709	35,758
Pool # 784664, 4.00%, 4/15/2045	21,189	20,720
Pool # AO0544, 3.00%, 8/15/2045	21,958	19,773
Pool # 627030, 3.00%, 12/15/2045	21,977	19,790
Pool # 784429, 3.00%, 8/15/2046	78,526	72,122
Pool # 784652, 4.00%, 11/15/2047	442,937	434,601
Pool # 784766, 3.50%, 3/15/2048	487,358	460,733
GNMA II, 15 Year
Pool # MA0513, 2.50%, 11/20/2027	52,920	50,228
Pool # MA4625, 3.50%, 8/20/2032	21,651	20,768
Pool # MA6906, 2.50%, 10/20/2035	372,791	338,729
GNMA II, 30 Year
Pool # 711773, 3.50%, 6/20/2033	52,508	48,289
Pool # 3459, 5.50%, 10/20/2033	46,158	47,373
Pool # AQ5932, 3.50%, 1/20/2036	69,793	64,177
Pool # 4222, 6.00%, 8/20/2038	8,587	9,057
Pool # 709148, 4.50%, 2/20/2039	28,460	27,768
Pool # 4446, 4.50%, 5/20/2039	2,620	2,614
Pool # 4467, 4.00%, 6/20/2039	12,053	11,691
Pool # 4468, 4.50%, 6/20/2039	2,340	2,335
Pool # 4494, 4.00%, 7/20/2039	13,186	12,790
Pool # 4495, 4.50%, 7/20/2039	10,152	10,131
Pool # 4519, 4.50%, 8/20/2039	3,754	3,746
Pool # 4558, 4.50%, 10/20/2039	3,179	3,173
Pool # 4576, 4.00%, 11/20/2039	6,151	5,967
Pool # 4598, 4.50%, 12/20/2039	6,232	6,219
Pool # 4617, 4.50%, 1/20/2040	3,393	3,386
Pool # 4636, 4.50%, 2/20/2040	4,875	4,865
Pool # 4656, 4.00%, 3/20/2040	9,899	9,602
Pool # 4677, 4.00%, 4/20/2040	26,456	25,661
Pool # 4678, 4.50%, 4/20/2040	1,174	1,171

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # 4695, 4.00%, 5/20/2040	2,906	2,819
Pool # 4696, 4.50%, 5/20/2040	1,174	1,171
Pool # 4712, 4.00%, 6/20/2040	4,432	4,301
Pool # 4800, 4.00%, 9/20/2040	4,729	4,587
Pool # 737727, 4.00%, 12/20/2040	41,526	40,023
Pool # 4945, 4.00%, 2/20/2041	10,137	9,832
Pool # 759342, 4.50%, 2/20/2041	211,886	208,418
Pool # 4950, 5.50%, 2/20/2041	18,920	19,653
Pool # 4976, 3.50%, 3/20/2041	11,777	11,109
Pool # 4977, 4.00%, 3/20/2041	18,506	17,951
Pool # 5016, 4.00%, 4/20/2041	7,250	7,032
Pool # 5054, 4.00%, 5/20/2041	11,369	11,028
Pool # 5114, 4.00%, 7/20/2041	1,486	1,441
Pool # 779497, 3.50%, 10/20/2041	7,723	7,148
Pool # 5233, 4.00%, 11/20/2041	1,824	1,770
Pool # 5258, 3.50%, 12/20/2041	110,958	104,584
Pool # 5259, 4.00%, 12/20/2041	6,991	6,781
Pool # 5279, 3.50%, 1/20/2042	20,602	19,419
Pool # 5330, 3.00%, 3/20/2042	13,538	12,392
Pool # 754406, 3.50%, 5/20/2042	51,806	47,850
Pool # MA0220, 3.50%, 7/20/2042	8,672	8,174
Pool # MA0318, 3.50%, 8/20/2042	120,694	113,761
Pool # 796468, 4.00%, 9/20/2042	18,299	17,749
Pool # AA6040, 3.00%, 1/20/2043	91,078	81,567
Pool # AD1584, 3.00%, 1/20/2043	117,136	104,649
Pool # AD2125, 3.50%, 1/20/2043	82,428	77,712
Pool # AA6054, 3.00%, 2/20/2043	184,117	165,233
Pool # AD1744, 3.00%, 2/20/2043	15,468	14,192
Pool # 783755, 3.00%, 4/20/2043	121,587	111,297
Pool # 783976, 3.50%, 4/20/2043	20,107	18,729
Pool # MA1012, 3.50%, 5/20/2043	102,944	97,148
Pool # MA1157, 3.50%, 7/20/2043	20,392	19,220
Pool # MA1284, 3.00%, 9/20/2043	16,338	14,972
Pool # 785065, 3.50%, 10/20/2043	208,719	191,964
Pool # MA1376, 4.00%, 10/20/2043	96,060	93,175
Pool # AI7106, 4.00%, 6/20/2044	29,904	28,775
Pool # 784026, 3.50%, 12/20/2044	183,679	172,212
Pool # MA2678, 3.50%, 3/20/2045	126,770	118,363
Pool # MA2679, 4.00%, 3/20/2045	44,210	42,813
Pool # MA2753, 3.00%, 4/20/2045	65,200	59,680
Pool # 626942, 3.00%, 5/20/2045	147,132	129,626
Pool # MA2825, 3.00%, 5/20/2045	164,943	150,982
Pool # MA2829, 5.00%, 5/20/2045	24,598	24,956
Pool # 784800, 3.00%, 6/20/2045	32,514	29,102
Pool # AM9881, 3.00%, 6/20/2045	21,220	19,020

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA3247, 5.00%, 11/20/2045	21,295	21,604
Pool # AO9442, 3.50%, 12/20/2045	19,213	17,936
Pool # 784119, 3.00%, 2/20/2046	142,297	129,667
Pool # MA3458, 5.50%, 2/20/2046	30,022	31,185
Pool # MA3520, 3.00%, 3/20/2046	384,571	350,255
Pool # MA3735, 3.00%, 6/20/2046	263,138	239,075
Pool # AT7138, 3.50%, 6/20/2046	271,002	244,161
Pool # MA3935, 2.50%, 9/20/2046	69,992	61,593
Pool # 784768, 3.00%, 9/20/2046	75,673	68,679
Pool # AT8215, 3.00%, 9/20/2046	22,281	20,021
Pool # MA4002, 2.50%, 10/20/2046	380,818	335,169
Pool # AW0199, 3.00%, 10/20/2046	49,927	44,817
Pool # MA4068, 3.00%, 11/20/2046	11,136	10,111
Pool # MA4072, 5.00%, 11/20/2046	24,489	24,844
Pool # MA4125, 2.50%, 12/20/2046	349,206	307,325
Pool # MA4126, 3.00%, 12/20/2046	52,328	47,489
Pool # MA4260, 2.50%, 2/20/2047	61,594	54,200
Pool # AZ3119, 3.50%, 3/20/2047	30,219	27,780
Pool # AZ7084, 3.50%, 4/20/2047	92,136	85,311
Pool # MA4511, 4.00%, 6/20/2047	163,284	156,564
Pool # BA5041, 5.00%, 6/20/2047	95,958	96,213
Pool # MA4584, 2.50%, 7/20/2047	82,993	73,030
Pool # MA4718, 3.00%, 9/20/2047	7,184	6,497
Pool # MA4721, 4.50%, 9/20/2047	30,567	30,172
Pool # MA4836, 3.00%, 11/20/2047	347,711	315,721
Pool # BC2742, 3.50%, 11/20/2047	640,968	586,855
Pool # BD6940, 3.50%, 12/20/2047	153	138
Pool # MA4900, 3.50%, 12/20/2047	85,148	79,447
Pool # MA5019, 3.50%, 2/20/2048	221,662	206,827
Pool # MA5077, 3.50%, 3/20/2048	33,003	30,753
Pool # MA5138, 4.50%, 4/20/2048	12,966	12,758
Pool # 785033, 3.50%, 5/20/2048	208,664	199,056
Pool # MA5194, 5.00%, 5/20/2048	80,491	80,754
Pool # MA5329, 3.50%, 7/20/2048	7,947	7,405
Pool # MA5468, 5.00%, 9/20/2048	6,190	6,197
Pool # MA5527, 3.50%, 10/20/2048	29,129	27,155
Pool # MA5595, 4.00%, 11/20/2048	36,228	34,651
Pool # BJ6759, 4.50%, 11/20/2048	305,738	298,123
Pool # MA5650, 3.50%, 12/20/2048	11,958	11,143
Pool # MA5651, 4.00%, 12/20/2048	173,205	164,794
Pool # MA5709, 3.50%, 1/20/2049	82,741	77,174
Pool # BI6473, 4.00%, 1/20/2049	709,870	688,057
Pool # BJ9901, 3.00%, 2/20/2049	55,958	50,073
Pool # MA5930, 3.50%, 5/20/2049	10,767	9,997
Pool # MA5983, 2.50%, 6/20/2049	118,540	104,337

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # MA5985, 3.50%, 6/20/2049	43,028	39,736
Pool # MA5987, 4.50%, 6/20/2049	37,730	36,863
Pool # MA5988, 5.00%, 6/20/2049	7,120	7,121
Pool # MA6039, 3.50%, 7/20/2049	72,183	67,013
Pool # BM5450, 4.50%, 7/20/2049	73,344	71,343
Pool # MA6220, 4.00%, 10/20/2049	187,294	177,558
Pool # BR4627, 3.00%, 11/20/2049	495,613	444,409
Pool # 785067, 3.50%, 12/20/2049	391,577	352,213
Pool # MA6478, 5.00%, 2/20/2050	24,663	24,765
Pool # MA6542, 3.50%, 3/20/2050	239,148	223,438
Pool # MA6545, 5.00%, 3/20/2050	28,137	28,259
Pool # BV1348, 2.50%, 6/20/2050	49,315	41,147
Pool # MA6709, 2.50%, 6/20/2050	708,033	617,406
Pool # MA6818, 2.00%, 8/20/2050	1,321,033	1,116,558
Pool # BY8818, 2.00%, 10/20/2050	553,827	461,571
Pool # 785401, 2.50%, 10/20/2050	748,326	628,451
Pool # MA6994, 2.00%, 11/20/2050	1,452,758	1,225,225
Pool # BY8832, 2.50%, 11/20/2050	466,786	393,436
Pool # MA7051, 2.00%, 12/20/2050	2,252,727	1,898,568
Pool # CA4485, 2.50%, 12/20/2050	545,291	455,677
Pool # MA7052, 2.50%, 12/20/2050	923,855	802,958
Pool # MA7055, 4.00%, 12/20/2050	241,204	228,911
Pool # MA7135, 2.00%, 1/20/2051	2,575,903	2,171,411
Pool # MA7254, 2.00%, 3/20/2051	1,115,749	940,959
Pool # MA7311, 2.00%, 4/20/2051	2,641,280	2,226,136
Pool # 785449, 3.00%, 4/20/2051	294,481	263,719
Pool # MA7367, 2.50%, 5/20/2051	1,517,642	1,317,064
Pool # MA7368, 3.00%, 5/20/2051	465,377	417,599
Pool # MA7417, 2.00%, 6/20/2051	3,061,041	2,578,328
Pool # MA7418, 2.50%, 6/20/2051	1,675,157	1,452,972
Pool # MA7420, 3.50%, 6/20/2051	422,678	391,441
Pool # MA7471, 2.00%, 7/20/2051	2,498,713	2,102,730
Pool # MA7472, 2.50%, 7/20/2051	807,290	699,839
Pool # MA7473, 3.00%, 7/20/2051	506,108	454,243
Pool # MA7533, 2.00%, 8/20/2051	1,041,184	874,195
Pool # MA7588, 2.00%, 9/20/2051	1,058,722	888,612
Pool # MA7589, 2.50%, 9/20/2051	438,135	379,614
Pool # MA7766, 2.00%, 12/20/2051	2,309,044	1,936,202
Pool # MA7826, 2.00%, 1/20/2052	466,300	390,931
Pool # 785881, 2.50%, 1/20/2052	2,057,442	1,718,612
Pool # 785945, 3.00%, 2/20/2052	944,532	845,776
Pool # 786017, 3.00%, 3/20/2052	961,849	861,860
Pool # MA7937, 3.00%, 3/20/2052	940,979	841,816
Pool # MA7986, 2.00%, 4/20/2052	1,143,136	958,403
Pool # MA7987, 2.50%, 4/20/2052	1,989,734	1,721,178

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA7988, 3.00%, 4/20/2052	955,359	854,564
Pool # MA8043, 3.00%, 5/20/2052	1,965,041	1,754,680
Pool # MA8267, 4.00%, 9/20/2052	1,186,300	1,121,245
Pool # MA8269, 5.00%, 9/20/2052	641,982	635,200
Pool # MA8270, 5.50%, 9/20/2052	990,635	995,211
GNMA II, Single Family, 30 Year
TBA, 2.50%, 3/15/2052 (a)	6,300,000	5,447,531
TBA, 4.00%, 3/15/2052 (a)	1,600,000	1,511,563
TBA, 2.00%, 3/15/2053 (a)	1,400,000	1,173,348
TBA, 3.00%, 3/15/2053 (a)	3,700,000	3,302,611
TBA, 3.50%, 3/15/2053 (a)	600,000	551,320
TBA, 4.50%, 3/15/2053 (a)	2,200,000	2,133,055
TBA, 5.00%, 3/15/2053 (a)	1,250,000	1,234,961
Total Mortgage-Backed Securities (Cost $406,461,648)		362,631,667
Corporate Bonds — 24.6%
Aerospace & Defense — 0.5%
Boeing Co. (The)
3.25%, 3/1/2028	2,439,000	2,218,450
3.63%, 3/1/2048	803,000	548,979
Hexcel Corp. 4.95%, 8/15/2025 (b)	167,000	162,696
Huntington Ingalls Industries, Inc. 2.04%, 8/16/2028	166,000	137,451
L3Harris Technologies, Inc.
1.80%, 1/15/2031	100,000	77,985
4.85%, 4/27/2035	166,000	157,713
Lockheed Martin Corp.
5.10%, 11/15/2027	728,000	737,674
1.85%, 6/15/2030	816,000	667,356
4.50%, 5/15/2036	357,000	340,460
Northrop Grumman Corp. 5.25%, 5/1/2050	272,000	268,294
Precision Castparts Corp. 4.38%, 6/15/2045	82,000	73,348
Raytheon Technologies Corp. 3.03%, 3/15/2052	961,000	663,846
		6,054,252
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc. 4.20%, 4/15/2028	144,000	137,099
FedEx Corp. 3.88%, 8/1/2042	992,000	767,824
GXO Logistics, Inc. 1.65%, 7/15/2026	164,000	140,660
United Parcel Service, Inc.
5.20%, 4/1/2040	98,000	98,812

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Air Freight & Logistics — continued
3.75%, 11/15/2047	300,000	246,093
3.40%, 9/1/2049	465,000	360,714
		1,751,202
Auto Components — 0.0% ^
Aptiv plc 3.10%, 12/1/2051	213,000	128,263
BorgWarner, Inc. 4.38%, 3/15/2045	60,000	46,650
Lear Corp. 5.25%, 5/15/2049	85,000	71,783
Magna International, Inc. (Canada) 4.15%, 10/1/2025	300,000	290,599
		537,295
Automobiles — 0.1%
General Motors Co. 5.00%, 4/1/2035	1,006,000	893,185
Harley-Davidson, Inc. 4.63%, 7/28/2045	39,000	30,199
Mercedes-Benz Finance North America LLC (Germany) 8.50%, 1/18/2031	152,000	188,051
Toyota Motor Corp. (Japan) 0.68%, 3/25/2024	28,000	26,689
		1,138,124
Banks — 4.6%
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.22%, 11/22/2032 (c)	200,000	154,384
Bank of America Corp.
4.00%, 1/22/2025	141,000	137,389
(SOFR + 0.91%), 0.98%, 9/25/2025 (c)	349,000	323,839
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (c)	622,000	590,203
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)	67,000	62,417
3.50%, 4/19/2026	2,346,000	2,240,806
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)	50,000	45,348
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (c)	250,000	228,806
(SOFR + 1.37%), 1.92%, 10/24/2031 (c)	350,000	271,493
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (c)	2,699,000	2,196,232
5.00%, 1/21/2044	2,439,000	2,312,800
Bank of Montreal (Canada)
5.20%, 12/12/2024	10,000	9,975
1.50%, 1/10/2025	2,447,000	2,280,112

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.40%), 3.09%, 1/10/2037 (c) (d)	60,000	47,085
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.00%), 5.75%, 8/9/2033 (c)	1,004,000	969,171
Canadian Imperial Bank of Commerce (Canada)
3.10%, 4/2/2024	100,000	97,532
1.00%, 10/18/2024	2,043,000	1,903,492
Capital One NA (SOFR + 0.91%), 2.28%, 1/28/2026 (c)	300,000	281,197
Citigroup, Inc.
4.40%, 6/10/2025	97,000	94,902
(SOFR + 2.84%), 3.11%, 4/8/2026 (c)	350,000	332,319
(SOFR + 1.42%), 2.98%, 11/5/2030 (c)	760,000	647,715
6.63%, 6/15/2032	77,000	81,281
(SOFR + 1.18%), 2.52%, 11/3/2032 (c)	2,781,000	2,193,758
(SOFR + 2.09%), 4.91%, 5/24/2033 (c)	500,000	474,808
(SOFR + 2.34%), 6.27%, 11/17/2033 (c)	1,500,000	1,573,985
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)	290,000	238,505
Citizens Financial Group, Inc. 3.25%, 4/30/2030	284,000	248,050
Comerica Bank 4.00%, 7/27/2025	463,000	445,622
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026	267,000	250,698
Discover Bank 4.25%, 3/13/2026	250,000	239,937
Fifth Third Bancorp
2.38%, 1/28/2025	1,755,000	1,657,434
(SOFR + 1.66%), 4.34%, 4/25/2033 (c)	270,000	248,755
First Horizon Corp. 4.00%, 5/26/2025	391,000	378,297
First-Citizens Bank & Trust Co. (3-MONTH CME TERM SOFR + 1.72%), 2.97%, 9/27/2025 (c)	454,000	431,262
Goldman Sachs Capital I 6.35%, 2/15/2034	50,000	52,287
HSBC Holdings plc (United Kingdom)
(SOFR + 1.54%), 1.64%, 4/18/2026 (c)	355,000	325,487
(SOFR + 2.39%), 2.85%, 6/4/2031 (c)	2,720,000	2,236,239
6.10%, 1/14/2042	183,000	195,351
Huntington National Bank (The) (SOFRINDX + 1.65%), 4.55%, 5/17/2028 (c)	469,000	453,628
ING Groep NV (Netherlands) 3.95%, 3/29/2027	700,000	663,178
Intesa Sanpaolo SpA (Italy) 5.25%, 1/12/2024	680,000	676,956

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
KeyCorp 2.25%, 4/6/2027	743,000	661,380
Korea Development Bank (The) (South Korea)
1.38%, 4/25/2027	882,000	767,359
1.63%, 1/19/2031	200,000	158,992
Kreditanstalt fuer Wiederaufbau (Germany)
0.50%, 9/20/2024	500,000	466,132
2.00%, 5/2/2025	75,000	70,690
1.00%, 10/1/2026	468,000	414,819
1.75%, 9/14/2029	1,000,000	863,963
Zero Coupon, 6/29/2037	1,193,000	655,820
Landwirtschaftliche Rentenbank (Germany)
0.88%, 3/30/2026	170,000	152,012
0.88%, 9/3/2030	964,000	757,866
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.37%, 12/14/2046 (c)	432,000	293,042
Mizuho Financial Group, Inc. (Japan) (SOFR + 1.77%), 2.20%, 7/10/2031 (c)	603,000	478,377
National Australia Bank Ltd. (Australia) 2.50%, 7/12/2026	315,000	289,151
National Bank of Canada (Canada) Series FXD, 0.75%, 8/6/2024	250,000	234,114
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.15%), 2.36%, 5/22/2024 (c)	1,179,000	1,168,835
4.80%, 4/5/2026	300,000	292,203
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (c)	716,000	645,405
Oesterreichische Kontrollbank AG (Austria)
0.50%, 9/16/2024	16,000	14,911
1.50%, 2/12/2025	150,000	140,428
0.38%, 9/17/2025	19,000	17,039
0.50%, 2/2/2026	649,000	575,673
PNC Bank NA 3.10%, 10/25/2027	315,000	292,816
Regions Financial Corp. 2.25%, 5/18/2025	976,000	912,029
Royal Bank of Canada (Canada)
2.55%, 7/16/2024	2,127,000	2,049,588
2.25%, 11/1/2024	1,154,000	1,098,345
Series FXD, 2.05%, 1/21/2027 (e)	477,000	427,384
3.88%, 5/4/2032	178,000	160,880
Santander Holdings USA, Inc. 3.45%, 6/2/2025	730,000	694,756

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.75%), 6.83%, 11/21/2026 (c)	486,000	494,379
Santander UK plc (United Kingdom) 2.88%, 6/18/2024	1,476,000	1,424,625
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 1/12/2026	2,962,000	2,616,757
3.78%, 3/9/2026	182,000	173,857
3.01%, 10/19/2026	141,000	129,754
3.45%, 1/11/2027	779,000	726,238
2.14%, 9/23/2030 (d)	90,000	70,564
SVB Financial Group
1.80%, 10/28/2026 (e)	374,000	326,475
2.10%, 5/15/2028	10,000	8,401
Synovus Financial Corp. 5.20%, 8/11/2025	202,000	198,729
Toronto-Dominion Bank (The) (Canada)
2.65%, 6/12/2024	856,000	827,667
0.75%, 1/6/2026	2,744,000	2,421,676
Truist Bank 2.15%, 12/6/2024	400,000	379,422
Truist Financial Corp.
(SOFR + 0.86%), 1.89%, 6/7/2029 (c)	946,000	798,230
1.95%, 6/5/2030 (e)	150,000	121,377
US Bancorp
1.38%, 7/22/2030	356,000	276,006
(SOFR + 1.02%), 2.68%, 1/27/2033 (c) (e)	581,000	479,467
Valley National Bancorp (3-MONTH CME TERM SOFR + 2.36%), 3.00%, 6/15/2031 (c)	53,000	46,872
Webster Financial Corp. 4.10%, 3/25/2029	83,000	76,344
Wells Fargo & Co.
(SOFR + 1.09%), 2.41%, 10/30/2025 (c)	368,000	349,028
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)	242,000	226,569
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (c) (e)	2,584,000	2,198,634
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)	175,000	127,284
3.90%, 5/1/2045	814,000	645,939
4.75%, 12/7/2046	1,056,000	904,861
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (c)	65,000	56,592
Westpac Banking Corp. (Australia)
2.35%, 2/19/2025	101,000	95,601

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c) (d)	200,000	186,049
3.13%, 11/18/2041	578,000	396,361
Wintrust Financial Corp. 4.85%, 6/6/2029	59,000	53,785
		59,884,287
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.95%, 1/15/2042	146,000	136,321
4.50%, 6/1/2050	10,000	8,805
4.75%, 4/15/2058	1,421,000	1,268,901
Brown-Forman Corp. 3.50%, 4/15/2025	111,000	107,432
Coca-Cola Co. (The)
1.75%, 9/6/2024	409,000	392,871
1.65%, 6/1/2030	13,000	10,534
2.50%, 6/1/2040	500,000	363,131
3.00%, 3/5/2051	571,000	416,069
Constellation Brands, Inc. 3.60%, 2/15/2028	934,000	865,228
Diageo Capital plc (United Kingdom) 1.38%, 9/29/2025	200,000	181,947
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050	180,000	136,858
Keurig Dr. Pepper, Inc. 3.95%, 4/15/2029	901,000	833,266
Molson Coors Beverage Co. 5.00%, 5/1/2042	173,000	154,789
PepsiCo, Inc.
2.75%, 4/30/2025	250,000	238,692
2.75%, 10/21/2051	10,000	6,939
		5,121,783
Biotechnology — 0.4%
AbbVie, Inc.
4.50%, 5/14/2035	98,000	90,887
4.45%, 5/14/2046	21,000	17,978
4.25%, 11/21/2049	1,219,000	1,014,473
Amgen, Inc.
3.20%, 11/2/2027 (e)	2,148,000	1,985,581
2.30%, 2/25/2031	750,000	607,554
4.56%, 6/15/2048	200,000	171,872
3.38%, 2/21/2050	100,000	69,721
4.66%, 6/15/2051	171,000	147,650
Biogen, Inc. 2.25%, 5/1/2030	522,000	422,809
Gilead Sciences, Inc.
4.00%, 9/1/2036	803,000	707,619

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Biotechnology — continued
4.75%, 3/1/2046	15,000	13,570
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030	200,000	155,696
		5,405,410
Building Products — 0.1%
Carrier Global Corp. 3.58%, 4/5/2050	351,000	253,033
Fortune Brands Innovations, Inc.
3.25%, 9/15/2029	10,000	8,519
4.00%, 3/25/2032	128,000	110,957
Johnson Controls International plc 4.50%, 2/15/2047	162,000	137,812
Masco Corp. 2.00%, 2/15/2031	203,000	157,120
Owens Corning 4.30%, 7/15/2047	108,000	86,181
		753,622
Capital Markets — 1.7%
Ameriprise Financial, Inc. 3.00%, 4/2/2025	133,000	127,229
Ares Capital Corp.
3.88%, 1/15/2026	27,000	25,056
2.15%, 7/15/2026	100,000	86,279
3.20%, 11/15/2031 (e)	165,000	125,695
Bank of New York Mellon Corp. (The)
3.40%, 5/15/2024	100,000	97,822
0.75%, 1/28/2026	2,551,000	2,262,173
Barings BDC, Inc. 3.30%, 11/23/2026	72,000	63,741
BGC Partners, Inc. 3.75%, 10/1/2024	175,000	167,216
BlackRock TCP Capital Corp. 2.85%, 2/9/2026	106,000	96,168
BlackRock, Inc. 2.40%, 4/30/2030	198,000	168,599
Blackstone Secured Lending Fund
2.75%, 9/16/2026	203,000	176,785
2.13%, 2/15/2027	10,000	8,417
Cboe Global Markets, Inc. 1.63%, 12/15/2030	144,000	113,124
Charles Schwab Corp. (The)
2.00%, 3/20/2028 (e)	987,000	860,620
3.25%, 5/22/2029	60,000	54,410
CI Financial Corp. (Canada) 3.20%, 12/17/2030	146,000	110,496
CME Group, Inc.
3.00%, 3/15/2025	363,000	349,812
4.15%, 6/15/2048	144,000	128,190
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032	479,000	490,778

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)	167,000	163,327
1.69%, 3/19/2026	554,000	497,191
(SOFR + 1.22%), 2.31%, 11/16/2027 (c)	325,000	282,429
FactSet Research Systems, Inc. 2.90%, 3/1/2027	239,000	220,120
FS KKR Capital Corp.
2.63%, 1/15/2027 (e)	195,000	165,068
3.25%, 7/15/2027	10,000	8,561
Goldman Sachs BDC, Inc. 3.75%, 2/10/2025 (e)	334,000	321,763
Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024	50,000	48,944
3.50%, 1/23/2025	362,000	349,825
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)	83,000	79,789
(SOFR + 1.11%), 2.64%, 2/24/2028 (c)	2,482,000	2,218,701
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (c)	134,000	122,869
(SOFR + 1.25%), 2.38%, 7/21/2032 (c)	2,548,000	2,002,305
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)	155,000	134,341
(SOFR + 1.51%), 3.21%, 4/22/2042 (c)	294,000	213,216
Intercontinental Exchange, Inc.
1.85%, 9/15/2032	205,000	153,787
2.65%, 9/15/2040	642,000	451,363
Janus Henderson US Holdings, Inc. 4.88%, 8/1/2025	256,000	252,302
Lazard Group LLC 3.75%, 2/13/2025	537,000	518,216
Moody's Corp. 3.10%, 11/29/2061	174,000	108,230
Morgan Stanley
(SOFR + 0.46%), 5.02%, 1/25/2024 (c)	877,000	876,552
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)	577,000	537,369
(SOFR + 1.14%), 2.70%, 1/22/2031 (c)	300,000	250,588
(SOFR + 3.12%), 3.62%, 4/1/2031 (c)	2,479,000	2,193,794
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)	1,178,000	895,894
(SOFR + 1.02%), 1.93%, 4/28/2032 (c)	350,000	267,727
(SOFR + 1.36%), 2.48%, 9/16/2036 (c)	350,000	260,946
4.30%, 1/27/2045	330,000	283,790
(SOFR + 4.84%), 5.60%, 3/24/2051 (c)	128,000	132,317
(SOFR + 1.43%), 2.80%, 1/25/2052 (c)	54,000	34,775
Morgan Stanley Direct Lending Fund 4.50%, 2/11/2027	97,000	91,205
Nasdaq, Inc.
3.85%, 6/30/2026	519,000	496,924

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Capital Markets — continued
1.65%, 1/15/2031	236,000	180,520
Nomura Holdings, Inc. (Japan) 2.61%, 7/14/2031	294,000	230,766
Owl Rock Capital Corp. 2.63%, 1/15/2027	210,000	178,401
Owl Rock Capital Corp. III 3.13%, 4/13/2027	62,000	52,140
OWL Rock Core Income Corp. 3.13%, 9/23/2026	147,000	127,319
Owl Rock Technology Finance Corp. 2.50%, 1/15/2027	61,000	49,859
Prospect Capital Corp. 3.36%, 11/15/2026	100,000	86,429
Raymond James Financial, Inc.
4.65%, 4/1/2030	189,000	181,519
4.95%, 7/15/2046	40,000	36,494
S&P Global, Inc.
3.25%, 12/1/2049	308,000	225,801
2.30%, 8/15/2060	500,000	276,209
State Street Corp.
(SOFR + 0.94%), 2.35%, 11/1/2025 (c)	400,000	380,423
(SOFR + 1.57%), 4.82%, 1/26/2034 (c)	309,000	298,216
(SOFR + 1.49%), 3.03%, 11/1/2034 (c)	100,000	85,484
Stifel Financial Corp.
4.25%, 7/18/2024	12,000	11,787
4.00%, 5/15/2030	65,000	57,445
		22,605,650
Chemicals — 0.3%
Albemarle Corp.
5.05%, 6/1/2032	10,000	9,511
5.45%, 12/1/2044	83,000	76,644
Cabot Corp. 4.00%, 7/1/2029	104,000	93,685
CF Industries, Inc. 5.38%, 3/15/2044	113,000	99,729
Dow Chemical Co. (The)
2.10%, 11/15/2030 (e)	250,000	202,017
5.25%, 11/15/2041	480,000	451,362
Ecolab, Inc. 2.13%, 8/15/2050	282,000	160,876
EI du Pont de Nemours and Co. 1.70%, 7/15/2025	613,000	565,039
FMC Corp. 3.45%, 10/1/2029	174,000	153,784
Huntsman International LLC 4.50%, 5/1/2029	112,000	102,094
International Flavors & Fragrances, Inc. 4.38%, 6/1/2047	95,000	71,955
LYB International Finance III LLC
4.20%, 10/15/2049	359,000	270,574
3.63%, 4/1/2051	299,000	204,931

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Chemicals — continued
NewMarket Corp. 2.70%, 3/18/2031	69,000	55,503
RPM International, Inc.
4.55%, 3/1/2029	10,000	9,276
2.95%, 1/15/2032	119,000	93,959
Sherwin-Williams Co. (The)
4.00%, 12/15/2042	252,000	200,271
4.50%, 6/1/2047	492,000	413,112
Westlake Corp.
5.00%, 8/15/2046	140,000	118,023
4.38%, 11/15/2047	367,000	287,211
		3,639,556
Commercial Services & Supplies — 0.1%
California Endowment (The) Series 2021, 2.50%, 4/1/2051	67,000	43,417
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070	70,000	42,640
Rockefeller Foundation (The) Series 2020, 2.49%, 10/1/2050	87,000	56,812
Waste Connections, Inc. 4.20%, 1/15/2033 (d)	283,000	261,494
Waste Management, Inc.
1.50%, 3/15/2031	499,000	384,384
2.95%, 6/1/2041	246,000	181,558
2.50%, 11/15/2050	233,000	145,606
		1,115,911
Communications Equipment — 0.2%
Cisco Systems, Inc.
2.95%, 2/28/2026	2,355,000	2,230,753
2.50%, 9/20/2026	372,000	344,102
5.90%, 2/15/2039	12,000	13,139
		2,587,994
Construction & Engineering — 0.0% ^
Quanta Services, Inc. 2.35%, 1/15/2032	149,000	113,806
Valmont Industries, Inc. 5.25%, 10/1/2054	48,000	41,899
		155,705
Construction Materials — 0.0% ^
Eagle Materials, Inc. 2.50%, 7/1/2031	87,000	68,111
Vulcan Materials Co. 4.70%, 3/1/2048	96,000	84,358
		152,469
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025	250,000	238,170
4.45%, 10/1/2025	150,000	143,999

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
3.65%, 7/21/2027	150,000	135,784
3.88%, 1/23/2028	350,000	316,878
3.30%, 1/30/2032	455,000	364,183
Ally Financial, Inc.
1.45%, 10/2/2023	712,600	693,510
2.20%, 11/2/2028	426,000	346,991
American Express Co.
3.70%, 8/3/2023	976,000	969,281
4.20%, 11/6/2025	584,000	571,262
1.65%, 11/4/2026	1,096,000	969,045
American Honda Finance Corp. 1.80%, 1/13/2031	327,000	261,380
Capital One Financial Corp. 3.75%, 7/28/2026	1,493,000	1,403,146
Caterpillar Financial Services Corp. 0.80%, 11/13/2025	1,500,000	1,344,159
Discover Financial Services
3.95%, 11/6/2024	1,326,000	1,290,987
3.75%, 3/4/2025	465,000	447,700
John Deere Capital Corp. 4.75%, 1/20/2028	1,000,000	995,150
PACCAR Financial Corp. 3.55%, 8/11/2025	881,000	852,171
Synchrony Financial 4.50%, 7/23/2025	689,000	663,541
Toyota Motor Credit Corp.
3.05%, 1/11/2028	500,000	460,115
1.65%, 1/10/2031	696,000	552,976
		13,020,428
Containers & Packaging — 0.1%
AptarGroup, Inc. 3.60%, 3/15/2032	63,000	53,112
Avery Dennison Corp. 4.88%, 12/6/2028	201,000	197,398
International Paper Co. 5.15%, 5/15/2046	195,000	178,502
Packaging Corp. of America 3.00%, 12/15/2029	220,000	189,430
Sonoco Products Co. 3.13%, 5/1/2030	199,000	171,269
WestRock MWV LLC 7.95%, 2/15/2031	166,000	188,574
		978,285
Diversified Consumer Services — 0.2%
American University (The) Series 2019, 3.67%, 4/1/2049	63,000	50,192
Brown University Series A, 2.92%, 9/1/2050	82,000	60,006
California Institute of Technology 4.70%, 11/1/2111	58,000	51,045
Case Western Reserve University Series 22-C, 5.41%, 6/1/2122	29,000	28,011

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified Consumer Services — continued
Claremont Mckenna College 3.78%, 1/1/2122	33,000	22,432
Duke University Series 2020, 2.68%, 10/1/2044	142,000	105,476
Emory University Series 2020, 2.14%, 9/1/2030	161,000	134,112
George Washington University (The) Series 2018, 4.13%, 9/15/2048	104,000	89,635
Georgetown University (The)
Series B, 4.32%, 4/1/2049	10,000	8,556
Series 20A, 2.94%, 4/1/2050	90,000	59,720
Howard University Series 22A, 5.21%, 10/1/2052	36,000	29,468
Johns Hopkins University Series 2013, 4.08%, 7/1/2053	76,000	65,996
Massachusetts Institute of Technology Series F, 2.99%, 7/1/2050	478,000	355,575
Northeastern University Series 2020, 2.89%, 10/1/2050	55,000	37,617
Northwestern University 4.64%, 12/1/2044	105,000	101,198
President and Fellows of Harvard College 3.15%, 7/15/2046	206,000	159,874
Thomas Jefferson University 3.85%, 11/1/2057	49,000	36,317
Trustees of Boston College 3.13%, 7/1/2052	53,000	37,857
Trustees of Boston University Series CC, 4.06%, 10/1/2048	54,000	47,582
Trustees of Princeton University (The) Series 2020, 2.52%, 7/1/2050	145,000	99,131
Trustees of the University of Pennsylvania (The) 3.61%, 2/15/2119	816,000	567,892
University of Chicago (The)
Series 20B, 2.76%, 4/1/2045	10,000	7,698
Series C, 2.55%, 4/1/2050	121,000	84,330
University of Miami Series 2022, 4.06%, 4/1/2052	58,000	48,958
University of Notre Dame du Lac Series 2015, 3.44%, 2/15/2045	99,000	80,501
University of Southern California 5.25%, 10/1/2111	66,000	66,128
Washington University (The) Series 2022, 3.52%, 4/15/2054	128,000	102,343

