# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-25-267137
**Filing Date:** 2025-11
**Character Count:** 3137588
**Document Hash:** 05ac08fb881839c889f3f1b8b66190bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-267137.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-267137

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251454809

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## Series and Classes Contracts Data

### JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (Series ID: S000054488)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000171065 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | BBHY            |

### JPMorgan Ultra-Short Income ETF (Series ID: S000054790)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000172198 | JPMorgan Ultra-Short Income ETF | JPST            |

### JPMorgan International Bond Opportunities ETF (Series ID: S000054802)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000172241 | JPMorgan International Bond Opportunities ETF | JPIB            |

### JPMorgan USD Emerging Markets Sovereign Bond ETF (Series ID: S000060180)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000196949 | JPMorgan USD Emerging Markets Sovereign Bond ETF | JPMB            |

### JPMorgan BetaBuilders MSCI US REIT ETF (Series ID: S000061996)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000200807 | JPMorgan BetaBuilders MSCI US REIT ETF | BBRE            |

### JPMorgan Core Plus Bond ETF (Series ID: S000063265)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000205212 | JPMorgan Core Plus Bond ETF | JCPB            |

### JPMorgan Municipal ETF (Series ID: S000063268)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000205215 | JPMorgan Municipal ETF | JMUB            |

### JPMorgan Ultra-Short Municipal Income ETF (Series ID: S000063269)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000205216 | JPMorgan Ultra-Short Municipal Income ETF | JMST            |

### JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (Series ID: S000063667)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000206281 | JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | BBCB            |

### JPMorgan BetaBuilders U.S. Aggregate Bond ETF (Series ID: S000063668)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000206282 | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | BBAG            |

### JPMorgan Short Duration Core Plus ETF (Series ID: S000071090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000225677 | JPMorgan Short Duration Core Plus ETF | JSCP            |

### JPMorgan Income ETF (Series ID: S000072932)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229632 | JPMorgan Income ETF | JPIE            |

### JPMorgan Inflation Managed Bond ETF (Series ID: S000074053)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000231436 | JPMorgan Inflation Managed Bond ETF | JCPI            |

### JPMorgan Realty Income ETF (Series ID: S000074056)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000231439 | JPMorgan Realty Income ETF | JPRE            |

### JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (Series ID: S000079672)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000240901 | JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | BBSB            |

### JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (Series ID: S000079673)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000240902 | JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF | BBIB            |

### JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (Series ID: S000079674)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000240903 | JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | BBLB            |

### JPMorgan High Yield Municipal ETF (Series ID: S000079813)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000241196 | JPMorgan High Yield Municipal ETF | JMHI            |

### JPMorgan Limited Duration Bond ETF (Series ID: S000079814)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000241197 | JPMorgan Limited Duration Bond ETF | JPLD            |

### JPMorgan Sustainable Municipal Income ETF (Series ID: S000079815)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000241198 | JPMorgan Sustainable Municipal Income ETF | JMSI            |

### JPMorgan Active Bond ETF (Series ID: S000081828)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000244901 | JPMorgan Active Bond ETF | JBND            |

### JPMorgan Active High Yield ETF (Series ID: S000088770)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000255145 | JPMorgan Active High Yield ETF | JPHY            |

### JPMorgan Mortgage-Backed Securities ETF (Series ID: S000090417)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000257464 | JPMorgan Mortgage-Backed Securities ETF | JMTG            |

?xml version='1.0' encoding='ASCII'? J.P. Morgan Exchange-Traded Fund Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22903

#### J.P. Morgan Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 Alison M. Fumai, Esq. Dechert LLP 1905 Avenue of the Americas New York, NY 10036

#### Registrant's telephone number, including area code:

#### 1-844-457-6383

#### Date of fiscal year end:

#### Last Day of February

#### Date of reporting period:

#### August 31, 2025
Item 1. Report to Stockholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Active Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JBND - New York Stock Exchange LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Active Bond ETF | $12 | 0.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $2992863255 |
| **Total number of portfolio holdings** | 1145 |
| **Portfolio turnover rate** | 31% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876909.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JBND-825

JPMorgan Active Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Active High Yield ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPHY - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active High Yield ETF (the "Fund") for the period of June 24, 2025 (fund inception) to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Active High Yield ETF | $8 | 0.45% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $2073116827 |
| **Total number of portfolio holdings** | 463 |
| **Portfolio turnover rate** | 6% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4888583.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPHY-825

JPMorgan Active High Yield ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders MSCI US REIT ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBRE - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders MSCI US REIT ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders MSCI US REIT ETF | $5 | 0.11% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $947770667 |
| **Total number of portfolio holdings** | 120 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876891.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBRE-825

JPMorgan BetaBuilders MSCI US REIT ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBAG - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF | $1 | 0.03% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1273605037 |
| **Total number of portfolio holdings** | 2002 |
| **Portfolio turnover rate** | 52% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876895.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBAG-825

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBSB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $30546653 |
| **Total number of portfolio holdings** | 92 |
| **Portfolio turnover rate** | 32% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876901.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBSB-825

JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBLB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7166190 |
| **Total number of portfolio holdings** | 41 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876902.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBLB-825

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBIB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $22912741 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 17% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876903.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBIB-825

JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBHY - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | $4 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $615135405 |
| **Total number of portfolio holdings** | 1595 |
| **Portfolio turnover rate** | 16% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876890.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than 0.1%.

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBHY-825

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: BBCB - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $40032803 |
| **Total number of portfolio holdings** | 1037 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876892.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

BBCB-825

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Core Plus Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JCPB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Core Plus Bond ETF | $19 | 0.37% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7530829974 |
| **Total number of portfolio holdings** | 2562 |
| **Portfolio turnover rate** | 37% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876898.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JCPB-825

JPMorgan Core Plus Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan High Yield Municipal ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JMHI - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan High Yield Municipal ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan High Yield Municipal ETF | $17 | 0.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $216709294 |
| **Total number of portfolio holdings** | 169 |
| **Portfolio turnover rate** | 40% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876900.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMHI-825

JPMorgan High Yield Municipal ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Income ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPIE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Income ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Income ETF | $20 | 0.39% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $4850360568 |
| **Total number of portfolio holdings** | 2100 |
| **Portfolio turnover rate** | 99% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876908.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPIE-825

JPMorgan Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Inflation Managed Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JCPI - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Inflation Managed Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Inflation Managed Bond ETF | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $762518200 |
| **Total number of portfolio holdings** | 788 |
| **Portfolio turnover rate** | 21% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876893.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JCPI-825

JPMorgan Inflation Managed Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan International Bond Opportunities ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPIB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Bond Opportunities ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Bond Opportunities ETF | $25 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1119556648 |
| **Total number of portfolio holdings** | 975 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876888.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPIB-825

JPMorgan International Bond Opportunities ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Limited Duration Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPLD - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Limited Duration Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Limited Duration Bond ETF | $12 | 0.23% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $2210863461 |
| **Total number of portfolio holdings** | 527 |
| **Portfolio turnover rate** | 22% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876910.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPLD-825

JPMorgan Limited Duration Bond ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Mortgage-Backed Securities ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JMTG - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mortgage-Backed Securities ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Mortgage-Backed Securities ETF | $12 | 0.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5905636974 |
| **Total number of portfolio holdings** | 2436 |
| **Portfolio turnover rate** | 32% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4935802.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMTG-825

JPMorgan Mortgage-Backed Securities ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Municipal ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JMUB - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Municipal ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Municipal ETF | $8 | 0.16% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $3500960206 |
| **Total number of portfolio holdings** | 1278 |
| **Portfolio turnover rate** | 38% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876896.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMUB-825

JPMorgan Municipal ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Realty Income ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPRE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Realty Income ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Realty Income ETF | $25 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $464853849 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876904.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPRE-825

JPMorgan Realty Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Short Duration Core Plus ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JSCP - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Short Duration Core Plus ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Short Duration Core Plus ETF | $17 | 0.33% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $800380800 |
| **Total number of portfolio holdings** | 996 |
| **Portfolio turnover rate** | 33% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876894.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSCP-825

JPMorgan Short Duration Core Plus ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Sustainable Municipal Income ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JMSI - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Sustainable Municipal Income ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Sustainable Municipal Income ETF | $8 | 0.16% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $310996789 |
| **Total number of portfolio holdings** | 233 |
| **Portfolio turnover rate** | 40% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876899.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMSI-825

JPMorgan Sustainable Municipal Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Ultra-Short Income ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPST - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Income ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Ultra-Short Income ETF | $9 | 0.17% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $33390823504 |
| **Total number of portfolio holdings** | 880 |
| **Portfolio turnover rate** | 29% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876897.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPST-825

JPMorgan Ultra-Short Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Ultra-Short Municipal Income ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JMST - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Income ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Ultra-Short Municipal Income ETF | $8 | 0.17% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $4399876195 |
| **Total number of portfolio holdings** | 1826 |
| **Portfolio turnover rate** | 32% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876887.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMST-825

JPMorgan Ultra-Short Municipal Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan USD Emerging Markets Sovereign Bond ETF

![FrontCoverImage](g72115images_2597.jpg)

Ticker: JPMB - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan USD Emerging Markets Sovereign Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan USD Emerging Markets Sovereign Bond ETF | $20 | 0.39% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $47451621 |
| **Total number of portfolio holdings** | 192 |
| **Portfolio turnover rate** | 29% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g72115chartimages_4876889.jpg)

**Availability of Additional Information**

![QRCode](g72115images_2596.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMB-825

JPMorgan USD Emerging Markets Sovereign Bond ETF

------

ITEM 2. CODE OF ETHICS.

#### Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included in the financial statements files under Item 7 of this Form.

#### Included in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT

COMPANIES.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

August 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan Active Bond ETF | JBND | New York Stock Exchange LLC |
| JPMorgan Active High Yield ETF | JPHY | Cboe BZX Exchange, Inc. |
| JPMorgan Core Plus Bond ETF | JCPB | Cboe BZX Exchange, Inc. |
| JPMorgan Income ETF | JPIE | NYSE Arca, Inc. |
| JPMorgan International Bond Opportunities ETF | JPIB | Cboe BZX Exchange, Inc. |
| JPMorgan Municipal ETF | JMUB | Cboe BZX Exchange, Inc. |
| JPMorgan Short Duration Core Plus ETF | JSCP | NYSE Arca, Inc. |
| JPMorgan Ultra-Short Income ETF | JPST | NYSE Arca, Inc. |
| JPMorgan Ultra-Short Municipal Income ETF | JMST | Cboe BZX Exchange, Inc. |

---

![](g31970imgf0cb51ab1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_806db468-1ec9-44c9-b48f-448fb0e6dcd9_SOI-TOC-ScheduleofInvestments-1023_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_806db468-1ec9-44c9-b48f-448fb0e6dcd9_FS-TOC-FinancialStatement-921_1) | &nbsp;&nbsp; **275** |
| [Financial Highlights](#xx_806db468-1ec9-44c9-b48f-448fb0e6dcd9_FIHI_2-TOC-FIHI-921_2) | &nbsp;&nbsp; **288** |
| [Notes to Financial Statements](#xx_806db468-1ec9-44c9-b48f-448fb0e6dcd9_NTF-NTFRunningFooter-921_1) | &nbsp;&nbsp; **292** |

---

**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' prospectus for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (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.

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 32.0%** | **U.S. Treasury Obligations — 32.0%** | **U.S. Treasury Obligations — 32.0%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 24490000 | 15240242 |
| 3.88%, 8/15/2040 | 600000 | 549586 |
| 4.75%, 2/15/2041 | 4000 | 4032 |
| 2.38%, 2/15/2042 | 17975000 | 13010811 |
| 2.88%, 5/15/2043 | 3900000 | 2982586 |
| 4.38%, 8/15/2043 | 3115000 | 2945379 |
| 3.63%, 2/15/2044 | 6250000 | 5301270 |
| 3.13%, 8/15/2044 | 10360000 | 8096178 |
| 4.13%, 8/15/2044 | 1375000 | 1249048 |
| 3.00%, 11/15/2044 | 3200000 | 2441375 |
| 4.63%, 11/15/2044 | 4885000 | 4738832 |
| 3.00%, 5/15/2045 | 3230000 | 2448744 |
| 2.25%, 8/15/2046 | 5080000 | 3291284 |
| 3.00%, 2/15/2047 | 3620000 | 2688981 |
| 3.00%, 2/15/2048 | 14235000 | 10442151 |
| 3.00%, 8/15/2048 | 10238000 | 7471340 |
| 2.88%, 5/15/2049 | 8210000 | 5805689 |
| 2.25%, 8/15/2049 | 31585000 | 19491400 |
| 2.38%, 11/15/2049 | 28405000 | 17977258 |
| 4.13%, 8/15/2053 | 1194000 | 1045729 |
| 4.25%, 2/15/2054 | 1000000 | 894688 |
| 4.63%, 5/15/2054 | 5280500 | 5030708 |
| 4.25%, 8/15/2054 | 8775000 | 7850883 |
| 4.50%, 11/15/2054 | 1775000 | 1656921 |
| U.S. Treasury Notes |  |  |
| 4.63%, 6/15/2027 | 5820000 | 5915257 |
| 2.75%, 7/31/2027 | 7000000 | 6884336 |
| 3.88%, 10/15/2027 | 16740000 | 16824354 |
| 4.13%, 11/15/2027 | 16445000 | 16619728 |
| 4.25%, 1/15/2028 | 23590000 | 23931871 |
| 4.25%, 2/15/2028 | 10180000 | 10333893 |
| 3.75%, 4/15/2028 | 1970000 | 1977541 |
| 3.75%, 5/15/2028 | 8775000 | 8810648 |
| 3.88%, 7/15/2028 | 52000000 | 52402188 |
| 4.63%, 9/30/2028 | 6585000 | 6781778 |
| 4.38%, 11/30/2028 | 3000000 | 3070547 |
| 3.75%, 12/31/2028 | 2550000 | 2561455 |
| 4.00%, 1/31/2029 | 24085000 | 24387003 |
| 2.63%, 2/15/2029 | 47800000 | 46287578 |
| 2.38%, 3/31/2029 | 500000 | 479395 |
| 4.13%, 3/31/2029 | 3895000 | 3961185 |
| 4.63%, 4/30/2029 | 5000000 | 5170703 |
| 4.50%, 5/31/2029 | 8675000 | 8937283 |
| 4.13%, 10/31/2029 | 9050000 | 9213678 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 4.13%, 11/30/2029 | 2770000 | 2820747 |
| 4.00%, 2/28/2030 | 16000000 | 16224375 |
| 4.00%, 3/31/2030 | 2120000 | 2149067 |
| 3.88%, 6/30/2030 | 5240000 | 5282984 |
| 4.13%, 8/31/2030 | 9425000 | 9602087 |
| 4.88%, 10/31/2030 | 1300000 | 1369469 |
| 4.38%, 11/30/2030 | 6300000 | 6490230 |
| 1.25%, 8/15/2031 | 4190000 | 3620586 |
| 3.75%, 8/31/2031 | 17907000 | 17836351 |
| 1.38%, 11/15/2031 | 5455000 | 4713674 |
| 4.13%, 11/30/2031 | 5951000 | 6039335 |
| 4.50%, 12/31/2031 | 6520000 | 6750747 |
| 4.38%, 1/31/2032 | 4680000 | 4810894 |
| 1.88%, 2/15/2032 | 600000 | 531609 |
| 4.13%, 2/29/2032 | 77535000 | 78610193 |
| 4.00%, 4/30/2032 | 27870000 | 28031123 |
| 4.00%, 6/30/2032 | 7800000 | 7840219 |
| 4.00%, 7/31/2032 | 28000000 | 28126875 |
| 4.50%, 11/15/2033 | 37230000 | 38390529 |
| 4.00%, 2/15/2034 | 56374400 | 56044081 |
| 3.88%, 8/15/2034 | 37997000 | 37248934 |
| 4.25%, 11/15/2034 | 22025000 | 22169539 |
| 4.63%, 2/15/2035 | 25215000 | 26077826 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.21%, 5/15/2030 (a) | 35000000 | 29303096 |
| 4.36%, 8/15/2030 (a) | 54875000 | 45482853 |
| 4.70%, 11/15/2030 (a) | 19925000 | 16340145 |
| 4.68%, 2/15/2031 (a) | 7185000 | 5822199 |
| 4.54%, 5/15/2031 (a) | 3040000 | 2436044 |
| 4.69%, 8/15/2031 (a) | 7640000 | 6053196 |
| 4.75%, 11/15/2031 (a) | 18440000 | 14439974 |
| 4.22%, 2/15/2032 (a) | 11285000 | 8731476 |
| 4.82%, 5/15/2040 (a) | 11540000 | 5619501 |
| 5.19%, 11/15/2040 (a) | 7210000 | 3406134 |
| 5.90%, 2/15/2041 (a) | 2249000 | 1046995 |
| 4.88%, 11/15/2042 (a) | 5310000 | 2219542 |
| 5.04%, 2/15/2049 (a) | 9435000 | 2820036 |
| 5.22%, 11/15/2049 (a) | 18940000 | 5448028 |
| Total U.S. Treasury Obligations <br>(Cost $948,061,615)<br>|  | 957156229 |
| **Mortgage-Backed Securities — 21.5%** | **Mortgage-Backed Securities — 21.5%** | **Mortgage-Backed Securities — 21.5%** |
| 5TH ON 5TH 4.84%, 8/25/2034 (b) | 2000000 | 2020313 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # U99076, 4.50%, 12/1/2043 | 143046 | 142423 |
| Pool # RE0003, 4.00%, 7/1/2049 | 449836 | 429881 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # SI2041, 3.00%, 10/1/2049 | 1254778 | 1097554 |
| Pool # QA9530, 2.50%, 5/1/2050 | 249386 | 210527 |
| Pool # QB3756, 2.50%, 9/1/2050 | 2069450 | 1748101 |
| Pool # RA3653, 1.50%, 10/1/2050 | 626786 | 476648 |
| Pool # RA3838, 3.00%, 10/1/2050 | 596763 | 521730 |
| Pool # QB4903, 2.50%, 11/1/2050 | 510968 | 431723 |
| Pool # QC2061, 2.00%, 5/1/2051 | 732703 | 588879 |
| Pool # RA5303, 3.50%, 5/1/2051 | 2122752 | 1918425 |
| Pool # RA5680, 2.00%, 8/1/2051 | 1692093 | 1352872 |
| Pool # SD0725, 3.00%, 8/1/2051 | 1726071 | 1518193 |
| Pool # RA5794, 4.00%, 9/1/2051 | 1878075 | 1754288 |
| Pool # RA5950, 2.50%, 10/1/2051 | 1849317 | 1545182 |
| Pool # QD0295, 3.00%, 11/1/2051 | 2805769 | 2454630 |
| Pool # SD1463, 3.00%, 12/1/2051 | 6196344 | 5423895 |
| Pool # SD0809, 3.00%, 1/1/2052 | 1260933 | 1102494 |
| Pool # SD8190, 3.00%, 1/1/2052 | 899001 | 781343 |
| Pool # RA6531, 3.50%, 1/1/2052 | 747276 | 680103 |
| Pool # RA6686, 4.00%, 1/1/2052 | 10991088 | 10277507 |
| Pool # RA6815, 2.50%, 2/1/2052 | 3463966 | 2906596 |
| Pool # RA6808, 3.00%, 2/1/2052 | 1367838 | 1195609 |
| Pool # SL0872, 2.50%, 3/1/2052 | 2378590 | 1999613 |
| Pool # QE0521, 2.50%, 4/1/2052 | 3948737 | 3280926 |
| Pool # QE0399, 3.00%, 4/1/2052 | 766785 | 671333 |
| Pool # QE1075, 3.00%, 4/1/2052 | 784458 | 685170 |
| Pool # RA7178, 3.00%, 4/1/2052 | 4174556 | 3621797 |
| Pool # SD6964, 3.00%, 4/1/2052 | 7518330 | 6561262 |
| Pool # SD1373, 3.00%, 5/1/2052 | 677594 | 593246 |
| Pool # SD5754, 3.50%, 6/1/2052 | 1098841 | 995817 |
| Pool # QE6381, 4.00%, 7/1/2052 | 1787317 | 1671879 |
| Pool # SL1378, 4.00%, 7/1/2052 | 11248047 | 10514247 |
| Pool # SD1189, 5.00%, 7/1/2052 | 1824341 | 1808060 |
| Pool # SD1589, 5.00%, 7/1/2052 | 806732 | 804394 |
| Pool # QE8520, 3.50%, 8/1/2052 | 748010 | 676868 |
| Pool # QF3294, 5.00%, 11/1/2052 | 4991498 | 4947468 |
| Pool # SD8267, 5.00%, 11/1/2052 | 3022030 | 2997694 |
| Pool # SD2355, 4.50%, 12/1/2052 | 2777272 | 2689140 |
| Pool # SL1477, 5.00%, 7/1/2053 | 14914873 | 14845509 |
| Pool # RJ1756, 4.50%, 6/1/2054 | 1862709 | 1792501 |
| Pool # RJ1781, 6.00%, 6/1/2054 | 3309033 | 3409558 |
| Pool # RJ2914, 5.50%, 11/1/2054 | 1878108 | 1894626 |
| Pool # SL1998, 4.00%, 1/1/2055 (b) | 4950525 | 4640210 |
| Pool # RJ3247, 5.00%, 1/1/2055 | 2846707 | 2834713 |
| Fn  |  |  |
| 4.47%, 8/26/2032 ‡ (b) | 2542900 | 2544489 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 4.95%, 8/25/2033 ‡ (b) | 1257000 | 1281318 |
| 4.95%, 8/30/2035 ‡ (b) | 1179000 | 1201809 |
| FNMA UMBS, 20 Year Pool # BM4920, <br> 4.00%, 10/1/2038<br>| 627190 | 619896 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # AL9058, 3.50%, 9/1/2046 | 260864 | 242225 |
| Pool # AL9397, 3.00%, 10/1/2046 | 342962 | 306066 |
| Pool # BE9590, 3.50%, 5/1/2047 | 123983 | 113992 |
| Pool # BK2113, 2.50%, 3/1/2050 | 226898 | 190224 |
| Pool # BP8608, 2.50%, 6/1/2050 | 156977 | 131923 |
| Pool # CA8670, 2.50%, 8/1/2050 | 1385055 | 1160923 |
| Pool # BQ0795, 2.50%, 9/1/2050 | 3888866 | 3278067 |
| Pool # BQ1367, 2.50%, 9/1/2050 | 897788 | 757261 |
| Pool # BQ3137, 2.50%, 10/1/2050 | 365930 | 310198 |
| Pool # FM4947, 2.00%, 12/1/2050 | 1374989 | 1108367 |
| Pool # BP7667, 2.50%, 12/1/2050 | 374980 | 317171 |
| Pool # CA8021, 2.50%, 12/1/2050 | 433767 | 364175 |
| Pool # CA8044, 2.50%, 12/1/2050 | 352565 | 295774 |
| Pool # CB0458, 2.50%, 5/1/2051 | 420036 | 352040 |
| Pool # FM7293, 2.50%, 5/1/2051 | 203555 | 171420 |
| Pool # CB0397, 3.00%, 5/1/2051 | 241709 | 211279 |
| Pool # FM7346, 3.00%, 5/1/2051 | 419117 | 366353 |
| Pool # FM7531, 3.00%, 5/1/2051 | 1108096 | 969641 |
| Pool # BT2415, 2.50%, 7/1/2051 | 1466195 | 1225786 |
| Pool # FM7910, 2.50%, 7/1/2051 | 564035 | 479315 |
| Pool # FM7957, 2.50%, 7/1/2051 | 692083 | 583116 |
| Pool # FM8516, 3.50%, 7/1/2051 | 11196313 | 10213960 |
| Pool # BT7165, 3.00%, 8/1/2051 | 4960715 | 4336154 |
| Pool # CB1406, 3.00%, 8/1/2051 | 717073 | 626791 |
| Pool # FM8479, 3.00%, 8/1/2051 | 568204 | 497159 |
| Pool # CB1553, 2.50%, 9/1/2051 | 3697185 | 3107465 |
| Pool # FM8813, 3.50%, 9/1/2051 | 2899942 | 2643855 |
| Pool # BT6823, 2.50%, 10/1/2051 | 4123533 | 3444540 |
| Pool # BT9861, 2.50%, 10/1/2051 | 1428559 | 1200183 |
| Pool # BT9883, 2.50%, 10/1/2051 | 5493844 | 4614289 |
| Pool # FM9227, 2.50%, 10/1/2051 | 2835110 | 2384172 |
| Pool # FS5389, 2.50%, 11/1/2051 | 430473 | 361016 |
| Pool # BU3608, 3.00%, 11/1/2051 | 122301 | 106994 |
| Pool # CB2094, 3.00%, 11/1/2051 | 916634 | 801232 |
| Pool # FM9776, 3.00%, 11/1/2051 | 1272030 | 1115038 |
| Pool # CB2447, 3.50%, 12/1/2051 | 4507263 | 4107091 |
| Pool # BU9885, 2.50%, 1/1/2052 | 527495 | 439888 |
| Pool # CB2635, 2.50%, 1/1/2052 | 5159138 | 4326595 |
| Pool # FS8807, 3.00%, 1/1/2052 | 2242513 | 1968917 |
| Pool # CB2750, 2.50%, 2/1/2052 | 1818526 | 1519494 |
| Pool # CB2855, 2.50%, 2/1/2052 | 670963 | 569246 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FS3381, 2.50%, 2/1/2052 | 1008101 | 841598 |
| Pool # CB2899, 3.00%, 2/1/2052 | 2510060 | 2190295 |
| Pool # FS0488, 3.00%, 2/1/2052 | 1264277 | 1109283 |
| Pool # BV4133, 2.50%, 3/1/2052 | 1189905 | 988582 |
| Pool # CB3031, 2.50%, 3/1/2052 | 1143236 | 953352 |
| Pool # FS8041, 2.50%, 3/1/2052 | 3600100 | 3029454 |
| Pool # FS8196, 2.50%, 3/1/2052 | 6405051 | 5371502 |
| Pool # CB3167, 3.00%, 3/1/2052 | 2080625 | 1816802 |
| Pool # CB3265, 3.00%, 4/1/2052 | 5727536 | 4971025 |
| Pool # CB3360, 3.00%, 4/1/2052 | 943482 | 819160 |
| Pool # BV0242, 3.50%, 4/1/2052 | 1785606 | 1622983 |
| Pool # MA4580, 3.50%, 4/1/2052 | 4393764 | 3975897 |
| Pool # BV7232, 4.00%, 4/1/2052 | 2050887 | 1915490 |
| Pool # CB3384, 4.00%, 4/1/2052 | 320127 | 299293 |
| Pool # BV5631, 3.00%, 6/1/2052 | 953166 | 834460 |
| Pool # FA1709, 3.00%, 6/1/2052 (b) | 9748279 | 8542108 |
| Pool # FS8114, 3.50%, 6/1/2052 | 1050499 | 952610 |
| Pool # CB3775, 4.00%, 6/1/2052 | 311300 | 291282 |
| Pool # FS1949, 4.00%, 6/1/2052 | 2761773 | 2584175 |
| Pool # BW0393, 5.00%, 6/1/2052 | 775888 | 768635 |
| Pool # CB4160, 4.50%, 7/1/2052 | 2513529 | 2425979 |
| Pool # CB4037, 5.00%, 7/1/2052 | 7843091 | 7794525 |
| Pool # FS2995, 5.50%, 10/1/2052 | 1168387 | 1181402 |
| Pool # CB4927, 6.00%, 10/1/2052 | 1304866 | 1344755 |
| Pool # CB5129, 5.00%, 11/1/2052 (b) | 8413240 | 8336426 |
| Pool # FS3836, 4.50%, 1/1/2053 | 380539 | 368697 |
| Pool # FS7276, 5.00%, 9/1/2053 | 1214788 | 1203681 |
| Pool # BY9849, 6.00%, 10/1/2053 | 565290 | 581831 |
| Pool # DB0320, 5.50%, 3/1/2054 | 3730997 | 3776753 |
| Pool # CB8526, 5.00%, 5/1/2054 | 3601018 | 3573405 |
| Pool # DC6900, 7.00%, 7/1/2054 | 794540 | 838717 |
| Pool # BU5072, 6.00%, 9/1/2054 | 2003945 | 2054386 |
| Pool # DC6899, 6.50%, 9/1/2054 | 992557 | 1031524 |
| Pool # DB1954, 5.00%, 11/1/2054 | 2078238 | 2050804 |
| Pool # DB4826, 5.50%, 11/1/2054 | 3960999 | 3986051 |
| Pool # DB4866, 5.50%, 1/1/2055 | 1095856 | 1113617 |
| FNMA, Other  |  |  |
| TBA, 5.00%, 9/25/2025 (b) | 5000000 | 5128125 |
| Pool # BS2870, 1.27%, 8/1/2028 | 338627 | 313515 |
| Pool # BL6257, 2.13%, 11/1/2028 | 1173010 | 1106424 |
| Pool # BS5507, 3.23%, 11/1/2028 | 520191 | 507895 |
| Pool # BS4928, 2.15%, 3/1/2029 | 2646000 | 2493390 |
| Pool # BL5459, 2.37%, 6/1/2029 | 951748 | 893836 |
| Pool # BS5162, 2.73%, 9/1/2029 | 1121923 | 1063165 |
| Pool # BZ1679, 4.49%, 9/1/2029 | 1240494 | 1259453 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BS7010, 4.81%, 9/1/2029 | 230000 | 235106 |
| Pool # BL4429, 2.25%, 10/1/2029 | 289639 | 269707 |
| Pool # AM6835, 3.58%, 10/1/2029 | 1122998 | 1098498 |
| Pool # BL4592, 2.28%, 11/1/2029 | 7000000 | 6531316 |
| Pool # BL4333, 2.52%, 11/1/2029 | 364829 | 343558 |
| Pool # BZ1760, 4.82%, 11/1/2029 | 1489448 | 1529127 |
| Pool # BS6161, 4.47%, 8/1/2030 | 485551 | 489398 |
| Pool # BZ2136, 4.59%, 9/1/2030 | 993025 | 1012297 |
| Pool # BZ0392, 4.82%, 3/1/2031 | 789564 | 810048 |
| Pool # BZ2621, 4.98%, 6/1/2031 | 2773451 | 2860112 |
| Pool # BZ1791, 4.61%, 8/1/2031 | 1000000 | 1014104 |
| Pool # BZ1524, 5.08%, 9/1/2031 | 670744 | 694759 |
| Pool # BZ3004, 5.29%, 10/1/2031 | 2392751 | 2504574 |
| Pool # BS3524, 1.97%, 11/1/2031 | 6904897 | 6099119 |
| Pool # BM6857, 1.83%, 12/1/2031 (c) | 1485896 | 1295487 |
| Pool # BZ1749, 4.24%, 12/1/2031 | 1216767 | 1211005 |
| Pool # BZ2889, 4.37%, 1/1/2032 | 2480698 | 2488527 |
| Pool # BZ1849, 4.74%, 1/1/2032 | 1715789 | 1749191 |
| Pool # BM6898, 2.15%, 2/1/2032 (c) | 1975000 | 1748311 |
| Pool # BS5337, 3.01%, 4/1/2032 | 417868 | 388810 |
| Pool # BZ1869, 4.76%, 4/1/2032 | 1135300 | 1157137 |
| Pool # BZ3926, 4.48%, 5/1/2032 | 1838000 | 1849117 |
| Pool # BS5659, 3.66%, 6/1/2032 | 795000 | 761525 |
| Pool # BZ3977, 4.42%, 6/1/2032 | 2500000 | 2503870 |
| Pool # BL7538, 1.52%, 7/1/2032 | 6835587 | 5820903 |
| Pool # AN5759, 3.29%, 7/1/2032 | 1108318 | 1044372 |
| Pool # BS5530, 3.30%, 7/1/2032 | 826000 | 775078 |
| Pool # BS6132, 3.86%, 7/1/2032 | 415000 | 404778 |
| Pool # BZ2863, 4.61%, 7/1/2032 | 3000000 | 3037524 |
| Pool # BZ4495, 4.86%, 7/1/2032 | 2161000 | 2215828 |
| Pool # BS9512, 5.13%, 7/1/2032 | 1600000 | 1642860 |
| Pool # BS6276, 3.97%, 8/1/2032 | 680000 | 660750 |
| Pool # AM0762, 3.29%, 9/1/2032 | 813712 | 771731 |
| Pool # BS5718, 3.46%, 9/1/2032 | 900000 | 847652 |
| Pool # BS6689, 3.83%, 9/1/2032 | 390000 | 377706 |
| Pool # BM6466, 1.33%, 10/1/2032 (c) | 7026684 | 5791003 |
| Pool # BS6417, 3.83%, 10/1/2032 | 485956 | 470761 |
| Pool # BS6951, 3.90%, 10/1/2032 | 500000 | 483564 |
| Pool # BS6619, 3.91%, 10/1/2032 | 586098 | 565225 |
| Pool # BM6491, 1.46%, 11/1/2032 (c) | 2154876 | 1793503 |
| Pool # BS6731, 3.78%, 11/1/2032 | 130736 | 125133 |
| Pool # BS5864, 3.75%, 12/1/2032 | 2000000 | 1905361 |
| Pool # BZ2843, 4.60%, 12/1/2032 | 1976000 | 1995947 |
| Pool # BZ1498, 4.92%, 12/1/2032 | 1000000 | 1019401 |
| Pool # BM6552, 1.56%, 1/1/2033 (c) | 7612422 | 6354349 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BL9952, 1.60%, 1/1/2033 | 2000000 | 1665730 |
| Pool # BZ0159, 4.98%, 1/1/2033 | 490000 | 503611 |
| Pool # BZ1867, 4.74%, 3/1/2033 | 1827926 | 1844789 |
| Pool # BS1636, 2.25%, 4/1/2033 | 750000 | 653971 |
| Pool # BS1899, 2.17%, 5/1/2033 | 605000 | 520576 |
| Pool # BZ3536, 4.90%, 5/1/2033 | 3542922 | 3610366 |
| Pool # BZ4028, 5.17%, 5/1/2033 | 3050000 | 3164164 |
| Pool # BS2496, 1.88%, 9/1/2033 | 4000000 | 3319289 |
| Pool # BZ4501, 4.44%, 9/1/2033 | 3585000 | 3551466 |
| Pool # BS9616, 4.79%, 9/1/2033 | 300000 | 305336 |
| Pool # BZ0419, 4.25%, 1/1/2034 | 605000 | 593878 |
| Pool # BZ4491, 4.84%, 1/1/2034 | 4000000 | 4058054 |
| Pool # BZ3975, 4.96%, 1/1/2034 | 1000000 | 1021723 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 325000 | 321379 |
| Pool # BZ2852, 5.03%, 2/1/2034 | 2021000 | 2080901 |
| Pool # BZ0401, 4.52%, 3/1/2034 | 400000 | 399725 |
| Pool # BL2213, 3.34%, 5/1/2034 | 979695 | 905264 |
| Pool # BZ0567, 4.94%, 5/1/2034 | 4000000 | 4088606 |
| Pool # BZ0565, 5.04%, 5/1/2034 | 1000000 | 1027139 |
| Pool # BZ2861, 5.03%, 6/1/2034 | 2831000 | 2910632 |
| Pool # BL3772, 2.92%, 10/1/2034 | 106866 | 95804 |
| Pool # BZ2256, 4.71%, 11/1/2034 | 1980973 | 2004292 |
| Pool # BZ3962, 4.53%, 5/1/2035 | 3590000 | 3559713 |
| Pool # BL7071, 1.91%, 6/1/2035 | 383000 | 302349 |
| Pool # BS8613, 4.55%, 6/1/2035 | 3000000 | 2968613 |
| Pool # BZ4143, 5.12%, 6/1/2035 | 1649000 | 1703327 |
| Pool # BZ4282, 4.85%, 7/1/2035 | 2618000 | 2657977 |
| Pool # BZ4467, 5.12%, 8/1/2035 | 3535000 | 3646561 |
| Pool # BZ4027, 5.33%, 11/1/2035 | 1550000 | 1612851 |
| Pool # BZ3973, 5.01%, 12/1/2035 | 1897151 | 1931862 |
| Pool # AN4430, 3.61%, 1/1/2037 | 383779 | 370257 |
| Pool # BS5761, 3.87%, 6/1/2037 | 100000 | 92183 |
| Pool # MA1177, 3.50%, 9/1/2042 | 44694 | 41917 |
| Pool # CA4632, 4.00%, 11/1/2043 | 531599 | 519422 |
| Pool # BF0454, 3.00%, 10/1/2053 | 552928 | 492663 |
| Pool # BF0078, 4.00%, 4/1/2056 | 3014648 | 2819622 |
| Pool # BF0189, 3.00%, 6/1/2057 | 619574 | 533960 |
| Pool # BF0191, 4.00%, 6/1/2057 | 6067003 | 5674466 |
| Pool # BF0262, 3.00%, 5/1/2058 | 3577113 | 3082810 |
| Pool # BF0396, 2.50%, 8/1/2059 | 5599455 | 4624096 |
| Pool # BF0440, 3.00%, 1/1/2060 | 382733 | 331021 |
| Pool # BF0503, 3.00%, 9/1/2060 | 2934677 | 2528538 |
| Pool # BF0546, 2.50%, 7/1/2061 | 960648 | 763525 |
| Pool # BF0560, 2.50%, 9/1/2061 | 8495210 | 6751953 |
| Pool # BF0561, 3.00%, 9/1/2061 | 2835479 | 2397408 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BF0586, 5.00%, 12/1/2061 | 911009 | 902859 |
| Pool # BF0646, 2.50%, 6/1/2062 | 897656 | 738782 |
| Pool # BF0720, 4.00%, 3/1/2063 | 3454794 | 3160579 |
| Pool # BF0770, 4.50%, 9/1/2063 | 4517109 | 4343811 |
| Pool # BF0802, 2.50%, 4/1/2064 | 3782377 | 3084731 |
| Pool # BF0804, 3.00%, 4/1/2064 | 3757914 | 3219182 |
| Pool # BF0809, 4.00%, 4/1/2064 | 4717782 | 4394476 |
| Pool # BF0812, 4.50%, 4/1/2064 | 2689805 | 2586598 |
| FNMA/FHLMC UMBS, Single Family, 30 Year <br> TBA, 5.50%, 9/25/2055 (b)<br>| 17000000 | 17095706 |
| GNMA I, 30 Year Pool # CU0301, 6.50%, <br> 5/15/2053<br>| 1136051 | 1179265 |
| GNMA II Pool # CK7234, ARM, 5.54%, <br> 2/20/2072 (c)<br>| 425892 | 441717 |
| GNMA II, 30 Year  |  |  |
| Pool # AQ6679, 3.50%, 10/20/2045 | 120513 | 110763 |
| Pool # AK8802, 3.75%, 3/20/2046 | 285736 | 265691 |
| Pool # 785445, 2.50%, 3/20/2051 | 5190292 | 4361522 |
| Pool # 788051, 3.00%, 12/20/2051 | 4657618 | 4139805 |
| Pool # 787457, 4.00%, 3/20/2052 | 1389335 | 1322867 |
| Pool # 787010, 3.50%, 4/20/2052 | 4841831 | 4443830 |
| Pool # MA8097, 2.50%, 6/20/2052 | 913814 | 779296 |
| Pool # MA8197, 2.50%, 8/20/2052 | 8216062 | 7030888 |
| Pool # MA8343, 2.50%, 10/20/2052 | 2641181 | 2252709 |
| Pool # MA8485, 2.50%, 12/20/2052 | 3809969 | 3249121 |
| Pool # CO8957, 5.00%, 12/20/2052 | 736367 | 723713 |
| Pool # MA8642, 2.50%, 2/20/2053 | 6185893 | 5318535 |
| Pool # MA8644, 3.50%, 2/20/2053 | 511414 | 468262 |
| Pool # MA8720, 2.50%, 3/20/2053 | 1935250 | 1651836 |
| Pool # MA8795, 2.50%, 4/20/2053 | 3181595 | 2715657 |
| Pool # MA8797, 3.50%, 4/20/2053 | 8011918 | 7352529 |
| Pool # 786842, 4.00%, 4/20/2053 | 1492609 | 1376212 |
| Pool # MA8873, 2.50%, 5/20/2053 | 5855318 | 4993383 |
| Pool # MA8944, 3.50%, 6/20/2053 | 3388404 | 3105127 |
| Pool # MA9011, 2.50%, 7/20/2053 | 5731907 | 4889247 |
| Pool # MA9101, 3.00%, 8/20/2053 | 3213336 | 2860253 |
| Pool # MA9165, 2.50%, 9/20/2053 | 6379854 | 5440705 |
| Pool # MA9299, 2.50%, 10/20/2053 | 4039074 | 3446578 |
| Pool # CX2674, 6.00%, 10/20/2053 | 224081 | 231383 |
| Pool # MA9419, 3.50%, 1/20/2054 | 2387371 | 2204390 |
| Pool # MA9483, 3.00%, 2/20/2054 | 4263713 | 3796309 |
| Pool # MA9484, 3.50%, 2/20/2054 | 2498550 | 2277463 |
| Pool # MA9719, 2.50%, 6/20/2054 | 5906999 | 5041636 |
| Pool # DD2409, 6.50%, 6/20/2054 | 514184 | 527205 |
| Pool # DD0108, 6.50%, 7/20/2054 | 1384127 | 1455410 |
| Pool # DD0109, 7.00%, 7/20/2054 | 714214 | 757716 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # DD0094, 7.00%, 8/20/2054 | 1026130 | 1088631 |
| Pool # MA9960, 3.00%, 10/20/2054 | 3767012 | 3338862 |
| Pool # DE2936, 6.00%, 12/20/2054 | 992139 | 1019599 |
| Pool # DF2932, 6.50%, 12/20/2054 | 1985598 | 2087860 |
| Pool # DF2931, 7.00%, 12/20/2054 | 1987844 | 2108925 |
| Pool # MB0142, 3.00%, 1/20/2055 | 3815303 | 3380053 |
| Pool # DE2954, 6.50%, 2/20/2055 | 511172 | 532505 |
| Pool # DH0806, 7.00%, 2/20/2055 | 5186837 | 5502415 |
| Pool # DH0808, 7.50%, 2/20/2055 | 3009975 | 3217878 |
| Pool # DH0816, 6.50%, 3/20/2055 | 2846801 | 2993532 |
| Pool # DJ6101, 7.00%, 4/20/2055 | 2095379 | 2222868 |
| Pool # DH0822, 7.50%, 4/20/2055 | 1483467 | 1585932 |
| Pool # DJ6103, 6.50%, 5/20/2055 | 1730167 | 1819345 |
| Pool # DJ6116, 7.00%, 5/20/2055 | 1495348 | 1586330 |
| Pool # DJ6126, 6.50%, 6/20/2055 | 3234003 | 3400696 |
| Pool # DI4920, 5.50%, 7/20/2055 | 2996258 | 3026498 |
| Pool # DI4702, 5.50%, 8/20/2055 | 5497387 | 5607057 |
| Pool # DI1028, 6.00%, 8/20/2055 | 1014332 | 1048645 |
| Pool # DI4701, 6.50%, 8/20/2055 | 4044779 | 4248301 |
| Pool # DK7875, 6.50%, 8/20/2055 | 2953198 | 3101751 |
| Pool # DL8785, 6.50%, 8/20/2055 | 5000000 | 5190308 |
| Pool # DM2050, 6.50%, 8/20/2055 | 1451225 | 1511796 |
| GNMA II, Other  |  |  |
| Pool # AD0019, 3.50%, 2/20/2033 | 659519 | 642272 |
| Pool # 787496, 6.00%, 7/20/2064 | 454009 | 460311 |
| Pool # 787826, 4.00%, 1/20/2065 | 1801055 | 1657135 |
| Orchard at landen 4.23%, 8/1/2032 ‡ (b) | 4000000 | 3967916 |
| Total Mortgage-Backed Securities <br>(Cost $636,790,730)<br>|  | 642675285 |
| **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** |
| American Airlines Pass-Through Trust Series <br> 2016-1, Class A, 4.10%, 1/15/2028<br>| 6290042 | 6126251 |
| American Credit Acceptance Receivables Trust <br> Series 2023-4, Class C, 6.99%, <br> 9/12/2030 (d)<br>| 430000 | 435093 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class D, 2.60%, <br> 6/17/2038 (d)<br>| 1000000 | 939946 |
| Series 2021-SFR2, Class A, 1.53%, <br> 8/17/2038 (d)<br>| 99977 | 97096 |
| Series 2021-SFR2, Class B, 1.78%, <br> 8/17/2038 (d)<br>| 711112 | 690208 |
| Series 2021-SFR3, Class C, 1.80%, <br> 10/17/2038 (d)<br>| 705000 | 678870 |
| Series 2021-SFR3, Class E1, 2.33%, <br> 10/17/2038 (d)<br>| 785000 | 756905 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-SFR3, Class E2, 2.43%, <br> 10/17/2038 (d)<br>| 2000000 | 1928423 |
| Series 2021-SFR4, Class E2, 3.01%, <br> 12/17/2038 (d)<br>| 3500000 | 3370213 |
| Series 2022-SFR3, Class E2, 4.00%, <br> 10/17/2039 (d)<br>| 1000000 | 965273 |
| Series 2023-SFR1, Class E1, 4.00%, <br> 4/17/2040 (d)<br>| 520000 | 497597 |
| Series 2023-SFR2, Class E1, 3.95%, <br> 6/17/2040 (d)<br>| 700000 | 664505 |
| Series 2023-SFR2, Class E2, 3.95%, <br> 6/17/2040 (d)<br>| 1530000 | 1434252 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (d)<br>| 1097000 | 1047866 |
| Series 2025-SFR1, Class D, 3.66%, <br> 6/17/2042 (d)<br>| 1750000 | 1623863 |
| Series 2025-SFR1, Class E1, 3.66%, <br> 6/17/2042 (d)<br>| 1750000 | 1607096 |
| Aqua Finance Issuer Trust |  |  |
| Series 2025-A, Class C, 5.81%, <br> 12/19/2050 (d)<br>| 1973000 | 2011497 |
| Series 2025-B, Class B, 5.04%, <br> 5/17/2051 (d)<br>| 2475000 | 2485925 |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class B, 3.47%, <br> 7/16/2040 (d)<br>| 3635719 | 3555954 |
| Series 2019-A, Class C, 4.01%, <br> 7/16/2040 (d)<br>| 465827 | 456773 |
| Series 2021-A, Class C, 3.14%, <br> 7/17/2046 (d)<br>| 6500000 | 6083533 |
| Series 2020-AA, Class C, 3.97%, <br> 7/17/2046 (d)<br>| 234676 | 228895 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2025-1A, Class C, 5.87%, <br> 8/20/2029 (d)<br>| 2000000 | 2035467 |
| Series 2025-2A, Class C, 6.24%, <br> 8/20/2031 (d)<br>| 3500000 | 3626049 |
| BG Beta Ltd. (Cayman Islands) |  |  |
| 6.28%, 7/16/2054 ‡ | 980000 | 1004378 |
| 7.12%, 7/16/2054 ‡ | 979637 | 996976 |
| Blue Owl Asset Leasing Trust LLC Series <br> 2024-1A, Class C, 6.38%, 1/15/2031 (d)<br>| 1550000 | 1583891 |
| Bridge Trust |  |  |
| Series 2022-SFR1, Class A, 3.40%, <br> 11/17/2037 (d)<br>| 349292 | 347498 |
| Series 2022-SFR1, Class E1, 6.30%, <br> 11/17/2037 (d)<br>| 5000000 | 4988116 |
| Series 2022-SFR1, Class E2, 6.30%, <br> 11/17/2037 (d)<br>| 4000000 | 3987982 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (d)<br>| 525000 | 506794 |
| Series 2025-SFR1, Class B, 4.20%, <br> 9/17/2042 (d)<br>| 5170000 | 4955012 |
| Series 2025-SFR1, Class C, 4.20%, <br> 9/17/2042 (d)<br>| 1395000 | 1319344 |
| Series 2025-SFR1, Class D, 4.20%, <br> 9/17/2042 (d)<br>| 3495000 | 3240419 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, <br> 7/16/2029<br>| 1564000 | 1583922 |
| Series 2023-1, Class C, 7.10%, <br> 8/15/2029<br>| 350000 | 358121 |
| Series 2024-4, Class D, 5.23%, <br> 8/15/2030<br>| 1150000 | 1162056 |
| Series 2025-1, Class D, 5.64%, <br> 11/15/2030<br>| 3350000 | 3413251 |
| Series 2025-2, Class D, 5.62%, <br> 3/17/2031<br>| 4080000 | 4163074 |
| Series 2025-3, Class D, 5.27%, <br> 5/15/2031<br>| 3000000 | 3022915 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class B, 5.19%, <br> 6/15/2037 ‡ (d)<br>| 1376005 | 1360284 |
| Series 2024-2A, Class A, 5.36%, <br> 9/15/2039 ‡ (d)<br>| 3721205 | 3741629 |
| Series 2024-2A, Class B, 5.75%, <br> 9/15/2039 ‡ (d)<br>| 1820023 | 1815159 |
| BXG Receivables Note Trust Series 2022-A, <br> Class C, 5.35%, 9/28/2037 (d)<br>| 147463 | 145220 |
| CarMax Select Receivables Trust Series <br> 2025-A, Class C, 5.46%, 7/15/2031<br>| 5000000 | 5113997 |
| Carvana Auto Receivables Trust |  |  |
| Series 2023-N1, Class B, 5.85%, <br> 11/10/2027 (d)<br>| 343746 | 344355 |
| Series 2021-P4, Class A4, 1.64%, <br> 12/10/2027<br>| 344442 | 340007 |
| Series 2022-P1, Class A4, 3.52%, <br> 2/10/2028<br>| 298909 | 297549 |
| Series 2024-N2, Class C, 5.82%, <br> 9/10/2030 (d)<br>| 2085000 | 2127584 |
| Cascade MH Asset Trust |  |  |
| Series 2019-MH1, Class M, 5.99%, <br> 11/25/2044 (c) (d)<br>| 4000000 | 3873221 |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (d)<br>| 2138671 | 1939821 |
| Series 2021-MH1, Class M2, 3.69%, <br> 2/25/2046 (d)<br>| 1490000 | 1179952 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (c) (d)<br>| 1247625 | 1286354 |
| Series 2024-MH1, Class A2, 6.06%, <br> 11/25/2056 (c) (d)<br>| 1554000 | 1612662 |
| Series 2024-MH1, Class M1, 6.26%, <br> 11/25/2056 (c) (d)<br>| 1000000 | 1037600 |
| Series 2024-MH1, Class M2, 6.56%, <br> 11/25/2056 (c) (d)<br>| 324000 | 336093 |
| Cherry Securitization Trust |  |  |
| Series 2024-1A, Class A, 5.70%, <br> 4/15/2032 (d)<br>| 1375000 | 1387097 |
| Series 2025-1A, Class A, 6.13%, <br> 11/15/2032 (d)<br>| 1500000 | 1523566 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class D, 5.56%, 7/15/2031 (d)<br>| 2200000 | 2235074 |
| Continental Finance Credit Card ABS Master <br> Trust<br>|  |  |
| Series 2024-A, Class A, 5.78%, <br> 12/15/2032 (d)<br>| 3160000 | 3216642 |
| Series 2024-A, Class B, 6.22%, <br> 12/15/2032 (d)<br>| 810000 | 830493 |
| Corevest American Finance Trust |  |  |
| Series 2020-2, Class C, 4.70%, <br> 5/15/2052 (c) (d)<br>| 525000 | 520694 |
| Series 2020-2, Class E, 4.70%, <br> 5/15/2052 (c) (d)<br>| 2699000 | 2591774 |
| Series 2020-4, Class E, 3.38%, <br> 12/15/2052 (d)<br>| 3432000 | 3037938 |
| CoreVest American Finance Trust Series <br> 2017-2, Class M, 5.55%, 12/25/2027 (c) <br> (d)<br>| 7250000 | 7151520 |
| CPS Auto Receivables Trust Series 2023-D, <br> Class C, 7.17%, 1/15/2030 (d)<br>| 400000 | 406491 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-2A, Class A, 5.92%, <br> 5/16/2033 (d)<br>| 398517 | 399864 |
| Series 2024-3A, Class C, 5.39%, <br> 1/16/2035 (d)<br>| 5038000 | 5108683 |
| Series 2025-1A, Class C, 5.71%, <br> 7/16/2035 (d)<br>| 2800000 | 2870427 |
| Crossroads Asset Trust |  |  |
| Series 2022-A, Class D, 8.99%, <br> 4/21/2031 ‡ (d)<br>| 3000000 | 3042245 |
| Series 2025-A, Class D, 6.16%, <br> 2/20/2032 (d)<br>| 1680000 | 1702316 |
| Diversified ABS Holdings LLC Series 2024-2A, <br> Class A, 6.56%, 9/30/2044 ‡ (d)<br>| 1849602 | 1864029 |
| DP Lion Holdco LLC Series 2023-1A, Class A, <br> 8.24%, 11/30/2043 ‡<br>| 201768 | 207442 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Drive Auto Receivables Trust |  |  |
| Series 2024-2, Class D, 4.94%, <br> 5/17/2032<br>| 2000000 | 2013891 |
| Series 2025-1, Class D, 5.41%, <br> 9/15/2032<br>| 2900000 | 2955131 |
| DT Auto Owner Trust |  |  |
| Series 2023-2A, Class D, 6.62%, <br> 2/15/2029 (d)<br>| 1000000 | 1025824 |
| Series 2022-2A, Class E, 6.45%, <br> 5/15/2029 (d)<br>| 2000000 | 2013159 |
| Series 2023-1A, Class E, 10.39%, <br> 1/15/2030 (d)<br>| 2000000 | 2100286 |
| Energy Assets, 8.11%, 8/25/2044 ‡ | 225109 | 230007 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2025-2A, Class D, 5.89%, <br> 7/15/2031<br>| 4900000 | 5057791 |
| Series 2025-3A, Class D, 5.57%, <br> 10/15/2031<br>| 2400000 | 2448127 |
| Series 2025-4A, Class D, 5.23%, <br> 1/15/2032<br>| 6080000 | 6119975 |
| FHF Issuer Trust |  |  |
| Series 2023-2A, Class B, 7.49%, <br> 11/15/2029 (d)<br>| 450000 | 469328 |
| Series 2024-1A, Class B, 6.26%, <br> 3/15/2030 (d)<br>| 158000 | 163236 |
| First Investors Auto Owner Trust Series <br> 2023-1A, Class C, 6.81%, <br> 12/17/2029 (d)<br>| 340000 | 351348 |
| FirstKey Homes Trust |  |  |
| Series 2020-SFR1, Class D, 2.24%, <br> 8/17/2037 (d)<br>| 400000 | 399038 |
| Series 2020-SFR1, Class E, 2.79%, <br> 8/17/2037 (d)<br>| 500000 | 498798 |
| Series 2020-SFR2, Class C, 1.67%, <br> 10/19/2037 (d)<br>| 295000 | 292743 |
| Series 2020-SFR2, Class E, 2.67%, <br> 10/19/2037 (d)<br>| 615000 | 610764 |
| Series 2021-SFR1, Class C, 1.89%, <br> 8/17/2038 (d)<br>| 450000 | 436688 |
| Series 2021-SFR1, Class E1, 2.39%, <br> 8/17/2038 (d)<br>| 6355000 | 6183451 |
| Series 2021-SFR1, Class E2, 2.49%, <br> 8/17/2038 (d)<br>| 4000000 | 3891978 |
| Series 2021-SFR2, Class C, 1.71%, <br> 9/17/2038 (d)<br>| 1000000 | 965361 |
| Series 2022-SFRA, Class A, 3.10%, <br> 3/17/2039 (d)<br>| 293706 | 287481 |
| Series 2022-SFRA, Class E1, 4.56%, <br> 3/17/2039 (d)<br>| 1500000 | 1477049 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| FMC GMSR Issuer Trust |  |  |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2026 (c) (d)<br>| 1600000 | 1570031 |
| Series 2021-GT1, Class A, 3.62%, <br> 7/25/2026 (c) (d)<br>| 4441964 | 4258186 |
| Series 2021-GT1, Class B, 4.36%, <br> 7/25/2026 (c) (d)<br>| 2500000 | 2375252 |
| Series 2021-GT2, Class A, 3.85%, <br> 10/25/2026 (c) (d)<br>| 3022400 | 2892076 |
| Series 2021-GT2, Class B, 4.44%, <br> 10/25/2026 (c) (d)<br>| 2500000 | 2373557 |
| Series 2022-GT1, Class B, 7.17%, <br> 4/25/2027 (d)<br>| 500000 | 506642 |
| Fn, 4.96%, 9/25/2031 ‡ (b) | 1175000 | 1201221 |
| Foundation Finance Trust |  |  |
| Series 2021-1A, Class A, 1.27%, <br> 5/15/2041 (d)<br>| 537290 | 509186 |
| Series 2023-2A, Class D, 9.10%, <br> 6/15/2049 (d)<br>| 461487 | 494581 |
| Series 2024-1A, Class C, 6.53%, <br> 12/15/2049 (d)<br>| 424518 | 439870 |
| Series 2024-1A, Class D, 8.13%, <br> 12/15/2049 (d)<br>| 2122589 | 2237221 |
| Series 2024-2A, Class B, 4.93%, <br> 3/15/2050 (d)<br>| 547031 | 548318 |
| FRTKL |  |  |
| Series 2021-SFR1, Class B, 1.72%, <br> 9/17/2038 (d)<br>| 3000000 | 2902388 |
| Series 2021-SFR1, Class D, 2.17%, <br> 9/17/2038 (d)<br>| 905000 | 875938 |
| Series 2021-SFR1, Class E1, 2.37%, <br> 9/17/2038 (d)<br>| 1250000 | 1208684 |
| Series 2021-SFR1, Class E2, 2.52%, <br> 9/17/2038 (d)<br>| 1150000 | 1110862 |
| FW Energy Asset Issuer LLC, 7.15%, <br> 8/25/2044 ‡<br>| 457440 | 466131 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2021-4A, Class D, 2.48%, <br> 10/15/2027 (d)<br>| 715592 | 708779 |
| Series 2025-1A, Class D, 5.61%, <br> 11/15/2030 (d)<br>| 2900000 | 2966065 |
| Series 2025-2A, Class D, 5.59%, <br> 1/15/2031 (d)<br>| 3300000 | 3361053 |
| Series 2024-3A, Class D, 5.53%, <br> 2/18/2031 (d)<br>| 1000000 | 1018991 |
| Series 2025-3A, Class D, 5.16%, <br> 6/16/2031 (d)<br>| 2310000 | 2325088 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| GLS Auto Select Receivables Trust |  |  |
| Series 2023-2A, Class A3, 6.38%, <br> 2/15/2029 (d)<br>| 500000 | 510431 |
| Series 2024-1A, Class C, 5.69%, <br> 3/15/2030 (d)<br>| 300000 | 307040 |
| Series 2024-3A, Class B, 5.64%, <br> 8/15/2030 (d)<br>| 1000000 | 1022477 |
| Series 2024-1A, Class D, 6.43%, <br> 1/15/2031 (d)<br>| 295000 | 307632 |
| Series 2025-3A, Class C, 4.94%, <br> 9/15/2031 (d)<br>| 1350000 | 1360288 |
| Golden Bear LLC Series 2016-1A, Class A, <br> 3.75%, 9/20/2047 ‡ (d)<br>| 2113527 | 1949212 |
| Goldman Home Improvement Trust Issuer <br> Trust Series 2022-GRN2, Class D, 9.75%, <br> 10/25/2052 ‡ (d)<br>| 4019879 | 4256003 |
| Goodgreen (Cayman Islands) |  |  |
| Series 2018-1A, Class A, 3.93%, <br> 10/15/2053 ‡ (c) (d)<br>| 995227 | 919426 |
| Series 2019-1A, Class A, 3.86%, <br> 10/15/2054 ‡ (d)<br>| 2940475 | 2683274 |
| Series 2019-2A, Class A, 2.76%, <br> 4/15/2055 ‡ (d)<br>| 5145672 | 4432070 |
| Series 2023-1A, Class A, 5.90%, <br> 1/17/2061 ‡ (d)<br>| 1230691 | 1226678 |
| Goodgreen Ltd. |  |  |
| Series 2024-1A, Class A, 6.29%, <br> 7/15/2056 ‡ (d)<br>| 427271 | 416119 |
| Series 2024-1A, Class B, 8.12%, <br> 7/15/2056 ‡ (d)<br>| 427310 | 417311 |
| Goodgreen Trust |  |  |
| Series 2016-1A, Class A, 3.23%, <br> 10/15/2052 ‡ (d)<br>| 1847709 | 1700612 |
| Series 2017-1A, Class A, 3.74%, <br> 10/15/2052 ‡ (d)<br>| 1844096 | 1700660 |
| Series 2017-2A, Class A, 3.26%, <br> 10/15/2053 ‡ (d)<br>| 1564405 | 1411346 |
| Series 2020-1A, Class A, 2.63%, <br> 4/15/2055 ‡ (d)<br>| 576453 | 479720 |
| Series 2021-1A, Class B, 3.01%, <br> 10/15/2056 ‡ (d)<br>| 429152 | 323218 |
| Goodleap, 6.63%, 7/15/2038 ‡ (d) | 3404080 | 3492824 |
| GoodLeap Home Improvement Solutions Trust <br> Series 2025-1A, Class A, 5.38%, <br> 2/20/2049 (d)<br>| 1527316 | 1551531 |
| Granite Park Equipment Leasing LLC |  |  |
| Series 2023-1A, Class A3, 6.46%, <br> 9/20/2032 (d)<br>| 164130 | 166639 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-1A, Class D, 7.00%, <br> 8/22/2033 (d)<br>| 350000 | 365915 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (c) (d)<br>| 5896976 | 5957969 |
| HERO Funding (Cayman Islands) Series <br> 2017-3A, Class A1, 3.19%, 9/20/2048 ‡ <br> (d)<br>| 401092 | 370891 |
| HERO Funding Trust |  |  |
| Series 2015-3A, Class A, 4.28%, <br> 9/20/2041 ‡ (d)<br>| 777728 | 772199 |
| Series 2020-1A, Class A, 2.59%, <br> 9/20/2057 ‡ (d)<br>| 448109 | 393372 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-2A, Class B, 4.74%, <br> 1/25/2037 (d)<br>| 231559 | 230739 |
| Series 2024-1B, Class B, 5.99%, <br> 9/15/2039 (d)<br>| 248677 | 252741 |
| Series 2024-3A, Class C, 5.71%, <br> 8/27/2040 (d)<br>| 3863022 | 3914408 |
| Series 2025-1A, Class C, 5.52%, <br> 5/27/2042 (d)<br>| 2613057 | 2641891 |
| Series 2025-2A, Class B, 4.73%, <br> 5/25/2044 (d)<br>| 2385000 | 2391794 |
| Series 2025-2A, Class C, 5.12%, <br> 5/25/2044 (d)<br>| 2445000 | 2452417 |
| HIN Timeshare Trust Series 2020-A, Class A, <br> 1.39%, 10/9/2039 (d)<br>| 185714 | 178453 |
| HINNT LLC |  |  |
| Series 2022-A, Class B, 4.65%, <br> 5/15/2041 (d)<br>| 2417972 | 2405448 |
| Series 2024-A, Class C, 6.32%, <br> 3/15/2043 (d)<br>| 380884 | 386796 |
| Series 2025-A, Class B, 5.45%, <br> 3/15/2044 (d)<br>| 3334236 | 3368814 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class D, 2.65%, <br> 12/17/2026 (d)<br>| 3118361 | 3010227 |
| Series 2021-2, Class E1, 2.85%, <br> 12/17/2026 (d)<br>| 7335344 | 7081060 |
| Series 2022-1, Class D, 4.73%, <br> 4/17/2039 (d)<br>| 334018 | 329723 |
| Series 2020-2, Class B, 1.98%, <br> 1/17/2041 (d)<br>| 1423751 | 1310429 |
| Series 2021-3, Class D, 3.00%, <br> 1/17/2041 (d)<br>| 2428072 | 2265800 |
| Series 2020-2, Class E, 3.08%, <br> 1/17/2041 (d)<br>| 473397 | 435045 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-3, Class E1, 3.20%, <br> 1/17/2041 (d)<br>| 6295000 | 5858771 |
| Hornbeck Offshore Services LLC, 8.90%, <br> 1/1/2044 ‡<br>| 2988840 | 2988840 |
| Huntington Bank Auto Credit-Linked Notes <br> Series 2025-2, Class B1, 4.84%, <br> 9/20/2033 (d)<br>| 6270000 | 6285261 |
| Invitation Homes Trust |  |  |
| Series 2024-SFR1, Class D, 4.25%, <br> 9/17/2041 (d)<br>| 1615000 | 1551470 |
| Series 2024-SFR1, Class E, 4.50%, <br> 9/17/2041 (d)<br>| 1720000 | 1647152 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class A1, 7.20%, <br> 12/10/2037 ‡ (d)<br>| 2712278 | 2730068 |
| Series 2022-1, Class B, 7.63%, <br> 8/10/2039 ‡ (d)<br>| 2882092 | 2904284 |
| Series 2025-1A, Class A2, 7.36%, <br> 12/10/2040 ‡ (d)<br>| 1808490 | 1842128 |
| 5.91%, 1/10/2041 ‡ (e) | 2000000 | 2000000 |
| Lending Funding Trust Series 2020-2A, <br> Class C, 4.30%, 4/21/2031 (d)<br>| 1470000 | 1446991 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class B, 2.47%, <br> 11/20/2031 (d)<br>| 400000 | 380672 |
| Series 2021-1A, Class C, 3.41%, <br> 11/20/2031 (d)<br>| 1900000 | 1810218 |
| Series 2021-2A, Class B, 2.37%, <br> 4/20/2032 (d)<br>| 1540000 | 1444781 |
| Series 2025-1A, Class D, 6.48%, <br> 9/20/2034 (d)<br>| 1910000 | 1953652 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class B, 2.33%, <br> 3/20/2036 (d)<br>| 310000 | 298263 |
| Series 2021-AA, Class C, 2.96%, <br> 3/20/2036 (d)<br>| 200000 | 192413 |
| Series 2021-AA, Class D, 3.83%, <br> 3/20/2036 (d)<br>| 225000 | 217040 |
| Series 2024-AA, Class D, 6.77%, <br> 9/22/2036 (d)<br>| 714000 | 733476 |
| Series 2021-BA, Class C, 2.66%, <br> 11/20/2036 (d)<br>| 200000 | 189072 |
| Series 2025-AA, Class D, 6.54%, <br> 5/20/2038 (d)<br>| 4650000 | 4756643 |
| Merchants Fleet Funding LLC Series 2023-1A, <br> Class A, 7.21%, 5/20/2036 (d)<br>| 219434 | 220934 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (d)<br>| 3580000 | 3609409 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-2A, Class B, 7.43%, <br> 7/20/2029 (d)<br>| 2000000 | 2026813 |
| Mission Lane Credit Card Master Trust Series <br> 2025-B, Class A, 5.06%, 9/15/2031 (d)<br>| 1750000 | 1760568 |
| MNR ABS Issuer I LLC, 8.95%, 12/15/2038 ‡ | 209685 | 215140 |
| MVW LLC |  |  |
| Series 2021-1WA, Class C, 1.94%, <br> 1/22/2041 (d)<br>| 76719 | 73571 |
| Series 2025-1A, Class C, 5.75%, <br> 9/22/2042 (d)<br>| 3225991 | 3255465 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2022-SFR1, Class B, 2.85%, <br> 2/17/2039 (d)<br>| 455000 | 441337 |
| Series 2022-SFR1, Class E1, 3.55%, <br> 2/17/2039 (d)<br>| 3000000 | 2902005 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2021-FHT1, Class A, 3.10%, <br> 7/25/2026 (d)<br>| 632586 | 620695 |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (d)<br>| 224449 | 218464 |
| NRZ FHT Excess LLC Series 2020-FHT1, <br> Class A, 4.21%, 11/25/2025 (d)<br>| 1333332 | 1327796 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2021-1A, Class A, 0.87%, <br> 7/14/2028 (d)<br>| 25039 | 24938 |
| Series 2021-1A, Class B, 1.26%, <br> 7/14/2028 (d)<br>| 700000 | 692868 |
| OneMain Financial Issuance Trust Series <br> 2020-2A, Class C, 2.76%, 9/14/2035 (d)<br>| 3600000 | 3453497 |
| Oportun Funding Trust |  |  |
| Series 2024-3, Class B, 5.48%, <br> 8/15/2029 (d)<br>| 931000 | 933108 |
| Series 2024-3, Class C, 6.25%, <br> 8/15/2029 (d)<br>| 1300000 | 1307808 |
| Oportun Issuance Trust |  |  |
| Series 2024-1A, Class B, 6.55%, <br> 4/8/2031 (d)<br>| 86242 | 86317 |
| Series 2021-B, Class A, 1.47%, <br> 5/8/2031 (d)<br>| 307337 | 300645 |
| Series 2021-B, Class B, 1.96%, <br> 5/8/2031 (d)<br>| 1887713 | 1848762 |
| Series 2021-B, Class C, 3.65%, <br> 5/8/2031 (d)<br>| 572491 | 566107 |
| Series 2021-C, Class A, 2.18%, <br> 10/8/2031 (d)<br>| 1913527 | 1873998 |
| Series 2021-C, Class B, 2.67%, <br> 10/8/2031 (d)<br>| 764336 | 749708 |
| Series 2021-C, Class C, 3.61%, <br> 10/8/2031 (d)<br>| 976787 | 962533 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-2, Class B, 5.83%, <br> 2/9/2032 (d)<br>| 1000000 | 1003831 |
| Series 2024-2, Class C, 6.61%, <br> 2/9/2032 (d)<br>| 2083000 | 2103943 |
| Series 2025-A, Class C, 5.89%, <br> 2/8/2033 (d)<br>| 2710000 | 2713378 |
| Series 2025-B, Class B, 5.28%, <br> 5/9/2033 (d)<br>| 6250000 | 6296222 |
| Series 2025-B, Class D, 6.45%, <br> 5/9/2033 (d)<br>| 3000000 | 3027220 |
| Pagaya AI Technology in Housing Trust |  |  |
| Series 2023-1, Class A, 3.60%, <br> 10/25/2040 (d)<br>| 550000 | 533780 |
| Series 2023-1, Class E2, 3.60%, <br> 10/25/2040 (d)<br>| 1100000 | 1002306 |
| PEAC Solutions Receivables LLC Series <br> 2024-1A, Class A3, 5.64%, <br> 11/20/2030 (d)<br>| 1000000 | 1027561 |
| Perimeter Master Note Business Trust |  |  |
| Series 2025-1A, Class A, 5.58%, <br> 12/16/2030 (d)<br>| 4000000 | 4038960 |
| Series 2025-1A, Class B, 6.12%, <br> 12/16/2030 (d)<br>| 2997000 | 3033265 |
| Progress Residential Series 2021-SFR3, <br> Class A, 1.64%, 5/17/2026 (d)<br>| 96758 | 95712 |
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E1, 4.55%, <br> 4/17/2027 (d)<br>| 700000 | 687857 |
| Series 2021-SFR6, Class A, 1.52%, <br> 7/17/2038 (d)<br>| 99280 | 97291 |
| Series 2021-SFR11, Class E1, 3.38%, <br> 1/17/2039 (d)<br>| 1500000 | 1415675 |
| Series 2021-SFR7, Class A, 1.69%, <br> 8/17/2040 (d)<br>| 415784 | 388179 |
| Series 2023-SFR2, Class D, 4.50%, <br> 10/17/2040 (d)<br>| 450000 | 440919 |
| Series 2021-SFR10, Class E1, 3.57%, <br> 12/17/2040 (d)<br>| 1476596 | 1412511 |
| Series 2022-SFR1, Class E1, 3.93%, <br> 2/17/2041 (d)<br>| 8650000 | 8293621 |
| Series 2022-SFR4, Class A, 4.44%, <br> 5/17/2041 (d)<br>| 196953 | 197447 |
| Series 2024-SFR4, Class C, 3.33%, <br> 7/17/2041 (d)<br>| 246000 | 231734 |
| Series 2025-SFR1, Class D, 3.65%, <br> 2/17/2042 (d)<br>| 4035000 | 3763769 |
| Series 2025-SFR2, Class D, 3.56%, <br> 4/17/2042 (d)<br>| 2498591 | 2314686 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-SFR3, Class B, 3.39%, <br> 7/17/2042 (d)<br>| 2810000 | 2612023 |
| Reach ABS Trust |  |  |
| Series 2025-1A, Class C, 5.99%, <br> 8/16/2032 (d)<br>| 1220000 | 1243775 |
| Series 2025-2A, Class C, 5.69%, <br> 8/18/2032 (d)<br>| 5000000 | 5056474 |
| Regional Management Issuance Trust |  |  |
| Series 2021-1, Class D, 5.07%, <br> 3/17/2031 (d)<br>| 2800000 | 2779302 |
| Series 2022-1, Class B, 3.71%, <br> 3/15/2032 (d)<br>| 300000 | 297152 |
| Series 2022-1, Class C, 4.46%, <br> 3/15/2032 (d)<br>| 3666000 | 3632460 |
| Series 2021-2, Class C, 3.23%, <br> 8/15/2033 (d)<br>| 1400000 | 1315320 |
| Series 2025-1, Class D, 6.58%, <br> 4/17/2034 (d)<br>| 2250000 | 2274658 |
| Renew (Cayman Islands) |  |  |
| Series 2017-1A, Class A, 3.67%, <br> 9/20/2052 ‡ (d)<br>| 166773 | 156371 |
| Series 2018-1, Class A, 3.95%, <br> 9/20/2053 ‡ (d)<br>| 667632 | 630805 |
| Series 2017-2A, Class A, 3.22%, <br> 9/22/2053 ‡ (d)<br>| 347086 | 318604 |
| Series 2023-1A, Class A, 5.90%, <br> 11/20/2058 ‡ (d)<br>| 2367032 | 2342613 |
| Series 2024-1A, Class A, 6.21%, <br> 11/20/2059 ‡ (d)<br>| 5938414 | 5991275 |
| Series 2024-2A, Class M, 6.83%, <br> 11/20/2060 ‡ (d)<br>| 1259802 | 1230601 |
| Series 2024-2A, Class B, 8.22%, <br> 11/20/2060 ‡ (d)<br>| 1496704 | 1505109 |
| Republic Finance Issuance Trust |  |  |
| Series 2024-A, Class A, 5.91%, <br> 8/20/2032 (d)<br>| 600000 | 607102 |
| Series 2024-B, Class A, 5.42%, <br> 11/20/2037 (d)<br>| 810000 | 825961 |
| RFT TRUST Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (d) (f)<br>| 3431395 | 3427792 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2022-4, Class C, 5.00%, <br> 11/15/2029<br>| 545000 | 547869 |
| Series 2022-5, Class D, 5.67%, <br> 12/16/2030<br>| 400000 | 403926 |
| Series 2022-6, Class D, 5.69%, <br> 2/18/2031<br>| 400000 | 403869 |
| Series 2024-2, Class D, 6.28%, <br> 8/15/2031<br>| 3500000 | 3633797 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-5, Class D, 5.14%, <br> 2/17/2032<br>| 1392000 | 1409688 |
| SCF Equipment Leasing LLC |  |  |
| Series 2023-1A, Class A3, 6.17%, <br> 5/20/2032 (d)<br>| 188550 | 191169 |
| Series 2024-1A, Class C, 5.82%, <br> 9/20/2032 (d)<br>| 290000 | 300806 |
| Series 2022-2A, Class D, 6.50%, <br> 10/20/2032 (d)<br>| 1710000 | 1713993 |
| Series 2023-1A, Class D, 7.00%, <br> 8/22/2033 (d)<br>| 1799000 | 1887825 |
| SCF Equipment Trust LLC |  |  |
| Series 2025-1A, Class A3, 5.11%, <br> 11/21/2033 (d)<br>| 1700000 | 1742676 |
| Series 2025-1A, Class D, 5.88%, <br> 11/20/2035 (d)<br>| 1557000 | 1603171 |
| Series 2025-1A, Class E, 6.75%, <br> 11/20/2035 (d)<br>| 1290000 | 1334484 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-2A, Class A, 1.35%, <br> 9/20/2038 (d)<br>| 39559 | 38984 |
| Series 2021-2A, Class C, 1.95%, <br> 9/20/2038 (d)<br>| 11635 | 11441 |
| Series 2023-1A, Class C, 7.00%, <br> 1/20/2040 (d)<br>| 195241 | 200393 |
| Series 2022-2A, Class C, 6.36%, <br> 6/20/2040 (d)<br>| 175572 | 176983 |
| Series 2024-2A, Class C, 5.83%, <br> 6/20/2041 (d)<br>| 415543 | 420811 |
| Series 2024-3A, Class C, 5.32%, <br> 8/20/2041 (d)<br>| 968027 | 973112 |
| Series 2025-2A, Class C, 5.32%, <br> 4/20/2044 (d)<br>| 1401377 | 1417197 |
| Stream Innovations Issuer Trust |  |  |
| Series 2024-1A, Class A, 6.27%, <br> 7/15/2044 (d)<br>| 533707 | 556223 |
| Series 2024-1A, Class B, 7.89%, <br> 7/15/2044 (d)<br>| 3442293 | 3698815 |
| Series 2024-2A, Class B, 6.34%, <br> 2/15/2045 (d)<br>| 1220000 | 1259196 |
| Series 2025-1A, Class A, 5.05%, <br> 9/15/2045 (d)<br>| 1775206 | 1793938 |
| Series 2025-1A, Class B, 5.48%, <br> 9/15/2045 (d)<br>| 3347694 | 3396370 |
| Series 2025-1A, Class C, 6.12%, <br> 9/15/2045 (d)<br>| 2698141 | 2752879 |
| Tricon American Homes Trust Series <br> 2020-SFR2, Class E1, 2.73%, <br> 11/17/2039 (d)<br>| 500000 | 471509 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Tricon Residential Trust |  |  |
| Series 2022-SFR1, Class E1, 5.34%, <br> 4/17/2039 (d)<br>| 272000 | 269808 |
| Series 2022-SFR2, Class E, 7.51%, <br> 7/17/2040 (d)<br>| 1000000 | 1016817 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (d)<br>| 300000 | 298961 |
| United Airlines Pass-Through Trust Series <br> 2024-1, Class AA, 5.45%, 2/15/2037<br>| 932694 | 955652 |
| Upstart Securitization Trust Series 2025-1, <br> Class A, 5.45%, 4/20/2035 (d)<br>| 1717496 | 1728851 |
| UPX HIL Issuer Trust Series 2025-1, Class A, <br> 5.16%, 1/25/2047 ‡ (d)<br>| 5960000 | 5975675 |
| Verdant Receivables LLC Series 2025-1A, <br> Class B, 5.37%, 5/12/2033 (d)<br>| 2400000 | 2449321 |
| VFI ABS LLC Series 2025-1A, Class B, 4.97%, <br> 12/24/2030 (d)<br>| 1195000 | 1200784 |
| VOLT C LLC Series 2021-NPL9, Class A1, <br> 5.99%, 5/25/2051 (d) (f)<br>| 35680 | 35663 |
| VOLT CII LLC Series 2021-NP11, Class A1, <br> 5.87%, 8/25/2051 (d) (f)<br>| 193679 | 193594 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 6.24%, 2/27/2051 (d) (f)<br>| 2732 | 2730 |
| Western Funding Auto Loan Trust Series <br> 2025-1, Class D, 5.79%, 1/15/2036 (d)<br>| 4508000 | 4576784 |
| Westgate Resorts LLC Series 2024-1A, <br> Class B, 6.56%, 1/20/2038 (d)<br>| 460569 | 467247 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class D, 7.19%, 7/16/2029 (d)<br>| 350000 | 365177 |
| Wingspire Equipment Finance LLC Series <br> 2024-1A, Class C, 5.28%, 9/20/2032 (d)<br>| 1242000 | 1255934 |
| Wolf Energy Asset Issuer LLC, 5.70%, <br> 7/25/2050 ‡ (c)<br>| 2929754 | 2929754 |
| Total Asset-Backed Securities <br>(Cost $491,687,467)<br>|  | 499256118 |
| **Corporate Bonds — 13.5%** | **Corporate Bonds — 13.5%** | **Corporate Bonds — 13.5%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 3.38%, 6/15/2046 | 2160000 | 1478553 |
| 3.63%, 3/1/2048 | 1450000 | 1010178 |
| 5.81%, 5/1/2050 | 3620000 | 3481125 |
| 3.83%, 3/1/2059 | 1000000 | 671573 |
| Leidos, Inc. 2.30%, 2/15/2031 | 1250000 | 1111340 |
| Textron, Inc. 5.50%, 5/15/2035 | 1200000 | 1221947 |
|  |  | 8974716 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America 4.75%, <br> 9/26/2031 (d)<br>| 2000000 | 2010884 |
| **Banks — 4.9%** | **Banks — 4.9%** | **Banks — 4.9%** |
| ABN AMRO Bank NV (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (d) (g)<br>| 500000 | 511720 |
| AIB Group plc (Ireland) (SOFRINDX + 1.91%), <br> 5.87%, 3/28/2035 (d) (g)<br>| 6500000 | 6757393 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.21%), 2.57%, 10/20/2032 (g) | 500000 | 446209 |
| (SOFR + 2.16%), 5.02%, 7/22/2033 (g) | 500000 | 507916 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (g) | 9230000 | 9537418 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (g) | 2150000 | 2214915 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (g) | 2545000 | 1834294 |
| Bank of Ireland Group plc (Ireland) (SOFR + <br> 1.62%), 5.60%, 3/20/2030 (d) (g)<br>| 445000 | 462179 |
| Banque Federative du Credit Mutuel SA <br> (France) 5.54%, 1/22/2030 (d)<br>| 835000 | 870286 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.91%), 5.34%, 9/10/2035 (g) | 1000000 | 1001153 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (g) | 1005000 | 1036648 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, <br> 1/9/2030 (d) (g)<br>| 400000 | 409896 |
| (SOFR + 1.28%), 5.28%, <br> 11/19/2030 (d) (g)<br>| 2810000 | 2878365 |
| (SOFR + 1.62%), 5.79%, <br> 1/13/2033 (d) (g)<br>| 4383000 | 4567006 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.68%), 5.88%, <br> 1/14/2031 (d) (g)<br>| 655000 | 682475 |
| (SOFR + 1.58%), 5.39%, <br> 5/28/2031 (d) (g)<br>| 2155000 | 2206648 |
| (SOFR + 2.59%), 7.00%, <br> 10/19/2034 (d) (g)<br>| 1000000 | 1104009 |
| (SOFR + 1.85%), 5.94%, <br> 5/30/2035 (d) (g)<br>| 3250000 | 3358404 |
| (SOFR + 2.04%), 6.29%, <br> 1/14/2036 (d) (g)<br>| 2855000 | 3003957 |
| (SOFR + 1.96%), 6.03%, <br> 5/28/2036 (d) (g)<br>| 2045000 | 2119547 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, <br> 9/13/2027 (d) (g)<br>| 313000 | 319977 |
| (SOFR + 2.77%), 6.84%, <br> 9/13/2034 (d) (g)<br>| 448000 | 495920 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 2.26%), 6.04%, <br> 6/15/2035 (d) (g)<br>| 6510000 | 6855756 |
| (SOFR + 1.79%), 5.58%, <br> 7/3/2036 (d) (g)<br>| 4455000 | 4503034 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (g) | 1026000 | 1030649 |
| (SOFR + 1.45%), 5.45%, 6/11/2035 (g) | 3275000 | 3366547 |
| (SOFR + 1.47%), 5.33%, 3/27/2036 (g) | 3755000 | 3794600 |
| (SOFR + 1.75%), 5.61%, 3/4/2056 (g) | 1000000 | 975955 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.46%), 5.22%, <br> 5/27/2031 (d) (g)<br>| 1175000 | 1201880 |
| (SOFR + 1.74%), 5.86%, <br> 1/9/2036 (d) (g)<br>| 1605000 | 1667283 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.40%), 5.71%, 3/1/2030 (d) (g)<br>| 400000 | 417436 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.93%), 5.02%, 3/4/2031 (d) (g)<br>| 800000 | 815923 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (g) | 1480000 | 1526185 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (g) | 980000 | 1003901 |
| ING Groep NV (Netherlands) (SOFR + 1.61%), <br> 5.53%, 3/25/2036 (g)<br>| 1000000 | 1023650 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (g)<br>| 810000 | 828582 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (g)<br>| 3570000 | 3652686 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.82%), 5.10%, 5/13/2031 (g)<br>| 2000000 | 2052873 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.92%), 4.71%, 7/8/2031 (g)<br>| 4565000 | 4617525 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.07%), 5.32%, 7/8/2036 (g)<br>| 5550000 | 5636221 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.22%), 4.96%, 8/15/2030 (g)<br>| 792000 | 808541 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.05%), 5.11%, 5/23/2031 (g)<br>| 3085000 | 3160197 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.50%), 5.78%, 3/1/2035 (g)<br>| 480000 | 501907 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.33%), 4.90%, 5/13/2031 (g) | 1105000 | 1127644 |
| (SOFR + 1.39%), 5.58%, 1/29/2036 (g) | 2000000 | 2064580 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (g) | 270000 | 274377 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (g)<br>| 505000 | 509310 |
| Santander Holdings USA, Inc. (SOFR + <br> 2.14%), 6.34%, 5/31/2035 (g)<br>| 5550000 | 5897701 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFRINDX + 1.55%), 4.86%, <br> 9/11/2030 (g)<br>| 680000 | 688799 |
| (SOFRINDX + 1.52%), 5.69%, <br> 4/15/2031 (g)<br>| 2050000 | 2138754 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (d) | 435000 | 439327 |
| (SOFR + 1.65%), 5.51%, <br> 5/22/2031 (d) (g)<br>| 625000 | 640061 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.30%), 2.89%, 6/9/2032 (d) (g)<br>| 500000 | 445280 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.60%), 3.34%, 1/21/2033 (d) (g)<br>| 2000000 | 1800700 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.60%), 6.10%, 4/13/2033 (d) (g)<br>| 2455000 | 2563507 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.10%), 6.07%, 1/19/2035 (d) (g)<br>| 6214000 | 6416891 |
| Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.15%), 5.01%, <br> 10/15/2030 (d) (g)<br>| 580000 | 590308 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.42%, 7/9/2031 | 400000 | 418546 |
| (SOFR + 1.38%), 4.95%, 7/8/2033 (g) | 2500000 | 2533232 |
| Toronto-Dominion Bank (The) (Canada) <br> 5.30%, 1/30/2032<br>| 700000 | 727854 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (g) | 1070000 | 1096264 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (g) | 1615000 | 1682321 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.30%), 5.08%, 5/15/2031 (g) | 1000000 | 1027428 |
| (SOFR + 1.41%), 5.42%, 2/12/2036 (g) | 1685000 | 1724220 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (g) | 535000 | 552084 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (g) | 4910000 | 4951188 |
| (SOFR + 1.74%), 5.60%, 4/23/2036 (g) | 10671000 | 11079006 |
|  |  | 147157048 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| AbbVie, Inc. 4.85%, 6/15/2044 | 1000000 | 918415 |
| Amgen, Inc. 5.65%, 3/2/2053 | 1664000 | 1609339 |
| Biogen, Inc. 5.75%, 5/15/2035 | 770000 | 794801 |
| Gilead Sciences, Inc. 5.60%, 11/15/2064 | 1000000 | 973295 |
|  |  | 4295850 |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (g) | 2000000 | 2045184 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (g) | 175000 | 184128 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (g) | 1785000 | 1828854 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (g) | 445000 | 406080 |
| (SOFR + 2.05%), 5.40%, 9/11/2035 (g) | 6235000 | 6280733 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.55%), 5.85%, 4/25/2035 (g) | 350000 | 369054 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (g) | 1070000 | 1088222 |
| (SOFR + 1.42%), 5.02%, 10/23/2035 (g) | 2000000 | 1987441 |
| (SOFR + 1.38%), 5.54%, 1/28/2036 (g) | 7000000 | 7218057 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (g) | 561000 | 578452 |
| (SOFR + 1.42%), 5.59%, 1/18/2036 (g) | 2000000 | 2067821 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (g) | 1200000 | 914175 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.00%), 6.30%, 9/22/2034 (d) (g)<br>| 636000 | 688178 |
| (SOFR + 1.76%), 5.58%, <br> 5/9/2036 (d) (g)<br>| 2000000 | 2056704 |
| (USD SOFR ICE Swap Rate 1 Year + <br> 1.86%), 5.38%, 9/6/2045 (d) (g)<br>| 1000000 | 970838 |
|  |  | 28683921 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 1059000 | 1104672 |
| 5.42%, 11/15/2048 | 1500000 | 1509091 |
| EIDP, Inc. 5.13%, 5/15/2032 | 1500000 | 1539016 |
| Sherwin-Williams Co. (The) 4.80%, 9/1/2031 | 489000 | 499253 |
|  |  | 4652032 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 5.64%, 3/13/2027 (d) | 900000 | 917048 |
| 5.04%, 3/25/2030 (d) | 800000 | 815709 |
|  |  | 1732757 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. 5.10%, 8/9/2035 | 1475000 | 1460287 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 3.30%, 1/30/2032 | 730000 | 668338 |
| 3.85%, 10/29/2041 | 1520000 | 1223867 |
| Aircastle Ltd. 5.25%, 3/15/2030 (d) | 755000 | 770408 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (g) | 420000 | 425370 |
| (SOFRINDX + 1.32%), 5.44%, <br> 1/30/2036 (g)<br>| 1935000 | 1988976 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 4.95%, 1/15/2028 (d) | 1500000 | 1513650 |
| 5.15%, 1/15/2030 (d) | 3732000 | 3789435 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (d) | 1160000 | 1176711 |
| 5.15%, 3/17/2030 (d) | 745000 | 753379 |
| 6.50%, 3/26/2031 (d) | 500000 | 534780 |
|  |  | 12844914 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor Flexibles North America, Inc. 5.10%, <br> 3/17/2030<br>| 1645000 | 1684358 |
| Packaging Corp. of America 5.20%, <br> 8/15/2035<br>| 1005000 | 1010772 |
| Smurfit Westrock Financing DAC (Ireland) <br> 5.42%, 1/15/2035<br>| 755000 | 768725 |
|  |  | 3463855 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.55%, 9/15/2055 | 3275000 | 2177709 |
| 3.80%, 12/1/2057 | 1005000 | 691581 |
| Verizon Communications, Inc. 2.99%, <br> 10/30/2056<br>| 1440000 | 860054 |
|  |  | 3729344 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| 1585000 | 1320808 |
| Enel Finance International NV (Italy) 5.50%, <br> 6/26/2034 (d)<br>| 350000 | 359066 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Entergy Louisiana LLC 5.80%, 3/15/2055 | 440000 | 437818 |
| Entergy Texas, Inc. 5.55%, 9/15/2054 | 564000 | 537296 |
| Exelon Corp. 5.88%, 3/15/2055 | 1000000 | 988802 |
| Florida Power & Light Co. 5.80%, 3/15/2065 | 490000 | 496105 |
| ITC Holdings Corp. 5.30%, 7/1/2043 | 1110000 | 1036022 |
| NextEra Energy Capital Holdings, Inc. 5.90%, <br> 3/15/2055<br>| 1415000 | 1409444 |
| Niagara Mohawk Power Corp. 6.00%, <br> 7/3/2055 (d)<br>| 720000 | 715564 |
| Oklahoma Gas and Electric Co. 5.60%, <br> 4/1/2053<br>| 450000 | 436405 |
| Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  |
| 5.30%, 6/1/2042 | 650000 | 628105 |
| 5.80%, 4/1/2055 (d) | 1000000 | 1000068 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 5.70%, 3/1/2035 | 1695000 | 1718075 |
| 6.00%, 8/15/2035 | 640000 | 661934 |
| 4.50%, 7/1/2040 | 955000 | 815020 |
| 3.75%, 8/15/2042 (f) | 3000000 | 2190401 |
| 4.30%, 3/15/2045 | 745000 | 572178 |
| 6.75%, 1/15/2053 | 1500000 | 1548418 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 290000 | 289095 |
| Series A-3, 5.53%, 6/1/2049 | 345000 | 339844 |
| Public Service Co. of Oklahoma 5.45%, <br> 1/15/2036<br>| 2470000 | 2500347 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.75%, 4/15/2054 | 4550000 | 4258197 |
| 5.90%, 3/1/2055 | 695000 | 663663 |
| Virginia Electric and Power Co. 5.65%, <br> 3/15/2055<br>| 1500000 | 1467546 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (d) | 2421000 | 2522203 |
| 5.70%, 12/30/2034 (d) | 2145000 | 2186842 |
|  |  | 31099266 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 3235489 | 3235489 |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| 5.15%, 8/12/2034 | 400000 | 400965 |
| 5.25%, 8/11/2035 | 925000 | 921359 |
| Nationwide Building Society (United Kingdom) <br> (SOFR + 1.65%), 5.54%, <br> 7/14/2036 (d) (g)<br>| 1200000 | 1222450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| 5.14%, 7/2/2031 (d) | 400000 | 411269 |
| 5.17%, 7/16/2032 (d) | 3500000 | 3566016 |
| 5.50%, 7/16/2035 (d) | 765000 | 783795 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 1988605 | 1988605 |
|  |  | 12529948 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 4.65%, 9/17/2034 | 751000 | 731393 |
| 5.15%, 8/4/2035 | 1220000 | 1222881 |
| JBS USA Holding Lux SARL 6.38%, <br> 4/15/2066 (d)<br>| 2020000 | 1991323 |
| JBS USA LUX SARL 6.38%, 2/25/2055 (d) | 585000 | 587921 |
| Mars, Inc. 5.65%, 5/1/2045 (d) | 1310000 | 1291413 |
| Mondelez International, Inc. 2.63%, <br> 9/4/2050<br>| 730000 | 428020 |
|  |  | 6252951 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 5.00%, 12/15/2054 | 629000 | 566433 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Burlington Northern Santa Fe LLC 2.88%, <br> 6/15/2052<br>| 570000 | 351677 |
| Canadian Pacific Railway Co. (Canada) <br> 4.80%, 8/1/2045<br>| 700000 | 626590 |
|  |  | 978267 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Solventum Corp. 5.60%, 3/23/2034 | 2503000 | 2599329 |
| Zimmer Biomet Holdings, Inc. 5.50%, <br> 2/19/2035<br>| 2065000 | 2130668 |
|  |  | 4729997 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| Aetna, Inc. 4.75%, 3/15/2044 | 1000000 | 838392 |
| Cardinal Health, Inc. 5.15%, 9/15/2035 | 2165000 | 2149822 |
| Cencora, Inc. 5.15%, 2/15/2035 | 775000 | 780779 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.75%, 3/1/2035 | 3195000 | 3286705 |
| 4.63%, 3/15/2052 | 1435000 | 1139575 |
| 5.95%, 9/15/2054 | 400000 | 383260 |
| 6.20%, 3/1/2055 | 2000000 | 1985568 |
| 6.10%, 4/1/2064 | 825000 | 795874 |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | 3329363 | 3329364 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 5.70%, 10/15/2040 | 400000 | 407749 |
| 5.63%, 7/15/2054 | 670000 | 637749 |
|  |  | 15734837 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Healthpeak OP LLC 5.38%, 2/15/2035 | 1135000 | 1147209 |
| Ventas Realty LP 5.00%, 1/15/2035 | 1000000 | 988654 |
|  |  | 2135863 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| AES Corp. (The) 5.80%, 3/15/2032 | 3440000 | 3539429 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.75%, 10/1/2041 | 455000 | 458458 |
| 5.60%, 6/15/2042 | 850000 | 834355 |
|  |  | 4832242 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 5.25%, 6/23/2032 | 1615000 | 1650809 |
| 6.25%, 6/23/2055 | 3490000 | 3568103 |
| Corebridge Global Funding 4.90%, <br> 8/21/2032 (d)<br>| 560000 | 561619 |
|  |  | 5780531 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Meta Platforms, Inc. 5.40%, 8/15/2054 | 1500000 | 1438924 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Identity Digital Ltd. (Ireland) 6.79%, <br> 3/20/2065 ‡<br>| 3500000 | 3561250 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 4.40%, 4/1/2033 | 1000000 | 940172 |
| 5.85%, 12/1/2035 (b) | 1000000 | 1001766 |
| 3.50%, 3/1/2042 | 700000 | 496924 |
| 5.38%, 5/1/2047 | 1835000 | 1559332 |
| 3.70%, 4/1/2051 | 950000 | 611789 |
| 3.90%, 6/1/2052 | 4000000 | 2650734 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.30%, 6/1/2034 | 500000 | 514667 |
| 3.25%, 11/1/2039 | 1210000 | 952914 |
| 3.40%, 7/15/2046 | 5000000 | 3537967 |
| 4.00%, 11/1/2049 | 2785000 | 2097367 |
| 2.94%, 11/1/2056 | 1830000 | 1053624 |
|  |  | 15417256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Anglo American Capital plc (South Africa) | Anglo American Capital plc (South Africa) | Anglo American Capital plc (South Africa) |
| 2.63%, 9/10/2030 (d) | 1200000 | 1095450 |
| 5.75%, 4/5/2034 (d) | 2035000 | 2106795 |
|  |  | 3202245 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Resurgent 6.78%, 7/1/2030 ‡ | 3000000 | 3000000 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Puget Energy, Inc. 5.73%, 3/15/2035 | 2985000 | 3036204 |
| Southern Co. Gas Capital Corp. 5.88%, <br> 3/15/2041<br>| 1000000 | 1017498 |
|  |  | 4053702 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| APA Infrastructure Ltd. (Australia) 5.75%, <br> 9/16/2044 (d)<br>| 1487000 | 1447559 |
| BG Energy Capital plc 5.13%, <br> 10/15/2041 (d)<br>| 1500000 | 1416025 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (d)<br>| 560000 | 565147 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 570000 | 581872 |
| Columbia Pipelines Operating Co. LLC 5.70%, <br> 10/1/2054 (d)<br>| 2230000 | 2059942 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 680000 | 640746 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 5.40%, 2/15/2035 | 1300000 | 1294558 |
| 5.90%, 2/15/2055 | 2275000 | 2122165 |
| Eastern Energy Gas Holdings LLC  | Eastern Energy Gas Holdings LLC  | Eastern Energy Gas Holdings LLC  |
| 5.65%, 10/15/2054 | 600000 | 572856 |
| 6.20%, 1/15/2055 | 695000 | 710649 |
| Enbridge, Inc. (Canada) 5.63%, 4/5/2034 | 890000 | 918828 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.60%, 9/1/2034 | 400000 | 406525 |
| 5.70%, 4/1/2035 | 2000000 | 2036056 |
| 5.15%, 3/15/2045 | 1510000 | 1328107 |
| Enterprise Products Operating LLC 5.55%, <br> 2/16/2055<br>| 470000 | 448557 |
| Hess Corp. 5.60%, 2/15/2041 | 1500000 | 1521599 |
| Kinder Morgan Energy Partners LP 5.50%, <br> 3/1/2044<br>| 3980000 | 3750989 |
| Kinder Morgan, Inc. 3.25%, 8/1/2050 | 615000 | 391233 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.40%, 4/1/2035 | 1440000 | 1429795 |
| 5.95%, 4/1/2055 | 365000 | 344254 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 5.45%, 6/1/2047 | 1480000 | 1325265 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 4.95%, 7/13/2047 | 500000 | 422763 |
| Pioneer Natural Resources Co. 2.15%, <br> 1/15/2031<br>| 6001000 | 5384404 |
| Plains All American Pipeline LP  | Plains All American Pipeline LP  | Plains All American Pipeline LP  |
| 5.95%, 6/15/2035 | 665000 | 685006 |
| 4.90%, 2/15/2045 | 450000 | 381264 |
| Targa Resources Corp.  | Targa Resources Corp.  | Targa Resources Corp.  |
| 4.90%, 9/15/2030 | 3247000 | 3296685 |
| 5.50%, 2/15/2035 | 415000 | 418585 |
| TotalEnergies Capital SA (France) 5.28%, <br> 9/10/2054<br>| 1000000 | 923955 |
|  |  | 36825389 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Bristol-Myers Squibb Co. 2.55%, <br> 11/13/2050<br>| 1150000 | 667387 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| Ontario Teachers' Cadillac Fairview Properties <br> Trust (Canada) 2.50%, 10/15/2031 (d)<br>| 800000 | 711096 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Essex Portfolio LP  | Essex Portfolio LP  | Essex Portfolio LP  |
| 5.50%, 4/1/2034 | 525000 | 541834 |
| 5.38%, 4/1/2035 | 1700000 | 1737410 |
|  |  | 2279244 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 5.05%, 7/12/2029 | 350000 | 359897 |
| 4.55%, 2/15/2032 | 539000 | 536479 |
| 3.50%, 2/15/2041 (d) | 6155000 | 4878713 |
| Intel Corp. 5.70%, 2/10/2053 | 915000 | 841424 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 4.75%, 7/15/2030 | 1830000 | 1846681 |
| 5.45%, 7/15/2035 | 4487000 | 4563282 |
|  |  | 13026476 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Cadence Design Systems, Inc. 4.70%, <br> 9/10/2034<br>| 879000 | 870223 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 3.60%, 4/1/2050 | 4500000 | 3077454 |
| 4.38%, 5/15/2055 | 5000000 | 3805320 |
| 6.00%, 8/3/2055 | 305000 | 297948 |
| Synopsys, Inc. 5.70%, 4/1/2055 | 785000 | 770737 |
|  |  | 8821682 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| American Tower Corp. 3.70%, 10/15/2049 | 900000 | 651530 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 4.20%, 4/1/2043 | 1000000 | 853725 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Dell International LLC 5.30%, 4/1/2032 | 1990000 | 2050665 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Philip Morris International, Inc. 3.88%, <br> 8/21/2042<br>| 590000 | 477722 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, <br> 4/10/2030 (d)<br>| 545000 | 553979 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 3.00%, 2/15/2041 | 595000 | 434715 |
| 3.40%, 10/15/2052 | 1385000 | 915860 |
| 5.50%, 1/15/2055 | 964000 | 900158 |
| Vodafone Group plc (United Kingdom) <br> 5.75%, 6/28/2054<br>| 400000 | 382090 |
|  |  | 2632823 |
| Total Corporate Bonds <br>(Cost $400,031,879)<br>|  | 403871038 |
| **Collateralized Mortgage Obligations — 8.7%** | **Collateralized Mortgage Obligations — 8.7%** | **Collateralized Mortgage Obligations — 8.7%** |
| ABL Series 2024-RTL1, Class A1, 6.08%, <br> 9/25/2029 (d) (f)<br>| 3715000 | 3724695 |
| Anchor Mortgage Trust |  |  |
| Series 2025-RTL1, Class A1, 5.72%, <br> 5/25/2040 (d) (f)<br>| 5270000 | 5298211 |
| Series 2025-RTL1, Class A2, 6.36%, <br> 5/25/2040 (d) (f)<br>| 1430000 | 1438158 |
| Brean Asset-Backed Securities Trust |  |  |
| Series 2025-RM10, Class A1, 5.00%, <br> 1/25/2065 ‡ (d)<br>| 1598810 | 1585372 |
| Series 2025-RM11, Class A1, 4.75%, <br> 5/25/2065 ‡ (c) (d)<br>| 3651356 | 3586292 |
| Series 2025-RM12, Class A1, 4.50%, <br> 7/25/2065 ‡ (d)<br>| 4620000 | 4487839 |
| Series 2023-RM7, Class A1, 4.50%, <br> 3/25/2078 ‡ (c) (d)<br>| 7089576 | 6978664 |
| BVRT LLC Series 2025-1, Class C, 4.34%, <br> 5/10/2033 ‡ (c) (d)<br>| 2600685 | 2467946 |
| CAFL Issuer LP Series 2025-RRTL1, Class A1, <br> 5.68%, 5/28/2040 (d) (f)<br>| 4600000 | 4638767 |
| Center Street Lending Resi-Investor ABS <br> Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.89%, 10/25/2029 ‡ (d) (f)<br>| 1720000 | 1736120 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| CFMT LLC |  |  |
| Series 2024-HB14, Class M2, 3.00%, <br> 6/25/2034 ‡ (c) (d)<br>| 1000000 | 956037 |
| Series 2024-HB15, Class M1, 4.00%, <br> 8/25/2034 ‡ (c) (d)<br>| 2470000 | 2429410 |
| Series 2024-HB15, Class M2, 4.00%, <br> 8/25/2034 ‡ (c) (d)<br>| 300000 | 292875 |
| CRIBS Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.81%, 5/25/2040 (d) (f)<br>| 2000000 | 2021746 |
| EQV Abs Issuer I LLC, 5.85%, 12/15/2040 ‡ | 2950306 | 2950306 |
| FARM Mortgage Trust Series 2021-1, Class A, <br> 2.18%, 1/25/2051 (c) (d)<br>| 1127180 | 917849 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-2, Class HT, 3.00%, <br> 8/25/2056 (f)<br>| 643546 | 556236 |
| Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 245270 | 227615 |
| Series 2017-4, Class HT, 3.25%, <br> 6/25/2057 (f)<br>| 2798584 | 2537607 |
| Series 2017-4, Class M60C, 3.50%, <br> 6/25/2057<br>| 1088632 | 1008704 |
| Series 2017-4, Class MT, 3.50%, <br> 6/25/2057<br>| 3834 | 3498 |
| Series 2018-2, Class MZ, 3.50%, <br> 11/25/2057<br>| 5153495 | 3939151 |
| Series 2019-1, Class MA, 3.50%, <br> 7/25/2058<br>| 738826 | 717353 |
| Series 2019-1, Class MT, 3.50%, <br> 7/25/2058<br>| 468587 | 417114 |
| Series 2019-2, Class HT, 3.00%, <br> 8/25/2058<br>| 535472 | 463810 |
| Series 2019-3, Class MT, 3.50%, <br> 10/25/2058<br>| 682806 | 612181 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 5223639 | 4915876 |
| Series 2019-4, Class HT, 3.00%, <br> 2/25/2059<br>| 607289 | 520041 |
| Series 2019-4, Class MA, 3.00%, <br> 2/25/2059<br>| 5682280 | 5288713 |
| Series 2019-4, Class MV, 3.00%, <br> 2/25/2059<br>| 2427042 | 2107124 |
| Series 2020-3, Class MTU, 2.50%, <br> 5/25/2060<br>| 5328535 | 4397656 |
| Series 2021-1, Class MTU, 2.50%, <br> 9/25/2060<br>| 628081 | 514878 |
| Series 2021-2, Class MTU, 2.50%, <br> 11/25/2060<br>| 679330 | 551096 |
| Series 2022-1, Class MTU, 3.25%, <br> 11/25/2061<br>| 3098133 | 2673862 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2022-2, Class MA, 3.00%, <br> 4/25/2062<br>| 2690002 | 2426933 |
| Series 2022-2, Class M5TU, 4.00%, <br> 4/25/2062<br>| 1291997 | 1209199 |
| FHLMC, REMIC |  |  |
| Series 4016, Class KZ, 4.00%, 3/15/2042 | 252901 | 246809 |
| Series 5073, Class GA, 1.50%, 8/25/2044 | 974113 | 825331 |
| Series 5027, Class JA, 2.00%, <br> 10/25/2044<br>| 134607 | 124672 |
| Series 4487, Class TL, 3.00%, 5/15/2045 | 1000000 | 911249 |
| Series 4585, Class DA, 3.00%, 6/15/2045 | 219188 | 209781 |
| Series 4480, Class NB, 3.50%, 6/15/2045 | 500000 | 431544 |
| Series 4710, Class JE, 2.75%, 6/15/2047 | 543200 | 490873 |
| Series 5202, Class BH, 2.00%, <br> 12/25/2047<br>| 662688 | 614540 |
| Series 5149, Class HB, 1.25%, 8/25/2048 | 564215 | 457231 |
| Series 4994, Class LI, IO, 4.00%, <br> 12/25/2048<br>| 146202 | 28319 |
| Series 4913, Class UA, 3.00%, 3/15/2049 | 810227 | 725778 |
| Series 4863, Class H, 7.00%, 3/15/2049 | 455594 | 490312 |
| Series 4896, Class CG, 3.50%, 4/15/2049 | 295597 | 279310 |
| Series 5141, Class PA, 1.00%, 4/25/2050 | 293680 | 245541 |
| Series 5000, Class EA, 1.00%, 7/25/2050 | 737748 | 560286 |
| Series 5023, Class TE, 1.00%, <br> 10/25/2050<br>| 2773894 | 2022815 |
| Series 5088, Class MP, 1.00%, <br> 12/25/2050<br>| 466152 | 364443 |
| Series 5063, Class LC, 0.75%, 1/25/2051 | 483041 | 373395 |
| Series 5132, Class EB, 1.25%, 8/25/2051 | 924044 | 697452 |
| Series 5224, Class HL, 4.00%, 4/25/2052 | 1700000 | 1542193 |
| Series 5438, PO, 9/25/2053 | 3865910 | 3115831 |
| Series 4862, Class NO, PO, 8/15/2057 | 1804004 | 1128287 |
| FHLMC, STRIPS |  |  |
| Series 276, Class 20, 2.00%, 9/15/2042 | 222856 | 195276 |
| Series 326, Class 350, 3.50%, 3/15/2044 | 461736 | 429511 |
| FNMA Trust, Whole Loan Series 2003-W2, <br> Class 1A1, 6.50%, 7/25/2042<br>| 734305 | 767304 |
| FNMA, REMIC |  |  |
| Series 2012-4, Class NB, 4.00%, <br> 2/25/2042<br>| 240921 | 233374 |
| Series 2012-28, Class PT, 4.00%, <br> 3/25/2042<br>| 737263 | 721156 |
| Series 2013-9, Class CB, 5.50%, <br> 4/25/2042<br>| 660030 | 681494 |
| Series 2012-124, Class PA, 2.50%, <br> 7/25/2042<br>| 93316 | 87254 |
| Series 2012-130, Class DC, 3.00%, <br> 12/25/2042<br>| 288103 | 261862 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2015-92, Class GZ, 3.00%, <br> 4/25/2043<br>| 1228846 | 1066195 |
| Series 2017-87, Class EA, 3.00%, <br> 4/25/2044<br>| 240453 | 218519 |
| Series 2018-75, Class LA, 3.00%, <br> 2/25/2048<br>| 1406476 | 1330903 |
| Series 2019-60, Class DA, 2.50%, <br> 3/25/2049<br>| 172883 | 155323 |
| Series 2019-12, Class BA, 3.00%, <br> 4/25/2049<br>| 263137 | 233884 |
| Series 2021-91, Class GB, 1.75%, <br> 7/25/2049<br>| 6409242 | 5413732 |
| Series 2020-50, Class A, 2.00%, <br> 7/25/2050<br>| 407421 | 342578 |
| Series 2020-54, Class UB, 5.00%, <br> 7/25/2050<br>| 125088 | 125306 |
| Series 2020-70, Class AD, 1.50%, <br> 10/25/2050<br>| 297056 | 232013 |
| Series 2021-95, Class GA, 1.88%, <br> 3/25/2051<br>| 4345716 | 3667237 |
| Series 2021-27, Class EC, 1.50%, <br> 5/25/2051<br>| 138817 | 112313 |
| Series 2022-12, Class GE, 2.50%, <br> 3/25/2052<br>| 6083407 | 5619202 |
| Series 2023-40, PO, 9/25/2053 | 3863259 | 3201246 |
| Series 2025-18, Class MA, 0.50%, <br> 9/25/2054<br>| 8526312 | 7046024 |
| Series 2025-31, Class MA, 0.50%, <br> 9/25/2054<br>| 4739668 | 3975089 |
| Series 2025-29, Class LA, 2.00%, <br> 5/25/2055<br>| 3717476 | 3274962 |
| Series 2025-52, Class BT, 2.00%, <br> 7/25/2055<br>| 11076271 | 9540530 |
| Series 2020-10, Class DA, 3.50%, <br> 3/25/2060<br>| 4406643 | 3973854 |
| GNMA |  |  |
| Series 2012-13, Class FQ, 4.77%, <br> 1/20/2038 (c)<br>| 301939 | 301646 |
| Series 2019-83, Class YA, 4.76%, <br> 6/20/2040 (c)<br>| 164545 | 167179 |
| Series 2013-91, Class WA, 4.41%, <br> 4/20/2043 (c)<br>| 222685 | 214674 |
| Series 2021-50, Class LD, 1.50%, <br> 1/20/2048<br>| 882689 | 767313 |
| Series 2020-15, Class CB, 2.50%, <br> 2/20/2050<br>| 1281477 | 1119900 |
| Series 2021-66, Class QA, 1.00%, <br> 3/20/2050<br>| 450669 | 346149 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2020-65, Class KC, 1.00%, <br> 5/20/2050<br>| 430759 | 336749 |
| Series 2025-6, Class A, 3.50%, <br> 11/20/2050<br>| 4698350 | 4437697 |
| Series 2020-191, Class CT, 1.25%, <br> 12/20/2050<br>| 3215332 | 2496031 |
| Series 2021-16, Class JB, 1.50%, <br> 1/20/2051<br>| 655823 | 549083 |
| Series 2021-44, Class QM, 1.75%, <br> 3/20/2051<br>| 4465029 | 3577165 |
| Series 2024-197, Class BN, 3.00%, <br> 5/20/2051<br>| 9123007 | 8500577 |
| Series 2021-97, Class FA, 3.00%, <br> 6/20/2051 (c)<br>| 326463 | 281665 |
| Series 2022-9, Class P, 2.00%, <br> 9/20/2051<br>| 806096 | 716261 |
| Series 2021-188, Class PA, 2.00%, <br> 10/20/2051<br>| 5499122 | 4539052 |
| Series 2023-19, Class WB, 5.65%, <br> 11/20/2051 (c)<br>| 594235 | 615857 |
| Series 2022-34, Class PN, 3.00%, <br> 2/20/2052<br>| 872458 | 815077 |
| Series 2022-179, Class WE, IF, 4.64%, <br> 10/20/2052 (c)<br>| 2366047 | 2337706 |
| Series 2022-190, Class LS, IF, 3.14%, <br> 11/20/2052 (c)<br>| 5628118 | 5328740 |
| Series 2023-53, Class SL, IF, 3.81%, <br> 4/20/2053 (c)<br>| 3100775 | 2869329 |
| Series 2023-70, Class WS, IF, 3.55%, <br> 5/20/2053 (c)<br>| 5269924 | 4993953 |
| Series 2023-115, Class TS, IF, 5.93%, <br> 6/20/2053 (c)<br>| 2471162 | 2542870 |
| Series 2023-101, Class S, IF, 3.21%, <br> 7/20/2053 (c)<br>| 1734364 | 1580515 |
| Series 2023-146, Class GO, PO, <br> 10/20/2053<br>| 4322243 | 3389960 |
| Series 2024-164, Class LO, PO, <br> 6/20/2054<br>| 3260134 | 2615230 |
| Series 2024-164, Class AO, PO, <br> 10/20/2054<br>| 2665404 | 2152033 |
| Series 2025-105, Class SM, IF, 3.69%, <br> 6/20/2055 (c)<br>| 4485272 | 4276489 |
| Series 2022-215, Class TN, 4.00%, <br> 12/20/2062<br>| 4478836 | 4219928 |
| Series 2017-H08, Class EI, IO, 2.41%, <br> 2/20/2067 (c)<br>| 12410897 | 456777 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2024-RPL4, Class A1, 3.90%, <br> 9/25/2061 (d) (f)<br>| 792083 | 768661 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-RPL3, Class A1, 4.10%, <br> 7/25/2065 (d) (f)<br>| 2376460 | 2314875 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.39%, <br> 9/25/2040 ‡ (b) (d) (f)<br>| 1430000 | 1432043 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (d) (f)<br>| 1100000 | 1101895 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (d) (f)<br>| 1900000 | 1913663 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (c) (d)<br>| 3500000 | 3528186 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (d) (f)<br>| 2550000 | 2551890 |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (d) (f)<br>| 2500000 | 2519171 |
| Series 2024-RPL1, Class A1, 4.25%, <br> 2/25/2066 (c) (d)<br>| 1641021 | 1578631 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (d) (f)<br>| 4480000 | 4511312 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (d) (f)<br>| 1700000 | 1706300 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (d) (f)<br>| 550000 | 549620 |
| PRET Trust Series 2024-RPL2, Class A1, <br> 4.07%, 6/25/2064 (c) (d)<br>| 1573595 | 1511394 |
| PRPM LLC |  |  |
| Series 2023-RCF2, Class A1, 4.00%, <br> 11/25/2053 (d) (f)<br>| 143023 | 141198 |
| Series 2024-RCF1, Class A1, 4.00%, <br> 1/25/2054 (d) (f)<br>| 145706 | 143429 |
| Series 2024-RPL1, Class A1, 4.20%, <br> 12/25/2064 (d) (f)<br>| 337829 | 333244 |
| Rain City Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.53%, 11/25/2029 (c) (d)<br>| 772000 | 779875 |
| Seasoned Credit Risk Transfer Trust Series <br> 2025-1, Class MTU, 3.25%, 11/25/2064<br>| 3209555 | 2788183 |
| Seasoned Loans Structured Transaction Trust <br> Series 2025-1, Class A1, 3.00%, <br> 5/25/2035<br>| 6441299 | 6003413 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (c) (d)<br>| 4933443 | 4408821 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Vendee Mortgage Trust |  |  |
| Series 2010-1, Class DZ, 4.25%, <br> 4/15/2040<br>| 1577996 | 1539344 |
| Series 2011-1, Class DZ, 3.75%, <br> 9/15/2046<br>| 1270927 | 1206607 |
| Total Collateralized Mortgage Obligations <br>(Cost $255,494,740)<br>|  | 259268427 |
| **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** |
| BAHA Trust Series 2024-MAR, Class A, <br> 6.17%, 12/10/2041 (c) (d)<br>| 2800000 | 2901195 |
| BAMLL Re-REMIC Trust |  |  |
| Series 2024-FRR4, Class B, 1.95%, <br> 11/27/2048 (c) (d)<br>| 10000000 | 9774470 |
| Series 2024-FRR3, Class B, 1.46%, <br> 1/27/2050 (c) (d)<br>| 851000 | 800354 |
| Series 2025-FRR5, Class BK86, PO, <br> 11/27/2051 (d)<br>| 5000000 | 4184670 |
| Series 2025-FRR5, Class B736, 2.15%, <br> 9/27/2052 (c) (d)<br>| 6000000 | 5781505 |
| Banc of America Re-REMIC Trust Series <br> 2024-FRR1, Class B, 0.00%, 4/27/2049 ‡ <br> (d)<br>| 1000000 | 720804 |
| BBCMS Mortgage Trust Series 2016-ETC, <br> Class D, 3.73%, 8/14/2036 (c) (d)<br>| 210000 | 195091 |
| BMD2 Re-REMIC Trust |  |  |
| Series 2019-FRR1, Class 3AB, PO, <br> 5/25/2052 ‡ (d)<br>| 7750000 | 6633610 |
| Series 2019-FRR1, Class 5B13, 2.17%, <br> 5/25/2052 ‡ (c) (d)<br>| 6000000 | 5285712 |
| Series 2019-FRR1, Class 5A1, 3.43%, <br> 5/25/2052 ‡ (c) (d)<br>| 4000000 | 3751590 |
| BXP Trust Series 2017-GM, Class E, 3.54%, <br> 6/13/2039 (c) (d)<br>| 4080000 | 3862125 |
| CSMC OA LLC |  |  |
| Series 2014-USA, Class A1, 3.30%, <br> 9/15/2037 (d)<br>| 6408073 | 5971587 |
| Series 2014-USA, Class A2, 3.95%, <br> 9/15/2037 (d)<br>| 2000000 | 1835020 |
| Series 2014-USA, Class B, 4.18%, <br> 9/15/2037 (d)<br>| 5350000 | 4601053 |
| Series 2014-USA, Class C, 4.34%, <br> 9/15/2037 (d)<br>| 750000 | 592508 |
| FHLMC |  |  |
| Series 2024-MN9, Class M1, 6.80%, <br> 10/25/2044 (c) (d)<br>| 912994 | 919677 |
| Series 2025-MN10, Class M1, 6.39%, <br> 2/25/2045 (c) (d)<br>| 1590255 | 1576958 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series KL06, Class XFX, IO, 1.46%, <br> 12/25/2029 (c)<br>| 4938025 | 238241 |
| Series KJ40, Class A2, 3.69%, <br> 11/25/2030 (c)<br>| 335000 | 329474 |
| Series K135, Class AM, 1.91%, <br> 10/25/2031 (c)<br>| 1050000 | 918105 |
| Series KJ44, Class A2, 4.61%, 2/25/2033 | 500000 | 507159 |
| FNMA ACES |  |  |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (c)<br>| 3617 | 3603 |
| Series 2020-M53, Class A2, 1.75%, <br> 11/25/2032 (c)<br>| 27000 | 22799 |
| Series 2023-M8, Class A1, 4.63%, <br> 11/25/2032 (c)<br>| 284281 | 288292 |
| Series 2024-M2, Class A1, 4.77%, <br> 4/25/2033 (c)<br>| 769634 | 785216 |
| Series 2021-M8, Class A2, 2.10%, <br> 11/25/2035<br>| 5780669 | 5175153 |
| FREMF Mortgage Trust |  |  |
| Series 2017-K66, Class B, 4.17%, <br> 7/25/2027 (c) (d)<br>| 1160000 | 1144901 |
| Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (c) (d)<br>| 570000 | 538394 |
| Series 2019-KBF3, Class B, 6.96%, <br> 1/25/2029 (c) (d)<br>| 171583 | 170453 |
| Series 2019-KS11, Class B, 4.98%, <br> 6/25/2029 (c) (d)<br>| 2952000 | 2843536 |
| Series 2019-KS12, Class B, 7.26%, <br> 8/25/2029 (c)<br>| 2969466 | 2969918 |
| Series 2020-KHG2, Class C, 3.17%, <br> 2/25/2030 (c) (d)<br>| 2000000 | 1704753 |
| Series 2021-KLU3, Class BFX, 4.40%, <br> 1/25/2031 (c) (d)<br>| 972462 | 902110 |
| Series 2018-K154, Class B, 4.16%, <br> 11/25/2032 (c) (d)<br>| 610000 | 535161 |
| Series 2018-K155, Class B, 4.31%, <br> 4/25/2033 (c) (d)<br>| 580000 | 509978 |
| Series 2016-K53, Class C, 4.19%, <br> 3/25/2049 (c) (d)<br>| 4000000 | 3972123 |
| Series 2016-K55, Class C, 4.31%, <br> 4/25/2049 (c) (d)<br>| 1000000 | 991640 |
| Series 2016-K58, Class C, 3.87%, <br> 9/25/2049 (c) (d)<br>| 1250000 | 1231713 |
| Series 2017-K68, Class B, 3.97%, <br> 10/25/2049 (c) (d)<br>| 3000000 | 2954028 |
| Series 2017-K64, Class B, 4.14%, <br> 5/25/2050 (c) (d)<br>| 4455000 | 4406885 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2018-K80, Class B, 4.38%, <br> 8/25/2050 (c) (d)<br>| 2076000 | 2036659 |
| Series 2017-K71, Class B, 3.88%, <br> 11/25/2050 (c) (d)<br>| 100000 | 97997 |
| Series 2017-K71, Class C, 3.88%, <br> 11/25/2050 (c) (d)<br>| 3606000 | 3527096 |
| Series 2019-K89, Class B, 4.44%, <br> 1/25/2051 (c) (d)<br>| 7000000 | 6934953 |
| Series 2019-K87, Class B, 4.47%, <br> 1/25/2051 (c) (d)<br>| 4800000 | 4771717 |
| Series 2019-K91, Class C, 4.40%, <br> 4/25/2051 (c) (d)<br>| 1795000 | 1740825 |
| Series 2018-K77, Class B, 4.30%, <br> 5/25/2051 (c) (d)<br>| 1170000 | 1159257 |
| Series 2018-K77, Class C, 4.30%, <br> 5/25/2051 (c) (d)<br>| 1000000 | 985048 |
| Series 2018-K79, Class C, 4.35%, <br> 7/25/2051 (c) (d)<br>| 145000 | 141881 |
| Series 2019-K103, Class B, 3.57%, <br> 12/25/2051 (c) (d)<br>| 1819000 | 1713287 |
| Series 2019-K102, Class B, 3.65%, <br> 12/25/2051 (c) (d)<br>| 375000 | 355297 |
| Series 2019-K102, Class C, 3.65%, <br> 12/25/2051 (c) (d)<br>| 2075000 | 1946062 |
| Series 2019-K90, Class C, 4.47%, <br> 2/25/2052 (c) (d)<br>| 500000 | 490314 |
| Series 2019-K88, Class B, 4.53%, <br> 2/25/2052 (c) (d)<br>| 2000000 | 1987258 |
| Series 2019-K88, Class C, 4.53%, <br> 2/25/2052 (c) (d)<br>| 1000000 | 979397 |
| Series 2019-K93, Class B, 4.26%, <br> 5/25/2052 (c) (d)<br>| 2000000 | 1951774 |
| Series 2019-K94, Class C, 4.10%, <br> 7/25/2052 (c) (d)<br>| 1250000 | 1182116 |
| Series 2019-K98, Class B, 3.86%, <br> 10/25/2052 (c) (d)<br>| 1040000 | 993475 |
| Series 2019-K98, Class C, 3.86%, <br> 10/25/2052 (c) (d)<br>| 2000000 | 1887184 |
| Series 2019-K100, Class C, 3.61%, <br> 11/25/2052 (c) (d)<br>| 4707000 | 4462021 |
| Series 2020-K737, Class B, 3.44%, <br> 1/25/2053 (c) (d)<br>| 1452000 | 1427321 |
| Series 2020-K737, Class C, 3.44%, <br> 1/25/2053 (c) (d)<br>| 4870000 | 4770807 |
| Series 2020-K105, Class C, 3.53%, <br> 3/25/2053 (c) (d)<br>| 1651000 | 1542796 |
| Series 2019-K96, Class C, 3.94%, <br> 8/25/2056 (c) (d)<br>| 4754000 | 4561431 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| GAM Re-REMIC Trust |  |  |
| Series 2022-FRR3, Class BK61, PO, <br> 11/27/2049 ‡ (d)<br>| 4000000 | 3683102 |
| Series 2022-FRR3, Class BK71, 1.96%, <br> 11/27/2050 (c) (d)<br>| 8815000 | 8086726 |
| Series 2021-FRR1, Class 1C, PO, <br> 11/29/2050 ‡ (d)<br>| 2753000 | 2475567 |
| Series 2021-FRR1, Class 2A, PO, <br> 11/29/2050 ‡ (d)<br>| 580000 | 512479 |
| Series 2021-FRR1, Class 2B, PO, <br> 11/29/2050 ‡ (d)<br>| 4000000 | 3486646 |
| Series 2022-FRR3, Class BK89, PO, <br> 1/27/2052 ‡ (d)<br>| 2028000 | 1647688 |
| GNMA |  |  |
| Series 2012-132, Class Z, 2.71%, <br> 6/16/2054 (c)<br>| 539845 | 393156 |
| Series 2013-61, Class Z, 2.79%, <br> 10/16/2054 (c)<br>| 752397 | 564243 |
| Series 2013-1, Class Z, 2.39%, <br> 1/16/2055 (c)<br>| 785662 | 499397 |
| Series 2017-76, Class B, 2.60%, <br> 12/16/2056<br>| 628693 | 460931 |
| Series 2017-191, Class B, 2.50%, <br> 7/16/2059 (c)<br>| 688303 | 402488 |
| MRCD MARK Mortgage Trust Series <br> 2019-PARK, Class A, 2.72%, <br> 12/15/2036 (d)<br>| 200000 | 177000 |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2024-01, Class M7, 7.10%, <br> 7/25/2054 (c) (d)<br>| 78599 | 79647 |
| Series 2025-01, Class M1, 6.75%, <br> 5/25/2055 (c) (d)<br>| 2999353 | 3014833 |
| One Bryant Park Trust Series 2019-OBP, <br> Class A, 2.52%, 9/15/2054 (d)<br>| 1000000 | 920088 |
| PRM5 Trust |  |  |
| Series 2025-PRM5, Class B, 4.92%, <br> 3/10/2033 (c) (d)<br>| 2250000 | 2243831 |
| Series 2025-PRM5, Class C, 5.17%, <br> 3/10/2033 (c) (d)<br>| 1000000 | 997406 |
| Series 2025-PRM5, Class D, 5.81%, <br> 3/10/2033 (c) (d)<br>| 1750000 | 1745111 |
| RFM Re-REMIC Trust |  |  |
| Series 2022-FRR1, Class AK55, PO, <br> 3/28/2049 ‡ (d)<br>| 2000000 | 1924783 |
| Series 2022-FRR1, Class AB60, 2.34%, <br> 11/8/2049 (c) (d)<br>| 6930000 | 6618216 |
| Series 2024-FRR2, Class A100, PO, <br> 11/27/2052 ‡ (d)<br>| 2000000 | 1622720 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan Active Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (d)<br>| 700000 | 720550 |
| Series 2024-CNTR, Class B, 5.93%, <br> 11/13/2041 (d)<br>| 2000000 | 2068448 |
| Series 2024-CNTR, Class C, 6.47%, <br> 11/13/2041 (d)<br>| 5150000 | 5339213 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class C, 6.23%, 7/15/2040 (c) <br> (d)<br>| 2000000 | 2045780 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $193,005,768)<br>|  | 195907586 |
| **Foreign Government Securities — 0.4%** | **Foreign Government Securities — 0.4%** | **Foreign Government Securities — 0.4%** |
| Eagle Funding Luxco SARL 5.50%, <br> 8/17/2030 (d)<br>| 4681000 | 4749155 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 474000 | 495567 |
| 5.85%, 7/2/2032 | 1657000 | 1691797 |
| 6.88%, 5/13/2037 | 703000 | 739556 |
| 6.63%, 1/29/2038 | 2140000 | 2193500 |
| 6.34%, 5/4/2053 | 730000 | 673790 |
| 3.77%, 5/24/2061 | 1000000 | 599060 |
| Total Foreign Government Securities <br>(Cost $11,059,950)<br>|  | 11142425 |
|  | **SHARES** |  |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (h) (i) <br>(Cost $67,573,101)<br>| 67573101 | 67573101 |
| **Total Investments — 101.5%** <br>**(Cost $3,003,705,250)**<br>|  | **3036850209** |
| **Liabilities in Excess of Other Assets —** <br> **(1.5)%**<br>|  | **(43986954)**<br>|
| **NET ASSETS — 100.0%** |  | **2992863255** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of August 31, 2025.<br>|
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |

---

---

| | |
|:---|:---|
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | The rate shown is the effective yield as of August 31, <br> 2025. <br>|
| (b) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (d) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (e) | Defaulted security. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of August 31, 2025.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52769828 | &nbsp;&nbsp;&nbsp;&nbsp; 258806 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48057188 | &nbsp;&nbsp;&nbsp;&nbsp; 311468 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 37474000 | &nbsp;&nbsp;&nbsp;&nbsp; 9696 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22000781 | &nbsp;&nbsp;&nbsp;&nbsp; (132413)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 122022774 | &nbsp;&nbsp;&nbsp;&nbsp; 183320 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 630877 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (32193000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (131354)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 499523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan Active High Yield ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 95.3%** | **Corporate Bonds — 95.3%** | **Corporate Bonds — 95.3%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| ATI, Inc. 5.13%, 10/1/2031 | 5470000 | 5338823 |
| Axon Enterprise, Inc. 6.25%, 3/15/2033 (a) | 2670000 | 2760006 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 6.00%, 2/15/2028 (a) | 6270000 | 6277267 |
| 7.45%, 5/1/2034 (a) | 2270000 | 2474157 |
| BWX Technologies, Inc.  | BWX Technologies, Inc.  | BWX Technologies, Inc.  |
| 4.13%, 6/30/2028 (a) | 1270000 | 1240672 |
| 4.13%, 4/15/2029 (a) | 5270000 | 5071828 |
| Goat Holdco LLC 6.75%, 2/1/2032 (a) | 1270000 | 1292034 |
| Spirit AeroSystems, Inc. 3.85%, 6/15/2026 | 8270000 | 8182323 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (a) | 5270000 | 5395600 |
| 6.25%, 1/31/2034 (a) | 728000 | 746965 |
|  |  | 38779675 |
| **Automobile Components — 3.4%** | **Automobile Components — 3.4%** | **Automobile Components — 3.4%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 8.25%, 4/15/2031 (a) | 9570000 | 10077660 |
| 7.50%, 2/15/2033 (a) | 5170000 | 5383733 |
| Allison Transmission, Inc. 5.88%, <br> 6/1/2029 (a)<br>| 7670000 | 7729772 |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| 6.50%, 4/1/2027 | 4670000 | 4691809 |
| 5.00%, 10/1/2029 | 4270000 | 4030635 |
| Clarios Global LP 6.75%, 5/15/2028 (a) | 8970000 | 9170210 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (b) | 1270000 | 1330185 |
| 5.63% (Cash), 5/15/2027 (a) (b) | 1270000 | 1168400 |
| Dana, Inc. 4.50%, 2/15/2032 | 4270000 | 4188750 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a)<br>| 4270000 | 3705832 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 6.63%, 7/15/2030 | 5270000 | 5361377 |
| 5.63%, 4/30/2033 | 1770000 | 1663454 |
| Icahn Enterprises LP 5.25%, 5/15/2027 | 2370000 | 2311970 |
| IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) |
| 6.37% (Cash), 5/15/2029 (a) (b) | 3370000 | 3387918 |
| 8.00% (Cash), 11/15/2032 (a) (b) | 3170000 | 3309727 |
| ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
| 6.88%, 4/14/2028 (a) | 470000 | 476065 |
| 6.75%, 4/23/2030 (a) | 2070000 | 2018457 |
|  |  | 70005954 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Primo Water Holdings, Inc. 6.25%, <br> 4/1/2029 (a)<br>| 6270000 | 6303011 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| Shutterfly Finance LLC 8.50%, <br> 10/1/2027 (a)<br>| 1000000 | 937500 |
| Wayfair LLC 7.75%, 9/15/2030 (a) | 5870000 | 6064614 |
|  |  | 7002114 |
| **Building Products — 3.2%** | **Building Products — 3.2%** | **Building Products — 3.2%** |
| Advanced Drainage Systems, Inc. 6.38%, <br> 6/15/2030 (a)<br>| 6370000 | 6496769 |
| Builders FirstSource, Inc. 6.38%, <br> 6/15/2032 (a)<br>| 5770000 | 5950116 |
| EMRLD Borrower LP 6.63%, 12/15/2030 (a) | 14870000 | 15271877 |
| Griffon Corp. 5.75%, 3/1/2028 | 3370000 | 3365137 |
| JELD-WEN, Inc.  | JELD-WEN, Inc.  | JELD-WEN, Inc.  |
| 4.88%, 12/15/2027 (a) (c) | 3270000 | 3217211 |
| 7.00%, 9/1/2032 (a) | 1270000 | 1097246 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 6170000 | 6391522 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| 3615000 | 3726570 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | 8670000 | 8941813 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| 6970000 | 7435331 |
| Standard Building Solutions, Inc. 6.25%, <br> 8/1/2033 (a)<br>| 2784000 | 2841380 |
| Standard Industries, Inc. 4.38%, <br> 7/15/2030 (a)<br>| 570000 | 546220 |
|  |  | 65281192 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (a)<br>| 870000 | 866041 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.75%, 11/15/2028 (a) | 6270000 | 6037464 |
| 8.00%, 1/15/2033 (a) | 2270000 | 2220553 |
| INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) |
| 6.75%, 5/15/2028 (a) | 670000 | 658298 |
| 7.50%, 4/15/2029 (a) | 11670000 | 11696981 |
| INEOS Quattro Finance 2 plc (United <br> Kingdom) 9.63%, 3/15/2029 (a)<br>| 6170000 | 6184328 |
| NOVA Chemicals Corp. (Canada) 9.00%, <br> 2/15/2030 (a)<br>| 8270000 | 8883014 |
| Olin Corp. 5.00%, 2/1/2030 | 2370000 | 2300410 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (a) | 715000 | 726854 |
| 6.25%, 8/15/2033 (a) | 2318000 | 2396170 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 4.50%, 10/15/2029 | 1870000 | 1806228 |
| 4.00%, 4/1/2031 | 4770000 | 4388673 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 4.38%, 2/1/2032 | 4270000 | 3941202 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 5.63%, 8/15/2029 (a) | 570000 | 533309 |
| 7.38%, 3/1/2031 (a) | 12270000 | 12489130 |
| 6.63%, 8/15/2032 (a) | 1593000 | 1588540 |
|  |  | 66717195 |
| **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 6270000 | 5624257 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (a) | 5870000 | 5674279 |
| 4.88%, 7/15/2032 (a) | 470000 | 452261 |
| Allied Universal Holdco LLC  | Allied Universal Holdco LLC  | Allied Universal Holdco LLC  |
| 4.63%, 6/1/2028 (a) | 3070000 | 2996181 |
| 7.88%, 2/15/2031 (a) | 5070000 | 5327936 |
| APi Group DE, Inc. 4.13%, 7/15/2029 (a) | 1170000 | 1123079 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 4592000 | 4558263 |
| Brink's Co. (The)  | Brink's Co. (The)  | Brink's Co. (The)  |
| 6.50%, 6/15/2029 (a) | 1270000 | 1306059 |
| 6.75%, 6/15/2032 (a) | 5270000 | 5459825 |
| Clarivate Science Holdings Corp. 4.88%, <br> 7/1/2029 (a)<br>| 1970000 | 1861337 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 9870000 | 10446092 |
| Enviri Corp. 5.75%, 7/31/2027 (a) | 2270000 | 2244481 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 7.75%, 2/15/2028 (a) | 3070000 | 3158263 |
| 6.00%, 6/1/2029 (a) | 2870000 | 2846472 |
| GEO Group, Inc. (The)  | GEO Group, Inc. (The)  | GEO Group, Inc. (The)  |
| 8.63%, 4/15/2029 | 4270000 | 4515700 |
| 10.25%, 4/15/2031 | 1270000 | 1400014 |
| GFL Environmental, Inc. 3.50%, <br> 9/1/2028 (a)<br>| 14070000 | 13627978 |
| Interface, Inc. 5.50%, 12/1/2028 (a) | 970000 | 965645 |
| Madison IAQ LLC  | Madison IAQ LLC  | Madison IAQ LLC  |
| 4.13%, 6/30/2028 (a) | 8170000 | 7942643 |
| 5.88%, 6/30/2029 (a) | 2270000 | 2247400 |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (a) | 4458000 | 4476692 |
| 6.25%, 1/15/2028 (a) | 570000 | 569826 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| 2000000 | 2037430 |
| Williams Scotsman, Inc. 7.38%, <br> 10/1/2031 (a)<br>| 1170000 | 1223798 |
|  |  | 92085911 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| CommScope LLC  | CommScope LLC  | CommScope LLC  |
| 8.25%, 3/1/2027 (a) | 5270000 | 5333219 |
| 4.75%, 9/1/2029 (a) | 4270000 | 4218760 |
| 9.50%, 12/15/2031 (a) | 1945000 | 2011503 |
|  |  | 11563482 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| AECOM 6.00%, 8/1/2033 (a) | 2106000 | 2149499 |
| Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  |
| 5.63%, 6/1/2029 (a) | 1270000 | 1273606 |
| 7.50%, 4/15/2032 (a) | 3090000 | 3216582 |
| Pike Corp.  | Pike Corp.  | Pike Corp.  |
| 5.50%, 9/1/2028 (a) | 1570000 | 1570455 |
| 8.63%, 1/31/2031 (a) | 1870000 | 2001119 |
|  |  | 10211261 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 5370000 | 5632099 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 4.39%, 1/8/2026 | 3240000 | 3234615 |
| 6.95%, 3/6/2026 | 670000 | 675458 |
| 2.70%, 8/10/2026 | 2370000 | 2322528 |
| 4.13%, 8/17/2027 | 17300000 | 16969044 |
| 7.20%, 6/10/2030 | 5270000 | 5598908 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 7.13%, 3/15/2026 | 10170000 | 10282053 |
| 6.75%, 3/15/2032 | 2070000 | 2119115 |
|  |  | 41201721 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Albertsons Cos., Inc. 4.63%, 1/15/2027 (a) | 18070000 | 17959994 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 5.50%, 10/15/2027 (a) | 5155000 | 5147993 |
| 6.13%, 9/15/2032 (a) | 985000 | 1008163 |
| US Foods, Inc. 6.88%, 9/15/2028 (a) | 8170000 | 8417608 |
|  |  | 32533758 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| 6.00%, 6/15/2029 | 1170000 | 1200206 |
| 2.88%, 8/15/2030 | 570000 | 515620 |
| Clydesdale Acquisition Holdings, Inc. 6.75%, <br> 4/15/2032 (a)<br>| 5270000 | 5414741 |
| Crown Americas LLC 5.88%, 6/1/2033 (a) | 570000 | 576558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan Active High Yield ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Graham Packaging Co., Inc. 7.13%, <br> 8/15/2028 (a)<br>| 1270000 | 1270395 |
| Graphic Packaging International LLC 6.38%, <br> 7/15/2032 (a)<br>| 970000 | 985566 |
| LABL, Inc. 8.63%, 10/1/2031 (a) | 7170000 | 5293325 |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |
| 7.88%, 4/15/2027 (a) | 2000000 | 2023806 |
| 9.25%, 4/15/2027 (a) | 5649000 | 5623104 |
| Owens-Brockway Glass Container, Inc.  | Owens-Brockway Glass Container, Inc.  | Owens-Brockway Glass Container, Inc.  |
| 7.25%, 5/15/2031 (a) (c) | 4270000 | 4344699 |
| 7.38%, 6/1/2032 (a) | 770000 | 776242 |
| Sealed Air Corp. 6.13%, 2/1/2028 (a) | 2270000 | 2302695 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 870000 | 837224 |
|  |  | 31164181 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 5.13%, 6/1/2029 | 870000 | 863457 |
| 3.38%, 8/15/2030 | 1970000 | 1820310 |
|  |  | 2683767 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| Iron Mountain Information Management <br> Services, Inc. 5.00%, 7/15/2032 (a)<br>| 470000 | 451765 |
| VICI Properties LP 4.25%, 12/1/2026 (a) | 4970000 | 4947879 |
|  |  | 5399644 |
| **Diversified Telecommunication Services — 6.0%** | **Diversified Telecommunication Services — 6.0%** | **Diversified Telecommunication Services — 6.0%** |
| Altice France SA (France) 8.13%, <br> 2/1/2027 (a) (c)<br>| 5000000 | 4628926 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.13%, 5/1/2027 (a) | 30170000 | 30017952 |
| 5.00%, 2/1/2028 (a) | 10770000 | 10682284 |
| 6.38%, 9/1/2029 (a) | 19970000 | 20274263 |
| 4.50%, 8/15/2030 (a) | 2170000 | 2054037 |
| 4.25%, 2/1/2031 (a) | 4870000 | 4492159 |
| 4.75%, 2/1/2032 (a) | 5570000 | 5166886 |
| 4.50%, 5/1/2032 | 470000 | 429794 |
| 4.50%, 6/1/2033 (a) | 19470000 | 17366459 |
| Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  |
| 5.88%, 10/15/2027 (a) | 5670000 | 5668381 |
| 6.75%, 5/1/2029 (a) | 6970000 | 7037762 |
| GCI LLC 4.75%, 10/15/2028 (a) | 4750000 | 4625954 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 4.88%, 6/15/2029 (a) | 1825000 | 1701813 |
| 3.88%, 10/15/2030 (a) | 2270000 | 1929500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| 6.88%, 6/30/2033 (a) | 6715000 | 6775267 |
| 7.00%, 3/31/2034 (a) | 2426250 | 2442729 |
|  |  | 125294166 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 5.75%, 1/15/2028 | 2570000 | 2578142 |
| 5.25%, 6/15/2029 (a) | 570000 | 568309 |
| 5.75%, 7/15/2029 (a) | 6570000 | 6567450 |
| 3.63%, 2/15/2031 (a) | 3970000 | 3661969 |
| 3.88%, 2/15/2032 (a) | 2670000 | 2452416 |
| 7.00%, 3/15/2033 (a) | 1070000 | 1169254 |
| 6.25%, 11/1/2034 (a) | 670000 | 686916 |
| PG&E Corp. 5.00%, 7/1/2028 | 6570000 | 6495177 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.50%, 9/1/2026 (a) | 8970000 | 8956893 |
| 7.75%, 10/15/2031 (a) | 970000 | 1030607 |
| 6.88%, 4/15/2032 (a) | 470000 | 493268 |
|  |  | 34660401 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 7973000 | 7835499 |
| Sensata Technologies, Inc. 6.63%, <br> 7/15/2032 (a)<br>| 7320000 | 7560396 |
|  |  | 15395895 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| Archrock Partners LP  | Archrock Partners LP  | Archrock Partners LP  |
| 6.25%, 4/1/2028 (a) | 6870000 | 6893008 |
| 6.63%, 9/1/2032 (a) | 1170000 | 1199352 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| 7570000 | 8029370 |
| Kodiak Gas Services LLC 7.25%, <br> 2/15/2029 (a)<br>| 6270000 | 6485437 |
| Nabors Industries, Inc. 7.38%, <br> 5/15/2027 (a)<br>| 2270000 | 2307834 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 2270000 | 2350117 |
| Transocean, Inc.  | Transocean, Inc.  | Transocean, Inc.  |
| 8.25%, 5/15/2029 (a) | 6870000 | 6645631 |
| 8.75%, 2/15/2030 (a) | 3750000 | 3970073 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | 2770000 | 2883808 |
|  |  | 40764630 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Cinemark USA, Inc.  | Cinemark USA, Inc.  | Cinemark USA, Inc.  |
| 5.25%, 7/15/2028 (a) | 3270000 | 3249976 |
| 7.00%, 8/1/2032 (a) | 2270000 | 2351918 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| Live Nation Entertainment, Inc. 6.50%, <br> 5/15/2027 (a)<br>| 18170000 | 18360585 |
| Warnermedia Holdings, Inc. 4.28%, <br> 3/15/2032<br>| 3205000 | 2765915 |
| WMG Acquisition Corp. 3.00%, <br> 2/15/2031 (a)<br>| 1870000 | 1723681 |
|  |  | 28452075 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 2.75%, 6/1/2026 | 5270000 | 5180708 |
| 5.63%, 8/15/2030 (a) | 898000 | 917937 |
| 6.50%, 5/15/2032 | 1265000 | 1310703 |
| 6.00%, 8/15/2033 (a) | 718000 | 737135 |
| Boost Newco Borrower LLC 7.50%, <br> 1/15/2031 (a)<br>| 2170000 | 2302235 |
| Nationstar Mortgage Holdings, Inc.  | Nationstar Mortgage Holdings, Inc.  | Nationstar Mortgage Holdings, Inc.  |
| 6.00%, 1/15/2027 (a) | 2370000 | 2365578 |
| 6.50%, 8/1/2029 (a) | 2670000 | 2733565 |
| 5.13%, 12/15/2030 (a) | 2270000 | 2292423 |
| 5.75%, 11/15/2031 (a) | 1270000 | 1282079 |
| 7.13%, 2/1/2032 (a) | 2670000 | 2775839 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 2570000 | 2786708 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.13%, 8/1/2030 (a) | 3870000 | 3982036 |
| 6.38%, 8/1/2033 (a) | 2270000 | 2355636 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 3.63%, 3/1/2029 (a) | 2270000 | 2164127 |
| 3.88%, 3/1/2031 (a) | 2270000 | 2121244 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | 7270000 | 7538009 |
|  |  | 42845962 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Lamb Weston Holdings, Inc. 4.88%, <br> 5/15/2028 (a)<br>| 5470000 | 5436212 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 4.50%, 9/15/2031 (a) | 1270000 | 1184691 |
| 6.25%, 2/15/2032 (a) | 7270000 | 7468224 |
| 6.25%, 10/15/2034 (a) | 1270000 | 1277522 |
|  |  | 15366649 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| AmeriGas Partners LP  | AmeriGas Partners LP  | AmeriGas Partners LP  |
| 5.75%, 5/20/2027 | 2252000 | 2247265 |
| 9.50%, 6/1/2030 (a) | 4270000 | 4472961 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| Suburban Propane Partners LP  | Suburban Propane Partners LP  | Suburban Propane Partners LP  |
| 5.88%, 3/1/2027 | 1570000 | 1561993 |
| 5.00%, 6/1/2031 (a) | 970000 | 917771 |
|  |  | 9199990 |
| **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 4.75%, 4/1/2028 (a) | 2270000 | 2199107 |
| 5.38%, 3/1/2029 (a) | 5270000 | 5113051 |
| 8.25%, 1/15/2030 (a) | 5270000 | 5455113 |
| 8.38%, 6/15/2032 (a) | 2270000 | 2369376 |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (a) | 9670000 | 10241458 |
| 8.00%, 3/15/2033 (a) | 2770000 | 2942879 |
| Genesee & Wyoming, Inc. 6.25%, <br> 4/15/2032 (a)<br>| 2170000 | 2206458 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (a) | 3270000 | 3031066 |
| 12.63%, 7/15/2029 (a) | 10070000 | 10464784 |
| 5.00%, 12/1/2029 (a) | 3270000 | 2354816 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | 2170000 | 2212315 |
| Uber Technologies, Inc. 6.25%, <br> 1/15/2028 (a)<br>| 2270000 | 2272159 |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 6.25%, 6/1/2028 (a) | 3670000 | 3733737 |
| 7.13%, 6/1/2031 (a) | 4870000 | 5069310 |
|  |  | 59665629 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 8870000 | 8729739 |
| Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | 2000000 | 2083300 |
| Hologic, Inc. 4.63%, 2/1/2028 (a) | 670000 | 663470 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 6.25%, 4/1/2029 (a) | 13370000 | 13734934 |
| 5.25%, 10/1/2029 (a) | 2270000 | 2247931 |
| Sotera Health Holdings LLC 7.38%, <br> 6/1/2031 (a)<br>| 1970000 | 2070752 |
| Teleflex, Inc. 4.63%, 11/15/2027 | 1170000 | 1157300 |
|  |  | 30687426 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| Acadia Healthcare Co., Inc. 7.38%, <br> 3/15/2033 (a) (c)<br>| 8270000 | 8612246 |
| AHP Health Partners, Inc. 5.75%, <br> 7/15/2029 (a)<br>| 570000 | 565976 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (a) | 1665000 | 1605142 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan Active High Yield ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 5.25%, 5/15/2030 (a) | 6270000 | 5619958 |
| 4.75%, 2/15/2031 (a) | 5355000 | 4564570 |
| 10.88%, 1/15/2032 (a) | 4770000 | 5047762 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 3.75%, 2/15/2031 (a) | 570000 | 520127 |
| 6.88%, 9/1/2032 (a) | 4270000 | 4417452 |
| Encompass Health Corp. 4.50%, 2/1/2028 | 5770000 | 5714712 |
| Global Medical Response, Inc. 10.00% (Blend <br> (Cash 9.25% + PIK 0.75%)), <br> 10/31/2028 (a) (b)<br>| 5170000 | 5156644 |
| Molina Healthcare, Inc. 4.38%, <br> 6/15/2028 (a)<br>| 2270000 | 2212385 |
| Owens & Minor, Inc.  | Owens & Minor, Inc.  | Owens & Minor, Inc.  |
| 4.50%, 3/31/2029 (a) | 3270000 | 2777289 |
| 6.63%, 4/1/2030 (a) | 2270000 | 1969071 |
| Radiology Partners, Inc. 8.50%, <br> 7/15/2032 (a)<br>| 4361000 | 4451970 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 5.13%, 11/1/2027 | 12270000 | 12234358 |
| 6.13%, 6/15/2030 | 8270000 | 8396589 |
|  |  | 73866251 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| MPT Operating Partnership LP 8.50%, <br> 2/15/2032 (a)<br>| 3270000 | 3428363 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (a) | 2922000 | 2919315 |
| 5.00%, 5/15/2027 (a) | 3970000 | 3953984 |
| 6.25%, 6/1/2032 (a) | 7970000 | 8215612 |
|  |  | 15088911 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 770000 | 768036 |
| 7.25%, 7/15/2028 (a) | 11670000 | 12011266 |
| 6.50%, 4/1/2032 (a) | 1895000 | 1947689 |
|  |  | 14726991 |
| **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** |
| 1011778 BC ULC (Canada) 4.00%, <br> 10/15/2030 (a)<br>| 3070000 | 2870507 |
| Boyd Gaming Corp. 4.75%, 6/15/2031 (a) | 670000 | 644860 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 670000 | 657768 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 7.00%, 2/15/2030 (a) | 5270000 | 5449802 |
| 6.50%, 2/15/2032 (a) | 5270000 | 5402720 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 4.00%, 8/1/2028 (a) | 570000 | 559820 |
| 6.00%, 5/1/2029 (a) | 6570000 | 6655193 |
| 7.00%, 8/15/2029 (a) | 6570000 | 6918690 |
| 5.88%, 6/15/2031 (a) | 2870000 | 2942166 |
| 5.75%, 8/1/2032 (a) | 4821000 | 4900546 |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  | Churchill Downs, Inc.  |
| 5.50%, 4/1/2027 (a) | 570000 | 568649 |
| 4.75%, 1/15/2028 (a) | 470000 | 464925 |
| 6.75%, 5/1/2031 (a) | 1070000 | 1099719 |
| Hilton Domestic Operating Co., Inc. 5.75%, <br> 9/15/2033 (a)<br>| 2970000 | 2994503 |
| Hilton Grand Vacations Borrower LLC 6.63%, <br> 1/15/2032 (a)<br>| 2270000 | 2316301 |
| Hilton Worldwide Finance LLC 4.88%, <br> 4/1/2027<br>| 12670000 | 12636351 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.63%, 9/1/2026 | 2170000 | 2155686 |
| 4.75%, 10/15/2028 | 5870000 | 5834321 |
| 6.50%, 4/15/2032 | 1370000 | 1405964 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.50%, 4/1/2028 (a) | 3370000 | 3430158 |
| 6.25%, 3/15/2032 (a) | 10070000 | 10393046 |
| 6.00%, 2/1/2033 (a) | 21570000 | 22130194 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.50%, 4/15/2027 (a) | 570000 | 568483 |
| 7.25%, 5/15/2031 (a) | 6770000 | 6802435 |
| 6.63%, 5/1/2032 (a) | 8210000 | 8343421 |
| Station Casinos LLC  | Station Casinos LLC  | Station Casinos LLC  |
| 4.50%, 2/15/2028 (a) | 7270000 | 7165534 |
| 4.63%, 12/1/2031 (a) | 893000 | 845023 |
| Vail Resorts, Inc.  | Vail Resorts, Inc.  | Vail Resorts, Inc.  |
| 5.63%, 7/15/2030 (a) | 1174000 | 1189556 |
| 6.50%, 5/15/2032 (a) | 3170000 | 3283455 |
| Viking Cruises Ltd. 5.88%, 9/15/2027 (a) | 1715000 | 1712721 |
| Wynn Resorts Finance LLC 5.13%, <br> 10/1/2029 (a)<br>| 4870000 | 4860695 |
|  |  | 137203212 |
| **Household Durables — 1.3%** | **Household Durables — 1.3%** | **Household Durables — 1.3%** |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (a)<br>| 3270000 | 2491151 |
| Century Communities, Inc. 6.75%, 6/1/2027 | 2270000 | 2274597 |
| M/I Homes, Inc. 4.95%, 2/1/2028 | 2270000 | 2246198 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 8.50%, 6/1/2028 (a) | 6270000 | 6619396 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| 6.38%, 5/15/2030 | 6270000 | 6183657 |
| Somnigroup International, Inc.  | Somnigroup International, Inc.  | Somnigroup International, Inc.  |
| 4.00%, 4/15/2029 (a) | 2870000 | 2758708 |
| 3.88%, 10/15/2031 (a) | 2870000 | 2625606 |
| TopBuild Corp. 3.63%, 3/15/2029 (a) | 2370000 | 2263392 |
|  |  | 27462705 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 2070000 | 2060717 |
| 4.13%, 4/30/2031 (a) | 2470000 | 2301728 |
| Energizer Holdings, Inc. 6.50%, <br> 12/31/2027 (a)<br>| 6770000 | 6829102 |
|  |  | 11191547 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Calpine Corp.  | Calpine Corp.  | Calpine Corp.  |
| 5.13%, 3/15/2028 (a) | 3270000 | 3267602 |
| 4.63%, 2/1/2029 (a) | 2670000 | 2638012 |
|  |  | 5905614 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Snap, Inc. 6.88%, 3/1/2033 (a) | 5170000 | 5223737 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 4099000 | 4108329 |
| Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | 8170000 | 7945826 |
| ASGN, Inc. 4.63%, 5/15/2028 (a) | 870000 | 851469 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| 3270000 | 3128831 |
| CoreWeave, Inc.  | CoreWeave, Inc.  | CoreWeave, Inc.  |
| 9.25%, 6/1/2030 (a) | 3370000 | 3382081 |
| 9.00%, 2/1/2031 (a) | 3444000 | 3409548 |
|  |  | 22826084 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (a)<br>| 1770000 | 1846783 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Charles River Laboratories International, Inc.  | Charles River Laboratories International, Inc.  | Charles River Laboratories International, Inc.  |
| 4.25%, 5/1/2028 (a) | 570000 | 556651 |
| 3.75%, 3/15/2029 (a) | 770000 | 729992 |
| 4.00%, 3/15/2031 (a) | 1670000 | 1544924 |
|  |  | 2831567 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| Chart Industries, Inc. 9.50%, 1/1/2031 (a) | 5270000 | 5643970 |
| Hillenbrand, Inc. 6.25%, 2/15/2029 | 4270000 | 4361993 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | 2670000 | 2766539 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (a) | 1170000 | 1150844 |
| 6.25%, 10/15/2032 (a) | 7470000 | 7561821 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 6470000 | 6690530 |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (a)<br>| 8370000 | 7681808 |
|  |  | 35857505 |
| **Media — 8.9%** | **Media — 8.9%** | **Media — 8.9%** |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.75%, 4/15/2028 (a) | 6570000 | 6389879 |
| 7.50%, 6/1/2029 (a) | 6870000 | 6386990 |
| 7.13%, 2/15/2031 (a) | 6484000 | 6586306 |
| 7.50%, 3/15/2033 (a) | 3240000 | 3297841 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.38%, 2/1/2028 (a) | 584000 | 535952 |
| 11.25%, 5/15/2028 (a) | 2270000 | 2268674 |
| 11.75%, 1/31/2029 (a) | 1270000 | 1164893 |
| 6.50%, 2/1/2029 (a) | 8270000 | 6517903 |
| 5.75%, 1/15/2030 (a) | 2270000 | 1066627 |
| 4.63%, 12/1/2030 (a) | 1270000 | 556409 |
| 3.38%, 2/15/2031 (a) | 2270000 | 1451889 |
| 4.50%, 11/15/2031 (a) | 5176000 | 3357752 |
| Directv Financing LLC 5.88%, 8/15/2027 (a) | 5270000 | 5243646 |
| Discovery Communications LLC 5.00%, <br> 9/20/2037<br>| 930000 | 686452 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 9900000 | 9627750 |
| 5.25%, 12/1/2026 (a) | 11270000 | 10932325 |
| 7.38%, 7/1/2028 | 1270000 | 1149350 |
| 5.75%, 12/1/2028 (a) | 3270000 | 3077116 |
| DISH Network Corp. 11.75%, <br> 11/15/2027 (a)<br>| 11670000 | 12338324 |
| EchoStar Corp.  | EchoStar Corp.  | EchoStar Corp.  |
| 10.75%, 11/30/2029 | 2970000 | 3196462 |
| 6.75% (PIK), 11/30/2030 (b) | 2770000 | 2683978 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 9270000 | 10089941 |
| 4.75%, 10/15/2030 (a) | 5230000 | 3925429 |
| 5.38%, 11/15/2031 (a) | 2270000 | 1673611 |
| 7.25%, 8/15/2033 (a) | 2566000 | 2527932 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 9270000 | 7942414 |
| 10.88%, 5/1/2030 (a) | 4270000 | 2526211 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan Active High Yield ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| 7.75%, 8/15/2030 (a) | 2270000 | 1801144 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| 2680000 | 2792021 |
| Nexstar Media, Inc. 5.63%, 7/15/2027 (a) | 13260000 | 13245625 |
| Outfront Media Capital LLC 7.38%, <br> 2/15/2031 (a)<br>| 3770000 | 3978198 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (a)<br>| 6170000 | 6321165 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 5.00%, 8/1/2027 (a) | 7270000 | 7237187 |
| 4.00%, 7/15/2028 (a) | 11270000 | 10876491 |
| 5.50%, 7/1/2029 (a) | 4270000 | 4263905 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 4185000 | 4036489 |
| TEGNA, Inc. 5.00%, 9/15/2029 | 845000 | 845877 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (a) | 7270000 | 7545729 |
| 7.38%, 6/30/2030 (a) | 2300000 | 2312559 |
| 9.38%, 8/1/2032 (a) | 1179000 | 1241595 |
|  |  | 183700041 |
| **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
| Alcoa Nederland Holding BV 4.13%, <br> 3/31/2029 (a)<br>| 3406000 | 3279928 |
| Alumina Pty. Ltd. 6.13%, 3/15/2030 (a) | 800000 | 812903 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | 2670000 | 2674312 |
| Carpenter Technology Corp. 7.63%, <br> 3/15/2030<br>| 9470000 | 9750729 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 6.75%, 4/15/2030 (a) | 1370000 | 1385269 |
| 7.50%, 9/15/2031 (a) | 2970000 | 3010802 |
| 7.00%, 3/15/2032 (a) | 6970000 | 6929205 |
| Compass Minerals International, Inc. 8.00%, <br> 7/1/2030 (a)<br>| 3070000 | 3211174 |
| Fortescue Treasury Pty. Ltd. (Australia) <br> 6.13%, 4/15/2032 (a)<br>| 2270000 | 2329780 |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| 6.88%, 1/30/2030 (a) | 1470000 | 1525291 |
| 6.38%, 8/15/2033 (a) | 1049000 | 1059775 |
|  |  | 35969168 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
| Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  |
| 3.63%, 7/15/2026 (a) | 6370000 | 6272557 |
| 6.50%, 10/15/2030 (a) | 470000 | 485174 |
|  |  | 6757731 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — 12.6%** | **Oil, Gas & Consumable Fuels — 12.6%** | **Oil, Gas & Consumable Fuels — 12.6%** |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 3/1/2027 (a) | 624000 | 623848 |
| 5.75%, 1/15/2028 (a) | 1645000 | 1649534 |
| 5.38%, 6/15/2029 (a) | 5980000 | 5944330 |
| Antero Resources Corp.  | Antero Resources Corp.  | Antero Resources Corp.  |
| 7.63%, 2/1/2029 (a) | 4270000 | 4355272 |
| 5.38%, 3/1/2030 (a) | 2270000 | 2286578 |
| Ascent Resources Utica Holdings LLC 6.63%, <br> 7/15/2033 (a)<br>| 9670000 | 9816075 |
| Baytex Energy Corp. (Canada) 7.38%, <br> 3/15/2032 (a)<br>| 7570000 | 7396641 |
| Blue Racer Midstream LLC 7.00%, <br> 7/15/2029 (a)<br>| 3140000 | 3266746 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 2170000 | 2143851 |
| 6.75%, 2/1/2030 (a) | 5770000 | 5992976 |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| 8.75%, 7/1/2031 (a) | 970000 | 997860 |
| 9.63%, 6/15/2033 (a) | 10070000 | 10658508 |
| CNX Resources Corp. 7.38%, 1/15/2031 (a) | 7570000 | 7850976 |
| Comstock Resources, Inc. 6.75%, <br> 3/1/2029 (a)<br>| 5470000 | 5384165 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 7.63%, 4/1/2032 (a) | 4223000 | 4205828 |
| 7.38%, 1/15/2033 (a) | 996000 | 973160 |
| 8.38%, 1/15/2034 (a) | 2453000 | 2489268 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (a) | 4570000 | 4441482 |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| 7.50%, 6/1/2027 (a) | 970000 | 987747 |
| 4.50%, 1/15/2029 (a) | 2170000 | 2163740 |
| Expand Energy Corp. 4.75%, 2/1/2032 | 13170000 | 12818804 |
| Genesis Energy LP  | Genesis Energy LP  | Genesis Energy LP  |
| 7.75%, 2/1/2028 | 2970000 | 3002625 |
| 8.25%, 1/15/2029 | 4270000 | 4458059 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 2470000 | 2526978 |
| Harvest Midstream I LP 7.50%, <br> 9/1/2028 (a)<br>| 6370000 | 6438420 |
| Hess Midstream Operations LP 5.13%, <br> 6/15/2028 (a)<br>| 2270000 | 2264954 |
| Hilcorp Energy I LP  | Hilcorp Energy I LP  | Hilcorp Energy I LP  |
| 8.38%, 11/1/2033 (a) | 4270000 | 4458716 |
| 6.88%, 5/15/2034 (a) | 2270000 | 2178890 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (a) | 1770000 | 1845790 |
| 6.63%, 1/15/2034 (a) | 1220000 | 1239934 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Kinetik Holdings LP  | Kinetik Holdings LP  | Kinetik Holdings LP  |
| 6.63%, 12/15/2028 (a) | 1170000 | 1203716 |
| 5.88%, 6/15/2030 (a) | 6070000 | 6121990 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.88%, 4/15/2028 (a) | 4470000 | 4573579 |
| 6.50%, 4/15/2032 (a) | 670000 | 679769 |
| 6.25%, 4/15/2033 (a) | 4970000 | 5006740 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (a)<br>| 8470000 | 8639883 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 6.00%, 6/1/2026 | 6970000 | 6993956 |
| 5.63%, 4/28/2027 | 670000 | 673582 |
| 6.38%, 10/1/2030 | 2570000 | 2660957 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 5.88%, 7/1/2029 (a) | 11670000 | 11672521 |
| 7.00%, 1/15/2032 (a) | 2170000 | 2249878 |
| Prairie Acquiror LP 9.00%, 8/1/2029 (a) | 5270000 | 5494576 |
| Rockies Express Pipeline LLC 6.75%, <br> 3/15/2033 (a)<br>| 1070000 | 1117697 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.50%, 7/15/2028 | 4170000 | 4209577 |
| 7.00%, 8/1/2032 (a) | 5101000 | 5137681 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 7.00%, 9/15/2028 (a) | 1270000 | 1312057 |
| 7.00%, 5/1/2029 (a) | 3970000 | 4122797 |
| 7.25%, 5/1/2032 (a) | 6470000 | 6844477 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 6.00%, 3/1/2027 (a) | 1070000 | 1068655 |
| 7.38%, 2/15/2029 (a) | 15170000 | 15630319 |
| Venture Global Calcasieu Pass LLC 6.25%, <br> 1/15/2030 (a)<br>| 2170000 | 2259753 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 7.00%, 1/15/2030 (a) | 2570000 | 2648246 |
| 9.88%, 2/1/2032 (a) | 13370000 | 14558312 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.50%, 1/15/2034 (a) | 10424000 | 10882312 |
| 6.75%, 1/15/2036 (a) | 1927000 | 2022290 |
| Vital Energy, Inc. 7.88%, 4/15/2032 (a) | 8270000 | 8148349 |
|  |  | 260795424 |
| **Passenger Airlines — 2.0%** | **Passenger Airlines — 2.0%** | **Passenger Airlines — 2.0%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 7.25%, 2/15/2028 (a) | 5270000 | 5406662 |
| 5.75%, 4/20/2029 (a) | 15270000 | 15354275 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | 7370000 | 7323525 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Passenger Airlines — continued** | **Passenger Airlines — continued** | **Passenger Airlines — continued** |
| United Airlines, Inc.  | United Airlines, Inc.  | United Airlines, Inc.  |
| 4.38%, 4/15/2026 (a) | 4670000 | 4654701 |
| 4.63%, 4/15/2029 (a) | 770000 | 757752 |
| VistaJet Malta Finance plc (Switzerland) | VistaJet Malta Finance plc (Switzerland) | VistaJet Malta Finance plc (Switzerland) |
| 7.88%, 5/1/2027 (a) | 3470000 | 3507209 |
| 9.50%, 6/1/2028 (a) | 3170000 | 3296721 |
|  |  | 40300845 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (a)<br>| 2470000 | 2457898 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 10270000 | 10663865 |
| Bausch Health Cos., Inc.  | Bausch Health Cos., Inc.  | Bausch Health Cos., Inc.  |
| 4.88%, 6/1/2028 (a) | 3270000 | 2951175 |
| 11.00%, 9/30/2028 (a) | 2270000 | 2380662 |
| 5.00%, 2/15/2029 (a) | 4270000 | 3273937 |
| 5.25%, 1/30/2030 (a) | 4270000 | 3109030 |
| Elanco Animal Health, Inc. 6.65%, <br> 8/28/2028 (d)<br>| 4270000 | 4445535 |
| Endo Finance Holdings, Inc. 8.50%, <br> 4/15/2031 (a)<br>| 570000 | 606826 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 5.13%, 4/30/2031 (a) | 8770000 | 7514871 |
| 7.88%, 5/15/2034 (a) | 460000 | 414692 |
|  |  | 35360593 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| TriNet Group, Inc. 7.13%, 8/15/2031 (a) | 6270000 | 6520022 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  |
| 5.75%, 1/15/2029 (a) | 1270000 | 1176680 |
| 5.25%, 4/15/2030 (a) | 1270000 | 1112953 |
| 9.75%, 4/15/2030 (a) | 2270000 | 2411332 |
|  |  | 4700965 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| Amkor Technology, Inc. 6.63%, <br> 9/15/2027 (a)<br>| 3000000 | 2997192 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (a)<br>| 4193000 | 4540709 |
| Entegris, Inc. 5.95%, 6/15/2030 (a) | 10070000 | 10199430 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 31

------

JPMorgan Active High Yield ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (a)<br>| 4209000 | 4211816 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| 1402000 | 1362347 |
|  |  | 23311494 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (a)<br>| 4395000 | 4311219 |
| Fair Isaac Corp.  | Fair Isaac Corp.  | Fair Isaac Corp.  |
| 4.00%, 6/15/2028 (a) | 1270000 | 1237350 |
| 6.00%, 5/15/2033 (a) | 202000 | 204710 |
| Gen Digital, Inc. 6.25%, 4/1/2033 (a) | 1470000 | 1511604 |
| NCR Voyix Corp. 5.13%, 4/15/2029 (a) | 4715000 | 4655749 |
| Open Text Holdings, Inc. (Canada) 4.13%, <br> 12/1/2031 (a)<br>| 2470000 | 2272472 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 6270000 | 6690993 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 9875000 | 9878160 |
| 6.50%, 6/1/2032 (a) | 870000 | 902795 |
|  |  | 31665052 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Iron Mountain, Inc. 7.00%, 2/15/2029 (a) | 5070000 | 5222399 |
| Millrose Properties, Inc. 6.38%, <br> 8/1/2030 (a)<br>| 2186000 | 2205674 |
|  |  | 7428073 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| Asbury Automotive Group, Inc. 4.75%, <br> 3/1/2030<br>| 570000 | 556704 |
| Bath & Body Works, Inc. 7.50%, 6/15/2029 | 5070000 | 5206672 |
| Gap, Inc. (The) 3.88%, 10/1/2031 (a) | 570000 | 513752 |
| Lithia Motors, Inc. 4.38%, 1/15/2031 (a) | 1170000 | 1112010 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | 6302000 | 6236586 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (a)<br>| 1970000 | 1915065 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (a) | 12270000 | 11748525 |
| 12.75%, 1/15/2030 (a) | 1270000 | 903990 |
|  |  | 28193304 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | 2170000 | 2295823 |
| Seagate Data Storage Technology Pte. Ltd. <br> 5.88%, 7/15/2030 (a)<br>| 3570000 | 3612840 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Xerox Corp. 10.25%, 10/15/2030 (a) | 3270000 | 3393227 |
| Xerox Holdings Corp. 8.88%, <br> 11/30/2029 (a) (c)<br>| 2270000 | 1379734 |
|  |  | 10681624 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| William Carter Co. (The) 5.63%, <br> 3/15/2027 (a)<br>| 2270000 | 2265426 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| Boise Cascade Co. 4.88%, 7/1/2030 (a) | 2270000 | 2219664 |
| Herc Holdings, Inc. 7.00%, 6/15/2030 (a) | 9570000 | 9960016 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 7370000 | 7185046 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| 770000 | 795260 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 1970000 | 1959132 |
| 5.25%, 1/15/2030 | 2570000 | 2577792 |
| 6.13%, 3/15/2034 (a) | 9570000 | 9912415 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 6.38%, 3/15/2029 (a) | 4870000 | 5014040 |
| 6.38%, 3/15/2033 (a) | 2570000 | 2665645 |
|  |  | 42289010 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Connect Finco SARL (United Kingdom) <br> 9.00%, 9/15/2029 (a)<br>| 6270000 | 6532268 |
| Total Corporate Bonds <br>(Cost $1,961,832,663)<br>|  | 1975285996 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (e) (f) <br>(Cost $60,710,505)<br>| 60710505 | 60710505 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.34% (e) (f) <br>(Cost $13,588,190)<br>| 13588190 | 13588190 |
| Total Short-Term Investments <br>(Cost $74,298,695)<br>|  | 74298695 |
| **Total Investments — 98.9%** <br>**(Cost $2,036,131,358)**<br>|  | **2049584691** |
| **Other Assets in Excess of Liabilities — 1.1%** |  | **23532136** |
| **NET ASSETS — 100.0%** |  | **2073116827** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The security or a portion of this security is on loan at August 31, 2025. The total value of securities on loan at August 31, 2025 is $9,137,066.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 30.1%** | **Corporate Bonds — 30.1%** | **Corporate Bonds — 30.1%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| 5.88%, 12/1/2027 | 960000 | 958614 |
| 7.25%, 8/15/2030 | 645000 | 679445 |
| Axon Enterprise, Inc. 6.13%, <br> 3/15/2030 (a)<br>| 125000 | 128428 |
| BAE Systems plc (United Kingdom) 1.90%, <br> 2/15/2031 (a)<br>| 400000 | 351991 |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 14000 | 13893 |
| 2.20%, 2/4/2026 | 95000 | 94089 |
| 3.10%, 5/1/2026 | 1035000 | 1025773 |
| 2.70%, 2/1/2027 | 65000 | 63534 |
| 6.30%, 5/1/2029 | 1275000 | 1353955 |
| 6.39%, 5/1/2031 | 835000 | 906868 |
| 5.93%, 5/1/2060 | 1580000 | 1517151 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 6.00%, 2/15/2028 (a) | 1590000 | 1591843 |
| 8.75%, 11/15/2030 (a) | 1315000 | 1417158 |
| BWX Technologies, Inc. 4.13%, <br> 4/15/2029 (a)<br>| 580000 | 558190 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | 6167 | 4901 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 300000 | 311416 |
| 5.60%, 7/31/2053 | 617000 | 599865 |
| Leidos, Inc. 5.40%, 3/15/2032 | 3248000 | 3355569 |
| Lockheed Martin Corp.  | Lockheed Martin Corp.  | Lockheed Martin Corp.  |
| 4.70%, 12/15/2031 | 3260000 | 3328002 |
| 4.70%, 5/15/2046 | 100000 | 89280 |
| 4.15%, 6/15/2053 | 650000 | 509511 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 4.13%, 11/16/2028 | 1735000 | 1736870 |
| 1.90%, 9/1/2031 | 450000 | 389972 |
| 5.15%, 2/27/2033 | 365000 | 374906 |
| 4.50%, 6/1/2042 | 520000 | 458297 |
| 3.03%, 3/15/2052 | 650000 | 411761 |
| 5.38%, 2/27/2053 | 144000 | 136172 |
| 6.40%, 3/15/2054 | 1935000 | 2093397 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (a)<br>| 253000 | 267577 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.75%, 8/15/2028 (a) | 465000 | 478037 |
| 6.38%, 3/1/2029 (a) | 1742000 | 1783517 |
| 6.88%, 12/15/2030 (a) | 500000 | 518497 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 6.63%, 3/1/2032 (a) | 1145000 | 1179000 |
| 6.25%, 1/31/2034 (a) | 197000 | 202132 |
|  |  | 28889611 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (a) | 490000 | 503945 |
| 7.50%, 2/15/2033 (a) | 1587000 | 1652608 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 5.88%, 6/1/2029 (a) | 1196000 | 1205320 |
| 3.75%, 1/30/2031 (a) | 275000 | 253807 |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| 6.50%, 4/1/2027 | 795000 | 798713 |
| 6.88%, 7/1/2028 | 685000 | 685275 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 6.75%, 5/15/2028 (a) | 905000 | 925200 |
| 6.75%, 2/15/2030 (a) | 463000 | 479770 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (b) | 46263 | 48455 |
| 5.63% (Cash), 5/15/2027 (a) (b) | 32879 | 30249 |
| Dana, Inc.  | Dana, Inc.  | Dana, Inc.  |
| 5.38%, 11/15/2027 | 645000 | 643975 |
| 5.63%, 6/15/2028 | 250000 | 249859 |
| 4.50%, 2/15/2032 | 40000 | 39239 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 4.88%, 3/15/2027 | 130000 | 129074 |
| 5.00%, 7/15/2029 | 1746000 | 1692889 |
| 5.25%, 7/15/2031 | 720000 | 683738 |
| Icahn Enterprises LP 5.25%, 5/15/2027 | 675000 | 658472 |
| ZF North America Capital, Inc. (Germany) <br> 6.88%, 4/14/2028 (a)<br>| 790000 | 800195 |
|  |  | 11480783 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Ford Motor Co.  | Ford Motor Co.  | Ford Motor Co.  |
| 9.63%, 4/22/2030 | 810000 | 942773 |
| 4.75%, 1/15/2043 | 380000 | 294178 |
| General Motors Co. 5.95%, 4/1/2049 | 25000 | 23507 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.50%, 6/15/2026 (a) | 940000 | 919309 |
| 3.00%, 2/10/2027 (a) | 200000 | 196175 |
| 4.88%, 11/1/2027 (a) | 1750000 | 1768021 |
| 1.80%, 1/10/2028 (a) | 350000 | 330124 |
| 5.30%, 6/24/2029 (a) | 1160000 | 1190817 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 5.05%, 3/27/2028 (a) | 2950000 | 2992050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| 4.75%, 11/13/2028 (a) | 2664000 | 2677802 |
| 5.35%, 3/27/2030 (a) | 7994000 | 8201149 |
|  |  | 19535905 |
| **Banks — 7.2%** | **Banks — 7.2%** | **Banks — 7.2%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.55%), 6.58%, 10/13/2026 (a) (c)<br>| 600000 | 601457 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.65%), 6.34%, 9/18/2027 (a) (c)<br>| 200000 | 203970 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.78%), 4.99%, 12/3/2028 (a) (c)<br>| 2900000 | 2939394 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.10%), 2.47%, 12/13/2029 (a) (c)<br>| 1700000 | 1604398 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.90%), 3.32%, 3/13/2037 (a) (c)<br>| 200000 | 179272 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, <br> 9/13/2029 (a) (c)<br>| 3200000 | 3403692 |
| (SOFR + 1.65%), 5.32%, <br> 5/15/2031 (a) (c)<br>| 540000 | 554122 |
| ANZ New Zealand Int'l Ltd. (New Zealand) <br> 5.36%, 8/14/2028 (a)<br>| 900000 | 932121 |
| ASB Bank Ltd. (New Zealand) 2.38%, <br> 10/22/2031 (a)<br>| 200000 | 178380 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) <br> 5.38%, 3/13/2029<br>| 4800000 | 4964833 |
| Banco Nacional de Comercio Exterior SNC (Mexico) | Banco Nacional de Comercio Exterior SNC (Mexico) | Banco Nacional de Comercio Exterior SNC (Mexico) |
| 5.88%, 5/7/2030 (a) | 670000 | 687172 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.00%), 2.72%, 8/11/2031 (a) (c)<br>| 1000000 | 971600 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 5.59%, 8/8/2028 | 3200000 | 3327194 |
| 6.61%, 11/7/2028 | 600000 | 642109 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.31%), 9.63%, 11/21/2028 (c) (d) <br> (e) (f)<br>| 4400000 | 4870707 |
| 5.44%, 7/15/2031 | 800000 | 837240 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.01%), 1.20%, <br> 10/24/2026 (c)<br>| 2600000 | 2587834 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH CME TERM SOFR + 1.84%), <br> 3.82%, 1/20/2028 (c)<br>| 3436000 | 3416148 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 3.71%, 4/24/2028 (c)<br>| 1205000 | 1195083 |
| (3-MONTH CME TERM SOFR + 1.63%), <br> 3.59%, 7/21/2028 (c)<br>| 261000 | 258175 |
| (SOFR + 2.04%), 4.95%, 7/22/2028 (c) | 390000 | 395146 |
| (3-MONTH CME TERM SOFR + 1.30%), <br> 3.42%, 12/20/2028 (c)<br>| 454000 | 446141 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | 1190000 | 1220186 |
| (SOFR + 1.06%), 2.09%, 6/14/2029 (c) | 635000 | 599983 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | 3543000 | 3703518 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 6.63%, 5/1/2030 (c) (e) (f)<br>| 2363000 | 2432727 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.35%), 6.25%, 7/26/2030 (c) (e) <br> (f)<br>| 3225000 | 3227879 |
| Series FIX, (SOFR + 1.00%), 5.16%, <br> 1/24/2031 (c)<br>| 12435000 | 12833952 |
| (SOFR + 1.53%), 1.90%, 7/23/2031 (c) | 660000 | 586738 |
| Series N, (SOFR + 1.22%), 2.65%, <br> 3/11/2032 (c)<br>| 2660000 | 2417760 |
| (SOFR + 1.22%), 2.30%, 7/21/2032 (c) | 20150000 | 17782254 |
| (SOFR + 1.21%), 2.57%, <br> 10/20/2032 (c)<br>| 640000 | 571148 |
| (SOFR + 1.83%), 4.57%, 4/27/2033 (c) | 4049000 | 4007057 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (c) | 2437000 | 2518168 |
| (SOFR + 1.91%), 5.43%, 8/15/2035 (c) | 3700000 | 3724246 |
| (SOFR + 1.74%), 5.52%, <br> 10/25/2035 (c)<br>| 2155000 | 2174208 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (c) | 5263000 | 5421907 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.00%), 3.85%, 3/8/2037 (c)<br>| 5550000 | 5125916 |
| (3-MONTH CME TERM SOFR + 1.58%), <br> 4.08%, 4/23/2040 (c)<br>| 112000 | 98001 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.65%), 6.25%, 9/16/2026 (a) (c)<br>| 259000 | 258990 |
| (SOFR + 1.62%), 5.60%, <br> 3/20/2030 (a) (c)<br>| 1935000 | 2009702 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 5.30%, 6/5/2026 | 300000 | 302189 |
| 5.51%, 6/4/2031 | 550000 | 578512 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 2.15%, 8/1/2031 | 650000 | 575037 |
| (SOFR + 1.44%), 4.74%, <br> 11/10/2032 (c)<br>| 685000 | 691872 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 4.94%, 1/26/2026 (a) | 200000 | 200378 |
| 1.60%, 10/4/2026 (a) | 200000 | 194398 |
| 5.79%, 7/13/2028 (a) | 1005000 | 1046434 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.30%), 7.39%, 11/2/2028 (c)<br>| 1400000 | 1488129 |
| (SOFR + 1.08%), 4.48%, <br> 11/11/2029 (c)<br>| 9025000 | 9041159 |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (c) | 5540000 | 5628828 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.50%), 7.44%, 11/2/2033 (c)<br>| 1335000 | 1524476 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.61%), 1.90%, <br> 9/30/2028 (a) (c)<br>| 450000 | 427435 |
| (SOFR + 1.22%), 2.16%, <br> 9/15/2029 (a) (c)<br>| 1500000 | 1403673 |
| (SOFR + 1.52%), 5.18%, <br> 1/9/2030 (a) (c)<br>| 9260000 | 9489101 |
| (SOFR + 1.59%), 5.50%, <br> 5/20/2030 (a) (c)<br>| 535000 | 552407 |
| (SOFR + 1.62%), 5.79%, <br> 1/13/2033 (a) (c)<br>| 2470000 | 2573695 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.54%), 7.38%, 9/10/2034 (a) (c) <br> (d) (e) (f)<br>| 710000 | 729849 |
| (SOFR + 1.92%), 5.91%, <br> 11/19/2035 (a) (c)<br>| 7600000 | 7743440 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 4.75%, 7/19/2027 (a) | 450000 | 454926 |
| (SOFR + 1.98%), 6.61%, <br> 10/19/2027 (a) (c)<br>| 1480000 | 1514436 |
| 5.13%, 1/18/2028 (a) | 5745000 | 5858631 |
| (SOFR + 2.27%), 6.71%, <br> 10/19/2029 (a) (c)<br>| 5680000 | 6029071 |
| (SOFR + 1.68%), 5.88%, <br> 1/14/2031 (a) (c)<br>| 3830000 | 3990657 |
| (SOFR + 1.31%), 2.28%, <br> 1/20/2032 (a) (c)<br>| 1275000 | 1119792 |
| (SOFR + 1.73%), 3.12%, <br> 10/19/2032 (a) (c)<br>| 3750000 | 3312474 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 2.59%), 7.00%, <br> 10/19/2034 (a) (c)<br>| 890000 | 982568 |
| (SOFR + 1.85%), 5.94%, <br> 5/30/2035 (a) (c)<br>| 1065000 | 1100523 |
| (SOFR + 2.04%), 6.29%, <br> 1/14/2036 (a) (c)<br>| 2680000 | 2819826 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, <br> 9/13/2027 (a) (c)<br>| 820000 | 838279 |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (a) (c)<br>| 1000000 | 1039556 |
| (SOFR + 1.79%), 5.58%, <br> 7/3/2036 (a) (c)<br>| 800000 | 808626 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.99%, 10/3/2028 | 500000 | 526494 |
| 5.26%, 4/8/2029 | 450000 | 465784 |
| (SOFR + 1.34%), 4.63%, 9/11/2030 (c) | 965000 | 976253 |
| Citibank NA  | Citibank NA  | Citibank NA  |
| 5.80%, 9/29/2028 | 500000 | 524065 |
| 4.84%, 8/6/2029 | 840000 | 861022 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 0.77%), 1.46%, 6/9/2027 (c) | 650000 | 635637 |
| (3-MONTH CME TERM SOFR + 1.82%), <br> 3.89%, 1/10/2028 (c)<br>| 1115000 | 1108257 |
| (3-MONTH CME TERM SOFR + 1.65%), <br> 3.67%, 7/24/2028 (c)<br>| 1200000 | 1186669 |
| (3-MONTH CME TERM SOFR + 1.45%), <br> 4.08%, 4/23/2029 (c)<br>| 1295000 | 1290395 |
| Series CC, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.69%), 7.13%, 8/15/2029 (c) (e) <br> (f)<br>| 6135000 | 6281099 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | 645000 | 661883 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.57%), 6.75%, 2/15/2030 (c) (e) <br> (f)<br>| 5520000 | 5564734 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.73%), 6.95%, 2/15/2030 (c) (e) <br> (f)<br>| 1965000 | 1995245 |
| (3-MONTH CME TERM SOFR + 1.60%), <br> 3.98%, 3/20/2030 (c)<br>| 500000 | 493748 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | 10543000 | 10590769 |
| (SOFR + 3.91%), 4.41%, 3/31/2031 (c) | 155000 | 154655 |
| (SOFR + 2.11%), 2.57%, 6/3/2031 (c) | 620000 | 569167 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | 13540000 | 12158695 |
| (SOFR + 1.18%), 2.52%, 11/3/2032 (c) | 1665000 | 1473988 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.94%), 3.79%, 3/17/2033 (c) | 840000 | 789244 |
| (SOFR + 2.34%), 6.27%, <br> 11/17/2033 (c)<br>| 2500000 | 2709416 |
| (SOFR + 2.06%), 5.83%, 2/13/2035 (c) | 9140000 | 9396762 |
| (SOFR + 1.47%), 5.33%, 3/27/2036 (c) | 5450000 | 5507476 |
| (SOFR + 1.38%), 2.90%, 11/3/2042 (c) | 55000 | 39109 |
| Cooperatieve Rabobank UA (Netherlands) <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.22%), <br> 3.65%, 4/6/2028 (a) (c)<br>| 890000 | 881969 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 0.89%), 1.25%, <br> 1/26/2027 (a) (c)<br>| 250000 | 246721 |
| 5.30%, 7/12/2028 (a) | 990000 | 1020619 |
| (SOFR + 1.21%), 4.63%, <br> 9/11/2028 (a) (c)<br>| 670000 | 673105 |
| (SOFR + 1.86%), 6.32%, <br> 10/3/2029 (a) (c)<br>| 3245000 | 3423196 |
| (SOFR + 1.74%), 5.86%, <br> 1/9/2036 (a) (c)<br>| 3090000 | 3209909 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.40%), 5.71%, 3/1/2030 (a) (c)<br>| 845000 | 881834 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.10%), 4.61%, 10/2/2030 (a) (c)<br>| 1113000 | 1120690 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 1.13%, 9/16/2026 (a) (c)<br>| 375000 | 374487 |
| (SOFR + 1.05%), 4.85%, <br> 11/5/2030 (a) (c)<br>| 2500000 | 2552640 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.57%), 5.89%, 8/14/2027 (c) | 1015000 | 1028660 |
| (SOFR + 2.61%), 5.21%, 8/11/2028 (c) | 305000 | 309856 |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 5370000 | 5127141 |
| (3-MONTH CME TERM SOFR + 1.87%), <br> 3.97%, 5/22/2030 (c)<br>| 11750000 | 11563764 |
| (SOFR + 1.29%), 5.29%, <br> 11/19/2030 (c)<br>| 17600000 | 18149225 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (c) | 12040000 | 12333644 |
| (SOFR + 1.52%), 5.73%, 5/17/2032 (c) | 1475000 | 1547107 |
| (SOFR + 1.19%), 2.80%, 5/24/2032 (c) | 500000 | 451800 |
| Huntington Bancshares, Inc. (SOFRINDX + <br> 1.87%), 5.71%, 2/2/2035 (c)<br>| 1226000 | 1266882 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) |
| 7.20%, 11/28/2033 (a) | 8373000 | 9468491 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.75%), 4.95%, 6/1/2042 (a) (c)<br>| 3450000 | 2835838 |
| KBC Group NV (Belgium) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 <br> Year + 1.07%), 4.93%, <br> 10/16/2030 (a) (c)<br>| 1425000 | 1450475 |
| KeyCorp  | KeyCorp  | KeyCorp  |
| (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (c)<br>| 3430000 | 3508687 |
| (SOFRINDX + 2.06%), 4.79%, <br> 6/1/2033 (c)<br>| 4855000 | 4807990 |
| (SOFRINDX + 2.42%), 6.40%, <br> 3/6/2035 (c)<br>| 2106000 | 2262317 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.38%), 5.46%, 1/5/2028 (c)<br>| 350000 | 355000 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 4.98%, 8/11/2033 (c)<br>| 1160000 | 1163026 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.75%), 5.68%, 1/5/2035 (c)<br>| 380000 | 393848 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.75%), 1.54%, 7/20/2027 (c)<br>| 1060000 | 1034151 |
| Series 8NC7, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.53%), 5.48%, 2/22/2031 (c)<br>| 200000 | 208700 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.65%), 5.78%, 7/6/2029 (c)<br>| 580000 | 604170 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 2.20%, 7/10/2031 (c)<br>| 450000 | 405663 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.90%), 5.75%, 7/6/2034 (c)<br>| 270000 | 284572 |
| National Australia Bank Ltd. (Australia) <br> 4.90%, 6/13/2028<br>| 250000 | 256265 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.35%), 5.85%, 3/2/2027 (c)<br>| 800000 | 805681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 37

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.55%), 3.07%, 5/22/2028 (c)<br>| 600000 | 588559 |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (c)<br>| 1015000 | 1037199 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.05%), 5.11%, 5/23/2031 (c)<br>| 1825000 | 1869484 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.75%), 8.13%, 11/10/2033 (c) (d) <br> (e) (f)<br>| 605000 | 669877 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.50%), 5.78%, 3/1/2035 (c)<br>| 415000 | 433940 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| 5.41%, 5/17/2029 (a) | 2295000 | 2381832 |
| 5.02%, 3/21/2030 (a) | 6660000 | 6847584 |
| Nordea Bank Abp (Finland) 5.38%, <br> 9/22/2027 (a)<br>| 400000 | 409959 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| 2.55%, 1/22/2030 | 639000 | 596972 |
| (SOFR + 0.98%), 2.31%, 4/23/2032 (c) | 50000 | 44464 |
| (SOFR + 1.26%), 4.81%, <br> 10/21/2032 (c)<br>| 2015000 | 2037498 |
| (SOFR + 1.95%), 5.94%, 8/18/2034 (c) | 680000 | 722721 |
| (SOFR + 2.28%), 6.88%, <br> 10/20/2034 (c)<br>| 1465000 | 1644865 |
| (SOFR + 1.90%), 5.68%, 1/22/2035 (c) | 400000 | 417020 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (c) | 1745000 | 1773291 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 4.65%, 1/27/2026 (d) | 245000 | 245212 |
| (SOFRINDX + 1.08%), 4.65%, <br> 10/18/2030 (c)<br>| 8845000 | 8920482 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 2.75%), 6.83%, <br> 11/21/2026 (c)<br>| 1340000 | 1346425 |
| (SOFR + 1.22%), 2.47%, 1/11/2028 (c) | 4200000 | 4091325 |
| (SOFRINDX + 1.55%), 4.86%, <br> 9/11/2030 (c)<br>| 5560000 | 5631941 |
| (SOFRINDX + 1.52%), 5.69%, <br> 4/15/2031 (c)<br>| 9771000 | 10194032 |
| (SOFR + 1.48%), 2.90%, 3/15/2032 (c) | 869000 | 791831 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 5.38%, 3/5/2029 (a)<br>| 410000 | 424433 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.10%), 1.49%, 12/14/2026 (a) (c)<br>| 1700000 | 1684494 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 6.45%, 1/12/2027 (a) (c)<br>| 200000 | 201237 |
| 5.25%, 2/19/2027 (a) | 4650000 | 4696250 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.00%), 1.79%, 6/9/2027 (a) (c)<br>| 200000 | 195765 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.30%), 2.80%, 1/19/2028 (a) (c)<br>| 1200000 | 1171710 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.55%), 6.45%, 1/10/2029 (a) (c)<br>| 1800000 | 1871987 |
| 3.00%, 1/22/2030 (a) | 550000 | 513888 |
| (SOFR + 1.65%), 5.51%, <br> 5/22/2031 (a) (c)<br>| 2070000 | 2119883 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.60%), 6.10%, 4/13/2033 (a) (c)<br>| 3860000 | 4030606 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.10%), 6.07%, 1/19/2035 (a) (c)<br>| 2078000 | 2145848 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.00%), 1.46%, 1/14/2027 (a) (c)<br>| 610000 | 603046 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.05%), 5.69%, 5/14/2028 (a) (c)<br>| 555000 | 566333 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.45%), 7.77%, 11/16/2028 (a) (c)<br>| 1400000 | 1496908 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.45%), 6.30%, 1/9/2029 (a) (c)<br>| 200000 | 208360 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.05%), 5.55%, 1/21/2029 (a) (c)<br>| 8000000 | 8201440 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.45%), 5.91%, 5/14/2035 (a) (c)<br>| 1615000 | 1686799 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.20%), 5.40%, 8/12/2036 (a) (c)<br>| 9265000 | 9251936 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.52%, 1/13/2028 | 255000 | 263448 |
| 5.72%, 9/14/2028 | 680000 | 710236 |
| 5.42%, 7/9/2031 | 950000 | 994046 |
| 5.77%, 1/13/2033 | 200000 | 212269 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) <br> 4.95%, 9/15/2027 (a)<br>| 200000 | 203143 |
| Svenska Handelsbanken AB (Sweden) <br> 5.50%, 6/15/2028 (a)<br>| 970000 | 1005117 |
| Swedbank AB (Sweden) 5.34%, <br> 9/20/2027 (a)<br>| 200000 | 204540 |
| TC Ziraat Bankasi A/S (Turkey) 7.25%, <br> 2/4/2030 (a)<br>| 627000 | 642675 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.52%, 7/17/2028 | 100000 | 103791 |
| 4.99%, 4/5/2029 | 1010000 | 1035824 |
| 2.00%, 9/10/2031 | 385000 | 340001 |
| 4.46%, 6/8/2032 | 120000 | 118771 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (c) | 2300000 | 2326426 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (c) | 2090000 | 2104804 |
| (SOFR + 2.36%), 5.87%, 6/8/2034 (c) | 588000 | 618088 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (c) | 5758000 | 5998022 |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.20%), 1.98%, 6/3/2027 (a) (c)<br>| 200000 | 196345 |
| (USD ICE Swap Rate 5 Year + 4.91%), <br> 7.30%, 4/2/2034 (a) (c)<br>| 3000000 | 3200371 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 0.73%), 2.22%, 1/27/2028 (c) | 800000 | 777667 |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (c) | 370000 | 382758 |
| (SOFR + 1.25%), 5.10%, 7/23/2030 (c) | 1145000 | 1177934 |
| (SOFR + 1.30%), 5.08%, 5/15/2031 (c) | 1865000 | 1916154 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | 250000 | 260537 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 3.00%, 10/23/2026 | 360000 | 355284 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (c) | 2110000 | 2158061 |
| (3-MONTH CME TERM SOFR + 1.57%), <br> 3.58%, 5/22/2028 (c)<br>| 1481000 | 1465106 |
| (SOFR + 1.98%), 4.81%, 7/25/2028 (c) | 320000 | 323419 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 8360000 | 8666811 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.77%), 6.85%, 9/15/2029 (c) (e) <br> (f)<br>| 4810000 | 5038990 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.79%), 6.30%, <br> 10/23/2029 (c)<br>| 6840000 | 7250289 |
| (SOFR + 1.11%), 5.24%, 1/24/2031 (c) | 17360000 | 17932782 |
| (SOFR + 1.50%), 5.15%, 4/23/2031 (c) | 11700000 | 12049755 |
| (SOFR + 1.50%), 3.35%, 3/2/2033 (c) | 2340000 | 2157637 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (c) | 1740000 | 1790594 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (c) | 6914000 | 7178819 |
| (SOFR + 2.06%), 6.49%, <br> 10/23/2034 (c)<br>| 1820000 | 2001418 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (c) | 3515000 | 3544486 |
| (SOFR + 1.74%), 5.60%, 4/23/2036 (c) | 6330000 | 6572028 |
| Westpac Banking Corp. (Australia) 1.95%, <br> 11/20/2028<br>| 30000 | 28220 |
| Westpac New Zealand Ltd. (New Zealand) <br> 5.20%, 2/28/2029 (a)<br>| 540000 | 556476 |
|  |  | 539570172 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC (Belgium) 4.70%, <br> 2/1/2036<br>| 540000 | 527013 |
| Anheuser-Busch InBev Worldwide, Inc. <br> (Belgium) 5.80%, 1/23/2059<br>| 278000 | 279954 |
| Constellation Brands, Inc. 4.65%, <br> 11/15/2028<br>| 345000 | 349114 |
| Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  |
| 4.60%, 5/15/2030 | 2365000 | 2365275 |
| Series 10, 5.20%, 3/15/2031 | 690000 | 705662 |
| Molson Coors Beverage Co. 4.20%, <br> 7/15/2046<br>| 190000 | 150409 |
| PepsiCo, Inc.  | PepsiCo, Inc.  | PepsiCo, Inc.  |
| 3.60%, 8/13/2042 | 1640000 | 1309551 |
| 2.75%, 10/21/2051 | 415000 | 256133 |
|  |  | 5943111 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 5620000 | 5725465 |
| 4.55%, 3/15/2035 | 5000000 | 4895357 |
| 4.05%, 11/21/2039 | 9507000 | 8365560 |
| 4.25%, 11/21/2049 | 1647000 | 1341928 |
| 5.60%, 3/15/2055 | 1900000 | 1881731 |
| 5.50%, 3/15/2064 | 720000 | 691704 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 5.25%, 3/2/2030 | 175000 | 181281 |
| 3.15%, 2/21/2040 | 977000 | 756272 |
| 5.60%, 3/2/2043 | 3500000 | 3458964 |
| 4.66%, 6/15/2051 | 960000 | 814984 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 39

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| 4.88%, 3/1/2053 | 5847000 | 5049190 |
| 5.75%, 3/2/2063 | 6000 | 5767 |
| Biogen, Inc. 2.25%, 5/1/2030 | 3960000 | 3605140 |
| CSL Finance plc (Australia) 5.11%, <br> 4/3/2034 (a)<br>| 1370000 | 1401268 |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| 1.65%, 10/1/2030 | 518000 | 457665 |
| 5.25%, 10/15/2033 | 2580000 | 2680127 |
| 2.60%, 10/1/2040 | 975000 | 703031 |
| 4.15%, 3/1/2047 | 330000 | 269412 |
| 2.80%, 10/1/2050 | 220000 | 137179 |
|  |  | 42422025 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.88%, 8/22/2037 | 600000 | 545201 |
| Nordstrom, Inc. 4.38%, 4/1/2030 | 365000 | 336141 |
| Shutterfly Finance LLC 8.50%, <br> 10/1/2027 (a)<br>| 12713 | 11918 |
| Wayfair LLC 7.25%, 10/31/2029 (a) | 1585000 | 1616112 |
|  |  | 2509372 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 4.25%, 2/1/2032 (a) | 3105000 | 2918451 |
| 6.38%, 3/1/2034 (a) | 275000 | 283231 |
| EMRLD Borrower LP 6.63%, <br> 12/15/2030 (a)<br>| 2635000 | 2706214 |
| Griffon Corp. 5.75%, 3/1/2028 | 1805000 | 1802395 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 1110000 | 1149852 |
| Miter Brands Acquisition Holdco, Inc. <br> 6.75%, 4/1/2032 (a)<br>| 1000000 | 1030863 |
| Quikrete Holdings, Inc. 6.38%, <br> 3/1/2032 (a)<br>| 1846000 | 1903874 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| 2095000 | 2234867 |
| Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  |
| 6.50%, 8/15/2032 (a) | 510000 | 526377 |
| 6.25%, 8/1/2033 (a) | 729000 | 744025 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (a) | 600000 | 594411 |
| 4.38%, 7/15/2030 (a) | 2585000 | 2477154 |
|  |  | 18371714 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| (SOFR + 1.60%), 6.32%, <br> 10/25/2029 (c)<br>| 400000 | 426203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.42%), 4.29%, 6/13/2033 (c) | 180000 | 175863 |
| (SOFR + 1.85%), 6.47%, <br> 10/25/2034 (c)<br>| 1760000 | 1945129 |
| Credit Suisse USA LLC (Switzerland) 7.13%, <br> 7/15/2032<br>| 53000 | 60573 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (c) | 315000 | 322122 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (c) | 1300000 | 1269561 |
| (SOFR + 1.59%), 5.71%, 2/8/2028 (c) | 167000 | 170106 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (c) | 4550000 | 4652793 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (c) | 195000 | 205171 |
| 5.41%, 5/10/2029 | 325000 | 338219 |
| (SOFR + 2.51%), 6.82%, <br> 11/20/2029 (c)<br>| 825000 | 884042 |
| (SOFR + 2.26%), 3.74%, 1/7/2033 (c) | 3170000 | 2904310 |
| (SOFR + 3.65%), 7.08%, 2/10/2034 (c) | 3355000 | 3643026 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| 3.50%, 11/16/2026 | 726000 | 720002 |
| (SOFR + 0.80%), 1.43%, 3/9/2027 (c) | 1835000 | 1806447 |
| (SOFR + 1.51%), 4.39%, 6/15/2027 (c) | 117000 | 116983 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | 150000 | 146470 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 3.69%, 6/5/2028 (c)<br>| 1620000 | 1605085 |
| (3-MONTH CME TERM SOFR + 1.42%), <br> 3.81%, 4/23/2029 (c)<br>| 2205000 | 2182161 |
| (3-MONTH CME TERM SOFR + 1.56%), <br> 4.22%, 5/1/2029 (c)<br>| 1500000 | 1501058 |
| (SOFR + 1.77%), 6.48%, <br> 10/24/2029 (c)<br>| 4915000 | 5230297 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.85%, 2/10/2030 (c) (e) <br> (f)<br>| 3341000 | 3440806 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (c) | 2045000 | 2141638 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (c) | 290000 | 296894 |
| (SOFR + 1.14%), 4.69%, <br> 10/23/2030 (c)<br>| 1620000 | 1637804 |
| (SOFR + 1.08%), 5.21%, 1/28/2031 (c) | 12660000 | 13045061 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (c) | 3835000 | 3959393 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | 4335000 | 3912359 |
| (SOFR + 1.41%), 3.10%, 2/24/2033 (c) | 510000 | 463756 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (c) | 4040000 | 4108800 |
| (SOFR + 1.42%), 5.02%, <br> 10/23/2035 (c)<br>| 11912000 | 11837198 |
| (SOFR + 1.51%), 3.21%, 4/22/2042 (c) | 160000 | 120377 |
| (SOFR + 1.63%), 3.44%, 2/24/2043 (c) | 18000 | 13774 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Macquarie Group Ltd. (Australia) (3-MONTH <br> CME TERM SOFR + 2.01%), 5.03%, <br> 1/15/2030 (a) (c)<br>| 200000 | 204182 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.00%), 2.48%, 1/21/2028 (c) | 914000 | 892180 |
| 3.59%, 7/22/2028 (g) | 330000 | 325953 |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (c) | 260000 | 265549 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (c) | 2440000 | 2517864 |
| (SOFR + 1.83%), 6.41%, 11/1/2029 (c) | 300000 | 318895 |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (c) | 2070000 | 2127761 |
| (3-MONTH CME TERM SOFR + 1.89%), <br> 4.43%, 1/23/2030 (c)<br>| 1573000 | 1579915 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (c) | 3510000 | 3595661 |
| (SOFR + 1.10%), 4.65%, <br> 10/18/2030 (c)<br>| 13380000 | 13508590 |
| (SOFR + 1.11%), 5.23%, 1/15/2031 (c) | 5380000 | 5553229 |
| (SOFR + 1.51%), 5.19%, 4/17/2031 (c) | 8375000 | 8632740 |
| (SOFR + 1.03%), 1.79%, 2/13/2032 (c) | 3200000 | 2775604 |
| (SOFR + 1.29%), 2.94%, 1/21/2033 (c) | 1265000 | 1139500 |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (c) | 1326000 | 1369007 |
| (SOFR + 1.58%), 5.83%, 4/19/2035 (c) | 7196000 | 7594256 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (c) | 3910000 | 3984500 |
| (SOFR + 1.76%), 5.66%, 4/17/2036 (c) | 1941000 | 2020341 |
| (SOFR + 1.36%), 2.48%, 9/16/2036 (c) | 420000 | 364167 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.80%), 5.94%, 2/7/2039 (c)<br>| 2000000 | 2077880 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (c) | 285000 | 217117 |
| S&P Global, Inc.  | S&P Global, Inc.  | S&P Global, Inc.  |
| 2.70%, 3/1/2029 | 456000 | 436370 |
| 3.25%, 12/1/2049 | 563000 | 390774 |
| State Street Corp. Series I, (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (c) (e) (f)<br>| 337000 | 348786 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (a) (c)<br>| 250000 | 246774 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.75%), 4.75%, 5/12/2028 (a) (c)<br>| 200000 | 201468 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.75%), 9.25%, 11/13/2028 (a) (c) <br> (d) (e) (f)<br>| 260000 | 284944 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.52%), 5.43%, 2/8/2030 (a) (c)<br>| 483000 | 498877 |
| (3-MONTH SOFR + 1.47%), 3.13%, <br> 8/13/2030 (a) (c)<br>| 2350000 | 2240829 |
| (USD SOFR ICE Swap Rate 1 Year + <br> 1.34%), 5.62%, 9/13/2030 (a) (c)<br>| 8195000 | 8561883 |
| (SOFR + 3.73%), 4.19%, <br> 4/1/2031 (a) (c)<br>| 10000000 | 9882362 |
| (SOFR + 3.92%), 6.54%, <br> 8/12/2033 (a) (c)<br>| 1038000 | 1138256 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.76%), 9.25%, 11/13/2033 (a) (c) <br> (d) (e) (f)<br>| 265000 | 311213 |
| (SOFR + 5.02%), 9.02%, <br> 11/15/2033 (a) (c)<br>| 550000 | 685037 |
|  |  | 161575945 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Avient Corp.  | Avient Corp.  | Avient Corp.  |
| 7.13%, 8/1/2030 (a) | 710000 | 733521 |
| 6.25%, 11/1/2031 (a) | 480000 | 488886 |
| Axalta Coating Systems LLC  | Axalta Coating Systems LLC  | Axalta Coating Systems LLC  |
| 4.75%, 6/15/2027 (a) | 300000 | 298635 |
| 3.38%, 2/15/2029 (a) | 950000 | 897446 |
| Braskem Netherlands Finance BV (Brazil) <br> 4.50%, 1/31/2030 (a)<br>| 2500000 | 1753125 |
| Celanese US Holdings LLC 6.88%, <br> 7/15/2032 (h)<br>| 300000 | 309890 |
| Chemours Co. (The) 5.75%, <br> 11/15/2028 (a)<br>| 1805000 | 1738058 |
| EIDP, Inc. 4.80%, 5/15/2033 | 320000 | 320114 |
| Element Solutions, Inc. 3.88%, <br> 9/1/2028 (a)<br>| 625000 | 605842 |
| INEOS Finance plc (Luxembourg) 6.75%, <br> 5/15/2028 (a)<br>| 1000000 | 982535 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 8.50%, 11/15/2028 (a) | 1045000 | 1094680 |
| 9.00%, 2/15/2030 (a) | 2105000 | 2261033 |
| OCP SA (Morocco) | OCP SA (Morocco) | OCP SA (Morocco) |
| 6.70%, 3/1/2036 (a) | 1170000 | 1209122 |
| 7.50%, 5/2/2054 (a) | 1658000 | 1713195 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (a) | 469000 | 476776 |
| 6.25%, 8/15/2033 (a) | 86000 | 88900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 41

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 4.50%, 10/15/2029 | 1500000 | 1448846 |
| 4.38%, 2/1/2032 | 1005000 | 927613 |
| Sherwin-Williams Co. (The)  | Sherwin-Williams Co. (The)  | Sherwin-Williams Co. (The)  |
| 4.80%, 9/1/2031 | 1390000 | 1419145 |
| 4.50%, 6/1/2047 | 15000 | 12640 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 4.88%, 6/15/2027 (a) | 835000 | 828281 |
| 6.63%, 8/15/2032 (a) | 1250000 | 1246500 |
|  |  | 20854783 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 1697000 | 1522227 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (a) | 1410000 | 1362987 |
| 4.88%, 7/15/2032 (a) | 1035000 | 995937 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| 450000 | 439180 |
| Brink's Co. (The) 6.75%, 6/15/2032 (a) | 1095000 | 1134442 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (a)<br>| 285000 | 274963 |
| Garda World Security Corp. (Canada) <br> 4.63%, 2/15/2027 (a)<br>| 1100000 | 1092131 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (a) | 800000 | 779984 |
| 4.75%, 6/15/2029 (a) | 1830000 | 1800734 |
| 6.75%, 1/15/2031 (a) | 2305000 | 2406263 |
| Madison IAQ LLC 4.13%, 6/30/2028 (a) | 795000 | 772877 |
| Prime Security Services Borrower LLC <br> 6.25%, 1/15/2028 (a)<br>| 1455000 | 1454555 |
| Republic Services, Inc. 2.38%, 3/15/2033 | 200000 | 172428 |
| Williams Scotsman, Inc. 7.38%, <br> 10/1/2031 (a)<br>| 1450000 | 1516672 |
| Wrangler Holdco Corp. (Canada) 6.63%, <br> 4/1/2032 (a)<br>| 1405000 | 1464647 |
|  |  | 17190027 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Ciena Corp. 4.00%, 1/31/2030 (a) | 255000 | 242065 |
| Cisco Systems, Inc. 4.95%, 2/24/2032 | 6870000 | 7095485 |
| CommScope LLC 9.50%, 12/15/2031 (a) | 715000 | 739447 |
|  |  | 8076997 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM 6.00%, 8/1/2033 (a) | 1053000 | 1074750 |
| Bioceanico Sovereign Certificate Ltd. <br> (Paraguay) Zero Coupon, 6/5/2034 (a)<br>| 739931 | 592336 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| Dycom Industries, Inc. 4.50%, <br> 4/15/2029 (a)<br>| 1010000 | 985252 |
| Global Infrastructure Solutions, Inc. 5.63%, <br> 6/1/2029 (a)<br>| 2113000 | 2118999 |
| Quanta Services, Inc. 5.25%, 8/9/2034 | 2876000 | 2911864 |
|  |  | 7683201 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Cemex SAB de CV (Mexico) (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 3.52%), 7.20%, <br> 6/10/2030 (a) (c) (e) (f)<br>| 684000 | 704315 |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 1225000 | 1284790 |
|  |  | 1989105 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 1260000 | 1234195 |
| 3.00%, 10/29/2028 | 4747000 | 4567206 |
| 3.30%, 1/30/2032 | 1600000 | 1464850 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.72%), 6.95%, 3/10/2055 (c)<br>| 760000 | 795711 |
| Ally Financial, Inc. 6.70%, 2/14/2033 | 755000 | 784036 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| 1.65%, 11/4/2026 | 480000 | 466655 |
| 5.85%, 11/5/2027 | 270000 | 280166 |
| (SOFR + 1.44%), 5.02%, 4/25/2031 (c) | 4142000 | 4256013 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (c) | 1590000 | 1610330 |
| (SOFR + 1.79%), 5.67%, 4/25/2036 (c) | 1240000 | 1295678 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (a) | 60000 | 60085 |
| 2.13%, 2/21/2026 (a) | 87000 | 85935 |
| 2.53%, 11/18/2027 (a) | 2735000 | 2623221 |
| 6.38%, 5/4/2028 (a) | 975000 | 1019750 |
| 5.75%, 3/1/2029 (a) | 6680000 | 6912863 |
| 5.75%, 11/15/2029 (a) | 9701000 | 10064788 |
| 5.15%, 1/15/2030 (a) | 3938000 | 3998606 |
| 4.90%, 10/10/2030 (a) | 4400000 | 4416280 |
| Capital One Financial Corp. (SOFR + 1.27%), <br> 2.62%, 11/2/2032 (c)<br>| 100000 | 88812 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 4.39%, 1/8/2026 | 890000 | 888521 |
| 4.13%, 8/17/2027 | 1350000 | 1324174 |
| 6.80%, 5/12/2028 | 1090000 | 1131968 |
| 7.20%, 6/10/2030 | 550000 | 584326 |
| 4.00%, 11/13/2030 | 250000 | 232462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| General Motors Financial Co., Inc. 5.95%, <br> 4/4/2034<br>| 570000 | 584241 |
| Macquarie Airfinance Holdings Ltd. (United <br> Kingdom) 5.15%, 3/17/2030 (a)<br>| 510000 | 515736 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 7.13%, 3/15/2026 | 230000 | 232534 |
| 3.88%, 9/15/2028 | 1780000 | 1706306 |
| 6.63%, 5/15/2029 | 1460000 | 1501299 |
| 5.38%, 11/15/2029 | 665000 | 657529 |
|  |  | 55384276 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 4.63%, 1/15/2027 (a) | 975000 | 969064 |
| 5.88%, 2/15/2028 (a) | 3615000 | 3613889 |
| 3.50%, 3/15/2029 (a) | 1055000 | 1003056 |
| 4.88%, 2/15/2030 (a) | 20000 | 19697 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 5.50%, 10/15/2027 (a) | 981000 | 979667 |
| 6.13%, 9/15/2032 (a) | 698000 | 714414 |
| Rite Aid Corp.  | Rite Aid Corp.  | Rite Aid Corp.  |
| 8.00%, 11/15/2026 ‡ (i) | 97000 |  |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 8/30/2031 ‡ (a) (c) (i)<br>| 10194 |  |
| Series B, 15.00%, 8/30/2031 ‡ (i) | 13817 |  |
| Series A, 15.00%, 8/30/2031 ‡ (i) | 30159 |  |
| Rite Aid Corp., Escrow 8.00%, <br> 10/18/2025 ‡<br>| 28033 |  |
| Sysco Corp. 5.10%, 9/23/2030 | 250000 | 257774 |
|  |  | 7557561 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Amcor Flexibles North America, Inc. 5.10%, <br> 3/17/2030<br>| 1710000 | 1750913 |
| Ardagh Packaging Finance plc 4.13%, <br> 8/15/2026 (a)<br>| 1275000 | 1211250 |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| 6.00%, 6/15/2029 | 475000 | 487263 |
| 3.13%, 9/15/2031 | 525000 | 473224 |
| 5.50%, 9/15/2033 | 1015000 | 1027258 |
| Berry Global, Inc. 5.80%, 6/15/2031 | 7430000 | 7867665 |
| Graphic Packaging International LLC  | Graphic Packaging International LLC  | Graphic Packaging International LLC  |
| 4.75%, 7/15/2027 (a) | 108000 | 106731 |
| 6.38%, 7/15/2032 (a) | 1005000 | 1021127 |
| Mauser Packaging Solutions Holding Co. <br> 7.88%, 4/15/2027 (a)<br>| 1205000 | 1219343 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Owens-Brockway Glass Container, Inc. <br> 6.63%, 5/13/2027 (a)<br>| 1005000 | 1004214 |
| Packaging Corp. of America  | Packaging Corp. of America  | Packaging Corp. of America  |
| 4.05%, 12/15/2049 | 285000 | 216476 |
| 3.05%, 10/1/2051 | 85000 | 53121 |
| Sealed Air Corp.  | Sealed Air Corp.  | Sealed Air Corp.  |
| 4.00%, 12/1/2027 (a) | 620000 | 606960 |
| 6.13%, 2/1/2028 (a) | 225000 | 228241 |
| 5.00%, 4/15/2029 (a) | 535000 | 530640 |
| Sonoco Products Co. 3.13%, 5/1/2030 | 3495000 | 3289354 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 637000 | 613002 |
|  |  | 21706782 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| American Builders & Contractors Supply Co., Inc.  | American Builders & Contractors Supply Co., Inc.  | American Builders & Contractors Supply Co., Inc.  |
| 4.00%, 1/15/2028 (a) | 875000 | 856006 |
| 3.88%, 11/15/2029 (a) | 170000 | 161246 |
| RB Global Holdings, Inc. (Canada) 7.75%, <br> 3/15/2031 (a)<br>| 1023000 | 1073530 |
| Resideo Funding, Inc. 6.50%, <br> 7/15/2032 (a)<br>| 915000 | 934290 |
|  |  | 3025072 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 5.13%, 6/1/2029 | 1340000 | 1329922 |
| 4.00%, 5/15/2031 | 800000 | 752132 |
| 5.75%, 10/15/2032 | 500000 | 504969 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 807000 | 853817 |
|  |  | 3440840 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Simon Property Group LP  | Simon Property Group LP  | Simon Property Group LP  |
| 2.45%, 9/13/2029 | 500000 | 469067 |
| 3.25%, 9/13/2049 | 31000 | 20978 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 700000 | 623699 |
| 2.25%, 4/1/2033 | 145000 | 119994 |
|  |  | 1233738 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 1.65%, 2/1/2028 | 450000 | 424625 |
| 3.50%, 6/1/2041 | 260000 | 203550 |
| 3.65%, 6/1/2051 | 1015000 | 710351 |
| 3.50%, 9/15/2053 | 1990000 | 1332249 |
| 3.55%, 9/15/2055 | 15540000 | 10333313 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 43