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Diversified Consumer Services — continued
William Marsh Rice University 3.77%, 5/15/2055	70,000	58,899
Yale University Series 2020, 2.40%, 4/15/2050	106,000	69,228
		2,665,777
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc. 4.50%, 2/11/2043	35,000	32,360
Block Financial LLC 3.88%, 8/15/2030	96,000	84,073
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.87%, 12/15/2052 (c) (f)	250,000	246,303
Equitable Holdings, Inc. 4.35%, 4/20/2028	513,000	487,630
Jackson Financial, Inc. 4.00%, 11/23/2051	68,000	45,570
National Rural Utilities Cooperative Finance Corp.
Series D, 1.00%, 10/18/2024	949,000	884,045
4.02%, 11/1/2032	13,000	11,860
Shell International Finance BV (Netherlands) 6.38%, 12/15/2038	782,000	867,183
Voya Financial, Inc. 5.70%, 7/15/2043	77,000	73,922
		2,732,946
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
4.50%, 5/15/2035	747,000	671,451
5.35%, 9/1/2040	720,000	685,433
4.65%, 6/1/2044	400,000	341,122
4.35%, 6/15/2045	400,000	325,335
5.15%, 11/15/2046	59,000	53,700
4.55%, 3/9/2049	400,000	331,190
3.65%, 6/1/2051	490,000	350,109
3.80%, 12/1/2057	10,000	7,020
3.85%, 6/1/2060	250,000	174,731
Bell Canada (The) (Canada) Series US-5, 2.15%, 2/15/2032	474,000	372,072
British Telecommunications plc (United Kingdom) 9.62%, 12/15/2030 (b)	174,000	210,294
Deutsche Telekom International Finance BV (Germany) 9.25%, 6/1/2032	186,000	235,573
Koninklijke KPN NV (Netherlands) 8.38%, 10/1/2030	66,000	77,021
Orange SA (France) 5.38%, 1/13/2042	189,000	186,790
Telefonica Emisiones SA (Spain)
4.10%, 3/8/2027	1,243,000	1,177,299

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
7.05%, 6/20/2036	11,000	11,591
TELUS Corp. (Canada) 3.40%, 5/13/2032	215,000	182,575
Verizon Communications, Inc.
4.33%, 9/21/2028	231,000	221,163
1.50%, 9/18/2030	470,000	363,895
1.75%, 1/20/2031	3,324,000	2,564,253
4.86%, 8/21/2046	150,000	135,234
5.01%, 8/21/2054	953,000	877,583
		9,555,434
Electric Utilities — 1.4%
Alabama Power Co. 3.75%, 3/1/2045	505,000	390,232
Arizona Public Service Co. 3.50%, 12/1/2049	226,000	156,572
CenterPoint Energy Houston Electric LLC Series AG, 3.00%, 3/1/2032	10,000	8,600
Cleco Corporate Holdings LLC 3.74%, 5/1/2026 (b)	249,000	233,242
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036	70,000	70,187
Connecticut Light and Power Co. (The) 5.25%, 1/15/2053	304,000	303,511
Dayton Power & Light Co. (The) 3.95%, 6/15/2049	96,000	75,473
Duke Energy Carolinas LLC 3.75%, 6/1/2045	269,000	209,910
Duke Energy Corp. 2.45%, 6/1/2030	350,000	287,482
Duke Energy Florida LLC 6.40%, 6/15/2038	1,885,000	2,083,987
Emera US Finance LP (Canada) 2.64%, 6/15/2031	201,000	158,293
Enel Americas SA (Chile) 4.00%, 10/25/2026 (e)	199,000	192,992
Enel Chile SA (Chile) 4.88%, 6/12/2028	129,000	123,948
Entergy Mississippi LLC 3.50%, 6/1/2051	503,000	369,852
Evergy, Inc. 2.90%, 9/15/2029	187,000	160,151
Exelon Corp.
3.40%, 4/15/2026	500,000	471,529
4.70%, 4/15/2050	846,000	734,841
Fortis, Inc. (Canada) 3.06%, 10/4/2026	19,000	17,644
Georgia Power Co. Series A, 2.20%, 9/15/2024	1,215,000	1,158,134
Hydro-Quebec (Canada) 8.50%, 12/1/2029	50,000	60,778
Iberdrola International BV (Spain) 5.81%, 3/15/2025	795,000	800,174
Idaho Power Co. Series K, 4.20%, 3/1/2048	52,000	43,377

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Interstate Power and Light Co. 3.50%, 9/30/2049	172,000	125,411
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042	84,752	80,741
National Grid USA 5.80%, 4/1/2035	41,000	39,780
Nevada Power Co. Series EE, 3.13%, 8/1/2050	1,239,000	853,869
NextEra Energy Capital Holdings, Inc.
2.75%, 11/1/2029	523,000	445,127
3.00%, 1/15/2052	835,000	546,159
Oklahoma Gas and Electric Co.
3.30%, 3/15/2030	81,000	71,665
4.15%, 4/1/2047	52,000	41,589
Oncor Electric Delivery Co. LLC
7.25%, 1/15/2033	493,000	574,029
2.70%, 11/15/2051	10,000	6,487
Pacific Gas and Electric Co.
3.30%, 8/1/2040	612,000	414,368
3.75%, 8/15/2042 (b)	26,000	17,993
4.95%, 7/1/2050	825,000	651,765
PacifiCorp 3.30%, 3/15/2051	250,000	178,328
PG&E Wildfire Recovery Funding LLC Series A-4, 4.45%, 12/1/2047	250,000	224,725
PPL Electric Utilities Corp. 4.15%, 10/1/2045	271,000	226,850
Public Service Co. of Colorado Series 36, 2.70%, 1/15/2051	849,000	552,323
Public Service Electric and Gas Co.
1.90%, 8/15/2031	889,000	707,273
2.70%, 5/1/2050	26,000	17,115
Southern California Edison Co. Series B, 4.88%, 3/1/2049	660,000	587,867
Southern Co. (The) Series A, 3.70%, 4/30/2030	2,441,000	2,200,823
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045	878,000	672,892
Tampa Electric Co. 4.35%, 5/15/2044	157,000	131,650
Tucson Electric Power Co.
1.50%, 8/1/2030	60,000	46,299
3.25%, 5/15/2032	148,000	126,586
Union Electric Co. 3.90%, 9/15/2042	428,000	349,664
Virginia Electric and Power Co. Series B, 3.80%, 9/15/2047	1,042,000	807,350
Wisconsin Electric Power Co. 4.30%, 10/15/2048	179,000	152,186
		18,961,823

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electrical Equipment — 0.1%
Acuity Brands Lighting, Inc. 2.15%, 12/15/2030	99,000	77,467
Eaton Corp. 4.15%, 3/15/2033	321,000	295,565
Hubbell, Inc. 3.15%, 8/15/2027	205,000	188,970
Regal Rexnord Corp. 6.40%, 4/15/2033 (f)	156,000	152,848
Rockwell Automation, Inc. 4.20%, 3/1/2049	107,000	94,148
		808,998
Electronic Equipment, Instruments & Components — 0.2%
Allegion US Holding Co., Inc. 3.55%, 10/1/2027	213,000	195,579
Amphenol Corp.
2.05%, 3/1/2025	280,000	263,153
2.80%, 2/15/2030	135,000	116,423
Arrow Electronics, Inc. 2.95%, 2/15/2032	86,000	69,110
Avnet, Inc. 4.63%, 4/15/2026	244,000	234,484
CDW LLC 3.57%, 12/1/2031	160,000	132,453
Corning, Inc. 4.38%, 11/15/2057	233,000	186,903
TD SYNNEX Corp. 2.38%, 8/9/2028	142,000	117,181
Teledyne Technologies, Inc. 2.75%, 4/1/2031	149,000	121,907
Tyco Electronics Group SA
3.45%, 8/1/2024	483,000	470,596
2.50%, 2/4/2032	75,000	62,114
Vontier Corp. 1.80%, 4/1/2026	186,000	162,584
		2,132,487
Energy Equipment & Services — 0.1%
Halliburton Co. 4.85%, 11/15/2035	438,000	408,320
Helmerich & Payne, Inc. 2.90%, 9/29/2031	79,000	64,687
NOV, Inc. 3.60%, 12/1/2029	220,000	194,306
		667,313
Entertainment — 0.2%
Activision Blizzard, Inc.
3.40%, 6/15/2027	41,000	38,480
1.35%, 9/15/2030	357,000	278,519
Electronic Arts, Inc.
4.80%, 3/1/2026	397,000	393,644
1.85%, 2/15/2031	105,000	82,179
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027	242,000	228,339
TWDC Enterprises 18 Corp. 3.00%, 7/30/2046	996,000	699,673

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Entertainment — continued
Walt Disney Co. (The)
2.65%, 1/13/2031	200,000	170,352
3.60%, 1/13/2051	1,114,000	863,772
		2,754,958
Equity Real Estate Investment Trusts (REITs) — 0.9%
Agree LP 4.80%, 10/1/2032	92,000	86,049
Alexandria Real Estate Equities, Inc. 4.00%, 2/1/2050	269,000	208,236
American Assets Trust LP 3.38%, 2/1/2031	10,000	7,906
American Homes 4 Rent LP 4.90%, 2/15/2029	224,000	212,948
American Tower Corp.
1.88%, 10/15/2030	790,000	608,901
3.10%, 6/15/2050	50,000	31,109
AvalonBay Communities, Inc. 2.30%, 3/1/2030	441,000	369,288
Brandywine Operating Partnership LP 7.55%, 3/15/2028 (e)	90,000	88,366
Brixmor Operating Partnership LP 4.13%, 5/15/2029	207,000	186,499
Broadstone Net Lease LLC 2.60%, 9/15/2031	54,000	38,940
Camden Property Trust 4.10%, 10/15/2028	245,000	232,638
Crown Castle, Inc. 3.10%, 11/15/2029	920,000	798,025
CubeSmart LP 2.00%, 2/15/2031	149,000	114,261
EPR Properties 4.95%, 4/15/2028	147,000	130,544
Equinix, Inc.
2.63%, 11/18/2024	100,000	95,204
1.00%, 9/15/2025	25,000	22,334
2.50%, 5/15/2031	466,000	372,819
3.00%, 7/15/2050	500,000	319,475
2.95%, 9/15/2051	204,000	127,088
ERP Operating LP 4.15%, 12/1/2028	427,000	402,446
Essex Portfolio LP 4.50%, 3/15/2048	109,000	90,328
Extra Space Storage LP 3.90%, 4/1/2029	149,000	135,469
Federal Realty Investment Trust 3.20%, 6/15/2029	188,000	162,405
GLP Capital LP 5.75%, 6/1/2028	340,000	332,914
Healthpeak Properties Interim, Inc.
2.88%, 1/15/2031	514,000	433,116
6.75%, 2/1/2041	82,000	86,263
Highwoods Realty LP 4.13%, 3/15/2028	158,000	140,360
Host Hotels & Resorts LP Series J, 2.90%, 12/15/2031	123,000	94,838

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Hudson Pacific Properties LP 3.25%, 1/15/2030	622,000	468,683
Invitation Homes Operating Partnership LP 2.00%, 8/15/2031	157,000	117,717
Kilroy Realty LP 2.65%, 11/15/2033	115,000	79,033
Kimco Realty OP LLC 4.60%, 2/1/2033	288,000	264,442
Kite Realty Group LP 4.00%, 10/1/2026	142,000	131,471
Life Storage LP 2.20%, 10/15/2030	139,000	110,896
National Health Investors, Inc. 3.00%, 2/1/2031	49,000	36,823
National Retail Properties, Inc. 3.50%, 4/15/2051	123,000	84,942
Omega Healthcare Investors, Inc.
3.38%, 2/1/2031	160,000	126,420
3.25%, 4/15/2033	423,000	303,346
Phillips Edison Grocery Center Operating Partnership I LP 2.63%, 11/15/2031	53,000	39,816
Physicians Realty LP 4.30%, 3/15/2027	202,000	192,241
Prologis LP 3.05%, 3/1/2050	247,000	170,563
Rayonier LP 2.75%, 5/17/2031	71,000	56,999
Regency Centers LP 2.95%, 9/15/2029	207,000	174,285
Sabra Health Care LP 5.13%, 8/15/2026	208,000	196,611
Simon Property Group LP
3.38%, 10/1/2024	500,000	484,689
2.20%, 2/1/2031	755,000	603,122
SITE Centers Corp. 4.25%, 2/1/2026	10,000	9,428
Spirit Realty LP 3.20%, 1/15/2027	276,000	248,569
STORE Capital Corp. 4.50%, 3/15/2028	135,000	120,009
Sun Communities Operating LP 4.20%, 4/15/2032	130,000	115,314
Tanger Properties LP 3.13%, 9/1/2026	181,000	164,162
UDR, Inc. 3.00%, 8/15/2031	222,000	186,908
Ventas Realty LP 5.70%, 9/30/2043	121,000	114,051
VICI Properties LP 5.13%, 5/15/2032	233,000	216,042
Vornado Realty LP 2.15%, 6/1/2026	138,000	118,857
Welltower OP LLC
4.00%, 6/1/2025	250,000	241,655
4.95%, 9/1/2048	160,000	136,250
Weyerhaeuser Co. 3.38%, 3/9/2033	202,000	169,943
		11,412,056
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.
2.75%, 5/18/2024	1,111,000	1,078,728
3.00%, 5/18/2027	200,000	188,155
1.38%, 6/20/2027	132,000	115,435

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Food & Staples Retailing — continued
1.75%, 4/20/2032 (e)	176,000	138,875
Kroger Co. (The) 5.40%, 7/15/2040	294,000	280,250
Sysco Corp. 3.15%, 12/14/2051	351,000	230,125
Walgreens Boots Alliance, Inc. 3.20%, 4/15/2030 (e)	386,000	326,752
Walmart, Inc.
2.85%, 7/8/2024	252,000	244,642
3.70%, 6/26/2028	10,000	9,562
3.25%, 7/8/2029	10,000	9,238
2.95%, 9/24/2049	611,000	442,016
4.50%, 9/9/2052	122,000	115,025
		3,178,803
Food Products — 0.3%
Archer-Daniels-Midland Co. 4.54%, 3/26/2042	205,000	187,793
Bunge Ltd. Finance Corp. 3.75%, 9/25/2027	313,000	294,162
Campbell Soup Co. 4.80%, 3/15/2048	81,000	72,118
Conagra Brands, Inc. 5.30%, 11/1/2038	302,000	281,120
Flowers Foods, Inc. 2.40%, 3/15/2031	94,000	75,591
Hormel Foods Corp. 1.70%, 6/3/2028	534,000	456,887
Ingredion, Inc. 2.90%, 6/1/2030	155,000	132,027
J M Smucker Co. (The) 2.38%, 3/15/2030	345,000	288,628
JBS USA LUX SA 5.75%, 4/1/2033 (f)	478,000	446,923
Kellogg Co. 4.30%, 5/15/2028	542,000	526,530
Kraft Heinz Foods Co. 6.50%, 2/9/2040	488,000	514,475
McCormick & Co., Inc. 2.50%, 4/15/2030	182,000	151,282
Mead Johnson Nutrition Co. (United Kingdom) 5.90%, 11/1/2039	67,000	70,117
Tyson Foods, Inc. 5.15%, 8/15/2044	211,000	191,921
Unilever Capital Corp. (United Kingdom) 2.90%, 5/5/2027	913,000	849,552
		4,539,126
Gas Utilities — 0.1%
Atmos Energy Corp. 1.50%, 1/15/2031	769,000	596,504
CenterPoint Energy Resources Corp. 5.85%, 1/15/2041	268,000	274,100
National Fuel Gas Co. 5.20%, 7/15/2025	488,000	481,445
Southern California Gas Co. Series VV, 4.30%, 1/15/2049	546,000	446,503
Southwest Gas Corp. 3.18%, 8/15/2051	103,000	65,935
Spire Missouri, Inc. 3.30%, 6/1/2051	48,000	33,716
		1,898,203

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories
2.95%, 3/15/2025	490,000	470,646
1.40%, 6/30/2030	764,000	611,541
6.15%, 11/30/2037	375,000	418,164
Baxter International, Inc.
1.73%, 4/1/2031	275,000	204,682
2.54%, 2/1/2032	326,000	252,485
DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030	91,000	77,643
Edwards Lifesciences Corp. 4.30%, 6/15/2028	146,000	140,010
Koninklijke Philips NV (Netherlands) 6.88%, 3/11/2038	79,000	87,107
Medtronic, Inc. 4.00%, 4/1/2043 (e)	227,000	195,822
Smith & Nephew plc (United Kingdom) 2.03%, 10/14/2030	115,000	90,437
STERIS Irish FinCo. UnLtd. Co. 2.70%, 3/15/2031	159,000	130,755
Zimmer Biomet Holdings, Inc. 5.75%, 11/30/2039	82,000	80,874
		2,760,166
Health Care Providers & Services — 1.3%
AdventHealth Obligated Group Series E, 2.80%, 11/15/2051	58,000	38,669
Adventist Health System 2.95%, 3/1/2029	140,000	121,055
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030	235,000	195,485
AmerisourceBergen Corp.
3.25%, 3/1/2025	270,000	258,683
2.80%, 5/15/2030	10,000	8,525
2.70%, 3/15/2031	203,000	168,600
Banner Health
2.34%, 1/1/2030	10,000	8,449
2.91%, 1/1/2042	120,000	88,661
Baptist Health South Florida Obligated Group Series 2021, 3.12%, 11/15/2071	39,000	23,857
Baptist Healthcare System Obligated Group Series 20B, 3.54%, 8/15/2050	54,000	39,427
BayCare Health System, Inc. Series 2020, 3.83%, 11/15/2050	58,000	47,360
Baylor Scott & White Holdings 3.97%, 11/15/2046	10,000	8,303
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051	49,000	32,065
BHSH System Obligated Group Series 19A, 3.49%, 7/15/2049	53,000	39,998

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050	64,000	44,738
Cardinal Health, Inc.
4.50%, 11/15/2044	119,000	98,710
4.37%, 6/15/2047	250,000	200,832
Catholic Health Services of Long Island Obligated Group Series 2020, 3.37%, 7/1/2050	49,000	34,697
Cedars-Sinai Health System Series 2021, 2.29%, 8/15/2031	93,000	75,860
Centene Corp. 3.38%, 2/15/2030	739,000	625,787
Children's Health System of Texas 2.51%, 8/15/2050	62,000	38,462
Children's Hospital Series 2020, 2.93%, 7/15/2050	47,000	30,754
Children's Hospital Corp. (The) Series 2020, 2.59%, 2/1/2050	74,000	47,285
Children's Hospital Medical Center 4.27%, 5/15/2044	58,000	51,943
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050	65,000	42,318
CHRISTUS Health Series C, 4.34%, 7/1/2028	124,000	118,247
Cigna Group (The) 3.40%, 3/15/2051	720,000	506,520
Cleveland Clinic Foundation (The) 4.86%, 1/1/2114	34,000	30,341
CommonSpirit Health 2.78%, 10/1/2030	548,000	458,869
Community Health Network, Inc. Series 20-A, 3.10%, 5/1/2050	51,000	33,500
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049	61,000	44,288
CVS Health Corp.
3.88%, 7/20/2025	1,500,000	1,453,438
4.30%, 3/25/2028	1,500,000	1,433,781
1.75%, 8/21/2030	499,000	389,377
2.70%, 8/21/2040	500,000	338,185
Dartmouth-Hitchcock Health Series B, 4.18%, 8/1/2048	43,000	35,513
Duke University Health System, Inc. Series 2017, 3.92%, 6/1/2047	68,000	57,476
Elevance Health, Inc.
2.25%, 5/15/2030	200,000	164,732
4.63%, 5/15/2042	10,000	9,024
4.38%, 12/1/2047	100,000	84,487
3.70%, 9/15/2049	676,000	509,413
Franciscan Missionaries of Our Lady Health System, Inc. Series B, 3.91%, 7/1/2049	44,000	33,647

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
Fred Hutchinson Cancer Center Series 2022, 4.97%, 1/1/2052	42,000	40,375
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041	147,000	104,179
Hartford HealthCare Corp. 3.45%, 7/1/2054	48,000	34,321
HCA, Inc.
3.13%, 3/15/2027 (f)	2,440,000	2,220,824
5.25%, 6/15/2049	170,000	146,774
Hoag Memorial Hospital Presbyterian 3.80%, 7/15/2052	59,000	47,557
Humana, Inc. 4.80%, 3/15/2047	190,000	167,660
IHC Health Services, Inc. 4.13%, 5/15/2048	53,000	44,850
Inova Health System Foundation 4.07%, 5/15/2052	53,000	44,654
Integris Baptist Medical Center, Inc. Series A, 3.88%, 8/15/2050	47,000	34,936
Iowa Health System Series 2020, 3.67%, 2/15/2050	44,000	33,026
Johns Hopkins Health System Corp. (The) 3.84%, 5/15/2046	73,000	60,640
Kaiser Foundation Hospitals 4.15%, 5/1/2047	286,000	251,050
Laboratory Corp. of America Holdings
3.25%, 9/1/2024	10,000	9,682
4.70%, 2/1/2045	103,000	88,104
Mass General Brigham, Inc. Series 2020, 3.19%, 7/1/2049	132,000	94,003
McLaren Health Care Corp. Series A, 4.39%, 5/15/2048	51,000	44,486
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049	44,000	32,197
Memorial Health Services 3.45%, 11/1/2049	49,000	36,785
Memorial Sloan-Kettering Cancer Center 5.00%, 7/1/2042	147,000	146,000
Methodist Hospital (The) Series 20A, 2.71%, 12/1/2050	66,000	42,601
Montefiore Obligated Group Series 18-C, 5.25%, 11/1/2048	20,000	14,631
Mount Nittany Medical Center Obligated Group Series 2022, 3.80%, 11/15/2052	43,000	33,199
MultiCare Health System 2.80%, 8/15/2050	45,000	27,006
MyMichigan Health Series 2020, 3.41%, 6/1/2050	46,000	32,496

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
Nationwide Children's Hospital, Inc. 4.56%, 11/1/2052	44,000	40,892
New York and Presbyterian Hospital (The)
4.02%, 8/1/2045	163,000	138,523
4.06%, 8/1/2056	10,000	8,381
Series 2019, 3.95%, 8/1/2119	940,000	675,719
Northwell Healthcare, Inc. 4.26%, 11/1/2047	111,000	91,347
Northwestern Memorial Healthcare Obligated Group Series 2021, 2.63%, 7/15/2051 (e)	128,000	83,256
Novant Health, Inc. 2.64%, 11/1/2036	137,000	103,065
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery Series 2020, 2.67%, 10/1/2050	56,000	35,622
Ochsner LSU Health System of North Louisiana Series 2021, 2.51%, 5/15/2031	10,000	7,203
OhioHealth Corp. 2.83%, 11/15/2041	96,000	70,093
Piedmont Healthcare, Inc. Series 2032, 2.04%, 1/1/2032	134,000	104,764
Presbyterian Healthcare Services 4.88%, 8/1/2052	42,000	40,170
Queen's Health Systems (The) 4.81%, 7/1/2052	43,000	40,519
Rady Children's Hospital-San Diego Series 21A, 3.15%, 8/15/2051	49,000	33,905
Rush Obligated Group Series 2020, 3.92%, 11/15/2029	99,000	90,784
Seattle Children's Hospital Series 2021, 2.72%, 10/1/2050	55,000	35,673
Sentara Healthcare Series 2021, 2.93%, 11/1/2051	52,000	35,229
Sharp HealthCare Series 20B, 2.68%, 8/1/2050	52,000	32,528
SSM Health Care Corp. Series A, 3.82%, 6/1/2027	186,000	175,579
Stanford Health Care 3.03%, 8/15/2051	82,000	57,437
Summa Health 3.51%, 11/15/2051	41,000	29,100
Sutter Health Series 20A, 2.29%, 8/15/2030	252,000	208,005
Toledo Hospital (The) 5.75%, 11/15/2038	81,000	78,049
Trinity Health Corp. Series 2021, 2.63%, 12/1/2040	107,000	75,873
UMass Memorial Health Care Obligated Group 5.36%, 7/1/2052	35,000	33,937
UnitedHealth Group, Inc.
2.38%, 8/15/2024	600,000	576,285

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
2.00%, 5/15/2030	55,000	45,077
5.80%, 3/15/2036	147,000	153,979
3.25%, 5/15/2051	1,923,000	1,375,546
Universal Health Services, Inc. 2.65%, 10/15/2030	139,000	112,015
WakeMed Series A, 3.29%, 10/1/2052	44,000	30,591
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050	46,000	30,280
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050	59,000	36,240
		16,589,063
Hotels, Restaurants & Leisure — 0.2%
Booking Holdings, Inc. 3.55%, 3/15/2028	307,000	287,315
Choice Hotels International, Inc. 3.70%, 1/15/2031	83,000	71,621
Expedia Group, Inc. 3.25%, 2/15/2030	449,000	378,763
Hyatt Hotels Corp. 6.00%, 4/23/2030 (b)	100,000	100,436
McDonald's Corp.
3.30%, 7/1/2025	208,000	200,049
4.60%, 5/26/2045	656,000	582,566
Starbucks Corp. 3.00%, 2/14/2032	763,000	648,883
		2,269,633
Household Durables — 0.1%
Leggett & Platt, Inc. 4.40%, 3/15/2029	179,000	167,933
MDC Holdings, Inc. 3.85%, 1/15/2030	151,000	125,952
Mohawk Industries, Inc. 3.63%, 5/15/2030	79,000	68,945
NVR, Inc. 3.00%, 5/15/2030	105,000	89,651
PulteGroup, Inc. 7.88%, 6/15/2032	85,000	94,897
Toll Brothers Finance Corp.
4.88%, 3/15/2027	171,000	164,319
4.35%, 2/15/2028	25,000	23,133
		734,830
Household Products — 0.1%
Church & Dwight Co., Inc. 3.95%, 8/1/2047	104,000	83,646
Clorox Co. (The) 4.40%, 5/1/2029	219,000	209,953
Colgate-Palmolive Co. 3.25%, 8/15/2032 (e)	229,000	206,869
Kimberly-Clark Corp. 5.30%, 3/1/2041	181,000	184,169
Procter & Gamble Co. (The)
1.20%, 10/29/2030	195,000	153,637
4.05%, 1/26/2033 (e)	533,000	515,574
		1,353,848

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Independent Power and Renewable Electricity Producers — 0.0% ^
Constellation Energy Generation LLC
3.25%, 6/1/2025	247,000	234,788
5.60%, 6/15/2042	106,000	101,812
Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024	183,000	179,153
Oglethorpe Power Corp. 3.75%, 8/1/2050	163,000	119,452
		635,205
Industrial Conglomerates — 0.1%
3M Co.
3.63%, 10/15/2047	306,000	230,265
3.25%, 8/26/2049	495,000	345,071
GE Capital Funding LLC 4.55%, 5/15/2032	278,000	264,607
Honeywell International, Inc. 5.00%, 2/15/2033	426,000	431,164
		1,271,107
Insurance — 0.7%
Alleghany Corp. 3.63%, 5/15/2030	294,000	272,270
Allstate Corp. (The)
1.45%, 12/15/2030	100,000	76,628
4.50%, 6/15/2043	242,000	215,358
American Equity Investment Life Holding Co. 5.00%, 6/15/2027	116,000	113,899
American International Group, Inc. 3.88%, 1/15/2035	430,000	376,672
Aon Global Ltd. 4.75%, 5/15/2045	251,000	222,613
Arch Capital Group Ltd. 3.64%, 6/30/2050	167,000	120,134
Arthur J Gallagher & Co. 2.40%, 11/9/2031	180,000	142,585
Assurant, Inc. 2.65%, 1/15/2032	71,000	53,632
Assured Guaranty US Holdings, Inc. 3.60%, 9/15/2051	56,000	38,810
Athene Holding Ltd. 3.50%, 1/15/2031	222,000	186,325
AXIS Specialty Finance LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%), 4.90%, 1/15/2040 (c) (d)	43,000	36,772
Berkshire Hathaway Finance Corp. 2.50%, 1/15/2051	778,000	486,771
Brighthouse Financial, Inc. 5.63%, 5/15/2030	219,000	215,246
Brown & Brown, Inc. 4.50%, 3/15/2029	253,000	235,533
Chubb INA Holdings, Inc.
1.38%, 9/15/2030	22,000	17,068
3.05%, 12/15/2061	269,000	175,749
CNA Financial Corp. 3.45%, 8/15/2027	254,000	235,401

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Insurance — continued
CNO Financial Group, Inc. 5.25%, 5/30/2029	81,000	76,798
F&G Annuities & Life, Inc. 7.40%, 1/13/2028 (f)	65,000	65,026
Fidelity National Financial, Inc. 3.40%, 6/15/2030	164,000	141,140
First American Financial Corp. 4.00%, 5/15/2030	112,000	98,543
Globe Life, Inc. 2.15%, 8/15/2030	119,000	95,016
Hartford Financial Services Group, Inc. (The) 2.80%, 8/19/2029	485,000	417,668
Kemper Corp. 3.80%, 2/23/2032	18,000	15,222
Lincoln National Corp.
7.00%, 6/15/2040	122,000	131,857
4.38%, 6/15/2050	80,000	61,270
Loews Corp. 3.75%, 4/1/2026	714,000	686,543
Manulife Financial Corp. (Canada)
(USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (c)	98,000	90,875
3.70%, 3/16/2032	233,000	209,099
Markel Corp. 4.30%, 11/1/2047	147,000	116,495
Marsh & McLennan Cos., Inc. 2.25%, 11/15/2030	1,703,000	1,381,101
Mercury General Corp. 4.40%, 3/15/2027	114,000	108,839
MetLife, Inc.
4.13%, 8/13/2042	15,000	12,796
4.88%, 11/13/2043	586,000	546,702
Nationwide Financial Services, Inc. 6.75%, 5/15/2037	36,000	35,720
Primerica, Inc. 2.80%, 11/19/2031	85,000	70,238
Progressive Corp. (The) 3.20%, 3/26/2030	659,000	592,459
Prudential Financial, Inc.
3.94%, 12/7/2049	661,000	523,579
3.70%, 3/13/2051	93,000	71,003
Selective Insurance Group, Inc. 5.38%, 3/1/2049	34,000	30,644
Stewart Information Services Corp. 3.60%, 11/15/2031	50,000	38,674
Travelers Cos., Inc. (The) 4.60%, 8/1/2043	327,000	298,881
W R Berkley Corp. 3.15%, 9/30/2061	94,000	58,568
Willis North America, Inc. 3.88%, 9/15/2049	105,000	76,620
		9,272,842
Interactive Media & Services — 0.2%
Alphabet, Inc.
0.45%, 8/15/2025	3,021,000	2,733,103

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Interactive Media & Services — continued
2.25%, 8/15/2060	112,000	64,920
Meta Platforms, Inc. 4.45%, 8/15/2052	307,000	254,322
		3,052,345
Internet & Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd. (China)
2.80%, 6/6/2023	213,000	211,528
3.40%, 12/6/2027	437,000	401,354
2.70%, 2/9/2041	433,000	284,701
Amazon.com, Inc.
3.15%, 8/22/2027	2,365,000	2,209,079
4.05%, 8/22/2047	1,351,000	1,165,597
eBay, Inc. 4.00%, 7/15/2042	192,000	152,163
		4,424,422
IT Services — 0.2%
Amdocs Ltd. 2.54%, 6/15/2030	93,000	76,641
Broadridge Financial Solutions, Inc. 2.60%, 5/1/2031	150,000	121,348
Fidelity National Information Services, Inc. 4.50%, 8/15/2046	165,000	130,680
Global Payments, Inc.
2.90%, 5/15/2030	546,000	449,353
2.90%, 11/15/2031	12,000	9,532
International Business Machines Corp.
5.88%, 11/29/2032	1,233,000	1,291,827
4.00%, 6/20/2042	77,000	62,880
Kyndryl Holdings, Inc. 2.70%, 10/15/2028	174,000	142,347
PayPal Holdings, Inc.
2.40%, 10/1/2024	446,000	427,169
1.65%, 6/1/2025	52,000	48,174
2.30%, 6/1/2030	137,000	112,880
5.25%, 6/1/2062	108,000	98,822
VeriSign, Inc. 2.70%, 6/15/2031	104,000	83,841
		3,055,494
Leisure Products — 0.0% ^
Brunswick Corp. 2.40%, 8/18/2031	123,000	90,453
Hasbro, Inc. 3.90%, 11/19/2029	227,000	200,141
		290,594
Life Sciences Tools & Services — 0.0% ^
Agilent Technologies, Inc. 2.30%, 3/12/2031	155,000	126,080

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Life Sciences Tools & Services — continued
PerkinElmer, Inc. 2.55%, 3/15/2031	188,000	150,942
Thermo Fisher Scientific, Inc. 4.10%, 8/15/2047	230,000	201,075
		478,097
Machinery — 0.1%
Crane Holdings Co. 4.20%, 3/15/2048	39,000	28,582
Deere & Co. 2.88%, 9/7/2049	421,000	304,822
Dover Corp. 3.15%, 11/15/2025	645,000	611,246
IDEX Corp. 3.00%, 5/1/2030	128,000	110,087
Illinois Tool Works, Inc. 4.88%, 9/15/2041	128,000	125,579
Kennametal, Inc. 2.80%, 3/1/2031	66,000	52,070
nVent Finance SARL (United Kingdom) 2.75%, 11/15/2031	77,000	60,860
Oshkosh Corp. 3.10%, 3/1/2030	86,000	74,148
Parker-Hannifin Corp. 6.25%, 5/15/2038	167,000	175,665
Snap-on, Inc. 3.10%, 5/1/2050	96,000	70,520
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (c)	98,000	84,423
Timken Co. (The) 4.50%, 12/15/2028	134,000	126,870
Xylem, Inc. 4.38%, 11/1/2046	66,000	54,853
		1,879,725
Marine — 0.0% ^
Kirby Corp. 4.20%, 3/1/2028	104,000	97,587
Media — 0.7%
Charter Communications Operating LLC
6.48%, 10/23/2045	10,000	9,046
6.83%, 10/23/2055	1,058,000	986,356
3.85%, 4/1/2061	266,000	156,231
Comcast Corp.
3.70%, 4/15/2024	10,000	9,823
3.38%, 8/15/2025	342,000	328,486
1.95%, 1/15/2031	24,000	19,231
4.40%, 8/15/2035	38,000	35,041
3.20%, 7/15/2036	945,000	760,629
3.25%, 11/1/2039	2,725,000	2,121,392
4.00%, 11/1/2049	491,000	395,811
2.80%, 1/15/2051	79,000	50,481
2.65%, 8/15/2062	11,000	6,309
Discovery Communications LLC
5.20%, 9/20/2047	10,000	7,983
4.65%, 5/15/2050	1,274,000	930,857
Fox Corp. 4.71%, 1/25/2029	1,000,000	954,519

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Media — continued
Interpublic Group of Cos., Inc. (The)
4.75%, 3/30/2030	139,000	132,419
3.38%, 3/1/2041	48,000	34,905
Paramount Global 4.20%, 5/19/2032 (e)	1,500,000	1,235,112
Time Warner Cable LLC 4.50%, 9/15/2042	479,000	356,885
WPP Finance 2010 (United Kingdom) 3.75%, 9/19/2024	95,000	92,071
		8,623,587
Metals & Mining — 0.4%
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035	163,000	171,394
Freeport-McMoRan, Inc. 4.38%, 8/1/2028	764,000	711,245
Newmont Corp.
2.25%, 10/1/2030	61,000	49,162
5.45%, 6/9/2044	176,000	168,972
Nucor Corp. 2.70%, 6/1/2030	440,000	375,835
Rio Tinto Finance USA plc (Australia) 4.75%, 3/22/2042	274,000	258,050
Southern Copper Corp. (Mexico) 3.88%, 4/23/2025	2,292,000	2,218,012
Steel Dynamics, Inc. 3.45%, 4/15/2030	193,000	171,363
Teck Resources Ltd. (Canada) 5.40%, 2/1/2043	10,000	9,103
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030	483,000	420,032
6.88%, 11/21/2036	10,000	10,255
Yamana Gold, Inc. (Canada) 2.63%, 8/15/2031	24,000	18,382
		4,581,805
Multiline Retail — 0.2%
Dollar General Corp.
4.15%, 11/1/2025	10,000	9,735
3.88%, 4/15/2027	52,000	49,467
4.13%, 5/1/2028	200,000	190,303
3.50%, 4/3/2030	106,000	94,798
4.13%, 4/3/2050	26,000	20,610
Dollar Tree, Inc. 2.65%, 12/1/2031	167,000	134,313
Target Corp.
3.50%, 7/1/2024	1,426,000	1,394,063
2.95%, 1/15/2052	413,000	281,356
		2,174,645
Multi-Utilities — 0.2%
Avista Corp. 4.00%, 4/1/2052	64,000	51,357

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Berkshire Hathaway Energy Co. 4.50%, 2/1/2045	100,000	86,927
Black Hills Corp. 2.50%, 6/15/2030	10,000	8,139
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031 (e)	65,000	53,237
3.70%, 11/15/2059	10,000	7,203
Series C, 3.00%, 12/1/2060	715,000	444,696
Consolidated Edison, Inc. Series A, 0.65%, 12/1/2023	74,000	71,477
Consumers Energy Co.
3.95%, 5/15/2043	406,000	338,095
2.50%, 5/1/2060	10,000	5,612
Dominion Energy, Inc. Series C, 3.38%, 4/1/2030	500,000	438,200
DTE Energy Co. 2.95%, 3/1/2030	538,000	459,915
NiSource, Inc.
3.60%, 5/1/2030	10,000	8,932
5.25%, 2/15/2043	283,000	270,529
NorthWestern Corp. 4.18%, 11/15/2044	54,000	44,777
Puget Sound Energy, Inc. 3.25%, 9/15/2049	242,000	171,233
		2,460,329
Oil, Gas & Consumable Fuels — 1.6%
Boardwalk Pipelines LP 4.80%, 5/3/2029	183,000	173,453
BP Capital Markets America, Inc. 3.00%, 2/24/2050	723,000	491,523
Canadian Natural Resources Ltd. (Canada) 2.05%, 7/15/2025	2,490,000	2,301,434
Cenovus Energy, Inc. (Canada) 5.40%, 6/15/2047	183,000	164,770
Cheniere Energy Partners LP 4.00%, 3/1/2031	232,000	200,390
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024	250,000	246,666
CNOOC Finance 2015 USA LLC (China) 3.50%, 5/5/2025	401,000	385,309
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035	575,000	588,679
Continental Resources, Inc. 4.38%, 1/15/2028	229,000	212,378
DCP Midstream Operating LP 5.60%, 4/1/2044	81,000	75,702
Devon Energy Corp. 4.50%, 1/15/2030	968,000	900,500
Diamondback Energy, Inc. 6.25%, 3/15/2053	10,000	9,853