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.38%, 6/1/2029 (a) | 1590000 | 1577652 |
| 4.75%, 3/1/2030 (a) | 7524000 | 7231076 |
| 4.50%, 8/15/2030 (a) | 5034000 | 4764987 |
| 4.25%, 2/1/2031 (a) | 4810000 | 4436814 |
| 4.75%, 2/1/2032 (a) | 2510000 | 2328346 |
| 4.50%, 6/1/2033 (a) | 145000 | 129334 |
| Embarq LLC 8.00%, 6/1/2036 | 13000 | 6169 |
| Fibercop SpA (Italy) 7.72%, 6/4/2038 (a) | 1000000 | 1016597 |
| Frontier Communications Holdings LLC <br> 5.88%, 10/15/2027 (a)<br>| 235000 | 234933 |
| Level 3 Financing, Inc. 7.00%, <br> 3/31/2034 (a)<br>| 645000 | 649381 |
| Lumen Technologies, Inc.  | Lumen Technologies, Inc.  | Lumen Technologies, Inc.  |
| 4.13%, 4/15/2029 (a) | 423184 | 414720 |
| 4.13%, 4/15/2030 (a) | 495548 | 485637 |
| Sprint Capital Corp. 6.88%, 11/15/2028 | 258000 | 277549 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 2.36%, 3/15/2032 | 4250000 | 3689524 |
| 4.78%, 2/15/2035 | 75000 | 73130 |
| 5.40%, 7/2/2037 (a) | 677000 | 679885 |
| 3.40%, 3/22/2041 | 1215000 | 941154 |
| Virgin Media Secured Finance plc (United <br> Kingdom) 5.50%, 5/15/2029 (a)<br>| 580000 | 571093 |
|  |  | 42512069 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
| 3.05%, 3/15/2032 | 200000 | 183314 |
| 5.85%, 11/15/2033 | 275000 | 293776 |
| Alliant Energy Finance LLC 5.40%, <br> 6/6/2027 (a)<br>| 330000 | 333979 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.45%, 6/1/2035 | 2096000 | 2159786 |
| 3.20%, 9/15/2049 | 295000 | 197600 |
| 2.90%, 6/15/2050 | 550000 | 345867 |
| 5.40%, 6/1/2053 | 305000 | 288373 |
| Comision Ejecutiva Hidroelectrica del Rio <br> Lempa (El Salvador) 8.65%, <br> 1/24/2033 (a)<br>| 378000 | 386652 |
| Commonwealth Edison Co.  | Commonwealth Edison Co.  | Commonwealth Edison Co.  |
| 5.30%, 2/1/2053 | 450000 | 421325 |
| 5.95%, 6/1/2055 | 852000 | 875538 |
| Connecticut Light and Power Co. (The) <br> 4.00%, 4/1/2048<br>| 46000 | 36241 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Consumers 2023 Securitization Funding LLC <br> Series A2, 5.21%, 9/1/2030<br>| 771000 | 793231 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| 5.20%, 3/1/2034 | 500000 | 514414 |
| Series B, 3.25%, 4/1/2051 | 2000000 | 1365774 |
| Series B, 3.65%, 3/1/2052 | 50000 | 36234 |
| 5.40%, 4/1/2053 | 40000 | 38672 |
| DTE Electric Securitization Funding II LLC <br> Series A-2, 6.09%, 9/1/2037<br>| 400000 | 430967 |
| Duke Energy Carolinas LLC 3.20%, <br> 8/15/2049<br>| 634000 | 427024 |
| Duke Energy Corp. 5.80%, 6/15/2054 | 550000 | 536045 |
| Duke Energy Florida LLC  | Duke Energy Florida LLC  | Duke Energy Florida LLC  |
| 5.88%, 11/15/2033 | 230000 | 245924 |
| 6.20%, 11/15/2053 | 1740000 | 1844658 |
| Duke Energy Indiana LLC  | Duke Energy Indiana LLC  | Duke Energy Indiana LLC  |
| Series YYY, 3.25%, 10/1/2049 | 125000 | 84782 |
| 2.75%, 4/1/2050 | 395000 | 242145 |
| 5.40%, 4/1/2053 | 770000 | 732483 |
| Duke Energy Ohio, Inc. 5.25%, 4/1/2033 | 624000 | 642880 |
| Duke Energy Progress LLC  | Duke Energy Progress LLC  | Duke Energy Progress LLC  |
| 5.05%, 3/15/2035 | 2442000 | 2464673 |
| 5.55%, 3/15/2055 | 232000 | 225732 |
| Duquesne Light Holdings, Inc. 2.53%, <br> 10/1/2030 (a)<br>| 148000 | 132147 |
| Edison International  | Edison International  | Edison International  |
| 5.25%, 11/15/2028 | 100000 | 100972 |
| 5.45%, 6/15/2029 | 535000 | 540899 |
| 6.95%, 11/15/2029 | 245000 | 259971 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.86%), 8.13%, 6/15/2053 (c)<br>| 3026000 | 3027077 |
| Electricite de France SA (France) 6.90%, <br> 5/23/2053 (a)<br>| 640000 | 684886 |
| Emera US Finance LP (Canada) | Emera US Finance LP (Canada) | Emera US Finance LP (Canada) |
| 2.64%, 6/15/2031 | 1570000 | 1397228 |
| 4.75%, 6/15/2046 | 2329000 | 1940796 |
| Emera, Inc. (Canada) Series 16-A, <br> (3-MONTH SOFR + 5.44%), 6.75%, <br> 6/15/2076 (c)<br>| 2043000 | 2055826 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 5.13%, 6/26/2029 (a) | 1085000 | 1112096 |
| 5.50%, 6/26/2034 (a) | 3260000 | 3344441 |
| Entergy Arkansas LLC  | Entergy Arkansas LLC  | Entergy Arkansas LLC  |
| 4.00%, 6/1/2028 | 13000 | 12998 |
| 2.65%, 6/15/2051 | 274000 | 160862 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.75%, 6/1/2054 | 150000 | 149334 |
| Entergy Corp. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.67%), 7.13%, 12/1/2054 (c)<br>| 6620000 | 6894422 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 2.40%, 10/1/2026 | 69000 | 67720 |
| 1.60%, 12/15/2030 | 500000 | 437527 |
| 5.15%, 9/15/2034 | 650000 | 657940 |
| 2.90%, 3/15/2051 | 823000 | 510164 |
| 5.70%, 3/15/2054 | 1230000 | 1201272 |
| Entergy Mississippi LLC  | Entergy Mississippi LLC  | Entergy Mississippi LLC  |
| 5.00%, 9/1/2033 | 535000 | 540775 |
| 3.50%, 6/1/2051 | 20000 | 13649 |
| 5.85%, 6/1/2054 | 3215000 | 3188150 |
| 5.80%, 4/15/2055 | 779000 | 775527 |
| Entergy Texas Restoration Funding LLC <br> Series A-2, 3.70%, 12/15/2035<br>| 215000 | 201793 |
| Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
| 1.75%, 3/15/2031 | 535000 | 466753 |
| 5.55%, 9/15/2054 | 4039000 | 3847764 |
| Evergy Kansas Central, Inc. 4.13%, <br> 3/1/2042<br>| 240000 | 199880 |
| Eversource Energy  | Eversource Energy  | Eversource Energy  |
| 4.60%, 7/1/2027 | 31000 | 31199 |
| 5.45%, 3/1/2028 | 100000 | 102848 |
| 3.38%, 3/1/2032 | 365000 | 334684 |
| Exelon Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.98%), <br> 6.50%, 3/15/2055 (c)<br>| 1840000 | 1900561 |
| Fells Point Funding Trust 3.05%, <br> 1/31/2027 (a)<br>| 1570000 | 1543014 |
| FirstEnergy Corp. Series B, 3.90%, <br> 7/15/2027 (h)<br>| 2330000 | 2312990 |
| FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  |
| 2.87%, 9/15/2028 (a) | 965000 | 927526 |
| 4.55%, 4/1/2049 (a) | 350000 | 290348 |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| 3.70%, 12/1/2047 | 60000 | 45291 |
| 5.30%, 4/1/2053 | 390000 | 371743 |
| 5.70%, 3/15/2055 | 2350000 | 2352509 |
| Georgia Power Co. 5.25%, 3/15/2034 | 3515000 | 3602844 |
| Interstate Power and Light Co. 4.95%, <br> 9/30/2034<br>| 165000 | 162618 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 4.95%, 9/22/2027 (a) | 432000 | 437556 |
| 2.95%, 5/14/2030 (a) | 405000 | 380574 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.40%, 6/1/2033 (a) | 300000 | 305430 |
| 5.65%, 5/9/2034 (a) | 7615000 | 7883459 |
| Jersey Central Power & Light Co. 2.75%, <br> 3/1/2032 (a)<br>| 4350000 | 3862718 |
| Kentucky Utilities Co. 5.13%, 11/1/2040 | 404000 | 392793 |
| MidAmerican Energy Co.  | MidAmerican Energy Co.  | MidAmerican Energy Co.  |
| 3.65%, 4/15/2029 | 46000 | 45385 |
| 5.85%, 9/15/2054 | 110000 | 112949 |
| Mid-Atlantic Interstate Transmission LLC <br> 4.10%, 5/15/2028 (a)<br>| 430000 | 428702 |
| Mississippi Power Co. Series 12-A, 4.25%, <br> 3/15/2042<br>| 240000 | 206507 |
| Monongahela Power Co. 5.85%, <br> 2/15/2034 (a)<br>| 210000 | 220834 |
| Nevada Power Co. 6.00%, 3/15/2054 | 600000 | 605306 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 5.75%, 9/1/2025 | 430000 | 430000 |
| 5.00%, 7/15/2032 | 60000 | 60977 |
| 5.25%, 2/28/2053 | 80000 | 73231 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.75%, 6/15/2054 (c)<br>| 620000 | 655036 |
| 5.90%, 3/15/2055 | 3780000 | 3765157 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.05%), 6.38%, 8/15/2055 (c)<br>| 1110000 | 1144278 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.98%), 6.50%, 8/15/2055 (c)<br>| 3835000 | 4016767 |
| Northern States Power Co. 2.60%, <br> 6/1/2051<br>| 368000 | 220966 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (a) | 60000 | 57285 |
| 3.38%, 2/15/2029 (a) | 860000 | 814809 |
| 5.25%, 6/15/2029 (a) | 2315000 | 2308133 |
| 6.00%, 2/1/2033 (a) | 1620000 | 1641810 |
| 6.25%, 11/1/2034 (a) | 930000 | 953480 |
| OGE Energy Corp. 5.45%, 5/15/2029 | 330000 | 342928 |
| Ohio Power Co. Series R, 2.90%, <br> 10/1/2051<br>| 225000 | 135268 |
| Oklahoma Gas and Electric Co. 5.40%, <br> 1/15/2033<br>| 100000 | 103707 |
| Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  |
| 3.10%, 9/15/2049 | 290000 | 189798 |
| 4.95%, 9/15/2052 | 400000 | 355401 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 110000 | 108919 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 45

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.00%, 6/4/2028 | 1559000 | 1581271 |
| 4.65%, 8/1/2028 | 2200000 | 2202300 |
| 6.10%, 1/15/2029 | 605000 | 631309 |
| 4.55%, 7/1/2030 | 16624000 | 16464119 |
| 6.40%, 6/15/2033 | 860000 | 913498 |
| 5.70%, 3/1/2035 | 4460000 | 4520717 |
| 4.20%, 6/1/2041 | 30000 | 23722 |
| 3.75%, 8/15/2042 (h) | 3165000 | 2310873 |
| 5.90%, 10/1/2054 | 2000000 | 1870146 |
| Palomino Funding Trust I 7.23%, <br> 5/17/2028 (a)<br>| 2100000 | 2230275 |
| PG&E Corp.  | PG&E Corp.  | PG&E Corp.  |
| 5.00%, 7/1/2028 | 946000 | 935226 |
| 5.25%, 7/1/2030 | 760000 | 740673 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.88%), 7.38%, 3/15/2055 (c)<br>| 5270000 | 5229866 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 965000 | 961988 |
| Series A-3, 5.54%, 7/15/2047 | 185000 | 183548 |
| Series A-3, 5.53%, 6/1/2049 | 1145000 | 1127888 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 25000 | 23854 |
| Series A-4, 5.21%, 12/1/2047 | 40000 | 38159 |
| Series A-5, 5.10%, 6/1/2052 | 70000 | 64275 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 195000 | 198074 |
| PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  |
| 6.25%, 5/15/2039 | 382000 | 419142 |
| 5.25%, 5/15/2053 | 70000 | 66327 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 155000 | 158323 |
| Series G, 6.63%, 11/15/2037 | 725000 | 792853 |
| Series K, 3.15%, 8/15/2051 | 150000 | 93216 |
| Public Service Electric and Gas Co. 4.65%, <br> 3/15/2033<br>| 520000 | 519453 |
| RWE Finance US LLC (Germany) 5.88%, <br> 4/16/2034 (a)<br>| 660000 | 688685 |
| SCE Recovery Funding LLC Series A-1, <br> 4.70%, 6/15/2040<br>| 45060 | 44251 |
| Sigeco Securitization I LLC  | Sigeco Securitization I LLC  | Sigeco Securitization I LLC  |
| Series A1, 5.03%, 11/15/2036 | 47254 | 48050 |
| Series A2, 5.17%, 5/15/2041 | 49000 | 48784 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.30%, 3/1/2028 | 719000 | 734897 |
| 5.65%, 10/1/2028 | 600000 | 621214 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.25%, 3/15/2030 | 2950000 | 3018391 |
| Series G, 2.50%, 6/1/2031 | 775000 | 685687 |
| 5.45%, 6/1/2031 | 530000 | 548263 |
| 5.95%, 11/1/2032 | 2000000 | 2103884 |
| 5.20%, 6/1/2034 | 7538000 | 7499039 |
| 5.45%, 3/1/2035 | 4932000 | 4966932 |
| Series C, 4.13%, 3/1/2048 | 238000 | 179732 |
| Series 20A, 2.95%, 2/1/2051 | 430000 | 260287 |
| 5.88%, 12/1/2053 | 3376000 | 3206091 |
| 5.75%, 4/15/2054 | 390000 | 364988 |
| 5.90%, 3/1/2055 | 320000 | 305571 |
| Southern Co. (The)  | Southern Co. (The)  | Southern Co. (The)  |
| 5.50%, 3/15/2029 | 390000 | 406551 |
| 5.20%, 6/15/2033 | 109000 | 111350 |
| Southwestern Electric Power Co.  | Southwestern Electric Power Co.  | Southwestern Electric Power Co.  |
| 5.30%, 4/1/2033 | 130000 | 132066 |
| 3.25%, 11/1/2051 | 210000 | 135391 |
| Southwestern Public Service Co. 4.50%, <br> 8/15/2041<br>| 74000 | 64884 |
| Trinidad Generation UnLtd. (Trinidad And <br> Tobago) 7.75%, 6/16/2033 (a)<br>| 997000 | 1045544 |
| Tucson Electric Power Co.  | Tucson Electric Power Co.  | Tucson Electric Power Co.  |
| 1.50%, 8/1/2030 | 448000 | 389945 |
| 4.85%, 12/1/2048 | 232000 | 201367 |
| 5.50%, 4/15/2053 | 115000 | 108210 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 400000 | 409543 |
| 5.45%, 3/15/2053 | 555000 | 530603 |
| 5.25%, 1/15/2054 | 1450000 | 1333386 |
| 5.13%, 3/15/2055 | 1365000 | 1244724 |
| Virginia Electric and Power Co. 5.70%, <br> 8/15/2053<br>| 730000 | 715841 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.05%, 12/30/2026 (a) | 3115000 | 3137939 |
| 5.63%, 2/15/2027 (a) | 1870000 | 1870757 |
| 5.00%, 7/31/2027 (a) | 420000 | 418866 |
| 4.38%, 5/1/2029 (a) | 300000 | 293222 |
| 4.30%, 7/15/2029 (a) | 3000000 | 2970365 |
| 7.75%, 10/15/2031 (a) | 2605000 | 2767763 |
| 6.00%, 4/15/2034 (a) | 4405000 | 4589139 |
| 5.70%, 12/30/2034 (a) | 1370000 | 1396725 |
| Wisconsin Public Service Corp. 4.75%, <br> 11/1/2044<br>| 69000 | 61588 |
|  |  | 190270906 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Eaton Corp. 4.15%, 3/15/2033 | 400000 | 390671 |
| EnerSys  | EnerSys  | EnerSys  |
| 4.38%, 12/15/2027 (a) | 630000 | 619045 |
| 6.63%, 1/15/2032 (a) | 500000 | 515013 |
| Sensata Technologies BV  | Sensata Technologies BV  | Sensata Technologies BV  |
| 4.00%, 4/15/2029 (a) | 700000 | 670479 |
| 5.88%, 9/1/2030 (a) | 400000 | 403472 |
|  |  | 2598680 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 1625000 | 1596976 |
| Insight Enterprises, Inc. 6.63%, <br> 5/15/2032 (a)<br>| 1245000 | 1281808 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 4.38%, 2/15/2030 (a) | 280000 | 269559 |
| 6.63%, 7/15/2032 (a) | 1420000 | 1466634 |
|  |  | 4614977 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP  | Archrock Partners LP  | Archrock Partners LP  |
| 6.88%, 4/1/2027 (a) | 173000 | 173158 |
| 6.25%, 4/1/2028 (a) | 655000 | 657194 |
| 6.63%, 9/1/2032 (a) | 415000 | 425411 |
| Baker Hughes Holdings LLC  | Baker Hughes Holdings LLC  | Baker Hughes Holdings LLC  |
| 2.06%, 12/15/2026 | 400000 | 389305 |
| 4.08%, 12/15/2047 | 350000 | 272420 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| 740000 | 784905 |
| Guara Norte SARL (Brazil) 5.20%, <br> 6/15/2034 (a)<br>| 460974 | 444264 |
| Nabors Industries, Inc. 7.38%, <br> 5/15/2027 (a)<br>| 610000 | 620167 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 710000 | 735059 |
| Precision Drilling Corp. (Canada) 7.13%, <br> 1/15/2026 (a)<br>| 255000 | 254888 |
| Schlumberger Holdings Corp. 3.90%, <br> 5/17/2028 (a)<br>| 214000 | 213459 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | 1110000 | 1155605 |
| Yinson Boronia Production BV (Brazil) <br> 8.95%, 7/31/2042 (a)<br>| 490545 | 535221 |
|  |  | 6661056 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark USA, Inc.  | Cinemark USA, Inc.  | Cinemark USA, Inc.  |
| 5.25%, 7/15/2028 (a) | 425000 | 422398 |
| 7.00%, 8/1/2032 (a) | 430000 | 445517 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 5.63%, 3/15/2026 (a) | 2000 | 2000 |
| 6.50%, 5/15/2027 (a) | 1395000 | 1409632 |
| 4.75%, 10/15/2027 (a) | 400000 | 396670 |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 115000 | 114162 |
| 5.40%, 6/12/2029 | 616000 | 639358 |
| 5.60%, 6/12/2034 | 2459000 | 2552664 |
| Walt Disney Co. (The) 3.60%, 1/13/2051 | 2710000 | 1989023 |
| Warnermedia Holdings, Inc. 4.28%, <br> 3/15/2032<br>| 530000 | 457390 |
|  |  | 8428814 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 5.63%, 8/15/2030 (a) | 243000 | 248395 |
| 3.50%, 6/1/2031 | 755000 | 697473 |
| 6.50%, 5/15/2032 | 2304000 | 2387241 |
| 6.00%, 8/15/2033 (a) | 194000 | 199170 |
| Boost Newco Borrower LLC 7.50%, <br> 1/15/2031 (a)<br>| 1155000 | 1225383 |
| CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  |
| Class A, 0.00%, 8/17/2027 ‡ | 2426616 | 2426617 |
| Class B, 0.00%, 8/17/2027 ‡ | 5363828 | 5363828 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (a)<br>| 7000000 | 7016843 |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| 3.20%, 7/1/2026 | 170000 | 168427 |
| 5.35%, 3/15/2031 | 300000 | 312353 |
| Global Payments, Inc. 3.20%, 8/15/2029 | 72000 | 68365 |
| Nationstar Mortgage Holdings, Inc. 6.00%, <br> 1/15/2027 (a)<br>| 1935000 | 1931390 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.29%), 2.97%, <br> 2/16/2028 (a) (c)<br>| 320000 | 313651 |
| (3-MONTH SOFR + 1.45%), 4.30%, <br> 3/8/2029 (a) (c)<br>| 350000 | 349909 |
| 5.13%, 7/29/2029 (a) | 771000 | 795321 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 1097000 | 1189501 |
| NTT Finance Corp. (Japan) 5.14%, <br> 7/2/2031 (a)<br>| 1000000 | 1028172 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.13%, 8/1/2030 (a) | 714000 | 734670 |
| 6.38%, 8/1/2033 (a) | 1216000 | 1261874 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | 1095000 | 1071849 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 47

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 3.63%, 3/1/2029 (a) | 905000 | 862791 |
| Shell International Finance BV  | Shell International Finance BV  | Shell International Finance BV  |
| 2.88%, 11/26/2041 | 620000 | 445551 |
| 3.63%, 8/21/2042 | 200000 | 157639 |
| Shift4 Payments LLC 6.75%, <br> 8/15/2032 (a)<br>| 1516000 | 1571887 |
| Siemens Financieringsmaatschappij NV <br> (Germany) 3.30%, 9/15/2046 (a)<br>| 350000 | 256271 |
| STReAM 2008 BV (Netherlands) 0.00%, <br> 2/15/2030 ‡<br>| 1974424 | 1974424 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 2378464 | 2378464 |
| Visa, Inc. 2.70%, 4/15/2040 | 300000 | 227765 |
|  |  | 36665224 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Bimbo Bakeries USA, Inc. (Mexico) 6.05%, <br> 1/15/2029 (a)<br>| 200000 | 209216 |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 3.20%, 4/21/2031 | 805000 | 750318 |
| 2.75%, 5/14/2031 | 385000 | 351741 |
| Darling Ingredients, Inc.  | Darling Ingredients, Inc.  | Darling Ingredients, Inc.  |
| 5.25%, 4/15/2027 (a) | 55000 | 54873 |
| 6.00%, 6/15/2030 (a) | 930000 | 940084 |
| Grupo Nutresa SA (Colombia) 9.00%, <br> 5/12/2035 (a)<br>| 1250000 | 1383250 |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.75%, 12/1/2031 | 305000 | 286674 |
| 3.63%, 1/15/2032 | 3045000 | 2806477 |
| 3.00%, 5/15/2032 | 910000 | 805879 |
| 5.50%, 1/15/2036 (a) | 10330000 | 10364083 |
| 6.38%, 4/15/2066 (a) | 520000 | 512618 |
| JBS USA LUX SARL 5.95%, 4/20/2035 (a) | 2619000 | 2722765 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (a)<br>| 870000 | 834114 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 4.80%, 3/1/2030 (a) | 18370000 | 18721025 |
| 5.00%, 3/1/2032 (a) | 18010000 | 18382134 |
| 5.20%, 3/1/2035 (a) | 9510000 | 9598164 |
| 5.65%, 5/1/2045 (a) | 1030000 | 1015386 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 5.50%, 12/15/2029 (a) | 1090000 | 1086616 |
| 6.25%, 2/15/2032 (a) | 878000 | 901939 |
|  |  | 71727356 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 5.50%, 6/15/2041 | 52000 | 52422 |
| 5.75%, 10/15/2052 | 185000 | 183875 |
| 5.00%, 12/15/2054 | 1048000 | 943755 |
| Boston Gas Co. 3.00%, 8/1/2029 (a) | 37000 | 35331 |
| Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  |
| 3.35%, 6/1/2050 | 768000 | 514044 |
| 5.05%, 5/15/2052 | 100000 | 87901 |
| Southern California Gas Co. Series XX, <br> 2.55%, 2/1/2030<br>| 393000 | 366132 |
| Superior Plus LP (Canada) 4.50%, <br> 3/15/2029 (a)<br>| 925000 | 888767 |
|  |  | 3072227 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | 1323000 | 1317496 |
| 4.75%, 4/1/2028 (a) | 105000 | 101721 |
| 5.38%, 3/1/2029 (a) | 560000 | 543322 |
| 8.00%, 2/15/2031 (a) | 570000 | 588120 |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 6.15%, 5/1/2037 | 250000 | 274735 |
| 3.55%, 2/15/2050 | 708000 | 511268 |
| 5.20%, 4/15/2054 | 850000 | 793047 |
| 5.50%, 3/15/2055 | 6280000 | 6100522 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 2.88%, 11/15/2029 | 1125000 | 1068674 |
| 3.10%, 12/2/2051 | 601000 | 390667 |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (a) | 1185000 | 1255029 |
| 8.63%, 5/15/2032 (a) | 200000 | 215422 |
| Hertz Corp. (The) 4.63%, 12/1/2026 (a) | 860000 | 797161 |
| Norfolk Southern Corp. 3.95%, 10/1/2042 | 50000 | 40940 |
| Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  |
| 1.20%, 11/15/2025 (a) | 376000 | 373455 |
| 5.25%, 7/1/2029 (a) | 1200000 | 1236481 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | 510000 | 519945 |
| SMBC Aviation Capital Finance DAC (Ireland) <br> 5.30%, 4/3/2029 (a)<br>| 980000 | 1006750 |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| 4.80%, 9/15/2034 | 6785000 | 6707419 |
| 5.35%, 9/15/2054 | 3270000 | 3070341 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 6.25%, 6/1/2028 (a) | 330000 | 335731 |
| 7.13%, 6/1/2031 (a) | 2060000 | 2144308 |
|  |  | 29392554 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Avantor Funding, Inc. 4.63%, <br> 7/15/2028 (a)<br>| 1551000 | 1526474 |
| Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  |
| 1.73%, 4/1/2031 | 1500000 | 1283641 |
| 3.13%, 12/1/2051 | 500000 | 307056 |
| DH Europe Finance II SARL 3.25%, <br> 11/15/2039<br>| 250000 | 201994 |
| Hologic, Inc. 3.25%, 2/15/2029 (a) | 605000 | 577997 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | 4240000 | 4071446 |
| 6.25%, 4/1/2029 (a) | 653000 | 670824 |
| 5.25%, 10/1/2029 (a) | 60000 | 59417 |
| Zimmer Biomet Holdings, Inc. 5.50%, <br> 2/19/2035<br>| 2809000 | 2898327 |
|  |  | 11597176 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  |
| 5.50%, 7/1/2028 (a) | 1395000 | 1387965 |
| 5.00%, 4/15/2029 (a) | 175000 | 171046 |
| AdaptHealth LLC 4.63%, 8/1/2029 (a) | 95000 | 89822 |
| Aetna, Inc. 4.75%, 3/15/2044 | 200000 | 167678 |
| Cencora, Inc. 5.13%, 2/15/2034 | 770000 | 778484 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 2.38%, 3/15/2031 | 135000 | 121063 |
| 5.13%, 5/15/2031 | 470000 | 486710 |
| DaVita, Inc. 4.63%, 6/1/2030 (a) | 1700000 | 1636631 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | 180000 | 178275 |
| 4.75%, 2/1/2030 | 1180000 | 1163292 |
| 4.63%, 4/1/2031 | 80000 | 77564 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 4.50%, 2/15/2027 | 580000 | 580459 |
| 5.63%, 9/1/2028 | 3750000 | 3867829 |
| 3.50%, 9/1/2030 | 4512000 | 4300136 |
| 2.38%, 7/15/2031 | 1130000 | 996192 |
| 5.60%, 4/1/2034 | 4410000 | 4532579 |
| 5.25%, 6/15/2049 | 865000 | 763648 |
| 3.50%, 7/15/2051 | 30000 | 19688 |
| 4.63%, 3/15/2052 | 1975000 | 1568405 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 5.90%, 6/1/2053 | 885000 | 845391 |
| 6.00%, 4/1/2054 | 4590000 | 4429674 |
| Owens & Minor, Inc. 4.50%, 3/31/2029 (a) | 1235000 | 1048915 |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| 4.63%, 12/15/2029 | 800000 | 812322 |
| 2.95%, 6/30/2030 | 55000 | 51704 |
| 6.40%, 11/30/2033 | 580000 | 639024 |
| 5.00%, 12/15/2034 | 3055000 | 3059392 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 4.63%, 6/15/2028 | 1135000 | 1122120 |
| 4.25%, 6/1/2029 | 3713000 | 3614691 |
| 4.38%, 1/15/2030 | 955000 | 927372 |
| 6.13%, 6/15/2030 | 1075000 | 1091455 |
| 6.75%, 5/15/2031 | 805000 | 836684 |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | 4439152 | 4439151 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 5.35%, 2/15/2033 | 2640000 | 2730973 |
| 5.70%, 10/15/2040 | 800000 | 815497 |
| 4.63%, 11/15/2041 | 232000 | 205817 |
| 3.25%, 5/15/2051 | 485000 | 316482 |
| 5.88%, 2/15/2053 | 395000 | 390325 |
| 5.38%, 4/15/2054 | 2351000 | 2170048 |
|  |  | 52434503 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 3.38%, 8/15/2031 | 450000 | 420934 |
| 1.88%, 2/1/2033 | 317000 | 256867 |
| 5.15%, 4/15/2053 | 30000 | 26258 |
| Healthpeak OP LLC  | Healthpeak OP LLC  | Healthpeak OP LLC  |
| 2.13%, 12/1/2028 | 64000 | 59880 |
| 3.00%, 1/15/2030 | 87000 | 82327 |
| Sabra Health Care LP 3.20%, 12/1/2031 | 120000 | 108428 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 3.25%, 10/15/2026 | 650000 | 642259 |
| 5.63%, 7/1/2034 | 585000 | 605089 |
| 5.00%, 1/15/2035 | 1000000 | 988654 |
|  |  | 3190696 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 5/15/2027 (a) | 200000 | 199193 |
| 6.25%, 6/1/2032 (a) | 3611000 | 3722280 |
|  |  | 3921473 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 49

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 425000 | 423916 |
| 7.25%, 7/15/2028 (a) | 1075000 | 1106436 |
| 6.50%, 4/1/2032 (a) | 2205000 | 2266308 |
| 6.50%, 6/15/2033 (a) | 220000 | 227231 |
|  |  | 4023891 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| Acushnet Co. 7.38%, 10/15/2028 (a) | 585000 | 611457 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 1342000 | 1317500 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 7.00%, 2/15/2030 (a) | 1845000 | 1907948 |
| 6.50%, 2/15/2032 (a) | 2953000 | 3027368 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 4.00%, 8/1/2028 (a) | 460000 | 451784 |
| 6.00%, 5/1/2029 (a) | 1000000 | 1012967 |
| 5.75%, 8/1/2032 (a) | 2036000 | 2069594 |
| 6.13%, 2/15/2033 (a) | 3320000 | 3409321 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 5.75%, 5/1/2028 (a) | 285000 | 285523 |
| 3.75%, 5/1/2029 (a) | 375000 | 359640 |
| 4.88%, 1/15/2030 | 1330000 | 1326335 |
| 5.88%, 3/15/2033 (a) | 1879000 | 1917582 |
| 5.75%, 9/15/2033 (a) | 772000 | 778369 |
| Hilton Worldwide Finance LLC 4.88%, <br> 4/1/2027<br>| 955000 | 952464 |
| McDonald's Corp.  | McDonald's Corp.  | McDonald's Corp.  |
| 3.63%, 9/1/2049 | 430000 | 312336 |
| 5.15%, 9/9/2052 | 1247000 | 1146540 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.75%, 10/15/2028 | 720000 | 715624 |
| 6.13%, 9/15/2029 | 1410000 | 1440116 |
| 6.50%, 4/15/2032 | 755000 | 774820 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (a) | 2655000 | 2697422 |
| 6.25%, 3/15/2032 (a) | 1205000 | 1243656 |
| 6.00%, 2/1/2033 (a) | 3149000 | 3230783 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 6.50%, 10/1/2028 | 933000 | 938518 |
| 5.25%, 7/15/2029 | 1090000 | 1055365 |
| 7.25%, 5/15/2031 (a) | 960000 | 964599 |
| 6.63%, 5/1/2032 (a) | 911000 | 925805 |
| Starbucks Corp. 3.35%, 3/12/2050 | 5000 | 3339 |
| Station Casinos LLC 4.50%, 2/15/2028 (a) | 1185000 | 1167972 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | 1328000 | 1375530 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | 125000 | 125083 |
| Wynn Macau Ltd. (Macau) 5.63%, <br> 8/26/2028 (a)<br>| 650000 | 645421 |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (a) | 2080000 | 2076026 |
| 7.13%, 2/15/2031 (a) | 1075000 | 1157148 |
| 6.25%, 3/15/2033 (a) | 972000 | 983959 |
|  |  | 42407914 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 8.50%, 6/1/2028 (a) | 420000 | 443405 |
| 6.63%, 9/15/2029 | 1035000 | 1040030 |
| 6.38%, 5/15/2030 | 237000 | 233736 |
| 6.63%, 5/15/2032 | 1635000 | 1595988 |
| 6.87%, 4/1/2036 (h) | 310000 | 302923 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (a)<br>| 1995000 | 1917638 |
|  |  | 5533720 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 145000 | 144350 |
| 4.13%, 10/15/2030 | 825000 | 780320 |
| Energizer Holdings, Inc. 4.75%, <br> 6/15/2028 (a)<br>| 1040000 | 1022660 |
|  |  | 1947330 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Calpine Corp.  | Calpine Corp.  | Calpine Corp.  |
| 4.50%, 2/15/2028 (a) | 285000 | 282267 |
| 5.13%, 3/15/2028 (a) | 8555000 | 8548727 |
| 4.63%, 2/1/2029 (a) | 4280000 | 4228724 |
| 5.00%, 2/1/2031 (a) | 343000 | 340201 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 6.25%, 10/1/2039 | 585000 | 627469 |
| 5.75%, 10/1/2041 | 1120000 | 1128513 |
| 5.60%, 6/15/2042 | 923000 | 906011 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple (Mexico) <br> 7.25%, 1/31/2041 (a)<br>| 1001403 | 1029172 |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (a)<br>| 1883000 | 2001271 |
|  |  | 19092355 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, <br> 3/1/2054<br>| 650000 | 604478 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Three LLC (Australia) <br> 3.70%, 3/15/2028 (a)<br>| 590000 | 581706 |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 1.75%, 7/1/2030 | 149000 | 132581 |
| 4.75%, 6/15/2033 | 640000 | 641212 |
| 5.25%, 3/15/2054 | 596000 | 557349 |
|  |  | 1912848 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Allianz SE (Germany) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 2.77%), 5.60%, 9/3/2054 (a) (c)<br>| 1800000 | 1829162 |
| Aon Corp. 5.35%, 2/28/2033 | 165000 | 170766 |
| Aon North America, Inc. 5.75%, 3/1/2054 | 350000 | 342842 |
| Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  |
| 2.50%, 1/15/2051 | 200000 | 118075 |
| 3.85%, 3/15/2052 | 715000 | 542947 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 5.88%, 6/4/2027 (a) | 1000000 | 1025813 |
| 4.95%, 9/9/2029 (a) | 850000 | 869404 |
| Corebridge Global Funding 4.90%, <br> 8/21/2032 (a)<br>| 1473000 | 1477258 |
| Guardian Life Global Funding  | Guardian Life Global Funding  | Guardian Life Global Funding  |
| 5.74%, 10/2/2028 (a) | 500000 | 523426 |
| 4.18%, 9/26/2029 (a) | 490000 | 490426 |
| HUB International Ltd. 7.25%, <br> 6/15/2030 (a)<br>| 405000 | 423619 |
| Manulife Financial Corp. (Canada) 4.15%, <br> 3/4/2026<br>| 42000 | 41961 |
| MetLife, Inc.  | MetLife, Inc.  | MetLife, Inc.  |
| 4.13%, 8/13/2042 | 329000 | 276079 |
| 5.00%, 7/15/2052 | 350000 | 315472 |
| Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  |
| 2.40%, 1/11/2032 (a) | 5200000 | 4554127 |
| 5.15%, 3/28/2033 (a) | 880000 | 904760 |
| New York Life Global Funding 3.00%, <br> 1/10/2028 (a)<br>| 51000 | 49819 |
| New York Life Insurance Co.  | New York Life Insurance Co.  | New York Life Insurance Co.  |
| 5.88%, 5/15/2033 (a) | 2919000 | 3071970 |
| 4.45%, 5/15/2069 (a) | 50000 | 38175 |
| Northwestern Mutual Global Funding <br> 5.16%, 5/28/2031 (a)<br>| 630000 | 653135 |
| Pine Street Trust III 6.22%, 5/15/2054 (a) | 450000 | 446948 |
| Pricoa Global Funding I 5.55%, <br> 8/28/2026 (a)<br>| 175000 | 177338 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (a)<br>| 641000 | 639567 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Principal Life Global Funding II 5.10%, <br> 1/25/2029 (a)<br>| 400000 | 410381 |
| Protective Life Global Funding 5.47%, <br> 12/8/2028 (a)<br>| 543000 | 563579 |
| Prudential Funding Asia plc (Hong Kong) <br> 3.13%, 4/14/2030<br>| 470000 | 448850 |
| Teachers Insurance & Annuity Association of <br> America 4.27%, 5/15/2047 (a)<br>| 800000 | 644736 |
|  |  | 21050635 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 5.60%, 5/15/2053 | 2355000 | 2328011 |
| 5.40%, 8/15/2054 | 3640000 | 3491789 |
| Snap, Inc. 6.88%, 3/1/2033 (a) | 728000 | 735567 |
|  |  | 6555367 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 1010000 | 986476 |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 170000 | 165507 |
| CoreWeave, Inc. 9.25%, 6/1/2030 (a) | 545000 | 546954 |
| Identity Digital Ltd. (Ireland) 6.79%, <br> 3/20/2065 ‡<br>| 6000000 | 6105000 |
|  |  | 7803937 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (a)<br>| 995000 | 1038163 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| Charles River Laboratories International, Inc. <br> 4.00%, 3/15/2031 (a)<br>| 1095000 | 1012989 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| ATS Corp. (Canada) 4.13%, <br> 12/15/2028 (a)<br>| 1330000 | 1272299 |
| Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 2125000 | 2227189 |
| Esab Corp. 6.25%, 4/15/2029 (a) | 727000 | 747512 |
| Hillenbrand, Inc. 3.75%, 3/1/2031 | 1444000 | 1327654 |
| Parker-Hannifin Corp. 4.25%, 9/15/2027 | 300000 | 301057 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (a) | 275000 | 270498 |
| 6.25%, 10/15/2032 (a) | 861000 | 871583 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (a)<br>| 765000 | 791075 |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (a)<br>| 750000 | 688334 |
|  |  | 8497201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 51

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| MV24 Capital BV (Brazil) 6.75%, <br> 6/1/2034 (a)<br>| 439392 | 430648 |
| Yinson Bergenia Production BV (Brazil) <br> 8.50%, 1/31/2045 (a)<br>| 2091000 | 2191368 |
|  |  | 2622016 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.25%, 1/15/2029 | 2315000 | 2153844 |
| 2.30%, 2/1/2032 | 6260000 | 5303820 |
| 6.65%, 2/1/2034 | 3670000 | 3914607 |
| 6.55%, 6/1/2034 | 3305000 | 3505911 |
| 5.85%, 12/1/2035 (j) | 1580000 | 1582791 |
| 3.50%, 6/1/2041 | 85000 | 61104 |
| 3.50%, 3/1/2042 | 985000 | 699243 |
| 3.70%, 4/1/2051 | 40000 | 25760 |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.13%, 2/15/2031 (a) | 1680000 | 1706507 |
| 7.50%, 3/15/2033 (a) | 840000 | 854996 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 2.65%, 2/1/2030 | 2230000 | 2090299 |
| 4.25%, 10/15/2030 | 1344000 | 1345937 |
| 1.95%, 1/15/2031 | 7000000 | 6202975 |
| 1.50%, 2/15/2031 | 450000 | 388011 |
| 5.30%, 6/1/2034 | 540000 | 555840 |
| 3.90%, 3/1/2038 | 515000 | 448386 |
| 3.25%, 11/1/2039 | 813000 | 640264 |
| 2.80%, 1/15/2051 | 4090000 | 2424426 |
| 2.89%, 11/1/2051 | 1520000 | 910032 |
| 4.05%, 11/1/2052 | 500000 | 372518 |
| 5.35%, 5/15/2053 | 2585000 | 2371457 |
| 2.94%, 11/1/2056 | 11809000 | 6799042 |
| 2.99%, 11/1/2063 | 2200000 | 1223644 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 6.50%, 2/1/2029 (a) | 1570000 | 1237377 |
| 4.50%, 11/15/2031 (a) | 200000 | 129743 |
| Directv Financing LLC 5.88%, <br> 8/15/2027 (a)<br>| 956000 | 951219 |
| DISH DBS Corp. 5.25%, 12/1/2026 (a) | 175000 | 169757 |
| DISH Network Corp. 11.75%, <br> 11/15/2027 (a)<br>| 2615000 | 2764757 |
| EchoStar Corp. 10.75%, 11/30/2029 | 2270000 | 2443087 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 1075000 | 1170085 |
| 4.75%, 10/15/2030 (a) | 100000 | 75056 |
| 5.38%, 11/15/2031 (a) | 135000 | 99532 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| 7.25%, 8/15/2033 (a) | 825000 | 812761 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 1740000 | 1490809 |
| 10.88%, 5/1/2030 (a) | 20000 | 11832 |
| 7.75%, 8/15/2030 (a) | 231400 | 183606 |
| Lamar Media Corp.  | Lamar Media Corp.  | Lamar Media Corp.  |
| 3.75%, 2/15/2028 | 215000 | 209044 |
| 4.00%, 2/15/2030 | 1150000 | 1093238 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 2865000 | 2861894 |
| 4.75%, 11/1/2028 (a) | 615000 | 603693 |
| Outfront Media Capital LLC 7.38%, <br> 2/15/2031 (a)<br>| 1215000 | 1282098 |
| Scripps Escrow II, Inc. 3.88%, <br> 1/15/2029 (a)<br>| 270000 | 239151 |
| Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  |
| 4.38%, 12/31/2032 (a) | 165000 | 117041 |
| 8.13%, 2/15/2033 (a) | 500000 | 512250 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 4.00%, 7/15/2028 (a) | 5460000 | 5269356 |
| 5.50%, 7/1/2029 (a) | 2405000 | 2401567 |
| 4.13%, 7/1/2030 (a) | 867000 | 806141 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 1115000 | 1075433 |
| TEGNA, Inc.  | TEGNA, Inc.  | TEGNA, Inc.  |
| 4.63%, 3/15/2028 | 1058000 | 1049232 |
| 5.00%, 9/15/2029 | 1382000 | 1383435 |
| Time Warner Cable LLC 5.50%, 9/1/2041 | 2140000 | 1933607 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (a) | 695000 | 721359 |
| 7.38%, 6/30/2030 (a) | 190000 | 191037 |
|  |  | 78870611 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Alumina Pty. Ltd.  | Alumina Pty. Ltd.  | Alumina Pty. Ltd.  |
| 6.13%, 3/15/2030 (a) | 465000 | 472500 |
| 6.38%, 9/15/2032 (a) | 562000 | 573130 |
| BHP Billiton Finance USA Ltd. (Australia) <br> 4.90%, 2/28/2033<br>| 100000 | 101183 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | 635000 | 636026 |
| Carpenter Technology Corp. 6.38%, <br> 7/15/2028<br>| 795000 | 797366 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 5.88%, 6/1/2027 | 695000 | 694158 |
| 4.63%, 3/1/2029 (a) | 310000 | 293674 |
| 6.75%, 4/15/2030 (a) | 1800000 | 1820061 |
| 7.50%, 9/15/2031 (a) | 255000 | 258503 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  |
| 4.63%, 8/1/2030 | 231000 | 231509 |
| 5.45%, 3/15/2043 | 1815000 | 1718124 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 3.88%, 10/27/2027 (a) | 40000 | 39611 |
| 6.13%, 10/6/2028 (a) | 2000000 | 2100346 |
| 5.19%, 4/1/2030 (a) | 360000 | 370018 |
| 2.50%, 9/1/2030 (a) | 37000 | 33776 |
| 2.85%, 4/27/2031 (a) | 435000 | 396586 |
| 5.63%, 4/4/2034 (a) | 10770000 | 11050681 |
| Newmont Corp. 5.75%, 11/15/2041 | 300000 | 302197 |
| Novelis Corp. 6.38%, 8/15/2033 (a) | 284000 | 286917 |
| Rio Tinto Finance USA Ltd. (Australia) <br> 5.20%, 11/2/2040<br>| 20000 | 19730 |
| Rio Tinto Finance USA plc (Australia) <br> 4.13%, 8/21/2042<br>| 370000 | 313554 |
| United States Steel Corp. 6.88%, 3/1/2029 | 147000 | 148104 |
|  |  | 22657754 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| Arbor Realty SR, Inc.  | Arbor Realty SR, Inc.  | Arbor Realty SR, Inc.  |
| Series QIB, 9.00%, 10/15/2027 (a) | 10000000 | 9977182 |
| Series QIB, 5.00%, 12/30/2028 (a) | 1925000 | 1709956 |
| Great Ajax Operating Partnership LP Series <br> QIB, 9.88%, 9/1/2027 (a) (h)<br>| 1000000 | 980109 |
| ReadyCap Holdings LLC Series QIB, 9.38%, <br> 3/1/2028 (a)<br>| 12000000 | 11901187 |
| Resurgent 6.78%, 7/1/2030 ‡ | 5000000 | 5000000 |
| Starwood Property Trust, Inc. 7.25%, <br> 4/1/2029 (a)<br>| 1625000 | 1702925 |
|  |  | 31271359 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp.  | Ameren Corp.  | Ameren Corp.  |
| 1.95%, 3/15/2027 | 20000 | 19328 |
| 3.50%, 1/15/2031 | 1541000 | 1472407 |
| Ameren Illinois Co.  | Ameren Illinois Co.  | Ameren Illinois Co.  |
| 4.95%, 6/1/2033 | 750000 | 762871 |
| 5.55%, 7/1/2054 | 650000 | 637351 |
| Berkshire Hathaway Energy Co. 5.15%, <br> 11/15/2043<br>| 194000 | 184371 |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| Series E, 4.65%, 12/1/2048 | 225000 | 193577 |
| Series A, 4.13%, 5/15/2049 | 491000 | 384845 |
| Consumers Energy Co.  | Consumers Energy Co.  | Consumers Energy Co.  |
| 4.63%, 5/15/2033 | 365000 | 362342 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| 3.95%, 5/15/2043 | 1610000 | 1316295 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.51%), 7.00%, 6/1/2054 (c)<br>| 410000 | 438798 |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.39%), 6.88%, 2/1/2055 (c)<br>| 630000 | 658528 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.21%), 6.63%, 5/15/2055 (c)<br>| 5450000 | 5583045 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.26%), 6.00%, 2/15/2056 (c)<br>| 2656000 | 2681810 |
| DTE Energy Co.  | DTE Energy Co.  | DTE Energy Co.  |
| 4.95%, 7/1/2027 | 450000 | 455997 |
| 4.88%, 6/1/2028 | 500000 | 508553 |
| Engie SA (France) 5.25%, 4/10/2029 (a) | 715000 | 735104 |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| 5.25%, 3/30/2028 | 275000 | 282567 |
| 5.20%, 7/1/2029 | 650000 | 670604 |
| PG&E Energy Recovery Funding LLC Series <br> A-3, 2.82%, 7/15/2046<br>| 70000 | 50032 |
| Puget Sound Energy, Inc.  | Puget Sound Energy, Inc.  | Puget Sound Energy, Inc.  |
| 5.76%, 7/15/2040 | 140000 | 141229 |
| 5.45%, 6/1/2053 | 30000 | 28367 |
| 5.69%, 6/15/2054 | 3377000 | 3327117 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| 4.95%, 8/15/2028 | 350000 | 359214 |
| 2.95%, 8/15/2051 | 170000 | 106614 |
| 5.35%, 4/1/2053 | 4070000 | 3794265 |
| Sempra  | Sempra  | Sempra  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.79%), 6.88%, 10/1/2054 (c)<br>| 1960000 | 1988900 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.63%), 6.37%, 4/1/2056 (c)<br>| 856000 | 862896 |
| Southern Co. Gas Capital Corp. Series 21A, <br> 3.15%, 9/30/2051<br>| 710000 | 448546 |
| WEC Energy Group, Inc. 5.60%, 9/12/2026 | 113000 | 114402 |
|  |  | 28569975 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.25%, <br> 3/15/2026<br>| 94000 | 92672 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 53

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| Aker BP ASA (Norway) 5.80%, <br> 10/1/2054 (a)<br>| 475000 | 424095 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 3/1/2027 (a) | 470000 | 469886 |
| 5.75%, 1/15/2028 (a) | 580000 | 581598 |
| 5.38%, 6/15/2029 (a) | 1485000 | 1476142 |
| Antero Resources Corp. 7.63%, <br> 2/1/2029 (a)<br>| 1023000 | 1043429 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 6.63%, 10/15/2032 (a) | 245000 | 249412 |
| 6.63%, 7/15/2033 (a) | 342000 | 347166 |
| Baytex Energy Corp. (Canada) 8.50%, <br> 4/30/2030 (a)<br>| 1644000 | 1678055 |
| BG Energy Capital plc 5.13%, <br> 10/15/2041 (a)<br>| 2383000 | 2249591 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 6.63%, 7/15/2026 (a) | 850000 | 849980 |
| 7.00%, 7/15/2029 (a) | 236000 | 245526 |
| 7.25%, 7/15/2032 (a) | 175000 | 185716 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 4.81%, 2/13/2033 | 3760000 | 3771983 |
| 4.89%, 9/11/2033 | 710000 | 714099 |
| 5.23%, 11/17/2034 | 7680000 | 7844948 |
| 3.06%, 6/17/2041 | 630000 | 465826 |
| 3.00%, 2/24/2050 | 174000 | 110680 |
| 2.94%, 6/4/2051 | 567000 | 351287 |
| 3.00%, 3/17/2052 | 1085000 | 679426 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 870000 | 859516 |
| 4.13%, 12/1/2027 | 190000 | 186901 |
| 6.88%, 7/1/2029 (a) | 1200000 | 1243618 |
| California Resources Corp. 7.13%, <br> 2/1/2026 (a)<br>| 64000 | 63789 |
| Cheniere Corpus Christi Holdings LLC <br> 3.70%, 11/15/2029<br>| 6500000 | 6314265 |
| Cheniere Energy Partners LP  | Cheniere Energy Partners LP  | Cheniere Energy Partners LP  |
| 4.50%, 10/1/2029 | 2794000 | 2788089 |
| 4.00%, 3/1/2031 | 3000000 | 2891030 |
| 5.75%, 8/15/2034 | 12445000 | 12782104 |
| Cheniere Energy, Inc. 4.63%, 10/15/2028 | 5625000 | 5620587 |
| Chord Energy Corp. 6.75%, 3/15/2033 (a) | 710000 | 728187 |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| 8.38%, 7/1/2028 (a) | 315000 | 327133 |
| 8.63%, 11/1/2030 (a) | 1740000 | 1811415 |
| 8.75%, 7/1/2031 (a) | 2172000 | 2234384 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Columbia Pipelines Holding Co. LLC 5.10%, <br> 10/1/2031 (a)<br>| 667000 | 677431 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 6.04%, 11/15/2033 (a) | 5910000 | 6256154 |
| 6.50%, 8/15/2043 (a) | 210000 | 218283 |
| Comstock Resources, Inc. 6.75%, <br> 3/1/2029 (a)<br>| 1430000 | 1409759 |
| ConocoPhillips Co.  | ConocoPhillips Co.  | ConocoPhillips Co.  |
| 3.80%, 3/15/2052 | 990000 | 715629 |
| 5.55%, 3/15/2054 | 2340000 | 2220261 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 30000 | 29799 |
| 5.40%, 2/15/2035 | 2260000 | 2250539 |
| 5.90%, 2/15/2055 | 6010000 | 5606247 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (a) | 1845000 | 1919868 |
| 8.38%, 1/15/2034 (a) | 596000 | 604812 |
| Diamondback Energy, Inc. 4.40%, <br> 3/24/2051<br>| 800000 | 620566 |
| Diversified Gas & Oil Corp. 9.75%, <br> 4/9/2029 (k)<br>| 21250000 | 20722279 |
| DT Midstream, Inc.  | DT Midstream, Inc.  | DT Midstream, Inc.  |
| 4.13%, 6/15/2029 (a) | 1290000 | 1253723 |
| 4.38%, 6/15/2031 (a) | 1090000 | 1048689 |
| 4.30%, 4/15/2032 (a) | 3080000 | 2903575 |
| Eastern Energy Gas Holdings LLC 5.65%, <br> 10/15/2054<br>| 5420000 | 5174803 |
| Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| 8.63%, 1/19/2029 | 600000 | 650040 |
| 8.38%, 1/19/2036 | 757000 | 765478 |
| Enbridge, Inc. (Canada) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 4.43%), 8.50%, 1/15/2084 (c)<br>| 3275000 | 3704726 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 1050000 | 1082932 |
| 4.15%, 9/15/2029 | 1150000 | 1139692 |
| 5.95%, 5/15/2054 | 1000000 | 936312 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 6.50%, 2/15/2056 (c)<br>| 5215000 | 5181008 |
| Eni SpA (Italy) | Eni SpA (Italy) | Eni SpA (Italy) |
| 5.75%, 5/19/2035 (a) | 2774000 | 2864255 |
| 5.95%, 5/15/2054 (a) | 3665000 | 3557942 |
| Eni USA, Inc. (Italy) 7.30%, 11/15/2027 | 140000 | 148905 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| Series H, 6.65%, 10/15/2034 | 530000 | 596622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.55%, 2/16/2055 | 2285000 | 2180749 |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| 7.50%, 6/1/2027 (a) | 1245000 | 1267779 |
| 4.50%, 1/15/2029 (a) | 199000 | 198426 |
| 4.75%, 1/15/2031 (a) | 8711000 | 8649396 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 5.38%, 2/1/2029 | 1215000 | 1217290 |
| 5.88%, 2/1/2029 (a) | 650000 | 652860 |
| 6.75%, 4/15/2029 (a) | 1175000 | 1187790 |
| 5.38%, 3/15/2030 | 370000 | 373732 |
| 4.75%, 2/1/2032 | 9200000 | 8954669 |
| Exxon Mobil Corp. 4.23%, 3/19/2040 | 750000 | 674857 |
| Flex Intermediate Holdco LLC  | Flex Intermediate Holdco LLC  | Flex Intermediate Holdco LLC  |
| 3.36%, 6/30/2031 (a) | 15000 | 13708 |
| 4.32%, 12/30/2039 (a) | 20000 | 15925 |
| FS Luxembourg Sarl (Brazil) 8.63%, <br> 6/25/2033 (a)<br>| 1050000 | 1071189 |
| FS Luxembourg SARL (Brazil) 8.88%, <br> 2/12/2031 (a)<br>| 773000 | 810498 |
| Genesis Energy LP 7.75%, 2/1/2028 | 1435000 | 1450763 |
| Gray Oak Pipeline LLC 2.60%, <br> 10/15/2025 (a)<br>| 477000 | 475485 |
| Greenko Dutch BV (India) 3.85%, <br> 3/29/2026 (a)<br>| 352000 | 347952 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 1426000 | 1458895 |
| Harvest Midstream I LP 7.50%, <br> 5/15/2032 (a)<br>| 965000 | 993577 |
| Hess Corp.  | Hess Corp.  | Hess Corp.  |
| 4.30%, 4/1/2027 | 1350000 | 1353133 |
| 5.60%, 2/15/2041 | 7670000 | 7780443 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (a) | 185000 | 188101 |
| 5.50%, 10/15/2030 (a) | 1490000 | 1498100 |
| Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | 2399000 | 2367986 |
| Howard Midstream Energy Partners LLC <br> 7.38%, 7/15/2032 (a)<br>| 830000 | 865540 |
| Kinder Morgan, Inc.  | Kinder Morgan, Inc.  | Kinder Morgan, Inc.  |
| 5.15%, 6/1/2030 | 4660000 | 4792056 |
| 5.05%, 2/15/2046 | 550000 | 482586 |
| 3.25%, 8/1/2050 | 1000000 | 636151 |
| Kinetik Holdings LP  | Kinetik Holdings LP  | Kinetik Holdings LP  |
| 6.63%, 12/15/2028 (a) | 1090000 | 1121411 |
| 5.88%, 6/15/2030 (a) | 6649000 | 6705949 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.50%, 4/15/2032 (a) | 1550000 | 1572599 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 6.25%, 4/15/2033 (a) | 479000 | 482541 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 4.80%, 2/15/2031 | 5020000 | 5023776 |
| 4.95%, 3/14/2052 | 55000 | 45294 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (a)<br>| 298000 | 303977 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (a) | 710000 | 639450 |
| Northriver Midstream Finance LP (Canada) <br> 6.75%, 7/15/2032 (a)<br>| 195000 | 200259 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 5.63%, 4/28/2027 | 430000 | 432299 |
| 6.38%, 10/1/2030 | 1010000 | 1045746 |
| ONEOK Partners LP 6.65%, 10/1/2036 | 300000 | 324968 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 6.50%, 9/1/2030 (a) | 1550000 | 1668062 |
| 4.75%, 10/15/2031 | 1410000 | 1409981 |
| 5.60%, 4/1/2044 | 1975000 | 1811293 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 1324000 | 1377694 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 5.38%, 1/15/2026 (a) | 315000 | 314970 |
| 5.88%, 7/1/2029 (a) | 2175000 | 2175470 |
| 9.88%, 7/15/2031 (a) | 179000 | 194313 |
| 7.00%, 1/15/2032 (a) | 405000 | 419908 |
| 6.25%, 2/1/2033 (a) | 308000 | 313730 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (a) | 750060 | 713120 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 6.88%, 8/4/2026 | 300000 | 301230 |
| 5.35%, 2/12/2028 | 300000 | 293952 |
| 6.84%, 1/23/2030 | 1550000 | 1540700 |
| 5.95%, 1/28/2031 | 500000 | 468500 |
| 6.70%, 2/16/2032 | 2350000 | 2253532 |
| 10.00%, 2/7/2033 | 2800000 | 3126592 |
| 7.69%, 1/23/2050 | 4250000 | 3624357 |
| Pioneer Natural Resources Co. 1.90%, <br> 8/15/2030<br>| 2330000 | 2083240 |
| Raizen Fuels Finance SA (Brazil) 5.70%, <br> 1/17/2035 (a)<br>| 1114000 | 1017528 |
| Range Resources Corp. 8.25%, 1/15/2029 | 1275000 | 1308473 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |
| 4.95%, 7/15/2029 (a) | 510000 | 501803 |
| 4.80%, 5/15/2030 (a) | 440000 | 428428 |
| Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  |
| 5.00%, 3/15/2027 | 1225000 | 1231931 |
| 4.50%, 5/15/2030 | 4394000 | 4406705 |
| Shell Finance US, Inc. 3.75%, 9/12/2046 | 141000 | 108571 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 55

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.75%, 9/15/2026 | 275000 | 274504 |
| 6.63%, 1/15/2027 | 605000 | 605443 |
| 6.75%, 8/1/2029 (a) | 1480000 | 1494769 |
| 7.00%, 8/1/2032 (a) | 287000 | 289064 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 2715000 | 2738276 |
| 5.03%, 10/1/2029 | 250000 | 253121 |
| Suncor Energy, Inc. (Canada) 6.80%, <br> 5/15/2038<br>| 46000 | 49759 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 6.00%, 4/15/2027 | 200000 | 200161 |
| 5.88%, 3/15/2028 | 470000 | 471647 |
| 7.00%, 5/1/2029 (a) | 220000 | 228467 |
| 4.50%, 5/15/2029 | 195000 | 190075 |
| 4.50%, 4/30/2030 | 890000 | 860069 |
| 7.25%, 5/1/2032 (a) | 1230000 | 1301191 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 6.00%, 3/1/2027 (a) | 430000 | 429459 |
| 5.50%, 1/15/2028 (a) | 60000 | 59899 |
| 7.38%, 2/15/2029 (a) | 360000 | 370924 |
| 6.00%, 12/31/2030 (a) | 2035000 | 2004878 |
| 6.00%, 9/1/2031 (a) | 45000 | 44211 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 2.99%, 6/29/2041 | 270000 | 200230 |
| 3.46%, 7/12/2049 | 924000 | 649829 |
| TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) |
| 5.49%, 4/5/2054 | 5280000 | 5025924 |
| 5.64%, 4/5/2064 | 2705000 | 2594974 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 4.63%, 3/1/2034 | 1650000 | 1590438 |
| 5.85%, 3/15/2036 | 1000000 | 1036697 |
| Transcanada Trust (Canada) (SOFR + <br> 4.42%), 5.50%, 9/15/2079 (c)<br>| 6160000 | 6068226 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 3.88%, 8/15/2029 (a) | 507000 | 486056 |
| 3.88%, 11/1/2033 (a) | 1803000 | 1606124 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (a) | 3000000 | 3108609 |
| 9.50%, 2/1/2029 (a) | 465000 | 511228 |
| 7.00%, 1/15/2030 (a) | 420000 | 432787 |
| 8.38%, 6/1/2031 (a) | 1375000 | 1442620 |
| 9.88%, 2/1/2032 (a) | 650000 | 707771 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.50%, 1/15/2034 (a) | 2270000 | 2369805 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 6.75%, 1/15/2036 (a) | 495000 | 519478 |
| Vital Energy, Inc.  | Vital Energy, Inc.  | Vital Energy, Inc.  |
| 7.75%, 7/31/2029 (a) | 410000 | 409957 |
| 7.88%, 4/15/2032 (a) | 490000 | 482792 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 4.65%, 8/15/2032 | 2635000 | 2601535 |
| 5.80%, 11/15/2054 | 2000000 | 1937754 |
| 6.00%, 3/15/2055 | 3435000 | 3416095 |
|  |  | 287867026 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (a) | 731250 | 731805 |
| 7.25%, 2/15/2028 (a) | 245000 | 251353 |
| 5.75%, 4/20/2029 (a) | 4525000 | 4549974 |
| JetBlue Airways Corp. 9.88%, <br> 9/20/2031 (a)<br>| 680000 | 675712 |
| United Airlines Pass-Through Trust Series <br> 2016-2, Class A, 3.10%, 10/7/2028<br>| 6236 | 5880 |
| United Airlines, Inc. 4.63%, 4/15/2029 (a) | 1680000 | 1653277 |
|  |  | 7868001 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (a)<br>| 595000 | 592085 |
| Kenvue, Inc. 5.10%, 3/22/2043 | 300000 | 287617 |
| Perrigo Finance Unlimited Co.  | Perrigo Finance Unlimited Co.  | Perrigo Finance Unlimited Co.  |
| 4.90%, 6/15/2030 (h) | 765000 | 748668 |
| 6.13%, 9/30/2032 | 728000 | 732541 |
|  |  | 2360911 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 754000 | 782917 |
| Bausch Health Cos., Inc. 4.88%, <br> 6/1/2028 (a)<br>| 280000 | 252700 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 5.75%, 2/1/2031 | 500000 | 534824 |
| 5.20%, 2/22/2034 | 1760000 | 1807000 |
| 4.13%, 6/15/2039 | 629000 | 560374 |
| 2.35%, 11/13/2040 | 480000 | 330024 |
| 3.70%, 3/15/2052 | 975000 | 704190 |
| 5.55%, 2/22/2054 | 15185000 | 14642927 |
| 3.90%, 3/15/2062 | 180000 | 127746 |
| 6.40%, 11/15/2063 | 520000 | 556315 |
| 5.65%, 2/22/2064 | 2720000 | 2605226 |
| Eli Lilly & Co. 4.95%, 2/27/2063 | 740000 | 658055 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | 240000 | 189069 |
| 2.90%, 12/10/2061 | 605000 | 347395 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (a) | 700000 | 670352 |
| 5.13%, 4/30/2031 (a) | 1475000 | 1263904 |
| Pfizer Investment Enterprises Pte. Ltd.  | Pfizer Investment Enterprises Pte. Ltd.  | Pfizer Investment Enterprises Pte. Ltd.  |
| 4.75%, 5/19/2033 | 540000 | 541080 |
| 5.30%, 5/19/2053 | 3275000 | 3050786 |
| Pfizer, Inc. 4.40%, 5/15/2044 | 500000 | 435666 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 5.00%, 11/26/2028 | 1000000 | 1023420 |
| 5.65%, 7/5/2044 | 236000 | 236316 |
| 3.18%, 7/9/2050 | 743000 | 484806 |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| 2.00%, 5/15/2030 | 435000 | 394223 |
| 5.60%, 11/16/2032 | 214000 | 226401 |
| 5.00%, 8/17/2035 | 2040000 | 2031663 |
|  |  | 34457379 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Ontario Teachers' Cadillac Fairview <br> Properties Trust (Canada) 3.88%, <br> 3/20/2027 (a)<br>| 200000 | 198345 |
| Triad Properties Corp. 0.00%, 4/1/2052 ‡ | 4439151 | 4439152 |
|  |  | 4637497 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Camden Property Trust  | Camden Property Trust  | Camden Property Trust  |
| 5.85%, 11/3/2026 | 400000 | 407303 |
| 3.15%, 7/1/2029 | 130000 | 124907 |
| Essex Portfolio LP  | Essex Portfolio LP  | Essex Portfolio LP  |
| 2.65%, 3/15/2032 | 535000 | 472854 |
| 5.50%, 4/1/2034 | 2160000 | 2229261 |
| Mid-America Apartments LP 4.20%, <br> 6/15/2028<br>| 100000 | 100259 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 2.10%, 8/1/2032 | 45000 | 37957 |
| 5.13%, 9/1/2034 | 1740000 | 1746834 |
|  |  | 5119375 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.60%, 12/15/2026 | 39000 | 38748 |
| 5.60%, 10/15/2033 | 100000 | 104000 |
| 5.50%, 6/15/2034 | 220000 | 226455 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Retail REITs — continued** | **Retail REITs — continued** | **Retail REITs — continued** |
| 3.50%, 4/15/2051 | 1145000 | 780781 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 4.13%, 10/15/2026 | 44000 | 43936 |
| 3.25%, 1/15/2031 | 579000 | 547404 |
| 2.70%, 2/15/2032 | 780000 | 692975 |
| Regency Centers LP 3.70%, 6/15/2030 | 685000 | 667670 |
| Scentre Group Trust 1 (Australia) 3.25%, <br> 10/28/2025 (a)<br>| 160000 | 159670 |
|  |  | 3261639 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| Amkor Technology, Inc. 6.63%, <br> 9/15/2027 (a)<br>| 1444000 | 1442649 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (a)<br>| 1050000 | 1137072 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 2.45%, 2/15/2031 (a) | 7150000 | 6464521 |
| 3.47%, 4/15/2034 (a) | 1960000 | 1758008 |
| 3.14%, 11/15/2035 (a) | 7275000 | 6155461 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (a) | 500000 | 486155 |
| 5.95%, 6/15/2030 (a) | 1945000 | 1969999 |
| Foundry JV Holdco LLC 5.50%, <br> 1/25/2031 (a)<br>| 1235000 | 1282435 |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (a)<br>| 1143000 | 1143765 |
| KLA Corp.  | KLA Corp.  | KLA Corp.  |
| 4.65%, 7/15/2032 | 440000 | 443994 |
| 5.00%, 3/15/2049 | 100000 | 91537 |
| 3.30%, 3/1/2050 | 280000 | 193505 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 5.75%, 2/15/2029 | 550000 | 573800 |
| 4.75%, 7/15/2030 | 630000 | 635743 |
| 2.95%, 4/15/2031 | 8340000 | 7660875 |
| 5.45%, 7/15/2035 | 2259000 | 2297405 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| 750000 | 728788 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | 1280000 | 1221739 |
| TSMC Arizona Corp. (Taiwan) 2.50%, <br> 10/25/2031<br>| 960000 | 872006 |
| TSMC Global Ltd. (Taiwan) 1.00%, <br> 9/28/2027 (a)<br>| 380000 | 355790 |
|  |  | 36915247 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Cadence Design Systems, Inc. 4.30%, <br> 9/10/2029<br>| 1000000 | 1007245 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 57

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Elastic NV 4.13%, 7/15/2029 (a) | 1005000 | 965767 |
| Fair Isaac Corp. 6.00%, 5/15/2033 (a) | 785000 | 795533 |
| Intuit, Inc.  | Intuit, Inc.  | Intuit, Inc.  |
| 5.20%, 9/15/2033 | 1670000 | 1732032 |
| 5.50%, 9/15/2053 | 580000 | 568904 |
| Microsoft Corp. 2.50%, 9/15/2050 | 300000 | 182517 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | 1250000 | 1232292 |
| 5.13%, 4/15/2029 (a) | 1189000 | 1174058 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 2.65%, 7/15/2026 | 583000 | 574870 |
| 2.30%, 3/25/2028 | 15000 | 14336 |
| 2.88%, 3/25/2031 | 750000 | 687638 |
| 3.65%, 3/25/2041 | 7115000 | 5567629 |
| 3.95%, 3/25/2051 | 375000 | 270574 |
| 5.38%, 9/27/2054 | 3160000 | 2814748 |
| 4.38%, 5/15/2055 | 305000 | 232125 |
| 6.00%, 8/3/2055 | 7365000 | 7194710 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 1205000 | 1285909 |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 4.45%, 9/15/2030 | 1105000 | 1107282 |
| 1.75%, 2/15/2031 | 355000 | 307817 |
| 4.75%, 2/15/2032 | 440000 | 443091 |
| 4.90%, 10/15/2034 | 1720000 | 1702460 |
| Salesforce, Inc. 2.70%, 7/15/2041 | 1820000 | 1308512 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 1505000 | 1505482 |
| 6.50%, 6/1/2032 (a) | 535000 | 555167 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 2490000 | 2540248 |
| 5.15%, 4/1/2035 | 3602000 | 3633257 |
| 5.70%, 4/1/2055 | 1196000 | 1174269 |
| VMware LLC 4.65%, 5/15/2027 | 285000 | 286817 |
| Workday, Inc. 3.70%, 4/1/2029 | 172000 | 169332 |
|  |  | 41034621 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.45%, 9/15/2026 | 85000 | 82552 |
| 5.20%, 2/15/2029 | 600000 | 617022 |
| 5.00%, 1/31/2030 | 2500000 | 2558468 |
| 5.90%, 11/15/2033 | 100000 | 106246 |
| Crown Castle, Inc. 2.90%, 3/15/2027 | 270000 | 264466 |
| Equinix, Inc. 3.90%, 4/15/2032 | 280000 | 266583 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| Extra Space Storage LP 2.20%, <br> 10/15/2030<br>| 88000 | 78926 |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.88%, 9/15/2027 (a) | 495000 | 491838 |
| 5.25%, 3/15/2028 (a) | 590000 | 588602 |
| 5.00%, 7/15/2028 (a) | 1935000 | 1920398 |
| 6.25%, 1/15/2033 (a) | 516000 | 528018 |
| Millrose Properties, Inc. 6.38%, <br> 8/1/2030 (a)<br>| 580000 | 585220 |
| Public Storage Operating Co.  | Public Storage Operating Co.  | Public Storage Operating Co.  |
| 2.25%, 11/9/2031 | 90000 | 79631 |
| 5.10%, 8/1/2033 | 304000 | 313393 |
| SBA Communications Corp. 3.13%, <br> 2/1/2029<br>| 1015000 | 953867 |
|  |  | 9435230 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.50%, 3/1/2028 | 322000 | 318202 |
| 4.63%, 11/15/2029 (a) | 680000 | 660408 |
| AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  |
| 1.65%, 1/15/2031 | 500000 | 433144 |
| 5.40%, 7/15/2034 | 500000 | 513786 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 7.50%, 6/15/2029 | 923000 | 947881 |
| 6.63%, 10/1/2030 (a) | 1345000 | 1380765 |
| 6.88%, 11/1/2035 | 950000 | 989435 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ | 9606 |  |
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 1155000 | 1083223 |
| Home Depot, Inc. (The)  | Home Depot, Inc. (The)  | Home Depot, Inc. (The)  |
| 1.88%, 9/15/2031 | 770000 | 670741 |
| 4.95%, 6/25/2034 | 6110000 | 6214737 |
| 4.25%, 4/1/2046 | 301000 | 252805 |
| 3.63%, 4/15/2052 | 805000 | 583272 |
| Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | 525000 | 503416 |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| 1.75%, 3/15/2031 | 73000 | 63468 |
| 4.70%, 6/15/2032 | 90000 | 90099 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| 989000 | 943002 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | 1094000 | 1082645 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (a)<br>| 1580000 | 1535940 |
| TJX Cos., Inc. (The) 3.88%, 4/15/2030 | 160000 | 158838 |
|  |  | 18425807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 4.38%, 5/13/2045 | 429000 | 378838 |
| 2.65%, 2/8/2051 | 1480000 | 908082 |
| 2.70%, 8/5/2051 | 670000 | 413846 |
| 2.85%, 8/5/2061 | 750000 | 442028 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 4.09%, 6/1/2029 (a) | 165000 | 156616 |
| 3.13%, 7/15/2029 (a) | 335000 | 299825 |
| 8.25%, 12/15/2029 (a) | 1009000 | 1071755 |
| 4.13%, 1/15/2031 (a) | 114000 | 103912 |
| 8.50%, 7/15/2031 (a) | 655000 | 695078 |
| 9.63%, 12/1/2032 (a) | 155000 | 175975 |
| Xerox Holdings Corp. 8.88%, <br> 11/30/2029 (a)<br>| 480000 | 291750 |
|  |  | 4937705 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| William Carter Co. (The) 5.63%, <br> 3/15/2027 (a)<br>| 205000 | 204587 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  |
| 4.50%, 8/6/2030 | 2000000 | 2000491 |
| 2.45%, 2/4/2032 | 480000 | 417867 |
| 5.63%, 2/6/2035 | 5385000 | 5529911 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 2.26%, 3/25/2028 | 1045000 | 995582 |
| 4.39%, 8/15/2037 | 5529000 | 4993687 |
| 3.73%, 9/25/2040 | 2874000 | 2298217 |
| 5.65%, 3/16/2052 | 1080000 | 1001227 |
| Imperial Brands Finance plc (United <br> Kingdom) 5.88%, 7/1/2034 (a)<br>| 8860000 | 9156398 |
| Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) |
| 5.25%, 6/15/2030 (a) | 5140000 | 5337926 |
| 5.85%, 6/15/2035 (a) | 1490000 | 1573590 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 3.13%, 3/2/2028 | 459000 | 448885 |
| 5.75%, 11/17/2032 | 820000 | 868118 |
| 5.38%, 2/15/2033 | 1545000 | 1599367 |
| 5.63%, 9/7/2033 | 6640000 | 6969685 |
| 5.25%, 2/13/2034 | 3618000 | 3696666 |
| 4.38%, 11/15/2041 | 345000 | 301040 |
|  |  | 47188657 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| 5.50%, 7/15/2027 (a) | 1387000 | 1385496 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| 7.00%, 6/15/2030 (a) | 1590000 | 1654799 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 1555000 | 1515976 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| 765000 | 790096 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 1360000 | 1352498 |
| 5.25%, 1/15/2030 | 1305000 | 1308957 |
| 6.13%, 3/15/2034 (a) | 1880000 | 1947266 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (a) | 700000 | 710834 |
| 6.38%, 3/15/2029 (a) | 1015000 | 1045021 |
| 6.63%, 3/15/2032 (a) | 1640000 | 1700476 |
| 6.38%, 3/15/2033 (a) | 270000 | 280048 |
|  |  | 13691467 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 5.15%, 3/1/2034 | 500000 | 511577 |
| 5.45%, 3/1/2054 | 420000 | 403426 |
|  |  | 915003 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Digicel International Finance Ltd. (Jamaica) <br> 8.63%, 8/1/2032 (a)<br>| 2153000 | 2200726 |
| Hughes Satellite Systems Corp. 5.25%, <br> 8/1/2026<br>| 185000 | 179235 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 4.80%, 7/15/2028 | 2140000 | 2179993 |
| 2.63%, 2/15/2029 | 1493000 | 1413486 |
| 3.38%, 4/15/2029 | 3835000 | 3713422 |
| 5.20%, 1/15/2033 | 1050000 | 1069020 |
| 5.05%, 7/15/2033 | 355000 | 358642 |
| 6.70%, 12/15/2033 | 455000 | 503198 |
| 3.40%, 10/15/2052 | 1505000 | 995212 |
| 5.75%, 1/15/2054 | 665000 | 643573 |
| 5.50%, 1/15/2055 | 1500000 | 1400661 |
| Vodafone Group plc (United Kingdom) <br> 5.75%, 6/28/2054<br>| 1000000 | 955224 |
|  |  | 15612392 |
| Total Corporate Bonds <br>(Cost $2,228,384,355)<br>|  | 2265026490 |
| **Mortgage-Backed Securities — 24.3%** | **Mortgage-Backed Securities — 24.3%** | **Mortgage-Backed Securities — 24.3%** |
| FHLMC Gold Pools, 30 Year Pool # G60855, <br> 4.50%, 12/1/2045<br>| 53871 | 53180 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1158, 1.80%, 11/1/2028 | 4000000 | 3741313 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 59

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # WN2203, 3.75%, 8/1/2032 | 1200000 | 1152065 |
| Pool # WN3233, 3.19%, 7/1/2033 | 3994613 | 3701912 |
| Pool # WR2013, 4.25%, 11/1/2034 | 17000000 | 16533020 |
| Pool # N31271, 4.50%, 1/1/2036 | 11259 | 11235 |
| Pool # RE0003, 4.00%, 7/1/2049 | 1764291 | 1686027 |
| Pool # RE6055, 2.50%, 8/1/2050 | 12257576 | 10032985 |
| FHLMC UMBS, 15 Year Pool # SB1377, <br> 1.00%, 3/1/2037<br>| 12223963 | 10710913 |
| FHLMC UMBS, 20 Year Pool # SC0310, <br> 2.00%, 8/1/2042<br>| 787876 | 676899 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # SI2041, 3.00%, 10/1/2049 | 12547782 | 10975538 |
| Pool # QA5045, 4.00%, 11/1/2049 | 41329 | 39168 |
| Pool # RA1983, 3.00%, 2/1/2050 | 3581068 | 3140665 |
| Pool # QB1397, 2.50%, 7/1/2050 | 1884141 | 1567872 |
| Pool # SD8089, 2.50%, 7/1/2050 | 3806316 | 3194832 |
| Pool # QB1686, 2.50%, 8/1/2050 | 2651824 | 2235093 |
| Pool # QB2772, 2.50%, 8/1/2050 | 1961385 | 1651305 |
| Pool # SI2064, 3.00%, 8/1/2050 | 4136733 | 3621119 |
| Pool # RA5422, 3.00%, 6/1/2051 | 7353566 | 6433259 |
| Pool # SD0664, 3.00%, 8/1/2051 | 19645634 | 17034413 |
| Pool # QC7968, 2.50%, 10/1/2051 | 3535413 | 2972451 |
| Pool # RA6228, 2.50%, 11/1/2051 | 4519019 | 3789800 |
| Pool # QD0295, 3.00%, 11/1/2051 | 3833164 | 3353448 |
| Pool # RA6222, 3.00%, 11/1/2051 | 2921885 | 2541486 |
| Pool # SD0781, 3.00%, 11/1/2051 | 8519034 | 7427985 |
| Pool # SD2968, 2.00%, 12/1/2051 | 5916386 | 4769082 |
| Pool # RA6359, 2.50%, 12/1/2051 | 4312542 | 3596252 |
| Pool # RA6617, 2.50%, 1/1/2052 | 6029008 | 5060325 |
| Pool # RA6815, 2.50%, 2/1/2052 | 1327066 | 1113535 |
| Pool # SD3770, 2.50%, 3/1/2052 | 2042441 | 1717026 |
| Pool # QD8809, 3.00%, 3/1/2052 | 8531557 | 7475921 |
| Pool # SD2301, 3.50%, 3/1/2052 | 1147358 | 1044226 |
| Pool # SD7554, 2.50%, 4/1/2052 | 6102815 | 5166836 |
| Pool # QE1075, 3.00%, 4/1/2052 | 1333578 | 1164789 |
| Pool # SL1568, 2.50%, 5/1/2052 | 8034894 | 6736624 |
| Pool # SD1464, 3.00%, 5/1/2052 | 893396 | 781131 |
| Pool # SD1844, 3.00%, 6/1/2052 | 14552101 | 12698566 |
| Pool # RA7468, 4.00%, 6/1/2052 | 8579567 | 8020754 |
| Pool # RA7522, 4.50%, 6/1/2052 | 5103780 | 4930411 |
| Pool # SD3781, 4.00%, 7/1/2052 | 4415540 | 4128855 |
| Pool # SD1303, 4.50%, 7/1/2052 | 1252888 | 1211446 |
| Pool # SD1189, 5.00%, 7/1/2052 | 7662233 | 7593854 |
| Pool # SD1305, 5.00%, 7/1/2052 | 12556699 | 12442209 |
| Pool # QE8520, 3.50%, 8/1/2052 | 11807925 | 10684897 |
| Pool # SD4181, 3.50%, 8/1/2052 | 4798042 | 4371215 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # QE8091, 4.00%, 8/1/2052 | 1512280 | 1414095 |
| Pool # SD1725, 4.00%, 10/1/2052 | 1680286 | 1570930 |
| Pool # QF3433, 5.00%, 11/1/2052 | 1808976 | 1802251 |
| Pool # RA8766, 5.00%, 3/1/2053 | 1653264 | 1643360 |
| Pool # SD3567, 4.50%, 5/1/2053 | 3317540 | 3213142 |
| Pool # SD3879, 5.00%, 5/1/2053 | 8099664 | 8052807 |
| Pool # SL1477, 5.00%, 7/1/2053 | 39325150 | 39142263 |
| Pool # RA9669, 5.00%, 8/1/2053 | 3619189 | 3579051 |
| Pool # RA9626, 5.50%, 8/1/2053 | 6013253 | 6092779 |
| Pool # RJ1261, 5.00%, 4/1/2054 | 5310406 | 5249333 |
| Pool # RJ1756, 4.50%, 6/1/2054 | 5845149 | 5624838 |
| Pool # SD6729, 4.50%, 8/1/2054 | 9308970 | 9005380 |
| Pool # RJ2912, 5.50%, 11/1/2054 | 6349219 | 6432953 |
| Pool # RJ2914, 5.50%, 11/1/2054 | 10329594 | 10420445 |
| Pool # SL1998, 4.00%, 1/1/2055 (j) | 14851576 | 13920631 |
| Pool # SD7411, 5.50%, 1/1/2055 | 16343374 | 16470586 |
| FNMA / FHLMC UMBS, Single Family, 30 Year <br> TBA, 6.00%, 9/25/2055 (j)<br>| 49000000 | 50056619 |
| FNMA UMBS, 15 Year Pool # FM8445, <br> 3.00%, 4/1/2033<br>| 1563471 | 1541187 |
| FNMA UMBS, 20 Year Pool # MA3004, <br> 4.00%, 5/1/2037<br>| 249597 | 246331 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # AL2374, 4.00%, 12/1/2041 | 74192 | 72263 |
| Pool # AL4244, 4.00%, 7/1/2042 | 83009 | 80800 |
| Pool # BM1164, 3.50%, 12/1/2045 | 63772 | 59347 |
| Pool # MA3073, 4.50%, 7/1/2047 | 14369 | 14138 |
| Pool # BK4769, 5.00%, 8/1/2048 | 259624 | 261614 |
| Pool # BN5013, 5.00%, 1/1/2049 | 97199 | 98112 |
| Pool # BO1073, 4.50%, 6/1/2049 | 12690 | 12300 |
| Pool # BO3039, 3.00%, 7/1/2049 | 149894 | 130176 |
| Pool # BN6475, 4.00%, 7/1/2049 | 7400 | 7011 |
| Pool # BO2562, 4.00%, 7/1/2049 | 66581 | 63275 |
| Pool # BO4519, 4.00%, 8/1/2049 | 3326 | 3145 |
| Pool # BO2203, 3.50%, 9/1/2049 | 198496 | 181370 |
| Pool # FS1186, 3.50%, 1/1/2050 | 1429559 | 1293288 |
| Pool # FM3365, 3.00%, 3/1/2050 | 2453410 | 2151682 |
| Pool # CA5702, 2.50%, 5/1/2050 | 1109244 | 937420 |
| Pool # CA6417, 3.00%, 7/1/2050 | 3535547 | 3115089 |
| Pool # CA6587, 2.00%, 8/1/2050 | 1816426 | 1464232 |
| Pool # BQ0795, 2.50%, 9/1/2050 | 3888156 | 3277469 |
| Pool # CA6989, 2.50%, 9/1/2050 | 3952907 | 3348501 |
| Pool # FM5179, 2.00%, 12/1/2050 | 13143975 | 10595271 |
| Pool # BQ4516, 2.00%, 2/1/2051 | 7214083 | 5776946 |
| Pool # CB0193, 3.00%, 4/1/2051 | 10895784 | 9551193 |
| Pool # CB0674, 2.50%, 5/1/2051 | 29078459 | 24386373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CB0397, 3.00%, 5/1/2051 | 906410 | 792297 |
| Pool # FS5384, 2.50%, 6/1/2051 | 5130488 | 4330335 |
| Pool # BT2415, 2.50%, 7/1/2051 | 6031928 | 5042885 |
| Pool # FM7957, 2.50%, 7/1/2051 | 13149586 | 11079201 |
| Pool # CB1401, 3.00%, 8/1/2051 | 4938173 | 4339745 |
| Pool # CB1406, 3.00%, 8/1/2051 | 12320624 | 10769414 |
| Pool # CB1411, 3.00%, 8/1/2051 | 3175839 | 2776022 |
| Pool # CB1684, 3.00%, 9/1/2051 | 8303219 | 7264005 |
| Pool # MA4415, 3.00%, 9/1/2051 | 4115951 | 3583727 |
| Pool # BU0070, 2.50%, 10/1/2051 | 798520 | 667091 |
| Pool # FM9198, 2.50%, 11/1/2051 | 5524026 | 4659114 |
| Pool # FS5389, 2.50%, 11/1/2051 | 2462841 | 2065462 |
| Pool # CB2165, 3.00%, 11/1/2051 | 5003054 | 4404043 |
| Pool # FS0009, 3.50%, 11/1/2051 | 2701787 | 2450653 |
| Pool # FM9961, 3.00%, 12/1/2051 | 418659 | 363412 |
| Pool # MA4494, 3.00%, 12/1/2051 | 3454167 | 3016059 |
| Pool # FS4108, 4.00%, 12/1/2051 | 3244999 | 3040192 |
| Pool # CB2637, 2.50%, 1/1/2052 | 400348 | 336520 |
| Pool # FS0374, 2.50%, 1/1/2052 | 15882991 | 13395967 |
| Pool # FS9472, 2.50%, 1/1/2052 | 5742283 | 4813423 |
| Pool # BV0273, 3.00%, 1/1/2052 | 257867 | 223885 |
| Pool # BV0492, 3.00%, 1/1/2052 | 3499309 | 3058717 |
| Pool # CB2869, 2.50%, 2/1/2052 | 7879269 | 6624229 |
| Pool # MA4548, 2.50%, 2/1/2052 | 5673144 | 4736566 |
| Pool # BV3014, 3.00%, 2/1/2052 | 12965324 | 11323940 |
| Pool # BV3930, 3.00%, 2/1/2052 | 514269 | 447342 |
| Pool # BV0295, 3.50%, 2/1/2052 | 487742 | 446179 |
| Pool # FS7119, 2.50%, 3/1/2052 | 6027528 | 5052426 |
| Pool # FS7150, 2.50%, 3/1/2052 | 7960639 | 6676156 |
| Pool # FS7942, 2.50%, 3/1/2052 | 7597094 | 6401525 |
| Pool # CB3021, 3.00%, 3/1/2052 | 19781242 | 17272953 |
| Pool # FS0957, 3.00%, 3/1/2052 | 237751 | 206271 |
| Pool # FS1954, 3.00%, 3/1/2052 | 1479497 | 1310033 |
| Pool # FS4393, 3.00%, 3/1/2052 | 2665079 | 2317161 |
| Pool # CB3132, 3.50%, 3/1/2052 | 2606081 | 2360895 |
| Pool # FA2174, 2.50%, 4/1/2052 | 14724535 | 12376912 |
| Pool # FA1020, 3.00%, 4/1/2052 | 14367926 | 12646429 |
| Pool # FS1538, 3.00%, 4/1/2052 | 7581380 | 6626830 |
| Pool # BV7203, 3.50%, 4/1/2052 | 5380126 | 4867389 |
| Pool # CB3378, 4.00%, 4/1/2052 | 2782815 | 2601710 |
| Pool # CB3384, 4.00%, 4/1/2052 | 6402540 | 5985868 |
| Pool # BW6017, 3.50%, 5/1/2052 | 423718 | 386437 |
| Pool # CB3504, 3.50%, 5/1/2052 | 12365857 | 11230993 |
| Pool # CB3608, 3.50%, 5/1/2052 | 4330214 | 3925132 |
| Pool # FA1709, 3.00%, 6/1/2052 (j) | 18031397 | 15800342 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # FS8820, 3.00%, 7/1/2052 | 40535732 | 35344132 |
| Pool # BV9530, 4.00%, 7/1/2052 | 6592282 | 6158000 |
| Pool # FS2588, 4.50%, 8/1/2052 | 1406000 | 1359492 |
| Pool # FS3536, 4.50%, 8/1/2052 | 1577303 | 1528909 |
| Pool # CB4830, 4.50%, 9/1/2052 | 1232419 | 1188350 |
| Pool # FS3829, 4.50%, 9/1/2052 | 1256498 | 1214936 |
| Pool # CB4624, 5.00%, 9/1/2052 | 7400371 | 7342149 |
| Pool # CB4628, 5.00%, 9/1/2052 | 1966584 | 1954508 |
| Pool # FS2982, 5.00%, 9/1/2052 | 2612999 | 2591296 |
| Pool # BW7443, 4.50%, 10/1/2052 | 8342935 | 8048028 |
| Pool # CB4837, 5.00%, 10/1/2052 | 1436166 | 1430826 |
| Pool # BW1328, 5.00%, 11/1/2052 | 8064658 | 7990609 |
| Pool # BX0627, 5.00%, 11/1/2052 | 1716390 | 1705763 |
| Pool # CB5413, 4.00%, 12/1/2052 | 1893753 | 1770514 |
| Pool # CB5428, 4.50%, 12/1/2052 | 1898198 | 1833064 |
| Pool # BX3808, 5.00%, 3/1/2053 | 691129 | 686957 |
| Pool # BX3811, 5.00%, 3/1/2053 | 1483591 | 1472641 |
| Pool # CB5896, 5.00%, 3/1/2053 | 1685836 | 1669140 |
| Pool # BX3824, 5.50%, 3/1/2053 | 325033 | 329473 |
| Pool # CB5907, 5.50%, 3/1/2053 | 952792 | 966003 |
| Pool # BY4714, 5.00%, 6/1/2053 | 3020504 | 2979663 |
| Pool # BY4776, 5.00%, 7/1/2053 | 2853022 | 2814446 |
| Pool # BY4736, 5.50%, 7/1/2053 | 2607604 | 2641384 |
| Pool # BY7218, 5.00%, 9/1/2053 | 1516411 | 1497357 |
| Pool # FS7420, 6.00%, 1/1/2054 | 3100005 | 3183420 |
| Pool # DB3630, 5.50%, 6/1/2054 | 1949407 | 1979254 |
| Pool # DB4826, 5.50%, 11/1/2054 | 7565591 | 7613440 |
| Pool # DB4845, 5.00%, 12/1/2054 | 14829834 | 14754811 |
| Pool # DC6726, 5.00%, 12/1/2054 | 6745527 | 6686771 |
| Pool # FA0345, 5.50%, 2/1/2055 | 10522585 | 10645516 |
| Pool # FA2088, 4.50%, 6/1/2055 | 14089386 | 13605221 |
| Pool # CC0670, 4.00%, 7/1/2055 | 19694525 | 18413165 |
| Pool # CC0711, 5.50%, 7/1/2055 | 25270825 | 25657779 |
| Pool # CC0876, 6.00%, 8/1/2055 | 11992608 | 12344345 |
| FNMA, Other  |  |  |
| Pool # AM0414, 2.87%, 9/1/2027 | 383458 | 376480 |
| Pool # AN7560, 2.90%, 12/1/2027 | 174091 | 169629 |
| Pool # BS8981, 5.04%, 2/1/2029 | 3794989 | 3898400 |
| Pool # BL2367, 3.48%, 5/1/2029 | 512464 | 501794 |
| Pool # BS6079, 3.52%, 7/1/2029 | 2497136 | 2447451 |
| Pool # AN6730, 3.01%, 9/1/2029 | 1936139 | 1864309 |
| Pool # BS6621, 3.50%, 9/1/2029 | 4000000 | 3913968 |
| Pool # BS7011, 4.81%, 9/1/2029 | 2928054 | 2983425 |
| Pool # BS8075, 5.00%, 9/1/2029 | 1489116 | 1534761 |
| Pool # BZ1760, 4.82%, 11/1/2029 | 5508973 | 5655730 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 61

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS1577, 1.82%, 2/1/2030 | 825703 | 751679 |
| Pool # BS6827, 4.19%, 5/1/2030 | 890014 | 890401 |
| Pool # BS4878, 2.44%, 6/1/2030 | 572981 | 530895 |
| Pool # BZ3747, 4.33%, 6/1/2030 | 4961000 | 5004303 |
| Pool # BS8846, 4.09%, 7/1/2030 | 2500000 | 2490232 |
| Pool # BS9022, 4.46%, 7/1/2030 | 2640000 | 2670991 |
| Pool # 387898, 3.71%, 8/1/2030 | 624268 | 608621 |
| Pool # BS6088, 4.04%, 8/1/2030 | 4615000 | 4561074 |
| Pool # BS5171, 2.51%, 10/1/2030 | 1925000 | 1780885 |
| Pool # BS8033, 4.43%, 11/1/2030 | 3068921 | 3099157 |
| Pool # BS8306, 4.52%, 12/1/2030 | 2932542 | 2972977 |
| Pool # BS9296, 4.80%, 12/1/2030 | 2491260 | 2553087 |
| Pool # BL9645, 1.50%, 1/1/2031 | 100000 | 87356 |
| Pool # BL9627, 1.56%, 1/1/2031 | 500000 | 437791 |
| Pool # BS1731, 1.82%, 1/1/2031 | 932454 | 830577 |
| Pool # BS1304, 1.54%, 3/1/2031 | 1500000 | 1306742 |
| Pool # BS2422, 1.67%, 7/1/2031 | 1200000 | 1043238 |
| Pool # BS2898, 1.56%, 9/1/2031 | 1000000 | 859341 |
| Pool # BS4116, 2.28%, 10/1/2031 | 749551 | 670258 |
| Pool # BZ2139, 4.00%, 10/1/2031 | 11300000 | 11121301 |
| Pool # BS3612, 1.93%, 11/1/2031 | 1500000 | 1313015 |
| Pool # BM6857, 1.83%, 12/1/2031 (g) | 23279045 | 20295964 |
| Pool # BS4505, 1.93%, 1/1/2032 | 8000000 | 7020885 |
| Pool # BS4563, 2.01%, 1/1/2032 | 1100000 | 966734 |
| Pool # BS3464, 2.03%, 1/1/2032 | 1104046 | 970875 |
| Pool # BZ2889, 4.37%, 1/1/2032 | 5953676 | 5972466 |
| Pool # BZ2252, 4.65%, 1/1/2032 | 8636367 | 8773938 |
| Pool # BS4709, 2.22%, 2/1/2032 | 2000000 | 1763738 |
| Pool # BM7037, 1.76%, 3/1/2032 (g) | 1095250 | 947643 |
| Pool # BS4654, 2.39%, 3/1/2032 | 1401058 | 1256150 |
| Pool # BL6367, 1.82%, 4/1/2032 | 315219 | 273749 |
| Pool # BS5130, 2.55%, 4/1/2032 | 469259 | 426454 |
| Pool # BS5463, 3.34%, 5/1/2032 | 1698033 | 1610545 |
| Pool # BS5597, 3.59%, 5/1/2032 | 1170725 | 1118528 |
| Pool # BS5195, 2.80%, 6/1/2032 | 2008651 | 1824688 |
| Pool # BS5875, 3.66%, 6/1/2032 | 2062724 | 1977652 |
| Pool # BZ4362, 4.64%, 7/1/2032 | 2050000 | 2081726 |
| Pool # BZ2225, 4.83%, 7/1/2032 | 2000000 | 2047697 |
| Pool # BS6301, 3.67%, 8/1/2032 | 945000 | 904227 |
| Pool # BS6385, 3.89%, 8/1/2032 | 2381920 | 2326220 |
| Pool # BS6448, 3.93%, 8/1/2032 | 1550000 | 1507184 |
| Pool # BZ4488, 4.42%, 8/1/2032 | 11990000 | 11998952 |
| Pool # BZ4593, 4.72%, 8/1/2032 | 5541000 | 5632603 |
| Pool # BZ4518, 4.81%, 8/1/2032 | 5098000 | 5228603 |
| Pool # BS6502, 3.41%, 9/1/2032 | 2873981 | 2720580 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BS6335, 3.75%, 9/1/2032 | 1015345 | 983437 |
| Pool # BS6339, 3.80%, 9/1/2032 | 1056986 | 1019874 |
| Pool # BS6347, 4.03%, 9/1/2032 | 350000 | 338516 |
| Pool # BM6466, 1.33%, 10/1/2032 (g) | 11418361 | 9410380 |
| Pool # BS6417, 3.83%, 10/1/2032 | 2545436 | 2465848 |
| Pool # BS6951, 3.90%, 10/1/2032 | 13290000 | 12853135 |
| Pool # BS6759, 3.97%, 10/1/2032 | 867492 | 844748 |
| Pool # BZ1174, 5.33%, 10/1/2032 | 9916845 | 10358936 |
| Pool # BL8708, 1.40%, 11/1/2032 | 200000 | 163604 |
| Pool # BM6491, 1.46%, 11/1/2032 (g) | 13726135 | 11424259 |
| Pool # BS6995, 4.18%, 11/1/2032 | 1015000 | 1002157 |
| Pool # BS6849, 4.23%, 11/1/2032 | 768250 | 763706 |
| Pool # BS6815, 4.71%, 11/1/2032 | 1283000 | 1308791 |
| Pool # BS6994, 4.85%, 11/1/2032 | 661000 | 680245 |
| Pool # BS7095, 4.80%, 12/1/2032 | 1023597 | 1047692 |
| Pool # BM6552, 1.56%, 1/1/2033 (g) | 19031055 | 15885874 |
| Pool # BS7663, 4.71%, 1/1/2033 | 1963186 | 1999976 |
| Pool # AN8257, 3.26%, 2/1/2033 | 921841 | 861419 |
| Pool # BS7671, 4.76%, 2/1/2033 | 2177000 | 2221526 |
| Pool # BS8334, 4.71%, 3/1/2033 | 2368369 | 2400374 |
| Pool # BS1636, 2.25%, 4/1/2033 | 1138043 | 992330 |
| Pool # BS7740, 4.11%, 4/1/2033 | 2000000 | 1952811 |
| Pool # BS8277, 4.39%, 4/1/2033 | 3014000 | 3011644 |
| Pool # BS8157, 4.51%, 4/1/2033 | 2750000 | 2769340 |
| Pool # BS8256, 4.53%, 4/1/2033 | 2000000 | 1999376 |
| Pool # BS8055, 4.71%, 4/1/2033 | 1500000 | 1524418 |
| Pool # BS8250, 4.51%, 5/1/2033 | 1711062 | 1721715 |
| Pool # BS8152, 4.55%, 5/1/2033 | 2000000 | 2010903 |
| Pool # BS8703, 4.48%, 6/1/2033 | 3000000 | 3000064 |
| Pool # AN6000, 3.21%, 7/1/2033 | 931084 | 863197 |
| Pool # AN9725, 3.76%, 7/1/2033 | 96955 | 93458 |
| Pool # BS8883, 4.58%, 7/1/2033 | 2558000 | 2558338 |
| Pool # BS9146, 4.35%, 8/1/2033 | 2000000 | 1988871 |
| Pool # BS2496, 1.88%, 9/1/2033 | 25000000 | 20745557 |
| Pool # BS6038, 3.98%, 9/1/2033 | 2085000 | 1993529 |
| Pool # BS8897, 4.55%, 9/1/2033 | 3115000 | 3138448 |
| Pool # BS9616, 4.79%, 9/1/2033 | 1203000 | 1224398 |
| Pool # BS9470, 4.45%, 10/1/2033 | 3000000 | 3000449 |
| Pool # BS9182, 4.52%, 10/1/2033 | 1216000 | 1222019 |
| Pool # BS9310, 4.64%, 10/1/2033 | 1718898 | 1741550 |
| Pool # BS4197, 2.14%, 12/1/2033 | 483978 | 413065 |
| Pool # BS4110, 2.13%, 1/1/2034 | 12200000 | 10368923 |
| Pool # BZ0419, 4.25%, 1/1/2034 | 5000000 | 4908081 |
| Pool # BZ0410, 4.52%, 1/1/2034 | 10440000 | 10446567 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 3625000 | 3584611 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BZ0420, 4.60%, 2/1/2034 | 20000000 | 20105814 |
| Pool # BZ0401, 4.52%, 3/1/2034 | 15000000 | 14989674 |
| Pool # BZ0567, 4.94%, 5/1/2034 | 6240000 | 6378225 |
| Pool # BL3625, 2.89%, 9/1/2034 | 2107000 | 1867061 |
| Pool # BL3756, 2.92%, 9/1/2034 | 4927901 | 4390790 |
| Pool # BS6427, 3.75%, 9/1/2034 | 1010000 | 948699 |
| Pool # BL3772, 2.92%, 10/1/2034 | 677397 | 607280 |
| Pool # BZ2226, 4.46%, 11/1/2034 | 9304217 | 9309871 |
| Pool # BZ3308, 5.22%, 3/1/2035 | 9946581 | 10297860 |
| Pool # BZ4215, 5.09%, 6/1/2035 | 4620000 | 4761348 |
| Pool # BZ4219, 5.20%, 6/1/2035 | 10979786 | 11356579 |
| Pool # BS5018, 2.88%, 10/1/2035 | 750000 | 636765 |
| Pool # AN7345, 3.21%, 11/1/2037 | 593144 | 526090 |
| Pool # MA1072, 3.50%, 5/1/2042 | 7244 | 6745 |
| Pool # BF0163, 5.00%, 11/1/2046 | 6458402 | 6561332 |
| Pool # BF0533, 2.50%, 11/1/2050 | 1053094 | 895624 |
| Pool # BF0230, 5.50%, 1/1/2058 | 330144 | 342403 |
| Pool # BF0300, 4.00%, 8/1/2058 | 4846280 | 4559831 |
| Pool # BF0400, 4.00%, 8/1/2059 | 528222 | 491768 |
| Pool # BF0440, 3.00%, 1/1/2060 | 4372285 | 3781529 |
| Pool # BF0497, 3.00%, 7/1/2060 | 59118 | 50939 |
| Pool # BF0520, 3.00%, 1/1/2061 | 2553011 | 2199682 |
| Pool # BF0560, 2.50%, 9/1/2061 | 1535099 | 1220090 |
| Pool # BF0562, 3.50%, 9/1/2061 | 722607 | 641264 |
| Pool # BF0583, 4.00%, 12/1/2061 | 748787 | 693768 |
| Pool # BF0586, 5.00%, 12/1/2061 | 700776 | 694507 |
| Pool # BF0617, 2.50%, 3/1/2062 | 2759465 | 2193208 |
| Pool # BF0759, 2.50%, 5/1/2062 | 7054308 | 5606701 |
| Pool # BF0677, 4.00%, 9/1/2062 | 2493477 | 2310255 |
| Pool # BF0736, 4.00%, 6/1/2063 | 17172361 | 15910517 |
| Pool # BF0770, 4.50%, 9/1/2063 | 10324819 | 9928710 |
| Pool # BF0787, 4.50%, 12/1/2063 | 14170088 | 13679123 |
| Pool # BF0804, 3.00%, 4/1/2064 | 9394784 | 8047955 |
| Pool # BF0808, 4.00%, 4/1/2064 | 17202974 | 16119968 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.50%, 9/25/2055 (j) | 50640000 | 42038144 |
| TBA, 5.50%, 9/25/2055 (j) | 55000000 | 55309636 |
| GNMA I, 30 Year  |  |  |
| Pool # 783473, 3.50%, 11/15/2041 | 3679280 | 3445885 |
| Pool # 785994, 4.00%, 2/15/2052 | 7628504 | 7161163 |
| Pool # CO1928, 5.50%, 10/15/2052 | 1164441 | 1229149 |
| Pool # CR2369, 6.00%, 1/15/2053 | 1631749 | 1755993 |
| GNMA II  |  |  |
| Pool # CE9366, ARM, 5.48%, <br> 10/20/2071 (g)<br>| 4762074 | 4927127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # CH4945, ARM, 5.49%, <br> 10/20/2071 (g)<br>| 6355375 | 6575055 |
| Pool # CH7776, ARM, 5.59%, <br> 10/20/2071 (g)<br>| 5877011 | 6110320 |
| Pool # CJ7125, ARM, 5.64%, <br> 10/20/2071 (g)<br>| 466584 | 485695 |
| Pool # CJ7141, ARM, 5.57%, <br> 11/20/2071 (g)<br>| 420344 | 436429 |
| Pool # CE9384, ARM, 5.65%, <br> 11/20/2071 (g)<br>| 703208 | 732776 |
| Pool # CE5557, ARM, 5.73%, <br> 11/20/2071 (g)<br>| 106583 | 111384 |
| Pool # CK7234, ARM, 5.54%, <br> 2/20/2072 (g)<br>| 6388385 | 6625749 |
| Pool # CK2792, ARM, 5.72%, <br> 3/20/2072 (g)<br>| 854198 | 894710 |
| Pool # CO0363, ARM, 5.89%, <br> 7/20/2072 (g)<br>| 769803 | 812953 |
| GNMA II, 30 Year  |  |  |
| Pool # AJ9020, 4.50%, 10/20/2044 | 31233 | 30158 |
| Pool # BB3525, 4.00%, 9/20/2047 | 18750 | 17607 |
| Pool # AY2413, 4.25%, 10/20/2048 | 1434846 | 1365050 |
| Pool # BJ9820, 4.20%, 1/20/2049 | 1004596 | 938479 |
| Pool # BM2418, 4.00%, 8/20/2049 | 13071 | 12431 |
| Pool # BN7049, 4.50%, 8/20/2049 | 115622 | 112852 |
| Pool # BP7160, 4.50%, 9/20/2049 | 63313 | 63260 |
| Pool # CH1162, 3.50%, 6/20/2050 | 211117 | 199309 |
| Pool # BZ6343, 2.00%, 11/20/2050 | 2965434 | 2392123 |
| Pool # CB8492, 3.50%, 1/20/2051 | 1567728 | 1488308 |
| Pool # CB8531, 3.50%, 2/20/2051 | 688986 | 645023 |
| Pool # CC9803, 4.00%, 4/20/2051 | 206803 | 193960 |
| Pool # MA7534, 2.50%, 8/20/2051 | 3649008 | 3111854 |
| Pool # CH1291, 3.50%, 9/20/2051 | 699301 | 641605 |
| Pool # CH1293, 3.50%, 9/20/2051 | 2479987 | 2318265 |
| Pool # CH1292, 3.50%, 10/20/2051 | 999618 | 924166 |
| Pool # MA7705, 2.50%, 11/20/2051 | 5051835 | 4308177 |
| Pool # MA7706, 3.00%, 11/20/2051 | 9431247 | 8355331 |
| Pool # CH7863, 3.50%, 12/20/2051 | 633729 | 580073 |
| Pool # CI2080, 3.50%, 12/20/2051 | 716006 | 643072 |
| Pool # CH0876, 3.00%, 1/20/2052 | 92195 | 81803 |
| Pool # CH0877, 3.00%, 1/20/2052 | 244538 | 216897 |
| Pool # CH0878, 3.00%, 1/20/2052 | 227732 | 201706 |
| Pool # CJ3916, 3.00%, 1/20/2052 | 678778 | 615884 |
| Pool # CK2608, 3.00%, 1/20/2052 | 424767 | 377009 |
| Pool # CK4909, 3.00%, 1/20/2052 | 92574 | 81995 |
| Pool # CK4916, 3.00%, 1/20/2052 | 186810 | 165461 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 571222 | 520036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 63

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CK4918, 3.50%, 1/20/2052 | 61996 | 56753 |
| Pool # CK7137, 4.00%, 1/20/2052 | 391328 | 360401 |
| Pool # CK2667, 3.00%, 2/20/2052 | 539832 | 478140 |
| Pool # CK2672, 3.50%, 2/20/2052 | 559272 | 511531 |
| Pool # MA7936, 2.50%, 3/20/2052 | 26243336 | 22380172 |
| Pool # CM2154, 3.00%, 3/20/2052 | 701744 | 620231 |
| Pool # CM2278, 3.50%, 4/20/2052 | 771230 | 704738 |
| Pool # CO4826, 5.00%, 6/20/2052 | 522081 | 517616 |
| Pool # MA8148, 3.00%, 7/20/2052 | 24166043 | 21409181 |
| Pool # CO4847, 5.00%, 7/20/2052 | 815673 | 808698 |
| Pool # MA8200, 4.00%, 8/20/2052 | 1574393 | 1482267 |
| Pool # MA8264, 2.50%, 9/20/2052 | 8846113 | 7543916 |
| Pool # CO1924, 4.50%, 10/20/2052 | 1152266 | 1155567 |
| Pool # CP8517, 4.50%, 10/20/2052 | 954227 | 909966 |
| Pool # CO1925, 5.00%, 10/20/2052 | 957587 | 990722 |
| Pool # MA8423, 2.50%, 11/20/2052 | 14733813 | 12570164 |
| Pool # CO8957, 5.00%, 12/20/2052 | 6234865 | 6127727 |
| Pool # MA8797, 3.50%, 4/20/2053 | 16023837 | 14705059 |
| Pool # 786842, 4.00%, 4/20/2053 | 7463047 | 6881060 |
| Pool # MA8873, 2.50%, 5/20/2053 | 15614182 | 13315688 |
| Pool # CS4305, 5.50%, 6/20/2053 | 2219515 | 2241567 |
| Pool # CV0175, 6.50%, 6/20/2053 | 978212 | 1032179 |
| Pool # MA9011, 2.50%, 7/20/2053 | 17190805 | 14663548 |
| Pool # CS4391, 5.50%, 7/20/2053 | 2763322 | 2790777 |
| Pool # CW7288, 6.50%, 9/20/2053 | 1097704 | 1142147 |
| Pool # MA9299, 2.50%, 10/20/2053 | 8078148 | 6893156 |
| Pool # MA9419, 3.50%, 1/20/2054 | 6792898 | 6272254 |
| Pool # DD2409, 6.50%, 6/20/2054 | 1199763 | 1230146 |
| Pool # MA9960, 3.00%, 10/20/2054 | 17571199 | 15574098 |
| Pool # MB0142, 3.00%, 1/20/2055 | 9538257 | 8450133 |
| Pool # DI1025, 5.50%, 8/20/2055 | 1259533 | 1278840 |
| Pool # DI1026, 5.50%, 8/20/2055 | 1497695 | 1520653 |
| Pool # DI1029, 6.00%, 8/20/2055 | 2479737 | 2551446 |
| Pool # DL8784, 6.50%, 8/20/2055 | 5000000 | 5193371 |
| Pool # DL8785, 6.50%, 8/20/2055 | 5039018 | 5230811 |
| GNMA II, Other  |  |  |
| Pool # CN0983, 3.50%, 4/20/2062 | 12801991 | 11448395 |
| Pool # 787496, 6.00%, 7/20/2064 | 3178065 | 3222177 |
| GNMA II, Single Family, 30 Year TBA, <br> 5.00%, 9/15/2055 (j)<br>| 31025000 | 30709851 |
| Total Mortgage-Backed Securities <br>(Cost $1,820,944,058)<br>|  | 1831070193 |
| **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** |
| ACC Trust Series 2022-1, Class C, 3.24%, <br> 10/20/2025 (a)<br>| 842135 | 208182 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| ACRE Commercial Mortgage Ltd. Series <br> 2021-FL4, Class B, 6.37%, <br> 12/18/2037 (a) (g)<br>| 179355 | 177671 |
| Air Canada Pass-Through Trust (Canada) <br> Series 2017-1, Class AA, 3.30%, <br> 1/15/2030 (a)<br>| 320800 | 303040 |
| Ajax Mortgage Loan Trust Series 2021-G, <br> Class A, 4.88%, 6/25/2061 (a) (g)<br>| 3941374 | 3937767 |
| American Airlines Pass-Through Trust Series <br> 2015-2, Class A, 4.00%, 9/22/2027<br>| 154877 | 150849 |
| American Credit Acceptance Receivables <br> Trust<br>|  |  |
| Series 2022-2, Class E, 6.57%, <br> 6/13/2028 (a)<br>| 300000 | 300562 |
| Series 2022-3, Class D, 5.83%, <br> 10/13/2028 (a)<br>| 190326 | 190972 |
| Series 2023-3, Class D, 6.82%, <br> 10/12/2029 (a)<br>| 1955000 | 2001794 |
| American Homes 4 Rent Trust Series <br> 2015-SFR2, Class A, 3.73%, <br> 10/17/2052 (a)<br>| 84576 | 84330 |
| AMSR Trust |  |  |
| Series 2023-SFR2G, Class G1, 4.50%, <br> 8/19/2028 ‡<br>| 3000000 | 2536254 |
| Series 2020-SFR5, Class D, 2.18%, <br> 11/17/2037 (a)<br>| 3000000 | 2979293 |
| Series 2020-SFR5, Class F, 2.69%, <br> 11/17/2037 (a)<br>| 1500000 | 1489509 |
| Series 2021-SFR1, Class F, 3.60%, <br> 6/17/2038 (a)<br>| 4000000 | 3795309 |
| Series 2021-SFR3, Class C, 1.80%, <br> 10/17/2038 (a)<br>| 1900000 | 1829577 |
| Series 2021-SFR4, Class F1, 3.16%, <br> 12/17/2038 (a)<br>| 6000000 | 5749061 |
| Series 2022-SFR1, Class F, 6.02%, <br> 3/17/2039 (a)<br>| 750000 | 745630 |
| Series 2022-SFR3, Class D, 4.00%, <br> 10/17/2039 (a)<br>| 2120000 | 2058664 |
| Series 2022-SFR3, Class E1, 4.00%, <br> 10/17/2039 (a)<br>| 1400000 | 1356784 |
| Series 2022-SFR3, Class E2, 4.00%, <br> 10/17/2039 (a)<br>| 3504000 | 3382317 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (a)<br>| 7000000 | 6650238 |
| Series 2023-SFR1, Class E2, 4.00%, <br> 4/17/2040 (a)<br>| 2505000 | 2376759 |
| Series 2023-SFR1, Class F, 4.00%, <br> 4/17/2040 (a)<br>| 7750000 | 7268242 |
| Series 2023-SFR2, Class E1, 3.95%, <br> 6/17/2040 (a)<br>| 3300000 | 3132665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class B, 3.47%, <br> 7/16/2040 (a)<br>| 111798 | 109346 |
| Series 2019-A, Class D, 6.07%, <br> 7/16/2040 (a)<br>| 2279141 | 2275942 |
| Series 2020-AA, Class D, 7.15%, <br> 7/17/2046 (a)<br>| 2611718 | 2655371 |
| AutoNation Finance Trust Series 2025-1A, <br> Class D, 5.63%, 9/10/2032 (a)<br>| 1491000 | 1522218 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class C, 6.01%, <br> 10/20/2028 (a)<br>| 1200000 | 1218415 |
| Series 2023-4A, Class D, 7.31%, <br> 6/20/2029 (a)<br>| 3000000 | 3058721 |
| Bastion Funding I LLC Series 2023-1A, <br> Class A2, 7.12%, 4/25/2038 ‡ (a)<br>| 1886124 | 1898565 |
| BG Beta Ltd. (Cayman Islands) |  |  |
| 6.28%, 7/16/2054 ‡ | 3822000 | 3917076 |
| 7.12%, 7/16/2054 ‡ | 4016481 | 4087572 |
| Bridge Trust |  |  |
| Series 2022-SFR1, Class A, 3.40%, <br> 11/17/2037 (a)<br>| 7355084 | 7317306 |
| Series 2025-SFR1, Class E, 4.35%, <br> 9/17/2042 (a)<br>| 6025000 | 5539404 |
| Bridgecrest Lending Auto Securitization <br> Trust<br>|  |  |
| Series 2023-1, Class C, 7.10%, <br> 8/15/2029<br>| 5000000 | 5116015 |
| Series 2024-3, Class D, 5.83%, <br> 5/15/2030<br>| 3937000 | 4028661 |
| Series 2024-1, Class E, 8.43%, <br> 10/15/2030 (a)<br>| 6990000 | 7350867 |
| Series 2025-1, Class D, 5.64%, <br> 11/15/2030<br>| 12700000 | 12939786 |
| Series 2024-2, Class E, 8.21%, <br> 1/15/2031 (a)<br>| 6000000 | 6336947 |
| Series 2024-3, Class E, 7.70%, <br> 4/15/2031 (a)<br>| 12000000 | 12510556 |
| Business Jet Securities LLC |  |  |
| Series 2024-2A, Class B, 5.75%, <br> 9/15/2039 ‡ (a)<br>| 12707352 | 12673391 |
| Series 2024-2A, Class C, 7.97%, <br> 9/15/2039 ‡ (a)<br>| 1249470 | 1252434 |
| BXG Receivables Note Trust |  |  |
| Series 2020-A, Class C, 4.22%, <br> 2/28/2036 (a)<br>| 1119099 | 1103184 |
| Series 2022-A, Class A, 4.12%, <br> 9/28/2037 (a)<br>| 2565967 | 2541912 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-A, Class C, 7.38%, <br> 11/15/2038 (a)<br>| 1192442 | 1222321 |
| CarMax Auto Owner Trust Series 2023-4, <br> Class A3, 6.00%, 7/17/2028<br>| 699305 | 708453 |
| Carvana Auto Receivables Trust |  |  |
| Series 2022-P1, Class A4, 3.52%, <br> 2/10/2028<br>| 3487275 | 3471406 |
| Series 2023-P2, Class A4, 5.38%, <br> 3/12/2029 (a)<br>| 2000000 | 2033596 |
| Series 2023-P3, Class A4, 5.71%, <br> 7/10/2029 (a)<br>| 709000 | 727684 |
| Series 2023-N3, Class C, 6.55%, <br> 12/10/2029 (a)<br>| 3489000 | 3548477 |
| Cascade MH Asset Trust |  |  |
| Series 2019-MH1, Class B, 5.00%, <br> 11/25/2044 ‡ (a) (g)<br>| 401843 | 375738 |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (a)<br>| 636825 | 577614 |
| Series 2022-MH1, Class M, 4.25%, <br> 8/25/2054 ‡ (a) (h)<br>| 856329 | 694483 |
| Series 2024-MH1, Class B1, 7.50%, <br> 11/25/2056 (a) (g)<br>| 2402000 | 2514277 |
| Series 2024-MH1, Class B2, 8.36%, <br> 11/25/2056 (a) (g)<br>| 2414000 | 2423046 |
| Continental Finance Credit Card ABS Master <br> Trust Series 2022-A, Class A, 6.19%, <br> 10/15/2030 (a)<br>| 825000 | 827247 |
| CoreVest American Finance Trust |  |  |
| Series 2019-1, Class E, 5.73%, <br> 3/15/2052 (a) (g)<br>| 551000 | 542607 |
| Series 2019-2, Class E, 5.31%, <br> 6/15/2052 (a) (g)<br>| 1043000 | 974792 |
| Series 2019-3, Class E, 4.86%, <br> 10/15/2052 (a) (g)<br>| 570000 | 526409 |
| CPS Auto Receivables Trust |  |  |
| Series 2022-D, Class D, 8.73%, <br> 1/16/2029 (a)<br>| 1000000 | 1039759 |
| Series 2023-A, Class D, 6.44%, <br> 4/16/2029 (a)<br>| 723000 | 736300 |
| Series 2023-D, Class C, 7.17%, <br> 1/15/2030 (a)<br>| 4100000 | 4166534 |
| Series 2022-C, Class C, 5.28%, <br> 4/15/2030 (a)<br>| 293641 | 293902 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (a)<br>| 1000000 | 1021426 |
| Series 2023-1A, Class C, 7.71%, <br> 7/15/2033 (a)<br>| 1675000 | 1719028 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 65

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2023-2A, Class C, 7.15%, <br> 9/15/2033 (a)<br>| 1500000 | 1537066 |
| Series 2023-3A, Class C, 7.62%, <br> 12/15/2033 (a)<br>| 2700000 | 2801609 |
| Series 2023-5A, Class C, 7.30%, <br> 4/17/2034 (a)<br>| 4820000 | 5000614 |
| 7.68%, 4/17/2034 ‡ | 5000000 | 5075000 |
| Credit One Ltd., 6.47%, 2/25/2029 ‡ (a) | 5000000 | 5075000 |
| DataBank Issuer Series 2021-1A, Class A2, <br> 2.06%, 2/27/2051 (a)<br>| 250000 | 246208 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (a)<br>| 83904 | 83750 |
| Series 2021-1A, Class D, 3.83%, <br> 11/21/2033 (a)<br>| 73600 | 73487 |
| DLLAA LLC Series 2023-1A, Class A3, <br> 5.64%, 2/22/2028 (a)<br>| 1265000 | 1279787 |
| DP Lion Holdco LLC Series 2023-1A, Class B, <br> 12.73%, 11/30/2043 ‡<br>| 1176215 | 1209149 |
| Drive Auto Receivables Trust Series 2024-2, <br> Class D, 4.94%, 5/17/2032<br>| 5800000 | 5840283 |
| DT Auto Owner Trust |  |  |
| Series 2022-3A, Class C, 7.69%, <br> 7/17/2028 (a)<br>| 605911 | 608925 |
| Series 2023-1A, Class D, 6.44%, <br> 11/15/2028 (a)<br>| 1440000 | 1465348 |
| Series 2023-2A, Class D, 6.62%, <br> 2/15/2029 (a)<br>| 1600000 | 1641319 |
| Series 2023-2A, Class E, 11.06%, <br> 4/15/2030 (a)<br>| 3000000 | 3212074 |
| Series 2023-3A, Class E, 10.21%, <br> 5/15/2030 (a)<br>| 3300000 | 3519892 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class C, 2.09%, <br> 8/27/2035 (a)<br>| 188948 | 179350 |
| Series 2021-A, Class D, 3.32%, <br> 8/27/2035 (a)<br>| 67482 | 63865 |
| Energy Assets, 8.11%, 8/25/2044 ‡ | 1440698 | 1472043 |
| Enterprise Fleet Financing LLC Series <br> 2025-2, Class A4, 4.58%, <br> 12/22/2031 (a)<br>| 6720000 | 6812203 |
| EQV ABS Issuer LLC, 10.76%, <br> 12/15/2040 ‡<br>| 5500000 | 5500000 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-2A, Class C, 5.75%, <br> 7/17/2028<br>| 915560 | 919834 |
| Series 2022-3A, Class D, 6.76%, <br> 9/15/2028<br>| 1000000 | 1013643 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2022-5A, Class D, 7.40%, <br> 2/15/2029<br>| 1000000 | 1017934 |
| Series 2022-6A, Class D, 8.03%, <br> 4/6/2029<br>| 1291000 | 1332161 |
| Series 2023-4A, Class D, 6.95%, <br> 12/17/2029<br>| 1205000 | 1245157 |
| Series 2024-2A, Class D, 5.92%, <br> 2/15/2030<br>| 5370000 | 5500116 |
| Series 2022-4A, Class E, 8.23%, <br> 3/15/2030 (a)<br>| 1000000 | 1026553 |
| Series 2024-1A, Class D, 5.84%, <br> 6/17/2030<br>| 9486000 | 9721425 |
| Series 2023-4A, Class E, 9.57%, <br> 2/18/2031 (a)<br>| 1120000 | 1230525 |
| Exeter Select Automobile Receivables Trust |  |  |
| Series 2025-1, Class B, 4.87%, <br> 8/15/2031<br>| 3500000 | 3542822 |
| Series 2025-1, Class C, 5.40%, <br> 8/15/2031<br>| 1800000 | 1840772 |
| FHF Issuer Trust |  |  |
| Series 2023-2A, Class B, 7.49%, <br> 11/15/2029 (a)<br>| 4550000 | 4745427 |
| Series 2024-1A, Class B, 6.26%, <br> 3/15/2030 (a)<br>| 807000 | 833742 |
| FHF Trust Series 2022-2A, Class A, 6.14%, <br> 12/15/2027 (a)<br>| 176701 | 177455 |
| First Investors Auto Owner Trust |  |  |
| Series 2021-2A, Class C, 1.47%, <br> 11/15/2027 (a)<br>| 1743486 | 1726556 |
| Series 2023-1A, Class C, 6.81%, <br> 12/17/2029 (a)<br>| 1300000 | 1343389 |
| FirstKey Homes Trust |  |  |
| Series 2020-SFR1, Class H, PO, <br> 8/17/2037 ‡ (a)<br>| 7656000 | 7630264 |
| Series 2020-SFR1, Class E, 2.79%, <br> 8/17/2037 (a)<br>| 2300000 | 2294470 |
| Series 2020-SFR1, Class F1, 3.64%, <br> 8/17/2037 (a)<br>| 2201000 | 2195377 |
| Series 2020-SFR2, Class E, 2.67%, <br> 10/19/2037 (a)<br>| 8800000 | 8739388 |
| Series 2020-SFR2, Class F1, 3.02%, <br> 10/19/2037 (a)<br>| 1000000 | 993393 |
| Series 2020-SFR2, Class F2, 3.12%, <br> 10/19/2037 (a)<br>| 560000 | 556226 |
| Series 2022-SFR3, Class F1, PO, <br> 7/17/2038 ‡ (a)<br>| 7000000 | 6593601 |
| Series 2022-SFR3, Class F2, PO, <br> 7/17/2038 ‡ (a)<br>| 3000000 | 2818199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2022-SFR3, Class D, 3.50%, <br> 7/17/2038 (a)<br>| 1250000 | 1226958 |
| Series 2022-SFR3, Class E1, 3.50%, <br> 7/17/2038 (a)<br>| 4500000 | 4400226 |
| Series 2021-SFR1, Class E1, 2.39%, <br> 8/17/2038 (a)<br>| 500000 | 486503 |
| Series 2021-SFR1, Class F1, 3.24%, <br> 8/17/2038 (a)<br>| 1668000 | 1632128 |
| Series 2021-SFR1, Class F2, 3.45%, <br> 8/17/2038 (a)<br>| 4712000 | 4616831 |
| Series 2021-SFR1, Class F3, 3.69%, <br> 8/17/2038 (a)<br>| 5000000 | 4891332 |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (a)<br>| 635000 | 613369 |
| Series 2021-SFR2, Class E2, 2.36%, <br> 9/17/2038 (a)<br>| 814000 | 784999 |
| Series 2021-SFR2, Class F2, 3.16%, <br> 9/17/2038 (a)<br>| 7886000 | 7597337 |
| Series 2022-SFR1, Class F1, PO, <br> 5/19/2039 ‡ (a)<br>| 6000000 | 5334965 |
| Series 2022-SFR1, Class F2, PO, <br> 5/19/2039 ‡ (a)<br>| 2600000 | 2289069 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (a)<br>| 3165000 | 3130509 |
| Series 2022-SFR1, Class E2, 5.00%, <br> 5/19/2039 (a)<br>| 3094000 | 3046124 |
| Series 2022-SFR2, Class E2, 4.50%, <br> 7/17/2039 (a)<br>| 492000 | 479035 |
| Series 2022-SFR2, Class F1, 4.50%, <br> 7/17/2039 (a)<br>| 6600000 | 6381060 |
| Series 2022-SFR2, Class F2, 4.50%, <br> 7/17/2039 (a)<br>| 3000000 | 2887786 |
| Series 2022-SFR2, Class G, 4.50%, <br> 7/17/2039 (a)<br>| 4710000 | 4474704 |
| Flagship Credit Auto Trust |  |  |
| Series 2020-4, Class D, 2.18%, <br> 2/16/2027 (a)<br>| 106861 | 106293 |
| Series 2021-4, Class C, 1.96%, <br> 12/15/2027 (a)<br>| 348350 | 344914 |
| Series 2023-2, Class C, 5.81%, <br> 5/15/2029 (a)<br>| 535000 | 539858 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-GT1, Class B, 4.36%, <br> 7/25/2026 (a) (g)<br>| 1900000 | 1805192 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (a) (g)<br>| 6900000 | 6991097 |
| Series 2022-GT1, Class A, 6.19%, <br> 4/25/2027 (a)<br>| 7000000 | 7059251 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2022-GT1, Class B, 7.17%, <br> 4/25/2027 (a)<br>| 600000 | 607971 |
| Series 2022-GT2, Class B, 10.07%, <br> 7/25/2027 (a)<br>| 1000000 | 1037873 |
| Foundation Finance Trust |  |  |
| Series 2021-1A, Class C, 2.99%, <br> 5/15/2041 (a)<br>| 301898 | 287801 |
| Series 2023-1A, Class D, 9.18%, <br> 12/15/2043 (a)<br>| 1464149 | 1566335 |
| Series 2024-1A, Class C, 6.53%, <br> 12/15/2049 (a)<br>| 517912 | 536642 |
| Series 2024-1A, Class D, 8.13%, <br> 12/15/2049 (a)<br>| 4669695 | 4921885 |
| FREED ABS Trust Series 2022-1FP, Class D, <br> 3.35%, 3/19/2029 (a)<br>| 163471 | 162663 |
| FRTKL Series 2021-SFR1, Class D, 2.17%, <br> 9/17/2038 (a)<br>| 1000000 | 967887 |
| FW Energy Asset Issuer LLC, 7.15%, <br> 8/25/2044 ‡<br>| 4482912 | 4568083 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-1A, Class D, 3.97%, <br> 1/18/2028 (a)<br>| 3179989 | 3169563 |
| Series 2021-2A, Class E, 2.87%, <br> 5/15/2028 (a)<br>| 1500000 | 1485298 |
| Series 2023-2A, Class E, 9.37%, <br> 1/15/2030 (a)<br>| 2000000 | 2166034 |
| Series 2023-1A, Class E, 11.42%, <br> 3/15/2030 (a)<br>| 1500000 | 1655461 |
| Series 2025-1A, Class D, 5.61%, <br> 11/15/2030 (a)<br>| 1700000 | 1738728 |
| Series 2025-2A, Class D, 5.59%, <br> 1/15/2031 (a)<br>| 14300000 | 14564563 |
| Series 2025-1A, Class E, 7.19%, <br> 3/15/2032 (a)<br>| 1200000 | 1238455 |
| GLS Auto Select Receivables Trust |  |  |
| Series 2024-1A, Class B, 5.32%, <br> 3/15/2030 (a)<br>| 1000000 | 1016518 |
| Series 2024-1A, Class C, 5.69%, <br> 3/15/2030 (a)<br>| 300000 | 307040 |
| Series 2024-1A, Class D, 6.43%, <br> 1/15/2031 (a)<br>| 705000 | 735188 |
| Goodleap, 11.00%, 7/15/2042 ‡ | 3404080 | 3492824 |
| GoodLeap Home Improvement Solutions <br> Trust Series 2025-1A, Class A, 5.38%, <br> 2/20/2049 (a)<br>| 6832729 | 6941061 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (a) (g)<br>| 15436201 | 15595859 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 67

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Hertz Vehicle Financing LLC Series <br> 2023-3A, Class A, 5.94%, <br> 2/25/2028 (a)<br>| 1397000 | 1420434 |
| HGI CRE CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-FL3, Class B, 6.94%, <br> 4/20/2037 (a) (g)<br>| 1000000 | 1000475 |
| Series 2022-FL3, Class E, 8.64%, <br> 4/20/2037 (a) (g)<br>| 663500 | 660042 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-1D, Class D, 6.79%, <br> 6/20/2034 (a)<br>| 114650 | 114152 |
| Series 2022-2A, Class D, 8.73%, <br> 1/25/2037 (a)<br>| 217087 | 222602 |
| Series 2020-AA, Class C, 6.42%, <br> 2/25/2039 (a)<br>| 88432 | 89581 |
| Series 2024-1B, Class D, 8.85%, <br> 9/15/2039 (a)<br>| 2262930 | 2332490 |
| HIN Timeshare Trust |  |  |
| Series 2020-A, Class D, 5.50%, <br> 10/9/2039 (a)<br>| 297143 | 292251 |
| Series 2020-A, Class E, 6.50%, <br> 10/9/2039 (a)<br>| 854285 | 822821 |
| HINNT LLC |  |  |
| Series 2022-A, Class D, 6.50%, <br> 5/15/2041 (a)<br>| 301340 | 298939 |
| Series 2022-A, Class E, 8.00%, <br> 5/15/2041 (a)<br>| 1179970 | 1152156 |
| Series 2024-A, Class D, 7.00%, <br> 3/15/2043 (a)<br>| 1360300 | 1353261 |
| Series 2024-A, Class E, 8.00%, <br> 3/15/2043 (a)<br>| 1474566 | 1418382 |
| Series 2025-A, Class D, 8.22%, <br> 3/15/2044 (a)<br>| 2846299 | 2888707 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class D, 2.65%, <br> 12/17/2026 (a)<br>| 9594956 | 9262238 |
| Series 2021-2, Class F, 3.80%, <br> 12/17/2026 (a)<br>| 10266603 | 9935215 |
| Series 2022-1, Class D, 4.73%, <br> 4/17/2039 (a)<br>| 3330639 | 3287808 |
| Series 2019-2, Class A, 2.70%, <br> 10/19/2039 (a)<br>| 1433779 | 1417638 |
| Series 2021-3, Class D, 3.00%, <br> 1/17/2041 (a)<br>| 3777000 | 3524577 |
| Huntington Bank Auto Credit-Linked Notes <br> Series 2025-2, Class B1, 4.84%, <br> 9/20/2033 (a)<br>| 17330000 | 17372179 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Invitation Homes Trust |  |  |
| Series 2024-SFR1, Class B, 4.00%, <br> 9/17/2041 (a)<br>| 4195000 | 4068829 |
| Series 2024-SFR1, Class E, 4.50%, <br> 9/17/2041 (a)<br>| 5580000 | 5343669 |
| John Deere Owner Trust Series 2023-B, <br> Class A4, 5.11%, 5/15/2030<br>| 2200000 | 2227902 |
| Jonah Energy ABS LLC |  |  |
| Series 2024-1A, Class B, 11.24%, <br> 8/10/2039 ‡ (a)<br>| 5318077 | 5341477 |
| Series 2022-1, Class C, 12.66%, <br> 8/10/2039 ‡ (a)<br>| 8000000 | 8078400 |
| Series 2025-1A, Class A2, 7.36%, <br> 12/10/2040 ‡ (a)<br>| 7505234 | 7644831 |
| Series 2025-1A, Class B, 11.25%, <br> 12/10/2040 ‡ (a)<br>| 4597482 | 4587367 |
| Lending Funding Trust |  |  |
| Series 2020-2A, Class A, 2.32%, <br> 4/21/2031 (a)<br>| 3750000 | 3673171 |
| Series 2020-2A, Class D, 6.77%, <br> 4/21/2031 (a)<br>| 4000000 | 4037890 |
| Lendingpoint Asset Securitization Trust <br> Series 2022-A, Class D, 4.54%, <br> 6/15/2029 (a)<br>| 527633 | 308283 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class A, 1.90%, <br> 11/20/2031 (a)<br>| 844000 | 813837 |
| Series 2021-1A, Class D, 5.05%, <br> 11/20/2031 (a)<br>| 4370000 | 4172482 |
| Series 2021-2A, Class B, 2.37%, <br> 4/20/2032 (a)<br>| 1545000 | 1449472 |
| Series 2021-2A, Class D, 4.46%, <br> 4/20/2032 (a)<br>| 8300000 | 7714220 |
| Series 2024-2A, Class E, 8.47%, <br> 2/21/2034 (a)<br>| 7303000 | 7557232 |
| Series 2025-1A, Class E, 8.91%, <br> 9/20/2034 (a)<br>| 4745000 | 4979464 |
| Mariner Finance issuance Trust Series <br> 2024-BA, Class E, 8.80%, <br> 11/20/2038 (a)<br>| 6480000 | 6834483 |
| Mariner Finance Issuance Trust |  |  |
| Series 2023-AA, Class E, 11.12%, <br> 10/22/2035 (a)<br>| 1500000 | 1571812 |
| Series 2021-AA, Class B, 2.33%, <br> 3/20/2036 (a)<br>| 1300000 | 1250781 |
| Series 2021-AA, Class C, 2.96%, <br> 3/20/2036 (a)<br>| 370000 | 355963 |
| Series 2021-AA, Class D, 3.83%, <br> 3/20/2036 (a)<br>| 651000 | 627969 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-AA, Class E, 5.40%, <br> 3/20/2036 (a)<br>| 6040000 | 5851801 |
| Series 2021-BA, Class E, 4.68%, <br> 11/20/2036 (a)<br>| 7815000 | 7269969 |
| Marlette Funding Trust |  |  |
| Series 2023-1A, Class C, 7.20%, <br> 4/15/2033 (a)<br>| 959814 | 965910 |
| Series 2023-2A, Class C, 6.96%, <br> 6/15/2033 (a)<br>| 375000 | 378056 |
| Merchants Fleet Funding LLC Series <br> 2023-1A, Class A, 7.21%, <br> 5/20/2036 (a)<br>| 1755475 | 1767475 |
| Mercury Financial Credit Card Master Trust <br> Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (a)<br>| 5785000 | 5832523 |
| Mission Lane Credit Card Master Trust Series <br> 2025-B, Class A, 5.06%, 9/15/2031 (a)<br>| 5825000 | 5860177 |
| MNR ABS Issuer I LLC, 12.44%, <br> 12/15/2038 ‡<br>| 2573461 | 2607431 |
| MVW LLC |  |  |
| Series 2020-1A, Class C, 4.21%, <br> 10/20/2037 (a)<br>| 50700 | 50140 |
| Series 2020-1A, Class D, 7.14%, <br> 10/20/2037 (a)<br>| 506998 | 507604 |
| Series 2019-2A, Class B, 2.44%, <br> 10/20/2038 (a)<br>| 23391 | 23149 |
| Series 2023-1A, Class C, 6.54%, <br> 10/20/2040 (a)<br>| 1257108 | 1291350 |
| Series 2022-2A, Class C, 7.62%, <br> 10/21/2041 (a)<br>| 359359 | 369366 |
| Series 2022-2A, Class D, 9.00%, <br> 10/21/2041 (a)<br>| 872524 | 883852 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2022-SFR1, Class D, 3.30%, <br> 2/17/2039 (a)<br>| 340000 | 328192 |
| Series 2022-SFR1, Class E1, 3.55%, <br> 2/17/2039 (a)<br>| 420000 | 406281 |
| Series 2022-SFR1, Class F, 4.44%, <br> 2/17/2039 (a)<br>| 5650000 | 5515645 |
| Nissan Auto Lease Trust Series 2023-B, <br> Class A4, 5.61%, 11/15/2027<br>| 800000 | 801111 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (a)<br>| 88133 | 87569 |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (a)<br>| 875350 | 852009 |
| NRZ FHT Excess LLC Series 2020-FHT1, <br> Class A, 4.21%, 11/25/2025 (a)<br>| 1029239 | 1024965 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Octane Receivables Trust |  |  |
| Series 2022-2A, Class C, 6.29%, <br> 7/20/2028 (a)<br>| 1390000 | 1402577 |
| Series 2022-2A, Class D, 7.70%, <br> 2/20/2030 (a)<br>| 2000000 | 2059769 |
| Series 2024-1A, Class D, 6.43%, <br> 10/21/2030 (a)<br>| 3000000 | 3089119 |
| OneMain Direct Auto Receivables Trust <br> Series 2019-1A, Class B, 3.95%, <br> 11/14/2028 (a)<br>| 1000000 | 996330 |
| Oneslt, 8.00%, 12/15/2030 ‡ | 5987709 | 5987709 |
| Oportun Funding Trust Series 2024-3, <br> Class B, 5.48%, 8/15/2029 (a)<br>| 3617000 | 3625190 |
| Oportun Issuance Trust |  |  |
| Series 2024-1A, Class C, 7.42%, <br> 4/8/2031 (a)<br>| 1200000 | 1205621 |
| Series 2021-B, Class B, 1.96%, <br> 5/8/2031 (a)<br>| 120524 | 118037 |
| Series 2021-B, Class C, 3.65%, <br> 5/8/2031 (a)<br>| 1571337 | 1553814 |
| Series 2022-A, Class C, 7.40%, <br> 6/9/2031 (a)<br>| 755000 | 768512 |
| Series 2021-C, Class A, 2.18%, <br> 10/8/2031 (a)<br>| 1788986 | 1752030 |
| Series 2024-2, Class D, 10.47%, <br> 2/9/2032 (a)<br>| 3000000 | 3147876 |
| Series 2025-A, Class D, 7.25%, <br> 2/8/2033 (a)<br>| 13659000 | 13693019 |
| Pagaya AI Technology in Housing Trust <br> Series 2023-1, Class E2, 3.60%, <br> 10/25/2040 (a)<br>| 8159000 | 7434379 |
| Porsche Financial Auto Securitization Trust |  |  |
| Series 2023-1A, Class A3, 4.81%, <br> 9/22/2028 (a)<br>| 759970 | 761817 |
| Series 2023-2A, Class A3, 5.79%, <br> 1/22/2029 (a)<br>| 378175 | 381618 |
| Prestige Auto Receivables Trust Series <br> 2022-1A, Class C, 7.09%, <br> 8/15/2028 (a)<br>| 682162 | 683928 |
| PRET LLC |  |  |
| Series 2021-RN3, Class A1, 4.84%, <br> 9/25/2051 (a) (h)<br>| 541862 | 541808 |
| Series 2025-NPL3, Class A1, 6.71%, <br> 4/25/2055 (a) (h)<br>| 18640315 | 18902700 |
| PRET Trust Series 2025-NPL1, Class A1, <br> 6.06%, 2/25/2055 (a) (h)<br>| 9622470 | 9705439 |
| Progress Residential |  |  |
| Series 2021-SFR3, Class E1, 2.54%, <br> 5/17/2026 (a)<br>| 450000 | 444858 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 69

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-SFR3, Class E2, 2.69%, <br> 5/17/2026 (a)<br>| 645000 | 637329 |
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E2, 4.80%, <br> 4/17/2027 (a)<br>| 651000 | 634333 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (a) (g)<br>| 9905000 | 9135228 |
| Series 2021-SFR5, Class E1, 2.21%, <br> 7/17/2038 (a)<br>| 950000 | 928967 |
| Series 2021-SFR5, Class E2, 2.36%, <br> 7/17/2038 (a)<br>| 270000 | 264083 |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (a)<br>| 2650000 | 2579991 |
| Series 2022-SFR3, Class D, 4.45%, <br> 4/17/2039 (a)<br>| 1090000 | 1071089 |
| Series 2022-SFR3, Class E2, 5.60%, <br> 4/17/2039 (a)<br>| 4160000 | 4141308 |
| Series 2022-SFR3, Class F, 6.60%, <br> 4/17/2039 (a)<br>| 665000 | 663486 |
| Series 2021-SFR7, Class E1, 2.59%, <br> 8/17/2040 (a)<br>| 793000 | 741984 |
| Series 2023-SFR2, Class E1, 4.75%, <br> 10/17/2040 (a)<br>| 3769000 | 3688121 |
| Series 2021-SFR9, Class F, 4.05%, <br> 11/17/2040 (a)<br>| 10450000 | 10020412 |
| Series 2022-SFR1, Class E2, 3.99%, <br> 2/17/2041 (a)<br>| 5750000 | 5473183 |
| Series 2022-SFR1, Class F, 4.88%, <br> 2/17/2041 (a)<br>| 10750000 | 10454665 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (a) (g)<br>| 3434000 | 3229229 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (a) (g)<br>| 4136000 | 3831542 |
| Series 2025-SFR2, Class E1, 3.72%, <br> 4/17/2042 (a) (g)<br>| 4897239 | 4504832 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2042 (a)<br>| 963000 | 889285 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A2, 6.53%, <br> 4/5/2040 ‡ (a)<br>| 5972197 | 6074322 |
| Series 2025-1, Class B, 10.28%, <br> 4/5/2040 ‡ (a)<br>| 10674009 | 10674009 |
| RCO Mortgage LLC Series 2025-2, Class A1, <br> 6.51%, 4/25/2030 (a) (h)<br>| 7501604 | 7524953 |
| Reach ABS Trust |  |  |
| Series 2025-2A, Class C, 5.69%, <br> 8/18/2032 (a)<br>| 10563000 | 10682308 |
| Series 2025-2A, Class D, 7.31%, <br> 8/18/2032 (a)<br>| 1000000 | 1016137 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| ReadyCap Lending Small Business Loan Trust <br> Series 2019-2, Class A, 7.00%, <br> 12/27/2044 (a) (g)<br>| 14026 | 14016 |
| Regional Management Issuance Trust |  |  |
| Series 2021-1, Class D, 5.07%, <br> 3/17/2031 (a)<br>| 825000 | 818901 |
| Series 2022-1, Class B, 3.71%, <br> 3/15/2032 (a)<br>| 1358000 | 1345108 |
| Renew |  |  |
| Series 2023-1A, Class A, 5.90%, <br> 11/20/2058 ‡ (a)<br>| 2651076 | 2623726 |
| Series 2024-2A, Class B, 8.22%, <br> 11/20/2060 ‡ (a)<br>| 1822075 | 1832307 |
| RFT TRUST |  |  |
| Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (a) (h)<br>| 4481307 | 4476601 |
| Series 2024-2, Class A2, 8.81%, <br> 9/27/2028 (a) (h)<br>| 7869372 | 7861432 |
| RT Fin LLC, 7.85%, 10/15/2043 ‡ | 1488469 | 1516326 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2024-S1, Class R2, 8.32%, <br> 3/16/2029 (a)<br>| 1436847 | 1438998 |
| Series 2022-4, Class C, 5.00%, <br> 11/15/2029<br>| 5000000 | 5026325 |
| Series 2023-2, Class C, 5.47%, <br> 12/16/2030<br>| 1500000 | 1522294 |
| Series 2022-5, Class D, 5.67%, <br> 12/16/2030<br>| 6000000 | 6058897 |
| Series 2022-6, Class D, 5.69%, <br> 2/18/2031<br>| 6200000 | 6259973 |
| Series 2025-3, Class D, 5.11%, <br> 9/15/2031<br>| 4800000 | 4839092 |
| Series 2024-4, Class D, 5.32%, <br> 12/15/2031<br>| 2230000 | 2266412 |
| SCF Equipment Leasing LLC |  |  |
| Series 2023-1A, Class B, 6.37%, <br> 5/20/2032 (a)<br>| 4000000 | 4131329 |
| Series 2024-1A, Class D, 6.58%, <br> 6/21/2033 (a)<br>| 3322000 | 3496364 |
| Series 2024-1A, Class E, 9.00%, <br> 12/20/2034 (a)<br>| 4300000 | 4614050 |
| Series 2022-2A, Class E, 6.50%, <br> 6/20/2035 (a)<br>| 1112000 | 1114020 |
| Series 2022-2A, Class F1, 6.50%, <br> 6/20/2035 (a)<br>| 5000000 | 4984966 |
| Series 2023-1A, Class E, 7.00%, <br> 7/21/2036 (a)<br>| 5400000 | 5413121 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class D, 3.17%, <br> 11/20/2037 (a)<br>| 78978 | 78211 |
| Series 2022-1A, Class D, 6.00%, <br> 10/20/2038 (a)<br>| 141688 | 141031 |
| Series 2022-3A, Class D, 10.52%, <br> 7/20/2039 (a)<br>| 227560 | 239801 |
| Series 2023-1A, Class D, 9.80%, <br> 1/20/2040 (a)<br>| 847558 | 889474 |
| Series 2023-2A, Class D, 9.72%, <br> 4/20/2040 (a)<br>| 421657 | 443415 |
| Series 2022-2A, Class D, 9.22%, <br> 6/20/2040 (a)<br>| 144907 | 148949 |
| Series 2024-2A, Class D, 7.48%, <br> 6/20/2041 (a)<br>| 1514134 | 1540847 |
| Series 2024-3A, Class D, 6.93%, <br> 8/20/2041 (a)<br>| 1228989 | 1239567 |
| Series 2025-2A, Class D, 6.79%, <br> 4/20/2044 (a)<br>| 3815843 | 3861423 |
| SpringCastle America Funding LLC Series <br> 2020-AA, Class A, 1.97%, <br> 9/25/2037 (a)<br>| 292730 | 276968 |
| STAR Trust |  |  |
| Series 2025-SFR5, Class A, 5.81%, <br> 2/17/2042 (a) (g)<br>| 6491000 | 6495057 |
| Series 2025-SFR5, Class B, 6.11%, <br> 2/17/2042 (a) (g)<br>| 4000000 | 4005000 |
| Series 2025-SFR5, Class C, 6.31%, <br> 2/17/2042 (a) (g)<br>| 1000000 | 1000819 |
| Tesla Auto Lease Trust Series 2023-B, <br> Class A4, 6.22%, 3/22/2027 (a)<br>| 3300000 | 3314528 |
| Tricon American Homes Series 2020-SFR1, <br> Class E, 3.54%, 7/17/2038 (a)<br>| 300000 | 295204 |
| Tricon Residential Trust Series 2025-SFR1, <br> Class C, 5.96%, 3/17/2042 (a) (g)<br>| 5750000 | 5762946 |
| United Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 4.00%, <br> 4/11/2026<br>| 91061 | 90878 |
| Series 2014-2, Class A, 3.75%, <br> 9/3/2026<br>| 519372 | 514292 |
| Series 2018-1, Class A, 3.70%, <br> 3/1/2030<br>| 10204 | 9577 |
| Series 2024-1, Class AA, 5.45%, <br> 2/15/2037<br>| 1865387 | 1911304 |
| United Auto Credit Securitization Trust Series <br> 2022-2, Class E, 10.00%, <br> 4/10/2029 (a)<br>| 1000000 | 461021 |
| UOG ABS Issuer LLC Series 2023-1, <br> Class A1, 8.35%, 6/5/2040 ‡ (a)<br>| 719325 | 740545 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Upstart Securitization Trust Series 2025-1, <br> Class A, 5.45%, 4/20/2035 (a)<br>| 4808988 | 4840782 |
| US Auto Funding Trust |  |  |
| Series 2022-1A, Class B, 5.13%, <br> 12/15/2025 ‡ (a)<br>| 700000 | 295241 |
| Series 2022-1A, Class D, 9.14%, <br> 7/15/2027 ‡ (a)<br>| 1000000 | 10 |
| VistaJet Pass Through Trust Series 2021-1C, <br> 9.50%, 8/15/2031 (a)<br>| 5460000 | 5450838 |
| VOLT CII LLC Series 2021-NP11, Class A1, <br> 5.87%, 8/25/2051 (a) (h)<br>| 1128931 | 1128433 |
| VOLT CV LLC Series 2021-CF2, Class A1, <br> 5.49%, 11/27/2051 (a) (h)<br>| 1041309 | 1040445 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 6.24%, 2/27/2051 (a) (h)<br>| 2773 | 2772 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, <br> 8/20/2036 (a)<br>| 37014 | 36539 |
| Series 2022-1A, Class D, 3.84%, <br> 8/20/2036 (a)<br>| 148056 | 145739 |
| Series 2023-1A, Class C, 7.49%, <br> 12/20/2037 (a)<br>| 1626677 | 1661663 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2021-3A, Class D, 2.12%, <br> 1/15/2027 (a)<br>| 170776 | 170172 |
| Series 2021-3A, Class E, 3.42%, <br> 4/15/2027 (a)<br>| 2500000 | 2491036 |
| Series 2022-2A, Class D, 5.48%, <br> 9/15/2027 (a)<br>| 1000000 | 1003668 |
| Series 2023-3A, Class C, 6.02%, <br> 9/15/2028 (a)<br>| 2100000 | 2129304 |
| Series 2023-1A, Class D, 6.79%, <br> 11/15/2028 (a)<br>| 905000 | 930371 |
| Series 2023-2A, Class D, 7.01%, <br> 11/15/2028 (a)<br>| 1219000 | 1247067 |
| Series 2023-4A, Class D, 7.19%, <br> 7/16/2029 (a)<br>| 3500000 | 3651772 |
| Series 2024-3A, Class C, 4.92%, <br> 11/15/2029 (a)<br>| 7000000 | 7038000 |
| Wolf Energy Asset Issuer LLC, 5.70%, <br> 7/25/2050 ‡ (g)<br>| 5859508 | 5859508 |
| Total Asset-Backed Securities <br>(Cost $926,291,580)<br>|  | 949458408 |
| **U.S. Treasury Obligations — 9.8%** | **U.S. Treasury Obligations — 9.8%** | **U.S. Treasury Obligations — 9.8%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 8454000 | 5260964 |
| 1.13%, 8/15/2040 | 6437100 | 3962840 |
| 4.75%, 2/15/2041 | 1421000 | 1432435 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 71

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 2.25%, 5/15/2041 | 4699000 | 3405123 |
| 4.38%, 5/15/2041 | 811000 | 781823 |
| 2.00%, 11/15/2041 | 4730000 | 3243191 |
| 3.13%, 11/15/2041 | 6143000 | 5007745 |
| 4.00%, 11/15/2042 | 54417400 | 49296638 |
| 3.63%, 8/15/2043 | 9644000 | 8225277 |
| 3.75%, 11/15/2043 | 15228000 | 13184712 |
| 4.75%, 11/15/2043 | 20820600 | 20627847 |
| 3.38%, 5/15/2044 | 14050000 | 11448006 |
| 2.50%, 2/15/2045 | 11069000 | 7711980 |
| 3.00%, 2/15/2047 | 39347900 | 29228112 |
| 3.00%, 8/15/2048 | 27741200 | 20244574 |
| 3.38%, 11/15/2048 | 21419000 | 16714350 |
| 1.88%, 2/15/2051 | 2622000 | 1442407 |
| 2.38%, 5/15/2051 | 36482900 | 22669277 |
| 2.25%, 2/15/2052 | 6775000 | 4049915 |
| 2.88%, 5/15/2052 | 8214000 | 5664130 |
| 3.63%, 2/15/2053 | 4682000 | 3747612 |
| 4.50%, 11/15/2054 | 14720000 | 13740775 |
| U.S. Treasury Notes |  |  |
| 1.13%, 10/31/2026 | 36764000 | 35643847 |
| 0.50%, 8/31/2027 | 95000000 | 89337109 |
| 4.50%, 5/31/2029 | 225110200 | 231916267 |
| 4.63%, 5/31/2031 | 12135000 | 12649315 |
| 4.25%, 11/15/2034 | 53400400 | 53750840 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.53%, 5/15/2031 (l) | 32559000 | 26090513 |
| 3.99%, 2/15/2034 (l) | 4986000 | 3491098 |
| 5.05%, 5/15/2040 (l) | 3436000 | 1673189 |
| 5.14%, 8/15/2040 (l) | 27517340 | 13191738 |
| 4.95%, 11/15/2040 (l) | 18060000 | 8531869 |
| 4.37%, 5/15/2041 (l) | 10019000 | 4593054 |
| 2.42%, 8/15/2041 (l) | 207000 | 93465 |
| 2.78%, 2/15/2042 (l) | 1065000 | 466087 |
| 5.02%, 11/15/2043 (l) | 18035000 | 7101050 |
| Total U.S. Treasury Obligations <br>(Cost $754,718,887)<br>|  | 739619174 |
| **Commercial Mortgage-Backed Securities — 8.2%** | **Commercial Mortgage-Backed Securities — 8.2%** | **Commercial Mortgage-Backed Securities — 8.2%** |
| BAMLL Re-REMIC Trust |  |  |
| Series 2024-FRR4, Class D, 1.19%, <br> 11/27/2048 (a) (g)<br>| 10412000 | 10071423 |
| Series 2024-FRR3, Class D, 0.57%, <br> 1/27/2050 (a) (g)<br>| 11563000 | 10472437 |
| Series 2024-FRR3, Class C, 0.64%, <br> 1/27/2050 (a) (g)<br>| 11000000 | 10109437 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-FRR2, Class D, 1.23%, <br> 7/27/2050 ‡ (a) (g)<br>| 7830000 | 7055243 |
| Series 2025-FRR5, Class DK73, 1.01%, <br> 2/27/2051 (a) (g)<br>| 4000000 | 3449323 |
| Series 2025-FRR5, Class CK73, 1.02%, <br> 2/27/2051 (a) (g)<br>| 4000000 | 3523026 |
| Series 2025-FRR5, Class CK86, PO, <br> 11/27/2051 (a)<br>| 4000000 | 3279852 |
| Series 2025-FRR5, Class DK86, PO, <br> 11/27/2051 (a)<br>| 4000000 | 3157668 |
| Series 2025-FRR5, Class C736, 1.92%, <br> 9/27/2052 (a) (g)<br>| 4000000 | 3824288 |
| Series 2025-FRR5, Class D736, 1.92%, <br> 9/27/2052 (a) (g)<br>| 4000000 | 3771563 |
| Banc of America Re-REMIC Trust |  |  |
| Series 2024-FRR1, Class B, 0.00%, <br> 4/27/2049 ‡ (a)<br>| 5000000 | 3604017 |
| Series 2024-FRR1, Class C, 0.00%, <br> 4/27/2049 ‡ (a)<br>| 7128000 | 4663815 |
| Series 2024-FRR1, Class A, 2.08%, <br> 4/27/2049 ‡ (a) (g)<br>| 3000000 | 2395844 |
| BBCMS Mortgage Trust Series 2016-ETC, <br> Class E, 3.73%, 8/14/2036 (a) (g)<br>| 8413000 | 7685042 |
| BMD2 Re-REMIC Trust |  |  |
| Series 2019-FRR1, Class 4D1, PO, <br> 5/25/2052 ‡ (a)<br>| 9786000 | 6828901 |
| Series 2019-FRR1, Class 5C, PO, <br> 5/25/2052 ‡ (a)<br>| 6619500 | 5240120 |
| Series 2019-FRR1, Class 5D1, PO, <br> 5/25/2052 ‡ (a)<br>| 2500000 | 1836047 |
| Series 2019-FRR1, Class 6C, PO, <br> 5/25/2052 ‡ (a)<br>| 2500000 | 1886772 |
| Series 2019-FRR1, Class 5B13, 2.17%, <br> 5/25/2052 ‡ (a) (g)<br>| 8169000 | 7196497 |
| Series 2019-FRR1, Class 6B10, 2.36%, <br> 5/25/2052 ‡ (a) (g)<br>| 2969000 | 2510261 |
| BX Commercial Mortgage Trust Series <br> 2025-COPT, Class A, 6.10%, <br> 8/15/2042 (a) (g)<br>| 6105000 | 6112631 |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (a)<br>| 2000000 | 1950308 |
| Cascade Funding Mortgage Trust |  |  |
| Series 2021-FRR1, Class CK54, 0.00%, <br> 2/28/2026 (a)<br>| 480000 | 460574 |
| Series 2021-FRR1, Class DKW1, 0.00%, <br> 2/28/2026 (a)<br>| 430000 | 409924 |
| Series 2021-FRR1, Class BK98, 0.00%, <br> 8/29/2029 (a)<br>| 7150000 | 5504249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2021-FRR1, Class AK99, 0.00%, <br> 9/29/2029 (a)<br>| 3000000 | 2398779 |
| Series 2021-FRR1, Class BK99, 0.00%, <br> 9/29/2029 (a)<br>| 400000 | 293420 |
| CSMC OA LLC |  |  |
| Series 2014-USA, Class C, 4.34%, <br> 9/15/2037 (a)<br>| 10325000 | 8156853 |
| Series 2014-USA, Class D, 4.37%, <br> 9/15/2037 (a)<br>| 4374000 | 3214934 |
| FHLMC |  |  |
| Series 2023-MN7, Class M2, 10.05%, <br> 9/25/2043 (a) (g)<br>| 1240000 | 1293235 |
| Series 2024-MN8, Class M2, 8.60%, <br> 5/25/2044 (a) (g)<br>| 4761000 | 4975755 |
| Series 2024-MN9, Class M2, 7.60%, <br> 10/25/2044 (a) (g)<br>| 4000000 | 4037794 |
| Series 2025-MN10, Class M1, 6.39%, <br> 2/25/2045 (a) (g)<br>| 6361022 | 6307833 |
| Series 2025-MN10, Class M2, 7.19%, <br> 2/25/2045 (a) (g)<br>| 3700000 | 3691985 |
| Series 2025-MN11, Class M2, 7.00%, <br> 7/25/2045 (a) (g)<br>| 5000000 | 5000483 |
| Series 2021-MN1, Class M1, 6.35%, <br> 1/25/2051 (a) (g)<br>| 768681 | 766364 |
| Series 2021-MN1, Class M2, 8.10%, <br> 1/25/2051 (a) (g)<br>| 5685000 | 5866976 |
| Series 2021-MN3, Class M1, 6.65%, <br> 11/25/2051 (a) (g)<br>| 354161 | 354870 |
| Series 2021-MN3, Class M2, 8.35%, <br> 11/25/2051 (a) (g)<br>| 4500000 | 4655481 |
| FHLMC, Multi-Family Structured Credit Risk |  |  |
| Series 2022-MN4, Class M1, 8.60%, <br> 5/25/2052 (a) (g)<br>| 926238 | 951076 |
| Series 2022-MN4, Class M2, 10.85%, <br> 5/25/2052 (a) (g)<br>| 750000 | 848993 |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series KW06, Class A2, 3.80%, <br> 6/25/2028 (g)<br>| 1750000 | 1736193 |
| Series K088, Class A2, 3.69%, <br> 1/25/2029<br>| 350000 | 347244 |
| Series K753, Class A2, 4.40%, <br> 10/25/2030<br>| 3125000 | 3166719 |
| Series K128, Class X3, IO, 2.88%, <br> 4/25/2031 (g)<br>| 550000 | 69739 |
| Series KJ48, Class A2, 5.03%, <br> 10/25/2031<br>| 2000000 | 2064468 |
| Series K136, Class A2, 2.13%, <br> 11/25/2031<br>| 3500000 | 3106709 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series K142, Class A2, 2.40%, <br> 3/25/2032<br>| 1250000 | 1120377 |
| Series K-151, Class A2, 3.80%, <br> 10/25/2032 (g)<br>| 1050000 | 1015672 |
| Series K-153, Class A2, 3.82%, <br> 12/25/2032 (g)<br>| 1000000 | 970077 |
| Series KJ44, Class A2, 4.61%, <br> 2/25/2033<br>| 5000000 | 5071588 |
| Series K-160, Class A2, 4.50%, <br> 8/25/2033 (g)<br>| 6000000 | 6036249 |
| Series K-1520, Class X1, IO, 0.58%, <br> 2/25/2036 (g)<br>| 4455518 | 151946 |
| Series K-1520, Class X3, IO, 3.20%, <br> 4/25/2039 (g)<br>| 550000 | 127214 |
| Series Q014, Class X, IO, 2.77%, <br> 10/25/2055 (g)<br>| 1778189 | 258003 |
| FNMA ACES |  |  |
| Series 2017-M3, Class A2, 2.56%, <br> 12/25/2026 (g)<br>| 217912 | 213294 |
| Series 2021-M11, Class A2, 1.51%, <br> 3/25/2031 (g)<br>| 300000 | 259421 |
| Series 2023-M2, Class PT, 3.23%, <br> 4/25/2031 (g)<br>| 3922060 | 3762869 |
| Series 2022-M1G, Class A2, 1.58%, <br> 9/25/2031 (g)<br>| 2700000 | 2340086 |
| Series 2022-M1, Class A1, 1.72%, <br> 10/25/2031 (g)<br>| 404786 | 378491 |
| Series 2022-M3, Class A2, 1.76%, <br> 11/25/2031 (g)<br>| 1400000 | 1203585 |
| Series 2021-M15, Class A2, 1.98%, <br> 11/25/2031 (g)<br>| 1472840 | 1328120 |
| Series 2022-M2, Class A2, 2.40%, <br> 11/25/2031<br>| 17125000 | 15372510 |
| Series 2022-M8, Class A2, 2.00%, <br> 12/25/2031 (g)<br>| 2500000 | 2171496 |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (g)<br>| 16077 | 16012 |
| Series 2022-M13, Class A2, 2.68%, <br> 6/25/2032 (g)<br>| 1372000 | 1240813 |
| Series 2020-M53, Class A2, 1.75%, <br> 11/25/2032 (g)<br>| 1250000 | 1055505 |
| Series 2023-M8, Class A2, 4.63%, <br> 3/25/2033 (g)<br>| 2980000 | 2997822 |
| Series 2021-M3, Class X1, IO, 2.01%, <br> 11/25/2033 (g)<br>| 477786 | 30806 |
| Series 2021-M8, Class A2, 2.10%, <br> 11/25/2035<br>| 18993628 | 17004074 |
| FREMF Series 20K-1517, Class C, PO, <br> 8/25/2035 (a)<br>| 10000000 | 4574768 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 73

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FREMF Mortgage Trust |  |  |
| Series 2018-KBX1, Class B, 3.62%, <br> 1/25/2026 (a) (g)<br>| 500000 | 495685 |
| Series 2018-K82, Class X2A, IO, 0.10%, <br> 9/25/2028 (a)<br>| 87615454 | 205230 |
| Series 2021-KHG3, Class BFX, 2.48%, <br> 9/25/2028 (a) (g)<br>| 1000000 | 902099 |
| Series 2018-K82, Class D, PO, <br> 10/25/2028 (a)<br>| 8500000 | 6647367 |
| Series 2018-K82, Class X2B, IO, 0.10%, <br> 10/25/2028 (a)<br>| 22000000 | 59044 |
| Series 2018-K84, Class D, PO, <br> 11/25/2028 (a)<br>| 9500000 | 7234204 |
| Series 2019-K92, Class X2A, IO, 0.10%, <br> 4/25/2029 (a)<br>| 127248087 | 348036 |
| Series 2019-KG01, Class X2A, IO, 0.10%, <br> 4/25/2029 (a)<br>| 143549005 | 205749 |
| Series 2019-KG01, Class C, PO, <br> 5/25/2029 (a)<br>| 12278000 | 9467996 |
| Series 2019-KG01, Class X2B, IO, 0.10%, <br> 5/25/2029 (a)<br>| 16000000 | 47802 |
| Series 2019-K92, Class X2B, IO, 0.10%, <br> 7/25/2029 (a)<br>| 28380000 | 88455 |
| Series 2019-KS12, Class B, 7.26%, <br> 8/25/2029 (g)<br>| 9898221 | 9899728 |
| Series 2019-KC07, Class C, 3.75%, <br> 10/25/2029 (a) (g)<br>| 5000000 | 4168675 |
| Series 2020-KL06, Class C, 3.52%, <br> 12/25/2029 (a) (g)<br>| 2290000 | 1925541 |
| Series 2020-K107, Class D, 3.62%, <br> 2/25/2030 (a) (g)<br>| 9000000 | 7319245 |
| Series 2023-K752, Class D, PO, <br> 8/25/2030 (a)<br>| 5300000 | 3509308 |
| Series 2023-K752, Class X2B, IO, 0.10%, <br> 8/25/2030 (a)<br>| 18100000 | 71111 |
| Series 2020-KSG1, Class C, PO, <br> 9/25/2030 (a)<br>| 5500000 | 3662195 |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (a)<br>| 50564022 | 190465 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (a)<br>| 5500000 | 22357 |
| Series 2019-KW10, Class C, PO, <br> 10/25/2032 (a)<br>| 3200000 | 2269149 |
| Series 2019-KW10, Class X2A, IO, <br> 0.10%, 10/25/2032 (a)<br>| 35397735 | 107075 |
| Series 2019-KW10, Class X2B, IO, <br> 0.10%, 10/25/2032 (a)<br>| 4200000 | 13448 |
| Series 2018-K155, Class X2A, IO, 0.10%, <br> 4/25/2033 (a)<br>| 91626591 | 435410 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2018-K155, Class C, PO, <br> 5/25/2033 (a)<br>| 8000000 | 4218507 |
| Series 2018-K155, Class X2B, IO, 0.10%, <br> 5/25/2033 (a)<br>| 10500000 | 60228 |
| Series 2018-K157, Class C, PO, <br> 9/25/2033 (a)<br>| 10448587 | 5350727 |
| Series 2018-K159, Class C, PO, <br> 11/25/2033 (a)<br>| 11533464 | 6138104 |
| Series 2018-K159, Class X2B, IO, 0.10%, <br> 11/25/2033 (a)<br>| 7657071 | 46398 |
| Series 19K-1510, Class C, 0.00%, <br> 1/25/2034 ‡ (a)<br>| 10000000 | 4952348 |
| Series 19K-1511, Class C, PO, <br> 4/25/2034 (a)<br>| 12000000 | 5833211 |
| Series 19K-1514, Class C, 0.00%, <br> 10/25/2034 ‡ (a)<br>| 12000000 | 5736592 |
| Series 21K-1519, Class C, PO, <br> 12/25/2035 (a)<br>| 12601391 | 5597693 |
| Series 21K-1519, Class X2B, IO, 0.10%, <br> 12/25/2035 (a)<br>| 12601391 | 89238 |
| Series 2015-K51, Class B, 4.14%, <br> 10/25/2048 (a) (g)<br>| 381860 | 380582 |
| Series 2016-K52, Class B, 4.15%, <br> 1/25/2049 (a) (g)<br>| 250000 | 248822 |
| Series 2016-K53, Class C, 4.19%, <br> 3/25/2049 (a) (g)<br>| 70000 | 69512 |
| Series 2016-K57, Class B, 4.06%, <br> 8/25/2049 (a) (g)<br>| 1000000 | 990704 |
| Series 2017-K68, Class D, PO, <br> 10/25/2049 (a)<br>| 8282198 | 6993622 |
| Series 2017-K69, Class D, PO, <br> 10/25/2049 (a)<br>| 14343050 | 11881114 |
| Series 2017-K69, Class X2B, IO, 0.10%, <br> 10/25/2049 (a)<br>| 23685560 | 41582 |
| Series 2018-K80, Class B, 4.38%, <br> 8/25/2050 (a) (g)<br>| 1000000 | 981049 |
| Series 2018-K81, Class D, PO, <br> 9/25/2051 (a)<br>| 9500000 | 7279597 |
| Series 2018-K83, Class D, PO, <br> 11/25/2051 (a)<br>| 6800000 | 5186257 |
| Series 2019-K88, Class C, 4.53%, <br> 2/25/2052 (a) (g)<br>| 1975000 | 1934310 |
| Series 2019-K92, Class D, PO, <br> 5/25/2052 (a)<br>| 12000000 | 8939140 |
| Series 2020-K116, Class D, PO, <br> 9/25/2052 (a)<br>| 12000000 | 7653730 |
| Series 2020-K116, Class X2A, IO, 0.10%, <br> 9/25/2052 (a)<br>| 126270759 | 443059 |
| Series 2020-K116, Class X2B, IO, 0.10%, <br> 9/25/2052 (a)<br>| 31000000 | 118392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2019-K100, Class C, 3.61%, <br> 11/25/2052 (a) (g)<br>| 5250000 | 4976760 |
| Series 2020-K105, Class D, PO, <br> 3/25/2053 (a)<br>| 9500000 | 6270104 |
| Series 2020-K105, Class X2A, IO, 0.10%, <br> 3/25/2053 (a)<br>| 100031028 | 329622 |
| Series 2020-K105, Class X2B, IO, 0.10%, <br> 3/25/2053 (a)<br>| 23000000 | 84327 |
| Series 2020-K109, Class D, PO, <br> 5/25/2053 (a)<br>| 11000000 | 7260166 |
| Series 2020-K113, Class D, PO, <br> 5/25/2053 (a)<br>| 9500000 | 6312189 |
| Series 2020-K109, Class X2A, IO, 0.10%, <br> 5/25/2053 (a)<br>| 120836406 | 430262 |
| Series 2020-K109, Class X2B, IO, 0.10%, <br> 5/25/2053 (a)<br>| 30000000 | 112896 |
| Series 2020-K115, Class D, PO, <br> 9/25/2053 (a)<br>| 12000000 | 8393468 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (a)<br>| 128955999 | 488937 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (a)<br>| 29200000 | 116517 |
| Series 2020-K118, Class D, PO, <br> 10/25/2053 (a)<br>| 13900000 | 9360503 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (a)<br>| 151745312 | 583704 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (a)<br>| 31043000 | 125659 |
| Series 2020-K739, Class D, PO, <br> 11/25/2053 (a)<br>| 13500000 | 11212409 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (a)<br>| 130496829 | 190578 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (a)<br>| 34000000 | 57253 |
| Series 2020-K122, Class D, PO, <br> 1/25/2054 (a)<br>| 11000000 | 6913910 |
| Series 2021-K126, Class D, PO, <br> 1/25/2054 (a)<br>| 13000000 | 8351331 |
| Series 2020-K122, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| 27000000 | 110222 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (a)<br>| 131554230 | 534229 |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| 33500000 | 146184 |
| Series 2023-K752, Class X2A, IO, 0.10%, <br> 9/25/2060 (a)<br>| 87626344 | 324673 |
| FREMF Trust Series 2018-KW04, Class C, <br> PO, 12/25/2032 (a)<br>| 5000000 | 3284181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| GAM Re-REMIC Trust |  |  |
| Series 2022-FRR3, Class BK71, 1.96%, <br> 11/27/2050 (a) (g)<br>| 7500000 | 6880368 |
| Series 2021-FRR1, Class 1B, PO, <br> 11/29/2050 ‡ (a)<br>| 10000000 | 8946240 |
| Series 2021-FRR1, Class 2B, PO, <br> 11/29/2050 ‡ (a)<br>| 13207000 | 11512033 |
| Series 2021-FRR1, Class 2C, PO, <br> 11/29/2050 ‡ (a)<br>| 2200000 | 1897411 |
| Series 2022-FRR3, Class BK89, PO, <br> 1/27/2052 ‡ (a)<br>| 4000000 | 3249877 |
| GAM Re-REMIC TRUST |  |  |
| Series 2021-FRR2, Class CK78, PO, <br> 9/27/2051 ‡ (a)<br>| 5000000 | 3768574 |
| Series 2021-FRR2, Class BK78, 2.37%, <br> 9/27/2051 (a) (g)<br>| 5734000 | 4987204 |
| GS Mortgage Securities Corp. Trust Series <br> 2023-SHIP, Class A, 4.47%, <br> 9/10/2038 (a) (g)<br>| 4140000 | 4123993 |
| Hudson Yards Mortgage Trust Series <br> 2019-30HY, Class A, 3.23%, <br> 7/10/2039 (a)<br>| 3000000 | 2854930 |
| MHC Commercial Mortgage Trust Series <br> 2021-MHC, Class F, 7.08%, <br> 4/15/2038 (a) (g)<br>| 480000 | 480450 |
| MRCD MARK Mortgage Trust Series <br> 2019-PARK, Class E, 2.72%, <br> 12/15/2036 (a)<br>| 670000 | 462903 |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2019-01, Class M10, 7.71%, <br> 10/25/2049 (a) (g)<br>| 11656132 | 11831101 |
| Series 2020-01, Class M10, 8.21%, <br> 3/25/2050 (a) (g)<br>| 18686178 | 19154710 |
| Series 2023-01, Class M10, 10.85%, <br> 11/25/2053 (a) (g)<br>| 9685000 | 10927401 |
| Series 2024-01, Class M10, 8.20%, <br> 7/25/2054 (a) (g)<br>| 2737000 | 2845255 |
| RFM Re-REMIC Trust |  |  |
| Series 2022-FRR1, Class BK55, PO, <br> 3/28/2049 ‡ (a)<br>| 14068032 | 13472550 |
| Series 2022-FRR1, Class CK60, PO, <br> 11/8/2049 ‡ (a)<br>| 1350000 | 1202147 |
| Series 2022-FRR1, Class CK64, PO, <br> 3/1/2050 ‡ (a)<br>| 13190000 | 11773678 |
| Series 2022-FRR1, Class BK64, 1.66%, <br> 3/1/2050 ‡ (a) (g)<br>| 10328481 | 9621437 |
| Series 2022-FRR1, Class AB64, 2.19%, <br> 3/1/2050 (a) (g)<br>| 3670000 | 3446921 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 75

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| SMRT Series 2022-MINI, Class F, 7.71%, <br> 1/15/2039 (a) (g)<br>| 6400000 | 6210172 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $601,659,732)<br>|  | 615085294 |
| **Collateralized Mortgage Obligations — 6.3%** | **Collateralized Mortgage Obligations — 6.3%** | **Collateralized Mortgage Obligations — 6.3%** |
| ABL |  |  |
| Series 2024-RTL1, Class A1, 6.08%, <br> 9/25/2029 (a) (h)<br>| 9525000 | 9549858 |
| Series 2025-RTL1, Class A1, 6.04%, <br> 6/25/2030 (a) (h)<br>| 10045000 | 10112018 |
| Anchor Mortgage Trust, 10.14%, <br> 3/25/2031 ‡ (g)<br>| 5000000 | 5154136 |
| Brean Asset-Backed Securities Trust Series <br> 2025-RM10, Class A1, 5.00%, <br> 1/25/2065 ‡ (a)<br>| 5702422 | 5654495 |
| Center Street Lending Resi-Investor ABS <br> Mortgage Trust Series 2024-RTL1, <br> Class A2, 8.34%, 10/25/2029 ‡ (a) (h)<br>| 1835000 | 1853247 |
| CFMT LLC Series 2024-HB14, Class A, <br> 3.00%, 6/25/2034 ‡ (a) (g)<br>| 9786939 | 9637711 |
| Connecticut Avenue Securities Series <br> 2025-R01, Class 1A1, 5.30%, <br> 1/25/2045 (a) (g)<br>| 5995984 | 5995974 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 7.05%, <br> 7/25/2043 (a) (g)<br>| 1500000 | 1549903 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class MA, 3.00%, <br> 5/25/2057<br>| 306678 | 289810 |
| Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 114746 | 106487 |
| Series 2018-3, Class MA, 3.50%, <br> 8/25/2057 (g)<br>| 240745 | 233867 |
| Series 2018-3, Class M55D, 4.00%, <br> 8/25/2057 (g)<br>| 207158 | 194149 |
| Series 2018-2, Class MT, 3.50%, <br> 11/25/2057<br>| 508791 | 456577 |
| Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 240464 | 226711 |
| Series 2019-1, Class MA, 3.50%, <br> 7/25/2058<br>| 2669683 | 2592091 |
| Series 2019-2, Class MA, 3.50%, <br> 8/26/2058<br>| 1141299 | 1102172 |
| Series 2019-3, Class MT, 3.50%, <br> 10/25/2058<br>| 3930685 | 3524125 |
| Series 2020-1, Class MA, 2.50%, <br> 8/25/2059<br>| 3344132 | 3064875 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2020-3, Class MTU, 2.50%, <br> 5/25/2060<br>| 14022461 | 11572778 |
| Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060<br>| 384272 | 344153 |
| Series 2020-3, Class TTW, 3.00%, <br> 5/25/2060<br>| 311568 | 294788 |
| Series 2021-1, Class BXS, 13.23%, <br> 9/25/2060 (a) (g)<br>| 148099 | 110334 |
| Series 2022-1, Class MAU, 3.25%, <br> 11/25/2061<br>| 8346340 | 7655204 |
| Series 2022-1, Class MTU, 3.25%, <br> 11/25/2061<br>| 15142125 | 13068499 |
| Series 2023-1, Class MT, 3.00%, <br> 10/25/2062<br>| 2720472 | 2284700 |
| Series 2024-2, Class MT, 3.50%, <br> 5/25/2064<br>| 6905789 | 5971503 |
| FHLMC, REMIC |  |  |
| Series 5200, Class YV, 2.50%, <br> 7/25/2033<br>| 3313810 | 3073194 |
| Series 2708, Class ZD, 5.50%, <br> 11/15/2033<br>| 53744 | 56064 |
| Series 4302, Class PA, 4.00%, <br> 12/15/2043<br>| 42206 | 41413 |
| Series 4281, Class BC, 4.50%, <br> 12/15/2043 (g)<br>| 66673 | 66519 |
| Series 5141, Class AH, 2.25%, <br> 11/25/2047<br>| 1046439 | 943620 |
| Series 5200, Class MA, 2.50%, <br> 8/25/2048<br>| 2648159 | 2442165 |
| Series 4913, Class UA, 3.00%, <br> 3/15/2049<br>| 5572528 | 4991709 |
| Series 4916, Class P, 3.00%, 9/25/2049 | 4500319 | 4085136 |
| Series 5028, Class JG, 1.50%, <br> 8/25/2050<br>| 2445370 | 1949888 |
| Series 5155, Class JD, 1.25%, <br> 10/25/2051<br>| 1236559 | 965019 |
| Series 5347, PO, 10/25/2053 | 4236424 | 3480620 |
| Series 4862, Class NO, PO, 8/15/2057 | 4820514 | 3014917 |
| FHLMC, STRIPS Series 406, PO, <br> 10/25/2053<br>| 2775678 | 2307586 |
| FNMA, Grantor Trust Series 2017-T1, <br> Class A, 2.90%, 6/25/2027<br>| 1086041 | 1062177 |
| FNMA, REMIC |  |  |
| Series 2003-7, Class FA, 5.21%, <br> 2/25/2033 (g)<br>| 47572 | 47779 |
| Series 2013-108, Class GU, 3.00%, <br> 10/25/2033<br>| 268854 | 260050 |
| Series 2005-110, Class TY, 5.50%, <br> 12/25/2035<br>| 29327 | 30665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2007-89, Class F, 5.04%, <br> 9/25/2037 (g)<br>| 52980 | 52946 |
| Series 2011-112, Class PB, 4.00%, <br> 11/25/2041<br>| 89363 | 87193 |
| Series 2014-57, Class PE, 3.00%, <br> 9/25/2044<br>| 1129000 | 934945 |
| Series 2021-86, Class MA, 2.50%, <br> 11/25/2047<br>| 20077802 | 18245945 |
| Series 2019-25, Class PB, 2.00%, <br> 5/25/2048<br>| 5667127 | 5073508 |
| Series 2021-91, Class GB, 1.75%, <br> 7/25/2049<br>| 22788416 | 19248826 |
| Series 2021-14, Class CB, 1.00%, <br> 11/25/2049<br>| 3269273 | 2530176 |
| Series 2021-95, Class GA, 1.88%, <br> 3/25/2051<br>| 18855868 | 15911975 |
| Series 2025-18, Class MA, 0.50%, <br> 9/25/2054<br>| 22705940 | 18763868 |
| GNMA |  |  |
| Series 2012-13, Class FQ, 4.77%, <br> 1/20/2038 (g)<br>| 1748515 | 1746820 |
| Series 2010-14, Class FH, 4.97%, <br> 2/16/2040 (g)<br>| 2072518 | 2068736 |
| Series 2010-61, Class FK, 4.97%, <br> 5/16/2040 (g)<br>| 1351507 | 1349058 |
| Series 2012-61, Class FM, 4.87%, <br> 5/16/2042 (g)<br>| 292818 | 291292 |
| Series 2025-6, Class GA, 3.50%, <br> 1/20/2048<br>| 20668577 | 19901899 |
| Series 2024-51, Class GC, 3.50%, <br> 7/20/2048<br>| 21013289 | 20305719 |
| Series 2020-165, Class UD, 1.50%, <br> 11/20/2050<br>| 642257 | 489379 |
| Series 2021-44, Class QM, 1.75%, <br> 3/20/2051<br>| 6191507 | 4960335 |
| Series 2024-197, Class BN, 3.00%, <br> 5/20/2051<br>| 36492028 | 34002308 |
| Series 2021-119, Class JG, 1.50%, <br> 6/20/2051<br>| 6158525 | 5299507 |
| Series 2023-146, Class GO, PO, <br> 10/20/2053<br>| 12357182 | 9691809 |
| Series 2025-105, Class SM, IF, 3.69%, <br> 6/20/2055 (g)<br>| 7973817 | 7602647 |
| Series 2010-H24, Class FA, 4.79%, <br> 10/20/2060 (g)<br>| 12254 | 12234 |
| Series 2014-H03, Class FA, 5.04%, <br> 1/20/2064 (g)<br>| 6597 | 6609 |
| Series 2015-H02, Class FA, 5.09%, <br> 1/20/2065 (g)<br>| 1443663 | 1444196 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2015-H05, Class FC, 4.92%, <br> 2/20/2065 (g)<br>| 91613 | 91612 |
| Series 2021-H14, Class CF, 5.75%, <br> 9/20/2071 (g)<br>| 3085821 | 3143551 |
| GS Mortgage-Backed Securities Corp. Trust <br> Series 2021-RPL1, Class A1, 1.75%, <br> 12/25/2060 (a) (g)<br>| 2101866 | 1977407 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2024-RPL4, Class A1, 3.90%, <br> 9/25/2061 (a) (h)<br>| 7178251 | 6965990 |
| Series 2025-RPL3, Class A1, 4.10%, <br> 7/25/2065 (a) (h)<br>| 7124439 | 6939812 |
| Home RE Ltd. (Bermuda) Series 2022-1, <br> Class M1C, 9.85%, 10/25/2034 (a) (g)<br>| 688590 | 713562 |
| ICAP Trust Series 2025-RTL1, Class A1, <br> 6.47%, 7/25/2030 (a) (h)<br>| 9000000 | 9085114 |
| LHOME Mortgage Trust |  |  |
| Series 2023-RTL1, Class A1, 9.37%, <br> 1/25/2028 ‡ (a) (h)<br>| 274590 | 274831 |
| Series 2023-RTL2, Class A1, 8.00%, <br> 6/25/2028 ‡ (a) (h)<br>| 1580443 | 1581235 |
| Series 2023-RTL4, Class A1, 7.63%, <br> 11/25/2028 (a) (h)<br>| 3675000 | 3713296 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (a) (h)<br>| 5400000 | 5438832 |
| LOANDEPOT GMSR Master Trust Series <br> 2025-GT2, Class A, 3.15%, <br> 7/16/2030 (a) (g)<br>| 7000000 | 7022979 |
| MFA Trust |  |  |
| Series 2024-NPL1, Class A1, 6.33%, <br> 9/25/2054 (h)<br>| 2150499 | 2161186 |
| Series 2024-RPL1, Class A1, 4.25%, <br> 2/25/2066 (a) (g)<br>| 6271000 | 6032582 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (h)<br>| 4225000 | 4254530 |
| Series 2024-RTL1, Class M1, 9.30%, <br> 3/25/2039 (a) (g)<br>| 3250000 | 3275902 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (a) (h)<br>| 5400000 | 5420011 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, <br> 3/25/2032 (a) (h)<br>| 22403930 | 22543751 |
| NYMT Loan Trust Series 2024-BPL3, <br> Class A1, 5.27%, 9/25/2039 (a) (h)<br>| 4395000 | 4391963 |
| Radnor RE Ltd. (Bermuda) Series 2022-1, <br> Class M1B, 11.10%, 9/25/2032 (a) (g)<br>| 339574 | 354432 |
| Rain City Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.53%, 11/25/2029 (a) (g)<br>| 5789000 | 5848052 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 77

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Roc Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.63%, 2/25/2040 (a) (h)<br>| 6000000 | 6017704 |
| Seasoned Credit Risk Transfer Trust Series <br> 2025-1, Class MTU, 3.25%, 11/25/2064<br>| 27816141 | 24164255 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2024-2, Class VF, 5.60%, <br> 10/25/2034 (a) (g)<br>| 8234382 | 8380548 |
| Series 2025-1, Class A1, 3.00%, <br> 5/25/2035<br>| 14600279 | 13607737 |
| Toorak Mortgage Trust Series 2024-RRTL1, <br> Class A1, 6.60%, 2/25/2039 (a) (h)<br>| 2000000 | 2011156 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A2C, 3.31%, 11/30/2060 (a)<br>| 754000 | 636331 |
| Total Collateralized Mortgage Obligations <br>(Cost $470,838,942)<br>|  | 477488977 |
| **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** |
| Arab Republic of Egypt |  |  |
| 7.60%, 3/1/2029 (k) | 1900000 | 1934200 |
| 8.63%, 2/4/2030 (a) | 382000 | 392696 |
| 5.88%, 2/16/2031 (k) | 1200000 | 1075800 |
| 7.63%, 5/29/2032 (k) | 1100000 | 1048025 |
| 9.45%, 2/4/2033 (a) | 458000 | 472601 |
| 7.30%, 9/30/2033 (k) | 800000 | 729248 |
| 8.50%, 1/31/2047 (k) | 850000 | 705364 |
| 8.88%, 5/29/2050 (k) | 1500000 | 1277820 |
| Argentine Republic 4.12%, 7/9/2035 (h) | 2995000 | 1898830 |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (a) | 520000 | 510323 |
| 8.38%, 1/23/2041 (a) | 400000 | 400876 |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (a)<br>| 2025000 | 2090812 |
| Dominican Republic Government Bond |  |  |
| 5.50%, 2/22/2029 (k) | 400000 | 403320 |
| 6.00%, 2/22/2033 (a) | 900000 | 910800 |
| 6.40%, 6/5/2049 (k) | 1500000 | 1442812 |
| 7.15%, 2/24/2055 (a) | 1000000 | 1036664 |
| 5.88%, 1/30/2060 (a) | 300000 | 259020 |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (k) | 1100000 | 1101716 |
| 6.13%, 9/28/2028 (a) | 1500000 | 1472340 |
| 8.75%, 1/21/2031 (k) | 1000000 | 1038125 |
| Federative Republic of Brazil 7.13%, <br> 5/13/2054<br>| 2215000 | 2152980 |
| Hashemite Kingdom of Jordan |  |  |
| 6.13%, 1/29/2026 (k) | 1300000 | 1302444 |
| 5.85%, 7/7/2030 (k) | 400000 | 394212 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 7.38%, 10/10/2047 (k) | 900000 | 834750 |
| Islamic Republic of Pakistan |  |  |
| 6.88%, 12/5/2027 (a) | 1100000 | 1084050 |
| 7.38%, 4/8/2031 (a) | 1600000 | 1510000 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| 1800000 | 1963710 |
| Kingdom of Morocco 4.00%, <br> 12/15/2050 (a)<br>| 400000 | 280625 |
| Republic of Angola |  |  |
| 8.25%, 5/9/2028 (k) | 1000000 | 984063 |
| 8.00%, 11/26/2029 (k) | 1000000 | 946250 |
| Republic of Colombia |  |  |
| 8.00%, 11/14/2035 | 1000000 | 1051250 |
| 7.75%, 11/7/2036 | 411000 | 420967 |
| 8.75%, 11/14/2053 | 1739000 | 1839862 |
| Republic of Costa Rica 7.30%, <br> 11/13/2054 (a)<br>| 800000 | 848752 |
| Republic of Cote d'Ivoire |  |  |
| 6.13%, 6/15/2033 (k) | 3050000 | 2826008 |
| 8.08%, 4/1/2036 (a) | 1600000 | 1586000 |
| 8.25%, 1/30/2037 (a) | 402000 | 399367 |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (a) (h) | 1600000 | 1441600 |
| 6.90%, 7/31/2035 (a) (h) | 1200000 | 906000 |
| Republic of El Salvador 9.65%, <br> 11/21/2054 (a)<br>| 2908000 | 3038860 |
| Republic of Guatemala |  |  |
| 6.05%, 8/6/2031 (k) | 1000000 | 1036400 |
| 6.60%, 6/13/2036 (a) | 300000 | 314343 |
| 6.25%, 8/15/2036 (a) | 2435000 | 2494112 |
| 6.55%, 2/6/2037 (a) | 600000 | 621600 |
| Republic of Iraq 5.80%, 1/15/2028 (k) | 718750 | 713584 |
| Republic of Kenya 9.50%, 3/5/2036 (a) | 1773000 | 1752504 |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (a)<br>| 600000 | 632586 |
| Republic of Paraguay |  |  |
| 6.00%, 2/9/2036 (a) | 970000 | 1007345 |
| 6.10%, 8/11/2044 (k) | 1200000 | 1183200 |
| 5.60%, 3/13/2048 (k) | 1600000 | 1460496 |
| 5.40%, 3/30/2050 (k) | 3100000 | 2728542 |
| Republic of Senegal 6.25%, 5/23/2033 (k) | 500000 | 370940 |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (a) | 1830000 | 1842810 |
| 7.30%, 4/20/2052 | 1000000 | 914500 |
| 7.95%, 11/19/2054 (a) | 1795000 | 1735702 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| Republic of Turkiye (The) |  |  |
| 7.13%, 2/12/2032 | 700000 | 718900 |
| 7.63%, 5/15/2034 | 1400000 | 1471120 |
| Republic of Uzbekistan International Bond <br> 6.95%, 5/25/2032 (a)<br>| 600000 | 636345 |
| Total Foreign Government Securities <br>(Cost $66,345,629)<br>|  | 67648171 |
| **Loan Assignments — 0.9% (c) (m)** | **Loan Assignments — 0.9% (c) (m)** | **Loan Assignments — 0.9% (c) (m)** |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 1/31/2031<br>| 962813 | 963419 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Primo Brands Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.55%, 3/31/2028<br>| 888961 | 889699 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| EMRLD Borrower LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 8/4/2031<br>| 992500 | 990187 |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.45%, 5/31/2030<br>| 1347494 | 1345109 |
| MIWD Holdco II LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 7.07%, 3/28/2031<br>| 1685977 | 1692570 |
| Quikrete Holdings, Inc., 1st Lien Term Loan <br> B-2 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 3/19/2029<br>| 689491 | 689491 |
| Quikrete Holdings, Inc., 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 2/10/2032<br>| 1685775 | 1684730 |
|  |  | 6402087 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Axalta Coating Systems US Holdings, Inc., <br> 1st Lien Term Loan B-7 (3-MONTH CME <br> TERM SOFR + 1.75%), 6.05%, <br> 12/20/2029<br>| 567559 | 568910 |
| Ecovyst Catalyst Technologies LLC, 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR <br> + 2.00%), 6.31%, 6/12/2031<br>| 1485000 | 1486054 |
| INEOS US Finance LLC, 1st Lien Term Loan <br> (Luxembourg) (1-MONTH CME TERM <br> SOFR + 3.25%), 7.57%, 2/18/2030<br>| 1485019 | 1360025 |
|  |  | 3414989 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.70%, 6/21/2028<br>| 680826 | 681561 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Osmose Utilities Services, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.25%), 7.68%, 6/23/2028<br>| 1488402 | 1459378 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graham Packaging Co., Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.82%, 8/4/2027<br>| 738557 | 738771 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Wand NewCo 3, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 1/30/2031<br>| 482445 | 481301 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Iridium Satellite LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 9/20/2030<br>| 964702 | 959531 |
| Lumen Technologies, Inc., 1st Lien Term <br> Loan B-1 (1-MONTH CME TERM SOFR + <br> 2.35%), 6.78%, 4/16/2029<br>| 423919 | 421096 |
|  |  | 1380627 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.10%, 3/2/2027<br>| 1218280 | 1217439 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| Boost Newco Borrower LLC, 1st Lien Term <br> Loan B-2 (3-MONTH CME TERM SOFR + <br> 2.00%), 6.30%, 1/31/2031<br>| 1513503 | 1513881 |
| NCR Atleos Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), <br> 8.06%, 3/27/2029<br>| 326400 | 328303 |
|  |  | 1842184 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Genesee & Wyoming, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 1.75%), 6.05%, 4/10/2031<br>| 2205287 | 2194503 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Medline Borrower LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 10/23/2028<br>| 196709 | 196689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 79

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Phoenix Newco, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 11/15/2028<br>| 2146467 | 2147584 |
| Star Parent, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.00%), <br> 8.30%, 9/27/2030<br>| 1297222 | 1289114 |
|  |  | 3436698 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Station Casinos LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 3/14/2031<br>| 350000 | 349619 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| KDC/ONE Development Corp., Inc., 1st Lien <br> Term Loan (Canada) (12-MONTH CME <br> TERM SOFR + 4.00%), 7.87%, <br> 8/15/2028<br>| 1021378 | 1022021 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC, 1st Lien Term Loan B-11 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.67%, 8/21/2028<br>| 1189386 | 1187710 |
| Asurion LLC, 1st Lien Term Loan B-13 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 9/19/2030<br>| 170000 | 167960 |
| HUB International Ltd., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.58%, 6/20/2030<br>| 1075537 | 1077333 |
| USI, Inc., 1st Lien Term Loan (3-MONTH CME <br> TERM SOFR + 2.25%), 6.55%, <br> 9/27/2030<br>| 1538086 | 1535917 |
|  |  | 3968920 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Ahead DB Holdings LLC, 1st Lien Term Loan <br> B-3 (3-MONTH CME TERM SOFR + <br> 2.75%), 7.05%, 2/3/2031<br>| 845360 | 845538 |
| MH Sub I LLC, 1st Lien Term Loan |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 5/3/2028<br>| 884239 | 818416 |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 12/31/2031<br>| 598468 | 516179 |
|  |  | 2180133 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Topgolf Callaway Brands Corp., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR + <br> 3.00%), 7.32%, 3/18/2030<br>| 439232 | 431545 |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.45%, 8/26/2031<br>| 1497912 | 1502601 |
|  |  | 1934146 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SPX FLOW, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 7.07%, 4/5/2029<br>| 400212 | 402365 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 6.07%, <br> 10/8/2031<br>| 573563 | 573981 |
|  |  | 976346 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC, 1st <br> Lien Term Loan B-4 (3-MONTH CME TERM <br> SOFR + 2.00%), 6.29%, 12/9/2030<br>| 2043875 | 2041586 |
| Clear Channel Outdoor Holdings, Inc., 1st <br> Lien Term Loan (1-MONTH CME TERM <br> SOFR + 4.00%), 8.43%, 8/23/2028<br>| 1169280 | 1168988 |
| CSC Holdings LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.50%), <br> 8.86%, 1/18/2028<br>| 1392138 | 1386694 |
|  |  | 4597268 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Buckeye Partners LP, 1st Lien Term Loan B-6 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.07%, 11/22/2030<br>| 998502 | 999230 |
| EPIC Crude Services LP, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.83%, 10/15/2031<br>| 1396250 | 1400174 |
| NorthRiver Midstream Finance LP, 1st Lien <br> Term Loan B (Canada) (3-MONTH CME <br> TERM SOFR + 2.25%), 6.54%, <br> 8/16/2030<br>| 1016757 | 1017235 |
|  |  | 3416639 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.25%), 6.58%, 4/20/2028<br>| 1185297 | 1181042 |
| Jetblue Airways Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.75%), <br> 9.07%, 8/13/2029<br>| 992500 | 935928 |
|  |  | 2116970 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.18%, 5/17/2028<br>| 933045 | 611145 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| 1261229 BC Ltd., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 6.25%), <br> 10.57%, 10/8/2030<br>| 700000 | 689696 |
| Elanco Animal Health, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 1.75%), 6.13%, 8/2/2027<br>| 207952 | 207692 |
|  |  | 897388 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| WEC US Holdings, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.53%, 1/27/2031<br>| 3092522 | 3091996 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.10%), <br> 7.08%, 2/1/2029<br>| 2142380 | 2137024 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 2/15/2029<br>| 1737373 | 1735566 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 11/25/2031<br>| 1925175 | 1926888 |
| Central Parent LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.55%, 7/6/2029<br>| 818812 | 683266 |
| Genesys Cloud Services, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.50%), 6.82%, 1/30/2032<br>| 2646923 | 2646923 |
| Icon Parent, Inc., 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 3.00%), <br> 7.09%, 11/13/2031<br>| 2493750 | 2494349 |
| UKG, Inc., 1st Lien Term Loan (3-MONTH <br> CME TERM SOFR + 2.50%), 6.81%, <br> 2/10/2031<br>| 2440866 | 2438840 |
|  |  | 11925832 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Park River Holdings, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.80%, 12/28/2027<br>| 1010000 | 1005788 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Petco Health & Wellness Co., Inc., 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR + <br> 3.25%), 7.81%, 3/3/2028<br>| 820342 | 789924 |
| White Cap Supply Holdings LLC, 1st Lien <br> Term Loan C (1-MONTH CME TERM SOFR + <br> 3.25%), 7.57%, 10/19/2029<br>| 987475 | 987574 |
|  |  | 2783286 |
| Total Loan Assignments <br>(Cost $68,164,246)<br>|  | 67308078 |
| **Municipal Bonds — 0.0% (n) ^** | **Municipal Bonds — 0.0% (n) ^** | **Municipal Bonds — 0.0% (n) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance <br> Corp., Customer Rate Relief Bonds Series <br> 2023A-2, Rev., 5.17%, 4/1/2041 (Cost <br> $45,000)<br>| 45000 | 45936 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| NMG Parent LLC, Escrow ‡ \* | 1 | 13 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | 285 | 5657 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| New Evhc Physical Equity \* | 18 | 309 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| SES SA (Luxembourg) ‡ \* | 270 | 3442 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Rite Aid ‡ \* | 97 |  |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| Intelsat SA (Luxembourg) ‡ \* | 270 |  |
| Total Common Stocks <br>(Cost $4,564)<br>|  | 9421 |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| MYT Holding LLC Series A, 10.00%, <br> 6/6/2029 ‡ <br>(Cost $2,753)<br>| 2868 | 3465 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 81

------

JPMorgan Core Plus Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** |
| **Investment Companies — 8.5%** | **Investment Companies — 8.5%** | **Investment Companies — 8.5%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (o) (p) <br>(Cost $640,444,328)<br>| 640444328 | 640444328 |
| **Total Investments — 101.6%** <br>**(Cost $7,577,844,074)**<br>|  | **7653207935** |
| **Liabilities in Excess of Other Assets —** <br> **(1.6)%**<br>|  | **(122377961)**<br>|
| **NET ASSETS — 100.0%** |  | **7530829974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of August 31, 2025.<br>|
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (d) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> August 31, 2025 is $7,111,802 or 0.09% of the <br> Fund's net assets as of August 31, 2025.<br>|
| (e) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (f) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of August 31, 2025.<br>|
| (g) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (h) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of August 31, 2025. <br>|
| (i) | Defaulted security. |
| (j) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (k) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (l) | The rate shown is the effective yield as of August 31, <br> 2025. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The rate shown is the current yield as of August 31, 2025.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 2159 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 242921234 | &nbsp;&nbsp;&nbsp;&nbsp; 999252 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 77005922 | &nbsp;&nbsp;&nbsp;&nbsp; 477409 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1367 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 156179750 | &nbsp;&nbsp;&nbsp;&nbsp; 40409 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 2666 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 310339063 | &nbsp;&nbsp;&nbsp;&nbsp; (1874665)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 90317711 | &nbsp;&nbsp;&nbsp;&nbsp; 121161 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 368577000 | &nbsp;&nbsp;&nbsp;&nbsp; 1303762 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1067328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 83

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — 36.2%** | **Mortgage-Backed Securities — 36.2%** | **Mortgage-Backed Securities — 36.2%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN2492, 4.93%, 6/1/2028 | 998183 | 1007014 |
| Pool # WN2326, 4.45%, 12/1/2032 | 210000 | 208151 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # RJ0003, 6.50%, 10/1/2053 | 4019711 | 4217449 |
| Pool # SD5883, 6.50%, 6/1/2054 | 11560124 | 12102017 |
| Pool # SD5979, 6.00%, 7/1/2054 | 7742480 | 7951784 |
| Pool # SD6268, 6.50%, 8/1/2054 | 8673723 | 9089080 |
| Pool # SD6461, 6.50%, 10/1/2054 | 2444302 | 2556578 |
| Pool # QX2328, 5.50%, 1/1/2055 | 281639 | 283472 |
| Pool # QX9908, 6.00%, 4/1/2055 | 10095708 | 10333928 |
| Pool # QX9926, 6.00%, 4/1/2055 | 8552218 | 8758972 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CB7136, 6.50%, 9/1/2053 | 10270831 | 10757996 |
| Pool # MA5192, 6.50%, 11/1/2053 | 2929710 | 3035874 |
| Pool # FS6942, 6.50%, 12/1/2053 | 1972133 | 2053282 |
| Pool # FS9123, 6.50%, 12/1/2053 | 7950042 | 8309248 |
| Pool # CB8004, 6.00%, 2/1/2054 | 2464317 | 2538211 |
| Pool # CB8495, 6.00%, 5/1/2054 | 7944234 | 8184787 |
| Pool # CB8853, 6.00%, 7/1/2054 | 27683449 | 28567714 |
| Pool # FS8911, 6.50%, 8/1/2054 | 9335087 | 9799266 |
| Pool # CB9153, 6.00%, 9/1/2054 | 9278174 | 9596819 |
| Pool # FA1925, 6.00%, 12/1/2054 | 11484466 | 11792242 |
| Pool # BU5526, 5.50%, 2/1/2055 | 402024 | 404765 |
| Pool # FA0541, 6.00%, 2/1/2055 | 13656194 | 14079111 |
| FNMA, Other  |  |  |
| Pool # BS9065, 4.62%, 7/1/2028 | 650000 | 653418 |
| Pool # BS9617, 4.79%, 10/1/2028 | 1200000 | 1224923 |
| Pool # BS7094, 4.78%, 11/1/2029 | 3520000 | 3592117 |
| Pool # BS9607, 5.06%, 9/1/2030 | 162000 | 167869 |
| Pool # BS9738, 4.97%, 10/1/2030 | 220000 | 226773 |
| Pool # BS3390, 1.69%, 10/1/2031 | 1277017 | 1113880 |
| Pool # BS3377, 1.72%, 10/1/2031 | 205000 | 177499 |
| Pool # BS8929, 4.52%, 7/1/2033 | 4800000 | 4825412 |
| Pool # BS4294, 1.97%, 1/1/2034 | 800000 | 665870 |
| Pool # BZ1211, 4.99%, 6/1/2034 | 840000 | 866247 |
| Pool # BZ3537, 4.97%, 4/1/2035 | 2665172 | 2731455 |
| GNMA II, 30 Year  |  |  |
| Pool # 2644, 6.50%, 9/20/2028 | 158 | 163 |
| Pool # DB5978, 6.50%, 4/20/2044 | 157206 | 161820 |
| Pool # DA9696, 6.50%, 4/20/2045 | 183630 | 189031 |
| Pool # DD9127, 6.50%, 7/20/2049 | 67908 | 70907 |
| Pool # MA8151, 4.50%, 7/20/2052 | 24 | 23 |
| Pool # MA8649, 6.00%, 2/20/2053 | 293744 | 301671 |
| Pool # MA9109, 7.00%, 8/20/2053 | 787903 | 817999 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # CW1603, 6.50%, 12/20/2053 | 151386 | 157143 |
| Pool # DA0555, 6.50%, 2/20/2054 | 798710 | 829083 |
| Pool # DA1949, 6.50%, 2/20/2054 | 1028670 | 1067788 |
| Pool # 787307, 6.50%, 3/20/2054 | 2647039 | 2747805 |
| Pool # DB1810, 6.50%, 3/20/2054 | 575325 | 597203 |
| Pool # DB1811, 6.50%, 3/20/2054 | 378570 | 392966 |
| Pool # DB1838, 6.50%, 3/20/2054 | 219330 | 227671 |
| Pool # DB1521, 6.00%, 4/20/2054 | 163811 | 168948 |
| Pool # DB1161, 6.50%, 4/20/2054 | 507045 | 526328 |
| Pool # DA0802, 6.50%, 5/20/2054 | 214155 | 222299 |
| Pool # DA5191, 6.50%, 5/20/2054 | 98519 | 103342 |
| Pool # DA9805, 6.50%, 5/20/2054 | 116846 | 121440 |
| Pool # DB7176, 6.50%, 5/20/2054 | 163798 | 170739 |
| Pool # MA9725, 5.50%, 6/20/2054 | 19525319 | 19701299 |
| Pool # DB7182, 6.00%, 6/20/2054 | 98562 | 101411 |
| Pool # DB9010, 6.00%, 6/20/2054 | 181588 | 186213 |
| Pool # DC6423, 6.00%, 6/20/2054 | 353681 | 364021 |
| Pool # DC6424, 6.00%, 6/20/2054 | 273880 | 281679 |
| Pool # DC6462, 6.00%, 6/20/2054 | 278224 | 287120 |
| Pool # DC6464, 6.00%, 6/20/2054 | 1355521 | 1393038 |
| Pool # DC7762, 6.00%, 6/20/2054 | 1611796 | 1656408 |
| Pool # CP4226, 6.50%, 6/20/2054 | 395213 | 411964 |
| Pool # CZ1406, 6.50%, 6/20/2054 | 180415 | 188536 |
| Pool # DA1016, 6.50%, 6/20/2054 | 197827 | 206731 |
| Pool # DB7470, 6.50%, 6/20/2054 | 536947 | 557366 |
| Pool # DB7473, 6.50%, 6/20/2054 | 1196591 | 1243561 |
| Pool # DC6270, 6.50%, 6/20/2054 | 369860 | 385536 |
| Pool # DE0617, 6.50%, 6/20/2054 | 1380765 | 1433269 |
| Pool # DB7520, 6.00%, 7/20/2054 | 476242 | 489424 |
| Pool # DC0348, 6.00%, 7/20/2054 | 4194065 | 4300887 |
| Pool # DC6650, 6.00%, 7/20/2054 | 1535099 | 1577588 |
| Pool # DC8318, 6.00%, 7/20/2054 | 80287 | 82903 |
| Pool # DC8319, 6.00%, 7/20/2054 | 98402 | 101246 |
| Pool # DA1123, 6.50%, 7/20/2054 | 197516 | 205028 |
| Pool # DB7614, 6.50%, 7/20/2054 | 98812 | 102570 |
| Pool # DB7642, 6.50%, 7/20/2054 | 241852 | 251049 |
| Pool # DC4806, 6.50%, 7/20/2054 | 1348047 | 1400964 |
| Pool # DC4815, 6.50%, 7/20/2054 | 333157 | 345826 |
| Pool # DC4824, 6.50%, 7/20/2054 | 926706 | 961947 |
| Pool # DC4836, 6.50%, 7/20/2054 | 703355 | 730965 |
| Pool # DC4838, 6.50%, 7/20/2054 | 262895 | 272892 |
| Pool # DC6344, 6.50%, 7/20/2054 | 1432672 | 1487151 |
| Pool # DC7719, 6.50%, 7/20/2054 | 262588 | 272585 |
| Pool # DD0243, 6.50%, 7/20/2054 | 197845 | 206230 |
| Pool # DD0244, 6.50%, 7/20/2054 | 296580 | 309151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # DD0258, 6.50%, 7/20/2054 | 148134 | 154412 |
| Pool # DD1474, 6.50%, 7/20/2054 | 1984187 | 2059645 |
| Pool # DD6149, 6.50%, 7/20/2054 | 240719 | 249874 |
| Pool # DD7932, 6.50%, 7/20/2054 | 543361 | 564038 |
| Pool # DD7934, 6.50%, 7/20/2054 | 554262 | 575340 |
| Pool # DD7935, 6.50%, 7/20/2054 | 972892 | 1009887 |
| Pool # DE1862, 6.00%, 8/20/2054 | 3955635 | 4065121 |
| Pool # 787524, 6.50%, 8/20/2054 | 10939742 | 11452259 |
| Pool # 787526, 6.50%, 8/20/2054 | 11656257 | 12118759 |
| Pool # 787527, 6.50%, 8/20/2054 | 10433603 | 10881700 |
| Pool # 787528, 6.50%, 8/20/2054 | 14954881 | 15538847 |
| Pool # CZ7222, 6.50%, 8/20/2054 | 362540 | 377083 |
| Pool # DA1146, 6.50%, 8/20/2054 | 73939 | 76751 |
| Pool # DA2943, 6.50%, 8/20/2054 | 823089 | 855398 |
| Pool # DC5089, 6.50%, 8/20/2054 | 836929 | 869782 |
| Pool # DC6802, 6.50%, 8/20/2054 | 797742 | 827410 |
| Pool # DC8297, 6.50%, 8/20/2054 | 345530 | 359327 |
| Pool # DD0605, 6.50%, 8/20/2054 | 197860 | 205955 |
| Pool # DD1553, 6.50%, 8/20/2054 | 259274 | 269403 |
| Pool # DD7840, 6.50%, 8/20/2054 | 1389780 | 1444371 |
| Pool # DD8028, 6.50%, 8/20/2054 | 87066 | 90716 |
| Pool # DD8029, 6.50%, 8/20/2054 | 86963 | 90167 |
| Pool # DD8031, 6.50%, 8/20/2054 | 65541 | 68050 |
| Pool # DD8032, 6.50%, 8/20/2054 | 122244 | 127220 |
| Pool # DD8033, 6.50%, 8/20/2054 | 105779 | 110085 |
| Pool # DD9128, 6.50%, 8/20/2054 | 217161 | 226365 |
| Pool # DE0930, 6.50%, 8/20/2054 | 197772 | 206396 |
| Pool # DE0931, 6.50%, 8/20/2054 | 197990 | 206382 |
| Pool # DE0933, 6.50%, 8/20/2054 | 151175 | 157584 |
| Pool # DE0936, 6.50%, 8/20/2054 | 494790 | 514247 |
| Pool # DE1872, 6.50%, 8/20/2054 | 3378918 | 3507412 |
| Pool # 787553, 6.00%, 9/20/2054 | 10544669 | 10841973 |
| Pool # DD9114, 6.00%, 9/20/2054 | 94357 | 96968 |
| Pool # DE0971, 6.00%, 9/20/2054 | 93459 | 96046 |
| Pool # DE4370, 6.00%, 9/20/2054 | 206144 | 211850 |
| Pool # DE4373, 6.00%, 9/20/2054 | 227535 | 233833 |
| Pool # DE4379, 6.00%, 9/20/2054 | 954385 | 980801 |
| Pool # DE6274, 6.00%, 9/20/2054 | 9018754 | 9268383 |
| Pool # 787554, 6.50%, 9/20/2054 | 8727293 | 9068063 |
| Pool # DE6368, 6.50%, 9/20/2054 | 800330 | 829276 |
| Pool # 787593, 5.50%, 10/20/2054 | 11110469 | 11279046 |
| Pool # 787595, 6.00%, 10/20/2054 | 31727495 | 32663515 |
| Pool # 787596, 6.00%, 10/20/2054 | 32307752 | 33340733 |
| Pool # DF5278, 6.00%, 10/20/2054 | 128839 | 132405 |
| Pool # DF5283, 6.00%, 10/20/2054 | 921768 | 947282 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # DF5284, 6.00%, 10/20/2054 | 990889 | 1018317 |
| Pool # DF8119, 6.00%, 11/20/2054 | 9669260 | 9936895 |
| Pool # DF8120, 6.00%, 11/20/2054 | 9910006 | 10184302 |
| Pool # DG0986, 6.00%, 11/20/2054 | 234010 | 240487 |
| Pool # DG1019, 6.00%, 11/20/2054 | 297719 | 305960 |
| Pool # DG1038, 6.00%, 11/20/2054 | 269992 | 277465 |
| Pool # DE0928, 6.00%, 12/20/2054 | 125574 | 129481 |
| Pool # DF4458, 6.00%, 12/20/2054 | 287409 | 295364 |
| Pool # DF4461, 6.00%, 12/20/2054 | 279800 | 287545 |
| Pool # DF4477, 6.00%, 12/20/2054 | 561914 | 577502 |
| Pool # DF8291, 6.00%, 12/20/2054 | 1046265 | 1075224 |
| Pool # DG1004, 6.00%, 12/20/2054 | 397029 | 408311 |
| Pool # DG1015, 6.00%, 12/20/2054 | 208170 | 213709 |
| Pool # DG1018, 6.00%, 12/20/2054 | 297760 | 306002 |
| Pool # DG1027, 6.00%, 12/20/2054 | 595467 | 611949 |
| Pool # DG8794, 6.00%, 12/20/2054 | 297765 | 306025 |
| Pool # DG8812, 6.00%, 12/20/2054 | 150159 | 154316 |
| Pool # DG8826, 6.00%, 12/20/2054 | 170237 | 174951 |
| Pool # MB0094, 6.50%, 12/20/2054 | 90161876 | 92870705 |
| Pool # DG8827, 6.00%, 1/20/2055 | 542668 | 557728 |
| Pool # DG8828, 6.00%, 1/20/2055 | 139715 | 143583 |
| Pool # DG8829, 6.00%, 1/20/2055 | 240826 | 248322 |
| Pool # DG8840, 6.00%, 1/20/2055 | 174400 | 179230 |
| Pool # DG8841, 6.00%, 1/20/2055 | 504814 | 518824 |
| Pool # DG8842, 6.00%, 1/20/2055 | 112409 | 115522 |
| Pool # DG8843, 6.00%, 1/20/2055 | 163317 | 168401 |
| Pool # DG8871, 6.00%, 1/20/2055 | 107645 | 111178 |
| Pool # MB0149, 6.50%, 1/20/2055 | 158691044 | 163365521 |
| Pool # MB0207, 6.50%, 2/20/2055 | 16058751 | 16531777 |
| Pool # 787885, 6.00%, 3/20/2055 | 35861186 | 36854167 |
| Pool # MB0260, 6.00%, 3/20/2055 | 85053399 | 86784928 |
| Pool # MB0261, 6.50%, 3/20/2055 | 27169168 | 27977457 |
| Pool # DI0238, 6.00%, 4/20/2055 | 1401308 | 1431714 |
| Pool # MB0309, 6.00%, 4/20/2055 | 74176967 | 75687072 |
| Pool # MB0310, 6.50%, 4/20/2055 | 1374851 | 1416224 |
| Pool # 787943, 6.50%, 5/20/2055 | 9918618 | 10376748 |
| Pool # MB0368, 6.50%, 5/20/2055 | 111756317 | 115050895 |
| Pool # MB0426, 6.50%, 6/20/2055 | 18509511 | 19055175 |
| Pool # 788063, 6.00%, 7/20/2055 | 13294165 | 13662278 |
| Pool # MB0486, 6.00%, 7/20/2055 | 216542087 | 220950481 |
| Pool # DK7461, 6.50%, 7/20/2055 | 5840026 | 6042620 |
| Pool # MB0487, 6.50%, 7/20/2055 | 1011509 | 1042072 |
| Pool # 788132, 5.50%, 8/20/2055 | 54812331 | 55409369 |
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 5.50%, 9/15/2055 (a) | 250068688 | 251904307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 85