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
Eastern Gas Transmission & Storage, Inc. 4.60%, 12/15/2044	10,000	8,351
Energy Transfer LP
2.90%, 5/15/2025	171,000	161,388
5.25%, 4/15/2029	1,000,000	975,026
5.00%, 5/15/2044 (b)	338,000	278,797
5.35%, 5/15/2045	851,000	725,980
6.25%, 4/15/2049	321,000	305,126
Eni USA, Inc. (Italy) 7.30%, 11/15/2027	93,000	100,536
Enterprise Products Operating LLC
4.45%, 2/15/2043	1,238,000	1,057,430
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (c)	38,000	33,988
EOG Resources, Inc.
3.15%, 4/1/2025	1,125,000	1,078,144
3.90%, 4/1/2035	80,000	70,669
Equinor ASA (Norway)
7.75%, 6/15/2023	288,000	290,228
3.70%, 3/1/2024	80,000	78,772
2.38%, 5/22/2030	265,000	225,736
Exxon Mobil Corp.
3.48%, 3/19/2030	1,000,000	926,544
4.11%, 3/1/2046	483,000	413,322
Hess Corp. 7.30%, 8/15/2031	300,000	325,572
HF Sinclair Corp. 4.50%, 10/1/2030	64,000	56,942
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038	98,000	104,508
6.38%, 3/1/2041	250,000	249,373
Kinder Morgan, Inc.
2.00%, 2/15/2031	325,000	252,194
5.20%, 3/1/2048	842,000	731,070
Magellan Midstream Partners LP
4.20%, 10/3/2047	167,000	127,642
3.95%, 3/1/2050	250,000	183,805
Marathon Oil Corp.
4.40%, 7/15/2027	195,000	185,746
6.80%, 3/15/2032	98,000	101,097
Marathon Petroleum Corp. 6.50%, 3/1/2041	170,000	175,706
MPLX LP 5.20%, 3/1/2047	490,000	424,289
ONEOK, Inc. 4.45%, 9/1/2049	382,000	287,102
Ovintiv, Inc. 6.50%, 8/15/2034	148,000	148,208
Phillips 66 2.15%, 12/15/2030	450,000	359,656
Phillips 66 Co. 3.75%, 3/1/2028 (f)	1,141,000	1,053,662

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Pioneer Natural Resources Co. 1.13%, 1/15/2026	614,000	546,670
Plains All American Pipeline LP 6.65%, 1/15/2037	186,000	185,944
Targa Resources Corp. 4.95%, 4/15/2052	231,000	185,146
Tosco Corp. 8.13%, 2/15/2030	869,000	1,011,207
TotalEnergies Capital International SA (France) 3.39%, 6/29/2060	232,000	166,030
TransCanada PipeLines Ltd. (Canada) 4.75%, 5/15/2038	576,000	514,490
Valero Energy Corp. 3.40%, 9/15/2026	648,000	609,201
Williams Cos., Inc. (The)
5.40%, 3/4/2044	10,000	9,220
3.50%, 10/15/2051	596,000	406,547
		20,881,721
Paper & Forest Products — 0.0% ^
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029	364,000	358,377
Personal Products — 0.0% ^
Estee Lauder Cos., Inc. (The) 4.38%, 6/15/2045	64,000	57,437
Pharmaceuticals — 0.8%
Bristol-Myers Squibb Co.
4.63%, 5/15/2044	27,000	24,982
4.25%, 10/26/2049	820,000	707,963
Eli Lilly & Co. 2.50%, 9/15/2060	256,000	155,181
GlaxoSmithKline Capital, Inc. (United Kingdom) 4.20%, 3/18/2043	254,000	220,369
Johnson & Johnson
2.05%, 3/1/2023	188,000	188,000
0.55%, 9/1/2025	2,599,000	2,350,132
2.95%, 3/3/2027	92,000	86,639
3.70%, 3/1/2046	669,000	562,733
Merck & Co., Inc.
1.70%, 6/10/2027	750,000	662,297
3.40%, 3/7/2029	785,000	728,820
1.45%, 6/24/2030	1,171,000	936,815
Pfizer, Inc.
3.60%, 9/15/2028	835,000	793,785
1.75%, 8/18/2031	275,000	218,377
Royalty Pharma plc 2.15%, 9/2/2031	385,000	293,034
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030	894,000	728,657
Utah Acquisition Sub, Inc. 5.25%, 6/15/2046	350,000	272,981

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pharmaceuticals — continued
Viatris, Inc.
3.85%, 6/22/2040	715,000	487,959
4.00%, 6/22/2050	352,000	226,903
Wyeth LLC 5.95%, 4/1/2037	557,000	597,908
		10,243,535
Professional Services — 0.1%
Thomson Reuters Corp. (Canada) 3.35%, 5/15/2026	856,000	806,763
Real Estate Management & Development — 0.0% ^
CBRE Services, Inc. 2.50%, 4/1/2031	92,000	74,771
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC
3.40%, 9/1/2024	250,000	243,608
3.55%, 2/15/2050	851,000	652,762
Canadian Pacific Railway Co. (Canada) 6.13%, 9/15/2115	123,000	125,448
CSX Corp.
3.40%, 8/1/2024	210,000	204,398
4.75%, 5/30/2042	686,000	623,798
4.30%, 3/1/2048	24,000	20,422
Kansas City Southern 4.30%, 5/15/2043	170,000	141,411
Norfolk Southern Corp.
4.45%, 6/15/2045	27,000	22,881
3.70%, 3/15/2053	514,000	381,967
Ryder System, Inc. 1.75%, 9/1/2026	220,000	194,360
Triton Container International Ltd. (Bermuda) 3.25%, 3/15/2032	63,000	48,703
Union Pacific Corp. 3.38%, 2/1/2035	1,683,000	1,419,568
		4,079,326
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc. 2.95%, 10/1/2051	189,000	129,652
Applied Materials, Inc. 2.75%, 6/1/2050 (e)	243,000	165,216
Broadcom, Inc.
4.11%, 9/15/2028	46,000	43,034
2.45%, 2/15/2031 (f)	155,000	122,776
4.30%, 11/15/2032	47,000	41,672
4.93%, 5/15/2037 (f)	1,104,000	959,920
3.50%, 2/15/2041 (f)	350,000	250,591
Intel Corp.
2.80%, 8/12/2041	1,595,000	1,085,702
3.73%, 12/8/2047	60,000	44,451
KLA Corp. 3.30%, 3/1/2050	289,000	209,484

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
Micron Technology, Inc.
4.98%, 2/6/2026 (e)	507,000	500,057
2.70%, 4/15/2032	161,000	122,076
NVIDIA Corp. 0.31%, 6/15/2023	1,443,000	1,425,823
QUALCOMM, Inc.
3.25%, 5/20/2050	100,000	73,665
4.50%, 5/20/2052	10,000	8,885
Skyworks Solutions, Inc. 1.80%, 6/1/2026 (e)	225,000	198,073
Texas Instruments, Inc. 2.90%, 11/3/2027	1,758,000	1,627,075
TSMC Arizona Corp. (Taiwan) 1.75%, 10/25/2026	1,030,000	909,942
Xilinx, Inc. 2.38%, 6/1/2030	235,000	197,927
		8,116,021
Software — 0.4%
Fortinet, Inc. 2.20%, 3/15/2031	83,000	66,178
Microsoft Corp.
2.53%, 6/1/2050	171,000	114,183
4.00%, 2/12/2055	1,111,000	987,275
Oracle Corp.
2.50%, 4/1/2025	1,000,000	943,098
2.95%, 5/15/2025	1,000,000	948,385
3.60%, 4/1/2050	1,000,000	678,122
3.95%, 3/25/2051	2,119,000	1,520,552
Salesforce, Inc. 2.90%, 7/15/2051	298,000	200,399
ServiceNow, Inc. 1.40%, 9/1/2030	146,000	111,315
VMware, Inc. 1.80%, 8/15/2028	91,000	74,381
Workday, Inc. 3.70%, 4/1/2029	250,000	228,344
		5,872,232
Specialty Retail — 0.3%
Advance Auto Parts, Inc. 1.75%, 10/1/2027	210,000	177,963
AutoNation, Inc. 1.95%, 8/1/2028	244,000	198,663
AutoZone, Inc. 4.00%, 4/15/2030	275,000	252,687
Best Buy Co., Inc.
4.45%, 10/1/2028	70,000	67,047
1.95%, 10/1/2030	74,000	58,168
Dick's Sporting Goods, Inc. 4.10%, 1/15/2052	72,000	47,666
Home Depot, Inc. (The)
2.13%, 9/15/2026	500,000	455,142
2.70%, 4/15/2030	500,000	433,677
3.50%, 9/15/2056	1,023,000	767,104

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — continued
Lowe's Cos., Inc.
4.38%, 9/15/2045	707,000	577,944
4.05%, 5/3/2047	139,000	108,533
O'Reilly Automotive, Inc. 3.90%, 6/1/2029	281,000	260,243
TJX Cos., Inc. (The) 3.88%, 4/15/2030	238,000	223,794
Tractor Supply Co. 1.75%, 11/1/2030	98,000	75,457
		3,704,088
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
4.38%, 5/13/2045	2,104,000	1,934,205
2.65%, 5/11/2050	176,000	118,277
2.85%, 8/5/2061	10,000	6,504
Dell International LLC 3.38%, 12/15/2041 (f)	472,000	312,842
HP, Inc.
2.20%, 6/17/2025	417,000	389,309
1.45%, 6/17/2026	1,352,000	1,186,686
3.00%, 6/17/2027	13,000	11,822
Western Digital Corp.
4.75%, 2/15/2026	365,000	344,078
2.85%, 2/1/2029	100,000	78,627
3.10%, 2/1/2032	1,294,000	931,822
		5,314,172
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
2.38%, 11/1/2026	10,000	9,206
3.38%, 11/1/2046	10,000	7,701
PVH Corp. 4.63%, 7/10/2025	201,000	196,271
Ralph Lauren Corp. 3.75%, 9/15/2025	543,000	523,144
Tapestry, Inc. 4.13%, 7/15/2027	188,000	177,535
VF Corp. 2.80%, 4/23/2027	283,000	256,426
		1,170,283
Thrifts & Mortgage Finance — 0.0% ^
Radian Group, Inc. 4.88%, 3/15/2027	102,000	95,459
Tobacco — 0.4%
Altria Group, Inc.
2.35%, 5/6/2025	63,000	59,071
3.40%, 5/6/2030	185,000	159,302
4.25%, 8/9/2042	37,000	27,681
5.38%, 1/31/2044	658,000	573,003
4.45%, 5/6/2050	11,000	7,799
BAT Capital Corp. (United Kingdom)
4.39%, 8/15/2037	1,672,000	1,297,290

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Tobacco — continued
3.73%, 9/25/2040	250,000	170,968
Philip Morris International, Inc.
3.25%, 11/10/2024	1,887,000	1,828,433
4.88%, 11/15/2043	449,000	391,373
4.25%, 11/10/2044	250,000	199,227
		4,714,147
Trading Companies & Distributors — 0.1%
Air Lease Corp.
4.63%, 10/1/2028	101,000	94,283
3.25%, 10/1/2029	466,000	397,133
GATX Corp. 3.50%, 6/1/2032	228,000	191,625
WW Grainger, Inc.
1.85%, 2/15/2025	121,000	113,416
4.20%, 5/15/2047	105,000	90,274
		886,731
Water Utilities — 0.0% ^
American Water Capital Corp. 6.59%, 10/15/2037	275,000	300,205
Essential Utilities, Inc. 4.28%, 5/1/2049	127,000	103,057
		403,262
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029	934,000	849,692
6.38%, 3/1/2035	10,000	10,833
Rogers Communications, Inc. (Canada)
2.90%, 11/15/2026	595,000	543,792
3.20%, 3/15/2027 (f)	27,000	24,834
3.80%, 3/15/2032 (f)	43,000	37,565
5.45%, 10/1/2043	10,000	9,159
5.00%, 3/15/2044	339,000	294,118
Telefonica Europe BV (Spain) 8.25%, 9/15/2030	358,000	405,890
T-Mobile USA, Inc. 4.38%, 4/15/2040	1,503,000	1,277,584
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025	350,000	340,719
4.88%, 6/19/2049	521,000	451,225
		4,245,411
Total Corporate Bonds (Cost $337,265,533)		323,238,957
Commercial Mortgage-Backed Securities — 1.6%
BANK
Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050	24,066	23,093

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2019-BN16, Class A4, 4.01%, 2/15/2052	60,000	56,207
Series 2019-BN21, Class A5, 2.85%, 10/17/2052	60,000	52,059
Series 2019-BN23, Class A3, 2.92%, 12/15/2052	142,000	123,442
Series 2018-BN10, Class A5, 3.69%, 2/15/2061	20,000	18,611
Series 2018-BN10, Class AS, 3.90%, 2/15/2061 (g)	180,000	166,517
Series 2019-BN19, Class A3, 3.18%, 8/15/2061	100,000	88,506
Series 2018-BN13, Class C, 4.58%, 8/15/2061 (g)	500,000	414,662
Series 2019-BN22, Class A4, 2.98%, 11/15/2062	260,000	227,136
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4, 3.57%, 2/15/2050	20,000	18,704
BBCMS Mortgage Trust Series 2018-C2, Class A5, 4.31%, 12/15/2051	40,000	37,933
Benchmark Mortgage Trust
Series 2018-B1, Class A5, 3.67%, 1/15/2051 (g)	50,000	46,619
Series 2018-B2, Class B, 4.27%, 2/15/2051 (g)	20,000	17,764
Series 2018-B5, Class A4, 4.21%, 7/15/2051	110,000	104,561
Series 2018-B6, Class A2, 4.20%, 10/10/2051	35,896	35,150
Series 2018-B8, Class A5, 4.23%, 1/15/2052	40,000	37,933
Series 2019-B11, Class A2, 3.41%, 5/15/2052	214,149	207,139
Series 2020-B16, Class AM, 2.94%, 2/15/2053 (g)	180,000	151,452
Series 2021-B31, Class A5, 2.67%, 12/15/2054	600,000	495,548
Series 2019-B13, Class A3, 2.70%, 8/15/2057	450,000	386,511
Cantor Commercial Real Estate Lending Series 2019-CF2, Class AS, 3.12%, 11/15/2052	75,000	63,677
CD Mortgage Trust
Series 2017-CD6, Class ASB, 3.33%, 11/13/2050	19,029	18,098
Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (g)	30,000	27,323
Series 2018-CD7, Class A3, 4.01%, 8/15/2051	400,000	374,973

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
CFCRE Commercial Mortgage Trust
Series 2017-C8, Class A4, 3.57%, 6/15/2050	30,000	27,607
Series 2016-C7, Class ASB, 3.64%, 12/10/2054	14,613	14,081
Citigroup Commercial Mortgage Trust
Series 2014-GC21, Class AAB, 3.48%, 5/10/2047	4,025	3,970
Series 2014-GC23, Class B, 4.17%, 7/10/2047 (g)	30,000	27,977
Series 2015-GC29, Class C, 4.14%, 4/10/2048 (g)	40,000	36,962
Series 2016-C1, Class AAB, 3.00%, 5/10/2049	62,205	59,826
Series 2019-GC43, Class A4, 3.04%, 11/10/2052	1,000,000	874,494
Commercial Mortgage Trust
Series 2013-CR7, Class A4, 3.21%, 3/10/2046	899	894
Series 2013-CR13, Class B, 4.88%, 11/10/2046 (g)	364,000	352,139
Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (g)	40,000	38,323
Series 2014-CR20, Class A3, 3.33%, 11/10/2047	37,183	36,151
Series 2014-UBS6, Class A4, 3.38%, 12/10/2047	115,907	111,760
Series 2015-LC19, Class A4, 3.18%, 2/10/2048	250,000	238,550
Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (g)	30,000	28,306
Series 2015-CR25, Class A4, 3.76%, 8/10/2048	30,000	28,642
Series 2015-PC1, Class A5, 3.90%, 7/10/2050	300,000	288,394
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4, 3.72%, 8/15/2048	30,000	28,611
Series 2016-C5, Class A5, 3.76%, 11/15/2048	27,000	25,702
Series 2019-C15, Class A4, 4.05%, 3/15/2052	210,000	196,320
DBGS Mortgage Trust Series 2018-C1, Class A4, 4.47%, 10/15/2051	20,000	19,089
DBJPM Mortgage Trust Series 2017-C6, Class A5, 3.33%, 6/10/2050	20,000	18,401

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

FHLMC, Multi-Family Structured Pass-Through Certificates
Series K725, Class AM, 3.10%, 2/25/2024 (g)	50,000	49,082
Series K728, Class A2, 3.06%, 8/25/2024 (g)	48,595	47,520
Series K040, Class A2, 3.24%, 9/25/2024	70,000	67,989
Series K731, Class A2, 3.60%, 2/25/2025 (g)	47,021	45,886
Series K733, Class A2, 3.75%, 8/25/2025	500,000	485,565
Series K051, Class A2, 3.31%, 9/25/2025	40,000	38,424
Series K734, Class A2, 3.21%, 2/25/2026	370,000	353,957
Series K735, Class A2, 2.86%, 5/25/2026	49,609	46,870
Series K057, Class A2, 2.57%, 7/25/2026	63,000	58,803
Series K063, Class A1, 3.05%, 8/25/2026	31,248	30,522
Series K072, Class A2, 3.44%, 12/25/2027	400,000	380,501
Series K084, Class A2, 3.78%, 10/25/2028 (g)	500,000	479,404
Series K096, Class A2, 2.52%, 7/25/2029	295,000	262,205
Series K099, Class A2, 2.60%, 9/25/2029	400,000	355,995
Series K100, Class A2, 2.67%, 9/25/2029	400,000	357,442
Series K102, Class A2, 2.54%, 10/25/2029	400,000	354,318
Series K113, Class A2, 1.34%, 6/25/2030	700,000	563,277
Series K159, Class A2, 3.95%, 11/25/2030 (g)	400,000	383,922
Series K123, Class A2, 1.62%, 12/25/2030	500,000	405,193
Series K125, Class A2, 1.85%, 1/25/2031	300,000	246,864
Series K127, Class A2, 2.11%, 1/25/2031	600,000	503,641
Series K-1512, Class A2, 2.99%, 5/25/2031	75,000	67,219
Series K156, Class A3, 3.70%, 6/25/2033 (g)	91,000	85,163
Series K-1512, Class A3, 3.06%, 4/25/2034	150,000	129,915

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K-1513, Class A3, 2.80%, 8/25/2034	325,000	273,872
Series K-1514, Class A2, 2.86%, 10/25/2034	400,000	336,241
Series K-1518, Class A2, 1.86%, 10/25/2035	1,100,000	813,835
FNMA ACES
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (g)	14,265	14,168
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (g)	7,857	7,720
Series 2017-M10, Class AV2, 2.54%, 7/25/2024 (g)	40,518	39,207
Series 2017-M1, Class A2, 2.41%, 10/25/2026 (g)	153,136	141,770
Series 2017-M2, Class A2, 2.81%, 2/25/2027 (g)	292,777	274,131
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (g)	284,595	267,187
Series 2017-M12, Class A2, 3.06%, 6/25/2027 (g)	139,645	131,445
Series 2018-M10, Class A2, 3.36%, 7/25/2028 (g)	40,000	37,886
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (g)	430,289	410,472
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (g)	76,330	72,760
Series 2019-M22, Class A2, 2.52%, 8/25/2029	582,486	517,667
Series 2021-M2S, Class A2, 1.81%, 10/25/2031 (g)	700,000	567,878
GS Mortgage Securities Trust
Series 2014-GC24, Class AAB, 3.65%, 9/10/2047	7,141	7,025
Series 2014-GC24, Class AS, 4.16%, 9/10/2047 (g)	170,000	162,108
Series 2015-GC28, Class A4, 3.14%, 2/10/2048	36,839	35,572
Series 2015-GC30, Class A4, 3.38%, 5/10/2050	25,000	23,782
Series 2018-GS9, Class A4, 3.99%, 3/10/2051 (g)	200,000	187,908
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052	260,000	227,364
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class C, 4.11%, 7/15/2045 (g)	26,000	25,615

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2015-C29, Class B, 4.12%, 5/15/2048 (g)	40,000	36,257
Series 2015-C31, Class A3, 3.80%, 8/15/2048	555,603	531,908
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class A5, 3.72%, 3/15/2050	600,000	560,789
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class B, 3.99%, 6/15/2049 (g)	20,000	17,403
Series 2017-C5, Class B, 4.01%, 3/15/2050 (g)	20,000	16,524
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C9, Class A4, 3.10%, 5/15/2046	26,014	25,804
Series 2015-C22, Class AS, 3.56%, 4/15/2048	40,000	37,772
Series 2015-C25, Class ASB, 3.38%, 10/15/2048	22,202	21,521
Series 2015-C25, Class A5, 3.64%, 10/15/2048	40,000	37,976
Series 2016-C31, Class A5, 3.10%, 11/15/2049	450,000	413,860
Series 2016-C32, Class A4, 3.72%, 12/15/2049	295,000	276,399
Morgan Stanley Capital I Trust
Series 2016-UB12, Class A3, 3.34%, 12/15/2049	540,925	503,845
Series 2017-H1, Class C, 4.28%, 6/15/2050 (g)	25,000	21,632
Series 2019-L2, Class A4, 4.07%, 3/15/2052	50,000	46,727
Series 2019-L3, Class A4, 3.13%, 11/15/2052	100,000	87,661
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 8/15/2050	700,000	647,608
Series 2017-C4, Class ASB, 3.37%, 10/15/2050	36,624	34,934
Series 2017-C5, Class AS, 3.78%, 11/15/2050 (g)	70,000	62,278
Series 2017-C7, Class AS, 4.06%, 12/15/2050 (g)	50,000	45,994
Wells Fargo Commercial Mortgage Trust
Series 2015-C27, Class A4, 3.19%, 2/15/2048	28,047	26,797

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2015-C28, Class A4, 3.54%, 5/15/2048	20,000	19,094
Series 2015-C29, Class A4, 3.64%, 6/15/2048	120,000	114,457
Series 2018-C45, Class A3, 3.92%, 6/15/2051	41,300	38,684
Series 2019-C51, Class A3, 3.06%, 6/15/2052	500,000	442,506
Series 2019-C53, Class A4, 3.04%, 10/15/2052	125,000	109,311
Series 2020-C55, Class A5, 2.73%, 2/15/2053	240,000	203,801
WFRBS Commercial Mortgage Trust
Series 2014-C22, Class A4, 3.49%, 9/15/2057	33,979	32,874
Series 2014-C22, Class A5, 3.75%, 9/15/2057	25,000	24,176
Total Commercial Mortgage-Backed Securities (Cost $23,529,626)		20,463,699
Foreign Government Securities — 1.5%
Export Development Canada 3.00%, 5/25/2027 (e)	105,000	99,235
Export-Import Bank of Korea 0.75%, 9/21/2025	215,000	192,156
Hong Kong Government International Bond 1.75%, 11/24/2031 (h)	200,000	163,816
Hungary Government Bond 7.63%, 3/29/2041	262,000	294,593
Italian Republic Government Bond
2.38%, 10/17/2024	657,000	621,346
2.88%, 10/17/2029	452,000	381,791
5.38%, 6/15/2033	487,000	477,278
Japan Bank for International Cooperation
3.38%, 10/31/2023	200,000	197,264
0.50%, 4/15/2024	200,000	189,252
3.00%, 5/29/2024	201,000	195,095
2.50%, 5/28/2025	220,000	207,845
2.88%, 6/1/2027 (e)	202,000	186,925
2.88%, 7/21/2027	218,000	201,954
3.50%, 10/31/2028	450,000	422,192
Japan International Cooperation Agency 1.00%, 7/22/2030	210,000	162,338
Oriental Republic of Uruguay
5.75%, 10/28/2034	76,000	81,746
4.13%, 11/20/2045 (e)	805,000	725,306

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Province of Alberta
3.35%, 11/1/2023	100,000	98,718
1.00%, 5/20/2025 (e)	885,000	813,474
Province of British Columbia
1.75%, 9/27/2024	412,000	391,046
2.25%, 6/2/2026	299,000	277,374
0.90%, 7/20/2026 (e)	705,000	623,987
Province of Ontario
3.40%, 10/17/2023	257,000	253,980
3.05%, 1/29/2024	155,000	151,777
2.50%, 4/27/2026	10,000	9,346
2.30%, 6/15/2026	490,000	454,354
2.13%, 1/21/2032	262,000	219,759
Province of Quebec
1.50%, 2/11/2025	955,000	893,954
0.60%, 7/23/2025	30,000	27,186
2.50%, 4/20/2026	99,000	92,787
Republic of Chile
2.45%, 1/31/2031 (e)	1,543,000	1,287,390
4.34%, 3/7/2042 (e)	370,000	316,708
Republic of Indonesia
3.40%, 9/18/2029	200,000	183,402
3.85%, 10/15/2030	494,000	461,608
4.35%, 1/11/2048	500,000	439,401
3.35%, 3/12/2071	201,000	136,614
Republic of Panama
8.88%, 9/30/2027	654,000	753,016
2.25%, 9/29/2032	1,500,000	1,116,949
6.70%, 1/26/2036	78,000	82,610
4.30%, 4/29/2053	200,000	145,118
4.50%, 4/1/2056	211,000	154,177
Republic of Peru
2.39%, 1/23/2026	783,000	728,921
2.78%, 1/23/2031	120,000	99,060
1.86%, 12/1/2032	200,000	145,505
8.75%, 11/21/2033	10,000	12,390
3.30%, 3/11/2041	72,000	52,618
3.55%, 3/10/2051	58,000	41,411
3.60%, 1/15/2072 (e)	99,000	64,366
3.23%, 7/28/2121 (e)	1,420,000	829,501
Republic of Philippines
9.50%, 2/2/2030	304,000	380,114
2.95%, 5/5/2045	1,282,000	912,306
2.65%, 12/10/2045	250,000	168,069
3.20%, 7/6/2046	200,000	144,059

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Republic of Poland 5.75%, 11/16/2032	18,000	18,872
State of Israel Government Bond 2.75%, 7/3/2030	225,000	199,119
Svensk Exportkredit AB 1.75%, 12/12/2023 (e)	200,000	194,475
United Mexican States
3.25%, 4/16/2030 (e)	455,000	396,185
6.75%, 9/27/2034	265,000	283,213
4.75%, 3/8/2044	476,000	396,282
4.60%, 1/23/2046	200,000	160,824
4.60%, 2/10/2048 (e)	200,000	160,103
5.00%, 4/27/2051	300,000	252,672
3.77%, 5/24/2061	499,000	329,982
5.75%, 10/12/2110	40,000	35,474
Total Foreign Government Securities (Cost $21,649,172)		20,190,388
U.S. Government Agency Securities — 1.3%
FFCB Funding Corp.
0.57%, 7/2/2024	45,000	42,213
0.69%, 7/22/2025	225,000	202,851
0.57%, 8/12/2025	150,000	134,524
0.75%, 12/16/2026	100,000	86,091
1.30%, 3/30/2027	820,000	716,231
0.84%, 2/2/2028	50,000	41,634
1.10%, 8/10/2029	39,000	31,185
1.23%, 9/10/2029	35,000	28,272
1.23%, 7/29/2030	252,000	197,441
1.24%, 9/3/2030	129,000	100,869
1.32%, 9/9/2030	360,000	283,137
1.24%, 12/23/2030	120,000	92,899
1.38%, 1/14/2031	135,000	105,537
1.30%, 2/3/2031	125,000	96,917
2.23%, 3/12/2035	12,000	9,119
1.69%, 8/20/2035	296,000	206,928
FHLB
2.50%, 2/13/2024	565,000	550,397
1.50%, 8/15/2024	1,425,000	1,354,672
2.75%, 12/13/2024	400,000	383,988
0.50%, 4/14/2025	1,785,000	1,633,792
0.58%, 2/11/2026	65,000	57,284
3.25%, 11/16/2028	860,000	817,593
2.13%, 9/14/2029	125,000	109,214
1.50%, 3/14/2031	30,000	24,167
5.50%, 7/15/2036	35,000	39,068

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

FHLMC
0.38%, 4/20/2023	428,000	425,428
2.75%, 6/19/2023	282,000	280,006
0.25%, 6/26/2023	14,000	13,793
0.25%, 8/24/2023	357,000	348,767
1.50%, 2/12/2025	104,000	97,522
0.38%, 7/21/2025	290,000	261,642
0.38%, 9/23/2025	892,000	801,971
0.63%, 10/27/2025	300,000	268,337
0.80%, 10/27/2026	103,000	89,537
0.80%, 10/28/2026	41,000	35,569
0.90%, 10/13/2027	65,000	55,159
2.73%, 12/14/2029 (i)	80,000	59,313
6.25%, 7/15/2032	726,000	841,660
0.0%, 11/15/2038 (i)	597,000	295,718
FNMA
0.30%, 8/3/2023	1,022,000	1,000,692
2.88%, 9/12/2023	256,000	252,883
2.63%, 9/6/2024	245,000	236,476
0.38%, 8/25/2025	300,000	269,831
0.50%, 11/7/2025	155,000	139,118
2.13%, 4/24/2026	25,000	23,279
1.88%, 9/24/2026	541,000	495,906
0.88%, 12/18/2026	60,000	52,114
0.75%, 10/8/2027	113,000	96,778
6.25%, 5/15/2029	310,000	344,202
7.13%, 1/15/2030	31,000	36,428
0.88%, 8/5/2030	1,781,000	1,410,671
Israel Government AID Bond (Israel) 5.50%, 9/18/2023	473,000	473,337
Tennessee Valley Authority
0.75%, 5/15/2025	59,000	53,882
7.13%, 5/1/2030	166,000	192,935
4.70%, 7/15/2033	408,000	411,991
6.15%, 1/15/2038	35,000	39,883
Total U.S. Government Agency Securities (Cost $17,688,359)		16,750,851
Supranational — 1.2%
African Development Bank (Supranational)
0.75%, 4/3/2023	540,000	538,005
3.00%, 9/20/2023	51,000	50,382
0.88%, 3/23/2026	166,000	148,385
0.88%, 7/22/2026	574,000	507,359
Asian Development Bank (Supranational)
2.75%, 3/17/2023	64,000	63,943

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Supranational — continued
1.50%, 10/18/2024	130,000	122,836
0.63%, 4/29/2025	79,000	72,272
0.38%, 9/3/2025	1,892,000	1,701,446
0.50%, 2/4/2026	835,000	742,295
1.88%, 1/24/2030	40,000	34,459
Asian Infrastructure Investment Bank (The) (Supranational)
0.50%, 10/30/2024	120,000	111,197
0.50%, 1/27/2026	333,000	294,415
Corp. Andina de Fomento (Supranational)
1.63%, 9/23/2025 (e)	543,000	494,197
2.25%, 2/8/2027 (e)	567,000	506,963
Council of Europe Development Bank (Supranational) 1.38%, 2/27/2025 (e)	281,000	262,409
European Investment Bank (Supranational)
0.25%, 9/15/2023	623,000	606,878
1.88%, 2/10/2025	479,000	452,646
0.38%, 12/15/2025 (e)	2,280,000	2,032,088
0.38%, 3/26/2026	2,999,000	2,645,309
0.88%, 5/17/2030	337,000	269,808
Inter-American Development Bank (Supranational)
0.88%, 4/3/2025	10,000	9,222
7.00%, 6/15/2025	91,000	94,940
2.00%, 6/2/2026	481,000	443,015
4.00%, 1/12/2028	350,000	345,617
1.13%, 7/20/2028	312,000	264,945
4.38%, 1/24/2044	191,000	189,417
International Bank for Reconstruction & Development (Supranational)
2.50%, 3/19/2024	408,000	396,673
2.50%, 11/25/2024	470,000	450,811
0.75%, 3/11/2025	43,000	39,644
0.38%, 7/28/2025	1,259,000	1,137,108
2.50%, 7/29/2025	870,000	827,310
3.13%, 11/20/2025	70,000	67,306
1.75%, 10/23/2029	40,000	34,329
2.50%, 3/29/2032	30,000	26,489
4.75%, 2/15/2035	192,000	200,264
Total Supranational (Cost $17,282,021)		16,184,382
Municipal Bonds — 0.4% (j)
Arizona — 0.1%
City of Tucson, Taxable Series 2021A, COP, AGM, 2.86%, 7/1/2047	865,000	603,880

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

California — 0.2%
Bay Area Toll Authority, Toll Bridge
Series 2010S-1, Rev., 6.92%, 4/1/2040	40,000	47,445
Series 2009F-2, Rev., 6.26%, 4/1/2049	100,000	119,901
California State University, Systemwide Series 2021B, Rev., 2.72%, 11/1/2052	1,070,000	728,720
East Bay Municipal Utility District, Water System Series 2010B, Rev., 5.87%, 6/1/2040	155,000	169,698
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B, Rev., 3.29%, 6/1/2042	455,000	347,077
Los Angeles Unified School District, Build America Bonds
GO, 5.75%, 7/1/2034	20,000	21,086
Series 2010RY, GO, 6.76%, 7/1/2034	105,000	118,664
Regents of the University of California Medical Center Pooled
Series H, Rev., 6.55%, 5/15/2048	40,000	46,605
Series 2020N, Rev., 3.71%, 5/15/2120	140,000	93,332
Santa Clara Valley Transportation Authority, Measure A Sales Tax Series 2010A, Rev., 5.88%, 4/1/2032	190,000	195,512
State of California, Various Purpose
GO, 7.50%, 4/1/2034	235,000	284,975
GO, 7.55%, 4/1/2039	400,000	508,485
Total California		2,681,500
Connecticut — 0.0% ^
State of Connecticut Series A, GO, 5.85%, 3/15/2032	75,000	80,313
Illinois — 0.1%
Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018C, Rev., 4.47%, 1/1/2049	25,000	23,347
Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/2038	55,000	58,960
Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040	55,000	51,820
State of Illinois GO, 5.10%, 6/1/2033	410,000	403,092
Total Illinois		537,219
Missouri — 0.0% ^
Health and Educational Facilities Authority of the State of Missouri, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057	45,000	35,750

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Nebraska — 0.0% ^
University of Nebraska Facilities Corp., Taxable Series 2019A, Rev., 3.04%, 10/1/2049	50,000	37,965
New Jersey — 0.0% ^
New Jersey Economic Development Authority, Pension Funding Series 1997A, Rev., NATL - RE, 7.43%, 2/15/2029	35,000	37,591
New Jersey Turnpike Authority Series F, Rev., 7.41%, 1/1/2040	250,000	313,943
Total New Jersey		351,534
New York — 0.0% ^
Port Authority of New York and New Jersey, Consolidated
Series 174, Rev., 4.46%, 10/1/2062	100,000	91,306
Series 192, Rev., 4.81%, 10/15/2065	120,000	116,538
Total New York		207,844
Ohio — 0.0% ^
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2010B, Rev., 7.83%, 2/15/2041	25,000	31,424
Texas — 0.0% ^
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2021-A, Rev., 2.61%, 12/1/2048	100,000	68,654
Grand Parkway Transportation Corp., System Toll Series 2020B, Rev., 3.24%, 10/1/2052	100,000	75,149
Permanent University Fund - Texas A&M University System Series B, Rev., 3.66%, 7/1/2047	20,000	17,055
State of Texas, Transportation Commission Highway Improvement Series 2010A, GO, 4.68%, 4/1/2040	45,000	44,368
State of Texas, Transportation Commission Mobility Fund Series 2009A, GO, 5.52%, 4/1/2039	120,000	128,261
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Mobility Partners LLC Series 2019B, Rev., 3.92%, 12/31/2049	100,000	78,851
Total Texas		412,338
Total Municipal Bonds (Cost $6,253,192)		4,979,767

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — 0.3%
American Airlines Pass-Through Trust Series 2019-1, Class AA, 3.15%, 2/15/2032	175,830	152,473
American Express Credit Account Master Trust
Series 2022-2, Class A, 3.39%, 5/15/2027	800,000	771,407
Series 2022-3, Class A, 3.75%, 8/15/2027	200,000	193,889
Capital One Multi-Asset Execution Trust Series 2019-A3, Class A3, 2.06%, 8/15/2028	400,000	363,522
CarMax Auto Owner Trust Series 2022-1, Class A4, 1.70%, 8/16/2027	365,000	335,401
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7, 3.96%, 10/13/2030	100,000	96,351
Evergy Metro, Inc., 4.20%, 3/15/2048	209,000	173,127
Ford Credit Floorplan Master Owner Trust
Series 2020-2, Class A, 1.06%, 9/15/2027	600,000	540,650
Series 2018-4, Class A, 4.06%, 11/15/2030	600,000	567,844
Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026	50,000	49,828
Toyota Auto Receivables Owner Trust Series 2022-B, Class A3, 2.93%, 9/15/2026	600,000	578,394
World Omni Select Auto Trust Series 2019-A, Class D, 2.59%, 12/15/2025	182,000	178,362
Total Asset-Backed Securities (Cost $4,134,969)		4,001,248
	SHARES
Short-Term Investments — 8.2%
Investment Companies — 7.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (k) (l) (Cost $91,260,954)	91,260,954	91,260,954
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.78% (k) (l)	12,989,448	12,994,643

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (k) (l)	2,787,225	2,787,225
Total Investment of Cash Collateral from Securities Loaned (Cost $15,781,868)		15,781,868
Total Short-Term Investments (Cost $107,042,822)		107,042,822
Total Investments — 107.2% (Cost $1,531,378,708)		1,406,532,120
Liabilities in Excess of Other Assets — (7.2)%		(94,431,143)
NET ASSETS — 100.0%		1,312,100,977

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
AGM	Insured by Assured Guaranty Municipal Corp.
CME	Chicago Mercantile Exchange
COP	Certificate of Participation
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
RE	Reinsured
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
SOFRINDX	Compounding index of the Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

Amount rounds to less than 0.1% of net assets.