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| TBA, 6.50%, 9/15/2055 (a) | 21760000 | 22388554 |
| TBA, 5.50%, 10/15/2055 (a) | 96360000 | 96973225 |
| STRU CITI 1.55%, 8/15/2055 ‡ (a) (b) | 22000000 | 1344063 |
| Total Mortgage-Backed Securities <br>(Cost $1,746,514,079)<br>|  | 1757160255 |
| **Commercial Mortgage-Backed Securities — 20.2%** | **Commercial Mortgage-Backed Securities — 20.2%** | **Commercial Mortgage-Backed Securities — 20.2%** |
| 1211 Avenue of the Americas Trust Series <br> 2015-1211, Class C, 4.28%, <br> 8/10/2035 (b) (c)<br>| 935000 | 871887 |
| Aventura Mall Trust Series 2018-AVM, <br> Class A, 4.25%, 7/5/2040 (b) (c)<br>| 2220000 | 2197018 |
| Banc of America Commercial Mortgage Trust <br> Series 2015-UBS7, Class C, 4.40%, <br> 9/15/2048 (b)<br>| 2925000 | 2652583 |
| Banc of America Re-REMIC Trust Series <br> 2024-FRR1, Class C, 0.00%, <br> 4/27/2049 ‡ (c)<br>| 3000000 | 1962885 |
| BANK |  |  |
| Series 2022-BNK39, Class XA, IO, 0.52%, <br> 2/15/2055 (b)<br>| 8007753 | 182152 |
| Series 2019-BN19, Class C, 4.16%, <br> 8/15/2061 (b)<br>| 1500000 | 1098304 |
| Series 2019-BN20, Class D, 2.50%, <br> 9/15/2062 (c)<br>| 700000 | 400381 |
| Series 2020-BN28, Class XA, IO, 1.87%, <br> 3/15/2063 (b)<br>| 4078458 | 288208 |
| Series 2020-BN26, Class E, 2.50%, <br> 3/15/2063 (c)<br>| 320000 | 210289 |
| Series 2020-BN26, Class AS, 2.69%, <br> 3/15/2063<br>| 4500000 | 4022090 |
| BANK5 |  |  |
| Series 2023-5YR1, Class A3, 6.26%, <br> 4/15/2056 (b)<br>| 5800000 | 6046161 |
| Series 2023-5YR3, Class A2, 6.26%, <br> 9/15/2056<br>| 5794786 | 6049465 |
| Series 2023-5YR4, Class A3, 6.50%, <br> 12/15/2056<br>| 822333 | 869692 |
| BBCMS Mortgage Trust |  |  |
| Series 2021-C11, Class XB, IO, 1.08%, <br> 9/15/2054 (b)<br>| 4500000 | 231475 |
| Series 2022-C17, Class XA, IO, 1.32%, <br> 9/15/2055 (b)<br>| 47046530 | 3036392 |
| Series 2023-C20, Class XA, IO, 1.08%, <br> 7/15/2056 (b)<br>| 13127998 | 617592 |
| Series 2023-C21, Class A5, 6.00%, <br> 9/15/2056 (b)<br>| 1350000 | 1453120 |
| Series 2023-C22, Class A5, 6.80%, <br> 11/15/2056 (b)<br>| 2900000 | 3256952 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-5C23, Class A3, 6.68%, <br> 12/15/2056 (b)<br>| 4350000 | 4636797 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B1, Class C, 4.34%, <br> 1/15/2051 (b)<br>| 5200000 | 4243922 |
| Series 2018-B2, Class AS, 4.08%, <br> 2/15/2051 (b)<br>| 2300000 | 2223182 |
| Series 2018-B4, Class A5, 4.12%, <br> 7/15/2051 (b)<br>| 1000000 | 990120 |
| Series 2019-B9, Class D, 3.00%, <br> 3/15/2052 (c)<br>| 1240000 | 809029 |
| Series 2021-B26, Class ASB, 2.26%, <br> 6/15/2054<br>| 800000 | 764659 |
| Series 2022-B33, Class A5, 3.46%, <br> 3/15/2055<br>| 800000 | 738418 |
| Series 2022-B36, Class A5, 4.47%, <br> 7/15/2055 (b)<br>| 800000 | 785713 |
| Series 2022-B37, Class A5, 5.94%, <br> 11/15/2055 (b)<br>| 604000 | 645007 |
| Series 2024-V7, Class A3, 6.23%, <br> 5/15/2056 (b)<br>| 4000000 | 4240894 |
| Series 2023-B39, Class XA, IO, 0.72%, <br> 7/15/2056 (b)<br>| 118298098 | 4291441 |
| Series 2023-V3, Class A3, 6.36%, <br> 7/15/2056 (b)<br>| 200000 | 210521 |
| Series 2024-V5, Class A3, 5.81%, <br> 1/10/2057<br>| 440549 | 459723 |
| Series 2024-V5, Class C, 7.20%, <br> 1/10/2057 (b)<br>| 300000 | 311755 |
| Series 2024-V9, Class A3, 5.60%, <br> 8/15/2057<br>| 4300000 | 4478921 |
| Series 2019-B10, Class B, 4.18%, <br> 3/15/2062 (b)<br>| 1418000 | 1291508 |
| BHMS Commercial Mortgage Trust Series <br> 2025-ATLS, Class A, 6.20%, <br> 8/15/2042 (b) (c)<br>| 6483000 | 6503259 |
| BMARK Series 2023-V4, Class A3, 6.84%, <br> 11/15/2056 (b)<br>| 3600000 | 3833643 |
| BMD2 Re-REMIC Trust Series 2019-FRR1, <br> Class 4D1, PO, 5/25/2052 ‡ (c)<br>| 5000000 | 3489117 |
| BMO Mortgage Trust |  |  |
| Series 2022-C1, Class XA, IO, 0.59%, <br> 2/17/2055 (b)<br>| 49256192 | 1118771 |
| Series 2023-C5, Class A5, 5.77%, <br> 6/15/2056<br>| 1640000 | 1720335 |
| Series 2023-5C1, Class A3, 6.53%, <br> 8/15/2056 (b)<br>| 6280000 | 6618292 |
| Series 2023-5C2, Class A3, 7.30%, <br> 11/15/2056 (b)<br>| 3310000 | 3559413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2023-C7, Class A5, 6.16%, <br> 12/15/2056<br>| 1500000 | 1611697 |
| Series 2024-5C3, Class A3, 5.74%, <br> 2/15/2057<br>| 2420000 | 2516420 |
| Series 2024-5C3, Class C, 7.09%, <br> 2/15/2057 (b)<br>| 700000 | 719203 |
| Series 2024-5C4, Class A3, 6.53%, <br> 5/15/2057 (b)<br>| 8300000 | 8856703 |
| Series 2024-C9, Class XA, IO, 1.08%, <br> 7/15/2057 (b)<br>| 26962678 | 1722298 |
| Series 2024-C9, Class A5, 5.76%, <br> 7/15/2057<br>| 1710000 | 1813840 |
| Series 2024-5C6, Class A3, 5.32%, <br> 9/15/2057<br>| 3900000 | 4018330 |
| Series 2024-C10, Class XA, IO, 0.81%, <br> 11/15/2057 (b)<br>| 79702903 | 3972393 |
| Series 2024-5C7, Class XA, IO, 1.14%, <br> 11/15/2057 (b) (c)<br>| 19941796 | 692551 |
| Series 2024-5C7, Class A3, 5.57%, <br> 11/15/2057 (b)<br>| 1400000 | 1457863 |
| Series 2024-5C7, Class AS, 5.89%, <br> 11/15/2057 (b)<br>| 300000 | 311355 |
| Series 2025-5C11, Class XA, IO, 1.33%, <br> 7/15/2058 (b)<br>| 13718450 | 658561 |
| BX Series 2021-MFM1, Class A, 5.18%, <br> 1/15/2034 (b) (c)<br>| 74929 | 74905 |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-21M, Class A, 5.21%, <br> 10/15/2036 (b) (c)<br>| 148759 | 148712 |
| Series 2021-ACNT, Class A, 5.33%, <br> 11/15/2038 (b) (c)<br>| 728704 | 728476 |
| Series 2024-MF, Class A, 5.80%, <br> 2/15/2039 (b) (c)<br>| 1744345 | 1746526 |
| Series 2024-MF, Class B, 6.05%, <br> 2/15/2039 (b) (c)<br>| 708364 | 709692 |
| Series 2024-AIR2, Class A, 5.86%, <br> 10/15/2041 (b) (c)<br>| 1438770 | 1441466 |
| BX Mortgage Trust |  |  |
| Series 2025-BIO3, Class B, 6.56%, <br> 2/10/2042 (c)<br>| 3587000 | 3688533 |
| Series 2025-BIO3, Class C, 7.19%, <br> 2/10/2042 (b) (c)<br>| 3400000 | 3484581 |
| Series 2025-BIO3, Class D, 7.19%, <br> 2/10/2042 (b) (c)<br>| 4700000 | 4641456 |
| BX Trust Series 2022-LBA6, Class A, 5.36%, <br> 1/15/2039 (b) (c)<br>| 155000 | 154952 |
| CD Mortgage Trust |  |  |
| Series 2016-CD2, Class C, 4.11%, <br> 11/10/2049 (b)<br>| 290000 | 172973 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2017-CD3, Class A4, 3.63%, <br> 2/10/2050<br>| 6796138 | 6576350 |
| Series 2017-CD3, Class AS, 3.83%, <br> 2/10/2050<br>| 1000000 | 875829 |
| Series 2017-CD4, Class D, 3.30%, <br> 5/10/2050 (c)<br>| 2000000 | 1689389 |
| Series 2017-CD6, Class AM, 3.71%, <br> 11/13/2050 (b)<br>| 1362417 | 1324732 |
| Series 2017-CD6, Class B, 3.91%, <br> 11/13/2050 (b)<br>| 1750000 | 1667211 |
| Series 2018-CD7, Class C, 5.00%, <br> 8/15/2051 (b)<br>| 2080000 | 1931249 |
| Series 2019-CD8, Class E, 3.00%, <br> 8/15/2057 (c)<br>| 3800000 | 2114192 |
| CFCRE Commercial Mortgage Trust Series <br> 2016-C6, Class C, 4.30%, <br> 11/10/2049 (b)<br>| 1000000 | 895980 |
| CGMS Commercial Mortgage Trust Series <br> 2017-B1, Class D, 3.00%, <br> 8/15/2050 (c)<br>| 6500000 | 5547550 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2014-GC25, Class B, 4.34%, <br> 10/10/2047 (b)<br>| 1347008 | 1286393 |
| Series 2015-GC29, Class D, 3.11%, <br> 4/10/2048 (c)<br>| 4000000 | 2799720 |
| Series 2015-P1, Class D, 3.23%, <br> 9/15/2048 (c)<br>| 516613 | 498531 |
| Series 2016-GC36, Class C, 4.91%, <br> 2/10/2049 (b)<br>| 1500000 | 1245315 |
| Series 2016-P3, Class B, 4.27%, <br> 4/15/2049 (b)<br>| 1630000 | 1530302 |
| Series 2016-C3, Class D, 3.00%, <br> 11/15/2049 (c)<br>| 1500000 | 1200566 |
| Series 2016-P6, Class D, 3.25%, <br> 12/10/2049 (c)<br>| 3000000 | 2124685 |
| Series 2018-B2, Class AS, 4.18%, <br> 3/10/2051 (b)<br>| 1000000 | 982963 |
| Series 2018-C5, Class XA, IO, 0.82%, <br> 6/10/2051 (b)<br>| 1441961 | 23114 |
| Series 2018-C6, Class XA, IO, 0.93%, <br> 11/10/2051 (b)<br>| 2006976 | 42529 |
| Series 2015-GC33, Class D, 3.17%, <br> 9/10/2058<br>| 3500000 | 2143793 |
| Series 2015-GC33, Class B, 4.67%, <br> 9/10/2058 (b)<br>| 5476986 | 5120008 |
| Series 2019-C7, Class XA, IO, 0.94%, <br> 12/15/2072 (b)<br>| 19921051 | 603478 |
| COMM Mortgage Trust |  |  |
| Series 2024-CBM, Class A1, 5.85%, <br> 12/10/2041 (b) (c)<br>| 2332180 | 2358450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 87

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2024-CBM, Class A2, 5.87%, <br> 12/10/2041 (b) (c)<br>| 1123214 | 1144129 |
| Series 2024-CBM, Class B, 6.51%, <br> 12/10/2041 (b) (c)<br>| 1224000 | 1253538 |
| Series 2018-COR3, Class B, 4.67%, <br> 5/10/2051 (b)<br>| 800000 | 675430 |
| Commercial Mortgage Trust |  |  |
| Series 2014-CR14, Class C, 3.79%, <br> 2/10/2047 (b)<br>| 2967820 | 2819459 |
| Series 2014-CR15, Class C, 4.07%, <br> 2/10/2047 (b)<br>| 1000000 | 959619 |
| Series 2014-CR19, Class E, 4.07%, <br> 8/10/2047 (b) (c)<br>| 2500000 | 2337525 |
| Series 2014-UBS5, Class C, 4.88%, <br> 9/10/2047 (b)<br>| 2300000 | 2115977 |
| Series 2014-CR20, Class D, 3.22%, <br> 11/10/2047 (c)<br>| 2350000 | 1769738 |
| Series 2015-LC19, Class D, 2.87%, <br> 2/10/2048 (c)<br>| 7817000 | 7020604 |
| Series 2015-CR22, Class D, 3.89%, <br> 3/10/2048 (b) (c)<br>| 2000000 | 1587808 |
| Series 2015-LC23, Class E, 3.70%, <br> 10/10/2048 (b) (c)<br>| 3000000 | 2456092 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2018-C14, Class C, 5.04%, <br> 11/15/2051 (b)<br>| 4000000 | 3632314 |
| Series 2019-C16, Class XA, IO, 1.69%, <br> 6/15/2052 (b)<br>| 59003645 | 2749304 |
| Series 2020-C19, Class D, 2.50%, <br> 3/15/2053 (c)<br>| 5200000 | 2942672 |
| Series 2020-C19, Class E, 2.50%, <br> 3/15/2053 (c)<br>| 2000000 | 665009 |
| Series 2020-C19, Class C, 3.73%, <br> 3/15/2053 (b)<br>| 2750000 | 2240663 |
| Series 2015-C2, Class C, 4.26%, <br> 6/15/2057 (b)<br>| 4250000 | 3851860 |
| DBJPM Mortgage Trust Series 2016-C3, <br> Class B, 3.26%, 8/10/2049<br>| 400000 | 376077 |
| ELM Trust Series 2024-ELM, Class C10, <br> 6.40%, 6/10/2039 (b) (c)<br>| 1885000 | 1899963 |
| FHLMC |  |  |
| Series 2021-MN2, Class B1, 9.85%, <br> 7/25/2041 (b) (c)<br>| 200000 | 199998 |
| Series 2023-MN7, Class M1, 7.95%, <br> 9/25/2043 (b) (c)<br>| 1787610 | 1818941 |
| Series 2023-MN7, Class M2, 10.05%, <br> 9/25/2043 (b) (c)<br>| 2348000 | 2448804 |
| Series 2023-MN7, Class B1, 13.20%, <br> 9/25/2043 (b) (c)<br>| 1750000 | 1933362 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-MN8, Class M1, 7.20%, <br> 5/25/2044 (b) (c)<br>| 2074284 | 2096989 |
| Series 2024-MN8, Class M2, 8.60%, <br> 5/25/2044 (b) (c)<br>| 2500000 | 2612768 |
| Series 2024-MN8, Class B1, 11.70%, <br> 5/25/2044 (b) (c)<br>| 2900000 | 3392952 |
| Series 2024-MN9, Class M1, 6.80%, <br> 10/25/2044 (b) (c)<br>| 10798851 | 10877906 |
| Series 2024-MN9, Class M2, 7.60%, <br> 10/25/2044 (b) (c)<br>| 7100000 | 7167084 |
| Series 2024-MN9, Class B1, 10.35%, <br> 10/25/2044 (b) (c)<br>| 500000 | 516445 |
| Series 2025-MN10, Class M1, 6.39%, <br> 2/25/2045 (b) (c)<br>| 3776857 | 3745276 |
| Series 2025-MN10, Class M2, 7.19%, <br> 2/25/2045 (b) (c)<br>| 1500000 | 1496751 |
| Series 2025-MN10, Class B1, 9.29%, <br> 2/25/2045 (b) (c)<br>| 180000 | 184045 |
| Series 2025-MN11, Class M1, 6.00%, <br> 7/25/2045 (b) (c)<br>| 2500000 | 2498399 |
| Series 2025-MN11, Class B1, 8.75%, <br> 7/25/2045 (b) (c)<br>| 2700000 | 2771162 |
| Series 2021-MN1, Class M1, 6.35%, <br> 1/25/2051 (b) (c)<br>| 415088 | 413837 |
| Series 2021-MN1, Class M2, 8.10%, <br> 1/25/2051 (b) (c)<br>| 3000000 | 3096029 |
| Series 2021-MN3, Class M2, 8.35%, <br> 11/25/2051 (b) (c)<br>| 8700000 | 9000596 |
| Series 2021-MN3, Class B1, 11.20%, <br> 11/25/2051 (b) (c)<br>| 1750000 | 1855442 |
| FHLMC, Multi-Class Certificates |  |  |
| Series 2020-RR12, Class X, IO, 2.10%, <br> 10/27/2027 (b)<br>| 2000000 | 64492 |
| Series 2020-RR06, Class AX, IO, 1.88%, <br> 10/27/2028 (b)<br>| 2000000 | 79400 |
| Series 2020-RR14, Class X, IO, 2.13%, <br> 3/27/2034 (b)<br>| 2500000 | 336954 |
| Series 2021-RR16, Class X, IO, 0.96%, <br> 10/27/2034 (b)<br>| 5600000 | 367426 |
| Series 2023-RR21, Class X, IO, 3.39%, <br> 4/27/2036 (b)<br>| 18000000 | 3768676 |
| FHLMC, Multi-Family Structured Credit Risk <br> Series 2022-MN4, Class M2, 10.85%, <br> 5/25/2052 (b) (c)<br>| 3000000 | 3395970 |
| FHLMC, Multi-family Structured <br> Pass-Through Certificates Series K051, <br> Class X1, IO, 0.66%, 9/25/2025 (b)<br>| 20791238 | 748 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series K737, Class X1, IO, 0.72%, <br> 10/25/2026 (b)<br>| 43767831 | 231987 |
| Series K738, Class X1, IO, 1.59%, <br> 1/25/2027 (b)<br>| 41013241 | 653247 |
| Series K064, Class X1, IO, 0.72%, <br> 3/25/2027 (b)<br>| 10048506 | 73162 |
| Series KC05, Class X1, IO, 1.34%, <br> 6/25/2027 (b)<br>| 40786390 | 481194 |
| Series K068, Class X1, IO, 0.54%, <br> 8/25/2027 (b)<br>| 623036 | 4273 |
| Series K740, Class X1, IO, 0.82%, <br> 9/25/2027 (b)<br>| 17720888 | 217341 |
| Series K072, Class X1, IO, 0.49%, <br> 12/25/2027 (b)<br>| 14821485 | 114136 |
| Series K742, Class X1, IO, 0.86%, <br> 3/25/2028 (b)<br>| 2725878 | 28718 |
| Series K742, Class X3, IO, 2.68%, <br> 4/25/2028 (b)<br>| 5000000 | 311985 |
| Series K743, Class X1, IO, 1.01%, <br> 5/25/2028 (b)<br>| 25159400 | 538512 |
| Series K078, Class X1, IO, 0.22%, <br> 6/25/2028 (b)<br>| 60995902 | 187904 |
| Series K745, Class X1, IO, 0.71%, <br> 8/25/2028 (b)<br>| 14949005 | 232447 |
| Series K082, Class X1, IO, 0.15%, <br> 9/25/2028 (b)<br>| 192561438 | 363190 |
| Series K083, Class X1, IO, 0.18%, <br> 9/25/2028 (b)<br>| 129434605 | 289506 |
| Series K084, Class X3, IO, 2.31%, <br> 11/25/2028 (b)<br>| 751485 | 48182 |
| Series K514, Class X1, IO, 1.16%, <br> 12/25/2028 (b)<br>| 11790582 | 339872 |
| Series K088, Class X1, IO, 0.65%, <br> 1/25/2029 (b)<br>| 13573095 | 208039 |
| Series K091, Class X1, IO, 0.70%, <br> 3/25/2029 (b)<br>| 31906313 | 574103 |
| Series K519, Class AS, 4.82%, <br> 3/25/2029 (b)<br>| 3689632 | 3685130 |
| Series K749, Class XAM, IO, 0.31%, <br> 4/25/2029 (b)<br>| 55000000 | 490067 |
| Series KW09, Class X1, IO, 0.92%, <br> 5/25/2029 (b)<br>| 71257736 | 1491396 |
| Series K094, Class X1, IO, 1.01%, <br> 6/25/2029 (b)<br>| 21043828 | 593842 |
| Series K095, Class XAM, IO, 1.37%, <br> 6/25/2029 (b)<br>| 1614000 | 71180 |
| Series K528, Class X1, IO, 1.01%, <br> 7/25/2029 (b)<br>| 30000000 | 890553 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series KG02, Class X1, IO, 1.14%, <br> 8/25/2029 (b)<br>| 14235686 | 434191 |
| Series K100, Class X1, IO, 0.77%, <br> 9/25/2029 (b)<br>| 53784295 | 1199406 |
| Series K101, Class X1, IO, 0.94%, <br> 10/25/2029 (b)<br>| 1649988 | 47890 |
| Series K101, Class X3, IO, 1.95%, <br> 10/25/2029 (b)<br>| 20000000 | 1392098 |
| Series K090, Class X3, IO, 2.39%, <br> 10/25/2029 (b)<br>| 5000000 | 379873 |
| Series K103, Class X1, IO, 0.75%, <br> 11/25/2029 (b)<br>| 25734017 | 592497 |
| Series K104, Class X1, IO, 1.23%, <br> 1/25/2030 (b)<br>| 12918885 | 519390 |
| Series K106, Class X1, IO, 1.44%, <br> 1/25/2030 (b)<br>| 6527227 | 319954 |
| Series K105, Class X1, IO, 1.64%, <br> 1/25/2030 (b)<br>| 24517409 | 1362724 |
| Series K107, Class X1, IO, 1.70%, <br> 1/25/2030 (b)<br>| 44756478 | 2598127 |
| Series K109, Class X1, IO, 1.69%, <br> 4/25/2030 (b)<br>| 36095004 | 2131244 |
| Series K110, Class X1, IO, 1.76%, <br> 4/25/2030 (b)<br>| 42802112 | 2609534 |
| Series K114, Class X1, IO, 1.21%, <br> 6/25/2030 (b)<br>| 2103962 | 93706 |
| Series K115, Class X1, IO, 1.42%, <br> 6/25/2030 (b)<br>| 7875176 | 412451 |
| Series K117, Class X1, IO, 1.32%, <br> 8/25/2030 (b)<br>| 31081649 | 1524887 |
| Series K119, Class X1, IO, 1.02%, <br> 9/25/2030 (b)<br>| 7272180 | 276565 |
| Series K121, Class X1, IO, 1.11%, <br> 10/25/2030 (b)<br>| 24799565 | 1027483 |
| Series K120, Class X1, IO, 1.12%, <br> 10/25/2030 (b)<br>| 40652513 | 1707219 |
| Series K754, Class XAM, IO, 0.21%, <br> 11/25/2030 (b)<br>| 116738000 | 540567 |
| Series KG04, Class X1, IO, 0.93%, <br> 11/25/2030 (b)<br>| 9198505 | 323500 |
| Series K122, Class X1, IO, 0.96%, <br> 11/25/2030 (b)<br>| 19589854 | 724684 |
| Series K124, Class X1, IO, 0.81%, <br> 12/25/2030 (b)<br>| 99537865 | 3134567 |
| Series K123, Class X1, IO, 0.86%, <br> 12/25/2030 (b)<br>| 52732758 | 1726049 |
| Series K126, Class X1, IO, 0.39%, <br> 1/25/2031 (b)<br>| 91246782 | 1236613 |
| Series K152, Class X1, IO, 1.10%, <br> 1/25/2031 (b)<br>| 17185606 | 658056 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 89

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series K128, Class X1, IO, 0.61%, <br> 3/25/2031 (b)<br>| 126212934 | 2887197 |
| Series K129, Class X3, IO, 3.27%, <br> 5/25/2031 (b)<br>| 8000000 | 1186451 |
| Series K130, Class X1, IO, 1.14%, <br> 6/25/2031 (b)<br>| 6164505 | 300357 |
| Series K131, Class X1, IO, 0.83%, <br> 7/25/2031 (b)<br>| 56570273 | 2036818 |
| Series KG06, Class X1, IO, 0.63%, <br> 10/25/2031 (b)<br>| 42584045 | 1121306 |
| Series K136, Class X1, IO, 0.49%, <br> 12/25/2031 (b)<br>| 62817950 | 1105301 |
| Series K140, Class X1, IO, 0.39%, <br> 1/25/2032 (b)<br>| 84493536 | 1437007 |
| Series K-152, Class A1, 3.78%, <br> 1/25/2032<br>| 1173846 | 1159978 |
| Series Q001, Class XA, IO, 2.08%, <br> 2/25/2032 (b)<br>| 15565780 | 952890 |
| Series K142, Class X1, IO, 0.40%, <br> 3/25/2032 (b)<br>| 110029244 | 1920439 |
| Series K144, Class X1, IO, 0.44%, <br> 4/25/2032 (b)<br>| 4084289 | 83238 |
| Series K-161, Class A1, 5.08%, <br> 7/25/2032<br>| 3480000 | 3630893 |
| Series K-150, Class X1, IO, 0.45%, <br> 9/25/2032 (b)<br>| 17459699 | 371935 |
| Series K-152, Class X1, IO, 0.30%, <br> 11/25/2032 (b)<br>| 137583091 | 1736271 |
| Series K-154, Class X1, IO, 0.53%, <br> 1/25/2033 (b)<br>| 85800457 | 2150297 |
| Series K-159, Class X1, IO, 0.29%, <br> 7/25/2033 (b)<br>| 151980276 | 1858658 |
| Series K-161, Class X3, IO, 5.66%, <br> 11/25/2033 (b)<br>| 2700000 | 900521 |
| Series K-163, Class X3, IO, 5.88%, <br> 4/25/2034 (b)<br>| 2500000 | 901879 |
| Series K-1514, Class X1, IO, 0.70%, <br> 10/25/2034 (b)<br>| 1183372 | 45981 |
| Series K-1514, Class X3, IO, 2.86%, <br> 10/25/2034 (b)<br>| 13043739 | 2413440 |
| Series K-1512, Class X3, IO, 3.26%, <br> 10/25/2034 (b)<br>| 2500000 | 531809 |
| Series K-1515, Class X1, IO, 1.63%, <br> 2/25/2035 (b)<br>| 8775942 | 855318 |
| Series K-1517, Class X1, IO, 1.44%, <br> 7/25/2035 (b)<br>| 19158736 | 1754572 |
| Series Q012, Class X, IO, 4.01%, <br> 9/25/2035 (b)<br>| 353866 | 54248 |
| Series K-1518, Class X1, IO, 0.95%, <br> 10/25/2035 (b)<br>| 36040434 | 2131770 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series K-1519, Class X1, IO, 0.69%, <br> 12/25/2035 (b)<br>| 13354968 | 565691 |
| Series K-1520, Class X1, IO, 0.58%, <br> 2/25/2036 (b)<br>| 57836622 | 1972397 |
| Series K-1513, Class X3, IO, 3.03%, <br> 12/25/2037 (b)<br>| 4500000 | 886217 |
| Series K-1515, Class X3, IO, 3.80%, <br> 3/25/2038 (b)<br>| 3000000 | 769121 |
| Series K-1516, Class X3, IO, 3.58%, <br> 10/25/2038 (b)<br>| 1000000 | 248987 |
| Series K067, Class X3, IO, 2.19%, <br> 9/25/2044 (b)<br>| 15000000 | 572546 |
| Series K068, Class X3, IO, 2.13%, <br> 10/25/2044 (b)<br>| 12000000 | 454868 |
| Series K060, Class X3, IO, 1.96%, <br> 12/25/2044 (b)<br>| 11949868 | 242856 |
| Series K062, Class X3, IO, 2.15%, <br> 1/25/2045 (b)<br>| 14999855 | 404431 |
| Series K063, Class X3, IO, 2.15%, <br> 2/25/2045 (b)<br>| 11342000 | 317866 |
| Series K065, Class X3, IO, 2.26%, <br> 7/25/2045 (b)<br>| 8509531 | 308553 |
| Series K066, Class X3, IO, 2.24%, <br> 8/25/2045 (b)<br>| 25000000 | 973170 |
| Series K071, Class X3, IO, 2.08%, <br> 11/25/2045 (b)<br>| 8700000 | 356952 |
| Series K085, Class X3, IO, 2.39%, <br> 12/25/2045 (b)<br>| 1850000 | 121509 |
| Series K097, Class X3, IO, 2.09%, <br> 9/25/2046 (b)<br>| 3000000 | 211237 |
| Series K082, Class X3, IO, 2.29%, <br> 10/25/2046 (b)<br>| 10000000 | 641659 |
| Series K083, Class X3, IO, 2.37%, <br> 11/25/2046 (b)<br>| 621062 | 41647 |
| Series K092, Class X3, IO, 2.33%, <br> 5/25/2047 (b)<br>| 43959013 | 3233471 |
| Series K737, Class X3, IO, 1.84%, <br> 1/25/2048 (b)<br>| 11779376 | 247480 |
| Series K109, Class X3, IO, 3.50%, <br> 5/25/2048 (b)<br>| 3400000 | 456335 |
| Series K119, Class X3, IO, 2.82%, <br> 9/25/2048 (b)<br>| 5000000 | 593527 |
| Series K121, Class X3, IO, 2.87%, <br> 11/25/2048 (b)<br>| 5000000 | 610806 |
| Series K126, Class X3, IO, 2.72%, <br> 1/25/2049 (b)<br>| 12950000 | 1550428 |
| Series K124, Class X3, IO, 2.71%, <br> 2/25/2049 (b)<br>| 5000000 | 581008 |
| Series K125, Class X3, IO, 2.74%, <br> 2/25/2049 (b)<br>| 16750000 | 1999849 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series K741, Class X3, IO, 2.53%, <br> 3/25/2049 (b)<br>| 13766615 | 709639 |
| Series K127, Class X3, IO, 2.74%, <br> 3/25/2049 (b)<br>| 4000000 | 478489 |
| Series K743, Class X3, IO, 3.06%, <br> 6/25/2049 (b)<br>| 13000000 | 919279 |
| Series K147, Class X3, IO, 3.93%, <br> 6/25/2050 (b)<br>| 6400000 | 1301370 |
| Series K096, Class X3, IO, 2.11%, <br> 8/25/2051 (b)<br>| 8380000 | 557083 |
| Series K148, Class X3, IO, 4.29%, <br> 8/25/2054 (b)<br>| 17000000 | 3877062 |
| Series K143, Class X1, IO, 0.45%, <br> 4/25/2055 (b)<br>| 34832827 | 721531 |
| Series Q014, Class X, IO, 2.77%, <br> 10/25/2055 (b)<br>| 1778189 | 258003 |
| Series K-152, Class X3, IO, 4.48%, <br> 11/25/2055 (b)<br>| 5000000 | 1223574 |
| Series K759, Class X3, IO, 5.44%, <br> 2/25/2057 (b)<br>| 1026415 | 280649 |
| FHLMC, Multi-Family, Structured <br> Pass-Through Certificates Series K-153, <br> Class X1, IO, 0.60%, 12/25/2032 (b)<br>| 19689531 | 589469 |
| FNMA ACES |  |  |
| Series 2016-M10, Class X, IO, 0.70%, <br> 7/25/2028 (b)<br>| 100298951 | 1332742 |
| Series 2019-M11, Class X1, IO, 1.16%, <br> 6/25/2029 (b)<br>| 3991532 | 109683 |
| Series 2020-M3, Class X1, IO, 0.41%, <br> 2/25/2030 (b)<br>| 3280090 | 32401 |
| Series 2020-M30, Class X, IO, 1.01%, <br> 7/25/2031 (b)<br>| 39308144 | 1384197 |
| Series 2020-M15, Class X1, IO, 1.56%, <br> 9/25/2031 (b)<br>| 21379759 | 1297330 |
| Series 2022-M2, Class X2, IO, 0.29%, <br> 1/25/2032 (b)<br>| 2810033 | 28148 |
| Series 2020-M16, Class X1, IO, 0.54%, <br> 4/25/2032 (b)<br>| 76308519 | 1388846 |
| Series 2020-M31, Class AB, 0.50%, <br> 10/25/2032<br>| 71001 | 61578 |
| Series 2024-M5, Class 1A2C, 4.45%, <br> 8/25/2034 (b)<br>| 3500000 | 3451231 |
| Series 2021-M8, Class X, IO, 0.32%, <br> 11/25/2035 (b)<br>| 92883063 | 1385109 |
| FREMF Series 20K-1517, Class C, PO, <br> 8/25/2035 (c)<br>| 5500000 | 2516122 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KF38, Class B, 6.96%, <br> 9/25/2024 (b) (c)<br>| 807873 | 808139 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2018-KF45, Class B, 6.41%, <br> 3/25/2025 (b) (c)<br>| 675023 | 684157 |
| Series 2018-KF53, Class B, 6.51%, <br> 10/25/2025 (b)<br>| 24588 | 24550 |
| Series 2019-KF60, Class B, 6.81%, <br> 2/25/2026 (b) (c)<br>| 470903 | 466641 |
| Series 2019-KF62, Class B, 6.51%, <br> 4/25/2026 (b) (c)<br>| 5296 | 5191 |
| Series 2019-K735, Class B, 4.16%, <br> 5/25/2026 (b) (c)<br>| 150000 | 148694 |
| Series 2019-KF72, Class B, 6.56%, <br> 11/25/2026 (b) (c)<br>| 730796 | 711296 |
| Series 2017-KF40, Class B, 7.16%, <br> 11/25/2027 (b) (c)<br>| 943700 | 901427 |
| Series 2018-KF43, Class B, 6.61%, <br> 1/25/2028 (b) (c)<br>| 21473 | 20759 |
| Series 2018-KF50, Class B, 6.36%, <br> 7/25/2028 (b) (c)<br>| 3383 | 3249 |
| Series 2018-K84, Class D, PO, <br> 11/25/2028 (c)<br>| 3500000 | 2665233 |
| Series 2018-KF54, Class B, 6.66%, <br> 11/25/2028 (b)<br>| 442364 | 417054 |
| Series 2019-KF59, Class B, 6.81%, <br> 2/25/2029 (b) (c)<br>| 675975 | 647856 |
| Series 2019-K92, Class X2A, IO, 0.10%, <br> 4/25/2029 (c)<br>| 57727892 | 157892 |
| Series 2019-KW09, Class X2A, IO, <br> 0.10%, 5/25/2029 (c)<br>| 18579744 | 45528 |
| Series 2019-KW09, Class C, PO, <br> 6/25/2029 (c)<br>| 790000 | 579633 |
| Series 2019-KW09, Class X2B, IO, <br> 0.10%, 6/25/2029 (c)<br>| 10000000 | 30257 |
| Series 2019-K92, Class X2B, IO, 0.10%, <br> 7/25/2029 (c)<br>| 12014516 | 37447 |
| Series 2019-KF67, Class C, 10.46%, <br> 8/25/2029 (b) (c)<br>| 2354681 | 2049713 |
| Series 2019-KC07, Class C, 3.75%, <br> 10/25/2029 (b) (c)<br>| 2400000 | 2000964 |
| Series 2019-KF73, Class B, 6.91%, <br> 11/25/2029 (b) (c)<br>| 2143595 | 1981362 |
| Series 2020-KF76, Class B, 7.21%, <br> 1/25/2030 (b) (c)<br>| 529879 | 517832 |
| Series 2020-K107, Class D, 3.62%, <br> 2/25/2030 (b) (c)<br>| 4500000 | 3659623 |
| Series 2023-K752, Class D, PO, <br> 8/25/2030 (c)<br>| 2588480 | 1713920 |
| Series 2023-K752, Class X2B, IO, 0.10%, <br> 8/25/2030 (c)<br>| 9003480 | 35373 |
| Series 2020-KSG1, Class C, PO, <br> 9/25/2030 (c)<br>| 3300000 | 2197317 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 91

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (c)<br>| 40695488 | 153292 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (c)<br>| 3300000 | 13414 |
| Series 2018-KW07, Class B, 4.25%, <br> 10/25/2031 (b) (c)<br>| 300000 | 271040 |
| Series 2022-KF132, Class CS, 10.74%, <br> 2/25/2032 (b) (c)<br>| 2932946 | 2716057 |
| Series 2019-KW10, Class C, PO, <br> 10/25/2032 (c)<br>| 1300000 | 921842 |
| Series 2019-KW10, Class X2A, IO, <br> 0.10%, 10/25/2032 (c)<br>| 14094819 | 42635 |
| Series 2019-KW10, Class X2B, IO, <br> 0.10%, 10/25/2032 (c)<br>| 1600000 | 5123 |
| Series 2023-KF149, Class CS, 10.49%, <br> 12/25/2032 (b) (c)<br>| 428770 | 437361 |
| Series 2018-K155, Class X2A, IO, 0.10%, <br> 4/25/2033 (c)<br>| 45331050 | 215413 |
| Series 2018-K155, Class C, PO, <br> 5/25/2033 (c)<br>| 4000000 | 2109254 |
| Series 2018-K155, Class X2B, IO, 0.10%, <br> 5/25/2033 (c)<br>| 5250000 | 30114 |
| Series 19K-1511, Class C, PO, <br> 4/25/2034 (c)<br>| 5327320 | 2589615 |
| Series 19K-1513, Class X2A, IO, 0.10%, <br> 8/25/2034 (c)<br>| 168525484 | 1014928 |
| Series 19K-1514, Class C, 0.00%, <br> 10/25/2034 ‡ (c)<br>| 6000000 | 2868296 |
| Series 2017-K69, Class D, PO, <br> 10/25/2049 (c)<br>| 6000000 | 4970120 |
| Series 2017-K724, Class D, PO, <br> 12/25/2049 (c)<br>| 18076 | 17457 |
| Series 2017-K62, Class B, 4.01%, <br> 1/25/2050 (b) (c)<br>| 415000 | 410221 |
| Series 2019-K91, Class C, 4.40%, <br> 4/25/2051 (b) (c)<br>| 250000 | 242455 |
| Series 2018-K83, Class D, PO, <br> 11/25/2051 (c)<br>| 3400000 | 2593128 |
| Series 2019-K92, Class D, PO, <br> 5/25/2052 (c)<br>| 4900000 | 3650149 |
| Series 2020-K116, Class D, PO, <br> 9/25/2052 (c)<br>| 4500000 | 2870149 |
| Series 2020-K116, Class X2A, IO, 0.10%, <br> 9/25/2052 (c)<br>| 58768761 | 206208 |
| Series 2020-K116, Class X2B, IO, 0.10%, <br> 9/25/2052 (c)<br>| 12768420 | 48764 |
| Series 2020-K105, Class D, PO, <br> 3/25/2053 (c)<br>| 4000000 | 2640044 |
| Series 2020-K105, Class X2A, IO, 0.10%, <br> 3/25/2053 (c)<br>| 51334550 | 169158 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2020-K105, Class X2B, IO, 0.10%, <br> 3/25/2053 (c)<br>| 12000000 | 43997 |
| Series 2020-K109, Class D, PO, <br> 5/25/2053 (c)<br>| 7000000 | 4620106 |
| Series 2020-K113, Class D, PO, <br> 5/25/2053 (c)<br>| 4300000 | 2857096 |
| Series 2020-K109, Class X2A, IO, 0.10%, <br> 5/25/2053 (c)<br>| 68374891 | 243462 |
| Series 2020-K109, Class X2B, IO, 0.10%, <br> 5/25/2053 (c)<br>| 24000000 | 90317 |
| Series 2020-K115, Class D, PO, <br> 9/25/2053 (c)<br>| 6000000 | 4196734 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (c)<br>| 63985801 | 242602 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (c)<br>| 14600000 | 58258 |
| Series 2020-K118, Class D, PO, <br> 10/25/2053 (c)<br>| 7000000 | 4713922 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (c)<br>| 76418998 | 293953 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (c)<br>| 15633000 | 63281 |
| Series 2020-K739, Class D, PO, <br> 11/25/2053 (c)<br>| 7000000 | 5813842 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (c)<br>| 67929856 | 99205 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (c)<br>| 17500000 | 29468 |
| Series 2020-K122, Class D, PO, <br> 1/25/2054 (c)<br>| 4000000 | 2514149 |
| Series 2021-K126, Class D, PO, <br> 1/25/2054 (c)<br>| 7600000 | 4882317 |
| Series 2020-K122, Class X2B, IO, 0.10%, <br> 1/25/2054 (c)<br>| 10972469 | 44793 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (c)<br>| 78980550 | 320732 |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (c)<br>| 20236360 | 88305 |
| Series 2023-K752, Class X2A, IO, 0.10%, <br> 9/25/2060 (c)<br>| 43364062 | 160673 |
| GNMA |  |  |
| Series 2013-174, Class IA, IO, 0.46%, <br> 10/16/2053 (b)<br>| 31878529 | 514430 |
| Series 2025-128, Class AW, 4.75%, <br> 3/16/2054<br>| 14783153 | 14680040 |
| Series 2025-144, Class A, 4.75%, <br> 7/16/2054<br>| 10080000 | 10073641 |
| Series 2025-93, Class AM, 4.75%, <br> 12/16/2054<br>| 8700000 | 8562329 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2014-88, Class AJ, 2.99%, <br> 3/16/2055 (b)<br>| 799755 | 712276 |
| Series 2025-106, Class A, 5.00%, <br> 7/16/2055<br>| 3093667 | 3097342 |
| Series 2015-33, IO, 0.24%, <br> 2/16/2056 (b)<br>| 45717982 | 306352 |
| Series 2024-52, Class A, 4.50%, <br> 3/16/2056 (b)<br>| 1477139 | 1460452 |
| Series 2025-138, Class A, 4.75%, <br> 5/16/2056<br>| 14595000 | 14452348 |
| Series 2025-128, Class AD, 5.00%, <br> 10/16/2056<br>| 854186 | 856433 |
| Series 2017-9, IO, 0.66%, <br> 1/16/2057 (b)<br>| 18384863 | 582050 |
| Series 2023-127, IO, 0.40%, <br> 7/16/2057 (b)<br>| 83859117 | 1413454 |
| Series 2016-165, IO, 0.63%, <br> 12/16/2057 (b)<br>| 4556377 | 142771 |
| Series 2017-70, IO, 0.36%, <br> 2/16/2059 (b)<br>| 41765874 | 924889 |
| Series 2023-108, IO, 0.68%, <br> 8/16/2059 (b)<br>| 11586095 | 412562 |
| Series 2018-85, IO, 0.55%, <br> 7/16/2060 (b)<br>| 13546277 | 484046 |
| Series 2020-184, IO, 0.91%, <br> 11/16/2060 (b)<br>| 3041848 | 196566 |
| Series 2021-17, IO, 1.05%, <br> 1/16/2061 (b)<br>| 12794904 | 1010790 |
| Series 2021-5, IO, 1.11%, <br> 1/16/2061 (b)<br>| 19870417 | 1567249 |
| Series 2019-76, IO, 0.88%, <br> 3/16/2061 (b)<br>| 22335081 | 1243061 |
| Series 2021-47, IO, 0.99%, <br> 3/16/2061 (b)<br>| 25526505 | 1707680 |
| Series 2021-63, IO, 0.82%, <br> 4/16/2061 (b)<br>| 30756692 | 1810185 |
| Series 2021-82, Class TA, IF, IO, 3.64%, <br> 4/16/2061 (b)<br>| 10080017 | 363843 |
| Series 2021-90, IO, 0.84%, <br> 5/16/2061 (b)<br>| 16763838 | 1006254 |
| Series 2019-53, Class IA, IO, 0.77%, <br> 6/16/2061 (b)<br>| 1977369 | 98636 |
| Series 2021-108, IO, 0.97%, <br> 6/16/2061 (b)<br>| 15748675 | 1119035 |
| Series 2021-147, IO, 0.99%, <br> 6/16/2061 (b)<br>| 7491236 | 547779 |
| Series 2019-155, IO, 0.51%, <br> 7/16/2061 (b)<br>| 5155223 | 197293 |
| Series 2024-195, IO, 0.59%, <br> 7/16/2061 (b)<br>| 71708444 | 2734537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-153, Class SA, IF, IO, 3.60%, <br> 8/16/2061 (b)<br>| 6488565 | 295404 |
| Series 2022-113, IO, 0.40%, <br> 9/16/2061 (b)<br>| 30846852 | 1075145 |
| Series 2019-154, IO, 0.58%, <br> 9/16/2061 (b)<br>| 7034926 | 276982 |
| Series 2021-218, IO, 0.96%, <br> 10/16/2061 (b)<br>| 17586071 | 1289748 |
| Series 2021-178, Class SA, IF, IO, 3.60%, <br> 10/16/2061 (b)<br>| 942663 | 50169 |
| Series 2020-28, IO, 0.82%, <br> 11/16/2061 (b)<br>| 5295576 | 298870 |
| Series 2020-56, IO, 0.97%, <br> 11/16/2061 (b)<br>| 7100712 | 467801 |
| Series 2025-38, IO, 0.64%, <br> 1/16/2062 (b)<br>| 46363448 | 1816460 |
| Series 2019-130, IO, 0.68%, <br> 1/16/2062 (b)<br>| 17833292 | 908965 |
| Series 2019-144, IO, 0.79%, <br> 1/16/2062 (b)<br>| 13326798 | 773270 |
| Series 2020-2, IO, 0.59%, <br> 3/16/2062 (b)<br>| 10069907 | 434230 |
| Series 2020-143, Class IB, IO, 0.88%, <br> 3/16/2062 (b)<br>| 14049296 | 887460 |
| Series 2020-94, IO, 0.97%, <br> 3/16/2062 (b)<br>| 17654148 | 1197265 |
| Series 2020-110, IO, 0.98%, <br> 3/16/2062 (b)<br>| 18345095 | 1254669 |
| Series 2020-10, IO, 0.58%, <br> 4/16/2062 (b)<br>| 10233938 | 416708 |
| Series 2020-23, IO, 0.66%, <br> 4/16/2062 (b)<br>| 9437688 | 437916 |
| Series 2020-38, IO, 0.82%, <br> 4/16/2062 (b)<br>| 14538760 | 857717 |
| Series 2020-89, Class IA, IO, 1.17%, <br> 4/16/2062 (b)<br>| 36853767 | 2578555 |
| Series 2020-120, IO, 0.76%, <br> 5/16/2062 (b)<br>| 5473551 | 319149 |
| Series 2020-100, IO, 0.79%, <br> 5/16/2062 (b)<br>| 5521500 | 330281 |
| Series 2020-118, IO, 0.88%, <br> 6/16/2062 (b)<br>| 6199198 | 325124 |
| Series 2020-147, IO, 0.91%, <br> 6/16/2062 (b)<br>| 80454355 | 5266960 |
| Series 2020-194, IO, 1.08%, <br> 6/16/2062 (b)<br>| 8099741 | 581683 |
| Series 2020-169, IO, 0.85%, <br> 7/16/2062 (b)<br>| 6129035 | 384441 |
| Series 2020-64, IO, 1.20%, <br> 7/16/2062 (b)<br>| 3450783 | 294167 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 93

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2020-161, IO, 1.05%, <br> 8/16/2062 (b)<br>| 8819444 | 656628 |
| Series 2021-3, IO, 0.87%, <br> 9/16/2062 (b)<br>| 14073568 | 896597 |
| Series 2020-6, IO, 0.70%, <br> 10/16/2062 (b)<br>| 9573838 | 548892 |
| Series 2021-33, IO, 0.84%, <br> 10/16/2062 (b)<br>| 52021084 | 3328278 |
| Series 2021-71, IO, 0.86%, <br> 10/16/2062 (b)<br>| 124240251 | 7919384 |
| Series 2021-28, IO, 1.04%, <br> 10/16/2062 (b)<br>| 13221023 | 975877 |
| Series 2021-80, IO, 0.90%, <br> 12/16/2062 (b)<br>| 5220827 | 357728 |
| Series 2020-150, IO, 0.97%, <br> 12/16/2062 (b)<br>| 239552 | 16819 |
| Series 2021-11, IO, 1.02%, <br> 12/16/2062 (b)<br>| 8357024 | 609607 |
| Series 2021-35, IO, 1.03%, <br> 12/16/2062 (b)<br>| 3096979 | 223957 |
| Series 2020-195, Class IX, IO, 1.13%, <br> 12/16/2062 (b)<br>| 13337575 | 1068204 |
| Series 2021-11, Class IX, IO, 1.16%, <br> 12/16/2062 (b)<br>| 28748163 | 2259784 |
| Series 2021-40, IO, 0.82%, <br> 2/16/2063 (b)<br>| 9998756 | 613817 |
| Series 2021-120, IO, 0.99%, <br> 2/16/2063 (b)<br>| 6169062 | 455969 |
| Series 2021-62, Class SA, IF, IO, 3.37%, <br> 2/16/2063 (b)<br>| 3188246 | 117139 |
| Series 2022-41, IO, 0.75%, <br> 4/16/2063 (b)<br>| 41145681 | 2201915 |
| Series 2021-144, IO, 0.82%, <br> 4/16/2063 (b)<br>| 70828426 | 4336357 |
| Series 2021-106, IO, 0.86%, <br> 4/16/2063 (b)<br>| 68504175 | 4507342 |
| Series 2021-151, IO, 0.91%, <br> 4/16/2063 (b)<br>| 7517557 | 520077 |
| Series 2021-168, IO, 0.80%, <br> 5/16/2063 (b)<br>| 12899336 | 792138 |
| Series 2021-60, IO, 0.83%, <br> 5/16/2063 (b)<br>| 2170773 | 132751 |
| Series 2021-126, IO, 0.85%, <br> 5/16/2063 (b)<br>| 9429054 | 627465 |
| Series 2021-22, IO, 0.97%, <br> 5/16/2063 (b)<br>| 7549437 | 526880 |
| Series 2021-170, IO, 0.99%, <br> 5/16/2063 (b)<br>| 13188862 | 970297 |
| Series 2024-32, IO, 0.70%, <br> 6/16/2063 (b)<br>| 45920743 | 2282674 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-141, Class SA, IF, IO, 3.65%, <br> 6/16/2063 (b)<br>| 1668510 | 81981 |
| Series 2021-133, IO, 0.88%, <br> 7/16/2063 (b)<br>| 31787286 | 2102758 |
| Series 2022-67, IO, 0.90%, <br> 8/16/2063 (b)<br>| 18308081 | 1353326 |
| Series 2021-61, IO, 1.04%, <br> 8/16/2063 (b)<br>| 1322802 | 99101 |
| Series 2021-195, Class IX, IO, 1.20%, <br> 8/16/2063 (b)<br>| 101670692 | 9152477 |
| Series 2023-15, Class AB, 4.00%, <br> 8/16/2063 (b)<br>| 716409 | 689778 |
| Series 2023-179, IO, 0.61%, <br> 9/16/2063 (b)<br>| 126665337 | 5345518 |
| Series 2021-92, IO, 0.80%, <br> 9/16/2063 (b)<br>| 40468700 | 2457697 |
| Series 2021-164, IO, 0.95%, <br> 10/16/2063 (b)<br>| 30171098 | 2091795 |
| Series 2021-110, IO, 0.88%, <br> 11/16/2063 (b)<br>| 10118688 | 680710 |
| Series 2021-200, IO, 0.89%, <br> 11/16/2063 (b)<br>| 1918977 | 129958 |
| Series 2021-180, IO, 0.91%, <br> 11/16/2063 (b)<br>| 14233807 | 989880 |
| Series 2025-78, IO, 1.00%, <br> 11/16/2063 (b)<br>| 77608459 | 5483208 |
| Series 2021-150, IO, 1.04%, <br> 11/16/2063 (b)<br>| 12284511 | 928552 |
| Series 2021-185, IO, 1.16%, <br> 11/16/2063 (b)<br>| 1386066 | 121186 |
| Series 2021-220, IO, 0.83%, <br> 12/16/2063 (b)<br>| 10781517 | 668409 |
| Series 2022-106, IO, 0.69%, <br> 2/16/2064 (b)<br>| 2752018 | 149772 |
| Series 2022-26, IO, 0.73%, <br> 2/16/2064 (b)<br>| 6745301 | 385924 |
| Series 2022-7, Class SA, IF, IO, 3.37%, <br> 2/16/2064 (b)<br>| 6880966 | 311616 |
| Series 2022-4, IO, 0.86%, <br> 3/16/2064 (b)<br>| 45877103 | 2945503 |
| Series 2021-224, IO, 0.78%, <br> 4/16/2064 (b)<br>| 1886105 | 120648 |
| Series 2022-149, IO, 0.46%, <br> 6/16/2064 (b)<br>| 12941021 | 503098 |
| Series 2022-134, IO, 0.51%, <br> 6/16/2064 (b)<br>| 2872936 | 117220 |
| Series 2022-165, IO, 0.59%, <br> 6/16/2064 (b)<br>| 9326252 | 457358 |
| Series 2022-80, IO, 0.59%, <br> 6/16/2064 (b)<br>| 1133418 | 48955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2022-62, IO, 0.62%, <br> 6/16/2064 (b)<br>| 9914295 | 498557 |
| Series 2024-161, IO, 0.74%, <br> 6/16/2064 (b)<br>| 24487745 | 1347404 |
| Series 2022-52, IO, 0.77%, <br> 6/16/2064 (b)<br>| 9438994 | 468937 |
| Series 2022-141, IO, 0.78%, <br> 6/16/2064 (b)<br>| 2898905 | 186328 |
| Series 2022-210, IO, 0.70%, <br> 7/16/2064 (b)<br>| 3486745 | 215414 |
| Series 2022-199, IO, 0.76%, <br> 7/16/2064 (b)<br>| 3869533 | 228740 |
| Series 2023-15, IO, 0.92%, <br> 8/16/2064 (b)<br>| 1732665 | 119945 |
| Series 2022-147, IO, 0.56%, <br> 9/16/2064 (b)<br>| 24063822 | 1106584 |
| Series 2022-214, IO, 0.60%, <br> 9/16/2064 (b)<br>| 22569808 | 1033302 |
| Series 2023-144, Class IB, IO, 0.75%, <br> 12/16/2064 (b)<br>| 4711806 | 271865 |
| Series 2023-28, IO, 0.86%, <br> 2/16/2065 (b)<br>| 7751916 | 522128 |
| Series 2022-166, IO, 0.79%, <br> 4/16/2065 (b)<br>| 17354550 | 1101573 |
| Series 2025-21, IO, 0.95%, <br> 4/16/2065 (b)<br>| 61127401 | 4127652 |
| Series 2023-26, IO, 0.97%, <br> 4/16/2065 (b)<br>| 4869644 | 319411 |
| Series 2023-51, IO, 1.12%, <br> 5/16/2065 (b)<br>| 11379815 | 895891 |
| Series 2024-17, IO, 1.06%, <br> 6/16/2065 (b)<br>| 12681572 | 930254 |
| Series 2023-126, IO, 0.88%, <br> 7/16/2065 (b)<br>| 8023111 | 550316 |
| Series 2023-46, IO, 1.15%, <br> 7/16/2065 (b)<br>| 4444472 | 342583 |
| Series 2025-42, IO, 0.54%, <br> 11/16/2065 (b)<br>| 82598051 | 3954795 |
| Series 2024-56, IO, 1.04%, <br> 11/16/2065 (b)<br>| 7433620 | 552119 |
| Series 2024-138, Class IA, IO, 1.12%, <br> 2/16/2066 (b)<br>| 19339955 | 1819441 |
| Series 2024-31, IO, 1.21%, <br> 2/16/2066 (b)<br>| 9849713 | 843521 |
| Series 2025-112, IO, 0.56%, <br> 3/16/2066 (b)<br>| 55570838 | 2834085 |
| Series 2024-121, IO, 1.06%, <br> 7/1/2066 (b)<br>| 1694335 | 154332 |
| Series 2024-90, IO, 0.81%, <br> 7/16/2066 (b)<br>| 5932070 | 397607 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| GS Mortgage Securities Corp. Trust Series <br> 2023-SHIP, Class A, 4.47%, <br> 9/10/2038 (b) (c)<br>| 1000000 | 996134 |
| GS Mortgage Securities Trust |  |  |
| Series 2015-GC34, Class B, 4.47%, <br> 10/10/2048 (b)<br>| 1000000 | 827012 |
| Series 2016-GS2, Class D, 2.75%, <br> 5/10/2049 (c)<br>| 750000 | 705506 |
| Series 2015-GC30, Class C, 4.16%, <br> 5/10/2050 (b)<br>| 3500000 | 2940000 |
| Series 2019-GC40, Class E, 3.00%, <br> 7/10/2052 (c)<br>| 800000 | 514561 |
| Harvest Commercial Capital Loan Trust |  |  |
| Series 2024-1, Class A, 6.16%, <br> 10/25/2056<br>| 3419847 | 3492652 |
| Series 2025-1, Class A, 5.97%, <br> 6/25/2057 (b)<br>| 9766223 | 10085729 |
| IRV Trust |  |  |
| Series 2025-200P, Class A, 5.47%, <br> 3/14/2047 (b) (c)<br>| 14700000 | 14975063 |
| Series 2025-200P, Class B, 5.62%, <br> 3/14/2047 (b) (c)<br>| 10050000 | 10075234 |
| Series 2025-200P, Class C, 5.92%, <br> 3/14/2047 (b) (c)<br>| 3400000 | 3360303 |
| Series 2025-200P, Class D, 6.37%, <br> 3/14/2047 (b) (c)<br>| 1000000 | 1009401 |
| J.P. Morgan Chase Commercial Mortgage <br> Securities Trust Series 2016-JP3, Class B, <br> 3.40%, 8/15/2049 (b)<br>| 4000000 | 3719218 |
| JPMBB Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2014-C26, Class D, 3.70%, <br> 1/15/2048 (b) (c)<br>| 2250000 | 1974532 |
| Series 2015-C30, Class AS, 4.23%, <br> 7/15/2048 (b)<br>| 970000 | 954472 |
| Series 2015-C30, Class B, 4.34%, <br> 7/15/2048 (b)<br>| 4000000 | 3696369 |
| Series 2015-C30, Class C, 4.34%, <br> 7/15/2048 (b)<br>| 5150000 | 3992755 |
| Series 2015-C31, Class B, 4.73%, <br> 8/15/2048 (b)<br>| 1500000 | 1417665 |
| Series 2015-C28, Class D, 3.90%, <br> 10/15/2048 (b) (c)<br>| 9700000 | 8732037 |
| Series 2015-C33, Class C, 4.80%, <br> 12/15/2048 (b)<br>| 150000 | 142328 |
| Series 2016-C1, Class D1, 4.35%, <br> 3/17/2049 (b) (c)<br>| 2300000 | 2011202 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 95

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| JPMCC Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2017-JP5, Class C, 3.89%, <br> 3/15/2050 (b)<br>| 1050000 | 931352 |
| Series 2017-JP5, Class B, 4.08%, <br> 3/15/2050 (b)<br>| 850000 | 807035 |
| JPMDB Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2016-C2, Class B, 3.99%, <br> 6/15/2049 (b)<br>| 1000000 | 894219 |
| Series 2019-COR6, Class D, 2.50%, <br> 11/13/2052 (c)<br>| 1000000 | 498580 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| Series 2013-C16, Class D, 5.05%, <br> 12/15/2046 (b) (c)<br>| 1080284 | 1026270 |
| Series 2015-JP1, Class C, 4.89%, <br> 1/15/2049 (b)<br>| 4750000 | 4543341 |
| Series 2016-JP2, Class A4, 2.82%, <br> 8/15/2049<br>| 1400000 | 1379497 |
| Series 2016-JP3, Class C, 3.55%, <br> 8/15/2049 (b)<br>| 3800000 | 3119708 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust<br>|  |  |
| Series 2014-C19, Class D, 3.25%, <br> 12/15/2047 (c)<br>| 3000000 | 2765220 |
| Series 2015-C26, Class D, 3.06%, <br> 10/15/2048 (c)<br>| 5500000 | 5143132 |
| Series 2016-C31, Class C, 4.40%, <br> 11/15/2049 (b)<br>| 2100000 | 1877100 |
| Series 2015-C23, Class D, 4.29%, <br> 7/15/2050 (b) (c)<br>| 2200000 | 2134044 |
| Series 2017-C34, Class D, 2.70%, <br> 11/15/2052 (c)<br>| 1489000 | 1054895 |
| Series 2017-C34, Class C, 4.31%, <br> 11/15/2052 (b)<br>| 595000 | 523619 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2016-UBS9, Class B, 4.70%, <br> 3/15/2049 (b)<br>| 5000000 | 4750974 |
| Series 2017-H1, Class D, 2.55%, <br> 6/15/2050 (c)<br>| 3771000 | 3102330 |
| Series 2020-L4, Class D, 2.50%, <br> 2/15/2053 (c)<br>| 500000 | 371886 |
| MRCD MARK Mortgage Trust Series <br> 2019-PARK, Class E, 2.72%, <br> 12/15/2036 (c)<br>| 400000 | 276360 |
| MSWF Commercial Mortgage Trust Series <br> 2023-2, Class A5, 6.01%, <br> 12/15/2056 (b)<br>| 10750000 | 11620067 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2019-01, Class M10, 7.71%, <br> 10/25/2049 (b) (c)<br>| 21330283 | 21650470 |
| Series 2020-01, Class M10, 8.21%, <br> 3/25/2050 (b) (c)<br>| 26919843 | 27594823 |
| Series 2023-01, Class M7, 8.35%, <br> 11/25/2053 (b) (c)<br>| 2466094 | 2570856 |
| Series 2023-01, Class M10, 10.85%, <br> 11/25/2053 (b) (c)<br>| 825000 | 930832 |
| Series 2024-01, Class M7, 7.10%, <br> 7/25/2054 (b) (c)<br>| 332777 | 337216 |
| Series 2024-01, Class M10, 8.20%, <br> 7/25/2054 (b) (c)<br>| 300000 | 311866 |
| Series 2025-01, Class M1, 6.75%, <br> 5/25/2055 (b) (c)<br>| 8998058 | 9044500 |
| Series 2025-01, Class M2, 7.45%, <br> 5/25/2055 (b) (c)<br>| 3600000 | 3623466 |
| Series 2025-01, Class B1, 9.55%, <br> 5/25/2055 (b) (c)<br>| 700000 | 723270 |
| PRET LLC Series 2025-NPL5, Class A1, <br> 6.24%, 5/25/2055 (c) (d)<br>| 5578491 | 5632563 |
| PRM5 Trust |  |  |
| Series 2025-PRM5, Class C, 5.17%, <br> 3/10/2033 (b) (c)<br>| 1590000 | 1585876 |
| Series 2025-PRM5, Class D, 5.81%, <br> 3/10/2033 (b) (c)<br>| 1530000 | 1525726 |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (c)<br>| 5486012 | 5647067 |
| Series 2024-CNTR, Class D, 7.11%, <br> 11/13/2041 (c)<br>| 11115000 | 11599084 |
| Series 2024-CNTR, Class E, 8.82%, <br> 11/13/2041 (c)<br>| 20400000 | 21544550 |
| SDR Commercial Mortgage Trust |  |  |
| Series 2024-DSNY, Class A, 5.75%, <br> 5/15/2039 (b) (c)<br>| 2125000 | 2125000 |
| Series 2024-DSNY, Class B, 6.10%, <br> 5/15/2039 (b) (c)<br>| 4575000 | 4569284 |
| SHR Trust Series 2024-LXRY, Class B, <br> 6.81%, 10/15/2041 (b) (c)<br>| 2000000 | 2004206 |
| SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (c)<br>| 6300000 | 5599083 |
| SREIT Trust Series 2021-MFP, Class G, <br> 7.45%, 11/15/2038 (b) (c)<br>| 1677683 | 1676854 |
| TPG Trust Series 2024-WLSC, Class A, <br> 6.50%, 11/15/2029 (b) (c)<br>| 2000000 | 1997894 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| UBS Commercial Mortgage Trust |  |  |
| Series 2017-C5, Class C, 4.61%, <br> 11/15/2050 (b)<br>| 1200000 | 1114434 |
| Series 2018-C10, Class D, 3.00%, <br> 5/15/2051 (c)<br>| 1000000 | 803059 |
| Series 2018-C11, Class C, 5.03%, <br> 6/15/2051 (b)<br>| 2143000 | 1986985 |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-1, Class A, 3.59%, <br> 4/25/2048 (c)<br>| 51317 | 50381 |
| Series 2022-3, Class A, 5.22%, <br> 6/25/2052 (b) (c)<br>| 201618 | 194954 |
| Series 2022-4, Class A, 5.63%, <br> 8/25/2052 (b) (c)<br>| 384683 | 386361 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2024-1CHI, Class A, 5.48%, <br> 7/15/2035 (b) (c)<br>| 1000000 | 1009154 |
| Series 2024-1CHI, Class B, 5.93%, <br> 7/15/2035 (b) (c)<br>| 500000 | 503591 |
| Series 2015-C29, Class D, 4.32%, <br> 6/15/2048 (b)<br>| 5107000 | 4794402 |
| Series 2016-C35, Class D, 3.14%, <br> 7/15/2048 (c)<br>| 2500000 | 2335603 |
| Series 2017-C38, Class D, 3.00%, <br> 7/15/2050 (c)<br>| 5000000 | 3654962 |
| Series 2017-C39, Class A5, 3.42%, <br> 9/15/2050<br>| 4330000 | 4226322 |
| Series 2018-C44, Class D, 3.00%, <br> 5/15/2051 (c)<br>| 250000 | 190557 |
| Series 2018-C44, Class A5, 4.21%, <br> 5/15/2051<br>| 1000000 | 993454 |
| Series 2018-C44, Class AS, 4.46%, <br> 5/15/2051<br>| 1000000 | 989200 |
| Series 2018-C45, Class D, 3.00%, <br> 6/15/2051 (c)<br>| 2750000 | 2335994 |
| Series 2018-C46, Class D, 3.00%, <br> 8/15/2051 (c)<br>| 1500000 | 1240644 |
| Series 2022-C62, Class C, 4.48%, <br> 4/15/2055 (b)<br>| 100000 | 86893 |
| Series 2024-5C1, Class A3, 5.93%, <br> 7/15/2057<br>| 1800000 | 1890354 |
| Series 2015-NXS2, Class B, 4.11%, <br> 7/15/2058 (b)<br>| 3500000 | 3343524 |
| WFRBS Commercial Mortgage Trust |  |  |
| Series 2014-C21, Class D, 3.50%, <br> 8/15/2047 (c)<br>| 4250000 | 3368210 |
| Series 2014-C21, Class C, 4.23%, <br> 8/15/2047 (b)<br>| 2150000 | 2037168 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2014-C22, Class C, 3.76%, <br> 9/15/2057 (b)<br>| 420000 | 352808 |
| Series 2014-C22, Class B, 4.37%, <br> 9/15/2057 (b)<br>| 100000 | 91002 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.53%, <br> 7/15/2040 (b) (c)<br>| 1776000 | 1825158 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $964,058,492)<br>|  | 980782363 |
| **Corporate Bonds — 15.8%** | **Corporate Bonds — 15.8%** | **Corporate Bonds — 15.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| 5.88%, 12/1/2027 | 375000 | 374458 |
| 4.88%, 10/1/2029 | 25000 | 24491 |
| 7.25%, 8/15/2030 | 330000 | 347623 |
| Axon Enterprise, Inc. 6.13%, <br> 3/15/2030 (c)<br>| 361000 | 370899 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 7.88%, 4/15/2027 (c) | 81000 | 81498 |
| 8.75%, 11/15/2030 (c) | 1090000 | 1174679 |
| 7.25%, 7/1/2031 (c) | 651000 | 686341 |
| 7.00%, 6/1/2032 (c) | 535000 | 558633 |
| 6.75%, 6/15/2033 (c) | 481000 | 500173 |
| BWX Technologies, Inc. 4.13%, <br> 6/30/2028 (c)<br>| 750000 | 732680 |
| Goat Holdco LLC 6.75%, 2/1/2032 (c) | 218000 | 221782 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (c)<br>| 827000 | 874650 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (c) | 4289000 | 4391220 |
| 6.63%, 3/1/2032 (c) | 1321000 | 1360226 |
| 6.25%, 1/31/2034 (c) | 240000 | 246252 |
|  |  | 11945605 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (c) | 345000 | 354818 |
| 8.25%, 4/15/2031 (c) | 310000 | 326445 |
| 7.50%, 2/15/2033 (c) | 554000 | 576903 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 4.75%, 10/1/2027 (c) | 165000 | 163581 |
| 5.88%, 6/1/2029 (c) | 2070000 | 2086131 |
| 3.75%, 1/30/2031 (c) | 1925000 | 1776649 |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| 6.50%, 4/1/2027 | 218000 | 219018 |
| 6.88%, 7/1/2028 | 1200000 | 1200481 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 97

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| 5.00%, 10/1/2029 | 860000 | 811791 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 8.50%, 5/15/2027 (c) | 1715000 | 1722215 |
| 6.75%, 5/15/2028 (c) | 380000 | 388482 |
| 6.75%, 2/15/2030 (c) | 636000 | 659036 |
| Cooper-Standard Automotive, Inc. 13.50% <br> (Cash), 3/31/2027 (c) (e)<br>| 719853 | 753967 |
| Dana, Inc.  | Dana, Inc.  | Dana, Inc.  |
| 5.38%, 11/15/2027 | 415000 | 414340 |
| 5.63%, 6/15/2028 | 610000 | 609657 |
| 4.25%, 9/1/2030 | 335000 | 331211 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (c)<br>| 80000 | 69430 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.00%, 7/15/2029 | 4394000 | 4260339 |
| 6.63%, 7/15/2030 | 290000 | 295028 |
| 5.25%, 7/15/2031 | 335000 | 318128 |
| Icahn Enterprises LP 6.25%, 5/15/2026 | 748000 | 746759 |
| IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) |
| 7.75% (Cash), 11/15/2030 (c) (e) | 976000 | 1014851 |
| 8.00% (Cash), 11/15/2032 (c) (e) | 200000 | 208816 |
| ZF North America Capital, Inc. (Germany) <br> 6.75%, 4/23/2030 (c)<br>| 1153000 | 1124290 |
|  |  | 20432366 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| Banco Bilbao Vizcaya Argentaria SA (Spain) <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.10%), <br> 9.38%, 3/19/2029 (f) (g) (h) (i)<br>| 1335000 | 1475593 |
| Banco del Estado de Chile (Chile) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.23%), 7.95%, <br> 5/2/2029 (f) (g) (h) (i) (j)<br>| 400000 | 426096 |
| Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 5.47%), 7.50%, 6/27/2029 (f) (g) <br> (h) (i) (j)<br>| 2200000 | 2230470 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 4.30%), 8.75%, 5/20/2035 (f) (g) <br> (h) (i) (j)<br>| 800000 | 838000 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.31%), 9.63%, 11/21/2028 (f) (g) <br> (h) (i)<br>| 800000 | 885583 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.45%), 5.54%, 3/14/2030 (i)<br>| 1400000 | 1453225 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (3-MONTH CME TERM SOFR + 1.32%), <br> 3.56%, 4/23/2027 (i)<br>| 4185000 | 4164159 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.35%), 6.25%, 7/26/2030 (g) (h) <br> (i)<br>| 5565000 | 5569968 |
| Bank of Nova Scotia (The) (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.39%), 8.63%, <br> 10/27/2082 (f) (i)<br>| 600000 | 635470 |
| BBVA Mexico SA Institucion de Banca <br> Multiple Grupo Financiero BBVA Mexico <br> (Mexico) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), <br> 5.13%, 1/18/2033 (f) (i) (j)<br>| 1100000 | 1072500 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.59%), 5.50%, <br> 5/20/2030 (c) (i)<br>| 580000 | 598872 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.54%), 7.38%, 9/10/2034 (c) (f) <br> (g) (h) (i)<br>| 650000 | 668172 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.10%), 5.98%, <br> 1/18/2027 (c) (i)<br>| 4678000 | 4701195 |
| 5.13%, 1/18/2028 (c) | 725000 | 739340 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.42%), 3.88%, 2/18/2026 (g) (h) <br> (i)<br>| 100000 | 98833 |
| Series CC, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.69%), 7.13%, 8/15/2029 (g) (h) <br> (i)<br>| 3990000 | 4085018 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.57%), 6.75%, 2/15/2030 (g) (h) <br> (i)<br>| 1580000 | 1592804 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 3.35%), 7.39%, 11/3/2028 (i) | 290000 | 308227 |
| (SOFR + 1.46%), 5.55%, 3/4/2030 (i) | 1410000 | 1464112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.65%), 4.60%, 12/17/2030 (f) (g) <br> (h) (i)<br>| 200000 | 185470 |
| NatWest Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.75%), 8.13%, <br> 11/10/2033 (f) (g) (h) (i)<br>| 1710000 | 1893372 |
| Nordea Bank Abp (Finland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 4.11%), 6.63%, <br> 3/26/2026 (c) (f) (g) (h) (i)<br>| 200000 | 201151 |
| Santander UK Group Holdings plc (United <br> Kingdom) (SOFR + 2.60%), 6.53%, <br> 1/10/2029 (i)<br>| 720000 | 754217 |
| Societe Generale SA (France) (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 1 Year + 2.30%), 6.45%, <br> 1/12/2027 (c) (i)<br>| 315000 | 316949 |
| TC Ziraat Bankasi A/S (Turkey) 7.25%, <br> 2/4/2030 (c)<br>| 1326000 | 1359150 |
| Toronto-Dominion Bank (The) (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.08%), 8.13%, <br> 10/31/2082 (f) (i)<br>| 950000 | 1000484 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.45%), 3.90%, 3/15/2026 (g) (h) <br> (i)<br>| 162000 | 160442 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (i) | 4620000 | 4725233 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.77%), 6.85%, 9/15/2029 (g) (h) <br> (i)<br>| 370000 | 387615 |
|  |  | 43991720 |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| Grifols SA (Spain) 4.75%, 10/15/2028 (c) | 400000 | 387607 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Nordstrom, Inc. 4.25%, 8/1/2031 | 255000 | 224629 |
| SGUS LLC 11.00%, 12/15/2029 (c) | 171644 | 150872 |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50%, 10/1/2027 (c) | 205391 | 192554 |
| 9.75%, 10/1/2027 (c) | 22913 | 23142 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| Wayfair LLC  | Wayfair LLC  | Wayfair LLC  |
| 7.25%, 10/31/2029 (c) | 340000 | 346674 |
| 7.75%, 9/15/2030 (c) | 848000 | 876115 |
|  |  | 1813986 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 5.00%, 3/1/2030 (c) | 545000 | 539001 |
| 6.38%, 6/15/2032 (c) | 1675000 | 1727287 |
| 6.38%, 3/1/2034 (c) | 495000 | 509816 |
| 6.75%, 5/15/2035 (c) | 391000 | 407756 |
| EMRLD Borrower LP 6.63%, <br> 12/15/2030 (c)<br>| 3464000 | 3557618 |
| Griffon Corp. 5.75%, 3/1/2028 | 85000 | 84877 |
| JELD-WEN, Inc. 4.88%, 12/15/2027 (c) | 200000 | 196771 |
| JH North America Holdings, Inc.  | JH North America Holdings, Inc.  | JH North America Holdings, Inc.  |
| 5.88%, 1/31/2031 (c) | 289000 | 292155 |
| 6.13%, 7/31/2032 (c) | 432000 | 438469 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (c) | 1450000 | 1502059 |
| Miter Brands Acquisition Holdco, Inc. <br> 6.75%, 4/1/2032 (c)<br>| 755000 | 778302 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (c) | 295000 | 289996 |
| Quikrete Holdings, Inc. 6.38%, <br> 3/1/2032 (c)<br>| 2566000 | 2646447 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (c)<br>| 1415000 | 1509468 |
| Standard Building Solutions, Inc. 6.25%, <br> 8/1/2033 (c)<br>| 909000 | 927735 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (c) | 5060000 | 5012869 |
| 4.38%, 7/15/2030 (c) | 910000 | 872035 |
|  |  | 21292661 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| Coinbase Global, Inc. 3.38%, <br> 10/1/2028 (c)<br>| 65000 | 61677 |
| Deutsche Bank AG (Germany) (SOFR + <br> 1.70%), 5.00%, 9/11/2030 (i)<br>| 4300000 | 4369570 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| Series R, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.22%), 7.56%, 2/10/2026 (g) (h) <br> (i)<br>| 95000 | 95851 |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.16%), 7.50%, 2/10/2029 (g) (h) <br> (i)<br>| 390000 | 413545 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 99

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.81%), 7.50%, 5/10/2029 (g) (h) <br> (i)<br>| 1225000 | 1285925 |
| Series Y, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 2.40%), 6.13%, 11/10/2034 (g) (h) <br> (i)<br>| 950000 | 951606 |
| Nasdaq, Inc. 5.35%, 6/28/2028 | 1022000 | 1054476 |
| State Street Corp. Series I, (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (g) (h) (i)<br>| 1130000 | 1169520 |
| Turkiye Varlik Fonu Yonetimi A/S (Turkey) <br> 8.25%, 2/14/2029 (j)<br>| 300000 | 316875 |
|  |  | 9719045 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Axalta Coating Systems LLC  | Axalta Coating Systems LLC  | Axalta Coating Systems LLC  |
| 4.75%, 6/15/2027 (c) | 850000 | 846132 |
| 3.38%, 2/15/2029 (c) | 2725000 | 2574253 |
| Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) |
| 4.50%, 1/31/2030 (j) | 900000 | 631125 |
| 7.25%, 2/13/2033 (c) | 800000 | 569360 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 8.22%), 8.50%, 1/23/2081 (i) (j)<br>| 400000 | 298000 |
| Celanese US Holdings LLC 1.40%, <br> 8/5/2026<br>| 240000 | 230814 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.75%, 11/15/2028 (c) | 2340000 | 2253216 |
| 4.63%, 11/15/2029 (c) | 610000 | 544697 |
| Element Solutions, Inc. 3.88%, <br> 9/1/2028 (c)<br>| 715000 | 693083 |
| INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) |
| 6.75%, 5/15/2028 (c) | 750000 | 736901 |
| 7.50%, 4/15/2029 (c) | 1575000 | 1578641 |
| INEOS Quattro Finance 2 plc (United <br> Kingdom) 9.63%, 3/15/2029 (c)<br>| 200000 | 200465 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 5.25%, 6/1/2027 (c) | 3945000 | 3954957 |
| 8.50%, 11/15/2028 (c) | 710000 | 743754 |
| 4.25%, 5/15/2029 (c) | 155000 | 148803 |
| 9.00%, 2/15/2030 (c) | 481000 | 516654 |
| OCP SA (Morocco) | OCP SA (Morocco) | OCP SA (Morocco) |
| 6.70%, 3/1/2036 (c) | 260000 | 268694 |
| 5.13%, 6/23/2051 (j) | 800000 | 630288 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 7.50%, 5/2/2054 (c) | 1500000 | 1549935 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (c) | 752000 | 764468 |
| 6.25%, 8/15/2033 (c) | 360000 | 372140 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 5.25%, 12/15/2026 | 520000 | 519181 |
| 4.50%, 10/15/2029 | 3960000 | 3824953 |
| 4.00%, 4/1/2031 | 400000 | 368023 |
| Trinseo Luxco Finance SPV Sarl 7.63% <br> (Blend (Cash 5.13% + PIK 2.50%)), <br> 5/3/2029 (c) (e)<br>| 189701 | 66171 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 4.88%, 6/15/2027 (c) | 1725000 | 1711121 |
| 5.63%, 8/15/2029 (c) | 2625000 | 2456031 |
| 6.63%, 8/15/2032 (c) | 891000 | 888505 |
|  |  | 29940365 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (c) | 1305000 | 1170599 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (c) | 1620000 | 1565985 |
| 4.88%, 7/15/2032 (c) | 180000 | 173206 |
| Aramark Services, Inc. 5.00%, <br> 2/1/2028 (c)<br>| 2590000 | 2570972 |
| Brink's Co. (The) 4.63%, 10/15/2027 (c) | 530000 | 525438 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (c)<br>| 3110000 | 3000476 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 635000 | 672064 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 4.63%, 2/15/2027 (c) | 460000 | 456709 |
| 8.38%, 11/15/2032 (c) | 427000 | 445353 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (c) | 2000000 | 1949959 |
| 4.38%, 8/15/2029 (c) | 370000 | 359884 |
| 6.75%, 1/15/2031 (c) | 1683000 | 1756938 |
| Madison IAQ LLC  | Madison IAQ LLC  | Madison IAQ LLC  |
| 4.13%, 6/30/2028 (c) | 3885000 | 3776887 |
| 5.88%, 6/30/2029 (c) | 410000 | 405918 |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (c) | 218000 | 218914 |
| 3.38%, 8/31/2027 (c) | 2520000 | 2441257 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (c)<br>| 636000 | 647903 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Williams Scotsman, Inc.  | Williams Scotsman, Inc.  | Williams Scotsman, Inc.  |
| 6.63%, 4/15/2030 (c) | 264000 | 273260 |
| 7.38%, 10/1/2031 (c) | 330000 | 345174 |
|  |  | 22756896 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Ciena Corp. 4.00%, 1/31/2030 (c) | 150000 | 142391 |
| CommScope LLC  | CommScope LLC  | CommScope LLC  |
| 8.25%, 3/1/2027 (c) | 455000 | 460458 |
| 4.75%, 9/1/2029 (c) | 1815000 | 1793220 |
|  |  | 2396069 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| AECOM 6.00%, 8/1/2033 (c) | 692000 | 706293 |
| Bioceanico Sovereign Certificate Ltd. <br> (Paraguay) Zero Coupon, 6/5/2034 (j)<br>| 406962 | 325785 |
| Dycom Industries, Inc. 4.50%, <br> 4/15/2029 (c)<br>| 90000 | 87795 |
| Pike Corp. 8.63%, 1/31/2031 (c) | 275000 | 294282 |
| Weekley Homes LLC 4.88%, 9/15/2028 (c) | 150000 | 146041 |
|  |  | 1560196 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Cemex SAB de CV (Mexico) (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 3.52%), 7.20%, <br> 6/10/2030 (c) (g) (h) (i)<br>| 409000 | 421148 |
| Knife River Corp. 7.75%, 5/1/2031 (c) | 900000 | 943927 |
|  |  | 1365075 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 6.10%, 1/15/2027 | 335000 | 342326 |
| 3.00%, 10/29/2028 | 810000 | 779321 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.72%), 6.95%, 3/10/2055 (i)<br>| 460000 | 481615 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 6.38%, 5/4/2028 (c) | 365000 | 381753 |
| 5.75%, 3/1/2029 (c) | 2060000 | 2131811 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 4.39%, 1/8/2026 | 600000 | 599003 |
| 6.95%, 6/10/2026 | 200000 | 202610 |
| 4.54%, 8/1/2026 | 200000 | 199340 |
| 4.27%, 1/9/2027 | 525000 | 519879 |
| 4.13%, 8/17/2027 | 4005000 | 3928383 |
| 6.80%, 11/7/2028 | 1500000 | 1561160 |
| 7.20%, 6/10/2030 | 700000 | 743688 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 6.05%, 3/5/2031 | 3080000 | 3129145 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 7.13%, 3/15/2026 | 485000 | 490344 |
| 3.88%, 9/15/2028 | 1615000 | 1548137 |
|  |  | 17038515 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 4.63%, 1/15/2027 (c) | 3985000 | 3960740 |
| 5.88%, 2/15/2028 (c) | 2565000 | 2564212 |
| 3.50%, 3/15/2029 (c) | 1325000 | 1259762 |
| 4.88%, 2/15/2030 (c) | 710000 | 699238 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 5.50%, 10/15/2027 (c) | 2215000 | 2211989 |
| 4.25%, 8/1/2029 (c) | 1925000 | 1864120 |
| Rite Aid Corp.  | Rite Aid Corp.  | Rite Aid Corp.  |
| 7.50%, 7/1/2025 ‡ (k) | 248000 |  |
| 8.00%, 11/15/2026 ‡ (k) | 121000 |  |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 8/30/2031 ‡ (c) (i) (k)<br>| 38580 |  |
| Series B, 15.00%, 8/30/2031 ‡ (k) | 52563 |  |
| Series A, 15.00%, 8/30/2031 ‡ (k) | 112025 |  |
| Rite Aid Corp., Escrow 8.00%, <br> 10/18/2025 ‡<br>| 104124 |  |
| US Foods, Inc.  | US Foods, Inc.  | US Foods, Inc.  |
| 6.88%, 9/15/2028 (c) | 310000 | 319395 |
| 4.75%, 2/15/2029 (c) | 2034000 | 2003470 |
| 4.63%, 6/1/2030 (c) | 516000 | 503231 |
|  |  | 15386157 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Packaging Finance plc  | Ardagh Packaging Finance plc  | Ardagh Packaging Finance plc  |
| 4.13%, 8/15/2026 (c) | 1420000 | 1349000 |
| 5.25%, 8/15/2027 (c) | 1225000 | 539735 |
| Clydesdale Acquisition Holdings, Inc. 6.75%, <br> 4/15/2032 (c)<br>| 1317000 | 1353172 |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |
| 7.88%, 4/15/2027 (c) | 3835000 | 3880648 |
| 9.25%, 4/15/2027 (c) | 340000 | 338441 |
| Owens-Brockway Glass Container, Inc. <br> 6.63%, 5/13/2027 (c)<br>| 815000 | 814363 |
| TriMas Corp. 4.13%, 4/15/2029 (c) | 65000 | 62551 |
|  |  | 8337910 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| RB Global Holdings, Inc. (Canada) 6.75%, <br> 3/15/2028 (c)<br>| 520000 | 532235 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 101

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Service Corp. International 3.38%, <br> 8/15/2030<br>| 3150000 | 2910648 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (c) | 659000 | 697231 |
|  |  | 3607879 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| Altice France SA (France) | Altice France SA (France) | Altice France SA (France) |
| 8.13%, 2/1/2027 (c) | 400000 | 370314 |
| 5.13%, 7/15/2029 (c) | 250000 | 213750 |
| 5.50%, 10/15/2029 (c) | 400000 | 343000 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.38%, 6/1/2029 (c) | 5465000 | 5422559 |
| 6.38%, 9/1/2029 (c) | 2125000 | 2157376 |
| 4.75%, 3/1/2030 (c) | 10941000 | 10515045 |
| 4.50%, 8/15/2030 (c) | 9222000 | 8729183 |
| 4.25%, 2/1/2031 (c) | 3699000 | 3412012 |
| 4.50%, 5/1/2032 | 875000 | 800149 |
| Fibercop SpA (Italy) 6.00%, 9/30/2034 (c) | 200000 | 189261 |
| Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  |
| 5.88%, 10/15/2027 (c) | 1550000 | 1549557 |
| 5.00%, 5/1/2028 (c) | 1265000 | 1261714 |
| GCI LLC 4.75%, 10/15/2028 (c) | 1453000 | 1415055 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 4.88%, 6/15/2029 (c) | 460000 | 428950 |
| 4.50%, 4/1/2030 (c) | 413888 | 371464 |
| 6.88%, 6/30/2033 (c) | 771000 | 777920 |
| 7.00%, 3/31/2034 (c) | 793750 | 799141 |
| Lumen Technologies, Inc.  | Lumen Technologies, Inc.  | Lumen Technologies, Inc.  |
| 4.13%, 4/15/2029 (c) | 835788 | 819072 |
| 4.13%, 4/15/2030 (c) | 891504 | 873675 |
| 10.00%, 10/15/2032 (c) | 500000 | 506449 |
|  |  | 40955646 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| Centrais Eletricas Brasileiras SA (Brazil) <br> 6.50%, 1/11/2035 (c)<br>| 890000 | 896395 |
| Comision Ejecutiva Hidroelectrica del Rio <br> Lempa (El Salvador) 8.65%, <br> 1/24/2033 (c)<br>| 729000 | 745687 |
| Edison International Series B, (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 3.90%), 5.00%, <br> 12/15/2026 (g) (h) (i)<br>| 4390000 | 3924874 |
| Emera, Inc. (Canada) Series 16-A, <br> (3-MONTH SOFR + 5.44%), 6.75%, <br> 6/15/2076 (i)<br>| 930000 | 935839 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Energuate Trust (Guatemala) 5.88%, <br> 5/3/2027 (j)<br>| 200000 | 199502 |
| EnfraGen Energia Sur SA (Colombia) 5.38%, <br> 12/30/2030 (j)<br>| 600000 | 550500 |
| Entergy Corp. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.67%), 7.13%, 12/1/2054 (i)<br>| 690000 | 718603 |
| Eskom Holdings (South Africa) 8.45%, <br> 8/10/2028 (j)<br>| 1700000 | 1804652 |
| Instituto Costarricense de Electricidad (Costa Rica) | Instituto Costarricense de Electricidad (Costa Rica) | Instituto Costarricense de Electricidad (Costa Rica) |
| 6.75%, 10/7/2031 (c) | 1000000 | 1044690 |
| 6.38%, 5/15/2043 (j) | 700000 | 648711 |
| NextEra Energy Capital Holdings, Inc. (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.36%), 6.70%, <br> 9/1/2054 (i)<br>| 680000 | 698503 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 5.75%, 1/15/2028 | 4275000 | 4288543 |
| 5.25%, 6/15/2029 (c) | 330000 | 329021 |
| 3.63%, 2/15/2031 (c) | 1090000 | 1005427 |
| 6.00%, 2/1/2033 (c) | 631000 | 639495 |
| Tierra Mojada Luxembourg II SARL (Mexico) <br> 5.75%, 12/1/2040 (j)<br>| 1267917 | 1215774 |
| Trinidad Generation UnLtd. (Trinidad And <br> Tobago) 7.75%, 6/16/2033 (c)<br>| 596000 | 625019 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.63%, 2/15/2027 (c) | 1535000 | 1535622 |
| 5.00%, 7/31/2027 (c) | 3323000 | 3314027 |
| 7.75%, 10/15/2031 (c) | 345000 | 366556 |
| 6.88%, 4/15/2032 (c) | 640000 | 671684 |
|  |  | 26159124 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Regal Rexnord Corp. 6.40%, 4/15/2033 | 97000 | 103197 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Coherent Corp. 5.00%, 12/15/2029 (c) | 2612000 | 2566954 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 3.75%, 2/15/2031 (c) | 4790000 | 4402635 |
| 6.63%, 7/15/2032 (c) | 600000 | 619705 |
|  |  | 7589294 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP  | Archrock Partners LP  | Archrock Partners LP  |
| 6.88%, 4/1/2027 (c) | 176000 | 176160 |
| 6.63%, 9/1/2032 (c) | 559000 | 573024 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (c)<br>| 300000 | 318205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Guara Norte SARL (Brazil) 5.20%, <br> 6/15/2034 (j)<br>| 307316 | 296176 |
| Nabors Industries, Inc. 7.38%, <br> 5/15/2027 (c)<br>| 224000 | 227733 |
| Precision Drilling Corp. (Canada) | Precision Drilling Corp. (Canada) | Precision Drilling Corp. (Canada) |
| 7.13%, 1/15/2026 (c) | 106000 | 105953 |
| 6.88%, 1/15/2029 (c) | 225000 | 226911 |
| Transocean, Inc.  | Transocean, Inc.  | Transocean, Inc.  |
| 8.25%, 5/15/2029 (c) | 471000 | 455618 |
| 8.75%, 2/15/2030 (c) | 273750 | 289815 |
| Yinson Boronia Production BV (Brazil) <br> 8.95%, 7/31/2042 (c)<br>| 1402959 | 1530733 |
|  |  | 4200328 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Cinemark USA, Inc. 7.00%, 8/1/2032 (c) | 327000 | 338801 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 5.63%, 3/15/2026 (c) | 175000 | 175000 |
| 6.50%, 5/15/2027 (c) | 2870000 | 2900103 |
| 4.75%, 10/15/2027 (c) | 5360000 | 5315372 |
| 3.75%, 1/15/2028 (c) | 210000 | 204250 |
| Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  |
| 3.76%, 3/15/2027 | 228000 | 224580 |
| 4.28%, 3/15/2032 | 680000 | 586840 |
|  |  | 9744946 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 5.63%, 8/15/2030 (c) | 1872000 | 1913561 |
| 3.50%, 6/1/2031 | 760000 | 702092 |
| 6.50%, 5/15/2032 | 1526000 | 1581133 |
| 6.00%, 8/15/2033 (c) | 231000 | 237156 |
| CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  |
| Class A, 0.00%, 8/17/2027 ‡ | 1349787 | 1349787 |
| Class B, 0.00%, 8/17/2027 ‡ | 2137531 | 2137531 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (c)<br>| 4000000 | 4009624 |
| Corebridge Financial, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 3.85%), 6.88%, 12/15/2052 (i)<br>| 500000 | 517075 |
| Nationstar Mortgage Holdings, Inc. 5.50%, <br> 8/15/2028 (c)<br>| 810000 | 808370 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (c) | 1789000 | 1939852 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.13%, 8/1/2030 (c) | 945000 | 972358 |
| 6.38%, 8/1/2033 (c) | 503000 | 521976 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (c) | 565000 | 553055 |
| 3.63%, 3/1/2029 (c) | 2583000 | 2462529 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (c) | 1547000 | 1604030 |
| STReAM 2008 BV (Netherlands) 0.00%, <br> 2/15/2030 ‡<br>| 1194227 | 1194227 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 1194146 | 1194146 |
|  |  | 23698502 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Grupo Nutresa SA (Colombia) 9.00%, <br> 5/12/2035 (c)<br>| 1500000 | 1659900 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (c)<br>| 3000000 | 2876256 |
| Minerva Luxembourg SA (Brazil) 8.88%, <br> 9/13/2033 (c)<br>| 500000 | 549500 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 5.50%, 12/15/2029 (c) | 392000 | 390783 |
| 4.63%, 4/15/2030 (c) | 3780000 | 3645368 |
| 6.25%, 2/15/2032 (c) | 1126000 | 1156702 |
|  |  | 10278509 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| AmeriGas Partners LP  | AmeriGas Partners LP  | AmeriGas Partners LP  |
| 9.38%, 6/1/2028 (c) | 447000 | 461296 |
| 9.50%, 6/1/2030 (c) | 449000 | 470342 |
| Superior Plus LP (Canada) 4.50%, <br> 3/15/2029 (c)<br>| 150000 | 144124 |
|  |  | 1075762 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (c) | 367000 | 365473 |
| 4.75%, 4/1/2028 (c) | 2815000 | 2727087 |
| 8.00%, 2/15/2031 (c) | 1455000 | 1501255 |
| 8.38%, 6/15/2032 (c) | 635000 | 662799 |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (c) | 2794000 | 2959114 |
| 8.63%, 5/15/2032 (c) | 270000 | 290820 |
| First Student Bidco, Inc. 4.00%, <br> 7/31/2029 (c)<br>| 180000 | 170648 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (c) | 170000 | 157578 |
| 12.63%, 7/15/2029 (c) | 1369000 | 1422670 |
| 5.00%, 12/1/2029 (c) | 2680000 | 1929941 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 103

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| NESCO Holdings II, Inc. 5.50%, <br> 4/15/2029 (c)<br>| 105000 | 102434 |
| RXO, Inc. 7.50%, 11/15/2027 (c) | 350000 | 356825 |
| Transnet (South Africa) | Transnet (South Africa) | Transnet (South Africa) |
| 8.25%, 2/6/2028 (c) | 1200000 | 1257450 |
| 8.25%, 2/6/2028 (j) | 800000 | 838300 |
| Uber Technologies, Inc. 7.50%, <br> 9/15/2027 (c)<br>| 1007000 | 1006804 |
| XPO, Inc. 6.25%, 6/1/2028 (c) | 425000 | 432381 |
|  |  | 16181579 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Avantor Funding, Inc. 4.63%, <br> 7/15/2028 (c)<br>| 4880000 | 4802833 |
| Hologic, Inc.  | Hologic, Inc.  | Hologic, Inc.  |
| 4.63%, 2/1/2028 (c) | 220000 | 217856 |
| 3.25%, 2/15/2029 (c) | 1869000 | 1785579 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (c) | 4685000 | 4498756 |
| 6.25%, 4/1/2029 (c) | 468000 | 480774 |
| 5.25%, 10/1/2029 (c) | 2025000 | 2005313 |
|  |  | 13791111 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| 180 Medical, Inc. (United Kingdom) 3.88%, <br> 10/15/2029 (c)<br>| 200000 | 191828 |
| Acadia Healthcare Co., Inc. 5.50%, <br> 7/1/2028 (c)<br>| 540000 | 537277 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (c) | 1115000 | 1074915 |
| 5.25%, 5/15/2030 (c) | 965000 | 864954 |
| 4.75%, 2/15/2031 (c) | 420000 | 358006 |
| 10.88%, 1/15/2032 (c) | 555000 | 587318 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 4.63%, 6/1/2030 (c) | 425000 | 409158 |
| 3.75%, 2/15/2031 (c) | 1525000 | 1391568 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | 1565000 | 1550004 |
| 4.75%, 2/1/2030 | 1620000 | 1597061 |
| 4.63%, 4/1/2031 | 645000 | 625356 |
| Owens & Minor, Inc. 4.50%, 3/31/2029 (c) | 880000 | 747405 |
| Radiology Partners, Inc. 8.50%, <br> 7/15/2032 (c)<br>| 1442000 | 1472080 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 6.25%, 2/1/2027 | 467000 | 467273 |
| 5.13%, 11/1/2027 | 6520000 | 6501061 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.63%, 6/15/2028 | 5135000 | 5076726 |
| 6.13%, 6/15/2030 | 718000 | 728990 |
| 6.75%, 5/15/2031 | 1099000 | 1142256 |
|  |  | 25323236 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (c) | 500000 | 499541 |
| 5.00%, 5/15/2027 (c) | 2560000 | 2549672 |
| 6.25%, 6/1/2032 (c) | 1381000 | 1423558 |
|  |  | 4472771 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 4250000 | 4239163 |
| 7.25%, 7/15/2028 (c) | 775000 | 797663 |
| 4.50%, 2/15/2029 (c) | 230000 | 224763 |
| 6.50%, 4/1/2032 (c) | 820000 | 842799 |
| 6.50%, 6/15/2033 (c) | 393000 | 405917 |
|  |  | 6510305 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) |
| 3.88%, 1/15/2028 (c) | 1575000 | 1533056 |
| 4.00%, 10/15/2030 (c) | 745000 | 696589 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (c) | 375000 | 368154 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (c) | 385000 | 367114 |
| 7.00%, 2/15/2030 (c) | 2045000 | 2114771 |
| 6.50%, 2/15/2032 (c) | 1486000 | 1523423 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 6.00%, 5/1/2029 (c) | 2300000 | 2329824 |
| 5.75%, 8/1/2032 (c) | 1538000 | 1563377 |
| 6.13%, 2/15/2033 (c) | 3441000 | 3533577 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 5.75%, 5/1/2028 (c) | 320000 | 320588 |
| 3.75%, 5/1/2029 (c) | 1675000 | 1606394 |
| 5.88%, 3/15/2033 (c) | 1324000 | 1351186 |
| 5.75%, 9/15/2033 (c) | 978000 | 986068 |
| Hilton Worldwide Finance LLC 4.88%, <br> 4/1/2027<br>| 1765000 | 1760312 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.63%, 9/1/2026 | 320000 | 317889 |
| 5.50%, 4/15/2027 | 215000 | 216225 |
| 6.13%, 9/15/2029 | 914000 | 933522 |
| 6.50%, 4/15/2032 | 870000 | 892838 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (c) | 695000 | 706105 |
| 6.25%, 3/15/2032 (c) | 2022000 | 2086866 |
| 6.00%, 2/1/2033 (c) | 560000 | 574544 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.50%, 4/15/2027 (c) | 1505000 | 1500995 |
| 5.25%, 7/15/2029 | 1120000 | 1084412 |
| 6.63%, 5/1/2032 (c) | 1079000 | 1096535 |
| Station Casinos LLC 4.50%, 2/15/2028 (c) | 1620000 | 1596722 |
| Studio City Finance Ltd. (Macau) 5.00%, <br> 1/15/2029 (j)<br>| 200000 | 189500 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (c) | 1258000 | 1303024 |
| Viking Cruises Ltd. 5.88%, 9/15/2027 (c) | 1000000 | 998671 |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (c) | 5395000 | 5384692 |
| 6.25%, 3/15/2033 (c) | 556000 | 562840 |
|  |  | 39499813 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (c)<br>| 813000 | 619360 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 8.50%, 6/1/2028 (c) | 567000 | 598596 |
| 6.38%, 5/15/2030 | 1365000 | 1346203 |
| 6.63%, 5/15/2032 | 742000 | 724295 |
| 6.87%, 4/1/2036 (d) | 250000 | 244293 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (c)<br>| 4560000 | 4383173 |
|  |  | 7915920 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 610000 | 607264 |
| 4.13%, 10/15/2030 | 890000 | 841800 |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (c) | 1242000 | 1221292 |
| 4.38%, 3/31/2029 (c) | 1417000 | 1356562 |
| Spectrum Brands, Inc. 3.88%, <br> 3/15/2031 (c)<br>| 129000 | 103200 |
|  |  | 4130118 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Calpine Corp. 4.63%, 2/1/2029 (c) | 1240000 | 1225144 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple (Mexico) <br> 7.25%, 1/31/2041 (c)<br>| 877589 | 901925 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (c)<br>| 1763000 | 1873734 |
| Termocandelaria Power SA (Colombia) <br> 7.75%, 9/17/2031 (c)<br>| 650000 | 669500 |
|  |  | 4670303 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| Prudential Financial, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 3.23%), 6.00%, 9/1/2052 (i)<br>| 690000 | 711949 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Snap, Inc. 6.88%, 3/1/2033 (c) | 738000 | 745671 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Ahead DB Holdings LLC 6.63%, <br> 5/1/2028 (c)<br>| 250000 | 250569 |
| CoreWeave, Inc.  | CoreWeave, Inc.  | CoreWeave, Inc.  |
| 9.25%, 6/1/2030 (c) | 1116000 | 1120001 |
| 9.00%, 2/1/2031 (c) | 1123000 | 1111766 |
| Identity Digital Ltd. (Ireland) 6.79%, <br> 3/20/2065 ‡<br>| 2500000 | 2543750 |
|  |  | 5026086 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (c)<br>| 700000 | 730366 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| ATS Corp. (Canada) 4.13%, <br> 12/15/2028 (c)<br>| 150000 | 143493 |
| Chart Industries, Inc. 7.50%, 1/1/2030 (c) | 1790000 | 1876079 |
| Enpro, Inc. 6.13%, 6/1/2033 (c) | 212000 | 216328 |
| Esab Corp. 6.25%, 4/15/2029 (c) | 330000 | 339311 |
| Hillenbrand, Inc. 3.75%, 3/1/2031 | 150000 | 137914 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (c) | 920000 | 904937 |
| 6.25%, 10/15/2032 (c) | 605000 | 612437 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (c)<br>| 150000 | 155113 |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (c)<br>| 150000 | 137667 |
|  |  | 4523279 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| MV24 Capital BV (Brazil) 6.75%, <br> 6/1/2034 (j)<br>| 878784 | 861296 |
| Yinson Bergenia Production BV (Brazil) <br> 8.50%, 1/31/2045 (c)<br>| 1321000 | 1384408 |
|  |  | 2245704 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 105

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.25%, 1/15/2029 | 1545000 | 1437447 |
| 6.10%, 6/1/2029 | 1790000 | 1881523 |
| 2.80%, 4/1/2031 | 2500000 | 2249526 |
| 6.65%, 2/1/2034 | 50000 | 53333 |
| 5.38%, 4/1/2038 | 100000 | 93722 |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.75%, 4/15/2028 (c) | 897000 | 872408 |
| 7.13%, 2/15/2031 (c) | 2524000 | 2563824 |
| 7.50%, 3/15/2033 (c) | 1058000 | 1076888 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.38%, 2/1/2028 (c) | 300000 | 275318 |
| 6.50%, 2/1/2029 (c) | 3060000 | 2411703 |
| Directv Financing LLC 5.88%, <br> 8/15/2027 (c)<br>| 1550000 | 1542249 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 2335000 | 2270787 |
| 5.25%, 12/1/2026 (c) | 2679000 | 2598731 |
| DISH Network Corp. 11.75%, <br> 11/15/2027 (c)<br>| 4608000 | 4871893 |
| EchoStar Corp.  | EchoStar Corp.  | EchoStar Corp.  |
| 10.75%, 11/30/2029 | 2290000 | 2464612 |
| 6.75% (PIK), 11/30/2030 (e) | 1052681 | 1019990 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (c) | 2719000 | 2959498 |
| 4.75%, 10/15/2030 (c) | 1719000 | 1290213 |
| 5.38%, 11/15/2031 (c) | 1908000 | 1406718 |
| 7.25%, 8/15/2033 (c) | 1189000 | 1171361 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (c) | 1848000 | 1583342 |
| 7.75%, 8/15/2030 (c) | 3201050 | 2539891 |
| Lamar Media Corp. 4.88%, 1/15/2029 | 545000 | 537655 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (c)<br>| 418000 | 435472 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (c) | 5060000 | 5054514 |
| 4.75%, 11/1/2028 (c) | 745000 | 731303 |
| Outfront Media Capital LLC 4.25%, <br> 1/15/2029 (c)<br>| 1900000 | 1826070 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (c)<br>| 1145000 | 1173053 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 5.00%, 8/1/2027 (c) | 2145000 | 2135319 |
| 4.00%, 7/15/2028 (c) | 3705000 | 3575634 |
| 5.50%, 7/1/2029 (c) | 3235000 | 3230382 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| Stagwell Global LLC 5.63%, 8/15/2029 (c) | 1995000 | 1924204 |
| TEGNA, Inc. 5.00%, 9/15/2029 | 2555000 | 2557652 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (c) | 2835000 | 2942523 |
| 7.38%, 6/30/2030 (c) | 470000 | 472566 |
| 9.38%, 8/1/2032 (c) | 382000 | 402281 |
| VZ Secured Financing BV (Netherlands) <br> 5.00%, 1/15/2032 (c)<br>| 200000 | 177600 |
|  |  | 65811205 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (c)<br>| 1365000 | 1439696 |
| Alumina Pty. Ltd.  | Alumina Pty. Ltd.  | Alumina Pty. Ltd.  |
| 6.13%, 3/15/2030 (c) | 640000 | 650323 |
| 6.38%, 9/15/2032 (c) | 285000 | 290644 |
| Big River Steel LLC 6.63%, 1/31/2029 (c) | 55000 | 55089 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 5.88%, 6/1/2027 | 1235000 | 1233503 |
| 7.50%, 9/15/2031 (c) | 429000 | 434894 |
| 7.00%, 3/15/2032 (c) | 362000 | 359881 |
| Compass Minerals International, Inc. 8.00%, <br> 7/1/2030 (c)<br>| 285000 | 298106 |
| CSN Inova Ventures (Brazil) 6.75%, <br> 1/28/2028 (j)<br>| 900000 | 865350 |
| CSN Resources SA (Brazil) 4.63%, <br> 6/10/2031 (c)<br>| 1600000 | 1289622 |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| 4.75%, 1/30/2030 (c) | 3049000 | 2932115 |
| 6.88%, 1/30/2030 (c) | 263000 | 272892 |
| 3.88%, 8/15/2031 (c) | 781000 | 708286 |
| 6.38%, 8/15/2033 (c) | 342000 | 345513 |
| WE Soda Investments Holding plc (Turkey) <br> 9.50%, 10/6/2028 (j)<br>| 600000 | 628687 |
|  |  | 11804601 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| ReadyCap Holdings LLC Series QIB, 9.38%, <br> 3/1/2028 (c)<br>| 5000000 | 4958828 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.39%), 6.88%, 2/1/2055 (i)<br>| 2880000 | 3010415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.26%), 6.00%, 2/15/2056 (i)<br>| 800000 | 807774 |
| NiSource, Inc. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.45%), 6.95%, 11/30/2054 (i)<br>| 1590000 | 1653265 |
|  |  | 5471454 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| AI Candelaria Spain SA (Colombia) 5.75%, <br> 6/15/2033 (c)<br>| 500000 | 438500 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 3/1/2027 (c) | 895000 | 894782 |
| 5.75%, 1/15/2028 (c) | 3225000 | 3233888 |
| 5.38%, 6/15/2029 (c) | 1125000 | 1118290 |
| Antero Resources Corp.  | Antero Resources Corp.  | Antero Resources Corp.  |
| 7.63%, 2/1/2029 (c) | 434000 | 442667 |
| 5.38%, 3/1/2030 (c) | 880000 | 886427 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 6.63%, 10/15/2032 (c) | 785000 | 799136 |
| 6.63%, 7/15/2033 (c) | 457000 | 463903 |
| Azule Energy Finance plc (Angola) 8.13%, <br> 1/23/2030 (j)<br>| 400000 | 404000 |
| Bapco Energies BSC Closed (Bahrain) <br> 7.50%, 10/25/2027 (j)<br>| 500000 | 515485 |
| Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) |
| 8.50%, 4/30/2030 (c) | 1620000 | 1653558 |
| 7.38%, 3/15/2032 (c) | 505000 | 493435 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 7.00%, 7/15/2029 (c) | 444000 | 461922 |
| 7.25%, 7/15/2032 (c) | 467000 | 495595 |
| BP Capital Markets plc (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 4.40%), 4.88%, <br> 3/22/2030 (g) (h) (i)<br>| 3595000 | 3563690 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 1497000 | 1478961 |
| 4.13%, 12/1/2027 | 350000 | 344291 |
| 4.50%, 3/1/2028 (c) | 405000 | 398620 |
| 6.75%, 2/1/2030 (c) | 786000 | 816374 |
| California Resources Corp. 7.13%, <br> 2/1/2026 (c)<br>| 19000 | 18937 |
| Chord Energy Corp. 6.75%, 3/15/2033 (c) | 455000 | 466655 |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| 8.38%, 7/1/2028 (c) | 600000 | 623110 |
| 8.63%, 11/1/2030 (c) | 2285000 | 2378783 |
| 8.75%, 7/1/2031 (c) | 1057000 | 1087359 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 9.63%, 6/15/2033 (c) | 312000 | 330234 |
| Columbia Pipelines Holding Co. LLC 6.04%, <br> 8/15/2028 (c)<br>| 390000 | 407984 |
| Comstock Resources, Inc.  | Comstock Resources, Inc.  | Comstock Resources, Inc.  |
| 6.75%, 3/1/2029 (c) | 670000 | 660516 |
| 5.88%, 1/15/2030 (c) | 3550000 | 3331748 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (c) | 1997000 | 2078036 |
| 7.38%, 1/15/2033 (c) | 515000 | 503190 |
| 8.38%, 1/15/2034 (c) | 444000 | 450565 |
| Diversified Gas & Oil Corp. 9.75%, <br> 4/9/2029 (j)<br>| 11250000 | 10970619 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (c) | 2775000 | 2696961 |
| Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| 8.63%, 1/19/2029 | 640000 | 693376 |
| 4.63%, 11/2/2031 | 1100000 | 964788 |
| 8.88%, 1/13/2033 | 1180000 | 1254930 |
| 8.38%, 1/19/2036 | 252000 | 254822 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| Series 20-A, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 5.31%), 5.75%, 7/15/2080 (i)<br>| 2030000 | 2027457 |
| Series NC5, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.79%), 8.25%, 1/15/2084 (i)<br>| 305000 | 324880 |
| Energy Transfer LP (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 4.02%), 8.00%, 5/15/2054 (i)<br>| 1870000 | 1992317 |
| EQT Corp. 7.50%, 6/1/2030 (c) | 220000 | 242338 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 6.75%, 4/15/2029 (c) | 3120000 | 3153961 |
| 5.38%, 3/15/2030 | 695000 | 702010 |
| FS Luxembourg Sarl (Brazil) 8.63%, <br> 6/25/2033 (c)<br>| 230000 | 234641 |
| FS Luxembourg SARL (Brazil) 8.88%, <br> 2/12/2031 (c)<br>| 1405000 | 1473157 |
| Genesis Energy LP  | Genesis Energy LP  | Genesis Energy LP  |
| 8.25%, 1/15/2029 | 172000 | 179575 |
| 7.88%, 5/15/2032 | 248000 | 257411 |
| 8.00%, 5/15/2033 | 168000 | 175485 |
| Greenko Dutch BV (India) 3.85%, <br> 3/29/2026 (j)<br>| 352000 | 347952 |
| Greenko Wind Projects Mauritius Ltd. (India) <br> 7.25%, 9/27/2028 (j)<br>| 400000 | 406796 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (c)<br>| 1215000 | 1243028 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 107

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (c) | 297000 | 301979 |
| 5.13%, 6/15/2028 (c) | 170000 | 169622 |
| 4.25%, 2/15/2030 (c) | 860000 | 835091 |
| Hilcorp Energy I LP 6.25%, 4/15/2032 (c) | 644000 | 616510 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (c) | 320000 | 333702 |
| 6.63%, 1/15/2034 (c) | 402000 | 408568 |
| Kinetik Holdings LP 5.88%, 6/15/2030 (c) | 2155000 | 2173458 |
| Matador Resources Co. 6.25%, <br> 4/15/2033 (c)<br>| 1577000 | 1588658 |
| Medco Bell Pte. Ltd. (Indonesia) 6.38%, <br> 1/30/2027 (j)<br>| 200000 | 200000 |
| NGL Energy Operating LLC  | NGL Energy Operating LLC  | NGL Energy Operating LLC  |
| 8.13%, 2/15/2029 (c) | 736000 | 750762 |
| 8.38%, 2/15/2032 (c) | 519000 | 527234 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 6.00%, 6/1/2026 | 225000 | 225773 |
| 5.63%, 4/28/2027 | 975000 | 980212 |
| 6.38%, 10/1/2030 | 1085000 | 1123400 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 5.88%, 7/1/2029 (c) | 650000 | 650140 |
| 9.88%, 7/15/2031 (c) | 1633000 | 1772697 |
| 6.25%, 2/1/2033 (c) | 586000 | 596902 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (j) | 4167000 | 3961775 |
| Petroleos del Peru SA (Peru) | Petroleos del Peru SA (Peru) | Petroleos del Peru SA (Peru) |
| 4.75%, 6/19/2032 (j) | 500000 | 405750 |
| 5.63%, 6/19/2047 (c) | 600000 | 408336 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 6.88%, 8/4/2026 | 250000 | 251025 |
| 5.35%, 2/12/2028 | 800000 | 783872 |
| 8.75%, 6/2/2029 | 2000000 | 2117300 |
| 5.95%, 1/28/2031 | 1630000 | 1527310 |
| 6.70%, 2/16/2032 | 5600000 | 5370120 |
| 10.00%, 2/7/2033 | 3650000 | 4075736 |
| 6.38%, 1/23/2045 | 410000 | 312215 |
| 7.69%, 1/23/2050 | 10400000 | 8869016 |
| 6.95%, 1/28/2060 | 500000 | 387250 |
| Range Resources Corp.  | Range Resources Corp.  | Range Resources Corp.  |
| 8.25%, 1/15/2029 | 1378000 | 1414177 |
| 4.75%, 2/15/2030 (c) | 348000 | 339471 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |
| 4.80%, 5/15/2030 (c) | 150000 | 146055 |
| 6.75%, 3/15/2033 (c) | 608000 | 635103 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.75%, 9/15/2026 | 795000 | 793566 |
| 6.63%, 1/15/2027 | 1200000 | 1200880 |
| 6.50%, 7/15/2028 | 330000 | 333132 |
| 6.75%, 8/1/2029 (c) | 608000 | 614067 |
| 7.00%, 8/1/2032 (c) | 514000 | 517696 |
| South Bow USA Infrastructure Holdings LLC <br> (Canada) 4.91%, 9/1/2027<br>| 595000 | 600101 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 7.00%, 5/1/2029 (c) | 395000 | 410203 |
| 4.50%, 5/15/2029 | 1285000 | 1252545 |
| 4.50%, 4/30/2030 | 1080000 | 1043679 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 6.00%, 3/1/2027 (c) | 215000 | 214730 |
| 5.50%, 1/15/2028 (c) | 1455000 | 1452554 |
| 6.00%, 12/31/2030 (c) | 1170000 | 1152682 |
| 6.00%, 9/1/2031 (c) | 335000 | 329126 |
| Transcanada Trust (Canada) (SOFR + <br> 4.42%), 5.50%, 9/15/2079 (i)<br>| 100000 | 98510 |
| Uzbekneftegaz JSC (Uzbekistan) 4.75%, <br> 11/16/2028 (c)<br>| 900000 | 848799 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 4.13%, 8/15/2031 (c) | 470000 | 441282 |
| 3.88%, 11/1/2033 (c) | 1020000 | 908623 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (c) | 2007000 | 2079659 |
| 9.50%, 2/1/2029 (c) | 550000 | 604678 |
| 7.00%, 1/15/2030 (c) | 651000 | 670820 |
| 9.88%, 2/1/2032 (c) | 2240000 | 2439089 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.50%, 1/15/2034 (c) | 1767000 | 1844690 |
| 6.75%, 1/15/2036 (c) | 635000 | 666401 |
| Vital Energy, Inc.  | Vital Energy, Inc.  | Vital Energy, Inc.  |
| 9.75%, 10/15/2030 | 300000 | 312233 |
| 7.88%, 4/15/2032 (c) | 181000 | 178338 |
|  |  | 126104447 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (c) | 1305000 | 1305990 |
| 5.75%, 4/20/2029 (c) | 2780000 | 2795343 |
| JetBlue Airways Corp. 9.88%, <br> 9/20/2031 (c)<br>| 1717000 | 1706173 |
| United Airlines, Inc. 4.38%, 4/15/2026 (c) | 1505000 | 1500070 |
|  |  | 7307576 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (c)<br>| 4305000 | 4283908 |
| Prestige Brands, Inc. 5.13%, <br> 1/15/2028 (c)<br>| 715000 | 710401 |
|  |  | 4994309 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (c) | 2241000 | 2326945 |
| Bausch Health Cos., Inc. 5.00%, <br> 2/15/2029 (c)<br>| 450000 | 345028 |
| Elanco Animal Health, Inc. 6.65%, <br> 8/28/2028 (d)<br>| 420000 | 437266 |
| Endo Finance Holdings, Inc. 8.50%, <br> 4/15/2031 (c)<br>| 439000 | 467362 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (c) | 2670000 | 2556915 |
| 5.13%, 4/30/2031 (c) | 2470000 | 2116503 |
|  |  | 8250019 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| TriNet Group, Inc. 7.13%, 8/15/2031 (c) | 150000 | 155981 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  |
| 5.75%, 1/15/2029 (c) | 433000 | 401183 |
| 5.25%, 4/15/2030 (c) | 505000 | 442552 |
| 9.75%, 4/15/2030 (c) | 588000 | 624609 |
| Triad Properties Corp. 0.00%, 4/1/2052 ‡ | 2219576 | 2219576 |
|  |  | 3687920 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Amkor Technology, Inc. 6.63%, <br> 9/15/2027 (c)<br>| 1021000 | 1020044 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (c)<br>| 291000 | 315131 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (c) | 345000 | 335447 |
| 4.75%, 4/15/2029 (c) | 1985000 | 1956470 |
| 5.95%, 6/15/2030 (c) | 1850000 | 1873778 |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (c)<br>| 1109000 | 1109742 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (c)<br>| 1690000 | 1642202 |
| Synaptics, Inc. 4.00%, 6/15/2029 (c) | 150000 | 143173 |
|  |  | 8395987 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (c)<br>| 1875000 | 1839257 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Fair Isaac Corp. 6.00%, 5/15/2033 (c) | 467000 | 473266 |
| NCR Voyix Corp. 5.13%, 4/15/2029 (c) | 2029000 | 2003503 |
| RingCentral, Inc. 8.50%, 8/15/2030 (c) | 545000 | 581593 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (c) | 4283000 | 4284371 |
| 6.50%, 6/1/2032 (c) | 315000 | 326874 |
|  |  | 9508864 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 5.00%, 7/15/2028 (c) | 385000 | 382095 |
| 5.25%, 7/15/2030 (c) | 710000 | 702575 |
| 6.25%, 1/15/2033 (c) | 88000 | 90049 |
| Millrose Properties, Inc. 6.38%, <br> 8/1/2030 (c)<br>| 718000 | 724462 |
|  |  | 1899181 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.50%, 3/1/2028 | 215000 | 212464 |
| 4.63%, 11/15/2029 (c) | 1341000 | 1302363 |
| 4.75%, 3/1/2030 | 463000 | 452200 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 7.50%, 6/15/2029 | 170000 | 174583 |
| 6.75%, 7/1/2036 | 115000 | 116993 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ | 36352 |  |
| Gap, Inc. (The) 3.63%, 10/1/2029 (c) | 1220000 | 1144184 |
| Lithia Motors, Inc. 3.88%, 6/1/2029 (c) | 2125000 | 2037637 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| 349000 | 332768 |
| PetSmart LLC 7.50%, 9/15/2032 (c) | 1305000 | 1291454 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (c)<br>| 402300 | 158868 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (c)<br>| 3733000 | 3628902 |
| Staples, Inc. 10.75%, 9/1/2029 (c) | 2160000 | 2068200 |
|  |  | 12920616 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (c) | 416000 | 440121 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 4.09%, 6/1/2029 (c) | 660000 | 626465 |
| 8.25%, 12/15/2029 (c) | 645000 | 685116 |
| 8.50%, 7/15/2031 (c) | 377000 | 400068 |
| Xerox Corp. 10.25%, 10/15/2030 (c) | 415000 | 430639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 109

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Xerox Holdings Corp.  | Xerox Holdings Corp.  | Xerox Holdings Corp.  |
| 5.50%, 8/15/2028 (c) | 930000 | 603461 |
| 8.88%, 11/30/2029 (c) | 648000 | 393862 |
|  |  | 3579732 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| William Carter Co. (The) 5.63%, <br> 3/15/2027 (c)<br>| 150000 | 149698 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Air Lease Corp. 5.85%, 12/15/2027 | 540000 | 559070 |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| 5.50%, 7/15/2027 (c) | 1935000 | 1932902 |
| 7.00%, 6/15/2030 (c) | 450000 | 468339 |
| Imola Merger Corp. 4.75%, 5/15/2029 (c) | 4995000 | 4869648 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (c)<br>| 1062000 | 1096839 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 3106000 | 3088866 |
| 6.13%, 3/15/2034 (c) | 750000 | 776835 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (c) | 1195000 | 1213495 |
| 6.38%, 3/15/2029 (c) | 1048000 | 1078997 |
| 6.63%, 3/15/2032 (c) | 615000 | 637678 |
| 6.38%, 3/15/2033 (c) | 403000 | 417998 |
|  |  | 16140667 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Altice France Holding SA (Luxembourg) <br> 10.50%, 5/15/2027 (c) (k)<br>| 400000 | 144000 |
| Connect Finco SARL (United Kingdom) <br> 9.00%, 9/15/2029 (c)<br>| 445000 | 463614 |
| Digicel International Finance Ltd. (Jamaica) <br> 8.63%, 8/1/2032 (c)<br>| 1809000 | 1849100 |
| Millicom International Cellular SA (Guatemala) | Millicom International Cellular SA (Guatemala) | Millicom International Cellular SA (Guatemala) |
| 5.13%, 1/15/2028 (j) | 180000 | 178594 |
| 4.50%, 4/27/2031 (c) | 400000 | 372202 |
| Vodafone Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.77%), 4.13%, <br> 6/4/2081 (i)<br>| 100000 | 92575 |
|  |  | 3100085 |
| Total Corporate Bonds <br>(Cost $749,071,360)<br>|  | 767028976 |
| **Collateralized Mortgage Obligations — 14.6%** | **Collateralized Mortgage Obligations — 14.6%** | **Collateralized Mortgage Obligations — 14.6%** |
| Anchor Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.72%, 5/25/2040 (c) (d)<br>| 1200000 | 1206424 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Angel Oak Mortgage Trust I LLC |  |  |
| Series 2019-2, Class B2, 6.29%, <br> 3/25/2049 (b) (c)<br>| 4882500 | 4997433 |
| Series 2019-4, Class B2, 5.66%, <br> 7/26/2049 (b) (c)<br>| 800000 | 777865 |
| CHL Mortgage Pass-Through Trust Series <br> 2006-OA5, Class 2A1, 4.84%, <br> 4/25/2046 (b)<br>| 137031 | 118870 |
| Citi Asset Receivables Trust I |  |  |
| Series 2025-3, Class CERT, 0.00%, <br> 6/20/2031 ‡ (c)<br>| 11425122 | 11559938 |
| Series 2025-4, Class CERT, 0.00%, <br> 7/20/2031 ‡ (c) (k)<br>| 16406803 | 16848146 |
| Series 2025-5, Class CERT, 0.00%, <br> 8/20/2031 ‡ (c) (k)<br>| 20484983 | 21209806 |
| Series 2025-6, Class CERT, 0.00%, <br> 9/20/2031 ‡ (c)<br>| 13272000 | 13797475 |
| CITI Asset Receivables Trust I Series 2025-2, <br> Class CERT, 0.00%, 5/20/2031 ‡ (c) (k)<br>| 8669257 | 8755083 |
| COLT Mortgage Loan Trust Series 2023-2, <br> Class A1, 6.60%, 7/25/2068 (c) (d)<br>| 230538 | 232238 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2019-R04, Class 2B1, 9.71%, <br> 6/25/2039 (b) (c)<br>| 578148 | 594949 |
| Series 2019-R07, Class 1B1, 7.86%, <br> 10/25/2039 (b) (c)<br>| 2769777 | 2821710 |
| Series 2020-R02, Class 2B1, 7.46%, <br> 1/25/2040 (b) (c)<br>| 4000000 | 4082022 |
| Series 2020-R01, Class 1B1, 7.71%, <br> 1/25/2040 (b) (c)<br>| 1500000 | 1536804 |
| Series 2021-R01, Class 1B1, 7.45%, <br> 10/25/2041 (b) (c)<br>| 2000000 | 2041947 |
| Series 2021-R02, Class 2M2, 6.35%, <br> 11/25/2041 (b) (c)<br>| 4764031 | 4804861 |
| Series 2021-R02, Class 2B1, 7.65%, <br> 11/25/2041 (b) (c)<br>| 64000 | 65380 |
| Series 2021-R03, Class 1M2, 6.00%, <br> 12/25/2041 (b) (c)<br>| 1941000 | 1953131 |
| Series 2022-R03, Class 1B1, 10.60%, <br> 3/25/2042 (b) (c)<br>| 5660000 | 6079180 |
| Series 2022-R04, Class 1B2, 13.85%, <br> 3/25/2042 (b) (c)<br>| 1500000 | 1657261 |
| Series 2022-R06, Class 1M2, 8.20%, <br> 5/25/2042 (b) (c)<br>| 1100000 | 1149433 |
| Series 2022-R07, Class 1B2, 16.35%, <br> 6/25/2042 (b) (c)<br>| 2500000 | 2899005 |
| Series 2023-R02, Class 1M1, 6.65%, <br> 1/25/2043 (b) (c)<br>| 200868 | 205070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2023-R02, Class 1M2, 7.70%, <br> 1/25/2043 (b) (c)<br>| 550000 | 575394 |
| Series 2023-R02, Class 1B1, 9.90%, <br> 1/25/2043 (b) (c)<br>| 350000 | 380900 |
| Series 2023-R03, Class 2M2, 8.25%, <br> 4/25/2043 (b) (c)<br>| 2640000 | 2798400 |
| Series 2023-R04, Class 1M2, 7.90%, <br> 5/25/2043 (b) (c)<br>| 500000 | 529045 |
| Series 2023-R04, Class 1B1, 9.70%, <br> 5/25/2043 (b) (c)<br>| 2600000 | 2840179 |
| Series 2023-R06, Class 1M2, 7.05%, <br> 7/25/2043 (b) (c)<br>| 680000 | 702623 |
| Series 2023-R07, Class 2M2, 7.60%, <br> 9/25/2043 (b) (c)<br>| 16000000 | 16645486 |
| Series 2023-R07, Class 2B1, 8.85%, <br> 9/25/2043 (b) (c)<br>| 5000000 | 5396106 |
| Series 2023-R08, Class 1M2, 6.85%, <br> 10/25/2043 (b) (c)<br>| 5400000 | 5551576 |
| Series 2024-R01, Class 1M1, 5.40%, <br> 1/25/2044 (b) (c)<br>| 4404388 | 4404381 |
| Series 2024-R01, Class 1B1, 7.05%, <br> 1/25/2044 (b) (c)<br>| 2500000 | 2560898 |
| Series 2024-R02, Class 1M1, 5.45%, <br> 2/25/2044 (b) (c)<br>| 299014 | 299106 |
| Series 2024-R02, Class 1M2, 6.15%, <br> 2/25/2044 (b) (c)<br>| 460000 | 463735 |
| Series 2024-R04, Class 1M2, 6.00%, <br> 5/25/2044 (b) (c)<br>| 1296000 | 1303604 |
| Series 2024-R05, Class 2M2, 6.05%, <br> 7/25/2044 (b) (c)<br>| 420000 | 421884 |
| Series 2024-R05, Class 2B1, 6.35%, <br> 7/25/2044 (b) (c)<br>| 7000000 | 6999983 |
| Series 2024-R06, Class 1M2, 5.95%, <br> 9/25/2044 (b) (c)<br>| 5000000 | 5014050 |
| Deephaven Residential Mortgage Trust <br> Series 2022-2, Class A1, 4.30%, <br> 3/25/2067 (b) (c)<br>| 90467 | 88253 |
| FHLMC STACR REMIC Trust |  |  |
| Series 2021-HQA1, Class B1, 7.35%, <br> 8/25/2033 (b) (c)<br>| 3400000 | 3708166 |
| Series 2021-DNA2, Class B1, 7.75%, <br> 8/25/2033 (b) (c)<br>| 6600000 | 7366905 |
| Series 2021-HQA1, Class B2, 9.35%, <br> 8/25/2033 (b) (c)<br>| 6670267 | 7691685 |
| Series 2021-DNA2, Class B2, 10.35%, <br> 8/25/2033 (b) (c)<br>| 6092782 | 7450038 |
| Series 2021-DNA3, Class B2, 10.60%, <br> 10/25/2033 (b) (c)<br>| 5800000 | 7138258 |
| Series 2021-HQA2, Class B2, 9.80%, <br> 12/25/2033 (b) (c)<br>| 9090000 | 10610410 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-DNA5, Class B2, 9.85%, <br> 1/25/2034 (b) (c)<br>| 10230000 | 12188700 |
| Series 2021-HQA3, Class B2, 10.60%, <br> 9/25/2041 (b) (c)<br>| 500000 | 519723 |
| Series 2021-DNA6, Class B2, 11.85%, <br> 10/25/2041 (b) (c)<br>| 1800000 | 1904813 |
| Series 2021-DNA7, Class B1, 8.00%, <br> 11/25/2041 (b) (c)<br>| 8386000 | 8626117 |
| Series 2021-DNA7, Class B2, 12.15%, <br> 11/25/2041 (b) (c)<br>| 1500000 | 1596570 |
| Series 2022-HQA1, Class B2, 15.35%, <br> 3/25/2042 (b) (c)<br>| 5600000 | 6307000 |
| Series 2022-DNA3, Class M1B, 7.25%, <br> 4/25/2042 (b) (c)<br>| 500000 | 514690 |
| Series 2022-DNA3, Class B1, 10.00%, <br> 4/25/2042 (b) (c)<br>| 6250000 | 6660187 |
| Series 2022-DNA3, Class B2, 14.10%, <br> 4/25/2042 (b) (c)<br>| 7000000 | 7759104 |
| Series 2022-DNA4, Class M1B, 7.70%, <br> 5/25/2042 (b) (c)<br>| 6000000 | 6228143 |
| Series 2022-DNA4, Class M2, 9.60%, <br> 5/25/2042 (b) (c)<br>| 550000 | 586608 |
| Series 2022-DNA5, Class M2, 11.10%, <br> 6/25/2042 (b) (c)<br>| 6000000 | 6577500 |
| Series 2022-HQA3, Class M1B, 7.90%, <br> 8/25/2042 (b) (c)<br>| 7600000 | 7958240 |
| Series 2023-DNA1, Class M1A, 6.45%, <br> 3/25/2043 (b) (c)<br>| 339581 | 344958 |
| Series 2023-DNA2, Class M1A, 6.45%, <br> 4/25/2043 (b) (c)<br>| 776129 | 788741 |
| Series 2023-DNA2, Class B1, 11.95%, <br> 4/25/2043 (b) (c)<br>| 1000000 | 1131250 |
| Series 2023-HQA2, Class M1B, 7.70%, <br> 6/25/2043 (b) (c)<br>| 3200000 | 3337813 |
| Series 2024-DNA1, Class M2, 6.30%, <br> 2/25/2044 (b) (c)<br>| 1500000 | 1519670 |
| Series 2020-DNA6, Class B2, 10.00%, <br> 12/25/2050 (b) (c)<br>| 1937000 | 2202856 |
| Series 2021-DNA1, Class B2, 9.10%, <br> 1/25/2051 (b) (c)<br>| 1585000 | 1754433 |
| FHLMC STACR Trust Series 2018-DNA3, <br> Class B1, 8.36%, 9/25/2048 (b) (c)<br>| 300000 | 322219 |
| FHLMC STACR, Whole Loan |  |  |
| Series 2017-DNA2, Class B1, 9.61%, <br> 10/25/2029 (b)<br>| 250000 | 265775 |
| Series 2017-DNA3, Class B1, 8.91%, <br> 3/25/2030 (b)<br>| 1550000 | 1649540 |
| FHLMC, REMIC |  |  |
| Series 5164, Class J, 2.50%, 5/25/2049 | 1138564 | 1016367 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 111

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 5387, Class KB, 6.00%, <br> 3/25/2054<br>| 2900000 | 3060063 |
| Series 5413, Class KS, IF, IO, 1.50%, <br> 5/25/2054 (b)<br>| 4278322 | 327792 |
| Series 5495, Class SC, IF, IO, 1.60%, <br> 1/25/2055 (b)<br>| 37886681 | 3041122 |
| Series 5509, Class SA, IF, IO, 1.40%, <br> 2/25/2055 (b)<br>| 21359498 | 1492330 |
| Series 5508, Class SN, IF, IO, 1.50%, <br> 2/25/2055 (b)<br>| 14363050 | 978872 |
| Series 5520, Class SD, IF, IO, 1.53%, <br> 3/25/2055 (b)<br>| 18207436 | 1443342 |
| Series 5520, Class SE, IF, IO, 1.53%, <br> 3/25/2055 (b)<br>| 9041553 | 668846 |
| Series 5528, Class SA, IF, IO, 1.63%, <br> 4/25/2055 (b)<br>| 20785297 | 1514859 |
| Series 5549, Class SA, IF, IO, 1.40%, <br> 6/25/2055 (b)<br>| 22278629 | 1483267 |
| Series 5580, Class Z, 5.00%, 6/25/2055 | 2100000 | 1953229 |
| Series 5562, Class Z, 6.00%, 7/25/2055 | 2556693 | 2536476 |
| Series 5565, Class SA, IF, IO, 1.50%, <br> 8/25/2055 (b)<br>| 26793136 | 1876055 |
| Series 5565, Class AZ, 5.00%, <br> 8/25/2055<br>| 1054375 | 957510 |
| Series 5564, Class PZ, 6.00%, <br> 8/25/2055<br>| 11115513 | 10601117 |
| Series 5565, Class UZ, 6.00%, <br> 8/25/2055<br>| 1918752 | 1906151 |
| Series 5565, Class ZU, 6.00%, <br> 8/25/2055<br>| 5069806 | 5001707 |
| Series 5578, Class ZC, 6.00%, <br> 9/25/2055<br>| 8957500 | 8823137 |
| Series 5580, Class UZ, 6.00%, <br> 9/25/2055<br>| 3744967 | 3709858 |
| FNMA, Connecticut Avenue Securities |  |  |
| Series 2017-C02, Class 2B1, 9.96%, <br> 9/25/2029 (b)<br>| 2120000 | 2275630 |
| Series 2017-C03, Class 1B1, 9.31%, <br> 10/25/2029 (b)<br>| 780000 | 830238 |
| Series 2017-C05, Class 1B1, 8.06%, <br> 1/25/2030 (b)<br>| 1090558 | 1148212 |
| Series 2017-C06, Class 1B1, 8.61%, <br> 2/25/2030 (b)<br>| 450000 | 479771 |
| Series 2017-C07, Class 1B1, 8.46%, <br> 5/25/2030 (b)<br>| 790000 | 837293 |
| Series 2018-C03, Class 1B1, 8.21%, <br> 10/25/2030 (b)<br>| 3647000 | 3924753 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| FNMA, REMIC |  |  |
| Series 2004-28, Class PF, 4.86%, <br> 3/25/2034 (b)<br>| 10837 | 10834 |
| Series 2012-71, Class YF, 4.81%, <br> 4/25/2041 (b)<br>| 24029 | 23668 |
| Series 2021-86, Class T, 2.50%, <br> 9/25/2048<br>| 980628 | 867068 |
| Series 2024-25, Class ZA, 6.00%, <br> 9/25/2053<br>| 2057835 | 2113286 |
| Series 2024-25, Class ZB, 5.50%, <br> 3/25/2054<br>| 2904954 | 2931072 |
| Series 2024-20, Class MS, IF, IO, 1.60%, <br> 5/25/2054 (b)<br>| 6412157 | 564080 |
| Series 2024-58, Class BS, IF, IO, 1.50%, <br> 8/25/2054 (b)<br>| 5809233 | 423301 |
| Series 2024-95, Class SE, IF, IO, 1.55%, <br> 12/25/2054 (b)<br>| 7592437 | 603425 |
| Series 2024-92, Class SH, IF, IO, 1.60%, <br> 12/25/2054 (b)<br>| 4814406 | 397877 |
| Series 2024-105, Class SH, IF, IO, 1.50%, <br> 1/25/2055 (b)<br>| 19931763 | 1541622 |
| Series 2025-7, Class SE, IF, IO, 1.50%, <br> 2/25/2055 (b)<br>| 5867631 | 486280 |
| Series 2025-11, Class SB, IF, IO, 1.55%, <br> 3/25/2055 (b)<br>| 7656282 | 594107 |
| Series 2025-24, Class SC, IF, IO, 1.58%, <br> 4/25/2055 (b)<br>| 11588405 | 884818 |
| Series 2025-47, Class SM, IF, IO, 1.45%, <br> 6/25/2055 (b)<br>| 57908280 | 4663197 |
| Series 2025-55, Class SG, IF, IO, 1.55%, <br> 7/25/2055 (b)<br>| 27140307 | 2044878 |
| Series 2025-55, Class SC, IF, IO, 2.07%, <br> 7/25/2055 (b)<br>| 18756469 | 1748752 |
| Series 2025-57, Class Z, 6.00%, <br> 7/25/2055<br>| 2629820 | 2611614 |
| Series 2025-66, Class SL, IF, IO, 1.45%, <br> 8/25/2055 (b)<br>| 22738782 | 1864228 |
| Series 2025-69, Class Z, 6.00%, <br> 8/25/2055<br>| 8500487 | 8393435 |
| Series 2025-73, Class Z, 6.00%, <br> 9/25/2055<br>| 6250000 | 6195312 |
| GCAT Trust Series 2023-NQM3, Class A1, <br> 6.89%, 8/25/2068 (c) (d)<br>| 3466950 | 3510638 |
| GNMA |  |  |
| Series 2014-181, Class SL, IF, IO, 1.15%, <br> 12/20/2044 (b)<br>| 404579 | 41585 |
| Series 2021-78, Class IB, IO, 3.00%, <br> 5/20/2051<br>| 804483 | 136924 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2021-107, Class XI, IO, 3.00%, <br> 6/20/2051<br>| 1185600 | 196921 |
| Series 2021-142, Class XI, IO, 3.00%, <br> 8/20/2051<br>| 126536 | 22609 |
| Series 2021-160, Class IE, IO, 2.50%, <br> 9/20/2051<br>| 23135095 | 3427672 |
| Series 2021-188, Class IJ, IO, 3.00%, <br> 10/20/2051<br>| 2553468 | 461701 |
| Series 2023-67, Class DZ, 5.50%, <br> 5/20/2053<br>| 4412511 | 4329997 |
| Series 2023-102, Class BG, 5.50%, <br> 7/20/2053<br>| 310000 | 311185 |
| Series 2023-113, Class SJ, IF, IO, 1.35%, <br> 8/20/2053 (b)<br>| 6174642 | 375718 |
| Series 2023-113, Class GZ, 5.50%, <br> 8/20/2053<br>| 1407098 | 1409248 |
| Series 2023-117, Class ZM, 5.50%, <br> 8/20/2053<br>| 2231995 | 2199223 |
| Series 2024-1, Class MS, IF, IO, 1.50%, <br> 1/20/2054 (b)<br>| 10737372 | 759342 |
| Series 2024-30, Class SC, IF, IO, 2.10%, <br> 2/20/2054 (b)<br>| 4301466 | 404973 |
| Series 2024-27, Class GB, 5.00%, <br> 2/20/2054<br>| 250000 | 238125 |
| Series 2025-44, Class GZ, 6.00%, <br> 2/20/2054<br>| 5536357 | 5698035 |
| Series 2024-64, Class SV, IF, IO, 0.90%, <br> 4/20/2054 (b)<br>| 7329859 | 384305 |
| Series 2024-79, Class CS, IF, IO, 0.90%, <br> 5/20/2054 (b)<br>| 11330238 | 590460 |
| Series 2024-79, Class BS, IF, IO, 2.90%, <br> 5/20/2054 (b)<br>| 5452053 | 633719 |
| Series 2024-110, Class SC, IF, IO, 1.65%, <br> 7/20/2054 (b)<br>| 4480575 | 393526 |
| Series 2024-112, Class SA, IF, IO, 2.25%, <br> 7/20/2054 (b)<br>| 4401804 | 358087 |
| Series 2024-110, Class AS, IF, IO, 2.30%, <br> 7/20/2054 (b)<br>| 3726276 | 394094 |
| Series 2024-126, Class HS, IF, IO, 1.60%, <br> 8/20/2054 (b)<br>| 4277473 | 327003 |
| Series 2024-126, Class JS, IF, IO, 1.60%, <br> 8/20/2054 (b)<br>| 15972374 | 976990 |
| Series 2024-127, Class SE, IF, IO, 1.65%, <br> 8/20/2054 (b)<br>| 5541193 | 398945 |
| Series 2024-126, Class AS, IF, IO, 2.30%, <br> 8/20/2054 (b)<br>| 4565483 | 401121 |
| Series 2024-128, Class SA, IF, IO, 2.30%, <br> 8/20/2054 (b)<br>| 6935376 | 624561 |
| Series 2024-151, Class JS, IF, IO, 2.26%, <br> 9/20/2054 (b)<br>| 4497693 | 471410 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-159, Class AS, IF, IO, 1.75%, <br> 10/20/2054 (b)<br>| 3622491 | 332464 |
| Series 2024-190, Class CS, IF, IO, 1.65%, <br> 11/20/2054 (b)<br>| 4926453 | 380004 |
| Series 2024-204, Class SB, IF, IO, 1.66%, <br> 12/20/2054 (b)<br>| 8543858 | 705708 |
| Series 2025-1, Class KS, IF, IO, 0.85%, <br> 1/20/2055 (b)<br>| 9618949 | 535365 |
| Series 2025-1, Class SU, IF, IO, 0.85%, <br> 1/20/2055 (b)<br>| 9882778 | 491284 |
| Series 2025-1, Class SV, IF, IO, 1.55%, <br> 1/20/2055 (b)<br>| 9811986 | 568522 |
| Series 2025-7, Class SG, IF, IO, 1.60%, <br> 1/20/2055 (b)<br>| 19765450 | 1281548 |
| Series 2025-7, Class QS, IF, IO, 2.10%, <br> 1/20/2055 (b)<br>| 3812224 | 299484 |
| Series 2025-1, Class SL, IF, IO, 2.25%, <br> 1/20/2055 (b)<br>| 4449452 | 353723 |
| Series 2025-7, Class SL, IF, IO, 2.25%, <br> 1/20/2055 (b)<br>| 5590529 | 384331 |
| Series 2025-1, Class BL, 6.00%, <br> 1/20/2055<br>| 1400000 | 1443131 |
| Series 2025-22, Class AS, IF, IO, 1.60%, <br> 2/20/2055 (b)<br>| 16063065 | 1035856 |
| Series 2025-23, Class SE, IF, IO, 1.60%, <br> 2/20/2055 (b)<br>| 7224138 | 532105 |
| Series 2025-23, Class SL, IF, IO, 1.60%, <br> 2/20/2055 (b)<br>| 11408537 | 870798 |
| Series 2025-25, Class HS, IF, IO, 1.60%, <br> 2/20/2055 (b)<br>| 17679889 | 1001255 |
| Series 2025-22, Class GS, IF, IO, 2.20%, <br> 2/20/2055 (b)<br>| 11381555 | 937941 |
| Series 2025-25, Class BS, IF, IO, 2.20%, <br> 2/20/2055 (b)<br>| 20348079 | 1801257 |
| Series 2025-25, Class SB, IF, IO, 2.20%, <br> 2/20/2055 (b)<br>| 21487607 | 1696290 |
| Series 2025-30, Class SC, IF, IO, 2.20%, <br> 2/20/2055 (b)<br>| 11611351 | 1052003 |
| Series 2025-41, Class AS, IF, IO, 0.95%, <br> 3/20/2055 (b)<br>| 18037462 | 1035935 |
| Series 2025-41, Class BS, IF, IO, 0.95%, <br> 3/20/2055 (b)<br>| 49213479 | 2560233 |
| Series 2025-51, Class SH, IF, IO, 1.60%, <br> 3/20/2055 (b)<br>| 14817200 | 1046460 |
| Series 2025-51, Class SA, IF, IO, 1.65%, <br> 3/20/2055 (b)<br>| 49011908 | 3557230 |
| Series 2025-41, Class ES, IF, IO, 2.85%, <br> 3/20/2055 (b)<br>| 5638294 | 556243 |
| Series 2025-41, Class SE, IF, IO, 2.85%, <br> 3/20/2055 (b)<br>| 7296364 | 807280 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 113

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-139, Class B, 5.50%, <br> 3/20/2055<br>| 5500000 | 5444510 |
| Series 2025-69, Class SW, IF, IO, 0.78%, <br> 4/20/2055 (b)<br>| 12640860 | 631486 |
| Series 2025-69, Class SX, IF, IO, 0.78%, <br> 4/20/2055 (b)<br>| 32325951 | 1610708 |
| Series 2025-65, Class SL, IF, IO, 1.50%, <br> 4/20/2055 (b)<br>| 74103846 | 5919423 |
| Series 2025-69, Class SK, IF, IO, 2.10%, <br> 4/20/2055 (b)<br>| 29806016 | 2502412 |
| Series 2025-69, Class AZ, 5.00%, <br> 4/20/2055<br>| 2565314 | 2323727 |
| Series 2025-70, Class EZ, 5.00%, <br> 4/20/2055<br>| 4351357 | 3888174 |
| Series 2025-105, Class PA, 7.00%, <br> 4/20/2055<br>| 3775121 | 3909007 |
| Series 2025-89, Class SP, IF, IO, 0.75%, <br> 5/20/2055 (b)<br>| 25137764 | 1159308 |
| Series 2025-84, Class SQ, IF, IO, 0.80%, <br> 5/20/2055 (b)<br>| 31921932 | 1664531 |
| Series 2025-89, Class SC, IF, IO, 2.10%, <br> 5/20/2055 (b)<br>| 9931419 | 1023192 |
| Series 2025-89, Class SE, IF, IO, 2.10%, <br> 5/20/2055 (b)<br>| 20517282 | 1937240 |
| Series 2025-79, Class HS, IF, IO, 2.20%, <br> 5/20/2055 (b)<br>| 6442104 | 526418 |
| Series 2025-139, Class ZB, 5.25%, <br> 5/20/2055<br>| 1500936 | 1350882 |
| Series 2025-100, Class SA, IF, IO, 1.50%, <br> 6/20/2055 (b)<br>| 35756102 | 2394386 |
| Series 2025-105, Class SD, IF, IO, 1.50%, <br> 6/20/2055 (b)<br>| 59786208 | 4776804 |
| Series 2025-97, Class SE, IF, IO, 1.55%, <br> 6/20/2055 (b)<br>| 28096307 | 2261236 |
| Series 2025-105, Class PZ, 5.00%, <br> 6/20/2055<br>| 2310131 | 2089628 |
| Series 2025-105, Class UZ, 7.00%, <br> 6/20/2055<br>| 4295079 | 4297765 |
| Series 2025-124, Class CS, IF, IO, 0.85%, <br> 7/20/2055 (b)<br>| 8079215 | 420764 |
| Series 2025-124, Class SE, IF, IO, 1.50%, <br> 7/20/2055 (b)<br>| 63920495 | 4749203 |
| Series 2025-127, Class SH, IF, IO, 2.19%, <br> 7/20/2055 (b)<br>| 8844887 | 946306 |
| Series 2025-120, Class SH, IF, 5.44%, <br> 7/20/2055 (b)<br>| 4191658 | 4415700 |
| Series 2025-120, Class SJ, IF, 5.52%, <br> 7/20/2055 (b)<br>| 4161718 | 4394502 |
| Series 2025-127, Class PZ, 6.00%, <br> 7/20/2055<br>| 8140500 | 8055744 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-135, Class SE, IF, 5.65%, <br> 8/20/2055 (b)<br>| 7745000 | 7921683 |
| Series 2025-139, Class UC, 6.00%, <br> 8/20/2055<br>| 1964568 | 1955973 |
| Series 2025-141, Class ZJ, 6.00%, <br> 8/20/2055<br>| 6700000 | 6637187 |
| Gnr, 5.00%, 8/24/2035 ‡ (a) | 4150000 | 3670643 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-PJ6, Class A1, 6.00%, <br> 11/25/2055 (b) (c)<br>| 2667677 | 2705817 |
| Series 2025-PJ7, Class A1, 6.00%, <br> 12/25/2055 (b) (c)<br>| 13646445 | 13841548 |
| Homeward Opportunities Fund Trust Series <br> 2024-RTL1, Class A1, 7.12%, <br> 7/25/2029 (c) (d)<br>| 3780000 | 3797390 |
| LHOME Mortgage Trust |  |  |
| Series 2023-RTL1, Class A1, 9.37%, <br> 1/25/2028 ‡ (c) (d)<br>| 241306 | 241518 |
| Series 2023-RTL2, Class A1, 8.00%, <br> 6/25/2028 ‡ (c) (d)<br>| 395111 | 395309 |
| Series 2023-RTL3, Class A1, 8.00%, <br> 8/25/2028 (c) (d)<br>| 1550000 | 1555560 |
| Series 2024-RTL1, Class A1, 7.02%, <br> 1/25/2029 (c) (d)<br>| 750000 | 755713 |
| Series 2024-RTL2, Class A1, 7.13%, <br> 3/25/2029 (c) (d)<br>| 1600000 | 1615496 |
| Series 2024-RTL3, Class A1, 6.90%, <br> 5/25/2029 (c) (d)<br>| 2360000 | 2386482 |
| Series 2024-RTL4, Class A1, 5.92%, <br> 7/25/2039 (c) (d)<br>| 2516000 | 2531993 |
| Series 2024-RTL4, Class A2, 6.09%, <br> 7/25/2039 (c) (d)<br>| 1017294 | 1024369 |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (c) (d)<br>| 1263000 | 1265176 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (c) (d)<br>| 2221000 | 2236971 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (b) (c)<br>| 1000000 | 1008053 |
| LOANDEPOT GMSR Master Trust Series <br> 2025-GT2, Class A, 3.15%, <br> 7/16/2030 (b) (c)<br>| 4000000 | 4013131 |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (c) (d)<br>| 6845000 | 6897492 |
| Series 2024-NPL1, Class A1, 6.33%, <br> 9/25/2054 (d)<br>| 6326051 | 6357490 |
| Series 2021-NQM1, Class A1, 1.15%, <br> 4/25/2065 (b) (c)<br>| 80014 | 75199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| New Residential Mortgage Loan Trust |  |  |
| Series 2018-3A, Class A1C, 3.00%, <br> 5/25/2058 (b) (c)<br>| 204662 | 190330 |
| Series 2019-NQM5, Class A1, 2.71%, <br> 11/25/2059 (b) (c)<br>| 144289 | 137555 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, <br> 3/25/2032 (c) (d)<br>| 6908640 | 6951757 |
| NYMT Loan Trust Series 2024-BPL3, <br> Class A1, 5.27%, 9/25/2039 (c) (d)<br>| 700000 | 699516 |
| OBX Trust |  |  |
| Series 2023-NQM3, Class A1, 5.95%, <br> 2/25/2063 (c) (d)<br>| 423658 | 424277 |
| Series 2023-NQM7, Class A1, 6.84%, <br> 4/25/2063 (c) (d)<br>| 479960 | 485432 |
| Series 2023-NQM6, Class A1, 6.52%, <br> 7/25/2063 (c) (d)<br>| 232293 | 233888 |
| Series 2025-NQM2, Class A1, 5.60%, <br> 11/25/2064 (c) (d)<br>| 6855263 | 6916671 |
| Series 2025-NQM10, Class A1, 5.45%, <br> 5/25/2065 (c) (d)<br>| 3496398 | 3531511 |
| PMT Loan Trust |  |  |
| Series 2025-J1, Class A1, 6.00%, <br> 4/25/2055 (b) (c)<br>| 17890679 | 18146462 |
| Series 2025-INV5, Class A2, 6.00%, <br> 5/25/2056 (b) (c)<br>| 4600261 | 4666031 |
| Series 2025-INV6, Class A2, 6.00%, <br> 6/25/2056 (b) (c)<br>| 7902513 | 8015496 |
| PRET LLC Series 2024-NPL8, Class A1, <br> 5.96%, 11/25/2054 (c) (d)<br>| 1689634 | 1692365 |
| Provident Funding Mortgage Trust |  |  |
| Series 2025-2, Class A1, 6.00%, <br> 6/25/2055 (b) (c)<br>| 3908219 | 3964095 |
| Series 2025-3, Class A1, 6.00%, <br> 8/25/2055 (b) (c)<br>| 25295258 | 25625285 |
| PRPM Series 2025-3, Class A1, 6.26%, <br> 5/25/2030 (c) (d)<br>| 1897149 | 1913238 |
| PRPM LLC |  |  |
| Series 2024-5, Class A1, 5.69%, <br> 9/25/2029 (c) (d)<br>| 796659 | 798808 |
| Series 2024-7, Class A1, 5.87%, <br> 11/25/2029 (c) (d)<br>| 1686600 | 1693358 |
| Series 2024-8, Class A2, 8.84%, <br> 12/25/2029 (c) (d)<br>| 2000000 | 2010017 |
| Series 2025-4, Class A1, 6.18%, <br> 6/25/2030 (c) (d)<br>| 1908686 | 1920873 |
| Series 2025-RPL2, Class A1, 3.75%, <br> 4/25/2055 (c) (d)<br>| 1747046 | 1699648 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| RCO X Mortgage LLC Series 2025-1, <br> Class A1, 5.87%, 1/25/2030 (c) (d)<br>| 3795821 | 3824331 |
| Sequoia Mortgage Trust Series 2025-7, <br> Class A1, 6.00%, 8/25/2055 (b) (c)<br>| 8348628 | 8467989 |
| STACR Trust |  |  |
| Series 2018-HRP2, Class B1, 8.66%, <br> 2/25/2047 (b) (c)<br>| 600000 | 645104 |
| Series 2018-HRP2, Class B2, 14.96%, <br> 2/25/2047 (b) (c)<br>| 2290000 | 2830649 |
| Starwood Mortgage Residential Trust Series <br> 2020-INV1, Class B2, 4.26%, <br> 11/25/2055 (c)<br>| 250000 | 213193 |
| Toorak Mortgage Trust |  |  |
| Series 2024-2, Class A1, 6.33%, <br> 10/25/2031 (c) (d)<br>| 2800000 | 2809909 |
| Series 2024-RRTL1, Class A1, 6.60%, <br> 2/25/2039 (c) (d)<br>| 2150000 | 2161992 |
| Verus Securitization Trust |  |  |
| Series 2023-1, Class A1, 5.85%, <br> 12/25/2067 (c) (d)<br>| 583048 | 582675 |
| Series 2023-2, Class A1, 6.19%, <br> 3/25/2068 (c) (d)<br>| 393349 | 394262 |
| Series 2023-4, Class A1, 5.81%, <br> 5/25/2068 (c) (d)<br>| 513971 | 514587 |
| Total Collateralized Mortgage Obligations <br>(Cost $697,437,726)<br>|  | 706419717 |
| **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** |
| Affirm Asset Securitization Trust |  |  |
| Series 2024-A, Class 1C, 6.16%, <br> 2/15/2029 (c)<br>| 1000000 | 1005079 |
| Series 2024-B, Class A, 4.62%, <br> 9/15/2029 (c)<br>| 5630000 | 5636579 |
| Series 2024-B, Class C, 5.06%, <br> 9/15/2029 (c)<br>| 2000000 | 1998919 |
| Series 2024-B, Class D, 5.50%, <br> 9/15/2029 (c)<br>| 2078000 | 2077904 |
| AGL CLO Ltd. (Cayman Islands) Series <br> 2020-9A, Class BR, 6.33%, <br> 4/20/2037 (b) (c)<br>| 2000000 | 2007082 |
| Aimco CLO Ltd. (Cayman Islands) Series <br> 2021-14A, Class B, 5.94%, <br> 4/20/2034 (b) (c)<br>| 500000 | 501485 |
| AIMCO CLO Ltd. (Cayman Islands) Series <br> 2021-16A, Class BR, 5.97%, <br> 7/17/2037 (b) (c)<br>| 1808000 | 1814619 |
| Air Canada Pass-Through Trust (Canada) <br> Series 2020-2, Class B, 9.00%, <br> 10/1/2025 (c)<br>| 2399 | 2405 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 115

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| American Airlines Pass-Through Trust Series <br> 2021-1, Class B, 3.95%, 7/11/2030<br>| 36500 | 34975 |
| American Credit Acceptance Receivables <br> Trust<br>|  |  |
| Series 2022-2, Class E, 6.57%, <br> 6/13/2028 (c)<br>| 190000 | 190356 |
| Series 2022-3, Class E, 8.08%, <br> 10/13/2028 (c)<br>| 2000000 | 2031723 |
| Series 2022-2, Class F, 7.74%, <br> 2/13/2029 (c)<br>| 7525000 | 7545752 |
| Series 2022-3, Class F, 9.76%, <br> 5/14/2029 (c)<br>| 6320000 | 6408014 |
| Series 2023-3, Class D, 6.82%, <br> 10/12/2029 (c)<br>| 1800000 | 1843084 |
| Series 2022-4, Class E, 10.00%, <br> 1/14/2030 (c)<br>| 2210000 | 2292203 |
| Series 2023-2, Class E, 9.79%, <br> 2/12/2030 (c)<br>| 2300000 | 2411334 |
| Series 2024-2, Class D, 6.53%, <br> 4/12/2030 (c)<br>| 1330000 | 1368315 |
| Series 2024-3, Class D, 6.04%, <br> 7/12/2030 (c)<br>| 1050000 | 1076410 |
| Series 2023-4, Class D, 7.65%, <br> 9/12/2030 (c)<br>| 2400000 | 2495131 |
| Series 2025-2, Class C, 5.11%, <br> 3/12/2031 (c)<br>| 1400000 | 1414755 |
| Series 2025-2, Class D, 5.50%, <br> 7/14/2031 (c)<br>| 2000000 | 2038362 |
| Series 2024-4, Class D, 5.34%, <br> 8/12/2031 (c)<br>| 1515000 | 1533822 |
| Series 2023-4, Class E, 9.79%, <br> 8/12/2031 (c)<br>| 2000000 | 2143592 |
| Series 2023-3, Class E, 9.54%, <br> 10/14/2031 (c)<br>| 1900000 | 2004338 |
| Series 2024-2, Class E, 7.87%, <br> 11/12/2031 (c)<br>| 3700000 | 3845475 |
| Series 2025-3, Class C, 4.95%, <br> 7/12/2032 (c)<br>| 12710000 | 12807867 |
| Series 2025-3, Class D, 5.19%, <br> 7/12/2032 (c)<br>| 14930000 | 15053770 |
| AMSR Trust |  |  |
| Series 2020-SFR5, Class F, 2.69%, <br> 11/17/2037 (c)<br>| 1500000 | 1489509 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (c)<br>| 4200000 | 3990143 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2023-1A, Class C, 6.23%, <br> 4/20/2029 (c)<br>| 1207000 | 1236914 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-4A, Class A, 5.49%, <br> 6/20/2029 (c)<br>| 800000 | 822544 |
| Series 2023-4A, Class C, 7.24%, <br> 6/20/2029 (c)<br>| 2700000 | 2834673 |
| Series 2023-6A, Class D, 7.37%, <br> 12/20/2029 (c)<br>| 400000 | 409203 |
| Series 2023-8A, Class D, 7.52%, <br> 2/20/2030 (c)<br>| 1000000 | 1024586 |
| Series 2024-3A, Class B, 5.58%, <br> 12/20/2030 (c)<br>| 403000 | 414066 |
| Series 2024-3A, Class C, 6.11%, <br> 12/20/2030 (c)<br>| 376000 | 386071 |
| Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| Series 2020-2A, Class A2R, 6.14%, <br> 10/20/2031 (b) (c)<br>| 3500000 | 3506769 |
| Series 2021-17A, Class A2, 6.19%, <br> 10/20/2034 (b) (c)<br>| 1000000 | 1001606 |
| Series 2024-27A, Class A2, 5.92%, <br> 10/25/2037 (b) (c)<br>| 2000000 | 2001382 |
| Barings CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-1A, Class B, 6.28%, <br> 4/15/2035 (b) (c)<br>| 7000000 | 7015372 |
| Series 2022-3A, Class A2R, 5.92%, <br> 10/20/2037 (b) (c)<br>| 3000000 | 3002646 |
| Bayview Opportunity Master Fund LLC |  |  |
| Series 2024-CAR1, Class C, 5.85%, <br> 12/26/2031 (b) (c)<br>| 133888 | 134387 |
| Series 2024-CAR1, Class D, 6.40%, <br> 12/26/2031 (b) (c)<br>| 122079 | 122837 |
| BlueMountain CLO Ltd. (Cayman Islands) <br> Series 2019-26A, Class CR, 6.79%, <br> 10/20/2034 (b) (c)<br>| 1000000 | 1003628 |
| Bridgecrest Lending Auto Securitization <br> Trust<br>|  |  |
| Series 2024-1, Class D, 6.03%, <br> 11/15/2029<br>| 1400000 | 1432963 |
| Series 2024-3, Class D, 5.83%, <br> 5/15/2030<br>| 2360000 | 2414946 |
| Series 2024-4, Class D, 5.23%, <br> 8/15/2030<br>| 3400000 | 3435644 |
| Series 2025-1, Class D, 5.64%, <br> 11/15/2030<br>| 2212000 | 2253764 |
| Series 2024-2, Class E, 8.21%, <br> 1/15/2031 (c)<br>| 4000000 | 4224631 |
| British Airways Pass-Through Trust (United <br> Kingdom) Series 2020-1, Class B, 8.38%, <br> 11/15/2028 (c)<br>| 5443 | 5748 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| BSPRT Issuer Ltd. |  |  |
| Series 2021-FL7, Class D, 7.23%, <br> 12/15/2038 (b) (c)<br>| 275000 | 271248 |
| Series 2021-FL7, Class E, 7.88%, <br> 12/15/2038 (b) (c)<br>| 265000 | 260939 |
| Buckhorn Park CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-1A, Class ARR, 5.40%, <br> 7/18/2034 (b) (c)<br>| 2800000 | 2797917 |
| Series 2019-1A, Class CRR, 6.18%, <br> 7/18/2034 (b) (c)<br>| 3250000 | 3253458 |
| Business Jet Securities LLC |  |  |
| Series 2024-1A, Class A, 6.20%, <br> 5/15/2039 ‡ (c)<br>| 1626357 | 1678456 |
| Series 2024-2A, Class C, 7.97%, <br> 9/15/2039 ‡ (c)<br>| 760376 | 762180 |
| Buttermilk Park CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-1A, Class B1R, 5.92%, <br> 10/15/2031 (b) (c)<br>| 327065 | 326964 |
| Series 2018-1A, Class CR, 6.27%, <br> 10/15/2031 (b) (c)<br>| 1926600 | 1931939 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2014-1A, Class A1R2, 5.55%, <br> 4/17/2031 (b) (c)<br>| 168529 | 168531 |
| Series 2015-4A, Class A2RR, 6.18%, <br> 7/20/2032 (b) (c)<br>| 800000 | 801626 |
| Series 2015-4A, Class BRR, 6.78%, <br> 7/20/2032 (b) (c)<br>| 1000000 | 1003359 |
| Series 2016-1A, Class CR3, 7.53%, <br> 4/20/2034 (b) (c)<br>| 2895000 | 2904006 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-4A, Class D2R, 9.02%, <br> 10/17/2037 (b) (c)<br>| 1000000 | 1000161 |
| Series 2021-7A, Class CR, 6.32%, <br> 4/15/2040 (b) (c)<br>| 1750000 | 1753633 |
| CIFC Funding Ltd. (Cayman Islands) |  |  |
| Series 2014-1A, Class BR2, 5.99%, <br> 1/18/2031 (b) (c)<br>| 250000 | 250418 |
| Series 2019-5A, Class A2RS, 6.33%, <br> 1/15/2035 (b) (c)<br>| 9000000 | 8995500 |
| Series 2022-2A, Class BR, 5.73%, <br> 4/19/2035 (b) (c)<br>| 6600000 | 6558446 |
| CITI Asset Receivables Trust I, 0.00%, <br> 3/15/2031 ‡ (b) (k)<br>| 19003661 | 19011262 |
| CoreVest American Finance Trust |  |  |
| Series 2019-1, Class E, 5.73%, <br> 3/15/2052 (b) (c)<br>| 300000 | 295430 |
| Series 2019-2, Class E, 5.31%, <br> 6/15/2052 (b) (c)<br>| 350000 | 327111 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2019-3, Class E, 4.86%, <br> 10/15/2052 (b) (c)<br>| 350000 | 323234 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-1A, Class A, 6.48%, <br> 3/15/2033 (c)<br>| 322543 | 323695 |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (c)<br>| 300000 | 306428 |
| Series 2023-2A, Class A, 5.92%, <br> 5/16/2033 (c)<br>| 597776 | 599796 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (c)<br>| 391000 | 400614 |
| Series 2023-5A, Class A, 6.13%, <br> 12/15/2033 (c)<br>| 2250000 | 2275643 |
| Series 2023-5A, Class B, 6.71%, <br> 2/15/2034 (c)<br>| 1467000 | 1504863 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (c)<br>| 805000 | 813878 |
| Series 2024-1A, Class B, 6.03%, <br> 5/15/2034 (c)<br>| 708000 | 721458 |
| Series 2024-2A, Class A, 5.95%, <br> 6/15/2034 (c)<br>| 1486000 | 1515911 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (c)<br>| 930000 | 958284 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (c)<br>| 1625000 | 1633457 |
| Series 2024-3A, Class C, 5.39%, <br> 1/16/2035 (c)<br>| 1000000 | 1014030 |
| DailyPay Securitization Trust Series <br> 2025-1A, Class A, 5.63%, <br> 6/26/2028 (c)<br>| 760000 | 764788 |
| DB Master Finance LLC Series 2021-1A, <br> Class A23, 2.79%, 11/20/2051 (c)<br>| 288750 | 255392 |
| Diversified ABS Phase LLC Series 2024-1A, <br> Class A2, 7.67%, 5/30/2044 ‡ (c)<br>| 1589333 | 1604972 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-2, Class C, 4.67%, <br> 5/17/2032<br>| 907000 | 911195 |
| Series 2024-2, Class D, 4.94%, <br> 5/17/2032<br>| 950000 | 956598 |
| Series 2025-1, Class D, 5.41%, <br> 9/15/2032<br>| 2200000 | 2241824 |
| Driven Brands Funding LLC |  |  |
| Series 2021-1A, Class A2, 2.79%, <br> 10/20/2051 (c)<br>| 1878184 | 1766790 |
| Series 2022-1A, Class A2, 7.39%, <br> 10/20/2052 (c)<br>| 569311 | 570832 |
| Dryden CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-64A, Class A, 5.56%, <br> 4/18/2031 (b) (c)<br>| 444134 | 444471 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 117

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2019-80A, Class BR, 6.07%, <br> 1/17/2033 (b) (c)<br>| 1000000 | 999500 |
| Series 2019-68A, Class ARR, 5.42%, <br> 7/15/2035 (b) (c)<br>| 2005000 | 2004405 |
| Series 2019-68A, Class BRR, 5.87%, <br> 7/15/2035 (b) (c)<br>| 1700000 | 1700524 |
| DT Auto Owner Trust |  |  |
| Series 2021-4A, Class E, 3.34%, <br> 7/17/2028 (c)<br>| 1600000 | 1578937 |
| Series 2023-1A, Class C, 5.55%, <br> 10/16/2028 (c)<br>| 415149 | 416406 |
| Series 2022-1A, Class E, 5.53%, <br> 3/15/2029 (c)<br>| 2400000 | 2395769 |
| Series 2022-3A, Class E, 10.99%, <br> 7/16/2029 (c)<br>| 3000000 | 3152833 |
| Elmwood CLO Ltd. (Cayman Islands) |  |  |
| Series 2023-2A, Class CR, 6.32%, <br> 4/16/2036 (b) (c)<br>| 2615000 | 2611561 |
| Series 2019-3A, Class BRR, 6.03%, <br> 7/18/2037 (b) (c)<br>| 1650000 | 1654084 |
| Series 2024-12RA, Class CR, 6.33%, <br> 10/20/2037 (b) (c)<br>| 2308334 | 2312905 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2022-3A, Class D, 6.76%, <br> 9/15/2028<br>| 400000 | 405457 |
| Series 2022-4A, Class D, 5.98%, <br> 12/15/2028<br>| 168000 | 169235 |
| Series 2023-3A, Class D, 6.68%, <br> 4/16/2029<br>| 954000 | 976006 |
| Series 2023-1A, Class D, 6.69%, <br> 6/15/2029<br>| 500000 | 509638 |
| Series 2023-2A, Class D, 6.32%, <br> 8/15/2029<br>| 500000 | 512570 |
| Series 2022-1A, Class E, 5.02%, <br> 10/15/2029 (c)<br>| 1070000 | 1052591 |
| Series 2022-2A, Class E, 6.34%, <br> 10/15/2029 (c)<br>| 3007000 | 2943277 |
| Series 2023-1A, Class E, 12.07%, <br> 9/16/2030 (c)<br>| 900000 | 1023761 |
| Series 2025-4A, Class D, 5.23%, <br> 1/15/2032<br>| 3445000 | 3467651 |
| FirstKey Homes Trust |  |  |
| Series 2020-SFR1, Class F1, 3.64%, <br> 8/17/2037 (c)<br>| 500000 | 498723 |
| Series 2022-SFR3, Class F1, PO, <br> 7/17/2038 ‡ (c)<br>| 1900000 | 1789692 |
| Series 2022-SFR3, Class F2, PO, <br> 7/17/2038 ‡ (c)<br>| 1900000 | 1784859 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-SFR2, Class F2, 3.16%, <br> 9/17/2038 (c)<br>| 3300000 | 3179205 |
| Series 2022-SFR1, Class F1, PO, <br> 5/19/2039 ‡ (c)<br>| 2700000 | 2400734 |
| Series 2022-SFR1, Class F2, PO, <br> 5/19/2039 ‡ (c)<br>| 1300000 | 1144534 |
| Series 2022-SFR2, Class F1, 4.50%, <br> 7/17/2039 (c)<br>| 4400000 | 4254040 |
| Series 2022-SFR2, Class F2, 4.50%, <br> 7/17/2039 (c)<br>| 1400000 | 1347633 |
| Series 2022-SFR2, Class G, 4.50%, <br> 7/17/2039 (c)<br>| 2300000 | 2185100 |
| Flagship Credit Auto Trust Series 2023-1, <br> Class B, 5.05%, 1/18/2028 (c)<br>| 100000 | 100124 |
| FMC GMSR Issuer Trust Series 2022-GT1, <br> Class B, 7.17%, 4/25/2027 (c)<br>| 300000 | 303985 |
| Foundation Finance Trust Series 2023-1A, <br> Class D, 9.18%, 12/15/2043 (c)<br>| 320649 | 343027 |
| FREED ABS Trust Series 2022-1FP, Class D, <br> 3.35%, 3/19/2029 (c)<br>| 46706 | 46475 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-2A, Class D, 6.15%, <br> 4/17/2028 (c)<br>| 420000 | 423330 |
| Series 2022-2A, Class E, 5.50%, <br> 6/15/2029 (c)<br>| 2500000 | 2497637 |
| Series 2024-2A, Class C, 6.03%, <br> 2/15/2030 (c)<br>| 1420000 | 1451146 |
| Series 2024-4A, Class D, 5.65%, <br> 7/15/2030 (c)<br>| 2465000 | 2527089 |
| GoldenTree Loan Opportunities Ltd. (Cayman <br> Islands) Series 2016-12A, Class CR, <br> 6.54%, 7/21/2030 (b) (c)<br>| 1000000 | 1001192 |
| Harriman Park CLO Ltd. (Cayman Islands) <br> Series 2020-1A, Class CRR, 6.28%, <br> 7/20/2038 (b) (c)<br>| 1680000 | 1683634 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2022-4A, Class D, 6.56%, <br> 9/25/2026 (c)<br>| 166667 | 166653 |
| Series 2023-1A, Class A, 5.49%, <br> 6/25/2027 (c)<br>| 400000 | 401919 |
| Series 2023-1A, Class C, 6.91%, <br> 6/25/2027 (c)<br>| 292000 | 294376 |
| Series 2023-3A, Class A, 5.94%, <br> 2/25/2028 (c)<br>| 595000 | 604981 |
| Series 2022-2A, Class D, 5.16%, <br> 6/26/2028 (c)<br>| 4000000 | 3894174 |
| Series 2022-5A, Class D, 6.78%, <br> 9/25/2028 (c)<br>| 2000000 | 1994301 |
| Series 2024-1A, Class D, 9.22%, <br> 1/25/2029 (c)<br>| 2500000 | 2572673 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2023-2A, Class D, 9.40%, <br> 9/25/2029 (c)<br>| 4200000 | 4383152 |
| Series 2023-4A, Class D, 9.44%, <br> 3/25/2030 (c)<br>| 1500000 | 1569418 |
| Series 2025-4A, Class B, 5.90%, <br> 12/25/2031 (c)<br>| 2245000 | 2290709 |
| HGI CRE CLO Ltd. (Cayman Islands) Series <br> 2022-FL3, Class E, 8.64%, <br> 4/20/2037 (b) (c)<br>| 195500 | 194481 |
| Hilton Grand Vacations Trust Series <br> 2022-1D, Class D, 6.79%, <br> 6/20/2034 (c)<br>| 114649 | 114152 |
| HINNT LLC Series 2022-A, Class D, 6.50%, <br> 5/15/2041 (c)<br>| 256910 | 254863 |
| Huntington Bank Auto Credit-Linked Notes <br> Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (c)<br>| 2172510 | 2189065 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class C, 12.66%, <br> 8/10/2039 ‡ (c)<br>| 3500000 | 3534300 |
| Series 2025-1A, Class B, 11.25%, <br> 12/10/2040 ‡ (c)<br>| 4873331 | 4862609 |
| KKR CLO Ltd. (Cayman Islands) |  |  |
| Series 22A, Class B, 6.19%, <br> 7/20/2031 (b) (c)<br>| 250000 | 250472 |
| Series 40A, Class BR, 6.03%, <br> 10/20/2034 (b) (c)<br>| 2000000 | 2000390 |
| Series 2023-52A, Class CR, 6.34%, <br> 7/16/2038 (b) (c)<br>| 1850000 | 1851256 |
| LCM Ltd. (Cayman Islands) Series 31A, <br> Class AR, 5.61%, 7/20/2034 (b) (c)<br>| 6000000 | 6004818 |
| LendingClub Loan Certificate Issuer Trust |  |  |
| Series 2022-NP1, Class CERT, 0.00%, <br> 3/16/2037 ‡ (c)<br>| 50000 | 182320 |
| Series 2022-P1, Class CERT, 0.00%, <br> 3/16/2037 ‡ (c)<br>| 50000 | 123930 |
| Series 2022-P2, Class CERT, 0.00%, <br> 4/15/2037 ‡ (c)<br>| 50000 | 136085 |
| Lendingpoint Asset Securitization Trust |  |  |
| Series 2022-A, Class D, 4.54%, <br> 6/15/2029 (c)<br>| 1187175 | 693636 |
| Series 2022-C, Class C, 8.68%, <br> 2/15/2030 (c)<br>| 96366 | 94455 |
| Lendmark Funding Trust |  |  |
| Series 2024-1A, Class A, 5.53%, <br> 6/21/2032 (c)<br>| 1950000 | 1977728 |
| Series 2024-2A, Class A, 4.47%, <br> 2/21/2034 (c)<br>| 915000 | 915248 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-2A, Class D, 5.69%, <br> 2/21/2034 (c)<br>| 450000 | 454180 |
| Series 2024-2A, Class E, 8.47%, <br> 2/21/2034 (c)<br>| 800000 | 827850 |
| Series 2025-1A, Class A, 4.94%, <br> 9/20/2034 (c)<br>| 2100000 | 2126651 |
| Series 2025-1A, Class D, 6.48%, <br> 9/20/2034 (c)<br>| 3000000 | 3068564 |
| Series 2025-2A, Class A, 4.78%, <br> 10/20/2034 (c)<br>| 5700000 | 5741603 |
| Series 2025-2A, Class C, 5.28%, <br> 10/20/2034 (c)<br>| 4000000 | 4031588 |
| Madison Park Funding Ltd. (Cayman Islands) |  |  |
| Series 2017-23A, Class AR, 5.55%, <br> 7/27/2031 (b) (c)<br>| 678089 | 678094 |
| Series 2020-45A, Class BRR, 5.97%, <br> 7/15/2034 (b) (c)<br>| 3530000 | 3532422 |
| Series 2020-45A, Class CRR, 6.22%, <br> 7/15/2034 (b) (c)<br>| 1075000 | 1075200 |
| Series 2021-49A, Class B1R, 5.78%, <br> 10/19/2034 (b) (c)<br>| 8050000 | 8028909 |
| Series 2021-52A, Class B, 6.19%, <br> 1/22/2035 (b) (c)<br>| 4500000 | 4516079 |
| Magnetite Ltd. |  |  |
| Series 2023-39A, Class BR, 5.87%, <br> 1/25/2037 (b) (c)<br>| 1200000 | 1198104 |
| Series 2016-17A, Class AR2, 5.83%, <br> 4/20/2037 (b) (c)<br>| 2300000 | 2309846 |
| Series 2016-17A, Class BR2, 6.28%, <br> 4/20/2037 (b) (c)<br>| 2208000 | 2219638 |
| Series 2024-40A, Class B1, 6.07%, <br> 7/15/2037 (b) (c)<br>| 2900000 | 2910539 |
| Mariner Finance issuance Trust |  |  |
| Series 2024-BA, Class A, 4.91%, <br> 11/20/2038 (c)<br>| 2000000 | 2038546 |
| Series 2024-BA, Class C, 5.73%, <br> 11/20/2038 (c)<br>| 635000 | 653069 |
| Mariner Finance Issuance Trust Series <br> 2023-AA, Class E, 11.12%, <br> 10/22/2035 (c)<br>| 500000 | 523938 |
| Marlette Funding Trust Series 2023-1A, <br> Class C, 7.20%, 4/15/2033 (c)<br>| 342791 | 344968 |
| Nautical Solutions, 9.20%, 8/1/2031 ‡ | 4569663 | 4569663 |
| Neuberger Berman CLO Ltd. (Cayman <br> Islands) Series 2016-22A, Class BR2, <br> 6.32%, 4/15/2038 (b) (c)<br>| 1219000 | 1220190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 119

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Neuberger Berman Loan Advisers CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2021-42A, Class BR, 5.72%, <br> 7/16/2036 (b) (c)<br>| 2260000 | 2257030 |
| Series 2021-42A, Class CR, 6.17%, <br> 7/16/2036 (b) (c)<br>| 4400000 | 4416566 |
| Series 2020-38A, Class BR2, 5.73%, <br> 10/20/2036 (b) (c)<br>| 4700000 | 4687860 |
| Series 2020-38A, Class CR2, 6.21%, <br> 10/20/2036 (b) (c)<br>| 2500000 | 2494328 |
| Series 2019-34A, Class BR2, 5.98%, <br> 7/20/2039 (b) (c)<br>| 3300000 | 3298228 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2022-SFR1, Class E1, 3.55%, <br> 2/17/2039 (c)<br>| 168000 | 162512 |
| Series 2022-SFR1, Class F, 4.44%, <br> 2/17/2039 (c)<br>| 2850000 | 2782228 |
| Series 2022-SFR2, Class F, 4.00%, <br> 9/4/2039 (c)<br>| 5000000 | 4703636 |
| NRM FNT1 Excess LLC Series 2024-FNT1, <br> Class A, 7.40%, 11/25/2031 (c) (d)<br>| 9179934 | 9346433 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2021-FHT1, Class A, 3.10%, <br> 7/25/2026 (c)<br>| 160461 | 157444 |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (c)<br>| 56528 | 55021 |
| OCP Aegis CLO Ltd. (Cayman Islands) Series <br> 2025-41A, Class B1, 6.08%, <br> 4/21/2037 (b) (c)<br>| 4300000 | 4309021 |
| OCP CLO Ltd. (Cayman Islands) Series <br> 2022-25A, Class B1R, 6.08%, <br> 7/20/2037 (b) (c)<br>| 1400000 | 1405181 |
| Octagon Investment Partners Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2018-1A, Class C, 6.28%, <br> 4/15/2031 (b) (c)<br>| 2000000 | 2003340 |
| Series 2019-1A, Class BR, 6.17%, <br> 10/25/2032 (b) (c)<br>| 2509000 | 2515393 |
| Series 2019-1A, Class CR, 6.77%, <br> 10/25/2032 (b) (c)<br>| 1500000 | 1503795 |
| Series 2019-1A, Class BR, 6.17%, <br> 4/15/2035 (b) (c)<br>| 1000000 | 999500 |
| Octagon Ltd. (Cayman Islands) Series <br> 2022-1A, Class DR, 7.93%, <br> 7/21/2037 (b) (c)<br>| 16800000 | 16768903 |
| OnDeck Asset Securitization Trust LLC |  |  |
| Series 2023-1A, Class A, 7.00%, <br> 8/19/2030 (c)<br>| 468000 | 476021 |
| Series 2024-2A, Class A, 4.98%, <br> 10/17/2031 (c)<br>| 600000 | 601454 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2024-2A, Class B, 5.42%, <br> 10/17/2031 (c)<br>| 400000 | 402115 |
| OneMain Direct Auto Receivables Trust <br> Series 2025-1A, Class D, 6.10%, <br> 7/14/2037 (c)<br>| 1522000 | 1564978 |
| Onemain Financial Issuance Trust Series <br> 2025-1A, Class D, 5.79%, <br> 7/14/2038 (c)<br>| 1500000 | 1525712 |
| Oneslt, 8.00%, 12/15/2030 ‡ | 3492830 | 3492830 |
| Oportun Funding Trust Series 2024-3, <br> Class B, 5.48%, 8/15/2029 (c)<br>| 628000 | 629422 |
| Pagaya AI Debt Selection Trust Series <br> 2021-3, Class C, 3.27%, 5/15/2029 (c)<br>| 301690 | 296760 |
| Palmer Square CLO Ltd. (Cayman Islands) <br> Series 2021-2A, Class BR, 6.02%, <br> 2/15/2038 (b) (c)<br>| 4300000 | 4311619 |
| Palmer Square Loan Funding Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2022-3A, Class BR, 6.32%, <br> 4/15/2031 (b) (c)<br>| 1858000 | 1864144 |
| Series 2024-3A, Class A2, 5.88%, <br> 8/8/2032 (b) (c)<br>| 1911950 | 1913894 |
| Series 2024-3A, Class B, 6.13%, <br> 8/8/2032 (b) (c)<br>| 2000000 | 2004150 |
| Peace Park CLO Ltd. (Cayman Islands) Series <br> 2021-1A, Class BR, 0.00%, <br> 10/20/2038 (a) (b) (c)<br>| 5400000 | 5400000 |
| PRET LLC |  |  |
| Series 2024-NPL5, Class A1, 5.96%, <br> 9/25/2054 (c) (d)<br>| 706435 | 708126 |
| Series 2024-NPL7, Class A1, 5.93%, <br> 10/25/2054 (c) (d)<br>| 2210310 | 2212564 |
| Series 2024-NPL9, Class A1, 5.85%, <br> 12/25/2054 (c) (d)<br>| 1915668 | 1928802 |
| Series 2025-NPL2, Class A1, 5.84%, <br> 3/25/2055 (c) (d)<br>| 8015215 | 8074904 |
| Series 2025-NPL4, Class A1, 6.37%, <br> 4/25/2055 (c) (d)<br>| 5573461 | 5637157 |
| Series 2025-NPL3, Class A1, 6.71%, <br> 4/25/2055 (c) (d)<br>| 6926349 | 7023845 |
| PRET Trust Series 2025-NPL1, Class A1, <br> 6.06%, 2/25/2055 (c) (d)<br>| 13908843 | 14028770 |
| Progress Residential Trust Series <br> 2023-SFR1, Class E1, 6.15%, <br> 3/17/2040 (c)<br>| 736000 | 737979 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A2, 6.53%, <br> 4/5/2040 ‡ (c)<br>| 1990732 | 2024774 |
| Series 2025-1, Class B, 10.28%, <br> 4/5/2040 ‡ (c)<br>| 4851822 | 4851822 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class D, 5.23%, <br> 12/22/2031 (c)<br>| 800000 | 780787 |
| Series 2024-A, Class A, 5.91%, <br> 8/20/2032 (c)<br>| 2563000 | 2593339 |
| Series 2024-B, Class A, 5.42%, <br> 11/20/2037 (c)<br>| 3631000 | 3702548 |
| RFT TRUST |  |  |
| Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (c) (d)<br>| 2954708 | 2951605 |
| Series 2024-2, Class A2, 8.81%, <br> 9/27/2028 (c) (d)<br>| 2954708 | 2951727 |
| RR Ltd. (Cayman Islands) |  |  |
| Series 2021-18A, Class A2, 6.18%, <br> 10/15/2034 (b) (c)<br>| 1000000 | 999500 |
| Series 2020-12A, Class A2R3, 5.92%, <br> 1/15/2036 (b) (c)<br>| 2796000 | 2799257 |
| Santander Bank Auto Credit-Linked Notes <br> Series 2023-B, Class E, 8.41%, <br> 12/15/2033 (c)<br>| 1408564 | 1434138 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2021-3, Class D, 1.33%, <br> 9/15/2027<br>| 271869 | 271405 |
| Series 2023-4, Class B, 5.77%, <br> 12/15/2028<br>| 428000 | 433265 |
| Series 2024-1, Class C, 5.45%, <br> 3/15/2030<br>| 1000000 | 1015462 |
| Series 2022-7, Class C, 6.69%, <br> 3/17/2031<br>| 174000 | 177619 |
| Series 2025-2, Class D, 5.47%, <br> 5/15/2031<br>| 2400000 | 2453541 |
| Series 2025-3, Class D, 5.11%, <br> 9/15/2031<br>| 5730000 | 5776666 |
| Series 2024-3, Class D, 5.97%, <br> 10/15/2031<br>| 1906000 | 1965433 |
| Series 2024-4, Class D, 5.32%, <br> 12/15/2031<br>| 1958000 | 1989971 |
| Series 2024-5, Class D, 5.14%, <br> 2/17/2032<br>| 1247000 | 1262846 |
| SBA Small Business Investment Cos. |  |  |
| Series 2023-10A, Class 1, 5.17%, <br> 3/10/2033<br>| 1492665 | 1520473 |
| Series 2023-10B, Class 1, 5.69%, <br> 9/10/2033<br>| 1792845 | 1862311 |
| Series 2024-10A, Class 1, 5.04%, <br> 3/10/2034<br>| 6538633 | 6638299 |
| Shackleton CLO Ltd. (Cayman Islands) Series <br> 2019-15A, Class BR, 6.13%, <br> 1/15/2032 (b) (c)<br>| 2000000 | 2001838 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Stifel SBA Trust Series 2025-2A, Class A1, <br> 2.54%, 8/25/2036 (b) (c)<br>| 60549224 | 3723777 |
| STRU, 4.50%, 8/2/2035 ‡ | 7000000 | 5808906 |
| Subway Funding LLC Series 2024-1A, <br> Class A23, 6.51%, 7/30/2054 (c)<br>| 9348357 | 9621376 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-19A, Class B, 5.93%, <br> 4/16/2031 (b) (c)<br>| 1900000 | 1901184 |
| Series 2018-19A, Class C, 6.33%, <br> 4/16/2031 (b) (c)<br>| 940000 | 941379 |
| Series 2019-21A, Class CR2, 6.07%, <br> 7/15/2032 (b) (c)<br>| 3000000 | 2969844 |
| Series 2020-23A, Class CR2, 6.07%, <br> 1/15/2034 (b) (c)<br>| 3600000 | 3583904 |
| Series 2021-29A, Class BR, 5.93%, <br> 10/15/2035 (b) (c)<br>| 6455000 | 6455000 |
| Series 2022-32A, Class BR, 5.92%, <br> 10/23/2035 (b) (c)<br>| 4225000 | 4225000 |
| Series 2016-18A, Class CR4, 6.23%, <br> 10/23/2037 (b) (c)<br>| 8180000 | 8180000 |
| Theorem Funding Trust |  |  |
| Series 2022-2A, Class B, 9.27%, <br> 12/15/2028 (c)<br>| 393419 | 396315 |
| Series 2022-3A, Class A, 7.60%, <br> 4/15/2029 (c)<br>| 3078 | 3081 |
| Tricon Residential Trust Series 2022-SFR1, <br> Class E2, 5.74%, 4/17/2039 (c)<br>| 101000 | 100376 |
| TRTX Issuer Ltd. (Cayman Islands) Series <br> 2025-FL6, Class A, 5.90%, <br> 9/18/2042 (b) (c)<br>| 3050000 | 3057073 |
| United Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class B, 3.65%, <br> 10/7/2025<br>| 21458 | 21412 |
| Series 2016-1, Class B, 3.65%, <br> 1/7/2026<br>| 17882 | 17748 |
| Upstart Pass-Through Trust |  |  |
| Series 2022-PT2, Class A, 16.30%, <br> 2/20/2030 ‡ (b) (c)<br>| 102214 | 102214 |
| Series 2022-PT3, Class A, 17.85%, <br> 4/20/2030 ‡ (b) (c)<br>| 67550 | 67215 |
| VCAT LLC Series 2025-NPL3, Class A1, <br> 5.89%, 2/25/2055 (c) (d)<br>| 1360309 | 1366200 |
| VistaJet Pass Through Trust Series 2021-1C, <br> 9.50%, 8/15/2031 (c)<br>| 1560000 | 1557382 |
| Voya CLO Ltd. (Cayman Islands) Series <br> 2019-4A, Class BR, 6.33%, <br> 1/15/2035 (b) (c)<br>| 2000000 | 2006254 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 121

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Western Funding Auto Loan Trust |  |  |
| Series 2025-1, Class A, 4.75%, <br> 7/16/2035 (c)<br>| 4615000 | 4659290 |
| Series 2025-1, Class D, 5.79%, <br> 1/15/2036 (c)<br>| 2540000 | 2578756 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2021-3A, Class F, 4.25%, <br> 6/15/2028 (c)<br>| 2000000 | 1976166 |
| Series 2023-1A, Class D, 6.79%, <br> 11/15/2028 (c)<br>| 437000 | 449251 |
| Series 2023-3A, Class D, 6.47%, <br> 3/15/2029 (c)<br>| 632000 | 651408 |
| Series 2024-1A, Class D, 6.02%, <br> 10/15/2029 (c)<br>| 576000 | 587286 |
| Series 2024-3A, Class D, 5.21%, <br> 4/15/2030 (c)<br>| 3900000 | 3928897 |
| Total Asset-Backed Securities <br>(Cost $606,412,605)<br>|  | 610576178 |
| **Foreign Government Securities — 3.3%** | **Foreign Government Securities — 3.3%** | **Foreign Government Securities — 3.3%** |
| Arab Republic of Egypt |  |  |
| 7.60%, 3/1/2029 (j) | 3100000 | 3155800 |
| 8.63%, 2/4/2030 (c) | 829000 | 852212 |
| 8.63%, 2/4/2030 (j) | 800000 | 822400 |
| 5.88%, 2/16/2031 (j) | 900000 | 806850 |
| 7.63%, 5/29/2032 (j) | 1200000 | 1143300 |
| 9.45%, 2/4/2033 (c) | 446000 | 460218 |
| 7.30%, 9/30/2033 (j) | 200000 | 182312 |
| 8.50%, 1/31/2047 (j) | 700000 | 580888 |
| 8.70%, 3/1/2049 (j) | 700000 | 590408 |
| 8.88%, 5/29/2050 (j) | 300000 | 255564 |
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | 800000 | 633265 |
| 4.12%, 7/9/2035 (d) | 3000000 | 1902000 |
| Barbados Government Bond 8.00%, <br> 6/26/2035 (j)<br>| 1000000 | 1008875 |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (c) | 1080000 | 1059901 |
| 7.96%, 2/13/2038 (j) | 950000 | 932320 |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (c)<br>| 2277000 | 2351002 |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 4/15/2028 (c) | 550379 | 523548 |
| 3.10%, 1/15/2030 (c) (d) | 186462 | 171545 |
| 3.35%, 3/15/2033 (c) (d) | 365742 | 304023 |
| 3.60%, 6/15/2035 (c) (d) | 1346960 | 963076 |
| 3.60%, 5/15/2036 (c) (d) | 171396 | 143544 |
| 3.60%, 2/15/2038 (c) (d) | 342936 | 287638 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Dominican Republic Government Bond |  |  |
| 5.50%, 2/22/2029 (j) | 350000 | 352905 |
| 7.05%, 2/3/2031 (c) | 510000 | 545017 |
| 7.05%, 2/3/2031 (j) | 1500000 | 1602990 |
| 6.00%, 2/22/2033 (c) | 150000 | 151800 |
| 6.00%, 2/22/2033 (j) | 500000 | 506000 |
| 6.95%, 3/15/2037 (c) | 2900000 | 3030500 |
| 6.40%, 6/5/2049 (j) | 2050000 | 1971844 |
| 7.15%, 2/24/2055 (c) | 1750000 | 1814162 |
| 5.88%, 1/30/2060 (j) | 1450000 | 1251930 |
| Federal Republic of Nigeria |  |  |
| 7.63%, 11/21/2025 (j) | 600000 | 599796 |
| 6.50%, 11/28/2027 (j) | 1100000 | 1101716 |
| 6.13%, 9/28/2028 (j) | 3200000 | 3140992 |
| 7.14%, 2/23/2030 (j) | 2100000 | 2081100 |
| 8.75%, 1/21/2031 (j) | 1000000 | 1038125 |
| 7.88%, 2/16/2032 (j) | 500000 | 493595 |
| 10.38%, 12/9/2034 (c) | 1400000 | 1533350 |
| Federative Republic of Brazil 7.13%, <br> 5/13/2054<br>| 800000 | 777600 |
| Hashemite Kingdom of Jordan |  |  |
| 5.75%, 1/31/2027 (j) | 1000000 | 996690 |
| 7.75%, 1/15/2028 (j) | 1000000 | 1039666 |
| 7.50%, 1/13/2029 (j) | 1000000 | 1041908 |
| 5.85%, 7/7/2030 (j) | 2100000 | 2069613 |
| 7.38%, 10/10/2047 (j) | 2000000 | 1855000 |
| Islamic Republic of Pakistan |  |  |
| 8.25%, 9/30/2025 (j) | 400000 | 400200 |
| 6.00%, 4/8/2026 (c) | 1100000 | 1093400 |
| 6.00%, 4/8/2026 (j) | 1700000 | 1689800 |
| 6.88%, 12/5/2027 (j) | 3100000 | 3055050 |
| 7.38%, 4/8/2031 (j) | 2500000 | 2359375 |
| 8.88%, 4/8/2051 (j) | 400000 | 352100 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (c)<br>| 1067000 | 1164044 |
| Kingdom of Bahrain |  |  |
| 7.38%, 5/14/2030 (j) | 700000 | 743288 |
| 5.45%, 9/16/2032 (j) | 600000 | 578643 |
| 7.50%, 9/20/2047 (j) | 600000 | 618564 |
| Kingdom of Morocco 6.50%, 9/8/2033 (j) | 400000 | 427200 |
| Republic of Angola |  |  |
| 9.50%, 11/12/2025 (j) | 1000000 | 1004375 |
| 8.25%, 5/9/2028 (j) | 3000000 | 2952187 |
| 8.00%, 11/26/2029 (j) | 3400000 | 3217250 |
| 8.75%, 4/14/2032 (j) | 400000 | 367770 |
| 8.75%, 4/14/2032 (c) | 600000 | 551655 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| Republic of Armenia 3.60%, 2/2/2031 (j) | 1200000 | 1076400 |
| Republic of Colombia |  |  |
| 3.00%, 1/30/2030 | 200000 | 178200 |
| 3.13%, 4/15/2031 | 600000 | 513300 |
| 8.00%, 4/20/2033 | 500000 | 536500 |
| 8.00%, 11/14/2035 | 800000 | 841000 |
| 8.75%, 11/14/2053 | 2279000 | 2411182 |
| Republic of Costa Rica |  |  |
| 6.55%, 4/3/2034 (c) | 920000 | 974510 |
| 7.00%, 4/4/2044 (j) | 400000 | 416124 |
| 7.30%, 11/13/2054 (c) | 1065000 | 1129901 |
| Republic of Cote d'Ivoire |  |  |
| 6.38%, 3/3/2028 (j) | 799000 | 807238 |
| 7.63%, 1/30/2033 (j) | 2600000 | 2612194 |
| 6.13%, 6/15/2033 (j) | 2300000 | 2131088 |
| 8.08%, 4/1/2036 (c) | 2481000 | 2459291 |
| 8.25%, 1/30/2037 (c) | 3600000 | 3576420 |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (d) (j) | 4600000 | 4144600 |
| 6.90%, 7/31/2035 (d) (j) | 2889403 | 2181499 |
| 5.00%, 7/31/2040 (d) (j) | 3150000 | 2053406 |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (j) | 1852000 | 1950971 |
| 9.25%, 4/17/2030 (c) | 2390000 | 2567003 |
| 7.12%, 1/20/2050 (j) | 350000 | 292929 |
| 9.50%, 7/15/2052 (j) | 350000 | 361692 |
| 9.65%, 11/21/2054 (c) | 2957000 | 3090065 |
| Republic of Ghana |  |  |
| Zero Coupon, 7/3/2026 (c) | 235200 | 225792 |
| 5.00%, 7/3/2029 (c) (d) | 3232400 | 3090983 |
| Zero Coupon, 1/3/2030 (c) | 467101 | 391781 |
| 5.00%, 7/3/2035 (c) (d) | 765600 | 624921 |
| Republic of Guatemala |  |  |
| 6.05%, 8/6/2031 (j) | 2000000 | 2072800 |
| 6.60%, 6/13/2036 (c) | 700000 | 733467 |
| 6.25%, 8/15/2036 (c) | 1221000 | 1250641 |
| 6.55%, 2/6/2037 (c) | 200000 | 207200 |
| Republic of Honduras |  |  |
| 6.25%, 1/19/2027 (j) | 1350000 | 1353375 |
| 8.63%, 11/27/2034 (c) | 1250000 | 1331875 |
| Republic of Iraq 5.80%, 1/15/2028 (j) | 1171875 | 1163452 |
| Republic of Kenya |  |  |
| 7.25%, 2/28/2028 (j) | 500000 | 504375 |
| 9.75%, 2/16/2031 (c) | 1635000 | 1720331 |
| 9.75%, 2/16/2031 (j) | 1100000 | 1157409 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 8.00%, 5/22/2032 (j) | 200000 | 193844 |
| 9.50%, 3/5/2036 (c) | 3427000 | 3387384 |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (c)<br>| 1950000 | 2055904 |
| Republic of Namibia 5.25%, <br> 10/29/2025 (j)<br>| 200000 | 199084 |
| Republic of Panama |  |  |
| 6.40%, 2/14/2035 | 800000 | 804800 |
| 7.88%, 3/1/2057 | 1400000 | 1498189 |
| Republic of Paraguay |  |  |
| 6.10%, 8/11/2044 (j) | 1000000 | 986000 |
| 5.60%, 3/13/2048 (j) | 1000000 | 912810 |
| 5.40%, 3/30/2050 (c) | 2600000 | 2288455 |
| Republic of Rwanda 5.50%, 8/9/2031 (c) | 2000000 | 1755000 |
| Republic of Senegal |  |  |
| 7.75%, 6/10/2031 (j) | 4200000 | 3464635 |
| 6.25%, 5/23/2033 (j) | 3100000 | 2299828 |
| Republic of Serbia |  |  |
| 6.50%, 9/26/2033 (c) | 400000 | 425000 |
| 6.00%, 6/12/2034 (c) | 800000 | 819200 |
| 6.00%, 6/12/2034 (j) | 400000 | 409600 |
| Republic of South Africa |  |  |
| 5.88%, 4/20/2032 | 200000 | 198203 |
| 7.10%, 11/19/2036 (c) | 1800000 | 1812600 |
| 6.25%, 3/8/2041 | 500000 | 444023 |
| 5.75%, 9/30/2049 | 900000 | 683023 |
| 7.30%, 4/20/2052 | 200000 | 182900 |
| 7.95%, 11/19/2054 (c) | 2542000 | 2458025 |
| Republic of Trinidad and Tobago 6.40%, <br> 6/26/2034 (j)<br>| 500000 | 499625 |
| Republic of Turkiye (The) |  |  |
| 9.38%, 3/14/2029 | 200000 | 222424 |
| 7.13%, 2/12/2032 | 400000 | 410800 |
| 9.38%, 1/19/2033 | 200000 | 230174 |
| 7.63%, 5/15/2034 | 1164000 | 1223131 |
| Republic of Uzbekistan 5.38%, <br> 2/20/2029 (j)<br>| 200000 | 199510 |
| Republic of Uzbekistan International Bond |  |  |
| 7.85%, 10/12/2028 (c) | 200000 | 213650 |
| 6.95%, 5/25/2032 (c) | 500000 | 530287 |
| Republic of Zambia |  |  |
| 5.75%, 6/30/2033 (c) (d) | 1131296 | 1053757 |
| 0.50%, 12/31/2053 (j) | 1700000 | 1132931 |
| Romania Government Bond 7.50%, <br> 2/10/2037 (c)<br>| 1400000 | 1486800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 123

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| State of Mongolia |  |  |
| 3.50%, 7/7/2027 (j) | 1200000 | 1141500 |
| 8.65%, 1/19/2028 (c) | 900000 | 950625 |
| 6.63%, 2/25/2030 (c) | 400000 | 400500 |
| 4.45%, 7/7/2031 (j) | 200000 | 177250 |
| Sultanate of Oman Government Bond <br> 7.00%, 1/25/2051 (j)<br>| 1800000 | 1983942 |
| Suriname Government International Bond <br> 7.95% (Blend (Cash 4.95% + PIK <br> 3.00%)), 7/15/2033 (e) (j)<br>| 914955 | 905009 |
| Turkiye Ihracat Kredi Bankasi A/S 9.00%, <br> 1/28/2027 (c)<br>| 400000 | 420000 |
| Total Foreign Government Securities <br>(Cost $155,739,341)<br>|  | 161296226 |
| **Loan Assignments — 0.6% (i) (l)** | **Loan Assignments — 0.6% (i) (l)** | **Loan Assignments — 0.6% (i) (l)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| TransDigm, Inc., 1st Lien Term Loan J <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.80%, 2/28/2031<br>| 149246 | 149340 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 1/31/2031<br>| 632695 | 633093 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| EMRLD Borrower LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 8/4/2031<br>| 1364455 | 1361275 |
| MIWD Holdco II LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 7.07%, 3/28/2031<br>| 994981 | 998872 |
| Quikrete Holdings, Inc., 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 2/10/2032<br>| 1546125 | 1545166 |
|  |  | 3905313 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.70%, 6/21/2028<br>| 497416 | 497953 |
| Raven Acquisition Holdings LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR + <br> 3.00%), 7.32%, 11/19/2031<br>| 398558 | 399518 |
|  |  | 897471 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Clydesdale Acquisition Holdings, Inc., 1st <br> Lien Delayed Draw Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.57%, 4/1/2032<br>| 485 | 484 |
| Clydesdale Acquisition Holdings, Inc., 1st <br> Lien Term Loan B (1-MONTH CME TERM <br> SOFR + 3.25%), 7.57%, 4/1/2032<br>| 923849 | 922657 |
|  |  | 923141 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Belron Finance 2019 LLC, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.50%), 6.74%, 10/16/2031<br>| 287619 | 288841 |
| Wand NewCo 3, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 1/30/2031<br>| 1048501 | 1046017 |
|  |  | 1334858 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.10%, 3/2/2027<br>| 372188 | 371931 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| LSF12 Crown US Commercial Bidco LLC, 1st <br> Lien Term Loan (1-MONTH CME TERM <br> SOFR + 3.50%), 7.78%, 12/2/2031<br>| 804000 | 807682 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| Boost Newco Borrower LLC, 1st Lien Term <br> Loan B-2 (3-MONTH CME TERM SOFR + <br> 2.00%), 6.30%, 1/31/2031<br>| 373127 | 373221 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Genesee & Wyoming, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 1.75%), 6.05%, 4/10/2031<br>| 1326032 | 1319548 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Medline Borrower LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 10/23/2028<br>| 580249 | 580191 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| Phoenix Newco, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 11/15/2028<br>| 572616 | 572913 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC, 1st Lien Term Loan B-13 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 9/19/2030<br>| 533333 | 526933 |
| HUB International Ltd., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.58%, 6/20/2030<br>| 1377197 | 1379497 |
|  |  | 1906430 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Ahead DB Holdings LLC, 1st Lien Term Loan <br> B-3 (3-MONTH CME TERM SOFR + <br> 2.75%), 7.05%, 2/3/2031<br>| 1090499 | 1090728 |
| MH Sub I LLC, 1st Lien Term Loan |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 5/3/2028<br>| 447309 | 414011 |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 12/31/2031<br>| 302746 | 261119 |
|  |  | 1765858 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.45%, 8/26/2031<br>| 1492260 | 1496931 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SPX FLOW, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 7.07%, 4/5/2029<br>| 500000 | 502690 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 6.07%, <br> 10/8/2031<br>| 448875 | 449203 |
|  |  | 951893 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| CSC Holdings LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.50%), <br> 8.86%, 1/18/2028<br>| 492424 | 490499 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| EPIC Crude Services LP, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.83%, 10/15/2031<br>| 344408 | 345376 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.25%), 6.58%, 4/20/2028<br>| 381397 | 380028 |
| Jetblue Airways Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.75%), <br> 9.07%, 8/13/2029<br>| 930481 | 877444 |
|  |  | 1257472 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| 1261229 BC Ltd., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 6.25%), <br> 10.57%, 10/8/2030<br>| 1195000 | 1177410 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| First Advantage Holdings LLC, 1st Lien Term <br> Loan B-3 (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 10/31/2031<br>| 685435 | 686724 |
| WEC US Holdings, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.53%, 1/27/2031<br>| 496241 | 496156 |
|  |  | 1182880 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.10%), <br> 7.08%, 2/1/2029<br>| 446547 | 445431 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| AthenaHealth Group, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 2/15/2029<br>| 1245344 | 1244049 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 11/25/2031<br>| 714210 | 714845 |
| Central Parent LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.55%, 7/6/2029<br>| 446625 | 372691 |
| Icon Parent, Inc., 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 3.00%), <br> 7.09%, 11/13/2031<br>| 1172063 | 1172344 |
| Rocket Software, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.07%, 11/28/2028<br>| 593006 | 594192 |
| UKG, Inc., 1st Lien Term Loan (3-MONTH <br> CME TERM SOFR + 2.50%), 6.81%, <br> 2/10/2031<br>| 1142600 | 1141652 |
|  |  | 5239773 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Petco Health & Wellness Co., Inc., 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR + <br> 3.25%), 7.81%, 3/3/2028<br>| 665000 | 640342 |
| PetSmart LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.00%), <br> 8.36%, 8/18/2032<br>| 1632990 | 1615647 |
| White Cap Supply Holdings LLC, 1st Lien <br> Term Loan C (1-MONTH CME TERM SOFR + <br> 3.25%), 7.57%, 10/19/2029<br>| 372187 | 372225 |
|  |  | 2628214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 125

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| QXO Building Products, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.00%), 7.30%, 4/30/2032<br>| 143556 | 144744 |
| Total Loan Assignments <br>(Cost $30,991,938)<br>|  | 30901613 |
| **Municipal Bonds — 0.2% (m)** | **Municipal Bonds — 0.2% (m)** | **Municipal Bonds — 0.2% (m)** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| California Infrastructure and Economic <br> Development Bank, Brightline West <br> Passenger Rail Project Series 2025A, <br> Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 2200000 | 2021785 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| State of Nevada, Department of Business <br> and Industry, Brighline West Passenger <br> Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2033 (b) (c)<br>| 3000000 | 2756997 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street <br> Project<br>|  |  |
| Series 2024, Rev., 5.46%, 12/15/2031 | 5566000 | 5708660 |
| Series 2024, Rev., 6.03%, 12/15/2031 | 650000 | 668176 |
| Total New York |  | 6376836 |
| Total Municipal Bonds <br>(Cost $11,250,500)<br>|  | 11155618 |
| **Supranational — 0.1%** | **Supranational — 0.1%** | **Supranational — 0.1%** |
| Banque Ouest Africaine de Developpement <br> (Supranational), <br>(US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year), 8.20%, <br> 2/13/2055 (c) (i) (Cost $1,801,814)<br>| 1800000 | 1827000 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Rite Aid ‡ \*(Cost $—) | 364 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.36% (n) (o) <br>(Cost $91,280,524)<br>| 91261401 | 91288780 |
| **Total Investments — 105.5%** <br>**(Cost $5,054,558,379)**<br>|  | **5118436726** |
| **Liabilities in Excess of Other Assets —** <br> **(5.5)%**<br>|  | **(268076158)**<br>|
| **NET ASSETS — 100.0%** |  | **4850360568** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| AMT | Alternative Minimum Tax |
| CIFC | Commercial Industrial Finance Corp. |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 August 31, 2025

------

---

| | |
|:---|:---|
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (d) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of August 31, 2025. <br>|
| (e) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (f) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> August 31, 2025 is $11,512,361 or 0.24% of the <br> Fund's net assets as of August 31, 2025.<br>|
| (g) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (h) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of August 31, 2025.<br>|
| (i) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (j) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The rate shown is the current yield as of August 31, 2025.

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| FNMA / FHLMC UMBS, Single <br> Family, 30 Year <br>|  |  |
| TBA, 3.50%, 9/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (18660000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16855252)<br>|
| TBA, 2.50%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (33900000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28140325)<br>|
| TBA, 3.50%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (21440000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19360514)<br>|
| TBA, 4.00%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (41600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38800204)<br>|
| TBA, 5.00%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (75000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73906826)<br>|
| TBA, 6.00%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (25400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25925889)<br>|
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 3.00%, 9/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (118200000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104657392)<br>|
| TBA, 4.50%, 9/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (145600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140209504)<br>|
| TBA, 6.00%, 9/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (99780000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101758374)<br>|
| TBA, 4.00%, 10/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (87403000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81507747)<br>|
| (Proceeds received of <br> $627,787,836)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (631122027)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 127

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 85533729 | &nbsp;&nbsp;&nbsp;&nbsp; (468561)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 169223500 | &nbsp;&nbsp;&nbsp;&nbsp; 773963 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45082219 | &nbsp;&nbsp;&nbsp;&nbsp; 279494 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 259272321 | &nbsp;&nbsp;&nbsp;&nbsp; 281063 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 342516000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311011 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2176970 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (31392161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1229678 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (93597094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (431903)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (87629750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260028)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (58435938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 192700 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (95046000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (369143)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 361304 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2538274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| USD | United States Dollar |

---

**Forward foreign currency exchange contracts outstanding as of August 31, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp; 1100000 | USD | &nbsp;&nbsp;&nbsp; 1284700 | Morgan Stanley | 9/15/2025 | &nbsp;&nbsp;&nbsp; 3197 |
| JPY | &nbsp;&nbsp;&nbsp; 842267941 | USD | &nbsp;&nbsp;&nbsp; 5718929 | Goldman Sachs International | 9/16/2025 | &nbsp;&nbsp;&nbsp; 20794 |
| JPY | &nbsp;&nbsp;&nbsp; 646398134 | USD | &nbsp;&nbsp;&nbsp; 4395516 | Morgan Stanley | 9/16/2025 | &nbsp;&nbsp;&nbsp; 9432 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 33423 |
| USD | &nbsp;&nbsp;&nbsp; 904267 | EUR | &nbsp;&nbsp;&nbsp; 777998 | Morgan Stanley | 9/15/2025 | &nbsp;&nbsp;&nbsp; (6625)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 16155143881 | USD | &nbsp;&nbsp;&nbsp; 110296689 | BNP Paribas | 9/16/2025 | &nbsp;&nbsp;&nbsp; (205765)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (212390)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (178967)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 August 31, 2025

------

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of August 31, 2025:**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| Bank of America Corp., <br> 3.50%, 04/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.40 | USD2,200,000 | 10300 | (50232)<br>| (39932)<br>|
| Bank of America Corp., <br> 3.50%, 04/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.40 | USD5,000,000 | 4912 | (95668)<br>| (90756)<br>|
|  |  |  |  |  |  |  | 15212 | (145900)<br>| (130688)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium <br> to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to <br> an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of August 31, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.21 | USD 5,791,000 | &nbsp;&nbsp; (315710)<br>| &nbsp;&nbsp; (158548)<br>| &nbsp;&nbsp; (474258)<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.21 | USD 5,793,000 | &nbsp;&nbsp; (316883)<br>| &nbsp;&nbsp; (157539)<br>| &nbsp;&nbsp; (474422)<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.21 | USD 44,723,000 | &nbsp;&nbsp; (2579875)<br>| &nbsp;&nbsp; (1082748)<br>| &nbsp;&nbsp; (3662623)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (3212468)<br>| &nbsp;&nbsp; (1398835)<br>| &nbsp;&nbsp; (4611303)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 129

------

JPMorgan Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**Summary of total OTC swap contracts outstanding as of August 31, 2025:**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Liabilities** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 15212 | &nbsp;&nbsp;&nbsp;&nbsp; (130688)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 August 31, 2025

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 61.0%** | **Corporate Bonds — 61.0%** | **Corporate Bonds — 61.0%** |
| **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** |
| APA Infrastructure Ltd. <br> 2.00%, 7/15/2030 (a)<br>| &nbsp;&nbsp; EUR150,000 | &nbsp;&nbsp; 166323 |
| Commonwealth Bank of <br> Australia 2.69%, <br> 3/11/2031 (b) (c)<br>| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1130929 |
| Glencore Capital Finance DAC |  |  |
| 4.15%, 4/29/2031 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1942266 |
| 3.75%, 2/4/2032 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 590602 |
| Glencore Funding LLC |  |  |
| 5.40%, 5/8/2028 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 462662 |
| 6.38%, 10/6/2030 (b) | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 31265 |
| 2.85%, 4/27/2031 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 410262 |
| 2.63%, 9/23/2031 (b) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp; 354902 |
| 5.63%, 4/4/2034 (b) | &nbsp;&nbsp; 2433000 | &nbsp;&nbsp; 2496408 |
| 5.67%, 4/1/2035 (b) | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp; 2117863 |
|  |  | &nbsp;&nbsp; 9703482 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Benteler International AG <br> 7.25%, 6/15/2031 (b)<br>| &nbsp;&nbsp; EUR253,000 | &nbsp;&nbsp; 318522 |
| Lenzing AG (EURIBOR ICE Swap <br> Rate 3 Year + 12.11%), <br> 9.00%, 4/9/2028 (a) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 469645 |
|  |  | &nbsp;&nbsp; 788167 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Azelis Finance NV |  |  |
| 5.75%, 3/15/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1565001 |
| 4.75%, 9/25/2029 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1091964 |
| KBC Group NV |  |  |
| (EURIBOR ICE Swap Rate 5 <br> Year + 4.93%), 8.00%, <br> 9/5/2028 (a) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1305901 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 2.10%), 5.80%, <br> 1/19/2029 (b) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206704 |
| (EUR Swap Annual 5 Year + <br> 2.25%), 4.75%, <br> 4/17/2035 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 611997 |
| Ontex Group NV 5.25%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2035257 |
| Shurgard Luxembourg SARL <br> 4.00%, 5/27/2035 (a)<br>| &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1870903 |
| Telenet Finance Luxembourg <br> Notes SARL 3.50%, <br> 3/1/2028 (a)<br>| &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 934670 |
|  |  | &nbsp;&nbsp; 9622397 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| Braskem Netherlands Finance <br> BV 7.25%, 2/13/2033 (a)<br>| &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 249095 |
| Guara Norte SARL 5.20%, <br> 6/15/2034 (b)<br>| &nbsp;&nbsp; 1014143 | &nbsp;&nbsp; 977380 |
| Klabin Austria GmbH 7.00%, <br> 4/3/2049 (a)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203500 |
| MV24 Capital BV 6.75%, <br> 6/1/2034 (b)<br>| &nbsp;&nbsp; 735981 | &nbsp;&nbsp; 721336 |
| Suzano Austria GmbH |  |  |
| 3.75%, 1/15/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 44927 |
| 7.00%, 3/16/2047 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216862 |
| Vale Overseas Ltd. 6.40%, <br> 6/28/2054<br>| &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 696850 |
| Yinson Bergenia Production BV <br> 8.50%, 1/31/2045 (b)<br>| &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1131840 |
|  |  | &nbsp;&nbsp; 4241790 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| Bank of Nova Scotia (The) |  |  |
| 2.45%, 2/2/2032 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1248123 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.05%), 4.59%, <br> 5/4/2037 (c) (f)<br>| &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 546901 |
| Canadian Pacific Railway Co. <br> 3.50%, 5/1/2050<br>| &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 63727 |
| Emera US Finance LP 2.64%, <br> 6/15/2031<br>| &nbsp;&nbsp; 6272000 | &nbsp;&nbsp; 5581794 |
| Emera, Inc. Series 16-A, <br> (3-MONTH SOFR + 5.44%), <br> 6.75%, 6/15/2076 (f)<br>| &nbsp;&nbsp; 236000 | &nbsp;&nbsp; 237482 |
| Enbridge, Inc. |  |  |
| Series NC5, (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 3.79%), 8.25%, <br> 1/15/2084 (f)<br>| &nbsp;&nbsp; 1253000 | &nbsp;&nbsp; 1334669 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.43%), 8.50%, <br> 1/15/2084 (f)<br>| &nbsp;&nbsp; 623000 | &nbsp;&nbsp; 704746 |
| Transcanada Trust Series 16-A, <br> (3-MONTH SOFR + 4.64%), <br> 5.88%, 8/15/2076 (f)<br>| &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 57035 |
|  |  | &nbsp;&nbsp; 9774477 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Alfa Desarrollo SpA 4.55%, <br> 9/27/2051 (b)<br>| &nbsp;&nbsp; 335936 | &nbsp;&nbsp; 263710 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 131

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **China — 0.0% ^** | **China — 0.0% ^** | **China — 0.0% ^** |
| CFAMC III Co. Ltd. 4.25%, <br> 11/7/2027 (a)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197808 |
| Country Garden Holdings Co. <br> Ltd. 3.13%, <br> 10/22/2025 (a) (g)<br>| &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 46375 |
|  |  | &nbsp;&nbsp; 244183 |
| **Colombia — 0.0% ^** | **Colombia — 0.0% ^** | **Colombia — 0.0% ^** |
| AI Candelaria - Spain- SA <br> 5.75%, 6/15/2033 (b)<br>| &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219250 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| Danske Bank A/S |  |  |
| (EURIBOR ICE Swap Rate 1 <br> Year + 0.88%), 0.75%, <br> 6/9/2029 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 554327 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 1.70%), 4.75%, <br> 6/21/2030 (a) (f)<br>| &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2242594 |
| Orsted A/S (EUR Swap Annual <br> 5 Year + 2.62%), 5.25%, <br> 12/8/3022 (a) (f)<br>| &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2381039 |
|  |  | &nbsp;&nbsp; 5177960 |
| **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** |
| Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 8.65%, <br> 1/24/2033 (b)<br>| &nbsp;&nbsp; 341000 | &nbsp;&nbsp; 348805 |
| **France — 8.8%** | **France — 8.8%** | **France — 8.8%** |
| Airbus SE |  |  |
| 1.63%, 6/9/2030 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1226287 |
| 1.38%, 5/13/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 324247 |
| Alstom SA (EURIBOR ICE Swap <br> Rate 5 Year + 2.93%), <br> 5.87%, 5/29/2029 (a) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1854569 |
| Altice France SA |  |  |
| 5.88%, 2/1/2027 (a) | &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2455212 |
| 3.38%, 1/15/2028 (a) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2126843 |
| 4.13%, 1/15/2029 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 305283 |
| Autoroutes du Sud de la <br> France SA<br>|  |  |
| 1.13%, 4/20/2026 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 929930 |
| 3.25%, 1/19/2033 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 693116 |
| AXA SA (EURIBOR 3 Month + <br> 3.75%), 3.38%, <br> 7/6/2047 (a) (f)<br>| &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 708160 |
| Banijay Entertainment SAS <br> 7.00%, 5/1/2029 (a)<br>| &nbsp;&nbsp; EUR1,268,000 | &nbsp;&nbsp; 1543429 |
| Bertrand Franchise Finance <br> SAS 6.50%, 7/18/2030 (a)<br>| &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 948017 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| BNP Paribas SA |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.35%), 8.50%, <br> 8/14/2028 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062164 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.90%), 7.75%, <br> 8/16/2029 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1071233 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 4.63%), 7.38%, <br> 6/11/2030 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 514866 |
| (EURIBOR 3 Month + <br> 0.95%), 4.13%, <br> 9/26/2032 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 614306 |
| (SOFR + 1.62%), 5.79%, <br> 1/13/2033 (b) (f)<br>| &nbsp;&nbsp; 2744000 | &nbsp;&nbsp; 2859198 |
| (SOFR + 1.92%), 5.91%, <br> 11/19/2035 (b) (f)<br>| &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 886420 |
| BPCE SA |  |  |
| (SOFR + 2.10%), 5.98%, <br> 1/18/2027 (b) (f)<br>| &nbsp;&nbsp; 2038000 | &nbsp;&nbsp; 2048105 |
| (EURIBOR 3 Month + <br> 1.00%), 0.50%, <br> 9/15/2027 (a) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 458407 |
| 4.38%, 7/13/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1099869 |
| (SOFR + 1.31%), 2.28%, <br> 1/20/2032 (b) (f)<br>| &nbsp;&nbsp; 3716000 | &nbsp;&nbsp; 3263645 |
| (SOFR + 1.73%), 3.12%, <br> 10/19/2032 (b) (f)<br>| &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 220832 |
| (SOFR + 2.04%), 6.29%, <br> 1/14/2036 (b) (f)<br>| &nbsp;&nbsp; 1077000 | &nbsp;&nbsp; 1133191 |
| Cerba Healthcare SACA <br> 3.50%, 5/31/2028 (a)<br>| &nbsp;&nbsp; EUR419,000 | &nbsp;&nbsp; 337659 |
| Chrome Holdco SAS 5.00%, <br> 5/31/2029 (a)<br>| &nbsp;&nbsp; EUR175,000 | &nbsp;&nbsp; 12907 |
| Cie de Saint-Gobain SA 3.50%, <br> 4/4/2033 (a)<br>| &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1989964 |
| Credit Agricole SA |  |  |
| (SOFR + 0.89%), 1.25%, <br> 1/26/2027 (b) (f)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986883 |
| (U.K. Government Bonds 1 <br> Year Note Generic Bid <br> Yield + 2.60%), 5.75%, <br> 11/29/2027 (a) (f)<br>| &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 684026 |
| 2.00%, 3/25/2029 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 225728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| (EURIBOR ICE Swap Rate 5 <br> Year + 4.21%), 6.50%, <br> 9/23/2029 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 368632 |
| (SOFR + 1.86%), 6.32%, <br> 10/3/2029 (b) (f)<br>| &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 1629842 |
| (SOFR + 1.74%), 5.86%, <br> 1/9/2036 (b) (f)<br>| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1298507 |
| Electricite de France SA |  |  |
| (EUR Swap Annual 5 Year + <br> 2.86%), 2.63%, <br> 12/1/2027 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 915101 |
| (EUR Swap Annual 5 Year + <br> 4.86%), 7.50%, <br> 9/6/2028 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2314145 |
| (EUR Swap Annual 5 Year + <br> 3.97%), 3.38%, <br> 6/15/2030 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2676695 |
| 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4609244 |
| Elis SA 1.63%, 4/3/2028 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1361306 |
| Engie SA 1.25%, <br> 10/24/2041 (a)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 150848 |
| Eutelsat SA |  |  |
| 1.50%, 10/13/2028 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1736467 |
| 9.75%, 4/13/2029 (a) | &nbsp;&nbsp; EUR1,250,000 | &nbsp;&nbsp; 1578528 |
| Forvia SE |  |  |
| 2.38%, 6/15/2027 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1842437 |
| 3.75%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,650,000 | &nbsp;&nbsp; 1922667 |
| 5.63%, 6/15/2030 (b) | &nbsp;&nbsp; EUR234,000 | &nbsp;&nbsp; 280876 |
| 5.63%, 6/15/2030 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 840226 |
| 5.50%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1548311 |
| iliad SA |  |  |
| 5.38%, 6/14/2027 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 727770 |
| 1.88%, 2/11/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1141929 |
| 5.38%, 2/15/2029 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 617823 |
| 5.63%, 2/15/2030 (a) | &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2888750 |
| Loxam SAS 4.50%, <br> 2/15/2027 (a)<br>| &nbsp;&nbsp; EUR388,000 | &nbsp;&nbsp; 457382 |
| Maya SAS |  |  |
| 5.63%, 10/15/2028 (a) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 534157 |
| 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 989531 |
| New Immo Holding SA |  |  |
| 3.25%, 7/23/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1372644 |
| 5.88%, 4/17/2028 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 477183 |
| Orange SA (EUR Swap Annual <br> 5 Year + 2.10%), 1.75%, <br> 7/15/2028 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1216623 |
| Paprec Holding SA |  |  |
| 3.50%, 7/1/2028 (a) | &nbsp;&nbsp; EUR1,073,000 | &nbsp;&nbsp; 1255396 |
| 4.13%, 7/15/2030 (b) | &nbsp;&nbsp; EUR648,000 | &nbsp;&nbsp; 766971 |
| 4.50%, 7/15/2032 (b) | &nbsp;&nbsp; EUR482,000 | &nbsp;&nbsp; 571750 |
| Picard Groupe SAS 6.38%, <br> 7/1/2029 (a)<br>| &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 733233 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| RCI Banque SA (EURIBOR ICE <br> Swap Rate 5 Year + <br> 2.75%), 5.50%, <br> 10/9/2034 (a) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1350969 |
| Renault SA |  |  |
| 2.00%, 9/28/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1042655 |
| 2.50%, 6/2/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 464948 |
| 1.13%, 10/4/2027 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2032089 |
| Rexel SA |  |  |
| 2.13%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2053259 |
| 5.25%, 9/15/2030 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 610702 |
| SNF Group SACA 4.50%, <br> 3/15/2032 (a)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1080624 |
| Societe Generale SA |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 3.93%), 4.75%, <br> 5/26/2026 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 393447 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 5.45%), 10.00%, <br> 11/14/2028 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 484253 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 3.79%), 8.13%, <br> 11/21/2029 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1083639 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.51%), 5.38%, <br> 11/18/2030 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 482621 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.60%), 6.10%, <br> 4/13/2033 (b) (f)<br>| &nbsp;&nbsp; 3277000 | &nbsp;&nbsp; 3421838 |
| TotalEnergies Capital <br> International SA 3.13%, <br> 5/29/2050<br>| &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 814766 |
| TotalEnergies Capital SA <br> 5.28%, 9/10/2054<br>| &nbsp;&nbsp; 2008000 | &nbsp;&nbsp; 1855302 |
| Valeo SE |  |  |
| 5.38%, 5/28/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1447014 |
| 4.50%, 4/11/2030 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1882421 |
| 5.13%, 5/20/2031 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 829734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 133

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Veolia Environnement SA |  |  |
| (EURIBOR ICE Swap Rate 5 <br> Year + 2.15%), 1.63%, <br> 6/1/2026 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1265143 |
| (EUR Swap Annual 5 Year + <br> 2.82%), 5.99%, <br> 11/22/2028 (a) (d) (e) <br> (f)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1125118 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 2.05%), 4.37%, <br> 5/20/2030 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1666506 |
| Vinci SA 1.75%, <br> 9/26/2030 (a)<br>| &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 110534 |
| Viridien |  |  |
| 8.50%, 10/15/2030 (b) | &nbsp;&nbsp; EUR386,000 | &nbsp;&nbsp; 452435 |
| 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; EUR850,000 | &nbsp;&nbsp; 996295 |
|  |  | &nbsp;&nbsp; 98355782 |
| **Germany — 7.0%** | **Germany — 7.0%** | **Germany — 7.0%** |
| Adler Pelzer Holding GmbH <br> 9.50%, 4/1/2027 (a)<br>| &nbsp;&nbsp; EUR393,000 | &nbsp;&nbsp; 456511 |
| Allianz SE (US Treasury Yield <br> Curve Rate T Note Constant <br> Maturity 5 Year + 2.77%), <br> 5.60%, 9/3/2054 (b) (f)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 406480 |
| Aroundtown Finance SARL <br> (EURIBOR ICE Swap Rate 5 <br> Year + 2.35%), 5.00%, <br> 4/16/2029 (d) (e) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 548381 |
| ASK Chemicals Deutschland <br> Holding GmbH<br>|  |  |
| 10.00%, 11/15/2029 (b) | &nbsp;&nbsp; EUR382,000 | &nbsp;&nbsp; 442244 |
| 10.00%, 11/15/2029 (a) | &nbsp;&nbsp; EUR350,000 | &nbsp;&nbsp; 405197 |
| Bayer AG (EUR Swap Annual 5 <br> Year + 3.90%), 7.00%, <br> 9/25/2083 (a) (f)<br>| &nbsp;&nbsp; EUR2,800,000 | &nbsp;&nbsp; 3569438 |
| Birkenstock Financing SARL <br> 5.25%, 4/30/2029 (a)<br>| &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2128008 |
| Cheplapharm Arzneimittel <br> GmbH<br>|  |  |
| 4.38%, 1/15/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1155693 |
| 7.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1562495 |
| 7.13%, 6/15/2031 (b) | &nbsp;&nbsp; EUR685,000 | &nbsp;&nbsp; 816403 |
| Commerzbank AG |  |  |
| (EUR Swap Annual 5 Year + <br> 4.35%), 4.00%, <br> 12/5/2030 (a) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 351045 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 5.13%), 7.88%, <br> 10/9/2031 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2367426 |
| Series 1061, (EURIBOR 3 <br> Month + 1.38%), 3.63%, <br> 1/14/2032 (a) (f)<br>| &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2959694 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| (EURIBOR 3 Month + <br> 1.25%), 4.00%, <br> 7/16/2032 (a) (f)<br>| &nbsp;&nbsp; EUR3,900,000 | &nbsp;&nbsp; 4688939 |
| CT Investment GmbH |  |  |
| 6.38%, 4/15/2030 (b) | &nbsp;&nbsp; EUR197,000 | &nbsp;&nbsp; 239351 |
| 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1579470 |
| Deutsche Bahn AG Series CB, <br> (EUR Swap Annual 5 Year + <br> 1.89%), 1.60%, <br> 7/18/2029 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 324205 |
| Deutsche Bank AG |  |  |
| (EURIBOR 3 Month + <br> 2.05%), 1.75%, <br> 11/19/2030 (a) (f)<br>| &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2092420 |
| (EURIBOR 3 Month + <br> 1.50%), 1.38%, <br> 2/17/2032 (a) (f)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 734289 |
| (SOFR + 2.26%), 3.74%, <br> 1/7/2033 (f)<br>| &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 412284 |
| (SOFR + 2.05%), 5.40%, <br> 9/11/2035 (f)<br>| &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1168509 |
| Evonik Industries AG (EUR <br> Swap Annual 5 Year + <br> 1.84%), 1.38%, <br> 9/2/2081 (a) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1139647 |
| Fressnapf Holding SE 5.25%, <br> 10/31/2031 (a)<br>| &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2755976 |
| Heidelberg Materials Finance <br> Luxembourg SA 4.88%, <br> 11/21/2033 (a)<br>| &nbsp;&nbsp; EUR4,150,000 | &nbsp;&nbsp; 5294942 |
| IHO Verwaltungs GmbH |  |  |
| (8.75% (Cash), <br> 5/15/2028 (a) (h) (i)<br>| &nbsp;&nbsp; EUR1,263,169 | &nbsp;&nbsp; 1544968 |
| 7.00% (Cash), <br> 11/15/2031 (a) (h)<br>| &nbsp;&nbsp; EUR1,873,000 | &nbsp;&nbsp; 2354726 |
| Nidda Healthcare Holding <br> GmbH<br>|  |  |
| 7.00%, 2/21/2030 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1951752 |
| 5.38%, 10/23/2030 (b) | &nbsp;&nbsp; EUR832,000 | &nbsp;&nbsp; 994846 |
| Phoenix PIB Dutch Finance BV <br> 4.88%, 7/10/2029 (a)<br>| &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2083996 |
| Progroup AG 5.13%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1058464 |
| Schaeffler AG |  |  |
| 3.38%, 10/12/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1519617 |
| 4.75%, 8/14/2029 (a) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2289441 |
| 5.38%, 4/1/2031 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1095912 |
| Siemens <br> Financieringsmaatschappij <br> NV 3.63%, 5/27/2036 (a)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 592757 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Techem <br> Verwaltungsgesellschaft <br> 675 mbH 5.38%, <br> 7/15/2029 (a)<br>| &nbsp;&nbsp; EUR2,046,000 | &nbsp;&nbsp; 2476645 |
| TK Elevator Midco GmbH <br> 4.38%, 7/15/2027 (a)<br>| &nbsp;&nbsp; EUR740,000 | &nbsp;&nbsp; 866301 |
| TUI Cruises GmbH |  |  |
| 6.25%, 4/15/2029 (b) | &nbsp;&nbsp; EUR124,000 | &nbsp;&nbsp; 151390 |
| 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1831330 |
| Volkswagen Group of America <br> Finance LLC 5.80%, <br> 3/27/2035 (b)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203672 |
| Volkswagen International <br> Finance NV<br>|  |  |
| (EUR Swap Annual 10 Year <br> + 3.98%), 4.63%, <br> 6/27/2028 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 355335 |
| 3.25%, 11/18/2030 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 700115 |
| Volkswagen Leasing GmbH <br> 4.00%, 4/11/2031 (a)<br>| &nbsp;&nbsp; EUR5,050,000 | &nbsp;&nbsp; 6086517 |
| Vonovia SE |  |  |
| 0.75%, 9/1/2032 (a) | &nbsp;&nbsp; EUR4,500,000 | &nbsp;&nbsp; 4371144 |
| 4.25%, 4/10/2034 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1203266 |
| Wintershall Dea Finance 2 BV <br> (EURIBOR ICE Swap Rate 5 <br> Year + 3.94%), 6.12%, <br> 5/8/2030 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1705708 |
| ZF Europe Finance BV |  |  |
| 2.00%, 2/23/2026 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1158887 |
| 2.50%, 10/23/2027 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 894959 |
| 6.13%, 3/13/2029 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 710904 |
| ZF Finance GmbH |  |  |
| 2.25%, 5/3/2028 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1630706 |
| 3.75%, 9/21/2028 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1224134 |
|  |  | &nbsp;&nbsp; 78656539 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| Alpha Bank SA (EURIBOR ICE <br> Swap Rate 5 Year + <br> 3.27%), 6.00%, <br> 9/13/2034 (a) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1255466 |
| Eurobank Ergasias Services <br> and Holdings SA (EUR Swap <br> Annual 5 Year + 3.71%), <br> 6.25%, 4/25/2034 (a) (f)<br>| &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1758299 |
| Piraeus Financial Holdings SA |  |  |
| (EUR Swap Annual 5 Year + <br> 4.77%), 7.25%, <br> 4/17/2034 (a) (f)<br>| &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1542025 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 3.15%), 5.38%, <br> 9/18/2035 (a) (f)<br>| &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 735576 |
|  |  | &nbsp;&nbsp; 5291366 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| Greenko Dutch BV 3.85%, <br> 3/29/2026 (b)<br>| &nbsp;&nbsp; 176000 | &nbsp;&nbsp; 173976 |
| Greenko Power II Ltd. 4.30%, <br> 12/13/2028 (b)<br>| &nbsp;&nbsp; 1447462 | &nbsp;&nbsp; 1375003 |
|  |  | &nbsp;&nbsp; 1548979 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Indonesia Asahan Aluminium <br> PT 5.45%, 5/15/2030 (b)<br>| &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1177267 |
| Pertamina Persero PT 3.65%, <br> 7/30/2029 (b)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 388500 |
| Perusahaan Perseroan Persero <br> PT Perusahaan Listrik <br> Negara 4.13%, <br> 5/15/2027 (a)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199224 |
|  |  | &nbsp;&nbsp; 1764991 |
| **Ireland — 1.7%** | **Ireland — 1.7%** | **Ireland — 1.7%** |
| AerCap Ireland Capital DAC |  |  |
| 6.10%, 1/15/2027 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 648887 |
| 5.75%, 6/6/2028 | &nbsp;&nbsp; 342000 | &nbsp;&nbsp; 354721 |
| 4.63%, 9/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151214 |
| 3.30%, 1/30/2032 | &nbsp;&nbsp; 3758000 | &nbsp;&nbsp; 3440567 |
| AIB Group plc (EUR Swap <br> Annual 1 Year + 1.95%), <br> 4.63%, 7/23/2029 (a) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 368227 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 1/15/2026 (b) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315447 |
| 6.38%, 5/4/2028 (b) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 298081 |
| 5.75%, 3/1/2029 (b) | &nbsp;&nbsp; 2030000 | &nbsp;&nbsp; 2100765 |
| 5.75%, 11/15/2029 (b) | &nbsp;&nbsp; 567000 | &nbsp;&nbsp; 588263 |
| 5.15%, 1/15/2030 (b) | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp; 1868318 |
| 5.38%, 5/30/2030 (b) | &nbsp;&nbsp; 6419000 | &nbsp;&nbsp; 6586343 |
| eircom Finance DAC |  |  |
| 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR1,810,000 | &nbsp;&nbsp; 2207150 |
| 5.00%, 4/30/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 595020 |
|  |  | &nbsp;&nbsp; 19523003 |
| **Italy — 6.2%** | **Italy — 6.2%** | **Italy — 6.2%** |
| Agrifarma SpA 4.50%, <br> 10/31/2028 (a)<br>| &nbsp;&nbsp; EUR1,550,000 | &nbsp;&nbsp; 1821635 |
| Autostrade per l'Italia SpA <br> 5.13%, 6/14/2033 (a)<br>| &nbsp;&nbsp; EUR1,850,000 | &nbsp;&nbsp; 2347652 |
| Banca Monte dei Paschi di <br> Siena SpA (EURIBOR 3 <br> Month + 1.30%), 3.50%, <br> 5/28/2031 (a) (f)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 823846 |
| Dolcetto Holdco SpA 5.63%, <br> 7/14/2032 (b)<br>| &nbsp;&nbsp; EUR545,000 | &nbsp;&nbsp; 652942 |
| Enel Finance International NV |  |  |
| 1.63%, 7/12/2026 (b) (j) | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 986203 |
| 3.50%, 4/6/2028 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196175 |
| 2.13%, 7/12/2028 (b) (j) | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 400119 |
| 0.75%, 6/17/2030 (a) (j) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 211499 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 135

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| 0.88%, 1/17/2031 (a) | &nbsp;&nbsp; EUR493,000 | &nbsp;&nbsp; 515284 |
| 2.50%, 7/12/2031 (b) (j) | &nbsp;&nbsp; 536000 | &nbsp;&nbsp; 477639 |
| 5.00%, 6/15/2032 (b) | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6067217 |
| Enel SpA |  |  |
| Series 63.5, (EUR Swap <br> Annual 5 Year + 2.58%), <br> 3.38%, 8/24/2026 (a) <br> (d) (e) (f)<br>| &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 938423 |
| Series 9.5Y, (EUR Swap <br> Annual 5 Year + 2.01%), <br> 1.88%, 6/8/2030 (a) <br> (d) (e) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 523435 |
| Eni SpA |  |  |
| 4.25%, 5/9/2029 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250250 |
| 5.75%, 5/19/2035 (b) | &nbsp;&nbsp; 5690000 | &nbsp;&nbsp; 5875131 |
| Fibercop SpA |  |  |
| 2.88%, 1/28/2026 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 233741 |
| 3.63%, 5/25/2026 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 470489 |
| 2.38%, 10/12/2027 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 575196 |
| 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR1,784,000 | &nbsp;&nbsp; 2237896 |
| 1.63%, 1/18/2029 | &nbsp;&nbsp; EUR1,402,000 | &nbsp;&nbsp; 1535809 |
| 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 1099102 |
| Generali |  |  |
| 2.43%, 7/14/2031 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 222792 |
| (EURIBOR 3 Month + <br> 5.35%), 5.50%, <br> 10/27/2047 (a) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 245848 |
| Guala Closures SpA 3.25%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; EUR1,134,000 | &nbsp;&nbsp; 1301649 |
| Infrastrutture Wireless Italiane <br> SpA<br>|  |  |
| 1.63%, 10/21/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 899795 |
| 3.75%, 4/1/2030 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 118752 |
| Intesa Sanpaolo SpA |  |  |
| (EUR Swap Annual 5 Year + <br> 7.19%), 7.75%, <br> 1/11/2027 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR276,000 | &nbsp;&nbsp; 339441 |
| (EUR Swap Annual 5 Year + <br> 5.56%), 6.38%, <br> 3/30/2028 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 246119 |
| 5.25%, 1/13/2030 (a) | &nbsp;&nbsp; EUR1,595,000 | &nbsp;&nbsp; 2047423 |
| 5.13%, 8/29/2031 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 258614 |
| (EURIBOR 3 Month + <br> 1.48%), 3.85%, <br> 9/16/2032 (a) (f)<br>| &nbsp;&nbsp; EUR3,150,000 | &nbsp;&nbsp; 3760502 |
| 6.63%, 6/20/2033 (b) | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1332704 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 2.75%), 4.95%, <br> 6/1/2042 (b) (f)<br>| &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 558948 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Lottomatica Group Spa |  |  |
| 4.88%, 1/31/2031 (b) | &nbsp;&nbsp; EUR472,000 | &nbsp;&nbsp; 565255 |
| 4.88%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1197573 |
| Lottomatica Group SpA <br> 5.38%, 6/1/2030 (a)<br>| &nbsp;&nbsp; EUR1,491,000 | &nbsp;&nbsp; 1806867 |
| Mundys SpA |  |  |
| 1.88%, 7/13/2027 (a) | &nbsp;&nbsp; EUR550,000 | &nbsp;&nbsp; 634231 |
| 1.88%, 2/12/2028 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1594615 |
| 4.75%, 1/24/2029 (a) | &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2943784 |
| Neopharmed Gentili SpA <br> 7.13%, 4/8/2030 (a)<br>| &nbsp;&nbsp; EUR1,428,000 | &nbsp;&nbsp; 1740626 |
| Pro-Gest SpA 3.25%, <br> 12/15/2024 (a) (g)<br>| &nbsp;&nbsp; EUR477,000 | &nbsp;&nbsp; 214846 |
| Rekeep SpA |  |  |
| 9.00%, 9/15/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 303814 |
| 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 698422 |
| Rossini SARL 6.75%, <br> 12/31/2029 (a)<br>| &nbsp;&nbsp; EUR2,032,000 | &nbsp;&nbsp; 2507191 |
| TeamSystem SpA 3.50%, <br> 2/15/2028 (a)<br>| &nbsp;&nbsp; EUR185,000 | &nbsp;&nbsp; 214434 |
| Telecom Italia Finance SA <br> 7.75%, 1/24/2033<br>| &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 144020 |
| Telecom Italia SpA |  |  |
| 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR1,096,000 | &nbsp;&nbsp; 1384573 |
| 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR1,760,000 | &nbsp;&nbsp; 2303719 |
| 1.63%, 1/18/2029 (a) | &nbsp;&nbsp; EUR898,000 | &nbsp;&nbsp; 1001497 |
| UniCredit SpA |  |  |
| (EURIBOR ICE Swap Rate 5 <br> Year + 7.33%), 7.50%, <br> 6/3/2026 (a) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 484339 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.20%), 1.98%, <br> 6/3/2027 (b) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196345 |
| (EUR Swap Annual 5 Year + <br> 4.61%), 4.45%, <br> 12/3/2027 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 234281 |
| (EURIBOR 3 Month + <br> 0.85%), 0.93%, <br> 1/18/2028 (a) (f)<br>| &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 687230 |
| (EURIBOR 3 Month + <br> 1.90%), 4.80%, <br> 1/17/2029 (a) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1350131 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 4.21%), 6.50%, <br> 12/3/2031 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1241318 |
| (EUR Swap Annual 5 Year + <br> 2.80%), 2.73%, <br> 1/15/2032 (a) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 232812 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.55%), 3.13%, <br> 6/3/2032 (b) (f)<br>| &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 376383 |
| (EURIBOR 3 Month + <br> 1.40%), 3.80%, <br> 1/16/2033 (a) (f)<br>| &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2367685 |
| 4.20%, 6/11/2034 (a) | &nbsp;&nbsp; EUR2,600,000 | &nbsp;&nbsp; 3123643 |
|  |  | &nbsp;&nbsp; 69121904 |
| **Jamaica — 0.1%** | **Jamaica — 0.1%** | **Jamaica — 0.1%** |
| Digicel International Finance <br> Ltd. 8.63%, 8/1/2032 (b)<br>| &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 618411 |
| **Japan — 0.7%** | **Japan — 0.7%** | **Japan — 0.7%** |
| Mitsubishi UFJ Financial Group, <br> Inc. (US Treasury Yield <br> Curve Rate T Note Constant <br> Maturity 1 Year + 0.83%), <br> 2.34%, 1/19/2028 (f)<br>| &nbsp;&nbsp; 707000 | &nbsp;&nbsp; 688573 |
| Nissan Motor Co. Ltd. 5.25%, <br> 7/17/2029 (b)<br>| &nbsp;&nbsp; EUR505,000 | &nbsp;&nbsp; 609437 |
| Rakuten Group, Inc. (EUR <br> Swap Annual 5 Year + <br> 4.49%), 4.25%, <br> 4/22/2027 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1806293 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>|  |  |
| 5.00%, 11/26/2028 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1135996 |
| 1.00%, 7/9/2029 | &nbsp;&nbsp; EUR363,000 | &nbsp;&nbsp; 395565 |
| 5.30%, 7/5/2034 | &nbsp;&nbsp; 2842000 | &nbsp;&nbsp; 2903376 |
|  |  | &nbsp;&nbsp; 7539240 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Waga Bondco Ltd. |  |  |
| 8.50%, 6/15/2030 (b) | &nbsp;&nbsp; GBP220,000 | &nbsp;&nbsp; 289173 |
| 8.50%, 6/15/2030 (a) | &nbsp;&nbsp; GBP900,000 | &nbsp;&nbsp; 1182981 |
|  |  | &nbsp;&nbsp; 1472154 |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |
| KazMunayGas National Co. JSC |  |  |
| 5.38%, 4/24/2030 (a) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 611028 |
| 5.75%, 4/19/2047 (a) | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp; 1452492 |
|  |  | &nbsp;&nbsp; 2063520 |
| **Luxembourg — 1.9%** | **Luxembourg — 1.9%** | **Luxembourg — 1.9%** |
| Altice Financing SA 3.00%, <br> 1/15/2028 (a)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 647287 |
| Altice France Holding SA |  |  |
| 8.00%, 5/15/2027 (a) (g) | &nbsp;&nbsp; EUR573,000 | &nbsp;&nbsp; 239115 |
| 4.00%, 2/15/2028 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 84933 |
| Essendi SA |  |  |
| 6.38%, 10/15/2029 (a) | &nbsp;&nbsp; EUR2,055,000 | &nbsp;&nbsp; 2540773 |
| 5.50%, 11/15/2031 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1557051 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Luxembourg — continued** | **Luxembourg — continued** | **Luxembourg — continued** |
| Herens Midco SARL 5.25%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; EUR1,503,000 | &nbsp;&nbsp; 1110884 |
| INEOS Finance plc |  |  |
| 6.63%, 5/15/2028 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 837177 |
| 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,398,000 | &nbsp;&nbsp; 1632511 |
| Logicor Financing SARL <br> 1.63%, 1/17/2030 (a)<br>| &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2176898 |
| Matterhorn Telecom SA <br> 3.13%, 9/15/2026 (a)<br>| &nbsp;&nbsp; EUR330,602 | &nbsp;&nbsp; 386781 |
| Monitchem HoldCo 3 SA <br> 8.75%, 5/1/2028 (a)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 590966 |
| PLT VII Finance SARL 6.00%, <br> 6/15/2031 (a)<br>| &nbsp;&nbsp; EUR1,677,000 | &nbsp;&nbsp; 2033009 |
| SELP Finance SARL, REIT |  |  |
| 0.88%, 5/27/2029 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1514490 |
| 3.75%, 1/16/2032 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2949787 |
| SES SA |  |  |
| (EURIBOR ICE Swap Rate 5 <br> Year + 3.19%), 2.88%, <br> 5/27/2026 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1832220 |
| 0.88%, 11/4/2027 (a) | &nbsp;&nbsp; EUR130,000 | &nbsp;&nbsp; 146109 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 3.23%), 5.50%, <br> 9/12/2054 (a) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1163763 |
|  |  | &nbsp;&nbsp; 21443754 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Petronas Capital Ltd. 3.40%, <br> 4/28/2061 (b)<br>| &nbsp;&nbsp; 1246000 | &nbsp;&nbsp; 822372 |
| **Mexico — 1.0%** | **Mexico — 1.0%** | **Mexico — 1.0%** |
| BBVA Mexico SA Institucion de <br> Banca Multiple Grupo <br> Financiero BBVA Mexico (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.65%), 5.13%, <br> 1/18/2033 (b) (c) (f)<br>| &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1257750 |
| Bimbo Bakeries USA, Inc. <br> 5.38%, 1/9/2036 (b)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Cemex SAB de CV (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 4.53%), 5.13%, <br> 6/8/2026 (b) (d) (e) (f)<br>| &nbsp;&nbsp; 1148000 | &nbsp;&nbsp; 1139849 |
| Comision Federal de <br> Electricidad 6.45%, <br> 1/24/2035 (b)<br>| &nbsp;&nbsp; 566000 | &nbsp;&nbsp; 568009 |
| FIEMEX Energia - Banco <br> Actinver SA Institucion de <br> Banca Multiple 7.25%, <br> 1/31/2041 (b)<br>| &nbsp;&nbsp; 1516467 | &nbsp;&nbsp; 1558519 |
| Petroleos Mexicanos |  |  |
| 8.75%, 6/2/2029 | &nbsp;&nbsp; 1273745 | &nbsp;&nbsp; 1348450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 137

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 1895000 | &nbsp;&nbsp; 1775615 |
| 10.00%, 2/7/2033 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 508071 |
| 6.63%, 6/15/2035 | &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 161637 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp; 763247 |
| Saavi Energia SARL 8.88%, <br> 2/10/2035 (b)<br>| &nbsp;&nbsp; 1185000 | &nbsp;&nbsp; 1259430 |
| Southern Copper Corp. <br> 5.88%, 4/23/2045<br>| &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140458 |
|  |  | &nbsp;&nbsp; 11481035 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| OCP SA |  |  |
| 6.10%, 4/30/2030 (b) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 576800 |
| 6.88%, 4/25/2044 (a) | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 939906 |
|  |  | &nbsp;&nbsp; 1516706 |
| **Netherlands — 1.8%** | **Netherlands — 1.8%** | **Netherlands — 1.8%** |
| ABN AMRO Bank NV (EUR <br> Swap Annual 5 Year + <br> 4.67%), 4.38%, <br> 9/22/2025 (a) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 234226 |
| BE Semiconductor Industries <br> NV 4.50%, 7/15/2031 (a)<br>| &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1449697 |
| Cooperatieve Rabobank UA |  |  |
| (EUR Swap Annual 5 Year + <br> 4.68%), 4.38%, <br> 6/29/2027 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1172034 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.22%), 3.65%, <br> 4/6/2028 (b) (f)<br>| &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 881969 |
| Flora Food Management BV <br> 6.88%, 7/2/2029 (a)<br>| &nbsp;&nbsp; EUR1,742,000 | &nbsp;&nbsp; 2038683 |
| ING Groep NV |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.34%), 5.75%, <br> 11/16/2026 (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 495717 |
| (USD SOFR ICE Swap Rate 5 <br> Year + 4.36%), 8.00%, <br> 5/16/2030 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 432935 |
| Koninklijke KPN NV (EURIBOR <br> ICE Swap Rate 5 Year + <br> 1.97%), 4.88%, <br> 6/18/2029 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 488720 |
| Q-Park Holding I BV |  |  |
| 2.00%, 3/1/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 460632 |
| 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; EUR1,193,000 | &nbsp;&nbsp; 1436911 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| 5.13%, 2/15/2030 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1808887 |
| Sunrise HoldCo IV BV 3.88%, <br> 6/15/2029 (a)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1732977 |
| Trivium Packaging Finance BV |  |  |
| 6.63%, 7/15/2030 (b) | &nbsp;&nbsp; EUR307,000 | &nbsp;&nbsp; 374670 |
| 6.63%, 7/15/2030 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1464508 |
| VZ Vendor Financing II BV <br> 2.88%, 1/15/2029 (a)<br>| &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 1954270 |
| Wolters Kluwer NV 3.75%, <br> 4/3/2031 (a)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 605613 |
| Ziggo Bond Co. BV 3.38%, <br> 2/28/2030 (a)<br>| &nbsp;&nbsp; EUR2,730,000 | &nbsp;&nbsp; 2798038 |
|  |  | &nbsp;&nbsp; 19830487 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| ANZ New Zealand Int'l Ltd. <br> 2.55%, 2/13/2030 (b)<br>| &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 457007 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| EDP Finance BV 1.50%, <br> 11/22/2027 (a)<br>| &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 863221 |
| EDP SA |  |  |
| (EURIBOR ICE Swap Rate 5 <br> Year + 2.40%), 4.63%, <br> 9/16/2054 (a) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1312225 |
| (EUR Swap Annual 5 Year + <br> 2.38%), 1.88%, <br> 8/2/2081 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 578842 |
| Series NC5., (EUR Swap <br> Annual 5 Year + 1.89%), <br> 1.50%, 3/14/2082 (a) <br> (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 458323 |
| (EUR Swap Annual 5 Year + <br> 3.18%), 5.94%, <br> 4/23/2083 (a) (f)<br>| &nbsp;&nbsp; EUR3,900,000 | &nbsp;&nbsp; 4832728 |
|  |  | &nbsp;&nbsp; 8045339 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| Gaci First Investment Co. |  |  |
| 4.88%, 2/14/2035 (a) | &nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1754512 |
| 5.38%, 1/29/2054 (a) | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp; 1536227 |
|  |  | &nbsp;&nbsp; 3290739 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Anglo American Capital plc |  |  |
| 5.50%, 5/2/2033 (b) | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp; 2224923 |
| 5.75%, 4/5/2034 (b) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1552920 |
|  |  | &nbsp;&nbsp; 3777843 |
| **Spain — 3.9%** | **Spain — 3.9%** | **Spain — 3.9%** |
| Abertis Infraestructuras <br> Finance BV<br>|  |  |
| (EUR Swap Annual 5 Year + <br> 3.27%), 2.63%, <br> 1/26/2027 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1956757 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| (EURIBOR ICE Swap Rate 5 <br> Year + 2.62%), 4.87%, <br> 11/28/2029 (a) (d) (e) <br> (f)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1806253 |
| Banco Bilbao Vizcaya <br> Argentaria SA (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 5.10%), 9.38%, <br> 3/19/2029 (c) (d) (e) (f)<br>| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1326376 |
| Banco de Sabadell SA |  |  |
| (EUR Swap Annual 5 Year + <br> 5.17%), 5.00%, <br> 5/19/2027 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 235201 |
| (EUR Swap Annual 5 Year + <br> 6.83%), 9.38%, <br> 7/18/2028 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 529405 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 1.25%), 3.50%, <br> 5/27/2031 (a) (f)<br>| &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1185787 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 1.25%), 3.38%, <br> 2/18/2033 (a) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 464441 |
| Banco Santander SA |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 0.90%), 1.72%, <br> 9/14/2027 (f)<br>| &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 778244 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 5.31%), 9.63%, <br> 11/21/2028 (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 664187 |
| (EUR Swap Annual 5 Year + <br> 4.43%), 7.00%, <br> 11/20/2029 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 752838 |
| 4.88%, 10/18/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 634813 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 5.30%), 9.63%, <br> 5/21/2033 (c) (d) (e) (f)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 471510 |
| Bankinter SA (EURIBOR ICE <br> Swap Rate 1 Year + <br> 1.10%), 3.50%, <br> 9/10/2032 (a) (f)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1786555 |
| CaixaBank SA |  |  |
| 1.13%, 3/27/2026 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1163007 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| (EURIBOR 3 Month + <br> 1.65%), 5.00%, <br> 7/19/2029 (a) (f)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 868294 |
| (EURIBOR ICE Swap Rate 5 <br> Year + 5.30%), 7.50%, <br> 1/16/2030 (a) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 519080 |
| (EURIBOR 3 Month + <br> 1.50%), 4.13%, <br> 2/9/2032 (a) (f)<br>| &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2926018 |
| (EURIBOR 3 Month + <br> 1.30%), 3.63%, <br> 9/19/2032 (a) (f)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1774912 |
| (EUR Swap Annual 5 Year + <br> 3.00%), 6.13%, <br> 5/30/2034 (a) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 254575 |
| (SOFR + 2.77%), 6.84%, <br> 9/13/2034 (b) (f)<br>| &nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2407646 |
| Cellnex Finance Co. SA 2.25%, <br> 4/12/2026 (a)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 583981 |
| Cirsa Finance International <br> SARL<br>|  |  |
| 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1337200 |
| 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR1,249,000 | &nbsp;&nbsp; 1520954 |
| eDreams ODIGEO SA 4.88%, <br> 12/30/2030 (b)<br>| &nbsp;&nbsp; EUR661,000 | &nbsp;&nbsp; 782486 |
| Grifols SA |  |  |
| 2.25%, 11/15/2027 (a) | &nbsp;&nbsp; EUR765,000 | &nbsp;&nbsp; 878765 |
| 3.88%, 10/15/2028 (a) | &nbsp;&nbsp; EUR925,000 | &nbsp;&nbsp; 1052990 |
| Grupo Antolin Irausa SA |  |  |
| 3.50%, 4/30/2028 (a) | &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 656628 |
| 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; EUR448,000 | &nbsp;&nbsp; 392763 |
| Iberdrola International BV <br> Series NC5, (EUR Swap <br> Annual 5 Year + 2.32%), <br> 1.87%, 1/28/2026 (a) (d) <br> (e) (f)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 348742 |
| Kaixo Bondco Telecom SA <br> 5.13%, 9/30/2029 (a)<br>| &nbsp;&nbsp; EUR1,142,000 | &nbsp;&nbsp; 1351954 |
| Lorca Telecom Bondco SA |  |  |
| 4.00%, 9/18/2027 (a) | &nbsp;&nbsp; EUR1,666,000 | &nbsp;&nbsp; 1951165 |
| 5.75%, 4/30/2029 (a) | &nbsp;&nbsp; EUR1,150,000 | &nbsp;&nbsp; 1399679 |
| Telefonica Emisiones SA <br> 4.67%, 3/6/2038<br>| &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135807 |
| Telefonica Europe BV |  |  |
| (EUR Swap Annual 8 Year + <br> 2.97%), 3.88%, <br> 6/22/2026 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1058954 |
| (EUR Swap Annual 6 Year + <br> 2.87%), 2.88%, <br> 2/24/2028 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1603566 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 139

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| (EUR Swap Annual 7 Year + <br> 3.35%), 6.14%, <br> 2/3/2030 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR3,800,000 | &nbsp;&nbsp; 4805637 |
| (EURIBOR ICE Swap Rate 8 <br> Year + 3.62%), 6.75%, <br> 6/7/2031 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 906325 |
|  |  | &nbsp;&nbsp; 43273495 |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| Asmodee Group AB |  |  |
| 5.75%, 12/15/2029 (b) | &nbsp;&nbsp; EUR104,000 | &nbsp;&nbsp; 127611 |
| 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR1,306,667 | &nbsp;&nbsp; 1603320 |
| Assemblin Caverion Group AB <br> 6.25%, 7/1/2030 (a)<br>| &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 977792 |
| Heimstaden Bostad AB (EUR <br> Swap Annual 5 Year + <br> 3.91%), 3.38%, <br> 1/15/2026 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1275075 |
| Samhallsbyggnadsbolaget I <br> Norden Holding AB 2.25%, <br> 7/12/2027 (a)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 971378 |
| Svenska Handelsbanken AB <br> (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + 4.05%), <br> 4.75%, 3/1/2031 (a) (c) <br> (d) (e) (f)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 935263 |
| Verisure Holding AB |  |  |
| 3.88%, 7/15/2026 (a) | &nbsp;&nbsp; EUR365,000 | &nbsp;&nbsp; 426408 |
| 3.25%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2099351 |
| 5.50%, 5/15/2030 (b) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 546650 |
| 5.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR879,000 | &nbsp;&nbsp; 1067789 |
| Verisure Midholding AB <br> 5.25%, 2/15/2029 (a)<br>| &nbsp;&nbsp; EUR1,450,000 | &nbsp;&nbsp; 1704358 |
| Volvo Car AB 2.50%, <br> 10/7/2027 (a)<br>| &nbsp;&nbsp; EUR740,000 | &nbsp;&nbsp; 857236 |
|  |  | &nbsp;&nbsp; 12592231 |
| **Switzerland — 1.7%** | **Switzerland — 1.7%** | **Switzerland — 1.7%** |
| Dufry One BV |  |  |
| 2.00%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,575,000 | &nbsp;&nbsp; 1815142 |
| 4.75%, 4/18/2031 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1207088 |
| Holcim Finance Luxembourg <br> SA<br>|  |  |
| 0.50%, 4/23/2031 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1415278 |
| 0.63%, 1/19/2033 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 480732 |
| Holcim Sterling Finance <br> Netherlands BV 2.25%, <br> 4/4/2034 (a)<br>| &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 315292 |
| Swiss Re Finance Luxembourg <br> SA (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + 3.58%), <br> 5.00%, 4/2/2049 (b) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200626 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Tyco Electronics Group SA <br> 3.25%, 1/31/2033<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 232721 |
| UBS Group AG |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 2.05%), 4.70%, <br> 8/5/2027 (b) (f)<br>| &nbsp;&nbsp; 1122000 | &nbsp;&nbsp; 1125145 |
| 4.28%, 1/9/2028 (b) | &nbsp;&nbsp; 1898000 | &nbsp;&nbsp; 1895701 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.75%), 9.25%, <br> 11/13/2028 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 641124 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 4.95%), 7.75%, <br> 3/1/2029 (a) (f)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 522996 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 0.78%), 2.88%, <br> 2/12/2030 (a) (f)<br>| &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1400079 |
| (SOFR + 3.73%), 4.19%, <br> 4/1/2031 (b) (f)<br>| &nbsp;&nbsp; 974000 | &nbsp;&nbsp; 962542 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.00%), 2.10%, <br> 2/11/2032 (b) (f)<br>| &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 246188 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 1.60%), 4.75%, <br> 3/17/2032 (a) (f)<br>| &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2509495 |
| (SOFR + 1.73%), 3.09%, <br> 5/14/2032 (b) (f)<br>| &nbsp;&nbsp; 561000 | &nbsp;&nbsp; 516363 |
| 0.63%, 1/18/2033 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 959602 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.10%), 2.75%, <br> 2/11/2033 (b) (f)<br>| &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 378988 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.76%), 9.25%, <br> 11/13/2033 (b) (c) (d) <br> (e) (f)<br>| &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 939511 |
| Zurich Insurance Co. Ltd. <br> (EURIBOR 3 Month + <br> 3.95%), 3.50%, <br> 10/1/2046 (a) (f)<br>| &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 824307 |
|  |  | &nbsp;&nbsp; 18588920 |
| **Taiwan — 0.1%** | **Taiwan — 0.1%** | **Taiwan — 0.1%** |
| TSMC Arizona Corp. 4.25%, <br> 4/22/2032<br>| &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 379574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| TSMC Global Ltd. |  |  |
| 1.25%, 4/23/2026 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 687337 |
| 2.25%, 4/23/2031 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 627830 |
|  |  | &nbsp;&nbsp; 1694741 |
| **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** |
| Trinidad Generation UnLtd. <br> 7.75%, 6/16/2033 (b)<br>| &nbsp;&nbsp; 491000 | &nbsp;&nbsp; 514907 |
| **United Kingdom — 7.8%** | **United Kingdom — 7.8%** | **United Kingdom — 7.8%** |
| 888 Acquisitions Ltd. |  |  |
| 7.56%, 7/15/2027 (b) | &nbsp;&nbsp; EUR230,000 | &nbsp;&nbsp; 269295 |
| 7.56%, 7/15/2027 (a) | &nbsp;&nbsp; EUR685,000 | &nbsp;&nbsp; 800997 |
| Amber Finco plc 6.63%, <br> 7/15/2029 (a)<br>| &nbsp;&nbsp; EUR2,015,000 | &nbsp;&nbsp; 2480112 |
| AstraZeneca plc |  |  |
| 0.38%, 6/3/2029 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 752238 |
| 4.00%, 9/18/2042 | &nbsp;&nbsp; 3290000 | &nbsp;&nbsp; 2795423 |
| Barclays plc |  |  |
| (SOFR + 2.22%), 6.49%, <br> 9/13/2029 (f)<br>| &nbsp;&nbsp; 2770000 | &nbsp;&nbsp; 2936183 |
| (GBP SWAP OIS SONIA 1 <br> Year + 2.55%), 7.09%, <br> 11/6/2029 (a) (f)<br>| &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 718105 |
| (SONIA + 2.06%), 5.85%, <br> 3/21/2035 (a) (f)<br>| &nbsp;&nbsp; GBP2,000,000 | &nbsp;&nbsp; 2711484 |
| (EURIBOR ICE Swap Rate 1 <br> Year + 1.55%), 4.35%, <br> 5/8/2035 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 606238 |
| BAT Capital Corp. 7.08%, <br> 8/2/2043<br>| &nbsp;&nbsp; 2505000 | &nbsp;&nbsp; 2778774 |
| BCP V Modular Services <br> Finance II plc<br>|  |  |
| 4.75%, 11/30/2028 (a) | &nbsp;&nbsp; EUR550,000 | &nbsp;&nbsp; 604524 |
| 6.50%, 7/10/2031 (b) | &nbsp;&nbsp; EUR961,000 | &nbsp;&nbsp; 1053290 |
| Bellis Acquisition Co. plc |  |  |
| 8.13%, 5/14/2030 (a) | &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 649441 |
| 8.00%, 7/1/2031 (b) | &nbsp;&nbsp; EUR615,000 | &nbsp;&nbsp; 729099 |
| Boots Group Finco LP 5.38%, <br> 8/31/2032 (b)<br>| &nbsp;&nbsp; EUR316,000 | &nbsp;&nbsp; 379384 |
| Cadent Finance plc |  |  |
| 0.63%, 3/19/2030 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 837953 |
| 3.75%, 4/16/2033 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1531589 |
| Centrica plc 4.38%, <br> 3/13/2029 (a)<br>| &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 267827 |
| EC Finance plc 3.25%, <br> 10/15/2026 (a) (j)<br>| &nbsp;&nbsp; EUR1,099,000 | &nbsp;&nbsp; 1266396 |
| Eversholt Funding plc 2.74%, <br> 6/30/2040 (a)<br>| &nbsp;&nbsp; GBP615,390 | &nbsp;&nbsp; 699382 |
| Gatwick Funding Ltd. 2.50%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 853771 |
| Hammerson plc, REIT 5.88%, <br> 10/8/2036 (a)<br>| &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 651830 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Heathrow Funding Ltd. |  |  |
| 1.50%, 10/12/2025 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 935188 |
| 6.75%, 12/3/2026 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 415092 |
| 1.50%, 2/11/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 326985 |
| 1.13%, 10/8/2030 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1057232 |
| 6.00%, 3/5/2032 (a) | &nbsp;&nbsp; GBP400,000 | &nbsp;&nbsp; 543696 |
| 4.50%, 7/11/2033 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 619044 |
| 1.88%, 3/14/2034 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 254344 |
| 5.88%, 5/13/2041 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 384917 |
| HSBC Holdings plc |  |  |
| 5.75%, 12/20/2027 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 276633 |
| (SOFR + 2.61%), 5.21%, <br> 8/11/2028 (f)<br>| &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 386051 |
| (SOFR + 1.73%), 2.01%, <br> 9/22/2028 (f)<br>| &nbsp;&nbsp; 3260000 | &nbsp;&nbsp; 3112566 |
| (3-MONTH CME TERM SOFR <br> + 1.87%), 3.97%, <br> 5/22/2030 (f)<br>| &nbsp;&nbsp; 374000 | &nbsp;&nbsp; 368072 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 3.65%), 4.60%, <br> 12/17/2030 (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 644510 |
| (SOFR + 1.41%), 2.87%, <br> 11/22/2032 (f)<br>| &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 395888 |
| Iceland Bondco plc 10.88%, <br> 12/15/2027 (a)<br>| &nbsp;&nbsp; GBP666,000 | &nbsp;&nbsp; 952564 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 932587 |
| 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; EUR824,000 | &nbsp;&nbsp; 897212 |
| INEOS Styrolution <br> Ludwigshafen GmbH <br> 2.25%, 1/16/2027 (a)<br>| &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 455386 |
| Jaguar Land Rover Automotive <br> plc<br>|  |  |
| 4.50%, 1/15/2026 (a) | &nbsp;&nbsp; EUR280,000 | &nbsp;&nbsp; 328058 |
| 4.50%, 7/15/2028 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 710034 |
| Lloyds Banking Group plc |  |  |
| 4.58%, 12/10/2025 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199904 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 1.48%), 5.99%, <br> 8/7/2027 (f)<br>| &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 415722 |
| Mobico Group plc (U.K. <br> Government Bonds 5 Year <br> Note Generic Bid Yield + <br> 4.14%), 4.25%, <br> 11/26/2025 (a) (d) (e) (f)<br>| &nbsp;&nbsp; GBP194,000 | &nbsp;&nbsp; 178010 |
| Motability Operations Group <br> plc 3.50%, 7/17/2031 (a)<br>| &nbsp;&nbsp; EUR2,200,000 | &nbsp;&nbsp; 2609687 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 141

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| National Grid plc |  |  |
| 2.18%, 6/30/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1051990 |
| 0.25%, 9/1/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 874186 |
| 4.28%, 1/16/2035 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1206792 |
| Nationwide Building Society <br> (EURIBOR 3 Month + <br> 1.15%), 3.83%, <br> 7/24/2032 (a) (f)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 598317 |
| NatWest Group plc |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 5.63%), 6.00%, <br> 12/29/2025 (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350256 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 2.27%), 5.52%, <br> 9/30/2028 (f)<br>| &nbsp;&nbsp; 1885000 | &nbsp;&nbsp; 1931362 |
| (EURIBOR 3 Month + <br> 0.89%), 0.67%, <br> 9/14/2029 (a) (f)<br>| &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2742634 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 3.75%), 8.13%, <br> 11/10/2033 (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 442894 |
| NGG Finance plc (EUR Swap <br> Annual 5 Year + 2.53%), <br> 2.13%, 9/5/2082 (a) (f)<br>| &nbsp;&nbsp; EUR1,730,000 | &nbsp;&nbsp; 1983219 |
| Nomad Foods Bondco plc <br> 2.50%, 6/24/2028 (a)<br>| &nbsp;&nbsp; EUR1,475,000 | &nbsp;&nbsp; 1681749 |
| OEG Finance plc 7.25%, <br> 9/27/2029 (a)<br>| &nbsp;&nbsp; EUR1,159,000 | &nbsp;&nbsp; 1412566 |
| PeopleCert Wisdom Issuer plc <br> 5.75%, 9/15/2026 (a)<br>| &nbsp;&nbsp; EUR1,150,000 | &nbsp;&nbsp; 1343485 |
| Pinnacle Bidco plc 8.25%, <br> 10/11/2028 (a)<br>| &nbsp;&nbsp; EUR1,187,000 | &nbsp;&nbsp; 1456139 |
| Punch Finance plc |  |  |
| 7.88%, 12/30/2030 (b) | &nbsp;&nbsp; GBP571,000 | &nbsp;&nbsp; 792666 |
| 7.88%, 12/30/2030 (a) | &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 971744 |
| RAC Bond Co. plc 5.25%, <br> 11/4/2027 (a)<br>| &nbsp;&nbsp; GBP1,319,000 | &nbsp;&nbsp; 1760456 |
| RELX Finance BV 0.88%, <br> 3/10/2032 (a)<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 508104 |
| Santander UK Group Holdings <br> plc<br>|  |  |
| (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (f)<br>| &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 880835 |
| (SOFR + 2.60%), 6.53%, <br> 1/10/2029 (f)<br>| &nbsp;&nbsp; 3165000 | &nbsp;&nbsp; 3315414 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| South Eastern Power Networks <br> plc 5.63%, 9/30/2030 (a)<br>| &nbsp;&nbsp; GBP400,000 | &nbsp;&nbsp; 558564 |
| Standard Chartered plc |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 3.45%), 7.77%, <br> 11/16/2028 (b) (f)<br>| &nbsp;&nbsp; 2170000 | &nbsp;&nbsp; 2320207 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 1 Year + <br> 3.85%), 4.64%, <br> 4/1/2031 (b) (f)<br>| &nbsp;&nbsp; 2850000 | &nbsp;&nbsp; 2855344 |
| Synthomer plc 7.38%, <br> 5/2/2029 (a)<br>| &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1487166 |
| Virgin Media Finance plc <br> 3.75%, 7/15/2030 (a)<br>| &nbsp;&nbsp; EUR670,000 | &nbsp;&nbsp; 755933 |
| Vmed O2 UK Financing I plc |  |  |
| 4.00%, 1/31/2029 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 254320 |
| 3.25%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1570225 |
| 5.63%, 4/15/2032 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1316961 |
| Vodafone Group plc |  |  |
| 5.75%, 6/28/2054 | &nbsp;&nbsp; 2595000 | &nbsp;&nbsp; 2478806 |
| (EUR Swap Annual 5 Year + <br> 3.43%), 4.20%, <br> 10/3/2078 (a) (f)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1076691 |
| (USD Swap Semi 5 Year + <br> 4.87%), 7.00%, <br> 4/4/2079 (f)<br>| &nbsp;&nbsp; 429000 | &nbsp;&nbsp; 452671 |
| (EUR Swap Annual 5 Year + <br> 3.48%), 3.00%, <br> 8/27/2080 (a) (f)<br>| &nbsp;&nbsp; EUR1,525,000 | &nbsp;&nbsp; 1705586 |
| (EUR Swap Annual 5 Year + <br> 3.49%), 6.50%, <br> 8/30/2084 (a) (f)<br>| &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1909965 |
|  |  | &nbsp;&nbsp; 87819964 |
| **United States — 10.9%** | **United States — 10.9%** | **United States — 10.9%** |
| AbbVie, Inc. |  |  |
| 5.05%, 3/15/2034 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1467023 |
| 4.25%, 11/21/2049 | &nbsp;&nbsp; 897000 | &nbsp;&nbsp; 730850 |
| Accenture Capital, Inc. |  |  |
| 4.25%, 10/4/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 169456 |
| 4.50%, 10/4/2034 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 224643 |
| AES Corp. (The) 3.95%, <br> 7/15/2030 (b)<br>| &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 40533 |
| American Express Co. |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.85%), 3.55%, <br> 9/15/2026 (d) (e) (f)<br>| &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 101480 |
| (SOFR + 1.79%), 5.67%, <br> 4/25/2036 (f)<br>| &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| American Medical Systems <br> Europe BV 1.63%, <br> 3/8/2031<br>| &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 108710 |
| Ardagh Packaging Finance plc <br> 2.13%, 8/15/2026 (a)<br>| &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2165814 |
| AT&T, Inc. |  |  |
| 3.50%, 9/15/2053 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 87031 |
| 3.55%, 9/15/2055 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 65830 |
| 6.05%, 8/15/2056 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 693757 |
| Bank of America Corp. |  |  |
| (SOFR + 1.29%), 5.08%, <br> 1/20/2027 (f)<br>| &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210496 |
| (SOFR + 1.05%), 2.55%, <br> 2/4/2028 (f)<br>| &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 171005 |
| (SOFR + 1.63%), 5.20%, <br> 4/25/2029 (f)<br>| &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512683 |
| (SOFR + 1.57%), 5.82%, <br> 9/15/2029 (f)<br>| &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1128930 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.68%), 6.63%, <br> 5/1/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 317000 | &nbsp;&nbsp; 326354 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.35%), 6.25%, <br> 7/26/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 970866 |
| Series N, (SOFR + 1.22%), <br> 2.65%, 3/11/2032 (f)<br>| &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 509002 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/2032 (f)<br>| &nbsp;&nbsp; 249000 | &nbsp;&nbsp; 225889 |
| (SOFR + 1.22%), 2.30%, <br> 7/21/2032 (f)<br>| &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 414772 |
| (SOFR + 1.65%), 5.47%, <br> 1/23/2035 (f)<br>| &nbsp;&nbsp; 312000 | &nbsp;&nbsp; 322392 |
| (SOFR + 1.91%), 5.43%, <br> 8/15/2035 (f)<br>| &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 800210 |
| (SOFR + 1.31%), 5.51%, <br> 1/24/2036 (f)<br>| &nbsp;&nbsp; 196000 | &nbsp;&nbsp; 201918 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.00%), 3.85%, <br> 3/8/2037 (f)<br>| &nbsp;&nbsp; 812000 | &nbsp;&nbsp; 749954 |
| Baxter International, Inc. <br> 2.54%, 2/1/2032<br>| &nbsp;&nbsp; 156000 | &nbsp;&nbsp; 135712 |
| Berkshire Hathaway Energy <br> Co. 4.60%, 5/1/2053<br>| &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 39017 |
| Berry Global, Inc. 5.80%, <br> 6/15/2031<br>| &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 804768 |
| BG Energy Capital plc 2.25%, <br> 11/21/2029 (a)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 228244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Boeing Co. (The) |  |  |
| 3.25%, 2/1/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42666 |
| 5.81%, 5/1/2050 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 197136 |
| 3.95%, 8/1/2059 | &nbsp;&nbsp; 377000 | &nbsp;&nbsp; 259584 |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 2.72%, 1/12/2032 | &nbsp;&nbsp; 881000 | &nbsp;&nbsp; 793601 |
| 4.81%, 2/13/2033 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2407649 |
| BP Capital Markets BV 3.36%, <br> 9/12/2031 (a)<br>| &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1419583 |
| BP Capital Markets plc |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.04%), 4.38%, <br> 9/1/2025 (d) (e) (f)<br>| &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 42948 |
| (EUR Swap Annual 5 Year + <br> 3.52%), 3.25%, <br> 3/22/2026 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1579804 |
| (EUR Swap Annual 5 Year + <br> 3.78%), 3.63%, <br> 3/22/2029 (a) (d) (e) (f)<br>| &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 232617 |
| Brightstar Lottery plc 2.38%, <br> 4/15/2028 (a)<br>| &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2178126 |
| Bristol-Myers Squibb Co. |  |  |
| 5.20%, 2/22/2034 | &nbsp;&nbsp; 4297000 | &nbsp;&nbsp; 4411750 |
| 5.55%, 2/22/2054 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 221790 |
| 5.65%, 2/22/2064 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 148460 |
| Broadcom, Inc. |  |  |
| 4.55%, 2/15/2032 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 179158 |
| 3.47%, 4/15/2034 (b) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 439502 |
| 3.14%, 11/15/2035 (b) | &nbsp;&nbsp; 1838000 | &nbsp;&nbsp; 1555153 |
| Carnival plc 4.13%, <br> 7/15/2031 (b)<br>| &nbsp;&nbsp; EUR959,000 | &nbsp;&nbsp; 1131600 |
| Carrier Global Corp. 4.50%, <br> 11/29/2032<br>| &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 622760 |
| CCO Holdings LLC 5.13%, <br> 5/1/2027 (b)<br>| &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 139294 |
| Cencora, Inc. |  |  |
| 2.70%, 3/15/2031 | &nbsp;&nbsp; 3591000 | &nbsp;&nbsp; 3290849 |
| 3.63%, 5/22/2032 | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 590851 |
| CF Industries, Inc. 4.95%, <br> 6/1/2043<br>| &nbsp;&nbsp; 224000 | &nbsp;&nbsp; 200275 |
| Charter Communications <br> Operating LLC<br>|  |  |
| 3.70%, 4/1/2051 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp; 198348 |
| 3.90%, 6/1/2052 | &nbsp;&nbsp; 282000 | &nbsp;&nbsp; 186877 |
| 5.25%, 4/1/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 134867 |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 6/30/2033 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 565398 |
| 5.75%, 8/15/2034 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp; 1761455 |
| 5.55%, 10/30/2035 (b) | &nbsp;&nbsp; 2120000 | &nbsp;&nbsp; 2139484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 143

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Citigroup, Inc. |  |  |
| Series W, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 3.60%), 4.00%, <br> 12/10/2025 (d) (e) (f)<br>| &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 158499 |
| Series X, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 3.42%), 3.88%, <br> 2/18/2026 (d) (e) (f)<br>| &nbsp;&nbsp; 686000 | &nbsp;&nbsp; 677996 |
| Series CC, (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.69%), 7.13%, <br> 8/15/2029 (d) (e) (f)<br>| &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 685955 |
| Series EE, (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.57%), 6.75%, <br> 2/15/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 292350 |
| Series FF, (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.73%), 6.95%, <br> 2/15/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 413000 | &nbsp;&nbsp; 419357 |
| Series GG, (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.89%), 6.87%, <br> 8/15/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 498579 |
| (SOFR + 1.34%), 4.54%, <br> 9/19/2030 (f)<br>| &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 758421 |
| (SOFR + 1.17%), 2.56%, <br> 5/1/2032 (f)<br>| &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 287355 |
| (SOFR + 1.18%), 2.52%, <br> 11/3/2032 (f)<br>| &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 123939 |
| (SOFR + 2.34%), 6.27%, <br> 11/17/2033 (f)<br>| &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270942 |
| (SOFR + 2.06%), 5.83%, <br> 2/13/2035 (f)<br>| &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 421518 |
| (SOFR + 1.47%), 5.33%, <br> 3/27/2036 (f)<br>| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1056021 |
| (EURIBOR 3 Month + <br> 1.61%), 4.30%, <br> 7/23/2036 (f)<br>| &nbsp;&nbsp; EUR416,000 | &nbsp;&nbsp; 489016 |
| Columbia Pipelines Operating <br> Co. LLC<br>|  |  |
| 5.93%, 8/15/2030 (b) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 850769 |
| 6.04%, 11/15/2033 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211714 |
| Comcast Corp. |  |  |
| 2.80%, 1/15/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 77060 |
| 5.35%, 5/15/2053 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1252239 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 2.94%, 11/1/2056 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 166968 |
| Constellation Energy <br> Generation LLC 5.60%, <br> 6/15/2042<br>| &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 76564 |
| Corebridge Financial, Inc. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.65%), 6.38%, <br> 9/15/2054 (f)<br>| &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 181188 |
| Coterra Energy, Inc. 5.40%, <br> 2/15/2035<br>| &nbsp;&nbsp; 338000 | &nbsp;&nbsp; 336585 |
| Crown Castle, Inc., REIT <br> 4.80%, 9/1/2028<br>| &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192258 |
| Diamondback Energy, Inc. |  |  |
| 3.13%, 3/24/2031 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 256557 |
| 5.75%, 4/18/2054 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 537476 |
| Dominion Energy, Inc. |  |  |
| Series B, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.51%), 7.00%, <br> 6/1/2054 (f)<br>| &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64214 |
| Series A, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.39%), 6.88%, <br> 2/1/2055 (f)<br>| &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104528 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.21%), 6.63%, <br> 5/15/2055 (f)<br>| &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 645380 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.26%), 6.00%, <br> 2/15/2056 (f)<br>| &nbsp;&nbsp; 804000 | &nbsp;&nbsp; 811813 |
| Duke Energy Indiana LLC <br> 5.40%, 4/1/2053<br>| &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 33295 |
| Duke Energy Ohio, Inc. |  |  |
| 5.25%, 4/1/2033 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46362 |
| 5.65%, 4/1/2053 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14691 |
| Duke Energy Progress LLC <br> 5.55%, 3/15/2055<br>| &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14595 |
| Duquesne Light Holdings, Inc. <br> 2.78%, 1/7/2032 (b)<br>| &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 123127 |
| Edison International (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 3.86%), 8.13%, <br> 6/15/2053 (f)<br>| &nbsp;&nbsp; 344000 | &nbsp;&nbsp; 344122 |
| EMRLD Borrower LP 6.38%, <br> 12/15/2030 (a)<br>| &nbsp;&nbsp; EUR1,432,000 | &nbsp;&nbsp; 1748018 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Energy Transfer LP |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 4.02%), 8.00%, <br> 5/15/2054 (f)<br>| &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 522051 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.68%), 6.50%, <br> 2/15/2056 (f)<br>| &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1529962 |
| Entergy Corp. (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.67%), 7.13%, <br> 12/1/2054 (f)<br>| &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177047 |
| Entergy Mississippi LLC <br> 5.80%, 4/15/2055<br>| &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 48782 |
| Entergy Texas, Inc. 1.75%, <br> 3/15/2031<br>| &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 100330 |
| Enterprise Products <br> Operating LLC 5.55%, <br> 2/16/2055<br>| &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10498 |
| Exelon Corp. (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 1.98%), 6.50%, <br> 3/15/2055 (f)<br>| &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123950 |
| Expand Energy Corp. |  |  |
| 5.38%, 3/15/2030 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 863624 |
| 5.70%, 1/15/2035 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp; 387547 |
| Fells Point Funding Trust <br> 3.05%, 1/31/2027 (b)<br>| &nbsp;&nbsp; 274000 | &nbsp;&nbsp; 269290 |
| FirstEnergy Transmission LLC <br> 2.87%, 9/15/2028 (b)<br>| &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 677623 |
| Ford Motor Credit Co. LLC <br> 7.20%, 6/10/2030<br>| &nbsp;&nbsp; 716000 | &nbsp;&nbsp; 760687 |
| Foundry JV Holdco LLC <br> 5.50%, 1/25/2031 (b)<br>| &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 269986 |
| Freeport-McMoRan, Inc. |  |  |
| 4.13%, 3/1/2028 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 118395 |
| 4.25%, 3/1/2030 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp; 157066 |
| 4.63%, 8/1/2030 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp; 203447 |
| General Electric Co. 4.13%, <br> 9/19/2035 (a)<br>| &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 122168 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 2.35%, 1/8/2031 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 409730 |
| 5.60%, 6/18/2031 | &nbsp;&nbsp; 334000 | &nbsp;&nbsp; 344941 |
| 5.90%, 1/7/2035 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1183079 |
| Gilead Sciences, Inc. |  |  |
| 2.80%, 10/1/2050 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 193297 |
| 5.55%, 10/15/2053 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 116398 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| Series T, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.97%), 3.80%, <br> 5/10/2026 (d) (e) (f)<br>| &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 456204 |
| (SOFR + 0.91%), 1.95%, <br> 10/21/2027 (f)<br>| &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 345666 |
| Series X, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.81%), 7.50%, <br> 5/10/2029 (d) (e) (f)<br>| &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 855534 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.46%), 6.85%, <br> 2/10/2030 (d) (e) (f)<br>| &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 211124 |
| (SOFR + 1.14%), 4.69%, <br> 10/23/2030 (f)<br>| &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 697583 |
| (SOFR + 1.08%), 5.21%, <br> 1/28/2031 (f)<br>| &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 329733 |
| (SOFR + 1.58%), 5.22%, <br> 4/23/2031 (f)<br>| &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 402650 |
| (SOFR + 1.28%), 2.62%, <br> 4/22/2032 (f)<br>| &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 261726 |
| (SOFR + 1.25%), 2.38%, <br> 7/21/2032 (f)<br>| &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 168301 |
| (SOFR + 1.26%), 2.65%, <br> 10/21/2032 (f)<br>| &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 268221 |
| (SOFR + 1.55%), 5.33%, <br> 7/23/2035 (f)<br>| &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 386471 |
| (SOFR + 1.42%), 5.02%, <br> 10/23/2035 (f)<br>| &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 166945 |
| Gray Oak Pipeline LLC, 2.60%, <br> 10/15/2025 (b)<br>| &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49841 |
| HCA, Inc. |  |  |
| 5.20%, 6/1/2028 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 174130 |
| 2.38%, 7/15/2031 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 326187 |
| 5.75%, 3/1/2035 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 812675 |
| 5.50%, 6/15/2047 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 84166 |
| 5.25%, 6/15/2049 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 441415 |
| 3.50%, 7/15/2051 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 98438 |
| 4.63%, 3/15/2052 | &nbsp;&nbsp; 614000 | &nbsp;&nbsp; 487595 |
| 5.95%, 9/15/2054 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 474284 |
| Healthpeak OP LLC, REIT <br> 5.25%, 12/15/2032<br>| &nbsp;&nbsp; 367000 | &nbsp;&nbsp; 375237 |
| Hyundai Capital America |  |  |
| 3.50%, 11/2/2026 (b) | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 549230 |
| 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148441 |
| 6.50%, 1/16/2029 (b) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116592 |
| 5.40%, 1/8/2031 (b) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196141 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 145

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| IGT Lottery Holdings BV <br> 4.25%, 3/15/2030 (a)<br>| &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 354634 |
| JBS USA Holding Lux SARL |  |  |
| 6.75%, 3/15/2034 | &nbsp;&nbsp; 1043000 | &nbsp;&nbsp; 1143795 |
| 5.50%, 1/15/2036 (b) | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1424685 |
| 4.38%, 2/2/2052 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 91448 |
| 7.25%, 11/15/2053 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 321974 |
| JBS USA LUX SARL 5.95%, <br> 4/20/2035 (b)<br>| &nbsp;&nbsp; 2565000 | &nbsp;&nbsp; 2666625 |
| KeyCorp (SOFRINDX + 2.42%), <br> 6.40%, 3/6/2035 (f)<br>| &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 692875 |
| Kinder Morgan, Inc. 5.20%, <br> 6/1/2033<br>| &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 232677 |
| Marriott International, Inc. <br> 5.35%, 3/15/2035<br>| &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 222116 |
| Mars, Inc. |  |  |
| 5.20%, 3/1/2035 (b) | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 464265 |
| 5.65%, 5/1/2045 (b) | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 102524 |
| Marvell Technology, Inc. |  |  |
| 2.95%, 4/15/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 293942 |
| 5.45%, 7/15/2035 | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 353916 |
| Meta Platforms, Inc. |  |  |
| 4.45%, 8/15/2052 | &nbsp;&nbsp; 148000 | &nbsp;&nbsp; 123309 |
| 5.40%, 8/15/2054 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 474845 |
| Metropolitan Life Global <br> Funding I 3.30%, <br> 3/21/2029 (b)<br>| &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 179941 |
| Micron Technology, Inc. <br> 6.05%, 11/1/2035<br>| &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52533 |
| Morgan Stanley |  |  |
| (SOFR + 0.88%), 1.59%, <br> 5/4/2027 (f)<br>| &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 677145 |
| (SOFR + 1.61%), 4.21%, <br> 4/20/2028 (f)<br>| &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315056 |
| (SOFR + 1.73%), 5.12%, <br> 2/1/2029 (f)<br>| &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 464711 |
| (SOFR + 1.59%), 5.16%, <br> 4/20/2029 (f)<br>| &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 587859 |
| (SOFR + 1.63%), 5.45%, <br> 7/20/2029 (f)<br>| &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 897763 |
| (SOFR + 1.10%), 4.65%, <br> 10/18/2030 (f)<br>| &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 767304 |
| (SOFR + 1.11%), 5.23%, <br> 1/15/2031 (f)<br>| &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 619319 |
| (SOFR + 1.51%), 5.19%, <br> 4/17/2031 (f)<br>| &nbsp;&nbsp; 497000 | &nbsp;&nbsp; 512295 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/2032 (f)<br>| &nbsp;&nbsp; 173000 | &nbsp;&nbsp; 153510 |
| (SOFR + 1.88%), 5.42%, <br> 7/21/2034 (f)<br>| &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 185838 |
| (SOFR + 1.56%), 5.32%, <br> 7/19/2035 (f)<br>| &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 468765 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.76%), 5.66%, <br> 4/17/2036 (f)<br>| &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 411146 |
| (SOFR + 1.36%), 2.48%, <br> 9/16/2036 (f)<br>| &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 121389 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.43%), 5.95%, <br> 1/19/2038 (f)<br>| &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129883 |
| Netflix, Inc. 5.38%, <br> 11/15/2029 (b)<br>| &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 374034 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 5.45%, 3/15/2035 | &nbsp;&nbsp; 1716000 | &nbsp;&nbsp; 1754097 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.46%), 6.75%, <br> 6/15/2054 (f)<br>| &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 232432 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.36%), 6.70%, <br> 9/1/2054 (f)<br>| &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 246530 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.05%), 6.38%, <br> 8/15/2055 (f)<br>| &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118551 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 1.98%), 6.50%, <br> 8/15/2055 (f)<br>| &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89029 |
| NiSource, Inc. (US Treasury <br> Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.45%), 6.95%, <br> 11/30/2054 (f)<br>| &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 120616 |
| OI European Group BV |  |  |
| 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; EUR380,000 | &nbsp;&nbsp; 456354 |
| 5.25%, 6/1/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 312818 |
| 5.25%, 6/1/2029 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 359561 |
| Oracle Corp. |  |  |
| 5.38%, 9/27/2054 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 614613 |
| 6.00%, 8/3/2055 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp; 1680231 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 3/15/2027 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; 359981 |
| 6.15%, 1/15/2033 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 483263 |
| 6.40%, 6/15/2033 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 382395 |
| 6.00%, 8/15/2035 | &nbsp;&nbsp; 1118000 | &nbsp;&nbsp; 1156317 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| PG&E Corp. (US Treasury Yield <br> Curve Rate T Note Constant <br> Maturity 5 Year + 3.88%), <br> 7.38%, 3/15/2055 (f)<br>| &nbsp;&nbsp; 747000 | &nbsp;&nbsp; 741311 |
| Piedmont Natural Gas Co., Inc. <br> 3.35%, 6/1/2050<br>| &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 44176 |
| PNC Financial Services Group, <br> Inc. (The)<br>|  |  |
| Series T, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.60%), 3.40%, <br> 9/15/2026 (d) (e) (f)<br>| &nbsp;&nbsp; 611000 | &nbsp;&nbsp; 590908 |
| (SOFR + 1.26%), 4.81%, <br> 10/21/2032 (f)<br>| &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 262903 |
| (SOFR + 1.90%), 5.68%, <br> 1/22/2035 (f)<br>| &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114681 |
| (SOFR + 1.42%), 5.37%, <br> 7/21/2036 (f)<br>| &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167675 |
| PPL Capital Funding, Inc. <br> 5.25%, 9/1/2034<br>| &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45709 |
| Prudential Financial, Inc. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.40%), 6.50%, <br> 3/15/2054 (f)<br>| &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 310063 |
| Realty Income Corp., REIT <br> 4.88%, 7/6/2030<br>| &nbsp;&nbsp; EUR2,200,000 | &nbsp;&nbsp; 2774124 |
| Regency Centers LP, REIT <br> 2.95%, 9/15/2029<br>| &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 90505 |
| Roper Technologies, Inc. <br> 2.95%, 9/15/2029<br>| &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 152646 |
| SCIL IV LLC 9.50%, <br> 7/15/2028 (a)<br>| &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1103876 |
| Sempra |  |  |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.79%), 6.88%, <br> 10/1/2054 (f)<br>| &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284129 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.63%), 6.37%, <br> 4/1/2056 (f)<br>| &nbsp;&nbsp; 252000 | &nbsp;&nbsp; 254030 |
| State Street Corp. |  |  |
| Series I, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.61%), 6.70%, <br> 3/15/2029 (d) (e) (f)<br>| &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 43469 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series J, (US Treasury Yield <br> Curve Rate T <br> Note Constant Maturity 5 <br> Year + 2.63%), 6.70%, <br> 9/15/2029 (d) (e) (f)<br>| &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 279626 |
| Stellantis Finance US, Inc. |  |  |
| 5.75%, 3/18/2030 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 708690 |
| 6.45%, 3/18/2035 (b) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 413530 |
| Synopsys, Inc. |  |  |
| 5.15%, 4/1/2035 | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; 124067 |
| 5.70%, 4/1/2055 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 216003 |
| Take-Two Interactive Software, <br> Inc.<br>|  |  |
| 3.70%, 4/14/2027 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 208469 |
| 5.40%, 6/12/2029 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 44631 |
| 5.60%, 6/12/2034 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp; 178552 |
| Thermo Fisher Scientific, Inc. <br> 0.88%, 10/1/2031<br>| &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 102985 |
| T-Mobile USA, Inc. 2.63%, <br> 2/15/2029<br>| &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 32189 |
| Truist Financial Corp. |  |  |
| (SOFR + 2.30%), 6.12%, <br> 10/28/2033 (f)<br>| &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101553 |
| (SOFR + 1.85%), 5.12%, <br> 1/26/2034 (f)<br>| &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 412904 |
| (SOFR + 2.36%), 5.87%, <br> 6/8/2034 (f)<br>| &nbsp;&nbsp; 336000 | &nbsp;&nbsp; 353193 |
| (SOFR + 1.92%), 5.71%, <br> 1/24/2035 (f)<br>| &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78126 |
| Uber Technologies, Inc. <br> 5.35%, 9/15/2054<br>| &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 65726 |
| UGI International LLC 2.50%, <br> 12/1/2029 (a)<br>| &nbsp;&nbsp; EUR350,000 | &nbsp;&nbsp; 382150 |
| Union Electric Co. 3.90%, <br> 4/1/2052<br>| &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 60463 |
| US Bancorp (SOFR + 1.86%), <br> 5.68%, 1/23/2035 (f)<br>| &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114636 |
| Ventas Realty LP, REIT 5.00%, <br> 1/15/2035<br>| &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 321313 |
| Vistra Operations Co. LLC |  |  |
| 6.00%, 4/15/2034 (b) | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 750098 |
| 5.70%, 12/30/2034 (b) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152926 |
| Walt Disney Co. (The) 3.60%, <br> 1/13/2051<br>| &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 242206 |
| Wells Fargo & Co. |  |  |
| (SOFR + 1.74%), 5.57%, <br> 7/25/2029 (f)<br>| &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 808626 |
| (US Treasury Yield Curve <br> Rate T Note Constant <br> Maturity 5 Year + <br> 2.77%), 6.85%, <br> 9/15/2029 (d) (e) (f)<br>| &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 675707 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 147

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.11%), 5.24%, <br> 1/24/2031 (f)<br>| &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 490672 |
| (SOFR + 1.99%), 5.56%, <br> 7/25/2034 (f)<br>| &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 633364 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/2035 (f)<br>| &nbsp;&nbsp; 3905000 | &nbsp;&nbsp; 4029698 |
| (SOFR + 1.74%), 5.60%, <br> 4/23/2036 (f)<br>| &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1064191 |
| Welltower OP LLC, REIT <br> 2.80%, 6/1/2031<br>| &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 201851 |
| Williams Cos., Inc. (The) <br> 5.30%, 9/30/2035<br>| &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4403832 |
|  |  | &nbsp;&nbsp; 121525139 |
| Total Corporate Bonds <br>(Cost $660,439,897)<br>|  | &nbsp;&nbsp; 683014789 |
| **Foreign Government Securities — 30.0%** | **Foreign Government Securities — 30.0%** | **Foreign Government Securities — 30.0%** |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| Argentine Republic 4.12%, <br> 7/9/2035 (j)<br>| &nbsp;&nbsp; 3235000 | &nbsp;&nbsp; 2050990 |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| Commonwealth of Australia |  |  |
| 1.25%, 5/21/2032 | &nbsp;&nbsp; AUD19,398,000 | &nbsp;&nbsp; 10727420 |
| 3.00%, 3/21/2047 (a) | &nbsp;&nbsp; AUD2,140,000 | &nbsp;&nbsp; 1048151 |
|  |  | &nbsp;&nbsp; 11775571 |
| **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** |
| Commonwealth of the <br> Bahamas 8.25%, <br> 6/24/2036 (b)<br>| &nbsp;&nbsp; 389000 | &nbsp;&nbsp; 401642 |
| **Benin — 0.2%** | **Benin — 0.2%** | **Benin — 0.2%** |
| Benin Government Bond <br> 7.96%, 2/13/2038 (a)<br>| &nbsp;&nbsp; 2281000 | &nbsp;&nbsp; 2238551 |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| Notas do Tesouro Nacional <br> 10.00%, 1/1/2027 (g)<br>| &nbsp;&nbsp; BRL201,900,000 | &nbsp;&nbsp; 35573786 |
| **Canada — 6.6%** | **Canada — 6.6%** | **Canada — 6.6%** |
| Canada Government Bond |  |  |
| 4.50%, 11/1/2025 | &nbsp;&nbsp; CAD17,479,000 | &nbsp;&nbsp; 12762400 |
| 0.25%, 3/1/2026 | &nbsp;&nbsp; CAD16,062,000 | &nbsp;&nbsp; 11559119 |
| 3.00%, 4/1/2026 | &nbsp;&nbsp; CAD18,245,000 | &nbsp;&nbsp; 13313330 |
| 4.00%, 5/1/2026 | &nbsp;&nbsp; CAD13,162,000 | &nbsp;&nbsp; 9670215 |
| 4.00%, 8/1/2026 | &nbsp;&nbsp; CAD22,838,000 | &nbsp;&nbsp; 16832455 |
| 3.00%, 2/1/2027 | &nbsp;&nbsp; CAD13,022,000 | &nbsp;&nbsp; 9529618 |
|  |  | &nbsp;&nbsp; 73667137 |
| **Colombia — 0.4%** | **Colombia — 0.4%** | **Colombia — 0.4%** |
| Republic of Colombia |  |  |
| 7.50%, 2/2/2034 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 831766 |
| 8.75%, 11/14/2053 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp; 3464950 |
|  |  | &nbsp;&nbsp; 4296716 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| Republic of Costa Rica 7.30%, <br> 11/13/2054 (b)<br>| &nbsp;&nbsp; 791000 | &nbsp;&nbsp; 839204 |
| **Czech Republic — 1.2%** | **Czech Republic — 1.2%** | **Czech Republic — 1.2%** |
| Czech Republic |  |  |
| 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK90,540,000 | &nbsp;&nbsp; 4532793 |
| 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK176,500,000 | &nbsp;&nbsp; 7917600 |
| 1.95%, 7/30/2037 | &nbsp;&nbsp; CZK27,460,000 | &nbsp;&nbsp; 1010852 |
|  |  | &nbsp;&nbsp; 13461245 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| Dominican Republic <br> Government Bond 6.95%, <br> 3/15/2037 (b)<br>| &nbsp;&nbsp; 2487000 | &nbsp;&nbsp; 2598915 |
| **Ecuador — 0.2%** | **Ecuador — 0.2%** | **Ecuador — 0.2%** |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (a) (j) | &nbsp;&nbsp; 1225078 | &nbsp;&nbsp; 1103795 |
| 6.90%, 7/31/2035 (a) (j) | &nbsp;&nbsp; 1525390 | &nbsp;&nbsp; 1151670 |
|  |  | &nbsp;&nbsp; 2255465 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| Arab Republic of Egypt |  |  |
| 8.63%, 2/4/2030 (b) | &nbsp;&nbsp; 1443000 | &nbsp;&nbsp; 1483404 |
| 7.63%, 5/29/2032 (a) | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2405694 |
|  |  | &nbsp;&nbsp; 3889098 |
| **Germany — 0.9%** | **Germany — 0.9%** | **Germany — 0.9%** |
| Bundesobligation 2.10%, <br> 4/12/2029 (a)<br>| &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2925674 |
| Bundesrepublik Deutschland |  |  |
| 1.70%, 8/15/2032 (a) | &nbsp;&nbsp; EUR2,370,000 | &nbsp;&nbsp; 2646798 |
| 2.30%, 2/15/2033 (a) | &nbsp;&nbsp; EUR1,090,000 | &nbsp;&nbsp; 1259602 |
| Bundesschatzanweisungen <br> 2.90%, 6/18/2026 (a)<br>| &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2946832 |
|  |  | &nbsp;&nbsp; 9778906 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
| Republic of Guatemala |  |  |
| 6.05%, 8/6/2031 (b) | &nbsp;&nbsp; 1955000 | &nbsp;&nbsp; 2026162 |
| 6.25%, 8/15/2036 (b) | &nbsp;&nbsp; 1058000 | &nbsp;&nbsp; 1083684 |
| 6.55%, 2/6/2037 (b) | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1320900 |
|  |  | &nbsp;&nbsp; 4430746 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| Hungary Government Bond |  |  |
| 5.50%, 3/26/2036 (b) | &nbsp;&nbsp; 2326000 | &nbsp;&nbsp; 2286388 |
| 6.75%, 9/25/2052 (b) | &nbsp;&nbsp; 1269000 | &nbsp;&nbsp; 1327603 |
|  |  | &nbsp;&nbsp; 3613991 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| Republic of Indonesia |  |  |
| 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR83,943,000,000 | &nbsp;&nbsp; 5292540 |
| 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR65,489,000,000 | &nbsp;&nbsp; 4147156 |
| 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR144,086,000,000 | &nbsp;&nbsp; 8971646 |
|  |  | &nbsp;&nbsp; 18411342 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Italian Republic Government <br> Bond 2.88%, 10/17/2029<br>| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 1081284 |
| **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |
| Republic of Cote d'Ivoire |  |  |
| 8.08%, 4/1/2036 (b) | &nbsp;&nbsp; 1588000 | &nbsp;&nbsp; 1574105 |
| 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 715284 |
| 6.88%, 10/17/2040 (b) | &nbsp;&nbsp; EUR2,055,000 | &nbsp;&nbsp; 2130673 |
|  |  | &nbsp;&nbsp; 4420062 |
| **Japan — 0.6%** | **Japan — 0.6%** | **Japan — 0.6%** |
| Japan Government Bond <br> 2.40%, 3/20/2055<br>| &nbsp;&nbsp; JPY1,141,000,000 | &nbsp;&nbsp; 6694985 |
| **Jordan — 0.2%** | **Jordan — 0.2%** | **Jordan — 0.2%** |
| Hashemite Kingdom of Jordan <br> 5.85%, 7/7/2030 (a)<br>| &nbsp;&nbsp; 2152000 | &nbsp;&nbsp; 2120861 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| Republic of Kenya 9.50%, <br> 3/5/2036 (b)<br>| &nbsp;&nbsp; 1158000 | &nbsp;&nbsp; 1144614 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| Lebanese Republic |  |  |
| 6.65%, 4/22/2024 (a) (g) | &nbsp;&nbsp; 227000 | &nbsp;&nbsp; 44379 |
| 6.65%, 11/3/2028 (a) (g) | &nbsp;&nbsp; 226000 | &nbsp;&nbsp; 44409 |
|  |  | &nbsp;&nbsp; 88788 |
| **Mexico — 4.2%** | **Mexico — 4.2%** | **Mexico — 4.2%** |
| Eagle Funding Luxco SARL <br> 5.50%, 8/17/2030 (b)<br>| &nbsp;&nbsp; 2088000 | &nbsp;&nbsp; 2118401 |
| Mex Bonos Desarr Fix Rt |  |  |
| 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN245,500,000 | &nbsp;&nbsp; 13219339 |
| 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN118,020,000 | &nbsp;&nbsp; 6123177 |
| 7.50%, 5/26/2033 | &nbsp;&nbsp; MXN165,870,000 | &nbsp;&nbsp; 8285670 |
| 7.75%, 11/23/2034 | &nbsp;&nbsp; MXN167,000,000 | &nbsp;&nbsp; 8352344 |
| 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN121,230,000 | &nbsp;&nbsp; 6105616 |
| United Mexican States |  |  |
| 7.38%, 5/13/2055 | &nbsp;&nbsp; 1229000 | &nbsp;&nbsp; 1284520 |
| 3.77%, 5/24/2061 | &nbsp;&nbsp; 2397000 | &nbsp;&nbsp; 1435947 |
| 3.75%, 4/19/2071 | &nbsp;&nbsp; 741000 | &nbsp;&nbsp; 427468 |
|  |  | &nbsp;&nbsp; 47352482 |
| **Morocco — 0.2%** | **Morocco — 0.2%** | **Morocco — 0.2%** |
| Kingdom of Morocco |  |  |
| 6.50%, 9/8/2033 (a) | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1041300 |
| 4.00%, 12/15/2050 (a) | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1076898 |
|  |  | &nbsp;&nbsp; 2118198 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| New Zealand Government <br> Bond<br>|  |  |
| 4.50%, 4/15/2027 (a) | &nbsp;&nbsp; NZD952,000 | &nbsp;&nbsp; 575022 |
| 2.75%, 4/15/2037 (a) | &nbsp;&nbsp; NZD3,201,000 | &nbsp;&nbsp; 1576159 |
|  |  | &nbsp;&nbsp; 2151181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| Islamic Republic of Pakistan <br> 6.88%, 12/5/2027 (a)<br>| &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 946080 |
| **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** |
| Republic of Paraguay |  |  |
| 4.95%, 4/28/2031 (b) | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1360850 |
| 5.60%, 3/13/2048 (a) | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1350959 |
|  |  | &nbsp;&nbsp; 2711809 |
| **Poland — 2.8%** | **Poland — 2.8%** | **Poland — 2.8%** |
| Republic of Poland |  |  |
| 4.75%, 7/25/2029 | &nbsp;&nbsp; PLN20,865,000 | &nbsp;&nbsp; 5727410 |
| 1.75%, 4/25/2032 | &nbsp;&nbsp; PLN24,920,000 | &nbsp;&nbsp; 5565059 |
| 6.00%, 10/25/2033 | &nbsp;&nbsp; PLN29,019,000 | &nbsp;&nbsp; 8324695 |
| 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN39,379,546 | &nbsp;&nbsp; 9686460 |
| 5.50%, 3/18/2054 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp; 2082160 |
|  |  | &nbsp;&nbsp; 31385784 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| Romania Government Bond |  |  |
| 6.63%, 9/27/2029 (b) | &nbsp;&nbsp; EUR776,000 | &nbsp;&nbsp; 981918 |
| 7.50%, 2/10/2037 (b) | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp; 1197936 |
|  |  | &nbsp;&nbsp; 2179854 |
| **Senegal — 0.0% ^** | **Senegal — 0.0% ^** | **Senegal — 0.0% ^** |
| Republic of Senegal 6.25%, <br> 5/23/2033 (a)<br>| &nbsp;&nbsp; 718000 | &nbsp;&nbsp; 532670 |
| **South Africa — 1.2%** | **South Africa — 1.2%** | **South Africa — 1.2%** |
| Republic of South Africa |  |  |
| 4.30%, 10/12/2028 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1665719 |
| 4.85%, 9/30/2029 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1512684 |
| 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR204,223,000 | &nbsp;&nbsp; 10238836 |
|  |  | &nbsp;&nbsp; 13417239 |
| **Turkey — 0.9%** | **Turkey — 0.9%** | **Turkey — 0.9%** |
| Istanbul Metropolitan <br> Municipality<br>|  |  |
| 6.38%, 12/9/2025 (a) | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 420420 |
| 10.50%, 12/6/2028 (a) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 414561 |
| Republic of Turkiye (The) |  |  |
| HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY173,351,253 | &nbsp;&nbsp; 4182379 |
| HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY67,952,334 | &nbsp;&nbsp; 1540396 |
| 7.25%, 5/29/2032 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 3278188 |
|  |  | &nbsp;&nbsp; 9835944 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| United Arab Emirates <br> Government Bond 4.00%, <br> 7/28/2050 (b)<br>| &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 1470026 |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |
| United Kingdom of Great <br> Britain and Northern Ireland <br> 4.25%, 3/7/2036 (a)<br>| &nbsp;&nbsp; GBP11,991,938 | &nbsp;&nbsp; 15455040 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 149

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| Republic of Uzbekistan <br> International Bond 6.95%, <br> 5/25/2032 (a)<br>| &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1813583 |
| Total Foreign Government <br> Securities <br>(Cost $335,666,991)<br>|  | &nbsp;&nbsp; 336203789 |
| **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| BANK Series 2018-BN13, <br> Class C, 4.69%, <br> 8/15/2061 (i)<br>| &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 101715 |
| Benchmark Mortgage Trust <br> Series 2019-B11, Class C, <br> 3.75%, 5/15/2052 (i)<br>| &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 245749 |
| BX Commercial Mortgage Trust <br> Series 2024-MF, Class B, <br> 6.05%, 2/15/2039 (b) (i)<br>| &nbsp;&nbsp; 283345 | &nbsp;&nbsp; 283877 |
| CCUBS Commercial Mortgage <br> Trust Series 2017-C1, <br> Class C, 4.54%, <br> 11/15/2050 (i)<br>| &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25596 |
| CD Mortgage Trust Series <br> 2016-CD2, Class C, 4.11%, <br> 11/10/2049 (i)<br>| &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 12526 |
| FHLMC, Multi-Family <br> Structured Pass-Through <br> Certificates<br>|  |  |
| Series K739, Class X1, IO, <br> 1.26%, 9/25/2027 (i)<br>| &nbsp;&nbsp; 1966391 | &nbsp;&nbsp; 33395 |
| Series K072, Class X3, IO, <br> 2.21%, 12/25/2045 (i)<br>| &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 18737 |
| Series K089, Class X3, IO, <br> 2.38%, 1/25/2046 (i)<br>| &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 60916 |
| Series K078, Class X3, IO, <br> 2.29%, 6/25/2046 (i)<br>| &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 99278 |
| Series K088, Class X3, IO, <br> 2.43%, 2/25/2047 (i)<br>| &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 62912 |
| FREMF Series 2018-KF46, <br> Class B, 6.41%, <br> 3/25/2028 (b) (i)<br>| &nbsp;&nbsp; 17586 | &nbsp;&nbsp; 16943 |
| FREMF Mortgage Trust Series <br> 2017-KF38, Class B, <br> 6.96%, 9/25/2024 (b) (i)<br>| &nbsp;&nbsp; 19226 | &nbsp;&nbsp; 19232 |
| GS Mortgage Securities Trust <br> Series 2015-GC30, Class C, <br> 4.16%, 5/10/2050 (i)<br>| &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 30240 |
| JPMBB Commercial Mortgage <br> Securities Trust<br>|  |  |
| Series 2015-C30, Class C, <br> 4.34%, 7/15/2048 (i)<br>| &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 48068 |
| Series 2015-C31, Class C, <br> 4.73%, 8/15/2048 (i)<br>| &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 18023 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| JPMorgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2016-JP4, Class C, <br> 3.51%, 12/15/2049 (i)<br>| &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 24739 |
| Morgan Stanley Bank of <br> America Merrill Lynch Trust <br> Series 2015-C24, Class C, <br> 4.30%, 5/15/2048 (i)<br>| &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 35090 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2005-HQ7, Class E, <br> 5.44%, 11/14/2042 (i)<br>| &nbsp;&nbsp; 357 | &nbsp;&nbsp; 353 |
| Series 2015-MS1, Class B, <br> 4.29%, 5/15/2048 (i)<br>| &nbsp;&nbsp; 27624 | &nbsp;&nbsp; 26589 |
| SDR Commercial Mortgage <br> Trust Series 2024-DSNY, <br> Class B, 6.10%, <br> 5/15/2039 (b) (i)<br>| &nbsp;&nbsp; 378000 | &nbsp;&nbsp; 377528 |
| UBS Commercial Mortgage <br> Trust Series 2017-C7, <br> Class B, 4.29%, <br> 12/15/2050 (i)<br>| &nbsp;&nbsp; 106000 | &nbsp;&nbsp; 102360 |
| Velocity Commercial Capital <br> Loan Trust<br>|  |  |
| Series 2018-2, Class A, <br> 4.05%, 10/26/2048 (b) <br> (i)<br>| &nbsp;&nbsp; 40635 | &nbsp;&nbsp; 39733 |
| Series 2019-1, Class M1, <br> 3.94%, 3/25/2049 (b) <br> (i)<br>| &nbsp;&nbsp; 55779 | &nbsp;&nbsp; 52735 |
| Total Commercial <br> Mortgage-Backed Securities <br>(Cost $1,914,670)<br>|  | &nbsp;&nbsp; 1736334 |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** |
| Dryden CLO Ltd. Series <br> 2019-68A, Class ARR, <br> 5.42%, 7/15/2035 (b) (i)<br>| &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 329902 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Accelerated Assets LLC Series <br> 2018-1, Class C, 6.65%, <br> 12/2/2033 (b)<br>| &nbsp;&nbsp; 30082 | &nbsp;&nbsp; 29581 |
| Chase Funding Trust Series <br> 2003-6, Class 1A7, 4.83%, <br> 11/25/2034 (j)<br>| &nbsp;&nbsp; 44240 | &nbsp;&nbsp; 43887 |
| Credit-Based Asset Servicing <br> and Securitization LLC <br> Series 2004-CB5, Class M1, <br> 5.35%, 1/25/2034 (i)<br>| &nbsp;&nbsp; 58634 | &nbsp;&nbsp; 63507 |
| Exeter Automobile Receivables <br> Trust Series 2024-3A, <br> Class D, 5.98%, 9/16/2030<br>| &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307569 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Flagship Credit Auto Trust |  |  |
| Series 2023-1, Class A3, <br> 5.01%, 8/16/2027 (b)<br>| &nbsp;&nbsp; 18656 | &nbsp;&nbsp; 18659 |
| Series 2023-1, Class B, <br> 5.05%, 1/18/2028 (b)<br>| &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 66082 |
| JetBlue Pass-Through Trust <br> Series 2019-1, Class A, <br> 2.95%, 5/15/2028<br>| &nbsp;&nbsp; 37198 | &nbsp;&nbsp; 34288 |
| US Auto Funding Series <br> 2021-1A, Class C, 2.20%, <br> 5/15/2026 (b)<br>| &nbsp;&nbsp; 319653 | &nbsp;&nbsp; 271508 |
|  |  | &nbsp;&nbsp; 835081 |
| Total Asset-Backed Securities <br>(Cost $1,209,032)<br>|  | &nbsp;&nbsp; 1164983 |
| **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Alternative Loan Trust |  |  |
| Series 2004-25CB, <br> Class A1, 6.00%, <br> 12/25/2034<br>| &nbsp;&nbsp; 60448 | &nbsp;&nbsp; 54306 |
| Series 2005-6CB, Class <br> 1A6, 5.50%, 4/25/2035<br>| &nbsp;&nbsp; 42420 | &nbsp;&nbsp; 36184 |
| Series 2007-2CB, Class <br> 1A6, 5.75%, 3/25/2037<br>| &nbsp;&nbsp; 106605 | &nbsp;&nbsp; 54313 |
| Chase Mortgage Finance Trust <br> Series 2007-A1, Class 1A5, <br> 6.51%, 2/25/2037 (i)<br>| &nbsp;&nbsp; 4849 | &nbsp;&nbsp; 4831 |
| CHL Mortgage Pass-Through <br> Trust Series 2007-16, <br> Class A1, 6.50%, <br> 10/25/2037<br>| &nbsp;&nbsp; 39944 | &nbsp;&nbsp; 16357 |
| Connecticut Avenue Securities <br> Trust Series 2023-R02, <br> Class 1M1, 6.65%, <br> 1/25/2043 (b) (i)<br>| &nbsp;&nbsp; 229564 | &nbsp;&nbsp; 234366 |
| FHLMC, REMIC |  |  |
| Series 4305, Class SK, IF, <br> IO, 2.14%, <br> 2/15/2044 (i)<br>| &nbsp;&nbsp; 300645 | &nbsp;&nbsp; 43834 |
| Series 4689, Class SD, IF, <br> IO, 1.69%, <br> 6/15/2047 (i)<br>| &nbsp;&nbsp; 204437 | &nbsp;&nbsp; 25297 |
| Series 5022, IO, 3.00%, <br> 9/25/2050<br>| &nbsp;&nbsp; 316128 | &nbsp;&nbsp; 53614 |
| Series 5023, Class MI, IO, <br> 3.00%, 10/25/2050<br>| &nbsp;&nbsp; 559592 | &nbsp;&nbsp; 93347 |
| Series 4839, Class WS, IF, <br> IO, 1.64%, <br> 8/15/2056 (i)<br>| &nbsp;&nbsp; 1504191 | &nbsp;&nbsp; 220464 |
| FNMA, REMIC |  |  |
| Series 2012-146, Class AI, <br> IO, 3.00%, 1/25/2028<br>| &nbsp;&nbsp; 139940 | &nbsp;&nbsp; 2639 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2016-68, Class BI, <br> IO, 3.00%, 10/25/2031<br>| &nbsp;&nbsp; 236594 | &nbsp;&nbsp; 12350 |
| Series 2012-93, Class SE, <br> IF, IO, 1.64%, <br> 9/25/2042 (i)<br>| &nbsp;&nbsp; 58473 | &nbsp;&nbsp; 6827 |
| Series 2012-124, Class UI, <br> IO, 4.00%, 11/25/2042<br>| &nbsp;&nbsp; 60203 | &nbsp;&nbsp; 10762 |
| Series 2015-40, Class LS, <br> IF, IO, 1.71%, <br> 6/25/2045 (i)<br>| &nbsp;&nbsp; 154207 | &nbsp;&nbsp; 18384 |
| Series 2017-31, Class SG, <br> IF, IO, 1.64%, <br> 5/25/2047 (i)<br>| &nbsp;&nbsp; 535656 | &nbsp;&nbsp; 64617 |
| Series 2017-39, Class ST, <br> IF, IO, 1.64%, <br> 5/25/2047 (i)<br>| &nbsp;&nbsp; 148979 | &nbsp;&nbsp; 18088 |
| FNMA, STRIPS Series 409, <br> Class 27, IO, 4.00%, <br> 4/25/2027 (i)<br>| &nbsp;&nbsp; 6705 | &nbsp;&nbsp; 64 |
| GNMA Series 2015-H13, <br> Class GI, IO, 1.55%, <br> 4/20/2065 (i)<br>| &nbsp;&nbsp; 24747 | &nbsp;&nbsp; 712 |
| Merrill Lynch Mortgage <br> Investors Trust Series <br> 2004-C, Class A1, 5.00%, <br> 7/25/2029 (i)<br>| &nbsp;&nbsp; 5104 | &nbsp;&nbsp; 5031 |
| Structured Adjustable Rate <br> Mortgage Loan Trust Series <br> 2004-8, Class 3A, 5.80%, <br> 7/25/2034 (i)<br>| &nbsp;&nbsp; 7175 | &nbsp;&nbsp; 6954 |
| Total Collateralized Mortgage <br> Obligations <br>(Cost $1,187,391)<br>|  | &nbsp;&nbsp; 983341 |
|  | **SHARES** |  |
| **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** |
| **Investment Companies — 6.2%** | **Investment Companies — 6.2%** | **Investment Companies — 6.2%** |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.23% (k) (l) <br>(Cost $69,359,524)<br>| &nbsp;&nbsp; 69359524 | &nbsp;&nbsp; 69359524 |
| **Total Investments — 97.6%** <br>**(Cost $1,069,777,505)**<br>|  | &nbsp;&nbsp; **1092462760** |
| **Other Assets in Excess of** <br> **Liabilities — 2.4%**<br>|  | &nbsp;&nbsp; **27093888** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **1119556648** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 151

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive <br> interest payments on an underlying pool of mortgages with similar <br> features as those associated with IO securities. Unlike IO's the <br> owner also has a right to receive a very small portion of principal. <br> The high interest rates result from taking interest payments from <br> other classes in the Real Estate Mortgage Investment Conduit trust <br> and allocating them to the small principal of the HB class.<br>|
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025 is $25,402,327 or 2.27% of the Fund's net assets as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 28035343 | &nbsp;&nbsp;&nbsp;&nbsp; (2397)<br>|
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 43610947 | &nbsp;&nbsp;&nbsp;&nbsp; (151663)<br>|
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 31063325 | &nbsp;&nbsp;&nbsp;&nbsp; (59192)<br>|
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 17337696 | &nbsp;&nbsp;&nbsp;&nbsp; (72870)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 113078203 | &nbsp;&nbsp;&nbsp;&nbsp; 517169 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 27346828 | &nbsp;&nbsp;&nbsp;&nbsp; 169542 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16566250 | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 36214662 | &nbsp;&nbsp;&nbsp;&nbsp; (31506)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1351 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 147934500 | &nbsp;&nbsp;&nbsp;&nbsp; 609592 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 982961 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (55761365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166311 |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4522599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 268388 |
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (22465653)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177271 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (12039172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55408)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (26431453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113381)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1599500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4399)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (32826562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130462 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (28993445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40384)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (32740500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133485)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 395375 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1378336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 153

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

**Forward foreign currency exchange contracts outstanding as of August 31, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| CHF | &nbsp;&nbsp;&nbsp; 16650396 | USD | &nbsp;&nbsp;&nbsp; 20748286 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 117519 |
| CHF | &nbsp;&nbsp;&nbsp; 887742 | USD | &nbsp;&nbsp;&nbsp; 1101107 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 11386 |
| CNY | &nbsp;&nbsp;&nbsp; 78346327 | USD | &nbsp;&nbsp;&nbsp; 10952688 | BNP Paribas<sup>\*\*</sup> <br>| 9/25/2025 | &nbsp;&nbsp;&nbsp; 99909 |
| EUR | &nbsp;&nbsp;&nbsp; 194546 | USD | &nbsp;&nbsp;&nbsp; 227278 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 644 |
| EUR | &nbsp;&nbsp;&nbsp; 24012123 | USD | &nbsp;&nbsp;&nbsp; 28118950 | HSBC Bank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 12697 |
| EUR | &nbsp;&nbsp;&nbsp; 4739177 | USD | &nbsp;&nbsp;&nbsp; 5534644 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 17587 |
| GBP | &nbsp;&nbsp;&nbsp; 3980345 | CHF | &nbsp;&nbsp;&nbsp; 4264669 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 36634 |
| GBP | &nbsp;&nbsp;&nbsp; 4002218 | EUR | &nbsp;&nbsp;&nbsp; 4609391 | BNP Paribas | 9/25/2025 | &nbsp;&nbsp;&nbsp; 10388 |
| GBP | &nbsp;&nbsp;&nbsp; 3980345 | USD | &nbsp;&nbsp;&nbsp; 5327731 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 53265 |
| JPY | &nbsp;&nbsp;&nbsp; 792034718 | USD | &nbsp;&nbsp;&nbsp; 5402656 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 149 |
| JPY | &nbsp;&nbsp;&nbsp; 793971570 | USD | &nbsp;&nbsp;&nbsp; 5402656 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 13361 |
| JPY | &nbsp;&nbsp;&nbsp; 183534815 | USD | &nbsp;&nbsp;&nbsp; 1248244 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 3724 |
| PLN | &nbsp;&nbsp;&nbsp; 5205916 | USD | &nbsp;&nbsp;&nbsp; 1418254 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 9989 |
| THB | &nbsp;&nbsp;&nbsp; 36425228 | USD | &nbsp;&nbsp;&nbsp; 1126171 | Barclays Bank plc | 9/25/2025 | &nbsp;&nbsp;&nbsp; 231 |
| TRY | &nbsp;&nbsp;&nbsp; 31246138 | USD | &nbsp;&nbsp;&nbsp; 739538 | BNP Paribas | 9/25/2025 | &nbsp;&nbsp;&nbsp; 5295 |
| TRY | &nbsp;&nbsp;&nbsp; 147416015 | USD | &nbsp;&nbsp;&nbsp; 3487446 | HSBC Bank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 26598 |
| TWD | &nbsp;&nbsp;&nbsp; 34360342 | USD | &nbsp;&nbsp;&nbsp; 1126458 | Barclays Bank plc<sup>\*\*</sup> <br>| 9/25/2025 | &nbsp;&nbsp;&nbsp; 197 |
| USD | &nbsp;&nbsp;&nbsp; 27170454 | GBP | &nbsp;&nbsp;&nbsp; 20003008 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 128546 |
| USD | &nbsp;&nbsp;&nbsp; 24166308 | IDR | &nbsp;&nbsp;&nbsp; 389413475102 | Morgan Stanley<sup>\*\*</sup> <br>| 9/25/2025 | &nbsp;&nbsp;&nbsp; 475171 |
| USD | &nbsp;&nbsp;&nbsp; 5476344 | JPY | &nbsp;&nbsp;&nbsp; 802392420 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 2885 |
| USD | &nbsp;&nbsp;&nbsp; 8320606 | MXN | &nbsp;&nbsp;&nbsp; 155546265 | BNP Paribas | 9/25/2025 | &nbsp;&nbsp;&nbsp; 6203 |
| USD | &nbsp;&nbsp;&nbsp; 2123878 | NZD | &nbsp;&nbsp;&nbsp; 3557996 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 23166 |
| USD | &nbsp;&nbsp;&nbsp; 4869623 | RON | &nbsp;&nbsp;&nbsp; 21138396 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 1260 |
| USD | &nbsp;&nbsp;&nbsp; 5441652 | TWD | &nbsp;&nbsp;&nbsp; 164454350 | Citigroup Global Markets Holdings, Inc.<sup>\*\*</sup> <br>| 9/25/2025 | &nbsp;&nbsp;&nbsp; 49296 |
| USD | &nbsp;&nbsp;&nbsp; 5476344 | ZAR | &nbsp;&nbsp;&nbsp; 96033166 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; 40350 |
| ZAR | &nbsp;&nbsp;&nbsp; 94529202 | USD | &nbsp;&nbsp;&nbsp; 5305800 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; 45061 |
| ZAR | &nbsp;&nbsp;&nbsp; 98588958 | USD | &nbsp;&nbsp;&nbsp; 5568896 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; 11769 |
| USD | &nbsp;&nbsp;&nbsp; 4203281 | EUR | &nbsp;&nbsp;&nbsp; 3578158 | Citibank, NA | 10/3/2025 | &nbsp;&nbsp;&nbsp; 9122 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 1212402 |
| EUR | &nbsp;&nbsp;&nbsp; 1285014 | USD | &nbsp;&nbsp;&nbsp; 1508045 | Morgan Stanley | 9/3/2025 | &nbsp;&nbsp;&nbsp; (4708)<br>|
| USD | &nbsp;&nbsp;&nbsp; 8854736 | EUR | &nbsp;&nbsp;&nbsp; 7596225 | Citibank, NA | 9/3/2025 | &nbsp;&nbsp;&nbsp; (32086)<br>|
| USD | &nbsp;&nbsp;&nbsp; 388124150 | EUR | &nbsp;&nbsp;&nbsp; 338427633 | HSBC Bank, NA | 9/3/2025 | &nbsp;&nbsp;&nbsp; (7802338)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1447870 | GBP | &nbsp;&nbsp;&nbsp; 1075690 | Barclays Bank plc | 9/3/2025 | &nbsp;&nbsp;&nbsp; (6033)<br>|
| USD | &nbsp;&nbsp;&nbsp; 13214531 | GBP | &nbsp;&nbsp;&nbsp; 9997003 | TD Bank Financial Group | 9/3/2025 | &nbsp;&nbsp;&nbsp; (297418)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 9806891546 | USD | &nbsp;&nbsp;&nbsp; 10230556 | BNP Paribas\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (86592)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 936206 | AUD | &nbsp;&nbsp;&nbsp; 1677914 | Barclays Bank plc | 9/25/2025 | &nbsp;&nbsp;&nbsp; (1719)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 955268 | CAD | &nbsp;&nbsp;&nbsp; 1538706 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (2439)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 4778047 | USD | &nbsp;&nbsp;&nbsp; 5597973 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; (203)<br>|
| INR | &nbsp;&nbsp;&nbsp; 95992563 | USD | &nbsp;&nbsp;&nbsp; 1094753 | BNP Paribas\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (7736)<br>|
| INR | &nbsp;&nbsp;&nbsp; 380699903 | USD | &nbsp;&nbsp;&nbsp; 4340266 | Standard Chartered Bank\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (29230)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 802485411 | EUR | &nbsp;&nbsp;&nbsp; 4680280 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; (9136)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 1596171332 | GBP | &nbsp;&nbsp;&nbsp; 8091918 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (51238)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 2074948990 | USD | &nbsp;&nbsp;&nbsp; 14214989 | BNP Paribas | 9/25/2025 | &nbsp;&nbsp;&nbsp; (60882)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 799785832 | USD | &nbsp;&nbsp;&nbsp; 5463055 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (7377)<br>|
| KRW | &nbsp;&nbsp;&nbsp; 22503555488 | USD | &nbsp;&nbsp;&nbsp; 16277050 | Goldman Sachs International<sup>\*\*</sup> <br>| 9/25/2025 | &nbsp;&nbsp;&nbsp; (52684)<br>|
| THB | &nbsp;&nbsp;&nbsp; 144424658 | USD | &nbsp;&nbsp;&nbsp; 4469414 | BNP Paribas | 9/25/2025 | &nbsp;&nbsp;&nbsp; (3273)<br>|
| TWD | &nbsp;&nbsp;&nbsp; 464254972 | USD | &nbsp;&nbsp;&nbsp; 15493990 | Citibank, NA\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (271357)<br>|
| USD | &nbsp;&nbsp;&nbsp; 15894638 | AUD | &nbsp;&nbsp;&nbsp; 24309344 | HSBC Bank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (20835)<br>|
| USD | &nbsp;&nbsp;&nbsp; 28221633 | BRL | &nbsp;&nbsp;&nbsp; 154108177 | Citibank, NA\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (39609)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2699446 | BRL | &nbsp;&nbsp;&nbsp; 14724938 | Goldman Sachs International\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (898)<br>|
| USD | &nbsp;&nbsp;&nbsp; 72940625 | CAD | &nbsp;&nbsp;&nbsp; 100331281 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (192787)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp; 5476344 | CHF | &nbsp;&nbsp;&nbsp; 4376477 | Morgan Stanley | 9/25/2025 | &nbsp;&nbsp;&nbsp; (8133)<br>|
| USD | &nbsp;&nbsp;&nbsp; 655800 | CNY | &nbsp;&nbsp;&nbsp; 4690835 | Citibank, NA\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (5953)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1126327 | COP | &nbsp;&nbsp;&nbsp; 4544052395 | Goldman Sachs International\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (2134)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4432767 | COP | &nbsp;&nbsp;&nbsp; 18049207917 | HSBC Bank, NA\*\* | 9/25/2025 | &nbsp;&nbsp;&nbsp; (49537)<br>|
| USD | &nbsp;&nbsp;&nbsp; 13475590 | CZK | &nbsp;&nbsp;&nbsp; 281950605 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (19290)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5451356 | GBP | &nbsp;&nbsp;&nbsp; 4039298 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (9339)<br>|
| USD | &nbsp;&nbsp;&nbsp; 15840809 | HUF | &nbsp;&nbsp;&nbsp; 5374225735 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; (1371)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5402656 | JPY | &nbsp;&nbsp;&nbsp; 798755621 | Citibank, NA | 9/25/2025 | &nbsp;&nbsp;&nbsp; (45995)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5425526 | JPY | &nbsp;&nbsp;&nbsp; 798568567 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; (21848)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1167880 | MXN | &nbsp;&nbsp;&nbsp; 21903241 | Barclays Bank plc | 9/25/2025 | &nbsp;&nbsp;&nbsp; (2912)<br>|
| USD | &nbsp;&nbsp;&nbsp; 44373988 | MXN | &nbsp;&nbsp;&nbsp; 832629295 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; (132487)<br>|
| USD | &nbsp;&nbsp;&nbsp; 20090917 | PLN | &nbsp;&nbsp;&nbsp; 73249675 | Goldman Sachs International | 9/25/2025 | &nbsp;&nbsp;&nbsp; (5137)<br>|
| ZAR | &nbsp;&nbsp;&nbsp; 7444608 | USD | &nbsp;&nbsp;&nbsp; 422876 | Barclays Bank plc | 9/25/2025 | &nbsp;&nbsp;&nbsp; (1471)<br>|
| USD | &nbsp;&nbsp;&nbsp; 403086238 | EUR | &nbsp;&nbsp;&nbsp; 344738844 | Morgan Stanley | 10/3/2025 | &nbsp;&nbsp;&nbsp; (1001467)<br>|
| USD | &nbsp;&nbsp;&nbsp; 14916425 | GBP | &nbsp;&nbsp;&nbsp; 11072693 | HSBC Bank, NA | 10/3/2025 | &nbsp;&nbsp;&nbsp; (53713)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (10341365)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (9128963)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chile Peso |
| CNY | China Yuan |
| COP | Columbian Peso |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Non-deliverable forward.

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of August 31, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| iTraxx.Europe.Crossover.43-V2 | 5.00 | Quarterly | 6/20/2030 | 2.72 | EUR 25,355,000 | &nbsp;&nbsp; (2014181)<br>| &nbsp;&nbsp; (1060603)<br>| &nbsp;&nbsp; (3074784)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 155

------

JPMorgan International Bond Opportunities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

**Centrally Cleared interest rate swap contracts outstanding as of August 31, 2025:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.28 annually | Pay | 12/18/2029 | EUR10,465,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155966 | &nbsp;&nbsp; 155966 |
| 6 month EURIBOR semi-annually | 2.92 annually | Receive | 7/14/2057 | EUR8,925,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 150638 | &nbsp;&nbsp; 150638 |
| 6 month EURIBOR semi-annually | 2.93 annually | Pay | 7/14/2037 | EUR19,570,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41868 | &nbsp;&nbsp; 41868 |
| 6 month EURIBOR semi-annually | 2.96 annually | Receive | 7/16/2057 | EUR8,550,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74380 | &nbsp;&nbsp; 74380 |
| 6 month EURIBOR semi-annually | 2.96 annually | Pay | 7/16/2037 | EUR19,600,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96055 | &nbsp;&nbsp; 96055 |
| 1 day SOFR annually | 3.46 annually | Pay | 7/15/2028 | USD63,383,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 475985 | &nbsp;&nbsp; 475985 |
| 1 day SOFR annually | 3.62 annually | Receive | 7/15/2036 | USD14,714,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138471 | &nbsp;&nbsp; 138471 |
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK25,987,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 629 |
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK25,987,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 629 |
| 1 day SOFR annually | 3.65 annually | Receive | 5/15/2035 | USD14,377,000 | &nbsp;&nbsp; 3753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3753 |
| 6 month PRIBOR semi-annually | 3.66 annually | Pay | 7/22/2028 | CZK151,877,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7910 | &nbsp;&nbsp; 7910 |
| 1 day SOFR annually | 3.95 annually | Pay | 4/19/2029 | USD41,810,000 | &nbsp;&nbsp; (7484)<br>| &nbsp;&nbsp; 648014 | &nbsp;&nbsp; 640530 |
| 1 day SONIA annually | 4.23 annually | Receive | 3/18/2036 | GBP25,660,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47066 | &nbsp;&nbsp; 47066 |
| 1 day CDI at termination | 14.38 at termination | Pay | 1/2/2029 | BRL16,812,211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124464 | &nbsp;&nbsp; 124464 |
|  |  |  |  |  | &nbsp;&nbsp; (3731)<br>| &nbsp;&nbsp; 1962075 | &nbsp;&nbsp; 1958344 |
| 1 day SOFR annually | 4.02 annually | Receive | 4/19/2037 | USD9,964,000 | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; (133518)<br>| &nbsp;&nbsp; (128442)<br>|
| 1 day CDI at termination | 11.25 at termination | Pay | 1/4/2027 | BRL18,896,361 | &nbsp;&nbsp; — | &nbsp;&nbsp; (182561)<br>| &nbsp;&nbsp; (182561)<br>|
| 1 day CDI at termination | 11.30 at termination | Pay | 1/4/2027 | BRL18,880,536 | &nbsp;&nbsp; — | &nbsp;&nbsp; (177741)<br>| &nbsp;&nbsp; (177741)<br>|
| 1 day SONIA annually | 3.65 annually | Pay | 3/18/2028 | GBP106,935,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (77124)<br>| &nbsp;&nbsp; (77124)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; (570944)<br>| &nbsp;&nbsp; (565868)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1391131 | &nbsp;&nbsp; 1392476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value of floating rate index at August 31, 2025 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| 1 day CDI | 2.14% |
| 1 day SOFR | 4.34 |
| 1 day SONIA | 3.97 |
| 6 month EURIBOR | 2.07 |
| 6 month PRIBOR | 3.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | |
|:---|:---|
| CDI | Certificate of interbank deposits |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | British Pound |
| PRIBOR | Prague Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 157

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 88.1% (a)** | **Municipal Bonds — 88.1% (a)** | **Municipal Bonds — 88.1% (a)** |
| **Alabama — 2.3%** | **Alabama — 2.3%** | **Alabama — 2.3%** |
| Baldwin County Industrial Development <br> Authority, Novelis Corp., Project Series <br> 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) <br> (c)<br>| 10000000 | 10014251 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series 2023A, Rev., 5.25%, <br> 10/1/2030 (c)<br>| 2000000 | 2142843 |
| Series 2023B-2, Rev., LIQ : Royal Bank of <br> Canada, 5.25%, 12/1/2030 (c)<br>| 1010000 | 1089841 |
| Series 2024B, Rev., 5.00%, <br> 9/1/2032 (c)<br>| 1520000 | 1618656 |
| Series 2024D, Rev., 5.00%, <br> 11/1/2034 (c)<br>| 17590000 | 18540805 |
| Black Belt Energy Gas District, Gas Project <br> No. 8 Series 2022A, Rev., 4.00%, <br> 12/1/2029 (c)<br>| 2820000 | 2817918 |
| County of Jefferson sewer |  |  |
| Rev., 5.00%, 10/1/2037 | 2000000 | 2121191 |
| Rev., 5.25%, 10/1/2042 | 2000000 | 2056785 |
| Energy Southeast A Cooperative District <br> Series 2023A-1, Rev., 5.50%, <br> 1/1/2031 (c)<br>| 5000000 | 5435208 |
| Lower Alabama Gas District (The), Gas <br> Project Series 2016A, Rev., 5.00%, <br> 9/1/2031<br>| 1250000 | 1333060 |
| Mobile County Industrial Development <br> Authority, Calvert LLC Project<br>|  |  |
| Series 2024A, Rev., AMT, 5.00%, <br> 6/1/2054<br>| 2400000 | 2172707 |
| Series 2024B, Rev., AMT, 4.75%, <br> 12/1/2054<br>| 6500000 | 5645051 |
| Selma Industrial Development Board, <br> International Paper Co. Series 2020A, <br> Rev., 4.20%, 5/1/2034<br>| 5000000 | 5040823 |
| Selma Industrial Development Board, <br> International Paper Co. Projects Series <br> 2019A, Rev., 3.45%, 10/1/2031 (c)<br>| 1575000 | 1565202 |
| Southeast Alabama Gas Supply District <br> (The), Project No. 2 Series 2024B, Rev., <br> 5.00%, 5/1/2032 (c)<br>| 1500000 | 1596479 |
| Southeast Energy Authority A Cooperative <br> District Series 2025C, Rev., 5.00%, <br> 2/1/2031 (c)<br>| 8530000 | 9084957 |
| Southeast Energy Authority A Cooperative <br> District, Project No. 2 Series 2021B, Rev., <br> 4.00%, 12/1/2031 (c)<br>| 2115000 | 2106054 |
| Southeast Energy Authority A Cooperative <br> District, Project No. 3 Series 2022A-1, <br> Rev., 5.50%, 12/1/2029 (c)<br>| 1000000 | 1071463 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Alabama — continued** | **Alabama — continued** | **Alabama — continued** |
| Southeast Energy Authority A Cooperative <br> District, Project No. 6 Series 2023B, Rev., <br> LIQ : Royal Bank of Canada, 5.00%, <br> 6/1/2030 (c)<br>| 5870000 | 6213150 |
| University of Alabama (The), Huntsville <br> General Fee Series 2018B-2, Rev., <br> 5.00%, 9/1/2031<br>| 95000 | 100987 |
| Total Alabama |  | 81767431 |
| **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** |
| Alaska Housing Finance Corp., State Capital <br> Project Series II 2024A, Rev., 5.00%, <br> 12/1/2027<br>| 1000000 | 1056260 |
| Alaska Industrial Development and Export <br> Authority, Tanana Chiefs Conference <br> Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/1/2033 | 1500000 | 1574483 |
| Series 2019A, Rev., 4.00%, 10/1/2034 | 2110000 | 2104436 |
| Series 2019A, Rev., 4.00%, 10/1/2036 | 2455000 | 2370123 |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, <br> Rev., 5.00%, 9/1/2030<br>| 1875000 | 2069290 |
| Municipality of Anchorage Series 2024A, <br> Rev., AMT, 5.50%, 2/1/2030<br>| 1800000 | 1977436 |
| Northern Tobacco Securitization Corp., <br> Tobacco Settlement Asset-Backed Senior <br> Capital Appreciation<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 6/1/2050 | 1720000 | 1608913 |
| Series 2021B-2, Rev., Zero Coupon, <br> 6/1/2066<br>| 14500000 | 1634076 |
| Total Alaska |  | 14395017 |
| **Arizona — 2.3%** | **Arizona — 2.3%** | **Arizona — 2.3%** |
| Arizona Board of Regents, State University |  |  |
| Series 2020A, Rev., 5.00%, 7/1/2030 | 105000 | 116458 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2033 (d)<br>| 3500000 | 3977500 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2034 (d)<br>| 2735000 | 3110041 |
| Arizona Industrial Development Authority, <br> Academies of Math and Science Projects, <br> Rev., 4.50%, 7/1/2033 (b)<br>| 465000 | 460454 |
| Arizona Industrial Development Authority, <br> Equitable School Revolving Fund LLC<br>|  |  |
| Series 2023A, Rev., 5.00%, 11/1/2030 | 1505000 | 1627130 |
| Series 2024A, Rev., 5.00%, 11/1/2040 | 1090000 | 1107291 |
| Series 2023A, Rev., 5.25%, 11/1/2053 | 1000000 | 977935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Arizona Industrial Development Authority, <br> Great Lakes Senior Living <br> Communities LLC Project Series 2025A-2, <br> Rev., 5.13%, 1/1/2059<br>| 250000 | 225212 |
| Arizona Industrial Development Authority, <br> KIPP Nashville Project<br>|  |  |
| Series 2022A, Rev., 5.00%, 7/1/2028 | 225000 | 234035 |
| Series 2022A, Rev., 5.00%, 7/1/2029 | 235000 | 246830 |
| Arizona Industrial Development Authority, <br> KIPP NYC Public Charter Schools Jerome <br> Facility Project Series 2021B, Rev., <br> 4.00%, 7/1/2041<br>| 1430000 | 1254937 |
| Arizona Industrial Development Authority, <br> Macombs Facility Project Series 2021A, <br> Rev., 4.00%, 7/1/2041<br>| 1000000 | 877578 |
| Arizona Industrial Development Authority, <br> Multi-Family The Ranches At Gunsmoke <br> Project, Rev., 5.00%, 11/1/2026 (c)<br>| 2580000 | 2644190 |
| Arizona Industrial Development Authority, <br> National Charter School Revolving Loan <br> Fund<br>|  |  |
| Series 2023A, Rev., 5.00%, 11/1/2028 | 2825000 | 2974565 |
| Series 2020A, Rev., 4.00%, 11/1/2038 | 200000 | 185364 |
| Series 2023A, Rev., 5.00%, 11/1/2038 | 1000000 | 1024500 |
| Series 2023A, Rev., 5.00%, 11/1/2040 | 1950000 | 1975252 |
| City of Buckeye |  |  |
| GO, 5.00%, 7/1/2042 | 1080000 | 1131824 |
| GO, 5.00%, 7/1/2043 | 1000000 | 1040844 |
| City of Buckeye, Excise Tax |  |  |
| Rev., 5.00%, 7/1/2036 (d) | 1350000 | 1496616 |
| Rev., 5.00%, 7/1/2037 (d) | 1600000 | 1750678 |
| City of Glendale Water and Sewer, Senior <br> Lien<br>|  |  |
| Rev., 5.00%, 7/1/2040 | 755000 | 805943 |
| Rev., 5.00%, 7/1/2041 | 470000 | 496629 |
| Rev., 5.00%, 7/1/2043 | 410000 | 425754 |
| City of Lake Havasu City Wastewater System, <br> Senior Lien<br>|  |  |
| GO, 5.00%, 7/1/2036 | 1800000 | 2022452 |
| GO, 5.00%, 7/1/2041 | 500000 | 530389 |
| City of Mesa Utility System |  |  |
| Rev., A.G., 5.00%, 7/1/2029 | 1750000 | 1910932 |
| Rev., A.G., 5.00%, 7/1/2031 | 1375000 | 1539331 |
| Rev., A.G., 5.00%, 7/1/2032 | 2000000 | 2256458 |
| Rev., A.G., 5.00%, 7/1/2033 | 1000000 | 1133889 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| City of Phoenix Civic Improvement Corp., <br> Junior Lien, Wastewater System<br>|  |  |
| Series 2023, Rev., 5.00%, 7/1/2041 | 1870000 | 1968202 |
| Series 2023, Rev., 5.00%, 7/1/2043 | 3600000 | 3735091 |
| City of Phoenix Civic Improvement Corp., <br> Subordinate Excise Tax<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2037 | 2405000 | 2681654 |
| Series 2025C, Rev., 5.00%, 7/1/2037 | 6750000 | 7496939 |
| City of Scottsdale, Project of 2019, GO, <br> 4.00%, 7/1/2041<br>| 1095000 | 1075597 |
| Glendale Union High School District No. 205, <br> Arizona School Improvement Project of <br> 2024 Series 2024A, GO, A.G., 5.00%, <br> 7/1/2036<br>| 1025000 | 1137427 |
| Maricopa County Industrial Development <br> Authority, Banner Health Series 2023A-1, <br> Rev., 5.00%, 5/15/2026 (c)<br>| 1385000 | 1402143 |
| Maricopa County Industrial Development <br> Authority, Honorhealth Series 2024D, <br> Rev., 5.00%, 12/1/2042<br>| 2850000 | 2881509 |
| Maricopa County Industrial Development <br> Authority, Valley Christian Schools Project <br> Series 2023A, Rev., 6.00%, <br> 7/1/2043 (b)<br>| 945000 | 898652 |
| Maricopa County School District No. 3, <br> Tempe Elementary, School Improvement, <br> Project of 2016 Series 2017A, GO, <br> 5.00%, 7/1/2027<br>| 30000 | 31427 |
| Maricopa County Unified School District No. <br> 60 Higley, COP, A.G., 5.00%, 6/1/2036<br>| 200000 | 214665 |
| Maricopa County Union High School District <br> No. 216 Agua Fria, Project of 2023 and <br> 2024<br>|  |  |
| GO, 5.00%, 7/1/2037 | 1250000 | 1374403 |
| GO, 5.00%, 7/1/2039 | 1200000 | 1292050 |
| Pima County Unified School District No. 1 <br> Tucson, Project of 2023 Series 2024A, <br> GO, A.G., 5.00%, 7/1/2040<br>| 1700000 | 1806812 |
| Salt River Project Agricultural Improvement <br> and Power District Series 2023A, Rev., <br> 5.00%, 1/1/2047<br>| 2770000 | 2826632 |
| Salt River Project Agricultural Improvement <br> and Power District, Arizona Electric <br> System Series 2024B, Rev., 5.00%, <br> 5/1/2039<br>| 6000000 | 6513680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 159

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Salt Verde Financial Corp. Series 2007-1, <br> Rev., 5.25%, 12/1/2026<br>| 100000 | 102286 |
| Town of Queen Creek Excise Tax, Rev., <br> 5.00%, 8/1/2054<br>| 5000000 | 5034905 |
| Total Arizona |  | 82035085 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| Arkansas Development Finance Authority, <br> Hybar Steel Project Series 2023A, Rev., <br> AMT, 6.88%, 7/1/2048 (b)<br>| 1000000 | 1058085 |
| City of Springdale Water and Sewer, Rev., <br> 5.00%, 9/1/2033<br>| 1000000 | 1085389 |
| University of Arkansas, Various Facilities <br> Fayetteville Campus Series 2024B, Rev., <br> 5.00%, 11/1/2031<br>| 1055000 | 1186326 |
| Total Arkansas |  | 3329800 |
| **California — 5.9%** | **California — 5.9%** | **California — 5.9%** |
| Alvord Unified School District, 2007 Election <br> Series 2011B, GO, A.G., Zero Coupon, <br> 8/1/2036<br>| 5000000 | 3118640 |
| Burbank-Glendale-Pasadena Airport <br> Authority Brick Campaign Series 2024B, <br> Rev., AMT, A.G., 4.38%, 7/1/2049<br>| 500000 | 447123 |
| California Community Choice Financing <br> Authority, Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, <br> 8/1/2029 (c)<br>| 2565000 | 2705770 |
| Series 2023G-1, Rev., 5.25%, <br> 4/1/2030 (c)<br>| 3910000 | 4185652 |
| Series 2021B-1, Rev., 4.00%, <br> 8/1/2031 (c)<br>| 6750000 | 6778854 |
| Series 2024A, Rev., 5.00%, <br> 4/1/2032 (c)<br>| 5000000 | 5339948 |
| Series 2024G, Rev., 5.00%, <br> 8/1/2032 (c)<br>| 4000000 | 4170660 |
| Series 2024E, Rev., 5.00%, <br> 9/1/2032 (c)<br>| 3000000 | 3214849 |
| Series 2024H, Rev., 5.00%, <br> 8/1/2033 (c)<br>| 5870000 | 6380841 |
| California County Tobacco Securitization <br> Agency Series 2006A, Rev., Zero Coupon, <br> 6/1/2046<br>| 7500000 | 1611766 |
| California County Tobacco Securitization <br> Agency, Golden Gate Tobacco Funding <br> Corp. Series A, Rev., 5.00%, 6/1/2047<br>| 2500000 | 2186494 |
| California County Tobacco Securitization <br> Agency, Los Angeles County Securitization <br> Corp. Series 2020B-2, Rev., Zero Coupon, <br> 6/1/2055<br>| 15260000 | 2675086 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **California — continued** | **California — continued** | **California — continued** |
| California County Tobacco Securitization <br> Agency, Sonoma County Securitization <br> Corp. Series 2020B-2, Rev., Zero Coupon, <br> 6/1/2055<br>| 6000000 | 1095230 |
| California Health Facilities Financing <br> Authority Series 2025A, Rev., 5.00%, <br> 2/1/2044<br>| 1000000 | 1028595 |
| California Health Facilities Financing <br> Authority, Adventist Health System<br>|  |  |
| Series 2024A, Rev., 5.00%, 12/1/2034 | 5900000 | 6337534 |
| Series 2024A, Rev., 5.00%, 12/1/2036 | 5355000 | 5613403 |
| California Health Facilities Financing <br> Authority, Cedars-Sinai Medical Center <br> Series 2021A, Rev., 4.00%, 8/15/2048<br>| 2420000 | 2132474 |
| California Health Facilities Financing <br> Authority, PIH Health Series 2020A, Rev., <br> 4.00%, 6/1/2050<br>| 2000000 | 1651558 |
| California Infrastructure and Economic <br> Development Bank, Brightline West <br> Passenger Rail Project Series 2025A, <br> Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 17690000 | 16256988 |
| California Infrastructure and Economic <br> Development Bank, California Academy of <br> Science Series 2024A, Rev., 3.25%, <br> 8/1/2029<br>| 5000000 | 5071671 |
| California Infrastructure and Economic <br> Development Bank, Segerstrom Center for <br> the Arts Series 2024, Rev., 5.00%, <br> 1/1/2032<br>| 1890000 | 2091954 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, <br> 10/1/2025 (c)<br>| 6375000 | 6374607 |
| California Municipal Finance Authority, <br> Community Health System Series 2021A, <br> Rev., 5.00%, 2/1/2033<br>| 800000 | 863153 |
| California Municipal Finance Authority, <br> Eskaton Properties, Inc. Obligated Group<br>|  |  |
| Series 2024, Rev., 5.00%, 11/15/2028 | 1430000 | 1506498 |
| Series 2024, Rev., 5.00%, 11/15/2029 | 1000000 | 1066179 |
| Series 2024, Rev., 5.00%, 11/15/2031 | 1105000 | 1190014 |
| California Municipal Finance Authority, <br> Humangood California Obligated Group <br> Series 2025A, Rev., 5.00%, 10/1/2042<br>| 1675000 | 1682435 |
| California Municipal Finance Authority, <br> Multi-Family Housing, View At San Bruno <br> Series 2024A-1, Rev., 5.00%, <br> 7/1/2028 (c)<br>| 1750000 | 1856622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| California Municipal Finance Authority, <br> Waste Management, Inc., Project<br>|  |  |
| Series 2022A, Rev., AMT, 4.13%, <br> 10/1/2025 (c)<br>| 1500000 | 1500138 |
| Series 2020, Rev., AMT, VRDO, 3.80%, <br> 12/1/2025 (c)<br>| 1000000 | 1000000 |
| California Pollution Control Financing <br> Authority, Poseidon Resources <br> Channelside LP Desalination Project, Rev., <br> AMT, 5.00%, 7/1/2036 (b)<br>| 770000 | 806398 |
| California Pollution Control Financing <br> Authority, Solid Waste Disposal, Republic <br> Services, Inc., Project Series 2017A-2, <br> Rev., AMT, 3.85%, 10/15/2025 (b) (c)<br>| 2000000 | 2000138 |
| California Public Finance Authority, Senior <br> Living The James Series 2024A, Rev., <br> 6.50%, 6/1/2054 (b)<br>| 3030000 | 2786512 |
| California School Finance Authority, Kipp <br> SoCal Public Schools Series 2019A, Rev., <br> 5.00%, 7/1/2039 (b)<br>| 825000 | 834631 |
| California Statewide Communities <br> Development Authority, John Muir Health <br> Series 2024A, Rev., 5.00%, 12/1/2028<br>| 875000 | 947436 |
| California Statewide Communities <br> Development Authority, Loma Linda <br> University Medical Center<br>|  |  |
| Series 2018A, Rev., 5.25%, <br> 12/1/2048 (b)<br>| 1390000 | 1311177 |
| Series 2016A, Rev., 5.25%, <br> 12/1/2056 (b)<br>| 7250000 | 6602381 |
| California Statewide Communities <br> Development Authority, Southern <br> California Edison Co. Series 2006C, Rev., <br> 4.50%, 11/1/2033<br>| 2350000 | 2412823 |
| Chico Unified School District, Election of <br> 2024 Series 2024A, GO, 4.50%, <br> 8/1/2049<br>| 1500000 | 1439433 |
| City of Aliso Viejo, COP, 4.00%, 11/1/2028 | 175000 | 184362 |
| City of Los Angeles, Rev., TRAN, 5.00%, <br> 6/25/2026<br>| 13000000 | 13313176 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series <br> 2021A, Rev., AMT, 5.00%, 5/15/2039<br>| 1240000 | 1266340 |
| City of Los Angeles, Wastewater System, <br> Subordinate<br>|  |  |
| Series 2025A, Rev., 5.00%, 6/1/2045 | 1000000 | 1045908 |
| Series 2025A, Rev., 5.00%, 6/1/2055 | 1000000 | 1018143 |
| Desert Community College District, Election <br> of 2016, GO, 4.00%, 8/1/2051<br>| 4000000 | 3469602 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **California — continued** | **California — continued** | **California — continued** |
| Desert Sands Unified School District, <br> Election of 2024, GO, 4.00%, 8/1/2050<br>| 2500000 | 2179565 |
| El Centro Financing Authority, Police Station <br> Project Series 2023A, Rev., 5.00%, <br> 10/1/2025<br>| 545000 | 546149 |
| Golden State Tobacco Securitization Corp., <br> Enhanced Tobacco Settlement<br>|  |  |
| Series 2018A-1, Rev., 5.00%, <br> 6/1/2028 (e)<br>| 250000 | 268926 |
| Series 2021B-2, Rev., Zero Coupon, <br> 6/1/2066<br>| 57200000 | 5308108 |
| Indio Finance Authority, City of Indio |  |  |
| Series 2022A, Rev., 5.00%, 11/1/2028 | 275000 | 298328 |
| Series 2022A, Rev., 5.00%, 11/1/2029 | 325000 | 360155 |
| Series 2022A, Rev., 5.00%, 11/1/2030 | 400000 | 450670 |
| Series 2022A, Rev., 5.00%, 11/1/2034 | 200000 | 224206 |
| Los Angeles County Development Authority, <br> West LA Building 156 and 157 <br> Apartments Series 2023C, Rev., 3.75%, <br> 12/1/2026 (c)<br>| 3000000 | 3008245 |
| Los Angeles Department of Water and Power <br> System<br>|  |  |
| Series 2021C, Rev., 4.00%, 7/1/2026 | 6285000 | 6336587 |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 3615000 | 3685493 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 1000000 | 872129 |
| Series 2025A, Rev., 5.00%, 7/1/2055 | 1500000 | 1501011 |
| Los Angeles Department of Water and Power <br> Water System Series 2020C, Rev., 5.00%, <br> 7/1/2032<br>| 1000000 | 1085008 |
| M-S-R Energy Authority Series 2009B, Rev., <br> 7.00%, 11/1/2034<br>| 1000000 | 1194688 |
| Municipal Improvement Corp. of Los <br> Angeles, Real Property Series 2016B, <br> Rev., 4.00%, 11/1/2035<br>| 3000000 | 2976669 |
| Napa Valley Unified School District, Election <br> of 2024 Series A, GO, 4.50%, 8/1/2055<br>| 1500000 | 1416562 |
| Ontario Public Financing Authority Series <br> 2025A, Rev., 4.50%, 11/1/2055<br>| 2000000 | 1864340 |
| Ontario Public Financing Authority, Civic <br> Center Improvements Series 2022A, Rev., <br> A.G., 5.00%, 11/1/2033<br>| 140000 | 158149 |
| Petaluma Public Financing Authority, Road <br> Improvement Projects, Rev., 5.00%, <br> 5/1/2026<br>| 120000 | 122161 |
| Port of Los Angeles, Harbor Department <br> Series 2024A 1, Rev., AMT, 5.00%, <br> 8/1/2032<br>| 2000000 | 2227109 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 161

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Redding Joint Powers Financing Authority <br> Series 2019A, Rev., 5.00%, 4/1/2026<br>| 100000 | 101559 |
| Redondo Beach Unified School District, <br> Election of 2024 Series 2024A, GO, <br> 4.63%, 8/1/2055<br>| 1000000 | 974775 |
| River Islands Public Financing Authority, <br> Facilities District No. 2003<br>|  |  |
| Series 2022A-1, A.G., 5.00%, 9/1/2029 | 100000 | 109090 |
| Series 2022A-1, A.G., 5.00%, 9/1/2030 | 330000 | 364478 |
| San Diego County Regional Airport <br> Authority, Senior Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.25%, <br> 7/1/2038<br>| 2000000 | 2129297 |
| Series 2025B, Rev., AMT, 5.25%, <br> 7/1/2044<br>| 7500000 | 7731013 |
| Series 2023B, Rev., AMT, 5.00%, <br> 7/1/2048<br>| 5460000 | 5397276 |
| San Francisco City and County Airport <br> Comm-San Francisco International Airport <br> Series 2016B, Rev., AMT, 5.00%, <br> 5/1/2046<br>| 1200000 | 1177824 |
| San Joaquin Valley Clean Energy Authority <br> Series 2025A, Rev., 5.50%, <br> 7/1/2035 (c)<br>| 2045000 | 2267502 |
| San Jose Evergreen Community College <br> District Series C, GO, 4.00%, 9/1/2043<br>| 1990000 | 1900724 |
| Solano Irrigation District, Water, COP, <br> 4.00%, 8/1/2031<br>| 285000 | 298239 |
| State of California, Various Purpose, GO, <br> 5.00%, 11/1/2032<br>| 335000 | 370784 |
| Tobacco Securitization Authority of Northern <br> California, Sacramento County Tobacco <br> Securitization Corp. Series 2021A, Class <br> 1, Rev., 5.00%, 6/1/2032<br>| 110000 | 117112 |
| Tobacco Securitization Authority of Southern <br> California, San Diego County Tobacco <br> Asset Securitization Corp. Series 2019A, <br> Class 1, Rev., 5.00%, 6/1/2048<br>| 3000000 | 2838775 |
| Tracy Public Financing Authority, Legacy <br> Fields Series 2022A, Rev., 5.00%, <br> 11/1/2036<br>| 1035000 | 1137787 |
| Ventura Unified School District, Election of <br> 2022 Series 2022B, GO, 4.25%, <br> 8/1/2051<br>| 1000000 | 921588 |
| Vista Joint Powers Financing Authority <br> Series 2025A, Rev., 5.00%, 5/1/2036<br>| 1200000 | 1349656 |
| Total California |  | 205844933 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Colorado — 2.6%** | **Colorado — 2.6%** | **Colorado — 2.6%** |
| Adams and Arapahoe Counties Joint School <br> District 28J Aurora, GO, 5.50%, <br> 12/1/2043<br>| 3375000 | 3669345 |
| Adams County Housing Authority, Maiker <br> Housing Partners Multifamily Housing, <br> Overlook At Thornton Series 2023, Rev., <br> 4.50%, 5/1/2026 (c)<br>| 3300000 | 3323030 |
| Baseline Metropolitan District No. 1 |  |  |
| Series 2024A, GO, A.G., 5.00%, <br> 12/1/2025<br>| 300000 | 301488 |
| Series 2024A, GO, A.G., 5.00%, <br> 12/1/2026<br>| 500000 | 512818 |
| Series 2024A, GO, A.G., 5.00%, <br> 12/1/2027<br>| 1000000 | 1048488 |
| Series 2024A, GO, A.G., 5.00%, <br> 12/1/2028<br>| 580000 | 619708 |
| Series 2024A, GO, A.G., 5.00%, <br> 12/1/2031<br>| 1000000 | 1098042 |
| Board of Governors of Colorado State <br> University System Series 2017C, Rev., <br> 5.00%, 3/1/2043<br>| 4770000 | 4812294 |
| City and County of Denver Series 2020B, GO, <br> 5.00%, 8/1/2029<br>| 220000 | 242250 |
| City and County of Denver, Airport System |  |  |
| Series 2018A, Rev., AMT, 5.00%, <br> 12/1/2028<br>| 2845000 | 3037290 |
| Series 2022A, Rev., AMT, 5.00%, <br> 11/15/2032<br>| 1000000 | 1096988 |
| Series 2018A, Rev., AMT, 5.00%, <br> 12/1/2035<br>| 505000 | 517874 |
| Series 2018A, Rev., AMT, 4.00%, <br> 12/1/2043<br>| 3380000 | 2949646 |
| City of Colorado Springs Utilities System <br> Series 2025A, Rev., 5.00%, 11/15/2037<br>| 5900000 | 6556471 |
| Colorado Health Facilities Authority, <br> Adventist Health System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, <br> 11/15/2029 (c)<br>| 4750000 | 5152952 |
| Series 2025A, Rev., 5.00%, <br> 11/15/2030 (c)<br>| 5000000 | 5472018 |
| Series 2021A, Rev., 4.00%, 11/15/2050 | 5750000 | 4839387 |
| Colorado Health Facilities Authority, <br> CommonSpirit Health<br>|  |  |
| Series 2024A, Rev., 5.00%, 12/1/2029 | 7630000 | 8266864 |
| Series 2019A-1, Rev., 4.00%, 8/1/2037 | 1510000 | 1446647 |
| Series 2019A-2, Rev., 5.00%, 8/1/2044 | 2650000 | 2606938 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Health Facilities Authority, <br> Covenant Living Communities and <br> Services<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2028 | 1000000 | 1058042 |
| Series 2025A, Rev., 5.00%, 12/1/2031 | 1115000 | 1210250 |
| Series 2025A, Rev., 5.00%, 12/1/2033 | 1000000 | 1088231 |
| Colorado Housing and Finance Authority, <br> Multi-Family Mortgage, Rev., 3.38%, <br> 7/1/2028 (c)<br>| 5000000 | 5060340 |
| Colorado Housing and Finance Authority, <br> Single Family Mortgage Series 2023L, <br> Class III, Rev., GNMA COLL, 5.75%, <br> 11/1/2053<br>| 2575000 | 2766086 |
| Colorado Springs School District No. 11 <br> Facilities Corp.<br>|  |  |
| COP, 5.00%, 12/15/2026 | 350000 | 360162 |
| COP, 5.00%, 12/15/2037 | 550000 | 589639 |
| COP, 5.00%, 12/15/2038 | 600000 | 636273 |
| County of Adams, COP, 4.00%, 12/1/2054 | 1500000 | 1251862 |
| Denver City and County School District No. 1 <br> Series 2025A, GO, 5.25%, 12/1/2035<br>| 4040000 | 4658265 |
| Denver Health and Hospital Authority Series <br> 2025A, Rev., 5.13%, 12/1/2050<br>| 1000000 | 968935 |
| Dominion Water and Sanitation District, Rev., <br> 5.00%, 12/1/2027<br>| 500000 | 503302 |
| Southern Ute Indian Tribe of the Southern <br> Ute Reservation of Colorado Series <br> 2025A, GO, 5.00%, 4/1/2035 (b)<br>| 8500000 | 9023922 |
| State of Colorado, Building Excellent Schools <br> Today Series S, COP, 4.00%, 3/15/2037<br>| 1000000 | 1000145 |
| University of Colorado, Enterprise System |  |  |
| Series 2017A-2, Rev., 5.00%, <br> 6/1/2026 (e)<br>| 5000 | 5096 |
| Series 2017A-2, Rev., 5.00%, 6/1/2026 | 35000 | 35680 |
| Vail Home Partners Corp., Colorado Housing <br> Facilities, Rev., 5.88%, 10/1/2055 (b)<br>| 2000000 | 1962540 |
| Total Colorado |  | 89749308 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** | **Connecticut — 0.9%** |
| City of Meriden |  |  |
| Series 2023, GO, 4.00%, 6/15/2041 | 790000 | 775938 |
| GO, 4.00%, 6/15/2043 | 1080000 | 1022048 |
| City of New Haven, GO, A.G., 5.00%, <br> 8/1/2033<br>| 3000000 | 3363902 |
| City of Norwalk Series 2023, GO, 4.00%, <br> 8/15/2042<br>| 380000 | 367657 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| Connecticut State Health and Educational <br> Facilities Authority, Yale New Heaven <br> Health Series 2024B, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 3750000 | 4033467 |
| Stamford Housing Authority, Mozaic <br> Concierge Living Project Series 2025A, <br> Rev., 6.50%, 10/1/2055<br>| 1500000 | 1479377 |
| State of Connecticut |  |  |
| Series 2025B, GO, 5.00%, 12/1/2028 | 4365000 | 4729478 |
| Series 2025B, GO, 5.00%, 12/1/2030 | 1000000 | 1119356 |
| State of Connecticut Special Tax |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2037 | 2265000 | 2484066 |
| Series 2023A, Rev., 5.00%, 7/1/2038 | 1000000 | 1083771 |
| Series 2021A, Rev., 4.00%, 5/1/2039 | 1305000 | 1286472 |
| State of Connecticut Special Tax, <br> Transportation Infrastructure Purpose <br> Series 2024B, Rev., 5.00%, 7/1/2026<br>| 10500000 | 10733523 |
| Total Connecticut |  | 32479055 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| Delaware State Economic Development <br> Authority, Acts Retirement-Life <br> Communities, Inc., Obligated Group Series <br> 2018B, Rev., 5.00%, 11/15/2048<br>| 1000000 | 937844 |
| Delaware State Economic Development <br> Authority, Delmarva Power and Light Co. <br> Project Series 2020A, Rev., 3.60%, <br> 1/1/2031<br>| 4250000 | 4376108 |
| Delaware State Economic Development <br> Authority, St. Andrews School Project, <br> Rev., 4.00%, 7/1/2041<br>| 1190000 | 1101103 |
| Total Delaware |  | 6415055 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| District of Columbia Housing Finance <br> Agency, Multi-Family Housing 2911 <br> Rhode Island Apartments Project Series <br> 2025A, Rev., FHA, 5.00%, 3/1/2028<br>| 3500000 | 3678112 |
| District of Columbia Water and Sewer <br> Authority, Subordinate Lien Series <br> 2025B, Rev., 5.25%, 10/1/2050<br>| 5250000 | 5442368 |
| District of Columbia, Georgetown University <br> Issue Series 2025A, Rev., 5.00%, <br> 4/3/2035 (c)<br>| 21500000 | 23356383 |
| District of Columbia, Income Tax Series <br> 2019A, Rev., 5.00%, 3/1/2029<br>| 100000 | 108923 |
| District of Columbia, Kipp DC Project, Rev., <br> 4.00%, 7/1/2039<br>| 100000 | 90919 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 163

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| District of Columbia, Water and Sewer <br> Authority, Public Utility, Senior Lien Series <br> B, Rev., 5.00%, 10/1/2025<br>| 65000 | 65133 |
| District of Columbia, Water and Sewer <br> Authority, Public Utility, Subordinate Lien <br> Series 2022C1, Rev., 4.00%, 10/1/2040<br>| 2000000 | 1932739 |
| Metropolitan Washington Airports Authority <br> Aviation<br>|  |  |
| Series 2023A, Rev., AMT, 5.00%, <br> 10/1/2025<br>| 875000 | 876543 |
| Series 2024A, Rev., AMT, 5.00%, <br> 10/1/2026<br>| 1270000 | 1299302 |
| Series 2021A, Rev., AMT, 5.00%, <br> 10/1/2031<br>| 1360000 | 1490063 |
| Series 2020A, Rev., AMT, 4.00%, <br> 10/1/2035<br>| 1750000 | 1723490 |
| Washington Metropolitan Area Transit <br> Authority Dedicated, Second Lien Series <br> 2025A, Rev., 5.25%, 7/15/2055<br>| 7500000 | 7701110 |
| Washington Metropolitan Area Transit <br> Authority Dedicated, Sustainability <br> Climate Transition Bonds Series 2023A, <br> Rev., 5.00%, 7/15/2037<br>| 1500000 | 1624926 |
| Total District of Columbia |  | 49390011 |
| **Florida — 4.1%** | **Florida — 4.1%** | **Florida — 4.1%** |
| Capital Projects Finance Authority, Student <br> Housing, Program Unionwest <br> Properties LLC Project Series 2024B, <br> Rev., 0.00%, 6/1/2062 (b)<br>| 13700000 | 1626693 |
| Capital Trust Authority, IPS Enterprises, Inc., <br> Projects<br>|  |  |
| Series 2023A, Rev., 5.13%, <br> 6/15/2033 (b)<br>| 1625000 | 1668685 |
| Series 2023A, Rev., 6.00%, <br> 6/15/2043 (b)<br>| 2060000 | 2078626 |
| Central Florida Tourism Oversight District <br> Series 2016A, GO, 5.00%, 6/1/2026<br>| 50000 | 50958 |
| City of Jacksonville |  |  |
| Series 2024, Rev., 5.00%, 10/1/2026 | 1690000 | 1738404 |
| Series 2024, Rev., 5.00%, 10/1/2028 | 1400000 | 1512707 |
| Series 2024, Rev., 5.00%, 10/1/2029 | 1305000 | 1436789 |
| City of Kissimmee, Sales Tax, Rev., 4.00%, <br> 10/1/2025<br>| 170000 | 170149 |
| City of South Miami Health Facilities <br> Authority, Inc., Baptist Health South <br> Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 7350000 | 7932167 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| City of West Palm Beach Utility System <br> Series 2017A, Rev., 5.00%, 10/1/2042<br>| 5095000 | 5127900 |
| Cobb County Kennestone Hospital Authority, <br> Ave Maria University, Inc. Project Series <br> 2023, Rev., 5.00%, 6/1/2027<br>| 1930000 | 1965255 |
| County of Lee, Airport |  |  |
| Series 2021A, Rev., AMT, 5.00%, <br> 10/1/2031<br>| 400000 | 435491 |
| Series 2021B, Rev., AMT, 5.00%, <br> 10/1/2031<br>| 1840000 | 2003257 |
| County of Miami-Dade, Aviation System <br> Series 2024A, Rev., AMT, 5.00%, <br> 10/1/2035<br>| 4805000 | 5154307 |
| County of Miami-Dade, Jackson Health <br> System, Rev., 5.50%, 6/1/2055<br>| 3000000 | 3152189 |
| County of Palm Beach Series 2021A, Rev., <br> 4.00%, 12/1/2032<br>| 2070000 | 2168244 |
| Florida Atlantic University Finance Corp., <br> Student Housing Project Series 2019B, <br> Rev., 5.00%, 7/1/2032<br>| 250000 | 265969 |
| Florida Department of Children and Families, <br> Evaluation Treatment Center Financing <br> Corp. Project Series 2021B, COP, 5.00%, <br> 10/1/2028<br>| 210000 | 226646 |
| Florida Development Finance Corp., <br> Brightline Florida Passenger Rail Project<br>|  |  |
| Rev., AMT, 5.25%, 7/1/2047 | 1500000 | 1236193 |
| Series 2024, Rev., AMT, 5.50%, <br> 7/1/2053<br>| 2750000 | 2267872 |
| Florida Development Finance Corp., GFL <br> Solid Waste Southeast LLC Project Series <br> 2024A, Rev., AMT, 4.38%, <br> 10/1/2031 (b) (c)<br>| 1000000 | 994189 |
| Florida Housing Finance Corp., Culmer <br> Apartments Series 2023C, Rev., 5.00%, <br> 12/1/2025 (c)<br>| 1410000 | 1416903 |
| Florida Housing Finance Corp., Northside <br> Transit Village III Series 2023B, Rev., <br> GNMA COLL, 5.00%, 2/1/2026 (c)<br>| 1000000 | 1008699 |
| Florida Local Government Finance <br> Commission, Bridgeprep Academy Project <br> Series 2025A, Rev., 6.25%, <br> 6/15/2055 (b)<br>| 5000000 | 4987160 |
| Florida Local Government Finance <br> Commission, Fleet Landing at Nocatee <br> Project Series 2025A, Rev., 6.63%, <br> 11/15/2045 (b) (d)<br>| 3000000 | 3041252 |
| Florida Municipal Loan Council, Village of <br> Palmetto Bay Series 2021A, Rev., 4.00%, <br> 10/1/2028<br>| 75000 | 78295 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Florida Municipal Power Agency, <br> All-Requirements Power Supply Project <br> Series 2025A, Rev., 5.00%, 10/1/2034<br>| 3770000 | 4196964 |
| Florida State Board of Governors University <br> of North Florida Dormitory<br>|  |  |
| Series 2023A, Rev., 5.00%, 11/1/2041 | 2205000 | 2278313 |
| Series 2023A, Rev., 5.00%, 11/1/2042 | 2675000 | 2740478 |
| Florida State Board of Governors, University <br> of Florida Mandatory Student Fee Series <br> 2021A, Rev., A.G., 5.00%, 11/1/2028<br>| 100000 | 107608 |
| Hillsborough County Housing Finance <br> Authority, Multi- Family Tampa 47th <br> Street Apartments Series 2025A, Rev., <br> FNMA COLL, 5.00%, 12/1/2042<br>| 2260000 | 2261043 |
| Jacksonville Housing Finance Authority, <br> Multi-Family Egret Landing, Rev., 3.40%, <br> 7/1/2028 (c)<br>| 3250000 | 3268486 |
| JEA Electric System |  |  |
| Series 2024A- 3, Rev., A.G., 5.00%, <br> 10/1/2037<br>| 1950000 | 2138529 |
| Series 2024A-3, Rev., A.G., 5.00%, <br> 10/1/2038<br>| 2500000 | 2705585 |
| JEA Water and Sewer System Series 2024A, <br> Rev., 5.50%, 10/1/2054<br>| 5000000 | 5283382 |
| Lee County School Board (The) Series <br> 2023A, COP, 4.00%, 8/1/2048<br>| 1500000 | 1303215 |
| Marion County School Board, COP, A.G., <br> 5.25%, 6/1/2044<br>| 1465000 | 1524860 |
| Miami Beach Redevelopment Agency, City <br> Center Historic Convention Village, Rev., <br> A.G., 5.00%, 2/1/2036<br>| 3000000 | 3285876 |
| Miami-Dade County Housing Finance <br> Authority, Amber Station Series 2025A, <br> Rev., 3.25%, 8/1/2029 (c)<br>| 7750000 | 7805295 |
| Miami-Dade County Housing Finance <br> Authority, Running Brook Apartments <br> Series 202, Rev., 3.55%, 1/1/2026 (c)<br>| 1525000 | 1527635 |
| Middleton Community Development District <br> A, City of Wildwood, Florida Special <br> Assessment, 5.85%, 5/1/2037<br>| 245000 | 257381 |
| Orange County Health Facilities Authority, <br> Orlando Health Obligated Group Series <br> 2023A, Rev., 5.00%, 10/1/2036<br>| 750000 | 810970 |
| Orlando Utilities Commission Series 2024B, <br> Rev., 5.00%, 10/1/2036<br>| 1215000 | 1352909 |
| Orlando Utilities Commission, Utility System |  |  |
| Series 2025A, Rev., 5.00%, 10/1/2033 | 1000000 | 1142006 |
| Series 2025A, Rev., 5.00%, 10/1/2034 | 1095000 | 1255441 |
| Series 2025A, Rev., 5.00%, 10/1/2035 | 1660000 | 1869148 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025A, Rev., 5.00%, 10/1/2036 | 1000000 | 1113505 |
| Palm Beach County Health Facilities <br> Authority, Acts Retirement Life <br> Communities, Inc., Obligated Group<br>|  |  |
| Rev., 5.00%, 11/15/2032 | 240000 | 242809 |
| Series 2025B, Rev., 5.00%, 11/15/2049 | 3485000 | 3248595 |
| Series 2025B, Rev., 5.00%, 11/15/2055 | 5000000 | 4568128 |
| Palm Beach County Health Facilities <br> Authority, Jupiter Medical Center, Rev., <br> 5.25%, 11/1/2055<br>| 4250000 | 4108013 |
| Peace River Manasota Regional Water <br> Supply Authority, Utility System<br>|  |  |
| Series 2025A, Rev., 5.25%, 10/1/2044 | 6780000 | 7169934 |
| Series 2025A, Rev., 5.25%, 10/1/2047 | 5055000 | 5272308 |
| Series 2025A, Rev., 5.25%, 10/1/2050 | 5250000 | 5439392 |
| Polk County Housing Finance Authority, <br> Episcopal Catholic Apartments Series <br> 2023, Rev., 4.15%, 6/1/2026 (c)<br>| 750000 | 756436 |
| Seminole County Industrial Development <br> Authority, Legacy Pointe at UCF Project<br>|  |  |
| Series 2019A, Rev., 5.25%, 11/15/2039 | 1500000 | 1414079 |
| Series 2019A, Rev., 5.50%, 11/15/2049 | 3225000 | 2809208 |
| Series 2019A, Rev., 5.75%, 11/15/2054 | 2000000 | 1781578 |
| Southeast Overtown Park West Community <br> Redevelopment Agency, Flag Tax <br> Increment<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, <br> 3/1/2033<br>| 2500000 | 2767938 |
| Series 2025A, Rev., A.G., 5.00%, <br> 3/1/2034<br>| 1500000 | 1662776 |
| State of Florida Board of Education, Public <br> Education Capital Outlay Series 2017B, <br> GO, 5.00%, 6/1/2031<br>| 75000 | 77822 |
| State of Florida, Board of Education, Lottery <br> Series 2016A, Rev., 5.00%, 7/1/2026<br>| 75000 | 76693 |
| Tampa Bay Water, Regional Water Supply <br> Authority, Utility System Series 2016C, <br> Rev., 5.00%, 10/1/2025<br>| 55000 | 55109 |
| Tampa-Hillsborough County Expressway <br> Authority Series 2017B, Rev., 5.00%, <br> 7/1/2031<br>| 40000 | 42558 |
| University of Florida, Department of Housing <br> and Residence Education Housing System <br> Series 2021A, Rev., 5.00%, 7/1/2026<br>| 125000 | 127531 |
| Village Community Development District No. <br> 15, 4.25%, 5/1/2028 (b)<br>| 200000 | 202974 |
| Total Florida |  | 143797509 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 165

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — 3.7%** | **Georgia — 3.7%** | **Georgia — 3.7%** |
| Atlanta Urban Residential Finance Authority, <br> Multi-Family Housing North Block Series <br> 2025, Rev., FHA, 3.40%, 2/1/2028 (c)<br>| 1500000 | 1522148 |
| Augusta Development Authority, AU Health <br> System, Inc. Project Series 2018, Rev., <br> 4.00%, 7/1/2038<br>| 3995000 | 3810148 |
| Bartow County Development Authority, <br> Georgia Power Co. Plant Series 2009-1, <br> Rev., 3.95%, 3/8/2028 (c)<br>| 2000000 | 2047175 |
| City of Atlanta, Airport Passenger Facility <br> Charge, Subordinate Lien Series 2019D, <br> Rev., AMT, 4.00%, 7/1/2037<br>| 2350000 | 2264756 |
| City of Atlanta, Georgia Airport Series <br> 2019B, Rev., AMT, 5.00%, 7/1/2031<br>| 1810000 | 1910352 |
| Cobb-Marietta Coliseum and Exhibit Hall <br> Authority, Galleria Center Project<br>|  |  |
| Rev., 5.50%, 10/1/2050 | 1750000 | 1832578 |
| Rev., 5.50%, 10/1/2053 | 2000000 | 2088941 |
| College Park Housing Authority, Rev., <br> 3.45%, 4/1/2028 (c)<br>| 1500000 | 1515735 |
| Columbia County Hospital Authority, <br> Wellstart Health System Inc., Project <br> Series 2023B, Rev., 5.00%, 4/1/2042<br>| 2000000 | 2066397 |
| County of DeKalb, Water and Sewerage <br> Series 2006B, Rev., 5.25%, 10/1/2026<br>| 25000 | 25788 |
| Development Authority of Burke County <br> (The), Georgia Power Co. Plant Vogtle <br> Project Series 2013-1, Rev., 3.38%, <br> 3/12/2027 (c)<br>| 1015000 | 1018090 |
| Development Authority of Monroe County <br> (The), Georgia Power Co. Plant Scherer <br> Project Series 2009-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| 1415000 | 1420631 |
| Fayette County Development Authority, <br> United States Soccer Federation, Inc. <br> Project<br>|  |  |
| Series 2024, Rev., 5.00%, 10/1/2040 | 1600000 | 1645898 |
| Rev., 5.25%, 10/1/2054 | 2250000 | 2251524 |
| Gainesville and Hall County Hospital <br> Authority, Northeast Georgia Health <br> System, Inc., Project, Rev., RAN, 5.00%, <br> 10/15/2030<br>| 1500000 | 1659095 |
| George L Smith II Congress Center Authority, <br> Convention Center Hotel First Series <br> 2021A, Rev., 4.00%, 1/1/2054<br>| 2050000 | 1640324 |
| Georgia Higher Education Facilities <br> Authority, USG Real Estate Foundation <br> II LLC Projects, Rev., 4.00%, 6/15/2038<br>| 1425000 | 1381372 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Georgia Housing and Finance Authority <br> Series 2025C, Rev., 6.25%, 12/1/2055<br>| 5000000 | 5623782 |
| Lawrenceville Housing Authority, Applewood <br> Towers Project Series 2024B, Rev., <br> 5.00%, 10/1/2027 (c)<br>| 1615000 | 1687299 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2022B, Rev., 5.00%, <br> 6/1/2029 (c)<br>| 1750000 | 1833006 |
| Series 2023B, Rev., 5.00%, <br> 3/1/2030 (c)<br>| 4785000 | 5067285 |
| Series 2023A, Rev., 5.00%, <br> 6/1/2030 (c)<br>| 4215000 | 4461729 |
| Series 2023C, Rev., 5.00%, <br> 9/1/2030 (c)<br>| 2500000 | 2653630 |
| Series 2023D, Rev., 5.00%, <br> 12/1/2030 (c)<br>| 3500000 | 3720951 |
| Series 2024D, Rev., 5.00%, <br> 4/1/2031 (c)<br>| 14250000 | 15183322 |
| Series 2023E, Subseries E-1, Rev., <br> 5.00%, 6/1/2031 (c)<br>| 4230000 | 4528308 |
| Series 2024A, Rev., 5.00%, <br> 9/1/2031 (c)<br>| 6000000 | 6408077 |
| Series 2024E, Rev., 5.00%, <br> 12/1/2032 (c)<br>| 16310000 | 17451858 |
| Series 2025B, Rev., 5.00%, <br> 12/1/2035 (c)<br>| 17500000 | 18500055 |
| Metropolitan Atlanta Rapid Transit Authority, <br> Sales Tax Series 2023A, Rev., 5.00%, <br> 7/1/2039<br>| 900000 | 969303 |
| Municipal Electric Authority of Georgia <br> Project Series 2024B, Rev., 5.00%, <br> 1/1/2028<br>| 1000000 | 1056988 |
| Municipal Electric Authority of Georgia, Plant <br> Vogtle Units 3 and 4 Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 3500000 | 3433374 |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 1000000 | 989003 |
| Paulding County School District |  |  |
| GO, 5.00%, 2/1/2030 | 3055000 | 3378276 |
| GO, 5.00%, 2/1/2031 | 1750000 | 1960455 |
| Rome Building Authority, Rome City School <br> Project Series 2023, Rev., 5.00%, <br> 3/1/2036<br>| 1000000 | 1105580 |
| Walton County Water and Sewer Authority, <br> Hard Labor Creek Reservoir Water <br> Treatment Facility Project<br>|  |  |
| Rev., 5.25%, 2/1/2034 | 100000 | 113517 |
| Rev., 5.25%, 2/1/2035 | 135000 | 151708 |
| Total Georgia |  | 130378458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Guam Government Waterworks Authority <br> Series 2024A, Rev., 5.00%, 7/1/2040<br>| 1810000 | 1850282 |
| Territory of Guam Series 2025G, Rev., <br> 5.00%, 1/1/2035<br>| 2600000 | 2802726 |
| Total Guam |  | 4653008 |
| **Hawaii — 0.6%** | **Hawaii — 0.6%** | **Hawaii — 0.6%** |
| City and County of Honolulu |  |  |
| Series D, GO, 5.00%, 9/1/2032 | 45000 | 46834 |
| Series 2025F, GO, 5.00%, 7/1/2033 | 9590000 | 10909770 |
| State of Hawaii Series FK, GO, 5.00%, <br> 5/1/2033<br>| 30000 | 30975 |
| State of Hawaii Airports System |  |  |
| Series 2025C, Rev., AMT, 5.00%, <br> 7/1/2043<br>| 3150000 | 3167300 |
| Series 2025C, Rev., AMT, 5.00%, <br> 7/1/2045<br>| 1500000 | 1490665 |
| State of Hawaii Department of Budget and <br> Finance, The Queen's Health Systems <br> Series 2025B, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.25%, 9/2/2025 (c)<br>| 5125000 | 5125000 |
| Total Hawaii |  | 20770544 |
| **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |
| Idaho Health Facilities Authority, St. Luke's <br> Health System Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 3/1/2029 | 35000 | 37545 |
| Series 2025B, Rev., 5.00%, <br> 3/1/2032 (c)<br>| 8295000 | 9007968 |
| Series 2025C, Rev., 5.00%, <br> 3/1/2035 (c)<br>| 1250000 | 1345605 |
| Idaho Housing and Finance Association, <br> Single Family Mortgage Series 2025C, <br> Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 5300000 | 5973568 |
| Idaho Housing and Finance Association, <br> Transporation Expansion and Congestion, <br> Sales Tax Series 2025A, Rev., 4.00%, <br> 8/15/2050<br>| 2500000 | 2143073 |
| Idaho Housing and Finance Association, <br> Transportation Expansion and Congestion <br> Mitigation Fund Series 2022A, Rev., <br> 5.00%, 8/15/2035<br>| 500000 | 550478 |
| Total Idaho |  | 19058237 |
| **Illinois — 3.9%** | **Illinois — 3.9%** | **Illinois — 3.9%** |
| Champaign County Community Unit School <br> District No. 4 Champaign, School Building, <br> GO, 5.00%, 1/1/2027<br>| 45000 | 45365 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Chicago Midway International Airport, <br> Senior Lien<br>|  |  |
| Series 2023A, Rev., AMT, 5.00%, <br> 1/1/2030<br>| 1545000 | 1661336 |
| Series 2023C, Rev., AMT, 5.00%, <br> 1/1/2034<br>| 3500000 | 3764068 |
| Series 2023C, Rev., AMT, 5.00%, <br> 1/1/2037<br>| 2500000 | 2603017 |
| Series 2023A, Rev., AMT, 5.75%, <br> 1/1/2048<br>| 1335000 | 1393627 |
| Series 2023A, Rev., AMT, 5.50%, <br> 1/1/2053<br>| 1100000 | 1118569 |
| Chicago O'Hare International Airport, <br> Customer Facility Charge Senior Lien<br>|  |  |
| Series 2023, Rev., 5.00%, 1/1/2036 | 1265000 | 1366876 |
| Series 2023, Rev., 5.00%, 1/1/2037 | 825000 | 881094 |
| Chicago O'Hare International Airport, <br> General Airport, Senior Lien<br>|  |  |
| Series 2024D, Rev., 5.00%, 1/1/2026 | 1800000 | 1814052 |
| Series 2020A, Rev., 5.00%, 1/1/2034 | 200000 | 213869 |
| Series B, Rev., 5.00%, 1/1/2034 | 40000 | 40762 |
| Series 2024B, Rev., 5.00%, 1/1/2048 | 1000000 | 1004321 |
| Series 2024B, Rev., 5.50%, 1/1/2059 | 3000000 | 3086555 |
| Chicago Transit Authority Sales Tax Receipts <br> Fund Series 2024A, Rev., 5.00%, <br> 12/1/2049<br>| 8250000 | 8128488 |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 4000000 | 4088604 |
| Series 2019A, GO, 5.50%, 1/1/2049 | 3000000 | 2863752 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1110000 | 1130036 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, <br> 11/1/2030<br>| 5500000 | 5880095 |
| Series 2023A, Rev., A.G., 5.25%, <br> 11/1/2053<br>| 365000 | 368550 |
| City of Decatur, GO, 5.00%, 3/1/2027 | 130000 | 131629 |
| City of Highland Park, GO, 4.00%, <br> 12/30/2028<br>| 35000 | 36654 |
| Cook County School District No. 87 Berkeley, <br> GO, A.G., 4.00%, 12/1/2030<br>| 35000 | 36801 |
| County of Cook, Sales Tax, Rev., 5.00%, <br> 11/15/2034<br>| 2000000 | 2062869 |
| County of Lake, Sales Tax, GO, 4.00%, <br> 11/30/2027<br>| 100000 | 103179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 167

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Centerpointjoliet <br> Terminal<br>|  |  |
| Series 2020, Rev., AMT, 4.13%, <br> 12/31/2034 (b) (c)<br>| 2750000 | 2640893 |
| Rev., AMT, 4.80%, 7/2/2035 (b) (c) | 2500000 | 2501715 |
| Illinois Finance Authority, Lake Forest <br> College<br>|  |  |
| Series 2022A, Rev., 5.00%, 10/1/2029 | 320000 | 337697 |
| Series 2022A, Rev., 5.00%, 10/1/2030 | 205000 | 217206 |
| Series 2022A, Rev., 5.00%, 10/1/2031 | 235000 | 248608 |
| Illinois Finance Authority, Silver Cross <br> Hospital and Medical Centers<br>|  |  |
| Series 2025B-1, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 3500000 | 3770337 |
| Series 2025B-2, Rev., 5.00%, <br> 8/15/2035 (c)<br>| 5000000 | 5317915 |
| Illinois Finance Authority, Uchicago Medicine <br> Series 2022B-2, Rev., 5.00%, <br> 8/15/2027 (c)<br>| 1000000 | 1036720 |
| Illinois Finance Authority, University of <br> Chicago Series 2015A, Rev., 5.00%, <br> 10/1/2025 (e)<br>| 3250000 | 3256534 |
| Illinois Finance Authority, University of <br> Chicago Medical Center (The) Series <br> 2025A-2, Rev., 5.00%, 8/15/2032 (c)<br>| 4000000 | 4299043 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / <br> FHLMC, 6.00%, 10/1/2054<br>| 930000 | 1010996 |
| Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 10/1/2055<br>| 4000000 | 4518152 |
| Series 2025D, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 10/1/2055<br>| 7750000 | 8750861 |
| Illinois Municipal Electric Agency, Power <br> Supply System Series 2025A, Rev., A.G., <br> 5.00%, 2/1/2033 (d)<br>| 7500000 | 8385273 |
| Illinois State Toll Highway Authority Series <br> 2024A, Rev., 5.00%, 1/1/2038<br>| 2360000 | 2543690 |
| Lake County Community Consolidated School <br> District No. 3 Beach Park, GO, A.G., <br> 4.00%, 2/1/2032<br>| 175000 | 179149 |
| Sales Tax Securitization Corp., Second Lien |  |  |
| Series 2023C, Rev., 5.00%, 1/1/2034 | 2340000 | 2562532 |
| Series 2020A, Rev., 4.00%, 1/1/2040 | 1750000 | 1631567 |
| Sales Tax Securitization Corp., Senior Lien |  |  |
| Series 2023C, Rev., 5.00%, 1/1/2033 | 1000000 | 1075604 |
| Series 2024A, Rev., 5.00%, 1/1/2035 | 1500000 | 1674363 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Southern Illinois University, Housing and <br> Auxiliary Facilities<br>|  |  |
| Series 2022A, Rev., 5.00%, 4/1/2029 | 675000 | 722847 |
| Series 2022A, Rev., 5.00%, 4/1/2030 | 800000 | 866541 |
| Series 2022A, Rev., 5.00%, 4/1/2031 | 575000 | 627551 |
| Series 2022A, Rev., 5.00%, 4/1/2032 | 510000 | 559086 |
| State of Illinois |  |  |
| Series 2017D, GO, 5.00%, 11/1/2025 | 2550000 | 2559648 |
| Series 2017A, GO, 5.00%, 12/1/2026 | 1000000 | 1028884 |
| Series 2016, GO, 5.00%, 2/1/2027 | 1000000 | 1032557 |
| Series 2024B, GO, 5.00%, 5/1/2027 | 1000000 | 1038154 |
| Series 2018A, GO, 5.00%, 10/1/2027 | 2590000 | 2712753 |
| GO, 5.50%, 1/1/2029 | 5000000 | 5445411 |
| Series 2022A, GO, 5.00%, 3/1/2029 | 500000 | 538178 |
| Series 2018B, GO, 5.00%, 10/1/2029 | 2000000 | 2133388 |
| GO, 4.00%, 6/1/2032 | 1000000 | 1001207 |
| Series 2020B, GO, 4.00%, 10/1/2033 | 2400000 | 2424331 |
| Series 2018A, GO, 5.00%, 10/1/2033 | 1000000 | 1042576 |
| GO, 5.00%, 2/1/2037 | 3000000 | 3190856 |
| Series 2024B, GO, 5.00%, 5/1/2037 | 5000000 | 5296073 |
| Series 2024B, GO, 5.00%, 5/1/2040 | 1800000 | 1849855 |
| Series 2023B, GO, 5.50%, 5/1/2047 | 375000 | 382175 |
| University of Illinois, Auxiliary Facilities <br> System Series 2021A, Rev., 5.00%, <br> 4/1/2029<br>| 450000 | 487640 |
| Village of Bolingbrook Series 2018A, GO, <br> A.G., 5.00%, 1/1/2033<br>| 125000 | 129527 |
| Village of Wilmette Series 2020B, GO, <br> 5.00%, 12/1/2026<br>| 140000 | 144474 |
| Will County School District No. 86 Joliet <br> Series 2024, GO, 5.00%, 3/1/2043<br>| 1000000 | 1009307 |
| Total Illinois |  | 136006042 |
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| City of Goshen, Multi-Family, Green Oaks of <br> Goshen Project Series 2021A, Rev., <br> 5.00%, 8/1/2041 (b)<br>| 245000 | 199479 |
| City of Rockport, Indiana Michigan Power Co. <br> Project Series 2025A, Rev., 3.70%, <br> 6/1/2029 (c)<br>| 5000000 | 5072576 |
| City of Valparaiso, Green Oaks of Valparaiso <br> Project, Rev., 5.38%, 12/1/2041 (b)<br>| 200000 | 171961 |
| Fishers Redevelopment Authority, Lease <br> Rental, Geist Park Improvement Project <br> Series 2024B, Rev., 5.00%, 7/15/2037<br>| 865000 | 933790 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Franklin Township-Marion County Multiple <br> School Building Corp., Valorem Property <br> Tax First Mortgage<br>|  |  |
| Series 2024, Rev., 5.00%, 7/15/2035 | 1600000 | 1771817 |
| Series 2024, Rev., 5.00%, 7/15/2036 | 1125000 | 1232215 |
| Series 2024, Rev., 5.00%, 7/15/2037 | 1375000 | 1490168 |
| Series 2024, Rev., 5.00%, 7/15/2040 | 1000000 | 1051096 |
| Indiana Finance Authority Series 2016C, <br> Rev., 5.00%, 12/1/2025<br>| 35000 | 35209 |
| Indiana Finance Authority, CHF- <br> Tippecanoe LLC- Student Housing Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 6/1/2038 | 400000 | 406519 |
| Series 2023A, Rev., 5.00%, 6/1/2043 | 430000 | 416785 |
| Series 2023A, Rev., 5.00%, 6/1/2053 | 790000 | 732085 |
| Indiana Finance Authority, Franciscan <br> Alliance, Inc., Obligated Group Series <br> 2017C, Rev., 4.00%, 11/1/2034<br>| 115000 | 115496 |
| Indiana Finance Authority, Indiana University <br> Health Obligated Group Series 2023B1, <br> Rev., 5.00%, 7/1/2028 (c)<br>| 5000000 | 5281784 |
| Indiana Finance Authority, Rose-Hulman <br> Institute of Technology Project, Rev., <br> 5.00%, 6/1/2030<br>| 435000 | 472601 |
| Indiana Finance Authority, State Revolving <br> Fund Program<br>|  |  |
| Series 2025C, Rev., 5.00%, 2/1/2031 | 1000000 | 1124259 |
| Series 2025C, Rev., 5.00%, 2/1/2032 | 1000000 | 1133692 |
| Series 2025C, Rev., 5.00%, 2/1/2033 | 2000000 | 2279731 |
| Series 2025C, Rev., 5.00%, 2/1/2035 | 1000000 | 1141339 |
| Indiana Housing and Community <br> Development Authority, Vita of New <br> Whiteland Project, Rev., 6.75%, <br> 1/1/2043<br>| 1000000 | 917542 |
| Indiana Municipal Power Agency, Power <br> Supply System<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2027<br>| 1250000 | 1294211 |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2028<br>| 1000000 | 1058374 |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2029<br>| 1125000 | 1216725 |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2030<br>| 690000 | 759763 |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2031<br>| 1000000 | 1114802 |
| Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2032<br>| 1355000 | 1523237 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana State University, Housing and Dining <br> System, Rev., 5.00%, 4/1/2031<br>| 75000 | 77100 |
| Indianapolis Local Public Improvement Bond <br> Bank<br>|  |  |
| Series 2024E, Rev., 5.00%, 2/1/2026 | 250000 | 252510 |
| Series 2021A, Rev., A.G., 4.00%, <br> 6/1/2037<br>| 5000000 | 4992138 |
| Indianapolis Local Public Improvement Bond <br> Bank, Indianapolis Public Transportation <br> Corp. Project<br>|  |  |
| Series 2025A, Rev., 5.00%, 1/15/2029 | 475000 | 515568 |
| Series 2025A, Rev., 5.00%, 1/15/2030 | 400000 | 440525 |
| Series 2025A, Rev., 5.00%, 1/15/2032 | 450000 | 501310 |
| Series 2025A, Rev., 5.00%, 1/15/2034 | 225000 | 251942 |
| Series 2025A, Rev., 5.00%, 7/15/2037 | 1000000 | 1088116 |
| Indianapolis Local Public Improvement Bond <br> Bank, Indianapolos Airport Authority<br>|  |  |
| Series 2025B-1, Rev., 5.00%, 1/1/2035 | 350000 | 393475 |
| Series 2025B-1, Rev., 5.00%, 1/1/2036 | 350000 | 387769 |
| Series 2025B-1, Rev., 5.00%, 1/1/2037 | 375000 | 410812 |
| Series 2025B-1, Rev., 5.00%, 1/1/2038 | 500000 | 542136 |
| Series 2025B-1, Rev., 5.00%, 1/1/2039 | 500000 | 536974 |
| Series 2025B-1, Rev., 5.00%, 1/1/2040 | 230000 | 243883 |
| IPS Multi-School Building Corp., Ad Valorem <br> Property Tax First Mortgage Series 2024, <br> Rev., 5.00%, 7/15/2026<br>| 1350000 | 1379787 |
| Vinton-Tecumseh School Building Corp., Ad <br> Valorem Property Tax<br>|  |  |
| Rev., 5.00%, 1/15/2030 | 1125000 | 1232145 |
| Rev., 5.00%, 7/15/2030 | 1150000 | 1267789 |
| Total Indiana |  | 47461235 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Cedar Rapids Community School District <br> Infrastructure Sales Services and Use Tax<br>|  |  |
| Series 2023, Rev., A.G., 5.00%, <br> 7/1/2035<br>| 1045000 | 1116199 |
| Series 2023, Rev., A.G., 5.00%, <br> 7/1/2036<br>| 1060000 | 1123075 |
| Des Moines Independent Community School <br> District, Sales Services and Use Tax, Rev., <br> 5.00%, 6/1/2028<br>| 370000 | 394549 |
| Iowa Finance Authority, Midwestern Disaster <br> Area, Iowa Fertilizer Co., Project<br>|  |  |
| Rev., 4.00%, 12/1/2032 (c) (e) | 5350000 | 5721221 |
| Rev., 5.00%, 12/1/2032 (e) | 3000000 | 3402743 |
| Iowa Finance Authority, State Revolving <br> Fund, Rev., 5.00%, 8/1/2027<br>| 30000 | 31499 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 169

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Iowa — continued** | **Iowa — continued** | **Iowa — continued** |
| Iowa Great Lakes Sanitation District, GO, <br> 5.00%, 6/1/2026<br>| 1145000 | 1165833 |
| Iowa Student Loan Liquidity Corp., Student <br> Loan<br>|  |  |
| Series 2023B, Rev., AMT, 5.00%, <br> 12/1/2026<br>| 600000 | 612985 |
| Series 2023B, Rev., AMT, 5.00%, <br> 12/1/2027<br>| 900000 | 933659 |
| Iowa Tobacco Settlement Authority, <br> Subordinate Senior Capital Appreciation <br> Asset Backed Series 2021-B-2, Class 2, <br> Rev., Zero Coupon, 6/1/2065<br>| 39655000 | 5483711 |
| Total Iowa |  | 19985474 |
| **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |
| Kansas Development Finance Authority, <br> AdventHealth Series 2021B, Rev., 5.00%, <br> 11/15/2031 (c)<br>| 200000 | 221482 |
| State of Kansas Department of <br> Transportation<br>|  |  |
| Series 2024A, Rev., 5.00%, 9/1/2035 | 1000000 | 1124985 |
| Series 2025A, Rev., 5.00%, 9/1/2041 | 2010000 | 2132096 |
| Total Kansas |  | 3478563 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| County of Boone, Duke Energy Kentucky, Inc. <br> Series 2008A, Rev., 3.70%, 8/1/2027<br>| 500000 | 505472 |
| Kentucky Economic Development Finance <br> Authority, Baptist Healthcare System <br> Obligated Group Series 2017B, Rev., <br> 5.00%, 8/15/2029<br>| 165000 | 171622 |
| Kentucky Public Energy Authority, Gas <br> Supply<br>|  |  |
| Series 2023A-1, Rev., 5.25%, <br> 2/1/2032 (c)<br>| 3330000 | 3586366 |
| Series 2024B, Rev., 5.00%, <br> 8/1/2032 (c)<br>| 6825000 | 7272746 |
| Kentucky State Property and Building <br> Commission, Project No. 130 Series <br> 2024B, Rev., 5.00%, 11/1/2030<br>| 1000000 | 1111313 |
| Kentucky State Property and Building <br> Commission, Project No. 131<br>|  |  |
| Series A, Rev., 5.00%, 10/1/2028 | 1000000 | 1078849 |
| Series A, Rev., 5.00%, 10/1/2030 | 1400000 | 1557383 |
| Kentucky State Property and Building <br> Commission, Project No. 132 Series A, <br> Rev., 5.00%, 4/1/2032<br>| 3650000 | 4094369 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Louisville and Jefferson County Metropolitan <br> Government, Norton Healthcare, Inc. <br> Series 2016A, Rev., 4.00%, 10/1/2036<br>| 65000 | 63641 |
| University of Kentucky, General Receipts <br> Series 2015A, Rev., 4.00%, 4/1/2038<br>| 5000000 | 4899864 |
| University of Kentucky, Healthcare Cancer <br> Center Parking Projects, Rev., 5.00%, <br> 10/1/2029<br>| 315000 | 344584 |
| Total Kentucky |  | 24686209 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** | **Louisiana — 1.2%** |
| Louisiana Housing Corp., Single Family <br> Mortgage Series 2025A, Rev., GNMA / <br> FNMA / FHLMC, 6.00%, 6/1/2055<br>| 2000000 | 2214069 |
| Louisiana Local Government Environmental <br> Facilities & Community Development Auth <br> Series 2021B, Rev., 2.50%, 4/1/2036<br>| 1740000 | 1419232 |
| Louisiana Local Government Environmental <br> Facilities and Community Development <br> Authority, Calcasieu Parish Projects, Rev., <br> 5.00%, 12/1/2030<br>| 250000 | 268802 |
| Louisiana Local Government Environmental <br> Facilities and Community Development <br> Authority, City of Bossier City, Louisiana <br> Project, Rev., 5.00%, 6/1/2033 (d)<br>| 1090000 | 1220142 |
| Louisiana Public Facilities Authority, I-10 <br> Calcasieu River Bridge Public Private <br> Partnership Project, Rev., AMT, 5.50%, <br> 9/1/2054<br>| 1000000 | 981602 |
| Louisiana Public Facilities Authority, Ochsner <br> Clinic Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 3000000 | 3277602 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 5250000 | 5309291 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 3500000 | 3613949 |
| Parish of St. John the Baptist, Marathon Oil <br> Corp., Project Series 2017A-1, Rev., <br> 4.05%, 7/1/2026 (c)<br>| 7500000 | 7563388 |
| State of Louisiana Series 2016-B, GO, <br> 4.00%, 8/1/2026<br>| 30000 | 30448 |
| State of Louisiana Gasoline and Fuels Tax, <br> Second Lien Series 2025A, Rev., 5.00%, <br> 5/1/2040<br>| 2055000 | 2182644 |
| State of Louisiana, Gasoline and Fuels Tax, <br> Second Lien Series 2023A-1, Rev., VRDO, <br> LOC : TD Bank NA, 3.90%, 9/2/2025 (c)<br>| 14900000 | 14900000 |
| Total Louisiana |  | 42981169 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| Finance Authority of Maine, Casella Waste <br> System, Inc., Project Series 2015R-3, <br> Rev., AMT, 5.00%, 8/1/2035 (b)<br>| 2000000 | 2013272 |
| Maine Health and Higher Educational <br> Facilities Authority<br>|  |  |
| Series 2024A, Rev., A.G., 5.00%, <br> 7/1/2028<br>| 1135000 | 1214605 |
| Series 2023A, Rev., A.G., 5.00%, <br> 7/1/2038<br>| 250000 | 266659 |
| Series 2024A, Rev., A.G., 5.00%, <br> 7/1/2041<br>| 1360000 | 1425989 |
| Maine Municipal Bond Bank |  |  |
| Series 2025A, Rev., 5.00%, 11/1/2028 | 2075000 | 2239209 |
| Series 2025A, Rev., 5.00%, 11/1/2030 | 225000 | 251542 |
| Maine Turnpike Authority |  |  |
| Rev., 5.00%, 7/1/2034 | 1520000 | 1727571 |
| Rev., 4.00%, 7/1/2040 | 2100000 | 2037535 |
| Total Maine |  | 11176382 |
| **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** |
| County of Anne Arundel Series 2022, GO, <br> 5.00%, 10/1/2035<br>| 2565000 | 2822714 |
| County of Prince George's, Consolidated <br> Public Improvement Series 2025A, GO, <br> 5.00%, 8/1/2043<br>| 4355000 | 4562612 |
| County of St. Mary's, Public Improvement, <br> GO, 4.00%, 7/15/2027<br>| 70000 | 72136 |
| Maryland Community Development <br> Administration, Multi- Family, Villages at <br> Marley Station Series 2024D-2, Rev., <br> 3.30%, 1/1/2029<br>| 2500000 | 2538051 |
| Maryland Health and Higher Educational <br> Facilities Authority, The Johns Hopkins <br> Health System Series 2024B, Rev., VRDO, <br> LOC : TD Bank NA, 2.70%, 9/2/2025 (c)<br>| 25000000 | 25000000 |
| State of Maryland, Department of <br> Transportation<br>|  |  |
| Rev., 5.00%, 9/1/2026 | 75000 | 77000 |
| Series 2025A, Rev., 4.00%, 4/1/2040 | 5000000 | 4821647 |
| State of Maryland, State and Local Facilities <br> Loan of 2022 Series 2022A, GO, 5.00%, <br> 6/1/2033<br>| 1000000 | 1125141 |
| Town of Ocean City Series 2023, GO, <br> 4.00%, 1/15/2043<br>| 1000000 | 930883 |
| Total Maryland |  | 41950184 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| Commonwealth of Massachusetts, <br> Consolidated Loan of 2016 Series 2016J, <br> GO, 4.00%, 12/1/2039<br>| 2505000 | 2411351 |
| Commonwealth of Massachusetts, <br> Consolidated Loan of 2020 Series 2020E, <br> GO, 5.00%, 11/1/2050<br>| 3210000 | 3232571 |
| Commonwealth of Massachusetts, <br> Consolidated Loan of 2023<br>|  |  |
| Series 2023A, GO, 5.00%, 5/1/2033 | 1805000 | 2052417 |
| Series 2023A, GO, 5.00%, 5/1/2048 | 13000000 | 13201646 |
| Commonwealth of Massachusetts, <br> Consolidated Loan of 2024 Series 2024H, <br> GO, 5.00%, 12/1/2040<br>| 1130000 | 1209499 |
| Massachusetts Bay Transportation Authority, <br> Sales Tax Series 2020B-1, Rev., 5.00%, <br> 7/1/2050<br>| 4000000 | 3974955 |
| Massachusetts Development Finance <br> Agency, Amherst College Issue Series <br> 2025A, Rev., 5.00%, 11/1/2035 (c)<br>| 5000000 | 5693515 |
| Massachusetts Development Finance <br> Agency, Boston Medical Center Issue<br>|  |  |
| Series 2023G, Rev., 5.00%, 7/1/2029 | 750000 | 795911 |
| Series 2025W, Rev., 4.25%, 7/1/2055 | 2000000 | 1752929 |
| Massachusetts Development Finance <br> Agency, Lasell Village, Inc. Issue, Rev., <br> 5.00%, 7/1/2029<br>| 2000000 | 2127685 |
| Massachusetts Development Finance <br> Agency, PRG Medford Properties, Inc. <br> Issue Tufts University Student Housing <br> Program<br>|  |  |
| Rev., 5.00%, 6/1/2039 | 1505000 | 1588295 |
| Rev., 5.25%, 6/1/2042 | 1505000 | 1560635 |
| Rev., 5.25%, 6/1/2055 | 2125000 | 2127970 |
| Massachusetts State College Building <br> Authority Series 2017D, Rev., 5.00%, <br> 5/1/2027<br>| 45000 | 47003 |
| Massachusetts Water Resources Authority, <br> Green Bond Series 2016C, Rev., 4.00%, <br> 8/1/2040<br>| 2470000 | 2357685 |
| Town of Brookline, Purpose Loan |  |  |
| GO, 4.00%, 5/15/2044 | 2855000 | 2659730 |
| GO, 4.00%, 5/15/2045 | 5050000 | 4638687 |
| Total Massachusetts |  | 51432484 |
| **Michigan — 1.6%** | **Michigan — 1.6%** | **Michigan — 1.6%** |
| Berkley School District, Unlimited Tax |  |  |
| GO, Q-SBLF, 4.00%, 5/1/2033 | 210000 | 221743 |
| GO, Q-SBLF, 4.00%, 5/1/2034 | 225000 | 235896 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 171

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Berrien Springs Public Schools, School <br> Building and Site, Unlimited Tax, GO, <br> Q-SBLF, 5.00%, 5/1/2030<br>| 100000 | 108441 |
| City of Ann Arbor |  |  |
| Rev., 4.00%, 4/1/2042 | 1515000 | 1409135 |
| Rev., 4.00%, 4/1/2045 | 1705000 | 1528606 |
| City of Detroit, Unlimited Tax |  |  |
| Series 2023C, GO, 6.00%, 5/1/2043 | 1200000 | 1280804 |
| Series 2021A, GO, 5.00%, 4/1/2046 | 1015000 | 987027 |
| City of Holland |  |  |
| Series 2023, GO, 5.00%, 5/1/2041 | 1070000 | 1118725 |
| Series 2023, GO, 5.00%, 5/1/2042 | 1000000 | 1035024 |
| Grand Traverse County Hospital Finance <br> Authority, Munson Healthcare Obligated <br> Group, Rev., 5.00%, 7/1/2026<br>| 175000 | 178195 |
| Great Lakes Water Authority Sewage <br> Disposal System, Second Lien Series <br> 2023A, Rev., 5.00%, 7/1/2038<br>| 1000000 | 1074904 |
| Michigan Finance Authority, Public Lighting <br> Authority Refunding Local Project<br>|  |  |
| Series 2025A, Rev., 5.00%, <br> 7/1/2033 (d)<br>| 1000000 | 1115615 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2034 (d)<br>| 1000000 | 1114119 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2035 (d)<br>| 1000000 | 1110053 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2036 (d)<br>| 1000000 | 1091925 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2037 (d)<br>| 1000000 | 1076935 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2038 (d)<br>| 1050000 | 1119118 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2039 (d)<br>| 1000000 | 1056180 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2040 (d)<br>| 1000000 | 1047079 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2041 (d)<br>| 1325000 | 1372203 |
| Series 2025A, Rev., 5.00%, <br> 7/1/2042 (d)<br>| 1500000 | 1539201 |
| Michigan Finance Authority, Trinity Health <br> Credit Group<br>|  |  |
| Series 2022B, Rev., 5.00%, <br> 12/1/2028 (c)<br>| 1000000 | 1062090 |
| Series 2016 MI, Rev., 5.00%, 12/1/2034 | 5000000 | 5050862 |
| Series 2013MI-5, Rev., 4.00%, <br> 12/1/2040<br>| 1295000 | 1213098 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Michigan State Hospital Finance Authority, <br> Corewell Health<br>|  |  |
| Series 2025B-1, Rev., 5.00%, <br> 6/1/2032 (c)<br>| 3160000 | 3434355 |
| Series 2025B-2, Rev., 5.00%, <br> 6/1/2035 (c)<br>| 1000000 | 1079525 |
| Michigan State Housing Development <br> Authority Series 2023B, Rev., 5.75%, <br> 6/1/2054<br>| 2000000 | 2154594 |
| Michigan Strategic Fund, Consumers Co. <br> Project Series 2019, Rev., AMT, 3.35%, <br> 10/1/2027 (c)<br>| 14030000 | 13853200 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board <br> Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| 2430000 | 2416892 |
| Michigan Strategic Fund, I-75 Improvement <br> Projects, Rev., AMT, 5.00%, 12/31/2043<br>| 5000000 | 4837662 |
| State of Michigan Trunk Line Series 2021A, <br> Rev., 4.00%, 11/15/2036<br>| 135000 | 134856 |
| Wayne County Airport Authority, Detroit <br> Metropolitan Wayne Series 2025B, Rev., <br> AMT, 5.75%, 12/1/2050<br>| 1500000 | 1579014 |
| Total Michigan |  | 57637076 |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| City of Center City, Health Care Facilities, <br> Hazelden Betty Ford Foundation Project <br> Series 2025, Rev., 5.00%, 11/1/2044<br>| 1160000 | 1163584 |
| City of Lakeville Series 2024A, GO, 5.00%, <br> 2/1/2034<br>| 1455000 | 1620311 |
| City of Mankato Series 2022B, GO, 5.00%, <br> 2/1/2027<br>| 150000 | 155295 |
| City of Minneapolis, Health Care System, <br> Fairview Health Services Series 2018A, <br> Rev., 5.00%, 11/15/2033<br>| 180000 | 185496 |
| City of Rogers, Sales Tax Series 2024B, GO, <br> 5.00%, 2/1/2034<br>| 1135000 | 1291446 |
| County of Hennepin Series 2023A, GO, <br> 5.00%, 12/1/2034<br>| 2000000 | 2274005 |
| Minnesota Housing Finance Agency Series <br> 2023F, Rev., GNMA / FNMA / FHLMC, <br> 5.75%, 7/1/2053<br>| 2240000 | 2398888 |
| Minnesota Housing Finance Agency, <br> Residential Housing Series 2024O, Rev., <br> GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 1975000 | 2214182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| Minnesota Municipal Gas Agency Subseries, <br> 2022A, Rev., LIQ : Royal Bank of Canada, <br> 4.00%, 6/1/2027<br>| 1000000 | 1018665 |
| State of Minnesota Series 2021A, GO, <br> 4.00%, 9/1/2041<br>| 1000000 | 963580 |
| Total Minnesota |  | 13285452 |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** | **Mississippi — 0.1%** |
| Jackson State University Educational <br> Building Corp. Series 2021A, Rev., <br> 1.40%, 3/1/2034<br>| 6000000 | 5018969 |
| Mississippi Development Bank, Ranking <br> County Project, Rev., 5.00%, 3/1/2026<br>| 205000 | 204958 |
| State of Mississippi Series 2016B, GO, <br> 5.00%, 12/1/2025<br>| 20000 | 20124 |
| Total Mississippi |  | 5244051 |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| City of Excelsior Springs Series 2020B, COP, <br> 4.00%, 3/1/2030<br>| 115000 | 120424 |
| City of Springfield Public Utility Series 2015, <br> Rev., 4.00%, 9/16/2025<br>| 5000000 | 5002926 |
| Health and Educational Facilities Authority of <br> the State of Missouri Series 2021C, Rev., <br> 5.00%, 5/1/2028 (c)<br>| 2335000 | 2478268 |
| Health and Educational Facilities Authority of <br> the State of Missouri, Lutheran Senior <br> Services Projects<br>|  |  |
| Rev., 4.00%, 2/1/2027 | 1000000 | 1006512 |
| Series 2016A, Rev., 5.00%, 2/1/2036 | 1000000 | 1000226 |
| Health and Educational Facilities Authority of <br> the State of Missouri, Mercy Health Series <br> 2018A, Rev., 5.00%, 6/1/2028<br>| 180000 | 191138 |
| Health and Educational Facilities Authority of <br> the State of Missouri, SSM Health Care <br> Obligated Group Series 2023A, Rev., <br> 5.00%, 6/1/2028 (c)<br>| 5000000 | 5282640 |
| Health and Educational Facilities Authority of <br> the State of Missouri, St. Louis University <br> Series 2008B, Rev., VRDO, LOC : Wells <br> Fargo Bank NA, 2.75%, 9/2/2025 (c)<br>| 910000 | 910000 |
| Health and Educational Facilities Authority of <br> the State of Missouri, St. Luke's <br> Episcopal-Presbyterian Hospitals Series <br> 2015B, Rev., 5.00%, 12/1/2026<br>| 165000 | 165164 |
| Health and Educational Facilities Authority of <br> the State of Missouri, Wright Memorial <br> Hospital, Rev., 5.00%, 9/1/2026<br>| 200000 | 201915 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Kansas City Industrial Development <br> Authority, Historic Northeast <br> Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2046 (b)<br>| 1000000 | 919100 |
| Metropolitan St. Louis Sewer District, <br> Wastewater System Improvement Series <br> 2017A, Rev., 5.00%, 5/1/2027<br>| 50000 | 52239 |
| Missouri Development Finance Board, <br> Procter & Gamble Co. Project Series <br> 1999, Rev., 5.20%, 3/15/2029<br>| 1680000 | 1792518 |
| Missouri Housing Development Commission, <br> Single Family, First Place Homeownership <br> Loan Program Series 2024A, Rev., GNMA <br> / FNMA / FHLMC, 5.75%, 5/1/2055<br>| 2770000 | 3039422 |
| Missouri Joint Municipal Electric Utility <br> Commission, Plum Point Project<br>|  |  |
| Series 2024, Rev., 5.00%, 1/1/2029 | 1350000 | 1450053 |
| Series 2024, Rev., 5.00%, 1/1/2031 | 1100000 | 1211152 |
| Missouri State Environmental Improvement <br> and Energy Resources Authority, Union <br> Improvement Co. Project Series 1998C, <br> Rev., 2.75%, 9/1/2033<br>| 4250000 | 3843273 |
| Orchard Farm R-V School District, Missouri <br> Direct Deposit Program Series 2024A, <br> GO, 5.75%, 3/1/2041<br>| 5325000 | 5935510 |
| Springfield School District No. R-12, GO, <br> 4.00%, 3/1/2042<br>| 1800000 | 1686548 |
| Total Missouri |  | 36289028 |
| **Montana — 0.2%** | **Montana — 0.2%** | **Montana — 0.2%** |
| Montana Board of Housing Series 2025B, <br> Rev., 6.00%, 12/1/2055<br>| 3250000 | 3612753 |
| Yellowstone and Carbon Counties School <br> District No. 7-70 Laurel Series 2023, GO, <br> 5.00%, 7/1/2039<br>| 1675000 | 1768990 |
| Total Montana |  | 5381743 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| Central Plains Energy Project Series 2025A, <br> Subseries A-1, Rev., 5.00%, <br> 8/1/2031 (c)<br>| 9840000 | 10502457 |
| Central Plains Energy Project, Gas Project <br> No. 3 Series 2017A, Rev., 5.00%, <br> 9/1/2030<br>| 320000 | 340442 |
| Central Plains Energy Project, Gas Project <br> No. 5 Series 2022-1, Rev., 5.00%, <br> 10/1/2029 (c)<br>| 1350000 | 1421130 |
| City of Lincoln, Electric System |  |  |
| Rev., 5.00%, 9/1/2026 | 85000 | 87238 |
| Rev., 5.00%, 9/1/2028 | 50000 | 51932 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 173

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Nebraska Educational Health Cultural and <br> Social Services Finance Authority, <br> Immanuel Retirement Communities <br> Obligated Group Series 2019A, Rev., <br> 4.00%, 1/1/2035<br>| 1000000 | 975309 |
| Omaha Public Power District, Electric System |  |  |
| Series 2016A, Rev., 5.00%, 2/1/2026 | 40000 | 40433 |
| Series 2016A, Rev., 5.00%, 2/1/2027 | 30000 | 30326 |
| Series 2016A, Rev., 5.00%, 2/1/2028 | 1075000 | 1085901 |
| Series 2022A, Rev., 4.00%, 2/1/2042 | 3750000 | 3466062 |
| Series 2024D, Rev., 5.00%, 2/1/2043 | 2700000 | 2810465 |
| Public Power Generation Agency, Whelan <br> Energy Center Unit 2<br>|  |  |
| Series 2024A, Rev., 5.00%, 1/1/2028 | 1430000 | 1513026 |
| Series 2024A, Rev., 5.00%, 1/1/2029 | 1750000 | 1890733 |
| Total Nebraska |  | 24215454 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| City of North Las Vegas, Water and <br> wastewater Reclamation System Limited <br> Tax<br>|  |  |
| Series 2024B, GO, 5.00%, 6/1/2032 | 1000000 | 1121080 |
| Series 2024B, GO, 5.00%, 6/1/2037 | 1870000 | 2053057 |
| Clark County School District, Limited Tax <br> Series 2018A, GO, 5.00%, 6/15/2032<br>| 95000 | 99842 |
| County of Clark Department of Aviation <br> Series 2019D, Rev., 5.00%, 7/1/2031<br>| 4455000 | 4796494 |
| County of Clark Department of Aviation, Jet <br> Aviation Fuel tax Series 2022A, Rev., AMT, <br> 5.00%, 7/1/2026<br>| 400000 | 407568 |
| County of Clark, Limited Tax Series 2018B, <br> GO, 5.00%, 12/1/2027<br>| 120000 | 127137 |
| County of Clark, Passenger Facility Charge, <br> Las Vegas-McCarran International Airport <br> Passenger Facility Series 2019E, Rev., <br> 5.00%, 7/1/2033<br>| 155000 | 164925 |
| County of Washoe, Nevada Water Facilities <br> Sierra Pacific Power Co. Projects Series <br> 2016G, Rev., 3.63%, 10/1/2029 (c)<br>| 2000000 | 2001599 |
| Nye County School District Series 2023, GO, <br> PSF-GTD, 5.00%, 5/1/2036<br>| 1000000 | 1100136 |
| State of Nevada, Department of Business <br> and Industry, Brighline West Passenger <br> Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2033 (b) (c)<br>| 6510000 | 5982683 |
| Total Nevada |  | 17854521 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New Hampshire — 0.4%** | **New Hampshire — 0.4%** | **New Hampshire — 0.4%** |
| New Hampshire Business Finance Authority, <br> Tamarron Project Series 2024, Rev., <br> 5.25%, 12/1/2035 (b)<br>| 1300000 | 1299390 |
| New Hampshire Business Finance Authority, <br> University of Nevada Reno Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 12/1/2036 | 715000 | 766479 |
| Series 2023A, Rev., 5.00%, 12/1/2037 | 860000 | 914563 |
| Series 2023A, Rev., 5.00%, 12/1/2038 | 665000 | 699964 |
| Series 2023A, Rev., 5.25%, 12/1/2039 | 790000 | 838783 |
| Series 2023A, Rev., 5.25%, 6/1/2051 | 2400000 | 2445493 |
| Series 2023A, Rev., 4.50%, 6/1/2053 | 1075000 | 990737 |
| New Hampshire Business Finance Authority, <br> Winston Salem Sustainable Energy <br> Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1910000 | 2046112 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 4000000 | 4066515 |
| Total New Hampshire |  | 14068036 |
| **New Jersey — 2.8%** | **New Jersey — 2.8%** | **New Jersey — 2.8%** |
| Bergen County Improvement Authority <br> (The), Guaranteed Government Pooled <br> Project Series 2025A, Rev., GTD, 4.00%, <br> 5/21/2026<br>| 17000000 | 17168557 |
| Burlington County Bridge Commission, <br> Government Leasing Program Series <br> 2024D, Rev., RAN, 4.25%, 12/11/2025<br>| 5000000 | 5018061 |
| Casino Reinvestment Development <br> Authority, Inc., Luxury Tax<br>|  |  |
| Series 2024A, Rev., A.G., 5.00%, <br> 11/1/2025<br>| 1000000 | 1003515 |
| Series 2024B, Rev., A.G., 5.00%, <br> 11/1/2025<br>| 500000 | 501758 |
| Series 2024A, Rev., A.G., 5.00%, <br> 11/1/2026<br>| 1800000 | 1847574 |
| Series 2024B, Rev., A.G., 5.00%, <br> 11/1/2026<br>| 1000000 | 1026430 |
| Series 2024A, Rev., A.G., 5.00%, <br> 11/1/2028<br>| 700000 | 749452 |
| New Jersey Economic Development <br> Authority, Municipal Rehabilitation Series <br> 2019A, Rev., 5.25%, 4/1/2028 (c)<br>| 1600000 | 1706551 |
| New Jersey Economic Development <br> Authority, School Facilities Construction<br>|  |  |
| Series 2024SSS, Rev., 5.00%, <br> 6/15/2026<br>| 1000000 | 1019046 |
| Series 2019GGG, Rev., 5.25%, <br> 9/1/2026 (b)<br>| 2000000 | 2053642 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Transportation Trust Fund <br> Authority, Transportation Program<br>|  |  |
| Series 2024CC, Rev., 5.00%, 6/15/2034 | 1000000 | 1117199 |
| Series 2023BB, Rev., 5.00%, 6/15/2046 | 2250000 | 2257897 |
| Series 2024CC, Rev., 4.13%, 6/15/2050 | 1250000 | 1080439 |
| Series 2023BB, Rev., 5.25%, 6/15/2050 | 3500000 | 3569368 |
| Series 2024CC, Rev., 5.25%, 6/15/2055 | 1000000 | 1013831 |
| New Jersey Transportation Trust Fund <br> Authority, Transportation System<br>|  |  |
| Series 2018A, Rev., 4.00%, 12/15/2031 | 250000 | 256269 |
| Series 2018A, Rev., 5.00%, 12/15/2033 | 2000000 | 2101245 |
| Series 2024A, Rev., 5.00%, 6/15/2038 | 12000000 | 12791279 |
| Series 2024AA, Rev., 5.00%, 6/15/2040 | 1250000 | 1305675 |
| South Jersey Transportation Authority |  |  |
| Series 2025A, Rev., 4.00%, 11/1/2038 | 1800000 | 1729871 |
| Series 2025A, Rev., 4.00%, 11/1/2039 | 1700000 | 1607432 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2033 | 6255000 | 6454586 |
| Series 2018A, Rev., 5.00%, 6/1/2034 | 8000000 | 8217375 |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 3000000 | 3054166 |
| Series 2018A, Rev., 4.00%, 6/1/2037 | 2415000 | 2292142 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 10575000 | 10186774 |
| Series 2018B, Rev., 5.00%, 6/1/2046 | 8825000 | 8481525 |
| Total New Jersey |  | 99611659 |
| **New Mexico — 0.6%** | **New Mexico — 0.6%** | **New Mexico — 0.6%** |
| Albuquerque Municipal School District No. <br> 12<br>|  |  |
| Series 2024, GO, 5.00%, 8/1/2036 | 600000 | 645877 |
| Series 2024, GO, 5.00%, 8/1/2037 | 1000000 | 1067204 |
| City of Albuquerque Series 2015A, Rev., <br> 5.00%, 7/1/2026<br>| 240000 | 240425 |
| City of Farmington, San Juan Project |  |  |
| Series 2010D, Rev., 3.90%, <br> 6/1/2028 (c)<br>| 1100000 | 1119409 |
| Series 2010C, Rev., 3.88%, <br> 6/1/2029 (c)<br>| 1500000 | 1531042 |
| County of Santa Fe, Cresta Ranch <br> Apartments Series 2024, Rev., 3.29%, <br> 6/1/2028 (c)<br>| 8000000 | 8048822 |
| New Mexico Finance Authority, State <br> Transportation, Subordinate Lien Series <br> 2018A, Rev., 5.00%, 6/15/2027<br>| 100000 | 104836 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New Mexico — continued** | **New Mexico — continued** | **New Mexico — continued** |
| New Mexico Mortgage Finance Authority, <br> Mountain View II & III Apartments Project, <br> Rev., 2.97%, 3/1/2026 (c)<br>| 5095000 | 5094786 |
| New Mexico Mortgage Finance Authority, <br> Santee Apartments and Sangre De Cristo <br> Project, Rev., 3.73%, 12/1/2025 (c)<br>| 2100000 | 2102795 |
| Total New Mexico |  | 19955196 |
| **New York — 13.8%** | **New York — 13.8%** | **New York — 13.8%** |
| Build NYC Resource Corp., Kipp NYC Public <br> School Facilities - Canal West Project<br>|  |  |
| Rev., 5.00%, 7/1/2033 | 585000 | 623755 |
| Rev., 5.00%, 7/1/2034 | 230000 | 243022 |
| Build NYC Resource Corp., Success Academy <br> Charter School Project Series 2025, Rev., <br> 4.00%, 9/1/2040<br>| 1700000 | 1572384 |
| Build NYC Resource Corp., The Young Men's <br> and Women's Hebrew Association Project <br> Series 2024, Rev., 5.00%, 12/1/2027<br>| 2500000 | 2631863 |
| Build NYC Resource Corp., Urban Resource <br> Institute Project Series 2025A, Rev., <br> 5.38%, 12/1/2046<br>| 1000000 | 1035503 |
| Canisteo-Greenwood Central School District, <br> GO, BAN, 4.25%, 6/26/2026<br>| 3000000 | 3028905 |
| Chautauqua Tobacco Asset Securitization <br> Corp. Series 2014, Rev., 5.00%, <br> 6/1/2048<br>| 2975000 | 2254821 |
| City of New York, Fiscal Year 2018 |  |  |
| Series B-4, GO, VRDO, LIQ : Barclays Bank <br> plc, 2.65%, 9/2/2025 (c)<br>| 4360000 | 4360000 |
| Series B-5, GO, VRDO, LIQ : Barclays Bank <br> plc, 2.65%, 9/2/2025 (c)<br>| 13185000 | 13185000 |
| Series 2018E, GO, VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (c)<br>| 4400000 | 4400000 |
| Series 2018F-1, GO, 5.00%, 4/1/2033 | 105000 | 109515 |
| City of New York, Fiscal Year 2019 Series <br> 2019E, GO, 5.00%, 8/1/2033<br>| 100000 | 106015 |
| City of New York, Fiscal Year 2021 |  |  |
| Series 2021A-1, GO, 5.00%, 8/1/2031 | 185000 | 203087 |
| Series 2021-1, GO, 5.00%, 4/1/2033 | 235000 | 256101 |
| Series 2021F, Subseries F-1, GO, 5.00%, <br> 3/1/2037<br>| 1000000 | 1053299 |
| City of New York, Fiscal Year 2022 Series <br> 2022B,Subseries B-1, GO, 5.00%, <br> 8/1/2033<br>| 1300000 | 1436612 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023A, Subseries A-1, GO, 4.00%, <br> 9/1/2046<br>| 5000000 | 4390450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 175

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023E, Subseries E-1, GO, 4.00%, <br> 4/1/2050<br>| 1290000 | 1109633 |
| City of New York, Fiscal Year 2024 |  |  |
| Series 2025, Subseries C-1, GO, 5.00%, <br> 9/1/2047<br>| 1150000 | 1163047 |
| Series 2024D, GO, 5.50%, 4/1/2049 | 2350000 | 2465321 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025G, Subseries G-1, GO, 5.00%, <br> 2/1/2028<br>| 4000000 | 4236641 |
| Series 2025F, GO, 5.00%, 8/1/2033 | 5000000 | 5626298 |
| Series 2025G, Subseries G-1, GO, 5.00%, <br> 2/1/2036<br>| 3500000 | 3904913 |
| Series 2025G, Subseries G-1, GO, 5.00%, <br> 2/1/2043<br>| 5000000 | 5172509 |
| Series 2025G, Subseries G-1, GO, 5.25%, <br> 2/1/2053<br>| 990000 | 1014341 |
| City of New York, Fiscal Year 2026 Series <br> 2026B, Subseries B-1, GO, 5.00%, <br> 8/1/2034<br>| 6300000 | 7094562 |
| County of Nassau, General Improvement |  |  |
| Series 2025A, GO, 4.00%, 4/1/2044 | 8215000 | 7486070 |
| Series 2025A, GO, 4.00%, 4/1/2045 | 5780000 | 5226571 |
| Empire State Development Corp., State <br> Personal Income Tax, General Purpose <br> Series 2020A, Rev., 4.00%, 3/15/2045<br>| 500000 | 443374 |
| Empire State Development Corp., State Sales <br> Tax<br>|  |  |
| Series 2024A, Rev., 5.00%, 3/15/2045 | 2870000 | 2939013 |
| Series 2021A, Rev., 4.00%, 3/15/2046 | 2500000 | 2194736 |
| Geneseo Central School District, GO, BAN, <br> 4.25%, 6/25/2026<br>| 3000000 | 3028801 |
| Gouverneur Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 10000000 | 10096419 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., VRDO, 3.00%, <br> 9/1/2028 (c)<br>| 8000000 | 8000000 |
| Series 2024B, Rev., 3.00%, <br> 9/1/2029 (c)<br>| 15000000 | 14970397 |
| Series 2019A, Rev., 4.00%, 9/1/2034 | 2000000 | 2015087 |
| Lyons Central School District, GO, BAN, <br> 4.25%, 6/26/2026<br>| 3000000 | 3030122 |
| Metropolitan Transportation Authority |  |  |
| Series 2015E-1, Rev., VRDO, LOC : <br> Barclays Bank plc, 3.85%, <br> 9/2/2025 (c)<br>| 2300000 | 2300000 |
| Series 2024B, Rev., 5.00%, 11/15/2041 | 2000000 | 2049693 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Metropolitan Transportation Authority, <br> Climate Bond<br>|  |  |
| Series 2017C-1, Rev., 5.00%, <br> 11/15/2033<br>| 14360000 | 14988361 |
| Series 2025A, Rev., 5.25%, 11/15/2045 | 2500000 | 2547494 |
| Series 2025A, Rev., 5.25%, 11/15/2055 | 2000000 | 2001351 |
| New York City Health and Hospitals Corp., <br> Health System<br>|  |  |
| Series 2025A, Rev., 5.00%, 2/15/2037 | 2500000 | 2729374 |
| Series 2025A, Rev., 5.00%, 2/15/2038 | 2750000 | 2967365 |
| New York City Housing Development Corp. <br> Series 2025A, Rev., FHLMC COLL, 5.20%, <br> 2/1/2055<br>| 12430000 | 12558453 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street <br> Project<br>|  |  |
| Series 2024, Rev., 4.38%, 12/15/2031 | 1250000 | 1286856 |
| Series 2024, Rev., 5.25%, 12/15/2031 | 5300000 | 5438278 |
| New York City Municipal Water Finance <br> Authority, Second General Resolution, <br> Fiscal Year 2025 Series 2025DD, Rev., <br> 5.50%, 6/15/2039<br>| 1500000 | 1697156 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution Series <br> 2009BB-2, Rev., VRDO, LIQ : UBS AG, <br> 3.90%, 9/2/2025 (c)<br>| 2400000 | 2400000 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal Year <br> 2011 Series DD-1, Rev., VRDO, LIQ : TD <br> Bank NA, 3.90%, 9/2/2025 (c)<br>| 2100000 | 2100000 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal Year <br> 2020 Series 2022FF, Rev., 4.00%, <br> 6/15/2041<br>| 1760000 | 1642063 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal Year <br> 2023<br>|  |  |
| Series 2023CC, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.65%, 9/2/2025 (c)<br>| 2105000 | 2105000 |
| Series 2023AA Subseries AA-1, Rev., <br> 5.25%, 6/15/2052<br>| 3000000 | 3061989 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal Year <br> 2024 Series 2024, Subseries AA-1, Rev., <br> 5.25%, 6/15/2053<br>| 2700000 | 2776687 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal Year <br> 2025 Series 2025AA,Subseries2AA1, <br> Rev., 5.00%, 6/15/2051<br>| 6000000 | 6072075 |
| New York City Transitional Finance Authority <br> Building Aid<br>|  |  |
| Series 2026, S-1, Rev., 5.00%, <br> 7/15/2037<br>| 5000000 | 5488268 |
| Series 2026, S-1, Rev., 5.00%, <br> 7/15/2041<br>| 10000000 | 10553616 |
| New York City Transitional Finance Authority <br> Building Aid, Subordinate, Fiscal Year <br> 2020 Series 2020S1, Subseries S-1B, <br> Rev., 4.00%, 7/15/2042<br>| 1500000 | 1371831 |
| New York City Transitional Finance Authority, <br> Future Tax Secured Fiscal Year 2025 <br> Series 2025 Subseries C-1, Rev., 5.25%, <br> 5/1/2049<br>| 5000000 | 5149563 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2014 <br> Series D-3, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 3.85%, 9/2/2025 (c)<br>| 15700000 | 15700000 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2021 <br> Series 2021C, Subseries C-1, Rev., <br> 4.00%, 5/1/2035<br>| 550000 | 551944 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2022<br>|  |  |
| Series 2022F, Subseries F-1, Rev., <br> 4.00%, 2/1/2038<br>| 1000000 | 974505 |
| Series 2022B, Subseries B-1, Rev., <br> 4.00%, 8/1/2045<br>| 3370000 | 2957379 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2023 <br> Series 2023F, Subseries F-1, Rev., <br> 4.00%, 2/1/2051<br>| 1250000 | 1080375 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2024<br>|  |  |
| Series 2024C, Rev., 5.25%, 5/1/2048 | 2000000 | 2052291 |
| Series 2024C, Rev., 5.00%, 5/1/2053 | 2500000 | 2508891 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2025 <br> Series 2025A, Subseries A-1, Rev., <br> 5.00%, 11/1/2029<br>| 3000000 | 3303743 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Subordinate, Fiscal <br> Year 2025<br>|  |  |
| Series 2025F, Subseries F-1, Rev., <br> 5.00%, 11/1/2035<br>| 2000000 | 2263858 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2026H, Subseries H-1, Rev., <br> 5.00%, 11/1/2043<br>| 5000000 | 5170506 |
| Series 2025E, Rev., 5.00%, 11/1/2047 | 1000000 | 1011005 |
| Series 2025-J, Subseries J-1, Rev., <br> 5.25%, 5/1/2048<br>| 5000000 | 5169629 |
| New York City Transitional Finance <br> Authority,Future Tax Secured Series <br> 2018B-1, Rev., 4.00%, 8/1/2042<br>| 2750000 | 2495479 |
| New York Power Authority, Green <br> Transmission Project<br>|  |  |
| Series 2023A, Rev., A.G., 5.00%, <br> 11/15/2053<br>| 1000000 | 1007131 |
| Series 2023A, Rev., A.G., 5.13%, <br> 11/15/2058<br>| 2750000 | 2783517 |
| New York State Dormitory Authority |  |  |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2025<br>| 2500000 | 2504879 |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2026<br>| 3225000 | 3317145 |
| Series 2024D, Rev., 5.00%, 10/1/2035 | 1300000 | 1428347 |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2037<br>| 1825000 | 1949627 |
| New York State Dormitory Authority, Cornell <br> University Series 2019D, Rev., 5.00%, <br> 7/1/2033<br>| 135000 | 154818 |
| New York State Dormitory Authority, <br> Memorial Sloan Kettering Cancer Center <br> Series 2025 2-B, Rev., 5.00%, <br> 7/1/2032 (c)<br>| 3000000 | 3277923 |
| New York State Dormitory Authority, Mount <br> Sinai Obligated Group<br>|  |  |
| Rev., 5.00%, 7/1/2045 | 3250000 | 3136185 |
| Rev., 5.25%, 7/1/2050 | 10000000 | 9662684 |
| New York State Dormitory Authority, New <br> York University Series 2025A, Rev., <br> 5.00%, 7/1/2048<br>| 4000000 | 4047424 |
| New York State Dormitory Authority, <br> Northwell Health Obligated Group Series <br> 2019A, Rev., 5.00%, 5/1/2029<br>| 70000 | 75672 |
| New York State Dormitory Authority, Pace <br> University Series 2024A, Rev., 5.25%, <br> 5/1/2036<br>| 1360000 | 1444517 |
| New York State Dormitory Authority, <br> Personal Income Tax<br>|  |  |
| Series 2019D, Rev., 5.00%, 2/15/2034 | 2000000 | 2139940 |
| Series 2021A, Rev., 4.00%, 3/15/2037 | 3315000 | 3283321 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 177