(a)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(b)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2023.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2023.
(d)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2023 is $601,964 or 0.05% of the Fund’s net assets as of February 28, 2023 .
(e)	The security or a portion of this security is on loan at February 28, 2023. The total value of securities on loan at February 28, 2023 is $15,321,337.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2023.
(h)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(i)	The rate shown is the effective yield as of February 28, 2023.
(j)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(k)	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.
(l)	The rate shown is the current yield as of February 28, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

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)

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — 98.0%
Aerospace & Defense — 3.3%
Bombardier, Inc. (Canada)
7.13%, 6/15/2026 (a)	783,000	768,855
7.88%, 4/15/2027 (a)	936,000	930,206
7.50%, 2/1/2029 (a)	242,000	237,170
Howmet Aerospace, Inc.
6.88%, 5/1/2025	344,000	350,020
5.90%, 2/1/2027	509,000	506,744
5.95%, 2/1/2037	335,000	328,273
Maxar Technologies, Inc. 7.75%, 6/15/2027 (a)	261,000	272,920
Moog, Inc. 4.25%, 12/15/2027 (a)	191,000	174,767
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)	600,000	579,192
Spirit AeroSystems, Inc.
7.50%, 4/15/2025 (a)	593,000	592,466
9.38%, 11/30/2029 (a)	478,000	504,888
TransDigm, Inc.
6.25%, 3/15/2026 (a)	1,702,000	1,679,441
6.38%, 6/15/2026	112,000	108,621
5.50%, 11/15/2027	1,432,000	1,318,571
4.88%, 5/1/2029	136,000	116,630
Triumph Group, Inc.
8.88%, 6/1/2024 (a)	293,000	304,817
6.25%, 9/15/2024 (a)	83,000	82,896
7.75%, 8/15/2025	497,000	475,878
Wesco Aircraft Holdings, Inc.
8.50%, 11/15/2024 (a)	1,563,000	703,350
9.00%, 11/15/2026 (a)	1,764,000	1,189,324
		11,225,029
Air Freight & Logistics — 0.0% ^
Rand Parent LLC 8.50%, 2/15/2030 (a)	25,000	24,003
Airlines — 1.6%
Air Canada (Canada) 3.88%, 8/15/2026 (a)	456,000	410,779
Allegiant Travel Co. 7.25%, 8/15/2027 (a)	536,000	526,620
American Airlines Group, Inc. 3.75%, 3/1/2025 (a)	506,000	461,919
American Airlines, Inc.
5.50%, 4/20/2026 (a)	572,009	556,707
5.75%, 4/20/2029 (a)	1,381,009	1,313,499
Delta Air Lines, Inc.
7.38%, 1/15/2026	85,000	87,465
4.38%, 4/19/2028	200,000	182,520
3.75%, 10/28/2029	308,000	264,175

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Airlines — continued
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)	191,111	177,717
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)	267,000	268,001
United Airlines Holdings, Inc. 4.88%, 1/15/2025	200,000	194,340
United Airlines, Inc.
4.38%, 4/15/2026 (a)	110,000	103,530
4.63%, 4/15/2029 (a)	1,113,000	986,714
		5,533,986
Auto Components — 2.3%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)	350,000	323,911
Allison Transmission, Inc. 5.88%, 6/1/2029 (a)	493,000	467,117
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027	664,000	613,748
5.00%, 10/1/2029	170,000	137,157
Clarios Global LP
6.25%, 5/15/2026 (a)	319,000	313,099
8.50%, 5/15/2027 (a)	797,000	792,446
Cooper-Standard Automotive, Inc.
4.50% (PIK), 3/31/2027 (a) (b)	249,050	256,739
10.63% (PIK), 5/15/2027 (a) (b)	189,000	113,438
Dana, Inc.
5.38%, 11/15/2027	268,000	247,289
5.63%, 6/15/2028	70,000	63,350
Dealer Tire LLC 8.00%, 2/1/2028 (a)	74,000	67,189
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)	290,000	218,950
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026	235,000	226,188
4.88%, 3/15/2027	825,000	765,352
5.25%, 4/30/2031	384,000	329,280
5.25%, 7/15/2031	38,000	32,348
5.63%, 4/30/2033	66,000	56,014
Icahn Enterprises LP
6.25%, 5/15/2026	872,000	845,840
5.25%, 5/15/2027	827,000	765,014
4.38%, 2/1/2029	195,000	168,422
IHO Verwaltungs GmbH (Germany) 6.38% (Cash), 5/15/2029 (a) (b)	393,000	357,139
ZF North America Capital, Inc. (Germany) 4.75%, 4/29/2025 (a)	500,000	477,630
		7,637,660

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Automobiles — 1.0%
Ford Motor Co.
6.63%, 10/1/2028	83,000	83,597
3.25%, 2/12/2032	1,296,000	982,507
6.10%, 8/19/2032	846,000	787,433
5.29%, 12/8/2046	1,060,000	829,450
Jaguar Land Rover Automotive plc (United Kingdom) 5.50%, 7/15/2029 (a)	295,000	235,774
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a)	248,000	192,236
PM General Purchaser LLC 9.50%, 10/1/2028 (a)	289,000	263,955
Thor Industries, Inc. 4.00%, 10/15/2029 (a)	36,000	29,004
		3,403,956
Banks — 0.7%
Intesa Sanpaolo SpA (Italy)
5.02%, 6/26/2024 (a)	200,000	193,184
5.71%, 1/15/2026 (a)	715,000	684,374
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (c)	539,000	406,109
UniCredit SpA (Italy)
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)	946,000	858,550
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (c)	200,000	169,670
		2,311,887
Beverages — 0.1%
Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a)	25,000	21,412
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)	301,000	239,912
		261,324
Biotechnology — 0.1%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)	86,000	52,030
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a)	340,000	290,700
		342,730
Building Products — 1.3%
Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a)	408,000	389,655
Builders FirstSource, Inc. 5.00%, 3/1/2030 (a)	968,000	871,830

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Building Products — continued
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a)	447,000	424,650
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a)	221,000	164,645
Griffon Corp. 5.75%, 3/1/2028	384,000	353,395
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)	300,000	281,814
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)	25,000	20,893
Masonite International Corp. 5.38%, 2/1/2028 (a)	113,000	105,988
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)	230,000	186,734
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a)	32,000	29,251
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a)	238,000	211,060
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)	300,000	251,861
Standard Industries, Inc.
4.75%, 1/15/2028 (a)	936,000	840,953
3.38%, 1/15/2031 (a)	281,000	215,600
		4,348,329
Capital Markets — 0.6%
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a)	469,000	474,777
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029 (a)	203,000	177,624
Coinbase Global, Inc.
3.38%, 10/1/2028 (a)	398,000	260,690
3.63%, 10/1/2031 (a)	210,000	126,647
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (a)	112,000	97,623
Dresdner Funding Trust I 8.15%, 6/30/2031 (a)	210,000	225,750
Hightower Holding LLC 6.75%, 4/15/2029 (a)	165,000	139,581
Jane Street Group 4.50%, 11/15/2029 (a)	136,000	119,366
LPL Holdings, Inc.
4.63%, 11/15/2027 (a)	476,000	442,686
4.00%, 3/15/2029 (a)	71,000	62,466
		2,127,210
Chemicals — 2.9%
Ashland LLC 3.38%, 9/1/2031 (a)	230,000	183,177
ASP Unifrax Holdings, Inc. 7.50%, 9/30/2029 (a)	149,000	101,327
Avient Corp.
5.75%, 5/15/2025 (a)	212,000	207,789
7.13%, 8/1/2030 (a)	446,000	447,115

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Chemicals — continued
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)	525,000	484,254
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a)	248,000	220,389
Chemours Co. (The) 5.75%, 11/15/2028 (a)	767,000	673,643
Element Solutions, Inc. 3.88%, 9/1/2028 (a)	442,000	381,225
FXI Holdings, Inc. 12.25%, 11/15/2026 (a)	301,000	263,572
GPD Cos., Inc. 10.13%, 4/1/2026 (a)	355,000	318,726
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)	300,000	263,847
Iris Holding, Inc. 10.00%, 12/15/2028 (a)	25,000	18,938
Koppers, Inc. 6.00%, 2/15/2025 (a)	149,000	144,049
LSB Industries, Inc. 6.25%, 10/15/2028 (a)	408,000	371,406
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a)	241,000	222,089
Methanex Corp. (Canada) 5.25%, 12/15/2029	268,000	245,555
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)	428,000	419,465
4.25%, 5/15/2029 (a)	486,000	402,384
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a)	134,000	116,983
Olin Corp.
5.13%, 9/15/2027	222,000	211,015
5.63%, 8/1/2029	130,000	123,850
Olympus Water US Holding Corp. 4.25%, 10/1/2028 (a)	450,000	375,599
Rain CII Carbon LLC 7.25%, 4/1/2025 (a)	348,000	331,252
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a)	512,000	481,700
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028 (a)	379,000	327,710
6.63%, 5/1/2029 (a)	272,000	220,851
SCIL IV LLC 5.38%, 11/1/2026 (a)	381,000	342,420
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/2029	85,000	73,653
4.38%, 2/1/2032	100,000	81,642
SK Invictus Intermediate II Sarl (Luxembourg) 5.00%, 10/30/2029 (a)	244,000	194,117
SPCM SA (France) 3.13%, 3/15/2027 (a)	330,000	284,495
Trinseo Materials Operating SCA
5.38%, 9/1/2025 (a)	131,000	114,523
5.13%, 4/1/2029 (a)	59,000	39,290
Tronox, Inc. 4.63%, 3/15/2029 (a)	483,000	393,645
Venator Finance SARL
9.50%, 7/1/2025 (a)	134,000	102,056
5.75%, 7/15/2025 (a)	218,000	32,155

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Chemicals — continued
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a)	286,000	221,564
WR Grace Holdings LLC 5.63%, 8/15/2029 (a)	339,000	271,811
		9,709,281
Commercial Services & Supplies — 3.1%
ADT Security Corp. (The)
4.13%, 8/1/2029 (a)	200,000	172,096
4.88%, 7/15/2032 (a)	254,000	217,832
Allied Universal Holdco LLC
6.63%, 7/15/2026 (a)	1,123,000	1,066,580
9.75%, 7/15/2027 (a)	386,000	354,170
6.00%, 6/1/2029 (a)	209,000	155,700
APi Group DE, Inc. 4.13%, 7/15/2029 (a)	63,000	54,177
APX Group, Inc. 5.75%, 7/15/2029 (a)	128,000	107,241
Aramark Services, Inc.
6.38%, 5/1/2025 (a)	407,000	404,350
5.00%, 2/1/2028 (a)	285,000	262,400
Brink's Co. (The) 4.63%, 10/15/2027 (a)	393,000	357,320
Clean Harbors, Inc.
4.88%, 7/15/2027 (a)	25,000	23,611
6.38%, 2/1/2031 (a)	504,000	500,414
CoreCivic, Inc. 8.25%, 4/15/2026	568,000	575,026
Covanta Holding Corp. 4.88%, 12/1/2029 (a)	254,000	214,543
Garda World Security Corp. (Canada)
4.63%, 2/15/2027 (a)	219,000	193,961
9.50%, 11/1/2027 (a)	518,000	497,657
GEO Group, Inc. (The) 10.50%, 6/30/2028	290,000	295,075
GFL Environmental, Inc. (Canada)
5.13%, 12/15/2026 (a)	716,000	685,484
4.75%, 6/15/2029 (a)	447,000	397,517
Interface, Inc. 5.50%, 12/1/2028 (a)	142,000	116,440
KAR Auction Services, Inc. 5.13%, 6/1/2025 (a)	86,000	83,825
Madison IAQ LLC
4.13%, 6/30/2028 (a)	168,000	143,321
5.88%, 6/30/2029 (a)	148,000	117,827
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a)	651,000	615,455
Pitney Bowes, Inc.
6.88%, 3/15/2027 (a)	196,000	163,660
7.25%, 3/15/2029 (a)	121,000	94,078
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (a)	925,000	893,781
6.25%, 1/15/2028 (a)	525,000	486,990
Steelcase, Inc. 5.13%, 1/18/2029	25,000	21,105

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Stericycle, Inc. 3.88%, 1/15/2029 (a)	523,000	448,345
Vericast Corp. 11.00%, 9/15/2026 (a)	139,000	149,078
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)	331,000	302,627
West Technology Group LLC 8.50%, 10/15/2025 (a)	315,000	276,412
		10,448,098
Communications Equipment — 0.6%
CommScope, Inc.
6.00%, 3/1/2026 (a)	896,000	863,352
8.25%, 3/1/2027 (a)	886,000	753,100
Viasat, Inc.
5.63%, 4/15/2027 (a)	66,000	60,219
6.50%, 7/15/2028 (a)	76,000	56,195
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a)	136,000	113,519
		1,846,385
Construction & Engineering — 0.9%
AECOM 5.13%, 3/15/2027	521,000	498,246
Artera Services LLC 9.03%, 12/4/2025 (a)	422,000	362,920
Brand Industrial Services, Inc. 8.50%, 7/15/2025 (a)	134,000	112,122
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a)	640,000	594,980
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)	230,000	201,601
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)	329,000	274,555
Pike Corp. 5.50%, 9/1/2028 (a)	377,000	327,164
Promontoria Holding 264 BV (Netherlands) 7.88%, 3/1/2027 (a)	236,000	226,864
Tutor Perini Corp. 6.88%, 5/1/2025 (a)	281,000	234,869
Weekley Homes LLC 4.88%, 9/15/2028 (a)	46,000	39,067
		2,872,388
Consumer Finance — 4.3%
Ally Financial, Inc. 5.75%, 11/20/2025	554,000	542,301
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a)	159,000	101,206
Credit Acceptance Corp. 6.63%, 3/15/2026	329,000	308,046
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)	365,000	148,638
Enova International, Inc.
8.50%, 9/1/2024 (a)	41,000	40,507
8.50%, 9/15/2025 (a)	133,000	127,652
FirstCash, Inc. 5.63%, 1/1/2030 (a)	290,000	256,516
Ford Motor Credit Co. LLC
5.58%, 3/18/2024	762,000	756,666

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
3.66%, 9/8/2024	830,000	795,970
4.06%, 11/1/2024	1,062,000	1,021,060
2.30%, 2/10/2025	842,000	773,771
5.13%, 6/16/2025	1,135,000	1,095,706
4.13%, 8/17/2027	1,012,000	901,650
5.11%, 5/3/2029	400,000	365,640
7.35%, 3/6/2030	617,000	624,811
3.63%, 6/17/2031	1,018,000	806,489
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024 (a) (b)	846,557	736,825
goeasy Ltd. (Canada) 5.38%, 12/1/2024 (a)	164,000	156,204
LFS Topco LLC 5.88%, 10/15/2026 (a)	184,000	158,460
Navient Corp.
5.88%, 10/25/2024	850,000	826,251
5.00%, 3/15/2027	488,000	433,832
5.63%, 8/1/2033	171,000	128,330
OneMain Finance Corp.
6.13%, 3/15/2024	664,000	654,691
7.13%, 3/15/2026	1,193,000	1,159,727
3.88%, 9/15/2028	594,000	472,230
PROG Holdings, Inc. 6.00%, 11/15/2029 (a)	238,000	202,222
Synchrony Financial 7.25%, 2/2/2033	312,000	300,336
VistaJet Malta Finance plc (Switzerland)
7.88%, 5/1/2027 (a)	602,000	574,139
6.38%, 2/1/2030 (a)	25,000	21,882
World Acceptance Corp. 7.00%, 11/1/2026 (a)	128,000	99,360
		14,591,118
Containers & Packaging — 2.5%
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b)	250,000	204,420
Ardagh Metal Packaging Finance USA LLC
3.25%, 9/1/2028 (a)	350,000	293,709
4.00%, 9/1/2029 (a)	350,000	280,437
Ardagh Packaging Finance plc
4.13%, 8/15/2026 (a)	800,000	728,000
5.25%, 8/15/2027 (a)	500,000	410,625
Ball Corp.
4.88%, 3/15/2026	809,000	781,696
3.13%, 9/15/2031	757,000	606,236
Berry Global, Inc. 5.63%, 7/15/2027 (a)	68,000	65,450
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (a)	192,000	173,449
Crown Americas LLC
4.75%, 2/1/2026	390,000	372,450

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Containers & Packaging — continued
5.25%, 4/1/2030	364,000	338,655
Graphic Packaging International LLC
4.75%, 7/15/2027 (a)	362,000	339,089
3.50%, 3/15/2028 (a)	418,000	365,717
LABL, Inc.
6.75%, 7/15/2026 (a)	480,000	456,550
10.50%, 7/15/2027 (a)	400,000	373,908
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026 (a)	102,000	102,637
9.25%, 4/15/2027 (a)	525,000	493,500
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)	619,000	601,977
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)	53,000	46,235
Sealed Air Corp.
5.50%, 9/15/2025 (a)	196,000	192,852
6.88%, 7/15/2033 (a)	401,000	408,138
Silgan Holdings, Inc. 4.13%, 2/1/2028	205,000	187,575
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (d)	600,000	567,000
		8,390,305
Distributors — 0.2%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)	448,000	400,960
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a)	223,000	204,115
Resideo Funding, Inc. 4.00%, 9/1/2029 (a)	120,000	98,329
		703,404
Diversified Consumer Services — 0.4%
Carriage Services, Inc. 4.25%, 5/15/2029 (a)	89,000	71,551
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)	304,000	246,240
Service Corp. International
5.13%, 6/1/2029	551,000	515,874
3.38%, 8/15/2030	119,000	96,687
StoneMor, Inc. 8.50%, 5/15/2029 (a)	199,000	143,875
WW International, Inc. 4.50%, 4/15/2029 (a)	213,000	108,630
		1,182,857
Diversified Financial Services — 0.6%
CPI CG, Inc. 8.63%, 3/15/2026 (a)	277,000	272,693
Midcap Financial Issuer Trust 5.63%, 1/15/2030 (a)	436,000	342,604
MPH Acquisition Holdings LLC
5.50%, 9/1/2028 (a)	394,000	298,514
5.75%, 11/1/2028 (a)	197,000	128,034

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Diversified Financial Services — continued
Paysafe Finance plc 4.00%, 6/15/2029 (a)	215,000	171,085
Sabre GLBL, Inc.
9.25%, 4/15/2025 (a)	418,000	411,455
7.38%, 9/1/2025 (a)	30,000	28,081
11.25%, 12/15/2027 (a)	212,000	211,866
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)	283,000	284,061
		2,148,393
Diversified Telecommunication Services — 5.8%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)	750,000	619,447
Altice France SA (France)
5.50%, 1/15/2028 (a)	241,000	198,504
5.50%, 10/15/2029 (a)	1,341,000	1,048,989
CCO Holdings LLC
5.50%, 5/1/2026 (a)	603,000	581,895
5.13%, 5/1/2027 (a)	846,000	782,778
5.38%, 6/1/2029 (a)	953,000	850,028
4.75%, 3/1/2030 (a)	1,635,000	1,374,985
4.25%, 2/1/2031 (a)	30,000	24,081
4.75%, 2/1/2032 (a)	1,047,000	848,070
4.50%, 6/1/2033 (a)	1,367,000	1,063,529
4.25%, 1/15/2034 (a)	419,000	313,644
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a)	300,000	219,000
Embarq Corp. 8.00%, 6/1/2036	387,000	166,567
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)	724,000	672,668
5.00%, 5/1/2028 (a)	377,000	330,817
6.75%, 5/1/2029 (a)	774,000	650,311
8.75%, 5/15/2030 (a)	250,000	252,813
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a)	750,000	701,010
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)	1,018,000	885,653
Level 3 Financing, Inc.
4.63%, 9/15/2027 (a)	972,000	726,570
4.25%, 7/1/2028 (a)	479,000	326,918
3.63%, 1/15/2029 (a)	175,000	112,294
Lumen Technologies, Inc.
4.00%, 2/15/2027 (a)	1,111,000	853,137
4.50%, 1/15/2029 (a)	25,000	13,213
5.38%, 6/15/2029 (a)	350,000	189,875
Series P, 7.60%, 9/15/2039	231,000	114,504
Qwest Corp. 7.25%, 9/15/2025	132,000	130,251

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Sprint Capital Corp.
6.88%, 11/15/2028	1,418,000	1,486,773
8.75%, 3/15/2032	493,000	586,912
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033	736,000	641,424
6.00%, 9/30/2034	384,000	320,832
7.72%, 6/4/2038	267,000	242,970
Telesat Canada (Canada) 5.63%, 12/6/2026 (a)	450,000	235,125
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a)	748,000	609,620
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)	729,000	660,591
Windstream Escrow LLC 7.75%, 8/15/2028 (a)	285,000	232,902
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (a)	283,000	217,096
6.13%, 3/1/2028 (a)	391,000	246,307
		19,532,103
Electric Utilities — 1.7%
Drax Finco plc (United Kingdom) 6.63%, 11/1/2025 (a)	201,000	197,483
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (c)	256,000	245,624
FirstEnergy Corp.
2.65%, 3/1/2030	771,000	639,359
Series C, 7.38%, 11/15/2031	208,000	233,272
Series C, 5.10%, 7/15/2047 (d)	197,000	175,757
Series C, 3.40%, 3/1/2050	281,000	189,869
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (a)	126,000	121,748
3.88%, 10/15/2026 (a)	30,000	27,150
4.50%, 9/15/2027 (a)	699,000	641,333
NRG Energy, Inc.
5.75%, 1/15/2028	262,000	246,961
5.25%, 6/15/2029 (a)	468,000	416,520
3.63%, 2/15/2031 (a)	262,000	203,149
3.88%, 2/15/2032 (a)	122,000	94,616
PG&E Corp. 5.25%, 7/1/2030	759,000	677,407
Terraform Global Operating LP 6.13%, 3/1/2026 (a)	168,000	161,283

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Vistra Operations Co. LLC
5.63%, 2/15/2027 (a)	991,000	939,092
4.38%, 5/1/2029 (a)	412,000	355,924
		5,566,547
Electrical Equipment — 0.0% ^
Sensata Technologies BV 5.00%, 10/1/2025 (a)	25,000	24,321
Vertiv Group Corp. 4.13%, 11/15/2028 (a)	25,000	21,720
		46,041
Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp. 5.00%, 12/15/2029 (a)	454,000	397,749
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)	726,000	642,486
		1,040,235
Energy Equipment & Services — 1.4%
Archrock Partners LP
6.88%, 4/1/2027 (a)	472,000	457,901
6.25%, 4/1/2028 (a)	196,000	186,059
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a)	54,000	53,295
Ensign Drilling, Inc. (Canada) 9.25%, 4/15/2024 (a)	26,000	25,217
Global Marine, Inc. 7.00%, 6/1/2028	148,000	119,048
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)	256,000	243,681
Nabors Industries, Inc. 7.38%, 5/15/2027 (a)	620,000	597,544
Oceaneering International, Inc. 6.00%, 2/1/2028	65,000	61,660
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028	316,000	276,168
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a)	239,000	154,788
Precision Drilling Corp. (Canada)
7.13%, 1/15/2026 (a)	221,000	217,431
6.88%, 1/15/2029 (a)	148,000	133,437
Transocean, Inc.
7.25%, 11/1/2025 (a)	26,000	24,570
11.50%, 1/30/2027 (a)	127,000	130,493
8.75%, 2/15/2030 (a)	911,000	926,942
6.80%, 3/15/2038	417,000	286,646
USA Compression Partners LP 6.88%, 4/1/2026	269,000	257,807
Weatherford International Ltd.
6.50%, 9/15/2028 (a)	145,000	142,462

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — continued
8.63%, 4/30/2030 (a)	131,000	130,823
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a)	329,000	330,648
		4,756,620
Entertainment — 1.0%
Allen Media LLC 10.50%, 2/15/2028 (a)	245,000	105,350
AMC Entertainment Holdings, Inc.
10.00% (Cash), 6/15/2026 (a) (b)	318,000	163,872
7.50%, 2/15/2029 (a)	427,000	255,888
Banijay Entertainment SASU (France) 5.38%, 3/1/2025 (a)	250,000	243,223
Cinemark USA, Inc.
8.75%, 5/1/2025 (a)	219,000	223,424
5.25%, 7/15/2028 (a)	395,000	331,899
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a)	272,000	194,325
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (a)	340,000	329,800
6.50%, 5/15/2027 (a)	676,000	664,677
3.75%, 1/15/2028 (a)	48,000	41,736
ROBLOX Corp. 3.88%, 5/1/2030 (a)	258,000	212,104
WMG Acquisition Corp.
3.75%, 12/1/2029 (a)	88,000	74,287
3.88%, 7/15/2030 (a)	607,000	514,857
3.00%, 2/15/2031 (a)	215,000	168,846
		3,524,288
Equity Real Estate Investment Trusts (REITs) — 2.7%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)	538,000	495,240
Diversified Healthcare Trust
4.75%, 2/15/2028	26,000	16,914
4.38%, 3/1/2031	374,000	259,244
Global Net Lease, Inc. 3.75%, 12/15/2027 (a)	134,000	110,421
HAT Holdings I LLC
3.38%, 6/15/2026 (a)	391,000	339,192
3.75%, 9/15/2030 (a)	191,000	144,182
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a)	125,000	103,092
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)	913,000	840,364
5.00%, 7/15/2028 (a)	201,000	182,190
4.88%, 9/15/2029 (a)	915,000	796,494
iStar, Inc. 4.75%, 10/1/2024	493,000	492,078

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Equity Real Estate Investment Trusts (REITs) — continued
MPT Operating Partnership LP
5.00%, 10/15/2027	90,000	73,844
4.63%, 8/1/2029	980,000	732,550
Office Properties Income Trust
4.50%, 2/1/2025	44,000	40,481
2.65%, 6/15/2026	287,000	227,227
Park Intermediate Holdings LLC 5.88%, 10/1/2028 (a)	715,000	635,966
RHP Hotel Properties LP
4.75%, 10/15/2027	672,000	617,837
4.50%, 2/15/2029 (a)	28,000	24,373
RLJ Lodging Trust LP 4.00%, 9/15/2029 (a)	204,000	168,134
SBA Communications Corp.
3.88%, 2/15/2027	384,000	347,518
3.13%, 2/1/2029	111,000	91,653
Service Properties Trust
4.50%, 3/15/2025	149,000	138,840
7.50%, 9/15/2025	320,000	317,178
4.38%, 2/15/2030	653,000	498,958
Uniti Group LP
7.88%, 2/15/2025 (a)	825,000	841,027
10.50%, 2/15/2028 (a)	316,000	316,063
6.50%, 2/15/2029 (a)	602,000	394,313
		9,245,373
Food & Staples Retailing — 1.2%
Albertsons Cos., Inc.
4.63%, 1/15/2027 (a)	578,000	543,320
5.88%, 2/15/2028 (a)	639,000	618,494
3.50%, 3/15/2029 (a)	28,000	23,698
4.88%, 2/15/2030 (a)	491,000	440,588
Performance Food Group, Inc.
5.50%, 10/15/2027 (a)	915,000	867,685
4.25%, 8/1/2029 (a)	89,000	77,709
Rite Aid Corp. 8.00%, 11/15/2026 (a)	377,000	199,810
Safeway, Inc. 7.25%, 2/1/2031	302,000	299,583
US Foods, Inc.
6.25%, 4/15/2025 (a)	433,000	431,417
4.75%, 2/15/2029 (a)	495,000	446,109
4.63%, 6/1/2030 (a)	164,000	143,245
		4,091,658
Food Products — 1.0%
B&G Foods, Inc.
5.25%, 4/1/2025	72,000	65,160
5.25%, 9/15/2027	88,000	70,903

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Food Products — continued
Chobani LLC 7.50%, 4/15/2025 (a)	482,000	469,598
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)	172,000	165,490
FAGE International SA (Luxembourg) 5.63%, 8/15/2026 (a)	304,000	286,170
H-Food Holdings LLC 8.50%, 6/1/2026 (a)	167,000	103,540
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028 (a)	275,000	259,179
4.13%, 1/31/2030 (a)	91,000	79,861
Pilgrim's Pride Corp. 3.50%, 3/1/2032	748,000	578,020
Post Holdings, Inc.
5.75%, 3/1/2027 (a)	30,000	29,214
5.50%, 12/15/2029 (a)	1,089,000	996,570
4.50%, 9/15/2031 (a)	406,000	341,880
Simmons Foods, Inc. 4.63%, 3/1/2029 (a)	48,000	39,120
		3,484,705
Gas Utilities — 0.3%
AmeriGas Partners LP 5.88%, 8/20/2026	741,000	698,322
Ferrellgas LP 5.88%, 4/1/2029 (a)	101,000	82,441
Suburban Propane Partners LP 5.00%, 6/1/2031 (a)	299,000	248,801
		1,029,564
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)	818,000	752,560
Hologic, Inc. 3.25%, 2/15/2029 (a)	578,000	498,410
Medline Borrower LP
3.88%, 4/1/2029 (a)	1,476,000	1,230,209
5.25%, 10/1/2029 (a)	755,000	619,617
Teleflex, Inc. 4.25%, 6/1/2028 (a)	303,000	273,485
		3,374,281
Health Care Providers & Services — 3.4%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)	304,000	284,903
AdaptHealth LLC 6.13%, 8/1/2028 (a)	182,000	167,166
Akumin Escrow, Inc. 7.50%, 8/1/2028 (a)	272,000	190,400
Akumin, Inc. 7.00%, 11/1/2025 (a)	25,000	19,885
Community Health Systems, Inc.
8.00%, 3/15/2026 (a)	672,000	655,200
5.63%, 3/15/2027 (a)	531,000	466,040
6.00%, 1/15/2029 (a)	384,000	331,636
6.88%, 4/15/2029 (a)	911,000	637,156
6.13%, 4/1/2030 (a)	117,000	80,122
4.75%, 2/15/2031 (a)	513,000	396,293

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
DaVita, Inc.
4.63%, 6/1/2030 (a)	1,067,000	879,389
3.75%, 2/15/2031 (a)	384,000	289,959
Encompass Health Corp.
4.50%, 2/1/2028	25,000	22,952
4.75%, 2/1/2030	384,000	339,905
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)	149,000	34,894
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)	254,000	190,500
HealthEquity, Inc. 4.50%, 10/1/2029 (a)	153,000	133,720
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)	367,000	309,757
LifePoint Health, Inc. 5.38%, 1/15/2029 (a)	269,000	176,553
Molina Healthcare, Inc.
4.38%, 6/15/2028 (a)	728,000	661,242
3.88%, 5/15/2032 (a)	180,000	147,782
Owens & Minor, Inc. 6.63%, 4/1/2030 (a)	423,000	347,918
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a)	191,000	168,497
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)	405,000	366,525
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)	127,000	75,955
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)	200,000	170,247
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)	251,000	196,146
Select Medical Corp. 6.25%, 8/15/2026 (a)	303,000	289,365
Tenet Healthcare Corp.
4.88%, 1/1/2026	335,000	319,050
6.25%, 2/1/2027	751,000	731,374
5.13%, 11/1/2027	938,000	881,842
4.63%, 6/15/2028	741,000	670,434
6.13%, 10/1/2028	463,000	428,275
6.88%, 11/15/2031	224,000	206,640
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a)	115,000	101,971
US Renal Care, Inc. 10.63%, 7/15/2027 (a)	213,000	67,739
		11,437,432
Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026 (a)	800,000	764,000
Hotels, Restaurants & Leisure — 8.3%
1011778 BC ULC (Canada)
3.88%, 1/15/2028 (a)	868,000	772,397
4.38%, 1/15/2028 (a)	538,000	481,012
4.00%, 10/15/2030 (a)	316,000	260,991

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Affinity Interactive 6.88%, 12/15/2027 (a)	268,000	239,043
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a)	229,000	203,810
Boyd Gaming Corp. 4.75%, 12/1/2027	712,000	667,500
Boyne USA, Inc. 4.75%, 5/15/2029 (a)	318,000	281,450
Caesars Entertainment, Inc.
6.25%, 7/1/2025 (a)	627,000	621,786
8.13%, 7/1/2027 (a)	723,000	730,230
4.63%, 10/15/2029 (a)	494,000	422,518
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)	375,000	374,374
Carnival Corp.
7.63%, 3/1/2026 (a)	1,088,000	976,726
5.75%, 3/1/2027 (a)	1,074,000	883,515
9.88%, 8/1/2027 (a)	571,000	581,272
4.00%, 8/1/2028 (a)	468,000	395,666
10.50%, 6/1/2030 (a)	753,000	729,167
CCM Merger, Inc. 6.38%, 5/1/2026 (a)	162,000	155,461
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a)	431,000	400,291
Cedar Fair LP 5.50%, 5/1/2025 (a)	262,000	258,801
Churchill Downs, Inc. 5.50%, 4/1/2027 (a)	289,000	274,079
Everi Holdings, Inc. 5.00%, 7/15/2029 (a)	207,000	182,059
Fertitta Entertainment LLC
4.63%, 1/15/2029 (a)	418,000	361,528
6.75%, 1/15/2030 (a)	443,000	367,145
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028 (a)	250,000	242,451
4.88%, 1/15/2030	996,000	913,830
4.00%, 5/1/2031 (a)	40,000	34,037
3.63%, 2/15/2032 (a)	25,000	20,525
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029 (a)	462,000	405,471
4.88%, 7/1/2031 (a)	244,000	205,131
Hilton Worldwide Finance LLC 4.88%, 4/1/2027	777,000	740,932
International Game Technology plc 6.50%, 2/15/2025 (a)	431,000	432,077
IRB Holding Corp. 7.00%, 6/15/2025 (a)	377,000	375,994
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a)	186,000	169,303
KFC Holding Co. 4.75%, 6/1/2027 (a)	568,000	539,600
Las Vegas Sands Corp.
3.20%, 8/8/2024	215,000	206,910
2.90%, 6/25/2025	46,000	42,636
3.50%, 8/18/2026	46,000	42,086
3.90%, 8/8/2029	648,000	565,007

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hotels, Restaurants & Leisure — continued
Life Time, Inc.
5.75%, 1/15/2026 (a)	283,000	271,128
8.00%, 4/15/2026 (a)	174,000	167,661
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a)	233,000	180,080
Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028	316,000	279,180
MGM Resorts International
4.63%, 9/1/2026	748,000	696,809
4.75%, 10/15/2028	200,000	179,283
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a)	495,000	463,701
NCL Corp. Ltd.
3.63%, 12/15/2024 (a)	182,000	170,916
5.88%, 3/15/2026 (a)	762,000	659,130
5.88%, 2/15/2027 (a)	364,000	337,610
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a)	25,000	20,289
Premier Entertainment Sub LLC
5.63%, 9/1/2029 (a)	391,000	287,385
5.88%, 9/1/2031 (a)	133,000	95,836
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a)	300,000	234,600
Royal Caribbean Cruises Ltd.
11.50%, 6/1/2025 (a)	1,015,000	1,081,097
5.50%, 8/31/2026 (a)	682,000	626,635
11.63%, 8/15/2027 (a)	327,000	348,268
7.50%, 10/15/2027	583,000	547,787
3.70%, 3/15/2028	110,000	87,832
Scientific Games Holdings LP 6.63%, 3/1/2030 (a)	276,000	242,723
Scientific Games International, Inc.
8.63%, 7/1/2025 (a)	292,000	298,507
7.25%, 11/15/2029 (a)	258,000	253,485
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)	125,000	118,045
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)	256,000	258,714
Station Casinos LLC
4.50%, 2/15/2028 (a)	454,000	400,973
4.63%, 12/1/2031 (a)	127,000	103,471
Sugarhouse HSP Gaming Prop Mezz LP 5.88%, 5/15/2025 (a)	73,000	68,830
TKC Holdings, Inc. 10.50%, 5/15/2029 (a)	168,000	102,900
Travel + Leisure Co.
6.63%, 7/31/2026 (a)	64,000	62,736