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, <br> Rosewell Park Cancer Institute Obligated <br> Group Series 2025A, Rev., A.G., 5.25%, <br> 7/1/2044<br>| 1100000 | 1128847 |
| New York State Dormitory Authority, Sales <br> Tax Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2027<br>| 3600000 | 3798941 |
| New York State Dormitory Authority, School <br> Districts Financing Program Series <br> 2025A, Rev., A.G., 5.00%, 10/1/2033<br>| 3500000 | 4007826 |
| New York State Dormitory Authority, State <br> Personal Income Tax Series 2021E, Rev., <br> 4.00%, 3/15/2032 (e)<br>| 5000 | 5384 |
| New York State Dormitory Authority, State <br> Personal Income Tax, General Purpose<br>|  |  |
| Series 2021E, Rev., 4.00%, 3/15/2040 | 2820000 | 2659662 |
| Series 2021E, Rev., 4.00%, 3/15/2042 | 1000000 | 908905 |
| New York State Dormitory Authority, State <br> Sales Tax Series 2024B, Rev., 5.00%, <br> 3/15/2049<br>| 3000000 | 3036024 |
| New York State Dormitory Authority, The <br> New School Series 2025A, Rev., 4.25%, <br> 7/1/2050<br>| 1000000 | 851714 |
| New York State Dormitory Authority, White <br> Plains Hospital<br>|  |  |
| Series 2024, Rev., 5.00%, 10/1/2030 | 1000000 | 1076645 |
| Rev., A.G., 5.50%, 10/1/2054 | 1000000 | 1020052 |
| New York State Energy Research and <br> Development Authority, Rochester Gas <br> and Electric Corp., Project<br>|  |  |
| Series 1997A, Rev., 3.80%, 8/1/2032 | 2000000 | 2035752 |
| Series 1997B, Rev., 3.80%, 8/1/2032 | 1000000 | 1017876 |
| Series 1997C, Rev., 3.80%, 8/1/2032 | 5125000 | 5216615 |
| New York State Environmental Facilities <br> Corp., Solid Waste Disposal, Waste <br> Management, Inc. Project, Rev., AMT, <br> 3.85%, 11/3/2025 (c)<br>| 3000000 | 3000330 |
| New York State Environmental Facilities <br> Corp., State Clean Water and Drinking <br> Water Revolving Funds, Municipal Water <br> Finance Authority Projects - Second <br> Resolution Series 2024A, Rev., 5.25%, <br> 6/15/2053<br>| 5000000 | 5175015 |
| New York State Environmental Facilities <br> Corp., State Revolving Funds, Master <br> Financing Program Series 2025A, Rev., <br> 5.00%, 9/15/2038<br>| 520000 | 570053 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Housing Finance Agency, <br> 160 Madison Avenue LLC Series 2013A, <br> Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 3.88%, <br> 9/2/2025 (c)<br>| 5000000 | 5000000 |
| New York State Housing Finance Agency, <br> 160 West 62nd Street Housing Series <br> 2011A-2, Rev., FHLMC COLL, 3.60%, <br> 4/1/2032 (c)<br>| 1500000 | 1509311 |
| New York Transportation Development <br> Corp., Delta Air Lines, Inc., LaGuardia <br> Airport Terminals C&D Redevelopment <br> Project<br>|  |  |
| Series 2018, Rev., AMT, 5.00%, <br> 1/1/2030<br>| 5495000 | 5635870 |
| Series 2018, Rev., AMT, 5.00%, <br> 1/1/2031<br>| 1655000 | 1691887 |
| Rev., AMT, 5.00%, 1/1/2034 | 8870000 | 8986804 |
| Series 2023, Rev., AMT, 6.00%, <br> 4/1/2035<br>| 3000000 | 3253153 |
| Series 2023, Rev., AMT, 5.63%, <br> 4/1/2040<br>| 3000000 | 3090385 |
| New York Transportation Development <br> Corp., JFK Airport Terminal 6 <br> Redevelopment Project, Green Bonds<br>|  |  |
| Series 2024A, Rev., AMT, A.G., 5.25%, <br> 12/31/2054<br>| 5000000 | 4926426 |
| Series 2024A, Rev., AMT, 5.50%, <br> 12/31/2054<br>| 4935000 | 4795108 |
| New York Transportation Development <br> Corp., JFK International Airport New <br> Terminal One Project<br>|  |  |
| Rev., AMT, A.G., 5.50%, 6/30/2038 | 2000000 | 2153443 |
| Series 2024, Rev., AMT, A.G., 5.25%, <br> 6/30/2039<br>| 1425000 | 1483689 |
| New York Transportation Development <br> Corp., JFK International Airport New <br> Terminal One Project, Green Bonds<br>|  |  |
| Rev., AMT, A.G., 6.00%, 6/30/2045 | 1500000 | 1596030 |
| Series 2023, Rev., AMT, A.G., 5.00%, <br> 6/30/2049<br>| 500000 | 481106 |
| Rev., AMT, 5.50%, 6/30/2054 | 3800000 | 3682563 |
| Rev., AMT, A.G., 5.50%, 6/30/2059 | 990000 | 991979 |
| New York Transportation Development <br> Corp., JFK International Airport Project, <br> Rev., AMT, 3.00%, 8/1/2031<br>| 3070000 | 2835363 |
| Onondaga Civic Development Corp., <br> Syracuse University Project<br>|  |  |
| Rev., 5.00%, 12/1/2031 | 1250000 | 1414259 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Rev., 5.00%, 12/1/2034 | 1675000 | 1920542 |
| Rev., 5.25%, 12/1/2045 | 1150000 | 1212732 |
| Rev., 4.50%, 12/1/2050 | 2000000 | 1882791 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 248, Rev., 5.00%, 1/15/2032 | 1700000 | 1921284 |
| Series 248, Rev., 5.00%, 1/15/2033 | 1500000 | 1701998 |
| Series 249, Rev., AMT, 5.00%, <br> 10/15/2035<br>| 1500000 | 1632483 |
| Series 214, Rev., AMT, 5.00%, 9/1/2036 | 1975000 | 2027770 |
| Series 223, Rev., AMT, 4.00%, <br> 7/15/2037<br>| 510000 | 496176 |
| Series 248, Rev., 5.00%, 1/15/2041 | 2000000 | 2117232 |
| Series 248, Rev., 5.00%, 1/15/2050 | 2000000 | 2032201 |
| Saratoga County Capital Resource Corp., <br> WSWHE Boces Project<br>|  |  |
| Rev., 5.00%, 7/1/2035 (d) | 375000 | 418099 |
| Rev., 5.00%, 7/1/2036 (d) | 760000 | 834039 |
| Rev., 5.00%, 7/1/2037 (d) | 500000 | 543709 |
| Rev., 5.00%, 7/1/2038 (d) | 700000 | 750392 |
| Rev., 5.00%, 7/1/2039 (d) | 885000 | 941573 |
| Rev., 5.00%, 7/1/2040 (d) | 700000 | 738884 |
| Smithtown Central School District |  |  |
| GO, 4.00%, 6/1/2035 | 2465000 | 2551435 |
| GO, 4.00%, 6/1/2036 | 2125000 | 2179503 |
| GO, 4.00%, 6/1/2037 | 2000000 | 2036142 |
| Suffolk Regional Off-Track Betting Co., Rev., <br> 6.00%, 12/1/2053<br>| 1900000 | 1891750 |
| Suffolk Regional Off-Track Betting Corp. <br> Series 2024, Rev., 5.75%, 12/1/2044<br>| 2940000 | 2940067 |
| Syracuse Industrial Development Agency, <br> Syracuse City School District Project <br> Series 2020A, Rev., 4.00%, 5/1/2036<br>| 1275000 | 1290750 |
| Town of Hempstead, GO, 4.00%, 5/1/2043 | 2000000 | 1877516 |
| Town of Stony Point, GO, 5.00%, <br> 8/15/2027<br>| 75000 | 78672 |
| Triborough Bridge and Tunnel Authority <br> Sales Tax, TBTA Capital Lockbox Series <br> 2023A, Rev., 4.13%, 5/15/2053<br>| 2250000 | 1937312 |
| Triborough Bridge and Tunnel Authority, <br> MTA Bridges and Tunnels<br>|  |  |
| Series 2025A-2, Rev., 5.00%, <br> 11/15/2036<br>| 3275000 | 3664592 |
| Series 2025A-2, Rev., 5.00%, <br> 11/15/2037<br>| 4500000 | 4969289 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Triborough Bridge and Tunnel Authority, <br> MTA Bridges and Tunnels, Real Estate <br> Transfer Tax, TBTA Capital Lockbox<br>|  |  |
| Series 2025A, Rev., 5.25%, 12/1/2054 | 1500000 | 1532771 |
| Series 2025A, Rev., A.G., 4.50%, <br> 12/1/2056<br>| 1000000 | 910827 |
| Triborough Bridge and Tunnel Authority, <br> MTA Bridges and Tunnels, Sales Tax, TBTA <br> Capital Lockbox Series 2023A, Rev., <br> 4.25%, 5/15/2058<br>| 1000000 | 879712 |
| Triborough Bridge and Tunnel Authority, <br> Payroll Mobility Tax<br>|  |  |
| Series 2025B-2, Rev., BAN, 5.00%, <br> 3/15/2029<br>| 10000000 | 10923449 |
| Series 2022D-1A, Rev., 5.00%, <br> 11/15/2037<br>| 1000000 | 1070436 |
| TSASC, Inc. |  |  |
| Series A, Rev., 5.00%, 6/1/2035 | 1000000 | 1004676 |
| Series A, Rev., 5.00%, 6/1/2036 | 8065000 | 8086620 |
| Village of Scotia, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000000 | 3030122 |
| Westchester County Local Development <br> Corp., Kendal on Hudson Project Series <br> 2022B, Rev., 5.00%, 1/1/2032<br>| 240000 | 253598 |
| Westchester County Local Development <br> Corp., Purchase Senior Learning <br> Community, Inc., Project Series 2021A, <br> Rev., 5.00%, 7/1/2056 (b)<br>| 9000000 | 7442463 |
| Yonkers Industrial Development Agency, <br> New Community School Project, Rev., <br> 5.00%, 5/1/2042<br>| 1445000 | 1491185 |
| Total New York |  | 483098204 |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** |
| City of Charlotte, North Carolina Government <br> Facilities<br>|  |  |
| Series 2023B, COP, 5.00%, 6/1/2026 | 400000 | 407667 |
| Series 2023B, COP, 5.00%, 6/1/2027 | 460000 | 480916 |
| County of Buncombe, Limited Tax |  |  |
| Rev., 5.00%, 6/1/2031 | 1350000 | 1511796 |
| Rev., 5.00%, 6/1/2034 | 1000000 | 1138806 |
| Rev., 5.00%, 6/1/2035 | 675000 | 767604 |
| County of Davidson, GO, 5.00%, 6/1/2027 | 35000 | 36641 |
| County of Harnett, Limited Tax |  |  |
| Rev., 5.00%, 4/1/2031 | 180000 | 200210 |
| Rev., 5.00%, 4/1/2032 | 1210000 | 1355007 |
| County of Wake |  |  |
| Series 2025A, Rev., 5.00%, 5/1/2036 | 1000000 | 1130066 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 179

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| Series 2025A, Rev., 5.00%, 5/1/2037 | 625000 | 698218 |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 1500000 | 1634081 |
| Cumberland County Industrial Facilities and <br> Pollution Control Financing Authority, <br> Solid Waste Disposal Project Hero Series <br> 2024, Rev., AMT, 3.75%, 11/1/2025 (c)<br>| 3000000 | 3000631 |
| Fayetteville State University, Student <br> Housing Project Series 2021, Rev., A.G., <br> 5.00%, 4/1/2037<br>| 4270000 | 4436485 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 52-C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (c)<br>| 3400000 | 3400000 |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, <br> 3.20%, 1/15/2026 (c)<br>| 3000000 | 3000505 |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2055<br>| 2685000 | 2933815 |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2056<br>| 7500000 | 8413592 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, <br> 6.50%, 1/1/2056<br>| 6000000 | 6844641 |
| North Carolina Medical Care Commission, <br> Twin Lakes Community Series 2025A, <br> Rev., 5.25%, 1/1/2055<br>| 1250000 | 1184089 |
| Town of Cary Series 2021, GO, 4.00%, <br> 9/1/2032<br>| 5000000 | 5283710 |
| Total North Carolina |  | 47858480 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| North Dakota Housing Finance Agency, <br> Home Mortgage Finance Program Series <br> 2023A, Rev., 5.75%, 7/1/2053<br>| 1925000 | 2054144 |
| North Dakota Public Finance Authority, State <br> Revolving Fund Program Series 2024A, <br> Rev., 5.00%, 10/1/2042<br>| 2160000 | 2265497 |
| Total North Dakota |  | 4319641 |
| **Ohio — 2.8%** | **Ohio — 2.8%** | **Ohio — 2.8%** |
| Buckeye Tobacco Settlement Financing <br> Authority<br>|  |  |
| Series 2020A-2, Rev., 5.00%, 6/1/2030 | 10500000 | 11256438 |
| Series 2020A-2, Rev., 4.00%, 6/1/2037 | 2600000 | 2460926 |
| Series 2020A-2, Rev., 4.00%, 6/1/2038 | 3750000 | 3481904 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 22930000 | 18521233 |
| Series 2020B-3, Rev., Zero Coupon, <br> 6/1/2057<br>| 15825000 | 1384512 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Columbus Regional Airport Authority, John <br> Glenn Columbus International Airport <br> Series 2025A, Rev., AMT, 5.00%, <br> 1/1/2038<br>| 3400000 | 3533428 |
| County of Summit, Various Purpose <br> Improvement Series 2022, GO, 5.00%, <br> 12/1/2031<br>| 100000 | 112943 |
| County of Warren, Otterbein Homes <br> Obligation Group Series 2024, Rev., <br> 5.00%, 7/1/2049<br>| 1800000 | 1719205 |
| Dublin City School District, Ohio School <br> Facilities Unlimited Tax Series 2024B, GO, <br> 4.00%, 12/1/2048<br>| 800000 | 712388 |
| Grandview Heights City School District, GO, <br> 5.00%, 12/1/2044<br>| 1660000 | 1714942 |
| Jefferson County Port Authority, JSW Steel <br> USA Ohio, Inc., Project Series 2023, Rev., <br> 5.00%, 12/1/2028 (b) (c)<br>| 3795000 | 3802783 |
| North Ridgeville City School District Series <br> 2024, GO, 4.50%, 12/1/2061<br>| 1450000 | 1326333 |
| Northeast Ohio Medical University Series <br> 2022, Rev., 5.00%, 12/1/2035<br>| 1000000 | 1061257 |
| Ohio Air Quality Development Authority, <br> American Electric Power Co. Project <br> Series 2005C, Rev., AMT, 3.70%, <br> 4/1/2028<br>| 4000000 | 4009786 |
| Ohio Air Quality Development Authority, <br> Duke Energy Corp.<br>|  |  |
| Series 2022B, Rev., 4.00%, <br> 6/1/2027 (c)<br>| 2000000 | 2037206 |
| Series 2022A, Rev., AMT, 4.25%, <br> 6/1/2027 (c)<br>| 4035000 | 4109834 |
| Ohio Higher Educational Facility <br> Commission, Denison University 2017 <br> Project Series 2017A, Rev., 5.00%, <br> 11/1/2025<br>| 75000 | 75313 |
| Ohio Turnpike and Infrastructure <br> Commission, Junior Lien Series 2018A, <br> Rev., 5.00%, 2/15/2027<br>| 135000 | 140103 |
| Ohio Water Development Authority |  |  |
| Series 2016B, Rev., 5.00%, 6/1/2026 | 35000 | 35703 |
| Series 2023A, Rev., 5.00%, 12/1/2036 | 1335000 | 1472849 |
| Series 2023A, Rev., 5.00%, 12/1/2038 | 1540000 | 1659366 |
| Ohio Water Development Authority, Drinking <br> Water Assistance<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2036 | 5100000 | 5720497 |
| Series 2024A, Rev., 5.00%, 12/1/2038 | 1300000 | 1411933 |
| Series 2025A, Rev., 5.00%, 12/1/2042 | 10425000 | 10989440 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Ohio Water Development Authority, Water <br> Pollution Control Loan Fund<br>|  |  |
| Series 2024C, Rev., VRDO, LIQ : TD Bank <br> NA, 3.90%, 9/2/2025 (c)<br>| 1250000 | 1250000 |
| Series 2017A, Rev., 5.00%, 12/1/2026 | 45000 | 46525 |
| Series 2020A, Rev., 5.00%, 12/1/2050 | 1000000 | 1005713 |
| Port of Greater Cincinnati Development <br> Authority, Duke Energy Convention Center <br> Project<br>|  |  |
| Series 2024B, Rev., 5.00%, 12/1/2037 | 1000000 | 1069229 |
| Series 2024B, Rev., 5.00%, 12/1/2038 | 1000000 | 1057332 |
| Series 2024B, Rev., 5.00%, 12/1/2039 | 565000 | 593226 |
| Series 2024B, Rev., 5.00%, 12/1/2063 | 4000000 | 3802441 |
| State of Ohio, Children's Hospital Medical <br> Center of Akron Series 2024B, Rev., <br> 5.00%, 8/15/2032 (c)<br>| 1500000 | 1650804 |
| State of Ohio, Common School Series <br> 2021B, GO, 5.00%, 9/15/2031<br>| 210000 | 237339 |
| State of Ohio, Culture and Sports Facilities <br> Building Fund Projects<br>|  |  |
| Series 2025A, Rev., 5.00%, 4/1/2028 | 1250000 | 1334999 |
| Series 2025A, Rev., 5.00%, 4/1/2029 | 1250000 | 1364783 |
| Series 2025A, Rev., 5.00%, 4/1/2030 | 1000000 | 1111542 |
| State of Ohio, Natural Resources Series <br> 2017V, GO, 5.00%, 10/1/2027<br>| 35000 | 36940 |
| Total Ohio |  | 97311195 |
| **Oklahoma — 1.1%** | **Oklahoma — 1.1%** | **Oklahoma — 1.1%** |
| Oklahoma Capitol Improvement Authority, <br> Oklahoma Department of Transportation <br> Project<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2031 | 1250000 | 1402175 |
| Series 2025A, Rev., 5.00%, 7/1/2032 | 1175000 | 1327914 |
| Oklahoma County Independent School <br> District No. 89 Oklahoma City Series <br> 2025A, GO, 4.00%, 7/1/2028<br>| 2500000 | 2607738 |
| Oklahoma Development Finance Authority <br> Health System, OU Medicine Project Series <br> 2018B, Rev., 5.25%, 8/15/2048<br>| 5550000 | 5203821 |
| Oklahoma Housing Finance Agency, Home <br> Ownership Loan Program Series 2025A, <br> Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| 4000000 | 4512451 |
| Oklahoma Industries Authority, Oklahoma <br> County Independent School District No. <br> 89 Oklahoma City Series 2024, Rev., <br> 5.00%, 4/1/2032<br>| 8545000 | 9509643 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Oklahoma Water Resources Board, Clean <br> Water Program<br>|  |  |
| Series 2025A, Rev., 5.00%, 4/1/2045 | 1200000 | 1242127 |
| Series 2025A, Rev., 5.00%, 4/1/2046 | 3300000 | 3401292 |
| Oklahoma Water Resources Board, State <br> Loan Program<br>|  |  |
| Series 2024A, Rev., 5.00%, 10/1/2037 | 1000000 | 1065129 |
| Series 2024B, Rev., 5.00%, 10/1/2037 | 1200000 | 1278154 |
| Series 2024B, Rev., 5.00%, 10/1/2039 | 1000000 | 1047438 |
| Series 2023A, Rev., 4.00%, 10/1/2043 | 3720000 | 3465874 |
| University of Oklahoma (The) Series 2024A, <br> Rev., 5.00%, 7/1/2038<br>| 1050000 | 1131519 |
| Total Oklahoma |  | 37195275 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| Multnomah and Clackamas Counties School <br> District No. 10JT Gresham-Barlow Series <br> B, GO, Zero Coupon, 6/15/2035<br>| 8500000 | 5546302 |
| State of Oregon, Article XI-F Project |  |  |
| Series 2025F, GO, 5.00%, 8/1/2029 | 1470000 | 1616930 |
| Series 2025F, GO, 5.00%, 8/1/2031 | 1000000 | 1128953 |
| Series 2025F, GO, 5.00%, 8/1/2034 | 425000 | 487062 |
| Tri-County Metropolitan Transportation <br> District of Oregon, Senior Lien Payroll Tax <br> Series 2021A, Rev., 5.00%, 9/1/2035<br>| 1060000 | 1157537 |
| Union County Hospital Facility Authority, <br> Grande Ronde Hospital, Inc.<br>|  |  |
| Series 2022, Rev., 5.00%, 7/1/2026 | 300000 | 303764 |
| Series 2022, Rev., 5.00%, 7/1/2028 | 400000 | 418102 |
| Total Oregon |  | 10658650 |
| **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** |
| Allegheny County Airport Authority, <br> Pittsburgh International Airport<br>|  |  |
| Series 2023A, Rev., AMT, A.G., 5.50%, <br> 1/1/2048<br>| 1500000 | 1537574 |
| Series 2023A, Rev., AMT, A.G., 5.50%, <br> 1/1/2053<br>| 1000000 | 1018099 |
| Allegheny County Higher Education Building <br> Authority, Carnegie Mellon University <br> Series 2008A, Rev., VRDO, LIQ : Bank of <br> New York Mellon (The), 2.30%, <br> 9/2/2025 (c)<br>| 6000000 | 6000000 |
| Allegheny County Higher Education Building <br> Authority, University Refunding Duquesne <br> University<br>|  |  |
| Rev., 5.00%, 3/1/2042 | 2550000 | 2614208 |
| Series 2024, Rev., 5.00%, 3/1/2043 | 1000000 | 1014875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 181

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Allegheny County Hospital Development <br> Authority, Pittsburgh Medical Center<br>|  |  |
| Series 2019A, Rev., 5.00%, 7/15/2032 | 1800000 | 1905991 |
| Series 2019A, Rev., 5.00%, 7/15/2034 | 4000000 | 4190484 |
| Allegheny County Sanitary Authority, Sewer |  |  |
| Series 2024, Rev., 5.00%, 12/1/2027 | 1250000 | 1322264 |
| Series 2024, Rev., 5.00%, 12/1/2031 | 1060000 | 1193741 |
| Bucks County Water and Sewer Authority |  |  |
| Series 2022A, Rev., A.G., 5.00%, <br> 12/1/2032<br>| 115000 | 128685 |
| Series 2022A, Rev., A.G., 5.00%, <br> 12/1/2033<br>| 105000 | 117403 |
| Series 2022A, Rev., A.G., 5.00%, <br> 12/1/2036<br>| 380000 | 413461 |
| City of Philadelphia, Airport System Series <br> 2017B, Rev., AMT, 5.00%, 7/1/2035<br>| 2000000 | 2031426 |
| Commonwealth Financing Authority, Tobacco <br> Master Settlement Payment, Rev., 5.00%, <br> 6/1/2035<br>| 200000 | 206998 |
| Commonwealth of Pennsylvania Series <br> 2024B, GO, 4.00%, 8/15/2041<br>| 3000000 | 2822281 |
| County of Lehigh, Lehigh Valley Health <br> Network Hospital Series 2016A, Rev., <br> 4.00%, 7/1/2035<br>| 175000 | 172604 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2038<br>| 6250000 | 6841051 |
| Delaware Valley Regional Finance Authority, <br> Local Government Series 2022D, Rev., <br> 4.00%, 3/1/2029<br>| 1000000 | 1046151 |
| Geisinger Authority, Health System |  |  |
| Series 2020B, Rev., 5.00%, <br> 2/15/2027 (c)<br>| 455000 | 464067 |
| Series 2020A, Rev., 5.00%, 4/1/2050 | 4500000 | 4379652 |
| Montgomery County Higher Education and <br> Health Authority Series 2022B, Rev., <br> 5.00%, 5/1/2057<br>| 2000000 | 1902388 |
| Montgomery County Higher Education and <br> Health Authority, Thomas Jefferson <br> University<br>|  |  |
| Rev., 5.00%, 9/1/2027 | 460000 | 481709 |
| Series 2018A, Rev., 4.00%, 9/1/2038 | 135000 | 125781 |
| Montgomery County Industrial Development <br> Authority, Constellation Energy <br> Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (c)<br>| 13305000 | 13613467 |
| Mount Lebanon Hospital Authority, St. Clair <br> Memorial Hospital Project, Rev., 4.00%, <br> 7/1/2048<br>| 2255000 | 1865670 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Economic Development <br> Financing Authority, Junior Guaranteed, <br> Capitol Region Parking System Series <br> 2024B, Rev., GTD, 4.25%, 1/1/2050<br>| 1475000 | 1317492 |
| Pennsylvania Economic Development <br> Financing Authority, Senior Insured, <br> Capitol Region Parking System Series <br> 2024A, Rev., A.G., 4.00%, 1/1/2042<br>| 1250000 | 1146903 |
| Pennsylvania Economic Development <br> Financing Authority, Solid Waste Disposal, <br> Republic Services, Inc., Project Series <br> 2010B, Rev., 3.25%, 10/1/2025 (c)<br>| 1725000 | 1725632 |
| Pennsylvania Economic Development <br> Financing Authority, The Penndot Major <br> Bridges, Rev., AMT, A.G., 5.00%, <br> 12/31/2057<br>| 425000 | 405350 |
| Pennsylvania Economic Development <br> Financing Authority, Waste Management, <br> Inc. Project Series 2021A-2, Rev., 4.60%, <br> 10/1/2026 (c)<br>| 5000000 | 5016665 |
| Pennsylvania Economic Development <br> Financing Authority, Waste Management, <br> Inc., Project, Rev., AMT, 3.85%, <br> 11/3/2025 (c)<br>| 7000000 | 7000770 |
| Pennsylvania Higher Educational Facilities <br> Authority, Thomas Jefferson University <br> Series 2024B-1, Rev., 5.25%, <br> 11/1/2043<br>| 1310000 | 1349226 |
| Pennsylvania Housing Finance Agency, <br> Single Family Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, <br> 10/1/2053<br>| 5275000 | 5617314 |
| Series 2024-145A, Rev., 6.00%, <br> 10/1/2054<br>| 1985000 | 2165246 |
| Series 2025-150A, Rev., 6.25%, <br> 10/1/2055 (d)<br>| 8000000 | 8986490 |
| Pennsylvania Turnpike Commission |  |  |
| Series A-1, Rev., 5.00%, 12/1/2029 | 105000 | 110323 |
| Series A-1, Rev., 5.00%, 12/1/2031 | 60000 | 62590 |
| Series 2016B, Rev., 4.00%, 6/1/2033 | 575000 | 576689 |
| Series 2022A, Rev., 5.00%, 12/1/2033 | 1000000 | 1119501 |
| Series 2022B, Rev., 5.25%, 12/1/2041 | 1000000 | 1061611 |
| Pennsylvania Turnpike Commission, <br> Subordinate<br>|  |  |
| Series 2024-1, Rev., 5.00%, 12/1/2029 | 1200000 | 1318393 |
| Series 2023-1, Rev., 5.00%, 12/1/2036 | 750000 | 817748 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Philadelphia Authority for Industrial <br> Development, Thomas Jefferson <br> University Series 2017A, Rev., 5.00%, <br> 9/1/2042<br>| 3290000 | 3249032 |
| Philadelphia Energy Authority (The), <br> Philadelphia Street Lighting Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 11/1/2037 | 835000 | 901149 |
| Series 2023A, Rev., 5.00%, 11/1/2040 | 2185000 | 2286013 |
| Philadelphia Gas Works Co., 1998 General <br> Ordinance Series 17A, Rev., 5.00%, <br> 8/1/2035<br>| 1250000 | 1390943 |
| Redevelopment Authority of the City of <br> Philadelphia, Service Agreement Series <br> 2024B, Rev., 5.00%, 9/1/2044<br>| 725000 | 740921 |
| Township of Hampton |  |  |
| GO, 5.00%, 1/1/2035 | 150000 | 162937 |
| GO, 4.00%, 1/1/2042 | 970000 | 896726 |
| GO, 4.00%, 1/1/2047 | 700000 | 612878 |
| Total Pennsylvania |  | 107448572 |
| **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |
| Children's Trust Fund, Tobacco Settlement <br> Asset-Backed Series 2005A, Rev., Zero <br> Coupon, 5/15/2050<br>| 17050000 | 3283955 |
| Commonwealth of Puerto Rico Series <br> 2022A-1, GO, 5.63%, 7/1/2027<br>| 6500000 | 6720894 |
| Puerto Rico Sales Tax Financing Corp. Sales <br> Tax (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 2641000 | 2316350 |
| Series A-2, Rev., 4.33%, 7/1/2040 | 6500000 | 6014255 |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 13500000 | 4240918 |
| Series A-1, Rev., Zero Coupon, 7/1/2051 | 4770000 | 1105037 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 22300000 | 20392888 |
| Total Puerto Rico |  | 44074297 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| Rhode Island Health and Educational <br> Building Corp., Brynt University Issue<br>|  |  |
| Series 2024, Rev., 5.00%, 6/1/2037 | 2255000 | 2414783 |
| Series 2024, Rev., 5.00%, 6/1/2038 | 1650000 | 1744139 |
| Rev., 5.00%, 6/1/2042 | 2030000 | 2064510 |
| Rhode Island Health and Educational <br> Building Corp., Lifespan Obligated Group<br>|  |  |
| Series 2024, Rev., 5.00%, 5/15/2036 | 960000 | 1024851 |
| Series 2024, Rev., 5.00%, 5/15/2038 | 1150000 | 1203912 |
| Series 2024, Rev., 5.00%, 5/15/2042 | 1000000 | 999947 |
| Series 2024, Rev., 5.00%, 5/15/2043 | 1000000 | 986629 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Rhode Island — continued** | **Rhode Island — continued** | **Rhode Island — continued** |
| Rhode Island Housing and Mortgage Finance <br> Corp., Homeowenership Series 84-A, Rev., <br> GNMA COLL, 5.00%, 4/1/2049<br>| 1000000 | 1001222 |
| State of Rhode Island Series 2025A, GO, <br> 5.00%, 5/1/2044<br>| 4035000 | 4205785 |
| State of Rhode Island and Providence <br> Plantations Consolidated Capital <br> Development Loan Series 2018A, GO, <br> 5.00%, 4/1/2029<br>| 75000 | 79750 |
| Tobacco Settlement Financing Corp. Series <br> B, Rev., 5.00%, 6/1/2050<br>| 5000000 | 4798785 |
| Total Rhode Island |  | 20524313 |
| **South Carolina — 0.9%** | **South Carolina — 0.9%** | **South Carolina — 0.9%** |
| Charleston County Airport District, Rev., <br> 5.00%, 7/1/2035<br>| 250000 | 262892 |
| Charleston Educational Excellence Finance <br> Corp., Installment Purchase, Charleston <br> County School District, South Carolina <br> Project<br>|  |  |
| Series 2024, Rev., 5.00%, 12/1/2026 | 1000000 | 1031082 |
| Series 2024, Rev., 5.00%, 12/1/2027 | 1000000 | 1057865 |
| Series 2024, Rev., 5.00%, 12/1/2028 | 1325000 | 1433576 |
| County of Dorchester, Waterworks and <br> Sewer System Series 2023, Rev., 4.25%, <br> 10/1/2048<br>| 2000000 | 1788551 |
| County Square Redevelopment Corp., <br> Greenville South Carolina Project, Rev., <br> 5.00%, 4/1/2030<br>| 1300000 | 1444937 |
| Horry County School District Series 2015A, <br> GO, SCSDE, 4.00%, 3/1/2028<br>| 5000000 | 5003164 |
| Patriots Energy Group Financing Agency <br> Series 2023 Subseries B-1, Rev., 5.25%, <br> 3/1/2031 (c)<br>| 2670000 | 2885937 |
| South Carolina Jobs-Economic Development <br> Authority, Foothill Affordable Housing <br> Series 2025, Rev., 4.00%, 3/1/2035 (c)<br>| 8000000 | 7921075 |
| South Carolina Public Service Authority |  |  |
| Series 2025A, Rev., 5.00%, 12/1/2043 | 1500000 | 1531414 |
| Series 2025A, Rev., 5.00%, 12/1/2046 | 3000000 | 3019059 |
| Series 2025B, Rev., 5.00%, 12/1/2048 | 2750000 | 2736480 |
| Total South Carolina |  | 30116032 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| South Dakota Health and Educational <br> Facilities Authority, Sanford<br>|  |  |
| Series 2025B, Rev., 5.00%, 11/1/2037 | 1000000 | 1077379 |
| Series 2025B, Rev., 5.00%, 11/1/2039 | 1100000 | 1167604 |
| Series 2025B, Rev., 5.00%, 11/1/2040 | 1200000 | 1261935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 183

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Dakota — continued** | **South Dakota — continued** | **South Dakota — continued** |
| South Dakota Housing Development <br> Authority<br>|  |  |
| Series 2024C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 11/1/2055<br>| 1495000 | 1671096 |
| Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.50%, 11/1/2055<br>| 1250000 | 1421279 |
| Total South Dakota |  | 6599293 |
| **Tennessee — 1.2%** | **Tennessee — 1.2%** | **Tennessee — 1.2%** |
| Chattanooga Health Educational and <br> Housing Facility Board, CommonSpirit <br> Health Series 2019A-1, Rev., 4.00%, <br> 8/1/2037<br>| 1200000 | 1143242 |
| City of Clarksville Water Sewer and Gas <br> Series 2021A, Rev., 4.00%, 2/1/2041<br>| 3950000 | 3707756 |
| City of Lenoir City, Electric System Series <br> 2022, Rev., 5.00%, 6/1/2033<br>| 165000 | 183395 |
| County of Coffee, Rural High School Series <br> 2021A, GO, 5.00%, 6/1/2028<br>| 125000 | 133771 |
| County of Sullivan, GO, 5.00%, 5/1/2026 | 30000 | 30515 |
| Knox County Health Educational and Housing <br> Facility Board, University of Tennessee <br> Project<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 7/1/2037 | 435000 | 461329 |
| Series 2024A-1, Rev., 5.00%, 7/1/2038 | 430000 | 450947 |
| Series 2024A-1, Rev., 5.00%, 7/1/2039 | 500000 | 520068 |
| Series 2024A-1, Rev., 5.25%, 7/1/2049 | 1250000 | 1261047 |
| Memphis-Shelby County Airport Authority <br> Series 2021A, Rev., AMT, 5.00%, <br> 7/1/2045<br>| 1000000 | 983933 |
| Metropolitan Government Nashville and <br> Davidson County, Health and Educational <br> Facilities Board, Belmont University<br>|  |  |
| Rev., 5.00%, 5/1/2026 | 450000 | 456606 |
| Series 2023, Rev., 5.00%, 5/1/2038 | 400000 | 421650 |
| Metropolitan Government of Nashville and <br> Davidson County, GO, 5.00%, 7/1/2031<br>| 2000000 | 2118358 |
| Metropolitan Government of Nashville and <br> Davidson County Water and Sewer<br>|  |  |
| Rev., 5.00%, 7/1/2036 | 2500000 | 2777894 |
| Rev., 5.00%, 7/1/2044 | 2500000 | 2598347 |
| Rev., 5.00%, 7/1/2050 | 2500000 | 2543225 |
| Metropolitan Government of Nashville and <br> Davidson County, Water and Sewer, Rev., <br> 5.00%, 7/1/2038<br>| 2000000 | 2171664 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Nashville Airport Authority <br> (The)<br>|  |  |
| Series 2022B, Rev., AMT, 5.25%, <br> 7/1/2047<br>| 630000 | 635060 |
| Series 2022B, Rev., AMT, 5.00%, <br> 7/1/2052<br>| 500000 | 486445 |
| Shelby County Health Educational and <br> Housing Facilities Board, Baptism <br> Memorial Health Obligated Group<br>|  |  |
| Series 2024B, Rev., 5.00%, <br> 9/1/2029 (c)<br>| 2950000 | 3146642 |
| Series 2025B, Rev., 5.00%, <br> 9/1/2030 (c)<br>| 1050000 | 1131954 |
| Series 2024A, Rev., 5.25%, 9/1/2034 | 2960000 | 3242635 |
| Shelby County Health Educational and <br> Housing Facilities Board, The Farms at <br> Bailey Station Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/1/2029 | 125000 | 106377 |
| Series 2019A, Rev., 5.50%, 10/1/2034 | 150000 | 113641 |
| State of Tennessee Series 2023A, GO, <br> 5.00%, 5/1/2038<br>| 5000000 | 5457264 |
| Tennessee Energy Acquisition Corp., Gas <br> Project Series 2023A-1, Rev., 5.00%, <br> 5/1/2028 (c)<br>| 1250000 | 1297360 |
| Tennessee Housing Development Agency <br> Series 2025-1A, Rev., GNMA / FNMA / <br> FHLMC, 6.00%, 1/1/2056<br>| 5000000 | 5534998 |
| Total Tennessee |  | 43116123 |
| **Texas — 9.7%** | **Texas — 9.7%** | **Texas — 9.7%** |
| Alvin Independent School District, Unlimited <br> Tax Series 2025A, GO, PSF-GTD, 5.00%, <br> 2/15/2033<br>| 1040000 | 1166972 |
| Arlington Higher Education Finance Corp., <br> Lifeschool of Dallas<br>|  |  |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2027<br>| 155000 | 161636 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2028<br>| 105000 | 111913 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2033<br>| 290000 | 325467 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2034<br>| 295000 | 329529 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2035<br>| 240000 | 264534 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2036<br>| 420000 | 457860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

184 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Arlington Higher Education Finance Corp., <br> Trinity Basin Preparatory, Inc.<br>|  |  |
| Rev., PSF-GTD, 5.00%, 8/15/2026 | 160000 | 163660 |
| Rev., PSF-GTD, 5.00%, 8/15/2027 | 145000 | 152254 |
| Rev., PSF-GTD, 5.00%, 8/15/2028 | 150000 | 159876 |
| Rev., PSF-GTD, 5.00%, 8/15/2029 | 130000 | 140998 |
| Rev., PSF-GTD, 5.00%, 8/15/2030 | 100000 | 110053 |
| Austin Community College District, Unlimited <br> Tax, GO, 5.00%, 8/1/2036<br>| 5000000 | 5502620 |
| Austin Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, <br> 8/1/2026<br>| 2000000 | 2049115 |
| Bell County Water Control and Improvement <br> District No. 1<br>|  |  |
| Series 2024, Rev., 5.00%, 7/10/2038 | 1000000 | 1056386 |
| Series 2024, Rev., 5.00%, 7/10/2039 | 1000000 | 1045785 |
| Brushy Creek Regional Utility Authority, Inc., <br> Brushy Creek Regional Water Treatment <br> and Distribution Project, Rev., 5.00%, <br> 8/1/2026<br>| 85000 | 86800 |
| Cedar Hill Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2036<br>| 1900000 | 2081164 |
| Series 2024, GO, PSF-GTD, 4.00%, <br> 2/15/2050<br>| 4000000 | 3456936 |
| Central Texas Turnpike System, First Tier |  |  |
| Series 2024B, Rev., 5.00%, <br> 5/15/2030 (c)<br>| 1500000 | 1616538 |
| Series 2024A, Rev., 5.00%, 8/15/2032 | 1000000 | 1122228 |
| Central Texas Turnpike System, Second Tier |  |  |
| Series 2024C, Rev., 5.00%, 8/15/2033 | 5000000 | 5595807 |
| Series 2024C, Rev., 5.00%, 8/15/2034 | 4500000 | 5033251 |
| City of Austin, Airport System |  |  |
| Rev., AMT, 5.00%, 11/15/2035 | 1000000 | 1058501 |
| Series 2017B, Rev., AMT, 5.00%, <br> 11/15/2046<br>| 1000000 | 982512 |
| City of Bryan Waterworks and Sewer Series <br> 2025, Rev., 4.25%, 7/1/2045<br>| 2750000 | 2528018 |
| City of Corpus Christi, Utility System Series <br> 2022B, Rev., 5.00%, 7/15/2032<br>| 325000 | 362837 |
| City of Dallas Housing Finance Corp., <br> Rosemont at Ash Creek Apartments Series <br> 2023, Rev., FHA, 5.00%, 12/1/2025 (c)<br>| 1375000 | 1381938 |
| City of El Paso Water Sewer Series 2023, <br> Rev., 5.25%, 3/1/2049<br>| 2500000 | 2572718 |
| City of Fort Worth Water and Sewer System <br> Series 2024, Rev., 4.25%, 2/15/2054<br>| 5940000 | 5227815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Garland Electric Utility System |  |  |
| Rev., A.G., 5.00%, 3/1/2026 | 1000000 | 1012275 |
| Rev., A.G., 5.00%, 3/1/2031 | 1000000 | 1110366 |
| Rev., 5.00%, 11/15/2036 | 1000000 | 1102910 |
| City of Georgetown Series 2022, GO, <br> 4.00%, 8/15/2041<br>| 2410000 | 2205160 |
| City of Georgetown, Utilities System Series <br> 2023, Rev., 5.00%, 8/15/2038<br>| 1375000 | 1454485 |
| City of Grand Prairie Series 2023, GO, <br> 4.00%, 2/15/2037<br>| 600000 | 605929 |
| City of Houston Airport System, United <br> Airlines, Inc., Terminal Improvement <br> Projects<br>|  |  |
| Series 2020A, Rev., AMT, 5.00%, <br> 7/1/2027<br>| 2825000 | 2863256 |
| Series 2020B-2, Rev., AMT, 5.00%, <br> 7/15/2027<br>| 1955000 | 1982094 |
| Series 2024B, Rev., AMT, 5.25%, <br> 7/15/2034<br>| 11300000 | 11841488 |
| City of Houston, Combined Utility System, <br> First Lien Series 2018D, Rev., 5.00%, <br> 11/15/2030<br>| 45000 | 48003 |
| City of Mansfield, Combination Tax, GO, <br> 5.00%, 2/15/2044<br>| 2000000 | 2072875 |
| City of Paso Water and Sewer, Rev., 5.00%, <br> 3/1/2034<br>| 1190000 | 1324062 |
| City of Pflugerville, Combination Tax Series <br> 2023A, GO, 4.13%, 8/1/2053<br>| 1000000 | 854012 |
| City of Round Rock, GO, 5.00%, 8/15/2026 | 1180000 | 1208002 |
| City of San Antonio |  |  |
| Series 2024, GO, 5.00%, 2/1/2027 | 1000000 | 1036921 |
| GO, 5.00%, 2/1/2035 | 7500000 | 8396493 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2024B, Rev., 5.00%, 2/1/2038 | 1500000 | 1600867 |
| Series 2024C, Rev., 5.50%, 2/1/2049 | 2000000 | 2099582 |
| City of Waco Series 2024, GO, 5.00%, <br> 2/1/2026<br>| 1900000 | 1920378 |
| City of Waco, Combination Tax Series <br> 2024A, GO, 5.00%, 2/1/2026<br>| 1000000 | 1010725 |
| Clifton Higher Education Finance Corp., Idea <br> Public Schools<br>|  |  |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2026<br>| 600000 | 613723 |
| Series 2024, Rev., PSF-GTD, 5.00%, <br> 8/15/2027<br>| 1000000 | 1045535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 185

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Clifton Higher Education Finance Corp., Yes <br> Prep Public School, Inc.<br>|  |  |
| Series 2023, Rev., PSF-GTD, 5.00%, <br> 4/1/2026<br>| 250000 | 253431 |
| Series 2023, Rev., PSF-GTD, 5.00%, <br> 4/1/2038<br>| 265000 | 278059 |
| Collin County Community College District, <br> Rev., 4.00%, 8/15/2042<br>| 2200000 | 2019989 |
| County of Bexar, Combination Tax, GO, <br> 5.00%, 6/15/2042<br>| 2115000 | 2203513 |
| County of Fort Bend Toll Road, Senior Lien |  |  |
| Series 2024, Rev., A.G., 5.00%, <br> 3/1/2035<br>| 1000000 | 1113919 |
| Series 2024, Rev., A.G., 5.00%, <br> 3/1/2036<br>| 1000000 | 1099765 |
| Rev., A.G., 5.00%, 3/1/2044 | 2500000 | 2555496 |
| County of Hays, Limited Tax, GO, 5.00%, <br> 2/15/2026<br>| 20000 | 20228 |
| County of Williamson, Limited Tax, GO, <br> 5.00%, 2/15/2026<br>| 40000 | 40473 |
| Crandall Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2023, GO, PSF-GTD, 5.00%, <br> 2/1/2039<br>| 2800000 | 2973959 |
| Series 2023, GO, PSF-GTD, 5.00%, <br> 2/1/2041<br>| 5100000 | 5334434 |
| Frisco Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, <br> 2/15/2036<br>| 1105000 | 1207048 |
| Georgetown Independent School District, <br> GO, PSF-GTD, 5.50%, 2/15/2037<br>| 4250000 | 4824144 |
| Glen Rose Independent School District, <br> Unlimited tax Series 2023, GO, PSF-GTD, <br> 5.00%, 8/15/2035<br>| 1000000 | 1069524 |
| Glen Rose Independent School District, <br> Unlimited Tax Series 2023, GO, PSF-GTD, <br> 5.00%, 8/15/2036<br>| 1000000 | 1061020 |
| Grand Parkway Transportation Corp., Grand <br> Parkway System Subordinate Tier<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2043 | 4500000 | 4546473 |
| Series 2020C, Rev., 4.00%, 10/1/2049 | 2295000 | 1936414 |
| Harris County-Houston Sports Authority, <br> Senior Lien<br>|  |  |
| Series 2024A, Rev., A.G., 5.00%, <br> 11/15/2025<br>| 3750000 | 3766961 |
| Series 2024A, Rev., A.G., 5.00%, <br> 11/15/2026<br>| 3500000 | 3598751 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Housing Options, Inc., The Culbreath, Rev., <br> 3.75%, 11/1/2028 (c)<br>| 5000000 | 5088825 |
| Houston Independent School District, <br> Limited Tax Series 2025B, GO, PSF-GTD, <br> 5.00%, 2/15/2027<br>| 4000000 | 4151257 |
| Irving Independent School District, GO, <br> PSF-GTD, 5.00%, 2/15/2037<br>| 5485000 | 6009769 |
| Jarrell Independent School District, <br> Unlimited Tax Series 2024, GO, PSF-GTD, <br> 5.00%, 2/15/2037<br>| 1000000 | 1089344 |
| Katy Independent School District, Unlimited <br> Tax<br>|  |  |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2033<br>| 2000000 | 2258345 |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2034<br>| 1200000 | 1358743 |
| Lewisville Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 4.00%, <br> 8/15/2041<br>| 12500000 | 11872482 |
| Little Elm Independent School District Series <br> 2024, GO, PSF-GTD, 4.00%, 8/15/2054<br>| 6000000 | 5052910 |
| Lockhart Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, <br> 8/1/2033<br>| 1060000 | 1195849 |
| Lower Colorado River Authority |  |  |
| Series 2024, Rev., 5.00%, 5/15/2026 | 1000000 | 1016973 |
| Series 2024, Rev., 5.00%, 5/15/2036 | 4000000 | 4340914 |
| Lower Colorado River Authority, LCRA <br> Transmission Services Corp., Project<br>|  |  |
| Series 2025A, Rev., 5.00%, 5/15/2033 | 2000000 | 2247179 |
| Rev., 4.00%, 5/15/2034 | 1000000 | 1000676 |
| Series 2025A, Rev., 5.00%, 5/15/2034 | 1750000 | 1971075 |
| Rev., 5.00%, 5/15/2035 | 155000 | 160146 |
| Series 2025A, Rev., 5.00%, 5/15/2035 | 1250000 | 1403692 |
| Mabank Independent School District, <br> Unlimited Tax Series 2024, GO, PSF-GTD, <br> 5.00%, 8/15/2026<br>| 260000 | 266219 |
| Mansfield Independent School District, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2041 | 2500000 | 2633133 |
| GO, PSF-GTD, 5.00%, 2/15/2044 | 2000000 | 2053710 |
| Series 2024, GO, PSF-GTD, 4.00%, <br> 2/15/2054<br>| 4850000 | 4017366 |
| Melissa Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/1/2027<br>| 100000 | 103409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

186 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/1/2028<br>| 320000 | 338382 |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/1/2029<br>| 250000 | 270129 |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/1/2030<br>| 220000 | 240985 |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/1/2031<br>| 250000 | 276633 |
| Series 2023, GO, PSF-GTD, 5.00%, <br> 2/1/2041<br>| 1000000 | 1047897 |
| Mission Economic Development Corp., <br> Graphic Packaging International LLC <br> Project, Rev., AMT, 5.00%, 6/1/2030 (c)<br>| 2000000 | 2032419 |
| Montgomery Independent School District, <br> Unlimited Tax Series 2024A, GO, PSF-GTD, <br> 5.00%, 2/15/2030<br>| 2910000 | 3204599 |
| New Hope Cultural Education Facilities <br> Finance Corp., Legacy Midtown Park <br> Project, Rev., 6.75%, 7/1/2044<br>| 1000000 | 986962 |
| North Texas Municipal Water District Water <br> System<br>|  |  |
| Rev., 5.00%, 9/1/2034 | 4555000 | 5185575 |
| Rev., 5.00%, 9/1/2035 | 7500000 | 8473783 |
| Rev., 5.00%, 9/1/2036 | 1340000 | 1494236 |
| Rev., 5.00%, 9/1/2038 | 10000000 | 10878276 |
| North Texas Tollway Authority, First Tier |  |  |
| Series 2023A, Rev., 5.00%, 1/1/2026 | 3740000 | 3771066 |
| Series A, Rev., 4.00%, 1/1/2043 | 1645000 | 1488580 |
| Northwest Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2023, GO, PSF-GTD, 5.00%, <br> 2/15/2039<br>| 2500000 | 2635488 |
| Series 2022A, GO, PSF-GTD, 5.00%, <br> 2/15/2048<br>| 1000000 | 1007949 |
| Permanent University Fund - University of <br> Texas System<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2035 | 2000000 | 2269149 |
| Series 2016B, Rev., 4.00%, 7/1/2038 | 7985000 | 7895740 |
| Plano Independent School District, Unlimited <br> Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 2250000 | 2434486 |
| GO, PSF-GTD, 5.00%, 2/15/2030 | 3000000 | 3298405 |
| GO, PSF-GTD, 4.00%, 2/15/2043 | 2000000 | 1869596 |
| GO, PSF-GTD, 4.00%, 2/15/2044 | 3250000 | 3006831 |
| State of Texas Series 2025B, GO, 5.00%, <br> 8/1/2036<br>| 2255000 | 2482438 |
| State of Texas, College Student Loan, GO, <br> AMT, 5.00%, 8/1/2029<br>| 2170000 | 2349005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Tarrant County College District Series 2022, <br> GO, 5.00%, 8/15/2028<br>| 1000000 | 1071987 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Baylor Scott & White Health <br> Project Series 2022F, Rev., 5.00%, <br> 11/15/2030 (c)<br>| 2215000 | 2408149 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Christus Health<br>|  |  |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 1110000 | 1130908 |
| Series 2024B, Rev., 5.00%, 7/1/2027 | 2360000 | 2454564 |
| Series 2024B, Rev., 5.00%, 7/1/2028 | 3000000 | 3181741 |
| Series 2024B, Rev., 5.00%, 7/1/2029 | 2485000 | 2678081 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Cook Children's Medical <br> Center, Rev., 4.13%, 12/1/2054<br>| 2495000 | 2143390 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Health Resources System <br> Series 2025C, Rev., 5.00%, <br> 11/15/2032 (c)<br>| 13275000 | 14639476 |
| Terrell Independent School District, Kaufman <br> and Hunt Counties, Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 8/1/2037 | 2500000 | 2721479 |
| GO, PSF-GTD, 5.00%, 8/1/2038 | 2500000 | 2684090 |
| Texas A&M University, Financing System <br> Series 2017E, Rev., 5.00%, 5/15/2030<br>| 155000 | 160658 |
| Texas Municipal Gas Acquisition and Supply <br> Corp. IV, Gas Supply<br>|  |  |
| Series 2023A, Rev., 5.50%, <br> 1/1/2030 (c)<br>| 5000000 | 5333245 |
| Series 2023B, Rev., 5.50%, <br> 1/1/2034 (c)<br>| 6690000 | 7316472 |
| Texas Municipal Gas Acquisition and Supply <br> Corp. V, Gas Supply Series 2024, Rev., <br> 5.00%, 1/1/2034 (c)<br>| 8000000 | 8510756 |
| Texas Private Activity Bond Surface <br> Transportation Corp., North Tarrant <br> Express Managed Lanes Project, Mobility <br> Partners LLC Series 2019A, Rev., 4.00%, <br> 12/31/2039<br>| 1130000 | 1037706 |
| Texas Private Activity Bond Surface <br> Transportation Corp., NTE Mobility <br> Partners Segments 3 LLC Project<br>|  |  |
| Series 2023, Rev., AMT, 5.25%, <br> 12/31/2036<br>| 2835000 | 2967472 |
| Rev., AMT, 5.00%, 6/30/2058 | 2000000 | 1860114 |
| Texas Public Finance Authority, Texas <br> Southern University<br>|  |  |
| Series 2023, Rev., 5.00%, 5/1/2026 | 500000 | 506612 |
| Series 2023, Rev., 5.00%, 5/1/2027 | 625000 | 646902 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 187

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas State Affordable Housing Corp., <br> Juniper Creek Apartments Project Series <br> 2023, Rev., 3.75%, 7/1/2026 (c)<br>| 3000000 | 3023028 |
| Texas Water Development Board |  |  |
| Series 2023A, Rev., 5.00%, 10/15/2037 | 1700000 | 1845094 |
| Series 2023A, Rev., 5.00%, 10/15/2058 | 1725000 | 1735756 |
| Trinity River Authority of Texas, Livingston <br> Regional Water Supply System Project<br>|  |  |
| Series 2023, Rev., 5.00%, 8/1/2036 | 1120000 | 1216798 |
| Series 2023, Rev., 5.00%, 8/1/2037 | 1175000 | 1263489 |
| Trinity River Authority, Water Project, Rev., <br> 5.00%, 2/1/2026<br>| 60000 | 60619 |
| Waxahachie Independent School District <br> Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2038<br>| 1000000 | 1077239 |
| Weslaco Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2037<br>| 800000 | 875112 |
| Series 2024, GO, PSF-GTD, 5.00%, <br> 2/15/2038<br>| 1000000 | 1079480 |
| Wylie Independent School District, GO, <br> PSF-GTD, 5.00%, 8/15/2039<br>| 2695000 | 2864670 |
| Total Texas |  | 340344175 |
| **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |
| City of Salt Lake City, Airport System Series <br> 2021A, Rev., AMT, 5.00%, 7/1/2029<br>| 2350000 | 2529966 |
| City of Salt Lake City, International Airport <br> Series 2025A, Rev., AMT, 5.25%, <br> 7/1/2043<br>| 1580000 | 1624118 |
| City of Salt Lake City, Sales and Excise Tax <br> Series 2022A, Rev., 4.00%, 10/1/2030<br>| 105000 | 111537 |
| Downtown Revitalization Public <br> Infrastructure District, Second Lien Sales <br> Tax SEG Redevelopment Project<br>|  |  |
| Series 2025B, Rev., A.G., 5.25%, <br> 6/1/2045<br>| 1000000 | 1041607 |
| Series 2025B, Rev., A.G., 5.50%, <br> 6/1/2050<br>| 2000000 | 2093314 |
| Intermountain Power Agency, Utah Power <br> Supply<br>|  |  |
| Series 2023A, Rev., 5.00%, 7/1/2033 | 1465000 | 1606582 |
| Series 2023A, Rev., 5.00%, 7/1/2036 | 1190000 | 1267699 |
| Series 2024A, Rev., 5.00%, 7/1/2037 | 2600000 | 2762465 |
| Series 2024A, Rev., 5.00%, 7/1/2040 | 1610000 | 1667412 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| Mida Cormont Public Infrastructure District, <br> Limited Tax Series 2025A-1, GO, 6.25%, <br> 6/1/2055 (b)<br>| 1000000 | 1018310 |
| Mida Mountain Village Public Infrastructure <br> District, Utah Subordinate Tax Allocation <br> Series 2024-1, Rev., 5.13%, <br> 6/15/2054 (b)<br>| 2000000 | 1832142 |
| Utah Housing Corp., Single Family Mortgage |  |  |
| Rev., 3.00%, 9/1/2029 (c) | 2400000 | 2400013 |
| Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.50%, 7/1/2055<br>| 4975000 | 5581828 |
| Utah Infrastructure Agency Series 2021, <br> Rev., 4.00%, 10/15/2029<br>| 1210000 | 1228885 |
| Utah Telecommunication Open <br> Infrastructure Agency, Sales Tax and <br> Telecommunications<br>|  |  |
| Rev., 5.25%, 6/1/2034 | 325000 | 361968 |
| Rev., 5.25%, 6/1/2035 | 580000 | 640301 |
| Utah Transit Authority, Sales Tax |  |  |
| Rev., 5.00%, 12/15/2037 | 1250000 | 1391762 |
| Rev., 5.00%, 6/15/2040 | 1580000 | 1689907 |
| Series 2023, Rev., 5.00%, 12/15/2041 | 1235000 | 1303976 |
| Total Utah |  | 32153792 |
| **Virginia — 1.1%** | **Virginia — 1.1%** | **Virginia — 1.1%** |
| City of Richmond, Public Improvement Series <br> 2017B, GO, 5.00%, 7/15/2027<br>| 175000 | 183655 |
| County of Henrico Water and Sewer, Rev., <br> 5.00%, 5/1/2029<br>| 100000 | 109363 |
| County of Spotsylvania Water and Sewer <br> System Series 2024, Rev., 4.00%, <br> 12/1/2046<br>| 1150000 | 1034965 |
| County of Spotsylvania, Public Improvement, <br> GO, 5.00%, 7/15/2029<br>| 85000 | 91051 |
| Fairfax County Industrial Development <br> Authority, Rev., 4.00%, 5/15/2042<br>| 2025000 | 1858459 |
| Halifax County Industrial Development <br> Authority, Virginia Electric and Power <br> Series 2010A, Rev., 3.80%, <br> 5/28/2027 (c)<br>| 2465000 | 2506528 |
| Northern Virginia Transportation <br> Commission, Transforming Rail in Virginia <br> Program, Rev., 5.00%, 6/1/2040<br>| 380000 | 400026 |
| Prince William County Service Authority, <br> Water and Sewer System<br>|  |  |
| Rev., 5.00%, 7/15/2032 | 1000000 | 1138444 |
| Rev., 5.00%, 7/15/2033 | 1000000 | 1145234 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

188 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Virginia College Building Authority <br> Educational Facilities, 21St Century <br> College and Equipment Programs<br>|  |  |
| Series 2023B, Rev., 5.00%, 2/1/2033 | 150000 | 170456 |
| Series 2023A, Rev., 4.00%, 9/1/2040 | 1385000 | 1348374 |
| Virginia Port Authority |  |  |
| Rev., 5.00%, 7/1/2038 | 1500000 | 1630749 |
| Rev., 5.00%, 7/1/2040 | 1750000 | 1863042 |
| Virginia Public Building Authority Series <br> 2015A, Rev., 4.00%, 8/1/2031<br>| 5000000 | 5003520 |
| Virginia Public School Authority, 1997 <br> Resolution Series 2025A, Rev., 5.00%, <br> 8/1/2037<br>| 3840000 | 4283821 |
| Virginia Small Business Financing Authority <br> Series 2021, Rev., 4.00%, 12/1/2051<br>| 1145000 | 900530 |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon <br> Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (c)<br>| 7000000 | 7004765 |
| Virginia Small Business Financing Authority, <br> Senior Lien, Elizabeth River Crossing <br> Opco, LLC Project<br>|  |  |
| Rev., AMT, 4.00%, 7/1/2032 | 250000 | 253595 |
| Rev., AMT, 4.00%, 1/1/2036 | 2000000 | 1957755 |
| Virginia Small Business Financing Authority, <br> Senior Lien, Transform 66 P3 Project, <br> Rev., AMT, 5.00%, 12/31/2056<br>| 5880000 | 5434497 |
| Total Virginia |  | 38318829 |
| **Washington — 2.2%** | **Washington — 2.2%** | **Washington — 2.2%** |
| Auburn School District No. 408 of King and <br> Pierce Counties, Unlimited Tax, GO, <br> 4.00%, 12/1/2036<br>| 1000000 | 1010691 |
| Central Puget Sound Regional Transit <br> Authority, Sales and Use Tax Series <br> 2021S-1, Rev., 4.00%, 11/1/2040<br>| 2000000 | 1956556 |
| City of Seattle Municipal Light and Power, <br> Rev., 5.00%, 2/1/2036<br>| 5000000 | 5623769 |
| City of Seattle, Municipal Light and Power <br> Series 2021A, Rev., 4.00%, 7/1/2047<br>| 5000000 | 4362393 |
| Clark County Public Utility District No. 1 <br> Electric Series 2024, Rev., 5.00%, <br> 1/1/2026<br>| 1165000 | 1175104 |
| County of King Sewer Series 2016A, Rev., <br> 4.00%, 7/1/2038<br>| 5000000 | 4944003 |
| Energy Northwest, Columbia Generating <br> Station Series 2021A, Rev., 4.00%, <br> 7/1/2042<br>| 3760000 | 3535117 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Energy Northwest, Project 1 |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2028 | 55000 | 57515 |
| Series 2025A, Rev., 5.00%, 7/1/2032 | 2000000 | 2264399 |
| Fircrest Properties, State of Washington <br> Dshs Project, Rev., 5.50%, 6/1/2049<br>| 5000000 | 5259279 |
| King and Pierce Counties Valley Regional <br> Fire Authority, Unlimited Tax, GO, A.G., <br> 5.00%, 12/1/2034<br>| 1000000 | 1134387 |
| Mason County School District No. 309 <br> Shelton, Unlimited Tax, GO, 5.00%, <br> 12/1/2029<br>| 45000 | 46720 |
| Pierce County School District No. 416 White <br> River, Unlimited Tax, GO, 5.00%, <br> 12/1/2025<br>| 50000 | 50315 |
| State of Washington Motor Vehicle Fuel Tax |  |  |
| Series R-2025E, GO, 5.00%, 8/1/2029 | 6860000 | 7540275 |
| Series R-2025E, GO, 5.00%, 8/1/2030 | 2980000 | 3329035 |
| Series R2025C, GO, 5.00%, 7/1/2032 | 4000000 | 4534106 |
| Series 2024D, GO, 5.00%, 6/1/2045 | 4000000 | 4121876 |
| State of Washington, Motor Vehicle Fuel Tax <br> Series 2025C, GO, 5.00%, 7/1/2030<br>| 5040000 | 5623375 |
| State of Washington, State and Local Agency <br> Real and Personal Property Series 2015C, <br> COP, 5.00%, 1/1/2029<br>| 55000 | 55415 |
| Three Rivers Regional Wastewater Authority <br> Series 2024, Rev., 5.00%, 9/1/2037<br>| 1275000 | 1381822 |
| Vancouver Housing Authority Series 2025, <br> Rev., 4.25%, 2/1/2038<br>| 6000000 | 5833976 |
| Washington Health Care Facilities Authority, <br> Fred Hutchinson Cancer Research Center<br>|  |  |
| Series 2025A, Rev., 5.00%, 3/1/2027 | 1000000 | 1037042 |
| Series 2025A, Rev., 5.00%, 3/1/2028 | 750000 | 792022 |
| Series 2025A, Rev., 5.00%, 3/1/2029 | 1000000 | 1074447 |
| Series 2025A, Rev., 5.00%, 3/1/2030 | 1000000 | 1088491 |
| Washington State Housing Finance <br> Commission, Bayview Manor II Project<br>|  |  |
| Series 2025B-2, Rev., 4.20%, <br> 7/1/2029 (b)<br>| 1130000 | 1130692 |
| Series 2025A, Rev., 6.00%, <br> 7/1/2060 (b)<br>| 1000000 | 963867 |
| Washington State Housing Finance <br> Commission, Blakeley and Laurel Villages <br> Portfolio Series 2025A, Rev., 5.50%, <br> 7/1/2050 (b)<br>| 2500000 | 2416724 |
| Washington State Housing Finance <br> Commission, Radford Court and Nordheim <br> Court<br>|  |  |
| Series 2024, Rev., 5.50%, 7/1/2049 | 2000000 | 2020729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 189

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Series 2024, Rev., 5.00%, 7/1/2054 | 2500000 | 2344279 |
| Washington State Housing Finance <br> Commission, Seattle Academy of Arts and <br> Science Project Series 2023, Rev., <br> 5.63%, 7/1/2038 (b)<br>| 1215000 | 1302802 |
| Total Washington |  | 78011223 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Economic Development <br> Authority, Solid Waste Disposal Facilities, <br> Commercial Metal Co. Project, Rev., AMT, <br> 4.63%, 5/15/2032 (c)<br>| 4000000 | 3932975 |
| West Virginia Hospital Finance Authority, <br> University Health System Series 2023A, <br> Rev., 5.00%, 6/1/2040<br>| 1800000 | 1868254 |
| Total West Virginia |  | 5801229 |
| **Wisconsin — 2.3%** | **Wisconsin — 2.3%** | **Wisconsin — 2.3%** |
| City of Milwaukee, Promissory Notes Series <br> 2023N3, GO, A.G., 5.00%, 4/1/2032<br>| 1655000 | 1837442 |
| City of Oshkosh, Water |  |  |
| Series 2022D, Rev., 5.00%, 1/1/2027 | 165000 | 170696 |
| Series 2022D, Rev., 5.00%, 1/1/2028 | 180000 | 190152 |
| Public Finance Authority, Rev., AMT, 5.75%, <br> 7/1/2054<br>| 10035000 | 9843428 |
| Public Finance Authority, AFCO Airport Real <br> Estate Group<br>|  |  |
| Series 2023, Rev., AMT, 5.00%, <br> 7/1/2026<br>| 450000 | 455495 |
| Series 2023, Rev., AMT, 5.00%, <br> 7/1/2027<br>| 790000 | 811783 |
| Public Finance Authority, Astro Texas Land <br> Projects, Rev., 5.00%, 12/15/2036 (b)<br>| 4997753 | 4930061 |
| Public Finance Authority, Celanese Corp. <br> Series 2016C, Rev., AMT, 4.30%, <br> 11/1/2030<br>| 1850000 | 1851070 |
| Public Finance Authority, Eastern Michigan <br> University Student Housing Project Series <br> 2022A-1, Rev., 5.00%, 7/1/2032<br>| 500000 | 549554 |
| Public Finance Authority, Kahala Nui Project |  |  |
| Rev., 5.00%, 11/15/2025 | 360000 | 361365 |
| Rev., 5.00%, 11/15/2026 | 275000 | 281104 |
| Rev., 5.00%, 11/15/2027 | 290000 | 302100 |
| Rev., 5.00%, 11/15/2028 | 380000 | 402825 |
| Rev., 5.00%, 11/15/2029 | 300000 | 322537 |
| Rev., 5.00%, 11/15/2030 | 240000 | 260361 |
| Rev., 5.00%, 11/15/2031 | 440000 | 479724 |
| Rev., 5.00%, 11/15/2032 | 460000 | 503003 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Rev., 5.00%, 11/15/2034 | 680000 | 741371 |
| Rev., 5.25%, 11/15/2061 | 1000000 | 966123 |
| Public Finance Authority, KSU Bixby Real <br> Estate Foundation LLC Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 6/15/2030 | 160000 | 169803 |
| Series 2025B, Rev., 5.25%, 6/15/2035 | 275000 | 293629 |
| Series 2025A, Rev., 5.00%, 6/15/2037 | 1000000 | 1052034 |
| Series 2025A, Rev., 5.00%, 6/15/2039 | 250000 | 257753 |
| Series 2025B, Rev., 5.25%, 6/15/2045 | 550000 | 540033 |
| Public Finance Authority, Senior Lien, Rev., <br> AMT, 5.50%, 7/1/2044<br>| 2745000 | 2701168 |
| State of Wisconsin |  |  |
| Series 2016-2, GO, 5.00%, 11/1/2026 | 50000 | 50866 |
| Series 2025 1, GO, 5.00%, 5/1/2033 | 4320000 | 4925937 |
| Series 2023B, GO, 5.00%, 5/1/2035 | 1280000 | 1405565 |
| Series 2025-2, GO, 5.00%, 5/1/2038 | 3950000 | 4331469 |
| University of Wisconsin Hospitals and Clinics |  |  |
| Series 2024C, Rev., VRDO, LIQ : US Bank <br> NA, 2.60%, 9/2/2025 (c)<br>| 11500000 | 11500000 |
| Series 2024B, Rev., 5.00%, <br> 10/1/2031 (c)<br>| 2000000 | 2204021 |
| Washington Health Care Facilities Authority, <br> Fred Hutchinson Cancer Research Center<br>|  |  |
| Series 2024A, Rev., 5.00%, 4/1/2028 | 1530000 | 1625070 |
| Series 2024A, Rev., 5.00%, 4/1/2029 | 3205000 | 3472128 |
| Series 2024A, Rev., 5.00%, 4/1/2030 | 3365000 | 3702502 |
| Series 2024A, Rev., 5.00%, 4/1/2031 | 3525000 | 3912014 |
| Series 2024A, Rev., 5.00%, 4/1/2032 | 1860000 | 2068149 |
| Series 2024A, Rev., 5.00%, 4/1/2033 | 1285000 | 1439311 |
| Series 2024A, Rev., 5.00%, 4/1/2034 | 1200000 | 1347225 |
| Series 2024A, Rev., 5.00%, 4/1/2035 | 1515000 | 1702667 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, <br> 5/15/2026 (e)<br>| 10000 | 10107 |
| Series 2016A, Rev., 4.00%, 11/15/2046 | 1590000 | 1363974 |
| Wisconsin Health and Educational Facilities <br> Authority, Aspirus, Inc., Obligated Group, <br> Rev., 5.25%, 8/15/2050<br>| 1000000 | 1008225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

190 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Health and Educational Facilities <br> Authority, Forensic science and Protective <br> Medicine Collaboration, Inc. Project Series <br> 2024, Rev., 5.00%, 8/1/2027 (b)<br>| 1000000 | 1015528 |
| Wisconsin Housing and Economic <br> Development Authority, Home Ownership <br> Series 2024A, Rev., GNMA / FNMA / <br> FHLMC, 6.00%, 9/1/2054<br>| 3775000 | 4087350 |
| Total Wisconsin |  | 81446722 |
| **Wyoming — 0.6%** | **Wyoming — 0.6%** | **Wyoming — 0.6%** |
| County of Campbell, Solid Waste Facilities, <br> Basin Electric Power Co-operative, Dry <br> Fork Station Facilities Series 2019A, Rev., <br> 3.63%, 7/15/2039<br>| 13305000 | 11592476 |
| Wyoming Community Development Authority |  |  |
| Series 2023-1, Rev., 5.75%, 6/1/2053 | 1260000 | 1337476 |
| Series 2024-1, Rev., 6.00%, 12/1/2054 | 2450000 | 2677210 |
| Series 2025-3, Rev., 6.25%, <br> 12/1/2055 (d)<br>| 4195000 | 4706560 |
| Total Wyoming |  | 20313722 |
| Total Municipal Bonds <br>(Cost $3,097,588,191)<br>|  | 3085473176 |
|  | **SHARES** |  |
| **Short-Term Investments — 12.6%** | **Short-Term Investments — 12.6%** | **Short-Term Investments — 12.6%** |
| **Investment Companies — 12.6%** | **Investment Companies — 12.6%** | **Investment Companies — 12.6%** |
| JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, <br> 3.13% (f) (g) <br>(Cost $439,426,700)<br>| 439388564 | 439432503 |
| **Total Investments — 100.7%** <br>**(Cost $3,537,014,891)**<br>|  | **3524905679** |
| **Liabilities in Excess of Other Assets —** <br> **(0.7)%**<br>|  | **(23945473)**<br>|
| **NET ASSETS — 100.0%** |  | **3500960206** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of August 31, 2025.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29705000 | &nbsp;&nbsp;&nbsp;&nbsp; 7686 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 191

------

JPMorgan Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND**<br> **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (20367094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93984)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (10360156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41257 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (52727)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (45041)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

192 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 29.8%** | **Corporate Bonds — 29.8%** | **Corporate Bonds — 29.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| ATI, Inc. 5.88%, 12/1/2027 | 108000 | 107844 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 7.88%, 4/15/2027 (a) | 4000 | 4025 |
| 6.00%, 2/15/2028 (a) | 139000 | 139161 |
| RTX Corp. 5.75%, 11/8/2026 | 850000 | 864106 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (a)<br>| 29000 | 30671 |
| TransDigm, Inc. 6.38%, 3/1/2029 (a) | 345000 | 353222 |
|  |  | 1499029 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (a) | 60000 | 61708 |
| 8.25%, 4/15/2031 (a) | 175000 | 184283 |
| Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | 224000 | 225746 |
| American Axle & Manufacturing, Inc. 6.88%, <br> 7/1/2028<br>| 144000 | 144058 |
| Clarios Global LP 6.75%, 5/15/2028 (a) | 190000 | 194241 |
| Dana, Inc.  | Dana, Inc.  | Dana, Inc.  |
| 5.38%, 11/15/2027 | 72000 | 71886 |
| 4.50%, 2/15/2032 | 23000 | 22562 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.25%, 4/30/2031 (b) | 197000 | 186982 |
| 5.25%, 7/15/2031 | 55000 | 52230 |
| Icahn Enterprises LP 5.25%, 5/15/2027 | 160000 | 156082 |
| ZF North America Capital, Inc. (Germany) <br> 6.88%, 4/14/2028 (a)<br>| 175000 | 177258 |
|  |  | 1477036 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| BMW US Capital LLC (Germany) 4.65%, <br> 8/13/2029 (a)<br>| 955000 | 967600 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.80%, 10/15/2025 (a) | 200000 | 199258 |
| 5.25%, 1/8/2027 (a) | 965000 | 975601 |
| 4.55%, 9/26/2029 (a) | 1930000 | 1931065 |
| Mercedes-Benz Finance North America LLC <br> (Germany) 5.10%, 11/15/2029 (a)<br>| 1390000 | 1430807 |
|  |  | 5504331 |
| **Banks — 12.9%** | **Banks — 12.9%** | **Banks — 12.9%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.80%), <br> 1.54%, 6/16/2027 (a) (b) (c)<br>| 400000 | 391114 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.65%), <br> 6.34%, 9/18/2027 (a) (c)<br>| 500000 | 509924 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (c) | 1750000 | 1861394 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (a) (c) | 790000 | 810660 |
| ASB Bank Ltd. (New Zealand) 5.40%, <br> 11/29/2027 (a)<br>| 1000000 | 1026148 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.30%), <br> 5.86%, 9/14/2026 (c)<br>| 800000 | 800354 |
| 5.38%, 3/13/2029 | 1200000 | 1241208 |
| Banco Continental SAECA (Paraguay) 2.75%, <br> 12/10/2025 (a)<br>| 550000 | 545798 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.90%), <br> 1.72%, 9/14/2027 (c)<br>| 200000 | 194561 |
| 5.59%, 8/8/2028 | 800000 | 831798 |
| 6.61%, 11/7/2028 | 200000 | 214036 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | 230000 | 224754 |
| (SOFR + 1.34%), 5.93%, 9/15/2027 (c) | 1000000 | 1016140 |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | 345000 | 337124 |
| (SOFR + 2.04%), 4.95%, 7/22/2028 (c) | 475000 | 481268 |
| (SOFR + 1.99%), 6.20%, 11/10/2028 (c) | 400000 | 416869 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | 870000 | 892069 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | 1500000 | 1567958 |
| Series FIX, (SOFR + 1.00%), 5.16%, <br> 1/24/2031 (c)<br>| 1250000 | 1290104 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.65%), <br> 6.25%, 9/16/2026 (a) (c)<br>| 335000 | 334986 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.10%), <br> 2.03%, 9/30/2027 (a) (c)<br>| 245000 | 238577 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (a) (c) | 1480000 | 1537136 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 5.35%, 12/7/2026 | 720000 | 730102 |
| (SOFR + 1.00%), 4.40%, 9/8/2028 (c) | 995000 | 999967 |
| Banque Federative du Credit Mutuel SA (France) <br> 4.59%, 10/16/2028 (a)<br>| 1960000 | 1977779 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 193

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.05%), <br> 2.28%, 11/24/2027 (c)<br>| 820000 | 799913 |
| (SOFR + 1.08%), 4.48%, 11/11/2029 (c) | 1080000 | 1081934 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.50%), <br> 5.34%, 6/12/2029 (a) (c)<br>| 500000 | 513214 |
| (SOFR + 1.28%), 5.28%, <br> 11/19/2030 (a) (c)<br>| 1470000 | 1505764 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (a) (c) | 1150000 | 1168253 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c) | 750000 | 747899 |
| (SOFR + 2.10%), 5.98%, 1/18/2027 (a) (c) | 500000 | 502479 |
| (SOFR + 1.98%), 6.61%, <br> 10/19/2027 (a) (c)<br>| 1525000 | 1560483 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (a) (c) | 910000 | 931810 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (c) | 805000 | 822945 |
| (SOFR + 2.70%), 6.21%, 1/18/2029 (a) (c) | 1500000 | 1561650 |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (a) (c)<br>| 2202000 | 2289102 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.26%, 4/8/2029 (b) | 660000 | 683150 |
| (SOFR + 1.34%), 4.63%, 9/11/2030 (c) | 1100000 | 1112827 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.55%), 5.61%, 9/29/2026 (c) | 1750000 | 1751249 |
| (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | 85000 | 83858 |
| (SOFR + 1.28%), 3.07%, 2/24/2028 (c) | 500000 | 491126 |
| (SOFR + 0.87%), 4.79%, 3/4/2029 (c) | 3000000 | 3039241 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | 1130000 | 1159577 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | 1110000 | 1115029 |
| (SOFR + 1.46%), 4.95%, 5/7/2031 (c) | 1180000 | 1202169 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.22%), <br> 3.65%, 4/6/2028 (a) (c)<br>| 535000 | 530172 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.92%), <br> 4.99%, 5/27/2031 (a) (c)<br>| 2630000 | 2684600 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (c) | 945000 | 961420 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (a) (c) | 955000 | 976847 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.18%), <br> 6.26%, 9/22/2026 (a) (c)<br>| 805000 | 805744 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.40%), <br> 5.71%, 3/1/2030 (a) (c)<br>| 1350000 | 1408847 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.10%), <br> 4.61%, 10/2/2030 (a) (c)<br>| 615000 | 619249 |
| DNB Bank ASA (Norway) (SOFRINDX + 1.95%), <br> 5.90%, 10/9/2026 (a) (c)<br>| 500000 | 500639 |
| Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) |
| 5.70%, 3/14/2028 (a) | 325000 | 337328 |
| 5.25%, 4/26/2029 (a) | 710000 | 734537 |
| 4.57%, 8/26/2030 (a) | 1790000 | 1799462 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.57%), 5.89%, 8/14/2027 (c) | 855000 | 866507 |
| (SOFR + 1.97%), 6.16%, 3/9/2029 (c) | 1750000 | 1825749 |
| (SOFR + 1.46%), 5.55%, 3/4/2030 (c) | 300000 | 311513 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (c) | 860000 | 886837 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (c) | 585000 | 599268 |
| (SOFR + 1.57%), 5.24%, 5/13/2031 (c) | 1305000 | 1341497 |
| ING Groep NV (Netherlands) (SOFR + 1.01%), <br> 1.73%, 4/1/2027 (c)<br>| 200000 | 197023 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.10%), <br> 5.80%, 1/19/2029 (a) (c)<br>| 1030000 | 1064528 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.07%), <br> 4.93%, 10/16/2030 (a) (c)<br>| 2500000 | 2544692 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.48%), <br> 5.99%, 8/7/2027 (c)<br>| 1000000 | 1013956 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.70%), <br> 5.87%, 3/6/2029 (c)<br>| 755000 | 783968 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.83%), <br> 4.82%, 6/13/2029 (c)<br>| 1145000 | 1161193 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.75%), <br> 1.54%, 7/20/2027 (c)<br>| 512000 | 499515 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

194 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.83%), <br> 2.34%, 1/19/2028 (c)<br>| 400000 | 389574 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.17%), <br> 5.16%, 4/24/2031 (c)<br>| 465000 | 479557 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.82%), <br> 5.10%, 5/13/2031 (c)<br>| 1425000 | 1462672 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.92%), <br> 4.71%, 7/8/2031 (c)<br>| 985000 | 996333 |
| Morgan Stanley Bank NA (SOFR + 0.87%), <br> 5.50%, 5/26/2028 (c)<br>| 625000 | 638877 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| 5.60%, 12/18/2028 | 1620000 | 1686276 |
| 4.50%, 10/10/2029 | 1000000 | 1005944 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| 4.80%, 4/5/2026 | 500000 | 501338 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.22%), <br> 4.96%, 8/15/2030 (c)<br>| 1000000 | 1020886 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.05%), <br> 5.11%, 5/23/2031 (c)<br>| 750000 | 768281 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| 5.42%, 5/17/2027 (a) | 745000 | 760732 |
| 5.41%, 5/17/2029 (a) | 805000 | 835457 |
| Nordea Bank Abp (Finland) 1.50%, <br> 9/30/2026 (a)<br>| 500000 | 485864 |
| Royal Bank of Canada (Canada) (SOFR + <br> 0.89%), 4.50%, 8/6/2029 (c)<br>| 3430000 | 3460753 |
| Santander UK Group Holdings plc (United <br> Kingdom) (SOFRINDX + 1.52%), 5.69%, <br> 4/15/2031 (c)<br>| 1425000 | 1486695 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 5.38%, 3/5/2029 (a)<br>| 940000 | 973091 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.10%), <br> 1.49%, 12/14/2026 (a) (c)<br>| 570000 | 564801 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (a) (c) | 1620000 | 1659039 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.85%), <br> 6.19%, 7/6/2027 (a) (c)<br>| 470000 | 476796 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.05%), <br> 5.69%, 5/14/2028 (a) (c)<br>| 755000 | 770417 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.15%), <br> 5.01%, 10/15/2030 (a) (c)<br>| 1605000 | 1633525 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.52%, 1/13/2028 | 775000 | 800676 |
| (SOFR + 1.19%), 4.66%, 7/8/2031 (c) | 1620000 | 1638688 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) <br> 5.20%, 3/7/2029 (a)<br>| 820000 | 845485 |
| Svenska Handelsbanken AB (Sweden) 5.50%, <br> 6/15/2028 (a)<br>| 750000 | 777152 |
| Swedbank AB (Sweden) 5.08%, 5/21/2030 (a) | 1030000 | 1057402 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.51%), 3.53%, 3/24/2028 (c) | 285000 | 281961 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (c) | 1245000 | 1273358 |
| (SOFR + 1.98%), 4.81%, 7/25/2028 (c) | 945000 | 955097 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 975000 | 1010782 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (c) | 210000 | 222597 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (c) | 3100000 | 3193025 |
|  |  | 103163722 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Constellation Brands, Inc. 4.80%, 5/1/2030 | 1350000 | 1370667 |
| Primo Water Holdings, Inc. 6.25%, <br> 4/1/2029 (a)<br>| 70000 | 70369 |
|  |  | 1441036 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Biogen, Inc. 5.05%, 1/15/2031 | 1115000 | 1144291 |
| Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 200000 | 193804 |
|  |  | 1338095 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Nordstrom, Inc. 4.38%, 4/1/2030 | 54000 | 49730 |
| Wayfair LLC 7.25%, 10/31/2029 (a) | 125000 | 127454 |
|  |  | 177184 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Builders FirstSource, Inc. 4.25%, 2/1/2032 (a) | 279000 | 262238 |
| EMRLD Borrower LP 6.63%, 12/15/2030 (a) | 375000 | 385135 |
| Griffon Corp. 5.75%, 3/1/2028 | 125000 | 124819 |
| JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 79000 | 77725 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 100000 | 103590 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| 140000 | 144321 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | 265000 | 273308 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 195

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| 200000 | 213352 |
| Standard Building Solutions, Inc. 6.50%, <br> 8/15/2032 (a)<br>| 70000 | 72248 |
| Standard Industries, Inc. 4.75%, <br> 1/15/2028 (a)<br>| 229000 | 226867 |
|  |  | 1883603 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.03%), 4.95%, 4/26/2027 (c)<br>| 380000 | 381768 |
| Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 90000 | 85398 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.87%), 2.13%, 11/24/2026 (c) | 350000 | 348012 |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (c) | 350000 | 357914 |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (c) | 150000 | 146317 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (c) | 1303000 | 1396250 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (c) | 1325000 | 1357553 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | 423000 | 411878 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | 390000 | 380823 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (c) | 2705000 | 2769304 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (c) | 895000 | 904836 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (c) | 610000 | 629786 |
| Macquarie Bank Ltd. (Australia) 5.21%, <br> 6/15/2026 (a)<br>| 1000000 | 1007639 |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (c) | 140000 | 135978 |
| (SOFR + 2.13%), 4.10%, 6/21/2028 (a) (c) | 380000 | 378204 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 0.72%), 0.99%, 12/10/2026 (c) | 150000 | 148535 |
| (SOFR + 0.86%), 1.51%, 7/20/2027 (c) | 335000 | 326714 |
| (SOFR + 1.00%), 2.48%, 1/21/2028 (c) | 400000 | 390451 |
| (SOFR + 2.24%), 6.30%, 10/18/2028 (c) | 985000 | 1027018 |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (c) | 565000 | 577635 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (c) | 600000 | 619147 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (c) | 930000 | 971196 |
| (SOFR + 1.10%), 4.65%, 10/18/2030 (c) | 1510000 | 1524512 |
| UBS AG (Switzerland) 7.50%, 2/15/2028 | 270000 | 291362 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.55%), <br> 5.71%, 1/12/2027 (a) (c)<br>| 297000 | 298244 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.05%), <br> 4.70%, 8/5/2027 (a) (c)<br>| 410000 | 411149 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 3.70%), 6.44%, 8/11/2028 (a) (c) | 870000 | 904285 |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (a) (c)<br>| 1585000 | 1655959 |
|  |  | 19837867 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) |
| 4.50%, 1/31/2030 (d) | 200000 | 140250 |
| 8.00%, 10/15/2034 (a) | 200000 | 142938 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 8.22%), <br> 8.50%, 1/23/2081 (c) (d)<br>| 200000 | 149000 |
| Chemours Co. (The) 5.75%, 11/15/2028 (a) | 205000 | 197397 |
| INEOS Finance plc (Luxembourg) 6.75%, <br> 5/15/2028 (a)<br>| 200000 | 196507 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 8.50%, 11/15/2028 (a) | 315000 | 329975 |
| 4.25%, 5/15/2029 (a) | 67000 | 64321 |
| 9.00%, 2/15/2030 (a) | 45000 | 48336 |
| OCP SA (Morocco) 3.75%, 6/23/2031 (d) | 200000 | 183056 |
| Scotts Miracle-Gro Co. (The) 4.50%, <br> 10/15/2029<br>| 323000 | 311985 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 4.88%, 6/15/2027 (a) | 89000 | 88284 |
| 5.63%, 8/15/2029 (a) | 145000 | 135667 |
|  |  | 1987716 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 122000 | 109435 |
| ADT Security Corp. (The) 4.88%, <br> 7/15/2032 (a)<br>| 100000 | 96226 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| 200000 | 195506 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 69000 | 68493 |
| Brink's Co. (The) 6.75%, 6/15/2032 (a) | 90000 | 93242 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (a)<br>| 164000 | 158224 |
| Element Fleet Management Corp. (Canada) <br> 5.64%, 3/13/2027 (a)<br>| 1845000 | 1879948 |
| Garda World Security Corp. (Canada) 4.63%, <br> 2/15/2027 (a)<br>| 100000 | 99285 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (a) | 190000 | 185246 |
| 4.75%, 6/15/2029 (a) | 81000 | 79705 |
| 6.75%, 1/15/2031 (a) | 100000 | 104393 |
| Madison IAQ LLC 4.13%, 6/30/2028 (a) | 216000 | 209989 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

196 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (a) | 28000 | 28117 |
| 6.25%, 1/15/2028 (a) | 145000 | 144956 |
| Williams Scotsman, Inc.  | Williams Scotsman, Inc.  | Williams Scotsman, Inc.  |
| 4.63%, 8/15/2028 (a) | 60000 | 59035 |
| 6.63%, 6/15/2029 (a) | 65000 | 66590 |
|  |  | 3578390 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| CommScope LLC  | CommScope LLC  | CommScope LLC  |
| 4.75%, 9/1/2029 (a) | 73000 | 72124 |
| 9.50%, 12/15/2031 (a) | 55000 | 56881 |
|  |  | 129005 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Bioceanico Sovereign Certificate Ltd. (Paraguay) <br> Zero Coupon, 6/5/2034 (d)<br>| 147986 | 118467 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 44000 | 42922 |
| Global Infrastructure Solutions, Inc. 5.63%, <br> 6/1/2029 (a)<br>| 134000 | 134380 |
| Kingston Airport Revenue Finance Ltd. <br> (Jamaica) 6.75%, 12/15/2036 (a)<br>| 200000 | 205938 |
| Weekley Homes LLC 4.88%, 9/15/2028 (a) | 59000 | 57443 |
|  |  | 559150 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 100000 | 104881 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| AerCap Ireland Capital DAC (Ireland) 6.45%, <br> 4/15/2027<br>| 695000 | 717441 |
| Ally Financial, Inc. 5.75%, 11/20/2025 | 65000 | 65100 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.33%), 6.34%, 10/30/2026 (c) | 910000 | 912643 |
| (SOFR + 1.44%), 5.02%, 4/25/2031 (c) | 1075000 | 1104590 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (a) | 875000 | 876243 |
| 5.75%, 3/1/2029 (a) | 970000 | 1003814 |
| 4.90%, 10/10/2030 (a) | 1365000 | 1370051 |
| Capital One Financial Corp. (SOFR + 2.08%), <br> 5.47%, 2/1/2029 (c)<br>| 345000 | 354144 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 7.13%, 3/15/2026 | 23000 | 23253 |
| 6.63%, 5/15/2029 | 165000 | 169667 |
| 5.38%, 11/15/2029 | 68000 | 67236 |
|  |  | 6664182 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 4.63%, 1/15/2027 (a) | 216000 | 214685 |
| 5.88%, 2/15/2028 (a) | 180000 | 179945 |
| Performance Food Group, Inc. 5.50%, <br> 10/15/2027 (a)<br>| 175000 | 174762 |
| Rite Aid Corp.  | Rite Aid Corp.  | Rite Aid Corp.  |
| 8.00%, 11/15/2026 ‡ (e) | 66000 |  |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 8/30/2031 ‡ (a) (c) (e)<br>| 6931 |  |
| Series B, 15.00%, 8/30/2031 ‡ (e) | 9401 |  |
| Series A, 15.00%, 8/30/2031 ‡ (e) | 20465 |  |
| Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ | 19023 |  |
|  |  | 569392 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Ardagh Packaging Finance plc 4.13%, <br> 8/15/2026 (a)<br>| 200000 | 190000 |
| Graphic Packaging International LLC  | Graphic Packaging International LLC  | Graphic Packaging International LLC  |
| 1.51%, 4/15/2026 (a) | 70000 | 68474 |
| 6.38%, 7/15/2032 (a) | 95000 | 96524 |
| Mauser Packaging Solutions Holding Co. 7.88%, <br> 4/15/2027 (a)<br>| 203000 | 205416 |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (a)<br>| 177000 | 176862 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 130000 | 125103 |
|  |  | 862379 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| RB Global Holdings, Inc. (Canada) 7.75%, <br> 3/15/2031 (a)<br>| 120000 | 125927 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Service Corp. International 4.00%, 5/15/2031 | 145000 | 136324 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 160000 | 169282 |
|  |  | 305606 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Altice Financing SA (Luxembourg) 5.00%, <br> 1/15/2028 (a)<br>| 200000 | 163310 |
| Altice France SA (France) 5.13%, <br> 7/15/2029 (a)<br>| 200000 | 171000 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.13%, 5/1/2027 (a) | 175000 | 174118 |
| 4.75%, 3/1/2030 (a) | 892000 | 857273 |
| 4.50%, 8/15/2030 (a) | 715000 | 676791 |
| 4.25%, 2/1/2031 (a) | 115000 | 106078 |
| 4.75%, 2/1/2032 (a) | 13000 | 12059 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 197

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Frontier Communications Holdings LLC 5.88%, <br> 10/15/2027 (a)<br>| 227000 | 226935 |
| Lumen Technologies, Inc.  | Lumen Technologies, Inc.  | Lumen Technologies, Inc.  |
| 4.13%, 4/15/2029 (a) | 91408 | 89580 |
| 4.13%, 4/15/2030 (a) | 114227 | 111942 |
|  |  | 2589086 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Alliant Energy Finance LLC 5.40%, <br> 6/6/2027 (a)<br>| 1145000 | 1158805 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa <br> (El Salvador) 8.65%, 1/24/2033 (a)<br>| 150000 | 153434 |
| Enel Finance International NV (Italy) 4.63%, <br> 6/15/2027 (a)<br>| 445000 | 448136 |
| EnfraGen Energia Sur SA (Colombia) 5.38%, <br> 12/30/2030 (d)<br>| 400000 | 367000 |
| Fells Point Funding Trust 3.05%, <br> 1/31/2027 (a)<br>| 2535000 | 2491428 |
| FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  |
| 5.15%, 3/30/2026 (a) | 225000 | 225817 |
| 5.20%, 4/1/2028 (a) | 240000 | 245605 |
| FirstEnergy Transmission LLC 4.55%, <br> 1/15/2030<br>| 325000 | 327603 |
| Instituto Costarricense de Electricidad (Costa <br> Rica) 6.75%, 10/7/2031 (a)<br>| 200000 | 208938 |
| NextEra Energy Capital Holdings, Inc. 5.75%, <br> 9/1/2025<br>| 445000 | 445000 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 3.38%, 2/15/2029 (a) | 56000 | 53057 |
| 5.25%, 6/15/2029 (a) | 217000 | 216356 |
| 6.00%, 2/1/2033 (a) | 145000 | 146952 |
| PG&E Corp. 5.00%, 7/1/2028 | 170000 | 168064 |
| Trans-Allegheny Interstate Line Co. 5.00%, <br> 1/15/2031 (a)<br>| 370000 | 379051 |
| Trinidad Generation UnLtd. (Trinidad And <br> Tobago) 7.75%, 6/16/2033 (a)<br>| 200000 | 209738 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.00%, 7/31/2027 (a) | 105000 | 104717 |
| 7.75%, 10/15/2031 (a) | 275000 | 292182 |
|  |  | 7641883 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| EnerSys 6.63%, 1/15/2032 (a) | 95000 | 97853 |
| Sensata Technologies BV 5.88%, 9/1/2030 (a) | 200000 | 201736 |
| Vertiv Group Corp. 4.13%, 11/15/2028 (a) | 44000 | 42950 |
|  |  | 342539 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 166000 | 163137 |
| Sensata Technologies, Inc. 3.75%, <br> 2/15/2031 (a)<br>| 25000 | 22979 |
|  |  | 186116 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP 6.25%, 4/1/2028 (a) | 100000 | 100335 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| 50000 | 53034 |
| Nabors Industries, Inc. 7.38%, 5/15/2027 (a) | 85000 | 86417 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 80000 | 82823 |
| Precision Drilling Corp. (Canada) 7.13%, <br> 1/15/2026 (a)<br>| 19000 | 18992 |
| Transocean, Inc. 8.75%, 2/15/2030 (a) | 75000 | 79401 |
| USA Compression Partners LP 6.88%, <br> 9/1/2027<br>| 75000 | 75016 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | 115000 | 119725 |
| Yinson Boronia Production BV (Brazil) 8.95%, <br> 7/31/2042 (a)<br>| 196218 | 214089 |
|  |  | 829832 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | 105000 | 104357 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 6.50%, 5/15/2027 (a) | 160000 | 161678 |
| 4.75%, 10/15/2027 (a) | 230000 | 228085 |
| Take-Two Interactive Software, Inc. 5.00%, <br> 3/28/2026<br>| 103000 | 103291 |
|  |  | 597411 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Block, Inc. 6.50%, 5/15/2032 | 205000 | 212406 |
| Boost Newco Borrower LLC 7.50%, <br> 1/15/2031 (a)<br>| 200000 | 212188 |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 540915 | 540915 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (a)<br>| 500000 | 501203 |
| Fiserv, Inc. 4.55%, 2/15/2031 | 1410000 | 1409747 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 1.20%, 3/1/2026 | 415000 | 408334 |
| 4.95%, 8/15/2027 | 335000 | 338666 |
| Nationstar Mortgage Holdings, Inc. 6.00%, <br> 1/15/2027 (a)<br>| 157000 | 156707 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.29%), 2.97%, 2/16/2028 (a) (c) | 2590000 | 2538613 |
| (SOFR + 1.06%), 4.65%, 7/14/2029 (a) (c) | 990000 | 998234 |
| 5.13%, 7/29/2029 (a) | 1000000 | 1031545 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

198 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 140000 | 151805 |
| Rocket Cos., Inc. 6.13%, 8/1/2030 (a) | 125000 | 128619 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | 67000 | 65583 |
| 3.63%, 3/1/2029 (a) | 139000 | 132517 |
| 4.00%, 10/15/2033 (a) | 5000 | 4508 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | 115000 | 119240 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 409514 | 409514 |
|  |  | 9360344 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.00%, 4/21/2026 | 200000 | 196780 |
| 4.90%, 4/21/2027 | 570000 | 575106 |
| Grupo Nutresa SA (Colombia) 8.00%, <br> 5/12/2030 (d)<br>| 200000 | 212325 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 5.50%, 12/15/2029 (a) | 90000 | 89720 |
| 4.63%, 4/15/2030 (a) | 106000 | 102225 |
|  |  | 1176156 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| AmeriGas Partners LP 9.38%, 6/1/2028 (a) | 55000 | 56759 |
| Superior Plus LP (Canada) 4.50%, <br> 3/15/2029 (a)<br>| 70000 | 67258 |
|  |  | 124017 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | 124000 | 123484 |
| 4.75%, 4/1/2028 (a) | 31000 | 30032 |
| 8.25%, 1/15/2030 (a) | 20000 | 20703 |
| EquipmentShare.com, Inc. 9.00%, <br> 5/15/2028 (a)<br>| 195000 | 206524 |
| First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | 109000 | 103337 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (a) | 153000 | 141821 |
| 12.63%, 7/15/2029 (a) | 95000 | 98724 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | 50000 | 50975 |
| Transnet (South Africa) 8.25%, 2/6/2028 (d) | 200000 | 209575 |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 6.25%, 6/1/2028 (a) | 20000 | 20347 |
| 7.13%, 6/1/2031 (a) | 170000 | 176957 |
|  |  | 1182479 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 140000 | 137786 |
| Hologic, Inc. 4.63%, 2/1/2028 (a) | 115000 | 113879 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | 275000 | 264068 |
| 6.25%, 4/1/2029 (a) | 42000 | 43147 |
| 5.25%, 10/1/2029 (a) | 105000 | 103979 |
| Zimmer Biomet Holdings, Inc. 5.05%, <br> 2/19/2030<br>| 1555000 | 1600339 |
|  |  | 2263198 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Acadia Healthcare Co., Inc. 5.50%, <br> 7/1/2028 (a)<br>| 146000 | 145264 |
| AdaptHealth LLC 4.63%, 8/1/2029 (a) | 54000 | 51057 |
| Cardinal Health, Inc. 4.50%, 9/15/2030 | 1830000 | 1833332 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (a) | 157000 | 151356 |
| 4.75%, 2/15/2031 (a) | 92000 | 78420 |
| DaVita, Inc. 4.63%, 6/1/2030 (a) | 293000 | 282078 |
| Encompass Health Corp. 4.75%, 2/1/2030 | 161000 | 158720 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.20%, 6/1/2028 | 520000 | 532632 |
| 5.25%, 3/1/2030 | 1390000 | 1436366 |
| Owens & Minor, Inc. 4.50%, 3/31/2029 (a) | 145000 | 123152 |
| Star Parent, Inc. 9.00%, 10/1/2030 (a) | 125000 | 132331 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 5.13%, 11/1/2027 | 69000 | 68800 |
| 4.25%, 6/1/2029 | 563000 | 548093 |
|  |  | 5541601 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 5/15/2027 (a) | 200000 | 199193 |
| 6.25%, 6/1/2032 (a) | 60000 | 61849 |
|  |  | 261042 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.50%, 2/15/2029 (a) | 70000 | 68406 |
| 6.50%, 4/1/2032 (a) | 295000 | 303202 |
|  |  | 371608 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| 1011778 BC ULC (Canada) 3.88%, <br> 1/15/2028 (a)<br>| 56000 | 54509 |
| Acushnet Co. 7.38%, 10/15/2028 (a) | 75000 | 78392 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 140000 | 137444 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 199

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (a) | 225000 | 214547 |
| 6.50%, 2/15/2032 (a) | 185000 | 189659 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 6.00%, 5/1/2029 (a) | 330000 | 334279 |
| 6.13%, 2/15/2033 (a) | 230000 | 236188 |
| Churchill Downs, Inc. 5.50%, 4/1/2027 (a) | 145000 | 144657 |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 515000 | 516834 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 4.88%, 1/15/2030 | 82000 | 81774 |
| 4.00%, 5/1/2031 (a) | 235000 | 221379 |
| 6.13%, 4/1/2032 (a) | 90000 | 92435 |
| 5.88%, 3/15/2033 (a) | 125000 | 127567 |
| 5.75%, 9/15/2033 (a) | 45000 | 45371 |
| Marriott Ownership Resorts, Inc. 4.75%, <br> 1/15/2028<br>| 75000 | 73578 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 6.13%, 9/15/2029 | 95000 | 97029 |
| 6.50%, 4/15/2032 | 105000 | 107756 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (a) | 80000 | 81278 |
| 6.25%, 3/15/2032 (a) | 75000 | 77406 |
| 6.00%, 2/1/2033 (a) | 150000 | 153896 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.25%, 7/15/2029 | 130000 | 125869 |
| 6.63%, 5/1/2032 (a) | 90000 | 91463 |
| Station Casinos LLC 4.50%, 2/15/2028 (a) | 194000 | 191212 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | 90000 | 93221 |
| Wynn Resorts Finance LLC 5.13%, <br> 10/1/2029 (a)<br>| 325000 | 324379 |
|  |  | 3892122 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Lennar Corp. 5.20%, 7/30/2030 | 1175000 | 1213298 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 6.38%, 9/15/2027 | 275000 | 278040 |
| 6.63%, 5/15/2032 (b) | 65000 | 63449 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (a)<br>| 165000 | 158602 |
|  |  | 1713389 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 4.13%, 10/15/2030 | 69000 | 65263 |
| 4.13%, 4/30/2031 (a) | 91000 | 84800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Household Products — continued** | **Household Products — continued** | **Household Products — continued** |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (a) | 116000 | 114066 |
| 4.38%, 3/31/2029 (a) | 54000 | 51697 |
|  |  | 315826 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Calpine Corp. 4.50%, 2/15/2028 (a) | 100000 | 99041 |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (a)<br>| 200000 | 212562 |
| Termocandelaria Power SA (Colombia) 7.75%, <br> 9/17/2031 (a)<br>| 200000 | 206000 |
|  |  | 517603 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Alliant Holdings Intermediate LLC 6.75%, <br> 4/15/2028 (a)<br>| 130000 | 132612 |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| 5.62%, 5/8/2026 (a) | 1675000 | 1688297 |
| 5.03%, 7/17/2030 (a) | 1615000 | 1640377 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 5.88%, 6/4/2027 (a) | 1145000 | 1174556 |
| 2.65%, 1/6/2029 (a) | 1500000 | 1416167 |
| Corebridge Global Funding  | Corebridge Global Funding  | Corebridge Global Funding  |
| 4.25%, 8/21/2028 (a) | 1370000 | 1373923 |
| 5.90%, 9/19/2028 (a) | 645000 | 674573 |
| 5.20%, 6/24/2029 (a) | 1000000 | 1029591 |
| F&G Global Funding 5.88%, 6/10/2027 (a) | 1170000 | 1200370 |
| HUB International Ltd. 7.25%, 6/15/2030 (a) | 95000 | 99367 |
| Jackson National Life Global Funding 4.70%, <br> 6/5/2028 (a)<br>| 1600000 | 1618710 |
| Met Tower Global Funding 5.40%, <br> 6/20/2026 (a)<br>| 1000000 | 1008737 |
|  |  | 13057280 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Snap, Inc. 6.88%, 3/1/2033 (a) | 90000 | 90935 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 120000 | 120273 |
| Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | 59000 | 57381 |
| Identity Digital Ltd. (Ireland) 6.79%, <br> 3/20/2065 ‡<br>| 1000000 | 1017500 |
|  |  | 1195154 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (a)<br>| 80000 | 83470 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

200 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Chart Industries, Inc.  | Chart Industries, Inc.  | Chart Industries, Inc.  |
| 7.50%, 1/1/2030 (a) | 107000 | 112146 |
| 9.50%, 1/1/2031 (a) | 50000 | 53548 |
| Hillenbrand, Inc. 6.25%, 2/15/2029 | 100000 | 102154 |
| Terex Corp. 5.00%, 5/15/2029 (a) | 166000 | 163282 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 100000 | 103409 |
|  |  | 534539 |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (a) | 146464 | 143549 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC 6.15%, <br> 11/10/2026<br>| 700000 | 710495 |
| Clear Channel Outdoor Holdings, Inc. 7.75%, <br> 4/15/2028 (a)<br>| 26000 | 25287 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 11.25%, 5/15/2028 (a) | 200000 | 199883 |
| 6.50%, 2/1/2029 (a) | 200000 | 157628 |
| Directv Financing LLC 5.88%, 8/15/2027 (a) | 104000 | 103480 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 76000 | 73910 |
| 5.25%, 12/1/2026 (a) | 98000 | 95064 |
| DISH Network Corp. 11.75%, 11/15/2027 (a) | 314000 | 331982 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 100000 | 108845 |
| 5.38%, 11/15/2031 (a) | 90000 | 66355 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 115000 | 98530 |
| 7.75%, 8/15/2030 (a) | 173550 | 137704 |
| News Corp. 3.88%, 5/15/2029 (a) | 46000 | 44420 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 227000 | 226754 |
| 4.75%, 11/1/2028 (a) (b) | 125000 | 122702 |
| Outfront Media Capital LLC  | Outfront Media Capital LLC  | Outfront Media Capital LLC  |
| 4.25%, 1/15/2029 (a) | 110000 | 105720 |
| 7.38%, 2/15/2031 (a) | 45000 | 47485 |
| Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | 36000 | 31887 |
| Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  |
| 5.13%, 2/15/2027 (a) | 140000 | 133311 |
| 4.38%, 12/31/2032 (a) | 59000 | 41851 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 4.00%, 7/15/2028 (a) | 265000 | 255747 |
| 5.50%, 7/1/2029 (a) | 225000 | 224679 |
| 4.13%, 7/1/2030 (a) | 55000 | 51139 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 172000 | 165896 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| TEGNA, Inc.  | TEGNA, Inc.  | TEGNA, Inc.  |
| 4.63%, 3/15/2028 | 71000 | 70412 |
| 5.00%, 9/15/2029 | 67000 | 67069 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (a) | 165000 | 171258 |
| 7.38%, 6/30/2030 (a) | 55000 | 55300 |
|  |  | 3924793 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | 41000 | 41066 |
| Carpenter Technology Corp. 6.38%, <br> 7/15/2028<br>| 67000 | 67199 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 5.88%, 6/1/2027 | 8000 | 7990 |
| 4.63%, 3/1/2029 (a) (b) | 118000 | 111786 |
| Compass Minerals International, Inc. 6.75%, <br> 12/1/2027 (a)<br>| 111000 | 110921 |
| CSN Inova Ventures (Brazil) 6.75%, <br> 1/28/2028 (d)<br>| 400000 | 384600 |
| Novelis Corp. 4.75%, 1/30/2030 (a) | 92000 | 88473 |
|  |  | 812035 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Arbor Realty SR, Inc. Series QIB, 9.00%, <br> 10/15/2027 (a)<br>| 750000 | 748288 |
| Starwood Property Trust, Inc. 7.25%, <br> 4/1/2029 (a)<br>| 180000 | 188632 |
|  |  | 936920 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| DTE Energy Co. 5.10%, 3/1/2029 | 1455000 | 1491886 |
| **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 1/15/2028 (a) | 115000 | 115317 |
| 5.38%, 6/15/2029 (a) | 121000 | 120278 |
| Antero Resources Corp. 5.38%, 3/1/2030 (a) | 59000 | 59431 |
| Baytex Energy Corp. (Canada) 8.50%, <br> 4/30/2030 (a)<br>| 165000 | 168418 |
| Blue Racer Midstream LLC 7.00%, <br> 7/15/2029 (a)<br>| 105000 | 109238 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 4.13%, 12/1/2027 | 150000 | 147553 |
| 6.88%, 7/1/2029 (a) | 75000 | 77726 |
| California Resources Corp. 7.13%, <br> 2/1/2026 (a)<br>| 21000 | 20931 |
| Chord Energy Corp. 6.75%, 3/15/2033 (a) | 50000 | 51281 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 201

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| 8.38%, 7/1/2028 (a) | 63000 | 65427 |
| 8.75%, 7/1/2031 (a) | 125000 | 128590 |
| Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | 172000 | 169565 |
| Crescent Energy Finance LLC 9.25%, <br> 2/15/2028 (a)<br>| 155000 | 161290 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (a) | 170000 | 165219 |
| Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| 8.63%, 1/19/2029 | 50000 | 54170 |
| 6.88%, 4/29/2030 | 100000 | 101625 |
| Energy Transfer LP 5.63%, 5/1/2027 (a) | 565000 | 565044 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 6.75%, 4/15/2029 (a) | 167000 | 168818 |
| 5.38%, 3/15/2030 | 45000 | 45454 |
| FS Luxembourg SARL (Brazil) 8.88%, <br> 2/12/2031 (a)<br>| 200000 | 209702 |
| Genesis Energy LP 7.75%, 2/1/2028 | 80000 | 80879 |
| Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | 475000 | 473491 |
| Greenko Dutch BV (India) 3.85%, <br> 3/29/2026 (a)<br>| 176000 | 173976 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 90000 | 92076 |
| Hess Midstream Operations LP 5.88%, <br> 3/1/2028 (a)<br>| 155000 | 157598 |
| Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | 162000 | 159906 |
| Kinder Morgan, Inc. 5.15%, 6/1/2030 | 420000 | 431902 |
| Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 140000 | 141199 |
| Matador Resources Co. 6.50%, 4/15/2032 (a) | 95000 | 96385 |
| MEG Energy Corp. (Canada) 5.88%, <br> 2/1/2029 (a)<br>| 175000 | 176095 |
| MPLX LP 4.80%, 2/15/2031 | 2425000 | 2426824 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (a)<br>| 100000 | 102006 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 5.63%, 4/28/2027 | 65000 | 65347 |
| 6.38%, 10/1/2030 | 110000 | 113893 |
| Permian Resources Operating LLC 7.00%, <br> 1/15/2032 (a)<br>| 245000 | 254018 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (d) | 333360 | 316942 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 5.35%, 2/12/2028 | 300000 | 293952 |
| 6.84%, 1/23/2030 | 415000 | 412510 |
| 6.70%, 2/16/2032 | 550000 | 527423 |
| 10.00%, 2/7/2033 | 850000 | 949144 |
| Range Resources Corp.  | Range Resources Corp.  | Range Resources Corp.  |
| 8.25%, 1/15/2029 | 64000 | 65680 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 4.75%, 2/15/2030 (a) | 29000 | 28289 |
| Rockies Express Pipeline LLC 4.95%, <br> 7/15/2029 (a)<br>| 100000 | 98393 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.63%, 1/15/2027 | 84000 | 84062 |
| 6.50%, 7/15/2028 | 100000 | 100949 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 5.88%, 3/15/2028 | 174000 | 174610 |
| 7.25%, 5/1/2032 (a) | 90000 | 95209 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 6.00%, 3/1/2027 (a) | 54000 | 53932 |
| 6.00%, 12/31/2030 (a) | 217000 | 213788 |
| Uzbekneftegaz JSC (Uzbekistan) 4.75%, <br> 11/16/2028 (d)<br>| 200000 | 188622 |
| Venture Global Calcasieu Pass LLC 3.88%, <br> 8/15/2029 (a)<br>| 200000 | 191738 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (a) | 130000 | 134706 |
| 9.50%, 2/1/2029 (a) | 85000 | 93450 |
| Venture Global Plaquemines LNG LLC 6.50%, <br> 1/15/2034 (a)<br>| 135000 | 140936 |
| Vital Energy, Inc. 9.75%, 10/15/2030 | 100000 | 104078 |
|  |  | 11919085 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (a) | 49000 | 49037 |
| 5.75%, 4/20/2029 (a) | 531750 | 534685 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | 130000 | 129180 |
| United Airlines, Inc.  | United Airlines, Inc.  | United Airlines, Inc.  |
| 4.38%, 4/15/2026 (a) | 47000 | 46846 |
| 4.63%, 4/15/2029 (a) | 110000 | 108251 |
| VistaJet Malta Finance plc (Switzerland) 9.50%, <br> 6/1/2028 (a) (b)<br>| 150000 | 155996 |
|  |  | 1023995 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (a)<br>| 153000 | 152250 |
| Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 64000 | 63589 |
|  |  | 215839 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a) | 202000 | 182305 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| Anywhere Real Estate Group LLC 5.75%, <br> 1/15/2029 (a)<br>| 159000 | 147317 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

202 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent LP 4.95%, 6/15/2030 | 1140000 | 1162469 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 81000 | 80924 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (a)<br>| 200000 | 216585 |
| Broadcom, Inc. 4.60%, 7/15/2030 | 1615000 | 1630538 |
| Entegris, Inc. 5.95%, 6/15/2030 (a) | 280000 | 283599 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 5.75%, 2/15/2029 | 670000 | 698992 |
| 4.75%, 7/15/2030 | 310000 | 312826 |
| NXP BV (Netherlands) 4.30%, 8/19/2028 | 1860000 | 1863925 |
| ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 125000 | 121465 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | 110000 | 104993 |
|  |  | 5313847 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Elastic NV 4.13%, 7/15/2029 (a) | 100000 | 96096 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | 157000 | 154776 |
| 5.13%, 4/15/2029 (a) | 14000 | 13824 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 125000 | 133393 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 175000 | 175056 |
| 6.50%, 6/1/2032 (a) | 115000 | 119335 |
|  |  | 692480 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.88%, 9/15/2027 (a) | 107000 | 106317 |
| 4.88%, 9/15/2029 (a) | 90000 | 88465 |
|  |  | 194782 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Asbury Automotive Group, Inc. 4.50%, <br> 3/1/2028<br>| 69000 | 68186 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 5.25%, 2/1/2028 | 46000 | 46228 |
| 7.50%, 6/15/2029 | 76000 | 78049 |
| 6.63%, 10/1/2030 (a) | 120000 | 123191 |
| 6.75%, 7/1/2036 | 23000 | 23399 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ | 6532 |  |
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 100000 | 93786 |
| Group 1 Automotive, Inc. 4.00%, <br> 8/15/2028 (a)<br>| 74000 | 71803 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 4.63%, 12/15/2027 (a) | 36000 | 35671 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| 4.38%, 1/15/2031 (a) | 36000 | 34216 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| 64000 | 61023 |
| Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 194000 | 188590 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (a) | 70000 | 67025 |
| 12.75%, 1/15/2030 (a) | 74684 | 53160 |
|  |  | 944327 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | 75000 | 79349 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 8.25%, 12/15/2029 (a) | 23000 | 24430 |
| 8.50%, 7/15/2031 (a) | 6000 | 6367 |
| 9.63%, 12/1/2032 (a) | 54000 | 61308 |
|  |  | 171454 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 139000 | 138849 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 206000 | 200830 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 3.75%, 1/15/2032 | 350000 | 322567 |
| 6.13%, 3/15/2034 (a) | 125000 | 129473 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 6.38%, 3/15/2029 (a) | 235000 | 241951 |
| 6.63%, 3/15/2032 (a) | 120000 | 124425 |
|  |  | 1158095 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Connect Finco SARL (United Kingdom) 9.00%, <br> 9/15/2029 (a)<br>| 200000 | 208366 |
| Digicel International Finance Ltd. (Jamaica) <br> 8.63%, 8/1/2032 (a)<br>| 200000 | 204433 |
| Hughes Satellite Systems Corp. 6.63%, <br> 8/1/2026<br>| 92000 | 85137 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 3.38%, 4/15/2029 | 600000 | 580979 |
| 3.88%, 4/15/2030 | 1635000 | 1601469 |
|  |  | 2680384 |
| Total Corporate Bonds <br>(Cost $234,441,632)<br>|  | 238191723 |
| **Asset-Backed Securities — 22.2%** | **Asset-Backed Securities — 22.2%** | **Asset-Backed Securities — 22.2%** |
| Accelerated LLC Series 2021-1H, Class B, <br> 1.90%, 10/20/2040 (a)<br>| 82591 | 77364 |
| Aligned Data Centers Issuer LLC Series <br> 2021-1A, Class A2, 1.94%, 8/15/2046 (a)<br>| 263000 | 255737 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 203

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2022-1, Class D, 2.46%, <br> 3/13/2028 (a)<br>| 44536 | 44498 |
| Series 2022-3, Class D, 5.83%, <br> 10/13/2028 (a)<br>| 219665 | 220410 |
| Series 2023-1, Class D, 6.35%, <br> 4/12/2029 (a)<br>| 375000 | 380346 |
| Series 2023-2, Class E, 9.79%, <br> 2/12/2030 (a)<br>| 1000000 | 1048406 |
| Series 2025-2, Class D, 5.50%, <br> 7/14/2031 (a)<br>| 965000 | 983510 |
| Series 2024-4, Class D, 5.34%, <br> 8/12/2031 (a)<br>| 668000 | 676299 |
| Series 2024-2, Class E, 7.87%, <br> 11/12/2031 (a)<br>| 1000000 | 1039318 |
| AMSR Trust |  |  |
| Series 2021-SFR3, Class E1, 2.33%, <br> 10/17/2038 (a)<br>| 300000 | 289263 |
| Series 2021-SFR4, Class E1, 2.97%, <br> 12/17/2038 (a)<br>| 400000 | 387591 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (a)<br>| 800000 | 760027 |
| Series 2023-SFR2, Class B, 3.95%, <br> 6/17/2040 (a)<br>| 1500000 | 1464996 |
| Aqua Finance Trust Series 2021-A, Class B, <br> 2.40%, 7/17/2046 (a)<br>| 313000 | 291630 |
| Atlas Senior Loan Fund (Cayman Islands) Series <br> 2019-13A, Class A1NR, 5.67%, <br> 4/22/2031 (a) (f)<br>| 32273 | 32277 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2022-5A, Class C, 6.24%, <br> 4/20/2027 (a)<br>| 500000 | 501994 |
| Series 2023-6A, Class C, 7.03%, <br> 12/20/2029 (a)<br>| 400000 | 420592 |
| Series 2024-3A, Class B, 5.58%, <br> 12/20/2030 (a)<br>| 500000 | 513729 |
| Bain Capital Credit CLO (Cayman Islands) Series <br> 2019-2A, Class BR3, 5.77%, <br> 10/17/2032 (a) (f)<br>| 1750000 | 1750672 |
| Bayview Opportunity Master Fund Trust Series <br> 2024-SN1, Class D, 6.36%, 7/16/2029 (a)<br>| 1000000 | 1027816 |
| BlueMountain CLO Ltd. (Cayman Islands) Series <br> 2021-32A, Class BR, 5.87%, <br> 10/15/2034 (a) (f)<br>| 1500000 | 1499166 |
| BOF Funding Trust Series 2023-CAR3, Class C, <br> 4.50%, 7/26/2032 (a)<br>| 169712 | 168873 |
| Bridge Trust Series 2025-SFR1, Class C, 4.20%, <br> 9/17/2042 (a)<br>| 865000 | 818088 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class B, 5.37%, 10/16/2028 | 1870000 | 1882579 |
| Series 2024-1, Class C, 5.65%, 4/16/2029 | 1500000 | 1513597 |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1009000 | 1021853 |
| Series 2024-4, Class C, 4.83%, 8/15/2030 | 1610000 | 1614394 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1312000 | 1336772 |
| Series 2024-2, Class E, 8.21%, <br> 1/15/2031 (a)<br>| 800000 | 844926 |
| Series 2025-2, Class D, 5.62%, 3/17/2031 | 1000000 | 1020361 |
| BSPRT Issuer Ltd. Series 2021-FL7, Class B, <br> 6.53%, 12/15/2038 (a) (f)<br>| 475000 | 474810 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 ‡ (a)<br>| 315672 | 311848 |
| Series 2024-1A, Class B, 6.92%, <br> 5/15/2039 ‡ (a)<br>| 790645 | 814036 |
| BXG Receivables Note Trust Series 2022-A, <br> Class B, 4.61%, 9/28/2037 (a)<br>| 1086670 | 1079095 |
| Carlyle US CLO Ltd. (Cayman Islands) Series <br> 2021-9A, Class BR, 5.92%, 10/20/2034 (a) <br> (f)<br>| 2000000 | 2000000 |
| CarVal CLO Ltd. (Cayman Islands) Series <br> 2019-1A, Class BR2, 5.88%, 4/20/2032 (a) <br> (f)<br>| 1139000 | 1139981 |
| Carvana Auto Receivables Trust |  |  |
| Series 2024-P2, Class A3, 5.33%, <br> 7/10/2029<br>| 900000 | 908811 |
| Series 2023-N3, Class C, 6.55%, <br> 12/10/2029 (a)<br>| 1600000 | 1627275 |
| Series 2023-N4, Class B, 6.46%, <br> 2/11/2030 (a)<br>| 1435000 | 1455670 |
| Series 2024-N1, Class C, 5.80%, <br> 5/10/2030 (a)<br>| 1250000 | 1274290 |
| Series 2024-P1, Class C, 5.57%, <br> 7/10/2030 (a)<br>| 444000 | 457750 |
| CFMT LLC Series 2024-HB13, Class M1, 3.00%, <br> 5/25/2034 ‡ (a) (f)<br>| 674000 | 647082 |
| Cherry Securitization Trust Series 2024-1A, <br> Class A, 5.70%, 4/15/2032 (a)<br>| 808000 | 815108 |
| CIFC Funding Ltd. (Cayman Islands) Series <br> 2016-1A, Class BR3, 5.78%, <br> 10/21/2031 (a) (f)<br>| 1565000 | 1560745 |
| Columbia Cent CLO Ltd. (Cayman Islands) Series <br> 2021-31A, Class BR, 5.93%, 4/20/2034 (a) <br> (f)<br>| 1750000 | 1750450 |
| CPS Auto Receivables Trust |  |  |
| Series 2021-D, Class D, 2.31%, <br> 12/15/2027 (a)<br>| 52963 | 52756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

204 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2022-A, Class D, 2.84%, <br> 4/16/2029 (a)<br>| 715227 | 709778 |
| Series 2023-A, Class D, 6.44%, <br> 4/16/2029 (a)<br>| 750000 | 763797 |
| Series 2023-C, Class C, 6.27%, <br> 10/15/2029 (a)<br>| 881000 | 888357 |
| Series 2022-C, Class D, 6.45%, <br> 4/15/2030 (a)<br>| 240000 | 243512 |
| Series 2024-C, Class C, 5.76%, <br> 10/15/2030 (a)<br>| 896000 | 908069 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-1A, Class C, 5.70%, <br> 10/15/2032 (a)<br>| 467000 | 467702 |
| Series 2023-5A, Class C, 7.30%, <br> 4/17/2034 (a)<br>| 350000 | 363115 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (a)<br>| 600000 | 618248 |
| Series 2024-2A, Class B, 6.11%, <br> 8/15/2034 (a)<br>| 500000 | 515460 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (a)<br>| 500000 | 520029 |
| Series 2025-1A, Class C, 5.71%, <br> 7/16/2035 (a)<br>| 1357000 | 1391132 |
| Dext ABS LLC Series 2025-1, Class B, 4.98%, <br> 8/15/2035 (a)<br>| 1680000 | 1701317 |
| Dryden CLO Ltd. (Cayman Islands) Series <br> 2020-86A, Class BR2, 5.92%, <br> 7/17/2034 (a) (f)<br>| 2000000 | 2000608 |
| Dryden Senior Loan Fund (Cayman Islands) <br> Series 2016-43A, Class B1R3, 5.83%, <br> 4/20/2034 (a) (f)<br>| 2000000 | 2001370 |
| DT Auto Owner Trust |  |  |
| Series 2021-3A, Class D, 1.31%, <br> 5/17/2027 (a)<br>| 366588 | 362893 |
| Series 2023-3A, Class B, 6.07%, <br> 3/15/2028 (a)<br>| 407579 | 408977 |
| Series 2023-1A, Class C, 5.55%, <br> 10/16/2028 (a)<br>| 237228 | 237946 |
| Series 2023-1A, Class D, 6.44%, <br> 11/15/2028 (a)<br>| 307000 | 312404 |
| Series 2023-3A, Class C, 6.40%, <br> 5/15/2029 (a)<br>| 1606000 | 1629905 |
| Series 2023-2A, Class E, 11.06%, <br> 4/15/2030 (a)<br>| 500000 | 535346 |
| Series 2023-3A, Class E, 10.21%, <br> 5/15/2030 (a)<br>| 500000 | 533317 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2023-A, Class A, 6.16%, <br> 2/25/2038 (a)<br>| 292035 | 301574 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-A, Class C, 7.30%, <br> 2/25/2038 (a)<br>| 484928 | 501044 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2021-2A, Class D, 1.40%, 4/15/2027 | 81762 | 80822 |
| Series 2022-5A, Class C, 6.51%, <br> 12/15/2027<br>| 97528 | 97708 |
| Series 2021-4A, Class D, 1.96%, 1/17/2028 | 231755 | 229739 |
| Series 2022-5A, Class D, 7.40%, 2/15/2029 | 500000 | 508967 |
| Series 2022-6A, Class D, 8.03%, 4/6/2029 | 500000 | 515941 |
| Series 2023-4A, Class D, 6.95%, <br> 12/17/2029<br>| 800000 | 826660 |
| Series 2023-5A, Class D, 7.13%, 2/15/2030 | 700000 | 729453 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 325000 | 326266 |
| Series 2025-3A, Class D, 5.57%, <br> 10/15/2031<br>| 1500000 | 1530079 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 1615000 | 1625618 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (a)<br>| 70524 | 71117 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR1, Class F2, 3.45%, <br> 8/17/2038 (a)<br>| 500000 | 489901 |
| Series 2021-SFR3, Class E1, 2.99%, <br> 12/17/2038 (a)<br>| 500000 | 482757 |
| Series 2022-SFR1, Class F1, PO, <br> 5/19/2039 ‡ (a)<br>| 700000 | 622413 |
| Series 2022-SFR1, Class F2, PO, <br> 5/19/2039 ‡ (a)<br>| 350000 | 308144 |
| Series 2022-SFR2, Class D, 4.50%, <br> 7/17/2039 (a)<br>| 615000 | 604839 |
| Series 2022-SFR2, Class F1, 4.50%, <br> 7/17/2039 (a)<br>| 800000 | 773462 |
| Series 2022-SFR2, Class F2, 4.50%, <br> 7/17/2039 (a)<br>| 400000 | 385038 |
| Flagship Credit Auto Trust |  |  |
| Series 2021-1, Class D, 1.27%, <br> 3/15/2027 (a)<br>| 152284 | 150617 |
| Series 2021-3, Class C, 1.46%, <br> 9/15/2027 (a)<br>| 673387 | 669360 |
| Series 2022-1, Class D, 3.64%, <br> 3/15/2028 (a)<br>| 536000 | 522544 |
| Series 2022-2, Class C, 5.30%, <br> 4/17/2028 (a)<br>| 750000 | 750756 |
| Series 2022-3, Class C, 4.99%, <br> 7/17/2028 (a)<br>| 858000 | 856262 |
| Series 2022-3, Class D, 6.00%, <br> 7/17/2028 (a)<br>| 600000 | 581034 |
| Series 2023-3, Class C, 6.01%, <br> 7/16/2029 (a)<br>| 900000 | 916696 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 205

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Foundation Finance Trust Series 2021-1A, <br> Class A, 1.27%, 5/15/2041 (a)<br>| 43682 | 41397 |
| FRTKL |  |  |
| Series 2021-SFR1, Class B, 1.72%, <br> 9/17/2038 (a)<br>| 650000 | 628851 |
| Series 2021-SFR1, Class D, 2.17%, <br> 9/17/2038 (a)<br>| 238000 | 230357 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2021-3A, Class D, 1.48%, <br> 7/15/2027 (a)<br>| 93462 | 92511 |
| Series 2020-4A, Class E, 3.51%, <br> 10/15/2027 (a)<br>| 629783 | 627277 |
| Series 2022-1A, Class D, 3.97%, <br> 1/18/2028 (a)<br>| 596248 | 594293 |
| Series 2023-3A, Class C, 6.01%, <br> 5/15/2029 (a)<br>| 900000 | 908039 |
| Series 2025-2A, Class D, 5.59%, <br> 1/15/2031 (a)<br>| 1000000 | 1018501 |
| GLS Auto Select Receivables Trust |  |  |
| Series 2023-1A, Class A3, 5.96%, <br> 10/16/2028 (a)<br>| 752136 | 758765 |
| Series 2023-1A, Class B, 6.09%, <br> 3/15/2029 (a)<br>| 722000 | 738714 |
| Series 2024-3A, Class C, 5.92%, <br> 8/15/2030 (a)<br>| 1250000 | 1288339 |
| Series 2025-1A, Class B, 5.04%, <br> 2/15/2031 (a)<br>| 1500000 | 1527013 |
| Goldman Home Improvement Trust Issuer Trust <br> Series 2021-GRN2, Class A, 1.15%, <br> 6/25/2051 (a)<br>| 323343 | 315160 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (a) (f)<br>| 1786067 | 1804541 |
| Hertz Vehicle Financing LLC Series 2025-3A, <br> Class C, 6.13%, 12/26/2029 (a)<br>| 1000000 | 1010921 |
| Hilton Grand Vacations Trust |  |  |
| Series 2023-1A, Class A, 5.72%, <br> 1/25/2038 (a)<br>| 454719 | 464854 |
| Series 2024-2A, Class C, 5.99%, <br> 3/25/2038 (a)<br>| 630835 | 640037 |
| Series 2024-3A, Class C, 5.71%, <br> 8/27/2040 (a)<br>| 1078053 | 1092393 |
| Series 2025-2A, Class B, 4.73%, <br> 5/25/2044 (a)<br>| 445000 | 446268 |
| Series 2025-2A, Class C, 5.12%, <br> 5/25/2044 (a)<br>| 145000 | 145440 |
| Home Partners of America Trust |  |  |
| Series 2021-3, Class D, 3.00%, <br> 1/17/2041 (a)<br>| 899286 | 839185 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-3, Class E1, 3.20%, <br> 1/17/2041 (a)<br>| 449643 | 418484 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (a)<br>| 335264 | 337819 |
| Series 2025-2, Class B1, 4.84%, <br> 9/20/2033 (a)<br>| 2500000 | 2506085 |
| Invitation Homes Trust Series 2024-SFR1, <br> Class B, 4.00%, 9/17/2041 (a)<br>| 2000000 | 1939847 |
| Jamestown CLO Ltd. (Cayman Islands) Series <br> 2021-17A, Class B1R, 6.01%, <br> 1/25/2035 (a) (f)<br>| 2000000 | 2000000 |
| KKR Static CLO Ltd. (Cayman Islands) Series <br> 2022-1A, Class BR2, 5.78%, 7/20/2031 (a) <br> (f)<br>| 1151563 | 1147918 |
| LCM LP (Cayman Islands) Series 14A, Class AR, <br> 5.63%, 7/20/2031 (a) (f)<br>| 4020 | 4019 |
| LCM Ltd. (Cayman Islands) |  |  |
| Series 26A, Class A1, 5.66%, 1/20/2031 (a) <br> (f)<br>| 1029 | 1029 |
| Series 36A, Class BR, 5.82%, 1/15/2034 (a) <br> (f)<br>| 1604167 | 1599672 |
| Series 34A, Class BR, 6.03%, <br> 10/20/2034 (a) (f)<br>| 2000000 | 2000000 |
| LendingPoint Pass-Through Trust Series <br> 2022-ST1, Class A, 2.50%, 3/15/2028 (a)<br>| 4493 | 4458 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class A, 1.90%, <br> 11/20/2031 (a)<br>| 950000 | 916048 |
| Series 2025-2A, Class B, 4.98%, <br> 10/20/2034 (a)<br>| 3000000 | 3028378 |
| Madison Park Funding Ltd. (Cayman Islands) <br> Series 2021-49A, Class B1R, 5.78%, <br> 10/19/2034 (a) (f)<br>| 1000000 | 997380 |
| Mariner Finance issuance Trust |  |  |
| Series 2024-BA, Class B, 5.33%, <br> 11/20/2038 (a)<br>| 250000 | 255778 |
| Series 2024-BA, Class C, 5.73%, <br> 11/20/2038 (a)<br>| 244000 | 250943 |
| Mariner Finance Issuance Trust |  |  |
| Series 2023-AA, Class A, 6.70%, <br> 10/22/2035 (a)<br>| 750000 | 755479 |
| Series 2021-AA, Class A, 1.86%, <br> 3/20/2036 (a)<br>| 192000 | 186973 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-1A, Class A, 7.21%, <br> 5/20/2036 (a)<br>| 151410 | 152445 |
| Series 2024-1A, Class B, 5.95%, <br> 4/20/2037 (a)<br>| 1000000 | 1011945 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

206 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Mercury Financial Credit Card Master Trust <br> Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (a)<br>| 1281000 | 1291523 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 (a)<br>| 450177 | 430232 |
| Series 2022-1A, Class C, 5.23%, <br> 11/21/2039 (a)<br>| 432604 | 431159 |
| Series 2023-2A, Class C, 7.06%, <br> 11/20/2040 (a)<br>| 319009 | 327750 |
| Series 2021-1WA, Class A, 1.14%, <br> 1/22/2041 (a)<br>| 44137 | 42382 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (a)<br>| 18943 | 18177 |
| Series 2024-1A, Class B, 5.51%, <br> 2/20/2043 (a)<br>| 880762 | 896744 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2021-41A, Class BR, 5.80%, <br> 4/15/2034 (a) (f)<br>| 1140000 | 1140000 |
| Series 2022-49A, Class BR, 5.87%, <br> 7/25/2035 (a) (f)<br>| 434000 | 434049 |
| Series 2021-42A, Class BR, 5.72%, <br> 7/16/2036 (a) (f)<br>| 1750000 | 1747700 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2022-SFR1, Class B, 2.85%, <br> 2/17/2039 (a)<br>| 650000 | 630481 |
| Series 2022-SFR1, Class E1, 3.55%, <br> 2/17/2039 (a)<br>| 520000 | 503014 |
| NRM FNT1 Excess LLC Series 2024-FNT1, <br> Class A, 7.40%, 11/25/2031 (a) (g)<br>| 1030990 | 1049689 |
| OCP Aegis CLO Ltd. (Jersey) Series 2024-39A, <br> Class A1, 5.54%, 1/16/2037 (a) (f)<br>| 1500000 | 1501205 |
| Octane Receivables Trust Series 2023-1A, <br> Class D, 7.76%, 3/20/2030 (a)<br>| 500000 | 522202 |
| OnDeck Asset Securitization Trust LLC Series <br> 2024-2A, Class A, 4.98%, 10/17/2031 (a)<br>| 1500000 | 1503634 |
| Oportun Funding Trust Series 2024-3, Class B, <br> 5.48%, 8/15/2029 (a)<br>| 2092000 | 2096737 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, <br> 5/8/2031 (a)<br>| 903933 | 884249 |
| Series 2021-B, Class B, 1.96%, <br> 5/8/2031 (a)<br>| 180787 | 177056 |
| Series 2022-A, Class B, 5.25%, <br> 6/9/2031 (a)<br>| 600000 | 600678 |
| Series 2025-A, Class B, 5.30%, <br> 2/8/2033 (a)<br>| 800000 | 800780 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-A, Class C, 5.89%, <br> 2/8/2033 (a)<br>| 500000 | 500623 |
| Series 2025-C, Class B, 4.93%, <br> 7/8/2033 (a)<br>| 1250000 | 1253931 |
| Series 2025-C, Class C, 5.18%, <br> 7/8/2033 (a)<br>| 750000 | 752142 |
| Pagaya AI Debt Selection Trust Series <br> 2021-HG1, Class A, 1.22%, 1/16/2029 (a)<br>| 1951 | 1947 |
| Palmer Square Loan Funding Ltd. (Cayman <br> Islands) Series 2024-3A, Class A2, 5.88%, <br> 8/8/2032 (a) (f)<br>| 998994 | 1000010 |
| PowerPay Issuance Trust Series 2024-1A, <br> Class A, 6.53%, 2/18/2039 (a)<br>| 525320 | 543273 |
| PRET LLC Series 2021-RN4, Class A1, 5.49%, <br> 10/25/2051 (a) (f)<br>| 289665 | 289949 |
| Progress Residential Series 2021-SFR3, <br> Class E1, 2.54%, 5/17/2026 (a)<br>| 200000 | 197715 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (a)<br>| 350000 | 340754 |
| Series 2022-SFR3, Class D, 4.45%, <br> 4/17/2039 (a)<br>| 562000 | 552249 |
| Series 2024-SFR1, Class D, 3.75%, <br> 2/17/2041 (a)<br>| 1125000 | 1076659 |
| Series 2024-SFR2, Class B, 3.40%, <br> 4/17/2041 (a) (f)<br>| 1697000 | 1624176 |
| Series 2025-SFR1, Class D, 3.65%, <br> 2/17/2042 (a)<br>| 1500000 | 1399171 |
| Series 2025-SFR2, Class D, 3.56%, <br> 4/17/2042 (a)<br>| 1998873 | 1851749 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (a)<br>| 1250000 | 1260693 |
| Purewest ABS Issuer LLC Series 2025-1, <br> Class A2, 6.53%, 4/5/2040 ‡ (a)<br>| 995366 | 1012387 |
| Regional Management Issuance Trust Series <br> 2024-1, Class A, 5.83%, 7/15/2036 (a)<br>| 1500000 | 1534409 |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class A, 2.30%, <br> 12/22/2031 (a)<br>| 76802 | 76529 |
| Series 2024-A, Class A, 5.91%, <br> 8/20/2032 (a)<br>| 1304000 | 1319436 |
| Series 2024-B, Class A, 5.42%, <br> 11/20/2037 (a)<br>| 1513000 | 1542813 |
| RR Ltd. (Cayman Islands) Series 2020-12A, <br> Class ABR3, 5.87%, 1/15/2036 (a) (f)<br>| 1000000 | 1000626 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| Series 2024-A, Class C, 5.82%, <br> 6/15/2032 (a)<br>| 777315 | 785407 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 207

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-B, Class C, 5.14%, <br> 1/18/2033 (a)<br>| 1500000 | 1504949 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2021-3, Class D, 1.33%, 9/15/2027 | 40780 | 40711 |
| Series 2022-4, Class C, 5.00%, 11/15/2029 | 1250000 | 1256581 |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | 500000 | 504837 |
| Series 2023-6, Class C, 6.40%, 3/17/2031 | 928000 | 960979 |
| Series 2025-2, Class D, 5.47%, 5/15/2031 | 1500000 | 1533463 |
| Series 2024-4, Class D, 5.32%, 12/15/2031 | 675000 | 686022 |
| Series 2023-4, Class C, 6.04%, 12/15/2031 | 2000000 | 2058962 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 2016000 | 2041617 |
| SBNA Auto Receivables Trust Series 2024-A, <br> Class D, 6.04%, 4/15/2030 (a)<br>| 1250000 | 1291257 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class B, 5.56%, <br> 4/20/2032 (a)<br>| 1083000 | 1121324 |
| Series 2024-1A, Class C, 5.82%, <br> 9/20/2032 (a)<br>| 443000 | 459507 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2023-2A, Class A, 5.80%, <br> 4/20/2040 (a)<br>| 426113 | 436138 |
| Series 2024-2A, Class C, 5.83%, <br> 6/20/2041 (a)<br>| 1038857 | 1052028 |
| Series 2025-1A, Class A, 4.81%, <br> 1/21/2042 (a)<br>| 838019 | 847908 |
| Series 2024-1A, Class B, 5.35%, <br> 1/20/2043 (a)<br>| 469605 | 473851 |
| Stream Innovations Issuer Trust Series <br> 2024-2A, Class A, 5.21%, 2/15/2045 (a)<br>| 1348605 | 1367609 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-16A, Class B1RR, 6.02%, <br> 10/15/2031 (a) (f)<br>| 680000 | 680460 |
| Series 2018-20A, Class BR2, 5.87%, <br> 1/16/2032 (a) (f)<br>| 1430000 | 1431087 |
| THL Credit Wind River CLO Ltd. (Cayman <br> Islands) Series 2019-3A, Class BR2, 5.87%, <br> 4/15/2031 (a) (f)<br>| 1333334 | 1335347 |
| Tricon Residential Trust |  |  |
| Series 2021-SFR1, Class E1, 2.79%, <br> 7/17/2038 (a)<br>| 240000 | 235334 |
| Series 2023-SFR1, Class B, 5.10%, <br> 7/17/2040 (a)<br>| 800000 | 804364 |
| Series 2024-SFR4, Class D, 5.35%, <br> 11/17/2041 (a)<br>| 1311000 | 1309355 |
| Upstart Pass-Through Trust |  |  |
| Series 2021-ST4, Class A, 2.00%, <br> 7/20/2027 (a)<br>| 3994 | 3979 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-ST5, Class A, 2.00%, <br> 7/20/2027 (a)<br>| 4678 | 4660 |
| UPX HIL Issuer Trust Series 2025-1, Class A, <br> 5.16%, 1/25/2047 ‡ (a)<br>| 1045000 | 1047748 |
| US Auto Funding Trust Series 2022-1A, Class B, <br> 5.13%, 12/15/2025 ‡ (a)<br>| 574000 | 242097 |
| Venture CLO Ltd. (Cayman Islands) Series <br> 2018-32A, Class A2A, 5.66%, <br> 7/18/2031 (a) (f)<br>| 50829 | 50843 |
| Verdant Receivables LLC Series 2025-1A, <br> Class A3, 4.96%, 5/12/2033 (a)<br>| 1265000 | 1286648 |
| Veros Auto Receivables Trust |  |  |
| Series 2023-1, Class C, 8.32%, <br> 11/15/2028 (a)<br>| 1250000 | 1287073 |
| Series 2025-1, Class B, 5.54%, <br> 7/16/2029 (a)<br>| 1250000 | 1265722 |
| VOLT CIII LLC Series 2021-CF1, Class A1, <br> 5.99%, 8/25/2051 (a) (g)<br>| 125782 | 125843 |
| VOLT CV LLC Series 2021-CF2, Class A1, <br> 5.49%, 11/27/2051 (a) (g)<br>| 260327 | 260111 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (a) (g)<br>| 10752 | 10749 |
| Voya CLO Ltd. (Cayman Islands) Series <br> 2018-1A, Class A2, 5.89%, 4/19/2031 (a) <br> (f)<br>| 1500000 | 1501834 |
| Westgate Resorts LLC Series 2024-1A, Class C, <br> 7.06%, 1/20/2038 (a)<br>| 734800 | 745836 |
| Westlake Automobile Receivables Trust Series <br> 2023-1A, Class D, 6.79%, 11/15/2028 (a)<br>| 500000 | 514017 |
| Wingspire Equipment Finance LLC Series <br> 2024-1A, Class A2, 4.99%, 9/20/2032 (a)<br>| 1110229 | 1112888 |
| Total Asset-Backed Securities <br>(Cost $175,545,973)<br>|  | 177396267 |
| **U.S. Treasury Obligations — 17.4%** | **U.S. Treasury Obligations — 17.4%** | **U.S. Treasury Obligations — 17.4%** |
| U.S. Treasury Notes |  |  |
| 4.13%, 1/31/2027 | 585000 | 587902 |
| 3.75%, 6/30/2027 | 997700 | 999415 |
| 3.88%, 7/31/2027 | 515000 | 517132 |
| 3.38%, 9/15/2027 | 1180000 | 1174469 |
| 4.13%, 11/15/2027 | 915000 | 924722 |
| 4.00%, 12/15/2027 | 12975000 | 13088531 |
| 4.25%, 1/15/2028 | 555000 | 563043 |
| 4.25%, 2/15/2028 | 19355000 | 19647593 |
| 4.00%, 2/29/2028 | 172700 | 174360 |
| 3.63%, 3/31/2028 | 340000 | 340292 |
| 3.75%, 5/15/2028 | 20210000 | 20292103 |
| 3.88%, 6/15/2028 | 2385000 | 2403447 |
| 3.88%, 7/15/2028 | 44390000 | 44733329 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

208 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.63%, 8/15/2028 | 33135000 | 33179007 |
| 4.25%, 2/28/2029 | 610000 | 622748 |
| Total U.S. Treasury Obligations <br>(Cost $138,399,991)<br>|  | 139248093 |
| **Collateralized Mortgage Obligations — 12.8%** | **Collateralized Mortgage Obligations — 12.8%** | **Collateralized Mortgage Obligations — 12.8%** |
| ABL Series 2025-RTL1, Class A1, 6.04%, <br> 6/25/2030 (a) (g)<br>| 945000 | 951305 |
| Anchor Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.72%, 5/25/2040 (a) (g)<br>| 1000000 | 1005353 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2022-R01, Class 1M2, 6.25%, <br> 12/25/2041 (a) (f)<br>| 521000 | 526038 |
| Series 2022-R02, Class 2M2, 7.35%, <br> 1/25/2042 (a) (f)<br>| 225000 | 230308 |
| FHLMC STACR REMIC Trust Series 2023-HQA3, <br> Class M2, 7.70%, 11/25/2043 (a) (f)<br>| 725000 | 765087 |
| FHLMC, REMIC |  |  |
| Series 2673, Class PE, 5.50%, 9/15/2033 | 59939 | 62092 |
| Series 5394, Class AV, 5.50%, 1/25/2035 | 894707 | 913921 |
| Series 5516, Class DV, 6.00%, 12/25/2035 | 2899382 | 3006414 |
| Series 4754, Class VG, 4.00%, 12/15/2036 | 242792 | 242136 |
| Series 3878, Class PL, 4.50%, 11/15/2040 | 240094 | 240621 |
| Series 4376, Class A, 4.00%, 7/15/2041 | 308863 | 307549 |
| Series 5182, Class D, 2.50%, 11/25/2043 | 10941352 | 10254740 |
| Series 4583, Class UP, 3.00%, 7/15/2045 | 1531391 | 1439774 |
| Series 4599, Class PA, 3.00%, 9/15/2045 | 3350800 | 3207514 |
| Series 5386, Class KA, 5.00%, 1/25/2047 | 2235099 | 2231501 |
| Series 4718, Class DA, 3.00%, 2/15/2047 | 192868 | 180817 |
| Series 5194, Class H, 2.50%, 10/25/2047 | 5317294 | 4835613 |
| Series 5021, Class MI, IO, 3.00%, <br> 10/25/2050<br>| 350241 | 60496 |
| Series 5531, Class DA, 5.00%, 3/25/2052 | 2440396 | 2432066 |
| Series 5470, Class FG, 5.55%, <br> 11/25/2054 (f)<br>| 1213770 | 1214752 |
| Series 5472, Class FE, 5.70%, <br> 11/25/2054 (f)<br>| 3665495 | 3688583 |
| Series 5481, Class FA, 5.75%, <br> 12/25/2054 (f)<br>| 2595899 | 2615897 |
| Series 5481, Class FC, 5.85%, <br> 12/25/2054 (f)<br>| 4319954 | 4349583 |
| FNMA, REMIC |  |  |
| Series 2024-101, Class DV, 5.50%, <br> 12/25/2035<br>| 744332 | 775498 |
| Series 2025-4, Class PV, 5.50%, 1/25/2036 | 720058 | 753335 |
| Series 2025-27, Class BV, 5.50%, <br> 3/25/2036<br>| 1554544 | 1608481 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-35, Class DV, 5.25%, <br> 4/25/2036<br>| 5134005 | 5227538 |
| Series 2012-136, Class DL, 3.50%, <br> 12/25/2042<br>| 171640 | 166391 |
| Series 2024-27, Class CA, 5.50%, <br> 12/25/2048<br>| 1517621 | 1531157 |
| Series 2024-20, Class MA, 5.00%, <br> 11/25/2049<br>| 2304258 | 2314386 |
| Series 2025-62, Class CA, 5.50%, <br> 1/25/2052<br>| 4100118 | 4143188 |
| Series 2022-12, Class GE, 2.50%, <br> 3/25/2052<br>| 2568550 | 2372552 |
| Series 2022-42, Class EA, 3.75%, <br> 6/25/2052<br>| 1612044 | 1564378 |
| Series 2022-43, Class P, 4.00%, 7/25/2052 | 413481 | 405989 |
| Series 2024-67, Class FA, 5.52%, <br> 9/25/2054 (f)<br>| 740106 | 741660 |
| Series 2024-96, Class FA, 5.75%, <br> 12/25/2054 (f)<br>| 1772158 | 1785812 |
| GNMA |  |  |
| Series 2024-110, Class LC, 3.50%, <br> 4/20/2048<br>| 3954645 | 3804810 |
| Series 2021-9, Class MI, IO, 2.50%, <br> 1/20/2051<br>| 191823 | 28111 |
| Series 2021-119, Class JG, 1.50%, <br> 6/20/2051<br>| 6415130 | 5520319 |
| Series 2025-4, Class LA, 3.00%, 7/20/2051 | 1489992 | 1410462 |
| Series 2024-184, Class BG, 3.50%, <br> 10/20/2051<br>| 4480561 | 4315422 |
| Series 2025-1, Class GC, 3.50%, <br> 10/20/2051<br>| 3146146 | 3013441 |
| Series 2024-151, Class HB, 4.50%, <br> 10/20/2052<br>| 5504122 | 5449250 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.39%, <br> 9/25/2040 ‡ (a) (g) (h)<br>| 1060000 | 1061514 |
| Legacy Mortgage Asset Trust Series 2021-GS3, <br> Class A1, 5.75%, 7/25/2061 (a) (g)<br>| 89918 | 89830 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL1, Class A1, 7.02%, <br> 1/25/2029 (a) (g)<br>| 1225000 | 1234331 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (a) (g)<br>| 1000000 | 1007191 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (a) (g)<br>| 2275000 | 2276686 |
| LOANDEPOT GMSR Master Trust Series <br> 2025-GT2, Class A, 3.15%, 7/16/2030 (a) <br> (f)<br>| 650000 | 652134 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 209

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (a) (g)<br>| 1220000 | 1229356 |
| Series 2024-NPL1, Class A1, 6.33%, <br> 9/25/2054 (g)<br>| 622749 | 625844 |
| New Residential Mortgage Loan Trust Series <br> 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (g)<br>| 255000 | 256782 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) <br> (g)<br>| 914446 | 920153 |
| Roc Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.63%, 2/25/2040 (a) (g)<br>| 185000 | 185546 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (a) (g)<br>| 800000 | 800767 |
| Verus Securitization Trust Series 2021-2, <br> Class M1, 2.19%, 2/25/2066 (a) (f)<br>| 144000 | 116330 |
| Total Collateralized Mortgage Obligations <br>(Cost $100,901,225)<br>|  | 102150804 |
| **Mortgage-Backed Securities — 10.8%** | **Mortgage-Backed Securities — 10.8%** | **Mortgage-Backed Securities — 10.8%** |
| FHLMC Pool # 841368, ARM, 6.60%, <br> 9/1/2047 (f)<br>| 863711 | 889083 |
| FHLMC Gold Pools, 30 Year Pool # G08878, <br> 4.50%, 5/1/2049<br>| 198126 | 193871 |
| FHLMC UMBS, 15 Year  |  |  |
| Pool # ZS6689, 2.50%, 4/1/2028 | 62106 | 60904 |
| Pool # SB8184, 4.00%, 10/1/2037 | 529370 | 519779 |
| Pool # SB8261, 5.50%, 10/1/2038 | 844753 | 863469 |
| Pool # SB8308, 5.00%, 6/1/2039 | 601505 | 607752 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZT1703, 4.00%, 1/1/2049 | 670918 | 638373 |
| Pool # SD8231, 4.50%, 7/1/2052 | 717742 | 691960 |
| Pool # SD8343, 6.00%, 7/1/2053 | 6925497 | 7099204 |
| Pool # SD4893, 6.00%, 2/1/2054 | 3532615 | 3640164 |
| Pool # SD8402, 6.00%, 2/1/2054 | 7557225 | 7723257 |
| Pool # SD7572, 6.50%, 5/1/2054 | 20931385 | 21868949 |
| Pool # RJ1970, 6.00%, 7/1/2054 | 552352 | 564985 |
| Pool # SD6318, 6.00%, 9/1/2054 | 1494107 | 1535230 |
| Pool # SL0226, 6.00%, 2/1/2055 | 2495203 | 2573378 |
| FNMA Pool # BM4562, ARM, 6.36%, <br> 5/1/2047 (f)<br>| 731151 | 754331 |
| FNMA UMBS, 15 Year  |  |  |
| Pool # FM1156, 2.50%, 4/1/2033 | 471319 | 455149 |
| Pool # MA4361, 2.50%, 6/1/2036 | 264488 | 248734 |
| Pool # FM7767, 2.00%, 7/1/2036 | 2907788 | 2688597 |
| Pool # FS1563, 2.50%, 7/1/2036 | 372399 | 350221 |
| Pool # FS1329, 2.00%, 2/1/2037 | 686805 | 635017 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # MA4944, 4.50%, 3/1/2038 | 1883645 | 1880144 |
| Pool # MA5093, 5.00%, 7/1/2038 | 3228890 | 3264256 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # FM3933, 3.00%, 6/1/2037 | 1163372 | 1107118 |
| Pool # FM3075, 3.50%, 11/1/2039 | 780900 | 751095 |
| Pool # CA8310, 2.50%, 12/1/2040 | 206809 | 187236 |
| Pool # MA4780, 4.50%, 10/1/2042 | 1936105 | 1907461 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # FM2972, 4.00%, 12/1/2044 | 689127 | 665753 |
| Pool # FS2237, 4.00%, 10/1/2046 | 1611839 | 1562920 |
| Pool # BM1285, 4.50%, 5/1/2047 | 112507 | 110740 |
| Pool # FS1847, 4.00%, 1/1/2049 | 206047 | 196142 |
| Pool # FS0085, 4.00%, 11/1/2050 | 733207 | 697391 |
| Pool # MA5039, 5.50%, 6/1/2053 | 8364925 | 8434865 |
| Pool # MA5108, 6.00%, 8/1/2053 | 1248634 | 1277784 |
| Pool # MA5191, 6.00%, 11/1/2053 | 4069704 | 4174691 |
| Pool # MA5328, 6.00%, 4/1/2054 | 2234661 | 2285070 |
| Pool # MA5445, 6.00%, 8/1/2054 | 545504 | 557393 |
| GNMA II, 30 Year  |  |  |
| Pool # MA8201, 4.50%, 8/20/2052 | 585843 | 570162 |
| Pool # 787548, 5.50%, 9/20/2054 | 2470578 | 2495128 |
| Total Mortgage-Backed Securities <br>(Cost $86,360,666)<br>|  | 86727756 |
| **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** |
| Beast Mortgage Trust Series 2021-1818, <br> Class B, 5.93%, 3/15/2036 (a) (f)<br>| 179000 | 114749 |
| Benchmark Mortgage Trust Series 2024-V5, <br> Class C, 7.20%, 1/10/2057 (f)<br>| 300000 | 311755 |
| BMO Mortgage Trust Series 2024-5C3, Class C, <br> 7.09%, 2/15/2057 (f)<br>| 300000 | 308230 |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-VOLT, Class D, 6.13%, <br> 9/15/2036 (a) (f)<br>| 266428 | 265618 |
| Series 2024-MF, Class B, 6.05%, <br> 2/15/2039 (a) (f)<br>| 1062545 | 1064538 |
| BX Trust |  |  |
| Series 2021-RISE, Class D, 6.23%, <br> 11/15/2036 (a) (f)<br>| 304318 | 304129 |
| Series 2022-LBA6, Class D, 6.36%, <br> 1/15/2039 (a) (f)<br>| 525000 | 524508 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2015-GC29, Class C, 4.11%, <br> 4/10/2048 (f)<br>| 400000 | 362452 |
| Series 2015-GC31, Class C, 3.90%, <br> 6/10/2048 (f)<br>| 250000 | 49552 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

210 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Commercial Mortgage Trust |  |  |
| Series 2014-UBS5, Class C, 4.88%, <br> 9/10/2047 (f)<br>| 2200000 | 2023978 |
| Series 2014-CR20, Class C, 4.83%, <br> 11/10/2047 (f)<br>| 49192 | 47450 |
| Series 2015-CR26, Class B, 4.67%, <br> 10/10/2048 (f)<br>| 200000 | 196125 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2015-C4, Class E, 3.90%, <br> 11/15/2048 (f)<br>| 325000 | 308657 |
| Series 2015-C2, Class C, 4.26%, <br> 6/15/2057 (f)<br>| 700000 | 634424 |
| ELM Trust |  |  |
| Series 2024-ELM, Class B10, 6.20%, <br> 6/10/2039 (a) (f)<br>| 1016000 | 1024955 |
| Series 2024-ELM, Class C10, 6.40%, <br> 6/10/2039 (a) (f)<br>| 1290000 | 1300240 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K068, Class X1, IO, 0.54%, <br> 8/25/2027 (f)<br>| 3384831 | 23215 |
| Series K110, Class X1, IO, 1.76%, <br> 4/25/2030 (f)<br>| 13987618 | 852789 |
| Series K121, Class X1, IO, 1.11%, <br> 10/25/2030 (f)<br>| 9718079 | 402635 |
| Series K120, Class X1, IO, 1.12%, <br> 10/25/2030 (f)<br>| 9783598 | 410866 |
| Series K124, Class X1, IO, 0.81%, <br> 12/25/2030 (f)<br>| 19822534 | 624235 |
| Series K123, Class X1, IO, 0.86%, <br> 12/25/2030 (f)<br>| 27598453 | 903352 |
| Series K128, Class X1, IO, 0.61%, <br> 3/25/2031 (f)<br>| 29581156 | 676687 |
| Series K111, Class X3, IO, 3.29%, <br> 4/25/2048 (f)<br>| 405000 | 52843 |
| Series K110, Class X3, IO, 3.49%, <br> 6/25/2048 (f)<br>| 380000 | 50850 |
| Series K115, Class X3, IO, 3.06%, <br> 9/25/2048 (f)<br>| 430000 | 51512 |
| Series K125, Class X3, IO, 2.74%, <br> 2/25/2049 (f)<br>| 460000 | 54921 |
| FREMF Mortgage Trust |  |  |
| Series 2018-K82, Class X2A, IO, 0.10%, <br> 9/25/2028 (a)<br>| 10590879 | 24808 |
| Series 2018-K82, Class D, PO, <br> 10/25/2028 (a)<br>| 1000000 | 782043 |
| Series 2018-K82, Class X2B, IO, 0.10%, <br> 10/25/2028 (a)<br>| 3000000 | 8051 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2019-KC07, Class C, 3.75%, <br> 10/25/2029 (a) (f)<br>| 600000 | 500241 |
| Series 2020-KSG1, Class C, PO, <br> 9/25/2030 (a)<br>| 431153 | 287085 |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (a)<br>| 5373954 | 20243 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (a)<br>| 431153 | 1753 |
| Series 2016-K57, Class C, 4.06%, <br> 8/25/2049 (a) (f)<br>| 185000 | 182636 |
| Series 2016-K58, Class C, 3.87%, <br> 9/25/2049 (a) (f)<br>| 110000 | 108391 |
| Series 2017-K68, Class D, PO, <br> 10/25/2049 (a)<br>| 1000000 | 844416 |
| Series 2018-K732, Class C, 3.84%, <br> 5/25/2051 (a) (f)<br>| 90691 | 90357 |
| Series 2018-K83, Class D, PO, <br> 11/25/2051 (a)<br>| 1400000 | 1067759 |
| Series 2020-K113, Class D, PO, <br> 5/25/2053 (a)<br>| 1000000 | 664441 |
| Series 2020-K115, Class D, PO, <br> 9/25/2053 (a)<br>| 1200000 | 839347 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (a)<br>| 12797160 | 48520 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (a)<br>| 2900000 | 11572 |
| Series 2020-K118, Class D, PO, <br> 10/25/2053 (a)<br>| 1100000 | 740759 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (a)<br>| 12008700 | 46193 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (a)<br>| 2457000 | 9946 |
| Series 2020-K739, Class D, PO, <br> 11/25/2053 (a)<br>| 1000000 | 830549 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (a)<br>| 9831953 | 14359 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (a)<br>| 3000000 | 5052 |
| Series 2021-K126, Class D, PO, <br> 1/25/2054 (a)<br>| 1200000 | 770892 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (a)<br>| 10322686 | 41919 |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| 2600000 | 11346 |
| GAM Re-REMIC Trust Series 2022-FRR3, <br> Class BK61, PO, 11/27/2049 ‡ (a)<br>| 800000 | 736620 |
| GS Mortgage Securities Trust |  |  |
| Series 2016-GS2, Class B, 3.76%, <br> 5/10/2049 (f)<br>| 100000 | 98494 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 211

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2017-GS5, Class D, 3.51%, <br> 3/10/2050 (a) (f)<br>| 250000 | 33759 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2015-C31, Class C, 4.73%, <br> 8/15/2048 (f)<br>| 150000 | 117541 |
| Series 2016-C1, Class D1, 4.35%, <br> 3/17/2049 (a) (f)<br>| 400000 | 349774 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| Series 2017-JP5, Class C, 3.89%, <br> 3/15/2050 (f)<br>| 800000 | 709601 |
| Series 2017-JP5, Class D, 4.64%, <br> 3/15/2050 (a) (f)<br>| 275000 | 213163 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| Series 2013-C16, Class D, 5.05%, <br> 12/15/2046 (a) (f)<br>| 144038 | 136836 |
| Series 2015-JP1, Class C, 4.89%, <br> 1/15/2049 (f)<br>| 1000000 | 956493 |
| Series 2016-JP3, Class C, 3.55%, <br> 8/15/2049 (f)<br>| 1000000 | 820976 |
| Life Mortgage Trust Series 2021-BMR, Class C, <br> 5.58%, 3/15/2038 (a) (f)<br>| 20826 | 20735 |
| MHC Commercial Mortgage Trust Series <br> 2021-MHC, Class D, 6.08%, 4/15/2038 (a) <br> (f)<br>| 200000 | 200375 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |
| Series 2015-C24, Class D, 3.26%, <br> 5/15/2048 (a)<br>| 220000 | 206804 |
| Series 2015-C25, Class B, 4.62%, <br> 10/15/2048 (f)<br>| 500000 | 491658 |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2019-01, Class M10, 7.71%, <br> 10/25/2049 (a) (f)<br>| 559430 | 567828 |
| Series 2020-01, Class M10, 8.21%, <br> 3/25/2050 (a) (f)<br>| 552002 | 565842 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (a)<br>| 1504746 | 1548921 |
| SDR Commercial Mortgage Trust |  |  |
| Series 2024-DSNY, Class A, 5.75%, <br> 5/15/2039 (a) (f)<br>| 804000 | 804000 |
| Series 2024-DSNY, Class B, 6.10%, <br> 5/15/2039 (a) (f)<br>| 1008000 | 1006740 |
| SG Commercial Mortgage Securities Trust Series <br> 2016-C5, Class B, 3.93%, 10/10/2048<br>| 225000 | 217395 |
| SMRT Series 2022-MINI, Class E, 7.06%, <br> 1/15/2039 (a) (f)<br>| 350000 | 346500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| STWD Mortgage Trust (Cayman Islands) Series <br> 2021-LIH, Class B, 6.13%, 11/15/2036 (a) <br> (f)<br>| 400000 | 399002 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2015-NXS4, Class B, 4.22%, <br> 12/15/2048 (f)<br>| 500000 | 494292 |
| Series 2015-LC22, Class D, 4.83%, <br> 9/15/2058 (f)<br>| 205000 | 180427 |
| WFRBS Commercial Mortgage Trust |  |  |
| Series 2013-C11, Class C, 4.15%, <br> 3/15/2045 (f)<br>| 117000 | 112068 |
| Series 2014-C21, Class C, 4.23%, <br> 8/15/2047 (f)<br>| 1000000 | 947520 |
| Series 2014-C22, Class C, 3.76%, <br> 9/15/2057 (f)<br>| 725000 | 609014 |
| Series 2014-C22, Class AS, 4.07%, <br> 9/15/2057 (f)<br>| 869740 | 826270 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $35,146,832)<br>|  | 34616591 |
| **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** |
| Arab Republic of Egypt |  |  |
| 7.60%, 3/1/2029 (d) | 600000 | 610800 |
| 5.88%, 2/16/2031 (d) | 200000 | 179300 |
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | 92000 | 72825 |
| 4.12%, 7/9/2035 (g) | 225000 | 142650 |
| Benin Government Bond 7.96%, <br> 2/13/2038 (a)<br>| 200000 | 196278 |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (a)<br>| 200000 | 206500 |
| Dominican Republic Government Bond |  |  |
| 4.50%, 1/30/2030 (a) | 150000 | 145112 |
| 4.50%, 1/30/2030 (d) | 150000 | 145112 |
| 7.05%, 2/3/2031 (d) | 200000 | 213732 |
| Federal Republic of Nigeria 6.50%, <br> 11/28/2027 (d)<br>| 600000 | 600936 |
| Hashemite Kingdom of Jordan |  |  |
| 6.13%, 1/29/2026 (d) | 400000 | 400752 |
| 7.75%, 1/15/2028 (d) | 200000 | 207933 |
| 5.85%, 7/7/2030 (d) | 200000 | 197106 |
| Islamic Republic of Pakistan |  |  |
| 6.00%, 4/8/2026 (d) | 400000 | 397600 |
| 7.38%, 4/8/2031 (a) | 200000 | 188750 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| 200000 | 218190 |
| Republic of Angola |  |  |
| 9.50%, 11/12/2025 (d) | 200000 | 200875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

212 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| 8.25%, 5/9/2028 (d) | 200000 | 196813 |
| Republic of Cote d'Ivoire |  |  |
| 5.75%, 12/31/2032 (d) (g) | 44694 | 43465 |
| 7.63%, 1/30/2033 (a) | 400000 | 401876 |
| 8.08%, 4/1/2036 (a) (b) | 340000 | 337025 |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (d) (g) | 450000 | 405450 |
| 6.90%, 7/31/2035 (a) (g) | 150000 | 113250 |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (d) | 270000 | 284429 |
| 9.25%, 4/17/2030 (d) | 150000 | 161109 |
| Republic of Honduras 8.63%, 11/27/2034 (a) | 150000 | 159825 |
| Republic of Iraq 5.80%, 1/15/2028 (d) | 281250 | 279229 |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (a)<br>| 200000 | 210862 |
| Republic of Senegal 6.25%, 5/23/2033 (d) | 200000 | 148376 |
| Republic of South Africa 7.10%, <br> 11/19/2036 (a)<br>| 350000 | 352450 |
| Republic of Turkiye (The) 7.13%, 2/12/2032 | 200000 | 205400 |
| Total Foreign Government Securities <br>(Cost $7,390,691)<br>|  | 7624010 |
| **Municipal Bonds — 0.0% (f) (i) ^** | **Municipal Bonds — 0.0% (f) (i) ^** | **Municipal Bonds — 0.0% (f) (i) ^** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| California Housing Finance Agency Series <br> 2021-1, Class X, Rev., 0.80%, 11/20/2035 <br> (Cost $79,900)<br>| 2049188 | 87203 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Rite Aid ‡ \*(Cost $—) | 66 |  |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
| **Investment Companies — 3.8%** | **Investment Companies — 3.8%** | **Investment Companies — 3.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (j) (k) <br>(Cost $30,625,684)<br>| 30619900 | 30629086 |
| **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.34% (j) (k) <br>(Cost $1,595,718)<br>| 1595718 | 1595718 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Bills, 4.18%, 1/8/2026 (l) (m) <br>(Cost $1,395,218)<br>| 1416000 | 1396314 |
| Total Short-Term Investments <br>(Cost $33,616,620)<br>|  | 33621118 |
| **Total Investments — 102.4%** <br>**(Cost $811,883,530)**<br>|  | **819663565** |
| **Liabilities in Excess of Other Assets — (2.4)%** |  | **(19282765)**<br>|
| **NET ASSETS — 100.0%** |  | **800380800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of August 31, 2025.<br>|
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 213

------

JPMorgan Short Duration Core Plus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The security or a portion of this security is on loan at August 31, 2025. The total value of securities on loan at August 31, 2025 is $1,529,978.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 349219 | &nbsp;&nbsp;&nbsp;&nbsp; (193)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 113679336 | &nbsp;&nbsp;&nbsp;&nbsp; 154160 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 67014000 | &nbsp;&nbsp;&nbsp;&nbsp; 276412 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 430379 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (19127656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88291)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (14417156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66524)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5255500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14453)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3285000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13458)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (182726)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 247653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

214 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 63.4%** | **Corporate Bonds — 63.4%** | **Corporate Bonds — 63.4%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| BAE Systems Holdings, Inc. (United <br> Kingdom) 3.85%, 12/15/2025 (a)<br>| 10275000 | 10253234 |
| L3Harris Technologies, Inc. 3.85%, <br> 12/15/2026<br>| 2402000 | 2389943 |
| Lockheed Martin Corp. 3.55%, 1/15/2026 | 2826000 | 2817759 |
| RTX Corp. 5.75%, 11/8/2026 | 60648000 | 61654447 |
|  |  | 77115383 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Magna International, Inc. (Canada) 4.15%, <br> 10/1/2025<br>| 8252000 | 8248781 |
| **Automobiles — 3.1%** | **Automobiles — 3.1%** | **Automobiles — 3.1%** |
| BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) |
| (SOFRINDX + 0.55%), 4.92%, <br> 4/2/2026 (a) (b)<br>| 72833000 | 72926055 |
| 2.80%, 4/11/2026 (a) | 2000000 | 1981543 |
| 1.25%, 8/12/2026 (a) | 20155000 | 19621341 |
| 4.65%, 3/19/2027 (a) | 40876000 | 41194880 |
| 3.45%, 4/1/2027 (a) | 378000 | 374073 |
| General Motors Co.  | General Motors Co.  | General Motors Co.  |
| 6.13%, 10/1/2025 | 54422000 | 54422000 |
| 5.35%, 4/15/2028 | 35357000 | 36152749 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.80%, 10/15/2025 (a) | 3192000 | 3180159 |
| (SOFR + 1.32%), 5.69%, <br> 11/3/2025 (a) (b)<br>| 7000000 | 7011690 |
| 6.25%, 11/3/2025 (a) | 10641000 | 10671138 |
| 5.50%, 3/30/2026 (a) | 7029000 | 7070945 |
| 1.50%, 6/15/2026 (a) | 8713000 | 8521214 |
| 5.45%, 6/24/2026 (a) | 41417000 | 41733531 |
| 1.65%, 9/17/2026 (a) | 3451000 | 3357039 |
| 5.95%, 9/21/2026 (a) | 9200000 | 9340456 |
| 5.25%, 1/8/2027 (a) | 43989000 | 44472243 |
| 4.85%, 3/25/2027 (a) | 30160000 | 30383715 |
| 4.88%, 6/23/2027 (a) | 73289000 | 73914607 |
| 4.30%, 9/24/2027 (a) | 67237000 | 67161047 |
| 2.38%, 10/15/2027 (a) | 15000000 | 14396253 |
| 4.88%, 11/1/2027 (a) | 32250000 | 32582096 |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| 5.38%, 11/26/2025 (a) | 2220000 | 2223443 |
| 4.90%, 1/9/2026 (a) | 85449000 | 85537562 |
| 1.45%, 3/2/2026 (a) (c) | 7330000 | 7226433 |
| 4.88%, 7/31/2026 (a) | 114280000 | 114959960 |
| 5.20%, 8/3/2026 (a) | 3886000 | 3919444 |
| 4.80%, 11/13/2026 (a) | 5000000 | 5039869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| 4.80%, 1/11/2027 (a) | 4500000 | 4539978 |
| 4.65%, 4/1/2027 (a) | 4500000 | 4532593 |
| Stellantis Finance US, Inc. 5.35%, <br> 3/17/2028 (a)<br>| 14689000 | 14838984 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| (SOFR + 0.93%), 5.31%, <br> 9/12/2025 (a) (b)<br>| 119020000 | 119043768 |
| 5.80%, 9/12/2025 (a) | 2040000 | 2040636 |
| 4.63%, 11/13/2025 (a) | 5708000 | 5705133 |
| 1.25%, 11/24/2025 (a) | 12208000 | 12116690 |
| 5.40%, 3/20/2026 (a) | 2000000 | 2009180 |
| 4.90%, 8/14/2026 (a) | 17311000 | 17403097 |
| 5.70%, 9/12/2026 (a) | 7000000 | 7080335 |
| 3.20%, 9/26/2026 (a) | 5000000 | 4930763 |
| 6.00%, 11/16/2026 (a) | 7360000 | 7487702 |
| 5.30%, 3/22/2027 (a) | 4928000 | 4989275 |
| 4.95%, 3/25/2027 (a) | 27916000 | 28100618 |
| 4.85%, 8/15/2027 (a) | 1957000 | 1970641 |
| 5.05%, 3/27/2028 (a) | 5250000 | 5324835 |
|  |  | 1041489713 |
| **Banks — 26.6%** | **Banks — 26.6%** | **Banks — 26.6%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.65%), 6.34%, 9/18/2027 (a) (b)<br>| 142000000 | 144818487 |
| (SOFRINDX + 0.75%), 5.16%, <br> 7/7/2028 (a) (b)<br>| 116262000 | 116621323 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.78%), 4.99%, 12/3/2028 (a) (b)<br>| 61500000 | 62335417 |
| ANZ New Zealand Int'l Ltd. (New Zealand) <br> 1.25%, 6/22/2026 (a)<br>| 3555000 | 3472333 |
| Australia & New Zealand Banking Group Ltd. (Australia) | Australia & New Zealand Banking Group Ltd. (Australia) | Australia & New Zealand Banking Group Ltd. (Australia) |
| (SOFR + 0.56%), 4.94%, <br> 3/18/2026 (a) (b)<br>| 82670000 | 82827327 |
| 5.00%, 3/18/2026 (c) | 2000000 | 2008350 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) |
| 1.13%, 9/18/2025 | 56400000 | 56314486 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 5.86%, 9/14/2026 (b)<br>| 82751000 | 82787567 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 1.85%, 3/25/2026 (c) | 45452000 | 44819537 |
| 5.29%, 8/18/2027 | 24000000 | 24441453 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 215

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.90%), 1.72%, 9/14/2027 (b)<br>| 45481000 | 44244175 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.65%), 6.53%, 11/7/2027 (b)<br>| 1800000 | 1844568 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.25%), 5.55%, 3/14/2028 (b)<br>| 32000000 | 32568226 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.01%), 1.20%, <br> 10/24/2026 (b)<br>| 69845000 | 69518192 |
| (SOFR + 1.29%), 5.08%, <br> 1/20/2027 (b)<br>| 95610000 | 95835705 |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (b)<br>| 15241000 | 15024571 |
| (3-MONTH CME TERM SOFR + 1.32%), <br> 3.56%, 4/23/2027 (b)<br>| 42673000 | 42460488 |
| (SOFR + 0.96%), 1.73%, <br> 7/22/2027 (b)<br>| 1625000 | 1587933 |
| Series FIX, (SOFR + 0.83%), 4.98%, <br> 1/24/2029 (b)<br>| 99000000 | 100762141 |
| (SOFR + 1.11%), 4.62%, 5/9/2029 (b) | 50000000 | 50563999 |
| Bank of America NA 5.53%, 8/18/2026 | 3000000 | 3037551 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 5.92%, 9/25/2025 | 3435000 | 3437989 |
| 5.30%, 6/5/2026 | 69200000 | 69704862 |
| 1.25%, 9/15/2026 | 1937000 | 1880881 |
| (SOFR + 0.43%), 4.59%, <br> 12/11/2026 (b) (c)<br>| 137095000 | 137246589 |
| 5.27%, 12/11/2026 | 500000 | 506883 |
| (SOFRINDX + 1.16%), 5.54%, <br> 12/11/2026 (b)<br>| 60331000 | 60885893 |
| (SOFR + 0.60%), 0.95%, <br> 1/22/2027 (b)<br>| 17296000 | 17055459 |
| Series f2f, (SOFR + 0.88%), 4.57%, <br> 9/10/2027 (b)<br>| 103274000 | 103525543 |
| Bank of New Zealand (New Zealand) <br> 4.85%, 2/7/2028 (a)<br>| 64500000 | 65636282 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 1.05%, 3/2/2026 | 3000000 | 2951876 |
| 1.35%, 6/24/2026 (c) | 8577000 | 8385160 |
| 1.30%, 9/15/2026 | 3000000 | 2914758 |
| 5.35%, 12/7/2026 | 6696000 | 6789944 |
| (SOFR + 1.00%), 4.40%, 9/8/2028 (b) | 66856000 | 67189742 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 4.94%, 1/26/2026 (a) | 84890000 | 85050395 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| 5.90%, 7/13/2026 (a) | 113402000 | 114972764 |
| 5.09%, 1/23/2027 (a) | 18989000 | 19202670 |
| 5.19%, 2/16/2028 (a) | 3806000 | 3890665 |
| (SOFR + 0.99%), 5.35%, <br> 10/16/2028 (a) (b)<br>| 164400000 | 165076835 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| 4.38%, 1/12/2026 | 58294000 | 58277109 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.05%), 7.33%, 11/2/2026 (b)<br>| 24091000 | 24194889 |
| (SOFR + 2.21%), 5.83%, 5/9/2027 (b) | 92223000 | 93058997 |
| (SOFR + 1.34%), 4.84%, <br> 9/10/2028 (b)<br>| 36113000 | 36496599 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.00%), 1.32%, <br> 1/13/2027 (a) (b)<br>| 65038000 | 64278478 |
| (SOFR + 0.91%), 1.68%, <br> 6/30/2027 (a) (b)<br>| 8603000 | 8407386 |
| 4.40%, 8/14/2028 (a) | 7006000 | 7019868 |
| (SOFR + 1.45%), 4.79%, <br> 5/9/2029 (a) (b)<br>| 146310000 | 147681132 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 0.96%), 5.36%, <br> 9/25/2025 (a) (b)<br>| 113486000 | 113547911 |
| 1.00%, 1/20/2026 (a) | 500000 | 493191 |
| 5.10%, 1/26/2026 (a) | 67344000 | 67507707 |
| (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (a) (b)<br>| 6081000 | 6063963 |
| 5.20%, 1/18/2027 (a) (c) | 7177000 | 7271191 |
| 4.75%, 7/19/2027 (a) | 5330000 | 5388347 |
| 3.50%, 10/23/2027 (a) | 5900000 | 5788570 |
| CaixaBank SA (Spain) (SOFR + 1.14%), <br> 4.63%, 7/3/2029 (a) (b)<br>| 74812000 | 75359007 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 1.25%, 6/22/2026 | 3000000 | 2929694 |
| 5.93%, 10/2/2026 | 13413000 | 13660027 |
| (SOFR + 0.93%), 4.51%, <br> 9/11/2027 (b)<br>| 72048000 | 72202802 |
| (SOFR + 0.72%), 4.86%, <br> 1/13/2028 (b)<br>| 106829000 | 107728315 |
| Citibank NA  | Citibank NA  | Citibank NA  |
| (SOFRINDX + 0.59%), 4.95%, <br> 4/30/2026 (b)<br>| 19329000 | 19374810 |
| 4.93%, 8/6/2026 | 20508000 | 20645502 |
| 4.58%, 5/29/2027 | 58400000 | 58869406 |
| (SOFR + 0.71%), 4.88%, <br> 11/19/2027 (b)<br>| 116750000 | 117631665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

216 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| 3.70%, 1/12/2026 | 2045000 | 2039951 |
| (SOFR + 1.55%), 5.61%, <br> 9/29/2026 (b)<br>| 41284000 | 41313463 |
| 3.20%, 10/21/2026 | 19919000 | 19694488 |
| (SOFR + 0.77%), 1.12%, <br> 1/28/2027 (b)<br>| 76384000 | 75357776 |
| (SOFR + 1.14%), 4.64%, 5/7/2028 (b) | 80652000 | 81100618 |
| Citizens Bank NA (SOFR + 2.00%), 4.58%, <br> 8/9/2028 (b)<br>| 7500000 | 7537843 |
| Commonwealth Bank of Australia (Australia) | Commonwealth Bank of Australia (Australia) | Commonwealth Bank of Australia (Australia) |
| 4.93%, 12/9/2025 (a) | 42188000 | 42262491 |
| (SOFR + 0.75%), 5.13%, <br> 3/13/2026 (a) (b)<br>| 2766000 | 2772475 |
| 5.32%, 3/13/2026 | 2000000 | 2012117 |
| 2.63%, 9/6/2026 (a) (c) | 3000000 | 2959115 |
| 4.58%, 11/27/2026 | 45001000 | 45330914 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 4.33%, 8/28/2026 | 2000000 | 2005256 |
| 5.50%, 10/5/2026 | 2000000 | 2031872 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.55%), 1.11%, 2/24/2027 (a) (b)<br>| 24586000 | 24208541 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.73%), 1.98%, 12/15/2027 (a) (b)<br>| 60578000 | 58819536 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| 5.59%, 7/5/2026 (a) | 49357000 | 49867622 |
| (SOFR + 1.21%), 4.63%, <br> 9/11/2028 (a) (b)<br>| 38624000 | 38802969 |
| (SOFR + 1.13%), 5.23%, <br> 1/9/2029 (a) (b)<br>| 75000000 | 76303166 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.35%), 1.62%, 9/11/2026 (a) (b)<br>| 20005000 | 19991136 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.18%), 6.26%, 9/22/2026 (a) (b)<br>| 32087000 | 32116658 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.73%), 1.55%, 9/10/2027 (a) (b)<br>| 50432000 | 48987600 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.95%), 5.43%, 3/1/2028 (a) (b)<br>| 5000000 | 5084566 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.75%), 4.30%, 4/1/2028 (a) (b)<br>| 16500000 | 16503885 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| 4.38%, 6/12/2028 (a) | 685000 | 687509 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 1.13%, 9/16/2026 (a) (b)<br>| 9184000 | 9171431 |
| (SOFRINDX + 1.95%), 5.90%, <br> 10/9/2026 (a) (b)<br>| 42180000 | 42233873 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.72%), 1.54%, 5/25/2027 (a) (b)<br>| 42394000 | 41552666 |
| Fifth Third Bancorp 2.55%, 5/5/2027 | 6723000 | 6554907 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (3-MONTH CME TERM SOFR + 1.61%), <br> 4.29%, 9/12/2026 (b)<br>| 62765000 | 62761151 |
| (SOFR + 3.03%), 7.34%, <br> 11/3/2026 (b)<br>| 9700000 | 9743981 |
| (SOFR + 1.29%), 1.59%, <br> 5/24/2027 (b)<br>| 13538000 | 13261904 |
| (SOFR + 1.57%), 5.89%, <br> 8/14/2027 (b)<br>| 38929000 | 39452925 |
| (3-MONTH CME TERM SOFR + 1.81%), <br> 4.04%, 3/13/2028 (b)<br>| 5250000 | 5230441 |
| (SOFR + 1.06%), 5.60%, <br> 5/17/2028 (b)<br>| 242000 | 247077 |
| (SOFR + 1.04%), 5.13%, <br> 11/19/2028 (b)<br>| 32556000 | 33088060 |
| HSBC USA, Inc. 4.65%, 6/3/2028 | 39811000 | 40375633 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| 4.63%, 1/6/2026 (a) | 52629000 | 52651226 |
| (SOFR + 1.01%), 1.73%, 4/1/2027 (b) | 9455000 | 9314275 |
| (SOFR + 1.56%), 6.08%, <br> 9/11/2027 (b)<br>| 54500000 | 55416700 |
| (SOFR + 1.01%), 4.86%, <br> 3/25/2029 (b)<br>| 38479000 | 39026787 |
| KeyBank NA 4.70%, 1/26/2026 | 51383000 | 51397941 |
| KeyCorp 4.15%, 10/29/2025 | 25914000 | 25897997 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| 3.75%, 1/11/2027 | 5436000 | 5407461 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 1.63%, 5/11/2027 (b)<br>| 19103000 | 18741224 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.48%), 5.99%, 8/7/2027 (b)<br>| 47899000 | 48567457 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.38%), 5.46%, 1/5/2028 (b)<br>| 69732000 | 70728079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 217

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 5.09%, 11/26/2028 (b)<br>| 28470000 | 28946024 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.83%), 4.82%, 6/13/2029 (b)<br>| 50590000 | 51305455 |
| M&T Bank Corp. (SOFR + 0.93%), 4.83%, <br> 1/16/2029 (b)<br>| 40078000 | 40531946 |
| Manufacturers & Traders Trust Co.  | Manufacturers & Traders Trust Co.  | Manufacturers & Traders Trust Co.  |
| 4.65%, 1/27/2026 | 136894000 | 136993674 |
| (SOFR + 0.95%), 4.76%, 7/6/2028 (b) | 47184000 | 47552778 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.75%), 1.54%, 7/20/2027 (b)<br>| 118912000 | 116012266 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| 3.48%, 4/12/2026 (a) (c) | 14215000 | 14134051 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.67%), 1.23%, 5/22/2027 (b)<br>| 28629000 | 27997433 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.75%), 1.55%, 7/9/2027 (b)<br>| 35751000 | 34926519 |
| Morgan Stanley Bank NA  | Morgan Stanley Bank NA  | Morgan Stanley Bank NA  |
| 4.75%, 4/21/2026 | 2000000 | 2004350 |
| 5.88%, 10/30/2026 | 8121000 | 8280264 |
| (SOFR + 1.08%), 4.95%, <br> 1/14/2028 (b)<br>| 22062000 | 22265988 |
| (SOFR + 0.93%), 4.97%, <br> 7/14/2028 (b)<br>| 25973000 | 26333968 |
| (SOFR + 0.91%), 5.02%, <br> 1/12/2029 (b)<br>| 58306000 | 59304954 |
| National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) |
| 4.75%, 12/10/2025 | 27294000 | 27323021 |
| (SOFR + 0.65%), 5.05%, <br> 12/10/2025 (a) (b)<br>| 44601000 | 44649750 |
| 3.38%, 1/14/2026 | 2000000 | 1992644 |
| (SOFR + 0.55%), 4.93%, <br> 1/29/2026 (a) (b)<br>| 104000000 | 104120855 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| (SOFR + 0.56%), 4.70%, 3/5/2027 (b) | 195972000 | 196191873 |
| (SOFRINDX + 0.90%), 5.27%, <br> 3/25/2027 (b)<br>| 119076000 | 119276118 |
| (SOFR + 1.04%), 5.60%, 7/2/2027 (b) | 55211000 | 55734489 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| 4.80%, 4/5/2026 | 12245000 | 12277775 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.85%), 7.47%, 11/10/2026 (b)<br>| 39779000 | 39991347 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.35%), 5.85%, 3/2/2027 (b)<br>| 120464000 | 121319415 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.90%), 1.64%, 6/14/2027 (b)<br>| 54476000 | 53321399 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.10%), 5.58%, 3/1/2028 (b)<br>| 48926000 | 49835458 |
| (SOFR + 1.10%), 5.46%, <br> 5/23/2029 (b)<br>| 38998000 | 39179459 |
| NatWest Markets plc (United Kingdom) <br> 1.60%, 9/29/2026 (a)<br>| 7131000 | 6938726 |
| Nordea Bank Abp (Finland) 5.38%, <br> 9/22/2027 (a)<br>| 15016000 | 15389878 |
| PNC Bank NA (SOFR + 0.50%), 4.78%, <br> 1/15/2027 (b)<br>| 144871000 | 145016249 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFRINDX + 1.09%), 4.76%, <br> 1/26/2027 (b)<br>| 111563000 | 111659805 |
| (SOFR + 0.80%), 5.10%, <br> 7/23/2027 (b)<br>| 18650000 | 18756781 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 1.20%, 4/27/2026 | 24788000 | 24307759 |
| 5.20%, 7/20/2026 | 2000000 | 2016827 |
| (SOFRINDX + 0.46%), 4.83%, <br> 8/3/2026 (b)<br>| 184918000 | 185123486 |
| 4.88%, 1/19/2027 | 17063000 | 17268714 |
| (SOFR + 0.79%), 5.07%, <br> 7/23/2027 (b)<br>| 88296000 | 88880693 |
| (SOFR + 0.83%), 4.97%, <br> 1/24/2029 (b)<br>| 97000000 | 98786792 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 2.75%), 6.83%, <br> 11/21/2026 (b)<br>| 35426000 | 35595856 |
| (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (b)<br>| 12300000 | 12038076 |
| (SOFR + 1.22%), 2.47%, <br> 1/11/2028 (b)<br>| 5328000 | 5190138 |
| Skandinaviska Enskilda Banken AB <br> (Sweden) 1.20%, 9/9/2026 (a)<br>| 3000000 | 2912219 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.10%), 1.49%, 12/14/2026 (a) (b)<br>| 148004000 | 146654033 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

218 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 6.45%, 1/12/2027 (a) (b)<br>| 700000 | 704331 |
| 5.25%, 2/19/2027 (a) | 95088000 | 96033760 |
| (SOFR + 1.10%), 5.47%, <br> 2/19/2027 (a) (b)<br>| 31038000 | 31171463 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.00%), 1.79%, 6/9/2027 (a) (b)<br>| 26976000 | 26404771 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.50%), 5.52%, 1/19/2028 (a) (b)<br>| 107985000 | 109368092 |
| Standard Chartered Bank (United Kingdom) | Standard Chartered Bank (United Kingdom) | Standard Chartered Bank (United Kingdom) |
| (SOFR + 0.65%), 5.06%, <br> 10/8/2026 (b)<br>| 3900000 | 3907426 |
| 4.85%, 12/3/2027 | 70066000 | 71353112 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| 4.05%, 4/12/2026 (a) | 8840000 | 8807646 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.05%), 6.17%, 1/9/2027 (a) (b)<br>| 27420000 | 27570536 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.00%), 1.46%, 1/14/2027 (a) (b)<br>| 20835000 | 20597481 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.85%), 6.19%, 7/6/2027 (a) (b)<br>| 53627000 | 54402446 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.05%), 5.55%, 1/21/2029 (a) (b)<br>| 34583000 | 35453800 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 0.95%, 1/12/2026 | 24389000 | 24091977 |
| 5.46%, 1/13/2026 | 52209000 | 52404189 |
| 2.63%, 7/14/2026 | 20680000 | 20403636 |
| 1.40%, 9/17/2026 | 13000000 | 12632885 |
| 3.01%, 10/19/2026 | 13610000 | 13437594 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| 1.05%, 9/12/2025 (a) | 2000000 | 1998129 |
| 5.65%, 3/9/2026 (a) | 38071000 | 38317794 |
| 5.65%, 9/14/2026 (a) | 5000000 | 5070711 |
| 5.20%, 3/7/2027 (a) | 14107000 | 14332086 |
| 4.45%, 9/10/2027 (a) | 43800000 | 44085189 |
| Svenska Handelsbanken AB (Sweden) <br> 5.25%, 6/15/2026 (a)<br>| 109095000 | 109907580 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| (SOFR + 0.48%), 4.85%, <br> 10/10/2025 (b)<br>| 91929000 | 91958689 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| 0.75%, 1/6/2026 | 2525000 | 2493497 |
| 5.10%, 1/9/2026 | 5295000 | 5306156 |
| 1.20%, 6/3/2026 | 9406000 | 9193141 |
| 5.53%, 7/17/2026 | 20483000 | 20708494 |
| 5.26%, 12/11/2026 | 1845000 | 1871112 |
| 4.57%, 12/17/2026 | 41342000 | 41538045 |
| Truist Bank  | Truist Bank  | Truist Bank  |
| (SOFR + 0.59%), 4.67%, <br> 5/20/2027 (b)<br>| 123622000 | 123856088 |
| (SOFR + 0.77%), 4.42%, <br> 7/24/2028 (b)<br>| 83106000 | 83355812 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 1.63%), 5.90%, <br> 10/28/2026 (b)<br>| 25795000 | 25844228 |
| (SOFR + 0.61%), 1.27%, 3/2/2027 (b) | 23597000 | 23240371 |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (b) | 105891000 | 107107651 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| Series V, 2.38%, 7/22/2026 | 2000000 | 1970124 |
| (SOFR + 1.43%), 5.73%, <br> 10/21/2026 (b)<br>| 66636000 | 66736862 |
| US Bank NA  | US Bank NA  | US Bank NA  |
| (SOFR + 0.69%), 4.51%, <br> 10/22/2027 (b)<br>| 93509000 | 93764915 |
| (SOFR + 0.91%), 4.73%, <br> 5/15/2028 (b)<br>| 53930000 | 54418944 |
| Wells Fargo & Co. Series W, (SOFR + <br> 0.78%), 4.90%, 1/24/2028 (b)<br>| 61445000 | 61978964 |
| Wells Fargo Bank NA  | Wells Fargo Bank NA  | Wells Fargo Bank NA  |
| 4.81%, 1/15/2026 | 71583000 | 71669910 |
| (SOFR + 1.07%), 5.45%, <br> 12/11/2026 (b)<br>| 13194000 | 13312746 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| (SOFR + 0.55%), 4.93%, <br> 1/29/2026 (a) (b)<br>| 103539000 | 103661544 |
| 5.20%, 4/16/2026 | 2000000 | 2012321 |
| 2.85%, 5/13/2026 | 13463000 | 13342030 |
| 1.15%, 6/3/2026 | 5976000 | 5843044 |
| 4.60%, 10/20/2026 | 40646000 | 40939704 |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 5.13%, 2/26/2027 (a) | 22513000 | 22822705 |
| 4.90%, 2/15/2028 (a) | 29500000 | 30027898 |
|  |  | 8866461282 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Constellation Brands, Inc.  | Constellation Brands, Inc.  | Constellation Brands, Inc.  |
| 4.40%, 11/15/2025 | 188000 | 187830 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 219

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Beverages — continued** | **Beverages — continued** | **Beverages — continued** |
| 3.70%, 12/6/2026 | 3441000 | 3417011 |
| Diageo Capital plc (United Kingdom) | Diageo Capital plc (United Kingdom) | Diageo Capital plc (United Kingdom) |
| 1.38%, 9/29/2025 | 687000 | 685374 |
| 5.20%, 10/24/2025 | 5570000 | 5575007 |
| Keurig Dr. Pepper, Inc. 3.40%, <br> 11/15/2025<br>| 9380000 | 9355154 |
| Molson Coors Beverage Co. 3.00%, <br> 7/15/2026<br>| 146353000 | 144660713 |
| Pernod Ricard SA (France) 3.25%, <br> 6/8/2026 (a)<br>| 69144000 | 68571277 |
|  |  | 232452366 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 3.20%, 5/14/2026 | 84349000 | 83776207 |
| 2.95%, 11/21/2026 | 500000 | 493446 |
| Amgen, Inc. 2.60%, 8/19/2026 | 14631000 | 14416949 |
|  |  | 98686602 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| CRH SMW Finance DAC 5.13%, 1/9/2030 | 28656000 | 29484422 |
| Johnson Controls International plc 3.90%, <br> 2/14/2026<br>| 4077000 | 4062681 |
|  |  | 33547103 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| Bank of New York Mellon (The) (SOFR + <br> 0.69%), 4.59%, 4/20/2027 (b)<br>| 2000000 | 2004372 |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| 2.80%, 5/4/2026 | 24776000 | 24557822 |
| (SOFR + 1.03%), 4.95%, <br> 4/26/2027 (b)<br>| 25937000 | 26057644 |
| Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  |
| 1.15%, 5/13/2026 | 4770000 | 4668322 |
| 5.88%, 8/24/2026 | 3000000 | 3044162 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.87%), 2.13%, <br> 11/24/2026 (b)<br>| 43227000 | 42981443 |
| (SOFR + 2.52%), 7.15%, <br> 7/13/2027 (b)<br>| 5034000 | 5147820 |
| Goldman Sachs Bank USA  | Goldman Sachs Bank USA  | Goldman Sachs Bank USA  |
| (SOFR + 0.77%), 5.15%, <br> 3/18/2027 (b)<br>| 75019000 | 75179400 |
| (SOFR + 0.78%), 5.28%, <br> 3/18/2027 (b)<br>| 40688000 | 40873373 |
| (SOFR + 0.75%), 5.41%, <br> 5/21/2027 (b)<br>| 33893000 | 34139619 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| 3.75%, 2/25/2026 | 14456000 | 14415502 |
| (SOFR + 0.79%), 1.09%, <br> 12/9/2026 (b)<br>| 11106000 | 11005043 |
| 3.85%, 1/26/2027 | 39500000 | 39316322 |
| (SOFR + 0.80%), 1.43%, 3/9/2027 (b) | 106626000 | 104966887 |
| (SOFR + 1.32%), 4.94%, <br> 4/23/2028 (b)<br>| 65350000 | 66035000 |
| Jefferies Financial Group, Inc.  | Jefferies Financial Group, Inc.  | Jefferies Financial Group, Inc.  |
| 5.03%, 3/16/2026 | 116788000 | 116635369 |
| 4.75%, 8/11/2026 | 72000000 | 72252246 |
| Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) |
| 5.39%, 12/7/2026 (a) | 17507000 | 17833711 |
| 4.33%, 6/12/2028 (a) (c) | 39964000 | 40320079 |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (SOFR + 1.07%), 1.34%, <br> 1/12/2027 (a) (b)<br>| 96852000 | 95779760 |
| (SOFR + 2.13%), 4.10%, <br> 6/21/2028 (a) (b)<br>| 3160000 | 3145065 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.77%), 6.14%, <br> 10/16/2026 (b)<br>| 4355000 | 4362906 |
| (SOFR + 0.72%), 0.99%, <br> 12/10/2026 (b)<br>| 80224000 | 79440528 |
| (SOFR + 1.30%), 5.05%, <br> 1/28/2027 (b)<br>| 70736000 | 70918802 |
| (SOFR + 0.88%), 1.59%, 5/4/2027 (b) | 35580000 | 34917105 |
| (SOFR + 0.86%), 1.51%, <br> 7/20/2027 (b)<br>| 42311000 | 41264409 |
| Nasdaq, Inc. 3.85%, 6/30/2026 | 11791000 | 11761973 |
| Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) |
| 5.71%, 1/9/2026 | 2000000 | 2008129 |
| 1.65%, 7/14/2026 | 44022000 | 43043108 |
| 2.33%, 1/22/2027 | 1386000 | 1348602 |
| State Street Bank & Trust Co. 4.59%, <br> 11/25/2026<br>| 62407000 | 62889141 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| 5.27%, 8/3/2026 | 3000000 | 3026822 |
| (SOFR + 1.35%), 5.75%, <br> 11/4/2026 (b)<br>| 1500000 | 1503339 |
| (SOFR + 1.02%), 4.53%, <br> 2/20/2029 (b)<br>| 7909000 | 7993421 |
| UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) |
| (SOFR + 0.93%), 5.31%, <br> 9/11/2025 (b)<br>| 70430000 | 70444570 |
| 5.80%, 9/11/2025 | 4183000 | 4184180 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

220 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| 1.25%, 6/1/2026 | 2000000 | 1955572 |
| 1.25%, 8/7/2026 | 2620000 | 2550930 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| 4.13%, 9/24/2025 (a) | 2936000 | 2934900 |
| 4.13%, 4/15/2026 (a) | 32378000 | 32327621 |
| 4.55%, 4/17/2026 | 3199000 | 3203774 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.55%), 5.71%, 1/12/2027 (a) (b)<br>| 44870000 | 45057956 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.08%), 1.36%, 1/30/2027 (a) (b)<br>| 35818000 | 35371010 |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (a) (b)<br>| 40110000 | 39592367 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 1.49%, 8/10/2027 (a) (b)<br>| 27149000 | 26423961 |
| 4.28%, 1/9/2028 (a) | 2608000 | 2604841 |
| 4.25%, 3/23/2028 (a) | 1550000 | 1547121 |
| (SOFR + 3.70%), 6.44%, <br> 8/11/2028 (a) (b)<br>| 1212000 | 1259762 |
|  |  | 1474295811 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Chevron Phillips Chemical Co. LLC 3.40%, <br> 12/1/2026 (a)<br>| 8320000 | 8243563 |
| DuPont de Nemours, Inc. 4.49%, <br> 11/15/2025<br>| 4043000 | 4039344 |
| Ecolab, Inc.  | Ecolab, Inc.  | Ecolab, Inc.  |
| 2.70%, 11/1/2026 | 2172000 | 2137994 |
| 4.30%, 6/15/2028 | 3571000 | 3601913 |
| EIDP, Inc. 4.50%, 5/15/2026 | 2000000 | 2001937 |
| Nutrien Ltd. (Canada) 5.95%, 11/7/2025 | 9660000 | 9672713 |
| PPG Industries, Inc. 1.20%, 3/15/2026 | 770000 | 757037 |
| Sherwin-Williams Co. (The) 3.45%, <br> 6/1/2027<br>| 33073000 | 32683516 |
| Westlake Corp. 3.60%, 8/15/2026 | 49030000 | 48676704 |
|  |  | 111814721 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.27%, 6/26/2026 (a) | 95885000 | 97186532 |
| 5.64%, 3/13/2027 (a) | 59831000 | 60964329 |
| Republic Services, Inc. 0.88%, <br> 11/15/2025<br>| 4790000 | 4753073 |
|  |  | 162903934 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Finance — 4.1%** | **Consumer Finance — 4.1%** | **Consumer Finance — 4.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 4.45%, 10/1/2025 | 39487000 | 39478414 |
| 1.75%, 1/30/2026 | 30544000 | 30194301 |
| 2.45%, 10/29/2026 | 82539000 | 80848586 |
| 4.63%, 10/15/2027 | 5000000 | 5034307 |
| 3.88%, 1/23/2028 | 3447000 | 3421249 |
| 4.88%, 4/1/2028 | 66211000 | 67198235 |
| 5.75%, 6/6/2028 | 4862000 | 5042845 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| 4.90%, 2/13/2026 | 2000000 | 2003736 |
| 3.13%, 5/20/2026 | 2976000 | 2953667 |
| (SOFR + 1.33%), 6.34%, <br> 10/30/2026 (b)<br>| 15483000 | 15527965 |
| (SOFRINDX + 0.75%), 5.65%, <br> 4/23/2027 (b)<br>| 85628000 | 86321148 |
| (SOFR + 1.00%), 5.10%, <br> 2/16/2028 (b)<br>| 12100000 | 12244614 |
| (SOFR + 0.93%), 5.04%, <br> 7/26/2028 (b)<br>| 26600000 | 27029383 |
| American Honda Finance Corp.  | American Honda Finance Corp.  | American Honda Finance Corp.  |
| (SOFR + 0.62%), 5.02%, <br> 12/11/2026 (b)<br>| 107056000 | 107146690 |
| (SOFR + 0.75%), 5.13%, <br> 1/15/2027 (b)<br>| 113290000 | 113661225 |
| (SOFR + 0.87%), 5.24%, 7/9/2027 (b) | 42312000 | 42440205 |
| (SOFR + 0.73%), 5.08%, <br> 8/13/2027 (b)<br>| 71499000 | 71614685 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (a) | 6024000 | 6032554 |
| 2.13%, 2/21/2026 (a) | 33111000 | 32705721 |
| 4.25%, 4/15/2026 (a) | 50710000 | 50482819 |
| 4.38%, 5/1/2026 (a) | 15428000 | 15395447 |
| 2.53%, 11/18/2027 (a) | 5542000 | 5315499 |
| 4.95%, 1/15/2028 (a) | 48876000 | 49320772 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 0.86%), 1.88%, <br> 11/2/2027 (b)<br>| 22514000 | 21875033 |
| (SOFR + 2.06%), 4.93%, <br> 5/10/2028 (b)<br>| 5250000 | 5302984 |
| Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  |
| 4.45%, 10/16/2026 | 36349000 | 36523305 |
| (SOFR + 0.64%), 4.99%, <br> 8/15/2028 (b)<br>| 162000000 | 162230364 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 6.05%, 10/10/2025 | 15331000 | 15351371 |
| 1.25%, 1/8/2026 | 50515000 | 49932848 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 221

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 5.40%, 4/6/2026 | 3250000 | 3265276 |
| 5.05%, 4/4/2028 | 1042000 | 1059220 |
| Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
| (SOFR + 0.77%), 5.12%, 8/7/2026 (b) | 33926000 | 34076585 |
| 4.50%, 5/14/2027 | 41451000 | 41798029 |
| (SOFR + 0.60%), 4.75%, <br> 7/21/2027 (b)<br>| 48647000 | 48694784 |
| (SOFR + 0.50%), 4.50%, <br> 8/25/2027 (b)<br>| 93716000 | 93732548 |
|  |  | 1385256414 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Dollar General Corp. 3.88%, 4/15/2027 | 269000 | 267398 |
| Kroger Co. (The) 2.65%, 10/15/2026 | 7172000 | 7052949 |
| Sysco Corp. 3.75%, 10/1/2025 | 61866000 | 61823670 |
|  |  | 69144017 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor Flexibles North America, Inc. <br> 4.80%, 3/17/2028<br>| 29463000 | 29822531 |
| Sonoco Products Co. 4.45%, 9/1/2026 | 37666000 | 37654917 |
|  |  | 67477448 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Simon Property Group LP 3.30%, <br> 1/15/2026<br>| 8726000 | 8688771 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.88%, 1/15/2026 | 2145000 | 2139227 |
| 7.13%, 3/15/2026 | 9695000 | 9826822 |
| 1.70%, 3/25/2026 | 112605000 | 110958948 |
| 2.95%, 7/15/2026 | 3000000 | 2966670 |
| Deutsche Telekom International Finance BV <br> (Germany) 3.60%, 1/19/2027 (a)<br>| 1638000 | 1623403 |
| NBN Co. Ltd. (Australia) 4.00%, <br> 10/1/2027 (a)<br>| 13656000 | 13592668 |
| Verizon Communications, Inc. 0.85%, <br> 11/20/2025<br>| 2347000 | 2328494 |
|  |  | 143436232 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| American Electric Power Co., Inc. Series N, <br> 1.00%, 11/1/2025<br>| 3241000 | 3221281 |
| Arizona Public Service Co. 2.55%, <br> 9/15/2026<br>| 5170000 | 5066687 |
| Cleveland Electric Illuminating Co. (The) <br> 3.50%, 4/1/2028 (a)<br>| 3000000 | 2940416 |
| DTE Electric Co. 4.25%, 5/14/2027 | 6399000 | 6424542 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 0.90%, 9/15/2025 | 28833000 | 28795274 |
| 5.00%, 12/8/2025 | 1004000 | 1005303 |
| 2.65%, 9/1/2026 | 2747000 | 2705523 |
| 4.85%, 1/5/2027 | 76842000 | 77519038 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 7.05%, 10/14/2025 (a) (d) | 27022000 | 27091202 |
| 1.63%, 7/12/2026 (a) (d) | 25609000 | 25005619 |
| 2.13%, 7/12/2028 (a) (d) | 5000000 | 4707281 |
| Entergy Corp.  | Entergy Corp.  | Entergy Corp.  |
| 0.90%, 9/15/2025 | 23130000 | 23099439 |
| 2.95%, 9/1/2026 | 6294000 | 6205756 |
| Eversource Energy  | Eversource Energy  | Eversource Energy  |
| 3.35%, 3/15/2026 | 2000000 | 1986631 |
| 5.00%, 1/1/2027 | 12766000 | 12886680 |
| Exelon Corp. 3.40%, 4/15/2026 | 6956000 | 6914844 |
| ITC Holdings Corp. 3.25%, 6/30/2026 | 1165000 | 1153678 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 5.75%, 9/1/2025 | 86783000 | 86783000 |
| 4.95%, 1/29/2026 | 101615000 | 101818257 |
| 4.69%, 9/1/2027 | 25107000 | 25344275 |
| 4.85%, 2/4/2028 | 48322000 | 49117453 |
| Oncor Electric Delivery Co. LLC 4.50%, <br> 3/20/2027 (a)<br>| 30731000 | 30942481 |
| PPL Capital Funding, Inc. 3.10%, <br> 5/15/2026<br>| 2308000 | 2284235 |
| Southern Co. (The) 3.25%, 7/1/2026 | 50512000 | 50054175 |
| Southwestern Electric Power Co.  | Southwestern Electric Power Co.  | Southwestern Electric Power Co.  |
| Series N, 1.65%, 3/15/2026 | 1562000 | 1540200 |
| Series K, 2.75%, 10/1/2026 | 2460000 | 2418830 |
| Virginia Power Fuel Securitization LLC <br> Series A-1, 5.09%, 5/1/2027<br>| 30458757 | 30604470 |
|  |  | 617636570 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Jabil, Inc. 1.70%, 4/15/2026 | 300000 | 295056 |
| TD SYNNEX Corp. 1.75%, 8/9/2026 | 2859000 | 2788083 |
| Teledyne Technologies, Inc. 1.60%, <br> 4/1/2026<br>| 21077000 | 20725879 |
| Tyco Electronics Group SA (Switzerland) <br> 4.50%, 2/13/2026<br>| 2000000 | 2000596 |
|  |  | 25809614 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| Schlumberger Holdings Corp. 4.00%, <br> 12/21/2025 (a)<br>| 5937000 | 5926074 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

222 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| Take-Two Interactive Software, Inc. 5.00%, <br> 3/28/2026<br>| 11117000 | 11148400 |
| TWDC Enterprises 18 Corp. 1.85%, <br> 7/30/2026<br>| 3000000 | 2941514 |
|  |  | 14089914 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Fidelity National Information Services, Inc. <br> 1.15%, 3/1/2026<br>| 26081000 | 25666260 |
| Fiserv, Inc. 3.20%, 7/1/2026 | 147162000 | 145800473 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 1.20%, 3/1/2026 | 48783000 | 47999411 |
| 4.80%, 4/1/2026 | 25199000 | 25204150 |
| 4.45%, 6/1/2028 | 4135000 | 4144944 |
| LSEGA Financing plc (United Kingdom) <br> 1.38%, 4/6/2026 (a)<br>| 9889000 | 9706991 |
| National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  |
| (SOFR + 0.58%), 4.92%, <br> 11/22/2026 (b)<br>| 139446000 | 139939732 |
| Series D, 4.15%, 8/25/2028 | 71986000 | 72246075 |
| Nationwide Building Society (United <br> Kingdom) 1.50%, 10/13/2026 (a)<br>| 1458000 | 1416109 |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| 1.16%, 4/3/2026 (a) | 85647000 | 84088972 |
| 4.57%, 7/16/2027 (a) | 27026000 | 27197417 |
| 4.62%, 7/16/2028 (a) | 36760000 | 37152232 |
| 4.88%, 7/16/2030 (a) | 10657000 | 10821520 |
| Shell International Finance BV 2.88%, <br> 5/10/2026<br>| 2000000 | 1982167 |
|  |  | 633366453 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Archer-Daniels-Midland Co. 2.50%, <br> 8/11/2026<br>| 10150000 | 9998530 |
| Conagra Brands, Inc.  | Conagra Brands, Inc.  | Conagra Brands, Inc.  |
| 4.60%, 11/1/2025 | 12100000 | 12094047 |
| 7.13%, 10/1/2026 | 3000000 | 3078191 |
| Danone SA (France) 2.95%, <br> 11/2/2026 (a)<br>| 10041000 | 9897677 |
| General Mills, Inc. 4.70%, 1/30/2027 | 7335000 | 7379150 |
| McCormick & Co., Inc.  | McCormick & Co., Inc.  | McCormick & Co., Inc.  |
| 3.25%, 11/15/2025 | 3282000 | 3269149 |
| 0.90%, 2/15/2026 | 12000000 | 11806088 |
| Mead Johnson Nutrition Co. (United <br> Kingdom) 4.13%, 11/15/2025<br>| 14292000 | 14280310 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| Mondelez International Holdings <br> Netherlands BV 4.25%, 9/15/2025 (a)<br>| 1500000 | 1499789 |
| Tyson Foods, Inc. 4.00%, 3/1/2026 | 4004000 | 3994571 |
|  |  | 77297502 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Canadian National Railway Co. (Canada) <br> 2.75%, 3/1/2026<br>| 2000000 | 1983769 |
| Canadian Pacific Railway Co. (Canada) <br> 1.75%, 12/2/2026<br>| 2279000 | 2214035 |
| CSX Corp. 3.35%, 11/1/2025 | 21643000 | 21599372 |
| ERAC USA Finance LLC  | ERAC USA Finance LLC  | ERAC USA Finance LLC  |
| 3.80%, 11/1/2025 (a) | 1047000 | 1045276 |
| 3.30%, 12/1/2026 (a) | 30740000 | 30397981 |
| JB Hunt Transport Services, Inc. 3.88%, <br> 3/1/2026<br>| 8050000 | 8023272 |
| Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  |
| 1.20%, 11/15/2025 (a) | 200000 | 198646 |
| 5.75%, 5/24/2026 (a) | 108844000 | 109650942 |
| 1.70%, 6/15/2026 (a) | 8153000 | 7981220 |
| 3.40%, 11/15/2026 (a) | 14293000 | 14124115 |
| 5.35%, 1/12/2027 (a) | 24179000 | 24463872 |
| 6.05%, 8/1/2028 (a) | 385000 | 402820 |
|  |  | 222085320 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| Baxter International, Inc. 2.60%, <br> 8/15/2026<br>| 7547000 | 7428497 |
| Stryker Corp.  | Stryker Corp.  | Stryker Corp.  |
| 3.38%, 11/1/2025 | 4926000 | 4915121 |
| 4.55%, 2/10/2027 | 57958000 | 58431273 |
| Zimmer Biomet Holdings, Inc.  | Zimmer Biomet Holdings, Inc.  | Zimmer Biomet Holdings, Inc.  |
| 3.05%, 1/15/2026 | 35107000 | 34915843 |
| 4.70%, 2/19/2027 | 81123000 | 81699638 |
|  |  | 187390372 |
| **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** |
| Cardinal Health, Inc.  | Cardinal Health, Inc.  | Cardinal Health, Inc.  |
| 3.75%, 9/15/2025 | 76962000 | 76940219 |
| 4.70%, 11/15/2026 | 33465000 | 33677706 |
| 3.41%, 6/15/2027 | 37784000 | 37308665 |
| Cencora, Inc. 4.63%, 12/15/2027 | 12254000 | 12372051 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 4.50%, 2/25/2026 | 4047000 | 4048540 |
| 1.25%, 3/15/2026 | 2663000 | 2618956 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 5.35%, 10/15/2025 | 14932000 | 14935128 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 223

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.90%, 2/8/2026 | 13878000 | 13878581 |
| 1.50%, 3/15/2026 | 8955000 | 8812063 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.88%, 2/15/2026 | 11145000 | 11154189 |
| 5.25%, 6/15/2026 | 98861000 | 99034016 |
| 5.00%, 3/1/2028 | 19629000 | 19984225 |
| Laboratory Corp. of America Holdings <br> 1.55%, 6/1/2026<br>| 1809000 | 1772740 |
| Quest Diagnostics, Inc. 3.45%, 6/1/2026 | 18007000 | 17891219 |
|  |  | 354428298 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 4.30%, 1/15/2026 | 6706000 | 6700124 |
| 3.80%, 4/15/2026 | 26405000 | 26304160 |
| Healthpeak OP LLC 3.25%, 7/15/2026 | 34197000 | 33879793 |
| Welltower OP LLC 4.25%, 4/1/2026 | 30224000 | 30209029 |
|  |  | 97093106 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| Darden Restaurants, Inc.  | Darden Restaurants, Inc.  | Darden Restaurants, Inc.  |
| 3.85%, 5/1/2027 | 10250000 | 10171823 |
| 4.35%, 10/15/2027 | 31860000 | 32010328 |
| Expedia Group, Inc. 5.00%, 2/15/2026 | 8385000 | 8390709 |
| Marriott International, Inc.  | Marriott International, Inc.  | Marriott International, Inc.  |
| 3.75%, 10/1/2025 (c) | 4159000 | 4155703 |
| 5.45%, 9/15/2026 | 44438000 | 44965808 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 4.75%, 2/15/2026 | 21251000 | 21279477 |
| 2.45%, 6/15/2026 | 4100000 | 4045660 |
|  |  | 125019508 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 1.38%, 1/15/2026 | 4661000 | 4601566 |
| Southern Power Co. 4.15%, 12/1/2025 | 11912000 | 11895125 |
|  |  | 16496691 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 2.50%, <br> 11/1/2026<br>| 2000000 | 1964584 |
| **Insurance — 8.3%** | **Insurance — 8.3%** | **Insurance — 8.3%** |
| AEGON Funding Co. LLC (Netherlands) <br> 5.50%, 4/16/2027 (a)<br>| 73400000 | 74583965 |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| 1.45%, 1/8/2026 (a) | 535000 | 529197 |
| 5.68%, 2/23/2026 (a) | 4210000 | 4237193 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| (SOFRINDX + 0.85%), 5.20%, <br> 5/8/2026 (a) (b)<br>| 12860000 | 12886739 |
| (SOFRINDX + 0.75%), 5.11%, <br> 7/16/2026 (a) (b)<br>| 24818000 | 24892851 |
| (SOFR + 0.68%), 5.05%, <br> 8/10/2026 (a) (b)<br>| 28252000 | 28271008 |
| 4.86%, 8/27/2026 (a) | 225572000 | 226714740 |
| 4.95%, 1/7/2027 (a) | 110158000 | 111094934 |
| 3.21%, 3/8/2027 (a) | 6896000 | 6763781 |
| 5.52%, 3/25/2027 (a) | 5250000 | 5339952 |
| 4.83%, 5/9/2028 (a) | 2247000 | 2274497 |
| Brighthouse Financial Global Funding  | Brighthouse Financial Global Funding  | Brighthouse Financial Global Funding  |
| 1.55%, 5/24/2026 (a) | 3406000 | 3330863 |
| 5.55%, 4/9/2027 (a) | 63367000 | 64378682 |
| 2.00%, 6/28/2028 (a) | 1478000 | 1375477 |
| CNA Financial Corp. 4.50%, 3/1/2026 | 6750000 | 6746700 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 5.88%, 6/4/2027 (a) | 10333000 | 10599729 |
| 4.88%, 12/10/2027 (a) | 33847000 | 34305708 |
| 4.95%, 9/9/2029 (a) | 17617000 | 18019175 |
| Corebridge Global Funding  | Corebridge Global Funding  | Corebridge Global Funding  |
| 5.35%, 6/24/2026 (a) | 111306000 | 112280037 |
| 5.75%, 7/2/2026 (a) | 64606000 | 65407379 |
| 4.65%, 8/20/2027 (a) | 97494000 | 98431425 |
| 4.25%, 8/21/2028 (a) | 21973000 | 22035915 |
| Equitable America Global Funding 4.65%, <br> 6/9/2028 (a)<br>| 17655000 | 17827660 |
| Equitable Financial Life Global Funding  | Equitable Financial Life Global Funding  | Equitable Financial Life Global Funding  |
| 1.30%, 7/12/2026 (a) | 1471000 | 1435286 |
| 4.60%, 4/1/2027 (a) | 167980000 | 168951758 |
| 4.88%, 11/19/2027 (a) | 70402000 | 71353487 |
| Fidelity National Financial, Inc. 4.50%, <br> 8/15/2028<br>| 10230000 | 10256011 |
| Jackson National Life Global Funding  | Jackson National Life Global Funding  | Jackson National Life Global Funding  |
| 5.60%, 4/10/2026 (a) | 109709000 | 110484925 |
| 3.05%, 4/29/2026 (a) | 7346000 | 7282948 |
| 4.90%, 1/13/2027 (a) | 23610000 | 23779802 |
| (SOFR + 0.89%), 5.29%, <br> 6/9/2027 (a) (b)<br>| 132582000 | 133148125 |
| 5.55%, 7/2/2027 (a) | 46967000 | 47972768 |
| MassMutual Global Funding II  | MassMutual Global Funding II  | MassMutual Global Funding II  |
| 4.50%, 4/10/2026 (a) | 2000000 | 2003576 |
| (SOFR + 0.68%), 5.04%, <br> 8/1/2028 (a) (b)<br>| 153640000 | 153681068 |
| Met Tower Global Funding 4.85%, <br> 1/16/2027 (a) (c)<br>| 21292000 | 21496409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

224 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  |
| 4.15%, 8/25/2028 (a) | 19493000 | 19554788 |
| (SOFR + 0.70%), 5.06%, <br> 8/25/2028 (a) (b) (c)<br>| 63788000 | 63935542 |
| Mutual of Omaha Cos. Global Funding  | Mutual of Omaha Cos. Global Funding  | Mutual of Omaha Cos. Global Funding  |
| 5.35%, 4/9/2027 (a) | 13008000 | 13228584 |
| 4.51%, 6/9/2028 (a) | 84489000 | 85155944 |
| New York Life Global Funding  | New York Life Global Funding  | New York Life Global Funding  |
| 5.45%, 9/18/2026 (a) | 2000000 | 2027897 |
| (SOFR + 0.67%), 5.04%, <br> 4/2/2027 (a) (b)<br>| 9017000 | 9051778 |
| (SOFR + 0.55%), 4.93%, <br> 6/11/2027 (a) (b)<br>| 86073000 | 86249636 |
| 4.40%, 12/13/2027 (a) | 139001000 | 140054181 |
| (SOFR + 0.66%), 5.02%, <br> 7/25/2028 (a) (b)<br>| 95023000 | 95360443 |
| Northwestern Mutual Global Funding <br> (SOFR + 0.66%), 5.02%, <br> 8/25/2028 (a) (b)<br>| 66133000 | 66265266 |
| Pacific Life Global Funding II  | Pacific Life Global Funding II  | Pacific Life Global Funding II  |
| (SOFR + 0.48%), 4.85%, <br> 2/4/2027 (a) (b)<br>| 43739000 | 43794476 |
| 4.45%, 5/1/2028 (a) | 29004000 | 29360880 |
| (SOFR + 0.75%), 5.12%, <br> 7/10/2028 (a) (b)<br>| 168634000 | 169539841 |
| Pricoa Global Funding I 5.55%, <br> 8/28/2026 (a)<br>| 3000000 | 3040083 |
| Principal Financial Group, Inc. 3.10%, <br> 11/15/2026<br>| 500000 | 493811 |
| Principal Life Global Funding II  | Principal Life Global Funding II  | Principal Life Global Funding II  |
| 1.50%, 11/17/2026 (a) | 2052000 | 1987687 |
| 5.00%, 1/16/2027 (a) | 8349000 | 8441394 |
| (SOFR + 0.81%), 5.18%, <br> 8/18/2028 (a) (b)<br>| 53224000 | 53364205 |
| 5.10%, 1/25/2029 (a) | 66821000 | 68555110 |
| Protective Life Global Funding  | Protective Life Global Funding  | Protective Life Global Funding  |
| 1.30%, 9/20/2026 (a) | 4003000 | 3885905 |
| 4.99%, 1/12/2027 (a) | 18117000 | 18304446 |
| Reliance Standard Life Global Funding II <br> 5.24%, 2/2/2026 (a)<br>| 21309000 | 21352299 |
| Western-Southern Global Funding 4.50%, <br> 7/16/2028 (a)<br>| 53528000 | 53886450 |
|  |  | 2761064416 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 19338000 | 18826957 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| CNH Industrial Capital LLC  | CNH Industrial Capital LLC  | CNH Industrial Capital LLC  |
| 5.45%, 10/14/2025 | 25570000 | 25592114 |
| 1.88%, 1/15/2026 | 8530000 | 8437692 |
| 1.45%, 7/15/2026 | 11650000 | 11360643 |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| 5.15%, 1/16/2026 (a) | 11998000 | 12030093 |
| 2.00%, 12/14/2026 (a) | 17100000 | 16632187 |
| 5.00%, 1/15/2027 (a) | 17392000 | 17557167 |
| 3.65%, 4/7/2027 (a) | 1825000 | 1808750 |
| 4.95%, 1/13/2028 (a) | 19373000 | 19645728 |
| Dover Corp. 3.15%, 11/15/2025 | 190000 | 189389 |
| Stanley Black & Decker, Inc. 3.40%, <br> 3/1/2026<br>| 12458000 | 12375485 |
|  |  | 125629248 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cox Communications, Inc. 3.35%, <br> 9/15/2026 (a)<br>| 2735000 | 2704288 |
| Omnicom Group, Inc. 3.60%, 4/15/2026 | 16335000 | 16247486 |
|  |  | 18951774 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 1.63%, 9/1/2025 (a) | 23940000 | 23940000 |
| (SOFRINDX + 0.75%), 5.14%, <br> 10/1/2026 (a) (b)<br>| 6842000 | 6858050 |
| 5.34%, 4/4/2027 (a) | 1278000 | 1297506 |
| Rio Tinto Finance USA plc (Australia) | Rio Tinto Finance USA plc (Australia) | Rio Tinto Finance USA plc (Australia) |
| 4.38%, 3/12/2027 | 7153000 | 7195132 |
| 4.50%, 3/14/2028 | 5547000 | 5606005 |
|  |  | 44896693 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| CMS Energy Corp. 3.00%, 5/15/2026 | 11796000 | 11682917 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| 3.90%, 10/1/2025 | 49728000 | 49694240 |
| Series A, 1.45%, 4/15/2026 | 12036000 | 11823812 |
| DTE Energy Co. 2.85%, 10/1/2026 | 5215000 | 5139556 |
| WEC Energy Group, Inc.  | WEC Energy Group, Inc.  | WEC Energy Group, Inc.  |
| 5.00%, 9/27/2025 | 17277000 | 17277492 |
| 4.75%, 1/9/2026 | 35196000 | 35218024 |
|  |  | 130836041 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 225

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| Boston Properties LP  | Boston Properties LP  | Boston Properties LP  |
| 3.65%, 2/1/2026 | 9914000 | 9867517 |
| 6.75%, 12/1/2027 | 5000000 | 5261165 |
|  |  | 15128682 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| BP Capital Markets America, Inc. 3.80%, <br> 9/21/2025<br>| 792000 | 791693 |
| Enbridge, Inc. (Canada) 4.60%, <br> 6/20/2028<br>| 14123000 | 14273857 |
| Energy Transfer LP 4.75%, 1/15/2026 | 59866000 | 59883669 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 5.05%, 1/10/2026 | 2000000 | 2003056 |
| 4.60%, 1/11/2027 | 54064000 | 54393414 |
| MPLX LP 1.75%, 3/1/2026 | 21387000 | 21099172 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 2.20%, 9/15/2025 | 22871000 | 22851345 |
| 5.00%, 3/1/2026 | 16899000 | 16910705 |
| 4.25%, 9/24/2027 | 71029000 | 71093036 |
| Phillips 66 Co. 3.55%, 10/1/2026 | 5290000 | 5248439 |
| Pioneer Natural Resources Co. 5.10%, <br> 3/29/2026<br>| 29294000 | 29421975 |
| Sabine Pass Liquefaction LLC 5.88%, <br> 6/30/2026<br>| 17756000 | 17825357 |
| Williams Cos., Inc. (The) 4.00%, <br> 9/15/2025<br>| 17339000 | 17335586 |
|  |  | 333131304 |
| **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** |
| Georgia-Pacific LLC  | Georgia-Pacific LLC  | Georgia-Pacific LLC  |
| 1.75%, 9/30/2025 (a) | 1949000 | 1944439 |
| 0.95%, 5/15/2026 (a) | 6897000 | 6738745 |
| 4.40%, 6/30/2028 (a) | 4544000 | 4584761 |
|  |  | 13267945 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| Astrazeneca Finance LLC (United Kingdom) <br> 1.20%, 5/28/2026<br>| 2000000 | 1957166 |
| Bayer US Finance II LLC (Germany) 4.25%, <br> 12/15/2025 (a)<br>| 6390000 | 6379959 |
| Roche Holdings, Inc. 5.27%, <br> 11/13/2026 (a)<br>| 500000 | 507386 |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| 4.50%, 11/13/2025 | 183000 | 182980 |
| 4.15%, 8/17/2028 | 75930000 | 76124457 |
|  |  | 85151948 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| AvalonBay Communities, Inc. 2.95%, <br> 5/11/2026<br>| 7112000 | 7052530 |
| Essex Portfolio LP 3.38%, 4/15/2026 | 4489000 | 4458387 |
|  |  | 11510917 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Brixmor Operating Partnership LP 4.13%, <br> 6/15/2026<br>| 93710000 | 93439560 |
| Federal Realty OP LP 1.25%, 2/15/2026 | 38788000 | 38176262 |
| NNN REIT, Inc. 4.00%, 11/15/2025 | 5943000 | 5933599 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 4.88%, 6/1/2026 | 5562000 | 5576717 |
| 4.13%, 10/15/2026 | 24513000 | 24477630 |
|  |  | 167603768 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| Advanced Micro Devices, Inc. 4.21%, <br> 9/24/2026<br>| 47233000 | 47338643 |
| Analog Devices, Inc. 3.50%, 12/5/2026 | 2000000 | 1987995 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 3.15%, 11/15/2025 | 48997000 | 48873505 |
| 3.46%, 9/15/2026 | 40286000 | 40000901 |
| 4.80%, 4/15/2028 | 50284000 | 51196907 |
| Microchip Technology, Inc.  | Microchip Technology, Inc.  | Microchip Technology, Inc.  |
| 4.25%, 9/1/2025 | 26547000 | 26547000 |
| 4.90%, 3/15/2028 | 5000000 | 5070861 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.35%, 3/1/2026 | 7377000 | 7386590 |
| 3.88%, 6/18/2026 | 23643000 | 23507526 |
| 4.30%, 8/19/2028 | 29250000 | 29311729 |
|  |  | 281221657 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 5.80%, 11/10/2025 | 7865000 | 7882860 |
| 1.65%, 3/25/2026 | 8137000 | 8014952 |
| 2.65%, 7/15/2026 | 76200000 | 75137435 |
| 4.80%, 8/3/2028 | 56807000 | 57896445 |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 1.00%, 9/15/2025 | 2505000 | 2501671 |
| 3.85%, 12/15/2025 | 6436000 | 6426436 |
| VMware LLC 1.40%, 8/15/2026 | 3688000 | 3585838 |
|  |  | 161445637 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.30%, 9/15/2025 | 24486000 | 24453434 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

226 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| 4.40%, 2/15/2026 | 9307000 | 9308967 |
| 1.60%, 4/15/2026 | 21421000 | 21045697 |
| 1.45%, 9/15/2026 | 1280000 | 1243131 |
| 3.13%, 1/15/2027 | 6725000 | 6623503 |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 4.45%, 2/15/2026 | 36747000 | 36668004 |
| 3.70%, 6/15/2026 | 3118000 | 3099340 |
| 1.05%, 7/15/2026 | 6233000 | 6056810 |
| Equinix, Inc. 1.45%, 5/15/2026 | 6685000 | 6546986 |
| Extra Space Storage LP 3.50%, 7/1/2026 | 19643000 | 19484495 |
|  |  | 134530367 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  |
| 3.13%, 4/21/2026 | 5970000 | 5922922 |
| 5.05%, 7/15/2026 | 28370000 | 28564660 |
| Home Depot, Inc. (The) 5.10%, <br> 12/24/2025<br>| 34774000 | 34858312 |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| 4.40%, 9/8/2025 | 13997000 | 13996500 |
| 3.38%, 9/15/2025 | 4230000 | 4228176 |
| 4.80%, 4/1/2026 | 47901000 | 48004403 |
| 2.50%, 4/15/2026 | 20000000 | 19783123 |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| 3.55%, 3/15/2026 | 17092000 | 17033232 |
| 5.75%, 11/20/2026 | 11532000 | 11724259 |
|  |  | 184115587 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.02%, 6/15/2026 | 12057000 | 12162475 |
| 4.90%, 10/1/2026 | 12500000 | 12551834 |
| Hewlett Packard Enterprise Co. 4.45%, <br> 9/25/2026<br>| 58198000 | 58280116 |
|  |  | 82994425 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Altria Group, Inc. 4.40%, 2/14/2026 | 7006000 | 6999522 |
| BAT Capital Corp. (United Kingdom) <br> 3.22%, 9/6/2026<br>| 12000000 | 11869362 |
| BAT International Finance plc (United <br> Kingdom) 1.67%, 3/25/2026<br>| 128592000 | 126611344 |
| Imperial Brands Finance plc (United <br> Kingdom) 4.50%, 6/30/2028 (a)<br>| 39829000 | 40082551 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 5.00%, 11/17/2025 | 1176000 | 1177083 |
| 4.88%, 2/13/2026 | 26859000 | 26906934 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Tobacco — continued** | **Tobacco — continued** | **Tobacco — continued** |
| 2.75%, 2/25/2026 | 31466000 | 31225937 |
| 0.88%, 5/1/2026 | 6632000 | 6487305 |
|  |  | 251360038 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Aviation Capital Group LLC  | Aviation Capital Group LLC  | Aviation Capital Group LLC  |
| 1.95%, 1/30/2026 (a) | 90308000 | 89373936 |
| 4.75%, 4/14/2027 (a) | 29135000 | 29271503 |
| TTX Co. 5.50%, 9/25/2026 (a) | 5705000 | 5772032 |
|  |  | 124417471 |
| **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** |
| Sydney Airport Finance Co. Pty. Ltd. <br> (Australia) 3.63%, 4/28/2026 (a)<br>| 7970000 | 7924142 |
| Transurban Finance Co. Pty. Ltd. (Australia) <br> 4.13%, 2/2/2026 (a)<br>| 5018000 | 5010482 |
|  |  | 12934624 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 1.50%, 2/15/2026 | 13875000 | 13690648 |
| 2.25%, 2/15/2026 | 35175000 | 34784410 |
| 2.63%, 4/15/2026 | 6757000 | 6680162 |
|  |  | 55155220 |
| Total Corporate Bonds <br>(Cost $21,067,853,232)<br>|  | 21173797303 |
| **Asset-Backed Securities — 13.4%** | **Asset-Backed Securities — 13.4%** | **Asset-Backed Securities — 13.4%** |
| Allegany Park CLO Ltd. (Cayman Islands) <br> Series 2019-1A, Class ARR, 5.37%, <br> 1/20/2035 (a) (e)<br>| 26500000 | 26500000 |
| Ally Auto Receivables Trust |  |  |
| Series 2022-3, Class A3, 5.07%, <br> 4/15/2027<br>| 1347102 | 1348973 |
| Series 2022-2, Class A3, 4.76%, <br> 5/17/2027<br>| 5102020 | 5105674 |
| American Express Credit Account Master <br> Trust<br>|  |  |
| Series 2022-4, Class A, 4.95%, <br> 10/15/2027<br>| 10400000 | 10407520 |
| Series 2023-1, Class A, 4.87%, <br> 5/15/2028<br>| 40022000 | 40232063 |
| Amur Equipment Finance Receivables LLC <br> Series 2024-2A, Class A2, 5.19%, <br> 7/21/2031 (a)<br>| 4635659 | 4689071 |
| Apidos CLO (Cayman Islands) |  |  |
| Series 2016-24A, Class A1AL, 5.54%, <br> 10/20/2030 (a) (e)<br>| 20674076 | 20676164 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 227

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2019-31A, Class A1R, 5.68%, <br> 4/15/2031 (a) (e)<br>| 17996344 | 18012576 |
| Series XXXA, Class A1AR, 5.41%, <br> 10/18/2031 (a) (e)<br>| 9740459 | 9733621 |
| Series 2015-23A, Class ARR, 5.37%, <br> 4/15/2033 (a) (e)<br>| 58020319 | 58003087 |
| ARI Fleet Lease Trust Series 2023-A, <br> Class A2, 5.41%, 2/17/2032 (a)<br>| 1663635 | 1666118 |
| BA Credit Card Trust |  |  |
| Series 2022-A2, Class A2, 5.00%, <br> 4/15/2028<br>| 45812000 | 45876215 |
| Series 2023-A1, Class A1, 4.79%, <br> 5/15/2028<br>| 28175000 | 28305608 |
| Bain Capital Credit CLO (Cayman Islands) |  |  |
| Series 2019-2A, Class AR3, 5.24%, <br> 10/17/2032 (a) (e)<br>| 98591100 | 98296707 |
| Series 2019-1A, Class X, 5.42%, <br> 4/19/2034 (a) (e)<br>| 900000 | 899914 |
| Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| Series 2020-2A, Class A1R, 5.60%, <br> 10/20/2031 (a) (e)<br>| 13173014 | 13180167 |
| Series 2019-1A, Class A1R, 5.61%, <br> 7/15/2032 (a) (e)<br>| 45752397 | 45774450 |
| Series 2021-17A, Class A1A, 5.74%, <br> 10/20/2034 (a) (e)<br>| 42000000 | 42050736 |
| BMW Vehicle Lease Trust |  |  |
| Series 2023-2, Class A3, 5.99%, <br> 9/25/2026<br>| 3052281 | 3059678 |
| Series 2024-1, Class A3, 4.98%, <br> 3/25/2027<br>| 6432380 | 6455859 |
| BofA Auto Trust Series 2025-1A, <br> Class A2A, 4.52%, 11/22/2027 (a)<br>| 21255000 | 21285656 |
| Buttermilk Park CLO Ltd. (Cayman Islands) <br> Series 2018-1A, Class A1R, 5.40%, <br> 10/15/2031 (a) (e)<br>| 23751575 | 23744521 |
| Capital One Multi-Asset Execution Trust <br> Series 2023-A1, Class A, 4.42%, <br> 5/15/2028<br>| 6147000 | 6160361 |
| Capital One Prime Auto Receivables Trust |  |  |
| Series 2022-2, Class A3, 3.66%, <br> 5/17/2027<br>| 1365876 | 1362901 |
| Series 2022-1, Class A4, 3.32%, <br> 9/15/2027<br>| 35683000 | 35488613 |
| Series 2024-1, Class A2A, 4.61%, <br> 10/15/2027<br>| 6317280 | 6323511 |
| Series 2022-2, Class A4, 3.69%, <br> 12/15/2027<br>| 5715000 | 5692694 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2014-1A, Class A1R2, 5.55%, <br> 4/17/2031 (a) (e)<br>| 286499 | 286502 |
| Series 2015-1A, Class AR3, 5.57%, <br> 7/20/2031 (a) (e)<br>| 3218457 | 3220099 |
| Carlyle US CLO Ltd. (Cayman Islands) <br> Series 2021-9A, Class AR, 5.43%, <br> 10/20/2034 (a) (e)<br>| 50000000 | 50000000 |
| CARLYLE US CLO Ltd. (Cayman Islands) <br> Series 2019-1A, Class A1A2, 5.23%, <br> 4/20/2031 (a) (e)<br>| 50000000 | 50000000 |
| CarVal CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-1A, Class AR, 5.55%, <br> 7/16/2031 (a) (e)<br>| 29258348 | 29292931 |
| Series 2019-1A, Class AR2, 5.35%, <br> 4/20/2032 (a) (e)<br>| 130635729 | 130486674 |
| Series 2019-2A, Class AR2, 5.32%, <br> 7/20/2032 (a) (e)<br>| 28861935 | 28869987 |
| Series 2022-1A, Class A1, 5.84%, <br> 4/21/2034 (a) (e)<br>| 11000000 | 11015367 |
| CCG Receivables Trust |  |  |
| Series 2024-1, Class A2, 4.99%, <br> 3/15/2032 (a)<br>| 37957369 | 38241369 |
| Series 2023-2, Class A2, 6.28%, <br> 4/14/2032 (a)<br>| 5595372 | 5659947 |
| Chesapeake Funding LLC (Canada) Series <br> 2023-2A, Class A1, 6.16%, <br> 10/15/2035 (a)<br>| 6286253 | 6370215 |
| CIFC Funding Ltd. (Cayman Islands) |  |  |
| Series 2013-3RA, Class A1R, 5.32%, <br> 4/24/2031 (a) (e)<br>| 59614221 | 59577558 |
| Series 2016-1A, Class AR3, 5.33%, <br> 10/21/2031 (a) (e)<br>| 115639954 | 115472045 |
| Citibank Credit Card Issuance Trust Series <br> 2023-A2, Class A2, 4.98%, <br> 12/8/2027 (e)<br>| 65328000 | 65365061 |
| CNH Equipment Trust |  |  |
| Series 2022-A, Class A3, 2.94%, <br> 7/15/2027<br>| 2272132 | 2261250 |
| Series 2024-A, Class A2, 5.19%, <br> 7/15/2027<br>| 4771214 | 4773802 |
| Crossroads Asset Trust Series 2025-A, <br> Class A2, 4.91%, 2/20/2032 (a)<br>| 15020000 | 15083426 |
| Dell Equipment Finance Trust |  |  |
| Series 2023-1, Class A3, 5.65%, <br> 9/22/2028 (a)<br>| 2288574 | 2291655 |
| Series 2023-2, Class A3, 5.65%, <br> 1/22/2029 (a)<br>| 2658573 | 2670113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

228 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1, Class A2, 5.58%, <br> 3/22/2030 (a)<br>| 11695154 | 11710979 |
| Series 2024-2, Class A2, 4.69%, <br> 8/22/2030 (a)<br>| 41285670 | 41348172 |
| Dewolf Park CLO Ltd. Series 2017-1A, <br> Class AR, 5.50%, 10/15/2030 (a) (e)<br>| 24247231 | 24258312 |
| Discover Card Execution Note Trust |  |  |
| Series 2023-A1, Class A, 4.31%, <br> 3/15/2028<br>| 107878000 | 107976040 |
| Series 2023-A2, Class A, 4.93%, <br> 6/15/2028<br>| 28425000 | 28608978 |
| Series 2021-A2, Class A2, 1.03%, <br> 9/15/2028<br>| 117266000 | 113653750 |
| Dllad LLC Series 2024-1A, Class A2, <br> 5.50%, 8/20/2027 (a)<br>| 15156765 | 15234033 |
| DLLAD LLC Series 2025-1A, Class A2, <br> 4.46%, 11/20/2028 (a)<br>| 10500000 | 10532446 |
| Dryden CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-72A, Class ARR, 5.31%, <br> 5/15/2032 (a) (e)<br>| 18950970 | 18972764 |
| Series 2020-86A, Class A1R2, 5.45%, <br> 7/17/2034 (a) (e)<br>| 75000000 | 75046800 |
| Dryden Senior Loan Fund (Cayman Islands) |  |  |
| Series 2013-26A, Class AR, 5.48%, <br> 4/15/2029 (a) (e)<br>| 6636639 | 6637203 |
| Series 2017-49A, Class AR, 5.54%, <br> 7/18/2030 (a) (e)<br>| 441408 | 441383 |
| Series 2015-41A, Class AR, 5.55%, <br> 4/15/2031 (a) (e)<br>| 1238010 | 1239143 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2024-4, Class A2, 4.69%, <br> 7/20/2027 (a)<br>| 15389472 | 15430478 |
| Series 2025-3, Class A2, 4.50%, <br> 4/20/2028 (a)<br>| 54930000 | 55147682 |
| Series 2022-4, Class A2, 5.76%, <br> 10/22/2029 (a)<br>| 7998380 | 8029600 |
| Series 2023-3, Class A2, 6.40%, <br> 3/20/2030 (a)<br>| 27900026 | 28317249 |
| Ford Credit Auto Lease Trust |  |  |
| Series 2024-A, Class A3, 5.06%, <br> 5/15/2027<br>| 18863211 | 18903963 |
| Series 2024-A, Class A4, 5.05%, <br> 6/15/2027<br>| 1601000 | 1611210 |
| Ford Credit Auto Owner Trust |  |  |
| Series 2024-C, Class A2A, 4.32%, <br> 8/15/2027<br>| 54739173 | 54739808 |
| Series 2024-D, Class A2A, 4.59%, <br> 10/15/2027<br>| 66122584 | 66221854 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-B, Class A3, 5.23%, <br> 5/15/2028<br>| 11957953 | 12037465 |
| Series 2021-1, Class A, 1.37%, <br> 10/17/2033 (a)<br>| 63195000 | 62037918 |
| Series 2021-2, Class A, 1.53%, <br> 5/15/2034 (a)<br>| 42543000 | 41199709 |
| Series 2022-1, Class A, 3.88%, <br> 11/15/2034 (a)<br>| 17000000 | 16931927 |
| Galaxy CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-26A, Class AR, 5.37%, <br> 11/22/2031 (a) (e)<br>| 14185156 | 14191510 |
| Series 2016-22A, Class XRR, 5.48%, <br> 4/16/2034 (a) (e)<br>| 631579 | 631520 |
| Gm Financial Automobile Leasing Trust <br> Series 2025-2, Class A2A, 4.55%, <br> 7/20/2027<br>| 36260000 | 36368559 |
| GM Financial Automobile Leasing Trust |  |  |
| Series 2024-2, Class A2A, 5.43%, <br> 9/21/2026<br>| 22588921 | 22628855 |
| Series 2023-3, Class A3, 5.38%, <br> 11/20/2026<br>| 3600643 | 3605165 |
| Series 2024-1, Class A3, 5.09%, <br> 3/22/2027<br>| 10224714 | 10256186 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| Series 2024-1, Class A2A, 5.12%, <br> 2/16/2027<br>| 2262738 | 2263525 |
| Series 2024-2, Class A2A, 5.33%, <br> 3/16/2027<br>| 4461265 | 4465882 |
| Series 2024-3, Class A2A, 5.35%, <br> 6/16/2027<br>| 274737 | 275295 |
| Series 2024-4, Class A2B, 4.74%, <br> 10/18/2027 (e)<br>| 20002065 | 20013374 |
| Series 2025-1, Class A2A, 4.44%, <br> 1/18/2028<br>| 26016707 | 26036902 |
| Series 2023-3, Class A3, 5.45%, <br> 6/16/2028<br>| 6579613 | 6627789 |
| HPEFS Equipment Trust Series 2025-1A, <br> Class A2, 4.49%, 9/20/2032 (a)<br>| 49735000 | 49861819 |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2023-C, Class A3, 5.80%, <br> 12/15/2026 (a)<br>| 19100713 | 19152524 |
| Series 2023-B, Class A4, 5.17%, <br> 4/15/2027 (a)<br>| 6578444 | 6579852 |
| Series 2024-B, Class A3, 5.41%, <br> 5/17/2027 (a)<br>| 68793000 | 69310248 |
| Series 2023-C, Class A4, 5.84%, <br> 9/15/2027 (a)<br>| 15053000 | 15160320 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 229

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Hyundai Auto Receivables Trust |  |  |
| Series 2023-A, Class A3, 4.58%, <br> 4/15/2027<br>| 20427591 | 20441259 |
| Series 2024-A, Class A2A, 5.29%, <br> 4/15/2027<br>| 6461362 | 6471512 |
| Series 2024-B, Class A2A, 5.15%, <br> 6/15/2027<br>| 41071809 | 41162758 |
| Series 2024-C, Class A2A, 4.53%, <br> 9/15/2027<br>| 21824027 | 21846990 |
| Series 2023-B, Class A3, 5.48%, <br> 4/17/2028<br>| 22522609 | 22687666 |
| ICG US CLO Ltd. (Cayman Islands) Series <br> 2016-1A, Class XRR, 5.48%, <br> 4/29/2034 (a) (e)<br>| 398261 | 398224 |
| Jamestown CLO Ltd. (Cayman Islands) <br> Series 2021-17A, Class AR, 5.52%, <br> 1/25/2035 (a) (e)<br>| 99000000 | 99000000 |
| John Deere Owner Trust Series 2023-B, <br> Class A3, 5.18%, 3/15/2028<br>| 11586627 | 11657300 |
| KKR CLO Ltd. (Cayman Islands) |  |  |
| Series 21, Class A, 5.58%, <br> 4/15/2031 (a) (e)<br>| 3773549 | 3774311 |
| Series 15, Class A1R2, 5.43%, <br> 1/18/2032 (a) (e)<br>| 60126115 | 60089558 |
| Series 24, Class A1R, 5.67%, <br> 4/20/2032 (a) (e)<br>| 10028403 | 10038140 |
| Series 38A, Class A1, 5.64%, <br> 4/15/2033 (a) (e)<br>| 20000000 | 20041680 |
| KKR Static CLO Ltd. (Cayman Islands) <br> Series 2022-1A, Class AR2, 5.31%, <br> 7/20/2031 (a) (e)<br>| 26368362 | 26394256 |
| Kubota Credit Owner Trust Series <br> 2022-1A, Class A3, 2.67%, <br> 10/15/2026 (a)<br>| 9918074 | 9895436 |
| LCM LP (Cayman Islands) Series 14A, <br> Class AR, 5.63%, 7/20/2031 (a) (e)<br>| 313838 | 313781 |
| LCM Ltd. (Cayman Islands) |  |  |
| Series 26A, Class A1, 5.66%, <br> 1/20/2031 (a) (e)<br>| 62798 | 62789 |
| Series 29A, Class AR, 5.65%, <br> 4/15/2031 (a) (e)<br>| 4463918 | 4468061 |
| Madison Park Funding Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2015-18A, Class ARR, 5.53%, <br> 10/21/2030 (a) (e)<br>| 32999967 | 33017655 |
| Series 2014-14A, Class AR4, 5.29%, <br> 10/22/2030 (a) (e)<br>| 122273710 | 122053129 |
| Series 13A, Class AR, 5.47%, <br> 11/21/2030 (a) (e)<br>| 29335779 | 29335485 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-52A, Class X, 5.49%, <br> 1/22/2035 (a) (e)<br>| 657895 | 657837 |
| Magnetite Ltd. (Cayman Islands) |  |  |
| Series 2020-25A, Class A, 5.78%, <br> 1/25/2032 (a) (e)<br>| 15475376 | 15489675 |
| Series 2021-31A, Class A1, 5.68%, <br> 7/15/2034 (a) (e)<br>| 14000000 | 14015960 |
| Marble Point CLO Ltd. (Cayman Islands) <br> Series 2019-1A, Class A1R2, 5.36%, <br> 7/23/2032 (a) (e)<br>| 20057058 | 20033892 |
| Mercedes-Benz Auto Lease Trust |  |  |
| Series 2023-A, Class A3, 4.74%, <br> 1/15/2027<br>| 547158 | 547438 |
| Series 2024-B, Class A3, 4.23%, <br> 2/15/2028<br>| 35070000 | 35109233 |
| Series 2025-A, Class A2A, 4.57%, <br> 4/17/2028<br>| 40000000 | 40186764 |
| Mercedes-Benz Auto Receivables Trust <br> Series 2021-1, Class A4, 0.73%, <br> 12/15/2027<br>| 3369748 | 3340561 |
| Newark BSL CLO Ltd. (Cayman Islands) |  |  |
| Series 2016-1A, Class A1R, 5.68%, <br> 12/21/2029 (a) (e)<br>| 1272433 | 1272379 |
| Series 2017-1A, Class A1R, 5.55%, <br> 7/25/2030 (a) (e)<br>| 29298301 | 29307823 |
| Nissan Auto Receivables Owner Trust Series <br> 2022-B, Class A3, 4.46%, 5/17/2027<br>| 3324895 | 3325761 |
| Palmer Square Loan Funding Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2022-3A, Class A1AR, 5.42%, <br> 4/15/2031 (a) (e)<br>| 11127911 | 11124606 |
| Series 2024-3A, Class A1, 5.31%, <br> 8/8/2032 (a) (e)<br>| 58756887 | 58855011 |
| Series 2024-1A, Class A1, 5.37%, <br> 10/15/2032 (a) (e)<br>| 40319505 | 40375388 |
| Series 2024-2A, Class A1N, 5.32%, <br> 1/15/2033 (a) (e)<br>| 15745503 | 15716169 |
| Series 2025-1A, Class A1, 5.01%, <br> 2/15/2033 (a) (e)<br>| 138570460 | 137825782 |
| Porsche Financial Auto Securitization Trust <br> Series 2023-1A, Class A3, 4.81%, <br> 9/22/2028 (a)<br>| 1765157 | 1769447 |
| Porsche Innovative Lease Owner Trust <br> Series 2025-1A, Class A2A, 4.60%, <br> 12/20/2027 (a)<br>| 23310000 | 23370956 |
| Rad CLO Ltd. (Cayman Islands) Series <br> 2020-7A, Class A1R, 5.67%, <br> 4/17/2036 (a) (e)<br>| 24250000 | 24278712 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

230 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Santander Drive Auto Receivables Trust <br> Series 2023-3, Class A3, 5.61%, <br> 10/15/2027<br>| 967095 | 967642 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-C, Class A2, 4.94%, <br> 11/20/2026 (a)<br>| 7118532 | 7121911 |
| Series 2024-A, Class A3, 5.39%, <br> 11/20/2026 (a)<br>| 28072303 | 28144651 |
| Series 2024-B, Class A2, 5.67%, <br> 11/20/2026 (a)<br>| 4485503 | 4488993 |
| Series 2025-A, Class A2, 4.68%, <br> 4/20/2027 (a)<br>| 43740824 | 43775777 |
| Series 2023-A, Class A3, 6.51%, <br> 4/20/2027 (a)<br>| 19375013 | 19400885 |
| Series 2024-B, Class A3, 5.56%, <br> 11/22/2027 (a)<br>| 30000000 | 30225258 |
| SCF Equipment Leasing LLC Series <br> 2024-1A, Class A2, 5.88%, <br> 11/20/2029 (a)<br>| 11869403 | 11945524 |
| SCF Equipment Trust LLC Series 2025-1A, <br> Class A2, 4.82%, 7/22/2030 (a)<br>| 8559768 | 8582303 |
| Sound Point CLO Ltd. (Cayman Islands) <br> Series 2013-1A, Class A1R, 5.65%, <br> 1/26/2031 (a) (e)<br>| 487251 | 487418 |
| Southwick Park CLO LLC (Cayman Islands) <br> Series 2019-4A, Class A1RR, 5.33%, <br> 7/20/2032 (a) (e)<br>| 45114000 | 45100691 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-19A, Class A, 5.54%, <br> 4/16/2031 (a) (e)<br>| 16361882 | 16367003 |
| Series 2018-20A, Class AR2, 5.42%, <br> 1/16/2032 (a) (e)<br>| 23557700 | 23563613 |
| Series 2020-24A, Class AR, 5.52%, <br> 1/23/2032 (a) (e)<br>| 38778940 | 38769246 |
| Series 2019-21A, Class AR2, 5.22%, <br> 7/15/2032 (a) (e)<br>| 28450033 | 28445652 |
| TCI-Flatiron CLO Ltd. (Cayman Islands) <br> Series 2018-1A, Class AR2, 5.26%, <br> 7/29/2035 (a) (e)<br>| 95000000 | 95000000 |
| TCI-Symphony CLO Ltd. (Cayman Islands) <br> Series 2017-1A, Class AR, 5.51%, <br> 7/15/2030 (a) (e)<br>| 6991182 | 6996453 |
| THL Credit Wind River CLO Ltd. (Cayman <br> Islands) Series 2019-3A, Class AR2, <br> 5.38%, 4/15/2031 (a) (e)<br>| 40004841 | 39980078 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2024-C, Class A2A, 5.16%, <br> 5/17/2027<br>| 405633 | 406371 |
| Series 2023-B, Class A3, 4.71%, <br> 2/15/2028<br>| 7189500 | 7210645 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-B, Class A2A, 4.46%, <br> 3/15/2028<br>| 4500000 | 4508645 |
| Series 2023-C, Class A3, 5.16%, <br> 4/17/2028<br>| 33514279 | 33718066 |
| Toyota Lease Owner Trust Series 2024-A, <br> Class A3, 5.25%, 4/20/2027 (a)<br>| 69338282 | 69679600 |
| Verdant Receivables LLC Series 2025-1A, <br> Class A2, 4.85%, 3/13/2028 (a)<br>| 19410000 | 19489560 |
| Verizon Master Trust Series 2024-1, <br> Class A1A, 5.00%, 12/20/2028<br>| 78273000 | 78428842 |
| Volkswagen Auto Lease Trust |  |  |
| Series 2023-A, Class A3, 5.81%, <br> 10/20/2026<br>| 30573589 | 30673140 |
| Series 2025-A, Class A2A, 4.43%, <br> 12/20/2027<br>| 75010000 | 75253040 |
| Volkswagen Auto Loan Enhanced Trust |  |  |
| Series 2023-2, Class A2A, 5.72%, <br> 3/22/2027<br>| 15539925 | 15563139 |
| Series 2024-1, Class A2A, 4.65%, <br> 11/22/2027<br>| 32794989 | 32858162 |
| Series 2023-1, Class A3, 5.02%, <br> 6/20/2028<br>| 10733651 | 10793716 |
| Voya CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-2A, Class AR, 5.53%, <br> 7/20/2032 (a) (e)<br>| 26956735 | 26978408 |
| Series 2017-3A, Class XR, 5.44%, <br> 4/20/2034 (a) (e)<br>| 571429 | 571377 |
| Wheels Fleet Lease Funding LLC |  |  |
| Series 2024-1A, Class A2, 5.19%, <br> 2/18/2039 (a) (e)<br>| 16369502 | 16418350 |
| Series 2024-3A, Class A1, 4.80%, <br> 9/19/2039 (a)<br>| 19139000 | 19299149 |
| Wind River CLO Ltd. (Cayman Islands) <br> Series 2021-4A, Class AR, 5.56%, <br> 1/20/2035 (a) (e)<br>| 69300000 | 69414484 |
| World Omni Auto Receivables Trust |  |  |
| Series 2024-A, Class A2A, 5.05%, <br> 4/15/2027<br>| 6304587 | 6305843 |
| Series 2022-C, Class A3, 3.66%, <br> 10/15/2027<br>| 3615686 | 3608150 |
| Series 2025-A, Class A2A, 4.49%, <br> 4/17/2028<br>| 90866283 | 90955641 |
| Series 2025-B, Class A2A, 4.38%, <br> 8/15/2028<br>| 25215000 | 25265612 |
| Total Asset-Backed Securities <br>(Cost $4,444,988,048)<br>|  | 4451485072 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 231

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 2.0%** | **U.S. Treasury Obligations — 2.0%** | **U.S. Treasury Obligations — 2.0%** |
| U.S. Treasury Notes |  |  |
| 4.63%, 9/15/2026 | 135000000 | 136062676 |
| 4.13%, 10/31/2026 | 270000000 | 270864842 |
| 4.13%, 9/30/2027 | 165000000 | 166662890 |
| 3.88%, 10/15/2027 | 100000000 | 100503906 |
| Total U.S. Treasury Obligations <br>(Cost $671,512,680)<br>|  | 674094314 |
| **Short-Term Investments — 19.7%** | **Short-Term Investments — 19.7%** | **Short-Term Investments — 19.7%** |
| **Certificates of Deposits — 6.7%** | **Certificates of Deposits — 6.7%** | **Certificates of Deposits — 6.7%** |
| Banco Santander SA (Spain) , 4.64%, <br> 11/21/2025 (f)<br>| 33712000 | 33728492 |
| Barclays Bank plc (United Kingdom) (SOFR <br> + 0.40%), 4.81%, 12/9/2025 (b) (f)<br>| 46265000 | 46296682 |
| BNP Paribas SA (France) , 4.56%, <br> 2/12/2026 (f)<br>| 163452000 | 163607574 |
| Cooperatieve Rabobank UA (Netherlands) , <br> 4.37%, 5/13/2026 (f)<br>| 102171000 | 102291695 |
| Credit Agricole Corporate and Investment <br> Bank (France)<br>|  |  |
| 4.40%, 10/7/2025 (f) | 93938000 | 93932251 |
| 4.60%, 11/18/2025 (f) | 46140000 | 46164560 |
| Credit Industriel et Commercial (France) , <br> 4.65%, 11/21/2025 (f)<br>| 45394000 | 45421572 |
| Deutsche Bank AG (Germany) |  |  |
| 4.41%, 7/8/2026 (f) | 96478000 | 96613918 |
| 4.41%, 7/10/2026 (f) | 102898000 | 103046513 |
| DZ Bank AG (Germany) , 4.42%, <br> 9/2/2025 (f)<br>| 287436000 | 287435483 |
| Intesa Sanpaolo SpA (Italy) |  |  |
| 4.75%, 11/6/2025 (f) | 49529000 | 49554953 |
| 4.62%, 1/12/2026 (f) | 44117000 | 44135326 |
| Landesbank Baden-Wuerttemberg <br> (Germany) , 4.66%, 11/28/2025 (f)<br>| 60104000 | 60175001 |
| Lloyds Bank Corporate Markets plc (United <br> Kingdom) (SOFR + 0.57%), 4.98%, <br> 10/30/2025 (b) (f)<br>| 11750000 | 11758853 |
| Mitsubishi UFJ Trust & Banking Corp. <br> (Japan)<br>|  |  |
| (SOFR + 0.33%), 4.74%, <br> 3/11/2026 (b) (f)<br>| 182017000 | 182102766 |
| (SOFR + 0.40%), 4.81%, <br> 8/11/2026 (b) (f)<br>| 38743000 | 38758579 |
| Mizuho Bank Ltd. (Japan) |  |  |
| 4.60%, 11/20/2025 (f) | 38749000 | 38761035 |
| 4.60%, 1/14/2026 (f) | 35490000 | 35513533 |
| (SOFR + 0.35%), 4.76%, 2/4/2026 (b) <br> (f)<br>| 54447000 | 54479440 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| (SOFR + 0.32%), 4.73%, 3/6/2026 (b) <br> (f)<br>| 72807000 | 72843374 |
| Norinchukin Bank (The) (Japan) , 4.51%, <br> 10/9/2025 (f)<br>| 143906000 | 143904460 |
| Standard Chartered Bank (United <br> Kingdom)<br>|  |  |
| 4.50%, 10/9/2025 (f) | 68590000 | 68585795 |
| 4.68%, 11/12/2025 (f) | 23180000 | 23188220 |
| 4.67%, 2/12/2026 (f) | 28718000 | 28753421 |
| (SOFR + 0.44%), 4.85%, <br> 8/12/2026 (b) (f)<br>| 33367000 | 33402956 |
| Swedbank AB (Sweden) , 4.50%, <br> 10/15/2025 (f)<br>| 57933000 | 57937977 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| 4.50%, 10/1/2025 (f) | 217168000 | 217163331 |
| (SOFR + 0.45%), 4.86%, <br> 4/27/2026 (b) (f)<br>| 65108000 | 65186944 |
| Total Certificates of Deposit <br>(Cost $2,243,606,924)<br>|  | 2244744704 |
| **Commercial Paper — 9.0%** | **Commercial Paper — 9.0%** | **Commercial Paper — 9.0%** |
| AbbVie, Inc. 4.71%, 9/16/2025 (a) (f) | 279606000 | 278974789 |
| Australia & New Zealand Banking Group <br> Ltd. (Australia) 4.59%, <br> 11/25/2025 (a) (f)<br>| 189166000 | 187213107 |
| BPCE SA (France) 4.57%, 2/11/2026 (a) <br> (f)<br>| 93412000 | 91625318 |
| Broadcom, Inc. 4.76%, 10/21/2025 (a) <br> (f)<br>| 15000000 | 14900404 |
| Brookfield Corporate Treasury Ltd. <br> (Canada)<br>|  |  |
| 4.89%, 9/24/2025 (a) (f) | 60000000 | 59797062 |
| 4.91%, 9/25/2025 (a) (f) | 50000000 | 49824600 |
| 4.72%, 9/26/2025 (a) (f) | 5400000 | 5380379 |
| 4.96%, 9/29/2025 (a) (f) | 103350000 | 102935308 |
| Charles Schwab Corp (The) 4.61%, <br> 11/14/2025 (a) (f)<br>| 25000000 | 24772655 |
| Credit Industriel et Commercial (France) <br> 4.57%, 2/11/2026 (a) (f)<br>| 29691000 | 29125146 |
| CRH America Finance, Inc. |  |  |
| 4.67%, 10/15/2025 (a) (f) | 82600000 | 82115196 |
| 4.70%, 10/17/2025 (a) (f) | 7700000 | 7652876 |
| Danske Bank A/S (Denmark) |  |  |
| 4.60%, 1/13/2026 (a) (f) | 55845000 | 54952977 |
| 4.56%, 2/6/2026 (a) (f) | 144677000 | 141977168 |
| DNB Bank ASA (Norway) |  |  |
| 4.58%, 11/25/2025 (a) (f) | 61581000 | 60950749 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

232 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.38%, 2/12/2026 (a) (f) | 3000000 | 2942885 |
| Energy Transfer LP 4.55%, 9/2/2025 (a) <br> (f)<br>| 25000000 | 24987495 |
| European Investment Bank (Luxembourg) <br> 4.37%, 12/9/2025 (f)<br>| 70422000 | 69599140 |
| First Abu Dhabi Bank PJSC (United Arab <br> Emirates)<br>|  |  |
| 4.51%, 11/10/2025 (a) (f) | 13812000 | 13691492 |
| 4.60%, 11/13/2025 (a) (f) | 287098000 | 284492586 |
| 4.60%, 2/12/2026 (a) (f) | 75034000 | 73583458 |
| 4.29%, 2/27/2026 (a) (f) | 112560000 | 110199819 |
| Glencore Funding LLC (Australia) 4.66%, <br> 10/31/2025 (a) (f)<br>| 189249000 | 187759989 |
| HSBC USA, Inc. |  |  |
| 4.88%, 12/5/2025 (a) (f) | 17000000 | 16798723 |
| 4.84%, 2/4/2026 (a) (f) | 17000000 | 16679094 |
| ING US Funding LLC (Netherlands) 4.32%, <br> 10/7/2025 (a) (f)<br>| 190242000 | 189351877 |
| Intesa Sanpaolo Funding LLC (Italy) <br> 4.52%, 2/23/2026 (f)<br>| 114520000 | 111954191 |
| KEB Hana Bank (South Korea) 4.60%, <br> 11/26/2025 (a) (f)<br>| 20768000 | 20548167 |
| Macquarie Bank Ltd. (Australia) 4.62%, <br> 11/20/2025 (a) (f)<br>| 82707000 | 81878086 |
| Mizuho Bank Ltd. (Japan) |  |  |
| 4.62%, 11/18/2025 (a) (f) | 106676000 | 105650588 |
| 4.41%, 6/10/2026 (a) (f) | 52996000 | 51305968 |
| National Bank of Canada (Canada) 4.40%, <br> 5/13/2026 (a) (f)<br>| 28903000 | 28071698 |
| NatWest Markets plc (United Kingdom) <br> 4.60%, 11/18/2025 (a) (f)<br>| 59325000 | 58757034 |
| NTT Finance Americas Inc (Japan) 4.65%, <br> 9/17/2025 (f)<br>| 16700000 | 16661303 |
| Prudential International Treasury Ltd. <br> (Hong Kong) 4.23%, 8/21/2026 (a) (f)<br>| 73845000 | 70909033 |
| Standard Chartered Bank (United <br> Kingdom) 4.60%, 1/14/2026 (a) (f)<br>| 28107000 | 27650028 |
| Sumitomo Mitsui Banking Corp. (Japan) <br> 4.41%, 6/11/2026 (a) (f)<br>| 84943000 | 82222191 |
| Svenska Handelsbanken AB (Sweden) <br> 4.59%, 11/18/2025 (a) (f)<br>| 121604000 | 120452556 |
| Ventas Realty LP 4.51%, 9/2/2025 (a) (f) | 65000000 | 64967487 |
| Total Commercial Paper <br>(Cost $3,023,322,862)<br>|  | 3023312622 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (g) (h) <br>(Cost $967,759,238)<br>| 967759238 | 967759238 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.34% (g) (h) <br>(Cost $21,425,205)<br>| 21425205 | 21425205 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Repurchase Agreements — 1.0%** | **Repurchase Agreements — 1.0%** | **Repurchase Agreements — 1.0%** |
| Wells Fargo Securities LLC, 4.91%, dated <br> 8/29/2025, due 2/9/2026, repurchase <br> price $327,157,689, collateralized by <br> Commercial Paper, 0.00%, due <br> 9/12/2025 and Corporate Notes & <br> Bonds, 0.00% - 10.00%, due <br> 10/29/2025 - 9/9/2052, with the <br> value of $350,809,258. <br>(Cost $320,000,000)<br>| 320000000 | 320000000 |
| Total Short-Term Investments <br>(Cost $6,576,114,229)<br>|  | 6577241769 |
| **Total Investments — 98.5%** <br>**(Cost $32,760,468,189)**<br>|  | **32876618458** |
| **Other Assets in Excess of Liabilities —** <br> **1.5%**<br>|  | **514205046** |
| **NET ASSETS — 100.0%** |  | **33390823504** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (c) | The security or a portion of this security is on loan at <br> August 31, 2025. The total value of securities on loan <br> at August 31, 2025 is $20,749,826.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 233

------

JPMorgan Ultra-Short Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

234 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 84.0% (a)** | **Municipal Bonds — 84.0% (a)** | **Municipal Bonds — 84.0% (a)** |
| **Alabama — 1.3%** | **Alabama — 1.3%** | **Alabama — 1.3%** |
| Alabama Federal Aid Highway Finance <br> Authority<br>|  |  |
| Series A, Rev., 5.00%, 9/1/2025 (b) | 330000 | 330000 |
| Series B, Rev., 5.00%, 9/1/2025 (b) | 25000 | 25000 |
| Series 2016A, Rev., 5.00%, <br> 9/1/2026 (b)<br>| 3315000 | 3397175 |
| Series A, Rev., 5.00%, 9/1/2026 (b) | 190000 | 194710 |
| Series B, Rev., 5.00%, 9/1/2026 (b) | 100000 | 102479 |
| Series A, Rev., 4.00%, 9/1/2027 (b) | 95000 | 97909 |
| Series A, Rev., 5.00%, 9/1/2027 (b) | 1400000 | 1470006 |
| Alabama Public School and College <br> Authority, Capital improvement<br>|  |  |
| Series 2014B, Rev., 5.00%, 1/1/2026 | 310000 | 311063 |
| Series 2014B, Rev., 5.00%, 1/1/2027 | 45000 | 45154 |
| Alabama Public School and College <br> Authority, Capital Improvement Series <br> 2020A, Rev., 5.00%, 11/1/2025<br>| 135000 | 135536 |
| Alabama Special Care Facilities Financing <br> Authority-Birmingham, Childrens Hospital <br> Health Care Facility Series 2015, Rev., <br> 5.00%, 6/1/2029<br>| 85000 | 85096 |
| Birmingham Airport Authority, Rev., 5.00%, <br> 7/1/2026<br>| 20000 | 20420 |
| Black Belt Energy Gas District, Gas Prepay <br> Project No. 4 Series 2019A-1, Rev., <br> 4.00%, 12/1/2025 (c)<br>| 25000000 | 25040868 |
| Black Belt Energy Gas District, Gas Project <br> No. 6 Series 2021B, Rev., 4.00%, <br> 12/1/2026 (c)<br>| 60000 | 60618 |
| Black Belt Energy Gas District, Gas Supply <br> Series 2022D-2, Rev., LIQ : Royal Bank of <br> Canada, (SOFR + 1.40%), 4.34%, <br> 9/8/2025 (d)<br>| 25575000 | 25800725 |
| City of Homewood, GO, 5.00%, <br> 9/1/2026 (b)<br>| 60000 | 61547 |
| County of Jefferson sewer Series 2024, Rev., <br> 5.00%, 10/1/2026<br>| 1020000 | 1045703 |
| Montgomery Water Works and Sanitary <br> Sewer Board Series 2019A, Rev., 5.00%, <br> 9/1/2025<br>| 35000 | 35000 |
| Tuscaloosa City Board of Education Rev., <br> 5.00%, 8/1/2026 (b)<br>| 555000 | 567820 |
| Total Alabama |  | 58826829 |
| **Alaska — 0.9%** | **Alaska — 0.9%** | **Alaska — 0.9%** |
| Alaska Housing Finance Corp., Home <br> Mortgage Series 2007A, Rev., VRDO, LIQ : <br> FHLB, 2.68%, 9/8/2025 (c)<br>| 28400000 | 28400000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Alaska — continued** | **Alaska — continued** | **Alaska — continued** |
| Alaska Housing Finance Corp., State Capital <br> Project Series II 2021A, Rev., 5.00%, <br> 12/1/2026<br>| 935000 | 964338 |
| Alaska Municipal Bond Bank Authority |  |  |
| Series 1, Rev., 5.00%, 12/1/2025 | 480000 | 482898 |
| Series 3, Rev., 5.00%, 12/1/2026 | 55000 | 56678 |
| Borough of Matanuska-Susitna, Alaska <br> School General Obligation Series 2025B, <br> GO, 5.00%, 11/1/2026<br>| 1375000 | 1414932 |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project<br>|  |  |
| Rev., 5.00%, 9/1/2025 | 480000 | 480000 |
| Series 2025A, Rev., 5.00%, 9/1/2028 | 1380000 | 1477980 |
| Series 2025A, Rev., 5.00%, 9/1/2029 | 3175000 | 3463886 |
| Borough of North Slope Series 2022A, GO, <br> 5.00%, 6/30/2028<br>| 75000 | 80418 |
| Borough of North Slope, General Purpose <br> Series 2021C, GO, 4.00%, 6/30/2026<br>| 120000 | 121663 |
| Municipality of Anchorage |  |  |
| Series B, GO, 5.00%, 9/1/2025 | 90000 | 90000 |
| Series D, GO, 5.00%, 9/1/2025 | 45000 | 45000 |
| University of Alaska Series 2015T, Rev., <br> 5.00%, 10/1/2025<br>| 500000 | 500865 |
| Total Alaska |  | 37578658 |
| **Arizona — 1.3%** | **Arizona — 1.3%** | **Arizona — 1.3%** |
| Arizona Board of Regents, State University |  |  |
| Series 2015A, Rev., 5.00%, 9/17/2025 | 75000 | 75151 |
| Series 2015B, Rev., 5.00%, 9/17/2025 | 45000 | 45090 |
| Arizona Health Facilities Authority, Banner <br> Health<br>|  |  |
| Series 2015B, Rev., 2.88%, <br> 9/11/2025 (b) (d)<br>| 1800000 | 1800156 |
| Series 2015B, Rev., (SIFMA Municipal <br> Swap Index Yield + 0.25%), 2.88%, <br> 9/11/2025 (d)<br>| 7600000 | 7541418 |
| Arizona Industrial Development Authority, <br> Equitable School Revolving Fund LLC<br>|  |  |
| Series 2022A, Rev., 4.00%, 11/1/2027 | 4000000 | 4005860 |
| Series 2024A, Rev., 5.00%, 11/1/2029 | 2100000 | 2244429 |
| Arizona Sports and Tourism Authority, <br> Senior Lien Multipurpose Stadium Facility <br> Project Series 2022, Rev., 5.00%, <br> 7/1/2026<br>| 30000 | 30635 |
| Arizona Water Infrastructure Finance <br> Authority Series 2024, Rev., 5.00%, <br> 10/1/2027<br>| 5520000 | 5824765 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 235

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| City of Chandler Series 2016, GO, 5.00%, <br> 7/1/2027<br>| 2000000 | 2097346 |
| City of Mesa Utility System Series 2017, <br> Rev., 4.00%, 7/1/2027<br>| 1500000 | 1543545 |
| City of Phoenix Series 2016, GO, 4.00%, <br> 7/1/2026<br>| 275000 | 278756 |
| City of Phoenix Civic Improvement Corp. |  |  |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 25000 | 25552 |
| Series B, Rev., 5.00%, 7/1/2026 | 230000 | 235078 |
| City of Phoenix Civic Improvement Corp., <br> Civic Plaza Expansion Series 2005B, Rev., <br> NATL - RE, 5.50%, 7/1/2026<br>| 25000 | 25663 |
| City of Yuma Municipal Property Corp., <br> Senior Lien Series 2015, Rev., 5.00%, <br> 7/1/2026<br>| 2015000 | 2018507 |
| County of Pima Sewer System, Rev., 5.00%, <br> 7/1/2026 (b)<br>| 150000 | 153138 |
| Maricopa County Industrial Development <br> Authority, Banner Health<br>|  |  |
| Series 2019D, Rev., 5.00%, <br> 5/15/2026 (c)<br>| 2165000 | 2199614 |
| Series 2023A-1, Rev., 5.00%, <br> 5/15/2026 (c)<br>| 6080000 | 6155254 |
| Series 2023A-2, Rev., 5.00%, <br> 5/15/2028 (c)<br>| 375000 | 394367 |
| Series 2023A3, Rev., 5.00%, <br> 11/1/2030 (c)<br>| 3190000 | 3487897 |
| Maricopa County Union High School District <br> No. 210-Phoenix, Project of 2023 Series <br> 2025B, GO, 5.00%, 7/1/2027<br>| 2375000 | 2490162 |
| Pima County Regional Transportation <br> Authority Excise Tax Series 2017, Rev., <br> 5.00%, 6/1/2026<br>| 75000 | 76451 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-147, Rev., VRDO, LOC <br> : Royal Bank of Canada, 2.76%, <br> 9/4/2025 (c) (e)<br>| 11000000 | 11000000 |
| State of Arizona |  |  |
| COP, 5.00%, 9/1/2025 (b) | 205000 | 205000 |
| COP, 5.00%, 9/1/2025 | 95000 | 95000 |
| Series 2019A, COP, 5.00%, <br> 10/1/2025 (b)<br>| 850000 | 851709 |
| Series 2019A, COP, 5.00%, <br> 10/1/2026 (b)<br>| 490000 | 503956 |
| State of Arizona Lottery |  |  |
| Rev., 5.00%, 7/1/2026 (b) | 195000 | 199161 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Rev., 5.00%, 7/1/2027 (b) | 20000 | 20952 |
| Rev., 5.00%, 7/1/2029 (b) | 200000 | 219056 |
| Total Arizona |  | 55843668 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| City of Rogers Sales and Use Tax Series <br> 2022, Rev., 5.00%, 11/1/2025<br>| 70000 | 70254 |
| University of Central Arkansas, Student Fee <br> Series 2020A, Rev., 5.00%, 11/1/2026<br>| 75000 | 76882 |
| Total Arkansas |  | 147136 |
| **California — 2.1%** | **California — 2.1%** | **California — 2.1%** |
| California Community College Financing <br> Authority, West Valley Mission Community <br> College District Series 2016C, Rev., <br> 5.00%, 6/1/2026 (b)<br>| 25000 | 25493 |
| California County Tobacco Securitization <br> Agency, Gold Country Settlement Funding <br> Corp. Series 2020A, Rev., 5.00%, <br> 6/1/2026<br>| 1090000 | 1105488 |
| California Health Facilities Financing <br> Authority Series 2019C, Rev., 5.00%, <br> 10/1/2025 (b) (c)<br>| 175000 | 175356 |
| California Health Facilities Financing <br> Authority, St. Joseph Health System Series <br> 2019C, Rev., 5.00%, 10/1/2025 (c)<br>| 20030000 | 20070765 |
| California Infrastructure and Economic <br> Development Bank, Colburn School (The), <br> Rev., (SIFMA Municipal Swap Index Yield + <br> 0.90%), 3.53%, 9/11/2025 (d)<br>| 28500000 | 28325734 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, <br> 10/1/2025 (c)<br>| 5250000 | 5249676 |
| California Municipal Finance Authority, <br> Waste Management, Inc., Project<br>|  |  |
| Series 2020, Rev., AMT, VRDO, 3.80%, <br> 12/1/2025 (c)<br>| 3800000 | 3800000 |
| Series 2017A, Rev., AMT, 4.10%, <br> 12/1/2025 (c)<br>| 1500000 | 1500436 |
| California Pollution Control Financing <br> Authority, Solid Waste Disposal, Republic <br> Services, Inc., Project, Rev., AMT, 3.80%, <br> 2/17/2026 (c) (e)<br>| 6500000 | 6499661 |
| California Statewide Communities <br> Development Authority, Adventist Health <br> System/West Obligated Group Series <br> 2007A, Rev., 5.00%, 3/1/2027 (c)<br>| 775000 | 791199 |
| City of Vernon, Electric System |  |  |
| Series 2021A, Rev., 5.00%, 10/1/2025 | 200000 | 200347 |
| Series 2021A, Rev., 5.00%, 4/1/2026 | 25000 | 25318 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

236 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Colton Joint Unified School District, Election <br> of 2008 Series 2010B, GO, A.G., 5.80%, <br> 8/21/2026 (b)<br>| 65000 | 67298 |
| Desert Community College District Series <br> 2016, GO, 5.00%, 2/1/2026 (b)<br>| 50000 | 50576 |
| El Dorado Irrigation District Series 2016C, <br> Rev., 5.00%, 3/1/2026 (b)<br>| 40000 | 40571 |
| Glendale Community College District, <br> Election of 2016 Series 2016A, GO, <br> 5.25%, 8/1/2027 (b)<br>| 25000 | 26521 |
| Glendale Unified School District Series <br> 2015B, GO, Zero Coupon, 9/1/2025<br>| 435000 | 302312 |
| Golden State Tobacco Securitization Corp., <br> Tobacco Settlement Asset-Backed Bonds <br> Series 2017A-1, Rev., 5.00%, <br> 6/1/2027 (b)<br>| 25000 | 26214 |
| Los Angeles Department of Water and Power <br> System<br>|  |  |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 800000 | 815600 |
| Series 2022E, Rev., 5.00%, 7/1/2026 | 1900000 | 1937050 |
| Series 2016B, Rev., 5.00%, 7/1/2027 | 1625000 | 1636482 |
| Series 2017B, Rev., 5.00%, 7/1/2030 | 800000 | 821005 |
| Series 2024C, Rev., 5.00%, 7/1/2030 | 625000 | 689979 |
| Los Angeles Unified School District, <br> Certificates of Participation<br>|  |  |
| Series 2023A, COP, 5.00%, <br> 10/1/2028 (b)<br>| 10000 | 10828 |
| Series 2023A, COP, 5.00%, 10/1/2028 | 10000 | 10866 |
| Metropolitan Water District of Southern <br> California, Waterworks Series 2024B-2, <br> Rev., 5.00%, 7/1/2029 (c)<br>| 1350000 | 1449155 |
| San Diego Association of Governments <br> Series 2019A, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 100000 | 100548 |
| San Diego County Regional Airport <br> Authority, Senior Private Activity<br>|  |  |
| Series 2025B, Rev., AMT, 5.00%, <br> 7/1/2028<br>| 1650000 | 1748586 |
| Series 2025B, Rev., AMT, 5.00%, <br> 7/1/2029<br>| 3150000 | 3394791 |
| Series 2025B, Rev., AMT, 5.00%, <br> 7/1/2030<br>| 2200000 | 2399581 |
| South San Francisco Unified School District, <br> Measure J, Dedicated Unlimited Ad <br> Valorem Property Tax Series 2016C, GO, <br> 4.00%, 9/1/2025<br>| 1160000 | 1160000 |
| Southern California Public Power Authority |  |  |
| Series 2015C, Rev., 5.00%, 7/1/2026 | 2410000 | 2413719 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **California — continued** | **California — continued** | **California — continued** |
| Series 2023-1, Rev., 5.00%, 7/1/2026 | 1310000 | 1335545 |
| State of California, Various Purpose, GO, <br> 5.00%, 10/1/2025<br>| 1780000 | 1783941 |
| Sunnyvale School District, GO, 5.00%, <br> 9/1/2025 (b)<br>| 30000 | 30000 |
| Tobacco Securitization Authority of Northern <br> California, Sacramento County Tobacco <br> Securitization Corp. Series 2021A, Class <br> 1, Rev., 5.00%, 6/1/2030<br>| 400000 | 430272 |
| Total California |  | 90450913 |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| Adams and Arapahoe Counties Joint School <br> District 28J Aurora, GO, 5.50%, <br> 12/1/2026<br>| 4000000 | 4158003 |
| City and County of Denver |  |  |
| Series 2024A, GO, 5.00%, 8/1/2026 | 1055000 | 1080908 |
| Series 2024B, GO, 5.00%, 8/1/2026 | 955000 | 978452 |
| City and County of Denver Pledged Excise <br> Tax Series 2016A, Rev., 5.00%, <br> 8/1/2026<br>| 340000 | 347882 |
| City and County of Denver, Airport System |  |  |
| Series 2016A, Rev., 5.00%, 11/15/2025 | 80000 | 80395 |
| Series 2020A-2, Rev., 5.00%, <br> 11/15/2025<br>| 80000 | 80395 |
| Series 2023B, Rev., AMT, 5.00%, <br> 11/15/2026<br>| 4700000 | 4821330 |
| Series 2023B, Rev., AMT, 5.00%, <br> 11/15/2027<br>| 2000000 | 2095777 |
| City of Aurora |  |  |
| COP, 5.00%, 12/1/2025 | 60000 | 60370 |
| Series 2016, Rev., 5.00%, 8/1/2026 (b) | 290000 | 296831 |
| COP, 5.00%, 12/1/2027 | 60000 | 63501 |
| City of Colorado Springs Utilities System |  |  |
| Series 2015A, Rev., 5.00%, 11/15/2025 | 350000 | 351715 |
| Series 2020A, Rev., 5.00%, 11/15/2025 | 80000 | 80418 |
| Series 2018A-1, Rev., 5.00%, <br> 11/15/2026<br>| 35000 | 36131 |
| Series 2020C, Rev., 5.00%, 11/15/2027 | 20000 | 21167 |
| Series A-1, Rev., 5.00%, 11/15/2030 | 1405000 | 1473846 |
| Colorado Bridge Enterprise Series 2019A, <br> Rev., 4.00%, 12/1/2026<br>| 75000 | 76392 |
| Colorado Health Facilities Authority, <br> Adventhealth Obligated Group<br>|  |  |
| Series 2019B, Rev., 5.00%, <br> 11/19/2026 (b) (c)<br>| 2000000 | 2057883 |
| Series 2019B, Rev., 5.00%, <br> 11/19/2026 (c)<br>| 1625000 | 1665378 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 237

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Health Facilities Authority, <br> Adventist Health System<br>|  |  |
| Series 2018B, Rev., 5.00%, <br> 11/20/2025 (c)<br>| 570000 | 572986 |
| Series 2016C, Rev., 5.00%, <br> 11/15/2026 (c)<br>| 3100000 | 3184486 |
| Series A-1, Rev., 5.00%, 11/15/2028 (c) | 1350000 | 1435091 |
| Series 2025A, Rev., 5.00%, <br> 11/15/2030 (c)<br>| 1560000 | 1707270 |
| Colorado Health Facilities Authority, <br> Children's Hospital Colorado Project <br> Series C, Rev., 5.00%, 12/1/2026<br>| 85000 | 86441 |
| Colorado Health Facilities Authority, <br> CommonSpirit Health<br>|  |  |
| Series 2019A-1, Rev., 5.00%, 8/1/2026 | 340000 | 346702 |
| Series 2019B-2, Rev., 5.00%, <br> 8/1/2026 (c)<br>| 1195000 | 1203556 |
| Series 2019A-2, Rev., 5.00%, 8/1/2027 | 5000000 | 5208742 |
| Colorado Health Facilities Authority, <br> CommonSpirit Health Obligated Group <br> Series 2022A, Rev., 5.00%, 11/1/2028<br>| 700000 | 746699 |
| Colorado Health Facilities Authority, <br> Intermountain Healthcare<br>|  |  |
| Series 2024D, Rev., VRDO, 2.65%, <br> 9/2/2025 (c)<br>| 28100000 | 28100000 |
| Series 2022B, Rev., 5.00%, <br> 8/17/2026 (c)<br>| 2950000 | 3014213 |
| Series 2022C, Rev., 5.00%, <br> 8/15/2028 (c)<br>| 5015000 | 5331008 |
| Colorado Health Facilities Authority, NCMC, <br> Inc., Project<br>|  |  |
| Rev., 4.00%, 5/15/2026 (b) | 350000 | 353363 |
| Series 2016, Rev., 4.00%, <br> 5/15/2026 (b)<br>| 1045000 | 1055041 |
| Series 2025-XM1212, Rev., 4.00%, <br> 5/15/2026 (b)<br>| 180000 | 181730 |
| Series 2016, Rev., 5.00%, <br> 5/15/2026 (b)<br>| 135000 | 137230 |
| Colorado Health Facilities Authority, <br> Parkview Medical center, Inc. Project, <br> Rev., 4.00%, 9/1/2026 (b)<br>| 465000 | 471514 |
| Colorado Health Facilities Authority, Sanford <br> Health Series 2019A, Rev., 5.00%, <br> 11/1/2029<br>| 190000 | 205881 |
| Colorado Health Facilities Authority, The <br> Evangelical Lutheran Good Samaritan <br> Society Project Series 2017, Rev., 5.00%, <br> 6/1/2027 (b)<br>| 35000 | 36466 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Higher Education, Capital <br> Construction, Lease Purchase Financing <br> Program Series 2014A, COP, 5.00%, <br> 11/1/2025<br>| 340000 | 341407 |
| Colorado Springs School District No. 11 <br> Facilities Corp.<br>|  |  |
| COP, 5.00%, 12/15/2028 | 375000 | 403219 |
| COP, 5.00%, 12/15/2029 | 350000 | 381962 |
| County of Adams, COP, 5.00%, 12/1/2025 | 250000 | 251566 |
| E-470 Public Highway Authority Series <br> 2020A, Rev., 5.00%, 9/1/2026<br>| 75000 | 76874 |
| Garfield Pitkin and Eagle Counties School <br> District No. Re-1 Roaring Fork<br>|  |  |
| GO, 5.00%, 12/15/2025 (b) | 75000 | 75534 |
| Series 2016, GO, 5.00%, <br> 12/15/2025 (b)<br>| 25000 | 25178 |
| Platte River Power Authority Series JJ, Rev., <br> 4.00%, 6/1/2026<br>| 65000 | 65818 |
| Regional Transportation District, COP, <br> 5.00%, 6/1/2030<br>| 1990000 | 2203448 |
| Regional Transportation District, Denver <br> Transit Partners Series 2020A, Rev., <br> 5.00%, 7/15/2026<br>| 950000 | 965132 |
| State of Colorado |  |  |
| Series 2020A, COP, 5.00%, 9/1/2025 | 130000 | 130000 |
| Series 2018A, COP, 5.00%, 12/15/2025 | 20000 | 20134 |
| Series 2018A, COP, 5.00%, 12/15/2026 | 25000 | 25783 |
| Series 2018L, COP, 5.00%, 3/15/2027 | 145000 | 150911 |
| Series 2021A, COP, 5.00%, 12/15/2028 | 25000 | 27046 |
| Series 2020A, COP, 5.00%, 9/1/2029 | 75000 | 82273 |
| University of Colorado Series 2007A, Rev., <br> NATL - RE, 5.00%, 6/1/2026<br>| 110000 | 112137 |
| University of Colorado, Enterprise System |  |  |
| Series 2016B-1, Rev., 4.00%, <br> 6/1/2026 (b)<br>| 290000 | 293416 |
| Series 2021C-3B, Rev., 2.00%, <br> 10/15/2026 (c)<br>| 6250000 | 6170584 |
| Series 2017A-2, Rev., 5.00%, 6/1/2028 | 55000 | 58943 |
| University of Colorado, Hospital Authority <br> Series 2018C, Rev., VRDO, LIQ : TD Bank <br> NA, 2.75%, 9/2/2025 (c)<br>| 25000000 | 25000000 |
| Total Colorado |  | 110066558 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** | **Connecticut — 0.9%** |
| Connecticut State Health and Educational <br> Facilities Authority, University System <br> Issue Series L, Rev., 3.00%, 11/1/2026<br>| 120000 | 120025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

238 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| Connecticut State Health and Educational <br> Facilities Authority, Yale University Series <br> 2017C-1, Rev., 5.00%, 2/1/2028 (c)<br>| 60000 | 63638 |
| State of Connecticut |  |  |
| Series F, GO, 5.00%, 11/15/2025 | 25000 | 25126 |
| Series 2016A, GO, 4.00%, 3/15/2026 | 20000 | 20168 |
| Series 2016A, GO, 5.00%, 3/15/2026 | 25000 | 25342 |
| Series 2025B, GO, 5.00%, 12/1/2026 | 14625000 | 15098524 |
| Series 2025B, GO, 5.00%, 12/1/2027 | 6500000 | 6884579 |
| Series E, GO, 5.00%, 10/15/2028 | 2150000 | 2211068 |
| Series 2022E, GO, 5.00%, 11/15/2028 | 35000 | 37887 |
| Series 2025B, GO, 5.00%, 12/1/2028 | 1910000 | 2069485 |
| Series 2019A, GO, 5.00%, 4/15/2029 | 500000 | 545914 |
| Series 2018E, GO, 5.00%, 9/15/2030 | 1665000 | 1780494 |
| Series 2022D, GO, 5.00%, 9/15/2030 | 250000 | 279193 |
| State of Connecticut Special Tax |  |  |
| Series A, Rev., 5.00%, 9/1/2025 | 275000 | 275000 |
| Series 2018B, Rev., 5.00%, 10/1/2025 | 220000 | 220437 |
| Series 2018C, Rev., 5.00%, 10/1/2025 | 260000 | 260516 |
| Series 2021D, Rev., 5.00%, 11/1/2025 | 250000 | 251034 |
| Series 2021A, Rev., 5.00%, 5/1/2026 | 600000 | 610600 |
| Series 2022A, Rev., 5.00%, 7/1/2026 | 60000 | 61334 |
| Series B, Rev., 5.00%, 8/1/2026 | 90000 | 90157 |
| Series 2018B, Rev., 5.00%, 10/1/2026 | 80000 | 82329 |
| Series 2023B, Rev., 5.00%, 7/1/2028 | 30000 | 32209 |
| Series 2024A-1, Rev., 5.00%, 7/1/2029 | 45000 | 49339 |
| Series A, Rev., 5.00%, 9/1/2029 | 100000 | 102454 |
| Town of Groton, GO, BAN, 4.25%, <br> 4/23/2026<br>| 6900000 | 6956394 |
| University of Connecticut Series 2015A, <br> Rev., 5.00%, 2/15/2026<br>| 25000 | 25046 |
| Total Connecticut |  | 38178292 |
| **Delaware — 0.3%** | **Delaware — 0.3%** | **Delaware — 0.3%** |
| County of New Castle Series 2015, GO, <br> 5.00%, 10/1/2025 (b)<br>| 45000 | 45092 |
| Delaware Transportation Authority Series <br> 2016, Rev., 5.00%, 7/1/2026<br>| 1010000 | 1032632 |
| State of Delaware Series 2023A, GO, <br> 5.00%, 5/1/2026<br>| 125000 | 127250 |
| University of Delaware |  |  |
| Series 2013C, Rev., VRDO, LIQ : TD Bank <br> NA, 2.75%, 9/2/2025 (c)<br>| 12515000 | 12515000 |
| Series 2019, Rev., 5.00%, 11/1/2025 | 100000 | 100422 |
| Total Delaware |  | 13820396 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |
| District of Columbia |  |  |
| Series 2019A, GO, 5.00%, 10/15/2025 | 60000 | 60184 |
| Series 2023B, GO, 5.00%, 6/1/2026 | 25000 | 25498 |
| Series D, GO, 5.00%, 6/1/2026 | 25000 | 25498 |
| Series 2024C, GO, 5.00%, 12/1/2027 | 5105000 | 5406166 |
| Series 2017D, GO, 5.00%, 6/1/2029 | 2000000 | 2085090 |
| District of Columbia Housing Finance <br> Agency, Multi Family Housing Edgewood <br> Apartments Project Series 2023, Rev., <br> FHA, 5.00%, 6/1/2026 (c)<br>| 6275000 | 6294564 |
| District of Columbia Housing Finance <br> Agency, Paxton Project Series 2022, Rev., <br> VRDO, 2.95%, 12/1/2025 (c)<br>| 5150000 | 5150000 |
| District of Columbia Income Tax |  |  |
| Series 2019C, Rev., 5.00%, 10/1/2025 | 350000 | 350653 |
| Series 2022C, Rev., 5.00%, 12/1/2026 | 55000 | 56799 |
| Series 2020A, Rev., 5.00%, 3/1/2027 | 20000 | 20787 |
| District of Columbia Water and Sewer <br> Authority Series A, Rev., 5.00%, <br> 10/1/2025<br>| 90000 | 90174 |
| District of Columbia, Children's Hospital <br> Obligated Group<br>|  |  |
| Series 2015, Rev., 5.00%, 7/15/2027 | 230000 | 231821 |
| Series 2015, Rev., 5.00%, 7/15/2028 | 265000 | 267219 |
| Series 2015, Rev., 5.00%, 7/15/2029 | 100000 | 100815 |
| District of Columbia, Federal Highway Series <br> 2020, Rev., 5.00%, 12/1/2028<br>| 45000 | 48541 |
| District of Columbia, National Public Radio, <br> Inc., Issue Series 2016, Rev., 5.00%, <br> 4/1/2026 (b)<br>| 25000 | 25355 |
| Metropolitan Washington Airports Authority <br> Aviation<br>|  |  |
| Series 2010C-2, Rev., VRDO, LOC : TD <br> Bank NA, 2.63%, 9/11/2025 (c)<br>| 20100000 | 20100000 |
| Series 2019B, Rev., 5.00%, 10/1/2026 | 30000 | 30825 |
| Series 2021A, Rev., AMT, 5.00%, <br> 10/1/2028<br>| 1355000 | 1441716 |
| Series 2024A, Rev., AMT, 5.00%, <br> 10/1/2030<br>| 3500000 | 3824801 |
| Metropolitan Washington Airports Authority <br> Dulles Toll Road, Second Line Series <br> 2009C, Rev., A.G., 6.50%, <br> 10/1/2026 (b)<br>| 1075000 | 1119896 |
| Washington Metropolitan Area Transit <br> Authority<br>|  |  |
| Series 2018, Rev., 5.00%, 7/1/2026 | 20000 | 20430 |
| Series A-1, Rev., 5.00%, 7/1/2026 | 280000 | 286017 |
| Series A-1, Rev., 5.00%, 7/1/2027 | 100000 | 104590 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 239

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2017B, Rev., 5.00%, 7/1/2028 | 30000 | 31354 |
| Series A-1, Rev., 5.00%, 7/1/2028 | 25000 | 26128 |
| Washington Metropolitan Area Transit <br> Authority Dedicated<br>|  |  |
| Series 2021A, Rev., 5.00%, 7/15/2026 | 30000 | 30684 |
| Series 2021A, Rev., 5.00%, 7/15/2030 | 80000 | 88686 |
| Total District of Columbia |  | 47344291 |
| **Florida — 4.2%** | **Florida — 4.2%** | **Florida — 4.2%** |
| Alachua County School Board Series 2020, <br> COP, A.G., 5.00%, 7/1/2027<br>| 20000 | 20898 |
| Central Florida Expressway Authority, Senior <br> Lien<br>|  |  |
| Series 2016B, Rev., 5.00%, 7/1/2026 | 95000 | 96991 |
| Series 2019B, Rev., 5.00%, 7/1/2026 | 45000 | 45943 |
| Series 2016B, Rev., 5.00%, 7/1/2027 | 535000 | 545317 |
| Series 2021, Rev., A.G., 5.00%, <br> 7/1/2027<br>| 300000 | 314192 |
| Series 2016B, Rev., 5.00%, 7/1/2028 | 1000000 | 1020017 |
| Series 2017, Rev., 5.00%, 7/1/2029 | 50000 | 52164 |
| Series 2019B, Rev., 5.00%, 7/1/2029 | 75000 | 81674 |
| City of Gainesville, Utilities System |  |  |
| Series 2017A, Rev., 5.00%, 10/1/2028 | 1000000 | 1049938 |
| Series B, Rev., 5.00%, 10/1/2029 | 50000 | 50075 |
| City of Jacksonville |  |  |
| Rev., 5.00%, 10/1/2025 | 50000 | 50101 |
| Series 2020A, Rev., 5.00%, 10/1/2025 | 280000 | 280566 |
| Series 2021A, Rev., 5.00%, 10/1/2025 | 150000 | 150303 |
| Series 2022A, Rev., 5.00%, 10/1/2025 | 75000 | 75152 |
| Series 2023A, Rev., 5.00%, 10/1/2025 | 100000 | 100202 |
| Series 2024, Rev., 5.00%, 10/1/2025 | 720000 | 721456 |
| Series B, Rev., 5.00%, 10/1/2025 (b) | 195000 | 195368 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 20000 | 20040 |
| Series A, Rev., 5.00%, 10/1/2026 | 25000 | 25716 |
| Rev., 5.00%, 10/1/2029 | 165000 | 165319 |
| City of Jacksonville, Health Care Facilities, <br> Baptist Health Series 2019C, Rev., VRDO, <br> 2.65%, 9/11/2025 (c)<br>| 17400000 | 17400000 |
| City of Lakeland, Department of Electric <br> Utilities<br>|  |  |
| Series 2016, Rev., 5.00%, 10/1/2025 | 80000 | 80158 |
| Rev., 5.00%, 10/1/2026 | 310000 | 314300 |
| Series 2010A, Rev., A.G., 5.25%, <br> 10/1/2028<br>| 1000000 | 1080459 |
| City of Miami Beach Water and Sewer Series <br> 2017, Rev., 5.00%, 9/1/2025<br>| 125000 | 125000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| City of Orlando Series 2016B, Rev., 5.00%, <br> 10/1/2025<br>| 25000 | 25048 |
| City of South Miami Health Facilities <br> Authority, Inc., Baptist Health South, Rev., <br> 5.00%, 8/15/2028<br>| 45000 | 46930 |
| City of Tallahassee, Energy System |  |  |
| Series 2020, Rev., 5.00%, 10/1/2025 | 130000 | 130260 |
| Series 2020, Rev., 5.00%, 10/1/2027 | 85000 | 89644 |
| Ciy of Jacksonville Sales Tax Series 2016, <br> Rev., 5.00%, 10/1/2025<br>| 25000 | 25051 |
| Collier County Water-Sewer District Series <br> 2016, Rev., 5.00%, 7/1/2026 (b)<br>| 200000 | 204267 |
| County of Broward, Airport System |  |  |
| Series Q-1, Rev., 5.00%, 10/1/2025 | 195000 | 195248 |
| Series 2013C, Rev., 5.25%, 10/1/2026 | 100000 | 100201 |
| County of Hillsborough, Community <br> Investment Tax, Rev., 5.00%, 11/1/2025<br>| 160000 | 160656 |
| County of Lee Series 2015, Rev., 5.00%, <br> 10/1/2025<br>| 85000 | 85171 |
| County of Lee, Airport Series 2021A, Rev., <br> AMT, 5.00%, 10/1/2028<br>| 2000000 | 2125562 |
| County of Manatee Series 2022, Rev., <br> 5.00%, 10/1/2025<br>| 2400000 | 2404539 |
| County of Miami-Dade |  |  |
| Series 2016B, Rev., 5.00%, 4/1/2026 | 280000 | 284308 |
| Series 2017A, Rev., 5.00%, 4/1/2026 | 195000 | 198000 |
| Series 2016B, Rev., 5.00%, 4/1/2027 | 175000 | 177568 |
| Series 2016B, Rev., 5.00%, 4/1/2028 | 20000 | 20289 |
| County of Miami-Dade, Aviation System |  |  |
| Series 2020A, Rev., 5.00%, 10/1/2025 | 335000 | 335693 |
| Series A, Rev., 5.00%, 10/1/2025 | 320000 | 320662 |
| Series B, Rev., 5.00%, 10/1/2026 | 695000 | 696336 |
| Series A, Rev., 5.00%, 10/1/2027 | 165000 | 169168 |
| Series A, Rev., 5.00%, 10/1/2028 | 2105000 | 2157857 |
| Series A, Rev., 5.00%, 10/1/2029 | 20000 | 20487 |
| County of Miami-Dade, Building Better <br> Communities Program<br>|  |  |
| Series 2015B, GO, 5.00%, 7/1/2026 | 270000 | 270498 |
| Series 2015D, GO, 5.00%, 7/1/2026 | 45000 | 45999 |
| Series 2015D, GO, 5.00%, 7/1/2028 | 90000 | 91772 |
| County of Miami-Dade, Water and Sewer <br> System<br>|  |  |
| Series 2015, Rev., 5.00%, 10/1/2025 | 665000 | 666340 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 215000 | 215430 |
| Series 2017B, Rev., 5.00%, 10/1/2027 | 45000 | 47477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

240 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| County of Seminole Water and Sewer Series <br> 2015A, Rev., 5.00%, 10/1/2025 (b)<br>| 55000 | 55106 |
| County of St. Lucie, Power and Light Co., <br> Project, Rev., VRDO, 2.75%, <br> 9/8/2025 (c)<br>| 35750000 | 35750000 |
| Duval County Public Schools |  |  |
| Series 2022A, COP, A.G., 5.00%, <br> 7/1/2026<br>| 415000 | 423526 |
| Series 2022A, COP, A.G., 5.00%, <br> 7/1/2028<br>| 55000 | 58856 |
| Series 2022A, COP, A.G., 5.00%, <br> 7/1/2029<br>| 40000 | 43682 |
| Escambia County School Board Series <br> 2020A, COP, 5.00%, 2/1/2026<br>| 365000 | 368665 |
| Florida Atlantic University Housing System <br> Series 2016A, Rev., 5.00%, 7/1/2028<br>| 1070000 | 1090378 |
| Florida Department of Environmental <br> Protection<br>|  |  |
| Series 2015A, Rev., 5.00%, 7/1/2026 | 500000 | 500924 |
| Series 2016A, Rev., 5.00%, 7/1/2026 | 80000 | 81746 |
| Series 2017A, Rev., 5.00%, 7/1/2026 | 100000 | 102182 |
| Series 2018A, Rev., 5.00%, 7/1/2026 | 340000 | 347420 |
| Series 2019B, Rev., 5.00%, 7/1/2026 | 195000 | 199256 |
| Series 2016A, Rev., 5.00%, 7/1/2027 | 720000 | 735643 |
| Series 2017A, Rev., 5.00%, 7/1/2027 | 150000 | 157161 |
| Series 2017A, Rev., 5.00%, 7/1/2028 | 195000 | 208836 |
| Series 2018A, Rev., 5.00%, 7/1/2028 | 25000 | 26774 |
| Florida Department of Management Services |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2025 | 75000 | 75000 |
| Series 2018A, COP, 5.00%, 11/1/2026 | 420000 | 432389 |
| Series 2018A, COP, 5.00%, 11/1/2027 | 880000 | 929932 |
| Series 2018A, COP, 5.00%, 11/1/2028 | 40000 | 43246 |
| Series 2018A, COP, 5.00%, 11/1/2029 | 50000 | 55083 |
| Florida Gulf Coast University Financing <br> Corp., Housing Project Series 2008A, <br> Rev., VRDO, LOC : TD Bank NA, 2.60%, <br> 9/11/2025 (c)<br>| 8800000 | 8800000 |
| Florida Higher Educational Facilities <br> Financing Authority, Rollins College <br> Project Series 2012B, Rev., 3.13%, <br> 12/1/2025<br>| 100000 | 99985 |
| Florida Housing Finance Corp., Culmer <br> Apartments Series 2023C, Rev., 5.00%, <br> 12/1/2025 (c)<br>| 4715000 | 4738083 |
| Florida Local Government Finance <br> Commission, Fleet Landing at Nocatee <br> Project Series 2025B-3, Rev., 4.20%, <br> 11/15/2030 (e) (f)<br>| 6300000 | 6327234 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Florida Municipal Power Agency, <br> All-Requirements Power Supply Project<br>|  |  |
| Series 2015B, Rev., 5.00%, 10/1/2025 | 2080000 | 2084011 |
| Series 2015B, Rev., 5.00%, <br> 10/1/2025 (b)<br>| 600000 | 601157 |
| Series 2017A, Rev., 5.00%, 10/1/2025 | 340000 | 340686 |
| Series 2016A, Rev., 5.00%, 10/1/2026 | 680000 | 698692 |
| Series 2017A, Rev., 5.00%, 10/1/2026 | 75000 | 77062 |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 170000 | 174512 |
| Series 2017A, Rev., 5.00%, 10/1/2027 | 150000 | 157726 |
| Series 2018A, Rev., 4.00%, 10/1/2028 | 115000 | 117300 |
| Series 2016A, Rev., 5.00%, 10/1/2028 | 2240000 | 2299455 |
| Fort Pierce Utilities Authority Series 2022A, <br> Rev., A.G., 5.00%, 10/1/2027<br>| 175000 | 183613 |
| FSU Financial Assistance, Inc. Series 2012C, <br> Rev., 3.00%, 10/1/2025<br>| 100000 | 100001 |
| Greater Orlando Aviation Authority Series <br> 2017A, Rev., AMT, 5.00%, <br> 10/1/2027 (b)<br>| 1365000 | 1428897 |
| Hillsborough County Aviation Authority, <br> Tampa International Airport Series <br> 2022A, Rev., AMT, 5.00%, 10/1/2027<br>| 3000000 | 3134797 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series <br> 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 2.62%, 9/2/2025 (c)<br>| 20000000 | 20000000 |
| Hillsborough County School Board, Master <br> Lease Program, COP, 5.00%, 7/1/2029<br>| 3100000 | 3316456 |
| JEA Electric System |  |  |
| Series 2017B, Rev., 5.00%, 10/1/2027 | 7000000 | 7360529 |
| Series 2020A, Rev., 5.00%, 10/1/2028 | 145000 | 155866 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 75000 | 78792 |
| JEA Water and Sewer System |  |  |
| Series 2008A-1, Rev., VRDO, LIQ : US <br> Bank NA, 3.85%, 9/2/2025 (c)<br>| 12100000 | 12100000 |
| Series 2017A, Rev., 5.00%, 10/1/2025 | 25000 | 25051 |
| Lee County School Board (The) |  |  |
| Series 2014B, COP, 5.00%, 8/1/2026 | 25000 | 25044 |
| Series 2019A, COP, 5.00%, 8/1/2026 | 215000 | 219976 |
| Miami-Dade County Expressway Authority, <br> Toll System<br>|  |  |
| Series 2014A, Rev., 5.00%, 7/1/2027 | 375000 | 375603 |
| Series 2014B, Rev., 5.00%, 7/1/2027 | 1000000 | 1001607 |
| Series 2016A, Rev., 5.00%, 7/1/2028 | 260000 | 264579 |
| Series 2014A, Rev., 5.00%, 7/1/2029 | 150000 | 150237 |
| Series 2016A, Rev., 5.00%, 7/1/2029 | 25000 | 25428 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 241

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Miami-Dade County Housing Finance <br> Authority, Quail Roost Transit Village <br> Series 2023, Rev., VRDO, 5.00%, <br> 9/1/2025 (c)<br>| 4985000 | 4985000 |
| Miami-Dade County Housing Finance <br> Authority, Santa Clara II Apartments <br> Series 2023, Rev., 5.00%, <br> 10/1/2025 (c)<br>| 5225000 | 5232933 |
| Mid-Bay Bridge Authority |  |  |
| Series A, Rev., 5.00%, 10/1/2025 | 3120000 | 3125503 |
| Series C, Rev., 5.00%, 10/1/2025 | 2750000 | 2754851 |
| Okaloosa County School Board Series <br> 2022A, COP, 5.00%, 10/1/2027<br>| 65000 | 68294 |
| Orange County Convention Center |  |  |
| Series 2016B, Rev., 5.00%, 10/1/2026 | 155000 | 159262 |
| Series 2017, Rev., 5.00%, 10/1/2027 | 135000 | 142260 |
| Series 2017, Rev., 5.00%, 10/1/2028 | 35000 | 37709 |
| Orange County Health Facilities Authority, <br> Orlando Health Obligated Group<br>|  |  |
| Series 2019B, Rev., 5.00%, 10/1/2025 | 1120000 | 1122205 |
| Series 2019B, Rev., 5.00%, 10/1/2026 | 100000 | 102793 |
| Series 2023A, Rev., 5.00%, 10/1/2028 | 55000 | 59092 |
| Series 2023A, Rev., 5.00%, 10/1/2029 | 55000 | 60089 |
| Orange County School Board |  |  |
| Series 2016C, COP, 5.00%, <br> 8/1/2026 (b)<br>| 1000000 | 1023098 |
| Series 2017B, COP, 5.00%, 8/1/2026 | 335000 | 342477 |
| Series 2016B, COP, 5.00%, 8/1/2027 | 100000 | 102198 |
| Orlando Utilities Commission |  |  |
| Series 2012A, Rev., 5.00%, 10/1/2025 | 310000 | 310614 |
| Series 2018A, Rev., 5.00%, 10/1/2025 | 470000 | 470931 |
| Series 2020A, Rev., 5.00%, 10/1/2026 | 60000 | 61686 |
| Series 2020A, Rev., 5.00%, 10/1/2027 | 50000 | 52732 |
| Orlando Utilities Commission, Utility System <br> Series 2013A, Rev., 5.00%, 10/1/2025<br>| 770000 | 771526 |
| Palm Beach County School District |  |  |
| Series 2018B, COP, 5.00%, 8/1/2028 | 115000 | 123525 |
| Series B, COP, 5.00%, 8/1/2028 | 100000 | 107413 |
| Pasco County School Board Series 2022A, <br> COP, 5.00%, 8/1/2027<br>| 90000 | 94162 |
| Polk County School District Series 2019, <br> Rev., 5.00%, 10/1/2025<br>| 370000 | 370761 |
| Sarasota County School Board, Florida <br> Certificates of Participation Master Lease <br> Program<br>|  |  |
| Series 2022A, COP, 5.00%, 7/1/2026 | 255000 | 260366 |
| Series 2023A, COP, 5.00%, 7/1/2029 | 20000 | 21818 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| School Board of Miami-Dade County (The), <br> Florida Certificates of Participation<br>|  |  |
| Series 2016B, COP, 5.00%, 8/1/2026 | 25000 | 25540 |
| Series 2015D, COP, 5.00%, 2/1/2027 | 2400000 | 2422050 |
| Series 2016B, COP, 5.00%, 8/1/2027 | 95000 | 97027 |
| Series 2015D, COP, 5.00%, 2/1/2028 | 190000 | 191815 |
| School District of Broward County, Florida <br> Certificates of Participation<br>|  |  |
| Series A, COP, 5.00%, 7/1/2026 | 40000 | 40802 |
| Series C, COP, 5.00%, 7/1/2026 | 20000 | 20401 |
| Series A, COP, 5.00%, 7/1/2027 | 1070000 | 1091344 |
| Series B, COP, 5.00%, 7/1/2027 | 375000 | 382480 |
| Series A, COP, 5.00%, 7/1/2028 | 350000 | 356570 |
| Series 2019A, COP, 5.00%, 7/1/2029 | 130000 | 141519 |
| Series 2019B, COP, 5.00%, 7/1/2029 | 75000 | 81646 |
| South Broward Hospital District, Memorial <br> Healthcare System, Rev., 4.00%, <br> 5/1/2026<br>| 215000 | 216966 |
| South Florida Water Management District, <br> COP, 5.00%, 10/1/2025<br>| 245000 | 245477 |
| State of Florida Board of Education, Public <br> Education Capital Outlay<br>|  |  |
| Series 2015A, GO, 5.00%, 6/1/2026 | 35000 | 35039 |
| Series 2017B, GO, 5.00%, 6/1/2026 | 30000 | 30601 |
| Series 2021B, GO, 5.00%, 7/1/2026 | 50000 | 51091 |
| State of Florida Department of <br> Transportation<br>|  |  |
| Series 2019A, Rev., 5.00%, 7/1/2026 | 40000 | 40873 |
| Series 2021A, Rev., 5.00%, 7/1/2027 | 60000 | 62920 |
| Rev., 5.00%, 7/1/2030 | 25000 | 27848 |
| State of Florida Department of <br> Transportation Turnpike System<br>|  |  |
| Series 2016B, Rev., 2.50%, 7/1/2026 | 20000 | 19956 |
| Series 2018A, Rev., 5.00%, 7/1/2026 | 125000 | 127780 |
| Series 2021B, Rev., 5.00%, 7/1/2026 | 25000 | 25556 |
| Series 2024A, Rev., 6.00%, 7/1/2029 | 20000 | 22615 |
| State of Florida Department of <br> Transportation, Indirect Garvees Series <br> 2019A, Rev., 5.00%, 7/1/2029<br>| 160000 | 174851 |
| State of Florida Lottery Series 2017A, Rev., <br> 5.00%, 7/1/2028<br>| 45000 | 48231 |
| State of Florida, Department of Education <br> Series 2018A, Rev., 5.00%, 7/1/2027<br>| 65000 | 67735 |
| State of Florida, Department of <br> Transportation<br>|  |  |
| Series 2019A, Rev., 5.00%, 7/1/2027 | 45000 | 47190 |
| Series 2019A, Rev., 5.00%, 7/1/2028 | 25000 | 26852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

242 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| State of Florida, Department of <br> Transportation Turnpike System Series <br> 2025A, Rev., 5.00%, 7/1/2029<br>| 2990000 | 3280154 |
| State of Florida, Full Faith and Credit, Board <br> of Education, Public Education Capital <br> Outlay Series 2023A, GO, 5.00%, <br> 6/1/2026<br>| 155000 | 158103 |
| State of Florida, Public Education Capital <br> Outlay<br>|  |  |
| Series 2016E, GO, 5.00%, 6/1/2026 | 315000 | 321306 |
| Series 2017C, GO, 5.00%, 6/1/2026 | 20000 | 20400 |
| Series 2021B, GO, 5.00%, 6/1/2029 | 40000 | 43839 |
| State of Florida, Right of Way Acquisition <br> and Bridge Construction<br>|  |  |
| Series 2017A, GO, 5.00%, 7/1/2026 | 25000 | 25546 |
| Series 2019A, GO, 5.00%, 7/1/2026 | 40000 | 40873 |
| Tampa Bay Water, Regional Water Supply <br> Authority, Utility System Series 2016C, <br> Rev., 5.00%, 10/1/2025<br>| 75000 | 75149 |
| Tohopekaliga Water Authority, Utility <br> System, Rev., 5.00%, 10/1/2025<br>| 180000 | 180364 |
| Total Florida |  | 185751801 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| Albany-Dougherty Payroll Development <br> Authority, Procter & Gamble Paper <br> Products Series 1999, Rev., 5.20%, <br> 5/15/2028<br>| 25000 | 26467 |
| City of Atlanta Water and Wastewater |  |  |
| Series 2015, Rev., 5.00%, 11/1/2025 | 95000 | 95183 |
| Series 2004, Rev., A.G., 5.75%, <br> 11/1/2025<br>| 20000 | 20114 |
| Series 2017A, Rev., 5.00%, <br> 11/1/2027 (b)<br>| 140000 | 148017 |
| Series 2018C, Rev., 5.00%, <br> 11/1/2027 (b)<br>| 30000 | 31718 |
| Series 2004, Rev., A.G., 5.75%, <br> 11/1/2027<br>| 1350000 | 1450116 |
| City of Atlanta, Water and Wastewater |  |  |
| Rev., 5.00%, 11/1/2026 | 195000 | 195394 |
| Series 2017A, Rev., 5.00%, <br> 11/1/2027 (b)<br>| 50000 | 52863 |
| Columbus Medical Center Hospital Authority, <br> Piedmont Healthcare Inc., Project Series <br> 2019A, Rev., 5.00%, 7/1/2026 (c)<br>| 535000 | 538767 |
| County of Carroll Series 2021, GO, 5.00%, <br> 6/1/2026<br>| 135000 | 137436 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| County of DeKalb, Special Transportation, <br> Parks and Greenspace and Libraries Tax, <br> GO, 5.00%, 12/1/2025<br>| 40000 | 40254 |
| County of DeKalb, Water and Sewerage <br> Series 2006B, Rev., 5.25%, 10/1/2025<br>| 20000 | 20045 |
| Development Authority for Fulton County <br> Series 2017B, Rev., 5.00%, 11/1/2025<br>| 100000 | 100417 |
| Development Authority of Burke County <br> (The), Georgia Power Co. Plant Vogtle <br> Project Series 2012-2, Rev., 3.30%, <br> 8/21/2029 (c)<br>| 3250000 | 3267209 |
| Development Authority of Monroe County <br> (The), Georgia Power Co. Plant Scherer <br> Project Series 2006-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| 350000 | 351375 |
| Floyd County Hospital Authority, Floyd <br> Medical Center Project, Rev., GTD, 5.00%, <br> 7/1/2026 (b)<br>| 20000 | 20377 |
| Georgia State Road and Tollway Authority <br> Series 2020, Rev., 5.00%, 6/1/2026<br>| 60000 | 61219 |
| Henry County School District Series 2016, <br> GO, 4.00%, 8/1/2026 (b)<br>| 75000 | 76093 |
| Henry County Water Authority Series 2021, <br> Rev., 5.00%, 2/1/2026<br>| 70000 | 70738 |
| Metropolitan Atlanta Rapid Transit Authority, <br> Sales Tax Series 2017D, Rev., 4.00%, <br> 7/1/2029<br>| 1275000 | 1303926 |
| Municipal Electric Authority of Georgia <br> Project Series 2016A, Rev., 5.00%, <br> 1/1/2026<br>| 265000 | 267069 |
| Municipal Electric Authority of Georgia, Plant <br> Vogtle Units 3 and 4 Project Series <br> 2019A, Rev., 5.00%, 1/1/2026<br>| 3575000 | 3601123 |
| Private Colleges and Universities Authority, <br> Emory University<br>|  |  |
| Series 2020B, Rev., 5.00%, <br> 9/1/2025 (b)<br>| 670000 | 670000 |
| Series 2019A, Rev., 5.00%, 9/1/2026 | 25000 | 25647 |
| Richmond County Board of Education, Sales <br> Tax, GO, 5.00%, 10/1/2025<br>| 550000 | 551117 |
| State of Georgia |  |  |
| Series 2016E, GO, 5.00%, 12/1/2025 | 65000 | 65433 |
| Series 2018A, GO, 5.00%, 7/1/2026 | 55000 | 56297 |
| Series 2016A, GO, 5.00%, 2/1/2027 | 25000 | 25286 |
| Total Georgia |  | 13269700 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 243

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| Territory of Guam (Guam) |  |  |
| Series 2025G, Rev., 5.00%, 1/1/2028 | 500000 | 522149 |
| Series 2025G, Rev., 5.00%, 1/1/2029 | 850000 | 901164 |
| Total Guam |  | 1423313 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| City and County of Honolulu |  |  |
| Series A, GO, 5.00%, 9/1/2025 | 25000 | 25000 |
| Series A, GO, 5.00%, 10/1/2025 (b) | 70000 | 70141 |
| Series C, GO, 5.00%, 10/1/2025 | 3600000 | 3607238 |
| Series C, GO, 5.00%, 10/1/2025 (b) | 50000 | 50101 |
| Series 2012C, GO, 3.00%, 11/1/2025 | 175000 | 175025 |
| Series A, GO, 5.00%, 9/1/2026 | 20000 | 20522 |
| City and County of Honolulu, Rail Transit <br> Project<br>|  |  |
| Series 2019A, GO, 5.00%, 9/1/2025 | 175000 | 175000 |
| Series 2020B, GO, 5.00%, 3/1/2026 | 25000 | 25322 |
| Series 2021E, GO, 5.00%, 3/1/2026 | 350000 | 354505 |
| County of Hawaii Series C, GO, 5.00%, <br> 9/1/2026<br>| 20000 | 20269 |
| County of Maui Series 2018, GO, 5.00%, <br> 9/1/2025<br>| 40000 | 40000 |
| State of Hawaii |  |  |
| Series EY, GO, 5.00%, 10/1/2025 | 55000 | 55113 |
| Series EZ, GO, 5.00%, 10/1/2025 | 85000 | 85174 |
| Series FG, GO, 5.00%, 10/1/2025 | 25000 | 25051 |
| Series FN, GO, 5.00%, 10/1/2025 | 25000 | 25051 |
| Series FH, GO, 5.00%, 10/1/2026 | 135000 | 138930 |
| Series ET, GO, 5.00%, 10/1/2028 | 25000 | 25041 |
| Series 2016FB, GO, 4.00%, 4/1/2029 | 125000 | 125802 |
| Series EO, GO, 5.00%, 8/1/2029 | 40000 | 40056 |
| State of Hawaii State Highway Fund Series B, <br> Rev., 5.00%, 1/1/2028<br>| 35000 | 35707 |
| Total Hawaii |  | 5119048 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| Idaho Health Facilities Authority, Trinity <br> Health Series 2015ID, Rev., 5.50%, <br> 12/1/2027<br>| 95000 | 95506 |
| Idaho Housing and Finance Association, <br> Federal Highway Trust Series 2015A, <br> Rev., 5.00%, 7/15/2026<br>| 70000 | 71632 |
| Idaho State Building Authority, Sales Tax <br> Series 2024A, Rev., 5.00%, 6/1/2026<br>| 245000 | 249887 |
| Total Idaho |  | 417025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Illinois — 3.2%** | **Illinois — 3.2%** | **Illinois — 3.2%** |
| Chicago O'Hare International Airport, <br> General Airport, Senior Lien<br>|  |  |
| Series 2020B, Rev., 5.00%, 1/1/2026 | 40000 | 40312 |
| Series 2022D, Rev., 5.00%, 1/1/2026 | 215000 | 216678 |
| Series E, Rev., 5.00%, 1/1/2026 | 225000 | 226757 |
| Series 2022D, Rev., 5.00%, 1/1/2027 | 30000 | 30989 |
| Series A, Rev., 5.00%, 1/1/2027 | 70000 | 72308 |
| Series C, Rev., 5.00%, 1/1/2027 | 310000 | 312558 |
| Series C, Rev., 5.00%, 1/1/2028 | 885000 | 891856 |
| Series C, Rev., 5.00%, 1/1/2028 | 60000 | 61986 |
| Series E, Rev., 5.25%, 1/1/2028 | 125000 | 129543 |
| Series C, Rev., 5.00%, 1/1/2029 | 180000 | 181378 |
| City of Chicago Series 1999, GO, NATL - RE, <br> Zero Coupon, 1/1/2027 (b)<br>| 3900000 | 3755252 |
| City of Chicago, Capital Appreciation City <br> College Series 1999, GO, NATL - RE, Zero <br> Coupon, 1/1/2028 (b)<br>| 10925000 | 10231481 |
| City of Decatur |  |  |
| GO, 4.00%, 3/1/2026 | 340000 | 342345 |
| GO, 4.00%, 3/1/2027 | 200000 | 204236 |
| Cook Kane Lake and McHenry Counties <br> Community College District No. 512, <br> William Rainey Harper College Series <br> 2017B, GO, 5.00%, 12/1/2027<br>| 375000 | 395666 |
| County of Cook |  |  |
| Series 2021A, GO, 5.00%, 11/15/2025 | 75000 | 75369 |
| Series 2022A, GO, 5.00%, 11/15/2025 | 370000 | 371822 |
| Series 2021B, GO, 4.00%, 11/15/2026 | 120000 | 122255 |
| Series 2016A, GO, 5.00%, 11/15/2027 | 45000 | 46252 |
| Series 2021A, GO, 5.00%, 11/15/2028 | 110000 | 118402 |
| County of Will Series 2016, GO, 5.00%, <br> 11/15/2025 (b)<br>| 120000 | 120613 |
| Du Page Cook and Will Counties Community <br> College District No. 502 Series 2023, GO, <br> 5.00%, 6/1/2026<br>| 595000 | 606182 |
| Illinois Development Finance Authority, Solid <br> waste Management, Inc. Project, Rev., <br> AMT, 4.25%, 11/3/2025 (c)<br>| 10500000 | 10508043 |
| Illinois Finance Authority, Clean Water <br> Initiative Revolving Fund<br>|  |  |
| Series 2019, Rev., 5.00%, 1/1/2026 | 285000 | 287367 |
| Series 2020, Rev., 5.00%, 1/1/2026 | 40000 | 40332 |
| Series 2020, Rev., 5.00%, 7/1/2026 | 75000 | 76606 |
| Rev., 5.00%, 1/1/2027 | 2820000 | 2915599 |
| Series 2020, Rev., 5.00%, 1/1/2029 | 35000 | 37883 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

244 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Edward Elmhurst <br> Healthcare<br>|  |  |
| Series 2017A, Rev., 4.00%, <br> 1/1/2027 (b)<br>| 45000 | 45905 |
| Series 2017A, Rev., 5.00%, <br> 1/1/2027 (b)<br>| 975000 | 1007294 |
| Illinois Finance Authority, Northwestern <br> Memorial Healthcare Series 2017A, Rev., <br> 5.00%, 7/15/2028<br>| 20000 | 21082 |
| Illinois Finance Authority, Northwestern <br> University Series 2015, Rev., 5.00%, <br> 12/1/2026<br>| 80000 | 80456 |
| Illinois Finance Authority, Presbyterian <br> Homes Obligated Group Series 2021B, <br> Rev., (SIFMA Municipal Swap Index Yield + <br> 0.70%), 3.33%, 9/11/2025 (d)<br>| 5790000 | 5756068 |
| Illinois Finance Authority, Presence Health <br> Network<br>|  |  |
| Series 2016C, Rev., 4.00%, <br> 2/15/2027 (b)<br>| 1355000 | 1384822 |
| Series 2016C, Rev., 5.00%, 2/15/2028 | 520000 | 537558 |
| Illinois Finance Authority, Rush University <br> Medical Center Obligated Group<br>|  |  |
| Series 2015A, Rev., 5.00%, 11/15/2025 | 1340000 | 1341307 |
| Series 2015A, Rev., 5.00%, 11/15/2027 | 185000 | 185187 |
| Series 2015A, Rev., 5.00%, 11/15/2028 | 175000 | 175164 |
| Illinois Finance Authority, State Clean Water <br> Initiative<br>|  |  |
| Series 2016, Rev., 4.00%, 7/1/2026 | 110000 | 110515 |
| Series 2019, Rev., 5.00%, 7/1/2026 | 205000 | 209388 |
| Series 2016, Rev., 5.00%, 1/1/2027 | 20000 | 20159 |
| Series 2017, Rev., 5.00%, 7/1/2027 | 170000 | 175909 |
| Series 2016, Rev., 5.00%, 1/1/2028 | 395000 | 398137 |
| Illinois Finance Authority, Swedish Covenant <br> Hospital<br>|  |  |
| Series 2016A, Rev., 5.00%, <br> 8/15/2026 (b)<br>| 380000 | 388246 |
| Series 2016A, Rev., 5.25%, <br> 8/15/2026 (b)<br>| 1060000 | 1085477 |
| Illinois Finance Authority, The Carle <br> Foundation<br>|  |  |
| Series 2021A, Rev., 5.00%, 8/15/2027 | 210000 | 219685 |
| Series 2021A, Rev., 5.00%, 8/15/2028 | 340000 | 363030 |
| Illinois Finance Authority, Uchicago Medicine <br> Series 2022B-2, Rev., 5.00%, <br> 8/15/2027 (c)<br>| 3000000 | 3110159 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Unitypoint Health <br> Series 2016D, Rev., 4.00%, <br> 2/15/2026 (b)<br>| 5495000 | 5533219 |
| Illinois Finance Authority, University of <br> Chicago<br>|  |  |
| Series 2015A, Rev., 5.00%, <br> 10/1/2025 (b)<br>| 27020000 | 27074326 |
| Series 2020A, Rev., 5.00%, 4/1/2026 | 25000 | 25393 |
| Illinois Municipal Electric Agency, Power <br> Supply System<br>|  |  |
| Series 2015A, Rev., 4.00%, 9/9/2025 | 5800000 | 5801581 |
| Series 2015A, Rev., 5.00%, 9/9/2025 | 640000 | 640298 |
| Illinois State Toll Highway Authority |  |  |
| Series 2018A, Rev., 5.00%, 1/1/2026 | 60000 | 60516 |
| Series 2019B, Rev., 5.00%, 1/1/2026 | 180000 | 181549 |
| Series 2018A, Rev., 5.00%, 1/1/2028 | 180000 | 190488 |
| Series 2019B, Rev., 5.00%, 1/1/2028 | 20000 | 21165 |
| Series 2019C, Rev., 5.00%, 1/1/2028 | 630000 | 666708 |
| Series 2018A, Rev., 5.00%, 1/1/2029 | 100000 | 108105 |
| Series 2019C, Rev., 5.00%, 1/1/2030 | 70000 | 77033 |
| Northern Illinois Municipal Power Agency |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2026 | 95000 | 97894 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 1315000 | 1349180 |
| Railsplitter Tobacco Settlement Authority <br> Series 2017, Rev., 5.00%, 6/1/2026 (b)<br>| 2110000 | 2150370 |
| Regional Transportation Authority Series <br> 2017A, Rev., 5.00%, 7/1/2029<br>| 2730000 | 2832449 |
| State of Illinois |  |  |
| Series 2018B, GO, 5.00%, 10/1/2025 | 35000 | 35065 |
| Series 2020B, GO, 5.00%, 10/1/2025 | 40000 | 40074 |
| Series 2020D, GO, 5.00%, 10/1/2025 | 75000 | 75139 |
| Series 2017D, GO, 5.00%, 11/1/2025 | 6180000 | 6203383 |
| Series 2017A, GO, 5.00%, 12/1/2025 | 250000 | 251431 |
| GO, 5.00%, 2/1/2026 | 25000 | 25249 |
| Series 2021A, GO, 5.00%, 3/1/2026 | 150000 | 151725 |
| Series 2022A, GO, 5.00%, 3/1/2026 | 40000 | 40470 |
| Series 2016-6, GO, 5.00%, 6/1/2026 | 585000 | 595143 |
| Series 2023D, GO, 5.00%, 7/1/2026 | 780000 | 795023 |
| Series 2018B, GO, 5.00%, 10/1/2026 | 225000 | 230648 |
| Series 2020B, GO, 5.00%, 10/1/2026 | 1305000 | 1337760 |
| Series 2017D, GO, 5.00%, 11/1/2026 | 19825000 | 20360112 |
| Series 2019A, GO, 5.00%, 11/1/2026 | 80000 | 82159 |
| Series 2016, GO, 5.00%, 2/1/2027 | 825000 | 851860 |
| Series 2022A, GO, 5.00%, 3/1/2027 | 50000 | 51723 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1925000 | 2019694 |
| Series 2021C, GO, 4.00%, 3/1/2028 | 175000 | 180717 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 245

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2022B, GO, 5.00%, 3/1/2028 | 50000 | 52847 |
| Series 2023D, GO, 5.00%, 7/1/2028 | 75000 | 79824 |
| Series 2020B, GO, 5.00%, 10/1/2028 | 175000 | 187000 |
| Series 2017D, GO, 5.00%, 11/1/2028 | 3010000 | 3166007 |
| Series 2021A, GO, 5.00%, 12/1/2028 | 50000 | 53714 |
| Series 2018A, GO, 5.00%, 5/1/2029 | 275000 | 290924 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 3800000 | 3980003 |
| Series 2021A, GO, 5.00%, 12/1/2029 | 65000 | 70929 |
| State of Illinois, Sales Tax |  |  |
| Series 2013, Rev., 5.00%, 6/15/2026 | 1865000 | 1871228 |
| Series 2021A, Rev., 4.00%, 6/15/2028 | 20000 | 20677 |
| Series 2021A, Rev., 4.00%, 6/15/2029 | 55000 | 57416 |
| Total Illinois |  | 139003836 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| City of Indianapolis, Department of Public <br> Utilities Gas Utility, Second Lien<br>|  |  |
| Series 2017A, Rev., 5.00%, 8/15/2026 | 35000 | 35883 |
| Series 2017A, Rev., 5.00%, 8/15/2027 | 110000 | 115731 |
| City of Indianapolis, Department of Public <br> Utilities Water System<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2025 | 805000 | 806628 |
| Series 2018A, Rev., 5.00%, 10/1/2026 | 25000 | 25716 |
| City of Whiting, BP Products North America, <br> Inc. Project Series 2019A, Rev., AMT, <br> 5.00%, 6/5/2026 (c)<br>| 2900000 | 2934503 |
| GCS School Building Corp. One, Unlimited Ad <br> Valorem Property Tax First Mortgage, <br> Rev., 5.00%, 1/15/2026<br>| 45000 | 45368 |
| Indiana Finance Authority |  |  |
| Series 2016C, Rev., 5.00%, 12/1/2025 | 235000 | 236401 |
| Series 2019A, Rev., 5.00%, 2/1/2027 | 20000 | 20716 |
| Series 2016C, Rev., 5.00%, 6/1/2027 | 230000 | 236140 |
| Series 2017A, Rev., 5.00%, <br> 6/1/2027 (b)<br>| 50000 | 52313 |
| Indiana Finance Authority, Community <br> Foundation of Northern Indiana Obligated <br> Group Series 2016, Rev., 5.00%, <br> 9/1/2026<br>| 235000 | 240566 |
| Indiana Finance Authority, CWA Authority <br> Project<br>|  |  |
| Series 2021-2, Rev., 5.00%, 10/1/2025 | 70000 | 70137 |
| Series 2021-2, Rev., 5.00%, 10/1/2027 | 20000 | 21034 |
| Indiana Finance Authority, CWA Authority <br> Project, First Lien Series 2022A, Rev., <br> 5.00%, 10/1/2027<br>| 25000 | 26360 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana Finance Authority, Deaconess Health <br> System Series 2016A, Rev., 4.00%, <br> 9/1/2026 (b)<br>| 1065000 | 1081500 |
| Indiana Finance Authority, Franciscan <br> Alliance, Inc., Obligated Group Series <br> 2017B, Rev., 5.00%, 11/1/2026<br>| 100000 | 102753 |
| Indiana Finance Authority, Indiana University <br> Health Obligated Group<br>|  |  |
| Series 2016A, Rev., 5.00%, 12/1/2025 | 210000 | 211164 |
| Series 2023B1, Rev., 5.00%, <br> 7/1/2028 (c)<br>| 3695000 | 3903238 |
| Series 2025D-1, Rev., 5.00%, <br> 10/1/2029 (c)<br>| 2500000 | 2687062 |
| Series 2023B-2, Rev., 5.00%, <br> 7/1/2030 (c)<br>| 4025000 | 4401079 |
| Indiana Finance Authority, Stadium Project |  |  |
| Series 2022A, Rev., 5.00%, 2/1/2029 | 300000 | 322853 |
| Series 2022A, Rev., 5.00%, 2/1/2030 | 160000 | 174443 |
| Indiana Finance Authority, State Revolving <br> Fund Program<br>|  |  |
| Series 2017C, Rev., 5.00%, 2/1/2026 | 215000 | 217296 |
| Series 2019A, Rev., 5.00%, 2/1/2026 | 290000 | 293097 |
| Series E, Rev., 5.00%, 2/1/2026 | 50000 | 50534 |
| Series D, Rev., 5.00%, 8/1/2026 (b) | 140000 | 143362 |
| Series 2025C, Rev., 5.00%, 2/1/2027 | 1380000 | 1430153 |
| Series 2018A, Rev., 5.00%, <br> 2/1/2028 (b)<br>| 55000 | 58502 |
| Indiana Health Facility Financing Authority, <br> Ascension Health Credit Group Series <br> 2005A-7, Rev., 4.00%, 10/1/2025<br>| 30000 | 30035 |
| Indiana Municipal Power Agency, Power <br> Supply System<br>|  |  |
| Series 2019B, Rev., VRDO, LOC : Truist <br> Bank, 2.65%, 9/2/2025 (c)<br>| 15000000 | 15000000 |
| Series 2016C, Rev., 5.00%, 1/1/2027 | 245000 | 249906 |
| Series 2016C, Rev., 5.00%, 1/1/2028 | 975000 | 994526 |
| Series 2016C, Rev., 5.00%, 1/1/2029 | 80000 | 81516 |
| Indiana University |  |  |
| Series 2015A, Rev., 5.00%, 6/1/2026 | 100000 | 100190 |
| Series 2016A, Rev., 5.00%, 6/1/2028 | 20000 | 20326 |
| Indianapolis Local Public Improvement Bond <br> Bank Series 2018B, Rev., 5.00%, <br> 1/1/2029 (b)<br>| 25000 | 27110 |
| Purdue University |  |  |
| Series 2016CC, Rev., 5.00%, 7/1/2026 | 30000 | 30662 |
| Series EE, Rev., 5.00%, 7/1/2026 | 60000 | 61325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

246 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Winfield Building Corp., Indiana Lease <br> Rental, Sewage Works Treatment Plant <br> Project<br>|  |  |
| Series 2020A, Rev., 4.00%, 1/15/2026 | 110000 | 110499 |
| Series 2020B, Rev., 4.00%, 1/15/2026 | 40000 | 40182 |
| Total Indiana |  | 36690809 |
| **Iowa — 1.6%** | **Iowa — 1.6%** | **Iowa — 1.6%** |
| City of Shenandoah, Iowa Sewer Capital Loan <br> Project, Rev., 4.00%, 6/30/2026<br>| 17100000 | 17224621 |
| County of Polk Series 2024A, GO, AMT, <br> 5.00%, 6/1/2030<br>| 2170000 | 2353997 |
| Iowa Finance Authority, Midwestern Disaster <br> Area, Archer-Daniels-Midland Co., Project, <br> Rev., VRDO, 2.77%, 9/11/2025 (c)<br>| 21600000 | 21600000 |
| State of Iowa Board of Regents, University of <br> Iowa, Hospitals and Clinics Series S, Rev., <br> 5.00%, 9/1/2025<br>| 25000 | 25000 |
| State of Iowa, Ijobs Program Series 2016A, <br> Rev., 5.00%, 6/1/2027<br>| 3610000 | 3675896 |
| University of Iowa (The), Parking System <br> Series 2023, Rev., BAN, 3.50%, <br> 10/7/2025<br>| 24140000 | 24160736 |
| Xenia Rural Water District, Capital Loan <br> Notes, Rev., 5.00%, 12/1/2026 (b)<br>| 185000 | 190971 |
| Total Iowa |  | 69231221 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| Butler County Unified School District No. <br> 385 Andover<br>|  |  |
| Series 2017, GO, 4.00%, 9/1/2025 | 50000 | 50000 |
| Series 2017, GO, 4.00%, 9/1/2027 | 2000000 | 2062620 |
| City of Derby Series 2024-1, GO, 4.00%, <br> 12/1/2026<br>| 4180000 | 4193052 |
| City of Wichita Water and Sewer Utility Series <br> 2016B, Rev., 5.00%, 10/1/2025<br>| 30000 | 30057 |
| County of Johnson Series 2018A, GO, <br> 5.00%, 9/1/2025<br>| 65000 | 65000 |
| Franklin County Unified School District No. <br> 290 Ottawa<br>|  |  |
| Series A, GO, 4.00%, 9/1/2025 (b) | 55000 | 55000 |
| Series A, GO, 4.75%, 9/1/2025 (b) | 80000 | 80000 |
| Geary County Unified School District No. 475 <br> Series 2017A, GO, 5.00%, 9/1/2025 (b)<br>| 20000 | 20000 |
| Johnson County Unified School District No. <br> 512 Shawnee Mission Series 2015A, GO, <br> 5.00%, 10/1/2025 (b)<br>| 20000 | 20038 |
| Kansas Development Finance Authority <br> Series 2020B, Rev., 5.00%, 5/1/2028<br>| 35000 | 37427 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| Kansas Development Finance Authority, <br> AdventHealth Series 2021B, Rev., 5.00%, <br> 11/15/2028 (c)<br>| 9220000 | 9826273 |
| Kansas Development Finance Authority, <br> State of Kansas Project Series 2019F, <br> Rev., 5.00%, 11/1/2026<br>| 30000 | 30910 |
| Rice County Unified School District No. 376 <br> Sterling Series 2015, GO, A.G., 4.00%, <br> 9/1/2025 (b)<br>| 1200000 | 1200000 |
| Riley County Unified School District No. 383, <br> Manhattan-Ogden Series 2018A, GO, <br> 5.00%, 9/1/2027 (b)<br>| 100000 | 105100 |
| Seward County Unified School District No. <br> 480 Liberal Series 2017-B, GO, 5.00%, <br> 9/1/2025 (b)<br>| 25000 | 25000 |
| State of Kansas Department of <br> Transportation<br>|  |  |
| Series 2015B, Rev., 5.00%, 9/1/2025 | 300000 | 300000 |
| Series 2018A, Rev., 5.00%, 9/1/2025 | 265000 | 265000 |
| Series 2018A, Rev., 5.00%, 9/1/2026 | 105000 | 107842 |
| Series 2018A, Rev., 5.00%, 9/1/2027 | 20000 | 21068 |
| State of Kansas, Department of <br> Transportation<br>|  |  |
| Series 2025A, Rev., 5.00%, 9/1/2027 | 2370000 | 2496509 |
| Series 2025A, Rev., 5.00%, 9/1/2028 | 4375000 | 4719641 |
| Total Kansas |  | 25710537 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| County of Trimble Series 2023A, Rev., AMT, <br> 4.70%, 6/1/2027 (c)<br>| 1000000 | 1012669 |
| Kentucky Asset Liability Commission, Federal <br> Highway Trust Fund<br>|  |  |
| Series 2015A, Rev., 5.00%, 9/1/2025 | 620000 | 620000 |
| Series 2023A, Rev., 5.00%, 9/1/2025 | 3805000 | 3805000 |
| Kentucky Bond Development Corp. Series <br> 2019, Rev., 5.00%, 9/1/2025<br>| 1960000 | 1960000 |
| Kentucky Economic Development Finance <br> Authority, Norton Healthcare, Inc. Series <br> 2000B, Rev., NATL - RE, Zero Coupon, <br> 10/1/2028<br>| 245000 | 218137 |
| Kentucky Housing Corp., Multi Family <br> Housing Beecher Terrace Phase IV <br> Project, Rev., 5.00%, 9/1/2026 (c)<br>| 100000 | 101080 |
| Kentucky Infrastructure Authority, <br> Wastewater and Drinking Water Revolving <br> Fund Program Series 2016A, Rev., <br> 5.00%, 2/1/2027<br>| 75000 | 75821 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 247

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Kentucky Public Energy Authority, Gas <br> Supply Series 2020A, Rev., 4.00%, <br> 6/1/2026 (c)<br>| 710000 | 714170 |
| Kentucky State Property and Building <br> Commission, Project No. 108 Series B, <br> Rev., 5.00%, 8/1/2026<br>| 45000 | 46076 |
| Kentucky State Property and Building <br> Commission, Project No. 112<br>|  |  |
| Series B, Rev., 5.00%, 11/1/2025 | 125000 | 125486 |
| Series B, Rev., 5.00%, 11/1/2026 | 620000 | 638940 |
| Series B, Rev., 5.00%, 11/1/2027 | 890000 | 916682 |
| Series B, Rev., 5.00%, 11/1/2028 | 95000 | 97781 |
| Kentucky State Property and Building <br> Commission, Project No. 113 Series <br> 2024B, Rev., 5.00%, 11/1/2027<br>| 1000000 | 1055576 |
| Kentucky State Property and Building <br> Commission, Project No. 115, Rev., <br> 5.00%, 4/1/2028<br>| 1415000 | 1475195 |
| Kentucky State Property and Building <br> Commission, Project No. 122 Series A, <br> Rev., 5.00%, 11/1/2027<br>| 1000000 | 1055576 |
| Kentucky State Property and Building <br> Commission, Project No. 130<br>|  |  |
| Series 2024B, Rev., 5.00%, 11/1/2025 | 175000 | 175680 |
| Series 2024B, Rev., 5.00%, 11/1/2026 | 125000 | 128819 |
| Series 2024B, Rev., 5.00%, 11/1/2030 | 170000 | 188923 |
| Kentucky State Property and Building <br> Commission, Project No. 131 Series A, <br> Rev., 5.00%, 10/1/2027<br>| 1850000 | 1949001 |
| Kentucky State Property and Building <br> Commission, Project No. 132 Series A, <br> Rev., 5.00%, 4/1/2026<br>| 2440000 | 2476457 |
| Kentucky Turnpike Authority Series 2016A, <br> Rev., 5.00%, 7/1/2029<br>| 1210000 | 1230119 |
| Kentucky Turnpike Authority, Revitalization <br> Projects<br>|  |  |
| Series 2016A, Rev., 5.00%, 7/1/2026 | 55000 | 56122 |
| Series B, Rev., 5.00%, 7/1/2026 | 115000 | 117347 |
| Series B, Rev., 4.00%, 7/1/2027 | 205000 | 210688 |
| Series 2016A, Rev., 5.00%, 7/1/2027 | 620000 | 630741 |
| Series B, Rev., 5.00%, 7/1/2027 | 30000 | 31366 |
| Louisville and Jefferson County Metropolitan <br> Government, Norton Healthcare, Inc.<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2026 | 25000 | 25582 |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 25000 | 25606 |
| Total Kentucky |  | 21164640 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| City of New Orleans, Water System Series <br> 2015, Rev., 5.00%, 12/1/2025 (b)<br>| 455000 | 457738 |
| Louisiana Local Government Environmental <br> Facilities and Community Development <br> Authority Series 2017, Rev., 5.00%, <br> 10/1/2026<br>| 200000 | 205283 |
| Louisiana Local Government Environmental <br> Facilities and Community Development <br> Authority, LCTCS Act 391 Projects, Rev., <br> 5.00%, 10/1/2025<br>| 1000000 | 1001788 |
| Louisiana Public Facilities Authority, <br> Elementus Minerals, LLC Project Series <br> 2023, Rev., 5.00%, 11/1/2025 (c) (e)<br>| 14010000 | 14040718 |
| Louisiana Public Facilities Authority, Ochsner <br> Clinic Foundation Project Series 2002B, <br> Rev., 5.50%, 5/15/2026 (b)<br>| 25000 | 25526 |
| Louisiana Public Facilities Authority, Tulane <br> University of Louisiana Project Series <br> 2016A, Rev., 5.00%, 12/15/2026<br>| 70000 | 72140 |
| Parish of St. John the Baptist, Marathon Oil <br> Corp., Project Series 2017C, Rev., 3.30%, <br> 7/3/2028 (c)<br>| 1000000 | 1008673 |
| State of Louisiana |  |  |
| Series 2016A, GO, 5.00%, 9/1/2025 | 25000 | 25000 |
| Series 2016D, GO, 5.00%, 9/1/2025 | 50000 | 50000 |
| Series 2019A, Rev., 5.00%, 9/1/2025 | 35000 | 35000 |
| Series 2024E, GO, 5.00%, 9/1/2028 | 2400000 | 2581998 |
| Series 2024E, GO, 5.00%, 9/1/2029 | 1000000 | 1097413 |
| State of Louisiana, Gasoline and Fuels Tax, <br> Second Lien<br>|  |  |
| Series 2023A-2, Rev., VRDO, LOC : TD <br> Bank NA, 2.75%, 9/2/2025 (c)<br>| 33900000 | 33900000 |
| Series 2023A-1, Rev., VRDO, LOC : TD <br> Bank NA, 3.90%, 9/2/2025 (c)<br>| 6000000 | 6000000 |
| Total Louisiana |  | 60501277 |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| Maine Health and Higher Educational <br> Facilities Authority, Mainehealth Series <br> 2020A, Rev., 5.00%, 7/1/2026<br>| 35000 | 35691 |
| Maine Municipal Bond Bank, Transportation <br> Infrastructure Transcap Program Series <br> 2021A, Rev., 5.00%, 9/1/2025 (b)<br>| 175000 | 175000 |
| Maine School Administrative District No. 51 <br> Series 2025A, GO, BAN, 4.50%, <br> 12/30/2025<br>| 9600000 | 9655300 |
| Maine Turnpike Authority |  |  |
| Rev., 5.00%, 7/1/2029 | 1640000 | 1796406 |
| Rev., 5.00%, 7/1/2030 | 1300000 | 1445388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

248 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — continued** | **Maine — continued** | **Maine — continued** |
| State of Maine Series 2017B, GO, 5.00%, <br> 6/1/2026<br>| 25000 | 25499 |
| University of Maine System Series 2022, <br> Rev., 5.00%, 3/1/2026<br>| 40000 | 40487 |
| Total Maine |  | 13173771 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| City of Baltimore, Consolidated Public <br> Improvement Series 2017B, GO, 5.00%, <br> 10/15/2025<br>| 40000 | 40114 |
| County of Anne Arundel Series 2020, GO, <br> 5.00%, 10/1/2025<br>| 55000 | 55108 |
| County of Montgomery Series 2017B, GO, <br> 5.00%, 6/1/2026<br>| 20000 | 20398 |
| County of Montgomery, Public Facilities <br> Projects Series 2020A, COP, 5.00%, <br> 10/1/2025<br>| 25000 | 25050 |
| Maryland Health and Higher Educational <br> Facilities Authority, Medstar Health, Inc. <br> Series 2015, Rev., 5.00%, 8/15/2028<br>| 50000 | 50049 |
| Maryland Health and Higher Educational <br> Facilities Authority, The Johns Hopkins <br> Health System Series 2024A, Rev., VRDO, <br> LOC : TD Bank NA, 2.70%, 9/2/2025 (c)<br>| 20000000 | 20000000 |
| Maryland Health and Higher Educational <br> Facilities Authority, University of Maryland <br> Medical System Series 2025C-2, Rev., <br> VRDO, LOC : PNC Bank NA, 2.55%, <br> 9/11/2025 (c)<br>| 19550000 | 19550000 |
| Maryland Stadium Authority, Baltimore City <br> Public School Construction and <br> Revitalization Program, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 140000 | 142419 |
| State of Maryland |  |  |
| Series 2016, GO, 4.00%, 9/22/2025 | 25000 | 25020 |
| Series 2018A, GO, 5.00%, 3/15/2026 | 85000 | 86208 |
| Series 2A, GO, 5.00%, 8/1/2026 | 40000 | 40982 |
| Series 2017C, GO, 5.00%, 8/1/2027 | 35000 | 36816 |
| State of Maryland Department of <br> Transportation Series 2019, Rev., 5.00%, <br> 10/1/2026<br>| 25000 | 25722 |
| State of Maryland, State and Local Facilities <br> Loan of 2021 Series 2022D, GO, 4.00%, <br> 8/1/2029<br>| 60000 | 63649 |
| Total Maryland |  | 40161535 |
| **Massachusetts — 3.2%** | **Massachusetts — 3.2%** | **Massachusetts — 3.2%** |
| City of Gloucester, GO, BAN, 4.00%, <br> 10/3/2025<br>| 45000 | 45051 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| City of Pittsfield, GO, BAN, 4.50%, <br> 2/20/2026<br>| 4714249 | 4752360 |
| City of Somerville Series 2025B, GO, BAN, <br> 5.00%, 7/1/2026<br>| 18500000 | 18868773 |
| City of Springfield, GO, BAN, 4.25%, <br> 5/1/2026<br>| 9435208 | 9528344 |
| City of Woburn, Municipal Purpose Loan, GO, <br> 2.63%, 11/15/2025<br>| 100000 | 99973 |
| Commonwealth of Massachusetts |  |  |
| Series 2018C, GO, 5.00%, 9/1/2025 | 545000 | 545000 |
| Series C, GO, 5.00%, 10/1/2025 | 125000 | 125261 |
| Series 2021B, GO, 5.00%, 11/1/2025 | 20000 | 20086 |
| Series 2016A, GO, 5.00%, 7/1/2026 | 85000 | 86919 |
| Series 2016B, GO, 5.00%, 7/1/2026 | 230000 | 235192 |
| Series 2018B, GO, 5.00%, 7/1/2026 | 25000 | 25564 |
| Series 2021A, GO, 5.00%, 9/1/2029 | 3000000 | 3303339 |
| Commonwealth of Massachusetts, <br> Consolidated Loan of 2019 Series 2019G, <br> GO, 5.00%, 9/1/2025<br>| 50000 | 50000 |
| Massachusetts Bay Transportation Authority <br> Assessment Series 2006A, Rev., 5.25%, <br> 7/1/2027 (b)<br>| 145000 | 152546 |
| Massachusetts Clean Water Trust (The) <br> Series 23B, Rev., 5.00%, 2/1/2026<br>| 50000 | 50561 |
| Massachusetts Development Finance <br> Agency, Children's Hospital Corp. <br> Obligated Group Series 2024U-2, Rev., <br> VRDO, LOC : TD Bank NA, 2.50%, <br> 9/2/2025 (c)<br>| 40000000 | 40000000 |
| Massachusetts Development Finance <br> Agency, Partners Healthcare System Issue<br>|  |  |
| Series 2019T-1, Rev., (SIFMA Municipal <br> Swap Index Yield + 0.60%), 3.23%, <br> 9/11/2025 (d) (e)<br>| 1075000 | 1074904 |
| Series 2016Q, Rev., 5.00%, 7/1/2027 | 45000 | 45926 |
| Series 2016Q, Rev., 5.00%, 7/1/2028 | 305000 | 311285 |
| Massachusetts School Building Authority, <br> Dedicated Sales Tax<br>|  |  |
| Series 2016A, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 110000 | 110562 |
| Series 2018A, Rev., 5.00%, 2/15/2028 | 30000 | 30044 |
| Merrimack Valley Regional Transit Authority, <br> Rev., RAN, 4.25%, 6/18/2026<br>| 7400000 | 7476886 |
| Town of Abington, GO, BAN, 4.50%, <br> 4/23/2026<br>| 2484995 | 2506932 |
| Town of Charlton, GO, BAN, 4.25%, <br> 4/16/2026<br>| 8699000 | 8788007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 249

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Nahant, GO, BAN, 4.25%, <br> 7/24/2026<br>| 3628700 | 3673940 |
| Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | 4000000 | 4025640 |
| Town of Seekonk, GO, BAN, 4.25%, <br> 4/16/2026<br>| 5495000 | 5551234 |
| Town of Westford, GO, BAN, 4.25%, <br> 4/30/2026<br>| 17720270 | 17908589 |
| University of Massachusetts Building <br> Authority<br>|  |  |
| Series 2015-1, Rev., 5.00%, <br> 11/1/2025 (b)<br>| 85000 | 85365 |
| Series 2015-1, Rev., 5.00%, 11/1/2029 | 3000000 | 3011260 |
| Worcester Regional Transit Authority, Rev., <br> RAN, 4.25%, 6/18/2026<br>| 8000000 | 8083120 |
| Total Massachusetts |  | 140572663 |
| **Michigan — 2.5%** | **Michigan — 2.5%** | **Michigan — 2.5%** |
| City of Detroit, Unlimited Tax Series 2023A, <br> GO, 5.25%, 5/1/2026<br>| 1000000 | 1014888 |
| City of Grand Rapids Sanitary Sewer System <br> Series 2010, Rev., 5.00%, 1/1/2026<br>| 20000 | 20170 |
| City of Lathrup Village, Limited Tax, GO, <br> 5.00%, 10/1/2025<br>| 45000 | 45086 |
| Grand Valley State University Series 2016A, <br> Rev., 5.00%, 12/1/2027<br>| 1625000 | 1647149 |
| Great Lakes Water Authority Sewage <br> Disposal System, Senior Lien Series <br> 2024A, Rev., 5.00%, 7/1/2026<br>| 150000 | 153207 |
| Great Lakes Water Authority Water Supply <br> System, Senior Lien<br>|  |  |
| Series C, Rev., 5.00%, 7/1/2028 | 25000 | 25489 |
| Series C, Rev., 5.00%, 7/1/2029 | 50000 | 50946 |
| Great Lakes Water Authority, Water Supply <br> System, Second Lien<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2026 | 45000 | 45940 |
| Series C, Rev., 5.00%, 7/1/2026 | 125000 | 127672 |
| Michigan Finance Authority Series 2018B, <br> Rev., 5.00%, 10/1/2025<br>| 50000 | 50103 |
| Michigan Finance Authority, Beaumont <br> Spectrum Series 2022A, Rev., 5.00%, <br> 4/15/2027<br>| 50000 | 51955 |
| Michigan Finance Authority, Charter County <br> of Wayne Criminal Justice Center Project, <br> Rev., 5.00%, 11/1/2025<br>| 50000 | 50194 |
| Michigan Finance Authority, Clean Water <br> Revolving Fund Series 2016B, Rev., <br> 5.00%, 10/1/2025<br>| 245000 | 245506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Michigan Finance Authority, Henry Ford <br> Health System<br>|  |  |
| Series 2016, Rev., 5.00%, 11/15/2025 | 265000 | 266335 |
| Series 2016, Rev., 5.00%, 11/15/2026 | 100000 | 103026 |
| Rev., 5.00%, 11/15/2027 | 575000 | 591393 |
| Series 2016, Rev., 5.00%, 11/15/2028 | 25000 | 25681 |
| Series 2016, Rev., 5.00%, 11/15/2029 | 20000 | 20516 |
| Michigan Finance Authority, Hospital Trinity <br> Health Credit Group<br>|  |  |
| Series 2015MI, Rev., 5.50%, 12/1/2026 | 710000 | 712127 |
| Series 2017A-MI, Rev., 5.00%, <br> 12/1/2027<br>| 60000 | 63303 |
| Series 2015MI, Rev., 5.50%, 12/1/2027 | 2130000 | 2139368 |
| Michigan Finance Authority, Trinity Health <br> Credit Group<br>|  |  |
| Series 2013MI-1, Rev., VRDO, 2.90%, <br> 12/1/2025 (c)<br>| 5500000 | 5500000 |
| Series 2015MI, Rev., 5.00%, 12/1/2025 | 100000 | 100261 |
| Series 2017A-MI, Rev., 5.00%, <br> 12/1/2026<br>| 45000 | 46311 |
| Series 2017MI, Rev., 5.00%, 12/1/2027 | 195000 | 202969 |
| Series 2019MI-1, Rev., 5.00%, <br> 12/1/2028<br>| 20000 | 21557 |
| Series 2015MI, Rev., 5.50%, 12/1/2028 | 45000 | 45198 |
| Michigan State Building Authority Series <br> 2020I, Rev., 5.00%, 4/15/2028<br>| 45000 | 47970 |
| Michigan State Building Authority, Facilities <br> Program<br>|  |  |
| Series 2023-I, Rev., VRDO, 2.73%, <br> 9/11/2025 (c)<br>| 20000000 | 20000000 |
| Series 2015I, Rev., 5.00%, 10/15/2025 | 3570000 | 3580653 |
| Series 2015I, Rev., 5.00%, <br> 10/15/2025 (b)<br>| 1715000 | 1720118 |
| Series 2023 II, Rev., 5.00%, <br> 10/15/2026<br>| 25000 | 25726 |
| Series 2016I, Rev., 5.00%, 10/15/2030 | 1380000 | 1413434 |
| Michigan State Building Authority, Multi <br> Modal Program Series III, Rev., VRDO, <br> 2.73%, 9/11/2025 (c)<br>| 8635000 | 8635000 |
| Michigan State Hospital Finance Authority, <br> Ascension Senior Credit Group Series <br> 2010F-7, Rev., 5.00%, 11/15/2026 (b)<br>| 3550000 | 3658229 |
| Michigan State Hospital Finance Authority, <br> Trinity Health Credit Group Series 2008C, <br> Rev., 5.00%, 12/1/2025<br>| 30000 | 30165 |
| Michigan State Housing Development <br> Authority, Rental Housing<br>|  |  |
| Series 2024A, Rev., 3.63%, 10/1/2029 | 11250000 | 11252540 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

250 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Series 2024A, Rev., 3.70%, 4/1/2030 | 13000000 | 13021445 |
| Michigan Strategic Fund, Consumers Co. <br> Project Series 2019, Rev., AMT, 3.35%, <br> 10/1/2027 (c)<br>| 1700000 | 1678577 |
| RIB Floater Trust Various States Series <br> 2022-046, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.68%, 9/2/2025 (c) (e)<br>| 30000000 | 30000000 |
| State of Michigan Series 2016, Rev., GAN, <br> 5.00%, 3/15/2026<br>| 55000 | 55767 |
| State of Michigan Trunk Line Series 2021A, <br> Rev., 5.00%, 11/15/2025<br>| 25000 | 25131 |
| State of Michigan, Environmental Program <br> Series 2015A, GO, 5.00%, 12/1/2025<br>| 50000 | 50321 |
| Wayne County Airport Authority Series C, <br> Rev., 5.00%, 12/1/2026<br>| 210000 | 216565 |
| Total Michigan |  | 108777991 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| City of Minneapolis and The Housing and <br> Redevelopment Authority of City of St. <br> Paul, Allina Health System Series 2017A, <br> Rev., 5.00%, 11/15/2028<br>| 35000 | 36248 |
| City of Minneapolis, Allina Health System <br> Series 2023A, Rev., 5.00%, <br> 11/15/2028 (c)<br>| 55000 | 58250 |
| City of St. Cloud, Centracare Health System |  |  |
| Series 2016A, Rev., 5.00%, 5/1/2026 | 280000 | 284222 |
| Series 2016A, Rev., 5.00%, 5/1/2029 | 55000 | 55849 |
| County of Hennepin Sales Tax Series 2017A, <br> Rev., 5.00%, 12/15/2025<br>| 55000 | 55404 |
| Duluth Independent School District No. 709 |  |  |
| Series 2016A, COP, 4.00%, 2/1/2027 | 50000 | 50304 |
| Series 2016A, COP, 4.00%, 2/1/2028 | 2750000 | 2765493 |
| Series 2019B, COP, 5.00%, 2/1/2028 | 395000 | 416751 |
| Housing And Redevelopment Authority of <br> The City of St. Paul Minnesota, Healtheast <br> care System Series 2015A, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 1345000 | 1351730 |
| Minneapolis-St. Paul Metropolitan Airports <br> Commission<br>|  |  |
| Series A, Rev., 4.00%, 1/1/2026 | 60000 | 60324 |
| Series A, Rev., 5.00%, 1/1/2026 | 25000 | 25217 |
| Minnesota Municipal Gas Agency Series <br> 2022B, Rev., LIQ : Royal Bank of Canada, <br> (SOFR + 1.00%), 3.94%, 9/8/2025 (d)<br>| 15000000 | 15003482 |
| North St Paul-Maplewood-Oakdale <br> Independent School District No. 622 <br> Series 2021A, GO, 4.00%, 2/1/2029<br>| 255000 | 266655 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| State of Minnesota |  |  |
| Series 2017A, GO, 5.00%, 10/1/2025 | 35000 | 35073 |
| Series 2020A, GO, 5.00%, 8/1/2029 | 225000 | 247578 |
| Series 2023B, GO, 5.00%, 8/1/2029 | 250000 | 274693 |
| State of Minnesota, Various Purpose |  |  |
| Series 2015D, GO, 5.00%, 8/1/2026 | 235000 | 235835 |
| Series 2019A, GO, 5.00%, 8/1/2026 | 25000 | 25618 |
| Series 2018A, GO, 5.00%, 8/1/2030 | 2820000 | 3030675 |
| University of Minnesota |  |  |
| Series 2019B, Rev., 5.00%, 10/1/2025 | 25000 | 25051 |
| Series 2017B, Rev., 5.00%, 12/1/2025 | 175000 | 176118 |
| Series 2015A, Rev., 5.00%, 8/1/2026 | 80000 | 80156 |
| Total Minnesota |  | 24560726 |
| **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |
| Mississippi Business Finance Corp., Gulf <br> Opportunity Zone Industrial Development, <br> Chevron USA, Inc., Project Series 2007B, <br> Rev., VRDO, 3.75%, 9/2/2025 (c)<br>| 20000000 | 20000000 |
| Mississippi Business Finance Corp., Waste <br> Management, Inc., Project, Rev., 0.70%, <br> 9/1/2026 (c)<br>| 1250000 | 1213490 |
| Mississippi Development Bank, Department <br> of Corrections East Correctional Facility <br> Refunding Bonds Project Series C, Rev., <br> 5.00%, 8/1/2027<br>| 40000 | 41769 |
| Mississippi Development Bank, Department <br> of Corrections Walnut Grove Correctional <br> Facility Refunding Bonds Project Series A, <br> Rev., 5.00%, 8/1/2026<br>| 35000 | 35764 |
| Mississippi Development Bank, Desoto <br> County Mississippi Highway Project<br>|  |  |
| Series 2024A, Rev., 5.00%, 1/1/2028 | 2020000 | 2136864 |
| Series 2024A, Rev., 5.00%, 1/1/2029 | 2000000 | 2156922 |
| Mississippi Development Bank, Harrison <br> County Series 2013A, Rev., 5.00%, <br> 1/1/2026<br>| 2190000 | 2207528 |
| State of Mississippi |  |  |
| Series 2020B, GO, 5.00%, 9/1/2025 | 115000 | 115000 |
| Series 2015A, GO, 4.00%, <br> 10/1/2025 (b)<br>| 200000 | 200259 |
| Series 2015A, GO, 5.00%, <br> 10/1/2025 (b)<br>| 1040000 | 1042177 |
| Series 2015F, GO, 4.00%, <br> 11/1/2025 (b)<br>| 220000 | 220587 |
| Series 2015F, GO, 5.00%, <br> 11/1/2025 (b)<br>| 70000 | 70300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 251

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Mississippi — continued** | **Mississippi — continued** | **Mississippi — continued** |
| Series 2018A, GO, 5.00%, <br> 11/1/2026 (b)<br>| 35000 | 36054 |
| Series 2016B, GO, 5.00%, <br> 12/1/2026 (b)<br>| 45000 | 46453 |
| Series 2017A, GO, 5.00%, <br> 10/1/2027 (b)<br>| 25000 | 26352 |
| Total Mississippi |  | 29549519 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Bi-State Development Agency of the <br> Missouri-Illinois Metropolitan District, <br> Combined Lien Mass Sales Tax Series <br> 2019, Rev., 5.00%, 10/1/2026<br>| 140000 | 143752 |
| City of Kansas City |  |  |
| Series 2017C, Rev., 5.00%, 9/1/2027 | 60000 | 62970 |
| Series 2018A, GO, 5.00%, 2/1/2028 | 50000 | 53112 |
| City of Kansas City Sanitary Sewer System <br> Series 2016A, Rev., 5.00%, 1/1/2028<br>| 30000 | 30057 |
| City of Kansas City, Missouri Special <br> Obligation Series A, Rev., 5.00%, <br> 10/1/2029<br>| 450000 | 450869 |
| City of Kansas City, Missouri Special <br> Obligation Refunding and Improvement, <br> Main Streetcar Extension Project Series <br> 2022C, Rev., 5.00%, 9/1/2025<br>| 210000 | 210000 |
| City of Springfield Public Utility |  |  |
| Rev., 4.00%, 9/16/2025 | 1000000 | 1000585 |
| Series 2015, Rev., 4.00%, 9/16/2025 | 1000000 | 1000585 |
| City of St. Louis Airport Series 2005, Rev., <br> NATL - RE, 5.50%, 7/1/2027<br>| 75000 | 79097 |
| County of Dunklin, Rev., 3.00%, 12/1/2026 | 400000 | 401467 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2027 | 4000000 | 4230348 |
| Series 2024, Rev., 5.00%, 11/1/2028 | 1500000 | 1624090 |
| Health and Educational Facilities Authority of <br> the State of Missouri Series 2021C, Rev., <br> 5.00%, 5/1/2028 (c)<br>| 18210000 | 19327304 |
| Health and Educational Facilities Authority of <br> the State of Missouri, BJC Health System <br> Series 2021B, Rev., 4.00%, <br> 5/1/2026 (c)<br>| 7485000 | 7543069 |
| Health and Educational Facilities Authority of <br> the State of Missouri, Mercy Health<br>|  |  |
| Series 2018A, Rev., 5.00%, 6/1/2027 | 25000 | 26003 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 205000 | 219533 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Health and Educational Facilities Authority of <br> the State of Missouri, SSM Health Care <br> Obligated Group<br>|  |  |
| Series 2022A, Rev., 5.00%, 6/1/2026 | 175000 | 177785 |
| Series 2023A, Rev., 5.00%, <br> 6/1/2028 (c)<br>| 850000 | 898049 |
| Health and Educational Facilities Authority of <br> the State of Missouri, St. Louis University, <br> Rev., 5.00%, 11/15/2028<br>| 220000 | 223813 |
| Health and Educational Facilities Authority of <br> the State of Missouri, St. Luke's Health <br> System, Inc.<br>|  |  |
| Series 2016, Rev., 5.00%, 11/15/2025 | 50000 | 50247 |
| Rev., 5.00%, 11/15/2029 | 395000 | 401016 |
| Missouri Development Finance Board, <br> Procter & Gamble Co. Project Series <br> 1999, Rev., 5.20%, 3/15/2029<br>| 1145000 | 1221687 |
| Missouri Highway and Transportation <br> Commission, First Lien Series A, Rev., <br> 5.00%, 5/1/2026<br>| 75000 | 76330 |
| Missouri Joint Municipal Electric Utility <br> Commission, Iatan Project 2<br>|  |  |
| Series 2023, Rev., 5.00%, 1/1/2028 | 20000 | 21143 |
| Series 2023, Rev., 5.00%, 1/1/2029 | 200000 | 215884 |
| Missouri Public Utilities Commission, Rev., <br> 4.00%, 5/1/2026<br>| 9750000 | 9791963 |
| Missouri State Board of Public Buildings <br> Series 2020B, Rev., 5.00%, 10/1/2026<br>| 40000 | 41182 |
| St. Louis County Library District, COP, <br> 4.00%, 4/1/2027<br>| 2010000 | 2011312 |
| Total Missouri |  | 51533252 |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| City of Lincoln, Electric System |  |  |
| Series 2015A, Rev., 5.00%, <br> 9/1/2025 (b)<br>| 200000 | 200000 |
| Series 2018, Rev., 5.00%, 9/1/2025 | 150000 | 150000 |
| Rev., 5.00%, 9/1/2026 | 20000 | 20527 |
| Series 2016, Rev., 5.00%, 9/1/2026 | 55000 | 56448 |
| Series 2020A, Rev., 5.00%, 9/1/2026 | 75000 | 76975 |
| Series 2020A, Rev., 5.00%, 9/1/2027 | 115000 | 121130 |
| Rev., 5.00%, 9/1/2028 | 25000 | 25966 |
| Douglas County Hospital Authority No. 2, <br> Children's Obligated Group Series 2020B, <br> Rev., 5.00%, 11/15/2025 (c)<br>| 2100000 | 2103173 |
| Nebraska Public Power District |  |  |
| Series 2016A, Rev., 5.00%, 1/1/2026 | 185000 | 186567 |
| Series A-1, Rev., 5.00%, 1/1/2026 | 75000 | 75135 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

252 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Series B, Rev., 5.00%, 1/1/2026 | 20000 | 20170 |
| Series C, Rev., 5.00%, 1/1/2026 | 70000 | 70593 |
| Series 2016A, Rev., 5.00%, 1/1/2027 | 35000 | 35279 |
| Series C, Rev., 5.00%, 1/1/2028 | 20000 | 20162 |
| Series 2023A, Rev., 5.00%, 7/1/2028 | 375000 | 397637 |
| Omaha Public Power District Series 2022B, <br> Rev., 5.00%, 2/1/2028<br>| 20000 | 21231 |
| Omaha School District Series 2016, GO, <br> 5.00%, 12/15/2028<br>| 2700000 | 2780012 |
| Scotts Bluff County School District No. 32 <br> Series 2015, GO, 5.00%, 12/1/2025 (b)<br>| 60000 | 60382 |
| Total Nebraska |  | 6421387 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Clark County School District, Limited Tax |  |  |
| Series 2015C, GO, 5.00%, 6/15/2026 | 115000 | 115814 |
| Series 2016B, GO, 5.00%, 6/15/2026 | 150000 | 153035 |
| Series 2017A, GO, 5.00%, 6/15/2026 | 500000 | 510117 |
| Series 2021C, GO, 5.00%, 6/15/2026 | 55000 | 56113 |
| Series 2015C, GO, 5.00%, 6/15/2028 | 335000 | 337273 |
| Series 2017C, GO, 5.00%, 6/15/2028 | 300000 | 316797 |
| Series 2019A, GO, A.G., 5.00%, <br> 6/15/2029<br>| 25000 | 26058 |
| Clark County School District, Limited Tax, <br> Various Purpose Series 2016F, GO, <br> 3.00%, 6/15/2026<br>| 100000 | 100036 |
| County of Clark |  |  |
| Rev., 5.00%, 7/1/2026 | 50000 | 51058 |
| Series 2016B, GO, 5.00%, 11/1/2026 | 85000 | 87617 |
| Series 2018, GO, 5.00%, 12/1/2026 | 1525000 | 1575346 |
| County of Clark Passenger Facility Charge <br> Series 2022B, Rev., 5.00%, 7/1/2026<br>| 140000 | 142975 |
| County of Clark, Department of Aviation, <br> Nevada Airport System, Subordinate Lien, <br> McCarran International Airport Series <br> 2019A, Rev., 5.00%, 7/1/2026<br>| 70000 | 71487 |
| County of Clark, Indexed Fuel and <br> Subordinate Motor Vehicle Tax Series <br> 2019, Rev., 5.00%, 7/1/2026<br>| 25000 | 25529 |
| County of Clark, Motor Vehicle Fuel Tax <br> Series 2020C, Rev., 5.00%, 7/1/2026<br>| 75000 | 76587 |
| County of Clark, Passenger Facility Charge, <br> Las Vegas-McCarran International Airport <br> Passenger Facility Series 2019E, Rev., <br> 5.00%, 7/1/2026<br>| 205000 | 209356 |
| County of Clark, Stadium Improvement, <br> Limited Tax Series 2018A, GO, 5.00%, <br> 6/1/2029<br>| 135000 | 144121 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| County of Clark, Transportation <br> Improvement, Limited Tax<br>|  |  |
| Series 2018B, GO, 5.00%, 12/1/2025 | 35000 | 35220 |
| Series 2018B, GO, 5.00%, 12/1/2029 | 215000 | 231807 |
| Las Vegas Valley Water District |  |  |
| Series 2018B, GO, 5.00%, 6/1/2026 | 360000 | 367183 |
| Series 2016B, GO, 5.00%, 6/1/2027 | 20000 | 20322 |
| State of Nevada, Capital Improvement and <br> Cultural Affairs Series 2020A, GO, <br> 5.00%, 5/1/2027<br>| 50000 | 52251 |
| State of Nevada, Department of Business <br> and Industry, Republic Services, Inc. <br> Project Series 2001, Rev., AMT, 3.95%, <br> 12/1/2025 (c) (e)<br>| 1800000 | 1800492 |
| Truckee Meadows Water Authority |  |  |
| Series 2017, Rev., 5.00%, 7/1/2026 | 150000 | 153262 |
| Rev., 5.00%, 7/1/2027 | 1000000 | 1047753 |
| Total Nevada |  | 7707609 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| New Hampshire Health and Education <br> Facilities Authority Act<br>|  |  |
| Series 2016, Rev., 5.00%, 1/1/2026 (b) | 45000 | 45350 |
| Series 2015A, Rev., 3.30%, <br> 8/3/2027 (c)<br>| 3000000 | 3022357 |
| Series 2015B, Rev., 3.30%, <br> 8/3/2027 (c)<br>| 1000000 | 1007452 |
| Total New Hampshire |  | 4075159 |
| **New Jersey — 8.3%** | **New Jersey — 8.3%** | **New Jersey — 8.3%** |
| Bergen County Improvement Authority <br> (The), Guaranteed Government Pooled <br> Project Series 2025A, Rev., GTD, 4.00%, <br> 5/21/2026<br>| 23000000 | 23228047 |
| Borough of Avalon, GO, BAN, 4.50%, <br> 2/4/2026<br>| 13988000 | 14089430 |
| Borough of Bloomingdale, GO, BAN, 4.50%, <br> 2/12/2026<br>| 3638000 | 3663663 |
| Borough of Carlstadt, GO, BAN, 4.50%, <br> 5/1/2026<br>| 10000000 | 10106819 |
| Borough of Demarest, GO, BAN, 4.50%, <br> 3/11/2026<br>| 8080000 | 8148970 |
| Borough of East Rutherford, GO, BAN, <br> 4.00%, 4/2/2026<br>| 14130000 | 14236898 |
| Borough of Fanwood Series 2025A, GO, <br> BAN, 4.00%, 2/26/2026<br>| 5907690 | 5942436 |
| Borough of Flemington Series 2025A, GO, <br> BAN, 4.50%, 1/26/2026<br>| 7079000 | 7126690 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 253

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Borough of Mountain Lakes, GO, BAN, <br> 4.25%, 10/10/2025<br>| 3146760 | 3151480 |
| Borough of North Plainfield, GO, BAN, <br> 4.25%, 11/25/2025<br>| 5644105 | 5660587 |
| Borough of Palisades Park, Swimming Pool <br> Utility, GO, BAN, 4.25%, 3/11/2026<br>| 6631872 | 6669468 |
| Borough of Point Pleasant Beach, General <br> Capital Notes Water and Sewer Utility, GO, <br> BAN, 4.00%, 11/7/2025<br>| 6343000 | 6357002 |
| Borough of Ramsey, GO, BAN, 4.00%, <br> 2/27/2026<br>| 7700000 | 7745548 |
| Brick Township Municipal Utilities Authority <br> (The) Series 2016B, Rev., GTD, 5.00%, <br> 12/1/2025<br>| 200000 | 201241 |
| Burlington County Bridge Commission, <br> Government Leasing Program Series <br> 2024D, Rev., RAN, 4.25%, 12/11/2025<br>| 5700000 | 5720590 |
| Camden County Improvement Authority <br> (The), City Hall Project, Rev., GTD, 5.00%, <br> 12/1/2025<br>| 30000 | 30185 |
| City of Jersey City Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 10700000 | 10817070 |
| City of Long Branch Series 2020A, GO, <br> 5.00%, 9/15/2025<br>| 30000 | 30026 |
| City of Ocean City, General Improvement, <br> GO, 4.00%, 9/15/2025<br>| 40000 | 40023 |
| Hudson County Improvement Authority, <br> Courthouse Project<br>|  |  |
| Rev., 4.00%, 10/1/2025 | 120000 | 120132 |
| Series 2020, Rev., 5.00%, 10/1/2026 | 195000 | 200416 |
| Series 2020, Rev., 5.00%, 10/1/2027 | 30000 | 31612 |
| Hudson County Improvement Authority, <br> Local Unit Loan Program Series B-1, Rev., <br> GTD, 4.00%, 6/24/2026<br>| 15000000 | 15161160 |
| Jersey City Municipal Utilities Authority, <br> Water Project Series 2025A, Rev., GTD, <br> 5.00%, 5/1/2026<br>| 8000000 | 8112868 |
| Monmouth County Improvement Authority <br> (The)<br>|  |  |
| Series 2019B, Rev., GTD, 5.00%, <br> 12/1/2025<br>| 30000 | 30194 |
| Rev., GTD, 4.00%, 3/13/2026 | 24500000 | 24671860 |
| New Jersey Building Authority Series 2016A, <br> Rev., 5.00%, 6/15/2026 (b)<br>| 40000 | 40821 |
| New Jersey Economic Development <br> Authority Series A, Rev., 4.00%, <br> 11/1/2027<br>| 25000 | 25753 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Economic Development <br> Authority, Biomedical Research Facilities <br> Series 2016A, Rev., 5.00%, 7/15/2028<br>| 1075000 | 1097592 |
| New Jersey Economic Development <br> Authority, RWJ Barnabas Health Series <br> 1997A, Rev., NATL - RE, Zero Coupon, <br> 7/1/2026 (b)<br>| 1980000 | 1935480 |
| New Jersey Economic Development <br> Authority, School Facilities Construction<br>|  |  |
| Series 2019GGG, Rev., 5.25%, <br> 9/1/2025 (e)<br>| 1205000 | 1205000 |
| Series 2005N-1, Rev., A.G., 5.50%, <br> 9/1/2025<br>| 195000 | 195000 |
| Series 2023RRR, Rev., 5.00%, 3/1/2026 | 40000 | 40477 |
| Series 2024SSS, Rev., 5.00%, <br> 6/15/2026<br>| 2730000 | 2781994 |
| Series 2019GGG, Rev., 5.25%, <br> 9/1/2026 (e)<br>| 3500000 | 3593873 |
| Series AAA, Rev., 5.00%, <br> 12/15/2026 (b)<br>| 75000 | 77495 |
| Series XX, Rev., 4.38%, 6/15/2027 | 25000 | 25015 |
| Series 2024SSS, Rev., 5.00%, <br> 6/15/2027<br>| 1600000 | 1670204 |
| Series 2023RRR, Rev., 5.00%, 3/1/2028 | 65000 | 68978 |
| Series WW, Rev., 5.25%, 6/15/2028 | 50000 | 50061 |
| New Jersey Health Care Facilities Financing <br> Authority, Barnabas Health Obligated <br> Group Series 2019B-3, Rev., 5.00%, <br> 7/1/2026 (c)<br>| 1000000 | 1018173 |
| New Jersey Health Care Facilities Financing <br> Authority, RWJ Barnabas Health Obligated <br> Group<br>|  |  |
| Series 2016A, Rev., 5.00%, 7/1/2026 | 55000 | 56132 |
| Series 2016A, Rev., 5.00%, 7/1/2029 | 140000 | 142831 |
| New Jersey Health Care Facilities Financing <br> Authority, Valley Health System Obligated, <br> Rev., 5.00%, 7/1/2026<br>| 50000 | 51021 |
| New Jersey Health Care Facilities Financing <br> Authority, Virtua Health Obligated Group<br>|  |  |
| Rev., 5.00%, 7/1/2026 | 1125000 | 1129057 |
| Series 2013, Rev., 5.00%, 7/1/2027 | 190000 | 191316 |
| New Jersey Higher Education Student <br> Assistance Authority, Senior Student Loan <br> Immediate Delivery Series 2025-2, Rev., <br> AMT, 4.88%, 6/2/2026 (c)<br>| 16000000 | 16208426 |
| New Jersey Infrastructure Bank Series <br> 2012A-R, Rev., GTD, 4.00%, 9/1/2025<br>| 120000 | 120000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

254 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Transportation Trust Fund <br> Authority Series 2019BB, Rev., 5.00%, <br> 12/15/2028 (b)<br>| 155000 | 168194 |
| New Jersey Transportation Trust Fund <br> Authority, Capital Appreciation Series <br> 2010A, Rev., Zero Coupon, 12/15/2028<br>| 400000 | 364729 |
| New Jersey Transportation Trust Fund <br> Authority, Federal Highway <br> Reimbursement Series A-1, Rev., 5.00%, <br> 6/15/2027<br>| 65000 | 66274 |
| New Jersey Transportation Trust Fund <br> Authority, Transportation System<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/15/2026 | 100000 | 101905 |
| Series 2018A, Rev., 5.00%, 12/15/2026 | 25000 | 25787 |
| Series 2019A, Rev., 5.00%, 12/15/2026 | 150000 | 154720 |
| Series 2018A, Rev., 5.00%, 12/15/2027 | 70000 | 73935 |
| Series 2019A, Rev., 5.00%, 12/15/2027 | 30000 | 31686 |
| Series 2021A, Rev., 5.00%, 6/15/2028 | 25000 | 26713 |
| Series 2021A, Rev., 5.00%, 6/15/2029 | 25000 | 27250 |
| Series 2006C, Rev., NATL - RE, Zero <br> Coupon, 12/15/2030<br>| 7000000 | 5936105 |
| New Jersey Turnpike Authority |  |  |
| Series 2005D-2, Rev., A.G., 5.25%, <br> 1/1/2026<br>| 12445000 | 12561408 |
| Series 2005D-3, Rev., A.G., 5.25%, <br> 1/1/2026<br>| 1070000 | 1080009 |
| Series 2014A, Rev., 5.00%, 1/1/2027 | 825000 | 826559 |
| Series 2017E, Rev., 5.00%, 1/1/2029 | 40000 | 42218 |
| Series 2024A, Rev., 5.00%, 1/1/2030 | 2235000 | 2461826 |
| State of New Jersey |  |  |
| GO, 4.00%, 6/1/2027 (b) | 45000 | 46316 |
| GO, 5.00%, 6/1/2027 | 20000 | 20907 |
| State of New Jersey, COVID-19 Emergency <br> Bonds<br>|  |  |
| Series 2020A, GO, 5.00%, 6/1/2026 | 400000 | 407648 |
| Series 2020A, GO, 5.00%, 6/1/2028 | 365000 | 390511 |
| Series 2020A, GO, 5.00%, 6/1/2029 | 50000 | 54581 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 485000 | 492545 |
| Series 2018A, Rev., 5.00%, 6/1/2027 | 720000 | 744480 |
| Town of Dover, General Improvement Water <br> Utility, GO, BAN, 4.50%, 1/21/2026<br>| 17039000 | 17157109 |
| Town of Guttenberg, GO, BAN, 4.25%, <br> 10/16/2025<br>| 8250767 | 8264895 |
| Town of Morristown, GO, BAN, 4.25%, <br> 6/2/2026<br>| 6360110 | 6431366 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Township of Boonton, GO, BAN, 4.00%, <br> 8/28/2026<br>| 8066000 | 8152906 |
| Township of Colts Neck, GO, 4.00%, <br> 11/15/2025<br>| 40000 | 40121 |
| Township of Edison, Water Utility Series <br> 2024B, GO, BAN, 4.00%, 11/6/2025<br>| 12200000 | 12228742 |
| Township of Hamilton, GO, BAN, 4.25%, <br> 6/5/2026<br>| 8150000 | 8239867 |
| Township of Howell, GO, TAN, 4.25%, <br> 2/19/2026<br>| 3500000 | 3518098 |
| Township of Little Egg Harbor Series 2025A, <br> GO, BAN, 4.25%, 1/20/2026<br>| 3508000 | 3525293 |
| Township of Lopatcong, GO, BAN, 4.25%, <br> 3/27/2026<br>| 4959127 | 4990335 |
| Township of Manchester Series 2025A, GO, <br> BAN, 4.50%, 5/6/2026<br>| 17123054 | 17308803 |
| Township of Middle, General Improvement <br> Sewer Utility, GO, BAN, 4.25%, 9/3/2025<br>| 7770000 | 7770272 |
| Township of Nutley, GO, BAN, 4.25%, <br> 3/13/2026<br>| 8000000 | 8061736 |
| Township of Readington, GO, BAN, 4.25%, <br> 9/30/2025<br>| 3002000 | 3005317 |
| Township of Washington, GO, BAN, 4.25%, <br> 7/2/2026<br>| 7420189 | 7508597 |
| Township of West Deptford, GO, 3.00%, <br> 9/1/2026<br>| 100000 | 100033 |
| Township of Woodbridge, GO, BAN, 4.00%, <br> 10/10/2025<br>| 9977000 | 9991367 |
| Total New Jersey |  | 365420277 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| Albuquerque Bernalillo County Water Utility <br> Authority Series 2018, Rev., 5.00%, <br> 7/1/2026<br>| 100000 | 102141 |
| Albuquerque Bernalillo County Water Utility <br> Authority, Senior Lien Joint Water and <br> Sewer System<br>|  |  |
| Series 2017, Rev., 5.00%, 7/1/2026 | 150000 | 153212 |
| Rev., 5.00%, 7/1/2027 | 1075000 | 1125348 |
| New Mexico Finance Authority, State <br> Transportation, Subordinate Lien<br>|  |  |
| Series 2018A, Rev., 5.00%, 6/15/2026 | 150000 | 153152 |
| Series 2021A, Rev., 5.00%, 6/15/2026 | 1830000 | 1868460 |
| Series 2021A, Rev., 5.00%, 6/15/2030 | 45000 | 50153 |
| New Mexico Mortgage Finance Authority, <br> Santee Apartments and Sangre De Cristo <br> Project, Rev., 3.73%, 12/1/2025 (c)<br>| 1000000 | 1001331 |
| State of New Mexico Series 2023, GO, <br> 5.00%, 3/1/2026<br>| 395000 | 400201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 255

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — continued** | **New Mexico — continued** | **New Mexico — continued** |
| State of New Mexico Severance Tax <br> Permanent Fund<br>|  |  |
| Series 2017A, Rev., 5.00%, 7/1/2026 | 40000 | 40893 |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 785000 | 802524 |
| Series 2020A, Rev., 5.00%, 7/1/2029 | 25000 | 27357 |
| State of New Mexico, Capital Projects Series <br> A, GO, 5.00%, 3/1/2026<br>| 50000 | 50653 |
| Total New Mexico |  | 5775425 |
| **New York — 15.7%** | **New York — 15.7%** | **New York — 15.7%** |
| Altmar-Parish-Williamstown Central School <br> District Series 2025B, GO, BAN, 4.25%, <br> 6/25/2026<br>| 17765000 | 17961433 |
| Ausable Valley Central School District, GO, <br> BAN, 4.25%, 7/10/2026<br>| 5000000 | 5055694 |
| Avoca Central School District, GO, BAN, <br> 4.25%, 6/25/2026<br>| 8105000 | 8180191 |
| Brasher Falls Central School District, GO, <br> BAN, 4.25%, 7/16/2026<br>| 6600000 | 6667032 |
| Brocton Central School District, GO, BAN, <br> 4.25%, 6/25/2026<br>| 10199710 | 10312491 |
| Build NYC Resource Corp., The Young Men's <br> and Women's Hebrew Association Project <br> Series 2024, Rev., 5.00%, 12/1/2027<br>| 8040000 | 8464072 |
| Canisteo-Greenwood Central School District, <br> GO, BAN, 4.25%, 6/26/2026<br>| 7800000 | 7875154 |
| City of Albany, GO, BAN, 4.25%, 3/20/2026 | 30000000 | 30235242 |
| City of Hudson, GO, BAN, 4.25%, <br> 6/18/2026<br>| 7560000 | 7628946 |
| City of Long Beach Series 2024B, GO, BAN, <br> 4.25%, 9/26/2025<br>| 12782164 | 12791164 |
| City of New York, Fiscal Year 2008 Series <br> 2008L-6, GO, 5.00%, 4/1/2028<br>| 30000 | 31892 |
| City of New York, Fiscal Year 2013 Series A, <br> GO, 5.00%, 9/19/2025<br>| 75000 | 75085 |
| City of New York, Fiscal Year 2014 Series <br> 2014I-1, GO, 5.00%, 3/1/2026<br>| 5000 | 5009 |
| City of New York, Fiscal Year 2016 |  |  |
| Series E, GO, 5.00%, 8/1/2026 | 35000 | 35839 |
| Series C, GO, 5.00%, 8/1/2027 | 170000 | 171869 |
| City of New York, Fiscal Year 2017 |  |  |
| Series 2017A, Subseries A-1, GO, 5.00%, <br> 8/1/2027<br>| 40000 | 40967 |
| Series 2017A, Subseries A-1, GO, 5.00%, <br> 8/1/2029<br>| 130000 | 132770 |
| City of New York, Fiscal Year 2018 Series <br> 2018A, GO, 5.00%, 8/1/2027<br>| 25000 | 26266 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| City of New York, Fiscal Year 2020 Series <br> 2020C-1, GO, 5.00%, 8/1/2028<br>| 30000 | 32126 |
| City of New York, Fiscal Year 2021 |  |  |
| Series 2021C, GO, 5.00%, 8/1/2026 | 35000 | 35839 |
| Series 2021 Subseries A-1, GO, 5.00%, <br> 8/1/2027<br>| 20000 | 21013 |
| City of New York, Fiscal Year 2022 Series <br> 2022C, GO, 5.00%, 8/1/2026<br>| 50000 | 51198 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023 Subseries A-1, GO, 5.00%, <br> 9/1/2025<br>| 25000 | 25000 |
| Series 2023-1, GO, 5.00%, 8/1/2027 | 270000 | 283677 |
| City of New York, Fiscal Year 2024 Series <br> 2024E, GO, 5.00%, 8/1/2029<br>| 1280000 | 1395905 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025C, Subseries C-1, GO, 5.00%, <br> 9/1/2026<br>| 175000 | 179591 |
| Series 2018A, GO, 5.00%, 8/1/2029 | 30000 | 32717 |
| City of New York, Fiscal Year 2026 Series <br> 2026B, Subseries B-1, GO, 5.00%, <br> 8/1/2030<br>| 6500000 | 7182027 |
| City of Troy, GO, BAN, 4.50%, 1/30/2026 | 4402981 | 4432928 |
| City of Utica, GO, BAN, 4.50%, 1/23/2026 | 19578012 | 19692951 |
| Clinton Central School District, GO, BAN, <br> 4.25%, 6/25/2026<br>| 9790000 | 9898251 |
| County of Nassau Series 2016B, GO, 5.00%, <br> 10/1/2028<br>| 50000 | 51118 |
| Croton-Harmon Union Free School District <br> Series 2025A, GO, BAN, 4.00%, <br> 6/26/2026<br>| 21132178 | 21374564 |
| Delaware Academy Central School District at <br> Delhi, GO, BAN, 4.25%, 7/22/2026<br>| 10492486 | 10591997 |
| Elba Central School District, GO, BAN, <br> 4.25%, 6/18/2026<br>| 11000000 | 11123001 |
| Empire State Development Corp., State <br> Personal Income Tax<br>|  |  |
| Series 2015A, Rev., 5.00%, <br> 9/15/2025 (b)<br>| 85000 | 85082 |
| Series 2016A, Rev., 5.00%, <br> 3/15/2026 (b)<br>| 110000 | 111597 |
| Series 2017C, Rev., 5.00%, 3/15/2026 | 80000 | 81145 |
| Geneseo Central School District, GO, BAN, <br> 4.25%, 6/25/2026<br>| 7235000 | 7304458 |
| Gouverneur Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 20000000 | 20192838 |
| Hornell City School District, GO, BAN, <br> 4.25%, 6/24/2026<br>| 17170000 | 17346698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

256 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Hudson Falls Central School District, GO, <br> BAN, 4.25%, 6/24/2026<br>| 9300000 | 9400211 |
| Johnstown City School District, GO, BAN, <br> 4.25%, 6/26/2026<br>| 7000000 | 7067446 |
| Lansingburgh Central School District at Troy, <br> GO, BAN, 4.25%, 7/10/2026<br>| 10072658 | 10160959 |
| Long Island Power Authority, Electric System |  |  |
| Rev., 1.00%, 9/1/2025 | 315000 | 315000 |
| Rev., 5.00%, 9/1/2025 (b) | 125000 | 125000 |
| Series 2025B, Rev., VRDO, 3.00%, <br> 9/1/2028 (c)<br>| 2000000 | 2000000 |
| Lyons Central School District, GO, BAN, <br> 4.25%, 6/26/2026<br>| 8876000 | 8965121 |
| Madrid-Waddington Central School District, <br> GO, BAN, 4.00%, 7/24/2026<br>| 4457500 | 4494321 |
| Metropolitan Transportation Authority <br> Dedicated Tax Fund<br>|  |  |
| Series 2016A, Rev., 5.00%, 11/15/2025 | 90000 | 90484 |
| Series B-1, Rev., 5.00%, 11/15/2025 | 25000 | 25135 |
| Series B-2, Rev., 5.00%, 11/15/2025 | 50000 | 50268 |
| Milford Central School District, GO, BAN, <br> 4.25%, 12/12/2025<br>| 3500000 | 3510443 |
| Nassau County Sewer and Storm Water <br> Finance Authority Series A, Rev., 5.00%, <br> 10/1/2025<br>| 1000000 | 1000384 |
| New York City Health and Hospitals Corp., <br> Health System<br>|  |  |
| Series 2008B, Rev., VRDO, LOC : TD Bank <br> NA, 2.78%, 9/8/2025 (c)<br>| 1620000 | 1620000 |
| Series 2008C, Rev., VRDO, LOC : TD Bank <br> NA, 2.60%, 9/11/2025 (c)<br>| 24300000 | 24300000 |
| New York City Industrial Development <br> Agency, Queens Baseball Stadium Project<br>|  |  |
| Series 2021A, Rev., A.G., 5.00%, <br> 1/1/2027<br>| 500000 | 515619 |
| Series 2021A, Rev., A.G., 5.00%, <br> 1/1/2028<br>| 1250000 | 1316274 |
| New York City Municipal Water Finance <br> Authority, Second Generation, Fiscal Year <br> 2020 Series 2020CC-1, Rev., 5.00%, <br> 6/15/2026<br>| 60000 | 61304 |
| New York City Municipal Water Finance <br> Authority, Second Generation, Fiscal Year <br> 2022 Series 2022, Subseries BB-2, Rev., <br> 5.00%, 6/15/2027<br>| 815000 | 820699 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, <br> Second General Resolution, Fiscal year <br> 2021 Series 2021, Subseries EE2, Rev., <br> VRDO, LIQ : State Street Bank & Trust Co., <br> 3.85%, 9/2/2025 (c)<br>| 65000000 | 65000000 |
| New York City Transitional Finance Authority <br> Building Aid<br>|  |  |
| Series 2016S-1, Rev., 5.00%, <br> 1/15/2026<br>| 420000 | 423826 |
| Series 2019S-3A, Rev., 5.00%, <br> 7/15/2026<br>| 95000 | 97132 |
| New York City Transitional Finance Authority <br> Building Aid, Fiscal Year 2018 Series S-1, <br> Rev., 5.00%, 7/15/2029<br>| 20000 | 20909 |
| New York City Transitional Finance Authority <br> Building Aid, Subordinate Series <br> 2016S-1, Rev., 5.00%, 1/15/2026<br>| 30000 | 30273 |
| New York City Transitional Finance Authority <br> Future Tax Secured<br>|  |  |
| Series 2018 -1, Rev., 5.00%, 11/1/2025 | 195000 | 195813 |
| Series 2019C-1, Rev., 5.00%, <br> 11/1/2025<br>| 75000 | 75313 |
| Series 2024D, Subseries D-1, Rev., <br> 5.00%, 11/1/2025<br>| 20000 | 20083 |
| Series C, Rev., 5.00%, 11/1/2025 | 40000 | 40167 |
| Series 2023, Subseries F-1, Rev., 5.00%, <br> 2/1/2026<br>| 70000 | 70753 |
| Series 2022D, Subseries D-1, Rev., <br> 5.00%, 11/1/2026<br>| 20000 | 20634 |
| Series 2022C, Subseries C-1, Rev., <br> 5.00%, 2/1/2027<br>| 35000 | 36351 |
| Series B1, Rev., 5.00%, 11/1/2028 | 3325000 | 3336555 |
| New York City Transitional Finance Authority <br> Future Tax Secured Fiscal Year 2016 <br> Series C, Rev., 5.00%, 11/1/2025<br>| 2075000 | 2083654 |
| New York City Transitional Finance Authority <br> Future Tax Secured Fiscal Year 2018 <br> Series 2018C-6, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 2.61%, <br> 9/11/2025 (c)<br>| 40000000 | 40000000 |
| New York City Transitional Finance Authority <br> Future Tax Secured Fiscal Year 2021<br>|  |  |
| Series 2021F-1, Rev., 5.00%, <br> 11/1/2026<br>| 200000 | 206344 |
| Series 2021G-1, Rev., 5.00%, <br> 11/1/2028<br>| 35000 | 37807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 257

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Transitional Finance Authority, <br> Building Aid, Fiscal Year 2018 Series S-2, <br> Rev., 5.00%, 7/15/2028<br>| 35000 | 36629 |
| New York City Transitional Finance Authority, <br> Future Tax Secured Series C, Rev., 5.00%, <br> 11/1/2027<br>| 30000 | 31253 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2018 <br> Series 2018 -1, Rev., 5.00%, 11/1/2026<br>| 100000 | 103172 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2021 <br> Series 2021-1, Rev., 5.00%, 11/1/2025<br>| 40000 | 40167 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2023 <br> Series 2023, Subseries E-1, Rev., 5.00%, <br> 11/1/2028<br>| 20000 | 21604 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2025<br>|  |  |
| Series 2025C, Subseries C-1, Rev., <br> 5.00%, 5/1/2027<br>| 4800000 | 5016050 |
| Series 2025C, Subseries C-1, Rev., <br> 5.00%, 5/1/2028<br>| 5000000 | 5341423 |
| Series 2025C, Subseries C-1, Rev., <br> 5.00%, 5/1/2029<br>| 2695000 | 2940722 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Subordinate, Fiscal <br> Year 2025<br>|  |  |
| Series 2025-J, Subseries J-1, Rev., <br> 5.00%, 11/1/2027<br>| 2075000 | 2191383 |
| Series 2025-J, Subseries J-1, Rev., <br> 5.00%, 11/1/2028<br>| 9170000 | 9905425 |
| Series 2025F, Subseries F-1, Rev., <br> 5.00%, 11/1/2029<br>| 2630000 | 2896281 |
| Series 2025-J, Subseries J-1, Rev., <br> 5.00%, 11/1/2029<br>| 2755000 | 3033937 |
| Series 2025F, Subseries F-1, Rev., <br> 5.00%, 11/1/2030<br>| 2600000 | 2903167 |
| New York State Dormitory Authority |  |  |
| Series 2019A, Rev., 5.00%, 10/1/2025 | 265000 | 265515 |
| Series 2023A, Rev., A.G., 5.00%, <br> 10/1/2025<br>| 350000 | 350683 |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2025<br>| 2650000 | 2655172 |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2026<br>| 1500000 | 1542858 |
| Series 2023D, Rev., A.G., 5.00%, <br> 10/1/2027<br>| 25000 | 26382 |
| Series 2018-1, Rev., 5.00%, 1/15/2028 | 110000 | 116816 |
| Series 2016A, Rev., 5.00%, 7/1/2029 | 30000 | 30614 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, <br> Columbia University Series B, Rev., <br> 5.00%, 10/1/2025<br>| 20000 | 20039 |
| New York State Dormitory Authority, Health <br> Facilities Improvement Program Lease <br> Series 2018-1, Rev., 5.00%, 1/15/2029<br>| 55000 | 58020 |
| New York State Dormitory Authority, Icahn <br> School of Medicine at Mount Sinai<br>|  |  |
| Series 2015A, Rev., 5.00%, 7/1/2028 | 25000 | 25033 |
| Series 2015A, Rev., 5.00%, 7/1/2029 | 40000 | 40052 |
| New York State Dormitory Authority, New <br> York University Series 2016A, Rev., <br> 5.00%, 7/1/2026<br>| 35000 | 35749 |
| New York State Dormitory Authority, <br> Northwell Health Obligated Group Series <br> 2019B-3, Rev., 5.00%, 5/1/2026 (c)<br>| 3125000 | 3135592 |
| New York State Dormitory Authority, Sales <br> Tax<br>|  |  |
| Series 2015B, Rev., 5.00%, <br> 9/15/2025 (b)<br>| 45000 | 45042 |
| Series 2024A, Rev., A.G., 5.00%, <br> 10/1/2027<br>| 1550000 | 1635655 |
| New York State Dormitory Authority, School <br> Districts Financing Program<br>|  |  |
| Series 2015D, Rev., 5.00%, 10/1/2025 | 50000 | 50101 |
| Series 2017G, Rev., 5.00%, 10/1/2025 | 105000 | 105204 |
| Series 2018A, Rev., 5.00%, 10/1/2025 | 40000 | 40078 |
| Series B, Rev., 5.00%, 10/1/2025 | 50000 | 50097 |
| Series H, Rev., 5.00%, 10/1/2025 | 10000 | 10017 |
| Series 2018A, Rev., 5.00%, 10/1/2026 | 25000 | 25690 |
| Series 2025A, Rev., A.G., 5.00%, <br> 10/1/2027<br>| 2500000 | 2638153 |
| Series 2025A, Rev., A.G., 5.00%, <br> 10/1/2028<br>| 1000000 | 1080505 |
| New York State Dormitory Authority, State <br> Personal Income Tax Series 2005B, Rev., <br> AMBAC, 5.50%, 3/15/2026<br>| 75000 | 76273 |
| New York State Dormitory Authority, State <br> Personal Income Tax, General Purpose<br>|  |  |
| Series 2018A, Rev., 5.00%, <br> 3/15/2026 (b)<br>| 70000 | 70974 |
| Series 2022A, Rev., 5.00%, <br> 3/15/2027 (b)<br>| 20000 | 20815 |
| New York State Dormitory Authority, State <br> Sales Tax<br>|  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

258 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2015B, Rev., 5.00%, <br> 9/15/2025 (b)<br>| 120000 | 120113 |
| Series 2016A, Rev., 5.00%, <br> 9/15/2026 (b)<br>| 50000 | 51344 |
| Series 2016A, Rev., 5.00%, 3/15/2028 | 30000 | 30799 |
| New York State Dormitory Authority, Touro <br> College and University System Group, <br> Rev., 5.00%, 1/3/2028 (b)<br>| 550000 | 582766 |
| New York State Environmental Facilities <br> Corp., State Revolving Funds, Master <br> Financing Program Series 2015D, Rev., <br> 5.00%, 9/15/2026<br>| 50000 | 50177 |
| New York State Housing Finance Agency, <br> Historic Front Street Series 2003A, Rev., <br> VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 2.77%, <br> 9/8/2025 (c)<br>| 22000000 | 22000000 |
| New York State Housing Finance Agency, <br> State Personal Income Tax Series <br> 2024A-2, Rev., 3.35%, 6/15/2029 (c)<br>| 3000000 | 3015301 |
| New York State Thruway Authority Series <br> 2021A-1, Rev., 5.00%, 3/15/2026<br>| 20000 | 20286 |
| Owego Apalachin Central School District |  |  |
| Series 2025A, GO, BAN, 4.25%, <br> 7/2/2026<br>| 7019000 | 7095062 |
| Series 2025B, GO, BAN, 4.25%, <br> 7/17/2026<br>| 7400000 | 7484387 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 194, Rev., 5.00%, 10/15/2025 | 50000 | 50150 |
| Rev., 5.00%, 11/15/2025 | 25000 | 25132 |
| Series 175, Rev., 5.00%, 12/1/2025 | 100000 | 100179 |
| Series 183, Rev., 5.00%, 12/15/2025 | 20000 | 20036 |
| Series 246, Rev., AMT, 5.00%, 9/1/2026 | 11500000 | 11757499 |
| Series 175, Rev., 4.00%, 12/1/2026 | 215000 | 215243 |
| Series 243, Rev., 5.00%, 12/1/2026 | 20000 | 20660 |
| Series 177TH, Rev., AMT, 4.00%, <br> 7/15/2030<br>| 500000 | 500294 |
| Randolph Central School District, GO, BAN, <br> 4.25%, 6/26/2026<br>| 12500000 | 12630584 |
| Sidney Central School District, GO, BAN, <br> 4.25%, 6/26/2026<br>| 8980000 | 9066523 |
| Town of Cornwall, GO, BAN, 4.25%, <br> 4/30/2026<br>| 8545000 | 8622150 |
| Town of Cortlandt, GO, BAN, 4.25%, <br> 10/3/2025<br>| 3600000 | 3604211 |
| Town of Grand Island, GO, BAN, 4.25%, <br> 10/3/2025<br>| 16465845 | 16488635 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Town of Milton, GO, BAN, 4.00%, <br> 7/24/2026<br>| 7000000 | 7042428 |
| Town of Newburgh, GO, BAN, 4.50%, <br> 1/30/2026<br>| 3800000 | 3826644 |
| Town of Stillwater, GO, BAN, 4.25%, <br> 5/29/2026<br>| 5020000 | 5073716 |
| Triborough Bridge and Tunnel Authority |  |  |
| Series 2016A, Rev., 5.00%, 11/15/2025 | 155000 | 155838 |
| Series 2023A, Rev., 5.00%, 11/15/2026 | 25000 | 25814 |
| Series 2023B-2, Rev., 5.00%, <br> 11/15/2026<br>| 25000 | 25829 |
| Series B, Rev., 5.00%, 11/15/2026 | 75000 | 77486 |
| Triborough Bridge and Tunnel Authority, <br> MTA Bridges and Tunnels<br>|  |  |
| Series 2017C-1, Rev., 5.00%, <br> 11/15/2025<br>| 20000 | 20108 |
| Series 2016A, Rev., 5.00%, 11/15/2026 | 30000 | 30529 |
| Series 2023A, Rev., 5.00%, 11/15/2026 | 25000 | 25814 |
| Triborough Bridge and Tunnel Authority, <br> MTA Bridges and Tunnels, Payroll Mobility <br> Tax Series 2024B, Rev., BAN, 5.00%, <br> 3/15/2027<br>| 1950000 | 2026788 |
| United Nations Development Corp. Series <br> 2019A, Rev., 5.00%, 7/1/2026 (b)<br>| 145000 | 148046 |
| Village of Fairport, GO, BAN, 4.25%, <br> 5/29/2026<br>| 5631750 | 5693685 |
| Village of Farmingdale Series 2024B, GO, <br> BAN, 4.25%, 9/25/2025<br>| 7800000 | 7807281 |
| Village of Freeport Series 2024E, GO, BAN, <br> 4.25%, 11/13/2025<br>| 5015000 | 5029417 |
| Village of Highland Falls Series 2024C, GO, <br> BAN, 4.25%, 9/26/2025<br>| 5600000 | 5605455 |
| Village of Johnson City Series 2024C, GO, <br> BAN, 4.25%, 9/26/2025<br>| 17250878 | 17262307 |
| Village of Scotia, GO, BAN, 4.25%, <br> 6/26/2026<br>| 10585000 | 10691281 |
| Webb Union Free School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 5950000 | 5997110 |
| West Seneca Central School District, GO, <br> BAN, 4.00%, 6/26/2026<br>| 17230000 | 17414999 |
| Wheatland Chili Central School District Series <br> 2025A, GO, BAN, 4.25%, 7/9/2026<br>| 3615000 | 3655140 |
| Wilson Central School District, GO, BAN, <br> 4.25%, 6/24/2026<br>| 6723684 | 6794524 |
| Total New York |  | 691345231 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 259

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** | **North Carolina — 1.0%** |
| Charlotte-Mecklenburg Hospital Authority <br> (The), Atrium Health Care System Series <br> 2021C, Rev., 5.00%, 12/1/2028 (c)<br>| 3440000 | 3678841 |
| City of Charlotte Water and Sewer System <br> Series 2020, Rev., 5.00%, 7/1/2026<br>| 50000 | 51119 |
| City of Durham, Rev., 5.00%, 10/1/2026 | 115000 | 118344 |
| City of Raleigh Combined Enterprise System <br> Series 2016A, Rev., 5.00%, 3/1/2027<br>| 1475000 | 1534631 |
| County of Harnett Series 2020, Rev., <br> 5.00%, 12/1/2027<br>| 85000 | 89784 |
| County of New Hanover, New Hanover <br> Regional Medical Center<br>|  |  |
| Series 2017, Rev., 5.00%, <br> 10/1/2025 (b)<br>| 100000 | 100193 |
| Rev., 5.00%, 10/1/2027 (b) | 75000 | 79135 |
| Series 2017, Rev., 5.00%, <br> 10/1/2027 (b)<br>| 110000 | 116065 |
| County of Wake |  |  |
| Series 2021, Rev., 5.00%, 3/1/2026 | 80000 | 81052 |
| Series 2020A, GO, 5.00%, 4/1/2026 | 70000 | 71097 |
| County of Wake, Hospital System, Rev., NATL <br> - RE, 5.13%, 10/1/2026 (b)<br>| 55000 | 55668 |
| Cumberland County Industrial Facilities and <br> Pollution Control Financing Authority, <br> Solid Waste Disposal Project Hero Series <br> 2024, Rev., AMT, 3.75%, 11/1/2025 (c)<br>| 6000000 | 6001261 |
| North Carolina Capital Facilities Finance <br> Agency, Duke University Project Series <br> 2015B, Rev., 5.00%, 10/1/2025 (b)<br>| 7095000 | 7108973 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 52-C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (c)<br>| 15500000 | 15500000 |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, <br> 3.20%, 1/15/2026 (c)<br>| 4435000 | 4435746 |
| North Carolina Medical Care Commission, <br> Caromont Health Series 2021B, Rev., <br> 5.00%, 2/1/2026 (c)<br>| 2670000 | 2695197 |
| North Carolina Municipal Power Agency No. <br> 1<br>|  |  |
| Series A, Rev., 5.00%, 1/1/2026 | 955000 | 962994 |
| Series 2016A, Rev., 5.00%, 1/1/2027 | 45000 | 45853 |
| Series 2016A, Rev., 5.00%, 1/1/2028 | 230000 | 234900 |
| Series 2016A, Rev., 5.00%, 1/1/2029 | 870000 | 888117 |
| North Carolina State University at Raleigh <br> Series 2018, Rev., 5.00%, 10/1/2025<br>| 25000 | 25050 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| North Carolina Turnpike Authority, Triangle <br> Expressway System, Senior Lien<br>|  |  |
| Series 2017, Rev., A.G., 5.00%, <br> 1/1/2026<br>| 50000 | 50382 |
| Series 2017, Rev., A.G., 5.00%, <br> 1/1/2028<br>| 500000 | 515243 |
| State of North Carolina Series 2022A, Rev., <br> 5.00%, 5/1/2026<br>| 100000 | 101793 |
| State of North Carolina, Limited Obligation <br> Series 2013A, Rev., 2.25%, 5/1/2026<br>| 10000 | 9971 |
| Total North Carolina |  | 44551409 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| North Dakota Housing Finance Agency, <br> Home Mortgage Finance Program Series <br> 2020B, Rev., 1.05%, 7/1/2026<br>| 125000 | 122251 |
| North Dakota Public Finance Authority <br> Series 2022A, Rev., 5.00%, 10/1/2027<br>| 195000 | 205848 |
| West Fargo Public School District No. 6 <br> Series 2017, GO, 4.00%, 8/1/2027<br>| 2375000 | 2447024 |
| Total North Dakota |  | 2775123 |
| **Ohio — 4.0%** | **Ohio — 4.0%** | **Ohio — 4.0%** |
| Akron Bath Copley Joint Township Hospital <br> District, Children's Hospital Medical <br> Center of Akron<br>|  |  |
| Series 2022A, Rev., 5.00%, 11/15/2026 | 465000 | 478903 |
| Series 2022A, Rev., 5.00%, 11/15/2027 | 470000 | 495378 |
| Akron City School District, Unlimited Tax, GO, <br> 4.00%, 8/6/2026<br>| 5350000 | 5412157 |
| American Municipal Power, Inc., AMP <br> Fremont Energy Center Project<br>|  |  |
| Series 2017A, Rev., 5.00%, 2/15/2026 | 25000 | 25281 |
| Series 2017A, Rev., 5.00%, 2/15/2027 | 25000 | 25907 |
| Series 2017A, Rev., 5.00%, 2/15/2028 | 70000 | 74275 |
| City of Cincinnati, Unlimited Tax Various <br> Purpose<br>|  |  |
| Series 2016A, GO, 4.00%, 12/1/2025 | 775000 | 778071 |
| Series 2017A, GO, 5.00%, 12/1/2025 | 25000 | 25160 |
| City of Cleveland Series 2015, GO, 5.00%, <br> 12/1/2025<br>| 90000 | 90554 |
| City of Columbus Series 2016A, GO, 4.00%, <br> 8/15/2026<br>| 90000 | 90097 |
| City of Columbus, Unlimited Tax Series <br> 2024-1, GO, 5.00%, 2/15/2030<br>| 3445000 | 3824572 |
| City of Columbus, Various Purpose, <br> Unlimited Tax Series 2017-1, GO, 5.00%, <br> 4/1/2029<br>| 7010000 | 7357405 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

260 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| City of Hamilton, Limited Tax Various <br> Purpose, GO, BAN, 4.00%, 12/17/2025<br>| 2520000 | 2528109 |
| City of Huber Heights, Income Tax, Rev., <br> BAN, 4.25%, 6/25/2026<br>| 5750000 | 5815459 |
| City of Huber Heights, Various Purpose, GO, <br> BAN, 5.00%, 6/25/2026<br>| 10000000 | 10173219 |
| City of New Albany, GO, BAN, 4.00%, <br> 9/10/2025<br>| 4000000 | 4000923 |
| City of North Olmsted, Various Purpose, GO, <br> BAN, 4.00%, 6/24/2026 (e)<br>| 2875000 | 2899618 |
| Cleveland Department of Public Utilities <br> Division of Water Series 2020FF, Rev., <br> 5.00%, 1/1/2026<br>| 80000 | 80690 |
| County of Allen, Hospital Facilities, Bon <br> Secours Mercy Health, Inc.<br>|  |  |
| Series 2025C, Rev., VRDO, LOC : PNC <br> Bank NA, 2.55%, 9/11/2025 (c)<br>| 17830000 | 17830000 |
| Series 2017A, Rev., 5.00%, 8/1/2026 | 20000 | 20453 |
| Series 2017A, Rev., 5.00%, 8/1/2027 | 815000 | 853537 |
| County of Cuyahoga, Convention Hotel <br> Project<br>|  |  |
| COP, 5.00%, 12/1/2025 | 7490000 | 7529917 |
| COP, 5.00%, 12/1/2026 | 5750000 | 5916529 |
| County of Hamilton Sales Tax Series 2016A, <br> Rev., 5.00%, 12/1/2029<br>| 1480000 | 1521975 |
| County of Hamilton, Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2025 | 40000 | 40257 |
| Series 2016A, Rev., 5.00%, 12/1/2026 | 670000 | 692586 |
| County of Hamilton, Trihealth, Inc. Group <br> Project Series 2020A, Rev., 5.00%, <br> 8/15/2027<br>| 25000 | 26104 |
| County of Lake, GO, 4.00%, 9/24/2025 | 4000000 | 4002570 |
| County of Mahoning, Limited Tax Various <br> Tax, GO, 4.00%, 10/14/2025<br>| 5400000 | 5405991 |
| County of Montgomery, Dayton Children's <br> Hospital Series 2021, Rev., 5.00%, <br> 8/1/2026<br>| 305000 | 311235 |
| County of Muskingum, Limited Tax, GO, <br> 4.00%, 12/17/2025<br>| 12000000 | 12040460 |
| County of Wayne, Limited Tax, GO, 3.50%, <br> 12/18/2025<br>| 17000000 | 17030389 |
| Cuyahoga Metropolitan Housing Authority, <br> Wade Park Apartments, Rev., FHA, <br> 4.75%, 12/1/2025 (c)<br>| 4930000 | 4951134 |
| Kings Local School District, Unlimited Tax, <br> GO, BAN, 5.00%, 7/9/2026<br>| 4000000 | 4075425 |
| Miami University |  |  |
| Series 2017, Rev., 5.00%, 9/1/2025 | 90000 | 90000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Series 2017, Rev., 5.00%, 9/1/2026 | 25000 | 25647 |
| Miamisburg City School District Series 2016, <br> GO, 5.00%, 12/1/2025 (b)<br>| 390000 | 392445 |
| Monroe Local School District, GO, BAN, <br> 3.88%, 12/4/2025<br>| 3000000 | 3008242 |
| Ohio Air Quality Development Authority, <br> American Electric Power Co. Project <br> Series 2014D, Rev., 3.20%, 5/1/2026<br>| 3000000 | 2994991 |
| Ohio Higher Educational Facility <br> Commission, Case Western Reserve <br> University Project Series 2021B, Rev., <br> (SIFMA Municipal Swap Index Yield + <br> 0.23%), 2.86%, 9/11/2025 (d)<br>| 5500000 | 5452453 |
| Ohio State University (The) |  |  |
| Series 2020A, Rev., 5.00%, 12/1/2026 | 35000 | 36138 |
| Series 2020A, Rev., 5.00%, 12/1/2027 | 100000 | 105905 |
| Ohio Turnpike and Infrastructure <br> Commission<br>|  |  |
| Series 2017A, Rev., 5.00%, 2/15/2026 | 130000 | 131448 |
| Series 1998A, Rev., NATL - RE, 5.50%, <br> 2/15/2026<br>| 2825000 | 2862771 |
| Ohio Water Development Authority |  |  |
| Series 2019A, Rev., 5.00%, 6/1/2026 | 180000 | 183617 |
| Series 2019A, Rev., 5.00%, 12/1/2026 | 30000 | 31016 |
| Ohio Water Development Authority Water <br> Pollution Control Loan Fund<br>|  |  |
| Series 2015A, Rev., 5.00%, 6/1/2026 | 55000 | 56105 |
| Series 2020B, Rev., 5.00%, 12/1/2029 | 30000 | 33194 |
| Ohio Water Development Authority, Water <br> Pollution Control Loan Fund Series <br> 2015B, Rev., 5.00%, 12/1/2025 (b)<br>| 25000 | 25154 |
| State of Ohio |  |  |
| Series 2018-1, Rev., 5.00%, <br> 12/15/2025<br>| 25000 | 25179 |
| Series U, GO, 5.00%, 5/1/2026 | 70000 | 71251 |
| Series A, Rev., 5.00%, 6/1/2026 | 175000 | 178359 |
| State of Ohio, Capital Facilities Lease <br> Appropriation Series 2017A, Rev., <br> 5.00%, 12/1/2025<br>| 50000 | 50308 |
| State of Ohio, Cleveland Clinic Health System <br> Series 2019F, Rev., VRDO, LIQ : US Bank <br> NA, 2.75%, 9/2/2025 (c)<br>| 10000000 | 10000000 |
| State of Ohio, Common School |  |  |
| Series 2013A, GO, 5.00%, 9/15/2025 | 40000 | 40037 |
| Series 2017B, GO, 5.00%, 9/15/2025 | 515000 | 515480 |
| State of Ohio, Full Faith and Credit Highway <br> User Receipt Series V, GO, 5.00%, <br> 5/1/2026<br>| 100000 | 101787 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 261

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2023A, GO, 4.00%, 9/1/2025 | 100000 | 100000 |
| Series 2016A, GO, 5.00%, 9/1/2025 | 25000 | 25000 |
| Series 2017B, GO, 5.00%, 9/1/2025 | 30000 | 30000 |
| Series 2020B, GO, 5.00%, 8/1/2026 | 40000 | 40993 |
| Series 2021B, GO, 5.00%, 2/1/2027 | 20000 | 20764 |
| Series 2025A, GO, 5.00%, 3/1/2029 | 11500000 | 12550945 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 7500000 | 8325848 |
| State of Ohio, Lease Appropriation Adult <br> Correctional Building Fund Projects Series <br> 2017B, Rev., 5.00%, 10/1/2025<br>| 30000 | 30059 |
| State of Ohio, Major New State <br> Infrastructure Project<br>|  |  |
| Series 2024-1, Rev., 5.00%, <br> 12/15/2028<br>| 1175000 | 1275057 |
| Series 2024-1, Rev., 5.00%, <br> 12/15/2029<br>| 1605000 | 1775619 |
| State of Ohio, Mental Health Facilities <br> Improvement Fund Projects<br>|  |  |
| Series 2020A, Rev., 5.00%, 2/1/2026 | 60000 | 60628 |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 100000 | 101920 |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 75000 | 80415 |
| State of Ohio, New Infrastructure Project |  |  |
| Series 2019-1, Rev., 5.00%, <br> 12/15/2025<br>| 20000 | 20143 |
| Series 2022-1, Rev., 5.00%, <br> 12/15/2025<br>| 25000 | 25179 |
| State of Ohio, State Infrastructure Project |  |  |
| Series 2016-1, Rev., 5.00%, <br> 12/15/2025<br>| 50000 | 50358 |
| Series 2016-1, Rev., 5.00%, <br> 12/15/2026<br>| 50000 | 50959 |
| Series 2018-1, Rev., 5.00%, <br> 12/15/2026<br>| 20000 | 20668 |
| Series 2021-1A, Rev., 5.00%, <br> 12/15/2026<br>| 20000 | 20668 |
| State of Ohio, University Hospitals Health <br> System, Inc. Series 2016A, Rev., 5.00%, <br> 1/15/2027<br>| 95000 | 95751 |
| State of Ohio, Voting System Acquisition <br> Project, COP, 5.00%, 9/1/2025<br>| 145000 | 145000 |
| Total Ohio |  | 177681841 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| Canadian County Educational Facilities <br> Authority, Mustang Public Schools Project<br>|  |  |
| Series 2017, Rev., 4.00%, 9/1/2025 | 105000 | 105000 |
| Series 2017, Rev., 5.00%, 9/1/2027 | 1045000 | 1068644 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Canadian County Independent School District <br> No. 69 Mustang<br>|  |  |
| Series 2024C, GO, 4.00%, 6/1/2026 | 2565000 | 2589391 |
| Series 2023, GO, 4.00%, 6/1/2027 | 3530000 | 3607258 |
| City of Oklahoma City |  |  |
| GO, 5.00%, 3/1/2027 | 4070000 | 4226593 |
| Series 2016, GO, 5.00%, 3/1/2027 | 1125000 | 1168284 |
| GO, 5.00%, 3/1/2028 | 50000 | 53344 |
| Cleveland County Educational Facilities <br> Authority, Norman Public Schools Project <br> Series 2023A, Rev., 5.00%, 6/1/2028<br>| 1700000 | 1805857 |
| Grand River Dam Authority |  |  |
| Series 2014A, Rev., 5.00%, 6/1/2026 | 310000 | 310556 |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 145000 | 147606 |
| Series 2016A, Rev., 5.00%, 6/1/2027 | 145000 | 149261 |
| Series 2016A, Rev., 5.00%, 6/1/2028 | 55000 | 56574 |
| Oklahoma Capitol Improvement Authority, <br> Capitol Repair Project Series 2017B, Rev., <br> 5.00%, 1/1/2026<br>| 70000 | 70577 |
| Oklahoma City Water Utilities Trust Series <br> 2016, Rev., 5.00%, 7/1/2026 (b)<br>| 20000 | 20427 |
| Oklahoma Development Finance Authority, <br> Health System, Integris Obligated Group <br> Series 2020C, Rev., VRDO, 3.15%, <br> 9/11/2025 (c)<br>| 12610000 | 12610000 |
| Oklahoma Municipal Power Authority, Power <br> Supply System Series 2021A, Rev., A.G., <br> 5.00%, 1/1/2027<br>| 20000 | 20657 |
| Oklahoma State University |  |  |
| Series 2020A, Rev., 5.00%, 9/1/2025 | 870000 | 870000 |
| Series 2020A, Rev., 5.00%, 9/1/2027 | 760000 | 796322 |
| Oklahoma Turnpike Authority, Turnpike <br> System, Second Senior<br>|  |  |
| Series 2017D, Rev., 5.00%, 1/1/2026 | 135000 | 136157 |
| Series 2020A, Rev., 5.00%, 1/1/2026 | 20000 | 20171 |
| Series 2017D, Rev., 5.00%, 1/1/2028 | 70000 | 73968 |
| Tulsa County Independent School District No. <br> 1 Tulsa<br>|  |  |
| Series 2025A, GO, 4.00%, 4/1/2028 | 4325000 | 4474845 |
| Series 2025A, GO, 3.50%, 4/1/2029 | 5230000 | 5374767 |
| Series 2025A, GO, 4.00%, 4/1/2030 | 5225000 | 5501005 |
| Tulsa County Independent School District No. <br> 4 Bixby, GO, 5.00%, 6/1/2027<br>| 8560000 | 8890907 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

262 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Tulsa County Industrial Authority Educational <br> Facilities Lease, Broken Arrow Public <br> Schools Project, Rev., 5.00%, 9/1/2025<br>| 35000 | 35000 |
| Tulsa County Industrial Authority, Broken <br> Arrow Public School Project Series <br> 2019A, Rev., 5.00%, 9/1/2027<br>| 170000 | 178177 |
| Total Oklahoma |  | 54361348 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| City of Portland Sewer System Series <br> 2019A, Rev., 5.00%, 3/1/2026<br>| 115000 | 116480 |
| City of Portland Sewer System, Senior Lien <br> Series 2020A, Rev., 5.00%, 3/1/2026<br>| 50000 | 50644 |
| Clackamas County School District No. 46 <br> Oregon Trail Series 2017, GO, 5.00%, <br> 6/15/2029<br>| 1500000 | 1562120 |
| Oregon State Facilities Authority, Reed <br> College Project Series 2017A, Rev., <br> 4.00%, 7/1/2027 (b)<br>| 125000 | 128608 |
| State of Oregon Department of <br> Transportation<br>|  |  |
| Series 2022A, Rev., 5.00%, 11/15/2025 | 20000 | 20104 |
| Series A, Rev., 5.00%, 11/15/2025 | 30000 | 30156 |
| State of Oregon, Article XI-F Project Series <br> 2025F, GO, 5.00%, 8/1/2027<br>| 2000000 | 2103758 |
| State of Oregon, Article XI-G Project Series <br> 2025G, GO, 5.00%, 8/1/2027<br>| 5315000 | 5590737 |
| State of Oregon, Article XI-M, XI-N and XI-P <br> State Grant Program Series 2019D, GO, <br> 5.00%, 6/1/2026<br>| 50000 | 51001 |
| State of Oregon, Article XI-Q State Project <br> Series 2023A, GO, 5.00%, 5/1/2026<br>| 25000 | 25443 |
| State of Oregon, Interstate 5 Bridge <br> Replacement Project Series 2025E, GO, <br> 5.00%, 5/15/2027<br>| 2645000 | 2766866 |
| Tri-County Metropolitan Transportation <br> District of Oregon<br>|  |  |
| Series 2017A, Rev., 5.00%, 10/1/2025 | 505000 | 505895 |
| Series 2017A, Rev., 5.00%, 10/1/2027 | 60000 | 63036 |
| Series 2018A, Rev., 5.00%, 10/1/2028 | 100000 | 105946 |
| Tri-County Metropolitan Transportation <br> District of Oregon, Senior Lien Payroll Tax <br> Series 2017A, Rev., 5.00%, <br> 9/1/2026 (b)<br>| 960000 | 985235 |
| Total Oregon |  | 14106029 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** |
| Allegheny County Higher Education Building <br> Authority, Robert Morris University<br>|  |  |
| Rev., 5.00%, 10/15/2026 (b) | 1115000 | 1144129 |
| Rev., 5.00%, 10/15/2027 (b) | 4670000 | 4902409 |
| Allegheny County Higher Education Building <br> Authority, University Refunding Duquesne <br> University Series 2016, Rev., 5.00%, <br> 3/1/2027<br>| 70000 | 70760 |
| Allegheny County Hospital Development <br> Authority, Pittsburgh Medical Center <br> Series 2019A, Rev., 5.00%, 7/15/2026<br>| 110000 | 112221 |
| Allegheny County Sanitary Authority, Sewer <br> Series 2016, Rev., A.G., 5.00%, <br> 12/1/2025<br>| 60000 | 60377 |
| Central Dauphin School District Series 2016, <br> GO, 5.00%, 2/1/2026<br>| 25000 | 25215 |
| Centre County Hospital Authority, Mount <br> Nittany Medical Center Project Series A, <br> Rev., 5.00%, 11/15/2025 (b)<br>| 870000 | 874264 |
| Chester County Health and Education <br> Facilities Authority, Main Line Health <br> System Series 2020A, Rev., 5.00%, <br> 9/1/2026<br>| 50000 | 51184 |
| City of Philadelphia |  |  |
| Series 2021A, GO, 5.00%, 5/1/2026 | 200000 | 203316 |
| Series 2017A, GO, 5.00%, 8/1/2026 | 85000 | 86928 |
| Series 2025C, GO, 5.00%, 8/1/2027 | 3060000 | 3206777 |
| Series 2019B, GO, 5.00%, 2/1/2028 | 150000 | 159224 |
| Series 2021A, GO, 5.00%, 5/1/2028 | 90000 | 96084 |
| Series 2025C, GO, 5.00%, 8/1/2030 | 5425000 | 6032921 |
| City of Philadelphia Water and Wastewater |  |  |
| Series 2016, Rev., 5.00%, 10/1/2025 | 105000 | 105211 |
| Series 2014A, Rev., 5.00%, 7/1/2026 | 2710000 | 2713799 |
| Series 2019A, GO, 5.00%, 8/1/2026 | 195000 | 199424 |
| Commonwealth Financing Authority Series <br> 2019B, Rev., 5.00%, 6/1/2027<br>| 155000 | 161478 |
| Commonwealth Financing Authority, Tobacco <br> Master Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2026 | 890000 | 906319 |
| Rev., 5.00%, 6/1/2027 | 1350000 | 1408282 |
| Rev., 5.00%, 6/1/2028 | 2795000 | 2980619 |
| Rev., 5.00%, 6/1/2029 | 5440000 | 5784840 |
| Rev., 5.00%, 6/1/2030 | 3445000 | 3644506 |
| Commonwealth of Pennsylvania |  |  |
| Series 2016, GO, A.G. - CR, 5.00%, <br> 9/15/2025<br>| 785000 | 785703 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 263

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2015, GO, A.G., 5.00%, <br> 8/15/2026<br>| 675000 | 676255 |
| Series 1ST, GO, 5.00%, 9/15/2026 | 20000 | 20558 |
| Series 2018A, COP, 5.00%, 7/1/2027 | 50000 | 52255 |
| Series 2016, GO, 5.00%, 9/15/2027 | 1325000 | 1358718 |
| Series 2018A, COP, 5.00%, 7/1/2028 | 440000 | 465216 |
| Series 2025A, GO, 5.00%, 8/15/2028 | 18000000 | 19364411 |
| Series 2025B, GO, 5.00%, 8/15/2028 | 6250000 | 6723754 |
| Council Rock School District Series 2019A, <br> GO, 4.00%, 11/15/2025<br>| 35000 | 35098 |
| County of Allegheny |  |  |
| Series C-75, GO, 5.00%, 11/1/2027 | 290000 | 298318 |
| Series C-75, GO, 5.00%, 11/1/2028 | 5475000 | 5628211 |
| County of Bucks Series 2017, GO, 5.00%, <br> 6/1/2026<br>| 40000 | 40797 |
| Delaware County Authority, Cabrini <br> University Rev., 5.00%, 7/1/2027 (b)<br>| 2800000 | 2912745 |
| Delaware County Industrial Development <br> Authority, United Parcel Service Project, <br> Rev., VRDO, 3.90%, 9/2/2025 (c)<br>| 40000000 | 40000000 |
| East Stroudsburg Area School District Series <br> AA, GO, 5.00%, 9/1/2025<br>| 520000 | 520000 |
| Garnet Valley School District Series 2017, <br> GO, 4.00%, 4/1/2027<br>| 135000 | 135161 |
| Geisinger Authority, Health System |  |  |
| Series 2020B, Rev., 5.00%, <br> 2/15/2027 (c)<br>| 13940000 | 14217780 |
| Series 2020C, Rev., 5.00%, <br> 4/1/2030 (c)<br>| 2490000 | 2687081 |
| General Authority of Southcentral <br> Pennsylvania, Wellspan Health Obligated <br> Group Series 2019E, Rev., VRDO, LIQ : US <br> Bank NA, 2.80%, 9/2/2025 (c)<br>| 10000000 | 10000000 |
| Methacton School District, GO, 4.00%, <br> 9/15/2025<br>| 75000 | 75038 |
| Monroeville Finance Authority, University of <br> Pittsburg Medical Center, Rev., 5.00%, <br> 2/15/2026<br>| 160000 | 161652 |
| Montour School District Series A, GO, A.G., <br> 5.00%, 10/1/2025 (b)<br>| 65000 | 65125 |
| Pennsylvania Economic Development <br> Financing Authority, Solid Waste Disposal, <br> Republic Services, Inc., Project<br>|  |  |
| Series 2019A, Rev., AMT, 3.85%, <br> 10/15/2025 (c)<br>| 3000000 | 3000206 |
| Series 2019B-1, Rev., AMT, 3.85%, <br> 10/15/2025 (c)<br>| 12000000 | 12000826 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Economic Development <br> Financing Authority, University of <br> Pittsburgh Medical Center<br>|  |  |
| Rev., 5.00%, 3/15/2026 | 255000 | 258132 |
| Series 2017A, Rev., 5.00%, 11/15/2026 | 25000 | 25702 |
| Series 2016, Rev., 5.00%, 3/15/2027 | 20000 | 20460 |
| Pennsylvania Economic Development <br> Financing Authority, Waste Management, <br> Inc. Project Series 2021A, Rev., AMT, <br> 4.00%, 7/1/2026 (c)<br>| 13000000 | 12985732 |
| Pennsylvania Economic Development <br> Financing Authority, Waste Management, <br> Inc., Project Series 2017A, Rev., AMT, <br> 3.88%, 8/3/2026 (c)<br>| 5100000 | 5100837 |
| Pennsylvania Higher Educational Facilities <br> Authority Series A, Rev., 5.00%, <br> 10/1/2025 (b)<br>| 100000 | 100201 |
| Pennsylvania Higher Educational Facilities <br> Authority, University of Pennsylvania <br> Health System<br>|  |  |
| Series A, Rev., 5.00%, 10/1/2025 (b) | 100000 | 100201 |
| Series 2019, Rev., 5.00%, 8/15/2028 | 30000 | 32147 |
| Pennsylvania Higher Educational Facilities <br> Authority, University Of Pennsylvania <br> Health System Series 2016A, Rev., <br> 5.00%, 8/15/2027<br>| 75000 | 76554 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., VRDO, LOC : TD Bank NA, 2.62%, <br> 9/11/2025 (c)<br>| 38000000 | 38000000 |
| Series A-2, Rev., 5.00%, 12/1/2025 | 70000 | 70445 |
| Series B-2, Rev., 5.00%, 6/1/2026 | 275000 | 280176 |
| Series 2016, Rev., 5.00%, 6/1/2027 | 60000 | 60345 |
| Series 2016B, Rev., 5.00%, 6/1/2027 | 20000 | 20349 |
| Series 2016A-1, Rev., 5.00%, <br> 12/1/2027<br>| 150000 | 152863 |
| Series 2016A-3, Rev., 5.00%, <br> 12/1/2027<br>| 145000 | 149355 |
| Series B-2, Rev., 5.00%, 6/1/2028 | 30000 | 31357 |
| Series 2016A-1, Rev., 5.00%, <br> 12/1/2028<br>| 50000 | 50872 |
| Series 2021A, Rev., 5.00%, 12/1/2028 | 40000 | 43327 |
| Series 2024A, Rev., 5.00%, 12/1/2028 | 20000 | 21663 |
| Series 2016, Rev., 5.00%, 6/1/2029 | 40000 | 40223 |
| Rev., 5.00%, 12/1/2029 | 75000 | 80279 |
| Series 2017, Rev., 5.00%, 12/1/2029 | 465000 | 490632 |
| Series 2017-2, Rev., 5.00%, 12/1/2029 | 25000 | 26305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