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
6.00%, 4/1/2027 (d)	471,000	452,897
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)	219,000	218,411
Viking Cruises Ltd. 5.88%, 9/15/2027 (a)	385,000	330,153
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)	461,000	406,118
Wynn Las Vegas LLC
5.50%, 3/1/2025 (a)	778,000	754,901
5.25%, 5/15/2027 (a)	40,000	37,252
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)	550,000	492,030
Yum! Brands, Inc.
4.75%, 1/15/2030 (a)	727,000	662,479
6.88%, 11/15/2037	425,000	441,837
		27,998,500
Household Durables — 1.6%
American Greetings Corp. 8.75%, 4/15/2025 (a)	306,000	305,618
Beazer Homes USA, Inc.
5.88%, 10/15/2027	258,000	229,130
7.25%, 10/15/2029	95,000	85,263
Brookfield Residential Properties, Inc. (Canada)
6.25%, 9/15/2027 (a)	384,000	334,757
4.88%, 2/15/2030 (a)	120,000	90,259
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)	348,000	303,630
Empire Communities Corp. (Canada) 7.00%, 12/15/2025 (a)	223,000	199,028
KB Home 4.80%, 11/15/2029	437,000	381,282
LGI Homes, Inc. 4.00%, 7/15/2029 (a)	192,000	150,351
M/I Homes, Inc. 4.95%, 2/1/2028	92,000	82,683
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a)	289,000	258,143
Meritage Homes Corp. 5.13%, 6/6/2027	61,000	58,213
Newell Brands, Inc.
4.45%, 4/1/2026 (d)	923,000	872,512
6.38%, 9/15/2027	276,000	274,490
5.75%, 4/1/2046 (d)	341,000	273,888
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a)	249,000	161,341
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)	506,000	484,687
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)	552,000	471,910
Tri Pointe Homes, Inc. 5.70%, 6/15/2028	340,000	316,055
		5,333,240

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Household Products — 0.4%
Central Garden & Pet Co.
5.13%, 2/1/2028	216,000	201,150
4.13%, 10/15/2030	35,000	29,160
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)	518,000	452,059
4.38%, 3/31/2029 (a)	128,000	108,514
Kronos Acquisition Holdings, Inc. (Canada) 7.00%, 12/31/2027 (a)	297,000	254,677
Spectrum Brands, Inc. 5.50%, 7/15/2030 (a)	498,000	440,381
		1,485,941
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp.
5.25%, 6/1/2026 (a)	38,000	36,421
4.50%, 2/15/2028 (a)	957,000	861,609
5.13%, 3/15/2028 (a)	436,000	386,797
5.00%, 2/1/2031 (a)	360,000	296,220
3.75%, 3/1/2031 (a)	28,000	22,731
Clearway Energy Operating LLC
4.75%, 3/15/2028 (a)	107,000	98,194
3.75%, 2/15/2031 (a)	391,000	318,176
TransAlta Corp. (Canada) 6.50%, 3/15/2040	286,000	260,260
		2,280,408
Insurance — 1.2%
Acrisure LLC 6.00%, 8/1/2029 (a)	448,000	364,628
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027 (a)	269,000	237,456
6.75%, 10/15/2027 (a)	555,000	504,373
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)	290,000	246,298
AssuredPartners, Inc.
7.00%, 8/15/2025 (a)	25,000	24,486
5.63%, 1/15/2029 (a)	67,000	56,769
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a)	327,000	281,519
Enstar Finance LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.47%), 5.75%, 9/1/2040 (c)	136,000	121,217
Genworth Holdings, Inc. 6.50%, 6/15/2034	266,000	240,543
HUB International Ltd.
7.00%, 5/1/2026 (a)	555,000	545,587
5.63%, 12/1/2029 (a)	145,000	124,440
Liberty Mutual Group, Inc. 4.30%, 2/1/2061 (a)	290,000	176,150
NFP Corp.
4.88%, 8/15/2028 (a)	328,000	287,796

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Insurance — continued
6.88%, 8/15/2028 (a)	435,000	370,446
Ryan Specialty Group LLC 4.38%, 2/1/2030 (a)	300,000	256,488
USI, Inc. 6.88%, 5/1/2025 (a)	185,000	181,762
		4,019,958
Interactive Media & Services — 0.3%
Cars.com, Inc. 6.38%, 11/1/2028 (a)	115,000	105,513
Rackspace Technology Global, Inc. 3.50%, 2/15/2028 (a)	246,000	149,752
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)	483,000	483,648
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)	276,000	232,806
		971,719
Internet & Direct Marketing Retail — 0.7%
ANGI Group LLC 3.88%, 8/15/2028 (a)	389,000	299,479
Go Daddy Operating Co. LLC
5.25%, 12/1/2027 (a)	217,000	205,360
3.50%, 3/1/2029 (a)	160,000	134,045
Match Group Holdings II LLC
4.63%, 6/1/2028 (a)	303,000	269,142
3.63%, 10/1/2031 (a)	433,000	338,823
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)	290,000	193,740
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)	285,000	145,350
QVC, Inc.
4.75%, 2/15/2027	808,000	517,120
5.45%, 8/15/2034	46,000	22,919
Rakuten Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%, 4/22/2031 (a) (c) (e) (f)	230,000	143,819
		2,269,797
IT Services — 0.9%
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)	48,000	40,543
Arches Buyer, Inc. 6.13%, 12/1/2028 (a)	163,000	134,175
Block, Inc.
2.75%, 6/1/2026	215,000	191,842
3.50%, 6/1/2031	628,000	507,361
Cablevision Lightpath LLC 3.88%, 9/15/2027 (a)	250,000	203,790
Conduent Business Services LLC 6.00%, 11/1/2029 (a)	257,000	209,512
Endurance International Group Holdings, Inc. 6.00%, 2/15/2029 (a)	89,000	64,927
Exela Intermediate LLC 11.50%, 7/15/2026 (a)	60,000	8,400

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

IT Services — continued
Gartner, Inc.
4.50%, 7/1/2028 (a)	641,000	588,455
3.75%, 10/1/2030 (a)	92,000	77,892
ION Trading Technologies Sarl (Luxembourg) 5.75%, 5/15/2028 (a)	236,000	191,455
Northwest Fiber LLC
4.75%, 4/30/2027 (a)	64,000	56,205
10.75%, 6/1/2028 (a)	25,000	23,229
Presidio Holdings, Inc.
4.88%, 2/1/2027 (a)	157,000	143,023
8.25%, 2/1/2028 (a)	214,000	203,395
Unisys Corp. 6.88%, 11/1/2027 (a)	301,000	227,015
Virtusa Corp. 7.13%, 12/15/2028 (a)	177,000	146,996
		3,018,215
Leisure Products — 0.3%
Mattel, Inc.
5.88%, 12/15/2027 (a)	300,000	292,965
3.75%, 4/1/2029 (a)	185,000	160,025
6.20%, 10/1/2040	25,000	22,131
5.45%, 11/1/2041	203,000	170,520
Universal Entertainment Corp. (Japan) 8.50%, 12/11/2024 (a)	392,000	368,178
		1,013,819
Life Sciences Tools & Services — 0.2%
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)	476,000	413,263
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a)	375,000	333,205
		746,468
Machinery — 0.8%
Chart Industries, Inc. 7.50%, 1/1/2030 (a)	241,000	244,615
EnPro Industries, Inc. 5.75%, 10/15/2026	174,000	165,735
Hillenbrand, Inc. 3.75%, 3/1/2031	319,000	260,967
Husky III Holding Ltd. (Canada) 13.00% (Cash), 2/15/2025 (a) (b)	442,000	406,640
Park-Ohio Industries, Inc. 6.63%, 4/15/2027	225,000	170,980
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)	174,000	150,397
SPX FLOW, Inc. 8.75%, 4/1/2030 (a)	241,000	203,117
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)	174,000	176,509
Terex Corp. 5.00%, 5/15/2029 (a)	309,000	283,690

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Machinery — continued
Titan International, Inc. 7.00%, 4/30/2028	134,000	126,965
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)	498,000	451,154
		2,640,769
Media — 6.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)	90,000	68,770
Altice Financing SA (Luxembourg)
5.00%, 1/15/2028 (a)	529,000	439,007
5.75%, 8/15/2029 (a)	250,000	204,453
AMC Networks, Inc.
5.00%, 4/1/2024	42,000	41,948
4.75%, 8/1/2025	333,000	314,916
4.25%, 2/15/2029	94,000	69,025
Audacy Capital Corp.
6.50%, 5/1/2027 (a)	217,000	31,465
6.75%, 3/31/2029 (a)	36,000	5,149
Cable One, Inc. 4.00%, 11/15/2030 (a)	42,000	32,747
Cengage Learning, Inc. 9.50%, 6/15/2024 (a)	374,000	364,650
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027 (a)	48,000	42,840
7.50%, 6/1/2029 (a)	650,000	526,500
CMG Media Corp. 8.88%, 12/15/2027 (a)	139,000	93,544
CSC Holdings LLC
5.25%, 6/1/2024	100,000	96,886
7.50%, 4/1/2028 (a)	611,000	409,193
6.50%, 2/1/2029 (a)	1,226,000	1,039,158
5.75%, 1/15/2030 (a)	1,150,000	658,639
4.50%, 11/15/2031 (a)	530,000	376,289
Diamond Sports Group LLC 5.38%, 8/15/2026 (a) (g)	580,000	65,076
Directv Financing LLC 5.88%, 8/15/2027 (a)	1,314,000	1,174,741
DISH DBS Corp.
5.88%, 11/15/2024	1,192,000	1,116,821
5.25%, 12/1/2026 (a)	699,000	585,412
5.75%, 12/1/2028 (a)	1,311,000	1,047,227
5.13%, 6/1/2029	628,000	371,076
DISH Network Corp. 11.75%, 11/15/2027 (a)	572,000	579,565
Gannett Holdings LLC 6.00%, 11/1/2026 (a)	174,000	146,170
GCI LLC 4.75%, 10/15/2028 (a)	170,000	145,775
Gray Television, Inc.
7.00%, 5/15/2027 (a)	469,000	424,738
4.75%, 10/15/2030 (a)	710,000	520,558

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Media — continued
iHeartCommunications, Inc.
6.38%, 5/1/2026	438,417	413,199
8.38%, 5/1/2027	409,864	360,680
Lamar Media Corp.
3.75%, 2/15/2028	283,000	250,515
4.00%, 2/15/2030	273,000	234,780
3.63%, 1/15/2031	78,000	64,243
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)	638,000	590,231
Liberty Interactive LLC 8.25%, 2/1/2030	202,000	82,505
McGraw-Hill Education, Inc.
5.75%, 8/1/2028 (a)	297,000	260,115
8.00%, 8/1/2029 (a)	216,000	184,615
National CineMedia LLC 5.88%, 4/15/2028 (a)	148,000	46,620
News Corp. 3.88%, 5/15/2029 (a)	743,000	636,714
Nexstar Media, Inc.
5.63%, 7/15/2027 (a)	798,000	741,129
4.75%, 11/1/2028 (a)	278,000	243,047
Outfront Media Capital LLC
5.00%, 8/15/2027 (a)	447,000	403,418
4.25%, 1/15/2029 (a)	136,000	111,860
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.37%, 3/30/2062 (c)	463,000	398,921
Radiate Holdco LLC
4.50%, 9/15/2026 (a)	290,000	216,398
6.50%, 9/15/2028 (a)	348,000	163,674
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)	127,000	101,216
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)	311,000	249,024
Sinclair Television Group, Inc.
5.50%, 3/1/2030 (a)	156,000	115,044
4.13%, 12/1/2030 (a)	216,000	168,091
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (a)	773,000	709,227
5.50%, 7/1/2029 (a)	1,006,000	907,915
4.13%, 7/1/2030 (a)	439,000	356,788
3.88%, 9/1/2031 (a)	321,000	249,603
Stagwell Global LLC 5.63%, 8/15/2029 (a)	389,000	334,544
TEGNA, Inc. 5.00%, 9/15/2029	892,000	791,382
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)	239,000	218,989
Univision Communications, Inc.
5.13%, 2/15/2025 (a)	662,000	644,523
4.50%, 5/1/2029 (a)	198,000	167,001
7.38%, 6/30/2030 (a)	388,000	367,980

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Media — continued
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a)	204,000	170,850
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)	363,000	321,255
Urban One, Inc. 7.38%, 2/1/2028 (a)	25,000	22,310
Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)	308,000	304,664
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)	816,000	659,434
		23,254,842
Metals & Mining — 1.9%
Arconic Corp.
6.00%, 5/15/2025 (a)	81,000	81,000
6.13%, 2/15/2028 (a)	322,000	316,365
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a)	293,000	281,677
Big River Steel LLC 6.63%, 1/31/2029 (a)	505,000	491,117
Carpenter Technology Corp. 6.38%, 7/15/2028	454,000	434,972
Cleveland-Cliffs, Inc.
5.88%, 6/1/2027	388,000	376,542
4.88%, 3/1/2031 (a)	299,000	272,177
Commercial Metals Co. 4.13%, 1/15/2030	71,000	61,907
Constellium SE 5.63%, 6/15/2028 (a)	350,000	325,046
FMG Resources August 2006 Pty. Ltd. (Australia)
5.13%, 5/15/2024 (a)	78,000	77,025
4.50%, 9/15/2027 (a)	839,000	771,880
5.88%, 4/15/2030 (a)	77,000	72,501
6.13%, 4/15/2032 (a)	447,000	422,415
Hudbay Minerals, Inc. (Canada) 4.50%, 4/1/2026 (a)	32,000	28,731
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a)	137,000	102,408
Kaiser Aluminum Corp.
4.63%, 3/1/2028 (a)	288,000	248,035
4.50%, 6/1/2031 (a)	58,000	45,915
Mineral Resources Ltd. (Australia) 8.50%, 5/1/2030 (a)	235,000	235,284
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a)	241,000	207,653
Novelis Corp.
4.75%, 1/30/2030 (a)	1,073,000	942,641
3.88%, 8/15/2031 (a)	100,000	81,015

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Metals & Mining — continued
Taseko Mines Ltd. (Canada) 7.00%, 2/15/2026 (a)	287,000	259,345
United States Steel Corp. 6.65%, 6/1/2037	274,000	256,247
		6,391,898
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a)	361,000	278,445
Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027 (a)	298,000	253,321
Starwood Property Trust, Inc. 3.63%, 7/15/2026 (a)	245,000	214,391
		746,157
Multiline Retail — 0.6%
Kohl's Corp. 3.62%, 5/1/2031 (d)	517,000	363,503
Macy's Retail Holdings LLC
5.88%, 4/1/2029 (a)	617,000	560,458
4.50%, 12/15/2034	30,000	21,792
5.13%, 1/15/2042	62,000	42,368
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)	513,000	495,045
Nordstrom, Inc.
4.38%, 4/1/2030	500,000	394,375
5.00%, 1/15/2044	274,000	177,963
		2,055,504
Multi-Utilities — 0.1%
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.75%, 1/18/2082 (c)	314,000	259,835
Oil, Gas & Consumable Fuels — 10.5%
Aethon United BR LP 8.25%, 2/15/2026 (a)	222,000	213,527
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (a)	303,000	301,685
Antero Midstream Partners LP
5.75%, 3/1/2027 (a)	681,000	642,871
5.75%, 1/15/2028 (a)	327,000	306,971
Apache Corp.
4.25%, 1/15/2030	738,000	652,276
6.00%, 1/15/2037	130,000	119,925
5.10%, 9/1/2040	577,000	474,767
Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026 (a)	460,000	446,453
5.88%, 6/30/2029 (a)	127,000	110,490
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)	246,000	250,305

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a)	293,000	276,153
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a)	424,000	426,120
Buckeye Partners LP
3.95%, 12/1/2026	214,000	189,222
4.50%, 3/1/2028 (a)	893,000	784,152
California Resources Corp. 7.13%, 2/1/2026 (a)	269,000	271,031
Callon Petroleum Co.
6.38%, 7/1/2026	244,000	231,039
8.00%, 8/1/2028 (a)	272,000	266,737
Calumet Specialty Products Partners LP 8.13%, 1/15/2027 (a)	216,000	211,257
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)	283,000	277,340
Chord Energy Corp. 6.38%, 6/1/2026 (a)	138,000	133,079
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)	28,000	22,955
CNX Resources Corp.
7.25%, 3/14/2027 (a)	36,000	35,704
7.38%, 1/15/2031 (a)	79,000	75,263
Comstock Resources, Inc.
6.75%, 3/1/2029 (a)	916,000	842,720
5.88%, 1/15/2030 (a)	71,000	61,060
CQP Holdco LP 5.50%, 6/15/2031 (a)	500,000	438,750
Crestwood Midstream Partners LP
5.63%, 5/1/2027 (a)	753,000	696,525
8.00%, 4/1/2029 (a)	300,000	298,500
CrownRock LP
5.63%, 10/15/2025 (a)	377,000	363,805
5.00%, 5/1/2029 (a)	299,000	270,755
Delek Logistics Partners LP 7.13%, 6/1/2028 (a)	138,000	121,440
DT Midstream, Inc.
4.13%, 6/15/2029 (a)	970,000	831,775
4.38%, 6/15/2031 (a)	26,000	21,775
Earthstone Energy Holdings LLC 8.00%, 4/15/2027 (a)	319,000	305,541
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)	43,000	37,560
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a)	342,000	330,030
Energy Ventures Gom LLC 11.75%, 4/15/2026 (a)	322,000	332,553
EnLink Midstream LLC 5.38%, 6/1/2029	677,000	628,638

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
EnLink Midstream Partners LP
4.85%, 7/15/2026	384,000	363,974
5.45%, 6/1/2047	375,000	295,619
EQM Midstream Partners LP
4.00%, 8/1/2024	421,000	402,164
6.00%, 7/1/2025 (a)	25,000	24,125
5.50%, 7/15/2028	892,000	796,110
4.50%, 1/15/2029 (a)	168,000	140,151
4.75%, 1/15/2031 (a)	187,000	151,938
6.50%, 7/15/2048	317,000	236,127
Genesis Energy LP
6.50%, 10/1/2025	83,000	80,068
8.00%, 1/15/2027	651,000	636,685
Gran Tierra Energy International Holdings Ltd. (Colombia) 6.25%, 2/15/2025 (a)	219,000	188,997
Gulfport Energy Corp. 8.00%, 5/17/2026	271,999	264,350
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)	25,000	24,329
Hess Midstream Operations LP
5.63%, 2/15/2026 (a)	97,000	94,397
5.13%, 6/15/2028 (a)	888,000	814,752
5.50%, 10/15/2030 (a)	26,000	23,400
Hilcorp Energy I LP 6.25%, 4/15/2032 (a)	643,000	583,066
Holly Energy Partners LP
6.38%, 4/15/2027 (a)	174,000	168,731
5.00%, 2/1/2028 (a)	75,000	68,062
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a)	342,000	336,446
ITT Holdings LLC 6.50%, 8/1/2029 (a)	208,000	170,949
Kinetik Holdings LP 5.88%, 6/15/2030 (a)	438,000	404,804
MEG Energy Corp. (Canada)
7.13%, 2/1/2027 (a)	429,000	435,435
5.88%, 2/1/2029 (a)	253,000	235,966
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026 (a)	107,000	96,177
Murphy Oil Corp.
7.05%, 5/1/2029	145,000	144,067
6.13%, 12/1/2042 (d)	220,000	174,012
Neptune Energy Bondco plc (United Kingdom) 6.63%, 5/15/2025 (a)	438,000	425,817
New Fortress Energy, Inc. 6.75%, 9/15/2025 (a)	503,000	471,643
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)	290,000	276,926
NGL Energy Partners LP 7.50%, 4/15/2026	347,000	314,035

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
NuStar Logistics LP
6.00%, 6/1/2026	289,000	274,576
5.63%, 4/28/2027	632,000	588,315
Occidental Petroleum Corp.
5.88%, 9/1/2025	589,000	589,000
8.88%, 7/15/2030	511,000	580,419
6.13%, 1/1/2031	270,000	271,920
6.45%, 9/15/2036	1,078,000	1,083,390
7.95%, 6/15/2039	611,000	673,658
4.40%, 4/15/2046	483,000	370,570
Parkland Corp. (Canada)
4.50%, 10/1/2029 (a)	200,000	168,000
4.63%, 5/1/2030 (a)	267,000	222,278
PBF Holding Co. LLC 6.00%, 2/15/2028	72,000	67,164
PDC Energy, Inc. 5.75%, 5/15/2026	174,000	166,168
Permian Resources Operating LLC
7.75%, 2/15/2026 (a)	252,000	248,220
6.88%, 4/1/2027 (a)	199,000	191,661
5.88%, 7/1/2029 (a)	155,000	138,971
Range Resources Corp. 8.25%, 1/15/2029	563,000	577,779
ROCC Holdings LLC 9.25%, 8/15/2026 (a)	305,000	321,775
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)	176,000	161,462
Rockies Express Pipeline LLC
4.95%, 7/15/2029 (a)	347,000	301,855
4.80%, 5/15/2030 (a)	202,000	174,657
6.88%, 4/15/2040 (a)	44,000	36,030
SM Energy Co.
5.63%, 6/1/2025	384,000	369,291
6.75%, 9/15/2026	446,000	430,297
Southwestern Energy Co.
8.38%, 9/15/2028	306,000	320,153
5.38%, 3/15/2030	589,000	538,040
4.75%, 2/1/2032	200,000	171,866
Summit Midstream Holdings LLC
5.75%, 4/15/2025	196,000	169,050
8.50%, 10/15/2026 (a)	231,000	219,334
Sunnova Energy Corp. 5.88%, 9/1/2026 (a)	125,000	108,925
Sunoco LP
6.00%, 4/15/2027	343,000	336,997
4.50%, 4/30/2030	699,000	605,683
Tallgrass Energy Partners LP
5.50%, 1/15/2028 (a)	865,000	776,875
6.00%, 9/1/2031 (a)	148,000	126,471

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
TerraForm Power Operating LLC 5.00%, 1/31/2028 (a)	60,000	55,200
Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029 (a)	1,159,000	999,637
3.88%, 11/1/2033 (a)	190,000	154,926
Viper Energy Partners LP 5.38%, 11/1/2027 (a)	26,000	24,721
Vital Energy, Inc. 10.13%, 1/15/2028	359,000	352,804
Western Midstream Operating LP
4.75%, 8/15/2028	492,000	456,330
4.30%, 2/1/2030 (d)	150,000	132,891
5.45%, 4/1/2044	517,000	435,572
5.50%, 2/1/2050 (d)	280,000	228,590
		35,365,592
Paper & Forest Products — 0.4%
Domtar Corp. 6.75%, 10/1/2028 (a)	315,000	283,500
Glatfelter Corp. 4.75%, 11/15/2029 (a)	254,000	166,542
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a)	174,000	145,382
Mercer International, Inc. (Germany) 5.13%, 2/1/2029	53,000	43,458
Resolute Forest Products, Inc. 4.88%, 3/1/2026 (a)	235,000	240,729
Sylvamo Corp. 7.00%, 9/1/2029 (a)	296,000	293,035
		1,172,646
Personal Products — 0.4%
BellRing Brands, Inc. 7.00%, 3/15/2030 (a)	338,000	334,247
Coty, Inc.
5.00%, 4/15/2026 (a)	391,000	371,939
6.50%, 4/15/2026 (a)	92,000	90,224
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a)	604,000	581,350
Prestige Brands, Inc.
5.13%, 1/15/2028 (a)	26,000	24,420
3.75%, 4/1/2031 (a)	92,000	74,750
		1,476,930
Pharmaceuticals — 1.8%
Bausch Health Cos., Inc.
5.50%, 11/1/2025 (a)	1,037,000	901,879
5.75%, 8/15/2027 (a)	1,137,000	754,215
5.00%, 1/30/2028 (a)	1,159,000	499,727
5.25%, 1/30/2030 (a)	218,000	94,033
14.00%, 10/15/2030 (a)	39,000	24,697
5.25%, 2/15/2031 (a)	279,000	124,576
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027 (a)	508,000	489,646

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
3.13%, 2/15/2029 (a)	497,000	428,991
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d)	258,000	246,356
Jazz Securities DAC 4.38%, 1/15/2029 (a)	450,000	398,543
Mallinckrodt International Finance SA
10.00%, 4/15/2025 (a)	54,000	36,047
11.50%, 12/15/2028 (a)	549,000	492,384
Organon & Co. 5.13%, 4/30/2031 (a)	825,000	700,219
P&L Development LLC 7.75%, 11/15/2025 (a)	229,000	183,237
Perrigo Finance Unlimited Co.
4.38%, 3/15/2026	325,000	305,188
4.40%, 6/15/2030 (d)	550,000	472,158
		6,151,896
Professional Services — 0.2%
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)	255,000	233,447
CoreLogic, Inc. 4.50%, 5/1/2028 (a)	328,000	252,560
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a)	27,000	22,337
Science Applications International Corp. 4.88%, 4/1/2028 (a)	46,000	41,922
		550,266
Real Estate Management & Development — 0.7%
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a)	390,000	367,633
Five Point Operating Co. LP 7.88%, 11/15/2025 (a)	119,000	107,424
Forestar Group, Inc. 5.00%, 3/1/2028 (a)	186,000	160,386
Howard Hughes Corp. (The)
4.13%, 2/1/2029 (a)	146,000	122,275
4.38%, 2/1/2031 (a)	338,000	275,402
Hunt Cos., Inc. 5.25%, 4/15/2029 (a)	303,000	242,205
Kennedy-Wilson, Inc.
4.75%, 3/1/2029	525,000	426,733
4.75%, 2/1/2030	143,000	109,900
Realogy Group LLC
5.75%, 1/15/2029 (a)	538,000	386,279
5.25%, 4/15/2030 (a)	101,000	69,185
		2,267,422
Road & Rail — 1.1%
AerCap Global Aviation Trust (Ireland) (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (a) (c)	300,000	289,509
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a)	520,000	464,994

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Road & Rail — continued
Avis Budget Car Rental LLC 5.38%, 3/1/2029 (a)	357,000	321,355
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)	509,000	435,195
Hertz Corp. (The)
4.63%, 12/1/2026 (a)	159,000	141,595
5.00%, 12/1/2029 (a)	309,000	256,541
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)	413,000	368,086
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a)	223,000	156,755
Uber Technologies, Inc.
7.50%, 5/15/2025 (a)	117,000	118,186
7.50%, 9/15/2027 (a)	26,000	26,362
6.25%, 1/15/2028 (a)	26,000	25,590
4.50%, 8/15/2029 (a)	694,000	613,552
Williams Scotsman International, Inc. 4.63%, 8/15/2028 (a)	269,000	243,267
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a)	390,000	395,678
		3,856,665
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)	489,000	483,430
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a)	442,000	419,900
Entegris Escrow Corp. 5.95%, 6/15/2030 (a)	341,000	317,162
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)	113,000	99,309
		1,319,801
Software — 2.3%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)	198,000	191,769
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)	732,000	578,971
Boxer Parent Co., Inc. 9.13%, 3/1/2026 (a)	308,000	299,227
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)	564,000	486,697
Cloud Software Group Holdings, Inc. 6.50%, 3/31/2029 (a)	1,247,000	1,080,226
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a)	268,000	229,140
Fair Isaac Corp.
5.25%, 5/15/2026 (a)	385,000	374,863
4.00%, 6/15/2028 (a)	189,000	171,642
Gen Digital, Inc.
6.75%, 9/30/2027 (a)	102,000	100,261
7.13%, 9/30/2030 (a)	386,000	376,350
GoTo Group, Inc. 5.50%, 9/1/2027 (a)	407,000	194,910
McAfee Corp. 7.38%, 2/15/2030 (a)	481,000	381,205

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Software — continued
NCR Corp.
5.75%, 9/1/2027 (a)	245,000	237,463
5.00%, 10/1/2028 (a)	30,000	25,832
5.13%, 4/15/2029 (a)	108,000	92,234
6.13%, 9/1/2029 (a)	734,000	713,815
5.25%, 10/1/2030 (a)	148,000	122,361
Open Text Holdings, Inc. (Canada) 4.13%, 2/15/2030 (a)	607,000	499,500
PTC, Inc. 4.00%, 2/15/2028 (a)	299,000	271,612
Rocket Software, Inc. 6.50%, 2/15/2029 (a)	252,000	206,196
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)	816,000	767,863
Veritas US, Inc. 7.50%, 9/1/2025 (a)	349,000	268,701
		7,670,838
Specialty Retail — 2.8%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a)	163,000	78,030
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a)	133,000	133,953
Arko Corp. 5.13%, 11/15/2029 (a)	221,000	175,052
Asbury Automotive Group, Inc.
4.50%, 3/1/2028	353,000	315,891
4.63%, 11/15/2029 (a)	480,000	417,394
5.00%, 2/15/2032 (a)	77,000	65,620
At Home Group, Inc. 7.13%, 7/15/2029 (a)	74,000	45,880
Bath & Body Works, Inc.
7.50%, 6/15/2029	176,000	176,644
6.88%, 11/1/2035	901,000	795,214
Carvana Co.
5.88%, 10/1/2028 (a)	26,000	12,500
10.25%, 5/1/2030 (a)	1,283,000	801,554
eG Global Finance plc (United Kingdom) 8.50%, 10/30/2025 (a)	357,000	321,427
Gap, Inc. (The) 3.63%, 10/1/2029 (a)	241,000	176,734
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)	216,000	185,486
LBM Acquisition LLC 6.25%, 1/15/2029 (a)	420,000	299,233
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)	165,000	134,111
Lithia Motors, Inc. 3.88%, 6/1/2029 (a)	334,000	279,070
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a)	361,000	317,430
Michaels Cos., Inc. (The)
5.25%, 5/1/2028 (a)	374,000	311,254
7.88%, 5/1/2029 (a)	423,000	318,307

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — continued
Murphy Oil USA, Inc.
5.63%, 5/1/2027	384,000	365,791
4.75%, 9/15/2029	50,000	44,625
Park River Holdings, Inc.
5.63%, 2/1/2029 (a)	54,000	37,633
6.75%, 8/1/2029 (a)	25,000	17,488
Penske Automotive Group, Inc. 3.75%, 6/15/2029	492,000	413,457
PetSmart, Inc.
4.75%, 2/15/2028 (a)	450,000	409,593
7.75%, 2/15/2029 (a)	400,000	390,200
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)	161,000	132,825
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a)	341,000	312,977
SRS Distribution, Inc.
4.63%, 7/1/2028 (a)	275,000	240,619
6.13%, 7/1/2029 (a)	435,000	363,785
Staples, Inc.
7.50%, 4/15/2026 (a)	943,000	839,270
10.75%, 4/15/2027 (a)	169,000	129,420
Victoria's Secret & Co. 4.63%, 7/15/2029 (a)	147,000	119,883
White Cap Buyer LLC 6.88%, 10/15/2028 (a)	271,000	246,122
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b)	132,000	124,437
		9,548,909
Technology Hardware, Storage & Peripherals — 0.7%
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)	151,000	105,700
Seagate HDD Cayman
4.88%, 3/1/2024	291,000	286,271
4.88%, 6/1/2027	1,019,000	959,436
4.13%, 1/15/2031	136,000	112,838
5.75%, 12/1/2034	30,000	26,749
Western Digital Corp.
4.75%, 2/15/2026	160,000	151,063
3.10%, 2/1/2032	536,000	386,098
Xerox Corp. 6.75%, 12/15/2039	288,000	217,237
Xerox Holdings Corp.
5.00%, 8/15/2025 (a)	225,000	209,422
5.50%, 8/15/2028 (a)	46,000	38,640
		2,493,454
Textiles, Apparel & Luxury Goods — 0.6%
Crocs, Inc.
4.25%, 3/15/2029 (a)	80,000	68,600

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Textiles, Apparel & Luxury Goods — continued
4.13%, 8/15/2031 (a)	313,000	256,660
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)	282,000	265,785
Hanesbrands, Inc.
4.63%, 5/15/2024 (a)	262,000	261,817
4.88%, 5/15/2026 (a)	321,000	296,439
Levi Strauss & Co. 3.50%, 3/1/2031 (a)	303,000	247,702
Under Armour, Inc. 3.25%, 6/15/2026	239,000	212,829
William Carter Co. (The) 5.63%, 3/15/2027 (a)	204,000	196,076
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a)	414,000	333,452
		2,139,360
Thrifts & Mortgage Finance — 1.4%
Enact Holdings, Inc. 6.50%, 8/15/2025 (a)	514,000	505,134
Freedom Mortgage Corp.
7.63%, 5/1/2026 (a)	346,000	295,361
6.63%, 1/15/2027 (a)	209,000	170,243
Home Point Capital, Inc. 5.00%, 2/1/2026 (a)	25,000	17,433
Ladder Capital Finance Holdings LLLP
4.25%, 2/1/2027 (a)	233,000	198,065
4.75%, 6/15/2029 (a)	145,000	117,910
LD Holdings Group LLC 6.50%, 11/1/2025 (a)	243,000	179,823
MGIC Investment Corp. 5.25%, 8/15/2028	348,000	325,380
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028 (a)	976,000	828,995
5.75%, 11/15/2031 (a)	25,000	19,611
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)	605,000	601,975
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a)	439,000	349,770
Rocket Mortgage LLC
2.88%, 10/15/2026 (a)	28,000	24,161
3.88%, 3/1/2031 (a)	532,000	414,609
4.00%, 10/15/2033 (a)	552,000	408,092
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a)	207,000	171,334
		4,627,896
Tobacco — 0.1%
Vector Group Ltd. 5.75%, 2/1/2029 (a)	434,000	373,538
Trading Companies & Distributors — 1.6%
Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (a)	268,000	251,590
Boise Cascade Co. 4.88%, 7/1/2030 (a)	25,000	21,887

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Trading Companies & Distributors — continued
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/1/2025 (a)	231,000	225,311
5.50%, 5/1/2028 (a)	425,000	379,551
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)	774,000	665,625
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)	545,000	513,390
Imola Merger Corp. 4.75%, 5/15/2029 (a)	774,000	658,302
United Rentals North America, Inc.
5.50%, 5/15/2027	693,000	679,209
3.88%, 11/15/2027	42,000	38,745
4.88%, 1/15/2028	248,000	236,394
5.25%, 1/15/2030	736,000	693,680
3.75%, 1/15/2032	51,000	42,804
WESCO Distribution, Inc.
7.13%, 6/15/2025 (a)	135,000	136,224
7.25%, 6/15/2028 (a)	913,000	925,193
		5,467,905
Wireless Telecommunication Services — 1.4%
C&W Senior Financing DAC (Panama) 6.88%, 9/15/2027 (a)	665,000	599,165
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)	700,000	647,528
Hughes Satellite Systems Corp. 6.63%, 8/1/2026	535,000	503,569
Liberty Costa Rica Senior Secured Finance (Costa Rica) 10.88%, 1/15/2031 (a)	211,000	198,076
Millicom International Cellular SA (Guatemala) 4.50%, 4/27/2031 (a)	559,000	451,393
Sprint LLC
7.13%, 6/15/2024	581,000	588,321
7.63%, 3/1/2026	192,000	199,392
United States Cellular Corp. 6.70%, 12/15/2033	191,000	173,828
Vodafone Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c)	804,000	788,158
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (c)	649,000	515,098
		4,664,528
Total Corporate Bonds (Cost $362,014,120)		330,635,906

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (h) (i) (Cost $3,094,499)	3,094,499	3,094,499
Total Investments — 98.9% (Cost $365,108,619)		333,730,405
Other Assets Less Liabilities — 1.1%		3,748,901
NET ASSETS — 100.0%		337,479,306

Percentages indicated are based on net assets.

Abbreviations
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SCA	Limited partnership with share capital
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(b)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2023.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2023.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2023.
(g)	Defaulted security.
(h)	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.
(i)	The rate shown is the current yield as of February 28, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

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

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — 98.1%
Aerospace & Defense — 2.0%
Boeing Co. (The)
4.88%, 5/1/2025	108,000	106,473
3.60%, 5/1/2034	159,000	128,795
5.71%, 5/1/2040	75,000	71,824
3.75%, 2/1/2050	10,000	7,083
3.83%, 3/1/2059	20,000	13,477
General Dynamics Corp. 4.25%, 4/1/2050	12,000	10,699
L3Harris Technologies, Inc. 4.40%, 6/15/2028	164,000	158,220
Lockheed Martin Corp.
2.80%, 6/15/2050	10,000	6,896
5.90%, 11/15/2063	32,000	35,418
Northrop Grumman Corp.
3.25%, 1/15/2028	90,000	83,134
4.03%, 10/15/2047	41,000	33,888
Precision Castparts Corp. 3.25%, 6/15/2025	24,000	23,086
Raytheon Technologies Corp.
3.13%, 5/4/2027	121,000	112,148
4.45%, 11/16/2038	107,000	96,672
3.75%, 11/1/2046	23,000	18,099
		905,912
Air Freight & Logistics — 0.3%
FedEx Corp.
2.40%, 5/15/2031	60,000	48,735
3.25%, 5/15/2041	95,000	68,372
4.05%, 2/15/2048	10,000	7,664
United Parcel Service, Inc. 5.30%, 4/1/2050	18,000	18,525
		143,296
Airlines — 0.1%
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034	54,499	44,790
Auto Components — 0.4%
Aptiv plc 3.10%, 12/1/2051	49,000	29,506
Lear Corp. 3.80%, 9/15/2027	140,000	130,775
		160,281
Automobiles — 0.8%
General Motors Co.
6.13%, 10/1/2025	258,000	260,827
5.40%, 4/1/2048	10,000	8,328
5.95%, 4/1/2049	64,000	57,598
Honda Motor Co. Ltd. (Japan) 2.97%, 3/10/2032	10,000	8,677
Toyota Motor Corp. (Japan) 2.36%, 3/25/2031	40,000	33,786
		369,216

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — 16.0%
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.17%, 3/24/2028 (a)	200,000	186,783
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (a)	235,000	229,695
(SOFR + 1.11%), 3.84%, 4/25/2025 (a)	11,000	10,772
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (a)	30,000	28,466
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (a)	154,000	144,764
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (a)	146,000	137,234
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (a)	62,000	56,588
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (a)	26,000	23,796
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (a)	237,000	195,060
(SOFR + 1.32%), 2.69%, 4/22/2032 (a)	237,000	192,221
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (a)	53,000	39,694
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (a)	59,000	51,047
(SOFR + 1.93%), 2.68%, 6/19/2041 (a)	23,000	15,791
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (a)	50,000	39,760
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (a)	78,000	62,715
Bank of Montreal (Canada)
0.63%, 7/9/2024	196,000	183,898
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.40%), 3.09%, 1/10/2037 (a) (b)	10,000	7,848
Bank of Nova Scotia (The) (Canada)
3.45%, 4/11/2025	180,000	173,067
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (a) (b)	26,000	22,769
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029 (a)	288,000	273,956
Canadian Imperial Bank of Commerce (Canada) 3.60%, 4/7/2032	66,000	58,237
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (a)	109,000	106,070
(SOFR + 1.53%), 3.29%, 3/17/2026 (a)	10,000	9,538

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 2.84%), 3.11%, 4/8/2026 (a)	78,000	74,060
3.20%, 10/21/2026	188,000	174,917
(SOFR + 1.15%), 2.67%, 1/29/2031 (a)	107,000	89,126
(SOFR + 3.91%), 4.41%, 3/31/2031 (a)	156,000	145,303
6.63%, 6/15/2032	17,000	17,945
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (a)	87,000	71,551
(SOFR + 1.38%), 2.90%, 11/3/2042 (a)	17,000	11,839
4.65%, 7/23/2048	68,000	60,859
Citizens Financial Group, Inc.
3.25%, 4/30/2030	67,000	58,519
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 5.64%, 5/21/2037 (a)	10,000	9,393
Comerica, Inc. 4.00%, 2/1/2029	87,000	81,093
Cooperatieve Rabobank UA (Netherlands) 5.25%, 5/24/2041	100,000	104,192
Fifth Third Bancorp 8.25%, 3/1/2038	40,000	49,846
FNB Corp. 5.15%, 8/25/2025	152,000	150,311
HSBC Holdings plc (United Kingdom)
(SOFR + 1.51%), 4.18%, 12/9/2025 (a)	253,000	246,281
(SOFR + 2.87%), 5.40%, 8/11/2033 (a)	271,000	259,488
6.10%, 1/14/2042	42,000	44,835
Huntington Bancshares, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 2.49%, 8/15/2036 (a)	39,000	28,879
KeyCorp (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (a)	69,000	64,723
Lloyds Banking Group plc (United Kingdom) 4.55%, 8/16/2028	200,000	189,375
M&T Bank Corp. (SOFR + 1.85%), 5.05%, 1/27/2034 (a)	48,000	45,820
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 3/2/2028	50,000	47,118
3.74%, 3/7/2029	289,000	264,650
Mizuho Financial Group, Inc. (Japan) 4.02%, 3/5/2028	200,000	188,376
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (a)	228,000	200,259
PNC Financial Services Group, Inc. (The)
2.60%, 7/23/2026	152,000	140,429
(SOFRINDX + 1.85%), 4.63%, 6/6/2033 (a)	24,000	22,307
Regions Financial Corp. 7.38%, 12/10/2037	25,000	28,658
Royal Bank of Canada (Canada) 2.30%, 11/3/2031	129,000	103,519

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
Santander Holdings USA, Inc.
3.24%, 10/5/2026	10,000	9,215
4.40%, 7/13/2027	113,000	107,311
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024	200,000	192,518
2.93%, 9/17/2041	114,000	79,157
SVB Financial Group 1.80%, 10/28/2026	136,000	118,718
Toronto-Dominion Bank (The) (Canada)
2.35%, 3/8/2024	96,000	93,140
1.20%, 6/3/2026	12,000	10,523
2.45%, 1/12/2032	107,000	86,706
Truist Financial Corp.
3.70%, 6/5/2025	10,000	9,673
1.13%, 8/3/2027	90,000	76,634
3.88%, 3/19/2029	107,000	99,356
US Bancorp
(SOFR + 2.11%), 4.97%, 7/22/2033 (a)	92,000	87,727
(SOFR + 1.60%), 4.84%, 2/1/2034 (a)	21,000	20,098
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (a)	330,000	305,399
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (a)	323,000	274,829
(SOFR + 2.53%), 3.07%, 4/30/2041 (a)	28,000	20,365
5.38%, 11/2/2043	55,000	52,034
4.75%, 12/7/2046	55,000	47,128
Westpac Banking Corp. (Australia)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (a) (b)	50,000	46,512
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (a) (b)	160,000	150,803
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (a) (b)	27,000	23,844
2.96%, 11/16/2040	10,000	6,789
		7,141,919
Beverages — 2.3%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026	101,000	96,798
4.70%, 2/1/2036	54,000	50,667
4.90%, 2/1/2046	149,000	136,787
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.00%, 1/17/2043	21,000	17,359

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Beverages — continued
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.90%, 1/23/2031	10,000	10,002
4.60%, 4/15/2048	19,000	16,752
5.80%, 1/23/2059	55,000	56,744
Coca-Cola Co. (The)
1.75%, 9/6/2024	159,000	152,730
2.88%, 5/5/2041	78,000	59,440
2.60%, 6/1/2050	55,000	36,808
2.75%, 6/1/2060	16,000	10,530
Constellation Brands, Inc. 3.15%, 8/1/2029	66,000	57,910
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050	20,000	14,978
Molson Coors Beverage Co. 4.20%, 7/15/2046	46,000	35,898
PepsiCo, Inc.
3.60%, 3/1/2024	141,000	139,189
2.75%, 3/19/2030	30,000	26,448
3.50%, 3/19/2040	66,000	54,613
2.75%, 10/21/2051	77,000	53,428
		1,027,081
Biotechnology — 2.2%
AbbVie, Inc.
3.60%, 5/14/2025	47,000	45,226
2.95%, 11/21/2026	141,000	130,093
4.05%, 11/21/2039	147,000	124,275
4.70%, 5/14/2045	68,000	60,244
Amgen, Inc.
3.63%, 5/22/2024	20,000	19,556
2.20%, 2/21/2027	68,000	60,947
2.45%, 2/21/2030	63,000	52,894
2.30%, 2/25/2031	20,000	16,202
5.25%, 3/2/2033	98,000	97,273
3.15%, 2/21/2040	29,000	21,316
2.80%, 8/15/2041	84,000	57,771
5.60%, 3/2/2043	10,000	9,879
4.40%, 5/1/2045	20,000	16,727
3.38%, 2/21/2050	20,000	13,944
4.40%, 2/22/2062	74,000	59,397
Biogen, Inc. 3.15%, 5/1/2050	48,000	31,801
Gilead Sciences, Inc.
3.70%, 4/1/2024	79,000	77,606
4.15%, 3/1/2047	64,000	53,564
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030	60,000	46,709
		995,424

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Building Products — 0.1%
Carlisle Cos., Inc. 2.75%, 3/1/2030	10,000	8,346
Carrier Global Corp. 3.58%, 4/5/2050	20,000	14,418
		22,764
Capital Markets — 7.0%
Bank of New York Mellon Corp. (The)
1.60%, 4/24/2025	241,000	223,380
3.30%, 8/23/2029	81,000	72,357
(SOFR + 1.51%), 4.71%, 2/1/2034 (a)	16,000	15,371
BlackRock, Inc. 1.90%, 1/28/2031	113,000	91,226
Brookfield Finance, Inc. (Canada) 4.35%, 4/15/2030	22,000	20,268
Charles Schwab Corp. (The) 1.95%, 12/1/2031	60,000	47,021
CME Group, Inc.
3.00%, 3/15/2025	109,000	105,040
4.15%, 6/15/2048	55,000	48,961
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032	94,000	96,311
Deutsche Bank AG (Germany) (SOFR + 1.32%), 2.55%, 1/7/2028 (a)	150,000	130,537
Franklin Resources, Inc. 1.60%, 10/30/2030	74,000	57,304
FS KKR Capital Corp. 3.25%, 7/15/2027	60,000	51,363
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025	76,000	73,173
(SOFR + 1.51%), 4.39%, 6/15/2027 (a)	16,000	15,440
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (a)	362,000	339,060
3.80%, 3/15/2030	193,000	175,152
(SOFR + 1.25%), 2.38%, 7/21/2032 (a)	42,000	33,005
6.13%, 2/15/2033	19,000	20,065
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (a)	111,000	92,040
Hercules Capital, Inc. 3.38%, 1/20/2027	47,000	41,509
Intercontinental Exchange, Inc. 5.20%, 6/15/2062	63,000	61,990
Morgan Stanley
(SOFR + 1.99%), 2.19%, 4/28/2026 (a)	129,000	120,140
3.63%, 1/20/2027	178,000	168,358
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (a)	254,000	234,775
(SOFR + 3.12%), 3.62%, 4/1/2031 (a)	190,000	168,141
7.25%, 4/1/2032	17,000	19,254
(SOFR + 1.36%), 2.48%, 9/16/2036 (a)	23,000	17,148
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (a)	96,000	81,043
4.30%, 1/27/2045	29,000	24,939

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 1.43%), 2.80%, 1/25/2052 (a)	19,000	12,236
Nasdaq, Inc.
1.65%, 1/15/2031	10,000	7,649
2.50%, 12/21/2040	10,000	6,495
Nomura Holdings, Inc. (Japan) 2.33%, 1/22/2027	200,000	176,999
Northern Trust Corp. 6.13%, 11/2/2032	57,000	60,110
Owl Rock Capital Corp. 2.63%, 1/15/2027	46,000	39,078
Owl Rock Technology Finance Corp. 2.50%, 1/15/2027	39,000	31,877
Prospect Capital Corp. 3.44%, 10/15/2028	30,000	24,015
Raymond James Financial, Inc. 4.65%, 4/1/2030	10,000	9,604
S&P Global, Inc. 3.70%, 3/1/2052 (c)	66,000	52,211
State Street Corp.
2.20%, 3/3/2031	24,000	19,297
(SOFR + 1.49%), 3.03%, 11/1/2034 (a)	62,000	53,000
		3,136,942
Chemicals — 1.7%
Albemarle Corp.
4.65%, 6/1/2027	100,000	97,548
5.05%, 6/1/2032	19,000	18,072
Celanese US Holdings LLC
6.05%, 3/15/2025	136,000	135,499
6.33%, 7/15/2029	33,000	32,491
Dow Chemical Co. (The) 6.90%, 5/15/2053	27,000	30,164
DuPont de Nemours, Inc. 5.42%, 11/15/2048	49,000	46,992
Ecolab, Inc. 2.13%, 8/15/2050	14,000	7,987
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028	90,000	83,846
LYB International Finance III LLC 3.38%, 10/1/2040	97,000	69,605
Nutrien Ltd. (Canada) 5.88%, 12/1/2036	51,000	51,271
Sherwin-Williams Co. (The)
3.45%, 6/1/2027	76,000	71,250
2.95%, 8/15/2029	124,000	107,484
		752,209
Commercial Services & Supplies — 0.5%
Cintas Corp. No. 2 4.00%, 5/1/2032	64,000	59,348
Nature Conservancy (The) Series A, 3.96%, 3/1/2052	28,000	22,629
RELX Capital, Inc. (United Kingdom) 4.00%, 3/18/2029	90,000	83,310
Republic Services, Inc. 3.05%, 3/1/2050	14,000	9,792

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Commercial Services & Supplies — continued
Waste Connections, Inc. 2.95%, 1/15/2052	45,000	29,567
Waste Management, Inc. 2.50%, 11/15/2050	35,000	21,872
		226,518
Communications Equipment — 0.2%
Cisco Systems, Inc. 5.90%, 2/15/2039	63,000	68,979
Nokia OYJ (Finland) 6.63%, 5/15/2039	15,000	14,634
		83,613
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030	50,000	41,402
2.35%, 1/15/2032	12,000	9,165
		50,567
Construction Materials — 0.1%
Eagle Materials, Inc. 2.50%, 7/1/2031	40,000	31,316
Martin Marietta Materials, Inc. 3.20%, 7/15/2051	36,000	24,365
		55,681
Consumer Finance — 4.1%
AerCap Ireland Capital DAC (Ireland)
6.50%, 7/15/2025	150,000	150,549
1.75%, 1/30/2026	150,000	132,567
Ally Financial, Inc.
3.88%, 5/21/2024	236,000	231,142
8.00%, 11/1/2031	33,000	35,762
American Express Co. (SOFR + 2.26%), 4.99%, 5/26/2033 (a)	77,000	73,717
Capital One Financial Corp.
3.30%, 10/30/2024	282,000	272,311
3.75%, 7/28/2026	13,000	12,218
(SOFR + 1.34%), 2.36%, 7/29/2032 (a)	22,000	16,134
Discover Financial Services 3.75%, 3/4/2025	275,000	264,769
John Deere Capital Corp. 1.30%, 10/13/2026	249,000	218,873
Synchrony Financial
4.50%, 7/23/2025	196,000	188,758
5.15%, 3/19/2029	14,000	13,154
Toyota Motor Credit Corp.
3.65%, 8/18/2025	214,000	206,656
2.40%, 1/13/2032	11,000	9,104
		1,825,714
Containers & Packaging — 0.1%
International Paper Co. 7.30%, 11/15/2039	10,000	11,130

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Containers & Packaging — continued
Sonoco Products Co. 5.75%, 11/1/2040	29,000	29,026
WRKCo, Inc. 4.90%, 3/15/2029	10,000	9,591
		49,747
Diversified Consumer Services — 0.0% ^
Northwestern University Series 2020, 2.64%, 12/1/2050	23,000	15,895
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026	155,000	148,061
Corebridge Financial, Inc.
4.40%, 4/5/2052 (c)	38,000	30,175
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.87%, 12/15/2052 (a) (c)	15,000	14,778
Equitable Holdings, Inc. 4.35%, 4/20/2028	70,000	66,538
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031	65,000	48,482
2.75%, 4/15/2032	25,000	20,642
4.02%, 11/1/2032	10,000	9,123
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (a)	21,000	19,855
ORIX Corp. (Japan) 4.00%, 4/13/2032	52,000	47,219
Shell International Finance BV (Netherlands)
2.00%, 11/7/2024	48,000	45,653
3.25%, 5/11/2025	10,000	9,629
4.38%, 5/11/2045	60,000	53,060
4.00%, 5/10/2046	29,000	24,055
3.75%, 9/12/2046	61,000	48,521
		585,791
Diversified Telecommunication Services — 2.8%
AT&T, Inc.
3.80%, 2/15/2027	244,000	231,715
1.65%, 2/1/2028	11,000	9,346
6.38%, 3/1/2041	12,000	12,569
3.50%, 9/15/2053	196,000	134,560
3.55%, 9/15/2055	193,000	130,859
3.65%, 9/15/2059	30,000	20,312
Bell Canada (The) (Canada)
Series US-5, 2.15%, 2/15/2032	57,000	44,743
3.65%, 8/15/2052	11,000	8,081
Deutsche Telekom International Finance BV (Germany) 9.25%, 6/1/2032	10,000	12,665
Orange SA (France) 5.38%, 1/13/2042	18,000	17,789
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036	84,000	88,511

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Diversified Telecommunication Services — continued
TELUS Corp. (Canada) 2.80%, 2/16/2027	10,000	9,181
Verizon Communications, Inc.
3.38%, 2/15/2025	153,000	147,777
4.02%, 12/3/2029	10,000	9,235
3.40%, 3/22/2041	493,000	371,804
3.85%, 11/1/2042	10,000	7,954
		1,257,101
Electric Utilities — 5.3%
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050	128,000	98,595
Alabama Power Co.
3.94%, 9/1/2032	38,000	34,566
4.30%, 1/2/2046	10,000	8,366
Series A, 4.30%, 7/15/2048	83,000	69,588
American Electric Power Co., Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (a)	10,000	8,373
Arizona Public Service Co. 4.25%, 3/1/2049	20,000	15,719
Baltimore Gas and Electric Co.
3.20%, 9/15/2049	57,000	40,488
2.90%, 6/15/2050	76,000	50,721
Commonwealth Edison Co. 3.00%, 3/1/2050	76,000	52,005
Connecticut Light and Power Co. (The) Series A, 4.15%, 6/1/2045	91,000	76,521
Dominion Energy South Carolina, Inc. Series A, 2.30%, 12/1/2031	43,000	34,644
DTE Electric Co. 2.95%, 3/1/2050	84,000	57,342
Duke Energy Corp.
3.75%, 4/15/2024	41,000	40,237
2.65%, 9/1/2026	118,000	107,800
3.75%, 9/1/2046	106,000	77,938
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (a)	10,000	7,963
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049	20,000	14,096
2.75%, 4/1/2050	20,000	12,540
Duke Energy Ohio, Inc. 4.30%, 2/1/2049	18,000	14,678
Duke Energy Progress LLC 3.25%, 8/15/2025	33,000	31,556
Emera US Finance LP (Canada) 4.75%, 6/15/2046	10,000	7,845
Entergy Louisiana LLC 4.00%, 3/15/2033	113,000	101,788
Evergy, Inc.
2.45%, 9/15/2024	127,000	120,979
2.90%, 9/15/2029	102,000	87,355

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Exelon Corp. 3.95%, 6/15/2025	10,000	9,678
Florida Power & Light Co.
2.85%, 4/1/2025	90,000	86,034
3.80%, 12/15/2042	46,000	37,884
3.95%, 3/1/2048	40,000	32,742
3.15%, 10/1/2049	88,000	62,376
Fortis, Inc. (Canada) 3.06%, 10/4/2026	148,000	137,436
Gulf Power Co. Series A, 3.30%, 5/30/2027	15,000	14,025
MidAmerican Energy Co. 4.25%, 5/1/2046	126,000	106,296
Northern States Power Co. 3.60%, 5/15/2046	148,000	113,795
Oncor Electric Delivery Co. LLC 4.10%, 11/15/2048	26,000	22,050
Pacific Gas and Electric Co.
2.50%, 2/1/2031	10,000	7,788
3.25%, 6/1/2031	127,000	103,632
4.50%, 7/1/2040	47,000	36,801
3.30%, 8/1/2040	54,000	36,562
PECO Energy Co.
3.15%, 10/15/2025	20,000	19,058
3.00%, 9/15/2049	11,000	7,547
3.05%, 3/15/2051	10,000	6,855
PPL Electric Utilities Corp. 3.00%, 10/1/2049	82,000	56,991
Public Service Electric and Gas Co. 2.05%, 8/1/2050	29,000	16,399
Southern California Edison Co.
2.25%, 6/1/2030	10,000	8,227
Series 13-A, 3.90%, 3/15/2043	6,000	4,698
Series C, 3.60%, 2/1/2045	32,000	23,201
4.00%, 4/1/2047	98,000	76,720
Virginia Electric and Power Co.
Series A, 3.15%, 1/15/2026	17,000	16,095
Series A, 3.50%, 3/15/2027	43,000	40,459
4.60%, 12/1/2048	112,000	97,070
		2,352,122
Electrical Equipment — 0.1%
Hubbell, Inc. 2.30%, 3/15/2031	50,000	40,463
Rockwell Automation, Inc. 2.80%, 8/15/2061	35,000	21,609
		62,072
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp. 2.20%, 9/15/2031	71,000	56,489
Corning, Inc. 4.75%, 3/15/2042	76,000	69,437
Teledyne Technologies, Inc. 2.75%, 4/1/2031	61,000	49,908
		175,834

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC 4.08%, 12/15/2047	10,000	7,895
Halliburton Co.
4.85%, 11/15/2035	10,000	9,322
4.50%, 11/15/2041	46,000	38,527
NOV, Inc. 3.95%, 12/1/2042	29,000	21,021
		76,765
Entertainment — 0.9%
Electronic Arts, Inc. 1.85%, 2/15/2031	73,000	57,134
Take-Two Interactive Software, Inc. 3.30%, 3/28/2024	50,000	48,855
Walt Disney Co. (The)
2.65%, 1/13/2031	175,000	149,058
3.50%, 5/13/2040	141,000	114,138
Warnermedia Holdings, Inc. 5.39%, 3/15/2062 (c)	39,000	30,334
		399,519
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029	102,000	86,228
2.00%, 5/18/2032	58,000	44,296
American Assets Trust LP 3.38%, 2/1/2031	31,000	24,508
American Homes 4 Rent LP 3.38%, 7/15/2051	32,000	20,805
American Tower Corp. 3.38%, 10/15/2026	159,000	147,767
Boston Properties LP
4.50%, 12/1/2028	39,000	36,229
3.25%, 1/30/2031	58,000	48,388
Brandywine Operating Partnership LP 7.55%, 3/15/2028	10,000	9,818
Brixmor Operating Partnership LP 4.05%, 7/1/2030	60,000	53,110
Broadstone Net Lease LLC 2.60%, 9/15/2031	21,000	15,143
Camden Property Trust 2.80%, 5/15/2030	84,000	72,118
Crown Castle, Inc. 5.20%, 2/15/2049	32,000	29,226
EPR Properties 4.50%, 6/1/2027	16,000	14,243
Equinix, Inc. 3.20%, 11/18/2029	130,000	113,351
Essex Portfolio LP 2.65%, 9/1/2050	23,000	13,407
Federal Realty Investment Trust 3.25%, 7/15/2027	10,000	9,170
Healthpeak Properties Interim, Inc. 2.88%, 1/15/2031	82,000	69,096
Host Hotels & Resorts LP Series J, 2.90%, 12/15/2031	44,000	33,926
Kimco Realty OP LLC 2.25%, 12/1/2031	10,000	7,762

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
National Retail Properties, Inc. 3.10%, 4/15/2050	39,000	24,891
Piedmont Operating Partnership LP 2.75%, 4/1/2032	11,000	7,770
Realty Income Corp. 4.65%, 3/15/2047	10,000	9,093
Regency Centers LP 3.70%, 6/15/2030	10,000	8,831
Safehold Operating Partnership LP 2.85%, 1/15/2032	35,000	26,911
Simon Property Group LP 2.45%, 9/13/2029	78,000	65,421
Spirit Realty LP 3.20%, 2/15/2031	42,000	34,268
STORE Capital Corp.
4.50%, 3/15/2028	39,000	34,669
2.75%, 11/18/2030	10,000	7,553
UDR, Inc. 3.00%, 8/15/2031	20,000	16,839
Ventas Realty LP 2.50%, 9/1/2031	59,000	46,581
VICI Properties LP
4.38%, 5/15/2025	11,000	10,599
5.63%, 5/15/2052	23,000	20,455
Welltower OP LLC 4.95%, 9/1/2048	26,000	22,141
Weyerhaeuser Co. 4.00%, 3/9/2052	36,000	28,115
		1,212,728
Food & Staples Retailing — 1.1%
Costco Wholesale Corp. 1.38%, 6/20/2027	140,000	122,431
Kroger Co. (The) 5.40%, 1/15/2049	44,000	41,835
Sysco Corp.
3.30%, 7/15/2026	40,000	37,581
6.60%, 4/1/2050	38,000	41,695
Walgreens Boots Alliance, Inc. 4.10%, 4/15/2050	36,000	26,078
Walmart, Inc.
1.80%, 9/22/2031	216,000	174,262
4.05%, 6/29/2048	47,000	41,403
		485,285
Food Products — 1.1%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031	60,000	49,344
Conagra Brands, Inc. 5.40%, 11/1/2048	28,000	25,512
J M Smucker Co. (The) 3.55%, 3/15/2050	39,000	28,078
JBS USA LUX SA 4.38%, 2/2/2052 (c)	64,000	45,773
Kraft Heinz Foods Co.
3.00%, 6/1/2026	291,000	270,830
5.50%, 6/1/2050	55,000	52,596
Pilgrim's Pride Corp. 4.25%, 4/15/2031	39,000	32,566
Tyson Foods, Inc. 5.10%, 9/28/2048	10,000	9,024
		513,723

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Gas Utilities — 0.3%
Atmos Energy Corp. 5.75%, 10/15/2052	10,000	10,482
National Fuel Gas Co. 2.95%, 3/1/2031	40,000	31,741
Piedmont Natural Gas Co., Inc. 5.05%, 5/15/2052	61,000	55,667
Southwest Gas Corp. 3.18%, 8/15/2051	33,000	21,125
		119,015
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories
4.75%, 4/15/2043	11,000	10,618
4.90%, 11/30/2046	80,000	78,684
Baxter International, Inc.
1.73%, 4/1/2031	16,000	11,909
3.13%, 12/1/2051	40,000	24,253
Becton Dickinson and Co. 4.69%, 12/15/2044	61,000	54,096
Boston Scientific Corp. 4.70%, 3/1/2049	33,000	29,889
DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030	37,000	31,569
DH Europe Finance II Sarl
2.60%, 11/15/2029	132,000	113,915
3.40%, 11/15/2049	10,000	7,552
Medtronic, Inc.
4.38%, 3/15/2035	58,000	54,925
4.63%, 3/15/2045	10,000	9,332
Stryker Corp. 2.90%, 6/15/2050	61,000	41,111
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031	69,000	55,907
		523,760
Health Care Providers & Services — 4.0%
Aetna, Inc. 3.88%, 8/15/2047	46,000	34,578
Ascension Health 3.95%, 11/15/2046	53,000	44,817
Cardinal Health, Inc. 4.37%, 6/15/2047	35,000	28,116
Centene Corp.
3.38%, 2/15/2030	17,000	14,396
2.63%, 8/1/2031	43,000	33,617
Cigna Group (The)
4.80%, 8/15/2038	76,000	69,850
3.40%, 3/15/2051	60,000	42,210
CommonSpirit Health 6.07%, 11/1/2027	223,000	227,950
CVS Health Corp.
2.63%, 8/15/2024	147,000	141,606
2.13%, 9/15/2031	48,000	37,610
6.13%, 9/15/2039	11,000	11,194
2.70%, 8/21/2040	112,000	75,753
5.05%, 3/25/2048	104,000	93,230

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
Elevance Health, Inc.
4.55%, 5/15/2052	62,000	53,833
6.10%, 10/15/2052	10,000	10,714
HCA, Inc.
5.00%, 3/15/2024	144,000	143,063
4.13%, 6/15/2029	11,000	10,014
3.50%, 7/15/2051	97,000	63,265
4.63%, 3/15/2052 (c)	15,000	11,799
Humana, Inc.
4.50%, 4/1/2025	151,000	148,407
4.80%, 3/15/2047	31,000	27,355
Laboratory Corp. of America Holdings 4.70%, 2/1/2045	26,000	22,240
Novant Health, Inc. 3.32%, 11/1/2061	10,000	6,906
Quest Diagnostics, Inc. 2.80%, 6/30/2031	75,000	62,939
UnitedHealth Group, Inc.
3.75%, 7/15/2025	98,000	95,113
3.50%, 8/15/2039	146,000	119,515
2.75%, 5/15/2040	95,000	69,049
4.63%, 11/15/2041	65,000	60,143
3.25%, 5/15/2051	60,000	42,919
		1,802,201
Hotels, Restaurants & Leisure — 0.6%
Expedia Group, Inc. 3.25%, 2/15/2030	60,000	50,614
Marriott International, Inc. Series II, 2.75%, 10/15/2033	44,000	34,166
McDonald's Corp.
2.13%, 3/1/2030	71,000	58,824
4.60%, 9/9/2032	18,000	17,354
5.15%, 9/9/2052	35,000	33,550
Starbucks Corp.
4.50%, 11/15/2048	60,000	51,669
3.50%, 11/15/2050	10,000	7,274
		253,451
Household Durables — 0.2%
Leggett & Platt, Inc. 3.50%, 11/15/2051	22,000	15,571
Lennar Corp. 4.75%, 11/29/2027	75,000	71,898
MDC Holdings, Inc. 3.97%, 8/6/2061	10,000	5,720
		93,189
Household Products — 0.3%
Colgate-Palmolive Co. 4.00%, 8/15/2045	75,000	68,597

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Household Products — continued
Kimberly-Clark Corp. 2.88%, 2/7/2050	13,000	9,147
Procter & Gamble Co. (The) 3.50%, 10/25/2047	88,000	72,561
		150,305
Industrial Conglomerates — 0.3%
3M Co. 5.70%, 3/15/2037	66,000	66,994
GE Capital Funding LLC 4.55%, 5/15/2032	50,000	47,591
Honeywell International, Inc. 2.80%, 6/1/2050	40,000	28,833
		143,418
Insurance — 2.7%
ACE Capital Trust II 9.70%, 4/1/2030	10,000	12,267
Aflac, Inc. 3.60%, 4/1/2030	100,000	92,041
Alleghany Corp. 3.25%, 8/15/2051	11,000	7,870
Allstate Corp. (The) (ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057 (a)	10,000	9,701
American Equity Investment Life Holding Co. 5.00%, 6/15/2027	15,000	14,728
American International Group, Inc.
2.50%, 6/30/2025	40,000	37,653
3.90%, 4/1/2026	14,000	13,432
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (a)	20,000	19,310
Aon Corp. 6.25%, 9/30/2040	10,000	10,350
Arch Capital Group Ltd. 3.64%, 6/30/2050	39,000	28,055
Assurant, Inc. 2.65%, 1/15/2032	10,000	7,554
AXIS Specialty Finance LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%), 4.90%, 1/15/2040 (a) (b)	16,000	13,683
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048	85,000	75,074
4.25%, 1/15/2049	10,000	8,897
2.85%, 10/15/2050	20,000	13,497
Chubb INA Holdings, Inc. 6.70%, 5/15/2036	11,000	12,217
Cincinnati Financial Corp. 6.13%, 11/1/2034	30,000	31,490
Enstar Group Ltd. 4.95%, 6/1/2029	38,000	34,836
F&G Annuities & Life, Inc. 7.40%, 1/13/2028 (c)	33,000	33,013
Fidelity National Financial, Inc. 3.20%, 9/17/2051	29,000	17,501
Lincoln National Corp. 3.35%, 3/9/2025	50,000	47,880
Loews Corp. 6.00%, 2/1/2035	36,000	37,908
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (a)	50,000	46,365

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Insurance — continued
Marsh & McLennan Cos., Inc.
3.88%, 3/15/2024	119,000	117,080
6.25%, 11/1/2052	10,000	11,096
MetLife, Inc.
10.75%, 8/1/2039	11,000	14,825
5.25%, 1/15/2054	26,000	25,448
PartnerRe Finance B LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.82%), 4.50%, 10/1/2050 (a)	34,000	30,527
Primerica, Inc. 2.80%, 11/19/2031	49,000	40,490
Principal Financial Group, Inc. 4.63%, 9/15/2042	34,000	28,840
Progressive Corp. (The) 4.13%, 4/15/2047	56,000	47,771
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (a)	72,000	70,738
(ICE LIBOR USD 3 Month + 2.67%), 5.70%, 9/15/2048 (a)	81,000	77,039
Prudential plc (Hong Kong) 3.63%, 3/24/2032	10,000	8,922
Selective Insurance Group, Inc. 5.38%, 3/1/2049	18,000	16,223
Transatlantic Holdings, Inc. 8.00%, 11/30/2039	22,000	27,677
Travelers Cos., Inc. (The) 4.10%, 3/4/2049	15,000	12,658
Willis North America, Inc. 3.88%, 9/15/2049	33,000	24,081
XLIT Ltd. (Bermuda) 5.50%, 3/31/2045	26,000	25,428
		1,204,165
Interactive Media & Services — 0.2%
Alphabet, Inc. 2.25%, 8/15/2060	77,000	44,633
Meta Platforms, Inc.
3.50%, 8/15/2027	21,000	19,744
4.65%, 8/15/2062	50,000	41,582
		105,959
Internet & Direct Marketing Retail — 1.0%
Amazon.com, Inc.
2.80%, 8/22/2024	10,000	9,681
1.00%, 5/12/2026	214,000	189,389
3.88%, 8/22/2037	249,000	219,965
2.88%, 5/12/2041	12,000	8,935
4.10%, 4/13/2062	23,000	19,027
eBay, Inc. 3.65%, 5/10/2051	10,000	7,172
		454,169
IT Services — 1.6%
Automatic Data Processing, Inc. 1.25%, 9/1/2030	19,000	14,934

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

IT Services — continued
Fidelity National Information Services, Inc. 5.10%, 7/15/2032	10,000	9,563
Fiserv, Inc. 4.40%, 7/1/2049	10,000	8,060
Global Payments, Inc.
2.65%, 2/15/2025	274,000	258,559
3.20%, 8/15/2029	37,000	31,464
International Business Machines Corp.
4.00%, 7/27/2025	155,000	150,956
5.88%, 11/29/2032	22,000	23,050
7.13%, 12/1/2096	37,000	46,938
Kyndryl Holdings, Inc. 4.10%, 10/15/2041	25,000	16,769
Mastercard, Inc. 3.85%, 3/26/2050	75,000	62,919
PayPal Holdings, Inc. 5.25%, 6/1/2062	10,000	9,150
VeriSign, Inc. 2.70%, 6/15/2031	46,000	37,083
Visa, Inc. 2.00%, 8/15/2050	80,000	47,170
Western Union Co. (The) 2.75%, 3/15/2031	10,000	7,772
		724,387
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029	64,000	56,427
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc. 2.30%, 3/12/2031	70,000	56,939
Illumina, Inc. 5.75%, 12/13/2027	84,000	84,403
PerkinElmer, Inc. 3.63%, 3/15/2051	31,000	21,542
Thermo Fisher Scientific, Inc.
1.22%, 10/18/2024	59,000	55,299
2.80%, 10/15/2041	78,000	56,317
		274,500
Machinery — 1.3%
Caterpillar, Inc. 6.05%, 8/15/2036	18,000	19,654
CNH Industrial Capital LLC 1.45%, 7/15/2026	187,000	165,480
Deere & Co. 2.88%, 9/7/2049	11,000	7,964
Illinois Tool Works, Inc. 2.65%, 11/15/2026	261,000	241,818
Otis Worldwide Corp.
2.06%, 4/5/2025	50,000	46,666
2.57%, 2/15/2030	40,000	33,710
3.36%, 2/15/2050	23,000	16,314
Parker-Hannifin Corp. 4.10%, 3/1/2047	10,000	8,305
Snap-on, Inc. 4.10%, 3/1/2048	40,000	34,462
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (a)	20,000	17,229
		591,602

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Media — 2.8%
Charter Communications Operating LLC
4.91%, 7/23/2025	98,000	95,867
2.80%, 4/1/2031	23,000	17,960
3.50%, 3/1/2042	17,000	10,972
5.38%, 5/1/2047	30,000	23,804
4.80%, 3/1/2050	108,000	78,658
3.95%, 6/30/2062	10,000	5,957
5.50%, 4/1/2063	50,000	38,706
Comcast Corp.
3.70%, 4/15/2024	141,000	138,497
3.38%, 8/15/2025	11,000	10,565
3.95%, 10/15/2025	11,000	10,692
3.90%, 3/1/2038	204,000	174,994
4.00%, 11/1/2049	233,000	187,829
Discovery Communications LLC
3.95%, 3/20/2028	186,000	169,903
3.63%, 5/15/2030	12,000	10,263
4.65%, 5/15/2050	80,000	58,453
4.00%, 9/15/2055	21,000	13,528
Fox Corp. 5.58%, 1/25/2049	10,000	9,110
Interpublic Group of Cos., Inc. (The) 3.38%, 3/1/2041	33,000	23,997
Omnicom Group, Inc. 2.60%, 8/1/2031	27,000	22,165
Paramount Global
4.95%, 1/15/2031	30,000	26,842
5.90%, 10/15/2040	56,000	49,485
Time Warner Cable LLC 6.55%, 5/1/2037	72,000	68,572
		1,246,819
Metals & Mining — 0.8%
ArcelorMittal SA (Luxembourg) 6.75%, 3/1/2041 (d)	31,000	30,650
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035	45,000	47,317
Freeport-McMoRan, Inc. 4.25%, 3/1/2030	10,000	9,055
Kinross Gold Corp. (Canada) 4.50%, 7/15/2027	85,000	81,033
Newmont Corp. 2.25%, 10/1/2030	20,000	16,119
Nucor Corp. 4.30%, 5/23/2027	10,000	9,697
Reliance Steel & Aluminum Co. 2.15%, 8/15/2030	14,000	11,270
Rio Tinto Finance USA Ltd. (Australia) 2.75%, 11/2/2051	47,000	31,031
Southern Copper Corp. (Mexico) 5.88%, 4/23/2045	53,000	53,566