264 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Turnpike Commission Oil <br> Franchise Tax<br>|  |  |
| Series A, Rev., 5.00%, 12/1/2027 | 125000 | 128836 |
| Series B, Rev., 5.00%, 12/1/2028 | 20000 | 20589 |
| Series A, Rev., 5.00%, 12/1/2029 | 500000 | 514586 |
| Series B, Rev., 5.00%, 12/1/2029 | 20000 | 20573 |
| Pennsylvania Turnpike Commission <br> Registration Fee Series 2005A, Rev., A.G., <br> 5.25%, 7/15/2027<br>| 20000 | 21066 |
| Pennsylvania Turnpike Commission, Motor <br> License Fund, Enhanced, Subordinate <br> Series 2017, Rev., 5.00%, 12/1/2028<br>| 170000 | 179685 |
| Pennsylvania Turnpike Commission, <br> Subordinate Series A-2, Rev., 5.00%, <br> 6/1/2027<br>| 5530000 | 5626393 |
| Peters Township School District Washington <br> County, GO, 5.00%, 1/15/2026<br>| 20000 | 20176 |
| Philadelphia Authority for Industrial <br> Development<br>|  |  |
| Series B-2, Rev., VRDO, LOC : TD Bank NA, <br> 2.62%, 9/11/2025 (c)<br>| 19500000 | 19500000 |
| Series 2019, Rev., 5.00%, 10/1/2025 | 1000000 | 1001612 |
| Series 2019, Rev., 5.00%, 10/1/2026 | 205000 | 210073 |
| Series 2019, Rev., 5.00%, 10/1/2027 | 305000 | 319846 |
| Series 2019, Rev., 5.00%, 10/1/2028 | 50000 | 53538 |
| Series 2019, Rev., 5.00%, 10/1/2029 | 400000 | 435908 |
| Philadelphia Authority for Industrial <br> Development, Culture and Commercial <br> Corridor Program Series 2016A, Rev., <br> 5.00%, 12/1/2026<br>| 5125000 | 5154144 |
| Philadelphia Gas Works Co., 1998 General <br> Ordinance<br>|  |  |
| Series 14TH, Rev., 5.00%, 10/1/2026 | 175000 | 179539 |
| Series 14TH, Rev., 5.00%, 10/1/2028 | 190000 | 194571 |
| Series 14TH, Rev., 5.00%, 10/1/2029 | 120000 | 122823 |
| School District of Philadelphia (The) |  |  |
| Series F, GO, 5.00%, 9/1/2025 | 1135000 | 1135000 |
| Series F, GO, 5.00%, 9/1/2026 | 350000 | 358566 |
| Series F, GO, 5.00%, 9/1/2027 | 50000 | 51007 |
| Series F, GO, 5.00%, 9/1/2028 | 50000 | 51013 |
| Series F, GO, 5.00%, 9/1/2029 | 30000 | 30590 |
| Southeastern Pennsylvania Transportation <br> Authority<br>|  |  |
| Series 2017, Rev., 5.00%, 3/1/2026 | 250000 | 253113 |
| Rev., 5.00%, 6/1/2026 | 150000 | 152830 |
| Series 2020, Rev., 5.00%, 6/1/2026 | 240000 | 244528 |
| Series 2020, Rev., 5.00%, 6/1/2028 | 30000 | 31940 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Southeastern Pennsylvania Transportation <br> Authority, Capital Grant Receipts Series <br> 2017, Rev., 5.00%, 6/1/2026<br>| 70000 | 71321 |
| State Public School Building Authority, The <br> School District of the City of Harrisburg <br> Project Series 2016A, Rev., A.G., 4.00%, <br> 12/1/2026 (b)<br>| 15000 | 15301 |
| Total Pennsylvania |  | 250472519 |
| **Rhode Island — 0.7%** | **Rhode Island — 0.7%** | **Rhode Island — 0.7%** |
| City of Pawtucket Series 2024-2, GO, BAN, <br> 4.50%, 10/24/2025<br>| 2900000 | 2903808 |
| Rhode Island Commerce Corp., Department <br> of Transportation<br>|  |  |
| Series 2020A, Rev., 5.00%, 5/15/2026 | 25000 | 25424 |
| Series 2016B, Rev., 5.00%, 6/15/2026 | 410000 | 417809 |
| Series 2016B, Rev., 5.00%, 6/15/2027 | 435000 | 442981 |
| Series 2016B, Rev., 5.00%, 6/15/2028 | 160000 | 162969 |
| Series 2016B, Rev., 5.00%, 6/15/2029 | 1015000 | 1033198 |
| Rhode Island Infrastructure Bank Water <br> Pollution Control Revolving Fund Series <br> 2016A, Rev., 5.00%, 10/1/2025 (b)<br>| 20000 | 20040 |
| State of Rhode Island Series 2019E, GO, <br> 5.00%, 1/15/2026<br>| 20000 | 20192 |
| Town of South Kingstown, GO, BAN, 4.00%, <br> 6/25/2026<br>| 25000000 | 25277675 |
| Total Rhode Island |  | 30304096 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |
| City of Columbia Waterworks and Sewer <br> System Series 2016B, Rev., 5.00%, <br> 2/1/2026<br>| 500000 | 505437 |
| County Square Redevelopment Corp., <br> Greenville South Carolina Project, Rev., <br> 5.00%, 4/1/2030<br>| 8700000 | 9669961 |
| Fort Mill School District No. 4 Series 2025A, <br> GO, SCSDE, 4.25%, 3/2/2026<br>| 9865000 | 9942694 |
| Greenville County School District Series <br> 2023, Rev., 5.00%, 12/1/2025<br>| 1325000 | 1332658 |
| Lexington County Health Services District, <br> Inc., Lexmed Obligated Group Series <br> 2017, Rev., 5.00%, 11/1/2027<br>| 25000 | 26246 |
| Parker Sewer and Fire Subdistrict, South <br> Carolina Sewer System, Rev., 4.00%, <br> 4/1/2027 (b)<br>| 240000 | 245579 |
| Piedmont Municipal Power Agency |  |  |
| Series 2015A, Rev., 5.00%, 1/1/2026 | 1700000 | 1702723 |
| Series 2021B, Rev., 5.00%, 1/1/2027 | 915000 | 943903 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 265

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| SCAGO Educational Facilities Corp. for <br> Pickens School District<br>|  |  |
| Series 2015, Rev., 5.00%, 12/1/2025 | 1190000 | 1191879 |
| Rev., 5.00%, 12/1/2027 | 85000 | 85128 |
| Series 2015, Rev., 5.00%, 12/1/2028 | 2385000 | 2388214 |
| South Carolina Jobs-Economic Development <br> Authority, Bon Secours Mercy Health, Inc.<br>|  |  |
| Series 2020B, Rev., 5.00%, <br> 10/1/2025 (c)<br>| 990000 | 991909 |
| Series 2025B-1, Rev., 5.00%, <br> 11/1/2030 (c)<br>| 7000000 | 7654261 |
| South Carolina Jobs-Economic Development <br> Authority, Enerra South Carolina Project <br> Series 2024, Rev., AMT, 3.70%, <br> 12/1/2026 (c) (e)<br>| 4000000 | 4009188 |
| South Carolina Public Service Authority |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2027 | 25000 | 25390 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 250000 | 253714 |
| South Carolina Public Service Authority, <br> Santee Cooper<br>|  |  |
| Series 2022A, Rev., 5.00%, 12/1/2026 | 465000 | 479072 |
| Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 3500000 | 3671411 |
| South Carolina Transportation Infrastructure <br> Bank<br>|  |  |
| Series 2021B, Rev., 5.00%, 10/1/2025 | 100000 | 100203 |
| Series 2021B, Rev., 5.00%, 10/1/2027 | 25000 | 26364 |
| Total South Carolina |  | 45245934 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| Sioux Falls School District No. 49-5 Series <br> 2018A, GO, 4.00%, 8/17/2026 (b)<br>| 20000 | 20277 |
| South Dakota Conservancy District Series <br> 2017B, Rev., 5.00%, 8/1/2030<br>| 1260000 | 1319738 |
| Total South Dakota |  | 1340015 |
| **Tennessee — 0.6%** | **Tennessee — 0.6%** | **Tennessee — 0.6%** |
| City of Chattanooga, GO, 3.13%, <br> 10/1/2025<br>| 140000 | 140042 |
| City of Chattanooga Electric |  |  |
| Series 2015A, Rev., 4.00%, 9/1/2025 | 1065000 | 1065000 |
| Series A, Rev., 4.00%, 9/1/2025 | 2830000 | 2830000 |
| Series A, Rev., 5.00%, 9/1/2025 | 20000 | 20000 |
| Rev., 5.00%, 9/1/2028 | 7835000 | 8449840 |
| City of Clarksville Series 2016, Rev., 5.00%, <br> 2/1/2026 (b)<br>| 230000 | 232401 |
| City of Memphis Electric System Series <br> 2016, Rev., 5.00%, 12/1/2029<br>| 2165000 | 2223914 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| City of Memphis Gas System Series 2016, <br> Rev., 5.00%, 12/1/2029<br>| 2185000 | 2245273 |
| Health Educational and Housing Facility <br> Board of the City of Memphis (The), <br> Arbors Hickory Ridge Project Series <br> 2012, Rev., 6.25%, 1/1/2029 (b)<br>| 1500000 | 1725858 |
| Memphis-Shelby County Industrial <br> Development Board<br>|  |  |
| Series 2017B, Rev., 5.00%, 11/1/2025 | 225000 | 225873 |
| Series 2017B, Rev., 5.00%, 11/1/2026 | 45000 | 46305 |
| Metropolitan Government Nashville and <br> Davidson County, Health and Educational <br> Facilities Board, Northview Project Series <br> 2023B, Rev., 3.60%, 2/1/2028 (c)<br>| 1500000 | 1527346 |
| Metropolitan Government of Nashville and <br> Davidson County<br>|  |  |
| GO, 4.75%, 7/1/2026 | 30000 | 30602 |
| Series 2016, GO, 5.00%, 1/1/2027 | 30000 | 30625 |
| State of Tennessee Series 2021A, GO, <br> 5.00%, 11/1/2025<br>| 20000 | 20085 |
| Tennessee Energy Acquisition Corp., <br> Commodity Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 11/1/2025 | 350000 | 351010 |
| Series 2021A, Rev., 5.00%, 11/1/2026 | 500000 | 510164 |
| Tennessee State School Bond Authority, <br> Higher Educational Facilities Second <br> Program<br>|  |  |
| Series 2015B, Rev., 5.00%, <br> 11/1/2025 (b)<br>| 5025000 | 5046557 |
| Series A, Rev., 5.00%, 11/1/2025 | 100000 | 100422 |
| Series 2015B, Rev., 5.00%, 11/1/2026 | 30000 | 30120 |
| Total Tennessee |  | 26851437 |
| **Texas — 7.8%** | **Texas — 7.8%** | **Texas — 7.8%** |
| Alamo Community College District, <br> Maintenance Tax, GO, 5.00%, 2/15/2026<br>| 275000 | 278225 |
| Alamo Regional Mobility Authority, Junior <br> Lien Vehicle Registration Fee, Rev., <br> 5.00%, 6/15/2026<br>| 1245000 | 1246821 |
| Arlington Housing Finance Corp., Multi <br> Family Housing 6900 Matlock Road Series <br> 2023, Rev., 4.50%, 4/1/2027 (c)<br>| 65000 | 65613 |
| Austin Community College District Public <br> Facility Corp., Round Rock Campus Series <br> 2015, Rev., 5.00%, 8/1/2026<br>| 70000 | 70119 |
| Board of Regents of the University of Texas <br> System<br>|  |  |
| Series 2016D, Rev., 5.00%, 8/15/2026 | 40000 | 41006 |
| Series 2019A, Rev., 5.00%, 8/15/2028 | 65000 | 69937 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

266 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2020C, Rev., 5.00%, 8/15/2028 | 80000 | 86076 |
| Central Texas Regional Mobility Authority, <br> Subordinate Lien Series 2021C, Rev., <br> BAN, 5.00%, 1/1/2027<br>| 2170000 | 2186083 |
| City of Austin |  |  |
| GO, 5.00%, 9/1/2025 | 140000 | 140000 |
| Series 2020, GO, 5.00%, 9/1/2025 | 105000 | 105000 |
| City of Austin Electric Utility |  |  |
| Series 2020A, Rev., 5.00%, 11/15/2025 | 25000 | 25129 |
| Series 2015A, Rev., 5.00%, 11/15/2026 | 70000 | 70348 |
| Series 2015A, Rev., 5.00%, 11/15/2027 | 155000 | 155731 |
| City of Austin Water and Wastewater System |  |  |
| Series 2015A, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 20000 | 20096 |
| Series 2015A, Rev., 5.00%, 11/15/2025 | 300000 | 301388 |
| Series 2021, Rev., 5.00%, 11/15/2025 | 20000 | 20093 |
| Series 2024, Rev., 5.00%, 11/15/2027 | 50000 | 52835 |
| Series 2024, Rev., 5.00%, 11/15/2028 | 1500000 | 1619868 |
| Rev., 5.00%, 11/15/2029 | 250000 | 275105 |
| City of Austin, Airport System Series 2017A, <br> Rev., 5.00%, 11/15/2027<br>| 255000 | 262152 |
| City of Brownsville, Utilities System |  |  |
| Rev., A.G., 5.00%, 9/1/2025 | 1265000 | 1265000 |
| Series 2013A, Rev., 5.00%, 9/1/2025 | 200000 | 200000 |
| City of Dallas |  |  |
| Series 2023A, GO, 5.00%, 2/15/2026 | 365000 | 369082 |
| Series 2023A, GO, 5.00%, 2/15/2027 | 60000 | 62208 |
| Series 2023A, GO, 5.00%, 2/15/2029 | 20000 | 21701 |
| City of Dallas Waterworks and Sewer System |  |  |
| Series 2015A, Rev., 5.00%, 10/1/2025 | 65000 | 65134 |
| Series 2020C, Rev., 5.00%, 10/1/2025 | 125000 | 125257 |
| Series 2015A, Rev., 5.00%, 10/1/2027 | 2260000 | 2264201 |
| Series 2015A, Rev., 5.00%, 10/1/2028 | 180000 | 180321 |
| City of Denton, Utility System |  |  |
| Series 2017, Rev., 5.00%, 12/1/2027 | 115000 | 118463 |
| Series 2017, Rev., 5.00%, 12/1/2029 | 70000 | 71977 |
| City of El Paso Series 2020A, GO, 5.00%, <br> 8/15/2029<br>| 20000 | 21840 |
| City of El Paso Water Sewer Series 2019A, <br> Rev., 5.00%, 3/1/2029<br>| 1205000 | 1275367 |
| City of Fort Worth |  |  |
| GO, 5.00%, 3/1/2027 | 310000 | 321669 |
| GO, 5.00%, 3/1/2030 | 25000 | 27493 |
| City of Houston |  |  |
| Series 2016A, GO, 5.00%, 3/1/2026 | 100000 | 101317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2016A, GO, 5.00%, 3/1/2027 | 2190000 | 2216506 |
| Series 2016A, GO, 5.00%, 3/1/2028 | 595000 | 602367 |
| Series 2019A, GO, 5.00%, 3/1/2028 | 65000 | 68987 |
| Series 2021A, GO, 5.00%, 3/1/2028 | 20000 | 21227 |
| Series 2017A, GO, 5.00%, 3/1/2029 | 2680000 | 2771870 |
| City of Houston Airport System, Subordinate <br> Lien<br>|  |  |
| Series 2018B, Rev., 5.00%, 7/1/2026 | 225000 | 229724 |
| Series 2018B, Rev., 5.00%, 7/1/2027 | 25000 | 26171 |
| City of Houston Combined Utility System |  |  |
| Series 2017B, Rev., 5.00%, 11/15/2025 | 255000 | 256337 |
| Series 1998A, Rev., A.G., Zero Coupon, <br> 12/1/2025 (b)<br>| 7510000 | 7458194 |
| Series 2017B, Rev., 5.00%, 11/15/2027 | 135000 | 142596 |
| City of Houston, Airport System, Subordinate <br> Lien<br>|  |  |
| Series 2018D, Rev., 5.00%, 7/1/2026 | 200000 | 204199 |
| Series 2020B, Rev., 5.00%, 7/1/2026 | 125000 | 127625 |
| Series 2020B, Rev., 5.00%, 7/1/2027 | 50000 | 52342 |
| Series 2023B, Rev., A.G., 5.00%, <br> 7/1/2028<br>| 35000 | 37486 |
| City of Houston, Combined Utility System, <br> First Lien<br>|  |  |
| Series 2018C, Rev., VRDO, LIQ : Bank of <br> America NA, 2.50%, 9/11/2025 (c)<br>| 40000000 | 40000000 |
| Series 2024A, Rev., 5.00%, 11/15/2025 | 25000 | 25131 |
| Series 2024A, Rev., 5.00%, 11/15/2026 | 1000000 | 1031829 |
| Series 2017B, Rev., 5.00%, 11/15/2028 | 45000 | 47270 |
| Series 2016B, Rev., 5.00%, 11/15/2029 | 2130000 | 2189242 |
| City of Houston, Public Improvement Series <br> 2021A, GO, 5.00%, 3/1/2026<br>| 295000 | 298885 |
| City of Lubbock |  |  |
| Series 2016, GO, 5.00%, 2/15/2026 | 130000 | 131466 |
| Series 2018, GO, 5.00%, 2/15/2026 | 500000 | 505637 |
| City of Lubbock, Electric Light and Power <br> System Series 2021, Rev., 5.00%, <br> 4/15/2028<br>| 35000 | 37273 |
| City of Rowlett Series 2019, GO, 5.00%, <br> 2/15/2026<br>| 30000 | 30338 |
| City of San Antonio Series 2016, GO, <br> 5.00%, 2/1/2028<br>| 105000 | 107487 |
| City of San Antonio Electric and Gas <br> Systems, Rev., 5.00%, 2/1/2030<br>| 2000000 | 2042355 |
| City of San Antonio, Combination Tax, GO, <br> 5.00%, 2/1/2028<br>| 1000000 | 1061281 |
| City of San Antonio, Drainage Utility System, <br> Rev., 5.00%, 2/1/2027<br>| 50000 | 50092 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 267

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of San Antonio, Electric and Gas <br> Systems<br>|  |  |
| Series 2015, Rev., 5.00%, 2/1/2026 | 445000 | 449995 |
| Series 2016, Rev., 5.00%, 2/1/2028 | 1175000 | 1202483 |
| Series 2024D, Rev., 5.00%, 2/1/2029 | 1500000 | 1622189 |
| City of San Antonio, General Improvement <br> Series 2019, GO, 5.00%, 8/1/2029<br>| 70000 | 76524 |
| Clifton Higher Education Finance Corp., Idea <br> Public Schools<br>|  |  |
| Rev., PSF-GTD, 5.00%, 8/15/2027 | 1650000 | 1725133 |
| Rev., PSF-GTD, 5.00%, 8/15/2028 | 1850000 | 1976694 |
| Collin County Community College District |  |  |
| Series 2018, GO, 5.00%, 8/15/2026 | 95000 | 97345 |
| Series 2020A, GO, 5.00%, 8/15/2028 | 50000 | 53673 |
| Colorado River Municipal Water District |  |  |
| Series 2017, Rev., 5.00%, 1/1/2027 | 50000 | 51662 |
| Series 2017, Rev., 5.00%, 1/1/2029 | 20000 | 21070 |
| County of Bastrop, Combination Tax, GO, <br> 5.00%, 8/1/2026<br>| 500000 | 511500 |
| County of Bexar |  |  |
| Series 2017, GO, 5.00%, 6/15/2026 (b) | 245000 | 249833 |
| Series A, GO, 5.00%, 6/15/2026 (b) | 20000 | 20395 |
| County of Bexar, Limited Tax |  |  |
| Series 2017, GO, 5.00%, 6/15/2026 (b) | 270000 | 275326 |
| Series 2017, GO, 5.00%, 6/15/2027 | 3025000 | 3080521 |
| County of Denton, Permanent Improvement, <br> GO, 5.00%, 7/15/2027<br>| 20000 | 20441 |
| County of Fort Bend Series B, GO, 5.00%, <br> 3/1/2026<br>| 60000 | 60763 |
| County of Fort Bend, Unlimited Tax |  |  |
| Series A, GO, 5.00%, 3/1/2026 | 45000 | 45577 |
| Series B, GO, 5.00%, 3/1/2028 | 25000 | 25317 |
| County of Harris |  |  |
| Series 2015A, GO, 5.00%, 10/1/2025 | 1470000 | 1472790 |
| Series 2017A, GO, 5.00%, 10/1/2025 | 80000 | 80150 |
| County of Harris Toll Road, First Lien Series <br> 2021, Rev., 5.00%, 8/15/2026<br>| 35000 | 35871 |
| County of Harris, Senior Lien |  |  |
| Series 2015B, Rev., 5.00%, 8/15/2026 | 60000 | 60116 |
| Series 2015B, Rev., 5.00%, 8/15/2027 | 90000 | 90148 |
| Series 2016A, Rev., 5.00%, 8/15/2027 | 310000 | 316915 |
| County of Harris, Toll Road, Senior Lien <br> Series 2016A, Rev., 5.00%, 8/15/2028<br>| 40000 | 40847 |
| County of Hays Series 2017, GO, 5.00%, <br> 2/15/2028<br>| 115000 | 119074 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| County of Montgomery Series 2014A, GO, <br> 5.00%, 3/1/2027<br>| 1410000 | 1412383 |
| County of Travis Series 2019A, GO, 5.00%, <br> 3/1/2026<br>| 70000 | 70929 |
| County of Williamson, Limited Tax, GO, <br> 5.00%, 2/15/2030<br>| 210000 | 231249 |
| Cypress-Fairbanks Independent School <br> District, Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 11000000 | 11955153 |
| Series 2023A, GO, PSF-GTD, 5.00%, <br> 2/15/2030<br>| 5560000 | 6142597 |
| Dallas Area Rapid Transit, Sales Tax, Senior <br> Lien<br>|  |  |
| Series 2016A, Rev., 5.00%, <br> 12/1/2025 (b)<br>| 515000 | 518165 |
| Series 2019, Rev., 5.00%, 12/1/2025 | 260000 | 261577 |
| Dallas County Utility and Reclamation <br> District, Unlimited Tax Series 2016, GO, <br> 5.00%, 2/15/2028<br>| 475000 | 501885 |
| Dallas Fort Worth International Airport |  |  |
| Series 2020A, Rev., 5.00%, 11/1/2025 | 150000 | 150603 |
| Series 2020B, Rev., 5.00%, 11/1/2025 | 30000 | 30121 |
| Series 2021B, Rev., 5.00%, 11/1/2025 | 45000 | 45178 |
| Series 2023B, Rev., 5.00%, 11/1/2025 | 100000 | 100402 |
| Series 2020A, Rev., 5.00%, 11/1/2026 | 30000 | 30899 |
| Series 2023B, Rev., 5.00%, 11/1/2026 | 1600000 | 1647959 |
| Series 2022B, Rev., 5.00%, 11/1/2027 | 35000 | 36950 |
| Series 2023B, Rev., 5.00%, 11/1/2027 | 1500000 | 1583585 |
| Series 2020A, Rev., 5.00%, 11/1/2028 | 75000 | 80997 |
| Series 2020B, Rev., 5.00%, 11/1/2028 | 75000 | 80997 |
| Series 2023B, Rev., 5.00%, 11/1/2028 | 1025000 | 1106965 |
| Deutsche Intermediate Tax-Free Fund, First <br> Lien Series 2015D, Rev., 5.00%, <br> 11/15/2026<br>| 25000 | 25122 |
| Fort Worth Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, <br> 2/15/2027<br>| 7500000 | 7794547 |
| Frisco Independent School District, <br> Unlimited Tax Series 2017, GO, PSF-GTD, <br> 4.00%, 8/15/2028<br>| 5000000 | 5103927 |
| Harris County Cultural Education Facilities <br> Finance Corp., Children's Hospital Series <br> 2015-1, Rev., 5.00%, 10/1/2026<br>| 1850000 | 1853253 |
| Harris County Cultural Education Facilities <br> Finance Corp., Memorial Hermann Health <br> System<br>|  |  |
| Series 2019B-3, Rev., 5.00%, <br> 12/1/2026 (c)<br>| 2970000 | 3053960 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

268 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2020C-3, Rev., 5.00%, <br> 12/1/2026 (c)<br>| 3050000 | 3136221 |
| Series 2024C, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 10000000 | 10717573 |
| Series 2019A, Rev., 5.00%, 12/1/2029 | 90000 | 98944 |
| Harris County Cultural Education Facilities <br> Finance Corp., Texas Childrens Hospital <br> Series 2015-1, Rev., 5.00%, 10/1/2025<br>| 40000 | 40071 |
| Harris County Cultural Education Facilities <br> Finance Corp., Texas Children's Hospital<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/1/2025 | 250000 | 250443 |
| Series 2015-1, Rev., 5.00%, 10/1/2029 | 40000 | 40059 |
| Harris County Flood Control District Series <br> 2015A, Rev., 5.00%, 10/1/2025<br>| 480000 | 480906 |
| Harris County Health Facilities Development <br> Corp., Sisters of Charity of the Incarnate <br> Word Series 1997B, Rev., 5.75%, <br> 7/1/2027 (b)<br>| 3170000 | 3283426 |
| Houston Community College System, Rev., <br> 5.00%, 4/15/2027<br>| 1370000 | 1390640 |
| Houston Independent School District, <br> Limited Tax Series 2025B, GO, PSF-GTD, <br> 5.00%, 2/15/2027<br>| 6750000 | 7005247 |
| Lewisville Independent School District, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 8/15/2026 | 2600000 | 2665421 |
| Series 2023, GO, PSF-GTD, 5.00%, <br> 8/15/2026<br>| 925000 | 948275 |
| Series 2016A, GO, PSF-GTD, 4.00%, <br> 8/15/2027<br>| 100000 | 100103 |
| Lower Colorado River Authority, LCRA <br> Transmission Services Corp., Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 5/15/2026 | 175000 | 177970 |
| Series 2022, Rev., 5.00%, 5/15/2026 | 80000 | 81358 |
| Series 2020, Rev., 5.00%, 5/15/2027 | 20000 | 20836 |
| Series 2022, Rev., 5.00%, 5/15/2027 | 20000 | 20836 |
| Rev., 5.00%, 5/15/2028 | 1095000 | 1112555 |
| Series 2019, Rev., 5.00%, 5/15/2028 | 185000 | 196929 |
| Series 2022, Rev., 5.00%, 5/15/2028 | 50000 | 53224 |
| Series 2023, Rev., A.G., 5.00%, <br> 5/15/2028<br>| 80000 | 85331 |
| Series 2021, Rev., 5.00%, 5/15/2029 | 20000 | 21703 |
| Series 2023, Rev., A.G., 5.00%, <br> 5/15/2029<br>| 100000 | 108809 |
| McKinney Independent School District, <br> Unlimited Tax Series 2022, GO, PSF-GTD, <br> 5.00%, 2/15/2026<br>| 185000 | 187044 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Metropolitan Transit Authority of Harris <br> County Sales and Use Tax<br>|  |  |
| Series 2017B, Rev., 5.00%, 11/1/2025 | 3040000 | 3053088 |
| Series A, Rev., 5.00%, 11/1/2025 | 235000 | 236012 |
| Series 2018, Rev., 5.00%, 11/1/2026 | 575000 | 593042 |
| Series A, Rev., 5.00%, 11/1/2026 | 125000 | 128922 |
| Rev., 5.00%, 11/1/2029 | 1000000 | 1075916 |
| Mission Economic Development Corp., <br> Republic Services, Inc., Project, Rev., AMT, <br> 3.85%, 11/3/2025 (c)<br>| 4000000 | 4000440 |
| New Hope Cultural Education Facilities <br> Finance Corp., Student Housing Texas <br> A&M University Series 2017A, Rev., <br> 5.00%, 4/1/2027 (b)<br>| 25000 | 26026 |
| North Harris County Regional Water <br> Authority, Senior Lien<br>|  |  |
| Series 2016, Rev., 5.00%, 12/15/2027 | 110000 | 113429 |
| Series 2016, Rev., 5.00%, 12/15/2028 | 695000 | 716107 |
| Series 2016, Rev., 5.00%, 12/15/2029 | 35000 | 36011 |
| North Texas Municipal Water District Water <br> System<br>|  |  |
| Series 2015, Rev., 5.00%, 9/1/2025 | 250000 | 250000 |
| Series 2016, Rev., 5.00%, 9/1/2025 | 465000 | 465000 |
| Series 2021A, Rev., 5.00%, 9/1/2029 | 25000 | 27451 |
| North Texas Tollway Authority Series 2016A, <br> Rev., 5.00%, 1/1/2028<br>| 1535000 | 1547982 |
| North Texas Tollway Authority, First Tier |  |  |
| Series 2020A, Rev., 5.00%, 1/1/2026 | 125000 | 126038 |
| Series 2022A, Rev., 5.00%, 1/1/2026 | 125000 | 126038 |
| Series 2019A, Rev., 5.00%, 1/1/2028 | 50000 | 52925 |
| Series A, Rev., 5.00%, 1/1/2028 | 55000 | 55465 |
| Series 2024A, Rev., 5.00%, 1/1/2029 | 4635000 | 5006020 |
| North Texas Tollway Authority, Second Tier |  |  |
| Series B, Rev., 5.00%, 1/1/2026 | 260000 | 260457 |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 235000 | 243283 |
| Series B, Rev., 5.00%, 1/1/2027 | 100000 | 100815 |
| Series 2019B, Rev., 5.00%, 1/1/2028 | 50000 | 52878 |
| Series B, Rev., 5.00%, 1/1/2028 | 3265000 | 3291706 |
| Series 2019B, Rev., 5.00%, 1/1/2029 | 405000 | 436880 |
| Series B, Rev., 5.00%, 1/1/2029 | 6260000 | 6309518 |
| Series 2024B, Rev., 5.00%, 1/1/2030 | 2000000 | 2190626 |
| Northwest Independent School District, <br> Unlimited Tax Series 2016A, GO, PSF-GTD, <br> 5.00%, 2/15/2026 (b)<br>| 600000 | 606857 |
| Nueces River Authority Series 2015, Rev., <br> 5.00%, 7/15/2027<br>| 20000 | 20035 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 269

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Pasadena Independent School District Series <br> 2023B, GO, 5.00%, 2/15/2027<br>| 1550000 | 1608612 |
| Plano Independent School District, Unlimited <br> Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 5500000 | 5703173 |
| GO, PSF-GTD, 5.00%, 2/15/2028 | 9000000 | 9569266 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 2700000 | 2921384 |
| Robstown Independent School District, <br> Unlimited Tax Series 2016, GO, PSF-GTD, <br> 4.00%, 2/15/2026<br>| 305000 | 305292 |
| Round Rock Independent School District <br> Series 2016, GO, PSF-GTD, 5.00%, <br> 8/1/2026 (b)<br>| 30000 | 30679 |
| San Antonio Public Facilities Corp., <br> Convention Center Facility Project Series <br> 2022, Rev., 5.00%, 9/15/2028<br>| 50000 | 53373 |
| San Antonio Water System, Junior Lien |  |  |
| Series 2016A, Rev., 5.00%, 5/15/2026 | 105000 | 106819 |
| Series 2016C, Rev., 5.00%, 5/15/2026 | 100000 | 101732 |
| Series 2020A, Rev., 5.00%, 5/15/2026 | 35000 | 35606 |
| Series 2020A, Rev., 5.00%, 5/15/2028 | 25000 | 26720 |
| Series 2021A, Rev., 5.00%, 5/15/2028 | 40000 | 42752 |
| Series 2020A, Rev., 5.00%, 5/15/2029 | 30000 | 32709 |
| San Antonio Water System, Subordinate Lien <br> Series 2024A, Rev., VRDO, LIQ : Truist <br> Bank, 3.90%, 9/2/2025 (c)<br>| 15000000 | 15000000 |
| Socorro Independent School District, <br> Unlimited Tax Series B, GO, PSF-GTD, <br> 5.00%, 8/15/2030<br>| 1045000 | 1089186 |
| Spring Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2017A, GO, 5.00%, 8/15/2028 | 40000 | 40827 |
| Series 2024B, GO, 5.00%, 8/15/2029 | 500000 | 544822 |
| State of Texas, College Student Loan Series <br> 2013B, GO, AMT, 4.13%, 8/1/2030<br>| 2350000 | 2350629 |
| State of Texas, Public Finance Authority |  |  |
| Series 2018A, GO, 5.00%, 10/1/2025 | 50000 | 50100 |
| Series A, GO, 5.00%, 10/1/2025 | 50000 | 50100 |
| Series A, GO, 5.00%, 10/1/2026 | 35000 | 35996 |
| Series 2017A, GO, 5.00%, 10/1/2027 | 2070000 | 2182227 |
| State of Texas, Transportation Commission <br> Mobility Fund<br>|  |  |
| Series 2015A, GO, 5.00%, 10/1/2027 | 1250000 | 1252169 |
| Series 2024, GO, 5.00%, 10/1/2027 | 3525000 | 3723043 |
| Series 2015A, GO, 5.00%, 10/1/2028 | 1300000 | 1302235 |
| Series 2024, GO, 5.00%, 10/1/2028 | 5140000 | 5554472 |
| Series 2015A, GO, 5.00%, 10/1/2029 | 20000 | 20033 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| GO, 5.00%, 10/1/2030 | 1845000 | 2062436 |
| State of Texas, Veterans |  |  |
| Series 2013A, GO, VRDO, LIQ : State <br> Street Bank & Trust Co., 2.70%, <br> 9/11/2025 (c)<br>| 8815000 | 8815000 |
| Series 2015A, GO, VRDO, LIQ : State <br> Street Bank & Trust Co., 2.70%, <br> 9/11/2025 (c)<br>| 14350000 | 14350000 |
| Series 2011C, GO, VRDO, LIQ : FHLB, <br> 2.73%, 9/11/2025 (c)<br>| 2675000 | 2675000 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Baylor Scott & White Health <br> Project Series 2022F, Rev., 5.00%, <br> 11/15/2030 (c)<br>| 1700000 | 1848241 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Health Resources System <br> Series 2025B, Rev., 5.00%, <br> 11/15/2029 (c)<br>| 18000000 | 19497955 |
| Texas A&M University, Financing System <br> Series 2017C, Rev., 5.00%, 5/15/2028<br>| 80000 | 83222 |
| Texas Department of Transportation State <br> Highway Fund, First Tier<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2025 | 100000 | 100207 |
| Series 2016B, Rev., 0.56%, 4/1/2026 | 10135000 | 9958455 |
| Texas Home Collaborative, 1518 Apartments <br> Series 2023, Rev., 5.00%, <br> 10/1/2026 (c)<br>| 4025000 | 4049804 |
| Texas Municipal Gas Acquisition and Supply <br> Corp. IV, Gas Supply Series 2023A, Rev., <br> 5.50%, 1/1/2030 (c)<br>| 21550000 | 22986286 |
| Texas State Technical College Series 2022A, <br> Rev., A.G., 5.00%, 8/1/2028<br>| 135000 | 144376 |
| Texas State University System Series A, Rev., <br> 5.00%, 3/15/2026<br>| 180000 | 180549 |
| Texas Transportation Commission Series <br> 2024, GO, 5.00%, 4/1/2026<br>| 90000 | 91371 |
| Texas Water Development Board |  |  |
| Series 2017A, Rev., 5.00%, 10/15/2025 | 115000 | 115352 |
| Series A, Rev., 5.00%, 4/15/2027 | 115000 | 115363 |
| Series A, Rev., 5.00%, 10/15/2027 | 20000 | 20056 |
| Texas Water Development Board, State <br> Revolving Fund<br>|  |  |
| Series 2018, Rev., 5.00%, 8/1/2028 | 30000 | 31446 |
| Series 2019, Rev., 5.00%, 8/1/2028 | 75000 | 80701 |
| Texas Water Development Board, State <br> Water Implementation Fund<br>|  |  |
| Series 2018B, Rev., 5.00%, 10/15/2025 | 25000 | 25077 |
| Series 2020, Rev., 5.00%, 10/15/2025 | 140000 | 140429 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

270 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2016, Rev., 5.00%, 4/15/2026 | 55000 | 55905 |
| Series A, Rev., 5.00%, 4/15/2026 | 70000 | 70214 |
| Series A, Rev., 5.00%, 10/15/2026 | 765000 | 767389 |
| Series 2018B, Rev., 5.00%, 10/15/2027 | 295000 | 311621 |
| Series 2023A, Rev., 5.00%, 10/15/2029 | 40000 | 44091 |
| Trinity River Authority Central Regional <br> Wastewater System<br>|  |  |
| Series 2017, Rev., 5.00%, 8/1/2027 | 2000000 | 2097636 |
| Series 2021, Rev., 5.00%, 8/1/2028 | 70000 | 75055 |
| Trinity River Authority, Central Regional <br> Wastewater System Series 2017, Rev., <br> 5.00%, 8/1/2029<br>| 190000 | 198654 |
| University of Houston |  |  |
| Series 2016A, Rev., 4.00%, 2/15/2027 | 75000 | 75085 |
| Series 2017C, Rev., 5.00%, 2/15/2028 | 25000 | 25274 |
| Series 2020A, Rev., 5.00%, 2/15/2028 | 30000 | 31789 |
| Via Metropolitan Transit, Rev., 5.00%, <br> 7/15/2026<br>| 45000 | 45999 |
| Total Texas |  | 341235212 |
| **Utah — 0.3%** | **Utah — 0.3%** | **Utah — 0.3%** |
| Central Utah Water Conservancy District <br> Series 2017B, Rev., 5.00%, 10/1/2025<br>| 50000 | 50101 |
| County of Utah, IHC Health Services, Inc. <br> Series 2020B-2, Rev., 5.00%, <br> 8/1/2026 (c)<br>| 2365000 | 2409333 |
| Intermountain Power Agency, Utah Power <br> Supply Series 2023A, Rev., 5.00%, <br> 7/1/2030<br>| 130000 | 142745 |
| Utah Associated Municipal Power Systems, <br> Horse Butte Wind Project Series 2017A, <br> Rev., 5.00%, 9/1/2026<br>| 825000 | 844287 |
| Utah Board of Higher Education, University <br> of Utah Auxiliary and Campus Facilities <br> Series 1998A, Rev., NATL - RE, 5.50%, <br> 4/1/2029<br>| 10550000 | 11159427 |
| Utah Telecommunication Open <br> Infrastructure Agency Series 2022, Rev., <br> 5.00%, 6/1/2026<br>| 20000 | 20332 |
| Total Utah |  | 14626225 |
| **Virginia — 1.8%** | **Virginia — 1.8%** | **Virginia — 1.8%** |
| Alexandria Redevelopment and Housing <br> Authority, Multi-Family Housing 431 S <br> Columbus State Block 4 Series 2024, <br> Rev., 3.40%, 12/1/2025 (c)<br>| 2500000 | 2502806 |
| City of Hampton Series 2015A, GO, 4.00%, <br> 9/1/2025 (b)<br>| 200000 | 200000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| City of Richmond Series 2017D, GO, 5.00%, <br> 3/1/2027<br>| 45000 | 46785 |
| City of Richmond Public Utility Series <br> 2016A, Rev., 5.00%, 1/15/2026<br>| 450000 | 454268 |
| City of Virginia Beach Series 2017A, GO, <br> 5.00%, 4/1/2026<br>| 25000 | 25389 |
| County of Fairfax |  |  |
| Series 2020A, GO, 4.00%, 10/1/2025 | 175000 | 175218 |
| Series 2015C, GO, 5.00%, 10/1/2025 | 220000 | 220449 |
| Series 2016A, GO, 5.00%, 4/1/2026 (b) | 30000 | 30463 |
| County of Henrico Water and Sewer Series <br> 2016, Rev., 5.00%, 5/1/2026<br>| 25000 | 25444 |
| Fairfax County Economic Development <br> Authority, Silver Line Phase I Project, Rev., <br> 5.00%, 4/1/2027<br>| 20000 | 20299 |
| Hampton Roads Sanitation District |  |  |
| Series 2024A, Rev., 5.00%, 11/1/2025 | 2140000 | 2149162 |
| Series 2016A, Rev., 5.00%, <br> 8/1/2026 (b)<br>| 30000 | 30731 |
| Hampton Roads Sanitation District, <br> Subordinate Wastewater Series 2016A, <br> Rev., 5.00%, 8/1/2026 (b)<br>| 55000 | 56341 |
| Hampton Roads Transportation <br> Accountability Commission, <br> Transportation Fund, Senior Lien Series <br> 2021A, Rev., BAN, 5.00%, 7/1/2026 (b)<br>| 12990000 | 13267165 |
| Loudoun County Economic Development <br> Authority Series 2020A, Rev., 5.00%, <br> 12/1/2025<br>| 75000 | 75480 |
| Louisa Industrial Development Authority, <br> Electric and Power Co. Project<br>|  |  |
| Series 2008B, Rev., VRDO, 0.75%, <br> 9/2/2025 (c)<br>| 100000 | 100000 |
| Series 2008A, Rev., 3.13%, <br> 10/1/2030 (c) (f)<br>| 2000000 | 2001361 |
| Virginia College Building Authority <br> Educational Facilities, 21St Century <br> College and Equipment Programs<br>|  |  |
| Series 2017E, Rev., 5.00%, 2/1/2026 | 305000 | 308335 |
| Series 2019B, Rev., 5.00%, 2/1/2026 | 45000 | 45492 |
| Series 2019C, Rev., 5.00%, 2/1/2026 | 30000 | 30328 |
| Series 2023A, Rev., 5.00%, 2/1/2026 | 60000 | 60656 |
| Series 2017E, Rev., 5.00%, 2/1/2027 | 45000 | 46725 |
| Series 2020A, Rev., 5.00%, 2/1/2028 | 20000 | 21252 |
| Series 2017E, Rev., 5.00%, 2/1/2029 | 285000 | 301702 |
| Series 2017E, Rev., 5.00%, 2/1/2030 | 1815000 | 1916837 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 271

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Virginia Commonwealth Transportation <br> Board, Federal Highway Transportation<br>|  |  |
| Rev., GAN, 5.00%, 3/15/2028 | 70000 | 71742 |
| Rev., GAN, 5.00%, 9/15/2028 | 2115000 | 2167188 |
| Virginia Commonwealth Transportation <br> Board, Federal Transportation<br>|  |  |
| Series 2017, Rev., GAN, 5.00%, <br> 9/15/2025<br>| 30000 | 30028 |
| Rev., GAN, 5.00%, 3/15/2026 | 30000 | 30412 |
| Rev., GAN, 5.00%, 9/15/2028 | 1345000 | 1411877 |
| Virginia Commonwealth University Series <br> 2020A, Rev., 5.00%, 11/1/2026<br>| 55000 | 56572 |
| Virginia Port Authority Series 2016B, Rev., <br> AMT, 5.00%, 7/1/2026 (b)<br>| 8755000 | 8905459 |
| Virginia Public Building Authority Series <br> 2017A, Rev., 5.00%, 8/1/2027<br>| 50000 | 52546 |
| Virginia Public School Authority, Prince <br> William County<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/1/2025 | 45000 | 45093 |
| Rev., 5.00%, 8/1/2029 | 3185000 | 3254069 |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon <br> Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (c)<br>| 4650000 | 4653165 |
| Winchester Economic Development <br> Authority, Valley Health System Obligated <br> Group<br>|  |  |
| Series 2024B-1, Rev., VRDO, LOC : Truist <br> Bank, 2.75%, 9/2/2025 (c)<br>| 20965000 | 20965000 |
| Series 2024B-2, Rev., VRDO, LOC : Truist <br> Bank, 2.75%, 9/2/2025 (c)<br>| 15000000 | 15000000 |
| Total Virginia |  | 80755839 |
| **Washington — 1.3%** | **Washington — 1.3%** | **Washington — 1.3%** |
| Central Puget Sound Regional Transit <br> Authority<br>|  |  |
| Series 2015S-1, Rev., 5.00%, <br> 11/1/2025 (b)<br>| 115000 | 115503 |
| Series 2015S-1, Rev., 5.00%, <br> 11/1/2025<br>| 185000 | 185809 |
| Central Puget Sound Regional Transit <br> Authority, Sales and Use Tax Series <br> 2015S-1, Rev., 5.00%, 11/1/2025 (b)<br>| 620000 | 622712 |
| Central Washington University, Rev., 4.00%, <br> 5/1/2026<br>| 270000 | 270104 |
| City of Kent, Limited Tax Series 2016, GO, <br> 5.00%, 12/1/2025<br>| 35000 | 35220 |
| City of Seattle Series 2016B, Rev., 5.00%, <br> 4/1/2027<br>| 105000 | 106544 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| City of Seattle Municipal Light and Power |  |  |
| Series 2017C, Rev., 5.00%, 9/1/2025 | 105000 | 105000 |
| Series 2018A, Rev., 5.00%, 1/1/2026 | 70000 | 70645 |
| Series 2016B, Rev., 5.00%, 4/1/2026 | 185000 | 187959 |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 85000 | 86905 |
| City of Seattle Water System Series 2022, <br> Rev., 5.00%, 9/1/2025<br>| 400000 | 400000 |
| City of Seattle, Limited Tax Series 2022A, <br> GO, 4.00%, 9/1/2028<br>| 25000 | 26205 |
| Clark County Public Utility District No. 1 <br> Electric Series 2024, Rev., 5.00%, <br> 1/1/2029<br>| 675000 | 730910 |
| Clark County School District No. 114 <br> Evergreen Series 2019, GO, 5.00%, <br> 12/1/2025<br>| 65000 | 65394 |
| County of King |  |  |
| Series 2017, GO, 5.00%, 7/1/2026 | 100000 | 102208 |
| Series 2016B, Rev., 5.00%, 7/1/2027 | 20000 | 20421 |
| County of King Sewer Series 2018B, Rev., <br> 5.00%, 7/1/2026<br>| 350000 | 357436 |
| County of King, Limited Tax Series 2024A, <br> GO, 5.00%, 7/1/2026<br>| 60000 | 61325 |
| County of King, Sewer, Junior Lien Series <br> 2020B, Rev., 0.88%, 1/1/2026 (c)<br>| 60000 | 59415 |
| Energy Northwest, Columbia Generating <br> Station Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 3850000 | 4214386 |
| Energy Northwest, Project 1 |  |  |
| Series 2017-A, Rev., 5.00%, 7/1/2026 | 75000 | 76631 |
| Series 2022-A, Rev., 5.00%, 7/1/2026 | 100000 | 102174 |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 3600000 | 3678264 |
| Series 2024B, Rev., 5.00%, 7/1/2027 | 1500000 | 1572458 |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 2900000 | 3040085 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 4000000 | 4293792 |
| Energy Northwest, Project 3 Electric Series <br> 2018C, Rev., 5.00%, 7/1/2026<br>| 355000 | 362718 |
| Franklin County School District No. 1 Pasco, <br> Unlimited Tax Series 2015, GO, 5.00%, <br> 12/1/2025<br>| 5015000 | 5021048 |
| FYI Properties, State of Washington District <br> Project Series 2019, Rev., 5.00%, <br> 6/1/2026<br>| 300000 | 305536 |
| Grant County Public Utility District No. 2 <br> Electric Series 2023U, Rev., 4.00%, <br> 1/1/2026<br>| 3630000 | 3644809 |
| King County School District No. 403 Renton, <br> Unlimited Tax Series 2017, GO, 4.00%, <br> 12/1/2025<br>| 35000 | 35135 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

272 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| King County School District No. 411 <br> Issaquah, Unlimited Tax Series 2022, GO, <br> 5.00%, 12/1/2025<br>| 110000 | 110678 |
| Pierce County School District No. 10 <br> Tacoma, Unlimited Tax Series 2015, GO, <br> 5.00%, 12/1/2025 (b)<br>| 285000 | 286787 |
| Port of Seattle, Intermediate Lien |  |  |
| Series 2016, Rev., 5.00%, 2/1/2026 | 130000 | 131373 |
| Series 2022A, Rev., 5.00%, 8/1/2026 | 225000 | 230360 |
| Series 2016, Rev., 5.00%, 2/1/2027 | 30000 | 30314 |
| Series C, Rev., AMT, 5.00%, 4/1/2027 | 2100000 | 2101912 |
| Series A, Rev., 5.00%, 5/1/2027 | 100000 | 104302 |
| Rev., 5.00%, 2/1/2028 | 80000 | 80826 |
| Series 2022A, Rev., 5.00%, 8/1/2028 | 70000 | 75359 |
| Series 2016, Rev., 5.00%, 2/1/2029 | 30000 | 30300 |
| Series 2022A, Rev., 5.00%, 8/1/2029 | 90000 | 98942 |
| Public Utility District No. 1 of Lewis County, <br> Cowlitz Falls Hydroelec Project Series <br> 2013, Rev., 5.25%, 10/1/2028<br>| 2290000 | 2292890 |
| State of Washington |  |  |
| Series 2023C, COP, 5.00%, 1/1/2026 | 25000 | 25201 |
| Series 2019D, COP, 5.00%, 7/1/2026 | 180000 | 183853 |
| State of Washington, Various Purpose |  |  |
| Series 2019C, GO, 5.00%, 2/1/2026 | 150000 | 151627 |
| Series 2020A, GO, 5.00%, 8/1/2026 | 25000 | 25611 |
| Series R-2022C, GO, 4.00%, 7/1/2027 | 15025000 | 15485534 |
| Series 2024A, GO, 5.00%, 8/1/2028 | 1010000 | 1087173 |
| Series 2016B, GO, 5.00%, 7/1/2029 | 5920000 | 5970200 |
| University of Washington |  |  |
| Series 2020C, Rev., 5.00%, <br> 4/1/2026 (b)<br>| 5000 | 5074 |
| Series 2020C, Rev., 5.00%, 4/1/2026 | 20000 | 20302 |
| Washington Health Care Facilities Authority, <br> Providence Health and Services<br>|  |  |
| Series 2012A, Rev., 5.00%, 10/1/2025 | 25000 | 25028 |
| Series 2012A, Rev., 5.00%, 10/1/2026 | 1030000 | 1030783 |
| Total Washington |  | 59541180 |
| **West Virginia — 0.0% ^** | **West Virginia — 0.0% ^** | **West Virginia — 0.0% ^** |
| West Virginia Commissioner of Highways |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 140000 | 146745 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **West Virginia — continued** | **West Virginia — continued** | **West Virginia — continued** |
| Series 2017A, Rev., 5.00%, 9/1/2028 | 180000 | 188259 |
| West Virginia Economic Development <br> Authority, Solid Waste Disposal Facilities, <br> Appalachian Power Co. Amos Project <br> Series 2010A, Rev., 0.63%, <br> 12/15/2025 (c)<br>| 100000 | 99199 |
| Total West Virginia |  | 434203 |
| **Wisconsin — 1.2%** | **Wisconsin — 1.2%** | **Wisconsin — 1.2%** |
| City of De Pere Series 2013A, GO, 3.38%, <br> 12/1/2026<br>| 310000 | 310147 |
| City of Madison Series 2021A, GO, 4.00%, <br> 10/1/2026<br>| 20000 | 20369 |
| Lake Mills Area School District, GO, 5.00%, <br> 3/1/2026<br>| 1475000 | 1492267 |
| Public Finance Authority, Duke Energy <br> Progress Project Series 2022B, Rev., AMT, <br> 4.00%, 10/1/2030 (c)<br>| 1250000 | 1280686 |
| State of Wisconsin |  |  |
| Series 2016-2, GO, 5.00%, 11/1/2025 | 290000 | 291224 |
| Series 2017-2, GO, 5.00%, 11/1/2025 | 25000 | 25105 |
| Series 2017B, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 20000 | 20346 |
| Series 2024-1, GO, 5.00%, 5/1/2026 | 30000 | 30530 |
| Series 2024-1, GO, 5.00%, 5/1/2027 | 495000 | 517280 |
| Series 2025-2, GO, 5.00%, 5/1/2029 | 1500000 | 1639760 |
| Series 2025A, GO, 5.00%, 5/1/2030 | 1410000 | 1567727 |
| State of Wisconsin, Annual Appropriation <br> Series 2017B, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 300000 | 305184 |
| State of Wisconsin, Environmental <br> Improvement Fund Series 2018A, Rev., <br> 5.00%, 6/1/2026<br>| 25000 | 25499 |
| Wisconsin Department of Transportation |  |  |
| Series 2017-1, Rev., 5.00%, 7/1/2027 | 65000 | 68223 |
| Series 2025-1, Rev., 5.00%, 7/1/2029 | 3000000 | 3291615 |
| Wisconsin Health and Educational Facilities <br> Authority, Advocate Aurora Health Credit <br> Group<br>|  |  |
| Series 2018B-2, Rev., 5.00%, <br> 6/24/2026 (c)<br>| 1680000 | 1710880 |
| Series 2018C1, Rev., 5.00%, <br> 7/29/2026 (c)<br>| 1200000 | 1224810 |
| Series 2018C-4, Rev., 5.00%, <br> 6/22/2029 (c)<br>| 6000000 | 6455044 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Health Credit Group<br>|  |  |
| Series 2016A, Rev., 5.00%, 11/15/2027 | 50000 | 50806 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 273

------

JPMorgan Ultra-Short Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Series 2016A, Rev., 5.00%, 11/15/2029 | 400000 | 405923 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, <br> 5/15/2026 (b)<br>| 9160000 | 9257624 |
| Series 2016A, Rev., 5.00%, 11/15/2026 | 2050000 | 2086145 |
| Series 2016A, Rev., 5.00%, 11/15/2028 | 150000 | 152346 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Health, Inc., <br> Obligated Group Series 2021B, Rev., <br> VRDO, LIQ : US Bank NA, 3.90%, <br> 9/2/2025 (c)<br>| 20000000 | 20000000 |
| Wisconsin Health and Educational Facilities <br> Authority, Mercy Alliance, Inc., Rev., <br> 5.00%, 6/1/2026<br>| 160000 | 160241 |
| Wisconsin Health and Educational Facilities <br> Authority, Milwaukee Regional Medical <br> Center Thermal Services, Inc. Series <br> 2018, Rev., 5.00%, 4/1/2028<br>| 65000 | 68855 |
| Wisconsin Health and Educational Facilities <br> Authority, Unity Point Health Series <br> 2014A, Rev., 5.00%, 12/1/2025<br>| 825000 | 825800 |
| Total Wisconsin |  | 53284436 |
| Total Municipal Bonds <br>(Cost $3,683,457,367)<br>|  | 3697181339 |
|  | **SHARES** |  |
| **Short-Term Investments — 15.8%** | **Short-Term Investments — 15.8%** | **Short-Term Investments — 15.8%** |
| **Investment Companies — 15.8%** | **Investment Companies — 15.8%** | **Investment Companies — 15.8%** |
| JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, <br> 3.13% (g) (h) <br>(Cost $696,019,100)<br>| 695956172 | 696025767 |
| **Total Investments — 99.8%** <br>**(Cost $4,379,476,467)**<br>|  | **4393207106** |
| **Other Assets in Excess of Liabilities —** <br> **0.2%**<br>|  | **6669089** |
| **NET ASSETS — 100.0%** |  | **4399876195** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |

---

---

| | |
|:---|:---|
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TAN | Tax Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (e) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (f) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (g) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (h) | The rate shown is the current yield as of August 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

274 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active High** <br>**Yield ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Core Plus** <br>**Bond ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $2969277108 | &nbsp;&nbsp;&nbsp; $1975285996 | &nbsp;&nbsp;&nbsp; $7012763607 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 67573101 | &nbsp;&nbsp;&nbsp; 60710505 | &nbsp;&nbsp;&nbsp; 640444328 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.G.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13588190 | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20000 |
| Cash | &nbsp;&nbsp;&nbsp; 44666 | &nbsp;&nbsp;&nbsp; 713792 | &nbsp;&nbsp;&nbsp; 2082690 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 721 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 4955000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29289000 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4227878 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 21523910 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23604073 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 17104033 | &nbsp;&nbsp;&nbsp; 32915984 | &nbsp;&nbsp;&nbsp; 49379710 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 340550 | &nbsp;&nbsp;&nbsp; 7031 | &nbsp;&nbsp;&nbsp; 74171 |
| Securities lending income (See Note 2.G.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33442 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 3080818368 | &nbsp;&nbsp;&nbsp; 2087482818 | &nbsp;&nbsp;&nbsp; 7757658300 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 28717368 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12115224 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 58197929 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208738620 |
| Collateral received on securities loaned (See Note 2.G.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13588190 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 476932 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3684029 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 562884 | &nbsp;&nbsp;&nbsp; 777801 | &nbsp;&nbsp;&nbsp; 2290453 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 87955113 | &nbsp;&nbsp;&nbsp; 14365991 | &nbsp;&nbsp;&nbsp; 226828326 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2992863255 | &nbsp;&nbsp;&nbsp; $2073116827 | &nbsp;&nbsp;&nbsp; $7530829974 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2950385127 | &nbsp;&nbsp;&nbsp; $2047879649 | &nbsp;&nbsp;&nbsp; $7476510401 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 42478128 | &nbsp;&nbsp;&nbsp; 25237178 | &nbsp;&nbsp;&nbsp; 54319573 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2992863255 | &nbsp;&nbsp;&nbsp; $2073116827 | &nbsp;&nbsp;&nbsp; $7530829974 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 55750000 | &nbsp;&nbsp;&nbsp; 40846037 | &nbsp;&nbsp;&nbsp; 159900000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp; $50.75 | &nbsp;&nbsp;&nbsp; $47.10 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2936132149 | &nbsp;&nbsp;&nbsp; $1961832663 | &nbsp;&nbsp;&nbsp; $6937399746 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 67573101 | &nbsp;&nbsp;&nbsp; 60710505 | &nbsp;&nbsp;&nbsp; 640444328 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 674 |
| Investment securities on loan, at value (See Note 2.G.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9137066 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.G.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13588190 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 275

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan Income ETF**  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Bond** <br>**Opportunities ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Municipal ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5027147946 | &nbsp;&nbsp;&nbsp; $1023103236 | &nbsp;&nbsp;&nbsp; $3085473176 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 91288780 | &nbsp;&nbsp;&nbsp; 69359524 | &nbsp;&nbsp;&nbsp; 439432503 |
| Restricted cash for OTC derivatives | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for delayed delivery securities | &nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 665882 | &nbsp;&nbsp;&nbsp; 309653 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 994960 | &nbsp;&nbsp;&nbsp; 911726 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 8621000 | &nbsp;&nbsp;&nbsp; 8924730 | &nbsp;&nbsp;&nbsp; 372000 |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; 2819000 | &nbsp;&nbsp;&nbsp; 3908000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1670971 | &nbsp;&nbsp;&nbsp; 1067843 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 1072510249 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 85189261 | &nbsp;&nbsp;&nbsp; 4883791 | &nbsp;&nbsp;&nbsp; — |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 33269443 | &nbsp;&nbsp;&nbsp; 15593391 | &nbsp;&nbsp;&nbsp; 31720472 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 10893 | &nbsp;&nbsp;&nbsp; 8033 | &nbsp;&nbsp;&nbsp; 883295 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98346 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 2705463 | &nbsp;&nbsp;&nbsp; 267024 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 72435 | &nbsp;&nbsp;&nbsp; 133280 | &nbsp;&nbsp;&nbsp; — |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 33423 | &nbsp;&nbsp;&nbsp; 1212402 | &nbsp;&nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 6328438946 | &nbsp;&nbsp;&nbsp; 1130394107 | &nbsp;&nbsp;&nbsp; 3558949289 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3334 |
| TBA short commitments, at value | &nbsp;&nbsp;&nbsp; 631122027 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 18877122 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5095000 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 826268130 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52398954 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27144 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 212390 | &nbsp;&nbsp;&nbsp; 10341365 | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Outstanding OTC swap contracts, at value | &nbsp;&nbsp;&nbsp; 130688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 1468000 | &nbsp;&nbsp;&nbsp; 447070 | &nbsp;&nbsp;&nbsp; 464651 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49024 | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1478078378 | &nbsp;&nbsp;&nbsp; 10837459 | &nbsp;&nbsp;&nbsp; 57989083 |
| Net Assets | &nbsp;&nbsp;&nbsp; $4850360568 | &nbsp;&nbsp;&nbsp; $1119556648 | &nbsp;&nbsp;&nbsp; $3500960206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

276 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan Income ETF**  | &nbsp;&nbsp; **JPMorgan**<br> **International**<br> **Bond**<br> **Opportunities ETF** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Municipal ETF** <br>|
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4791178949 | &nbsp;&nbsp;&nbsp; $1125316210 | &nbsp;&nbsp;&nbsp; $3538550783 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 59181619 | &nbsp;&nbsp;&nbsp; (5759562)<br>| &nbsp;&nbsp;&nbsp; (37590577)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $4850360568 | &nbsp;&nbsp;&nbsp; $1119556648 | &nbsp;&nbsp;&nbsp; $3500960206 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 104580000 | &nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; 70700000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $46.38 | &nbsp;&nbsp;&nbsp; $48.68 | &nbsp;&nbsp;&nbsp; $49.52 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4963277855 | &nbsp;&nbsp;&nbsp; $1000417981 | &nbsp;&nbsp;&nbsp; $3097588191 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 91280524 | &nbsp;&nbsp;&nbsp; 69359524 | &nbsp;&nbsp;&nbsp; 439426700 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 988313 | &nbsp;&nbsp;&nbsp; 912773 | &nbsp;&nbsp;&nbsp; — |
| Proceeds from short TBAs | &nbsp;&nbsp;&nbsp; 627787836 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net upfront receipts on centrally cleared swaps | &nbsp;&nbsp;&nbsp; (3212468)<br>| &nbsp;&nbsp;&nbsp; (2012836)<br>| &nbsp;&nbsp;&nbsp; — |
| Net upfront payments on OTC swap contracts | &nbsp;&nbsp;&nbsp; 15212 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 277

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan Short** <br>**Duration Core** <br>**Plus ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Income ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Income ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $787438761 | &nbsp;&nbsp;&nbsp; $31567434015 | &nbsp;&nbsp;&nbsp; $3697181339 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 30629086 | &nbsp;&nbsp;&nbsp; 967759238 | &nbsp;&nbsp;&nbsp; 696025767 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.G.) <br>| &nbsp;&nbsp;&nbsp; 1595718 | &nbsp;&nbsp;&nbsp; 21425205 | &nbsp;&nbsp;&nbsp; — |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 320000000 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 78672 | &nbsp;&nbsp;&nbsp; 3740374 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 1618624 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 16350 | &nbsp;&nbsp;&nbsp; 3935936 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2381319 | &nbsp;&nbsp;&nbsp; 304413110 | &nbsp;&nbsp;&nbsp; 4943 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 5455514 | &nbsp;&nbsp;&nbsp; 290293055 | &nbsp;&nbsp;&nbsp; 39621932 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 3655 | &nbsp;&nbsp;&nbsp; 112078 | &nbsp;&nbsp;&nbsp; 1462340 |
| Securities lending income (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; 8028 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 130843 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 829349709 | &nbsp;&nbsp;&nbsp; 33479121039 | &nbsp;&nbsp;&nbsp; 4434296321 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20036355 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 26105756 | &nbsp;&nbsp;&nbsp; 62050321 | &nbsp;&nbsp;&nbsp; 5500000 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 1059993 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8300000 |
| Collateral received on securities loaned (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 1595718 | &nbsp;&nbsp;&nbsp; 21425205 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 207442 | &nbsp;&nbsp;&nbsp; 4822009 | &nbsp;&nbsp;&nbsp; 583771 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 28968909 | &nbsp;&nbsp;&nbsp; 88297535 | &nbsp;&nbsp;&nbsp; 34420126 |
| Net Assets | &nbsp;&nbsp;&nbsp; $800380800 | &nbsp;&nbsp;&nbsp; $33390823504 | &nbsp;&nbsp;&nbsp; $4399876195 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $799023150 | &nbsp;&nbsp;&nbsp; $33237180143 | &nbsp;&nbsp;&nbsp; $4398295587 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1357650 | &nbsp;&nbsp;&nbsp; 153643361 | &nbsp;&nbsp;&nbsp; 1580608 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $800380800 | &nbsp;&nbsp;&nbsp; $33390823504 | &nbsp;&nbsp;&nbsp; $4399876195 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 16820000 | &nbsp;&nbsp;&nbsp; 658250000 | &nbsp;&nbsp;&nbsp; 86250000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $47.59 | &nbsp;&nbsp;&nbsp; $50.73 | &nbsp;&nbsp;&nbsp; $51.01 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $779662128 | &nbsp;&nbsp;&nbsp; $31451283746 | &nbsp;&nbsp;&nbsp; $3683457367 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 30625684 | &nbsp;&nbsp;&nbsp; 967759238 | &nbsp;&nbsp;&nbsp; 696019100 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 320000000 | &nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 1529978 | &nbsp;&nbsp;&nbsp; 20749826 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 1595718 | &nbsp;&nbsp;&nbsp; 21425205 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

278 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active High** <br>**Yield ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Core Plus** <br>**Bond ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $51200426 | &nbsp;&nbsp;&nbsp; $24747729 | &nbsp;&nbsp;&nbsp; $168259863 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 2388 | &nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp;&nbsp; 11334 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2126581 | &nbsp;&nbsp;&nbsp; 484355 | &nbsp;&nbsp;&nbsp; 13314491 |
| Income from securities lending (net) (See Note 2.G.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37325 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14693 |
| Total investment income | &nbsp;&nbsp;&nbsp; 53329395 | &nbsp;&nbsp;&nbsp; 25272676 | &nbsp;&nbsp;&nbsp; 181600387 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 2592092 | &nbsp;&nbsp;&nbsp; 1699557 | &nbsp;&nbsp;&nbsp; 12825535 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52883 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 5116 | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 27434 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2597208 | &nbsp;&nbsp;&nbsp; 1699784 | &nbsp;&nbsp;&nbsp; 12905852 |
| Less fees waived | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (660023)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2597208 | &nbsp;&nbsp;&nbsp; 1699784 | &nbsp;&nbsp;&nbsp; 12245829 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 50732187 | &nbsp;&nbsp;&nbsp; 23572892 | &nbsp;&nbsp;&nbsp; 169354558 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 836194 | &nbsp;&nbsp;&nbsp; 881758 | &nbsp;&nbsp;&nbsp; 2291963 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (232251)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14859034)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2539 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (187064)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 603943 | &nbsp;&nbsp;&nbsp; 881758 | &nbsp;&nbsp;&nbsp; (12751596)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 13958701 | &nbsp;&nbsp;&nbsp; 13453333 | &nbsp;&nbsp;&nbsp; 24211593 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 177264 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3777854)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1690 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5976)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 14135965 | &nbsp;&nbsp;&nbsp; 13453333 | &nbsp;&nbsp;&nbsp; 20429453 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 14739908 | &nbsp;&nbsp;&nbsp; 14335091 | &nbsp;&nbsp;&nbsp; 7677857 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $65472095 | &nbsp;&nbsp;&nbsp; $37907983 | &nbsp;&nbsp;&nbsp; $177032415 |

---

------

(a) Commencement of operations was June 24, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 279

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan Income ETF**  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Bond** <br>**Opportunities ETF** <br>| **JPMorgan** <br>**Municipal ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $116792509 | &nbsp;&nbsp;&nbsp; $21145626 | &nbsp;&nbsp;&nbsp; $51761049 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 15256 | &nbsp;&nbsp;&nbsp; 3487 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3812064 | &nbsp;&nbsp;&nbsp; 902141 | &nbsp;&nbsp;&nbsp; 4406165 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45616)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 120619829 | &nbsp;&nbsp;&nbsp; 22005638 | &nbsp;&nbsp;&nbsp; 56167214 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 7519648 | &nbsp;&nbsp;&nbsp; 2016268 | &nbsp;&nbsp;&nbsp; 2393976 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 2671 | &nbsp;&nbsp;&nbsp; 2699 | &nbsp;&nbsp;&nbsp; 864 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 28687 | &nbsp;&nbsp;&nbsp; 4774 | &nbsp;&nbsp;&nbsp; 381 |
| Other | &nbsp;&nbsp;&nbsp; 4753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 7555759 | &nbsp;&nbsp;&nbsp; 2023741 | &nbsp;&nbsp;&nbsp; 2395221 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (190415)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 7365344 | &nbsp;&nbsp;&nbsp; 2023741 | &nbsp;&nbsp;&nbsp; 2395221 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 113254485 | &nbsp;&nbsp;&nbsp; 19981897 | &nbsp;&nbsp;&nbsp; 53771993 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (1699885)<br>| &nbsp;&nbsp;&nbsp; 915079 | &nbsp;&nbsp;&nbsp; (24772923)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (37342)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; (2218592)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40781)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 5438718 | &nbsp;&nbsp;&nbsp; 2983391 | &nbsp;&nbsp;&nbsp; 533079 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (3321)<br>| &nbsp;&nbsp;&nbsp; (590653)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (3536489)<br>| &nbsp;&nbsp;&nbsp; (28159873)<br>| &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp;&nbsp; (270678)<br>| &nbsp;&nbsp;&nbsp; (254962)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (2327589)<br>| &nbsp;&nbsp;&nbsp; (25107018)<br>| &nbsp;&nbsp;&nbsp; (24280625)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 31055501 | &nbsp;&nbsp;&nbsp; 47,006,444<br> (a)<br>| &nbsp;&nbsp;&nbsp; (33089076)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 3793 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21206 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 1761640 | &nbsp;&nbsp;&nbsp; 589982 | &nbsp;&nbsp;&nbsp; (45041)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 9173 | &nbsp;&nbsp;&nbsp; 1378478 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (178967)<br>| &nbsp;&nbsp;&nbsp; (11533524)<br>| &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp;&nbsp; (1050751)<br>| &nbsp;&nbsp;&nbsp; 811232 | &nbsp;&nbsp;&nbsp; — |
| Unfunded commitments | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 31600581 | &nbsp;&nbsp;&nbsp; 38252612 | &nbsp;&nbsp;&nbsp; (33112911)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 29272992 | &nbsp;&nbsp;&nbsp; 13145594 | &nbsp;&nbsp;&nbsp; (57393536)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $142527477 | &nbsp;&nbsp;&nbsp; $33127491 | &nbsp;&nbsp;&nbsp; $(3621543)<br>|

---

------

(a) Net of change in foreign capital gains tax of $(49,024).

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

280 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan Short** <br>**Duration Core** <br>**Plus ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Income ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $16593378 | &nbsp;&nbsp;&nbsp; $696066574 | &nbsp;&nbsp;&nbsp; $55045352 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 19530 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 419333 | &nbsp;&nbsp;&nbsp; 42334800 | &nbsp;&nbsp;&nbsp; 5643901 |
| Income from securities lending (net) (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 7743 | &nbsp;&nbsp;&nbsp; 68029 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 17020599 | &nbsp;&nbsp;&nbsp; 738488933 | &nbsp;&nbsp;&nbsp; 60689253 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 1054893 | &nbsp;&nbsp;&nbsp; 27287536 | &nbsp;&nbsp;&nbsp; 3215838 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 1019 | &nbsp;&nbsp;&nbsp; 12343 |
| Other | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 1057054 | &nbsp;&nbsp;&nbsp; 27288555 | &nbsp;&nbsp;&nbsp; 3228181 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 15963545 | &nbsp;&nbsp;&nbsp; 711200378 | &nbsp;&nbsp;&nbsp; 57461072 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 361569 | &nbsp;&nbsp;&nbsp; 13793635 | &nbsp;&nbsp;&nbsp; 49038 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (553)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1516 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 597207 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp;&nbsp; (156680)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 801543 | &nbsp;&nbsp;&nbsp; 13793635 | &nbsp;&nbsp;&nbsp; 50554 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 4703539 | &nbsp;&nbsp;&nbsp; 40643967 | &nbsp;&nbsp;&nbsp; 8943570 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (716)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1515)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 104492 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 4807324 | &nbsp;&nbsp;&nbsp; 40643967 | &nbsp;&nbsp;&nbsp; 8942055 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 5608867 | &nbsp;&nbsp;&nbsp; 54437602 | &nbsp;&nbsp;&nbsp; 8992609 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $21572412 | &nbsp;&nbsp;&nbsp; $765637980 | &nbsp;&nbsp;&nbsp; $66453681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 281

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**Bond ETF**  | **JPMorgan** <br>**Active** <br>**Bond ETF**  | **JPMorgan** <br>**Active High** <br>**Yield ETF** <br>|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Period Ended** <br>**August 31, 2025** <br>**(Unaudited)(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $50732187 | &nbsp;&nbsp;&nbsp; $30767727 | &nbsp;&nbsp;&nbsp; $23572892 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 603943 | &nbsp;&nbsp;&nbsp; (2506253)<br>| &nbsp;&nbsp;&nbsp; 881758 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 14135965 | &nbsp;&nbsp;&nbsp; 14965556 | &nbsp;&nbsp;&nbsp; 13453333 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 65472095 | &nbsp;&nbsp;&nbsp; 43227030 | &nbsp;&nbsp;&nbsp; 37907983 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (45514484)<br>| &nbsp;&nbsp;&nbsp; (26337390)<br>| &nbsp;&nbsp;&nbsp; (12670805)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1446422144 | &nbsp;&nbsp;&nbsp; 1314217439 | &nbsp;&nbsp;&nbsp; 2047879649 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1466379755 | &nbsp;&nbsp;&nbsp; 1331107079 | &nbsp;&nbsp;&nbsp; 2073116827 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1526483500 | &nbsp;&nbsp;&nbsp; 195376421 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $2992863255 | &nbsp;&nbsp;&nbsp; $1526483500 | &nbsp;&nbsp;&nbsp; $2073116827 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1446422144 | &nbsp;&nbsp;&nbsp; $1314217439 | &nbsp;&nbsp;&nbsp; $2047879649 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1446422144 | &nbsp;&nbsp;&nbsp; $1314217439 | &nbsp;&nbsp;&nbsp; $2047879649 |
| **SHARE TRANSACTIONS:** |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 27200000 | &nbsp;&nbsp;&nbsp; 24800000 | &nbsp;&nbsp;&nbsp; 40846037 |
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 27200000 | &nbsp;&nbsp;&nbsp; 24800000 | &nbsp;&nbsp;&nbsp; 40846037 |

---

------

(a) Commencement of operations was June 24, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

282 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Core** <br>**Plus Bond ETF**  | **JPMorgan Core** <br>**Plus Bond ETF**  | **JPMorgan Income ETF**  | **JPMorgan Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $169354558 | &nbsp;&nbsp;&nbsp; $207208085 | &nbsp;&nbsp;&nbsp; $113254485 | &nbsp;&nbsp;&nbsp; $115827165 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (12751596)<br>| &nbsp;&nbsp;&nbsp; (10158905)<br>| &nbsp;&nbsp;&nbsp; (2327589)<br>| &nbsp;&nbsp;&nbsp; (4123983)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 20429453 | &nbsp;&nbsp;&nbsp; 67801319 | &nbsp;&nbsp;&nbsp; 31600581 | &nbsp;&nbsp;&nbsp; 29220101 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 177032415 | &nbsp;&nbsp;&nbsp; 264850499 | &nbsp;&nbsp;&nbsp; 142527477 | &nbsp;&nbsp;&nbsp; 140923283 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (160454795)<br>| &nbsp;&nbsp;&nbsp; (194864689)<br>| &nbsp;&nbsp;&nbsp; (102957073)<br>| &nbsp;&nbsp;&nbsp; (109577913)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1713256874 | &nbsp;&nbsp;&nbsp; 3100913177 | &nbsp;&nbsp;&nbsp; 1782321583 | &nbsp;&nbsp;&nbsp; 1925139449 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1729834494 | &nbsp;&nbsp;&nbsp; 3170898987 | &nbsp;&nbsp;&nbsp; 1821891987 | &nbsp;&nbsp;&nbsp; 1956484819 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5800995480 | &nbsp;&nbsp;&nbsp; 2630096493 | &nbsp;&nbsp;&nbsp; 3028468581 | &nbsp;&nbsp;&nbsp; 1071983762 |
| End of period | &nbsp;&nbsp;&nbsp; $7530829974 | &nbsp;&nbsp;&nbsp; $5800995480 | &nbsp;&nbsp;&nbsp; $4850360568 | &nbsp;&nbsp;&nbsp; $3028468581 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1713256874 | &nbsp;&nbsp;&nbsp; $3100913177 | &nbsp;&nbsp;&nbsp; $1782321583 | &nbsp;&nbsp;&nbsp; $1925139449 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1713256874 | &nbsp;&nbsp;&nbsp; $3100913177 | &nbsp;&nbsp;&nbsp; $1782321583 | &nbsp;&nbsp;&nbsp; $1925139449 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36700000 | &nbsp;&nbsp;&nbsp; 66300000 | &nbsp;&nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 42120000 |
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 36700000 | &nbsp;&nbsp;&nbsp; 66300000 | &nbsp;&nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 42120000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 283

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan International Bond** <br>**Opportunities ETF**  | **JPMorgan International Bond** <br>**Opportunities ETF**  | **JPMorgan Municipal ETF**  | **JPMorgan Municipal ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $19981897 | &nbsp;&nbsp;&nbsp; $22511059 | &nbsp;&nbsp;&nbsp; $53771993 | &nbsp;&nbsp;&nbsp; $60710667 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (25107018)<br>| &nbsp;&nbsp;&nbsp; 9814195 | &nbsp;&nbsp;&nbsp; (24280625)<br>| &nbsp;&nbsp;&nbsp; (1672029)<br>|
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 138 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 38252612 | &nbsp;&nbsp;&nbsp; (3647519)<br>| &nbsp;&nbsp;&nbsp; (33112911)<br>| &nbsp;&nbsp;&nbsp; 1864791 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 33127491 | &nbsp;&nbsp;&nbsp; 28677735 | &nbsp;&nbsp;&nbsp; (3621543)<br>| &nbsp;&nbsp;&nbsp; 60903567 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (18217989)<br>| &nbsp;&nbsp;&nbsp; (21976453)<br>| &nbsp;&nbsp;&nbsp; (50104243)<br>| &nbsp;&nbsp;&nbsp; (57246579)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 515405763 | &nbsp;&nbsp;&nbsp; 166893648 | &nbsp;&nbsp;&nbsp; 1103824660 | &nbsp;&nbsp;&nbsp; 1225716954 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 530315265 | &nbsp;&nbsp;&nbsp; 173594930 | &nbsp;&nbsp;&nbsp; 1050098874 | &nbsp;&nbsp;&nbsp; 1229373942 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 589241383 | &nbsp;&nbsp;&nbsp; 415646453 | &nbsp;&nbsp;&nbsp; 2450861332 | &nbsp;&nbsp;&nbsp; 1221487390 |
| End of period | &nbsp;&nbsp;&nbsp; $1119556648 | &nbsp;&nbsp;&nbsp; $589241383 | &nbsp;&nbsp;&nbsp; $3500960206 | &nbsp;&nbsp;&nbsp; $2450861332 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $515405763 | &nbsp;&nbsp;&nbsp; $166893648 | &nbsp;&nbsp;&nbsp; $1135552773 | &nbsp;&nbsp;&nbsp; $1230716443 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31728113)<br>| &nbsp;&nbsp;&nbsp; (4999489)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $515405763 | &nbsp;&nbsp;&nbsp; $166893648 | &nbsp;&nbsp;&nbsp; $1103824660 | &nbsp;&nbsp;&nbsp; $1225716954 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; 24400000 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 22350000 | &nbsp;&nbsp;&nbsp; 24300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

284 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short** <br>**Duration Core Plus ETF**  | **JPMorgan Short** <br>**Duration Core Plus ETF**  | **JPMorgan Ultra-Short** <br>**Income ETF**  | **JPMorgan Ultra-Short** <br>**Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $15963545 | &nbsp;&nbsp;&nbsp; $23805612 | &nbsp;&nbsp;&nbsp; $711200378 | &nbsp;&nbsp;&nbsp; $1301143837 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 801543 | &nbsp;&nbsp;&nbsp; 164257 | &nbsp;&nbsp;&nbsp; 13793635 | &nbsp;&nbsp;&nbsp; 26523396 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 4807324 | &nbsp;&nbsp;&nbsp; 8309146 | &nbsp;&nbsp;&nbsp; 40643967 | &nbsp;&nbsp;&nbsp; 81009042 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 21572412 | &nbsp;&nbsp;&nbsp; 32279015 | &nbsp;&nbsp;&nbsp; 765637980 | &nbsp;&nbsp;&nbsp; 1408676275 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (15337606)<br>| &nbsp;&nbsp;&nbsp; (23026874)<br>| &nbsp;&nbsp;&nbsp; (702479373)<br>| &nbsp;&nbsp;&nbsp; (1286564436)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 187119208 | &nbsp;&nbsp;&nbsp; 187216795 | &nbsp;&nbsp;&nbsp; 2450263722 | &nbsp;&nbsp;&nbsp; 8240780308 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 193354014 | &nbsp;&nbsp;&nbsp; 196468936 | &nbsp;&nbsp;&nbsp; 2513422329 | &nbsp;&nbsp;&nbsp; 8362892147 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 607026786 | &nbsp;&nbsp;&nbsp; 410557850 | &nbsp;&nbsp;&nbsp; 30877401175 | &nbsp;&nbsp;&nbsp; 22514509028 |
| End of period | &nbsp;&nbsp;&nbsp; $800380800 | &nbsp;&nbsp;&nbsp; $607026786 | &nbsp;&nbsp;&nbsp; $33390823504 | &nbsp;&nbsp;&nbsp; $30877401175 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $262537801 | &nbsp;&nbsp;&nbsp; $243034228 | &nbsp;&nbsp;&nbsp; $4526018858 | &nbsp;&nbsp;&nbsp; $10195346172 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (75418593)<br>| &nbsp;&nbsp;&nbsp; (55817433)<br>| &nbsp;&nbsp;&nbsp; (2075755136)<br>| &nbsp;&nbsp;&nbsp; (1954565864)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $187119208 | &nbsp;&nbsp;&nbsp; $187216795 | &nbsp;&nbsp;&nbsp; $2450263722 | &nbsp;&nbsp;&nbsp; $8240780308 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5560000 | &nbsp;&nbsp;&nbsp; 5190000 | &nbsp;&nbsp;&nbsp; 89550000 | &nbsp;&nbsp;&nbsp; 202000000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1610000)<br>| &nbsp;&nbsp;&nbsp; (1190000)<br>| &nbsp;&nbsp;&nbsp; (41150000)<br>| &nbsp;&nbsp;&nbsp; (38750000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 48400000 | &nbsp;&nbsp;&nbsp; 163250000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 285

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Ultra-Short Municipal** <br>**Income ETF**  | **JPMorgan Ultra-Short Municipal** <br>**Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $57461072 | &nbsp;&nbsp;&nbsp; $92464176 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 50554 | &nbsp;&nbsp;&nbsp; (1038315)<br>|
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 259 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8942055 | &nbsp;&nbsp;&nbsp; 6531493 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 66453681 | &nbsp;&nbsp;&nbsp; 97957613 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (55370523)<br>| &nbsp;&nbsp;&nbsp; (91562599)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 948172704 | &nbsp;&nbsp;&nbsp; 797608400 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 959255862 | &nbsp;&nbsp;&nbsp; 804003414 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 3440620333 | &nbsp;&nbsp;&nbsp; 2636616919 |
| End of period | &nbsp;&nbsp;&nbsp; $4399876195 | &nbsp;&nbsp;&nbsp; $3440620333 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1041932565 | &nbsp;&nbsp;&nbsp; $896572971 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (93759861)<br>| &nbsp;&nbsp;&nbsp; (98964571)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $948172704 | &nbsp;&nbsp;&nbsp; $797608400 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 20500000 | &nbsp;&nbsp;&nbsp; 17650000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1850000)<br>| &nbsp;&nbsp;&nbsp; (1950000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 18650000 | &nbsp;&nbsp;&nbsp; 15700000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

286 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

287 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Active Bond ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $53.47 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $1.41 | &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.20)<br>|
| Year Ended February 28, 2025  | 52.10 | 2.57 | 1.19 | 3.76 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.39)<br>|
| October 11, 2023 (e) through February 29, 2024  | 49.87 | 1.01 | 1.95 | 2.96 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| **JPMorgan Active High Yield ETF** |  |  |  |  |  |  |  |
| June 24, 2025 (e) through August 31, 2025 (Unaudited) | 50.00 | 0.58 | 0.48 | 1.06 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| **JPMorgan Core Plus Bond ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 47.09 | 1.20 | &nbsp;&nbsp; (0.03)<br>| 1.17 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.16)<br>|
| Year Ended February 28, 2025  | 46.22 | 2.45 | 0.79 | 3.24 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.37)<br>|
| Year Ended February 29, 2024  | 46.22 | 2.27 | &nbsp;&nbsp; (0.21)<br>| 2.06 | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06)<br>|
| Year Ended February 28, 2023  | 52.24 | 1.68 | &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.47)<br>|
| Year Ended February 28, 2022  | 54.31 | 1.09 | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended February 28, 2021  | 54.17 | 0.97 | 0.70<br> (f)<br>| 1.67 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.53)<br>|
| **JPMorgan Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 45.99 | 1.37 | 0.32 | 1.69 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.30)<br>|
| Year Ended February 28, 2025  | 45.17 | 2.81 | 0.78 | 3.59 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.77)<br>|
| Year Ended February 29, 2024  | 44.90 | 2.84 | 0.06 | 2.90 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.63)<br>|
| Year Ended February 28, 2023  | 48.89 | 2.36 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (2.11)<br>|
| October 28, 2021 through February 28, 2022  | 50.00 | 0.58 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **JPMorgan International Bond Opportunities ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 47.91 | 1.18 | 0.73 | 1.91 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.14)<br>|
| Year Ended February 28, 2025  | 47.23 | 2.24 | 0.64 | 2.88 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.20)<br>|
| Year Ended February 29, 2024  | 46.64 | 2.12 | 0.62 | 2.74 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.15)<br>|
| Year Ended February 28, 2023  | 48.96 | 1.57 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41)<br>|
| Year Ended February 28, 2022  | 51.04 | 1.16 | &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.32)<br>|
| Year Ended February 28, 2021  | 49.98 | 1.45 | 1.00<br> (f)<br>| 2.45 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.39)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) Commencement of operations.

(f) 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 Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments. 

(g) 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

288 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $53.79 | &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2992863255 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.47 | &nbsp;&nbsp;&nbsp;&nbsp;53.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp; 1526483500 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.10 | &nbsp;&nbsp;&nbsp;&nbsp;52.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp; 195376421 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.75 | &nbsp;&nbsp;&nbsp;&nbsp;50.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp; 2073116827 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.10 | &nbsp;&nbsp;&nbsp;&nbsp;47.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp; 7530829974 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.09 | &nbsp;&nbsp;&nbsp;&nbsp;47.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp; 5800995480 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.22 | &nbsp;&nbsp;&nbsp;&nbsp;46.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp; 2630096493 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.22 | &nbsp;&nbsp;&nbsp;&nbsp;46.30 | &nbsp;&nbsp;&nbsp;&nbsp; (8.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 762673581 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.24 | &nbsp;&nbsp;&nbsp;&nbsp;52.37 | &nbsp;&nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276853932 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.31 | &nbsp;&nbsp;&nbsp;&nbsp;54.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp; 146648110 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.38 | &nbsp;&nbsp;&nbsp;&nbsp;46.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp; 4850360568 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.99 | &nbsp;&nbsp;&nbsp;&nbsp;46.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp; 3028468581 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.17 | &nbsp;&nbsp;&nbsp;&nbsp;45.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1071983762 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.90 | &nbsp;&nbsp;&nbsp;&nbsp;45.25 | &nbsp;&nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 348910890 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.89 | &nbsp;&nbsp;&nbsp;&nbsp;49.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 137861001 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.68 | &nbsp;&nbsp;&nbsp;&nbsp;48.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1119556648 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.91 | &nbsp;&nbsp;&nbsp;&nbsp;48.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp; 589241383 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.23 | &nbsp;&nbsp;&nbsp;&nbsp;47.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp; 415646453 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.64 | &nbsp;&nbsp;&nbsp;&nbsp;46.84 | &nbsp;&nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 284507436 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.96 | &nbsp;&nbsp;&nbsp;&nbsp;48.98 | &nbsp;&nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 323118565 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.04 | &nbsp;&nbsp;&nbsp;&nbsp;51.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp; 250097283 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 289

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Municipal ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $50.69 | &nbsp;&nbsp; $0.92 | &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.88)<br>|
| Year Ended February 28, 2025  | 50.79 | 1.80 | &nbsp;&nbsp; (0.16)<br>| 1.64 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.74)<br>|
| Year Ended February 29, 2024  | 49.77 | 1.77 | 0.89 | 2.66 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.64)<br>|
| Year Ended February 28, 2023  | 52.97 | 1.37 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.13)<br>|
| Year Ended February 28, 2022  | 54.37 | 0.85 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended February 28, 2021  | 55.15 | 1.00 | &nbsp;&nbsp; (0.71)<br>| 0.29 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.07)<br>|
| **JPMorgan Short Duration Core Plus ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 47.17 | 1.17 | 0.40 | 1.57 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.15)<br>|
| Year Ended February 28, 2025  | 46.29 | 2.27 | 0.84 | 3.11 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.23)<br>|
| Year Ended February 29, 2024  | 45.88 | 2.01 | 0.35 | 2.36 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.95)<br>|
| Year Ended February 28, 2023  | 48.60 | 1.31 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.25)<br>|
| March 1, 2021 (e) through February 28, 2022  | 50.00 | 0.62 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.60)<br>|
| **JPMorgan Ultra-Short Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 50.63 | 1.14 | 0.09 | 1.23 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.13)<br>|
| Year Ended February 28, 2025  | 50.41 | 2.56 | 0.23 | 2.79 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.57)<br>|
| Year Ended February 29, 2024  | 50.28 | 2.49 | 0.10 | 2.59 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.46)<br>|
| Year Ended February 28, 2023  | 50.35 | 1.17 | &nbsp;&nbsp; (0.18)<br>| 0.99 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended February 28, 2022  | 50.78 | 0.28 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2021  | 50.51 | 0.58 | 0.28 | 0.86 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; —(g)<br>| &nbsp;&nbsp; (0.59)<br>|
| **JPMorgan Ultra-Short Municipal Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 50.90 | 0.76 | 0.10 | 0.86 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended February 28, 2025  | 50.80 | 1.66 | 0.10 | 1.76 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.66)<br>|
| Year Ended February 29, 2024  | 50.61 | 1.63 | 0.16 | 1.79 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.60)<br>|
| Year Ended February 28, 2023  | 50.76 | 0.70 | &nbsp;&nbsp; (0.19)<br>| 0.51 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended February 28, 2022  | 51.01 | 0.13 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended February 28, 2021  | 50.53 | 0.32 | 0.52 | 0.84 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) Commencement of operations.

(f) 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. 

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

290 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.52 | &nbsp;&nbsp;&nbsp;&nbsp; $49.59 | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3500960206 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.69 | &nbsp;&nbsp;&nbsp;&nbsp;50.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp; 2450861332 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;50.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1221487390 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.77 | &nbsp;&nbsp;&nbsp;&nbsp;49.81 | &nbsp;&nbsp;&nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 408142543 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.97 | &nbsp;&nbsp;&nbsp;&nbsp;53.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100642548 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.37 | &nbsp;&nbsp;&nbsp;&nbsp;54.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 76120305 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.59 | &nbsp;&nbsp;&nbsp;&nbsp;47.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp; 800380800 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.17 | &nbsp;&nbsp;&nbsp;&nbsp;47.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp; 607026786 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.29 | &nbsp;&nbsp;&nbsp;&nbsp;46.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp; 410557850 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.88 | &nbsp;&nbsp;&nbsp;&nbsp;45.85 | &nbsp;&nbsp;&nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190421997 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.60 | &nbsp;&nbsp;&nbsp;&nbsp;48.61 | &nbsp;&nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.61)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 192461679 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.73 | &nbsp;&nbsp;&nbsp;&nbsp;50.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp; 33390823504 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.63 | &nbsp;&nbsp;&nbsp;&nbsp;50.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp; 30877401175 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.41 | &nbsp;&nbsp;&nbsp;&nbsp;50.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp; 22514509028 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.28 | &nbsp;&nbsp;&nbsp;&nbsp;50.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp; 25144500767 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.35 | &nbsp;&nbsp;&nbsp;&nbsp;50.37 | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18686174480 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.78 | &nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp; 16144037713 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.01 | &nbsp;&nbsp;&nbsp;&nbsp;51.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp; 4399876195 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.90 | &nbsp;&nbsp;&nbsp;&nbsp;50.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp; 3440620333 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.80 | &nbsp;&nbsp;&nbsp;&nbsp;50.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp; 2636616919 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.61 | &nbsp;&nbsp;&nbsp;&nbsp;50.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 2520461501 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.76 | &nbsp;&nbsp;&nbsp;&nbsp;50.75 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3116619866 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.01 | &nbsp;&nbsp;&nbsp;&nbsp;51.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 1410311158 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 291

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 9 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan Active Bond ETF | Diversified |
| JPMorgan Active High Yield ETF | Diversified |
| JPMorgan Core Plus Bond ETF | Diversified |
| JPMorgan Income ETF | Diversified |
| JPMorgan International Bond Opportunities ETF | Diversified |
| JPMorgan Municipal ETF | Diversified |
| JPMorgan Short Duration Core Plus ETF | Diversified |
| JPMorgan Ultra-Short Income ETF | Diversified |
| JPMorgan Ultra-Short Municipal Income ETF | Diversified |

---

The investment objective of JPMorgan Active Bond ETF ("Active Bond ETF") is to seek to deliver total return from a portfolio of investment grade intermediate- and long-term bonds.

The investment objective of JPMorgan Active High Yield ETF ("Active High Yield ETF") is to seek to achieve a return in excess of the benchmark by investing primarily in below investment grade corporate debt securities. A high level of current income is the Fund's primary objective and capital appreciation is a secondary objective.

The investment objective of JPMorgan Core Plus Bond ETF ("Core Plus Bond ETF") is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.

The investment objective of JPMorgan Income ETF ("Income ETF") is to seek to provide income with a secondary objective of capital appreciation.

The investment objective of JPMorgan International Bond Opportunities ETF ("International Bond Opportunities ETF") is to seek to provide total return.

The investment objective of JPMorgan Municipal ETF ("Municipal ETF") is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund's investment objective, "gross income" means gross income for federal income tax purposes. Exclusion from gross income for federal income tax purposes may not mean exclusion from the federal alternative minimum tax.

The investment objective of JPMorgan Short Duration Core Plus ETF ("Short Duration Core Plus ETF") is to seek total return, consistent with preservation of capital.

The investment objective of JPMorgan Ultra-Short Income ETF ("Ultra-Short Income ETF") is to seek to provide current income while seeking to maintain a low volatility of principal.

The investment objective of JPMorgan Ultra-Short Municipal Income ETF ("Ultra-Short Municipal Income ETF") is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal. Exclusion from gross income for federal income tax purposes may not mean exclusion from the federal alternative minimum tax.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

292 <br>

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

---

| | |
|:---|:---|
|  | **Listing Exchange** |
| Active Bond ETF | New York Stock Exchange LLC |
| Active High Yield ETF | Cboe BZX Exchange, Inc. |
| Core Plus Bond ETF | Cboe BZX Exchange, Inc. |
| Income ETF | NYSE Arca, Inc. |
| International Bond Opportunities ETF | Cboe BZX Exchange, Inc. |
| Municipal ETF | Cboe BZX Exchange, Inc. |
| Short Duration Core Plus ETF | NYSE Arca, Inc. |
| Ultra-Short Income ETF | NYSE Arca, Inc. |
| Ultra-Short Municipal Income ETF | Cboe BZX Exchange, Inc. |

---

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 in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

**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 Securities and Exchange Commission ("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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

293 <br>

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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 NAV is calculated.

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 and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the tables on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by Active Bond ETF, Core Plus Bond ETF, Income ETF and Short Duration Core Plus ETF at August 31, 2025.

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $422620415 | &nbsp;&nbsp;&nbsp;&nbsp; $76635703 | &nbsp;&nbsp;&nbsp;&nbsp; $499256118 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230365523 | &nbsp;&nbsp;&nbsp;&nbsp; 28902904 | &nbsp;&nbsp;&nbsp;&nbsp; 259268427 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164162885 | &nbsp;&nbsp;&nbsp;&nbsp; 31744701 | &nbsp;&nbsp;&nbsp;&nbsp; 195907586 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8974716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8974716 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2010884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2010884 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147157048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147157048 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4295850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4295850 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28683921 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28683921 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4652032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4652032 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1732757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1732757 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1460287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1460287 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12844914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12844914 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3463855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3463855 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3729344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3729344 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31099266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31099266 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7305854 | &nbsp;&nbsp;&nbsp;&nbsp; 5224094 | &nbsp;&nbsp;&nbsp;&nbsp; 12529948 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6252951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6252951 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 566433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 566433 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 978267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 978267 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4729997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4729997 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

294 <br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Bond ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12405473 | &nbsp;&nbsp;&nbsp;&nbsp; $3329364 | &nbsp;&nbsp;&nbsp;&nbsp; $15734837 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2135863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2135863 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4832242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4832242 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5780531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5780531 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1438924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1438924 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3561250 | &nbsp;&nbsp;&nbsp;&nbsp; 3561250 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15417256 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15417256 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3202245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3202245 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4053702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4053702 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36825389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36825389 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 667387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 667387 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 711096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 711096 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279244 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13026476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13026476 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8821682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8821682 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 651530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 651530 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 853725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 853725 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2050665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2050665 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 477722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 477722 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 553979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 553979 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2632823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2632823 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388756330 | &nbsp;&nbsp;&nbsp;&nbsp; 15114708 | &nbsp;&nbsp;&nbsp;&nbsp; 403871038 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11142425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11142425 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 633679753 | &nbsp;&nbsp;&nbsp;&nbsp; 8995532 | &nbsp;&nbsp;&nbsp;&nbsp; 642675285 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 957156229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 957156229 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 67573101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67573101 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $67573101 | &nbsp;&nbsp;&nbsp;&nbsp; $2807883560 | &nbsp;&nbsp;&nbsp;&nbsp; $161393548 | &nbsp;&nbsp;&nbsp;&nbsp; $3036850209 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $763290 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $763290 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(263767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(263767)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $499523 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $499523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active High Yield ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1975285996 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1975285996 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 60710505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60710505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

295 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active High Yield ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13588190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13588190 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 74298695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74298695 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $74298695 | &nbsp;&nbsp;&nbsp;&nbsp; $1975285996 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2049584691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $807101489 | &nbsp;&nbsp;&nbsp;&nbsp; $142356919 | &nbsp;&nbsp;&nbsp;&nbsp; $949458408 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 453333322 | &nbsp;&nbsp;&nbsp;&nbsp; 24155655 | &nbsp;&nbsp;&nbsp;&nbsp; 477488977 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 495734890 | &nbsp;&nbsp;&nbsp;&nbsp; 119350404 | &nbsp;&nbsp;&nbsp;&nbsp; 615085294 |
| Common Stocks |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5657 | &nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3442 | &nbsp;&nbsp;&nbsp;&nbsp; 3442 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 9112 | &nbsp;&nbsp;&nbsp;&nbsp; 9421 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28884710 | &nbsp;&nbsp;&nbsp;&nbsp; 4901 | &nbsp;&nbsp;&nbsp;&nbsp; 28889611 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11480783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11480783 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19535905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19535905 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539570172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539570172 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5943111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5943111 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42422025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42422025 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2509372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2509372 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18371714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18371714 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161575945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161575945 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20854783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20854783 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17190027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17190027 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8076997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8076997 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7683201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7683201 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1989105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1989105 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55384276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55384276 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7557561 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7557561 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21706782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21706782 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3025072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3025072 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3440840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3440840 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233738 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42512069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42512069 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190270906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190270906 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2598680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2598680 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4614977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4614977 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6661056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6661056 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8428814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8428814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

296 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24521891 | &nbsp;&nbsp;&nbsp;&nbsp; $12143333 | &nbsp;&nbsp;&nbsp;&nbsp; $36665224 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71727356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71727356 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3072227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3072227 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29392554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29392554 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11597176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11597176 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47995352 | &nbsp;&nbsp;&nbsp;&nbsp; 4439151 | &nbsp;&nbsp;&nbsp;&nbsp; 52434503 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3190696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3190696 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3921473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3921473 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4023891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4023891 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42407914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42407914 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5533720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5533720 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1947330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1947330 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19092355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19092355 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604478 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1912848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1912848 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21050635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21050635 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6555367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6555367 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1698937 | &nbsp;&nbsp;&nbsp;&nbsp; 6105000 | &nbsp;&nbsp;&nbsp;&nbsp; 7803937 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1038163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1038163 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1012989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1012989 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8497201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8497201 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2622016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2622016 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78870611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78870611 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22657754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22657754 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26271359 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 31271359 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28569975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28569975 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92672 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287867026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287867026 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7868001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7868001 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2360911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2360911 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34457379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34457379 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198345 | &nbsp;&nbsp;&nbsp;&nbsp; 4439152 | &nbsp;&nbsp;&nbsp;&nbsp; 4637497 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5119375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5119375 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3261639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3261639 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36915247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36915247 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41034621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41034621 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9435230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9435230 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18425807 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18425807 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4937705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4937705 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204587 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47188657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47188657 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13691467 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13691467 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 915003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 915003 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15612392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15612392 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2232894953 | &nbsp;&nbsp;&nbsp;&nbsp; 32131537 | &nbsp;&nbsp;&nbsp;&nbsp; 2265026490 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67648171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67648171 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67308078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67308078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

297 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1831070193 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1831070193 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45936 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45936 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp;&nbsp; 3465 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 739619174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 739619174 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 640444328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640444328 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $640444328 | &nbsp;&nbsp;&nbsp;&nbsp; $6694756515 | &nbsp;&nbsp;&nbsp;&nbsp; $318007092 | &nbsp;&nbsp;&nbsp;&nbsp; $7653207935 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2941993 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2941993 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1874665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1874665)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1067328 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1067328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $550642821 | &nbsp;&nbsp;&nbsp;&nbsp; $59933357 | &nbsp;&nbsp;&nbsp;&nbsp; $610576178 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 629941799 | &nbsp;&nbsp;&nbsp;&nbsp; 76477918 | &nbsp;&nbsp;&nbsp;&nbsp; 706419717 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972462065 | &nbsp;&nbsp;&nbsp;&nbsp; 8320298 | &nbsp;&nbsp;&nbsp;&nbsp; 980782363 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11945605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11945605 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20432366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20432366 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43991720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43991720 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387607 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387607 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1813986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1813986 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21292661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21292661 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9719045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9719045 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29940365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29940365 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22756896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22756896 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2396069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2396069 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1560196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1560196 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1365075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1365075 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17038515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17038515 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15386157 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15386157 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8337910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8337910 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532235 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3607879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3607879 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40955646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40955646 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26159124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26159124 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103197 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7589294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7589294 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4200328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4200328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

298 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9744946 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9744946 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17822811 | &nbsp;&nbsp;&nbsp;&nbsp; 5875691 | &nbsp;&nbsp;&nbsp;&nbsp; 23698502 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10278509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10278509 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1075762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1075762 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16181579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16181579 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13791111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13791111 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25323236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25323236 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4472771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4472771 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6510305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6510305 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39499813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39499813 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7915920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7915920 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4130118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4130118 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4670303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4670303 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 711949 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 711949 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 745671 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 745671 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2482336 | &nbsp;&nbsp;&nbsp;&nbsp; 2543750 | &nbsp;&nbsp;&nbsp;&nbsp; 5026086 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730366 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4523279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4523279 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2245704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2245704 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65811205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65811205 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11804601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11804601 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4958828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4958828 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5471454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5471454 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126104447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126104447 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7307576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7307576 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4994309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4994309 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8250019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8250019 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155981 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155981 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1468344 | &nbsp;&nbsp;&nbsp;&nbsp; 2219576 | &nbsp;&nbsp;&nbsp;&nbsp; 3687920 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8395987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8395987 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9508864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9508864 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1899181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1899181 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12920616 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12920616 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3579732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3579732 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149698 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16140667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16140667 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3100085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3100085 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 756389959 | &nbsp;&nbsp;&nbsp;&nbsp; 10639017 | &nbsp;&nbsp;&nbsp;&nbsp; 767028976 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161296226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161296226 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30901613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30901613 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1755816192 | &nbsp;&nbsp;&nbsp;&nbsp; 1344063 | &nbsp;&nbsp;&nbsp;&nbsp; 1757160255 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11155618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11155618 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1827000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1827000 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 91288780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91288780 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $91288780 | &nbsp;&nbsp;&nbsp;&nbsp; $4870433293 | &nbsp;&nbsp;&nbsp;&nbsp; $156714653 | &nbsp;&nbsp;&nbsp;&nbsp; $5118436726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

299 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(631122027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(631122027)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(631122027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(631122027)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33423 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33423 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4067909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4067909 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(212390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(212390)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1529635)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1529635)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1544735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1544735)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2538274 | &nbsp;&nbsp;&nbsp;&nbsp; $(1723702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1164983 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1164983 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 983341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 983341 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1736334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1736334 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683014789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683014789 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336203789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336203789 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 69359524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69359524 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $69359524 | &nbsp;&nbsp;&nbsp;&nbsp; $1023103236 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1092462760 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1212402 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1212402 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2043021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2043021 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1962075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1962075 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(10341365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(10341365)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (591815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (664685)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1631547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1631547)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1451206 | &nbsp;&nbsp;&nbsp;&nbsp; $(8871305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7420099)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3085473176 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3085473176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

300 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $439432503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $439432503 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $439432503 | &nbsp;&nbsp;&nbsp;&nbsp; $3085473176 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3524905679 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $48943 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48943 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(93984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(93984)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(45041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(45041)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Plus ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $172390512 | &nbsp;&nbsp;&nbsp;&nbsp; $5005755 | &nbsp;&nbsp;&nbsp;&nbsp; $177396267 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101089290 | &nbsp;&nbsp;&nbsp;&nbsp; 1061514 | &nbsp;&nbsp;&nbsp;&nbsp; 102150804 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33879971 | &nbsp;&nbsp;&nbsp;&nbsp; 736620 | &nbsp;&nbsp;&nbsp;&nbsp; 34616591 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1499029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1499029 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1477036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1477036 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5504331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5504331 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103163722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103163722 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1441036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1441036 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338095 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177184 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1883603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1883603 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19837867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19837867 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987716 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3578390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3578390 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129005 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 559150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 559150 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104881 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6664182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6664182 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 569392 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 569392 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 862379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 862379 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125927 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305606 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2589086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2589086 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7641883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7641883 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342539 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186116 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 829832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 829832 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 597411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 597411 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8409915 | &nbsp;&nbsp;&nbsp;&nbsp; 950429 | &nbsp;&nbsp;&nbsp;&nbsp; 9360344 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1176156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1176156 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

301 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Plus ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1182479 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1182479 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2263198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2263198 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5541601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5541601 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261042 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 371608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 371608 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3892122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3892122 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1713389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1713389 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315826 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 517603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 517603 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13057280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13057280 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90935 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177654 | &nbsp;&nbsp;&nbsp;&nbsp; 1017500 | &nbsp;&nbsp;&nbsp;&nbsp; 1195154 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83470 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 534539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 534539 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143549 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3924793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3924793 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 812035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 812035 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936920 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1491886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1491886 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11919085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11919085 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1023995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1023995 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215839 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182305 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147317 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1162469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1162469 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5313847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5313847 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 692480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 692480 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194782 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 944327 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 944327 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171454 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1158095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1158095 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2680384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2680384 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236223794 | &nbsp;&nbsp;&nbsp;&nbsp; 1967929 | &nbsp;&nbsp;&nbsp;&nbsp; 238191723 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7624010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7624010 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86727756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86727756 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87203 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139248093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139248093 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 30629086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30629086 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 1595718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1595718 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1396314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1396314 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 32224804 | &nbsp;&nbsp;&nbsp;&nbsp; 1396314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33621118 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $32224804 | &nbsp;&nbsp;&nbsp;&nbsp; $778666943 | &nbsp;&nbsp;&nbsp;&nbsp; $8771818 | &nbsp;&nbsp;&nbsp;&nbsp; $819663565 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $430572 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $430572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

302 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Plus ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(182919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(182919)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $247653 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $247653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4451485072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4451485072 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21173797303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21173797303 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 674094314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 674094314 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2244744704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2244744704 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3023312622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3023312622 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 967759238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 967759238 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21425205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21425205 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 320000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 320000000 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 989184443 | &nbsp;&nbsp;&nbsp;&nbsp; 5588057326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6577241769 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $989184443 | &nbsp;&nbsp;&nbsp;&nbsp; $31887434015 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32876618458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3697181339 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3697181339 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 696025767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 696025767 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $696025767 | &nbsp;&nbsp;&nbsp;&nbsp; $3697181339 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4393207106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

303 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Bond ETF** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $40204972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $334890 | &nbsp;&nbsp; $32431 | &nbsp;&nbsp; $37911179 | &nbsp;&nbsp; $(4847769)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp; $76635703 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 12025803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 188808 | &nbsp;&nbsp; 42369 | &nbsp;&nbsp; 22131212 | &nbsp;&nbsp; (5485288)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28902904 |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 4530464 | &nbsp;&nbsp; 68271 | &nbsp;&nbsp; 113911 | &nbsp;&nbsp; 25529 | &nbsp;&nbsp; 26866647 | &nbsp;&nbsp; (3284010)<br>| &nbsp;&nbsp; 3423889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31744701 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15106667 | &nbsp;&nbsp; (53209)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15114708 |
| Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 6350657 | &nbsp;&nbsp; — | &nbsp;&nbsp; (71096)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5715971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp; 8995532 |
| **Total** | &nbsp;&nbsp; $63111896 | &nbsp;&nbsp; $68271 | &nbsp;&nbsp; $627763 | &nbsp;&nbsp; $100329 | &nbsp;&nbsp; $107731676 | &nbsp;&nbsp; $(13670276)<br>| &nbsp;&nbsp; $3423889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161393548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Mortgage-Backed Securities and Asset-Backed Securities.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $899,354. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond** <br> **ETF**<br>| **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in** <br> **Securities:**<br>|  |  |  |  |  |  |  |  |  |
| Asset-Backed <br> Securities<br>| $120556903 | $— | $118808 | $204868 | $40981889 | $(12797773)<br>| $— | $(6707776)<br>| $142356919 |
| Collateralized <br> Mortgage <br> Obligations<br>| 31683260 | 585 | 34398 | 27363 |  | (4928150)<br>| 3344415 | (6006216)<br>| 24155655 |
| Commercial <br> Mortgage-Backed <br> Securities<br>| 54627016 |  | 909834 | 583978 | 25965244 |  | 43749230 | (6484898)<br>| 119350404 |
| Common <br> Stocks<br>| 10044 | 365 | 3522 |  | 4564 | (9383)<br>|  |  | 9112 |
| Corporate <br> Bonds<br>| 18674 | (9419)<br>| 102432 | 837 | 32176800 | (157787)<br>|  |  | 32131537 |
| Mortgage-Backed <br> Securities<br>| 10082813 |  |  |  | (10082813)<br>|  |  |  |  |
| Preferred <br> Stocks<br>| 3757 |  | (292)<br>|  |  |  |  |  | 3465 |
| Warrants | —<br> (a)<br>| (1)<br>| 1 |  |  |  |  |  |  |
| **Total** | $216982467 | $(8470)<br>| $1168703 | $817046 | $89045684 | $(17893093)<br>| $47093645 | $(19198890)<br>| $318007092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

304 <br>

------

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $1,338,761. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

For the six months ended August 31, 2025, transfers in and out of level 3 were the result of decreased or increased transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain inputs used by Pricing Services or the Valuation Designee, as applicable, in determining fair value. This change in observability and resulting changes in levels does not impact liquidity or fair value of the Fund's investments or reflect any change in the investment strategy of the Fund.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income ETF** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in** <br> **Securities:**<br>|  |  |  |  |  |  |  |  |  |  |
| Asset-Backed <br> Securities<br>| &nbsp;&nbsp; $20894859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(491438)<br>| &nbsp;&nbsp; $(65279)<br>| &nbsp;&nbsp; $57347732 | &nbsp;&nbsp; $(22652517)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1699998)<br>| &nbsp;&nbsp; $6599998 | &nbsp;&nbsp; $59933357 |
| Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp; 5893564 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; (648013)<br>| &nbsp;&nbsp; (18331)<br>| &nbsp;&nbsp; 93984900 | &nbsp;&nbsp; (18979553)<br>| &nbsp;&nbsp; 1667803 | &nbsp;&nbsp; (3722603)<br>| &nbsp;&nbsp; (1699998)<br>| &nbsp;&nbsp; 76477918 |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 1868548 | &nbsp;&nbsp; — | &nbsp;&nbsp; (245909)<br>| &nbsp;&nbsp; 132204 | &nbsp;&nbsp; 161249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6404206 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8320298 |
| Common Stocks | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (b)<br>|
| Corporate Bonds | &nbsp;&nbsp; 38476 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3959)<br>| &nbsp;&nbsp; 2684 | &nbsp;&nbsp; 10697700 | &nbsp;&nbsp; (95884)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10639017 |
| Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 4900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1344063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp; 1344063 |
| **Total** | &nbsp;&nbsp; $33595447 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $(1389319)<br>| &nbsp;&nbsp; $51278 | &nbsp;&nbsp; $163535644 | &nbsp;&nbsp; $(41727954)<br>| &nbsp;&nbsp; $8072009 | &nbsp;&nbsp; $(5422601)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $156714653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Collateralized Mortgage Obligations ,Mortgage-Backed Securities and Asset-Backed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $(1,411,186). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Core Plus ETF** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $3010737 | $— | $23512 | $6805 | $2078206 | $(113505)<br>| $— | $— | $5005755 |
| Collateralized Mortgage <br> Obligations<br>| 185192 |  | 1521 |  | 1059993 |  |  | (185192)<br>| 1061514 |
| Commercial Mortgage-Backed <br> Securities<br>|  |  | 1032 | 523 | 735065 |  |  |  | 736620 |
| Common Stocks | —<br> (a)<br>|  |  |  |  |  |  |  | —<br> (a)<br>|
| Corporate Bonds | 6979 |  | 8831 | 499 | 1965688 | (14068)<br>|  |  | 1967929 |
| **Total** | $3202908 | $— | $34896 | $7827 | $5838952 | $(127573)<br>| $— | $(185192)<br>| $8771818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

305 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

<sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $31,593. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2025.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Active**

**Bond ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $47483445 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 20.00% (7.47%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.88% - 8.88% (6.20%) |
| Asset-Backed Securities | &nbsp;&nbsp; 47483445 |  |  |  |
|  | &nbsp;&nbsp; 20316489 | Discounted Cash Flow | Constant Prepayment Rate | 90.00% - 100.00% (98.19%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.92% - 5.61% (5.32%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 20316489 |  |  |  |
| Total | &nbsp;&nbsp; $67799934 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $93,593,614. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**Core Plus**

**Bond ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $17148272 | Discounted Cash Flow | Constant Prepayment Rate | 8.00% -100.00% (84.42%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 0.00% - 8.42% (4.76%) |
| Asset-Backed Securities | &nbsp;&nbsp; 17148272 |  |  |  |
|  | &nbsp;&nbsp; 19052846 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 8.25% (2.01%) |
|  |  |  | Constant Default Rate | 0.00% - 49.00% (0.81%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.91% - 21.62% (6.43%) |
| Asset-Backed Securities | &nbsp;&nbsp; 19052846 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

306 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
| Total | &nbsp;&nbsp; $36201118 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $281,805,974. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**Income ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $2507850 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 15.00% (0.40%) |
|  |  |  | Constant Default Rate | [to be updated once provided] |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.30% - 8.00% (6.18%) |
| Asset-Backed Securities | &nbsp;&nbsp; 2507850 |  |  |  |
|  | &nbsp;&nbsp; 636827 | Discounted Cash Flow | Constant Prepayment Rate | 8.00% (8.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 0.00% - 8.42% (3.19%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 636827 |  |  |  |
| Total | &nbsp;&nbsp; $3144677 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $153,569,976. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**Short**

**Duration**

**Core Plus**

**ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $2015063 | Discounted Cash Flow | Constant Default Rate | 0.00% - 49.00% (5.89%) |
|  |  |  | Constant Prepayment Rate | 0.00% - 90.00% (28.95%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.11% - 15.71% (6.91%) |
| Asset-Backed Securities | &nbsp;&nbsp; 2015063 |  |  |  |
|  | &nbsp;&nbsp; -<br> (b)<br>| Term of Restructuring | Expected Recovery | 0.00% (0.00%) |
| Corporate Bonds | &nbsp;&nbsp; -<br> (b)<br>|  |  |  |
| Total | &nbsp;&nbsp; $2015063 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $6,756,755. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

307 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 August 31, 2025, 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. Repurchase Agreements**— Ultra-Short Income ETF may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan.

The Fund's repurchase agreements are not subject to master netting arrangements.

**D. Loan Assignments**— Core Plus Bond ETF and Income ETF invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 8.

**E. Unfunded Commitments**— Income ETF entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of its normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At August 31, 2025, Income ETF had the following loan commitments outstanding in which all or a portion of the commitments were unfunded, and which could be extended at the options of the borrower:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded** <br>**Commitment** | **Unfunded** <br>**Commitment** | **Funded** <br>**Commitment** | **Funded** <br>**Commitment** | **Total** <br>**Commitment** | **Total** <br>**Commitment** |
| **Security Description** | **Maturity** <br>**Date**<br>| **Commitment** <br>**Fee Rate**<br>| **Rate if** <br>**Funded**<br>| **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** |
| **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** |
| Clydesdale Acquisition Holdings, <br> Inc., 1st Lien Delayed Draw <br> Term Loan B<br>| 04/01/2032 | 3.250<br> %<br>| 7.566<br> %<br>| &nbsp;&nbsp; $15667 | &nbsp;&nbsp; $15646 | &nbsp;&nbsp; $485 | &nbsp;&nbsp; $484 | &nbsp;&nbsp; $16152 | &nbsp;&nbsp; $16130 |
| Raven Acquisition Holdings LLC, <br> 1st Lien Delayed Draw Term <br> Loan<br>| 11/19/2031 | 3.000 | 7.316 | &nbsp;&nbsp; 28540 | &nbsp;&nbsp; 28609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28540 | &nbsp;&nbsp; 28609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

308 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Funds purchased when-issued securities, including To-Be-Announced 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.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by a Fund is held in a separate segregated account maintained by JPMCB. These amounts are not reflected on the Fund's Statements of Assets and Liabilities.

Active Bond ETF, Core Plus Bond ETF, Income ETF, Municipal ETF, Short Duration Core Plus ETF and Ultra-Short Municipal Income ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2025 are detailed on the SOIs, if any.

The Funds' delayed delivery securities collateral requirements and collateral posted or received by counterparty as of August 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**amount**<br>|
| Core Plus Bond ETF | Collateral Posted | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20000 |
| Income ETF | Collateral Posted | Bank of America NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 |
| Income ETF | Collateral Posted | Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 |
| Income ETF | Collateral Posted | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| Income ETF | Collateral Posted | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170000 |
| Income ETF | Collateral Posted | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 |
| Income ETF | Collateral Received | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (320000)<br>|

---

**G. Securities Lending** — The Funds, except International Bond Opportunities ETF, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

309 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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 August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Active High Yield ETF | &nbsp;&nbsp; $9137066 | &nbsp;&nbsp; $(9137066)<br>| &nbsp;&nbsp; $— |
| Short Duration Core Plus ETF | &nbsp;&nbsp; 1529978 | &nbsp;&nbsp; (1529978)<br>| &nbsp;&nbsp; — |
| Ultra-Short Income ETF | &nbsp;&nbsp; 20749826 | &nbsp;&nbsp; (20749826)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

Active Bond ETF, Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the six months ended August 31, 2025.

**H. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  | **Active Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.23% (a) (b)<br>| $80993753 | $516094669 | $529515321 | $— | $— | $67573101 | 67573101 | $2126581 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  | **Active High Yield ETF**  |
| **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** | **For the period ended August 31, 2025** |
| **Security Description** | **Value at** <br>**June 24,** <br>**2025(a)**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.34% (b) (c)<br>| $— | $17965865 | $4377675 | $— | $— | $13588190 | 13588190 | $45,572<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, 4.23% <br> (b) (c)<br>|  | 183761625 | 123051120 |  |  | 60710505 | 60710505 | 484355 |  |
| **Total** | $— | $201727490 | $127428795 | $— | $— | $74298695 |  | $529927 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Commencement of operations was June 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

310 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  | **Core Plus Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan <br> U.S. Government <br> Money Market <br> Fund Class IM <br> Shares, 4.23% <br> (a) (b)<br>| $784655919 | $1127894713 | $1272106304 | $— | $— | $640444328 | 640444328 | $13314491 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money <br> Market Fund Class IM <br> Shares, 4.36% (a) (b)<br>| $44645094 | $2472852120 | $2426174885 | $(37342)<br>| $3793 | $91288780 | 91261401 | $3812064 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  | **International Bond Opportunities ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.23% (a) (b)<br>| $14100041 | $315606561 | $260347078 | $— | $— | $69359524 | 69359524 | $902141 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

311 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  | **Municipal ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional <br> Tax Free Money <br> Market Fund <br> Class IM Shares, <br> 3.13% (a) (b)<br>| $282312368 | $1321636475 | $1164516340 | $— | $— | $439432503 | 439388564 | $4406165 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  | **Short Duration Core Plus ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.36% <br> (a) (b)<br>| $34888213 | $209152215 | $213410073 | $(553)<br>| $(716)<br>| $30629086 | 30619900 | $419333 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.34% (a) (b)<br>| 2477517 | 13853976 | 14735775 |  |  | 1595718 | 1595718 | 56,647<br> \*<br>|  |
| **Total** | $37365730 | $223006191 | $228145848 | $(553)<br>| $(716)<br>| $32224804 |  | $475980 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

312 <br>

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  | **Ultra-Short Income ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security** <br> **Description**<br>| **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan <br> Securities <br> Lending Money <br> Market Fund <br> Agency SL <br> Class Shares, <br> 4.34% (a) (b)<br>| $76209770 | $108590123 | $163374688 | $— | $— | $21425205 | 21425205 | $700,860<br> \*<br>| $— |
| JPMorgan <br> U.S. Government <br> Money Market <br> Fund Class IM <br> Shares, 4.23% <br> (a) (b)<br>| 3163005924 | 9599882086 | 11795128772 |  |  | 967759238 | 967759238 | 42334800 |  |
| **Total** | $3239215694 | $9708472209 | $11958503460 | $— | $— | $989184443 |  | $43035660 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  | **Ultra-Short Municipal Income ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional <br> Tax Free Money <br> Market Fund <br> Class IM Shares, <br> 3.13% (a) (b)<br>| $366506598 | $1918348331 | $1588829163 | $1516 | $(1515)<br>| $696025767 | 695956172 | $5643901 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

**I. 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 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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

313 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**J. Derivatives**—The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Notes J(1) — J(4) below describe the various derivatives used by the Funds.

**(1) Options**— Income ETF and Municipal ETF purchased and sold ("wrote") put and call options on various instruments including options on indices to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

314 <br>

------

The Fund's exchange-traded option 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 Fund's over-the-counter ("OTC") options are subject to master netting agreements.

**(2) Futures Contracts**— The Funds used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds 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).

**(3) Forward Foreign Currency Exchange Contracts**— Core Plus Bond ETF, Income ETF and International Bond Opportunities ETF are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps**— Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, a Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

315 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Funds' OTC swap contracts are subject to master netting arrangements.

**Credit Default Swaps**

Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps**

International Bond Opportunities ETF entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

**(5) Summary of Derivatives Information**—The following tables present the value of derivatives held as of August 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active** <br>**Bond ETF**<br>| **Core Plus** <br>**Bond ETF**<br>| **Income ETF** | **International** <br>**Bond** <br>**Opportunities** <br>**ETF**<br>| **Municipal** <br>**ETF**<br>| **Short** <br>**Duration** <br>**Core Plus** <br>**ETF**<br>|
| **Foreign Exchange Rate Risk Exposure:** |  |  |  |  |  |  |
| Unrealized Appreciation on Forward Foreign Currency <br> Exchange Contracts<br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33423 | &nbsp;&nbsp; $1212402 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Unrealized Depreciation on Forward Foreign Currency <br> Exchange Contracts<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (212390)<br>| &nbsp;&nbsp; (10341365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | 763290 | &nbsp;&nbsp; 2941993 | &nbsp;&nbsp; 4067909 | &nbsp;&nbsp; 2043021 | &nbsp;&nbsp; 48943 | &nbsp;&nbsp; 430572 |
| Swaps at Value (Assets) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1958344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* | (263767)<br>| &nbsp;&nbsp; (1874665)<br>| &nbsp;&nbsp; (1529635)<br>| &nbsp;&nbsp; (664685)<br>| &nbsp;&nbsp; (93984)<br>| &nbsp;&nbsp; (182919)<br>|
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (565868)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Credit Risk Exposure:** |  |  |  |  |  |  |
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (4741991)<br>| &nbsp;&nbsp; (3074784)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

316 <br>

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active**<br> **Bond ETF**<br>| **Core Plus**<br> **Bond ETF**<br>| **Income ETF** | **International**<br> **Bond**<br> **Opportunities**<br> **ETF**<br>| **Municipal**<br> **ETF**<br>| **Short**<br> **Duration**<br> **Core Plus**<br> **ETF**<br>|
| **Net Fair Value of Derivative Contracts:** |  |  |  |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures <br> Contracts \*<br>| $499523 | &nbsp;&nbsp; $1067328 | &nbsp;&nbsp; $2538274 | &nbsp;&nbsp; $1378336 | &nbsp;&nbsp; $(45041)<br>| &nbsp;&nbsp; $247653 |
| Swaps at Value \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (4741991)<br>| &nbsp;&nbsp; (1682308)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) on Forward <br> Foreign Currency Exchange Contracts<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (178967)<br>| &nbsp;&nbsp; (9128963)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

\*\* Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

The following table presents the Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of August 31, 2025:

**International Bond Opportunities ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp; **Gross Amount of Derivative Assets** <br>**Subject to Netting Arrangements** <br>**Presented on the Statements of Assets** <br>**and Liabilities**(a)<br>| &nbsp;&nbsp;&nbsp; **Derivatives** <br>**Available** <br>**for Offset**<br>| &nbsp;&nbsp;&nbsp; **Collateral** <br>**Received**<br>| &nbsp;&nbsp;&nbsp; **Net Amount Due** <br>**From Counterparty** <br>**(Not less than zero)**<br>|
| Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp; $428 | &nbsp;&nbsp;&nbsp;&nbsp; $(428)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp; 121795 | &nbsp;&nbsp;&nbsp;&nbsp; (121795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, NA | &nbsp;&nbsp;&nbsp;&nbsp; 172495 | &nbsp;&nbsp;&nbsp;&nbsp; (172495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Holdings, <br> Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49296 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 168036 | &nbsp;&nbsp;&nbsp;&nbsp; (168036)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank, NA | &nbsp;&nbsp;&nbsp;&nbsp; 39295 | &nbsp;&nbsp;&nbsp;&nbsp; (39295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 661057 | &nbsp;&nbsp;&nbsp;&nbsp; (661057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $1212402 | &nbsp;&nbsp;&nbsp;&nbsp; $(1163106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp; **Gross Amount of Derivative Liabilities** <br>**Subject to Netting Arrangements** <br>**Presented on the Statements of Assets** <br>**and Liabilities**(a)<br>| &nbsp;&nbsp;&nbsp; **Derivatives** <br>**Available** <br>**for Offset**<br>| &nbsp;&nbsp;&nbsp; **Collateral** <br>**Posted**<br>| &nbsp;&nbsp;&nbsp; **Net Amount Due to** <br>**Counterparty** <br>**(Not less than zero)**<br>|
| Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp; $12135 | &nbsp;&nbsp;&nbsp;&nbsp; $(428)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11707 |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp; 158483 | &nbsp;&nbsp;&nbsp;&nbsp; (121795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36688 |
| Citibank, NA | &nbsp;&nbsp;&nbsp;&nbsp; 677470 | &nbsp;&nbsp;&nbsp;&nbsp; (172495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 504975 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 225695 | &nbsp;&nbsp;&nbsp;&nbsp; (168036)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57659 |
| HSBC Bank, NA | &nbsp;&nbsp;&nbsp;&nbsp; 7926423 | &nbsp;&nbsp;&nbsp;&nbsp; (39295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7887128 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1014511 | &nbsp;&nbsp;&nbsp;&nbsp; (661057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (353,454)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp; 29230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29230 |
| TD Bank Financial Group | &nbsp;&nbsp;&nbsp;&nbsp; 297418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $10341365 | &nbsp;&nbsp;&nbsp;&nbsp; $(1163106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(353454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8824805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) For financial reporting purposes the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities. 

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

317 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2025, by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Active** <br>**Bond ETF**<br>| **Core Plus** <br>**Bond ETF**<br>| **Income ETF** | **International** <br>**Bond** <br>**Opportunities** <br>**ETF**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | $— | &nbsp;&nbsp; $(187064)<br>| &nbsp;&nbsp; $(3536489)<br>| &nbsp;&nbsp; $(28159873)<br>|
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (370358)<br>| &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (232251)<br>| &nbsp;&nbsp; (14859034)<br>| &nbsp;&nbsp; 5438718 | &nbsp;&nbsp; 2983391 |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (340560)<br>|
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1848234)<br>| &nbsp;&nbsp; — |
| **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (270678)<br>| &nbsp;&nbsp; 85598 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | $— | &nbsp;&nbsp; $(5976)<br>| &nbsp;&nbsp; $(178967)<br>| &nbsp;&nbsp; $(11533524)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 177264 | &nbsp;&nbsp; (3777854)<br>| &nbsp;&nbsp; 1761640 | &nbsp;&nbsp; 589982 |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871835 |
| **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1050751)<br>| &nbsp;&nbsp; (1060603)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Municipal** <br>**ETF**<br>| **Short** <br>**Duration** <br>**Core Plus** <br>**ETF**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $533079 | &nbsp;&nbsp; $597207 |
| Purchased Options | (40781)<br>| &nbsp;&nbsp; — |
| **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** |
| Swap Contracts |  | &nbsp;&nbsp; (156680)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $(45041)<br>| &nbsp;&nbsp; $104492 |
| Purchased Options | 21206 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

318 <br>

------

**Derivatives Volume**

The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | | | |
|:---|:---|:---|:---|
|  | **Active** <br>**Bond ETF**<br>| **Core Plus** <br>**Bond ETF**<br>| **Income ETF** |
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $226950186 | &nbsp;&nbsp; $1287577807 | &nbsp;&nbsp; $789588138 |
| Average Notional Balance Short | &nbsp;&nbsp; (40340191)<br>| &nbsp;&nbsp; (24240259)<br>| &nbsp;&nbsp; (252690081)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 282324571 | &nbsp;&nbsp; 1245340680 | &nbsp;&nbsp; 901627769 |
| Ending Notional Balance Short | &nbsp;&nbsp; (32193000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (366100943)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (1118249)<br>| &nbsp;&nbsp; (71245001)<br>|
| Average Settlement Value Sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 1620461 | &nbsp;&nbsp; 623145 |
| Ending Settlement Value Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (121695834)<br>|
| Ending Settlement Value Sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 904267 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 373 |
| **OTC Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70232143 |
| **Credit Default Swaps:** |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48048571 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63507000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Bond** <br>**Opportunities** <br>**ETF**<br>| **Municipal** <br>**ETF**<br>| **Short** <br>**Duration** <br>**Core Plus** <br>**ETF**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $357820503 | &nbsp;&nbsp; $32927634 | &nbsp;&nbsp; $162031856 |
| Average Notional Balance Short | &nbsp;&nbsp; (178048069)<br>| &nbsp;&nbsp; (22274277)<br>| &nbsp;&nbsp; (41114698)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 461187754 | &nbsp;&nbsp; 29705000 | &nbsp;&nbsp; 181042555 |
| Ending Notional Balance Short | &nbsp;&nbsp; (217380249)<br>| &nbsp;&nbsp; (30727250)<br>| &nbsp;&nbsp; (42085312)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; (193585404)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Settlement Value Sold | &nbsp;&nbsp; 671908313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Settlement Value Purchased | &nbsp;&nbsp; (211337075)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Settlement Value Sold | &nbsp;&nbsp; 1159568742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Interest Rate-Related Swaps:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 49779076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 194537907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 94181059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 327613687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 186 | &nbsp;&nbsp; — |
| **Credit Default Swaps:** |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; 22910830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; 29662815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The Funds may be required to post or receive collateral based on the net value of the Funds' outstanding non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.E), otherwise the cash collateral is included on the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

319 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.

International Bond Opportunities ETF derivative contracts collateral requirements and collateral posted or received by counterparty as of August 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** |  | **Fund Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral**<br> **amount**<br>|
| International Bond Opportunities ETF | Collateral Received | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(353454)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(450000)<br>|
| International Bond Opportunities ETF | Collateral Posted | Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |

---

The Funds' derivatives contracts held at August 31, 2025 are not accounted for as hedging instruments under GAAP.

**K. 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, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the 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.

**L. 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 August 31, 2025, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

**M. 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.

**N. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared monthly 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.

**O. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**P. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

320 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

---

| | |
|:---|:---|
| Active Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Active High Yield ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Short Duration Core Plus ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Ultra-Short Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |

---

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.

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

JPMCB 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 the Administrator.

**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 Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed the percentage of the following Funds' respective average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |

---

The expense limitation agreements were in effect for the period July 1, 2025 through August 31, 2025 and the contractual percentages in the table above are in place until at least June 30, 2026 at which time it will be determined whether such waivers will be renewed or revised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

321 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

For the six months ended August 31, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | |
|:---|:---|
|  | **Contractual Waivers** |
|  | **Management** <br>**Fees**<br>|
| Core Plus Bond ETF | &nbsp;&nbsp; $660023 |
| Income ETF | &nbsp;&nbsp; 190415 |

---

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.

During the six months ended August 31, 2025, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The 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.

**4. Investment Transactions** 

During the six months ended August 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| Active Bond ETF | $1410236222 | $499894112 | $672366801 | $149492733 |
| Active High Yield ETF | 2026965308 | 114636329 |  |  |
| Core Plus Bond ETF | 3465153959 | 2092715578 | 422713316 | 184956711 |
| Income ETF | 6008717848 | 3989487571 |  |  |
| International Bond Opportunities ETF | 486995176 | 98442757 |  |  |
| Municipal ETF | 1935292699 | 983238547 |  |  |
| Short Duration Core Plus ETF | 239881159 | 95485495 | 153866027 | 117013874 |
| Ultra-Short Income ETF | 10011481599 | 6449323170 |  |  |
| Ultra-Short Municipal Income ETF | 1725913826 | 1051038222 |  |  |

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**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Active Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $3003705250 | &nbsp;&nbsp;&nbsp;&nbsp; $42098451 | &nbsp;&nbsp;&nbsp;&nbsp; $8453969 | &nbsp;&nbsp;&nbsp;&nbsp; $33644482 |
| Active High Yield ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2036131358 | &nbsp;&nbsp;&nbsp;&nbsp; 18729286 | &nbsp;&nbsp;&nbsp;&nbsp; 5275953 | &nbsp;&nbsp;&nbsp;&nbsp; 13453333 |
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7577844074 | &nbsp;&nbsp;&nbsp;&nbsp; 129088562 | &nbsp;&nbsp;&nbsp;&nbsp; 52657373 | &nbsp;&nbsp;&nbsp;&nbsp; 76431189 |
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4423573287 | &nbsp;&nbsp;&nbsp;&nbsp; 81169343 | &nbsp;&nbsp;&nbsp;&nbsp; 19810615 | &nbsp;&nbsp;&nbsp;&nbsp; 61358728 |
| International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1067764669 | &nbsp;&nbsp;&nbsp;&nbsp; 41807835 | &nbsp;&nbsp;&nbsp;&nbsp; 26542679 | &nbsp;&nbsp;&nbsp;&nbsp; 15265156 |
| Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3537014891 | &nbsp;&nbsp;&nbsp;&nbsp; 25263194 | &nbsp;&nbsp;&nbsp;&nbsp; 37417447 | &nbsp;&nbsp;&nbsp;&nbsp; (12154253)<br>|
| Short Duration Core Plus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 811883530 | &nbsp;&nbsp;&nbsp;&nbsp; 10789044 | &nbsp;&nbsp;&nbsp;&nbsp; 2761356 | &nbsp;&nbsp;&nbsp;&nbsp; 8027688 |
| Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 32760468189 | &nbsp;&nbsp;&nbsp;&nbsp; 119627032 | &nbsp;&nbsp;&nbsp;&nbsp; 3476763 | &nbsp;&nbsp;&nbsp;&nbsp; 116150269 |
| Ultra-Short Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4379476467 | &nbsp;&nbsp;&nbsp;&nbsp; 15405907 | &nbsp;&nbsp;&nbsp;&nbsp; 1675268 | &nbsp;&nbsp;&nbsp;&nbsp; 13730639 |

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At February 28, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Active Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $67312 |
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8617385 | &nbsp;&nbsp;&nbsp;&nbsp; 26455842 |
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8929567 | &nbsp;&nbsp;&nbsp;&nbsp; 11462044 |
| International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2909681 | &nbsp;&nbsp;&nbsp;&nbsp; 16056838 |
| Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5745504 | &nbsp;&nbsp;&nbsp;&nbsp; 4434464 |
| Short Duration Core Plus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3666114 | &nbsp;&nbsp;&nbsp;&nbsp; 6248822 |
| Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26627402 | &nbsp;&nbsp;&nbsp;&nbsp; 68689358 |
| Ultra-Short Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10537560 | &nbsp;&nbsp;&nbsp;&nbsp; 11666628 |

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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, 2025, the following Funds deferred to March 1, 2025 the following net capital losses (gains) and/or specified ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
|  | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
| Active Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $2237985 | &nbsp;&nbsp;&nbsp;&nbsp; $(261899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1765803 | &nbsp;&nbsp;&nbsp;&nbsp; (1212094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1117083 | &nbsp;&nbsp;&nbsp;&nbsp; (338063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp; (356751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1021173 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1912339 | &nbsp;&nbsp;&nbsp;&nbsp; (490308)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration Core Plus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5180 | &nbsp;&nbsp;&nbsp;&nbsp; 62149 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Ultra-Short Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 44970 | &nbsp;&nbsp;&nbsp;&nbsp; 539117 | &nbsp;&nbsp;&nbsp;&nbsp; — |

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During the year ended February 28, 2025, the following Funds utilized capital loss carryforwards as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; $331316 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4258 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration Core Plus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1006810 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21567451 | &nbsp;&nbsp;&nbsp;&nbsp; 1374648 |

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**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Borrowings** 

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 six months ended August 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it was not eligible to draw on the Credit Facility, and did not incur costs associated with being a part of the Credit Facility up through May 30, 2024.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate.

The Funds did not utilize the Credit Facility during the period March 1, 2025 through August 31, 2025.

Effective May 31, 2024, the Funds, excluding Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Ultra-Short Income ETF, are not part of the Credit Facility.

**8. Risks, Concentrations and Indemnifications**

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

International Bond Opportunities 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.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

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The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus 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.

International Bond Opportunities 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 the 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, excluding Municipal ETF and Ultra-Short Municipal Income ETF, invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, 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 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. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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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.

![](g31970imgf0cb51ab1.jpg)

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![](g31970imgf2fa9cb62.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. August 2025.

SAN-FIETF-825

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

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**Statement Regarding Basis for Approval of Management Agreements**

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS**

***JPMorgan Active Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan Income ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Ultra-Short Income ETF and JPMorgan Ultra-Short Municipal Income ETF***

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreements for JPMorgan Active Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan Income ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Ultra-Short Income ETF and JPMorgan Ultra-Short Municipal Income ETF (each a "Fund," and collectively, the "Funds") whose semi-annual report is contained herein (each a "Management Agreement" and collectively, the "Management Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 14, 2025.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the

"independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

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

• The background and experience of the Adviser's senior management and investment personnel, including personnel

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changes, if any;

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

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

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

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

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

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

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

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

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

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

traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

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

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Funds' distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the

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Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

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

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds with at least one-year of performance history in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for applicable one-, three and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in each Fund's Universe and noted that the Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees

also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance are summarized below:

The Trustees noted that the JPMorgan Active Bond ETF's performance was in the first quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Core Plus Bond ETF's performance was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Income ETF's performance was in the second and first quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan International Bond Opportunities ETF's performance was in the first quintile of the Universe for each of the one-, three- and five- year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Municipal ETF's performance was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended

------

December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Short Duration Core Plus ETF's performance was in the third and second quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Ultra-Short Income ETF's performance was in the third, third and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF's performance was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

***Management Fees and Expense Ratios***

The Trustees considered the contractual and net management fee rates paid by each Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees also reviewed information about other expenses and the total expense ratio for each Fund and noted that the Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services

that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan Active Bond ETF's net management fee and actual total expenses were both in the third and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Core Plus Bond ETF's net management fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the second and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Income ETF's net management and actual total expenses were in the second and first quintiles, respectively, of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan International Bond Opportunities ETF's net management fee and actual total expenses were in the fourth and third quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings of the Peer Group due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Municipal ETF's net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Short Duration Core Plus ETF's net management fee and actual total expenses were in the third and second quintiles, respectively, of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Ultra-Short Income ETF's net management fee and actual total expenses were both in the second quintile of both the Peer Group and Universe. After

------

considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF's net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable.in light of the services provided to the Fund.

------

**BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT**

***JPMorgan Active High Yield ETF***

On August 20-22, 2024, the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial management agreement (the "Management Agreement") for the JPMorgan Active High Yield ETF (the "Fund"). The Management Agreement was approved by a majority of the Trustees who are not "Interested Persons" (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of its affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

***Nature, Extent and Quality of Services Provided by the Adviser***

In connection with the approval of the Fund's initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior

management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;

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

• Information about the structure and distribution strategy of the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services to be provided by the Adviser under the Management Agreement;

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

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

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

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them.

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

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the proposed unitary

------

management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for management styles substantially similar to that of the Fund. The Trustees considered the Adviser's view that it does not currently manage other US vehicles with substantially similar investment strategies as that of the Fund.

***Investment Performance***

The Trustees considered the Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

***Management Fee***

The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. ("Broadridge"), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB. The Trustees also received and reviewed information related to payments and/or fee adjustments provided by the adviser to an investor contributing seed capital to the Fund.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund's proposed management fee was fair and reasonable.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

August 31, 2025 (Unaudited)

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

![](g75335imgf0ab6ae61.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_c42ec268-91ee-4dc0-b03e-23e85a7dd534_SOI-TOC-ScheduleofInvestments-906_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_c42ec268-91ee-4dc0-b03e-23e85a7dd534_FS-TOC-FinancialStatement-906_1) | &nbsp;&nbsp; **4** |
| [Financial Highlights](#xx_c42ec268-91ee-4dc0-b03e-23e85a7dd534_FIHI_2-TOC-FIHI-906_2) | &nbsp;&nbsp; **8** |
| [Notes to Financial Statements](#xx_c42ec268-91ee-4dc0-b03e-23e85a7dd534_NTF-NTFRunningFooter-906_1) | &nbsp;&nbsp; **10** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.

------

JPMorgan BetaBuilders MSCI US REIT ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Apartments — 16.1%** | **Apartments — 16.1%** | **Apartments — 16.1%** |
| American Homes 4 Rent, Class A, REIT | 284618 | 10195017 |
| Apartment Investment and Management Co., <br> Class A, REIT<br>| 166229 | 1301573 |
| AvalonBay Communities, Inc., REIT | 119839 | 23470468 |
| Camden Property Trust, REIT | 90664 | 10152555 |
| Centerspace, REIT | 17812 | 1059814 |
| Elme Communities, REIT | 94702 | 1617510 |
| Equity LifeStyle Properties, Inc., REIT | 158316 | 9544872 |
| Equity Residential, REIT | 293048 | 19376334 |
| Essex Property Trust, Inc., REIT | 55835 | 15087175 |
| Independence Realty Trust, Inc., REIT | 210583 | 3813658 |
| Invitation Homes, Inc., REIT | 502552 | 15724852 |
| Mid-America Apartment Communities, Inc., REIT | 101560 | 14809479 |
| NexPoint Residential Trust, Inc., REIT | 27490 | 948680 |
| Sun Communities, Inc., REIT | 110158 | 13975746 |
| UDR, Inc., REIT | 280723 | 11108209 |
|  |  | 152185942 |
| **Diversified — 17.8%** | **Diversified — 17.8%** | **Diversified — 17.8%** |
| Alexander & Baldwin, Inc., REIT | 79388 | 1535364 |
| American Assets Trust, Inc., REIT | 57871 | 1209504 |
| Armada Hoffler Properties, Inc., REIT | 100070 | 728510 |
| Broadstone Net Lease, Inc., REIT | 169082 | 3143234 |
| Digital Realty Trust, Inc., REIT | 240176 | 40263105 |
| EPR Properties, REIT | 71629 | 3885873 |
| Equinix, Inc., REIT | 71509 | 56219661 |
| Farmland Partners, Inc., REIT (a) | 70597 | 777979 |
| Gaming and Leisure Properties, Inc., REIT | 230181 | 11050990 |
| Gladstone Commercial Corp., REIT | 53855 | 724350 |
| Global Net Lease, Inc., REIT | 209465 | 1648489 |
| InvenTrust Properties Corp., REIT | 76212 | 2268831 |
| Millrose Properties, Inc., Class A, REIT | 12415 | 438374 |
| One Liberty Properties, Inc., REIT | 26364 | 629836 |
| Safehold, Inc., REIT | 56397 | 928295 |
| UMH Properties, Inc., REIT | 62676 | 983386 |
| Veris Residential, Inc., REIT | 85650 | 1347274 |
| VICI Properties, Inc., REIT | 847899 | 28642028 |
| WP Carey, Inc., REIT | 186191 | 12493416 |
|  |  | 168918499 |
| **Health Care — 17.0%** | **Health Care — 17.0%** | **Health Care — 17.0%** |
| Alexandria Real Estate Equities, Inc., REIT | 138673 | 11432202 |
| American Healthcare REIT, Inc., REIT | 80131 | 3428805 |
| CareTrust REIT, Inc., REIT | 122985 | 4231914 |
| Community Healthcare Trust, Inc., REIT | 35572 | 548165 |
| Diversified Healthcare Trust, REIT | 205877 | 784391 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care — continued** | **Health Care — continued** | **Health Care — continued** |
| Global Medical REIT, Inc., REIT | 90103 | 675773 |
| Healthcare Realty Trust, Inc., REIT | 334080 | 5806310 |
| Healthpeak Properties, Inc., REIT | 618809 | 11101433 |
| LTC Properties, Inc., REIT | 43677 | 1594211 |
| Medical Properties Trust, Inc., REIT (a) | 584326 | 2629467 |
| National Health Investors, Inc., REIT | 42120 | 3297575 |
| Omega Healthcare Investors, Inc., REIT | 211854 | 9018625 |
| Sabra Health Care REIT, Inc., REIT | 218963 | 4184383 |
| Sila Realty Trust, Inc., REIT | 14935 | 372479 |
| Universal Health Realty Income Trust, REIT | 18737 | 760535 |
| Ventas, Inc., REIT | 352916 | 24026521 |
| Welltower, Inc., REIT | 461976 | 77741321 |
|  |  | 161634110 |
| **Hotels — 3.2%** | **Hotels — 3.2%** | **Hotels — 3.2%** |
| Apple Hospitality REIT, Inc., REIT | 208976 | 2729226 |
| DiamondRock Hospitality Co., REIT | 216518 | 1853394 |
| Host Hotels & Resorts, Inc., REIT | 623890 | 10737147 |
| Park Hotels & Resorts, Inc., REIT | 218173 | 2565714 |
| Pebblebrook Hotel Trust, REIT | 137869 | 1535861 |
| RLJ Lodging Trust, REIT | 172148 | 1325540 |
| Ryman Hospitality Properties, Inc., REIT | 48435 | 4784894 |
| Summit Hotel Properties, Inc., REIT | 140372 | 769238 |
| Sunstone Hotel Investors, Inc., REIT | 211077 | 2001010 |
| Xenia Hotels & Resorts, Inc., REIT | 120090 | 1696872 |
|  |  | 29998896 |
| **Industrial — 12.5%** | **Industrial — 12.5%** | **Industrial — 12.5%** |
| Americold Realty Trust, Inc., REIT | 247954 | 3580456 |
| EastGroup Properties, Inc., REIT | 39654 | 6723732 |
| First Industrial Realty Trust, Inc., REIT | 120614 | 6344296 |
| Innovative Industrial Properties, Inc., REIT | 28247 | 1600475 |
| Lineage, Inc., REIT | 7896 | 330921 |
| LXP Industrial Trust, REIT | 274133 | 2489128 |
| Plymouth Industrial REIT, Inc., REIT | 54015 | 1188330 |
| Prologis, Inc., REIT | 693259 | 78879009 |
| Rexford Industrial Realty, Inc., REIT | 166840 | 6908844 |
| STAG Industrial, Inc., REIT | 164407 | 6058398 |
| Terreno Realty Corp., REIT | 70924 | 4097280 |
|  |  | 118200869 |
| **Office — 4.7%** | **Office — 4.7%** | **Office — 4.7%** |
| Brandywine Realty Trust, REIT | 211008 | 898894 |
| BXP, Inc., REIT | 133828 | 9703868 |
| COPT Defense Properties, REIT | 108219 | 3114543 |
| Cousins Properties, Inc., REIT | 142269 | 4195513 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan BetaBuilders MSCI US REIT ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Office — continued** | **Office — continued** | **Office — continued** |
| Douglas Emmett, Inc., REIT | 171056 | 2772818 |
| Easterly Government Properties, Inc., REIT | 40747 | 932699 |
| Empire State Realty Trust, Inc., Class A, REIT | 151436 | 1158485 |
| Highwoods Properties, Inc., REIT | 101951 | 3214515 |
| Hudson Pacific Properties, Inc., REIT \* | 120324 | 338110 |
| JBG SMITH Properties, REIT (a) | 108022 | 2315992 |
| Kilroy Realty Corp., REIT | 99769 | 4149393 |
| Paramount Group, Inc., REIT \* | 213968 | 1540570 |
| Piedmont Realty Trust, Inc., Class A, REIT | 144230 | 1221628 |
| SL Green Realty Corp., REIT | 61324 | 3488722 |
| Vornado Realty Trust, REIT | 150416 | 5720321 |
|  |  | 44766071 |
| **Regional Malls — 5.3%** | **Regional Malls — 5.3%** | **Regional Malls — 5.3%** |
| CBL & Associates Properties, Inc., REIT | 21536 | 685922 |
| Macerich Co. (The), REIT | 232318 | 4274651 |
| Simon Property Group, Inc., REIT | 233450 | 42175077 |
| Tanger, Inc., REIT | 100240 | 3426203 |
|  |  | 50561853 |
| **Shopping Centers — 6.1%** | **Shopping Centers — 6.1%** | **Shopping Centers — 6.1%** |
| Acadia Realty Trust, REIT | 96689 | 1934747 |
| Alexander's, Inc., REIT (a) | 3453 | 795364 |
| Brixmor Property Group, Inc., REIT | 272537 | 7628311 |
| Curbline Properties Corp., REIT | 95352 | 2148280 |
| Federal Realty Investment Trust, REIT | 66410 | 6677525 |
| Kimco Realty Corp., REIT | 593451 | 13346713 |
| Kite Realty Group Trust, REIT | 203338 | 4640173 |
| NETSTREIT Corp., REIT (a) | 66731 | 1220510 |
| Phillips Edison & Co., Inc., REIT | 110093 | 3874173 |
| Regency Centers Corp., REIT | 149456 | 10835560 |
| Saul Centers, Inc., REIT | 20465 | 699289 |
| SITE Centers Corp., REIT | 59796 | 734295 |
| Urban Edge Properties, REIT | 117220 | 2425282 |
| Whitestone, REIT | 63675 | 837963 |
|  |  | 57798185 |
| **Single Tenant — 6.5%** | **Single Tenant — 6.5%** | **Single Tenant — 6.5%** |
| Agree Realty Corp., REIT | 81227 | 5908452 |
| Essential Properties Realty Trust, Inc., REIT | 133572 | 4183475 |
| Four Corners Property Trust, Inc., REIT | 83838 | 2170566 |
| Getty Realty Corp., REIT | 44215 | 1264107 |
| NNN REIT, Inc., REIT | 162844 | 6987636 |
| Realty Income Corp., REIT | 696973 | 40954133 |
|  |  | 61468369 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Storage — 10.3%** | **Storage — 10.3%** | **Storage — 10.3%** |
| CubeSmart, REIT | 202248 | 8275988 |
| Extra Space Storage, Inc., REIT | 178028 | 25561261 |
| Iron Mountain, Inc., REIT | 248343 | 22929509 |
| National Storage Affiliates Trust, REIT | 82935 | 2672995 |
| Public Storage, REIT | 129254 | 38076936 |
| Smartstop Self Storage REIT, Inc., REIT | 9131 | 332277 |
|  |  | 97848966 |
| Total Common Stocks <br>(Cost $1,012,042,716)<br>|  | 943381760 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.23% (b) (c) <br>(Cost $3,526,197)<br>| 3526197 | 3526197 |
| **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.34% (b) (c) <br>(Cost $6,657,434)<br>| 6657434 | 6657434 |
| Total Short-Term Investments <br>(Cost $10,183,631)<br>|  | 10183631 |
| **Total Investments — 100.6%** <br>**(Cost $1,022,226,347)**<br>|  | **953565391** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(5794724)**<br>|
| **NET ASSETS — 100.0%** |  | **947770667** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at August 31, 2025. The total value of securities on loan at August 31, 2025 is $6,595,166. 

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4116990 | &nbsp;&nbsp;&nbsp;&nbsp; 97835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 3

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders MSCI** <br>**US REIT ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $943381760 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 3526197 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.B.)  | &nbsp;&nbsp;&nbsp; 6657434 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 483000 |
| Receivables: |  |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 513052 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 408 |
| Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp; 1202 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 22172 |
| Other assets | &nbsp;&nbsp;&nbsp; 103222 |
| Total Assets | &nbsp;&nbsp;&nbsp; 954688447 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 176988 |
| Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp; 6657434 |
| Accrued liabilities: |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 83358 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 6917780 |
| Net Assets | &nbsp;&nbsp;&nbsp; $947770667 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1084833404 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (137062737)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $947770667 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 9950000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $95.25 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1012042716 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 3526197 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp; 6595166 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp; 6657434 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders MSCI** <br>**US REIT ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10584 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 15056877 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 109076 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp; 8835 |
| Other | &nbsp;&nbsp;&nbsp; 18317 |
| Total investment income | &nbsp;&nbsp;&nbsp; 15203690 |
| **EXPENSES:** |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 495805 |
| Total expenses | &nbsp;&nbsp;&nbsp; 495805 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 14707885 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (4337141)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 4720312 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 235497 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 618668 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (27411653)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (171225)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (27582878)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (26964210)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(12256325)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 5

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan BetaBuilders** <br>**MSCI US REIT ETF**  | **JPMorgan BetaBuilders** <br>**MSCI US REIT ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $14707885 | &nbsp;&nbsp;&nbsp; $26980754 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 618668 | &nbsp;&nbsp;&nbsp; 20562586 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (27582878)<br>| &nbsp;&nbsp;&nbsp; 80322261 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (12256325)<br>| &nbsp;&nbsp;&nbsp; 127865601 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (12079331)<br>| &nbsp;&nbsp;&nbsp; (27912142)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 38599864 | &nbsp;&nbsp;&nbsp; 28196103 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 14264208 | &nbsp;&nbsp;&nbsp; 128149562 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 933506459 | &nbsp;&nbsp;&nbsp; 805356897 |
| End of period | &nbsp;&nbsp;&nbsp; $947770667 | &nbsp;&nbsp;&nbsp; $933506459 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $86980825 | &nbsp;&nbsp;&nbsp; $222731624 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (48380961)<br>| &nbsp;&nbsp;&nbsp; (194535521)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $38599864 | &nbsp;&nbsp;&nbsp; $28196103 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 2350000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (525000)<br>| &nbsp;&nbsp;&nbsp; (2050000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Exchange-Traded Funds August 31, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan BetaBuilders MSCI US REIT ETF** |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $98.01 | &nbsp;&nbsp; $1.51 | &nbsp;&nbsp; $(3.02)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.25)<br>|
| Year Ended February 28, 2025  | 87.30 | 2.86 | 10.83 | 13.69 | &nbsp;&nbsp; (2.98)<br>|
| Year Ended February 29, 2024  | 85.96 | 2.94 | 1.69 | 4.63 | &nbsp;&nbsp; (3.29)<br>|
| Year Ended February 28, 2023  | 99.98 | 2.75 | &nbsp;&nbsp; (14.63)<br>| &nbsp;&nbsp; (11.88)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended February 28, 2022  | 82.46 | 1.93 | 17.48 | 19.41 | &nbsp;&nbsp; (1.89)<br>|
| Year Ended February 28, 2021  | 82.62 | 2.07 | 0.28<br> (e)<br>| 2.35 | &nbsp;&nbsp; (2.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95.25 | &nbsp;&nbsp;&nbsp;&nbsp; $95.33 | &nbsp;&nbsp;&nbsp;&nbsp; (1.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $947770667 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.01 | &nbsp;&nbsp;&nbsp;&nbsp;97.92 | &nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp; 933506459 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.30 | &nbsp;&nbsp;&nbsp;&nbsp;87.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp; 805356897 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.96 | &nbsp;&nbsp;&nbsp;&nbsp;85.99 | &nbsp;&nbsp;&nbsp;&nbsp; (11.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 741364325 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.98 | &nbsp;&nbsp;&nbsp;&nbsp;100.02 | &nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;23.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1357276384 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.46 | &nbsp;&nbsp;&nbsp;&nbsp;82.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp; 944122915 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 9

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

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

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

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

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

**2. Significant Accounting Policies**

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

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

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 Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Fund is calculated on a valuation date.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $953565391 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $953565391 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $97835 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $97835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statement of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| &nbsp;&nbsp; $6595166 | &nbsp;&nbsp; $(6595166)<br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 11

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.34% (a) (b)<br>| $7996508 | $27233208 | $28572282 | $— | $— | $6657434 | 6657434 | $124,824<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.23% (a) (b)<br>| 4960676 | 25586650 | 27021129 |  |  | 3526197 | 3526197 | 109076 |  |
| **Total** | $12957184 | $52819858 | $55593411 | $— | $— | $10183631 |  | $233900 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

The table below discloses the volume of the Fund's futures contracts activity during the six months ended August 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $5552919 |
| Ending Notional Balance Long | &nbsp;&nbsp; 4116990 |

---

**E. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on the ex-dividend date or when the Fund first learns of the dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Exchange-Traded Funds August 31, 2025

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

**F. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of August 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

**H. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**I. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 13

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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

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

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

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

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

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

**4. Investment Transactions** 

During the six months ended August 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $24805689 | $16802728 |

---

During the six months ended August 31, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended August 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $84518495 | $46787080 |

---

During the six months ended August 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1022226347 | &nbsp;&nbsp;&nbsp;&nbsp; $63450953 | &nbsp;&nbsp;&nbsp;&nbsp; $132014074 | &nbsp;&nbsp;&nbsp;&nbsp; $(68563121)<br>|

---

At February 28, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $33344730 | &nbsp;&nbsp;&nbsp;&nbsp; $29723529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Exchange-Traded Funds August 31, 2025

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Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended February 28, 2025, the Fund deferred to March 1, 2025 the following net capital losses (gains) of:

---

| | |
|:---|:---|
| **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $(717394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5386810 |

---

During the year ended February 28, 2025, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $612523 |

---

**6. Capital Share Transactions**

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

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

**7. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

**8. Risks, Concentrations and Indemnifications**

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

As of August 31, 2025, 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 Fund as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 10.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.7<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 15

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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

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

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

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

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's underlying index or in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds August 31, 2025

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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.

![](g75335img35bccf2e2.jpg)

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![](g75335img717ca8863.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. August 2025.

SAN-RETF-825

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

------

**Statement Regarding Basis for Approval of Management Agreement**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreement (the "Management Agreement") for the Fund. At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates, approved the continuation of the Management Agreement on August 14, 2025.

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

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Management Agreement was in the best interests of the Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

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

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

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

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

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

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

• Their knowledge of the nature and quality of the services

------

provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

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

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

• Their overall confidence in the Adviser's integrity; and

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

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

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

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

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

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Fund. The

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

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of the Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Fund's distributor and principal underwriter, ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that the Fund benefited from the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

------

***Fees Relative to Adviser's Other Clients***

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

***Investment Performance***

The Trustees considered that the Fund is a "passive" ETF whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees considered the Fund's investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed the Fund's performance against its benchmark and considered the Fund's performance information provided at regular Board

meetings by the Adviser. After consideration, the Trustees determined that the Fund's performance was consistent with its investment objective.

***Management Fee and Expense Ratio***

The Trustees considered the contractual and net management fee rates paid by the Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Fund. This review included ranking of the Fund within an expense universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"). The Trustees reviewed a description of Broadridge's methodology for selecting funds in the Universe and Peer Group, as applicable, and noted that Universe and/or Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of the Fund's management fee and expense ratio are summarized below:

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

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

August 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan High Yield Municipal ETF | JMHI | NYSE Arca, Inc. |
| JPMorgan Inflation Managed Bond ETF | JCPI | Cboe BZX Exchange, Inc. |
| JPMorgan Limited Duration Bond ETF | JPLD | Cboe BZX Exchange, Inc. |
| JPMorgan Realty Income ETF | JPRE | NYSE Arca, Inc. |
| JPMorgan Sustainable Municipal Income ETF | JMSI | NYSE Arca, Inc. |

---

![](g74548imgca474cfb1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_836c396b-afcc-4931-8d0e-00ed6577c551_SOI-TOC-ScheduleofInvestments-1012_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_836c396b-afcc-4931-8d0e-00ed6577c551_FS-TOC-FinancialStatement-1012_1) | &nbsp;&nbsp; **49** |
| [Financial Highlights](#xx_836c396b-afcc-4931-8d0e-00ed6577c551_FIHI_2-TOC-FIHI-1012_1) | &nbsp;&nbsp; **56** |
| [Notes to Financial Statements](#xx_836c396b-afcc-4931-8d0e-00ed6577c551_NTF-NTFRunningFooter-1012_1) | &nbsp;&nbsp; **66** |

---

**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' prospectus for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (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.