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Metals & Mining — continued
Teck Resources Ltd. (Canada) 3.90%, 7/15/2030	23,000	20,598
Vale Overseas Ltd. (Brazil) 6.88%, 11/10/2039	42,000	42,954
		353,290
Multiline Retail — 0.8%
Dollar General Corp. 5.50%, 11/1/2052	30,000	29,296
Dollar Tree, Inc. 3.38%, 12/1/2051	32,000	21,361
Target Corp. 3.38%, 4/15/2029	333,000	307,203
		357,860
Multi-Utilities — 2.3%
Ameren Corp.
2.50%, 9/15/2024	141,000	134,461
3.50%, 1/15/2031	134,000	117,722
Berkshire Hathaway Energy Co.
3.50%, 2/1/2025	50,000	48,402
4.45%, 1/15/2049	31,000	26,714
2.85%, 5/15/2051	50,000	32,504
CenterPoint Energy, Inc. 2.65%, 6/1/2031	143,000	117,440
Consolidated Edison Co. of New York, Inc.
Series 20B, 3.95%, 4/1/2050	76,000	60,285
3.60%, 6/15/2061	50,000	35,968
Consumers Energy Co. 3.95%, 7/15/2047	85,000	69,370
Dominion Energy, Inc. 3.90%, 10/1/2025	17,000	16,438
NiSource, Inc.
3.49%, 5/15/2027	22,000	20,562
3.60%, 5/1/2030	11,000	9,826
1.70%, 2/15/2031	15,000	11,433
5.00%, 6/15/2052	13,000	11,877
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/2030	188,000	148,008
2.95%, 8/15/2051	57,000	37,801
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031	142,000	109,453
		1,008,264
Oil, Gas & Consumable Fuels — 6.4%
Boardwalk Pipelines LP 3.60%, 9/1/2032	45,000	37,800
BP Capital Markets America, Inc.
3.80%, 9/21/2025	72,000	70,371
4.23%, 11/6/2028	144,000	138,901
3.00%, 2/24/2050	89,000	60,506
3.38%, 2/8/2061	11,000	7,598
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027	13,000	12,117

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Canadian Natural Resources Ltd. (Canada) 4.95%, 6/1/2047	30,000	26,111
Cenovus Energy, Inc. (Canada) 3.75%, 2/15/2052	21,000	14,869
Cheniere Energy Partners LP 4.00%, 3/1/2031	60,000	51,825
Chevron Corp. 2.95%, 5/16/2026	88,000	82,858
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025	192,000	187,907
ConocoPhillips 5.90%, 10/15/2032	50,000	53,531
ConocoPhillips Co. 4.03%, 3/15/2062	10,000	7,924
DCP Midstream Operating LP 5.60%, 4/1/2044	28,000	26,169
Devon Energy Corp. 5.00%, 6/15/2045	10,000	8,485
Diamondback Energy, Inc. 3.50%, 12/1/2029	70,000	61,855
Enbridge Energy Partners LP Series B, 7.50%, 4/15/2038	23,000	25,763
Energy Transfer LP
4.95%, 5/15/2028	80,000	77,088
4.95%, 6/15/2028	32,000	30,925
3.75%, 5/15/2030	12,000	10,650
5.40%, 10/1/2047	96,000	82,591
5.00%, 5/15/2050	17,000	13,959
Enterprise Products Operating LLC
3.70%, 2/15/2026	10,000	9,604
3.95%, 2/15/2027	23,000	21,966
2.80%, 1/31/2030	80,000	68,601
4.85%, 8/15/2042	126,000	112,979
EQT Corp. 7.00%, 2/1/2030 (d)	48,000	49,521
Exxon Mobil Corp.
2.99%, 3/19/2025	105,000	100,824
3.00%, 8/16/2039	126,000	96,784
3.45%, 4/15/2051	17,000	12,963
Hess Corp.
7.88%, 10/1/2029	10,000	11,001
5.80%, 4/1/2047	10,000	9,492
Kinder Morgan, Inc.
4.30%, 6/1/2025	110,000	107,450
4.80%, 2/1/2033	203,000	188,266
Magellan Midstream Partners LP 4.20%, 10/3/2047	43,000	32,866
Marathon Oil Corp.
4.40%, 7/15/2027	90,000	85,729
6.60%, 10/1/2037	12,000	11,954
Marathon Petroleum Corp.
4.75%, 9/15/2044	17,000	14,188
5.00%, 9/15/2054	22,000	18,549

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
MPLX LP
4.95%, 3/14/2052	84,000	69,879
4.90%, 4/15/2058	10,000	8,007
ONEOK, Inc. 5.20%, 7/15/2048	70,000	59,475
Ovintiv, Inc. 6.50%, 2/1/2038	33,000	32,445
Phillips 66 4.88%, 11/15/2044	30,000	27,342
Pioneer Natural Resources Co. 1.90%, 8/15/2030	66,000	51,542
Plains All American Pipeline LP 6.65%, 1/15/2037	10,000	9,997
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025	140,000	139,835
Suncor Energy, Inc. (Canada) 3.75%, 3/4/2051	19,000	13,963
Targa Resources Corp. 6.50%, 2/15/2053	15,000	14,760
Targa Resources Partners LP
5.50%, 3/1/2030	13,000	12,324
4.88%, 2/1/2031	25,000	22,744
TotalEnergies Capital International SA (France) 2.83%, 1/10/2030	218,000	192,444
TransCanada PipeLines Ltd. (Canada)
6.10%, 6/1/2040	48,000	48,578
4.88%, 5/15/2048	10,000	8,775
Transcontinental Gas Pipe Line Co. LLC 4.60%, 3/15/2048	48,000	41,062
Valero Energy Corp. 3.65%, 12/1/2051	40,000	28,423
Williams Cos., Inc. (The) 5.40%, 3/4/2044	17,000	15,673
		2,839,808
Paper & Forest Products — 0.1%
Suzano Austria GmbH (Brazil) 3.75%, 1/15/2031	67,000	56,724
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027	173,000	163,102
6.00%, 5/15/2037	32,000	34,530
		197,632
Pharmaceuticals — 2.8%
Astrazeneca Finance LLC (United Kingdom) 0.70%, 5/28/2024	153,000	144,789
AstraZeneca plc (United Kingdom)
3.38%, 11/16/2025	19,000	18,245
4.38%, 11/16/2045	68,000	61,644
3.00%, 5/28/2051	26,000	18,650
Bristol-Myers Squibb Co.
2.90%, 7/26/2024	65,000	63,007
3.40%, 7/26/2029	22,000	20,161

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
4.13%, 6/15/2039	70,000	62,523
4.35%, 11/15/2047	32,000	28,173
2.55%, 11/13/2050	70,000	44,268
Eli Lilly & Co.
2.25%, 5/15/2050	10,000	6,286
4.15%, 3/15/2059	33,000	28,777
Johnson & Johnson
5.95%, 8/15/2037	99,000	109,896
4.50%, 9/1/2040	10,000	9,611
Merck & Co., Inc. 2.90%, 12/10/2061	53,000	33,991
Mylan, Inc. 5.20%, 4/15/2048	32,000	24,413
Pfizer, Inc. 3.40%, 5/15/2024	10,000	9,795
Royalty Pharma plc 3.30%, 9/2/2040	53,000	36,973
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026	318,000	295,984
Viatris, Inc. 2.70%, 6/22/2030	35,000	27,743
Wyeth LLC 6.50%, 2/1/2034	158,000	176,209
Zoetis, Inc. 2.00%, 5/15/2030	10,000	8,192
		1,229,330
Professional Services — 0.1%
Thomson Reuters Corp. (Canada) 5.65%, 11/23/2043	26,000	24,350
Verisk Analytics, Inc. 3.63%, 5/15/2050	10,000	6,945
		31,295
Road & Rail — 2.0%
Burlington Northern Santa Fe LLC 4.45%, 1/15/2053	78,000	69,413
Canadian National Railway Co. (Canada) 4.40%, 8/5/2052	10,000	8,904
Canadian Pacific Railway Co. (Canada)
1.75%, 12/2/2026	248,000	219,546
2.45%, 12/2/2031	82,000	68,248
CSX Corp.
2.60%, 11/1/2026	80,000	73,327
4.65%, 3/1/2068	44,000	37,345
Kansas City Southern 4.30%, 5/15/2043	30,000	24,955
Norfolk Southern Corp.
4.15%, 2/28/2048	96,000	78,144
3.16%, 5/15/2055	15,000	9,861
Ryder System, Inc. 2.85%, 3/1/2027	35,000	31,777
Triton Container International Ltd. (Bermuda) 3.25%, 3/15/2032	17,000	13,142
Union Pacific Corp.
3.25%, 1/15/2025	102,000	98,468

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Road & Rail — continued
2.89%, 4/6/2036	55,000	43,200
4.05%, 11/15/2045	134,000	111,417
3.25%, 2/5/2050	34,000	24,570
		912,317
Semiconductors & Semiconductor Equipment — 3.2%
Analog Devices, Inc. 3.50%, 12/5/2026	108,000	102,468
Broadcom Corp. 3.13%, 1/15/2025	72,000	68,926
Broadcom, Inc.
4.93%, 5/15/2037 (c)	110,000	95,644
3.50%, 2/15/2041 (c)	81,000	57,994
Intel Corp.
3.40%, 3/25/2025	98,000	94,807
3.90%, 3/25/2030	10,000	9,226
4.15%, 8/5/2032	11,000	10,117
5.63%, 2/10/2043	10,000	9,762
4.90%, 7/29/2045	54,000	50,016
3.25%, 11/15/2049	124,000	82,948
3.20%, 8/12/2061	53,000	32,915
KLA Corp. 4.10%, 3/15/2029	240,000	228,806
Marvell Technology, Inc. 2.95%, 4/15/2031	41,000	32,954
Micron Technology, Inc. 3.48%, 11/1/2051	10,000	6,232
NVIDIA Corp.
2.00%, 6/15/2031	123,000	99,373
3.50%, 4/1/2050	15,000	11,626
NXP BV (China)
4.30%, 6/18/2029	40,000	36,931
3.25%, 5/11/2041	42,000	29,134
QUALCOMM, Inc.
3.25%, 5/20/2027	184,000	172,969
1.30%, 5/20/2028	169,000	142,246
3.25%, 5/20/2050	10,000	7,367
Texas Instruments, Inc.
2.70%, 9/15/2051	12,000	8,328
4.10%, 8/16/2052	55,000	49,216
		1,440,005
Software — 2.1%
Microsoft Corp.
4.10%, 2/6/2037	288,000	270,075
3.95%, 8/8/2056	12,000	10,342
Oracle Corp.
3.40%, 7/8/2024	203,000	197,510
2.95%, 11/15/2024	19,000	18,224
2.50%, 4/1/2025	50,000	47,155

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Software — continued
6.50%, 4/15/2038	15,000	15,626
3.60%, 4/1/2050	206,000	139,693
3.95%, 3/25/2051	73,000	52,383
3.85%, 4/1/2060	10,000	6,647
4.10%, 3/25/2061	69,000	48,038
Roper Technologies, Inc. 1.75%, 2/15/2031	79,000	60,877
Salesforce, Inc. 3.05%, 7/15/2061	10,000	6,412
VMware, Inc. 2.20%, 8/15/2031	62,000	47,021
		920,003
Specialty Retail — 1.2%
AutoZone, Inc. 1.65%, 1/15/2031	87,000	67,039
Home Depot, Inc. (The)
2.70%, 4/15/2030	186,000	161,328
3.30%, 4/15/2040	56,000	44,621
4.20%, 4/1/2043	30,000	26,255
3.13%, 12/15/2049	53,000	37,469
Lowe's Cos., Inc.
3.13%, 9/15/2024	10,000	9,667
3.10%, 5/3/2027	40,000	37,154
2.80%, 9/15/2041	122,000	82,587
3.70%, 4/15/2046	32,000	23,650
4.05%, 5/3/2047	40,000	31,232
		521,002
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.
1.80%, 9/11/2024	137,000	130,530
2.75%, 1/13/2025	50,000	48,069
0.70%, 2/8/2026	79,000	70,102
2.90%, 9/12/2027	27,000	25,102
3.85%, 5/4/2043	20,000	17,187
3.45%, 2/9/2045	45,000	36,318
4.65%, 2/23/2046	153,000	145,694
2.65%, 5/11/2050	83,000	55,778
2.65%, 2/8/2051	52,000	34,659
Dell International LLC
6.02%, 6/15/2026	152,000	153,751
5.30%, 10/1/2029	40,000	38,645
3.45%, 12/15/2051 (c)	10,000	6,107
HP, Inc. 6.00%, 9/15/2041	13,000	12,700
Western Digital Corp.
4.75%, 2/15/2026	22,000	20,739
2.85%, 2/1/2029	12,000	9,435
		804,816

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Tobacco — 1.1%
Altria Group, Inc.
4.25%, 8/9/2042	27,000	20,199
4.50%, 5/2/2043	10,000	7,592
4.00%, 2/4/2061	65,000	42,917
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024	45,000	43,380
4.39%, 8/15/2037	131,000	101,642
5.65%, 3/16/2052	10,000	8,402
Philip Morris International, Inc.
3.25%, 11/10/2024	105,000	101,741
4.38%, 11/15/2041	91,000	75,342
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025	76,000	73,972
		475,187
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.13%, 12/1/2030	11,000	9,022
GATX Corp.
3.50%, 6/1/2032	38,000	31,938
3.10%, 6/1/2051	11,000	6,945
WW Grainger, Inc. 3.75%, 5/15/2046	45,000	35,834
		83,739
Water Utilities — 0.2%
American Water Capital Corp.
3.75%, 9/1/2047	50,000	38,986
3.45%, 5/1/2050	27,000	19,870
Essential Utilities, Inc. 5.30%, 5/1/2052	31,000	29,268
		88,124
Wireless Telecommunication Services — 1.5%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029	200,000	181,947
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049	77,000	54,317
T-Mobile USA, Inc.
3.50%, 4/15/2025	44,000	42,146
3.75%, 4/15/2027	31,000	29,149
3.88%, 4/15/2030	218,000	197,729
4.50%, 4/15/2050	100,000	83,059
3.60%, 11/15/2060	18,000	12,002
Vodafone Group plc (United Kingdom) 5.13%, 6/19/2059	71,000	62,505
		662,854
Total Corporate Bonds (Cost $48,211,926)		43,854,126

SEE NOTES TO FINANCIAL STATEMENTS.

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)

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — 0.1%
JetBlue Pass-Through Trust Series 2019-1, Class AA, 2.75%, 5/15/2032	19,049	16,056
United Airlines Pass-Through Trust Series 2020-1, Class B, 4.88%, 1/15/2026	20,258	19,572
Total Asset-Backed Securities (Cost $35,612)		35,628
	SHARES
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (e) (f) (Cost $265,119)	265,119	265,119
Total Investments — 98.8% (Cost $48,512,657)		44,154,873
Other Assets Less Liabilities — 1.2%		547,883
NET ASSETS — 100.0%		44,702,756

Percentages indicated are based on net assets.

Abbreviations
CME	Chicago Mercantile Exchange
ICE	Intercontinental Exchange

LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
SOFR	Secured Overnight Financing Rate
SOFRINDX	Compounding index of the Secured Overnight Financing Rate
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
(a)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2023.
(b)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2023 is $265,459 or 0.59% of the Fund’s net assets as of February 28, 2023 .
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2023.
(e)	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.
(f)	The rate shown is the current yield as of February 28, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

February 28, 2023

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — 87.3%
Azerbaijan — 0.5%
Republic of Azerbaijan
3.50%, 9/1/2032 (a)	1,224,000	1,029,537
3.50%, 9/1/2032 (b)	1,000	841
		1,030,378
Bahrain — 5.6%
CBB International Sukuk Co. 5 SPC 5.62%, 2/12/2024	1,589,000	1,581,849
CBB International Sukuk Co. 7 SPC 6.88%, 10/5/2025 (a)	200,000	206,250
CBB International Sukuk Programme Co. SPC
4.50%, 3/30/2027 (b) (c)	389,000	378,983
3.95%, 9/16/2027	1,258,000	1,201,390
CBB International Sukuk Programme Co. WLL 3.88%, 5/18/2029 (a)	242,000	215,985
Kingdom of Bahrain
6.13%, 8/1/2023 (a)	250,000	249,344
7.00%, 1/26/2026 (a)	969,000	994,315
7.00%, 1/26/2026 (b)	121,000	124,161
7.00%, 10/12/2028 (a)	400,000	409,000
7.00%, 10/12/2028 (b)	402,000	411,045
6.75%, 9/20/2029 (a)	1,439,000	1,433,604
6.75%, 9/20/2029	365,000	363,631
5.63%, 9/30/2031 (a)	558,000	515,453
5.45%, 9/16/2032 (a)	737,000	663,300
5.25%, 1/25/2033 (a)	1,713,000	1,492,451
5.25%, 1/25/2033	229,000	199,516
5.63%, 5/18/2034 (a)	2,131,000	1,856,634
5.63%, 5/18/2034	531,000	462,634
		12,759,545
Bolivia, Plurinational State of — 0.3%
Plurinational State of Bolivia
4.50%, 3/20/2028 (a)	200,000	141,000
4.50%, 3/20/2028	661,000	466,005
		607,005
Brazil — 7.1%
Federative Republic of Brazil
8.88%, 4/15/2024	346,000	356,986
4.25%, 1/7/2025	1,517,000	1,485,048
2.88%, 6/6/2025	1,342,000	1,258,796
6.00%, 4/7/2026	2,716,000	2,777,619
4.63%, 1/13/2028	1,088,000	1,034,824
4.50%, 5/30/2029	519,000	476,929
3.88%, 6/12/2030	1,995,000	1,716,697

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Brazil—continued
3.75%, 9/12/2031 (c)	1,294,000	1,087,607
8.25%, 1/20/2034	380,000	428,640
7.13%, 1/20/2037	395,000	417,046
5.63%, 1/7/2041	140,000	120,164
5.00%, 1/27/2045	992,000	760,616
5.63%, 2/21/2047	342,000	278,687
4.75%, 1/14/2050	5,561,000	3,987,585
		16,187,244
Chile — 1.5%
Republic of Chile
2.75%, 1/31/2027	201,000	183,953
2.45%, 1/31/2031 (c)	393,000	326,878
2.55%, 7/27/2033	1,670,000	1,309,175
3.10%, 5/7/2041	1,658,000	1,203,397
3.86%, 6/21/2047	200,000	157,100
3.50%, 4/15/2053	272,000	193,426
3.25%, 9/21/2071	200,000	122,600
		3,496,529
China — 0.9%
People's Republic of China
1.95%, 12/3/2024 (a)	200,000	190,214
1.25%, 10/26/2026 (a)	208,000	184,887
1.25%, 10/26/2026	819,000	727,993
2.63%, 11/2/2027 (a)	735,000	683,263
3.50%, 10/19/2028 (a)	281,000	269,374
		2,055,731
Colombia — 5.9%
Republic of Colombia
4.00%, 2/26/2024	358,000	351,131
8.13%, 5/21/2024	338,000	346,091
4.50%, 1/28/2026	200,000	188,100
4.50%, 3/15/2029	1,547,000	1,325,876
3.00%, 1/30/2030 (c)	2,231,000	1,674,365
3.00%, 1/30/2030	222,000	166,611
3.13%, 4/15/2031	470,000	340,104
3.25%, 4/22/2032	1,852,000	1,309,364
7.38%, 9/18/2037	2,216,000	2,050,908
6.13%, 1/18/2041	1,889,000	1,474,364
4.13%, 2/22/2042	1,898,000	1,157,780
5.63%, 2/26/2044	876,000	627,654
5.00%, 6/15/2045	637,000	418,151
5.20%, 5/15/2049	2,637,000	1,743,387

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan USD Emerging Markets Sovereign Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Colombia—continued
4.13%, 5/15/2051 (c)	238,000	138,456
3.88%, 2/15/2061	252,000	136,442
		13,448,784
Costa Rica — 1.2%
Republic of Costa Rica
6.13%, 2/19/2031 (a)	416,000	402,298
6.13%, 2/19/2031	750,000	725,297
7.00%, 4/4/2044	441,000	420,962
7.00%, 4/4/2044 (a)	256,000	244,368
7.16%, 3/12/2045	1,041,000	1,007,037
		2,799,962
Cote D'Ivoire — 0.4%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (a)	833,000	716,380
6.13%, 6/15/2033 (b)	210,000	180,600
		896,980
Dominican Republic — 6.4%
Dominican Republic Government Bond
5.50%, 1/27/2025 (a)	1,870,000	1,835,288
6.88%, 1/29/2026 (a)	1,246,000	1,257,525
5.95%, 1/25/2027 (a)	381,000	372,737
5.95%, 1/25/2027 (b)	198,000	193,706
6.00%, 7/19/2028 (a)	49,000	47,141
6.00%, 7/19/2028 (b)	208,000	200,109
6.00%, 7/19/2028	443,000	426,194
4.50%, 1/30/2030 (a)	3,553,000	3,044,033
4.88%, 9/23/2032 (a)	1,100,000	919,050
5.30%, 1/21/2041 (a)	150,000	116,981
7.45%, 4/30/2044 (a)	386,000	369,547
7.45%, 4/30/2044 (b)	302,000	289,127
6.85%, 1/27/2045 (a)	956,000	849,526
6.85%, 1/27/2045 (b) (c)	357,000	317,239
6.40%, 6/5/2049 (b) (c)	305,000	252,921
6.40%, 6/5/2049 (a)	1,333,000	1,105,390
6.40%, 6/5/2049	202,000	167,509
5.88%, 1/30/2060 (a)	3,788,000	2,827,505
		14,591,528
Egypt — 3.1%
Arab Republic of Egypt
5.75%, 5/29/2024 (a)	1,141,000	1,078,245
5.88%, 6/11/2025 (a)	224,000	197,680
7.50%, 1/31/2027 (a)	227,000	194,085

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Egypt—continued
5.80%, 9/30/2027 (a)	282,000	219,960
6.59%, 2/21/2028 (a)	445,000	345,988
7.60%, 3/1/2029 (a)	910,000	709,800
5.88%, 2/16/2031 (a)	1,282,000	852,370
7.63%, 5/29/2032 (a)	3,408,000	2,406,474
7.90%, 2/21/2048 (a)	941,000	564,600
8.70%, 3/1/2049 (a)	582,000	371,752
7.50%, 2/16/2061 (a)	360,000	211,500
		7,152,454
Gabon — 0.3%
Gabonese Republic 6.63%, 2/6/2031 (a)	876,000	709,177
Guatemala — 0.5%
Republic of Guatemala
6.13%, 6/1/2050 (a)	400,000	378,825
6.13%, 6/1/2050	767,000	726,397
		1,105,222
Hungary — 1.0%
Hungary Government Bond
5.38%, 3/25/2024	110,000	109,608
5.25%, 6/16/2029 (a)	201,000	195,724
2.13%, 9/22/2031 (a)	943,000	719,037
7.63%, 3/29/2041	260,000	291,200
3.13%, 9/21/2051	1,566,000	951,345
		2,266,914
India — 0.4%
Export-Import Bank of India 3.25%, 1/15/2030 (a)	974,000	841,170
Indonesia — 2.8%
Perusahaan Penerbit SBSN Indonesia III
2.80%, 6/23/2030 (a)	718,000	627,038
2.55%, 6/9/2031 (a)	400,000	337,044
Republic of Indonesia
3.85%, 7/18/2027 (a)	600,000	572,316
3.50%, 1/11/2028	1,968,000	1,847,829
4.10%, 4/24/2028	200,000	192,662
8.50%, 10/12/2035 (a)	769,000	975,092
6.63%, 2/17/2037 (a)	374,000	418,921
6.63%, 2/17/2037 (b)	145,000	162,416
7.75%, 1/17/2038	100,000	122,269
4.20%, 10/15/2050	555,000	464,180
3.05%, 3/12/2051	854,000	612,839
		6,332,606

SEE NOTES TO FINANCIAL STATEMENTS.

100

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Iraq — 0.6%
Republic of Iraq 5.80%, 1/15/2028 (a)	1,492,500	1,367,783
Jamaica — 1.9%
Jamaica Government Bond
6.75%, 4/28/2028	294,000	305,999
6.75%, 4/28/2028 (c)	1,339,000	1,393,648
8.00%, 3/15/2039 (c)	204,000	244,290
7.88%, 7/28/2045	2,028,000	2,362,366
		4,306,303
Jordan — 1.4%
Hashemite Kingdom of Jordan
6.13%, 1/29/2026 (b)	346,000	340,010
5.75%, 1/31/2027 (a)	952,000	922,428
5.85%, 7/7/2030 (a)	1,680,000	1,516,200
7.38%, 10/10/2047 (a)	553,000	483,633
		3,262,271
Kazakhstan — 1.2%
Republic of Kazakhstan
3.88%, 10/14/2024 (b)	350,000	350,503
3.88%, 10/14/2024 (a)	205,000	205,295
5.13%, 7/21/2025 (a)	1,036,000	1,067,598
4.88%, 10/14/2044 (a)	497,000	447,238
6.50%, 7/21/2045 (a)	591,000	624,354
		2,694,988
Kenya — 2.0%
Republic of Kenya
6.88%, 6/24/2024 (a)	1,929,000	1,793,970
6.88%, 6/24/2024	385,000	358,050
7.25%, 2/28/2028 (b)	355,000	306,631
7.25%, 2/28/2028 (a)	700,000	604,625
8.00%, 5/22/2032 (a)	200,000	170,750
8.25%, 2/28/2048 (a)	1,389,000	1,059,112
8.25%, 2/28/2048	343,000	261,538
		4,554,676
Kuwait — 0.5%
State of Kuwait
3.50%, 3/20/2027 (a)	1,016,000	977,456
3.50%, 3/20/2027 (b) (c)	200,000	192,412
		1,169,868
Mexico — 1.9%
United Mexican States
4.13%, 1/21/2026	261,000	254,345
4.15%, 3/28/2027	202,000	195,233

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Mexico—continued
3.75%, 1/11/2028	473,000	441,782
4.50%, 4/22/2029	200,000	189,800
2.66%, 5/24/2031	235,000	189,645
6.05%, 1/11/2040	86,000	85,559
4.75%, 3/8/2044	140,000	116,095
4.60%, 1/23/2046	2,126,000	1,704,521
4.40%, 2/12/2052 (c)	1,378,000	1,047,969
5.75%, 10/12/2110	122,000	107,802
		4,332,751
Morocco — 0.5%
Kingdom of Morocco
3.00%, 12/15/2032 (a)	754,000	571,155
4.00%, 12/15/2050 (a)	624,000	399,360
4.00%, 12/15/2050	354,000	226,560
		1,197,075
Oman — 7.1%
Oman Sovereign Sukuk SAOC
4.40%, 6/1/2024 (a)	346,000	340,378
5.93%, 10/31/2025 (a)	733,000	745,827
5.93%, 10/31/2025	237,000	241,148
4.88%, 6/15/2030 (a)	1,475,000	1,461,448
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (a)	402,000	395,292
4.75%, 6/15/2026 (a)	500,000	484,156
4.75%, 6/15/2026	384,000	371,832
5.38%, 3/8/2027 (a)	1,605,000	1,570,693
6.75%, 10/28/2027 (a)	2,337,000	2,427,559
6.75%, 10/28/2027	532,000	552,615
5.63%, 1/17/2028 (a)	1,657,000	1,621,582
6.00%, 8/1/2029 (a)	612,000	610,776
6.00%, 8/1/2029 (b)	221,000	220,558
6.25%, 1/25/2031 (a)	421,000	424,368
7.38%, 10/28/2032 (a)	950,000	1,035,381
6.50%, 3/8/2047 (a)	1,913,000	1,783,872
6.50%, 3/8/2047	442,000	412,165
6.50%, 3/8/2047 (b)	229,000	213,543
6.75%, 1/17/2048 (a)	1,063,000	1,019,151
7.00%, 1/25/2051 (a)	200,000	197,250
		16,129,594
Panama — 1.8%
Republic of Panama
3.88%, 3/17/2028	207,000	193,519

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

101

JPMorgan USD Emerging Markets Sovereign Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Panama—continued
3.16%, 1/23/2030	1,218,000	1,043,903
2.25%, 9/29/2032	1,461,000	1,084,610
6.70%, 1/26/2036	205,000	216,313
4.50%, 4/16/2050	200,000	149,663
4.30%, 4/29/2053	514,000	370,176
3.87%, 7/23/2060	580,000	369,315
4.50%, 1/19/2063	943,000	672,064
		4,099,563
Paraguay — 1.1%
Republic of Paraguay
4.95%, 4/28/2031 (a)	932,000	874,798
6.10%, 8/11/2044 (a)	262,000	246,739
6.10%, 8/11/2044	478,000	450,156
5.40%, 3/30/2050 (a)	400,000	334,700
5.40%, 3/30/2050	593,000	496,193
		2,402,586
Peru — 2.0%
Republic of Peru
7.35%, 7/21/2025	321,000	337,612
4.13%, 8/25/2027	543,000	524,606
2.78%, 1/23/2031	380,000	312,859
1.86%, 12/1/2032	785,000	568,781
8.75%, 11/21/2033	1,166,000	1,441,686
3.00%, 1/15/2034 (c)	417,000	327,684
6.55%, 3/14/2037	54,000	57,419
3.30%, 3/11/2041	370,000	269,129
5.63%, 11/18/2050	66,000	64,527
3.23%, 7/28/2121 (c)	1,168,000	676,564
		4,580,867
Philippines — 2.5%
Republic of Philippines
10.63%, 3/16/2025	1,233,000	1,370,307
5.50%, 3/30/2026	514,000	521,767
9.50%, 2/2/2030	160,000	198,818
2.46%, 5/5/2030	308,000	259,138
7.75%, 1/14/2031	150,000	174,016
6.38%, 1/15/2032 (c)	159,000	171,141
6.38%, 10/23/2034	196,000	212,682
5.00%, 1/13/2037	200,000	195,522
3.95%, 1/20/2040	200,000	167,022
3.70%, 3/1/2041	2,434,000	1,953,553

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Philippines—continued
3.70%, 2/2/2042	424,000	338,187
3.20%, 7/6/2046	200,000	143,022
		5,705,175
Poland — 0.6%
Republic of Poland 3.25%, 4/6/2026	1,425,000	1,350,009
Qatar — 2.2%
State of Qatar
3.38%, 3/14/2024 (a)	341,000	333,481
3.25%, 6/2/2026 (a)	220,000	209,660
4.50%, 4/23/2028 (a)	528,000	522,984
4.00%, 3/14/2029 (a)	573,000	553,948
9.75%, 6/15/2030 (a)	311,000	406,594
6.40%, 1/20/2040 (a)	1,093,000	1,257,496
4.63%, 6/2/2046 (b)	276,000	256,559
5.10%, 4/23/2048 (a)	613,000	603,805
4.82%, 3/14/2049 (a)	686,000	651,124
4.40%, 4/16/2050 (a)	202,000	181,295
		4,976,946
Romania — 1.2%
Romania Government Bond
3.00%, 2/27/2027 (a)	1,162,000	1,037,085
5.25%, 11/25/2027 (a)	74,000	71,503
3.00%, 2/14/2031 (a)	286,000	230,945
3.63%, 3/27/2032 (a)	56,000	46,060
3.63%, 3/27/2032	520,000	427,700
5.13%, 6/15/2048 (b)	90,000	74,812
4.00%, 2/14/2051 (a)	1,110,000	771,450
		2,659,555
Saudi Arabia — 3.2%
Kingdom of Saudi Arabia
2.88%, 3/4/2023 (a)	28,000	27,983
4.00%, 4/17/2025 (a)	1,601,000	1,568,280
4.00%, 4/17/2025	212,000	207,667
3.63%, 3/4/2028 (a)	1,699,000	1,603,431
3.63%, 3/4/2028	238,000	224,613
4.50%, 4/17/2030 (b)	282,000	274,915
2.25%, 2/2/2033 (a)	200,000	158,475
4.50%, 10/26/2046 (a)	581,000	499,224
4.63%, 10/4/2047 (a)	2,157,000	1,882,387
4.63%, 10/4/2047 (b)	247,000	215,554

SEE NOTES TO FINANCIAL STATEMENTS.

102

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Saudi Arabia—continued
4.50%, 4/22/2060 (a)	270,000	229,888
KSA Sukuk Ltd. 2.25%, 5/17/2031 (a)	432,000	362,340
		7,254,757
Senegal — 0.6%
Republic of Senegal
6.25%, 5/23/2033 (a)	808,000	665,590
6.75%, 3/13/2048 (a)	634,000	444,592
6.75%, 3/13/2048	219,000	153,574
		1,263,756
Serbia — 0.3%
Republic of Serbia 2.13%, 12/1/2030 (a)	1,075,000	790,663
South Africa — 4.9%
Republic of South Africa
4.67%, 1/17/2024	215,000	211,748
5.88%, 9/16/2025	910,000	903,914
4.88%, 4/14/2026	938,000	896,963
4.85%, 9/27/2027 (c)	842,000	792,533
4.30%, 10/12/2028	595,000	526,575
4.85%, 9/30/2029	1,160,000	1,019,350
5.88%, 6/22/2030 (c)	1,365,000	1,255,800
5.88%, 4/20/2032	275,000	244,406
5.38%, 7/24/2044	1,419,000	1,046,513
5.00%, 10/12/2046 (c)	2,010,000	1,376,850
5.65%, 9/27/2047	3,483,000	2,533,882
7.30%, 4/20/2052	344,000	295,840
		11,104,374
Trinidad And Tobago — 0.4%
Republic of Trinidad and Tobago
4.50%, 8/4/2026 (a)	200,000	193,600
4.50%, 8/4/2026 (a) (c)	801,000	775,368
		968,968
Tunisia — 0.3%
Banque Centrale de Tunisie 5.75%, 1/30/2025 (a)	650,000	439,685
Tunisian Republic 5.75%, 1/30/2025 (a)	266,000	179,932
		619,617
Turkey — 8.0%
Hazine Mustesarligi Varlik Kiralama A/S
4.49%, 11/25/2024 (b)	1,000	943
4.49%, 11/25/2024 (a)	220,000	207,350
5.13%, 6/22/2026 (a)	832,000	741,936
7.25%, 2/24/2027 (a)	1,001,000	950,512

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Turkey—continued
Republic of Turkey
5.75%, 3/22/2024 (c)	939,000	914,234
7.38%, 2/5/2025 (c)	432,000	423,900
4.25%, 3/13/2025	741,000	677,089
4.75%, 1/26/2026	2,876,000	2,566,830
4.25%, 4/14/2026	1,012,000	882,970
4.88%, 10/9/2026	1,126,000	982,435
6.00%, 3/25/2027	692,000	617,610
5.13%, 2/17/2028	238,000	201,110
7.63%, 4/26/2029	409,000	374,746
11.88%, 1/15/2030	245,000	281,138
5.95%, 1/15/2031	2,553,000	2,067,930
5.88%, 6/26/2031	2,101,000	1,665,042
6.50%, 9/20/2033 (c)	3,251,999	2,609,730
8.00%, 2/14/2034 (c)	873,000	838,080
6.88%, 3/17/2036	104,000	83,460
6.75%, 5/30/2040 (c)	646,000	504,687
6.00%, 1/14/2041	200,000	142,250
6.63%, 2/17/2045	255,000	191,569
5.75%, 5/11/2047	595,000	397,906
		18,323,457
United Arab Emirates — 1.8%
Sharjah Sukuk Program Ltd. 2.94%, 6/10/2027 (a)	200,000	179,538
United Arab Emirates Government Bond
2.50%, 4/16/2025 (a)	200,000	189,800
3.13%, 10/11/2027 (a)	1,162,000	1,094,459
1.63%, 6/2/2028 (a)	406,000	353,727
1.88%, 9/15/2031 (a)	474,000	387,495
5.25%, 1/30/2043 (a)	200,000	181,912
3.13%, 9/30/2049 (a)	946,000	681,120
3.13%, 9/30/2049 (b)	265,000	190,800
3.88%, 4/16/2050 (a)	200,000	164,500
4.00%, 7/28/2050 (a)	200,000	126,725
3.25%, 10/19/2061 (a)	668,000	484,300
		4,034,376
Uruguay — 1.2%
Oriental Republic of Uruguay
4.38%, 10/27/2027	444,000	441,336
4.38%, 1/23/2031	273,000	265,766
7.63%, 3/21/2036	100,000	124,200

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

103

JPMorgan USD Emerging Markets Sovereign Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Uruguay—continued
5.10%, 6/18/2050 (c)	1,531,000	1,498,849
4.98%, 4/20/2055	482,000	461,274
		2,791,425
Vietnam — 0.2%
Socialist Republic of Vietnam
4.80%, 11/19/2024 (b)	200,000	195,272
4.80%, 11/19/2024 (a)	200,000	195,272
		390,544
Total Foreign Government Securities (Cost $207,150,944)		198,613,176
Corporate Bonds — 10.3%
Azerbaijan — 1.1%
Southern Gas Corridor CJSC
6.88%, 3/24/2026 (a)	2,010,000	2,050,200
6.88%, 3/24/2026 (b)	393,000	400,860
		2,451,060
Bahrain — 0.3%
Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/2027 (b)	203,000	208,905
7.50%, 10/25/2027 (a)	362,000	372,531
		581,436
Chile — 0.7%
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029	945,000	819,965
4.38%, 2/5/2049 (a)	200,000	164,225
3.70%, 1/30/2050 (a)	320,000	232,160
3.70%, 1/30/2050	200,000	145,100
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (a)	200,000	170,100
		1,531,550
China — 1.5%
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)	200,000	187,468
Minmetals Bounteous Finance BVI Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.21%), 3.38%, 9/3/2024 (a) (d) (e) (f)	400,000	386,000
Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a)	200,000	192,300
Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (b)	200,000	190,848

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

China — continued
Sinopec Group Overseas Development 2018 Ltd.
2.15%, 5/13/2025 (a)	608,000	567,604
2.95%, 11/12/2029	752,000	670,506
State Grid Overseas Investment BVI Ltd.
3.50%, 5/4/2027 (b)	2,000	1,901
3.50%, 5/4/2027 (c)	954,000	906,911
1.63%, 8/5/2030 (a)	200,000	162,826
1.63%, 8/5/2030	200,000	162,826
		3,429,190
Indonesia — 0.6%
Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030	378,000	372,806
Pertamina Persero PT
1.40%, 2/9/2026 (a)	438,000	390,416
4.18%, 1/21/2050 (a) (c)	485,000	372,025
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
6.15%, 5/21/2048 (a)	218,000	206,323
4.00%, 6/30/2050 (a)	200,000	141,288
		1,482,858
Malaysia — 1.3%
Petronas Capital Ltd.
3.50%, 3/18/2025	400,000	385,846
3.50%, 4/21/2030 (a)	1,498,000	1,365,892
2.48%, 1/28/2032 (a)	200,000	164,475
4.55%, 4/21/2050 (a)	320,000	288,860
3.40%, 4/28/2061 (a)	1,241,000	869,708
		3,074,781
Mexico — 1.6%
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (c)	512,000	495,456
Mexico City Airport Trust 5.50%, 7/31/2047 (a)	209,000	155,034
Petroleos Mexicanos
4.50%, 1/23/2026 (c)	654,000	601,843
6.70%, 2/16/2032	851,000	673,652
6.63%, 6/15/2035	270,000	198,334
6.50%, 6/2/2041	474,000	317,296
6.75%, 9/21/2047	1,762,000	1,134,904
6.95%, 1/28/2060	267,000	171,087
		3,747,606

SEE NOTES TO FINANCIAL STATEMENTS.

104

J.P. Morgan Exchange-Traded Funds

February 28, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Panama — 0.3%
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a)	200,000	156,850
Banco Nacional de Panama 2.50%, 8/11/2030 (c)	566,000	448,838
		605,688
Peru — 0.2%
Petroleos del Peru SA
4.75%, 6/19/2032	436,000	331,850
5.63%, 6/19/2047 (b)	200,000	132,940
		464,790
Qatar — 0.6%
QatarEnergy 3.13%, 7/12/2041 (a)	1,705,000	1,288,660
South Africa — 1.0%
Eskom Holdings SOC Ltd.
6.75%, 8/6/2023 (b)	2,000	1,979
7.13%, 2/11/2025 (b)	327,000	321,146
7.13%, 2/11/2025 (a)	1,828,000	1,795,279
6.35%, 8/10/2028 (b)	240,000	224,550
		2,342,954
United Arab Emirates — 1.1%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)	475,000	431,745
DP World Ltd. 6.85%, 7/2/2037 (a)	610,000	675,697
MDGH GMTN RSC Ltd.
2.88%, 11/7/2029 (a)	1,213,000	1,073,505
2.88%, 5/21/2030 (a)	201,000	175,662
3.38%, 3/28/2032 (a)	212,000	188,362
		2,544,971
Total Corporate Bonds (Cost $24,704,726)		23,545,544
	SHARES
Short-Term Investments — 5.2%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (g) (h)(Cost $1,134,608)	1,134,608	1,134,608
Investment of Cash Collateral from Securities Loaned — 4.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.78% (g) (h)	8,798,781	8,802,300

INVESTMENTS	SHARES	VALUE($)

Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (g) (h)	1,809,720	1,809,720
Total Investment of Cash Collateral from Securities Loaned (Cost $10,612,220)		10,612,020
Total Short-Term Investments (Cost $11,746,828)		11,746,628
Total Investments — 102.8% (Cost $243,602,498)		233,905,348
Liabilities in Excess of Other Assets — (2.8)%		(6,320,983)
NET ASSETS — 100.0%		227,584,365

Percentages indicated are based on net assets.

Abbreviations
CJSC	Closed Joint Stock Company
GMTN	Global Medium Term Note
PT	Limited liability company
SPC	Special purpose company

(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	The security or a portion of this security is on loan at February 28, 2023. The total value of securities on loan at February 28, 2023 is $10,236,607.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2023.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2023.
(g)	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.
(h)	The rate shown is the current yield as of February 28, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

105

STATEMENTS OF ASSETS AND LIABILITIES
AS OF February 28, 2023

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)
ASSETS:
Investments in non-affiliates, at value	$34,983,724	$1,299,489,298	$330,635,906
Investments in affiliates, at value	758,888	91,260,954	3,094,499
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)	—	15,781,868	—
Cash	—	297,622	18,592
Foreign currency, at value	21	1	—
Segregated cash balance with Authorized Participant for deposit securities	—	—	18,544,481
Receivables:
Investment securities sold	1,006,831	13,027,924	8,872,550
Interest from non-affiliates	147,540	6,052,382	5,744,329
Dividends from affiliates	92	11,088	376
Tax reclaims	—	82	—
Securities lending income (See Note 2.D.)	35	8,609	—
Total Assets	36,897,131	1,425,929,828	366,910,733
LIABILITIES:
Payables:
Due to custodian	941	—	—
Investment securities purchased	986,356	16,291,795	10,850,921
Investment securities purchased — delayed delivery securities	689,804	81,733,814	—
Collateral received on securities loaned (See Note 2.D.)	—	15,781,868	—
Collateral upon return of deposit securities	—	—	18,544,481
Accrued liabilities:
Management fees (See Note 3.A.)	1,239	21,374	36,025
Total Liabilities	1,678,340	113,828,851	29,431,427
Net Assets	$35,218,791	$1,312,100,977	$337,479,306
NET ASSETS:
Paid-in-Capital	$37,732,177	$1,482,051,679	$421,065,847
Total distributable earnings (loss)	(2,513,386)	(169,950,702)	(83,586,541)
Total Net Assets	$35,218,791	$1,312,100,977	$337,479,306
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	749,946	28,573,203	7,600,000
Net asset value, per share	$46.96	$45.92	$44.41
Cost of investments in non-affiliates	$37,151,028	$1,424,335,886	$362,014,120
Cost of investments in affiliates	758,888	91,260,954	3,094,499
Cost of foreign currency	20	1	—
Investment securities on loan, at value (See Note 2.D.)	—	15,321,337	—
Cost of investment of cash collateral (See Note 2.D.)	—	15,781,868	—

SEE NOTES TO FINANCIAL STATEMENTS.

106

J.P. Morgan Exchange-Traded Funds

February 28, 2023

	JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)	JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$43,889,754	$222,158,720
Investments in affiliates, at value	265,119	1,134,608
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)	—	10,612,020
Cash	6,270	47,390
Foreign currency, at value	—	654
Segregated cash balance with Authorized Participant for deposit securities	—	2,838,979
Receivables:
Investment securities sold	1,637,676	3,695,844
Interest from non-affiliates	509,834	3,323,884
Dividends from affiliates	32	138
Securities lending income (See Note 2.D.)	—	12,653
Total Assets	46,308,685	243,824,890
LIABILITIES:
Payables:
Investment securities purchased	1,592,130	2,722,203
Collateral received on securities loaned (See Note 2.D.)	—	10,612,020
Collateral upon return of deposit securities	—	2,838,979
Accrued liabilities:
Management fees (See Note 3.A.)	3,000	67,323
Other	10,799	—
Total Liabilities	1,605,929	16,240,525
Net Assets	$44,702,756	$227,584,365
NET ASSETS:
Paid-in-Capital	$51,898,290	$248,710,732
Total distributable earnings (loss)	(7,195,534)	(21,126,367)
Total Net Assets	$44,702,756	$227,584,365
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	1,000,000	5,900,000
Net asset value, per share	$44.70	$38.57
Cost of investments in non-affiliates	$48,247,538	$231,855,670
Cost of investments in affiliates	265,119	1,134,608
Cost of foreign currency	—	655
Investment securities on loan, at value (See Note 2.D.)	—	10,236,607
Cost of investment of cash collateral (See Note 2.D.)	—	10,612,220

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

107

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED February 28, 2023

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)
INVESTMENT INCOME:
Interest income from non-affiliates	$635,231	$26,299,571	$28,300,749
Interest income from affiliates	160	55	12
Dividend income from affiliates	19,369	1,470,241	148,431
Income from securities lending (net) (See Note 2.D.)	100	36,218	—
Total investment income	654,860	27,806,085	28,449,192
EXPENSES:
Management fees (See Note 3.A.)	17,168	691,855	1,286,130
Interest expense to affiliates	—	1	—
Proxy fees	19,253	28,618	—
Total expenses	36,421	720,474	1,286,130
Net investment income (loss)	618,439	27,085,611	27,163,062
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(375,571)	(44,690,698)	(41,913,794)
In-kind redemptions of investments in non-affiliates (See Note 4)	(295,945)	(16,128,231)	(68,352,014)
Foreign currency transactions	—	(5)	—
Net realized gain (loss)	(671,516)	(60,818,934)	(110,265,808)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	(1,509,961)	(86,598,604)	25,674,401
Investments in affiliates	—	899	—
Foreign currency translations	1	—	—
Change in net unrealized appreciation/depreciation	(1,509,960)	(86,597,705)	25,674,401
Net realized/unrealized gains (losses)	(2,181,476)	(147,416,639)	(84,591,407)
Change in net assets resulting from operations	$(1,563,037)	$(120,331,028)	$(57,428,345)

SEE NOTES TO FINANCIAL STATEMENTS.

108

J.P. Morgan Exchange-Traded Funds

February 28, 2023

	JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)	JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$1,488,848	$5,844,999
Interest income from affiliates	—	1
Dividend income from affiliates	5,928	11,094
Income from securities lending (net) (See Note 2.D.)	—	50,079
Total investment income	1,494,776	5,906,173
EXPENSES:
Management fees (See Note 3.A.)	57,997	382,429
Proxy fees	—	226
Total expenses	57,997	382,655
Net investment income (loss)	1,436,779	5,523,518
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(2,943,409)	(8,459,955)
In-kind redemptions of investments in non-affiliates (See Note 4)	(1,261,532)	—
Futures contracts	(18,457)	—
Foreign currency transactions	—	(2)
Net realized gain (loss)	(4,223,398)	(8,459,957)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	(2,465,677)	(1,837,357)
Investments in affiliates	—	(200)
Futures contracts	110	—
Foreign currency translations	—	(1)
Change in net unrealized appreciation/depreciation	(2,465,567)	(1,837,558)
Net realized/unrealized gains (losses)	(6,688,965)	(10,297,515)
Change in net assets resulting from operations	$(5,252,186)	$(4,773,997)

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

109

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)
	Year Ended February 28, 2023	Year Ended February 28, 2022	Year Ended February 28, 2023	Year Ended February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$618,439	$536,337	$27,085,611	$13,989,635
Net realized gain (loss)	(671,516)	209,822	(60,818,934)	(2,350,814)
Change in net unrealized appreciation/depreciation	(1,509,960)	(1,505,381)	(86,597,705)	(41,110,948)
Change in net assets resulting from operations	(1,563,037)	(759,222)	(120,331,028)	(29,472,127)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(595,951)	(784,471)	(25,156,927)	(15,219,336)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	2,484,884	(23,217,818)	433,321,856	242,169,209
NET ASSETS:
Change in net assets	325,896	(24,761,511)	287,833,901	197,477,746
Beginning of period	34,892,895	59,654,406	1,024,267,076	826,789,330
End of period	$35,218,791	$34,892,895	$1,312,100,977	$1,024,267,076
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$9,656,173	$19,211,437	$874,225,342	$696,907,792
Cost of shares redeemed	(7,171,289)	(42,429,255)	(440,903,486)	(454,738,583)
Total change in net assets resulting from capital transactions	$2,484,884	$(23,217,818)	$433,321,856	$242,169,209
SHARE TRANSACTIONS:
Issued	200,000	375,000(a)	18,200,000	12,925,000(a)
Redeemed	(150,000)	(825,054)(a)	(9,275,000)	(8,476,797)(a)
Net increase (decrease) in shares from share transactions	50,000	(450,054)	8,925,000	4,448,203

(a)

Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

110

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)		JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)
	Year Ended February 28, 2023	Year Ended February 28, 2022	Year Ended February 28, 2023	Year Ended February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$27,163,062	$60,400,432	$1,436,779	$1,375,203
Net realized gain (loss)	(110,265,808)	5,498,489	(4,223,398)	196,620
Change in net unrealized appreciation/depreciation	25,674,401	(58,608,372)	(2,465,567)	(3,536,948)
Change in net assets resulting from operations	(57,428,345)	7,290,549	(5,252,186)	(1,965,125)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(32,446,703)	(67,588,263)	(1,407,883)	(1,888,820)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(1,026,204,410)	(45,777,577)	(115,868)	—
NET ASSETS:
Change in net assets	(1,116,079,458)	(106,075,291)	(6,775,937)	(3,853,945)
Beginning of period	1,453,558,764	1,559,634,055	51,478,693	55,332,638
End of period	$337,479,306	$1,453,558,764	$44,702,756	$51,478,693
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$175,355,945	$195,784,063	$25,305,039	$—
Cost of shares redeemed	(1,201,560,355)	(241,561,640)	(25,420,907)	—
Total change in net assets resulting from capital transactions	$(1,026,204,410)	$(45,777,577)	$(115,868)	$—
SHARE TRANSACTIONS:
Issued	3,900,000	3,800,000	550,000	—
Redeemed	(25,600,000)	(4,700,000)	(550,000)	—
Net increase (decrease) in shares from share transactions	(21,700,000)	(900,000)	—	—

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

111

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

	JPMorgan USD Emerging Markets Sovereign Bond ETF
	Year Ended February 28, 2023	Year Ended February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$5,523,518	$3,222,748
Net realized gain (loss)	(8,459,957)	754,185
Change in net unrealized appreciation/depreciation	(1,837,558)	(10,014,066)
Change in net assets resulting from operations	(4,773,997)	(6,037,133)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(4,644,990)	(3,273,450)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	167,527,357	(4,964,085)
NET ASSETS:
Change in net assets	158,108,370	(14,274,668)
Beginning of period	69,475,995	83,750,663
End of period	$227,584,365	$69,475,995
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$167,527,357	$39,044,798
Cost of shares redeemed	—	(44,008,883)
Total change in net assets resulting from capital transactions	$167,527,357	$(4,964,085)
SHARE TRANSACTIONS:
Issued	4,300,000	800,000
Redeemed	—	(900,000)
Net increase (decrease) in shares from share transactions	4,300,000	(100,000)

SEE NOTES TO FINANCIAL STATEMENTS.

112

J.P. Morgan Exchange-Traded Funds

February 28, 2023

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 1-5 Year U.S. Aggregate Bond ETF
Year Ended February 28, 2023	$49.85	$0.81	$(2.92)	$(2.11)	$(0.78)	$—	$(0.78)
Year Ended February 28, 2022 (f)	51.87	0.53	(1.72)	(1.19)	(0.57)	(0.26)	(0.83)
Year Ended February 28, 2021 (f)	51.72	0.85	0.34	1.19	(0.83)	(0.21)	(1.04)
March 12, 2019 (g) through February 29, 2020 (f)	50.00	1.17	1.76	2.93	(1.21)	—	(1.21)
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)
Year Ended February 28, 2023	52.13	1.13	(6.27)	(5.14)	(1.07)	—	(1.07)
Year Ended February 28, 2022 (f)	54.39	0.71	(2.19)	(1.48)	(0.72)	(0.06)	(0.78)
Year Ended February 28, 2021 (f)	54.86	0.89	(0.32)	0.57	(0.85)	(0.19)	(1.04)
Year Ended February 29, 2020 (f)	50.63	1.39	4.35	5.74	(1.44)	(0.07)	(1.51)
December 12, 2018 (g) through February 28, 2019 (f)	50.00	0.36	0.58	0.94	(0.31)	—	(0.31)
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)
Year Ended February 28, 2023	49.61	2.26	(4.84)	(2.58)	(2.62)	—	(2.62)
Year Ended February 28, 2022	51.64	1.97	(1.79)	0.18	(2.21)	—	(2.21)
Year Ended February 28, 2021	50.31	2.12	1.31(k)	3.43	(2.07)	(0.03)	(2.10)
Year Ended February 29, 2020	49.86	2.50	0.53	3.03	(2.58)	—	(2.58)
Year Ended February 28, 2019	50.09	2.47	(0.23)	2.24	(2.47)	—	(2.47)


(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)	Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(g)	Commencement of operations.
(h)	Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(i)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(j)	Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.
(k)	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.

SEE NOTES TO FINANCIAL STATEMENTS.

114

J.P. Morgan Exchange-Traded Funds

February 28, 2023

		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)

$46.96	$47.00	(4.24)%	(4.20)%	$35,218,791	0.10%	1.70%	0.10%	60%
49.85	49.87	(2.31)	(2.44)	34,892,895	0.05	1.02	0.05	45
51.87	51.96	2.32	2.55	59,654,406	0.05	1.62	0.05	40
51.72	51.68	5.93	5.85(h)	37,495,084	0.05	2.38	0.05	56

45.92	45.92	(9.91)	(9.93)	1,312,100,977	0.06	2.39	0.06	107
52.13	52.14	(2.76)	(2.69)	1,024,267,076	0.07	1.32	0.07	78
54.39	54.36	1.04	0.85	826,789,330	0.07	1.60	0.07	64
54.86	54.92	11.46	11.49	543,070,946	0.07	2.61	0.20(i)	57
50.63	50.68	1.90	1.98(h)	98,730,082	0.07(j)	3.26	1.14(i)(j)	53

44.41	44.44	(5.16)	(5.20)	337,479,306	0.23	4.93	0.23	39
49.61	49.65	0.26	0.40	1,453,558,764	0.24	3.83	0.24	46
51.64	51.61	7.16	6.43	1,559,634,055	0.23	4.18	0.23	50
50.31	50.62	6.15	6.88	171,037,324	0.32	4.90	0.44(i)	128
49.86	49.82	4.66	4.00	154,570,385	0.40	5.01	0.57(i)	23

SEE NOTES TO FINANCIAL STATEMENTS.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

115

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

	Per share operating performance
		Investment operations			Distributions
	Net asset value, beginning of period	Net investment income (loss) (b)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain	Total distributions
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)
Year Ended February 28, 2023	$51.48	$1.55	$(6.80)	$(5.25)	$(1.53)	$—	$(1.53)
Year Ended February 28, 2022	55.33	1.38	(3.34)	(1.96)	(1.40)	(0.49)	(1.89)
Year Ended February 28, 2021	56.27	1.58	(0.31)	1.27	(1.46)	(0.75)	(2.21)
Year Ended February 29, 2020	51.19	1.95	5.96	7.91	(1.93)	(0.90)	(2.83)
December 12, 2018 (g) through February 28, 2019	50.00	0.44	1.19	1.63	(0.44)	—	(0.44)
JPMorgan USD Emerging Markets Sovereign Bond ETF
Year Ended February 28, 2023	43.42	2.20	(5.07)	(2.87)	(1.98)	—	(1.98)
Year Ended February 28, 2022	49.27	2.03	(5.81)	(3.78)	(2.07)	—	(2.07)
Year Ended February 28, 2021	50.95	2.17	(1.83)	0.34	(2.02)	—	(2.02)
Year Ended February 29, 2020	47.52	2.32	3.40	5.72	(2.29)	—	(2.29)
Year Ended February 28, 2019	48.83	2.31	(1.30)	1.01	(2.32)	—	(2.32)


(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)	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.
(g)	Commencement of operations.
(h)	Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(i)	Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

116

J.P. Morgan Exchange-Traded Funds

February 28, 2023

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 5 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

	Diversification Classification
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	Diversified
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)(1)	Diversified
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)(2)	Diversified
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)(3)	Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF	Diversified


(1)	Effective February 1 2023, JPMorgan U.S. Aggregate Bond ETF changed its name to JPMorgan BetaBuilders U.S. Aggregate Bond ETF.
(2)	Effective February 1 2023, JPMorgan High Yield Research Enhanced ETF changed its name to JPMorgan BetaBuilders USD High Yield Corporate Bond ETF.
(3)	Effective February 1 2023, JPMorgan Corporate Bond Research Enhanced ETF changed its name to JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF.

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

The investment objective of JPMorgan BetaBuilders U.S. Aggregate Bond ETF (“BetaBuilders U.S. Aggregate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Aggregate Bond Index.

The investment objective of JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (“BetaBuilders USD High Yield Corporate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA US High Yield Total Return Index.

The investment objective of JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (“BetaBuilders USD Investment Grade Corporate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Corporate Bond Index.

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

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

Shares of each Fund are listed and traded at market price on an exchange as follows:

	Listing Exchange
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	Cboe BZX Exchange, Inc.
BetaBuilders U.S. Aggregate Bond ETF	NYSE Arca
BetaBuilders USD High Yield Corporate Bond ETF	Cboe BZX Exchange, Inc.
BetaBuilders USD Investment Grade Corporate Bond ETF	NYSE Arca
USD Emerging Markets Sovereign Bond ETF	NYSE Arca

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if a Fund has sizable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

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2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated., as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

119

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$372,787	$—	$372,787
Commercial Mortgage-Backed Securities	—	778,639	—	778,639
Corporate Bonds	—	9,117,791	—	9,117,791
Foreign Government Securities	—	436,284	—	436,284
Mortgage-Backed Securities	—	2,590,340	—	2,590,340
Municipal Bonds	—	44,661	—	44,661
Supranational	—	878,969	—	878,969
U.S. Government Agency Securities	—	620,827	—	620,827
U.S. Treasury Obligations	—	20,143,426	—	20,143,426
Short-Term Investments
Investment Companies	758,888	—	—	758,888
Total Investments in Securities	$758,888	$34,983,724	$—	$35,742,612

There were no significant transfers into or out of level 3 for the year ended February 28, 2023.

BetaBuilders U.S. Aggregate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$4,001,248	$—	$4,001,248
Commercial Mortgage-Backed Securities	—	20,463,699	—	20,463,699
Corporate Bonds	—	323,238,957	—	323,238,957
Foreign Government Securities	—	20,190,388	—	20,190,388
Mortgage-Backed Securities	—	362,631,667	—	362,631,667
Municipal Bonds	—	4,979,767	—	4,979,767
Supranational	—	16,184,382	—	16,184,382
U.S. Government Agency Securities	—	16,750,851	—	16,750,851
U.S. Treasury Obligations	—	531,048,339	—	531,048,339
Short-Term Investments
Investment Companies	91,260,954	—	—	91,260,954
Investment of Cash Collateral from Securities Loaned	15,781,868	—	—	15,781,868
Total Short-Term Investments	107,042,822	—	—	107,042,822
Total Investments in Securities	$107,042,822	$1,299,489,298	$—	$1,406,532,120

There were no significant transfers into or out of level 3 for the year ended February 28, 2023.

BetaBuilders USD High Yield Corporate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Corporate Bonds	$—	$330,635,906	$—	$330,635,906

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February 28, 2023

BetaBuilders USD High Yield Corporate Bond ETF (continued)
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Short-Term Investments
Investment Companies	$3,094,499	$—	$—	$3,094,499
Total Investments in Securities	$3,094,499	$330,635,906	$—	$333,730,405

BetaBuilders USD Investment Grade Corporate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$35,628	$—	$35,628
Corporate Bonds	—	43,854,126	—	43,854,126
Short-Term Investments
Investment Companies	265,119	—	—	265,119
Total Investments in Securities	$265,119	$43,889,754	$—	$44,154,873

USD Emerging Markets Sovereign Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Corporate Bonds	$—	$23,545,544	$—	$23,545,544
Foreign Government Securities	—	198,613,176	—	198,613,176
Short-Term Investments
Investment Companies	1,134,608	—	—	1,134,608
Investment of Cash Collateral from Securities Loaned	10,612,020	—	—	10,612,020
Total Short-Term Investments	11,746,628	—	—	11,746,628
Total Investments in Securities	$11,746,628	$222,158,720	$—	$233,905,348

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and BetaBuilders U.S. Aggregate Bond ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and BetaBuilders U.S. Aggregate Bond ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2023, which are shown as a Receivable for Investment securities sold — delayed delivery

February 28, 2023

J.P. Morgan Exchange-Traded Funds

121

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2023 are detailed on the SOIs, if any.

D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of February 28, 2023.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
BetaBuilders U.S. Aggregate Bond ETF	$15,321,337	$(15,321,337)	$—
USD Emerging Markets Sovereign Bond ETF	10,236,607	(10,236,607)	—


*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended February 28, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$100
BetaBuilders U.S. Aggregate Bond ETF	1,841
USD Emerging Markets Sovereign Bond ETF	1,116

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF did not have any securities out on loan at February 28, 2023. BetaBuilders USD High Yield Corporate Bond ETF and BetaBuilders USD Investment Grade Corporate Bond ETF did not lend out any securities during the year ended February 28, 2023.

122

J.P. Morgan Exchange-Traded Funds

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

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
For the year ended February 28, 2023
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at February 28, 2023	Shares at February 28, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	$—	$5,726,514	$5,726,514	$—	$—	$—	—	$8,181 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	601,648	4,125,063	3,967,823	—	—	758,888	758,888	19,369	—
Total	$601,648	$9,851,577	$9,694,337	$—	$—	$758,888		$27,550	$—


(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 February 28, 2023.
*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders U.S. Aggregate Bond ETF
For the year ended February 28, 2023
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at February 28, 2023	Shares at February 28, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.78% (a) (b)	$6,493,451	$27,999,999	$21,500,000	$294*	$899	$12,994,643	12,989,448	$97,119 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	680,960	67,397,102	65,290,837	—	—	2,787,225	2,787,225	48,329*	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	17,328,257	231,850,704	157,918,007	—	—	91,260,954	91,260,954	1,470,241	—
Total	$24,502,668	$327,247,805	$244,708,844	$294	$899	$107,042,822		$1,615,689	$—


(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 February 28, 2023.
*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

February 28, 2023

J.P. Morgan Exchange-Traded Funds

123

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

BetaBuilders USD High Yield Corporate Bond ETF
For the year ended February 28, 2023
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at February 28, 2023	Shares at February 28, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	$20,697,667	$255,123,305	$272,726,473	$—	$—	$3,094,499	3,094,499	$148,431	$—


(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 February 28, 2023.

BetaBuilders USD Investment Grade Corporate Bond ETF
For the year ended February 28, 2023
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at February 28, 2023	Shares at February 28, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	$159,865	$5,720,085	$5,614,831	$—	$—	$265,119	265,119	$5,928	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of February 28, 2023.

USD Emerging Markets Sovereign Bond ETF
For the year ended February 28, 2023
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at February 28, 2023	Shares at February 28, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.78% (a) (b)	$—	$22,800,000	$14,000,000	$2,500*	$(200)	$8,802,300	8,798,781	$89,978 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	786,418	49,497,268	48,473,966	—	—	1,809,720	1,809,720	49,541*	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.43% (a) (b)	177,868	15,777,018	14,820,278	—	—	1,134,608	1,134,608	11,094	—
Total	$964,286	$88,074,286	$77,294,244	$2,500	$(200)	$11,746,628		$150,613	$—


(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 February 28, 2023.
*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported

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realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Futures Contracts— BetaBuilders USD Investment Grade Corporate Bond ETF used treasury futures contracts to manage and hedge interest rate and equity price risks associated with portfolio investments. 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 Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds' futures contracts activity during the year ended February 28, 2023:

	BetaBuilders USD Investment Grade Corporate Bond ETF
Futures Contracts:
Average Notional Balance Long	$1,607,531
Average Notional Balance Short	(1,150,052)

H. 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.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income, net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

125

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

K. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital	Accumulated undistributed (distributions in excess of) net investment income	Accumulated net realized gains (losses)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$(295,945)	$4,537	$291,408
BetaBuilders U.S. Aggregate Bond ETF	(16,315,979)	141,214	16,174,765
BetaBuilders USD High Yield Corporate Bond ETF	(69,438,801)	6,043,562	63,395,239
BetaBuilders USD Investment Grade Corporate Bond ETF	(1,261,532)	19,245	1,242,287
USD Emerging Markets Sovereign Bond ETF	—	797	(797)

The reclassifications for the Funds relate primarily to redemptions in-kind and tax adjustments on certain investments.

3. Fees and Other Transactions with Affiliates

A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:


BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	0.05%
BetaBuilders U.S. Aggregate Bond ETF	0.031
BetaBuilders USD High Yield Corporate Bond ETF	0.152
BetaBuilders USD Investment Grade Corporate Bond ETF	0.093
USD Emerging Markets Sovereign Bond ETF	0.39


1	Prior to February 1, 2023, the investment management fee was accrued daily and paid monthly at an annual rate of 0.07% of the Fund's average daily net assets.
2	Prior to February 1, 2023, the investment management fee was accrued daily and paid monthly at an annual rate of 0.24% of the Fund's average daily net assets.
3	Prior to February 1, 2023, the investment management fee was accrued daily and paid monthly at an annual rate of 0.14% of the Fund's average daily net assets.

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

126

J.P. Morgan Exchange-Traded Funds

February 28, 2023

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

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

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

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

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

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

D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.

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

During the year ended February 28, 2023, BetaBuilders USD High Yield Corporate Bond ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

4. Investment Transactions

During the year ended February 28, 2023, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)	Purchases of U.S. Government	Sales of U.S. Government
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$18,060,050	$16,741,384	$7,198,766	$4,614,382
BetaBuilders U.S. Aggregate Bond ETF	1,175,655,795	1,156,494,923	58,969,039	54,634,177
BetaBuilders USD High Yield Corporate Bond ETF	230,507,945	418,648,006	—	—
BetaBuilders USD Investment Grade Corporate Bond ETF	14,952,837	20,162,860	215,997	213,792
USD Emerging Markets Sovereign Bond ETF	36,273,589	34,430,129	—	—

For the year ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Purchases	In-Kind Sales
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$5,520,102	$6,205,978
BetaBuilders U.S. Aggregate Bond ETF	690,016,616	284,954,332
BetaBuilders USD High Yield Corporate Bond ETF	134,826,582	928,621,101
BetaBuilders USD Investment Grade Corporate Bond ETF	23,929,775	18,901,905
USD Emerging Markets Sovereign Bond ETF	161,985,918	—

During the year ended February 28, 2023, the Funds 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 Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

127

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2023 were as follows:

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$37,925,532	$4,427	$2,187,347	$(2,182,920)
BetaBuilders U.S. Aggregate Bond ETF	1,531,813,365	317,958	125,599,203	(125,281,245)
BetaBuilders USD High Yield Corporate Bond ETF	367,105,246	902,015	34,276,856	(33,374,841)
BetaBuilders USD Investment Grade Corporate Bond ETF	48,539,781	33,208	4,418,116	(4,384,908)
USD Emerging Markets Sovereign Bond ETF	243,782,230	756,596	10,633,478	(9,876,882)

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

The tax character of distributions paid during the year ended February 28, 2023 was as follows:

	Ordinary Income*	Total Distributions Paid
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$595,951	$595,951
BetaBuilders U.S. Aggregate Bond ETF	25,156,927	25,156,927
BetaBuilders USD High Yield Corporate Bond ETF	32,446,703	32,446,703
BetaBuilders USD Investment Grade Corporate Bond ETF	1,407,883	1,407,883
USD Emerging Markets Sovereign Bond ETF	4,644,990	4,644,990


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

The tax character of distributions paid during the year ended February 28, 2022 was as follows:

	Ordinary Income*	Net Long-Term Capital Gains	Total Distributions Paid
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$592,452	$192,019	$784,471
BetaBuilders U.S. Aggregate Bond ETF	13,892,333	1,327,003	15,219,336
BetaBuilders USD High Yield Corporate Bond ETF	67,588,263	—	67,588,263
BetaBuilders USD Investment Grade Corporate Bond ETF	1,395,362	493,458	1,888,820
USD Emerging Markets Sovereign Bond ETF	3,273,450	—	3,273,450


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

As of February 28, 2023, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income	Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)	Tax exempt income	Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$69,171	$(199,515)	$—	$(2,182,920)
BetaBuilders U.S. Aggregate Bond ETF	3,404,069	(28,666,421)	—	(125,281,245)
BetaBuilders USD High Yield Corporate Bond ETF	1,959,835	(40,635,516)	—	(33,374,841)
BetaBuilders USD Investment Grade Corporate Bond ETF	170,928	(1,204,917)	—	(4,384,908)
USD Emerging Markets Sovereign Bond ETF	1,155,756	(11,696,966)*	—	(9,876,882)


*	Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

The cumulative timing differences primarily consist of tax adjustments on certain derivatives and investments, post-October capital loss deferrals, foreign currency gain/loss and wash sale loss deferrals.

128

J.P. Morgan Exchange-Traded Funds

February 28, 2023

At February 28, 2023, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term	Long-Term
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$151,051	$48,464
BetaBuilders U.S. Aggregate Bond ETF	21,534,095	7,132,326
BetaBuilders USD High Yield Corporate Bond ETF	16,746,886	23,888,630
BetaBuilders USD Investment Grade Corporate Bond ETF	347,685	857,232
USD Emerging Markets Sovereign Bond ETF	6,234,645*	5,462,321*


*	Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Net capital losses (gains) and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2023, the Funds deferred to March 1, 2023 the following net capital losses (gains) and/or specified ordinary losses of:

	Net Capital Losses (Gains)		Specified Ordinary Losses
	Short-Term	Long-Term	Specified Ordinary Losses
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$9,602	$181,944	$—
BetaBuilders U.S. Aggregate Bond ETF	5,308,587	14,088,928	—
BetaBuilders USD High Yield Corporate Bond ETF	(66,904)	11,593,685	—
BetaBuilders USD Investment Grade Corporate Bond ETF	233,427	1,534,655	—
USD Emerging Markets Sovereign Bond ETF	9,870	689,791	1

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of fixed income securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for the Funds, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

7. Borrowings

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2023.

8. Risks, Concentrations and Indemnifications

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

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129

NOTES TO FINANCIAL STATEMENTS
AS OF February 28, 2023 (continued)

As of February 28, 2023, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Funds	JPMorgan SmartRetirement Blend Funds
BetaBuilders USD High Yield Corporate Bond ETF	25.5%	12.8%

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

As of February 28, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:

	% of Ownership
BetaBuilders USD Investment Grade Corporate Bond ETF	49%

Significant shareholder transactions by the Adviser may impact the Funds' performance.

USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

BetaBuilders USD High Yield Corporate Bond ETF and USD Emerging Markets Sovereign Bond ETF invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

USD Emerging Markets Sovereign Bond ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject this Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

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

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

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

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

The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

130

J.P. Morgan Exchange-Traded Funds

February 28, 2023

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions, and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

The London Interbank Offered Rate ("LIBOR") is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

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

9. Subsequent Event

Subsequent to February 28, 2023, BetaBuilders 1-5 Year U.S. Aggregate Bond ETF had net redemptions of $18,726,088 which represented 53% of the Fund's net assets as of February 28, 2023.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

131

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF, and JPMorgan USD Emerging Markets Sovereign Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly JPMorgan U.S. Aggregate Bond ETF), JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly JPMorgan High Yield Research Enhanced ETF), JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly JPMorgan Corporate Bond Research Enhanced ETF), and JPMorgan USD Emerging Markets Sovereign Bond ETF (five of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of February 28, 2023, the related statements of operations for the year ended February 28, 2023, the statements of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 26, 2023

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

132

TRUSTEES
(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	178	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	178	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee since 2014.	Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	178	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	178	Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee since 2014.	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	178	None
Frankie D. Hughes (1952); Trustee since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	178	None

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J.P. Morgan Exchange-Traded Funds

133

TRUSTEES
(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Raymond Kanner (1953); Trustee since 2017.	Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016).	178	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Thomas P. Lemke (1954); Trustee since 2014.	Retired since 2013.	178	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee since 2014.	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	178	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	178	None
Marilyn McCoy (1948); Trustee since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	178	None
Dr. Robert A. Oden, Jr. (1946); Trustee since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	178	Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011-2020).

134

J.P. Morgan Exchange-Traded Funds

February 28, 2023

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Marian U. Pardo* (1946); Trustee since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	178	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee since 2014.	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	178	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert F. Deutsch** (1957); Trustee since 2014.	Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013).	178	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957); Trustee since 2022.	Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	178	Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present).


(1)	The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78.
(2)	A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (178 J.P. Morgan Funds).
*	In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.
**	Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser.
	The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

135

OFFICERS
(Unaudited)

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

136

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

As a shareholder of the Funds, 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 Funds 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, September 1, 2022, and continued to hold your shares at the end of the reporting period, February 28, 2023.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each

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 each 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 a Fund.

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Actual	$1,000.00	$993.60	$0.25	0.05%
Hypothetical	1,000.00	1,024.55	0.25	0.05
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)
Actual	1,000.00	977.90	0.29	0.06
Hypothetical	1,000.00	1,024.50	0.30	0.06
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)
Actual	1,000.00	1,027.90	1.16	0.23
Hypothetical	1,000.00	1,023.65	1.15	0.23
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)
Actual	1,000.00	989.50	0.64	0.13
Hypothetical	1,000.00	1,024.15	0.65	0.13
JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual	1,000.00	1,020.40	1.95	0.39
Hypothetical	1,000.00	1,022.86	1.96	0.39


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

138

LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)

Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

February 28, 2023

J.P. Morgan Exchange-Traded Funds

139

TAX LETTER
(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2023. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2023. The information necessary to complete your income tax returns for the calendar year ending December 31, 2023 will be provided under separate cover.

Qualified Interest Income (QII)

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2023:

	Qualified Interest Income
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$531,462
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	21,778,705
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (formerly known as JPMorgan High Yield Research Enhanced ETF)	26,485,060
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (formerly known as JPMorgan Corporate Bond Research Enhanced ETF)	1,185,438

Treasury Income

Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2023:

	Income from U.S. Treasury Obligations
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	51.7%
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (formerly known as JPMorgan U.S. Aggregate Bond ETF)	29.8

140

J.P. Morgan Exchange-Traded Funds

February 28, 2023

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

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

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


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