------

JPMorgan High Yield Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 86.8% (a)** | **Municipal Bonds — 86.8% (a)** | **Municipal Bonds — 86.8% (a)** |
| **Alabama — 5.3%** | **Alabama — 5.3%** | **Alabama — 5.3%** |
| Baldwin County Industrial Development <br> Authority, Novelis Corp., Project Series <br> 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c)<br>| 1250000 | 1251781 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series 2023D-1, Rev., 5.50%, 2/1/2029 (c) | 2030000 | 2154433 |
| Series 2021A, Rev., 4.00%, 12/1/2031 (c) | 3000000 | 3038541 |
| Series 2024B, Rev., 5.00%, 9/1/2032 (c) | 1000000 | 1064905 |
| Series 2024D, Rev., 5.00%, 11/1/2034 (c) | 2000000 | 2108108 |
| County of Jefferson sewer, Rev., 5.25%, <br> 10/1/2049<br>| 1000000 | 1002930 |
| Mobile County Industrial Development <br> Authority, Calvert LLC Project Series 2024B, <br> Rev., AMT, 4.75%, 12/1/2054<br>| 1000000 | 868469 |
| Total Alabama |  | 11489167 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| Northern Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Senior Capital <br> Appreciation Series 2021B-2, Class 2, Rev., <br> Zero Coupon, 6/1/2066<br>| 3500000 | 394432 |
| **Arizona — 1.1%** | **Arizona — 1.1%** | **Arizona — 1.1%** |
| Arizona Industrial Development Authority, Great <br> Lakes Senior Living Communities LLC Project <br> Series 2025A-2, Rev., 5.13%, 1/1/2059<br>| 1500000 | 1351270 |
| Arizona Industrial Development Authority, KIPP <br> NYC Public Charter Schools Jerome Facility <br> Project Series 2021B, Rev., 4.00%, <br> 7/1/2041<br>| 1000000 | 877578 |
| Maricopa County Industrial Development <br> Authority, Ottawa University, Rev., 5.13%, <br> 10/1/2030 (b)<br>| 210000 | 202261 |
| Total Arizona |  | 2431109 |
| **Arkansas — 0.5%** | **Arkansas — 0.5%** | **Arkansas — 0.5%** |
| Arkansas Development Finance Authority, <br> Industrial Development , Hybar Steel Project <br> Series 2023B, Rev., AMT, 7.38%, <br> 7/1/2048 (b)<br>| 1000000 | 1076526 |
| **California — 5.3%** | **California — 5.3%** | **California — 5.3%** |
| California Community Choice Financing <br> Authority, Clean Energy Project Series <br> 2023B-1, Rev., 5.00%, 8/1/2029 (c)<br>| 1280000 | 1350248 |
| California County Tobacco Securitization Agency, <br> Los Angeles County Securitization Corp. <br> Series 2020B-2, Rev., Zero Coupon, <br> 6/1/2055<br>| 4500000 | 788852 |
| California Health Facilities Financing Authority, <br> Sutter Health Series 2017A, Rev., 4.00%, <br> 11/15/2048<br>| 1000000 | 842819 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **California — continued** | **California — continued** | **California — continued** |
| California Infrastructure and Economic <br> Development Bank, Brightline West <br> Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| 400000 | 367597 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, 10/1/2025 (c)<br>| 1000000 | 999938 |
| California Municipal Finance Authority, Linxs <br> Apartments Project, Senior Lien Series <br> 2018A, Rev., AMT, 5.00%, 12/31/2047<br>| 1000000 | 953638 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2020, Rev., <br> AMT, VRDO, 3.80%, 12/1/2025 (c)<br>| 1000000 | 1000000 |
| California Public Finance Authority, Senior <br> Living The James Series 2024A, Rev., 6.50%, <br> 6/1/2054 (b)<br>| 1000000 | 919641 |
| California School Facilities Financing Authority, <br> Capital Appreciation, Azusa Unified School <br> District Series 2009A, Rev., A.G., Zero <br> Coupon, 8/1/2030<br>| 200000 | 174312 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical <br> Center Series 2016A, Rev., 5.25%, <br> 12/1/2056 (b)<br>| 2000000 | 1821346 |
| Golden State Tobacco Securitization Corp., <br> Enhanced Tobacco Settlement Series <br> 2021B-2, Rev., Zero Coupon, 6/1/2066<br>| 25000000 | 2319978 |
| Total California |  | 11538369 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| Bradburn Metropolitan District No. 2, Limited <br> Tax<br>|  |  |
| Series 2018A, GO, 5.00%, 12/1/2038 | 500000 | 490598 |
| Series 2018B, GO, 7.25%, 12/15/2047 | 500000 | 499911 |
| City and County of Denver, Airport System <br> Series 2018A, Rev., AMT, 4.00%, <br> 12/1/2043<br>| 500000 | 436338 |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage Series 2023L, Class III, Rev., <br> GNMA COLL, 5.75%, 11/1/2053<br>| 855000 | 918448 |
| Denver Health and Hospital Authority Series <br> 2025A, Rev., 6.00%, 12/1/2055<br>| 1000000 | 1046110 |
| Dominion Water and Sanitation District, Rev., <br> 5.25%, 12/1/2032<br>| 515000 | 523961 |
| Raindance Metropolitan District No. 1, <br> Non-Potable Water System, Rev., 5.00%, <br> 12/1/2040<br>| 748000 | 701949 |
| Rocky Mountain Rail Park Metropolitan District, <br> Limited Tax Series 2021A, GO, 5.00%, <br> 12/1/2041 (b)<br>| 1250000 | 1170058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan High Yield Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, <br> 5.00%, 4/1/2035 (b)<br>| 1000000 | 1061638 |
| St Vrain Lakes Metropolitan District No. 4 Series <br> 2024A, GO, 0.00%, 9/20/2054 (b)<br>| 500000 | 338751 |
| Third Creek Metropolitan District No. 1, Limited <br> Tax<br>|  |  |
| Series 2022A-1, GO, 4.50%, 12/1/2037 | 825000 | 707953 |
| Series 2022A-1, GO, 4.75%, 12/1/2051 | 760000 | 561227 |
| Total Colorado |  | 8456942 |
| **Connecticut — 0.5%** | **Connecticut — 0.5%** | **Connecticut — 0.5%** |
| Stamford Housing Authority, Mozaic Concierge <br> Living Project Series 2025A, Rev., 6.50%, <br> 10/1/2055<br>| 1000000 | 986251 |
| **District of Columbia — 0.5%** | **District of Columbia — 0.5%** | **District of Columbia — 0.5%** |
| District of Columbia, Georgetown University <br> Issue Series 2025A, Rev., 5.00%, <br> 4/3/2035 (c)<br>| 1000000 | 1086343 |
| **Florida — 4.7%** | **Florida — 4.7%** | **Florida — 4.7%** |
| Alachua County Health Facilities Authority, <br> Continuing Care Retirement Oak Hammock at <br> The university of Florida, Inc. Series <br> 2025B-1, Rev., 4.00%, 10/1/2030<br>| 735000 | 736688 |
| Capital Projects Finance Authority, Student <br> Housing, Program Unionwest Properties LLC <br> Project<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 6/1/2049 (b) | 1000000 | 923590 |
| Series 2024B, Rev., 0.00%, 6/1/2062 (b) | 7000000 | 831157 |
| City of South Miami Health Facilities Authority, <br> Inc., Baptist Health South Series 2025B, Rev., <br> 5.00%, 8/15/2030 (c)<br>| 1000000 | 1079206 |
| Florida Development Finance Corp., Brightline <br> Florida Passenger Rail Project<br>|  |  |
| Rev., AMT, 5.25%, 7/1/2047 | 500000 | 412064 |
| Series 2024, Rev., AMT, 5.50%, 7/1/2053 | 500000 | 412340 |
| Florida Development Finance Corp., GFL Solid <br> Waste Southeast LLC Project Series 2024A, <br> Rev., AMT, 4.38%, 10/1/2031 (b) (c)<br>| 1000000 | 994189 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, <br> Rev., 6.25%, 6/15/2055 (b)<br>| 1000000 | 997432 |
| Florida Local Government Finance Commission, <br> Fleet Landing at Nocatee Project Series <br> 2025A, Rev., 6.75%, 11/15/2055 (b) (d)<br>| 1000000 | 1003872 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Martin County Health Facilities Authority, <br> Cleveland Clinic Health System Obligated <br> Group Series 2019A, Rev., 4.00%, <br> 1/1/2046<br>| 1500000 | 1283221 |
| Palm Beach County Health Facilities Authority, <br> Jupiter Medical Center, Rev., 5.25%, <br> 11/1/2055<br>| 1000000 | 966591 |
| Seminole County Industrial Development <br> Authority, Legacy Pointe at UCF Project Series <br> 2019A, Rev., 5.75%, 11/15/2054<br>| 500000 | 445395 |
| Total Florida |  | 10085745 |
| **Georgia — 3.7%** | **Georgia — 3.7%** | **Georgia — 3.7%** |
| Cobb-Marietta Coliseum and Exhibit Hall <br> Authority, Galleria Center Project, Rev., <br> 5.50%, 10/1/2053<br>| 1000000 | 1044470 |
| Columbia County Hospital Authority, Wellstart <br> Health System Inc., Project Series 2023A, <br> Rev., A.G., 5.00%, 4/1/2048<br>| 1000000 | 998088 |
| George L Smith II Congress Center Authority, <br> Convention Center Hotel First Series 2021A, <br> Rev., 4.00%, 1/1/2054<br>| 1000000 | 800158 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2023A, Rev., 5.00%, 6/1/2030 (c) | 1925000 | 2037682 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 2000000 | 2130992 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 1000000 | 1070010 |
| Total Georgia |  | 8081400 |
| **Illinois — 4.1%** | **Illinois — 4.1%** | **Illinois — 4.1%** |
| Chicago Transit Authority Sales Tax Receipts <br> Fund Series 2024A, Rev., 5.00%, <br> 12/1/2049<br>| 1000000 | 985271 |
| City of Chicago Series 2025A, GO, 6.00%, <br> 1/1/2050<br>| 1000000 | 1018050 |
| City of Chicago, Waterworks, Second Lien Series <br> 2001, Rev., AMBAC, 5.75%, 11/1/2030<br>| 1000000 | 1069108 |
| Illinois Finance Authority, Centerpointjoliet <br> Terminal Series 2020, Rev., AMT, 4.13%, <br> 12/31/2034 (b) (c)<br>| 1000000 | 960325 |
| Illinois Housing Development Authority Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 1000000 | 1129538 |
| State of Illinois |  |  |
| Series 2019C, GO, 4.00%, 11/1/2042 | 1500000 | 1287760 |
| Series 2023B, GO, 5.50%, 5/1/2047 | 2435000 | 2481590 |
| Total Illinois |  | 8931642 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** |
| City of Goshen, Multi-Family, Green Oaks of <br> Goshen Project Series 2021A, Rev., 5.00%, <br> 8/1/2041 (b)<br>| 1000000 | 814200 |
| City of Valparaiso, Green Oaks of Valparaiso <br> Project, Rev., 5.38%, 12/1/2041 (b)<br>| 1550000 | 1332701 |
| Indiana Housing and Community Development <br> Authority, Vita of Marion Project Series <br> 2021A, Rev., 5.25%, 4/1/2041 (b)<br>| 1250000 | 1035570 |
| Total Indiana |  | 3182471 |
| **Iowa — 0.4%** | **Iowa — 0.4%** | **Iowa — 0.4%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed <br> Series 2021-B-2, Class 2, Rev., Zero Coupon, <br> 6/1/2065<br>| 6265000 | 866359 |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| County of Carroll, Kentucky Environmental <br> Facilities Series 2008A, Rev., AMT, 2.00%, <br> 2/1/2032<br>| 1475000 | 1278501 |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| Louisiana Public Facilities Authority, Lincoln <br> Preparatory School Project Series 2021A, <br> Rev., 5.25%, 6/1/2060 (b)<br>| 1145000 | 843204 |
| Louisiana Public Facilities Authority, Mentorship <br> Steam Academy Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/1/2051 (b) | 700000 | 543474 |
| Series 2021A, Rev., 5.00%, 6/1/2056 (b) | 740000 | 560679 |
| Parish of St. John the Baptist, Marathon Oil <br> Corp., Project Series 2017A-1, Rev., 4.05%, <br> 7/1/2026 (c)<br>| 1000000 | 1008452 |
| Total Louisiana |  | 2955809 |
| **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2016 Series 2016J, GO, 4.00%, <br> 12/1/2039<br>| 1000000 | 962615 |
| Massachusetts Development Finance Agency, <br> Lasell Village, Inc. Issue, Rev., 5.00%, <br> 7/1/2029<br>| 1000000 | 1063843 |
| Total Massachusetts |  | 2026458 |
| **Michigan — 1.6%** | **Michigan — 1.6%** | **Michigan — 1.6%** |
| City of Detroit, Unlimited Tax Series 2020, GO, <br> 5.50%, 4/1/2050<br>| 2460000 | 2482577 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board <br> Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| 1000000 | 994606 |
| Total Michigan |  | 3477183 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| City of Minneapolis, Health Care System, <br> Fairview Health Services Series 2018A, Rev., <br> 5.00%, 11/15/2049<br>| 1000000 | 959655 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| Kansas City Industrial Development Authority, <br> Historic Northeast Redevelopment Plan <br> Series 2024A-1, Rev., 5.00%, 6/1/2046 (b)<br>| 875000 | 804213 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union <br> Improvement Co. Project Series 1998C, Rev., <br> 2.75%, 9/1/2033<br>| 1000000 | 904299 |
| Total Missouri |  | 1708512 |
| **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |
| County of Gallatin, Bozeman Fiber Project Series <br> 2021A, Rev., 4.00%, 10/15/2036 (b)<br>| 1000000 | 791583 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |
| Central Plains Energy Project, Gas Project No. 4 <br> Series 2023A-1, Rev., 5.00%, <br> 11/1/2029 (c)<br>| 1000000 | 1058525 |
| **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** |
| State of Nevada, Department of Business and <br> Industry, Brighline West Passenger Rail <br> Project Series 2025A, Rev., AMT, 9.50%, <br> 1/1/2033 (b) (c)<br>| 3600000 | 3308396 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |
| New Hampshire Business Finance Authority <br> Series 2025-1, Class A-1, Rev., 4.09%, <br> 1/20/2041 (c)<br>| 996411 | 937733 |
| New Hampshire Business Finance Authority, <br> Tamarron Project Series 2024, Rev., 5.25%, <br> 12/1/2035 (b)<br>| 150000 | 149930 |
| New Hampshire Business Finance Authority, <br> Winston Salem Sustainable Energy Partners <br> Series 2025A, Rev., 5.50%, 6/1/2050<br>| 1000000 | 1016629 |
| Total New Hampshire |  | 2104292 |
| **New Jersey — 4.1%** | **New Jersey — 4.1%** | **New Jersey — 4.1%** |
| New Jersey Economic Development Authority, <br> Black Horse EHT Urban Renewal LLC Project <br> Series 2019A, Rev., 5.00%, 10/1/2039 (b)<br>| 2000000 | 1526366 |
| New Jersey Economic Development Authority, <br> White Horse HMT Urban Renewal LLC Project, <br> Rev., 5.00%, 1/1/2040 (b)<br>| 2949126 | 2031180 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program Series 2022BB, Rev., <br> 4.00%, 6/15/2038<br>| 1000000 | 954851 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan High Yield Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 2000000 | 2036110 |
| Series 2018B, Rev., 5.00%, 6/1/2046 | 2530000 | 2431531 |
| Total New Jersey |  | 8980038 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| City of Farmington, San Juan Project Series <br> 2010E, Rev., 3.88%, 6/1/2029 (c)<br>| 1020000 | 1041109 |
| **New York — 11.3%** | **New York — 11.3%** | **New York — 11.3%** |
| Buffalo and Fort Erie Public Bridge Authority <br> Series 2017, Rev., 5.00%, 1/1/2047<br>| 1000000 | 1000967 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project Series <br> 2024, Rev., 5.00%, 12/1/2027<br>| 2000000 | 2105491 |
| Build NYC Resource Corp., Urban Resource <br> Institute Project Series 2025A, Rev., 5.50%, <br> 12/1/2056<br>| 750000 | 761004 |
| City of New York, Fiscal Year 2023 Series <br> 2023A, Subseries A-3, GO, VRDO, LIQ : Bank <br> of Montreal, 3.90%, 9/2/2025 (c)<br>| 3800000 | 3800000 |
| Long Island Power Authority, Electric System <br> Series 2024B, Rev., 3.00%, 9/1/2029 (c)<br>| 1000000 | 998027 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street <br> Project Series 2024, Class F, Rev., 5.25%, <br> 12/15/2031<br>| 1900000 | 1949571 |
| New York Counties Tobacco Trust Series <br> 2016A-2B, Rev., 5.00%, 6/1/2051<br>| 1500000 | 1238877 |
| New York State Dormitory Authority, Mount <br> Sinai Obligated Group, Rev., 5.25%, <br> 7/1/2050<br>| 1000000 | 966268 |
| New York State Dormitory Authority, Rosewell <br> Park Cancer Institute Obligated Group Series <br> 2025A, Rev., A.G., 5.50%, 7/1/2050<br>| 1000000 | 1040015 |
| New York State Energy Research and <br> Development Authority, Rochester Gas and <br> Electric Corp., Project Series 1997B, Rev., <br> 3.80%, 8/1/2032<br>| 1500000 | 1526814 |
| New York Transportation Development Corp., <br> Delta Air Lines, Inc., LaGuardia Airport <br> Terminals C&D Redevelopment Project<br>|  |  |
| Rev., AMT, 5.00%, 1/1/2034 | 375000 | 379938 |
| Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 1000000 | 1084384 |
| Rev., AMT, 4.38%, 10/1/2045 | 1500000 | 1301266 |
| Series 2016A, Rev., AMT, 5.00%, 7/1/2046 | 2000000 | 1891984 |
| Suffolk Regional Off-Track Betting Corp. Series <br> 2024, Rev., 5.75%, 12/1/2044<br>| 1000000 | 1000023 |
| TSASC, Inc. Series B, Rev., 5.00%, 6/1/2048 | 2100000 | 1780448 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., <br> Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 7/1/2046 (b) | 1135000 | 997035 |
| Series 2021A, Rev., 4.50%, 7/1/2056 (b) | 1000000 | 759129 |
| Total New York |  | 24581241 |
| **North Carolina — 0.9%** | **North Carolina — 0.9%** | **North Carolina — 0.9%** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 55-C, <br> Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (c)<br>| 1000000 | 1000168 |
| North Carolina Medical Care Commission, Twin <br> Lakes Community Series 2025A, Rev., <br> 5.25%, 1/1/2055<br>| 1000000 | 947272 |
| Total North Carolina |  | 1947440 |
| **North Dakota — 0.5%** | **North Dakota — 0.5%** | **North Dakota — 0.5%** |
| North Dakota Housing Finance Agency, Home <br> Mortgage Finance Program Series 2024C, <br> Rev., 5.00%, 7/1/2042<br>| 1000000 | 1025946 |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| Buckeye Tobacco Settlement Financing <br> Authority<br>|  |  |
| Series 2020A-2, Rev., 4.00%, 6/1/2038 | 1155000 | 1072427 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 2500000 | 2019323 |
| Series 2020B-3, Rev., Zero Coupon, <br> 6/1/2057<br>| 10000000 | 874889 |
| County of Montgomery, Ohio Health care <br> Facilities Solvita Project Series 2024, Rev., <br> 5.00%, 9/1/2033<br>| 1000000 | 1089754 |
| Jefferson County Port Authority, JSW Steel USA <br> Ohio, Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1515000 | 1518107 |
| Total Ohio |  | 6574500 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| Oklahoma Development Finance Authority, <br> Health System, OU Medicine Project Series <br> 2018B, Rev., 5.50%, 8/15/2057<br>| 1600000 | 1511229 |
| Oklahoma Housing Finance Agency, Home <br> Ownership Loan Program Series 2025A, Rev., <br> GNMA / FNMA / FHLMC, 6.25%, 9/1/2056<br>| 1000000 | 1128113 |
| Total Oklahoma |  | 2639342 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| Multnomah and Clackamas Counties School <br> District No. 10JT Gresham-Barlow Series B, <br> GO, Zero Coupon, 6/15/2035<br>| 1000000 | 652506 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — 2.5%** | **Pennsylvania — 2.5%** | **Pennsylvania — 2.5%** |
| Commonwealth of Pennsylvania Series 2024-1, <br> GO, 4.00%, 8/15/2042<br>| 1200000 | 1105071 |
| Geisinger Authority, Health System Series <br> 2020A, Rev., 5.00%, 4/1/2050<br>| 1000000 | 973256 |
| Montgomery County Higher Education and <br> Health Authority Series 2022B, Rev., 5.00%, <br> 5/1/2057<br>| 1000000 | 951194 |
| Montgomery County Industrial Development <br> Authority, Constellation Energy Generation <br> Series 2023A, Rev., 4.10%, 4/3/2028 (c)<br>| 1250000 | 1278980 |
| Pennsylvania Housing Finance Agency, Single <br> Family Mortgage Series 2024-145A, Rev., <br> 6.00%, 10/1/2054<br>| 995000 | 1085350 |
| Total Pennsylvania |  | 5393851 |
| **Puerto Rico — 3.1%** | **Puerto Rico — 3.1%** | **Puerto Rico — 3.1%** |
| Children's Trust Fund, Tobacco Settlement <br> Asset-Backed Series 2005A, Rev., Zero <br> Coupon, 5/15/2050<br>| 2200000 | 423736 |
| Commonwealth of Puerto Rico Series 2022A-1, <br> GO, 5.63%, 7/1/2027<br>| 1000000 | 1033984 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 8230000 | 2585389 |
| Series A-2, Rev., 4.78%, 7/1/2058 | 3100000 | 2730258 |
| Total Puerto Rico |  | 6773367 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| Tobacco Settlement Financing Corp. Series B, <br> Rev., 5.00%, 6/1/2050<br>| 1000000 | 959757 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| South Carolina Jobs-Economic Development <br> Authority, Foothill Affordable Housing Series <br> 2025, Rev., 4.00%, 3/1/2035 (c)<br>| 500000 | 495067 |
| **Tennessee — 1.7%** | **Tennessee — 1.7%** | **Tennessee — 1.7%** |
| Shelby County Health Educational and Housing <br> Facilities Board, Madrone Memphis Student <br> Housing I, LLC- University of Memphis Project <br> Series 2024A-1, Rev., 5.25%, 6/1/2056 (b)<br>| 1000000 | 899910 |
| Shelby County Health Educational and Housing <br> Facilities Board, Retirement Facility, The Farm <br> at Bailey Station Series 2019A, Rev., 5.50%, <br> 10/1/2039<br>| 3000000 | 2146954 |
| Shelby County Health Educational and Housing <br> Facilities Board, The Farms at Bailey Station <br> Project Series 2019A, Rev., 5.75%, <br> 10/1/2059<br>| 1000000 | 679450 |
| Total Tennessee |  | 3726314 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — 4.6%** | **Texas — 4.6%** | **Texas — 4.6%** |
| Arlington Higher Education Finance Corp., Basis <br> Texas Charter Schools, Inc., Rev., 5.63%, <br> 6/15/2045 (b) (d)<br>| 1000000 | 984300 |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (c)<br>| 1000000 | 1077692 |
| City of Houston Airport System, United Airlines, <br> Inc., Terminal Improvement Projects Series <br> 2024B, Rev., AMT, 5.25%, 7/15/2034<br>| 1000000 | 1047919 |
| County of Fort Bend Toll Road, Senior Lien, Rev., <br> A.G., 5.25%, 3/1/2050<br>| 1000000 | 1031766 |
| New Hope Cultural Education Facilities Finance <br> Corp., Legacy Midtown Park Project Series <br> 2018A, Rev., 5.50%, 7/1/2054<br>| 1000000 | 790185 |
| North Texas Tollway Authority, First Tier Series <br> A, Rev., 4.00%, 1/1/2043<br>| 1000000 | 904912 |
| Plano Independent School District, Unlimited <br> Tax, GO, PSF-GTD, 4.00%, 2/15/2045<br>| 1000000 | 917696 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Cook Children's Medical Center <br> Series 2020, Rev., 4.00%, 12/1/2045<br>| 1070000 | 940721 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Health Resources System <br> Series 2025C, Rev., 5.00%, 11/15/2032 (c)<br>| 1000000 | 1102785 |
| Texas Municipal Gas Acquisition and Supply <br> Corp. V, Gas Supply Series 2024, Rev., <br> 5.00%, 1/1/2034 (c)<br>| 1000000 | 1063845 |
| Total Texas |  | 9861821 |
| **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** |
| Intermountain Power Agency, Utah Power <br> Supply Series 2023A, Rev., 5.00%, <br> 7/1/2036<br>| 1000000 | 1065293 |
| Mida Mountain Village Public Infrastructure <br> District, Mountain Village Assessment Area <br> Series 2020B, 6.25%, 8/1/2030 (b)<br>| 1000000 | 986560 |
| Mida Mountain Village Public Infrastructure <br> District, Utah Subordinate Tax Allocation <br> Series 2024-2, Rev., 6.00%, 6/15/2054 (b)<br>| 1000000 | 991423 |
| Total Utah |  | 3043276 |
| **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |
| Halifax County Industrial Development <br> Authority, Virginia Electric and Power Series <br> 2010A, Rev., 3.80%, 5/28/2027 (c)<br>| 1000000 | 1016847 |
| **Washington — 2.6%** | **Washington — 2.6%** | **Washington — 2.6%** |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 2000000 | 1944659 |
| Washington State Housing Finance Commission, <br> Blakeley and Laurel Villages Portfolio Series <br> 2025A, Rev., 5.50%, 7/1/2050 (b)<br>| 1000000 | 966690 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan High Yield Municipal ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Washington State Housing Finance Commission, <br> Radford Court and Nordheim Court<br>|  |  |
| Series 2024, Rev., 5.50%, 7/1/2049 | 1000000 | 1010365 |
| Series 2024, Rev., 5.00%, 7/1/2054 | 1000000 | 937711 |
| Washington State Housing Finance Commission, <br> Seattle Academy of Arts and Science Project <br> Series 2023, Rev., 6.38%, 7/1/2063 (b)<br>| 700000 | 742399 |
| Total Washington |  | 5601824 |
| **West Virginia — 0.5%** | **West Virginia — 0.5%** | **West Virginia — 0.5%** |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Commercial <br> Metal Co. Project, Rev., AMT, 4.63%, <br> 5/15/2032 (c)<br>| 1000000 | 983244 |
| **Wisconsin — 6.7%** | **Wisconsin — 6.7%** | **Wisconsin — 6.7%** |
| Public Finance Authority, Rev., AMT, 5.75%, <br> 7/1/2054<br>| 3500000 | 3433184 |
| Public Finance Authority, Astro Texas Land <br> Projects, Rev., 5.00%, 12/15/2036 (b)<br>| 999551 | 986012 |
| Public Finance Authority, Celanese Corp. Series <br> 2016C, Rev., AMT, 4.30%, 11/1/2030<br>| 1000000 | 1000578 |
| Public Finance Authority, Kahala Nui Project, <br> Rev., 5.25%, 11/15/2061<br>| 1000000 | 966123 |
| Public Finance Authority, Presbyterian Villages <br> of Michigan Obligated Group Series 2020A, <br> Rev., 4.00%, 11/15/2042 (b)<br>| 3955000 | 2709615 |
| Public Finance Authority, Ripple Ranch, LLC <br> Obligate Series 2021A, Rev., 5.25%, <br> 12/1/2051 (b)<br>| 800000 | 495054 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, 5/15/2026 (e) | 10000 | 10107 |
| Series 2016A, Rev., 5.00%, 11/15/2035 | 1000000 | 1007516 |
| Series 2016A, Rev., 4.00%, 11/15/2046 | 990000 | 849267 |
| Wisconsin Health and Educational Facilities <br> Authority, Aspirus, Inc., Obligated Group, <br> Rev., 5.25%, 8/15/2050<br>| 1000000 | 1008225 |
| Wisconsin Health and Educational Facilities <br> Authority, Forensic science and Protective <br> Medicine Collaboration, Inc. Project Series <br> 2024, Rev., 5.00%, 8/1/2027 (b)<br>| 1000000 | 1015528 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024A, <br> Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| 1015000 | 1098983 |
| Total Wisconsin |  | 14580192 |
| Total Municipal Bonds <br>(Cost $194,162,998)<br>|  | 188153352 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 13.0%** | **Short-Term Investments — 13.0%** | **Short-Term Investments — 13.0%** |
| **Investment Companies — 13.0%** | **Investment Companies — 13.0%** | **Investment Companies — 13.0%** |
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (f) (g) <br>(Cost $28,095,293)<br>| 28093251 | 28096060 |
| **Total Investments — 99.8%** <br>**(Cost $222,258,291)**<br>|  | **216249412** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **459882** |
| **NET ASSETS — 100.0%** |  | **216709294** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4455750 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3089391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14255)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1513281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5969 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8286)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7133)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 38.0%** | **U.S. Treasury Obligations — 38.0%** | **U.S. Treasury Obligations — 38.0%** |
| U.S. Treasury Inflation Indexed Notes <br>0.38%, 7/15/2027<br>| 4654764 | 4631488 |
| U.S. Treasury Inflation Linked Notes |  |  |
| 0.13%, 4/15/2026 (a) | 14528405 | 14431100 |
| 0.13%, 7/15/2026 | 14248060 | 14193445 |
| 1.63%, 4/15/2030 | 17899768 | 18280590 |
| U.S. Treasury Notes |  |  |
| 3.75%, 4/30/2027 | 34215000 | 34251086 |
| 3.75%, 4/15/2028 | 34140000 | 34270692 |
| 4.88%, 10/31/2028 (a) | 76960000 | 79867044 |
| 3.88%, 4/30/2030 | 34120000 | 34409220 |
| 4.63%, 2/15/2035 | 53530000 | 55361730 |
| Total U.S. Treasury Obligations <br>(Cost $287,588,212)<br>|  | 289696395 |
| **Corporate Bonds — 27.5%** | **Corporate Bonds — 27.5%** | **Corporate Bonds — 27.5%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| BAE Systems plc (United Kingdom) 3.40%, <br> 4/15/2030 (b)<br>| 400000 | 386240 |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 782000 | 776003 |
| 3.10%, 5/1/2026 | 931000 | 922700 |
| 6.39%, 5/1/2031 | 414000 | 449633 |
| 6.53%, 5/1/2034 | 88000 | 96373 |
| L3Harris Technologies, Inc. 3.85%, <br> 12/15/2026<br>| 625000 | 621863 |
| Leidos, Inc. 2.30%, 2/15/2031 | 767000 | 681918 |
| RTX Corp. 5.75%, 1/15/2029 | 1800000 | 1889487 |
|  |  | 5824217 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 3.00%, 2/10/2027 (b) | 903000 | 885729 |
| 2.38%, 10/15/2027 (b) | 919000 | 882010 |
| 1.80%, 1/10/2028 (b) | 300000 | 282964 |
| Stellantis Finance US, Inc. 2.69%, <br> 9/15/2031 (b)<br>| 678000 | 577998 |
|  |  | 2628701 |
| **Banks — 8.3%** | **Banks — 8.3%** | **Banks — 8.3%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 <br> Year + 1.10%), 2.47%, 12/13/2029 (b) (c)<br>| 900000 | 849387 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (b) (c) | 264000 | 280805 |
| (SOFRINDX + 1.91%), 5.87%, <br> 3/28/2035 (b) (c)<br>| 1000000 | 1039599 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia) 4.40%, 5/19/2026 (b) (d)<br>| 1550000 | 1549680 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.90%), <br> 1.72%, 9/14/2027 (c)<br>| 200000 | 194561 |
| 2.75%, 12/3/2030 | 1800000 | 1622655 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (c)<br>| 178000 | 175472 |
| (3-MONTH CME TERM SOFR + 1.84%), <br> 3.82%, 1/20/2028 (c)<br>| 937000 | 931586 |
| (SOFR + 1.53%), 1.90%, 7/23/2031 (c) | 3427000 | 3046592 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (c) | 3454000 | 3569040 |
| Bank of Ireland Group plc (Ireland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 <br> Year + 1.10%), 2.03%, 9/30/2027 (b) (c)<br>| 1725000 | 1679778 |
| Bank of Montreal (Canada) 2.65%, 3/8/2027 | 40000 | 39220 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.54%, 1/22/2030 (b)<br>| 850000 | 885920 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.74%), 5.69%, 3/12/2030 (c) | 600000 | 624317 |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (c) | 1160000 | 1196438 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (c) | 300000 | 320207 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.23%), 2.59%, 1/20/2028 (b) (c) | 300000 | 292748 |
| (SOFR + 1.28%), 5.28%, <br> 11/19/2030 (b) (c)<br>| 750000 | 768247 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c) | 450000 | 468892 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.09%), 2.05%, <br> 10/19/2027 (b) (c)<br>| 2214000 | 2153732 |
| (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c) | 2194000 | 1926920 |
| CaixaBank SA (Spain) (SOFR + 1.79%), 5.58%, <br> 7/3/2036 (b) (c)<br>| 1265000 | 1278639 |
| Capital One NA 3.45%, 7/27/2026 | 447000 | 443554 |
| Citibank NA 5.80%, 9/29/2028 | 1500000 | 1572195 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | 1056000 | 1041813 |
| 4.45%, 9/29/2027 | 272000 | 272742 |
| (3-MONTH CME TERM SOFR + 1.82%), <br> 3.89%, 1/10/2028 (c)<br>| 90000 | 89456 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | 1500000 | 1346975 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (c) | 450000 | 406470 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.73%), <br> 1.98%, 12/15/2027 (b) (c)<br>| 750000 | 728229 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.40%), <br> 5.56%, 2/28/2029 (b) (c)<br>| 250000 | 258147 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (c) | 673000 | 684694 |
| (SOFR + 1.69%), 5.34%, 1/10/2030 (b) (c) | 377000 | 387617 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.40%), <br> 5.71%, 3/1/2030 (b) (c)<br>| 407000 | 424741 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.93%), <br> 5.02%, 3/4/2031 (b) (c)<br>| 320000 | 326369 |
| DNB Bank ASA (Norway) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 0.68%), 1.61%, 3/30/2028 (b) (c)<br>| 1000000 | 960126 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| 3.95%, 3/14/2028 | 800000 | 796243 |
| (SOFR + 1.84%), 5.63%, 1/29/2032 (c) | 66000 | 69115 |
| Fifth Third Bank NA 2.25%, 2/1/2027 | 250000 | 243414 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (3-MONTH CME TERM SOFR + 1.61%), <br> 4.29%, 9/12/2026 (c)<br>| 1250000 | 1249923 |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 300000 | 286432 |
| (3-MONTH CME TERM SOFR + 1.87%), <br> 3.97%, 5/22/2030 (c)<br>| 1040000 | 1023516 |
| (SOFR + 2.39%), 2.85%, 6/4/2031 (c) | 1141000 | 1058775 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (c)<br>| 900000 | 927855 |
| ING Groep NV (Netherlands) (SOFR + 1.01%), <br> 1.73%, 4/1/2027 (c)<br>| 880000 | 866902 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (c)<br>| 526000 | 538067 |
| Lloyds Banking Group plc (United Kingdom) <br> 3.75%, 1/11/2027<br>| 469000 | 466538 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (c)<br>| 120000 | 122779 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.83%), <br> 2.34%, 1/19/2028 (c)<br>| 600000 | 584361 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.17%), <br> 5.16%, 4/24/2031 (c)<br>| 200000 | 206261 |
| Mizuho Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.12%), 5.38%, <br> 5/26/2030 (c)<br>| 1950000 | 2017480 |
| National Bank of Canada (Canada) 5.60%, <br> 12/18/2028<br>| 400000 | 416364 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.90%), <br> 1.64%, 6/14/2027 (c)<br>| 486000 | 475699 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.05%), <br> 5.11%, 5/23/2031 (c)<br>| 420000 | 430238 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.50%), <br> 5.78%, 3/1/2035 (c)<br>| 320000 | 334604 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFRINDX + 1.09%), 4.76%, <br> 1/26/2027 (c)<br>| 573000 | 573497 |
| (SOFR + 1.34%), 5.30%, 1/21/2028 (c) | 340000 | 345223 |
| (SOFR + 1.07%), 5.22%, 1/29/2031 (c) | 350000 | 361679 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 2.75%), 6.83%, 11/21/2026 (c) | 200000 | 200959 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (c) | 750000 | 785643 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.00%), <br> 1.79%, 6/9/2027 (b) (c)<br>| 3337000 | 3266338 |
| 3.00%, 1/22/2030 (b) | 500000 | 467171 |
| Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.20%), 5.40%, <br> 8/12/2036 (b) (c)<br>| 600000 | 599154 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) <br> 1.90%, 9/17/2028<br>| 1500000 | 1404034 |
| Truist Bank 3.30%, 5/15/2026 | 1000000 | 992500 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (c) | 275000 | 298470 |
| (SOFR + 1.62%), 5.44%, 1/24/2030 (c) | 500000 | 518335 |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (b) (c)<br>| 835000 | 819742 |
| (USD ICE Swap Rate 5 Year + 3.70%), <br> 5.86%, 6/19/2032 (b) (c)<br>| 600000 | 608175 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (c) | 125000 | 129310 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | 127000 | 132353 |
| (SOFR + 1.41%), 5.42%, 2/12/2036 (c) | 500000 | 511638 |
| Wachovia Corp. 7.57%, 8/1/2026 (e) | 366000 | 376169 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 2.10%), 2.39%, 6/2/2028 (c) | 700000 | 678429 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (c) | 3256000 | 3353706 |
| (3-MONTH CME TERM SOFR + 1.43%), <br> 2.88%, 10/30/2030 (c)<br>| 637000 | 601502 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (c) | 200000 | 207660 |
|  |  | 63183816 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Constellation Brands, Inc. 2.88%, 5/1/2030 | 500000 | 467682 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 3.20%, 11/21/2029 | 1400000 | 1349047 |
| 5.05%, 3/15/2034 | 245000 | 249598 |
| Amgen, Inc. 5.25%, 3/2/2030 | 200000 | 207179 |
| Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| 481000 | 423344 |
|  |  | 2229168 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Brookfield Finance, Inc. (Canada) 4.25%, <br> 6/2/2026<br>| 362000 | 361751 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (c) | 190000 | 194296 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (c) | 1450000 | 1416049 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (c) | 1126000 | 1027518 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| 4.25%, 10/21/2025 | 237000 | 236889 |
| 3.50%, 11/16/2026 | 1785000 | 1770252 |
| (SOFR + 1.09%), 1.99%, 1/27/2032 (c) | 1312000 | 1152386 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | 2350000 | 2120887 |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (3-MONTH CME TERM SOFR + 2.01%), <br> 5.03%, 1/15/2030 (b) (c)<br>| 200000 | 204182 |
| (SOFR + 1.44%), 2.69%, 6/23/2032 (b) (c) | 300000 | 270032 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| 4.35%, 9/8/2026 | 963000 | 963732 |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (c) | 3540000 | 3638779 |
| (SOFR + 1.02%), 1.93%, 4/28/2032 (c) | 910000 | 790261 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 321000 | 334680 |
| Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) |
| 2.33%, 1/22/2027 | 1000000 | 973017 |
| 2.68%, 7/16/2030 | 753000 | 690801 |
| UBS Group AG (Switzerland) (SOFRINDX + <br> 0.98%), 1.31%, 2/2/2027 (b) (c)<br>| 900000 | 888385 |
|  |  | 17033897 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| RPM International, Inc. 2.95%, 1/15/2032 | 438000 | 392058 |
| Westlake Corp. 3.60%, 8/15/2026 | 400000 | 397118 |
|  |  | 789176 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.35%, 1/15/2032 | 446000 | 386643 |
| 5.25%, 8/9/2034 | 188000 | 190345 |
|  |  | 576988 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Martin Marietta Materials, Inc. Series CB, <br> 2.50%, 3/15/2030<br>| 40000 | 37095 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 1554000 | 1522174 |
| 3.00%, 10/29/2028 | 1835000 | 1765499 |
| Aircastle Ltd. 5.25%, 3/15/2030 (b) | 160000 | 163265 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.33%), 6.34%, 10/30/2026 (c) | 490000 | 491423 |
| (SOFR + 0.93%), 5.04%, 7/26/2028 (c) | 125000 | 127018 |
| (SOFRINDX + 1.02%), 5.09%, <br> 1/30/2031 (c)<br>| 155000 | 159752 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (c) | 125000 | 126598 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.13%, 2/21/2026 (b) | 692000 | 683530 |
| 4.25%, 4/15/2026 (b) | 832000 | 828273 |
| 4.38%, 5/1/2026 (b) | 1063000 | 1060757 |
| 2.53%, 11/18/2027 (b) | 1543000 | 1479938 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.56%), 5.46%, 7/26/2030 (c) | 500000 | 517574 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (c) | 709000 | 629677 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 4.90%, 10/6/2029 | 500000 | 503722 |
| 2.35%, 1/8/2031 | 940000 | 828271 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 6.40%, 3/26/2029 (b) | 1037000 | 1088850 |
| 6.50%, 3/26/2031 (b) | 600000 | 641735 |
| Mitsubishi HC Finance America LLC (Japan) <br> 5.81%, 9/12/2028 (b)<br>| 200000 | 207986 |
|  |  | 12826042 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Kroger Co. (The) 5.00%, 9/15/2034 | 485000 | 483391 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| 453000 | 443127 |
| Smurfit Westrock Financing DAC (Ireland) <br> 5.42%, 1/15/2035<br>| 237000 | 241309 |
| Sonoco Products Co. 5.00%, 9/1/2034 | 808000 | 790772 |
| WRKCo, Inc. 4.90%, 3/15/2029 | 150000 | 153140 |
|  |  | 1628348 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| Safehold GL Holdings LLC 2.80%, 6/15/2031 | 682000 | 622939 |
| Simon Property Group LP 2.45%, 9/13/2029 | 200000 | 187627 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 800000 | 712799 |
| 2.25%, 4/1/2033 | 893000 | 738996 |
|  |  | 2262361 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc. 1.65%, 2/1/2028 | 1181000 | 1114405 |
| NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b) | 700000 | 639139 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 4.78%, 2/15/2035 | 770000 | 750806 |
| 5.40%, 7/2/2037 (b) | 581000 | 583476 |
|  |  | 3087826 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| Alabama Power Co. 5.85%, 11/15/2033 | 500000 | 534138 |
| American Electric Power Co., Inc. 5.63%, <br> 3/1/2033<br>| 100000 | 104730 |
| Atlantic City Electric Co. 4.00%, 10/15/2028 | 20000 | 19948 |
| Baltimore Gas and Electric Co. 5.30%, <br> 6/1/2034<br>| 650000 | 669999 |
| CenterPoint Energy Houston Electric LLC Series <br> AA, 3.00%, 2/1/2027<br>| 310000 | 305181 |
| Cleveland Electric Illuminating Co. (The)  | Cleveland Electric Illuminating Co. (The)  | Cleveland Electric Illuminating Co. (The)  |
| 3.50%, 4/1/2028 (b) | 586000 | 574361 |
| 4.55%, 11/15/2030 (b) | 290000 | 287314 |
| Duke Energy Carolinas LLC 6.45%, <br> 10/15/2032<br>| 50000 | 55159 |
| Duke Energy Corp. 5.45%, 6/15/2034 | 550000 | 567782 |
| Duke Energy Indiana LLC 5.25%, 3/1/2034 | 550000 | 565736 |
| Duke Energy Ohio, Inc. 5.25%, 4/1/2033 | 73000 | 75209 |
| Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  |
| 2.53%, 10/1/2030 (b) | 421000 | 375904 |
| 2.78%, 1/7/2032 (b) | 554000 | 487230 |
| Edison International 5.25%, 11/15/2028 | 1250000 | 1262156 |
| Entergy Louisiana LLC 1.60%, 12/15/2030 | 100000 | 87505 |
| Evergy Metro, Inc. 5.40%, 4/1/2034 | 289000 | 298178 |
| Evergy, Inc. 2.90%, 9/15/2029 | 329000 | 311695 |
| Fells Point Funding Trust 3.05%, <br> 1/31/2027 (b)<br>| 864000 | 849149 |
| FirstEnergy Pennsylvania Electric Co. 3.25%, <br> 3/15/2028 (b)<br>| 656000 | 640223 |
| Florida Power & Light Co. 5.30%, 6/15/2034 | 1000000 | 1034104 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 1021000 | 1005509 |
| Georgia Power Co. 4.85%, 3/15/2031 | 550000 | 563471 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.10%, 9/26/2028 | 30000 | 30013 |
| 4.95%, 9/30/2034 | 142000 | 139950 |
| ITC Holdings Corp. 2.95%, 5/14/2030 (b) | 451000 | 423799 |
| Kentucky Utilities Co. 3.30%, 10/1/2025 | 200000 | 199805 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 2.25%, 6/1/2030 | 200000 | 182331 |
| 5.30%, 3/15/2032 | 600000 | 620358 |
| Niagara Mohawk Power Corp. 1.96%, <br> 6/27/2030 (b)<br>| 500000 | 447401 |
| NRG Energy, Inc. 2.45%, 12/2/2027 (b) | 805000 | 768571 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 458000 | 453499 |
| 4.55%, 7/1/2030 | 478999 | 474392 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.70%, 3/1/2035 | 571000 | 578773 |
| PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| 848000 | 809118 |
| Potomac Electric Power Co. 5.20%, 3/15/2034 | 172000 | 176175 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 500000 | 507882 |
| Public Service Co. of Oklahoma 5.20%, <br> 1/15/2035<br>| 123000 | 123341 |
| SCE Recovery Funding LLC Series A-2, 1.94%, <br> 5/15/2038<br>| 285000 | 219325 |
| Southern California Edison Co. 5.45%, <br> 3/1/2035<br>| 1000000 | 1007083 |
| Southern Co. (The) 5.70%, 3/15/2034 | 207000 | 216764 |
| Southwestern Electric Power Co. Series M, <br> 4.10%, 9/15/2028<br>| 1010000 | 1008175 |
| Tampa Electric Co. 4.90%, 3/1/2029 | 274000 | 280471 |
| Virginia Electric and Power Co. 5.15%, <br> 3/15/2035<br>| 500000 | 504019 |
| Vistra Operations Co. LLC 5.70%, <br> 12/30/2034 (b)<br>| 140000 | 142731 |
|  |  | 19988657 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Halliburton Co. 2.92%, 3/1/2030 | 400000 | 376154 |
| Schlumberger Holdings Corp. 3.90%, <br> 5/17/2028 (b)<br>| 539000 | 537636 |
|  |  | 913790 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc. 5.60%, <br> 6/12/2034<br>| 714000 | 741197 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Corebridge Financial, Inc. 3.65%, 4/5/2027 | 300000 | 297241 |
| Fiserv, Inc. 5.35%, 3/15/2031 | 850000 | 885000 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 2.15%, 1/15/2027 | 901000 | 875892 |
| 3.20%, 8/15/2029 | 400000 | 379803 |
| LSEGA Financing plc (United Kingdom) 2.00%, <br> 4/6/2028 (b)<br>| 890000 | 843284 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| 4.85%, 7/27/2027 (b) | 500000 | 506837 |
| 5.13%, 7/29/2029 (b) | 445000 | 459038 |
|  |  | 4247095 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Bimbo Bakeries USA, Inc. (Mexico) 6.05%, <br> 1/15/2029 (b)<br>| 700000 | 732256 |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 4.20%, 9/17/2029 | 550000 | 547381 |
| 5.15%, 8/4/2035 | 350000 | 350827 |
| General Mills, Inc. 4.95%, 3/29/2033 | 151000 | 152024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| JBS USA Holding Lux SARL 5.50%, <br> 1/15/2036 (b)<br>| 710000 | 712342 |
| Mars, Inc. 5.00%, 3/1/2032 (b) | 217000 | 221484 |
| Mead Johnson Nutrition Co. (United Kingdom) <br> 4.13%, 11/15/2025<br>| 89000 | 88927 |
|  |  | 2805241 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| ONE Gas, Inc. 2.00%, 5/15/2030 | 248000 | 225486 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Canadian Pacific Railway Co. (Canada) 2.05%, <br> 3/5/2030<br>| 200000 | 181983 |
| Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  |
| 5.75%, 5/24/2026 (b) | 219000 | 220624 |
| 5.55%, 5/1/2028 (b) | 1218000 | 1255804 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| 637000 | 623863 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 134000 | 132468 |
|  |  | 2414742 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Zimmer Biomet Holdings, Inc. 5.50%, <br> 2/19/2035<br>| 579000 | 597412 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cencora, Inc. 5.15%, 2/15/2035 | 151000 | 152126 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 3.35%, 10/1/2029 | 455000 | 438732 |
| 2.78%, 10/1/2030 | 171000 | 158162 |
| CVS Health Corp. 1.88%, 2/28/2031 | 781000 | 676131 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 4.13%, 6/15/2029 | 964000 | 954767 |
| 3.50%, 9/1/2030 | 500000 | 476522 |
| 2.38%, 7/15/2031 | 700000 | 617110 |
| Humana, Inc. 3.95%, 3/15/2027 | 492000 | 490485 |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| 3.45%, 6/1/2026 | 300000 | 298071 |
| 2.95%, 6/30/2030 | 93000 | 87427 |
| 2.80%, 6/30/2031 | 287000 | 262779 |
|  |  | 4612312 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Alexandria Real Estate Equities, Inc. 3.38%, <br> 8/15/2031<br>| 883000 | 825967 |
| DOC DR LLC 2.63%, 11/1/2031 | 409000 | 364409 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 470000 | 439744 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 4.13%, 1/15/2026 | 45000 | 44908 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care REITs — continued** | **Health Care REITs — continued** | **Health Care REITs — continued** |
| 3.25%, 10/15/2026 | 529000 | 522700 |
| Welltower OP LLC 2.75%, 1/15/2032 | 904000 | 813270 |
|  |  | 3010998 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Expedia Group, Inc. 3.25%, 2/15/2030 | 1255000 | 1196028 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Goodman US Finance Three LLC (Australia) <br> 3.70%, 3/15/2028 (b)<br>| 363000 | 357897 |
| Prologis LP 4.75%, 6/15/2033 | 707000 | 708339 |
|  |  | 1066236 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Aon North America, Inc. 5.45%, 3/1/2034 | 800000 | 825869 |
| Athene Global Funding 2.72%, 1/7/2029 (b) | 1054000 | 995971 |
| Brown & Brown, Inc. 5.25%, 6/23/2032 | 465000 | 475310 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 1.75%, 10/7/2026 (b) | 681000 | 661758 |
| 2.65%, 1/6/2029 (b) | 200000 | 188822 |
| F&G Global Funding 2.30%, 4/11/2027 (b) | 1204000 | 1165443 |
| Five Corners Funding Trust II 2.85%, <br> 5/15/2030 (b)<br>| 400000 | 373987 |
| Guardian Life Global Funding 0.88%, <br> 12/10/2025 (b)<br>| 512000 | 507043 |
| Manulife Financial Corp. (Canada) 4.15%, <br> 3/4/2026<br>| 389000 | 388639 |
| Principal Financial Group, Inc.  | Principal Financial Group, Inc.  | Principal Financial Group, Inc.  |
| 3.10%, 11/15/2026 | 20000 | 19752 |
| 3.70%, 5/15/2029 | 30000 | 29444 |
|  |  | 5632038 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Hasbro, Inc. 3.90%, 11/19/2029 | 592000 | 577686 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Comcast Corp. 4.15%, 10/15/2028 | 1444000 | 1448605 |
| Time Warner Cable Enterprises LLC 8.38%, <br> 7/15/2033<br>| 946000 | 1103329 |
|  |  | 2551934 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (b) | 460000 | 419916 |
| 2.85%, 4/27/2031 (b) | 650000 | 592600 |
| Steel Dynamics, Inc.  | Steel Dynamics, Inc.  | Steel Dynamics, Inc.  |
| 1.65%, 10/15/2027 | 324000 | 306876 |
| 5.38%, 8/15/2034 | 100000 | 102205 |
|  |  | 1421597 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. 5.00%, 1/15/2029 | 650000 | 664406 |
| CenterPoint Energy, Inc. 1.45%, 6/1/2026 | 288000 | 281753 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| CMS Energy Corp. 2.95%, 2/15/2027 | 170000 | 166580 |
| Consolidated Edison Co. of New York, Inc. <br> 3.80%, 5/15/2028<br>| 10000 | 9954 |
| Consumers Energy Co. 4.63%, 5/15/2033 | 300000 | 297815 |
| DTE Energy Co. 5.20%, 4/1/2030 | 700000 | 721531 |
| NiSource, Inc. 5.25%, 3/30/2028 | 566000 | 581573 |
| PG&E Energy Recovery Funding LLC Series A-2, <br> 2.28%, 1/15/2036<br>| 225000 | 181872 |
| Public Service Enterprise Group, Inc. 1.60%, <br> 8/15/2030<br>| 300000 | 261978 |
| Puget Energy, Inc. 2.38%, 6/15/2028 | 934000 | 886269 |
| Sempra 3.70%, 4/1/2029 | 800000 | 784161 |
|  |  | 4837892 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| COPT Defense Properties LP 2.00%, <br> 1/15/2029<br>| 457000 | 421998 |
| Kilroy Realty LP 2.65%, 11/15/2033 | 1092000 | 882481 |
|  |  | 1304479 |
| **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** |
| APA Infrastructure Ltd. (Australia) | APA Infrastructure Ltd. (Australia) | APA Infrastructure Ltd. (Australia) |
| 4.25%, 7/15/2027 (b) | 624000 | 623535 |
| 5.13%, 9/16/2034 (b) | 240000 | 240527 |
| Cameron LNG LLC 2.90%, 7/15/2031 (b) | 146000 | 133453 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (b)<br>| 65000 | 65597 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 500000 | 510414 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (b) | 690000 | 700791 |
| 5.68%, 1/15/2034 (b) | 584000 | 597932 |
| Columbia Pipelines Operating Co. LLC 5.44%, <br> 2/15/2035 (b)<br>| 400000 | 401858 |
| Coterra Energy, Inc. 3.90%, 5/15/2027 | 724000 | 719140 |
| Enbridge, Inc. (Canada) 5.70%, 3/8/2033 | 799000 | 833512 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.95%, 12/1/2025 | 446000 | 446392 |
| 5.25%, 7/1/2029 | 362000 | 373354 |
| 5.70%, 4/1/2035 | 1100000 | 1119831 |
| Eni SpA (Italy) 4.25%, 5/9/2029 (b) | 850000 | 850851 |
| Enterprise Products Operating LLC 3.95%, <br> 2/15/2027<br>| 392000 | 391252 |
| Flex Intermediate Holdco LLC 3.36%, <br> 6/30/2031 (b)<br>| 1530000 | 1398239 |
| Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  |
| 2.60%, 10/15/2025 (b) | 312000 | 311009 |
| 3.45%, 10/15/2027 (b) | 837000 | 823661 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 4.13%, 3/1/2027 | 458000 | 457068 |
| 2.65%, 8/15/2030 | 300000 | 274276 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | 471000 | 424198 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 914000 | 913988 |
| Ovintiv, Inc. 5.38%, 1/1/2026 | 420000 | 420113 |
| Plains All American Pipeline LP 3.55%, <br> 12/15/2029<br>| 700000 | 674411 |
| Sabine Pass Liquefaction LLC 4.50%, <br> 5/15/2030<br>| 550000 | 551590 |
| Suncor Energy, Inc. (Canada) 5.95%, <br> 12/1/2034<br>| 216000 | 224996 |
| Targa Resources Partners LP 4.00%, <br> 1/15/2032<br>| 253000 | 237846 |
| Williams Cos., Inc. (The) 5.60%, 3/15/2035 | 575000 | 590001 |
|  |  | 15309835 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 3.40%, 7/26/2029 | 30000 | 29253 |
| 5.20%, 2/22/2034 | 787000 | 808017 |
| Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, <br> 3/31/2030<br>| 600000 | 544613 |
|  |  | 1381883 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Mitsui Fudosan Co. Ltd. (Japan) 3.65%, <br> 7/20/2027 (b)<br>| 519000 | 512959 |
| Ontario Teachers' Cadillac Fairview Properties <br> Trust (Canada) 3.88%, 3/20/2027 (b)<br>| 325000 | 322311 |
|  |  | 835270 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| Essex Portfolio LP 1.65%, 1/15/2031 | 879000 | 753966 |
| Mid-America Apartments LP 1.70%, <br> 2/15/2031<br>| 687000 | 598089 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 3.50%, 1/15/2028 | 100000 | 98552 |
| 3.20%, 1/15/2030 | 260000 | 248772 |
| 2.10%, 8/1/2032 | 266000 | 224368 |
|  |  | 1923747 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 386000 | 367607 |
| 2.50%, 8/16/2031 | 440000 | 389802 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.60%, 12/15/2026 | 247000 | 245402 |
| 4.30%, 10/15/2028 | 870000 | 871128 |
| Realty Income Corp. 4.13%, 10/15/2026 | 600000 | 599135 |
| Regency Centers LP 3.70%, 6/15/2030 | 350000 | 341145 |
|  |  | 2814219 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 4.11%, 9/15/2028 | 792000 | 791727 |
| 5.05%, 7/12/2029 | 304000 | 312596 |
| 5.15%, 11/15/2031 | 108000 | 111673 |
| 3.14%, 11/15/2035 (b) | 200000 | 169222 |
| KLA Corp.  | KLA Corp.  | KLA Corp.  |
| 4.65%, 7/15/2032 | 62000 | 62563 |
| 4.70%, 2/1/2034 | 112000 | 111665 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 2.95%, 4/15/2031 | 1122000 | 1030636 |
| 5.45%, 7/15/2035 | 42000 | 42714 |
| NXP BV (Netherlands) 2.50%, 5/11/2031 | 1058000 | 945937 |
|  |  | 3578733 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cadence Design Systems, Inc. 4.70%, <br> 9/10/2034<br>| 124000 | 122762 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 2.65%, 7/15/2026 | 60000 | 59163 |
| 4.50%, 5/6/2028 | 95000 | 95819 |
| 2.88%, 3/25/2031 | 502000 | 460259 |
| 6.50%, 4/15/2038 | 50000 | 54226 |
| Roper Technologies, Inc. 4.90%, 10/15/2034 | 600000 | 593881 |
| Synopsys, Inc. 5.15%, 4/1/2035 | 155000 | 156345 |
| Workday, Inc. 3.50%, 4/1/2027 | 300000 | 297131 |
|  |  | 1839586 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| American Tower Corp. 1.45%, 9/15/2026 | 1678000 | 1629667 |
| Crown Castle, Inc. 4.45%, 2/15/2026 | 578000 | 576757 |
| Equinix, Inc. 2.90%, 11/18/2026 | 605000 | 595211 |
| Extra Space Storage LP  | Extra Space Storage LP  | Extra Space Storage LP  |
| 2.20%, 10/15/2030 | 1010000 | 905857 |
| 2.35%, 3/15/2032 | 467000 | 400548 |
|  |  | 4108040 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| AutoZone, Inc. 1.65%, 1/15/2031 | 565000 | 489453 |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| 5.75%, 11/20/2026 | 195000 | 198251 |
| 3.60%, 9/1/2027 | 403000 | 399218 |
| 1.75%, 3/15/2031 | 200000 | 173884 |
|  |  | 1260806 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Dell International LLC 5.30%, 4/1/2032 | 382000 | 393645 |
| Hewlett Packard Enterprise Co. 5.00%, <br> 10/15/2034<br>| 42000 | 41292 |
|  |  | 434937 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 832000 | 724303 |
| BAT Capital Corp. (United Kingdom) 2.26%, <br> 3/25/2028<br>| 1016000 | 967953 |
|  |  | 1692256 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, <br> 4/10/2030 (b)<br>| 385000 | 391343 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. 5.25%, <br> 3/1/2035<br>| 800000 | 813895 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 4.95%, 3/15/2028 | 640000 | 652045 |
| 3.88%, 4/15/2030 | 1184000 | 1159718 |
|  |  | 1811763 |
| Total Corporate Bonds <br>(Cost $209,449,466)<br>|  | 209399841 |
| **Mortgage-Backed Securities — 13.9%** | **Mortgage-Backed Securities — 13.9%** | **Mortgage-Backed Securities — 13.9%** |
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # C91030, 5.50%, 5/1/2027 | 7423 | 7475 |
| Pool # C91802, 3.50%, 1/1/2035 | 1466680 | 1430879 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # A15232, 5.00%, 10/1/2033 | 68988 | 69241 |
| Pool # A57681, 6.00%, 12/1/2036 | 488 | 515 |
| Pool # G06493, 4.50%, 5/1/2041 | 323316 | 323422 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 1000000 | 935617 |
| Pool # U90690, 3.50%, 6/1/2042 | 329813 | 309710 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZM6956, 4.50%, 6/1/2048 | 679929 | 666452 |
| Pool # QC3244, 3.00%, 6/1/2051 | 2306624 | 2017951 |
| Pool # RA7937, 5.00%, 9/1/2052 | 3149938 | 3130433 |
| Pool # SD8324, 5.50%, 5/1/2053 | 1618001 | 1633652 |
| Pool # SD3518, 5.50%, 7/1/2053 | 1698518 | 1714556 |
| Pool # SD3900, 5.50%, 8/1/2053 | 1369384 | 1382099 |
| Pool # QI4131, 5.50%, 4/1/2054 | 2232972 | 2254674 |
| Pool # SD5568, 5.50%, 5/1/2054 | 2613552 | 2632266 |
| Pool # QJ5547, 5.50%, 9/1/2054 | 2449464 | 2500109 |
| Pool # QJ7687, 5.50%, 11/1/2054 | 2274695 | 2314440 |
| Pool # RJ2914, 5.50%, 11/1/2054 | 3286689 | 3315596 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # MA1138, 3.50%, 8/1/2032 | 220013 | 216866 |
| Pool # AP9584, 3.00%, 10/1/2032 | 970170 | 941209 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # AL0045, 6.00%, 12/1/2032 | 90773 | 93574 |
| Pool # 735503, 6.00%, 4/1/2035 | 26663 | 27682 |
| Pool # 888460, 6.50%, 10/1/2036 | 171016 | 181531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 888890, 6.50%, 10/1/2037 | 3970 | 4220 |
| Pool # 949320, 7.00%, 10/1/2037 | 18024 | 18946 |
| Pool # 995149, 6.50%, 10/1/2038 | 9534 | 10076 |
| Pool # 994410, 7.00%, 11/1/2038 | 95322 | 100671 |
| Pool # AD9151, 5.00%, 8/1/2040 | 150516 | 153410 |
| Pool # AE0681, 4.50%, 12/1/2040 | 335858 | 335557 |
| Pool # BM3500, 4.00%, 9/1/2047 | 657934 | 637697 |
| Pool # BM3499, 4.00%, 12/1/2047 | 820580 | 780922 |
| Pool # BE8354, 4.00%, 3/1/2048 | 401405 | 381588 |
| Pool # CB1878, 3.00%, 10/1/2051 | 2247076 | 1964191 |
| Pool # FM9776, 3.00%, 11/1/2051 | 1953426 | 1712337 |
| Pool # FS7749, 3.00%, 2/1/2052 | 975458 | 854760 |
| Pool # CB3378, 4.00%, 4/1/2052 | 1712502 | 1601052 |
| Pool # FS6323, 3.50%, 5/1/2052 | 2318575 | 2110161 |
| Pool # CB3629, 4.00%, 5/1/2052 | 4021305 | 3760245 |
| Pool # FS9551, 5.50%, 9/1/2053 | 1350726 | 1366923 |
| Pool # DA4015, 6.00%, 10/1/2053 | 579852 | 596259 |
| Pool # FS6668, 5.50%, 12/1/2053 | 1137375 | 1147588 |
| Pool # CB8151, 5.50%, 3/1/2054 | 2241007 | 2257237 |
| Pool # DB2385, 5.50%, 6/1/2054 | 3438668 | 3461159 |
| Pool # DB3630, 5.50%, 6/1/2054 | 2931476 | 2976360 |
| Pool # BU5025, 5.50%, 9/1/2054 | 1805727 | 1819782 |
| Pool # FS9262, 5.50%, 10/1/2054 | 1847432 | 1861171 |
| Pool # DB1954, 5.00%, 11/1/2054 | 2474093 | 2441434 |
| FNMA, Other  |  |  |
| Pool # AN1247, 2.64%, 6/1/2026 | 1576000 | 1553666 |
| Pool # AN6732, 2.83%, 5/1/2027 | 1142601 | 1119122 |
| Pool # AN7338, 3.06%, 11/1/2027 | 916862 | 900413 |
| Pool # AN7943, 3.10%, 1/1/2028 | 2295631 | 2248982 |
| Pool # BS8224, 4.10%, 5/1/2028 | 3775000 | 3786539 |
| Pool # AN9486, 3.57%, 6/1/2028 | 3593644 | 3555526 |
| Pool # AN2069, 2.35%, 8/1/2028 | 1329656 | 1271400 |
| Pool # BL0907, 3.88%, 12/1/2028 | 700000 | 694200 |
| Pool # BM4162, 3.12%, 10/1/2029 (f) | 122705 | 119313 |
| Pool # BL4333, 2.52%, 11/1/2029 | 1094488 | 1030675 |
| Pool # BS8252, 4.36%, 4/1/2030 | 3495000 | 3522775 |
| Pool # BZ2889, 4.37%, 1/1/2032 | 2480698 | 2488527 |
| Pool # BM7037, 1.76%, 3/1/2032 (f) | 995682 | 861493 |
| Pool # BS5117, 2.58%, 3/1/2032 | 2393690 | 2172369 |
| Pool # BS8503, 4.62%, 5/1/2033 | 1000000 | 1010726 |
| Pool # BS2933, 1.82%, 9/1/2033 | 3400000 | 2797346 |
| Pool # MA1125, 4.00%, 7/1/2042 | 416774 | 401946 |
| Pool # MA1437, 3.50%, 5/1/2043 | 601022 | 563307 |
| Pool # MA1463, 3.50%, 6/1/2043 | 577720 | 541464 |
| Pool # BF0669, 4.00%, 6/1/2052 | 1709755 | 1639016 |
| Pool # BF0230, 5.50%, 1/1/2058 | 2736048 | 2837639 |
| Pool # BM7238, 3.00%, 4/1/2059 | 2008129 | 1745230 |
| Pool # BM6734, 4.00%, 8/1/2059 | 3079129 | 2874365 |
| Pool # BF0497, 3.00%, 7/1/2060 | 1534247 | 1321977 |
| Pool # BF0546, 2.50%, 7/1/2061 | 738960 | 587327 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BF0617, 2.50%, 3/1/2062 | 1856292 | 1475371 |
| Pool # BF0736, 4.00%, 6/1/2063 | 2146545 | 1988815 |
| GNMA II, 30 Year  |  |  |
| Pool # 4245, 6.00%, 9/20/2038 | 49808 | 53309 |
| Pool # BA7567, 4.50%, 5/20/2048 | 549317 | 527891 |
| Pool # BI0416, 4.50%, 11/20/2048 | 62268 | 60430 |
| Pool # BM9692, 4.50%, 7/20/2049 | 215365 | 208091 |
| Total Mortgage-Backed Securities <br>(Cost $107,831,240)<br>|  | 106412945 |
| **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** |
| Air Canada Pass-Through Trust (Canada) Series <br> 2017-1, Class AA, 3.30%, 1/15/2030 (b)<br>| 316950 | 299403 |
| Aligned Data Centers Issuer LLC Series <br> 2021-1A, Class A2, 1.94%, 8/15/2046 (b)<br>| 1966000 | 1911706 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| 65812 | 63101 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 812490 | 778550 |
| American Credit Acceptance Receivables Trust <br> Series 2023-1, Class C, 5.59%, <br> 4/12/2029 (b)<br>| 209593 | 209882 |
| AmeriCredit Automobile Receivables Trust <br> Series 2024-1, Class B, 5.38%, 6/18/2029<br>| 1020000 | 1035714 |
| AMSR Trust Series 2020-SFR5, Class A, 1.38%, <br> 11/17/2037 (b)<br>| 201786 | 200415 |
| Avis Budget Rental Car Funding AESOP LLC <br> Series 2024-2A, Class A, 5.13%, <br> 10/20/2028 (b)<br>| 467000 | 474111 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2025-2, Class C, 5.17%, 3/17/2031 | 632000 | 640326 |
| Series 2025-3, Class C, 4.81%, 5/15/2031 | 390000 | 392119 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 ‡ (b)<br>| 647532 | 639687 |
| Series 2024-2A, Class A, 5.36%, <br> 9/15/2039 ‡ (b)<br>| 744241 | 748326 |
| Carmax Auto Owner Trust |  |  |
| Series 2025-2, Class A3, 4.48%, 3/15/2030 | 464000 | 468604 |
| Series 2025-3, Class A3, 4.35%, 7/15/2030 | 370000 | 373625 |
| CarMax Auto Owner Trust Series 2023-4, <br> Class A3, 6.00%, 7/17/2028<br>| 232459 | 235500 |
| Carvana Auto Receivables Trust |  |  |
| Series 2022-P3, Class A3, 4.61%, <br> 11/10/2027<br>| 78159 | 78208 |
| Series 2021-P4, Class A4, 1.64%, <br> 12/10/2027<br>| 2324985 | 2295049 |
| Series 2024-P4, Class A3, 4.64%, <br> 1/10/2030<br>| 276000 | 277548 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class A, 4.74%, 2/15/2029 (b)<br>| 432266 | 433229 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| CoreVest American Finance Trust |  |  |
| Series 2019-3, Class A, 2.71%, <br> 10/15/2052 (b)<br>| 23005 | 22902 |
| Series 2022-1, Class A, 4.74%, <br> 6/17/2055 (b) (f)<br>| 366782 | 367936 |
| CPS Auto Receivables Trust |  |  |
| Series 2023-A, Class C, 5.54%, <br> 4/16/2029 (b)<br>| 364846 | 365399 |
| Series 2024-D, Class C, 4.76%, <br> 1/15/2031 (b)<br>| 235000 | 235213 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-1A, Class B, 7.02%, <br> 5/16/2033 (b)<br>| 2100000 | 2128773 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (b)<br>| 797000 | 805790 |
| Series 2024-2A, Class A, 5.95%, <br> 6/15/2034 (b)<br>| 1000000 | 1020129 |
| Series 2024-3A, Class A, 4.68%, <br> 9/15/2034 (b)<br>| 1066000 | 1070686 |
| Series 2025-1A, Class A, 5.02%, <br> 3/15/2035 (b)<br>| 957000 | 969153 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (b)<br>| 295000 | 296246 |
| Dell Equipment Finance Trust Series 2025-1, <br> Class A3, 4.61%, 2/24/2031 (b)<br>| 232000 | 234287 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-2, Class A3, 4.50%, 9/15/2028 | 345000 | 345342 |
| Series 2024-2, Class C, 4.67%, 5/17/2032 | 376000 | 377739 |
| Series 2025-1, Class C, 4.99%, 9/15/2032 | 264000 | 267361 |
| DT Auto Owner Trust |  |  |
| Series 2021-4A, Class D, 1.99%, <br> 9/15/2027 (b)<br>| 575313 | 568850 |
| Series 2023-1A, Class C, 5.55%, <br> 10/16/2028 (b)<br>| 1421785 | 1426092 |
| Series 2023-2A, Class B, 5.41%, <br> 2/15/2029 (b)<br>| 127742 | 127792 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2022-4A, Class C, 4.92%, <br> 12/15/2028<br>| 69818 | 69822 |
| Series 2023-1A, Class D, 6.69%, 6/15/2029 | 243000 | 247684 |
| Series 2024-3A, Class C, 5.70%, 7/16/2029 | 284000 | 287876 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 730000 | 732844 |
| Series 2025-3A, Class C, 5.09%, <br> 10/15/2031<br>| 427000 | 432986 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (b)<br>| 155103 | 156409 |
| FirstKey Homes Trust |  |  |
| Series 2020-SFR2, Class A, 1.27%, <br> 10/19/2037 (b)<br>| 926485 | 919540 |
| Series 2021-SFR1, Class E1, 2.39%, <br> 8/17/2038 (b)<br>| 600000 | 583803 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-SFR2, Class D, 2.06%, <br> 9/17/2038 (b)<br>| 2900000 | 2799249 |
| Flagship Credit Auto Trust Series 2023-1, <br> Class C, 5.43%, 5/15/2029 (b)<br>| 1800000 | 1806432 |
| FRTKL Series 2021-SFR1, Class A, 1.57%, <br> 9/17/2038 (b)<br>| 2118000 | 2051615 |
| GLS Auto Select Receivables Trust Series <br> 2025-1A, Class A2, 4.71%, 4/15/2030 (b)<br>| 341271 | 342530 |
| GM Financial Automobile Leasing Trust Series <br> 2024-2, Class A3, 5.39%, 7/20/2027<br>| 480000 | 483597 |
| HERO Funding (Cayman Islands) Series <br> 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ <br> (b)<br>| 94257 | 89161 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2025-3A, Class A, 5.06%, <br> 12/26/2029 (b)<br>| 1330000 | 1351801 |
| Series 2025-2A, Class A, 5.13%, <br> 9/25/2031 (b)<br>| 260000 | 263579 |
| Hilton Grand Vacations Trust |  |  |
| Series 2025-2A, Class A, 4.54%, <br> 5/25/2044 (b)<br>| 415000 | 416371 |
| Series 2025-2A, Class B, 4.73%, <br> 5/25/2044 (b)<br>| 355000 | 356011 |
| Home Partners of America Trust Series 2022-1, <br> Class D, 4.73%, 4/17/2039 (b)<br>| 1145205 | 1130479 |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2025-A, Class A3, 4.83%, <br> 1/18/2028 (b)<br>| 497000 | 501763 |
| Series 2025-B, Class A3, 4.53%, <br> 4/17/2028 (b)<br>| 497000 | 500923 |
| Hyundai Auto Receivables Trust Series 2025-A, <br> Class A3, 4.32%, 10/15/2029<br>| 714000 | 718966 |
| Kubota Credit Owner Trust Series 2023-1A, <br> Class A3, 5.02%, 6/15/2027 (b)<br>| 718662 | 721427 |
| Lendmark Funding Trust Series 2025-1A, <br> Class A, 4.94%, 9/20/2034 (b)<br>| 733000 | 742302 |
| Mercedes-Benz Auto Lease Trust Series 2025-A, <br> Class A4, 4.69%, 2/18/2031<br>| 255000 | 259399 |
| MVW LLC |  |  |
| Series 2021-2A, Class A, 1.43%, <br> 5/20/2039 (b)<br>| 328734 | 312659 |
| Series 2021-1WA, Class A, 1.14%, <br> 1/22/2041 (b)<br>| 60996 | 58571 |
| Series 2025-1A, Class B, 5.21%, <br> 9/22/2042 (b)<br>| 347414 | 351776 |
| Series 2024-1A, Class A, 5.32%, <br> 2/20/2043 (b)<br>| 534748 | 546497 |
| Nissan Auto Lease Trust Series 2025-A, <br> Class A3, 4.75%, 3/15/2028<br>| 1145000 | 1158670 |
| OneMain Direct Auto Receivables Trust Series <br> 2023-1A, Class A, 5.41%, 11/14/2029 (b)<br>| 2334000 | 2354314 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Oportun Issuance Trust Series 2025-A, Class B, <br> 5.30%, 2/8/2033 (b)<br>| 259000 | 259253 |
| Prestige Auto Receivables Trust Series <br> 2024-2A, Class B, 4.56%, 2/15/2029 (b)<br>| 88000 | 88142 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (b)<br>| 1144000 | 1113777 |
| Series 2021-SFR11, Class A, 2.28%, <br> 1/17/2039 (b)<br>| 1969601 | 1845652 |
| Series 2023-SFR1, Class A, 4.30%, <br> 3/17/2040 (b)<br>| 1248960 | 1246422 |
| Series 2021-SFR9, Class E1, 2.81%, <br> 11/17/2040 (b)<br>| 1048000 | 985534 |
| Series 2025-SFR1, Class A, 3.40%, <br> 2/17/2042 (b)<br>| 1100340 | 1052807 |
| Series 2025-SFR2, Class A, 3.31%, <br> 4/17/2042 (b)<br>| 1249296 | 1188184 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-1, Class B, 4.98%, 2/15/2028 | 62207 | 62220 |
| Series 2024-4, Class B, 4.93%, 9/17/2029 | 583000 | 588939 |
| Series 2023-5, Class B, 6.16%, 12/17/2029 | 740000 | 753600 |
| Series 2024-2, Class C, 5.84%, 6/17/2030 | 298000 | 305252 |
| Series 2024-3, Class C, 5.64%, 8/15/2030 | 1108000 | 1134004 |
| Series 2025-1, Class C, 5.04%, 3/17/2031 | 476000 | 483105 |
| Series 2025-3, Class C, 4.68%, 9/15/2031 | 380000 | 384048 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class A3, 5.52%, <br> 1/20/2032 (b)<br>| 263000 | 269637 |
| Series 2024-1A, Class B, 5.56%, <br> 4/20/2032 (b)<br>| 1000000 | 1035387 |
| Sierra Timeshare Receivables Funding LLC <br> Series 2022-2A, Class A, 4.73%, <br> 6/20/2040 (b)<br>| 34674 | 34756 |
| SpringCastle America Funding LLC Series <br> 2020-AA, Class A, 1.97%, 9/25/2037 (b)<br>| 107335 | 101555 |
| Stream Innovations Issuer Trust Series <br> 2025-1A, Class A, 5.05%, 9/15/2045 (b)<br>| 593185 | 599444 |
| Tesla Auto Lease Trust Series 2024-A, Class A3, <br> 5.30%, 6/21/2027 (b)<br>| 290133 | 290953 |
| Toyota Auto Receivables Owner Trust Series <br> 2021-C, Class A4, 0.72%, 1/15/2027<br>| 290528 | 288899 |
| United Airlines Pass-Through Trust |  |  |
| Series 2016-1, Class AA, 3.10%, 7/7/2028 | 614279 | 592695 |
| Series 2016-2, Class AA, 2.88%, 10/7/2028 | 662911 | 629448 |
| Series 2018-1, Class AA, 3.50%, 3/1/2030 | 411177 | 393187 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 687680 | 645388 |
| US Auto Funding Trust Series 2022-1A, Class A, <br> 3.98%, 4/15/2025 (b)<br>| 7759 | 7740 |
| Volkswagen Auto Lease Trust Series 2024-A, <br> Class A3, 5.21%, 6/21/2027<br>| 465000 | 469093 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| VOLT C LLC Series 2021-NPL9, Class A1, <br> 5.99%, 5/25/2051 (b) (e)<br>| 170193 | 170114 |
| VOLT CI LLC Series 2021-NP10, Class A1, <br> 5.99%, 5/25/2051 (b) (e)<br>| 104769 | 104706 |
| VOLT CV LLC Series 2021-CF2, Class A1, <br> 5.49%, 11/27/2051 (b) (e)<br>| 510242 | 509818 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 6.24%, 2/27/2051 (b) (e)<br>| 14691 | 14685 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (b) (e)<br>| 106008 | 105974 |
| Western Funding Auto Loan Trust Series <br> 2025-1, Class C, 5.34%, 11/15/2035 (b)<br>| 591000 | 598782 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class A, 1.79%, <br> 8/20/2036 (b)<br>| 202245 | 199524 |
| Series 2024-1A, Class B, 6.56%, <br> 1/20/2038 (b)<br>| 661672 | 671267 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2021-3A, Class D, 2.12%, <br> 1/15/2027 (b)<br>| 275292 | 274317 |
| Series 2023-1A, Class C, 5.74%, <br> 8/15/2028 (b)<br>| 180000 | 181278 |
| World Omni Auto Receivables Trust Series <br> 2023-D, Class A3, 5.79%, 2/15/2029<br>| 274619 | 277475 |
| World Omni Automobile Lease Securitization <br> Trust Series 2025-A, Class A3, 4.42%, <br> 4/17/2028<br>| 312000 | 313967 |
| Total Asset-Backed Securities <br>(Cost $65,251,820)<br>|  | 65204877 |
| **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** |
| 20 Times Square Trust Series 2018-20TS, <br> Class A, 3.20%, 5/15/2035 (b) (f)<br>| 369326 | 355476 |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (b)<br>| 1500000 | 1462731 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series KLU2, Class A7, 2.23%, <br> 9/25/2025 (f)<br>| 334333 | 333219 |
| Series K737, Class AM, 2.10%, 10/25/2026 | 3110000 | 3036138 |
| Series K072, Class A2, 3.44%, 12/25/2027 | 473000 | 467747 |
| Series K083, Class A2, 4.05%, <br> 9/25/2028 (f)<br>| 594000 | 595834 |
| Series K145, Class AM, 2.58%, 6/25/2032 | 880000 | 788297 |
| Series KJ44, Class A2, 4.61%, 2/25/2033 | 1900000 | 1927204 |
| FNMA ACES |  |  |
| Series 2015-M10, Class A2, 3.09%, <br> 4/25/2027 (f)<br>| 649808 | 639615 |
| Series 2017-M8, Class A2, 3.06%, <br> 5/25/2027 (f)<br>| 1027269 | 1009977 |
| Series 2017-M12, Class A2, 3.16%, <br> 6/25/2027 (f)<br>| 2423962 | 2380719 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2017-M13, Class A2, 3.03%, <br> 9/25/2027 (f)<br>| 314217 | 308143 |
| Series 2018-M2, Class A2, 3.00%, <br> 1/25/2028 (f)<br>| 2951212 | 2882428 |
| Series 2018-M4, Class A2, 3.16%, <br> 3/25/2028 (f)<br>| 1706713 | 1667994 |
| Series 2018-M9, Class APT2, 3.21%, <br> 4/25/2028 (f)<br>| 2329930 | 2279922 |
| Series 2018-M14, Class A2, 3.70%, <br> 8/25/2028 (f)<br>| 364537 | 360242 |
| Series 2017-M5, Class A2, 3.11%, <br> 4/25/2029 (f)<br>| 1870612 | 1815675 |
| Series 2018-M3, Class A2, 3.15%, <br> 2/25/2030 (f)<br>| 879054 | 845976 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 348200 | 331579 |
| Series 2020-M50, Class X1, IO, 1.92%, <br> 10/25/2030 (f)<br>| 5372046 | 209031 |
| Series 2021-M11, Class A2, 1.51%, <br> 3/25/2031 (f)<br>| 1517000 | 1311806 |
| Series 2022-M1G, Class A2, 1.58%, <br> 9/25/2031 (f)<br>| 5000000 | 4333494 |
| Series 2021-M3, Class X1, IO, 2.01%, <br> 11/25/2033 (f)<br>| 312102 | 20123 |
| Morgan Stanley Capital I Trust Series <br> 2021-PLZA, Class A, 2.57%, 11/9/2043 (b)<br>| 1958000 | 1664165 |
| MRCD MARK Mortgage Trust Series 2019-PARK, <br> Class A, 2.72%, 12/15/2036 (b)<br>| 300000 | 265500 |
| SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (b)<br>| 1770000 | 1573076 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $34,016,174)<br>|  | 32866111 |
| **Collateralized Mortgage Obligations — 4.3%** | **Collateralized Mortgage Obligations — 4.3%** | **Collateralized Mortgage Obligations — 4.3%** |
| Citigroup Mortgage Loan Trust Series <br> 2004-HYB4, Class WA, 6.98%, <br> 12/25/2034 (f)<br>| 2610 | 2605 |
| Citigroup Mortgage Loan Trust, Inc. Series <br> 2003-1, Class 3A4, 5.25%, 9/25/2033<br>| 2676 | 2646 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 1147463 | 1064866 |
| Series 2017-4, Class M60C, 3.50%, <br> 6/25/2057<br>| 1152669 | 1068039 |
| Series 2017-4, Class MT, 3.50%, 6/25/2057 | 306749 | 279829 |
| Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 1202319 | 1133555 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 269466 | 253590 |
| Series 2020-1, Class M55G, 3.00%, <br> 8/25/2059<br>| 2792743 | 2518407 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| FHLMC, REMIC |  |  |
| Series 3816, Class HA, 3.50%, 11/15/2025 | 11587 | 11559 |
| Series 3087, Class KX, 5.50%, 12/15/2025 | 243 | 243 |
| Series 3787, Class AY, 3.50%, 1/15/2026 | 12880 | 12832 |
| Series 3794, Class LB, 3.50%, 1/15/2026 | 10771 | 10725 |
| Series 3102, Class CE, 5.50%, 1/15/2026 | 1164 | 1162 |
| Series 3123, Class HT, 5.00%, 3/15/2026 | 14 | 14 |
| Series 3121, Class JD, 5.50%, 3/15/2026 | 518 | 518 |
| Series 3150, Class EQ, 5.00%, 5/15/2026 | 2024 | 2021 |
| Series 3898, Class KH, 3.50%, 6/15/2026 | 15778 | 15706 |
| Series 3911, Class B, 3.50%, 8/15/2026 | 34211 | 33976 |
| Series 3959, Class PB, 3.00%, 11/15/2026 | 290307 | 287669 |
| Series 3337, Class MD, 5.50%, 6/15/2027 | 4572 | 4576 |
| Series 2110, Class PG, 6.00%, 1/15/2029 | 17374 | 17494 |
| Series 3563, Class LB, 4.00%, 8/15/2029 | 2422 | 2401 |
| Series 3653, Class B, 4.50%, 4/15/2030 | 30007 | 30103 |
| Series 3824, Class EY, 3.50%, 3/15/2031 | 91785 | 90614 |
| Series 2525, Class AM, 4.50%, 4/15/2032 | 209048 | 210188 |
| Series 2441, Class GF, 6.50%, 4/15/2032 | 6694 | 7009 |
| Series 2436, Class MC, 7.00%, 4/15/2032 | 2472 | 2521 |
| Series 2760, Class KT, 4.50%, 9/15/2032 | 25321 | 25448 |
| Series 2505, Class D, 5.50%, 9/15/2032 | 29775 | 30611 |
| Series 2544, Class KE, 5.50%, 12/15/2032 | 19674 | 20309 |
| Series 2557, Class HL, 5.30%, 1/15/2033 | 50243 | 50751 |
| Series 2575, Class PE, 5.50%, 2/15/2033 | 16493 | 17050 |
| Series 2586, Class WG, 4.00%, 3/15/2033 | 60676 | 60069 |
| Series 2596, Class QD, 4.00%, 3/15/2033 | 52780 | 51564 |
| Series 2621, Class QH, 5.00%, 5/15/2033 | 68708 | 70291 |
| Series 2624, Class QH, 5.00%, 6/15/2033 | 77856 | 79646 |
| Series 2648, Class BK, 5.00%, 7/15/2033 | 7621 | 7807 |
| Series 4238, Class UY, 3.00%, 8/15/2033 | 1538847 | 1488954 |
| Series 2673, Class PE, 5.50%, 9/15/2033 | 121910 | 126288 |
| Series 2696, Class DG, 5.50%, 10/15/2033 | 111387 | 115924 |
| Series 2725, Class TA, 4.50%, 12/15/2033 | 210623 | 212272 |
| Series 2733, Class ME, 5.00%, 1/15/2034 | 103481 | 105671 |
| Series 2768, Class PK, 5.00%, 3/15/2034 | 117473 | 118705 |
| Series 2934, Class KG, 5.00%, 2/15/2035 | 89094 | 91678 |
| Series 2960, Class JH, 5.50%, 4/15/2035 | 237039 | 245952 |
| Series 3082, Class PW, 5.50%, 12/15/2035 | 17446 | 18148 |
| Series 3084, Class BH, 5.50%, 12/15/2035 | 367185 | 385022 |
| Series 3098, Class KG, 5.50%, 1/15/2036 | 401481 | 421443 |
| Series 3136, Class CO, PO, 4/15/2036 | 4923 | 4315 |
| Series 3145, Class AJ, 5.50%, 4/15/2036 | 15392 | 16165 |
| Series 3819, Class ZQ, 6.00%, 4/15/2036 | 260308 | 276149 |
| Series 3200, PO, 8/15/2036 | 28895 | 24646 |
| Series 3270, Class AT, 5.50%, 1/15/2037 | 9538 | 9640 |
| Series 3272, Class PA, 6.00%, 2/15/2037 | 2803 | 2988 |
| Series 3348, Class HT, 6.00%, 7/15/2037 | 25460 | 26957 |
| Series 3501, Class A, 4.50%, 1/15/2039 | 81105 | 79643 |
| Series 3508, Class PK, 4.00%, 2/15/2039 | 1495 | 1437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 3513, Class A, 4.50%, 2/15/2039 | 5559 | 5506 |
| Series 3653, Class HJ, 5.00%, 4/15/2040 | 248425 | 251595 |
| Series 3677, Class KB, 4.50%, 5/15/2040 | 511877 | 515961 |
| Series 3677, Class PB, 4.50%, 5/15/2040 | 229017 | 230675 |
| Series 3715, Class PC, 4.50%, 8/15/2040 | 85804 | 86355 |
| Series 3955, Class HB, 3.00%, 12/15/2040 | 20902 | 20733 |
| Series 3828, Class PU, 4.50%, 3/15/2041 | 35510 | 35595 |
| Series 3852, Class TP, IF, 5.50%, <br> 5/15/2041 (f)<br>| 100830 | 101721 |
| Series 3956, Class EB, 3.25%, 11/15/2041 | 588556 | 551789 |
| Series 3963, Class JB, 4.50%, 11/15/2041 | 828879 | 834239 |
| Series 4026, Class MQ, 4.00%, 4/15/2042 | 31822 | 30877 |
| Series 4616, Class HP, 3.00%, 9/15/2046 | 784938 | 711496 |
| Series 3688, Class GT, 7.49%, <br> 11/15/2046 (f)<br>| 12475 | 13345 |
| FHLMC, STRIPS Series 262, Class 35, 3.50%, <br> 7/15/2042<br>| 353148 | 332618 |
| FNMA, REMIC |  |  |
| Series 1997-57, Class PN, 5.00%, <br> 9/18/2027<br>| 11469 | 11413 |
| Series 2009-39, Class LB, 4.50%, <br> 6/25/2029<br>| 21642 | 21555 |
| Series 2009-96, Class DB, 4.00%, <br> 11/25/2029<br>| 22519 | 22392 |
| Series 2010-28, Class DE, 5.00%, <br> 4/25/2030<br>| 79382 | 80361 |
| Series 2001-63, Class TC, 6.00%, <br> 12/25/2031<br>| 18975 | 19660 |
| Series 2001-81, Class HE, 6.50%, <br> 1/25/2032<br>| 48922 | 51112 |
| Series 2002-75, Class GB, 5.50%, <br> 11/25/2032<br>| 11824 | 11757 |
| Series 2011-39, Class ZA, 6.00%, <br> 11/25/2032<br>| 214585 | 223470 |
| Series 2002-85, Class PE, 5.50%, <br> 12/25/2032<br>| 17165 | 17698 |
| Series 2003-21, Class OU, 5.50%, <br> 3/25/2033<br>| 14829 | 15393 |
| Series 2003-26, Class EB, 3.50%, <br> 4/25/2033<br>| 334050 | 327600 |
| Series 2003-23, Class CH, 5.00%, <br> 4/25/2033<br>| 13014 | 13301 |
| Series 2003-63, Class YB, 5.00%, <br> 7/25/2033<br>| 48579 | 49467 |
| Series 2003-69, Class N, 5.00%, <br> 7/25/2033<br>| 89070 | 90429 |
| Series 2003-80, Class QG, 5.00%, <br> 8/25/2033<br>| 99057 | 100961 |
| Series 2003-85, Class QD, 5.50%, <br> 9/25/2033<br>| 50115 | 51815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2003-94, Class CE, 5.00%, <br> 10/25/2033<br>| 1416 | 1410 |
| Series 2005-5, Class CK, 5.00%, 1/25/2035 | 49707 | 49306 |
| Series 2005-29, Class WC, 4.75%, <br> 4/25/2035<br>| 87386 | 86484 |
| Series 2005-48, Class TD, 5.50%, <br> 6/25/2035<br>| 119128 | 123609 |
| Series 2005-53, Class MJ, 5.50%, <br> 6/25/2035<br>| 119236 | 124528 |
| Series 2005-58, Class EP, 5.50%, <br> 7/25/2035<br>| 5753 | 5820 |
| Series 2005-68, Class BE, 5.25%, <br> 8/25/2035<br>| 100321 | 102352 |
| Series 2005-68, Class PG, 5.50%, <br> 8/25/2035<br>| 39514 | 39815 |
| Series 2005-102, Class PG, 5.00%, <br> 11/25/2035<br>| 164405 | 168596 |
| Series 2005-110, Class GL, 5.50%, <br> 12/25/2035<br>| 210331 | 220341 |
| Series 2006-49, Class PA, 6.00%, <br> 6/25/2036<br>| 22927 | 24161 |
| Series 2009-19, Class PW, 4.50%, <br> 10/25/2036<br>| 129556 | 130239 |
| Series 2006-114, Class HE, 5.50%, <br> 12/25/2036<br>| 163273 | 169425 |
| Series 2007-33, Class HE, 5.50%, <br> 4/25/2037<br>| 12404 | 13043 |
| Series 2007-65, Class KI, IF, IO, 2.16%, <br> 7/25/2037 (f)<br>| 3161 | 325 |
| Series 2007-71, Class KP, 5.50%, <br> 7/25/2037<br>| 7820 | 7752 |
| Series 2007-71, Class GB, 6.00%, <br> 7/25/2037<br>| 96100 | 102234 |
| Series 2009-86, Class OT, PO, 10/25/2037 | 16612 | 14170 |
| Series 2008-72, Class BX, 5.50%, <br> 8/25/2038<br>| 7954 | 8250 |
| Series 2008-74, Class B, 5.50%, 9/25/2038 | 4095 | 4273 |
| Series 2009-37, Class KI, IF, IO, 1.54%, <br> 6/25/2039 (f)<br>| 2443 | 165 |
| Series 2009-86, Class IP, IO, 5.50%, <br> 10/25/2039<br>| 5588 | 951 |
| Series 2009-92, Class AD, 6.00%, <br> 11/25/2039<br>| 50734 | 50744 |
| Series 2009-112, Class ST, IF, IO, 1.79%, <br> 1/25/2040 (f)<br>| 38962 | 4073 |
| Series 2010-22, Class PE, 5.00%, <br> 3/25/2040<br>| 834469 | 859500 |
| Series 2010-35, Class SB, IF, IO, 1.96%, <br> 4/25/2040 (f)<br>| 14147 | 954 |
| Series 2010-37, Class CY, 5.00%, <br> 4/25/2040<br>| 478556 | 489951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2010-54, Class EA, 4.50%, <br> 6/25/2040<br>| 10096 | 10056 |
| Series 2010-64, Class DM, 5.00%, <br> 6/25/2040<br>| 1523 | 1542 |
| Series 2010-71, Class HJ, 5.50%, <br> 7/25/2040<br>| 51245 | 53596 |
| Series 2010-123, Class BP, 4.50%, <br> 11/25/2040<br>| 1202516 | 1208873 |
| Series 2011-41, Class KL, 4.00%, <br> 5/25/2041<br>| 741582 | 726654 |
| Series 2011-50, Class LP, 4.00%, <br> 6/25/2041<br>| 290333 | 279482 |
| Series 2012-137, Class CF, 4.76%, <br> 8/25/2041 (f)<br>| 25846 | 25798 |
| Series 2012-103, Class DA, 3.50%, <br> 10/25/2041<br>| 2525 | 2513 |
| Series 2012-14, Class DE, 3.50%, <br> 3/25/2042<br>| 472446 | 449686 |
| Series 2012-139, Class JA, 3.50%, <br> 12/25/2042<br>| 230101 | 220060 |
| Series 2013-104, Class CY, 5.00%, <br> 10/25/2043<br>| 2250000 | 2197127 |
| Series 2019-65, Class PA, 2.50%, <br> 5/25/2048<br>| 162475 | 148796 |
| Series 2009-96, Class CB, 4.00%, <br> 11/25/2049<br>| 12694 | 11912 |
| Series 2019-7, Class CA, 3.50%, <br> 11/25/2057<br>| 1952318 | 1891116 |
| FNMA, STRIPS Series 314, Class 1, PO, <br> 7/25/2031<br>| 14929 | 13365 |
| GNMA |  |  |
| Series 2003-29, Class PD, 5.50%, <br> 4/16/2033<br>| 100541 | 100333 |
| Series 2003-65, Class AP, 5.50%, <br> 8/20/2033<br>| 33371 | 33384 |
| Series 2003-77, Class TK, 5.00%, <br> 9/16/2033<br>| 140420 | 140253 |
| Series 2004-16, Class GC, 5.50%, <br> 2/20/2034<br>| 361581 | 365316 |
| Series 2004-54, Class BG, 5.50%, <br> 7/20/2034<br>| 7860 | 7995 |
| Series 2004-93, Class PD, 5.00%, <br> 11/16/2034<br>| 207970 | 207724 |
| Series 2004-101, Class BE, 5.00%, <br> 11/20/2034<br>| 182849 | 182759 |
| Series 2005-11, Class PL, 5.00%, <br> 2/20/2035<br>| 89866 | 90290 |
| Series 2005-26, Class XY, 5.50%, <br> 3/20/2035<br>| 332352 | 339012 |
| Series 2005-33, Class AY, 5.50%, <br> 4/16/2035<br>| 83215 | 83210 |
| Series 2005-49, Class B, 5.50%, 6/20/2035 | 29577 | 30084 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2005-51, Class DC, 5.00%, <br> 7/20/2035<br>| 71927 | 72446 |
| Series 2005-56, Class BD, 5.00%, <br> 7/20/2035<br>| 11150 | 11244 |
| Series 2006-7, Class ND, 5.50%, <br> 8/20/2035<br>| 10979 | 11183 |
| Series 2007-37, Class LB, 5.50%, <br> 6/16/2037<br>| 84828 | 85591 |
| Series 2007-79, Class BL, 5.75%, <br> 8/20/2037<br>| 66421 | 66316 |
| Series 2009-106, Class ST, IF, IO, 1.55%, <br> 2/20/2038 (f)<br>| 60434 | 1738 |
| Series 2008-7, Class PQ, 5.00%, 2/20/2038 | 196016 | 195413 |
| Series 2008-9, Class PW, 5.25%, <br> 2/20/2038<br>| 207244 | 208006 |
| Series 2008-23, Class YA, 5.25%, <br> 3/20/2038<br>| 47786 | 48020 |
| Series 2008-35, Class NF, 5.00%, <br> 4/20/2038<br>| 48483 | 48397 |
| Series 2008-34, Class PG, 5.25%, <br> 4/20/2038<br>| 55934 | 55953 |
| Series 2008-33, Class PB, 5.50%, <br> 4/20/2038<br>| 167652 | 168963 |
| Series 2008-38, Class BG, 5.00%, <br> 5/16/2038<br>| 259152 | 260119 |
| Series 2008-43, Class NB, 5.50%, <br> 5/20/2038<br>| 83574 | 83908 |
| Series 2008-56, Class PX, 5.50%, <br> 6/20/2038<br>| 163335 | 162896 |
| Series 2008-58, Class PE, 5.50%, <br> 7/16/2038<br>| 412061 | 418130 |
| Series 2008-62, Class SA, IF, IO, 1.70%, <br> 7/20/2038 (f)<br>| 1152 | 5 |
| Series 2008-76, Class US, IF, IO, 1.45%, <br> 9/20/2038 (f)<br>| 37303 | 1120 |
| Series 2011-97, Class WA, 6.08%, <br> 11/20/2038 (f)<br>| 270520 | 275027 |
| Series 2008-95, Class DS, IF, IO, 2.85%, <br> 12/20/2038 (f)<br>| 34229 | 333 |
| Series 2009-14, Class AG, 4.50%, <br> 3/20/2039<br>| 59367 | 59405 |
| Series 2009-72, Class SM, IF, IO, 1.78%, <br> 8/16/2039 (f)<br>| 75011 | 5992 |
| Series 2009-61, Class AP, 4.00%, <br> 8/20/2039<br>| 5512 | 5417 |
| Series 2010-130, Class BD, 4.00%, <br> 12/20/2039<br>| 188543 | 186136 |
| Series 2010-157, Class OP, PO, 12/20/2040 | 59048 | 50757 |
| Series 2014-H11, Class VA, 4.94%, <br> 6/20/2064 (f)<br>| 507388 | 507507 |
| Series 2015-H20, Class FA, 4.91%, <br> 8/20/2065 (f)<br>| 559350 | 559257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2015-H26, Class FG, 4.96%, <br> 10/20/2065 (f)<br>| 427408 | 427597 |
| GSR Mortgage Loan Trust Series 2004-6F, Class <br> 2A4, 5.50%, 5/25/2034<br>| 30038 | 30516 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-A2, Class 5A3, 6.91%, <br> 11/25/2033 (f)<br>| 38668 | 38253 |
| Series 2007-A1, Class 5A5, 6.36%, <br> 7/25/2035 (f)<br>| 11065 | 11231 |
| MASTR Adjustable Rate Mortgages Trust Series <br> 2004-13, Class 2A1, 6.74%, 4/21/2034 (f)<br>| 21948 | 21611 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-F, Class A1, 5.08%, <br> 10/25/2028 (f)<br>| 12351 | 12050 |
| Series 2004-B, Class A1, 4.94%, <br> 5/25/2029 (f)<br>| 23008 | 22351 |
| Morgan Stanley Mortgage Loan Trust Series <br> 2004-3, Class 4A, 5.64%, 4/25/2034 (f)<br>| 12681 | 12529 |
| PHH Mortgage Trust Series 2008-CIM2, Class <br> 5A1, 6.00%, 7/25/2038<br>| 7082 | 7837 |
| Seasoned Loans Structured Transaction Series <br> 2018-2, Class A1, 3.50%, 11/25/2028<br>| 308139 | 301755 |
| Sequoia Mortgage Trust Series 2004-11, <br> Class A1, 5.05%, 12/20/2034 (f)<br>| 46249 | 41922 |
| Thornburg Mortgage Securities Trust Series <br> 2004-4, Class 3A, 5.36%, 12/25/2044 (f)<br>| 57811 | 55966 |
| Vendee Mortgage Trust Series 2003-2, Class Z, <br> 5.00%, 5/15/2033<br>| 178874 | 181057 |
| WaMu Mortgage Pass-Through Certificates Trust <br> Series 2003-AR11, Class A6, 6.66%, <br> 10/25/2033 (f)<br>| 43837 | 41483 |
| Total Collateralized Mortgage Obligations <br>(Cost $34,546,957)<br>|  | 32460144 |
| **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 700000 | 731850 |
| 2.66%, 5/24/2031 | 1800000 | 1585800 |
| Total Foreign Government Securities <br>(Cost $2,374,025)<br>|  | 2317650 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (g) (h) <br>(Cost $18,873,362)<br>| 18868623 | 18874284 |
| **Total Investments — 99.3%** <br>**(Cost $759,931,256)**<br>|  | **757232247** |
| **Other Assets in Excess of Liabilities — 0.7%** |  | **5285953** |
| **NET ASSETS — 100.0%** |  | **762518200** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025 is $1,549,680 or 0.20% of the Fund's net assets as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of August 31, 2025.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 140306984 | &nbsp;&nbsp;&nbsp;&nbsp; 640097 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19909406 | &nbsp;&nbsp;&nbsp;&nbsp; 123437 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9597000 | &nbsp;&nbsp;&nbsp;&nbsp; 2483 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14601016 | &nbsp;&nbsp;&nbsp;&nbsp; 20149 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15549000 | &nbsp;&nbsp;&nbsp;&nbsp; 64073 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 850239 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (11873438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47226 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 897465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**Centrally Cleared Inflation-linked swap contracts outstanding as of August 31, 2025 :**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.34% at termination | Receive | 4/9/2030 | USD4,135,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64580 | &nbsp;&nbsp; 64580 |
| CPI-U at termination | 2.34% at termination | Receive | 4/9/2035 | USD5,690,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113580 | &nbsp;&nbsp; 113580 |
| CPI-U at termination | 2.43% at termination | Receive | 5/7/2035 | USD8,125,000 | &nbsp;&nbsp; (4454)<br>| &nbsp;&nbsp; 103512 | &nbsp;&nbsp; 99058 |
| CPI-U at termination | 2.45% at termination | Receive | 12/3/2034 | USD3,639,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53234 | &nbsp;&nbsp; 53234 |
| CPI-U at termination | 2.45% at termination | Receive | 3/17/2035 | USD62,445,000 | &nbsp;&nbsp; 34834 | &nbsp;&nbsp; 745409 | &nbsp;&nbsp; 780243 |
| CPI-U at termination | 2.46% at termination | Receive | 5/2/2030 | USD7,395,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69686 | &nbsp;&nbsp; 69686 |
| CPI-U at termination | 2.49% at termination | Receive | 6/3/2035 | USD30,070,000 | &nbsp;&nbsp; 28619 | &nbsp;&nbsp; 250988 | &nbsp;&nbsp; 279607 |
| CPI-U at termination | 2.50% at termination | Receive | 7/2/2030 | USD9,060,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97451 | &nbsp;&nbsp; 97451 |
| CPI-U at termination | 2.50% at termination | Receive | 6/3/2035 | USD4,890,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41640 | &nbsp;&nbsp; 41640 |
| CPI-U at termination | 2.50% at termination | Receive | 6/4/2035 | USD5,015,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43464 | &nbsp;&nbsp; 43464 |
| CPI-U at termination | 2.50% at termination | Receive | 7/3/2035 | USD3,370,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31421 | &nbsp;&nbsp; 31421 |
| CPI-U at termination | 2.51% at termination | Receive | 2/28/2035 | USD46,170,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 379307 | &nbsp;&nbsp; 379307 |
| CPI-U at termination | 2.52% at termination | Receive | 7/3/2030 | USD7,735,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74164 | &nbsp;&nbsp; 74164 |
| CPI-U at termination | 2.52% at termination | Receive | 8/6/2035 | USD1,725,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13452 | &nbsp;&nbsp; 13452 |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD4,395,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37979 | &nbsp;&nbsp; 37979 |
| CPI-U at termination | 2.55% at termination | Receive | 6/4/2030 | USD9,110,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69966 | &nbsp;&nbsp; 69966 |
| CPI-U at termination | 2.56% at termination | Receive | 3/5/2030 | USD8,675,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66419 | &nbsp;&nbsp; 66419 |
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2035 | USD8,658,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36087 | &nbsp;&nbsp; 36087 |
| CPI-U at termination | 2.56% at termination | Receive | 8/4/2035 | USD17,140,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67238 | &nbsp;&nbsp; 67238 |
| CPI-U at termination | 2.57% at termination | Receive | 4/2/2030 | USD14,525,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71568 | &nbsp;&nbsp; 71568 |
| CPI-U at termination | 2.59% at termination | Receive | 2/4/2035 | USD15,673,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32933 | &nbsp;&nbsp; 32933 |
| CPI-U at termination | 2.61% at termination | Receive | 8/6/2030 | USD3,200,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17828 | &nbsp;&nbsp; 17828 |
| CPI-U at termination | 2.61% at termination | Receive | 8/7/2030 | USD3,190,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18236 | &nbsp;&nbsp; 18236 |
| CPI-U at termination | 2.62% at termination | Receive | 6/18/2028 | USD193,485,000 | &nbsp;&nbsp; (80582)<br>| &nbsp;&nbsp; 1554662 | &nbsp;&nbsp; 1474080 |
| CPI-U at termination | 2.65% at termination | Receive | 8/4/2030 | USD4,690,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17917 | &nbsp;&nbsp; 17917 |
| CPI-U at termination | 2.67% at termination | Receive | 8/13/2030 | USD92,605,000 | &nbsp;&nbsp; (105795)<br>| &nbsp;&nbsp; 351357 | &nbsp;&nbsp; 245562 |
| CPI-U at termination | 2.68% at termination | Receive | 8/13/2030 | USD12,770,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23329 | &nbsp;&nbsp; 23329 |
| CPI-U at termination | 2.77% at termination | Receive | 7/7/2027 | USD18,800,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114941 | &nbsp;&nbsp; 114941 |
| CPI-U at termination | 2.84% at termination | Receive | 8/1/2028 | USD30,310,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60441 | &nbsp;&nbsp; 60441 |
| CPI-U at termination | 3.00% at termination | Receive | 7/31/2027 | USD37,070,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78863 | &nbsp;&nbsp; 78863 |
| CPI-U at termination | 3.43% at termination | Receive | 7/31/2026 | USD11,000,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10198 | &nbsp;&nbsp; 10198 |
|  |  |  |  |  | &nbsp;&nbsp; (127378)<br>| &nbsp;&nbsp; 4711850 | &nbsp;&nbsp; 4584472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CPI-U | Consumer Price Index for All Urban Consumers |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at August 31, 2025 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| CPI-U | 3.24% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan Inflation Managed Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of August 31, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.IG.44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD 109,620,000 | &nbsp;&nbsp; (1920371)<br>| &nbsp;&nbsp; (662928)<br>| &nbsp;&nbsp; (2583299)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**Centrally Cleared interest rate swap contracts outstanding as of August 31, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)($)**<br>|
| 1 day SOFR annually | 4.08 annually | Pay | 4/1/2035 | USD26,805,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43856 |
| 1 day SOFR annually | 4.00 annually | Pay | 3/15/2035 | USD23,480,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (24349)<br>|
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 19507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at August 31, 2025 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| 1 day SOFR | 4.34% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — 42.9%** | **Asset-Backed Securities — 42.9%** | **Asset-Backed Securities — 42.9%** |
| Affirm Asset Securitization Trust Series <br> 2024-X2, Class A, 5.22%, <br> 12/17/2029 (a)<br>| 311880 | 312134 |
| American Credit Acceptance Receivables <br> Trust Series 2025-3, Class C, 4.95%, <br> 7/12/2032 (a)<br>| 16665000 | 16793320 |
| Amortizing Residential Collateral Trust <br> Series 2002-BC9, Class M1, 6.09%, <br> 12/25/2032 (b)<br>| 977011 | 934966 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class B, 2.15%, <br> 6/17/2038 (a)<br>| 1285000 | 1206603 |
| Series 2021-SFR2, Class A, 1.53%, <br> 8/17/2038 (a)<br>| 3999080 | 3883825 |
| Series 2024-SFR1, Class A, 4.29%, <br> 7/17/2041 (a) (c)<br>| 7810000 | 7748896 |
| Series 2025-SFR1, Class A, 3.66%, <br> 6/17/2042 (a)<br>| 2025000 | 1944745 |
| Apidos CLO (Cayman Islands) |  |  |
| Series 2019-31A, Class A1R, 5.68%, <br> 4/15/2031 (a) (b)<br>| 2740560 | 2743032 |
| Series 2016-25A, Class A1R3, 5.47%, <br> 1/20/2037 (a) (b)<br>| 3355000 | 3348444 |
| Aqua Finance Issuer Trust Series 2025-A, <br> Class A, 5.25%, 12/19/2050 (a)<br>| 5531192 | 5619562 |
| Auxilior Term Funding LLC Series 2023-1A, <br> Class A2, 6.18%, 12/15/2028 (a)<br>| 362758 | 365540 |
| BA Credit Card Trust Series 2024-A1, <br> Class A, 4.93%, 5/15/2029<br>| 4500000 | 4573660 |
| Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| Series 2020-2A, Class A1R, 5.60%, <br> 10/20/2031 (a) (b)<br>| 2039287 | 2040394 |
| Series 2019-1A, Class A1R, 5.61%, <br> 7/15/2032 (a) (b)<br>| 5028813 | 5031237 |
| Bear Stearns Asset-Backed Securities I Trust <br> Series 2005-HE1, Class M2, 5.25%, <br> 1/25/2035 (b)<br>| 207150 | 215092 |
| Bear Stearns Asset-Backed Securities Trust <br> Series 2003-SD1, Class A, 5.34%, <br> 12/25/2033 (b)<br>| 368806 | 380837 |
| Benefit Street Partners CLO Ltd. (Cayman <br> Islands) Series 2018-14A, Class AR, <br> 5.70%, 10/20/2037 (a) (b)<br>| 5000000 | 5015800 |
| BRE Grand Islander Timeshare Issuer LLC <br> Series 2019-A, Class A, 3.28%, <br> 9/26/2033 (a)<br>| 578901 | 572098 |
| Bridge Trust |  |  |
| Series 2022-SFR1, Class C, 4.45%, <br> 11/17/2037 (a)<br>| 4000000 | 3984792 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-SFR1, Class A, 4.05%, <br> 9/17/2042 (a)<br>| 8530000 | 8209954 |
| Bridgecrest Lending Auto Securitization <br> Trust<br>|  |  |
| Series 2025-1, Class C, 5.15%, <br> 12/17/2029<br>| 8000000 | 8054908 |
| Series 2025-3, Class C, 4.81%, <br> 5/15/2031<br>| 5600000 | 5630420 |
| BSPRT Issuer Ltd. Series 2022-FL8, Class A, <br> 5.84%, 2/15/2037 (a) (b)<br>| 1628941 | 1630444 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 ‡ (a)<br>| 5396099 | 5330729 |
| Series 2024-1A, Class A, 6.20%, <br> 5/15/2039 ‡ (a)<br>| 3391868 | 3500523 |
| Series 2024-2A, Class A, 5.36%, <br> 9/15/2039 ‡ (a)<br>| 5318473 | 5347665 |
| BXG Receivables Note Trust Series 2018-A, <br> Class A, 3.77%, 2/2/2034 (a)<br>| 361259 | 361004 |
| BXMT Ltd. (Cayman Islands) Series <br> 2020-FL3, Class A, 6.38%, <br> 11/15/2037 (a) (b)<br>| 2979875 | 2980724 |
| Carlyle US CLO Ltd. (Cayman Islands) Series <br> 2021-1A, Class A1BR, 5.92%, <br> 1/15/2040 (a) (b)<br>| 5000000 | 5004510 |
| Carmax Auto Owner Trust |  |  |
| Series 2022-2, Class A3, 3.49%, <br> 2/16/2027<br>| 479346 | 478675 |
| Series 2025-1, Class A3, 4.84%, <br> 1/15/2030<br>| 3235000 | 3283774 |
| Series 2025-3, Class B, 4.68%, <br> 3/17/2031<br>| 8000000 | 8113146 |
| CARS-DB5 LP Series 2021-1A, Class A1, <br> 1.44%, 8/15/2051 (a)<br>| 2262385 | 2177259 |
| Carvana Auto Receivables Trust |  |  |
| Series 2023-N4, Class A, 6.42%, <br> 1/10/2028 (a)<br>| 855423 | 858086 |
| Series 2024-P2, Class A3, 5.33%, <br> 7/10/2029<br>| 2250000 | 2272028 |
| Series 2023-N1, Class D, 6.69%, <br> 7/10/2029 (a)<br>| 10000000 | 10245415 |
| Series 2024-P3, Class A3, 4.26%, <br> 10/10/2029<br>| 5000000 | 5002559 |
| Series 2024-P4, Class A3, 4.64%, <br> 1/10/2030<br>| 1835000 | 1845293 |
| Series 2024-P3, Class A4, 4.31%, <br> 9/10/2030<br>| 4350000 | 4374646 |
| CCG Receivables Trust Series 2023-2, <br> Class B, 6.21%, 4/14/2032 (a)<br>| 5061000 | 5204401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

25 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Centex Home Equity Loan Trust Series <br> 2002-A, Class MV1, 5.29%, <br> 1/25/2032 (b)<br>| 68034 | 73594 |
| CF Hippolyta Issuer LLC Series 2020-1, <br> Class A1, 1.69%, 7/15/2060 (a)<br>| 2301749 | 1992954 |
| Clarus Capital Funding LLC Series 2024-1A, <br> Class A2, 4.71%, 8/20/2032 (a)<br>| 1904849 | 1909389 |
| CNH Equipment Trust Series 2024-C, <br> Class A4, 4.12%, 3/15/2032<br>| 3585000 | 3611706 |
| Consumer Portfolio Services Auto Trust |  |  |
| Series 2025-A, Class A, 4.77%, <br> 10/16/2028 (a)<br>| 2215057 | 2218880 |
| Series 2025-B, Class A, 4.74%, <br> 2/15/2029 (a)<br>| 4918487 | 4929441 |
| CoreVest American Finance Trust |  |  |
| Series 2020-2, Class A, 3.38%, <br> 5/15/2052 (a)<br>| 56641 | 56364 |
| Series 2020-4, Class A, 1.17%, <br> 12/15/2052 (a)<br>| 858834 | 854265 |
| Countrywide Asset-Backed Certificates |  |  |
| Series 2003-BC2, Class 2A1, 5.04%, <br> 6/25/2033 (b)<br>| 74923 | 74697 |
| Series 2004-S1, Class M2, 5.58%, <br> 2/25/2035 (c)<br>| 8243 | 8249 |
| CPS Auto Receivables Trust |  |  |
| Series 2024-D, Class A, 4.91%, <br> 6/15/2028 (a)<br>| 635636 | 636373 |
| Series 2025-C, Class C, 4.91%, <br> 10/15/2031 (a)<br>| 9480000 | 9531946 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-3A, Class A, 6.39%, <br> 8/15/2033 (a)<br>| 2375000 | 2389918 |
| Series 2024-3A, Class A, 4.68%, <br> 9/15/2034 (a)<br>| 11845000 | 11897071 |
| Series 2025-1A, Class A, 5.02%, <br> 3/15/2035 (a)<br>| 5745000 | 5817959 |
| Crossroads Asset Trust Series 2025-A, <br> Class A2, 4.91%, 2/20/2032 (a)<br>| 2005000 | 2013467 |
| DailyPay Securitization Trust Series <br> 2025-1A, Class A, 5.63%, <br> 6/26/2028 (a)<br>| 5500000 | 5534646 |
| Diamond Resorts Owner Trust Series <br> 2021-1A, Class A, 1.51%, <br> 11/21/2033 (a)<br>| 247296 | 246841 |
| DLLAA LLC Series 2025-1A, Class A2, <br> 4.70%, 10/20/2027 (a)<br>| 3000000 | 3008124 |
| DLLAD LLC Series 2025-1A, Class A3, <br> 4.42%, 9/20/2030 (a)<br>| 3615000 | 3646342 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Drive Auto Receivables Trust Series 2024-2, <br> Class A3, 4.50%, 9/15/2028<br>| 3460000 | 3463434 |
| Dryden CLO Ltd. (Cayman Islands) Series <br> 2020-86A, Class A1R2, 5.45%, <br> 7/17/2034 (a) (b)<br>| 15000000 | 15009360 |
| Dryden Senior Loan Fund (Cayman Islands) <br> Series 2016-43A, Class AR3, 5.40%, <br> 4/20/2034 (a) (b)<br>| 5000000 | 4996310 |
| DT Auto Owner Trust |  |  |
| Series 2021-4A, Class E, 3.34%, <br> 7/17/2028 (a)<br>| 9115000 | 8995006 |
| Series 2023-1A, Class D, 6.44%, <br> 11/15/2028 (a)<br>| 2500000 | 2544007 |
| Elmwood CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-1A, Class AR, 5.88%, <br> 4/20/2037 (a) (b)<br>| 22875000 | 22961994 |
| Series 2021-5A, Class AR, 5.68%, <br> 10/15/2037 (a) (b)<br>| 5200000 | 5215059 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2025-2, Class A3, 4.41%, <br> 6/20/2029 (a)<br>| 3565000 | 3595907 |
| Series 2025-3, Class A3, 4.46%, <br> 9/20/2029 (a)<br>| 5500000 | 5555867 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2021-4A, Class E, 4.02%, <br> 1/17/2028 (a)<br>| 8000000 | 7919853 |
| Series 2024-5A, Class A3, 4.45%, <br> 3/15/2028<br>| 1750000 | 1750162 |
| Series 2023-4A, Class C, 6.51%, <br> 8/15/2028<br>| 2500000 | 2522732 |
| Series 2024-2A, Class C, 5.74%, <br> 5/15/2029<br>| 15565000 | 15741733 |
| Series 2024-4A, Class A3, 5.28%, <br> 8/15/2030<br>| 2730253 | 2734755 |
| Exeter Select Automobile Receivables Trust <br> Series 2025-2, Class B, 4.63%, <br> 11/17/2031<br>| 3748000 | 3779378 |
| First Franklin Mortgage Loan Trust |  |  |
| Series 2002-FF1, Class M1, 5.49%, <br> 4/25/2032 (b)<br>| 37496 | 42692 |
| Series 2002-FF4, Class M1, 6.01%, <br> 2/25/2033 (b)<br>| 578174 | 500370 |
| Series 2003-FFH1, Class M2, 7.06%, <br> 9/25/2033 (b)<br>| 227863 | 210182 |
| Series 2004-FF8, Class M4, 6.04%, <br> 10/25/2034 (b)<br>| 176861 | 118075 |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class B, 4.50%, <br> 7/17/2038 (a)<br>| 11988000 | 11932394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-SFR1, Class A, 1.54%, <br> 8/17/2038 (a)<br>| 6385994 | 6208963 |
| Series 2022-SFRA, Class A, 3.10%, <br> 3/17/2039 (a)<br>| 1958042 | 1916537 |
| Series 2022-SFR1, Class B, 4.49%, <br> 5/19/2039 (a)<br>| 6000000 | 5964432 |
| Foundation Finance Trust |  |  |
| Series 2024-1A, Class A, 5.50%, <br> 12/15/2049 (a)<br>| 1621601 | 1661851 |
| Series 2024-2A, Class A, 4.60%, <br> 3/15/2050 (a)<br>| 3561514 | 3568633 |
| Series 2025-2A, Class A, 4.67%, <br> 4/15/2052 (a)<br>| 9609219 | 9649910 |
| FS Rialto (Cayman Islands) Series 2021-FL3, <br> Class A, 5.72%, 11/16/2036 (a) (b)<br>| 2630746 | 2627560 |
| Generate CLO Ltd. (Cayman Islands) Series <br> 6A, Class AR2, 5.73%, 10/22/2037 (a) <br> (b)<br>| 5000000 | 5013375 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2025-1A, Class B, 4.98%, <br> 7/16/2029 (a)<br>| 15300000 | 15455454 |
| Series 2025-2A, Class B, 4.97%, <br> 10/15/2029 (a)<br>| 2500000 | 2525818 |
| Series 2025-3A, Class B, 4.57%, <br> 1/15/2030 (a)<br>| 8260000 | 8290857 |
| GLS Auto Select Receivables Trust |  |  |
| Series 2024-4A, Class A2, 4.43%, <br> 12/17/2029 (a)<br>| 1011437 | 1012216 |
| Series 2025-3A, Class B, 4.81%, <br> 9/15/2031 (a)<br>| 1609000 | 1619258 |
| GM Financial Automobile Leasing Trust |  |  |
| Series 2024-3, Class A3, 4.21%, <br> 10/20/2027<br>| 1250000 | 1250981 |
| Series 2024-3, Class A4, 4.22%, <br> 10/20/2028<br>| 1250000 | 1251302 |
| Gm Financial Consumer Automobile <br> Receivables Trust Series 2025-3, Class B, <br> 4.53%, 9/16/2031<br>| 1740000 | 1761602 |
| GMF Floorplan Owner Revolving Trust Series <br> 2024-4A, Class A2, 4.89%, <br> 11/15/2029 (a) (b)<br>| 3000000 | 3000132 |
| Goodgreen (Cayman Islands) |  |  |
| Series 2018-1A, Class A, 3.93%, <br> 10/15/2053 ‡ (a) (b)<br>| 1631441 | 1507184 |
| Series 2019-1A, Class A, 3.86%, <br> 10/15/2054 ‡ (a)<br>| 1173007 | 1070405 |
| Goodgreen Trust Series 2017-2A, Class A, <br> 3.26%, 10/15/2053 ‡ (a)<br>| 1007960 | 909342 |
| Goodleap, 6.63%, 7/15/2038 ‡ (a) | 1276530 | 1309809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| GreatAmerica Leasing Receivables <br> Funding LLC Series 2025-1, Class A3, <br> 4.49%, 4/16/2029 (a)<br>| 2000000 | 2011992 |
| GreenPoint Mortgage Funding Trust Series <br> 2005-HE3, Class A, 4.66%, <br> 9/15/2030 (b)<br>| 1374 | 1371 |
| Harley-Davidson Motorcycle Trust Series <br> 2024-B, Class A4, 4.28%, 4/15/2032<br>| 2850000 | 2865586 |
| HERO Funding (Cayman Islands) Series <br> 2017-3A, Class A2, 3.95%, <br> 9/20/2048 ‡ (a)<br>| 647963 | 612936 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2025-3A, Class A, 5.06%, <br> 12/26/2029 (a)<br>| 14285000 | 14519154 |
| Series 2025-2A, Class A, 5.13%, <br> 9/25/2031 (a)<br>| 1050000 | 1064454 |
| Hertz Vehicle Financing LP Series 2021-2A, <br> Class A, 1.68%, 12/27/2027 (a)<br>| 13700000 | 13284686 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-2A, Class A, 4.30%, <br> 1/25/2037 (a)<br>| 958800 | 953351 |
| Series 2020-AA, Class A, 2.74%, <br> 2/25/2039 (a)<br>| 423587 | 415544 |
| Series 2025-1A, Class A, 4.88%, <br> 5/27/2042 (a)<br>| 1792835 | 1818030 |
| Series 2025-2A, Class A, 4.54%, <br> 5/25/2044 (a)<br>| 6870000 | 6892692 |
| Home Partners of America Trust |  |  |
| Series 2022-1, Class B, 4.33%, <br> 4/17/2039 (a)<br>| 9304793 | 9219099 |
| Series 2022-1, Class D, 4.73%, <br> 4/17/2039 (a)<br>| 524886 | 518136 |
| Series 2019-1, Class D, 3.41%, <br> 9/17/2039 (a)<br>| 812485 | 792278 |
| Series 2021-3, Class D, 3.00%, <br> 1/17/2041 (a)<br>| 1618714 | 1510533 |
| Honda Auto Receivables Owner Trust Series <br> 2025-2, Class A3, 4.15%, 10/15/2029<br>| 2765000 | 2778945 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2025-1, Class B, 4.96%, <br> 3/21/2033 (a)<br>| 3082435 | 3098788 |
| Series 2025-2, Class B1, 4.84%, <br> 9/20/2033 (a)<br>| 4900000 | 4911926 |
| Hyundai Auto Lease Securitization Trust <br> Series 2025-A, Class A2A, 4.60%, <br> 6/15/2027 (a)<br>| 5953909 | 5966374 |
| Hyundai Auto Receivables Trust Series <br> 2025-A, Class A4, 4.40%, 4/15/2031<br>| 4345000 | 4395562 |
| John Deere Owner Trust Series 2024-C, <br> Class A3, 4.06%, 6/15/2029<br>| 6000000 | 6006005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

27 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Jonah Energy ABS LLC, 5.91%, <br> 1/10/2041 ‡ (d)<br>| 2000000 | 2000000 |
| LAD Auto Receivables Trust Series 2025-2A, <br> Class B, 4.53%, 5/17/2032 (a)<br>| 4000000 | 4014984 |
| LCM Ltd. (Cayman Islands) |  |  |
| Series 29A, Class AR, 5.65%, <br> 4/15/2031 (a) (b)<br>| 2231959 | 2234030 |
| Series 36A, Class A1R, 5.39%, <br> 1/15/2034 (a) (b)<br>| 3902000 | 3892819 |
| Series 34A, Class A1R, 5.51%, <br> 10/20/2034 (a) (b)<br>| 15000000 | 15000000 |
| Lending Funding Trust Series 2020-2A, <br> Class C, 4.30%, 4/21/2031 (a)<br>| 980000 | 964661 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class A, 1.90%, <br> 11/20/2031 (a)<br>| 3375000 | 3254382 |
| Series 2021-1A, Class B, 2.47%, <br> 11/20/2031 (a)<br>| 1000000 | 951680 |
| Series 2021-2A, Class A, 2.00%, <br> 4/20/2032 (a)<br>| 6545000 | 6274931 |
| Series 2025-2A, Class B, 4.98%, <br> 10/20/2034 (a)<br>| 11025000 | 11129289 |
| M&T Equipment Notes Series 2024-1A, <br> Class A2, 4.99%, 8/18/2031 (a)<br>| 3071947 | 3081203 |
| Magnetite Ltd. (Cayman Islands) Series <br> 2022-32A, Class AR, 0.00%, <br> 10/15/2037 ‡ (a) (b) (e)<br>| 8000000 | 8000000 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, <br> 3/20/2036 (a)<br>| 3000000 | 2921460 |
| Series 2024-AA, Class A, 5.13%, <br> 9/22/2036 (a)<br>| 10700000 | 10853618 |
| Marlette Funding Trust Series 2025-1A, <br> Class B, 4.95%, 7/16/2035 (a)<br>| 10000000 | 10033872 |
| Mercedes-Benz Auto Lease Trust Series <br> 2024-B, Class A4, 4.22%, 6/17/2030<br>| 1915000 | 1916077 |
| MF1 Ltd. (Cayman Islands) |  |  |
| Series 2021-FL7, Class A, 5.55%, <br> 10/16/2036 (a) (b)<br>| 1314493 | 1313906 |
| Series 2022-FL8, Class A, 5.70%, <br> 2/19/2037 (a) (b)<br>| 3594023 | 3594005 |
| Mission Lane Credit Card Master Trust Series <br> 2025-B, Class A, 5.06%, 9/15/2031 (a)<br>| 5700000 | 5734422 |
| MMP Capital LLC Series 2025-A, Class A, <br> 5.36%, 12/15/2031 (a)<br>| 2024191 | 2036600 |
| MVW LLC |  |  |
| Series 2024-2A, Class A, 4.43%, <br> 3/20/2042 (a)<br>| 2191438 | 2193539 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-1A, Class A, 4.97%, <br> 9/22/2042 (a)<br>| 3308709 | 3356330 |
| Series 2024-1A, Class A, 5.32%, <br> 2/20/2043 (a)<br>| 1475276 | 1507690 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> (Cayman Islands) Series 2021-42A, <br> Class AR, 5.27%, 7/16/2036 (a) (b)<br>| 5000000 | 4997415 |
| New Century Home Equity Loan Trust Series <br> 2003-5, Class AII, 1.07%, <br> 11/25/2033 (b)<br>| 94477 | 58174 |
| New Residential Mortgage Loan Trust Series <br> 2022-SFR2, Class B, 3.75%, <br> 9/4/2039 (a)<br>| 12615000 | 12334765 |
| NMEF Funding LLC Series 2025-B, Class A2, <br> 4.64%, 1/18/2033 (a)<br>| 4235000 | 4245158 |
| OCP CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-9A, Class AR3, 5.42%, <br> 1/15/2037 (a) (b)<br>| 5000000 | 4991660 |
| Series 2023-26A, Class AR, 5.40%, <br> 4/17/2037 (a) (b)<br>| 5000000 | 5002210 |
| Series 2018-15A, Class BR, 5.93%, <br> 1/20/2038 (a) (b)<br>| 2850000 | 2852058 |
| Series 2025-44A, Class A, 5.56%, <br> 10/24/2038 (a) (b)<br>| 10000000 | 10031200 |
| OneMain Financial Issuance Trust Series <br> 2021-1A, Class A1, 1.55%, <br> 6/16/2036 (a)<br>| 5000000 | 4813897 |
| Oportun Funding Trust Series 2025-1, <br> Class A, 4.96%, 8/16/2032 (a)<br>| 852184 | 851945 |
| Oportun Issuance Trust |  |  |
| Series 2022-A, Class A, 5.05%, <br> 6/9/2031 (a)<br>| 364466 | 364389 |
| Series 2025-A, Class A, 5.01%, <br> 2/8/2033 (a)<br>| 3440000 | 3441518 |
| Series 2025-B, Class A, 4.88%, <br> 5/9/2033 (a)<br>| 7250000 | 7294353 |
| Series 2025-C, Class A, 4.49%, <br> 7/8/2033 (a)<br>| 10000000 | 10030009 |
| Pagaya AI Technology in Housing Trust <br> Series 2023-1, Class A, 3.60%, <br> 10/25/2040 (a)<br>| 3500000 | 3396781 |
| Palmer Square CLO Ltd. (Cayman Islands) <br> Series 2021-2A, Class AR1, 5.57%, <br> 2/15/2038 (a) (b)<br>| 5000000 | 5006325 |
| Palmer Square Loan Funding Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2022-2A, Class A1, 5.59%, <br> 10/15/2030 (a) (b)<br>| 607792 | 607661 |
| Series 2024-1A, Class A1, 5.37%, <br> 10/15/2032 (a) (b)<br>| 3968455 | 3973955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-2A, Class A2, 5.77%, <br> 1/15/2033 (a) (b)<br>| 5000000 | 5007350 |
| Series 2025-1A, Class A2, 5.41%, <br> 2/15/2033 (a) (b)<br>| 4800000 | 4767926 |
| PEAC Solutions Receivables LLC Series <br> 2024-2A, Class A2, 4.74%, <br> 4/20/2027 (a)<br>| 1281883 | 1283855 |
| Porsche Innovative Lease Owner Trust |  |  |
| Series 2024-2A, Class A3, 4.35%, <br> 10/20/2027 (a)<br>| 2405000 | 2409454 |
| Series 2024-2A, Class A4, 4.26%, <br> 9/20/2030 (a)<br>| 2835000 | 2838083 |
| Prestige Auto Receivables Trust Series <br> 2024-2A, Class A2, 4.72%, <br> 2/15/2028 (a)<br>| 1765585 | 1766681 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class A, 1.51%, <br> 10/17/2038 (a)<br>| 4406895 | 4294999 |
| Series 2023-SFR1, Class A, 4.30%, <br> 3/17/2040 (a)<br>| 3383637 | 3376760 |
| Series 2024-SFR1, Class A, 3.35%, <br> 2/17/2041 (a)<br>| 5447771 | 5262270 |
| Series 2024-SFR2, Class A, 3.30%, <br> 4/17/2041 (a)<br>| 7874184 | 7579202 |
| Series 2024-SFR3, Class A, 3.00%, <br> 6/17/2041 (a)<br>| 24397062 | 23230226 |
| Series 2024-SFR4, Class A, 3.10%, <br> 7/17/2041 (a)<br>| 6892198 | 6566399 |
| Series 2025-SFR2, Class A, 3.31%, <br> 4/17/2042 (a)<br>| 11993239 | 11406569 |
| Series 2025-SFR3, Class A, 3.39%, <br> 7/17/2042 (a)<br>| 10000000 | 9481073 |
| Series 2025-SFR4, Class A, 4.30%, <br> 8/17/2042 (a)<br>| 8000000 | 7918739 |
| RASC Trust Series 2003-KS4, Class MI2, <br> 5.01%, 6/25/2033 (c)<br>| 522587 | 437029 |
| Reach ABS Trust Series 2025-1A, Class A, <br> 4.96%, 8/16/2032 (a)<br>| 609868 | 611057 |
| Regional Management Issuance Trust |  |  |
| Series 2022-1, Class C, 4.46%, <br> 3/15/2032 (a)<br>| 1334000 | 1321795 |
| Series 2025-1, Class A, 4.99%, <br> 4/17/2034 (a)<br>| 4055000 | 4079531 |
| Santander Bank Auto Credit-Linked Notes <br> Series 2024-A, Class C, 5.82%, <br> 6/15/2032 (a)<br>| 5635531 | 5694204 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-C, Class A3, 4.56%, <br> 2/22/2028 (a)<br>| 1000000 | 1002155 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-A, Class A3, 4.83%, <br> 4/20/2028 (a)<br>| 2000000 | 2012806 |
| SCF Equipment Leasing LLC Series 2024-1A, <br> Class A3, 5.52%, 1/20/2032 (a)<br>| 1175000 | 1204652 |
| SCF Equipment Trust LLC Series 2025-1A, <br> Class A2, 4.82%, 7/22/2030 (a)<br>| 2225243 | 2231101 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2025-1A, Class A, 4.81%, <br> 1/21/2042 (a)<br>| 2519337 | 2549067 |
| Series 2025-2A, Class A, 4.72%, <br> 4/20/2044 (a)<br>| 2704984 | 2732260 |
| SoFi Consumer Loan Program Trust Series <br> 2025-1, Class A, 4.80%, 2/27/2034 (a)<br>| 2597729 | 2606544 |
| SoFi Professional Loan Program Trust |  |  |
| Series 2021-B, Class AFX, 1.14%, <br> 2/15/2047 (a)<br>| 2128358 | 1865210 |
| Series 2018-B, Class A2FX, 3.34%, <br> 8/25/2047 (a)<br>| 84036 | 83800 |
| STAR Trust |  |  |
| Series 2025-SFR5, Class A, 5.81%, <br> 2/17/2042 (a) (b)<br>| 1000000 | 1000625 |
| Series 2025-SFR6, Class A, 5.76%, <br> 8/17/2042 (a) (b)<br>| 5000000 | 5015602 |
| Stellantis Financial Underwritten Enhanced <br> Lease Trust<br>|  |  |
| Series 2025-AA, Class A3, 4.47%, <br> 7/20/2028 (a)<br>| 4825000 | 4858846 |
| Series 2025-AA, Class B, 4.74%, <br> 4/20/2029 (a)<br>| 12358000 | 12472138 |
| TCI-Flatiron CLO Ltd. (Cayman Islands) <br> Series 2018-1A, Class AR2, 5.26%, <br> 7/29/2035 (a) (b)<br>| 5000000 | 5000000 |
| Tesla Auto Lease Trust |  |  |
| Series 2024-A, Class B, 5.55%, <br> 5/22/2028 (a)<br>| 3000000 | 3021489 |
| Series 2024-B, Class A4, 4.88%, <br> 6/20/2028 (a)<br>| 6500000 | 6536311 |
| Toyota Lease Owner Trust Series 2024-B, <br> Class A3, 4.21%, 9/20/2027 (a)<br>| 6000000 | 6005315 |
| Tricon American Homes Series 2020-SFR1, <br> Class A, 1.50%, 7/17/2038 (a)<br>| 5953272 | 5802769 |
| Tricon American Homes Trust Series <br> 2019-SFR1, Class A, 2.75%, <br> 3/17/2038 (a)<br>| 3237799 | 3206945 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (a)<br>| 1646809 | 1656620 |
| Series 2024-SFR1, Class A, 4.65%, <br> 4/17/2041 (a)<br>| 1390000 | 1393146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

29 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2025-SFR1, Class A, 5.46%, <br> 3/17/2042 (a) (b)<br>| 2713988 | 2720947 |
| UPX HIL Issuer Trust Series 2025-1, Class A, <br> 5.16%, 1/25/2047 ‡ (a)<br>| 7895000 | 7915764 |
| US Auto Funding Trust Series 2022-1A, <br> Class A, 3.98%, 4/15/2025 (a)<br>| 48494 | 48378 |
| Verdant Receivables LLC Series 2023-1A, <br> Class A2, 6.24%, 1/13/2031 (a)<br>| 1526231 | 1552494 |
| Veros Auto Receivables Trust Series 2023-1, <br> Class B, 7.17%, 11/15/2028 (a)<br>| 1927462 | 1939558 |
| VOLT C LLC Series 2021-NPL9, Class A1, <br> 5.99%, 5/25/2051 (a) (c)<br>| 680592 | 680277 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 6.24%, 2/27/2051 (a) (c)<br>| 54126 | 54101 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (a) (c)<br>| 340155 | 340048 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (a) (c)<br>| 302879 | 302782 |
| Volvo Financial Equipment LLC Series <br> 2024-1A, Class A3, 4.29%, <br> 10/16/2028 (a)<br>| 3000000 | 3008595 |
| Voya CLO Ltd. (Cayman Islands) Series <br> 2020-1A, Class ARR, 5.32%, <br> 7/16/2034 (a) (b) (e)<br>| 8000000 | 8000000 |
| Western Funding Auto Loan Trust Series <br> 2025-1, Class B, 4.98%, 9/17/2035 (a)<br>| 8600000 | 8699419 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-3A, Class A3, 5.82%, <br> 5/17/2027 (a)<br>| 1808043 | 1811195 |
| Series 2024-3A, Class B, 4.72%, <br> 11/15/2029 (a)<br>| 7480000 | 7502113 |
| Wheels Fleet Lease Funding LLC Series <br> 2025-1A, Class A1, 4.57%, <br> 1/18/2040 (a)<br>| 7000000 | 7054398 |
| Wind River CLO Ltd. (Cayman Islands) Series <br> 2021-4A, Class AR, 5.56%, <br> 1/20/2035 (a) (b)<br>| 15000000 | 15024780 |
| Wingspire Equipment Finance LLC Series <br> 2024-1A, Class A2, 4.99%, <br> 9/20/2032 (a)<br>| 3453280 | 3461549 |
| World Omni Auto Receivables Trust |  |  |
| Series 2024-A, Class A4, 4.84%, <br> 10/15/2029<br>| 2890000 | 2933296 |
| Series 2025-B, Class A3, 4.34%, <br> 9/16/2030<br>| 3795000 | 3829232 |
| World Omni Automobile Lease Securitization <br> Trust Series 2025-A, Class A3, 4.42%, <br> 4/17/2028<br>| 2750000 | 2767338 |
| Total Asset-Backed Securities <br>(Cost $945,235,246)<br>|  | 949665537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — 23.3%** | **Collateralized Mortgage Obligations — 23.3%** | **Collateralized Mortgage Obligations — 23.3%** |
| Alternative Loan Trust |  |  |
| Series 2004-J4, Class 1A6, 5.40%, <br> 6/25/2034 (c)<br>| 167 | 166 |
| Series 2004-33, Class 3A3, 4.73%, <br> 12/25/2034 (b)<br>| 89554 | 85718 |
| Anchor Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.72%, 5/25/2040 (a) (c)<br>| 1695000 | 1704074 |
| Banc of America Funding Trust Series <br> 2006-1, Class 2A1, 5.50%, 1/25/2036<br>| 74599 | 65645 |
| Banc of America Mortgage Trust Series <br> 2004-D, Class 2A2, 6.46%, <br> 5/25/2034 (b)<br>| 52872 | 51190 |
| Bear Stearns Asset-Backed Securities I Trust <br> Series 2004-AC6, Class M1, 5.44%, <br> 11/25/2034 (b)<br>| 26227 | 12124 |
| BRAVO Residential Funding Trust Series <br> 2025-NQM6, Class A1, 5.33%, <br> 6/25/2065 (a) (c)<br>| 6028290 | 6063490 |
| CFMT LLC Series 2024-HB15, Class A, <br> 4.00%, 8/25/2034 ‡ (a) (b)<br>| 1277186 | 1270389 |
| Connecticut Avenue Securities |  |  |
| Series 2025-R01, Class 1A1, 5.30%, <br> 1/25/2045 (a) (b)<br>| 3210310 | 3210305 |
| Series 2025-R01, Class 1M1, 5.45%, <br> 1/25/2045 (a) (b)<br>| 2356108 | 2357589 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2021-R03, Class 1M1, 5.20%, <br> 12/25/2041 (a) (b)<br>| 875304 | 875304 |
| Series 2022-R01, Class 1M1, 5.35%, <br> 12/25/2041 (a) (b)<br>| 734036 | 734267 |
| Series 2022-R01, Class 1M2, 6.25%, <br> 12/25/2041 (a) (b)<br>| 4892532 | 4939840 |
| Series 2022-R03, Class 1M2, 7.85%, <br> 3/25/2042 (a) (b)<br>| 16858571 | 17455772 |
| Series 2022-R06, Class 1M1, 7.10%, <br> 5/25/2042 (a) (b)<br>| 1787032 | 1823327 |
| Series 2022-R07, Class 1M1, 7.30%, <br> 6/25/2042 (a) (b)<br>| 2615614 | 2675920 |
| Series 2022-R08, Class 1M1, 6.90%, <br> 7/25/2042 (a) (b)<br>| 1169772 | 1196006 |
| Series 2024-R01, Class 1M1, 5.40%, <br> 1/25/2044 (a) (b)<br>| 1477421 | 1477419 |
| Series 2024-R02, Class 1M1, 5.45%, <br> 2/25/2044 (a) (b)<br>| 1612186 | 1612678 |
| Series 2024-R05, Class 2A1, 5.35%, <br> 7/25/2044 (a) (b)<br>| 7045657 | 7047820 |
| Series 2024-R05, Class 2M1, 5.35%, <br> 7/25/2044 (a) (b)<br>| 568143 | 568143 |
| Series 2024-R06, Class 1A1, 5.50%, <br> 9/25/2044 (a) (b)<br>| 4742731 | 4757688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-R02, Class 1A1, 5.35%, <br> 2/25/2045 (a) (b)<br>| 16717921 | 16734593 |
| Series 2025-R02, Class 1M1, 5.50%, <br> 2/25/2045 (a) (b)<br>| 2955977 | 2961556 |
| Series 2025-R03, Class 2A1, 5.80%, <br> 3/25/2045 (a) (b)<br>| 2378671 | 2397130 |
| Series 2025-R03, Class 2M1, 5.95%, <br> 3/25/2045 (a) (b)<br>| 2109959 | 2120485 |
| Series 2025-R04, Class 1M1, 5.55%, <br> 5/25/2045 (a) (b)<br>| 2526326 | 2529449 |
| Credit Suisse First Boston Mortgage <br> Securities Corp. (Switzerland) Series <br> 2004-5, Class 4A1, 6.00%, 9/25/2034<br>| 188719 | 192168 |
| CSFB Mortgage-Backed Pass-Through <br> Certificates Series 2003-AR24, Class 2A4, <br> 7.05%, 10/25/2033 (b)<br>| 86717 | 85299 |
| Deutsche Alt-A Securities, Inc. Mortgage <br> Loan Trust Series 2005-1, Class 2A1, <br> 3.40%, 2/25/2020 (b)<br>| 17907 | 17408 |
| FHLMC Seasoned Credit Risk Transfer Trust <br> Series 2020-1, Class M55G, 3.00%, <br> 8/25/2059<br>| 6050940 | 5456547 |
| FHLMC Stacr Remic Trust |  |  |
| Series 2025-HQA1, Class A1, 5.30%, <br> 2/25/2045 (a) (b)<br>| 7375000 | 7377947 |
| Series 2025-HQA1, Class M1, 5.50%, <br> 2/25/2045 (a) (b)<br>| 4935693 | 4940265 |
| FHLMC STACR REMIC Trust |  |  |
| Series 2024-HQA2, Class A1, 5.60%, <br> 8/25/2044 (a) (b)<br>| 9000000 | 9039358 |
| Series 2025-DNA2, Class M1, 5.55%, <br> 5/25/2045 (a) (b)<br>| 1856947 | 1863664 |
| FHLMC, REMIC |  |  |
| Series 1974, Class ZA, 7.00%, <br> 7/15/2027<br>| 1649 | 1651 |
| Series 3737, Class DG, 5.00%, <br> 10/15/2030<br>| 626 | 624 |
| Series 4120, Class KI, IO, 3.00%, <br> 10/15/2032<br>| 416982 | 20961 |
| Series 4187, Class CA, 2.00%, <br> 4/15/2033<br>| 7933498 | 7460888 |
| Series 5000, Class CB, 1.25%, <br> 1/25/2035<br>| 3059937 | 2748342 |
| Series 3300, Class FA, 4.76%, <br> 8/15/2035 (b)<br>| 78928 | 78121 |
| Series 3085, Class VS, IF, 10.89%, <br> 12/15/2035 (b)<br>| 75404 | 90655 |
| Series 4867, Class WF, 4.83%, <br> 4/15/2037 (b)<br>| 5219197 | 5157914 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 4350, Class AF, 4.78%, <br> 12/15/2037 (b)<br>| 1338772 | 1305613 |
| Series 4350, Class FK, 4.78%, <br> 6/15/2038 (b)<br>| 1616368 | 1576740 |
| Series 4515, Class FA, 4.80%, <br> 8/15/2038 (b)<br>| 732539 | 722739 |
| Series 4350, Class KF, 4.78%, <br> 1/15/2039 (b)<br>| 248769 | 242567 |
| Series 4448, Class TF, 4.75%, <br> 5/15/2040 (b)<br>| 1379430 | 1362013 |
| Series 4480, Class FM, 4.78%, <br> 6/15/2040 (b)<br>| 2246944 | 2190499 |
| Series 4457, Class KF, 4.78%, <br> 10/15/2040 (b)<br>| 2430106 | 2397844 |
| Series 4611, Class BF, 4.86%, <br> 6/15/2041 (b)<br>| 7518056 | 7439809 |
| Series 4363, Class FA, 4.80%, <br> 9/15/2041 (b)<br>| 1209847 | 1193474 |
| Series 4413, Class WF, 4.78%, <br> 10/15/2041 (b)<br>| 919573 | 897284 |
| Series 4559, Class AF, 4.93%, <br> 3/15/2042 (b)<br>| 724933 | 733375 |
| Series 4074, Class FE, 4.86%, <br> 7/15/2042 (b)<br>| 1053324 | 1039957 |
| Series 4150, Class F, 4.83%, <br> 1/15/2043 (b)<br>| 2981008 | 2922582 |
| Series 4161, Class YF, 4.83%, <br> 2/15/2043 (b)<br>| 2216789 | 2174242 |
| Series 4281, Class FB, 5.01%, <br> 12/15/2043 (b)<br>| 1414689 | 1397143 |
| Series 4606, Class FL, 4.96%, <br> 12/15/2044 (b)<br>| 2964067 | 2922672 |
| Series 4594, Class GN, 2.50%, <br> 2/15/2045<br>| 1341490 | 1254163 |
| Series 4935, Class KP, 2.50%, <br> 12/25/2049<br>| 3026989 | 2681776 |
| Series 5072, Class QC, 1.00%, <br> 10/25/2050<br>| 4699614 | 3758260 |
| Series 5551, Class BA, 5.00%, <br> 10/25/2051<br>| 14489365 | 14441403 |
| Series 5270, Class FH, 5.30%, <br> 6/25/2052 (b)<br>| 3156820 | 3131178 |
| Series 5381, Class FC, 5.35%, <br> 2/25/2054 (b)<br>| 8417265 | 8445632 |
| Series 5460, Class AF, 5.40%, <br> 10/25/2054 (b)<br>| 9144639 | 9154027 |
| FHLMC, STRIPS |  |  |
| Series 343, Class F4, 4.78%, <br> 10/15/2037 (b)<br>| 1290625 | 1273851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

31 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 328, Class S4, IF, IO, 2.15%, <br> 2/15/2038 (b)<br>| 2258657 | 117331 |
| FHLMC, Structured Pass-Through <br> Certificates, Whole Loan<br>|  |  |
| Series T-51, Class 1A, PO, 9/25/2042 | 36779 | 29188 |
| Series T-54, Class 4A, 4.26%, <br> 2/25/2043 (b)<br>| 538874 | 517309 |
| First Horizon Mortgage Pass-Through Trust <br> Series 2004-AR6, Class 2A1, 4.47%, <br> 12/25/2034 (b)<br>| 59853 | 58259 |
| Flagstar Mortgage Trust Series 2019-2, <br> Class A2, 3.50%, 12/25/2049 (a) (b)<br>| 1184535 | 1068491 |
| FNMA Trust, Whole Loan Series 2004-W2, <br> Class 4A, 4.88%, 2/25/2044 (b)<br>| 68476 | 67517 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2002-T6, Class A4, 5.37%, <br> 3/25/2041 (b)<br>| 298066 | 290830 |
| Series 2001-T8, Class A1, 7.50%, <br> 7/25/2041<br>| 96765 | 98017 |
| FNMA, REMIC |  |  |
| Series 2013-43, Class YH, 2.50%, <br> 5/25/2033<br>| 446430 | 427610 |
| Series 2004-17, Class BF, 4.81%, <br> 1/25/2034 (b)<br>| 22342 | 22329 |
| Series 2025-7, Class EV, 5.50%, <br> 1/25/2036<br>| 11603034 | 11944585 |
| Series 2006-16, Class HZ, 5.50%, <br> 3/25/2036<br>| 89387 | 93560 |
| Series 2025-24, Class PV, 5.00%, <br> 4/25/2036<br>| 8039209 | 8128664 |
| Series 2006-124, Class FC, 4.81%, <br> 1/25/2037 (b)<br>| 427196 | 422811 |
| Series 2007-76, Class ZG, 6.00%, <br> 8/25/2037<br>| 92616 | 95243 |
| Series 2014-23, Class FA, 4.73%, <br> 10/25/2039 (b)<br>| 5842761 | 5765508 |
| Series 2010-64, Class FC, 4.96%, <br> 6/25/2040 (b)<br>| 5035139 | 5006532 |
| Series 2012-38, Class PA, 2.00%, <br> 9/25/2041<br>| 590980 | 556818 |
| Series 2012-93, Class ME, 2.50%, <br> 1/25/2042<br>| 766373 | 727722 |
| Series 2012-13, Class FA, 5.04%, <br> 2/25/2042 (b)<br>| 3855988 | 3829543 |
| Series 2012-31, Class FB, 5.01%, <br> 4/25/2042 (b)<br>| 3243663 | 3218664 |
| Series 2013-23, Class KJ, 2.25%, <br> 5/25/2042<br>| 1151139 | 1077271 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2012-119, Class FB, 4.81%, <br> 11/25/2042 (b)<br>| 2173481 | 2129681 |
| Series 2012-139, Class JA, 3.50%, <br> 12/25/2042<br>| 1595365 | 1525746 |
| Series 2013-6, Class FL, 4.86%, <br> 2/25/2043 (b)<br>| 507235 | 499208 |
| Series 2014-49, Class AF, 4.75%, <br> 8/25/2044 (b)<br>| 76119 | 74452 |
| Series 2014-58, Class FG, 4.81%, <br> 9/25/2044 (b)<br>| 3574400 | 3523692 |
| Series 2015-28, Class CI, IO, 4.00%, <br> 5/25/2045<br>| 7549271 | 1413424 |
| Series 2015-42, Class BF, 4.74%, <br> 6/25/2045 (b)<br>| 1612302 | 1596759 |
| Series 2016-25, Class LA, 3.00%, <br> 7/25/2045<br>| 5318333 | 5083863 |
| Series 2016-33, Class JA, 3.00%, <br> 7/25/2045<br>| 1785422 | 1710755 |
| Series 2015-91, Class AF, 4.80%, <br> 12/25/2045 (b)<br>| 1750633 | 1773499 |
| Series 2016-19, Class OP, PO, <br> 4/25/2046<br>| 882366 | 678838 |
| Series 2016-58, Class SA, IO, 1.85%, <br> 8/25/2046 (b)<br>| 4502630 | 258857 |
| Series 2017-108, Class PA, 3.00%, <br> 6/25/2047<br>| 1230736 | 1147040 |
| Series 2017-104, Class LA, 3.00%, <br> 11/25/2047<br>| 857746 | 795859 |
| Series 2019-38, Class PC, 3.00%, <br> 2/25/2048<br>| 1898016 | 1801875 |
| Series 2018-7, Class CI, IO, 4.00%, <br> 2/25/2048<br>| 8828096 | 1728947 |
| Series 2025-70, Class FD, 4.74%, <br> 1/25/2050 (b)<br>| 15000000 | 14814139 |
| Series 2019-77, Class FP, 5.01%, <br> 1/25/2050 (b)<br>| 8311857 | 8115231 |
| Series 2024-92, Class HB, 5.00%, <br> 12/25/2051<br>| 6207161 | 6275569 |
| Series 2022-12, Class GE, 2.50%, <br> 3/25/2052<br>| 6759341 | 6243558 |
| Series 2019-41, Class GF, 4.96%, <br> 3/25/2053 (b)<br>| 9325190 | 9232879 |
| Series 2024-10, Class FA, 5.45%, <br> 3/25/2054 (b)<br>| 33738382 | 33848514 |
| Series 2014-66, Class WF, 4.78%, <br> 10/25/2054 (b)<br>| 714354 | 719172 |
| Series 2019-74, Class BF, 5.01%, <br> 12/25/2059 (b)<br>| 3892646 | 3770516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 2003-W4, Class 5A, 4.35%, <br> 10/25/2042 (b)<br>| 267372 | 264981 |
| Series 2003-W1, Class 2A, 5.09%, <br> 12/25/2042 (b)<br>| 89707 | 90090 |
| Series 2003-W15, Class 3A, 5.10%, <br> 12/25/2042 (b)<br>| 285795 | 279453 |
| Series 2009-W1, Class A, 6.00%, <br> 12/25/2049<br>| 74723 | 77519 |
| FNMA, STRIPS Series 400, Class 1, PO, <br> 11/25/2039<br>| 814055 | 650927 |
| GNMA |  |  |
| Series 2011-158, Class EB, 4.00%, <br> 12/20/2026<br>| 407632 | 406098 |
| Series 2012-61, Class FM, 4.87%, <br> 5/16/2042 (b)<br>| 2899192 | 2884078 |
| Series 2016-12, Class PA, 2.50%, <br> 6/20/2045<br>| 3908706 | 3675989 |
| Series 2024-28, Class BA, 5.00%, <br> 2/20/2048<br>| 1633407 | 1633771 |
| Series 2023-24, Class FD, 5.05%, <br> 2/20/2053 (b)<br>| 10666217 | 10581702 |
| Series 2024-159, Class PA, 4.50%, <br> 10/20/2054<br>| 4841605 | 4746281 |
| Series 2025-41, Class KF, 5.25%, <br> 3/20/2055 (b)<br>| 14616353 | 14634782 |
| Series 2025-65, Class FP, 5.35%, <br> 4/20/2055 (b)<br>| 29734021 | 29741844 |
| Series 2012-H21, Class FA, 4.94%, <br> 7/20/2062 (b)<br>| 389303 | 389361 |
| Series 2012-H29, Class FA, 4.96%, <br> 10/20/2062 (b)<br>| 234984 | 235075 |
| Series 2013-H16, Class FA, 4.98%, <br> 7/20/2063 (b)<br>| 785207 | 785870 |
| Series 2014-H07, Class FC, 5.04%, <br> 5/20/2064 (b)<br>| 4916988 | 4923295 |
| Series 2014-H11, Class JA, 4.94%, <br> 6/20/2064 (b)<br>| 941700 | 941792 |
| Series 2014-H17, Class FM, 4.92%, <br> 8/20/2064 (b)<br>| 2859273 | 2858927 |
| Series 2015-H03, Class FD, 5.08%, <br> 1/20/2065 (b)<br>| 1594146 | 1594420 |
| Series 2015-H04, Class FL, 4.91%, <br> 2/20/2065 (b)<br>| 2252558 | 2252265 |
| Series 2015-H12, Class FJ, 4.87%, <br> 5/20/2065 (b)<br>| 998310 | 997589 |
| Series 2015-H14, Class FB, 4.87%, <br> 5/20/2065 (b)<br>| 1227030 | 1226314 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2015-H12, Class FA, 4.92%, <br> 5/20/2065 (b)<br>| 1456275 | 1456220 |
| Series 2015-H15, Class FB, 5.04%, <br> 6/20/2065 (b)<br>| 2052714 | 2052428 |
| Series 2015-H19, Class FN, 4.88%, <br> 7/20/2065 (b)<br>| 2410947 | 2409612 |
| Series 2015-H23, Class TA, 4.91%, <br> 9/20/2065 (b)<br>| 3516380 | 3515534 |
| Series 2021-H07, Class FA, 5.35%, <br> 5/20/2071 (b)<br>| 6188025 | 6213311 |
| GSAA Trust Series 2004-CW1, Class 1A1, <br> 5.50%, 4/1/2034<br>| 291253 | 285116 |
| GSR Mortgage Loan Trust Series 2004-10F, <br> Class 7A1, 5.50%, 9/25/2034<br>| 40631 | 40865 |
| Impac CMB Trust |  |  |
| Series 2004-6, Class 1A2, 5.22%, <br> 10/25/2034 (b)<br>| 10074 | 10062 |
| Series 2005-5, Class A1, 5.08%, <br> 8/25/2035 (b)<br>| 226511 | 212247 |
| IndyMac INDA Mortgage Loan Trust Series <br> 2007-AR1, Class 1A1, 4.12%, <br> 3/25/2037 (b)<br>| 187919 | 144771 |
| JPMorgan Mortgage Trust Series 2003-A1, <br> Class 1A1, 5.04%, 10/25/2033 (b)<br>| 9964 | 9494 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL4, Class A1, 5.92%, <br> 7/25/2039 (a) (c)<br>| 3000000 | 3019070 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (a) (c)<br>| 1240000 | 1248917 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (a) (b)<br>| 1695000 | 1708650 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (a) (c)<br>| 4250000 | 4253149 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| Series 2004-13, Class 2A1, 6.74%, <br> 4/21/2034 (b)<br>| 39361 | 38756 |
| Series 2004-13, Class 3A7B, 6.12%, <br> 11/21/2034 (b)<br>| 127244 | 122443 |
| MASTR Seasoned Securitization Trust Series <br> 2003-1, Class 3A2, 4.84%, <br> 2/25/2033 (b)<br>| 30090 | 29382 |
| Mellon Residential Funding Corp. Mortgage <br> Pass-Through Certificates Series <br> 2001-TBC1, Class B1, 5.36%, <br> 11/15/2031 (b)<br>| 33558 | 31793 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2004-D, Class A1, 5.10%, <br> 9/25/2029 (b)<br>| 9531 | 9684 |
| Series 2004-1, Class 2A3, 5.35%, <br> 12/25/2034 (b)<br>| 46280 | 41640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

33 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Metlife Securitization Trust |  |  |
| Series 2017-1A, Class A, 3.00%, <br> 4/25/2055 (a) (b)<br>| 395534 | 381200 |
| Series 2018-1A, Class A, 3.75%, <br> 3/25/2057 (a) (b)<br>| 1414678 | 1381983 |
| Morgan Stanley Dean Witter Capital I, Inc. <br> Trust<br>|  |  |
| Series 2003-HYB1, Class A4, 5.22%, <br> 3/25/2033 (b)<br>| 29647 | 26583 |
| Series 2003-HYB1, Class B1, 5.22%, <br> 3/25/2033 (b)<br>| 10080 | 2257 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| Series 2004-3, Class 4A, 5.64%, <br> 4/25/2034 (b)<br>| 422704 | 417643 |
| Series 2004-5AR, Class 3A3, 5.24%, <br> 7/25/2034 (b)<br>| 50177 | 49218 |
| Series 2004-5AR, Class 3A5, 5.24%, <br> 7/25/2034 (b)<br>| 282766 | 280058 |
| Series 2004-11AR, Class 1A2A, 4.75%, <br> 1/25/2035 (b)<br>| 108787 | 102779 |
| MRFC Mortgage Pass-Through Trust Series <br> 2002-TBC2, Class B1, 5.33%, <br> 8/15/2032 (b)<br>| 21278 | 21652 |
| NAAC Reperforming Loan REMIC Trust <br> Certificates Series 2004-R3, Class AF, <br> 4.89%, 2/25/2035 (a) (b)<br>| 421763 | 344222 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (a) (c)<br>| 3960000 | 3974675 |
| Series 2018-4A, Class A1S, 5.19%, <br> 1/25/2048 (a) (b)<br>| 752757 | 739004 |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust Series 2003-A3, Class A1, <br> 5.50%, 8/25/2033 (c)<br>| 107472 | 109372 |
| NYMT Loan Trust Series 2024-BPL3, <br> Class A1, 5.27%, 9/25/2039 (a) (c)<br>| 1055000 | 1054271 |
| OBX Trust |  |  |
| Series 2024-NQM15, Class A1, 5.32%, <br> 10/25/2064 (a) (c)<br>| 2400507 | 2407311 |
| Series 2025-NQM10, Class A1, 5.45%, <br> 5/25/2065 (a) (c)<br>| 5909405 | 5968752 |
| Onity Loan Investment Trust Series <br> 2025-HB1, Class A, 3.00%, <br> 6/25/2038 ‡ (a) (b)<br>| 2256463 | 2196060 |
| PRET Trust Series 2024-RPL2, Class A1, <br> 4.07%, 6/25/2064 (a) (b)<br>| 1798394 | 1727308 |
| Prime Mortgage Trust Series 2005-2, Class <br> 2A1, 5.58%, 10/25/2032 (b)<br>| 132484 | 133874 |
| PRPM LLC Series 2025-RPL2, Class A1, <br> 3.75%, 4/25/2055 (a) (c)<br>| 4620287 | 4494938 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| RFMSI Trust |  |  |
| Series 2005-SA2, Class 2A2, 5.91%, <br> 6/25/2035 (b)<br>| 212058 | 200757 |
| Series 2006-SA4, Class 2A1, 5.49%, <br> 11/25/2036 (b)<br>| 106205 | 89479 |
| Roc Mortgage Trust Series 2025-RTL1, <br> Class A1, 5.63%, 2/25/2040 (a) (c)<br>| 1000000 | 1002951 |
| Seasoned Credit Risk Transfer Trust Series <br> 2025-1, Class MAU, 3.25%, 11/25/2064<br>| 3372097 | 3088874 |
| Seasoned Loans Structured Transaction Trust <br> Series 2024-2, Class VF, 5.60%, <br> 10/25/2034 (a) (b)<br>| 8518326 | 8669532 |
| Sequoia Mortgage Trust |  |  |
| Series 11, Class A, 5.35%, <br> 12/20/2032 (b)<br>| 4912 | 4259 |
| Series 2003-3, Class A2, 5.37%, <br> 7/20/2033 (b)<br>| 27026 | 24754 |
| Series 2004-11, Class A2, 5.33%, <br> 12/20/2034 (b)<br>| 150024 | 140301 |
| Structured Asset Mortgage Investments II <br> Trust Series 2004-AR1, Class 1A1, <br> 5.17%, 3/19/2034 (b)<br>| 17797 | 16709 |
| Structured Asset Mortgage Investments <br> Trust Series 2002-AR2, Class A3, 5.22%, <br> 7/19/2032 (b)<br>| 87519 | 56785 |
| Structured Asset Securities Corp. Mortgage <br> Pass-Through Certificates<br>|  |  |
| Series 2003-24A, Class 2A, 5.89%, <br> 7/25/2033 (b)<br>| 215240 | 210554 |
| Series 2003-40A, Class 4A, 6.62%, <br> 1/25/2034 (b)<br>| 48731 | 47017 |
| Thornburg Mortgage Securities Trust Series <br> 2004-4, Class 5A, 2.40%, <br> 12/25/2044 (b)<br>| 1030770 | 891497 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (a) (c)<br>| 1050000 | 1051007 |
| Towd Point Mortgage Trust Series 2018-4, <br> Class A1, 3.00%, 6/25/2058 (a) (b)<br>| 2311051 | 2197989 |
| WaMu Mortgage Pass-Through Certificates <br> Trust<br>|  |  |
| Series 2004-AR3, Class A1, 5.38%, <br> 6/25/2034 (b)<br>| 183889 | 172661 |
| Series 2004-AR11, Class A, 6.36%, <br> 10/25/2034 (b)<br>| 89564 | 87337 |
| Total Collateralized Mortgage Obligations <br>(Cost $517,528,208)<br>|  | 514735807 |
| **Mortgage-Backed Securities — 12.7%** | **Mortgage-Backed Securities — 12.7%** | **Mortgage-Backed Securities — 12.7%** |
| FHLMC Gold Pools, Other Pool # U49009, <br> 3.00%, 8/1/2028<br>| 373881 | 368360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # RA2459, 4.00%, 4/1/2050 | 4398418 | 4167082 |
| Pool # RA2904, 3.00%, 6/1/2050 | 4013782 | 3517849 |
| Pool # RA2970, 2.50%, 7/1/2050 | 4596617 | 3856725 |
| Pool # SD1787, 5.00%, 10/1/2052 | 2826116 | 2853716 |
| Pool # SD8277, 5.50%, 12/1/2052 | 3924178 | 3969101 |
| Pool # QF9638, 5.00%, 3/1/2053 | 7389181 | 7325940 |
| Pool # RA9453, 6.00%, 7/1/2053 | 23903759 | 24608323 |
| Pool # SL0596, 6.00%, 9/1/2053 | 14251621 | 14696101 |
| Pool # QI4073, 5.50%, 4/1/2054 | 3199662 | 3222378 |
| Pool # SD6317, 5.50%, 5/1/2054 | 9920052 | 10051247 |
| Pool # SD7572, 6.50%, 5/1/2054 | 20448793 | 21364740 |
| Pool # SD5658, 5.50%, 6/1/2054 | 5197033 | 5265767 |
| Pool # RJ1658, 6.00%, 6/1/2054 | 5312768 | 5439805 |
| Pool # SD6799, 6.00%, 10/1/2054 | 12653709 | 13026957 |
| Pool # QX8822, 6.00%, 3/1/2055 | 9959482 | 10192445 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # MA1338, 3.00%, 2/1/2033 | 597474 | 576526 |
| Pool # MA1401, 3.00%, 4/1/2033 | 233950 | 225306 |
| Pool # MA1490, 3.00%, 7/1/2033 | 779670 | 753446 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 995724, 6.00%, 4/1/2039 | 113177 | 119207 |
| Pool # AD0588, 5.00%, 12/1/2039 | 517566 | 527220 |
| Pool # AD9721, 5.50%, 8/1/2040 | 156945 | 159008 |
| Pool # BM3048, 4.00%, 10/1/2042 | 2482355 | 2409875 |
| Pool # AS4592, 4.00%, 2/1/2045 | 4749425 | 4527081 |
| Pool # BM5560, 4.00%, 1/1/2046 | 2762814 | 2669116 |
| Pool # CA0411, 4.00%, 9/1/2047 | 2796254 | 2682857 |
| Pool # CA2489, 4.50%, 10/1/2048 | 499299 | 488161 |
| Pool # BP7345, 3.00%, 6/1/2050 | 5703345 | 4993441 |
| Pool # BQ7436, 3.00%, 9/1/2051 | 3452542 | 3002918 |
| Pool # BQ7454, 3.00%, 12/1/2051 | 5187556 | 4516803 |
| Pool # FS2898, 4.50%, 9/1/2052 | 4517458 | 4374830 |
| Pool # CB4630, 5.50%, 9/1/2052 | 6311239 | 6434255 |
| Pool # FS3051, 5.00%, 10/1/2052 | 2936370 | 2973520 |
| Pool # CB4839, 5.50%, 10/1/2052 | 2931383 | 2967828 |
| Pool # CB5027, 5.50%, 11/1/2052 | 5916451 | 5981744 |
| Pool # FA0711, 5.50%, 6/1/2053 | 10936862 | 11093481 |
| Pool # CB8709, 6.00%, 6/1/2054 | 4886939 | 5002486 |
| Pool # BU5096, 6.00%, 9/1/2054 | 4386420 | 4516671 |
| Pool # CB9991, 6.00%, 2/1/2055 | 14390437 | 14836035 |
| Pool # FA1866, 5.50%, 6/1/2055 | 19882644 | 20012079 |
| FNMA, Other  |  |  |
| Pool # BK7908, 4.00%, 11/1/2048 | 224294 | 208962 |
| Pool # BF0769, 4.50%, 9/1/2063 | 4635512 | 4469161 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| GNMA II, 30 Year  |  |  |
| Pool # CG5224, 3.50%, 8/20/2051 | 8125276 | 7297798 |
| Pool # MB0367, 6.00%, 5/20/2055 | 26762662 | 27315776 |
| GNMA II, Other Pool # 787496, 6.00%, <br> 7/20/2064<br>| 2497051 | 2531710 |
| Total Mortgage-Backed Securities <br>(Cost $287,048,202)<br>|  | 281593837 |
| **Corporate Bonds — 6.5%** | **Corporate Bonds — 6.5%** | **Corporate Bonds — 6.5%** |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Bank of America Corp. (SOFR + 1.11%), <br> 4.62%, 5/9/2029 (f)<br>| 13285000 | 13434855 |
| BNP Paribas SA (France) (SOFR + 1.52%), <br> 5.18%, 1/9/2030 (a) (f)<br>| 10000000 | 10247409 |
| BPCE SA (France) (SOFR + 1.58%), 5.39%, <br> 5/28/2031 (a) (f)<br>| 6050000 | 6194997 |
| CaixaBank SA (Spain) (SOFR + 1.14%), <br> 4.63%, 7/3/2029 (a) (f)<br>| 7195000 | 7247608 |
| Citigroup, Inc. (SOFR + 0.87%), 4.79%, <br> 3/4/2029 (f)<br>| 16980000 | 17202106 |
| Credit Agricole SA (France) (SOFR + <br> 1.13%), 5.23%, 1/9/2029 (a) (f)<br>| 10000000 | 10173755 |
| Lloyds Banking Group plc (United Kingdom) <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.83%), <br> 4.82%, 6/13/2029 (f)<br>| 10000000 | 10141422 |
| NatWest Markets plc (United Kingdom) <br> 5.41%, 5/17/2029 (a)<br>| 10000000 | 10378351 |
| Standard Chartered plc (United Kingdom) <br> (SOFR + 1.24%), 5.62%, <br> 1/21/2029 (a) (f)<br>| 5000000 | 5029000 |
|  |  | 90049503 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| Deutsche Bank AG (Germany) (SOFR + <br> 1.21%), 5.58%, 1/10/2029 (f)<br>| 5000000 | 5017422 |
| Goldman Sachs Group, Inc. (The) (SOFR + <br> 1.08%), 5.46%, 1/28/2031 (f)<br>| 5000000 | 5003948 |
| Morgan Stanley (SOFR + 1.45%), 5.17%, <br> 1/16/2030 (f)<br>| 10000000 | 10279037 |
|  |  | 20300407 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Avolon Holdings Funding Ltd. (Ireland) <br> 4.90%, 10/10/2030 (a)<br>| 3750000 | 3763875 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| FirstEnergy Transmission LLC 4.55%, <br> 1/15/2030<br>| 4000000 | 4032036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

35 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 1076829 | 1076830 |
| Nationwide Building Society (United <br> Kingdom) 5.13%, 7/29/2029 (a)<br>| 10000000 | 10315448 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 799373 | 799373 |
|  |  | 12191651 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Mutual of Omaha Cos. Global Funding <br> 4.51%, 6/9/2028 (a)<br>| 10000000 | 10078938 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Marvell Technology, Inc. 4.75%, <br> 7/15/2030<br>| 4110000 | 4147463 |
| Total Corporate Bonds <br>(Cost $143,244,847)<br>|  | 144563873 |
| **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** |
| 20 Times Square Trust Series 2018-20TS, <br> Class A, 3.20%, 5/15/2035 (a) (b)<br>| 1045999 | 1006774 |
| ARES Trust Series 2025-IND3, Class A, <br> 5.86%, 4/15/2042 (a) (b)<br>| 5000000 | 5004687 |
| BANK Series 2021-BN35, Class A2, 1.87%, <br> 6/15/2064<br>| 2650000 | 2486346 |
| Bayview Commercial Asset Trust |  |  |
| Series 2005-2A, Class A2, 4.96%, <br> 8/25/2035 (a) (b)<br>| 286844 | 279853 |
| Series 2005-2A, Class M1, 5.08%, <br> 8/25/2035 (a) (b)<br>| 57289 | 56505 |
| Series 2007-3, Class A2, 4.87%, <br> 7/25/2037 (a) (b)<br>| 260183 | 244381 |
| BBCMS Mortgage Trust Series 2020-C7, <br> Class A2, 2.02%, 4/15/2053<br>| 908695 | 863470 |
| BBCMS Trust Series 2015-VFM, Class A1, <br> 2.47%, 3/10/2036 (a)<br>| 191882 | 189903 |
| BX |  |  |
| Series 2021-MFM1, Class A, 5.18%, <br> 1/15/2034 (a) (b)<br>| 428163 | 428029 |
| Series 2024-PALM, Class A, 5.90%, <br> 6/15/2037 (a) (b)<br>| 4326923 | 4332327 |
| BX Trust |  |  |
| Series 2021-BXMF, Class A, 5.11%, <br> 10/15/2026 (a) (b)<br>| 6464208 | 6460168 |
| Series 2021-LBA, Class AJV, 5.28%, <br> 2/15/2036 (a) (b)<br>| 6500000 | 6497969 |
| COMM Mortgage Trust Series 2024-CBM, <br> Class A1, 5.85%, 12/10/2041 (a) (b)<br>| 5629400 | 5692810 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| FHLMC |  |  |
| Series 2025-MN11, Class M1, 6.00%, <br> 7/25/2045 (a) (b)<br>| 5725000 | 5721333 |
| Series 2021-MN1, Class M1, 6.35%, <br> 1/25/2051 (a) (b)<br>| 83856 | 83604 |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series Q007, Class APT2, 6.45%, <br> 10/25/2047 (b)<br>| 567899 | 566386 |
| Series Q013, Class APT1, 6.34%, <br> 5/25/2050 (b)<br>| 1074384 | 1074678 |
| FREMF Mortgage Trust |  |  |
| Series 2019-K736, Class C, 3.86%, <br> 7/25/2026 (a) (b)<br>| 2000000 | 1974329 |
| Series 2018-K82, Class C, 4.27%, <br> 9/25/2028 (a) (b)<br>| 3000000 | 2956469 |
| Series 2017-K68, Class B, 3.97%, <br> 10/25/2049 (a) (b)<br>| 2000000 | 1969352 |
| Series 2017-K64, Class B, 4.14%, <br> 5/25/2050 (a) (b)<br>| 5000000 | 4945999 |
| Series 2017-K64, Class C, 4.14%, <br> 5/25/2050 (a) (b)<br>| 3285000 | 3244668 |
| Series 2019-K97, Class C, 3.90%, <br> 9/25/2051 (a) (b)<br>| 7845000 | 7541723 |
| Series 2018-K81, Class C, 4.31%, <br> 9/25/2051 (a) (b)<br>| 10682000 | 10513791 |
| Series 2018-K83, Class C, 4.42%, <br> 11/25/2051 (a) (b)<br>| 7000000 | 6916752 |
| Series 2019-K92, Class C, 4.34%, <br> 5/25/2052 (a) (b)<br>| 7000000 | 6845019 |
| Series 2019-K100, Class B, 3.61%, <br> 11/25/2052 (a) (b)<br>| 4688000 | 4490423 |
| OAKST Commercial Mortgage Trust Series <br> 2023-NLP, Class A, 6.30%, <br> 3/15/2040 (a) (b)<br>| 2000000 | 2012323 |
| One Bryant Park Trust Series 2019-OBP, <br> Class A, 2.52%, 9/15/2054 (a)<br>| 5000000 | 4600441 |
| ONE Mortgage Trust Series 2021-PARK, <br> Class A, 5.18%, 3/15/2036 (a) (b)<br>| 7000000 | 6860000 |
| RFM Re-REMIC Trust Series 2022-FRR1, <br> Class AB60, 2.34%, 11/8/2049 (a) (b)<br>| 4000000 | 3820038 |
| ROCK Trust Series 2024-CNTR, Class A, <br> 5.39%, 11/13/2041 (a)<br>| 2380000 | 2449871 |
| SDR Commercial Mortgage Trust Series <br> 2024-DSNY, Class A, 5.75%, <br> 5/15/2039 (a) (b)<br>| 5000000 | 5000000 |
| SMR Mortgage Trust Series 2022-IND, <br> Class A, 6.01%, 2/15/2039 (a) (b)<br>| 7325417 | 7332684 |
| SMRT Series 2022-MINI, Class A, 5.36%, <br> 1/15/2039 (a) (b)<br>| 5000000 | 4990625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| STWD Mortgage Trust (Cayman Islands) <br> Series 2021-LIH, Class B, 6.13%, <br> 11/15/2036 (a) (b)<br>| 2300000 | 2294262 |
| Wells Fargo Commercial Mortgage Trust <br> Series 2021-SAVE, Class A, 5.73%, <br> 2/15/2040 (a) (b)<br>| 986628 | 985703 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.53%, <br> 7/15/2040 (a) (b)<br>| 1175000 | 1207523 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $134,180,944)<br>|  | 133941218 |
| **U.S. Treasury Obligations — 5.0%** | **U.S. Treasury Obligations — 5.0%** | **U.S. Treasury Obligations — 5.0%** |
| U.S. Treasury Notes <br>3.75%, 6/30/2027 (Cost <br> $109,327,734)<br>| 109605000 | 109793384 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** |
| **Investment Companies — 3.7%** | **Investment Companies — 3.7%** | **Investment Companies — 3.7%** |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.36% (g) (h) <br>(Cost $80,920,704)<br>| 80906274 | 80930546 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Bills, 4.27%, 9/30/2025 (i) <br>(Cost $4,982,972)<br>| 5000000 | 4983492 |
| Total Short-Term Investments <br>(Cost $85,903,676)<br>|  | 85914038 |
| **Total Investments — 100.4%** <br>**(Cost $2,222,468,857)**<br>|  | **2220207694** |
| **Liabilities in Excess of Other Assets —** <br> **(0.4)%**<br>|  | **(9344233)**<br>|
| **NET ASSETS — 100.0%** |  | **2210863461** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligations |
| FHLMC | Federal Home Loan Mortgage Corp. |

---

---

| | |
|:---|:---|
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

37 <br>

------

JPMorgan Limited Duration Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 2239 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 467023915 | &nbsp;&nbsp;&nbsp;&nbsp; 746919 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (41068203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (189560)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (49887938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (329698)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (58582500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240036)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (759294)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12375)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 <br>

------

JPMorgan Realty Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 97.8%** | **Common Stocks — 97.8%** | **Common Stocks — 97.8%** |
| **Apartments — 14.3%** | **Apartments — 14.3%** | **Apartments — 14.3%** |
| American Homes 4 Rent, Class A, REIT | 364269 | 13048116 |
| AvalonBay Communities, Inc., REIT | 59725 | 11697141 |
| Camden Property Trust, REIT | 134011 | 15006552 |
| Equity LifeStyle Properties, Inc., REIT | 220600 | 13299974 |
| Essex Property Trust, Inc., REIT | 31020 | 8381914 |
| Invitation Homes, Inc., REIT | 60401 | 1889947 |
| UDR, Inc., REIT | 79223 | 3134854 |
|  |  | 66458498 |
| **Diversified — 33.1%** | **Diversified — 33.1%** | **Diversified — 33.1%** |
| American Tower Corp., REIT | 217959 | 44430943 |
| Crown Castle, Inc., REIT | 62106 | 6157189 |
| Digital Realty Trust, Inc., REIT | 140532 | 23558785 |
| Equinix, Inc., REIT | 54092 | 42526590 |
| SBA Communications Corp., REIT | 97908 | 20056454 |
| Weyerhaeuser Co., REIT | 282135 | 7298832 |
| WP Carey, Inc., REIT | 146204 | 9810288 |
|  |  | 153839081 |
| **Health Care — 16.7%** | **Health Care — 16.7%** | **Health Care — 16.7%** |
| Alexandria Real Estate Equities, Inc., REIT | 82014 | 6761234 |
| Ventas, Inc., REIT | 384330 | 26165186 |
| Welltower, Inc., REIT | 264524 | 44514099 |
|  |  | 77440519 |
| **Hotels — 3.2%** | **Hotels — 3.2%** | **Hotels — 3.2%** |
| Host Hotels & Resorts, Inc., REIT | 850679 | 14640185 |
| **Industrial — 9.1%** | **Industrial — 9.1%** | **Industrial — 9.1%** |
| Americold Realty Trust, Inc., REIT | 159371 | 2301317 |
| EastGroup Properties, Inc., REIT | 77328 | 13111736 |
| Prologis, Inc., REIT | 209141 | 23796063 |
| Rexford Industrial Realty, Inc., REIT | 74968 | 3104425 |
|  |  | 42313541 |
| **Office — 4.9%** | **Office — 4.9%** | **Office — 4.9%** |
| Cousins Properties, Inc., REIT | 299450 | 8830781 |
| Hudson Pacific Properties, Inc., REIT \* | 2207250 | 6202375 |
| Vornado Realty Trust, REIT | 204773 | 7787517 |
|  |  | 22820673 |
| **Regional Malls — 4.0%** | **Regional Malls — 4.0%** | **Regional Malls — 4.0%** |
| Macerich Co. (The), REIT | 282552 | 5198957 |
| Simon Property Group, Inc., REIT | 75212 | 13587800 |
|  |  | 18786757 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Shopping Centers — 6.4%** | **Shopping Centers — 6.4%** | **Shopping Centers — 6.4%** |
| Kimco Realty Corp., REIT | 953249 | 21438570 |
| Kite Realty Group Trust, REIT | 372154 | 8492554 |
|  |  | 29931124 |
| **Storage — 6.1%** | **Storage — 6.1%** | **Storage — 6.1%** |
| CubeSmart, REIT | 172912 | 7075559 |
| Extra Space Storage, Inc., REIT | 129924 | 18654488 |
| Smartstop Self Storage REIT, Inc., REIT (a) | 76867 | 2797190 |
|  |  | 28527237 |
| Total Common Stocks <br>(Cost $409,063,943)<br>|  | 454757615 |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (b) (c) <br>(Cost $9,744,281)<br>| 9742616 | 9745538 |
| **Investment of Cash Collateral from Securities Loaned — 0.6%** | **Investment of Cash Collateral from Securities Loaned — 0.6%** | **Investment of Cash Collateral from Securities Loaned — 0.6%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.34% (b) (c) <br>(Cost $2,722,602)<br>| 2722602 | 2722602 |
| Total Short-Term Investments <br>(Cost $12,466,883)<br>|  | 12468140 |
| **Total Investments — 100.5%** <br>**(Cost $421,530,826)**<br>|  | **467225755** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(2371906)**<br>|
| **NET ASSETS — 100.0%** |  | **464853849** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at August 31, 2025. The total value of securities on loan at August 31, 2025 is $2,627,431. 

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 Realty Income ETF 39

------

JPMorgan Sustainable Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 89.3% (a)** | **Municipal Bonds — 89.3% (a)** | **Municipal Bonds — 89.3% (a)** |
| **Alabama — 0.3%** | **Alabama — 0.3%** | **Alabama — 0.3%** |
| Baldwin County Industrial Development <br> Authority, Novelis Corp., Project Series <br> 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c)<br>| 1000000 | 1001425 |
| **Arizona — 1.2%** | **Arizona — 1.2%** | **Arizona — 1.2%** |
| Arizona Industrial Development Authority, KIPP <br> NYC Public Charter Schools Jerome Facility <br> Project Series 2021B, Rev., 4.00%, <br> 7/1/2041<br>| 1000000 | 877578 |
| City of Lake Havasu City Wastewater System, <br> Senior Lien, GO, 5.00%, 7/1/2033<br>| 1100000 | 1247278 |
| Maricopa County Industrial Development <br> Authority, Arizona Autism Charter School <br> Project Series 2021A, Rev., 4.00%, <br> 7/1/2041 (b)<br>| 1100000 | 910727 |
| Maricopa County Union High School District No. <br> 216 Agua Fria, Project of 2023 and 2024<br>|  |  |
| GO, 5.00%, 7/1/2033 | 450000 | 513614 |
| GO, 5.00%, 7/1/2034 | 275000 | 313942 |
| Total Arizona |  | 3863139 |
| **California — 8.6%** | **California — 8.6%** | **California — 8.6%** |
| California Community Choice Financing <br> Authority, Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 1090000 | 1149820 |
| Series 2024A, Rev., 5.00%, 4/1/2032 (c) | 2000000 | 2135979 |
| Series 2024D, Rev., 5.00%, 9/1/2032 (c) | 2065000 | 2223238 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (c) | 2000000 | 2174052 |
| California Health Facilities Financing Authority, <br> Adventist Health System Series 2024A, Rev., <br> 5.00%, 12/1/2034<br>| 1000000 | 1074158 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center Series 2021A, <br> Rev., 4.00%, 8/15/2048<br>| 1000000 | 881188 |
| California Infrastructure and Economic <br> Development Bank, Brightline West <br> Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| 2000000 | 1837986 |
| California Infrastructure and Economic <br> Development Bank, California Academy of <br> Science Series 2024A, Rev., 3.25%, <br> 8/1/2029<br>| 2000000 | 2028669 |
| California Infrastructure and Economic <br> Development Bank, Segerstrom Center for <br> the Arts Series 2024, Rev., 5.00%, <br> 1/1/2032<br>| 1000000 | 1106854 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, 10/1/2025 (c)<br>| 1000000 | 999938 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **California — continued** | **California — continued** | **California — continued** |
| California Municipal Finance Authority, <br> Humangood California Obligated Group Series <br> 2025A, Rev., 5.00%, 10/1/2042<br>| 1000000 | 1004439 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP <br> Desalination Project<br>|  |  |
| Rev., AMT, 5.00%, 7/1/2036 (b) | 250000 | 261818 |
| Rev., AMT, 5.00%, 7/1/2037 (b) | 1100000 | 1143929 |
| California Public Finance Authority, Senior <br> Living The James Series 2024A, Rev., 6.50%, <br> 6/1/2054 (b)<br>| 1000000 | 919641 |
| California School Finance Authority, Green Dot <br> Public School Project Series 2022A, Rev., <br> 5.00%, 8/1/2032 (b)<br>| 275000 | 287225 |
| California School Finance Authority, Kipp SoCal <br> Public Schools Series 2019A, Rev., 5.00%, <br> 7/1/2039 (b)<br>| 500000 | 505837 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical <br> Center Series 2016A, Rev., 5.25%, <br> 12/1/2056 (b)<br>| 2000000 | 1821346 |
| City of Los Angeles, Wastewater System, <br> Subordinate Series 2025A, Rev., 5.00%, <br> 6/1/2045<br>| 1000000 | 1045908 |
| Foothill-De Anza Community College District, <br> GO, 4.00%, 8/1/2040<br>| 1245000 | 1222416 |
| Los Angeles Department of Water and Power <br> System Series 2017A, Rev., 4.00%, <br> 7/1/2047<br>| 1000000 | 872129 |
| Los Angeles Department of Water and Power <br> Water System Series 2018B, Rev., 5.00%, <br> 7/1/2029<br>| 1000000 | 1060168 |
| San Joaquin Valley Clean Energy Authority <br> Series 2025A, Rev., 5.50%, 7/1/2035 (c)<br>| 1000000 | 1108803 |
| Total California |  | 26865541 |
| **Colorado — 2.9%** | **Colorado — 2.9%** | **Colorado — 2.9%** |
| Board of Governors of Colorado State University <br> System Series 2017C, Rev., 5.00%, <br> 3/1/2043<br>| 1000000 | 1008867 |
| Colorado Health Facilities Authority, Adventist <br> Health System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, <br> 11/15/2029 (c)<br>| 1000000 | 1084832 |
| Series 2019A, Rev., 4.00%, 11/15/2043 | 2050000 | 1817654 |
| Colorado Health Facilities Authority, Covenant <br> Living Communities and Services<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2026 | 745000 | 761437 |
| Series 2025A, Rev., 5.00%, 12/1/2027 | 800000 | 832995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage Series 2023L, Class III, Rev., <br> GNMA COLL, 5.75%, 11/1/2053<br>| 2150000 | 2309547 |
| Dominion Water and Sanitation District |  |  |
| Rev., 5.00%, 12/1/2027 | 579000 | 582824 |
| Rev., 5.25%, 12/1/2032 | 500000 | 508700 |
| Total Colorado |  | 8906856 |
| **District of Columbia — 3.3%** | **District of Columbia — 3.3%** | **District of Columbia — 3.3%** |
| District of Columbia Water and Sewer Authority, <br> Subordinate Lien Series 2025A, Rev., 5.00%, <br> 10/1/2043<br>| 2000000 | 2081576 |
| District of Columbia, Georgetown University <br> Issue Series 2025A, Rev., 5.00%, <br> 4/3/2035 (c)<br>| 4250000 | 4616960 |
| Washington Metropolitan Area Transit Authority <br> Dedicated Series 2024A, Rev., 4.38%, <br> 7/15/2056<br>| 1555000 | 1415759 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 2000000 | 2053629 |
| Total District of Columbia |  | 10167924 |
| **Florida — 7.0%** | **Florida — 7.0%** | **Florida — 7.0%** |
| City of South Miami Health Facilities Authority, <br> Inc., Baptist Health South Series 2025B, Rev., <br> 5.00%, 8/15/2030 (c)<br>| 1000000 | 1079206 |
| City of West Palm Beach Utility System Series <br> 2017A, Rev., 5.00%, 10/1/2042<br>| 1000000 | 1006457 |
| County of Miami-Dade, Transit System Series <br> 2022, Rev., 5.00%, 7/1/2049<br>| 1000000 | 1007583 |
| County of Okaloosa Water and Sewer, Rev., <br> 5.00%, 7/1/2033<br>| 2020000 | 2296814 |
| County of Seminole Water and Sewer Series <br> 2025A, Rev., 5.00%, 10/1/2036<br>| 1000000 | 1132062 |
| Florida Atlantic University Finance Corp., <br> Student Housing Project Series 2024, Rev., <br> 5.00%, 7/1/2049<br>| 1000000 | 1007130 |
| Florida Development Finance Corp., Brightline <br> Florida Passenger Rail Project Series 2024, <br> Rev., AMT, 5.50%, 7/1/2053<br>| 1250000 | 1030851 |
| Florida Development Finance Corp., Central <br> Charter School Project Series 2022, Rev., <br> 5.63%, 8/15/2042 (b)<br>| 1515000 | 1380657 |
| Florida Development Finance Corp., GFL Solid <br> Waste Southeast LLC Project Series 2024A, <br> Rev., AMT, 4.38%, 10/1/2031 (b) (c)<br>| 1000000 | 994189 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, <br> Rev., 6.00%, 6/15/2045 (b)<br>| 1000000 | 998955 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Hillsborough County Housing Finance Authority, <br> Multi- Family Tampa 47th Street Apartments <br> Series 2025A, Rev., FNMA COLL, 5.00%, <br> 12/1/2042<br>| 1000000 | 1000461 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series <br> 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 2.62%, 9/2/2025 (c)<br>| 675000 | 675000 |
| Lee County Industrial Development Authority <br> Series 2019A-1, Rev., 5.00%, 4/1/2036<br>| 1235000 | 1273997 |
| Miami-Dade County Educational Facilities <br> Authority Series 2024A, Rev., 5.00%, <br> 4/1/2037<br>| 1000000 | 1090855 |
| Middleton Community Development District A, <br> City of Wildwood, Florida Special Assessment, <br> 5.85%, 5/1/2037<br>| 500000 | 525268 |
| Palm Beach County Health Facilities Authority, <br> Jupiter Medical Center, Rev., 5.25%, <br> 11/1/2055<br>| 1000000 | 966591 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2045<br>| 3500000 | 3684479 |
| Seminole County Industrial Development <br> Authority, Legacy Pointe at UCF Project Series <br> 2019A, Rev., 5.75%, 11/15/2054<br>| 500000 | 445395 |
| Village Community Development District No. 15, <br> 4.25%, 5/1/2028 (b)<br>| 220000 | 223272 |
| Total Florida |  | 21819222 |
| **Georgia — 1.8%** | **Georgia — 1.8%** | **Georgia — 1.8%** |
| Georgia Housing and Finance Authority Series <br> 2024A, Rev., 5.00%, 12/1/2042<br>| 1250000 | 1273018 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (c) | 2050000 | 2079366 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 1000000 | 1070010 |
| Roswell Development Authority, Wellsatar <br> Healthcare, Inc. Series 2025A, Rev., VRDO, <br> LOC : Truist Bank, 3.90%, 9/2/2025 (c)<br>| 1250000 | 1250000 |
| Total Georgia |  | 5672394 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| Idaho Health Facilities Authority, St. Luke's <br> Health System Project Series 2025B, Rev., <br> 5.00%, 3/1/2032 (c)<br>| 1000000 | 1085951 |
| **Illinois — 3.1%** | **Illinois — 3.1%** | **Illinois — 3.1%** |
| Chicago Transit Authority Sales Tax Receipts <br> Fund Series 2024A, Rev., 5.00%, <br> 12/1/2049<br>| 1000000 | 985271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

41 <br>

------

JPMorgan Sustainable Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| City of Aurora, Single Family Mortgage |  |  |
| Series 2007B, Rev., GNMA / FNMA / FHLMC, <br> 5.45%, 12/1/2039<br>| 33195 | 33296 |
| Series 2007A, Rev., AMT, GNMA / FNMA / <br> FHLMC, 5.50%, 12/1/2039<br>| 37929 | 38491 |
| City of Chicago, Waterworks, Second Lien Series <br> 2023B, Rev., A.G., 5.00%, 11/1/2038<br>| 1250000 | 1306566 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, <br> 11/1/2030<br>| 1000000 | 1069108 |
| Series 2023B, Rev., A.G., 5.00%, <br> 11/1/2035<br>| 500000 | 536328 |
| Illinois Finance Authority, Lake Forest College <br> Series 2022A, Rev., 5.50%, 10/1/2039<br>| 380000 | 387773 |
| Illinois Finance Authority, Northwestern <br> Memorial Healthcare Series 2021B, Rev., <br> VRDO, LIQ : Royal Bank of Canada, 2.60%, <br> 9/2/2025 (c)<br>| 845000 | 845000 |
| Illinois Finance Authority, University of Chicago <br> Series 2024A, Rev., 5.00%, 4/1/2032<br>| 1125000 | 1260056 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 940000 | 1021867 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 1000000 | 1129538 |
| University of Illinois Auxiliary Facilities System <br> Series 2024A, Rev., 5.25%, 4/1/2043<br>| 1000000 | 1033279 |
| Total Illinois |  | 9646573 |
| **Indiana — 1.1%** | **Indiana — 1.1%** | **Indiana — 1.1%** |
| City of Goshen, Multi-Family, Green Oaks of <br> Goshen Project Series 2021A, Rev., 5.00%, <br> 8/1/2041 (b)<br>| 500000 | 407100 |
| City of Jeffersonville, Vivera Senior Living of <br> Jeffersonville Project Series 2020A, Rev., <br> 4.75%, 11/1/2030 (b)<br>| 495000 | 477904 |
| Indiana Finance Authority, CHF- <br> Tippecanoe LLC- Student Housing Project <br> Series 2023A, Rev., 5.00%, 6/1/2053<br>| 150000 | 139004 |
| Indiana Finance Authority, CWA Authority <br> Project Series 2021-1, Rev., 5.00%, <br> 10/1/2034<br>| 1000000 | 1091492 |
| IPS Multi-School Building Corp., Ad Valorem <br> Property Tax First Mortgage Series 2024, <br> Rev., 5.00%, 1/15/2026<br>| 1350000 | 1362353 |
| Total Indiana |  | 3477853 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Iowa Finance Authority, Senior Living Facility, <br> Sunrise Retirement Community Project<br>|  |  |
| Rev., 5.00%, 9/1/2028 | 195000 | 193445 |
| Rev., 5.00%, 9/1/2030 | 110000 | 107760 |
| Rev., 5.00%, 9/1/2031 | 105000 | 101611 |
| Rev., 5.00%, 9/1/2036 | 445000 | 398523 |
| Iowa Student Loan Liquidity Corp., Student Loan <br> Series 2015A, Rev., AMT, 5.00%, <br> 12/1/2025<br>| 1000000 | 1005178 |
| Total Iowa |  | 1806517 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| Kentucky Public Energy Authority, Gas Supply <br> Series 2024A, Rev., 5.00%, 7/1/2030 (c)<br>| 1000000 | 1057054 |
| University of Kentucky, Healthcare Cancer <br> Center Parking Projects, Rev., 5.00%, <br> 10/1/2025<br>| 555000 | 556074 |
| Total Kentucky |  | 1613128 |
| **Louisiana — 1.9%** | **Louisiana — 1.9%** | **Louisiana — 1.9%** |
| Louisiana Housing Corp., Single Family <br> Mortgage Series 2025A, Rev., GNMA / FNMA <br> / FHLMC, 6.00%, 6/1/2055<br>| 1000000 | 1107035 |
| Louisiana Public Facilities Authority, Mentorship <br> Steam Academy Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/1/2036 (b) | 385000 | 356704 |
| Series 2021A, Rev., 5.00%, 6/1/2042 (b) | 440000 | 372521 |
| Louisiana Public Facilities Authority, Ochsner <br> Clinic Foundation Project<br>|  |  |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 1000000 | 1011294 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 1000000 | 1032557 |
| Louisiana Public Facilities Authority, Tulane <br> University of Louisiana Project Series 2020A, <br> Rev., 5.00%, 4/1/2045<br>| 2000000 | 2003479 |
| Total Louisiana |  | 5883590 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| Washington Suburban Sanitary Commission, <br> Maryland Montgomery and Prince George's <br> Counties Maryland Consolidated Public <br> Improvement Series 2024, Rev., GTD, <br> 4.00%, 6/1/2044<br>| 1225000 | 1125389 |
| **Massachusetts — 1.3%** | **Massachusetts — 1.3%** | **Massachusetts — 1.3%** |
| Massachusetts Development Finance Agency, <br> Amherst College Issue Series 2025A, Rev., <br> 5.00%, 11/1/2035 (c)<br>| 1000000 | 1138703 |
| Massachusetts Development Finance Agency, <br> Lasell Village, Inc. Issue, Rev., 5.00%, <br> 7/1/2029<br>| 1000000 | 1063842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Massachusetts Development Finance Agency, <br> PRG Medford Properties, Inc. Issue Tufts <br> University Student Housing Program, Rev., <br> 5.00%, 6/1/2040<br>| 1000000 | 1041497 |
| Massachusetts Water Resources Authority, <br> Green Bond Series 2016C, Rev., 4.00%, <br> 8/1/2040<br>| 1000000 | 954529 |
| Total Massachusetts |  | 4198571 |
| **Michigan — 2.9%** | **Michigan — 2.9%** | **Michigan — 2.9%** |
| City of Detroit, Unlimited Tax |  |  |
| Series 2021A, GO, 5.00%, 4/1/2033 | 770000 | 824460 |
| Series 2023A, GO, 6.00%, 5/1/2039 | 2000000 | 2201722 |
| Great Lakes Water Authority Sewage Disposal <br> System, Second Lien Series 2025C, Rev., <br> 5.25%, 7/1/2045<br>| 1790000 | 1861123 |
| Michigan Finance Authority, Public Lighting <br> Authority Refunding Local Project Series <br> 2025A, Rev., 5.00%, 7/1/2032 (d)<br>| 1000000 | 1113868 |
| Michigan Finance Authority, Trinity Health Credit <br> Group Series 2013MI-4, Rev., 4.00%, <br> 12/1/2038<br>| 1000000 | 969328 |
| Michigan State Hospital Finance Authority, <br> Corewell Health Series 2025B-2, Rev., <br> 5.00%, 6/1/2035 (c)<br>| 1000000 | 1079525 |
| Michigan State University Series 2025A, Rev., <br> 5.00%, 2/15/2055<br>| 1000000 | 1006180 |
| Total Michigan |  | 9056206 |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** |
| Minneapolis-St. Paul Housing Finance Board, <br> Single Family Mortgage, City Living Home <br> Programs Series 2007A-2, Rev., GNMA / <br> FNMA / FHLMC, 5.52%, 3/1/2041<br>| 85000 | 85083 |
| Minnesota Housing Finance Agency Series <br> 2022M, Rev., GNMA / FNMA / FHLMC COLL, <br> 6.00%, 1/1/2053<br>| 1020000 | 1093228 |
| Minnesota Housing Finance Agency, Non Profit <br> Housing, State Appropriation, Rev., 5.25%, <br> 8/1/2026<br>| 825000 | 826621 |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 985000 | 1104288 |
| Total Minnesota |  | 3109220 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** | **Mississippi — 0.3%** |
| Jackson State University Educational Building <br> Corp. Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000000 | 836495 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| Missouri Housing Development Commission, <br> Single Family, First Place Homeownership <br> Loan Program Series 2024A, Rev., GNMA / <br> FNMA / FHLMC, 5.75%, 5/1/2055<br>| 925000 | 1014969 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Water Pollution <br> Control and Drinking Water Series 2015B, <br> Rev., 5.00%, 7/1/2026<br>| 2000000 | 2002298 |
| Total Missouri |  | 3017267 |
| **Nebraska — 0.3%** | **Nebraska — 0.3%** | **Nebraska — 0.3%** |
| Nebraska Investment Finance Authority, Single <br> Family Housing Series 2024G, Rev., GNMA / <br> FNMA / FHLMC, 6.00%, 9/1/2054<br>| 1000000 | 1111752 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |
| City of Manchester, School Facilities, Rev., NATL <br> - RE, 5.50%, 6/1/2027<br>| 900000 | 949375 |
| New Hampshire Business Finance Authority <br> Series 2025-1, Class A-1, Rev., 4.09%, <br> 1/20/2041 (c)<br>| 996411 | 937734 |
| New Hampshire Business Finance Authority, <br> Winston Salem Sustainable Energy Partners <br> Series 2025A, Rev., 5.50%, 6/1/2050<br>| 1000000 | 1016629 |
| Total New Hampshire |  | 2903738 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| Camden County Improvement Authority (The), <br> Camden Prep High School Project, Rev., <br> 5.00%, 7/15/2042 (b)<br>| 590000 | 572632 |
| **New Mexico — 0.6%** | **New Mexico — 0.6%** | **New Mexico — 0.6%** |
| New Mexico Mortgage Finance Authority, <br> Mountain View II & III Apartments Project, <br> Rev., 2.97%, 3/1/2026 (c)<br>| 1000000 | 999958 |
| New Mexico Mortgage Finance Authority, Santee <br> Apartments and Sangre De Cristo Project, <br> Rev., 3.73%, 12/1/2025 (c)<br>| 1000000 | 1001331 |
| Total New Mexico |  | 2001289 |
| **New York — 13.3%** | **New York — 13.3%** | **New York — 13.3%** |
| Buffalo Sewer Authority Series 2025A, Rev., <br> 5.00%, 6/15/2050<br>| 1080000 | 1099962 |
| Build NYC Resource Corp., Grand Concourse <br> Academy Charter School Series 2022A, Rev., <br> 3.40%, 7/1/2027<br>| 125000 | 124951 |
| Build NYC Resource Corp., Kipp NYC Public <br> School Facilities - Canal West Project, Rev., <br> 5.00%, 7/1/2029<br>| 460000 | 488915 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project Series <br> 2024, Rev., 5.00%, 12/1/2027<br>| 1000000 | 1052745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

43 <br>

------

JPMorgan Sustainable Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Build NYC Resource Corp., Urban Resource <br> Institute Project Series 2025A, Rev., 4.13%, <br> 12/1/2035<br>| 1000000 | 1014714 |
| Long Island Power Authority, Electric System <br> Series 2025B, Rev., VRDO, 3.00%, <br> 9/1/2028 (c)<br>| 1000000 | 1000000 |
| Metropolitan Transportation Authority |  |  |
| Series 2017D, Rev., 5.00%, 11/15/2033 | 1935000 | 2019671 |
| Series 2024B, Rev., 5.00%, 11/15/2041 | 1000000 | 1024846 |
| Metropolitan Transportation Authority, Climate <br> Bond Series 2025A, Rev., 5.25%, <br> 11/15/2043<br>| 1000000 | 1029190 |
| Monroe County Industrial Development Corp., <br> Academy of Health Sciences Charter School <br> Project Series 2022A, Rev., 5.00%, <br> 7/1/2032 (b)<br>| 250000 | 254886 |
| New York City Health and Hospitals Corp., <br> Health System Series 2025A, Rev., 5.00%, <br> 2/15/2036<br>| 2500000 | 2759177 |
| New York City Housing Development Corp. <br> Series 2025A, Rev., FHLMC COLL, 5.20%, <br> 2/1/2055<br>| 1250000 | 1262918 |
| New York City Municipal Water Finance <br> Authority, Second General Resolution Series <br> 2025CC, Rev., 5.00%, 6/15/2032<br>| 1000000 | 1142562 |
| New York City Municipal Water Finance <br> Authority, Second General Resolution, Fiscal <br> Year 2025 Series 2025DD, Rev., 5.50%, <br> 6/15/2039<br>| 1000000 | 1131438 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, Second <br> General Resolution Series 2009BB-2, Rev., <br> VRDO, LIQ : UBS AG, 3.90%, 9/2/2025 (c)<br>| 250000 | 250000 |
| New York City Municipal Water Finance <br> Authority, Water and Sewer System, Second <br> General Resolution, Fiscal Year 2023 Series <br> 2023, Subseries B-1, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 2.65%, 9/2/2025 (c)<br>| 6500000 | 6500000 |
| New York State Dormitory Authority, Brooklyn <br> Law School Series 2019A, Rev., 5.00%, <br> 7/1/2033<br>| 1000000 | 1037096 |
| New York State Dormitory Authority, Memorial <br> Sloan Kettering Cancer Center Series 2025 <br> 2-B, Rev., 5.00%, 7/1/2032 (c)<br>| 1000000 | 1092641 |
| New York State Dormitory Authority, Mount <br> Sinai Obligated Group, Rev., 5.00%, <br> 7/1/2045<br>| 1000000 | 964980 |
| New York State Dormitory Authority, New York <br> University Series 2024, Rev., 5.25%, <br> 7/1/2049<br>| 2400000 | 2414136 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, Rosewell <br> Park Cancer Institute Obligated Group Series <br> 2025A, Rev., A.G., 5.50%, 7/1/2050<br>| 1000000 | 1040015 |
| New York State Dormitory Authority, School <br> Districts Financing Program Series 2025A, <br> Rev., A.G., 5.00%, 10/1/2033<br>| 1000000 | 1145093 |
| New York State Environmental Facilities Corp., <br> State Clean Water and Drinking Water <br> Revolving Funds, Municipal Water Finance <br> Authority Projects - Second Resolution Series <br> 2024A, Rev., 5.25%, 6/15/2053<br>| 1000000 | 1035003 |
| New York Transportation Development Corp., <br> JFK International Airport New Terminal One <br> Project, Green Bonds<br>|  |  |
| Rev., AMT, A.G., 6.00%, 6/30/2045 | 1000000 | 1064020 |
| Series 2023, Rev., AMT, A.G., 5.00%, <br> 6/30/2049<br>| 2000000 | 1924423 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000000 | 941395 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels Series 2024C, Rev., <br> 5.00%, 11/15/2038<br>| 2625000 | 2820179 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2025B-2, Rev., BAN, <br> 5.00%, 3/15/2029<br>| 2500000 | 2730862 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., <br> Project Series 2021A, Rev., 4.50%, <br> 7/1/2056 (b)<br>| 1160000 | 880590 |
| Total New York |  | 41246408 |
| **North Carolina — 2.3%** | **North Carolina — 2.3%** | **North Carolina — 2.3%** |
| City of Charlotte Water and Sewer System Series <br> 2022A, Rev., 5.00%, 7/1/2030<br>| 3000000 | 3352883 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, <br> 3.20%, 1/15/2026 (c)<br>| 2000000 | 2000336 |
| Series 55-A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 7/1/2055<br>| 1345000 | 1490306 |
| North Carolina Medical Care Commission, Twin <br> Lakes Community Series 2025A, Rev., <br> 5.25%, 1/1/2055<br>| 250000 | 236818 |
| Total North Carolina |  | 7080343 |
| **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** |
| American Municipal Power, Inc., Meldahl <br> Hydroelectric Project Series 2016A, Rev., <br> 4.00%, 2/15/2041<br>| 1000000 | 918791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| American Municipal Power, Inc., Solar Electricity <br> Prepayment Project Series 2019A, Rev., <br> 5.00%, 2/15/2035<br>| 825000 | 861976 |
| City of Toledo Water System, Waterworks, Rev., <br> 5.00%, 11/15/2032<br>| 1300000 | 1415014 |
| Jefferson County Port Authority, JSW Steel USA <br> Ohio, Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000000 | 1002051 |
| Kings Local School District, Unlimited Tax, GO, <br> BAN, 5.00%, 7/9/2026<br>| 2000000 | 2037713 |
| Lakota Local School District Series 2005, GO, <br> NATL - RE, 5.25%, 12/1/2025<br>| 1500000 | 1510223 |
| Northeast Ohio Medical University Series 2022, <br> Rev., 5.00%, 12/1/2037<br>| 1100000 | 1148076 |
| Ohio Water Development Authority, Drinking <br> Water Assistance Series 2025A, Rev., 5.00%, <br> 12/1/2042<br>| 2000000 | 2108286 |
| State of Ohio, Children's Hospital Medical Center <br> of Akron Series 2024B, Rev., 5.00%, <br> 8/15/2032 (c)<br>| 1000000 | 1100536 |
| Total Ohio |  | 12102666 |
| **Oklahoma — 2.3%** | **Oklahoma — 2.3%** | **Oklahoma — 2.3%** |
| Oklahoma Housing Finance Agency, Home <br> Ownership Loan Program Series 2025A, Rev., <br> GNMA / FNMA / FHLMC, 6.25%, 9/1/2056<br>| 1000000 | 1128113 |
| Oklahoma Water Resources Board, Clean Water <br> Program<br>|  |  |
| Rev., 5.00%, 4/1/2038 | 2000000 | 2172872 |
| Series 2025A, Rev., 5.00%, 4/1/2044 | 1900000 | 1970897 |
| Oklahoma Water Resources Board, State Loan <br> Program Series 2021D, Rev., 4.00%, <br> 10/1/2046<br>| 2035000 | 1808275 |
| Total Oklahoma |  | 7080157 |
| **Oregon — 1.5%** | **Oregon — 1.5%** | **Oregon — 1.5%** |
| Multnomah and Clackamas Counties School <br> District No. 10JT Gresham-Barlow Series B, <br> GO, Zero Coupon, 6/15/2035<br>| 1000000 | 652506 |
| Oregon Health and Science University Series <br> 2021A, Rev., 3.00%, 7/1/2051<br>| 2645000 | 1818470 |
| Oregon State Facilities Authority, Peacehealth <br> Series 2018A, Rev., VRDO, LOC : US Bank NA, <br> 2.70%, 9/2/2025 (c)<br>| 2175000 | 2175000 |
| Total Oregon |  | 4645976 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| Multi-Family Housing, Bond Pass-Through <br> Certificates, Grand Reserve Apartments <br> Series 8, Rev., 5.95%, 11/1/2035 (c)<br>| 745000 | 745211 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** |
| Bucks County Water and Sewer Authority Series <br> 2022A, Rev., A.G., 5.00%, 12/1/2038<br>| 525000 | 561396 |
| Pennsylvania Economic Development Financing <br> Authority, Presbyterian Senior Living Homes <br> Series 2021, Rev., 4.00%, 7/1/2046<br>| 750000 | 616168 |
| Pennsylvania Housing Finance Agency, Single <br> Family Mortgage<br>|  |  |
| Series 2024-145A, Rev., 6.00%, 10/1/2054 | 995000 | 1085350 |
| Series 2025-150A, Rev., 6.25%, <br> 10/1/2055 (d)<br>| 1000000 | 1123311 |
| Redevelopment Authority of the City of <br> Philadelphia, Service Agreement Series <br> 2024B, Rev., 5.00%, 9/1/2042<br>| 850000 | 875610 |
| Total Pennsylvania |  | 4261835 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| South Carolina Jobs-Economic Development <br> Authority, Foothill Affordable Housing Series <br> 2025, Rev., 4.00%, 3/1/2035 (c)<br>| 2355000 | 2331767 |
| **South Dakota — 1.1%** | **South Dakota — 1.1%** | **South Dakota — 1.1%** |
| South Dakota Health and Educational Facilities <br> Authority, Sanford Series 2025B, Rev., <br> 5.00%, 11/1/2036<br>| 1000000 | 1090585 |
| South Dakota Housing Development Authority |  |  |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 11/1/2055<br>| 995000 | 1112201 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.50%, 11/1/2055<br>| 1000000 | 1137024 |
| Total South Dakota |  | 3339810 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** | **Tennessee — 3.6%** |
| City of Gallatin Water and Sewer, Rev., 5.00%, <br> 1/1/2038<br>| 1110000 | 1215163 |
| Metropolitan Government Nashville and <br> Davidson County, Health and Educational <br> Facilities Board, Blakeford at Green Hills <br> Series 2020A, Rev., 4.00%, 11/1/2038<br>| 1305000 | 1147111 |
| Metropolitan Government of Nashville and <br> Davidson County Water and Sewer, Rev., <br> 5.00%, 7/1/2036<br>| 2500000 | 2777894 |
| Metropolitan Government of Nashville and <br> Davidson County, Water and Sewer, Rev., <br> 5.00%, 7/1/2038<br>| 2000000 | 2171664 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health <br> Obligated Group<br>|  |  |
| Series 2024B, Rev., 5.00%, 9/1/2029 (c) | 1000000 | 1066658 |
| Series 2025B, Rev., 5.00%, 9/1/2030 (c) | 1000000 | 1078051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

45 <br>

------

JPMorgan Sustainable Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Shelby County Health Educational and Housing <br> Facilities Board, Madrone Memphis Student <br> Housing I, LLC- University of Memphis Project <br> Series 2024A-1, Rev., 5.00%, 6/1/2044 (b)<br>| 1250000 | 1161529 |
| Shelby County Health Educational and Housing <br> Facilities Board, The Farms at Bailey Station <br> Project Series 2019A, Rev., 5.75%, <br> 10/1/2059<br>| 1000000 | 679450 |
| Total Tennessee |  | 11297520 |
| **Texas — 9.5%** | **Texas — 9.5%** | **Texas — 9.5%** |
| Arlington Higher Education Finance Corp., Basis <br> Texas Charter Schools, Inc., Rev., 5.63%, <br> 6/15/2045 (b) (d)<br>| 1000000 | 984300 |
| Austin Community College District, Unlimited <br> Tax, GO, 5.00%, 8/1/2037<br>| 1000000 | 1088098 |
| City of Houston Airport System, United Airlines, <br> Inc., Terminal Improvement Projects Series <br> 2024B, Rev., AMT, 5.25%, 7/15/2034<br>| 650000 | 681148 |
| Collin County Community College District, Rev., <br> 4.00%, 8/15/2042<br>| 1500000 | 1377265 |
| Comal Independent School District, Unlimited <br> Tax, GO, PSF-GTD, 5.00%, 2/1/2038<br>| 1000000 | 1079440 |
| Housing Options, Inc., The Culbreath, Rev., <br> 3.75%, 11/1/2028 (c)<br>| 1000000 | 1017765 |
| Mansfield Independent School District, <br> Unlimited Tax Series 2024, GO, PSF-GTD, <br> 4.00%, 2/15/2054<br>| 1000000 | 828323 |
| New Hope Cultural Education Facilities Finance <br> Corp., Longhorn Village Project, Rev., 5.00%, <br> 1/1/2028<br>| 1145000 | 1164672 |
| North Texas Municipal Water District Water <br> System, Rev., 5.00%, 9/1/2036<br>| 2000000 | 2230203 |
| North Texas Municipal Water District, Panther <br> Creek Regional Wastewater System, Rev., <br> 5.25%, 6/1/2043<br>| 1855000 | 1951270 |
| Permanent University Fund - University of Texas <br> System Series 2025A, Rev., 5.00%, <br> 7/1/2035<br>| 2500000 | 2836436 |
| Plano Independent School District, Unlimited <br> Tax, GO, PSF-GTD, 5.00%, 2/15/2029<br>| 1000000 | 1081994 |
| San Antonio Water System, Junior Lien Series <br> 2024B, Rev., 5.00%, 5/15/2030<br>| 1000000 | 1107811 |
| State of Texas Series 2025B, GO, 5.00%, <br> 8/1/2036<br>| 1000000 | 1100859 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Health Resources System <br> Series 2025C, Rev., 5.00%, 11/15/2032 (c)<br>| 2000000 | 2205571 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Terrell Independent School District, Kaufman <br> and Hunt Counties, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 8/1/2036<br>| 1500000 | 1651886 |
| Texas Municipal Gas Acquisition and Supply <br> Corp. V, Gas Supply Series 2024, Rev., <br> 5.00%, 1/1/2034 (c)<br>| 1000000 | 1063844 |
| Texas Water Development Board, State Water <br> Implementation Fund Series 2019A, Rev., <br> 4.00%, 10/15/2044<br>| 4365000 | 3934664 |
| Via Metropolitan Transit Advanced <br> Transportation District Sales Tax<br>|  |  |
| Series 2024, Rev., 5.00%, 8/1/2029 | 1000000 | 1091196 |
| Series 2024, Rev., 5.00%, 8/1/2049 | 1000000 | 1022623 |
| Total Texas |  | 29499368 |
| **Utah — 0.6%** | **Utah — 0.6%** | **Utah — 0.6%** |
| Utah Associated Municipal Power Systems, <br> Horse Butte Wind Project Series 2017B, Rev., <br> 5.00%, 9/1/2033<br>| 1700000 | 1774702 |
| **Virginia — 0.8%** | **Virginia — 0.8%** | **Virginia — 0.8%** |
| Hampton Roads Sanitation District Series <br> 2024A, Rev., 5.00%, 11/1/2037<br>| 1275000 | 1412703 |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon <br> Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (c)<br>| 1000000 | 1000680 |
| Total Virginia |  | 2413383 |
| **Washington — 3.8%** | **Washington — 3.8%** | **Washington — 3.8%** |
| City of Seattle Municipal Light and Power, Rev., <br> 5.00%, 2/1/2036<br>| 1570000 | 1765863 |
| City of Seattle Water System |  |  |
| Rev., 5.00%, 5/1/2035 | 1000000 | 1143658 |
| Rev., 5.00%, 5/1/2050 | 1000000 | 1021775 |
| City of Tacoma Electric System Series 2025B, <br> Rev., 5.00%, 1/1/2034<br>| 1655000 | 1878672 |
| County of King Sewer Series 2016A, Rev., <br> 4.00%, 7/1/2039<br>| 1000000 | 977970 |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 2000000 | 1944658 |
| Washington State Housing Finance Commission, <br> Blakeley and Laurel Villages Portfolio Series <br> 2025A, Rev., 5.50%, 7/1/2050 (b)<br>| 1000000 | 966690 |
| Washington State Housing Finance Commission, <br> Radford Court and Nordheim Court Series <br> 2024, Rev., 5.50%, 7/1/2049<br>| 1000000 | 1010365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 <br>

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Washington State Housing Finance Commission, <br> Seattle Academy of Arts and Science Project<br>|  |  |
| Series 2023, Rev., 5.00%, 7/1/2028 (b) | 250000 | 260641 |
| Series 2023, Rev., 5.13%, 7/1/2033 (b) | 740000 | 792327 |
| Total Washington |  | 11762619 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Hospital Finance Authority, <br> University Health System Series 2023A, Rev., <br> 5.00%, 6/1/2040<br>| 505000 | 524149 |
| **Wisconsin — 2.6%** | **Wisconsin — 2.6%** | **Wisconsin — 2.6%** |
| Public Finance Authority, Ripple Ranch, LLC <br> Obligate Series 2021A, Rev., 5.25%, <br> 12/1/2051 (b)<br>| 200000 | 123764 |
| Public Finance Authority, Senior Lien, Rev., AMT, <br> 5.75%, 7/1/2049<br>| 1000000 | 994004 |
| Washington Health Care Facilities Authority, <br> Fred Hutchinson Cancer Research Center <br> Series 2024A, Rev., 5.00%, 4/1/2035<br>| 1000000 | 1123873 |
| Wisconsin Health and Educational Facilities <br> Authority, Aspirus, Inc., Obligated Group, <br> Rev., 5.25%, 8/15/2050<br>| 1000000 | 1008225 |
| Wisconsin Health and Educational Facilities <br> Authority, Franciscan Sisters of Christian <br> Charity Sponsored Ministries, Inc. Series <br> 2017A, Rev., 5.00%, 9/1/2027 (e)<br>| 785000 | 825039 |
| Wisconsin Health and Educational Facilities <br> Authority, Milwaukee Regional Medical Center <br> Thermal Service, Rev., 5.00%, 4/1/2035<br>| 1165000 | 1208999 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 1020000 | 1104396 |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 3/1/2055<br>| 1500000 | 1640907 |
| Total Wisconsin |  | 8029207 |
| Total Municipal Bonds <br>(Cost $279,291,641)<br>|  | 277877793 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 11.1%** | **Short-Term Investments — 11.1%** | **Short-Term Investments — 11.1%** |
| **Investment Companies — 11.1%** | **Investment Companies — 11.1%** | **Investment Companies — 11.1%** |
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (f) (g) <br>(Cost $34,369,621)<br>| 34367673 | 34371110 |
| **Total Investments — 100.4%** <br>**(Cost $313,661,262)**<br>|  | **312248903** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(1252114)**<br>|
| **NET ASSETS — 100.0%** |  | **310996789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

47 <br>

------

JPMorgan Sustainable Municipal Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2970500 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1945172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8973)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1047656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4133 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4840)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4071)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 <br>

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**High Yield Municipal ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Inflation** <br>**Managed** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan Limited** <br>**Duration Bond ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $188153352 | &nbsp;&nbsp;&nbsp; $738357963 | &nbsp;&nbsp;&nbsp; $2139277148 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 28096060 | &nbsp;&nbsp;&nbsp; 18874284 | &nbsp;&nbsp;&nbsp; 80930546 |
| Cash | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 40527 | &nbsp;&nbsp;&nbsp; 431045 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50153 | &nbsp;&nbsp;&nbsp; 217677 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 2264585 | &nbsp;&nbsp;&nbsp; 5824117 | &nbsp;&nbsp;&nbsp; 7769614 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 44772 | &nbsp;&nbsp;&nbsp; 2252 | &nbsp;&nbsp;&nbsp; 9657 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 258733 |
| Total Assets | &nbsp;&nbsp;&nbsp; 218813355 | &nbsp;&nbsp;&nbsp; 763189296 | &nbsp;&nbsp;&nbsp; 2228894420 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1512992 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 1964150 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16000000 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 4386 | &nbsp;&nbsp;&nbsp; 57861 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 363734 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 30627 | &nbsp;&nbsp;&nbsp; 86991 | &nbsp;&nbsp;&nbsp; 251866 |
| Administration fees | &nbsp;&nbsp;&nbsp; 13146 | &nbsp;&nbsp;&nbsp; 47918 | &nbsp;&nbsp;&nbsp; 137458 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 23504 | &nbsp;&nbsp;&nbsp; 30845 | &nbsp;&nbsp;&nbsp; 57421 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 8503 | &nbsp;&nbsp;&nbsp; 27461 | &nbsp;&nbsp;&nbsp; 15444 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 59639 | &nbsp;&nbsp;&nbsp; 56163 | &nbsp;&nbsp;&nbsp; 55778 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2104061 | &nbsp;&nbsp;&nbsp; 671096 | &nbsp;&nbsp;&nbsp; 18030959 |
| Net Assets | &nbsp;&nbsp;&nbsp; $216709294 | &nbsp;&nbsp;&nbsp; $762518200 | &nbsp;&nbsp;&nbsp; $2210863461 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $282472090 | &nbsp;&nbsp;&nbsp; $815633139 | &nbsp;&nbsp;&nbsp; $2225743825 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (65762796)<br>| &nbsp;&nbsp;&nbsp; (53114939)<br>| &nbsp;&nbsp;&nbsp; (14880364)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $216709294 | &nbsp;&nbsp;&nbsp; $762518200 | &nbsp;&nbsp;&nbsp; $2210863461 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 4400360 | &nbsp;&nbsp;&nbsp; 15643210 | &nbsp;&nbsp;&nbsp; 42213170 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp; $48.74 | &nbsp;&nbsp;&nbsp; $52.37 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $194162998 | &nbsp;&nbsp;&nbsp; $741057894 | &nbsp;&nbsp;&nbsp; $2141548153 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 28095293 | &nbsp;&nbsp;&nbsp; 18873362 | &nbsp;&nbsp;&nbsp; 80920704 |
| Net upfront receipts on centrally cleared swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2047749)<br>| &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 49

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Realty Income** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan Sustainable** <br>**Municipal Income ETF** <br>|
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $454757615 | &nbsp;&nbsp;&nbsp; $277877793 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 9745538 | &nbsp;&nbsp;&nbsp; 34371110 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.D.)  | &nbsp;&nbsp;&nbsp; 2722602 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 34099 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46000 |
| Receivables: |  |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 158623 | &nbsp;&nbsp;&nbsp; — |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2940135 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 419045 | &nbsp;&nbsp;&nbsp; — |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1163 | &nbsp;&nbsp;&nbsp; 88844 |
| Securities lending income (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp; — |
| Other assets | &nbsp;&nbsp;&nbsp; 11281 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 467850348 | &nbsp;&nbsp;&nbsp; 315323882 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4167 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1000000 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3215470 |
| Collateral received on securities loaned (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 2722602 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2640 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 151829 | &nbsp;&nbsp;&nbsp; 9197 |
| Administration fees | &nbsp;&nbsp;&nbsp; 28961 | &nbsp;&nbsp;&nbsp; 19653 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 35342 | &nbsp;&nbsp;&nbsp; 19643 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 5725 | &nbsp;&nbsp;&nbsp; 13001 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 101 |
| Other | &nbsp;&nbsp;&nbsp; 51928 | &nbsp;&nbsp;&nbsp; 43221 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2996499 | &nbsp;&nbsp;&nbsp; 4327093 |
| Net Assets | &nbsp;&nbsp;&nbsp; $464853849 | &nbsp;&nbsp;&nbsp; $310996789 |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $461399516 | &nbsp;&nbsp;&nbsp; $336083880 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 3454333 | &nbsp;&nbsp;&nbsp; (25087091)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $464853849 | &nbsp;&nbsp;&nbsp; $310996789 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 9647859 | &nbsp;&nbsp;&nbsp; 6306783 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $48.18 | &nbsp;&nbsp;&nbsp; $49.31 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $409063943 | &nbsp;&nbsp;&nbsp; $279291641 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 9744281 | &nbsp;&nbsp;&nbsp; 34369621 |
| Investment securities on loan, at value (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 2627431 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 2722602 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**High Yield Municipal ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Inflation** <br>**Managed** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan Limited** <br>**Duration Bond ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $5044465 | &nbsp;&nbsp;&nbsp; $15066651 | &nbsp;&nbsp;&nbsp; $33678648 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 2917 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 229773 | &nbsp;&nbsp;&nbsp; 204072 | &nbsp;&nbsp;&nbsp; 1840248 |
| Total investment income | &nbsp;&nbsp;&nbsp; 5274299 | &nbsp;&nbsp;&nbsp; 15270799 | &nbsp;&nbsp;&nbsp; 35521813 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 355499 | &nbsp;&nbsp;&nbsp; 998400 | &nbsp;&nbsp;&nbsp; 1511843 |
| Administration fees | &nbsp;&nbsp;&nbsp; 76179 | &nbsp;&nbsp;&nbsp; 267430 | &nbsp;&nbsp;&nbsp; 566938 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 18591 | &nbsp;&nbsp;&nbsp; 57771 | &nbsp;&nbsp;&nbsp; 47057 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp;&nbsp; 951 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 31 |
| Professional fees | &nbsp;&nbsp;&nbsp; 51776 | &nbsp;&nbsp;&nbsp; 48644 | &nbsp;&nbsp;&nbsp; 43741 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 12795 | &nbsp;&nbsp;&nbsp; 13272 | &nbsp;&nbsp;&nbsp; 13668 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 7810 | &nbsp;&nbsp;&nbsp; 5469 | &nbsp;&nbsp;&nbsp; 15198 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 5847 | &nbsp;&nbsp;&nbsp; 5442 | &nbsp;&nbsp;&nbsp; 23128 |
| Other | &nbsp;&nbsp;&nbsp; 3015 | &nbsp;&nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp; 4180 |
| Total expenses | &nbsp;&nbsp;&nbsp; 532320 | &nbsp;&nbsp;&nbsp; 1402228 | &nbsp;&nbsp;&nbsp; 2226735 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (12690)<br>| &nbsp;&nbsp;&nbsp; (5889)<br>| &nbsp;&nbsp;&nbsp; (47813)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (175925)<br>| &nbsp;&nbsp;&nbsp; (508217)<br>| &nbsp;&nbsp;&nbsp; (411539)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 343705 | &nbsp;&nbsp;&nbsp; 888122 | &nbsp;&nbsp;&nbsp; 1767383 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 4930594 | &nbsp;&nbsp;&nbsp; 14382677 | &nbsp;&nbsp;&nbsp; 33754430 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (1742808)<br>| &nbsp;&nbsp;&nbsp; (280866)<br>| &nbsp;&nbsp;&nbsp; (271272)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp; (2128)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (6938)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 44793 | &nbsp;&nbsp;&nbsp; 3880499 | &nbsp;&nbsp;&nbsp; (299257)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1230303 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1704826)<br>| &nbsp;&nbsp;&nbsp; 4832214 | &nbsp;&nbsp;&nbsp; (572657)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (6947273)<br>| &nbsp;&nbsp;&nbsp; 6352008 | &nbsp;&nbsp;&nbsp; 11440239 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp; (757)<br>| &nbsp;&nbsp;&nbsp; (4313)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (7133)<br>| &nbsp;&nbsp;&nbsp; (206367)<br>| &nbsp;&nbsp;&nbsp; (12375)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2715952 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (6950925)<br>| &nbsp;&nbsp;&nbsp; 8860836 | &nbsp;&nbsp;&nbsp; 11423551 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (8655751)<br>| &nbsp;&nbsp;&nbsp; 13693050 | &nbsp;&nbsp;&nbsp; 10850894 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(3725157)<br>| &nbsp;&nbsp;&nbsp; $28075727 | &nbsp;&nbsp;&nbsp; $44605324 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 51

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Realty Income** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan Sustainable** <br>**Municipal Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5050232 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 46 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 6066984 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 189264 | &nbsp;&nbsp;&nbsp; 432769 |
| Income from securities lending (net) (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 9115 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 6266221 | &nbsp;&nbsp;&nbsp; 5483047 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1304002 | &nbsp;&nbsp;&nbsp; 417312 |
| Administration fees | &nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp; 104328 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 12532 | &nbsp;&nbsp;&nbsp; 20262 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 347 |
| Professional fees | &nbsp;&nbsp;&nbsp; 33071 | &nbsp;&nbsp;&nbsp; 36740 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 13006 | &nbsp;&nbsp;&nbsp; 12853 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9496 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 5519 | &nbsp;&nbsp;&nbsp; 6966 |
| Other | &nbsp;&nbsp;&nbsp; 3036 | &nbsp;&nbsp;&nbsp; 3055 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1534166 | &nbsp;&nbsp;&nbsp; 611423 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (5051)<br>| &nbsp;&nbsp;&nbsp; (21451)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (446870)<br>| &nbsp;&nbsp;&nbsp; (360353)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1082245 | &nbsp;&nbsp;&nbsp; 229619 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5183976 | &nbsp;&nbsp;&nbsp; 5253428 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (6536623)<br>| &nbsp;&nbsp;&nbsp; (3388581)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (644)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 2951095 | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4250)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55026 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (3586172)<br>| &nbsp;&nbsp;&nbsp; (3337805)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (8443025)<br>| &nbsp;&nbsp;&nbsp; (3039857)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2210 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4071)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (8443230)<br>| &nbsp;&nbsp;&nbsp; (3041718)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (12029402)<br>| &nbsp;&nbsp;&nbsp; (6379523)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(6845426)<br>| &nbsp;&nbsp;&nbsp; $(1126095)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan High Yield Municipal ETF**  | **JPMorgan High Yield Municipal ETF**  | **JPMorgan Inflation Managed Bond ETF**  | **JPMorgan Inflation Managed Bond ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $4930594 | &nbsp;&nbsp;&nbsp; $7612596 | &nbsp;&nbsp;&nbsp; $14382677 | &nbsp;&nbsp;&nbsp; $27669198 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (1704826)<br>| &nbsp;&nbsp;&nbsp; (3777997)<br>| &nbsp;&nbsp;&nbsp; 4832214 | &nbsp;&nbsp;&nbsp; 243244 |
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (6950925)<br>| &nbsp;&nbsp;&nbsp; 8665573 | &nbsp;&nbsp;&nbsp; 8860836 | &nbsp;&nbsp;&nbsp; 18692168 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (3725157)<br>| &nbsp;&nbsp;&nbsp; 12500186 | &nbsp;&nbsp;&nbsp; 28075727 | &nbsp;&nbsp;&nbsp; 46604610 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (4566897)<br>| &nbsp;&nbsp;&nbsp; (7809152)<br>| &nbsp;&nbsp;&nbsp; (13805294)<br>| &nbsp;&nbsp;&nbsp; (26879361)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 17267082 | &nbsp;&nbsp;&nbsp; 28083437 | &nbsp;&nbsp;&nbsp; 72120147 | &nbsp;&nbsp;&nbsp; (4547838)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 8975028 | &nbsp;&nbsp;&nbsp; 32774471 | &nbsp;&nbsp;&nbsp; 86390580 | &nbsp;&nbsp;&nbsp; 15177411 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 207734266 | &nbsp;&nbsp;&nbsp; 174959795 | &nbsp;&nbsp;&nbsp; 676127620 | &nbsp;&nbsp;&nbsp; 660950209 |
| End of period | &nbsp;&nbsp;&nbsp; $216709294 | &nbsp;&nbsp;&nbsp; $207734266 | &nbsp;&nbsp;&nbsp; $762518200 | &nbsp;&nbsp;&nbsp; $676127620 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $24693750 | &nbsp;&nbsp;&nbsp; $33063373 | &nbsp;&nbsp;&nbsp; $88616004 | &nbsp;&nbsp;&nbsp; $42299161 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7426668)<br>| &nbsp;&nbsp;&nbsp; (4979936)<br>| &nbsp;&nbsp;&nbsp; (16495857)<br>| &nbsp;&nbsp;&nbsp; (46846999)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $17267082 | &nbsp;&nbsp;&nbsp; $28083437 | &nbsp;&nbsp;&nbsp; $72120147 | &nbsp;&nbsp;&nbsp; $(4547838)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 900000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; (100000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 53

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Limited Duration Bond ETF**  | **JPMorgan Limited Duration Bond ETF**  | **JPMorgan Realty Income ETF**  | **JPMorgan Realty Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $33754430 | &nbsp;&nbsp;&nbsp; $37088942 | &nbsp;&nbsp;&nbsp; $5183976 | &nbsp;&nbsp;&nbsp; $8875158 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (572657)<br>| &nbsp;&nbsp;&nbsp; (6567)<br>| &nbsp;&nbsp;&nbsp; (3586172)<br>| &nbsp;&nbsp;&nbsp; 19911716 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 11423551 | &nbsp;&nbsp;&nbsp; 15654882 | &nbsp;&nbsp;&nbsp; (8443230)<br>| &nbsp;&nbsp;&nbsp; 29149775 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 44605324 | &nbsp;&nbsp;&nbsp; 52737257 | &nbsp;&nbsp;&nbsp; (6845426)<br>| &nbsp;&nbsp;&nbsp; 57936649 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (29403207)<br>| &nbsp;&nbsp;&nbsp; (35804814)<br>| &nbsp;&nbsp;&nbsp; (4495785)<br>| &nbsp;&nbsp;&nbsp; (8131929)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1094101807 | &nbsp;&nbsp;&nbsp; 357356247 | &nbsp;&nbsp;&nbsp; 57390807 | &nbsp;&nbsp;&nbsp; 40921260 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1109303924 | &nbsp;&nbsp;&nbsp; 374288690 | &nbsp;&nbsp;&nbsp; 46049596 | &nbsp;&nbsp;&nbsp; 90725980 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1101559537 | &nbsp;&nbsp;&nbsp; 727270847 | &nbsp;&nbsp;&nbsp; 418804253 | &nbsp;&nbsp;&nbsp; 328078273 |
| End of period | &nbsp;&nbsp;&nbsp; $2210863461 | &nbsp;&nbsp;&nbsp; $1101559537 | &nbsp;&nbsp;&nbsp; $464853849 | &nbsp;&nbsp;&nbsp; $418804253 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1094101807 | &nbsp;&nbsp;&nbsp; $391889389 | &nbsp;&nbsp;&nbsp; $70615740 | &nbsp;&nbsp;&nbsp; $88400458 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (34533142)<br>| &nbsp;&nbsp;&nbsp; (13224933)<br>| &nbsp;&nbsp;&nbsp; (47479198)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1094101807 | &nbsp;&nbsp;&nbsp; $357356247 | &nbsp;&nbsp;&nbsp; $57390807 | &nbsp;&nbsp;&nbsp; $40921260 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21040000 | &nbsp;&nbsp;&nbsp; 7580000 | &nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1900000 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (680000)<br>| &nbsp;&nbsp;&nbsp; (275000)<br>| &nbsp;&nbsp;&nbsp; (975000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 21040000 | &nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 925000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Sustainable Municipal Income ETF**  | **JPMorgan Sustainable Municipal Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5253428 | &nbsp;&nbsp;&nbsp; $8212884 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (3337805)<br>| &nbsp;&nbsp;&nbsp; (4278322)<br>|
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (3041718)<br>| &nbsp;&nbsp;&nbsp; 4223575 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (1126095)<br>| &nbsp;&nbsp;&nbsp; 8158164 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (5022899)<br>| &nbsp;&nbsp;&nbsp; (8128329)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 61522293 | &nbsp;&nbsp;&nbsp; 37867555 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 55373299 | &nbsp;&nbsp;&nbsp; 37897390 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 255623490 | &nbsp;&nbsp;&nbsp; 217726100 |
| End of period | &nbsp;&nbsp;&nbsp; $310996789 | &nbsp;&nbsp;&nbsp; $255623490 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $71282941 | &nbsp;&nbsp;&nbsp; $45418518 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9760648)<br>| &nbsp;&nbsp;&nbsp; (7550963)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $61522293 | &nbsp;&nbsp;&nbsp; $37867555 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 900000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 750000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan High Yield Municipal ETF** (g) |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $51.29 | &nbsp;&nbsp; $1.21 | &nbsp;&nbsp; $(2.12)<br>| &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.13)<br>|
| Year Ended February 28, 2025  | 49.98 | 2.15 | 1.37 | 3.52 | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.21)<br>|
| Year Ended February 29, 2024  | 49.76 | 2.38 | &nbsp;&nbsp; (0.05)<br>| 2.33 | &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.11)<br>|
| Year Ended February 28, 2023  | 58.54 | 2.02 | &nbsp;&nbsp; (8.78)<br>| &nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>|
| Year Ended February 28, 2022  | 59.42 | 1.86 | &nbsp;&nbsp; (0.88)<br>| 0.98 | &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.86)<br>|
| Year Ended February 28, 2021  | 61.64 | 1.86 | &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.86)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 14, 2023.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan High Yield Municipal ETF acquired all of the assets and liabilities of the JPMorgan High Yield Municipal Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Market price returns are calculated using the official closing price of the JPMorgan High Yield Municipal ETF on the listing exchange as of the time that the JPMorgan High Yield Municipal ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan High Yield Municipal ETF's listing on July 17, 2023, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) JPMorgan High Yield Municipal ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan High Yield Municipal Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp;&nbsp; $49.42 | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $216709294 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.29 | &nbsp;&nbsp;&nbsp;&nbsp;51.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp; 207734266 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.98 | &nbsp;&nbsp;&nbsp;&nbsp;49.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp; 174959795 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.76 | &nbsp;&nbsp;&nbsp;&nbsp;49.76 | &nbsp;&nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13436450 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.54 | &nbsp;&nbsp;&nbsp;&nbsp;58.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp; 20315531 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.42 | &nbsp;&nbsp;&nbsp;&nbsp;59.42 | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21168811 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 57

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Inflation Managed Bond ETF** (g) |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $47.81 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $1.87 | &nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.94)<br>|
| Year Ended February 28, 2025  | 46.40 | 1.97 | 1.36 | 3.33 | &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.92)<br>|
| Year Ended February 29, 2024  | 46.29 | 1.74 | 0.01 | 1.75 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.64)<br>|
| Year Ended February 28, 2023  | 51.43 | 1.63 | &nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.72)<br>|
| Year Ended February 28, 2022  | 50.58 | 1.27 | 0.85 | 2.12 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.27)<br>|
| Year Ended February 28, 2021  | 49.26 | 0.94 | 1.32 | 2.26 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.94)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on April 8, 2022.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan Inflation Managed Bond ETF acquired all of the assets and liabilities of the JPMorgan Inflation Managed Bond Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on April 8, 2022. Market price returns are calculated using the official closing price of the JPMorgan Inflation Managed Bond ETF on the listing exchange as of the time that the JPMorgan Inflation Managed Bond ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Inflation Managed Bond ETF's listing on April, 11, 2022, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) JPMorgan Inflation Managed Bond ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Inflation Managed Bond Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on April 8, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.74 | &nbsp;&nbsp;&nbsp;&nbsp; $48.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $762518200 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;48.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp; 676127620 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.40 | &nbsp;&nbsp;&nbsp;&nbsp;46.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp; 660950209 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.29 | &nbsp;&nbsp;&nbsp;&nbsp;46.36 | &nbsp;&nbsp;&nbsp;&nbsp; (6.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 904606857 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.43 | &nbsp;&nbsp;&nbsp;&nbsp;51.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp; 897545065 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.58 | &nbsp;&nbsp;&nbsp;&nbsp;50.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1172320983 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 59

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan Limited Duration Bond ETF** (h) |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $52.03 | &nbsp;&nbsp; $1.16 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $(1.09)<br>|
| Year Ended February 28, 2025  | 50.95 | 2.33 | 1.04 | 3.37 | &nbsp;&nbsp; (2.29)<br>|
| Year Ended February 29, 2024  | 50.00 | 2.14 | 0.81 | 2.95 | &nbsp;&nbsp; (2.00)<br>|
| Year Ended February 28, 2023  | 51.60 | 1.19 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.19)<br>|
| Year Ended February 28, 2022  | 52.68 | 0.57 | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended February 28, 2021  | 52.63 | 0.83 | 0.05 | 0.88 | &nbsp;&nbsp; (0.83)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 28, 2023.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan Limited Duration Bond ETF acquired all of the assets and liabilities of the JPMorgan Limited Duration Bond Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Market price returns are calculated using the official closing price of the JPMorgan Limited Duration Bond ETF on the listing exchange as of the time that the JPMorgan Limited Duration Bond ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Limited Duration Bond ETF's listing on July 31, 2023, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(h) JPMorgan Limited Duration Bond ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Limited Duration Bond Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses(g)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.37 | &nbsp;&nbsp;&nbsp;&nbsp; $52.45 | &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2210863461 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.03 | &nbsp;&nbsp;&nbsp;&nbsp;52.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1101559537 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.95 | &nbsp;&nbsp;&nbsp;&nbsp;50.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp; 727270847 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;&nbsp;50.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 716175584 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.60 | &nbsp;&nbsp;&nbsp;&nbsp;51.60 | &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 821093668 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.68 | &nbsp;&nbsp;&nbsp;&nbsp;52.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 859503428 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 61

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>| Net asset <br>value, <br>end of <br>period <br>|
| **JPMorgan Realty Income ETF** (g) |  |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $49.58 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $(1.47)<br>| &nbsp;&nbsp; $(0.90)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $48.18 |
| Year Ended February 28, 2025  | 43.61 | 1.13 | 5.89 | 7.02 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.05)<br>| 49.58 |
| Year Ended February 29, 2024  | 43.19 | 1.16 | 0.73 | 1.89 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.47)<br>| 43.61 |
| Year Ended February 28, 2023  | 62.71 | 0.98<br> (h)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (10.60)<br>| &nbsp;&nbsp; (11.36)<br>| 43.19 |
| Year Ended February 28, 2022  | 54.76 | 0.64 | 13.05 | 13.69 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (5.74)<br>| 62.71 |
| Year Ended February 28, 2021  | 54.40 | 0.84 | 1.89 | 2.73 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (2.37)<br>| 54.76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on April 8, 2022.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan Realty Income ETF acquired all of the assets and liabilities of the JPMorgan Realty Income Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on May 20, 2022. Market price returns are calculated using the official closing price of the JPMorgan Realty Income ETF on the listing exchange as of the time that the JPMorgan Realty Income ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Realty Income ETF's listing on May 23, 2022, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) JPMorgan Realty Income ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Realty Income Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on May 20, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

(h) Reflects special dividends paid out during the period by several of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.81 and the net investment income (loss) ratio would have been 1.59%, 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.22 | &nbsp;&nbsp;&nbsp;&nbsp; (1.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $464853849 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp; 418804253 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp; 328078273 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.25 | &nbsp;&nbsp;&nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 509554235 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.71 | &nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp; 1450453154 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1663701422 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 63

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan Sustainable Municipal Income ETF** (g) |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $50.55 | &nbsp;&nbsp; $0.94 | &nbsp;&nbsp; $(1.27)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.91)<br>|
| Year Ended February 28, 2025  | 50.55 | 1.84 | &nbsp;&nbsp; (0.01)<br>| 1.83 | &nbsp;&nbsp; (1.83)<br>|
| Year Ended February 29, 2024  | 49.56 | 1.77 | 0.81 | 2.58 | &nbsp;&nbsp; (1.59)<br>|
| Year Ended February 28, 2023  | 53.82 | 1.35 | &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended February 28, 2022  | 55.45 | 1.18 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended February 28, 2021  | 55.79 | 1.12 | &nbsp;&nbsp; (0.34)<br>| 0.78 | &nbsp;&nbsp; (1.12)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 14, 2023.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan Sustainable Municipal Income ETF acquired all of the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Market price returns are calculated using the official closing price of the JPMorgan Sustainable Municipal Income ETF on the listing exchange as of the time that the JPMorgan Sustainable Municipal Income ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Sustainable Municipal Income ETF's listing on July 17, 2023, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) JPMorgan Sustainable Municipal Income ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.31 | &nbsp;&nbsp;&nbsp;&nbsp; $49.35 | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $310996789 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.55 | &nbsp;&nbsp;&nbsp;&nbsp;50.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp; 255623490 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.55 | &nbsp;&nbsp;&nbsp;&nbsp;50.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp; 217726100 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.56 | &nbsp;&nbsp;&nbsp;&nbsp;49.56 | &nbsp;&nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65552740 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.82 | &nbsp;&nbsp;&nbsp;&nbsp;53.82 | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81399139 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp; 62415473 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 65

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 High Yield Municipal ETF | Diversified |
| JPMorgan Inflation Managed Bond ETF | Diversified |
| JPMorgan Limited Duration Bond ETF | Diversified |
| JPMorgan Realty Income ETF | Non-Diversified |
| JPMorgan Sustainable Municipal Income ETF | Diversified |

---

The investment objective of JPMorgan High Yield Municipal ETF ("High Yield Municipal ETF") is to seek a high level of current income exempt from federal income taxes.

The investment objective of JPMorgan Inflation Managed Bond ETF ("Inflation Managed Bond ETF") is to seek to maximize inflation protected total return.

The investment objective of JPMorgan Limited Duration Bond ETF ("Limited Duration Bond ETF") is to seek a high level of current income consistent with low volatility of principal.

The investment objective of JPMorgan Realty Income ETF ("Realty Income ETF") is to seek to provide high total investment return through a combination of capital appreciation and current income.

The investment objective of JPMorgan Sustainable Municipal Income ETF ("Sustainable Municipal Income ETF") is to seek a current income exempt from federal income taxes.

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** |
| High Yield Municipal ETF | NYSE Arca, Inc. |
| Inflation Managed Bond ETF | Cboe BZX Exchange, Inc. |
| Limited Duration Bond ETF | Cboe BZX Exchange, Inc. |
| Realty Income ETF | NYSE Arca, Inc. |
| Sustainable Municipal Income ETF | NYSE Arca, Inc. |

---

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 in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

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 Securities and Exchange Commission ("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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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 NAV of the Funds are calculated on a valuation date.

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

Futures contracts and options are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the tables on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by Limited Duration Bond ETF at August 31, 2025.

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Municipal ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $188153352 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $188153352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 67

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Municipal ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $28096060 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28096060 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $28096060 | &nbsp;&nbsp;&nbsp;&nbsp; $188153352 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $216249412 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $7122 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7122 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(14255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(14255)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7133)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Managed Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63727703 | &nbsp;&nbsp;&nbsp;&nbsp; $1477174 | &nbsp;&nbsp;&nbsp;&nbsp; $65204877 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32460144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32460144 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32866111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32866111 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209399841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209399841 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2317650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2317650 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106412945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106412945 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289696395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289696395 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18874284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18874284 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $18874284 | &nbsp;&nbsp;&nbsp;&nbsp; $736880789 | &nbsp;&nbsp;&nbsp;&nbsp; $1477174 | &nbsp;&nbsp;&nbsp;&nbsp; $757232247 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $897465 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $897465 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4755706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4755706 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(687277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(687277)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $897465 | &nbsp;&nbsp;&nbsp;&nbsp; $4068429 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4965894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Limited Duration Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $912161180 | &nbsp;&nbsp;&nbsp;&nbsp; $37504357 | &nbsp;&nbsp;&nbsp;&nbsp; $949665537 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511269358 | &nbsp;&nbsp;&nbsp;&nbsp; 3466449 | &nbsp;&nbsp;&nbsp;&nbsp; 514735807 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133941218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133941218 |
| Corporate Bonds |  |  |  |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90049503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90049503 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20300407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20300407 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3763875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3763875 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4032036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4032036 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10315448 | &nbsp;&nbsp;&nbsp;&nbsp; 1876203 | &nbsp;&nbsp;&nbsp;&nbsp; 12191651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Limited Duration Bond ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10078938 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10078938 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4147463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4147463 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142687670 | &nbsp;&nbsp;&nbsp;&nbsp; 1876203 | &nbsp;&nbsp;&nbsp;&nbsp; 144563873 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281593837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281593837 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109793384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109793384 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 80930546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80930546 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4983492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4983492 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 80930546 | &nbsp;&nbsp;&nbsp;&nbsp; 4983492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85914038 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $80930546 | &nbsp;&nbsp;&nbsp;&nbsp; $2096430139 | &nbsp;&nbsp;&nbsp;&nbsp; $42847009 | &nbsp;&nbsp;&nbsp;&nbsp; $2220207694 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $746919 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $746919 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(759294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(759294)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(12375)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Realty Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $467225755 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $467225755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sustainable Municipal Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $277877793 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $277877793 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 34371110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34371110 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $34371110 | &nbsp;&nbsp;&nbsp;&nbsp; $277877793 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $312248903 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $4902 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4902 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(8973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(8973)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4071)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 69

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Limited Duration Bond** <br> **ETF**<br>| **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $16929953 | $— | $176548 | $3760 | $22015053 | $(1620957)<br>| $— | $— | $37504357 |
| Collateralized Mortgage <br> Obligations<br>| 2590334 |  | 6546 | 2094 | 2917527 | (1049016)<br>|  | (1001036)<br>| 3466449 |
| Corporate Bonds |  |  |  |  | 1891667 | (15464)<br>|  |  | 1876203 |
| **Total** | $19520287 | $— | $183094 | $5854 | $26824247 | $(2685437)<br>| $— | $(1001036)<br>| $42847009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $183,094. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Limited**

**Duration Bond ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $18278785 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 8.00% (1.63%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.11% - 6.87% (5.45%) |
| Asset-Backed Securities | &nbsp;&nbsp; 18278785 |  |  |  |
|  | &nbsp;&nbsp; 3466449 | Discounted Cash Flow | Constant Prepayment Rate | 35.75% - 90.00% (55.63%) |
|  |  |  | Yield (Discounted Rate of Cash Flows) | 5.13% - 5.32% (5.25%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 3466449 |  |  |  |
| Total | &nbsp;&nbsp; $21745234 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $21,101,775. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**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 August 31, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income 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.

High Yield Municipal ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2025 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 an affiliated 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Realty Income ETF | &nbsp;&nbsp; $2627431 | &nbsp;&nbsp; $(2627431)<br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF did not lend out any securities during the six months ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 71

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  | **High Yield Municipal ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free <br> Money Market Fund Class IM <br> Shares, 3.13% (a) (b)<br>| $28048497 | $65687318 | $65639755 | $127 | $(127)<br>| $28096060 | 28093251 | $229773 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  | **Inflation Managed Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.36% <br> (a) (b)<br>| $10430555 | $122653474 | $114211266 | $2278 | $(757)<br>| $18874284 | 18868623 | $204072 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  | **Limited Duration Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, <br> 4.36% (a) (b)<br>| $78487741 | $800188013 | $797738767 | $(2128)<br>| $(4313)<br>| $80930546 | 80906274 | $1840248 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Exchange-Traded Funds August 31, 2025

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  | **Realty Income ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.36% (a) (b)<br>| $9709167 | $40989590 | $40952370 | $(644)<br>| $(205)<br>| $9745538 | 9742616 | $189264 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.34% (a) (b)<br>|  | 6459468 | 3736866 |  |  | 2722602 | 2722602 | 20,891<br> \*<br>|  |
| **Total** | $9709167 | $47449058 | $44689236 | $(644)<br>| $(205)<br>| $12468140 |  | $210155 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  | **Sustainable Municipal Income ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free <br> Money Market Fund Class IM <br> Shares, 3.13% (a) (b)<br>| $38541004 | $126863618 | $131033512 | $— | $— | $34371110 | 34367673 | $432769 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

**F. Derivatives**—High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF used derivative instruments including options, futures contracts and swaps, in connection with their investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 73

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

Notes F(1) — F(3) below describe the various derivatives used by the Funds.

**(1) Options**— High Yield Municipal ETF and Sustainable Municipal Income ETF purchased and sold ("wrote") put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund's exchange-traded option 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 Fund's over-the-counter ("OTC") options are subject to master netting agreements.

**(2) Futures Contracts**— High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

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).

**(3) Swaps**— Inflation Managed Bond ETF engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A, an affiliate of the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iii) documentation risk relating to disagreement over contract terms.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's OTC swap contracts are subject to master netting arrangements.

**Credit Default Swaps**

Inflation Managed Bond ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Inflation-Linked Swaps**

Inflation Managed Bond ETF used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

**Summary of Derivatives Information**

The following tables present the value of derivatives held as of August 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Municipal ETF**<br>| **Inflation** <br>**Managed** <br>**Bond ETF**<br>| **Limited** <br>**Duration Bond ETF**<br>| **Sustainable Municipal** <br>**Income ETF**<br>|
| **Interest Rate Risk Exposure:** |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | $7122 | &nbsp;&nbsp; $897465 | &nbsp;&nbsp; $746919 | &nbsp;&nbsp; $4902 |
| Swaps at Value (Assets) \*\* |  | &nbsp;&nbsp; 4628328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* | (14255)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (759294)<br>| &nbsp;&nbsp; (8973)<br>|
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; (24349)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Credit Risk Exposure:** |  |  |  |  |
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; (2583299)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Fair Value of Derivative Contracts:** |  |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | (7133)<br>| &nbsp;&nbsp; 897465 | &nbsp;&nbsp; (12375)<br>| &nbsp;&nbsp; (4071)<br>|
| Swaps at Value \*\* |  | &nbsp;&nbsp; 2020680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

\*\* Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2025, by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Municipal ETF**<br>| **Inflation** <br>**Managed** <br>**Bond ETF**<br>| **Limited** <br>**Duration Bond ETF**<br>| **Sustainable Municipal** <br>**Income ETF**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $44793 | &nbsp;&nbsp; $3880499 | &nbsp;&nbsp; $(299257)<br>| &nbsp;&nbsp; $55026 |
| Swap Contracts |  | &nbsp;&nbsp; 1478990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Purchased Options | (6938)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4250)<br>|
| **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** |
| Swap Contracts |  | &nbsp;&nbsp; (248687)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $(7133)<br>| &nbsp;&nbsp; $(206367)<br>| &nbsp;&nbsp; $(12375)<br>| &nbsp;&nbsp; $(4071)<br>|
| Swap Contracts |  | &nbsp;&nbsp; 3086037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Purchased Options | 3608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2210 |
| **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** | **Credit Exposure Risk:** |
| Swap Contracts |  | &nbsp;&nbsp; (370085)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**Derivatives Volume**

The table below discloses the volume of the Funds' options, swaps and futures contracts activity during the six months ended August 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Municipal ETF**<br>| **Inflation** <br>**Managed** <br>**Bond ETF**<br>| **Limited** <br>**Duration Bond ETF**<br>| **Sustainable Municipal** <br>**Income ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $10762219 | &nbsp;&nbsp; $193086251 | &nbsp;&nbsp; $127516560 | &nbsp;&nbsp; $3324594 |
| Average Notional Balance Short | &nbsp;&nbsp; (3357922)<br>| &nbsp;&nbsp; (18652235)<br>| &nbsp;&nbsp; (47540554)<br>| &nbsp;&nbsp; (2207016)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 4455750 | &nbsp;&nbsp; 199963406 | &nbsp;&nbsp; 467023915 | &nbsp;&nbsp; 2970500 |
| Ending Notional Balance Short | &nbsp;&nbsp; (4602672)<br>| &nbsp;&nbsp; (11873438)<br>| &nbsp;&nbsp; (149538641)<br>| &nbsp;&nbsp; (2992828)<br>|
| **Interest Rate-Related Swaps(Inflation-Linked Swaps):** |  |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 653078143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 43101429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 684760000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 50285000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Exchange-Traded Options:** |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 |
| **Credit Default Swaps:** |  |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 102645000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 109620000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**G. 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 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.

The Funds invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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.

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

**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 August 31, 2025, 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. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly, except for Realty Income ETF, for which distributions are generally declared and paid at least quaterly. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**K. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

---

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2025, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

**C. Custodian, Accounting and Transfer Agent Fees**— JPMCB provides portfolio custody, accounting and transfer agency services (effective as of the Closing Date) to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. The amounts paid directly to JPMCB by the Funds for transfer agency services are included in Transfer agency fees on the Statements of Operations.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |

---

The expense limitation agreements for the Funds were in effect for the six months ended August 31, 2025. The contractual expense limitations are in place until at least June 30, 2026 for the Inflation Managed Bond ETF and Realty Income ETF, respectively, and until at least July 31, 2026 for the High Yield Municipal ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF, respectively.

For the six months ended August 31, 2025, the Funds' service providers waived fees and/or reimbursed expenses for the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | |
|:---|:---|
|  | **Contractual** <br>**Reimbursements**<br>|
| High Yield Municipal ETF | &nbsp;&nbsp; $175925 |
| Inflation Managed Bond ETF | &nbsp;&nbsp; 508217 |
| Limited Duration Bond ETF | &nbsp;&nbsp; 411539 |
| Realty Income ETF | &nbsp;&nbsp; 446870 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp; 360353 |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2025 were as follows:

---

| | |
|:---|:---|
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; $12690 |
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5889 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 47813 |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21451 |

---

**F. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the 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 Funds, along with certain other affiliated funds, make reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

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

During the six months ended August 31, 2025, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the six months ended August 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| High Yield Municipal ETF | $83935741 | $73993938 | $— | $— |
| Inflation Managed Bond ETF | 51123173 | 48679109 | 156088400 | 98022863 |
| Limited Duration Bond ETF | 1224629085 | 243213522 | 185425497 | 76164356 |
| Realty Income ETF | 230981279 | 229678240 |  |  |
| Sustainable Municipal Income ETF | 160772741 | 100586988 |  |  |

---

For the six months ended August 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| Realty Income ETF | $68907110 | $12903648 |

---

During the six months ended August 31, 2025, Realty Income ETF 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.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; $222258291 | &nbsp;&nbsp;&nbsp;&nbsp; $2398765 | &nbsp;&nbsp;&nbsp;&nbsp; $8414777 | &nbsp;&nbsp;&nbsp;&nbsp; $(6016012)<br>|
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 757883507 | &nbsp;&nbsp;&nbsp;&nbsp; 12242222 | &nbsp;&nbsp;&nbsp;&nbsp; 9975337 | &nbsp;&nbsp;&nbsp;&nbsp; 2266885 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2222468857 | &nbsp;&nbsp;&nbsp;&nbsp; 13991267 | &nbsp;&nbsp;&nbsp;&nbsp; 16264805 | &nbsp;&nbsp;&nbsp;&nbsp; (2273538)<br>|
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 421530826 | &nbsp;&nbsp;&nbsp;&nbsp; 51377452 | &nbsp;&nbsp;&nbsp;&nbsp; 5682523 | &nbsp;&nbsp;&nbsp;&nbsp; 45694929 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 313661262 | &nbsp;&nbsp;&nbsp;&nbsp; 2034410 | &nbsp;&nbsp;&nbsp;&nbsp; 3450840 | &nbsp;&nbsp;&nbsp;&nbsp; (1416430)<br>|

---

At February 28, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; $5170763 | &nbsp;&nbsp;&nbsp;&nbsp; $52126733 |
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1666286 | &nbsp;&nbsp;&nbsp;&nbsp; 58922930 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 365470 | &nbsp;&nbsp;&nbsp;&nbsp; 19653109 |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23362387 | &nbsp;&nbsp;&nbsp;&nbsp; 10169878 |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3395958 | &nbsp;&nbsp;&nbsp;&nbsp; 17135821 |

---

Net capital losses (gains) 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, 2025, the Funds deferred to March 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; $(352117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1931478 |
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 169249 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sustainable Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 233989 | &nbsp;&nbsp;&nbsp;&nbsp; 502506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

During the year ended February 28, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| High Yield Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1159895 |
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1849598 |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9504555 |

---

**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 equity 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** 

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 six months ended August 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 81

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

As of August 31, 2025, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.1<br> %<br>|
| Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;19.8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;61.5 | &nbsp;&nbsp;&nbsp;&nbsp; — |

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

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.

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 and could make derivatives more difficult for the Funds to value accurately.

High Yield Municipal Bond ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds, except for Realty Income ETF, are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

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

High Yield Municipal ETF invests 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.

Inflation Managed Bond ETF invests in Inflation-linked debt securities which are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decline when real interest rates increase.

Unlike conventional bonds, the principal and interest payments of inflation protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.

Sustainable Municipal Income ETF's investment in securities whose use of proceeds, in the Adviser's opinion, provide positive social or environmental benefits could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds, in the Adviser's opinion, provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the municipal bonds identified by the Adviser's use of proceeds determination do not operate as expected when addressing positive social or environmental benefits. The Adviser's assessment of the positive social or environmental impact of a municipal bond's proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Exchange-Traded Funds August 31, 2025

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comply with the Fund's approach towards considering social or environmental characteristics. The factors that the Adviser considers in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other's views.

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

Realty Income ETF invests in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

Since Realty Income ETF is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's shares being more sensitive to economic results of those issuing the securities.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 83

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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.

![](g74548img8e88c0822.jpg)

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![](g74548imgcf5aba8f3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. August 2025.

SAN-CONVETF-825

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

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**Statement Regarding Basis for Approval of Investment Advisory Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

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

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

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

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

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

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

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

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that the Adviser earns fees from the Funds for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

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

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had a Fee Cap in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Funds' distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense

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ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

***Fees Relative to Adviser's Other Clients***

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

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe") by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in each Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The

Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Inflation Managed Bond ETF's performance was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Realty Income ETF's performance was in the second, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan High Yield Municipal ETF's performance was in the third, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.

The Trustees noted that the JPMorgan Limited Duration Bond ETF's performance was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and

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reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Sustainable Municipal Income ETF's performance was in the second, third and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, and noted that Universe and/or Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that while Broadridge did provide net advisory fee and actual total expense data for funds in the Peer Group and Universe for the JPMorgan Inflation Managed Bond

ETF, Broadridge did not calculate quintile rankings due to the limited number of funds in both the Peer Group and Universe. After considering the fees relative to the funds in the Peer Group, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Realty Income ETF's net advisory fee and actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan High Yield Municipal ETF's net advisory fee and actual total expense were in the second quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group due to the limited number of funds in the Peer Group. After considering the fees relative to the funds in the Peer Group, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Limited Duration Bond ETF's net advisory fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Sustainable Municipal Income ETF's net advisory fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

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Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

August 31, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF | BBAG | NYSE Arca, Inc. |
| JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | BBSB | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | BBLB | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF | BBIB | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | BBHY | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | BBCB | NYSE Arca, Inc. |
| JPMorgan USD Emerging Markets Sovereign Bond ETF | JPMB | NYSE Arca, Inc. |

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![](g91311img4c4317071.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_bb62b48a-2efb-48db-8dc5-a822384daeca_SOI-TOC-ScheduleofInvestments-926_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_bb62b48a-2efb-48db-8dc5-a822384daeca_FS-TOC-FinancialStatement-926_1) | &nbsp;&nbsp; **89** |
| [Financial Highlights](#xx_bb62b48a-2efb-48db-8dc5-a822384daeca_FIHI_2-TOC-FIHI-926_2) | &nbsp;&nbsp; **98** |
| [Notes to Financial Statements](#xx_bb62b48a-2efb-48db-8dc5-a822384daeca_NTF-NTFRunningFooter-926_1) | &nbsp;&nbsp; **102** |

---

**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' prospectus for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (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.

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 45.0%** | **U.S. Treasury Obligations — 45.0%** | **U.S. Treasury Obligations — 45.0%** |
| U.S. Treasury Bonds |  |  |
| 6.13%, 8/15/2029 | 1913000 | 2083675 |
| 5.38%, 2/15/2031 | 3169000 | 3414350 |
| 5.00%, 5/15/2037 | 2705000 | 2872795 |
| 4.38%, 2/15/2038 | 1318000 | 1313881 |
| 4.50%, 5/15/2038 | 2312000 | 2334759 |
| 4.25%, 5/15/2039 | 3410000 | 3309298 |
| 4.50%, 8/15/2039 | 1259000 | 1249361 |
| 4.38%, 11/15/2039 | 1111000 | 1084961 |
| 4.63%, 2/15/2040 | 2382000 | 2385722 |
| 4.38%, 5/15/2040 | 4146000 | 4033281 |
| 3.88%, 8/15/2040 | 3570000 | 3269339 |
| 1.38%, 11/15/2040 | 400 | 255 |
| 1.88%, 2/15/2041 | 3431000 | 2357204 |
| 2.25%, 5/15/2041 | 5069000 | 3672649 |
| 2.38%, 2/15/2042 | 5443000 | 3938521 |
| 3.13%, 2/15/2042 | 1436000 | 1164282 |
| 3.00%, 5/15/2042 | 756000 | 599366 |
| 3.38%, 8/15/2042 | 4864000 | 4056120 |
| 3.13%, 2/15/2043 | 436000 | 347574 |
| 3.88%, 2/15/2043 | 6043000 | 5368828 |
| 2.88%, 5/15/2043 | 326000 | 249186 |
| 3.88%, 5/15/2043 | 5927000 | 5254656 |
| 3.63%, 8/15/2043 | 744000 | 634376 |
| 4.38%, 8/15/2043 | 4598000 | 4347265 |
| 3.75%, 11/15/2043 | 817000 | 707343 |
| 4.75%, 11/15/2043 | 4502000 | 4460497 |
| 4.50%, 2/15/2044 | 3114000 | 2985061 |
| 4.63%, 5/15/2044 | 4101000 | 3989504 |
| 4.13%, 8/15/2044 | 4985000 | 4528561 |
| 4.63%, 11/15/2044 | 4154000 | 4030678 |
| 4.75%, 2/15/2045 | 1767000 | 1740771 |
| 5.00%, 5/15/2045 | 524000 | 532843 |
| 3.00%, 5/15/2047 | 1015000 | 751259 |
| 3.00%, 2/15/2049 | 1787000 | 1297809 |
| 2.38%, 11/15/2049 | 5903000 | 3734570 |
| 1.88%, 2/15/2051 | 6335000 | 3484250 |
| 2.38%, 5/15/2051 | 3983000 | 2474439 |
| 2.00%, 8/15/2051 | 5199000 | 2934186 |
| 1.88%, 11/15/2051 | 2572000 | 1399731 |
| 2.25%, 2/15/2052 | 5374000 | 3212644 |
| 2.88%, 5/15/2052 | 4402000 | 3035317 |
| 3.00%, 8/15/2052 | 3964000 | 2802672 |
| 3.63%, 2/15/2053 | 7192000 | 5756971 |
| 3.63%, 5/15/2053 | 6394000 | 5112203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 4.13%, 8/15/2053 | 6317000 | 5533297 |
| 4.75%, 11/15/2053 | 1185000 | 1152042 |
| 4.25%, 2/15/2054 | 4702000 | 4207555 |
| 4.63%, 5/15/2054 | 1456000 | 1387295 |
| 4.50%, 11/15/2054 | 4289000 | 4004854 |
| 4.75%, 5/15/2055 | 1562000 | 1519777 |
| 4.75%, 8/15/2055 | 590000 | 574236 |
| U.S. Treasury Notes |  |  |
| 0.63%, 7/31/2026 | 1775000 | 1723345 |
| 0.75%, 8/31/2026 | 142000 | 137701 |
| 1.38%, 8/31/2026 | 1018000 | 993345 |
| 3.75%, 8/31/2026 | 2577000 | 2573879 |
| 1.13%, 10/31/2026 | 2361000 | 2288879 |
| 1.63%, 10/31/2026 | 3903000 | 3806645 |
| 4.13%, 10/31/2026 | 2436000 | 2443803 |
| 2.00%, 11/15/2026 | 3808000 | 3727972 |
| 4.63%, 11/15/2026 | 6073000 | 6130172 |
| 1.25%, 11/30/2026 | 6343000 | 6148746 |
| 1.63%, 11/30/2026 | 2151000 | 2095124 |
| 4.25%, 11/30/2026 | 1230000 | 1236582 |
| 1.25%, 12/31/2026 | 4166000 | 4030930 |
| 1.75%, 12/31/2026 | 4330000 | 4218198 |
| 4.25%, 12/31/2026 | 24000 | 24144 |
| 1.50%, 1/31/2027 | 4082000 | 3956510 |
| 4.13%, 1/31/2027 | 5168000 | 5193840 |
| 2.25%, 2/15/2027 | 4606000 | 4510282 |
| 4.13%, 2/15/2027 | 6434000 | 6467929 |
| 1.13%, 2/28/2027 | 4518000 | 4349457 |
| 4.13%, 2/28/2027 | 258000 | 259481 |
| 4.50%, 4/15/2027 | 1922000 | 1945875 |
| 0.50%, 4/30/2027 | 4989000 | 4736042 |
| 2.38%, 5/15/2027 | 1048000 | 1025771 |
| 4.50%, 5/15/2027 | 4798000 | 4862098 |
| 0.50%, 5/31/2027 | 4263000 | 4037527 |
| 3.88%, 5/31/2027 | 723000 | 725485 |
| 0.50%, 6/30/2027 | 393000 | 371324 |
| 4.38%, 7/15/2027 | 346000 | 350474 |
| 2.75%, 7/31/2027 | 4182000 | 4113226 |
| 3.88%, 7/31/2027 | 666000 | 668810 |
| 2.25%, 8/15/2027 | 3011000 | 2932667 |
| 3.75%, 8/15/2027 | 1602000 | 1605379 |
| 0.50%, 8/31/2027 | 5101000 | 4796933 |
| 3.13%, 8/31/2027 | 2496000 | 2472307 |
| 3.63%, 8/31/2027 | 2096000 | 2096409 |
| 3.38%, 9/15/2027 | 2289000 | 2278449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 0.38%, 9/30/2027 | 5495000 | 5141689 |
| 3.88%, 10/15/2027 | 5109000 | 5135343 |
| 0.50%, 10/31/2027 | 3105000 | 2905843 |
| 2.25%, 11/15/2027 | 5538000 | 5379215 |
| 4.13%, 11/15/2027 | 5102000 | 5156607 |
| 0.63%, 11/30/2027 | 10000 | 9365 |
| 3.88%, 11/30/2027 | 1794000 | 1803951 |
| 0.63%, 12/31/2027 | 5213000 | 4868861 |
| 3.88%, 12/31/2027 | 1252000 | 1259629 |
| 0.75%, 1/31/2028 | 6590000 | 6159591 |
| 3.50%, 1/31/2028 | 219000 | 218504 |
| 2.75%, 2/15/2028 | 1633000 | 1600723 |
| 4.25%, 2/15/2028 | 1260000 | 1279097 |
| 1.13%, 2/29/2028 | 6589000 | 6204470 |
| 4.00%, 2/29/2028 | 4309000 | 4350407 |
| 1.25%, 3/31/2028 | 4900000 | 4619781 |
| 1.25%, 4/30/2028 | 2311000 | 2175229 |
| 3.50%, 4/30/2028 | 4554000 | 4542971 |
| 2.88%, 5/15/2028 | 4155000 | 4078392 |
| 1.25%, 5/31/2028 | 2519000 | 2366089 |
| 3.63%, 5/31/2028 | 5954000 | 5959117 |
| 4.00%, 6/30/2028 | 1254000 | 1268010 |
| 3.88%, 7/15/2028 | 1200000 | 1209375 |
| 1.00%, 7/31/2028 | 934000 | 867744 |
| 4.13%, 7/31/2028 | 4468000 | 4533624 |
| 2.88%, 8/15/2028 | 4074000 | 3993475 |
| 3.63%, 8/15/2028 | 199000 | 199264 |
| 1.13%, 8/31/2028 | 6076000 | 5653528 |
| 4.38%, 8/31/2028 | 83000 | 84835 |
| 1.25%, 9/30/2028 | 396000 | 369177 |
| 3.13%, 11/15/2028 | 1921000 | 1893536 |
| 4.38%, 11/30/2028 | 6006000 | 6147235 |
| 3.75%, 12/31/2028 | 6662000 | 6692187 |
| 4.00%, 1/31/2029 | 5995000 | 6070406 |
| 2.63%, 2/15/2029 | 1368000 | 1324716 |
| 4.25%, 2/28/2029 | 1630000 | 1664128 |
| 2.38%, 3/31/2029 | 531000 | 509179 |
| 4.13%, 3/31/2029 | 4480000 | 4556300 |
| 2.88%, 4/30/2029 | 512000 | 499040 |
| 4.63%, 4/30/2029 | 5528000 | 5717161 |
| 2.75%, 5/31/2029 | 4576000 | 4437290 |
| 4.50%, 5/31/2029 | 5389000 | 5551933 |
| 3.25%, 6/30/2029 | 3009000 | 2968567 |
| 4.25%, 6/30/2029 | 2478000 | 2532400 |
| 2.63%, 7/31/2029 | 4770000 | 4596342 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 4.00%, 7/31/2029 | 5478000 | 5550755 |
| 3.63%, 8/31/2029 | 5477000 | 5475288 |
| 3.50%, 9/30/2029 | 5729000 | 5699012 |
| 3.88%, 9/30/2029 | 4866000 | 4909338 |
| 3.88%, 11/30/2029 | 4212000 | 4247868 |
| 4.13%, 11/30/2029 | 239000 | 243407 |
| 3.88%, 12/31/2029 | 3966000 | 4000702 |
| 3.50%, 1/31/2030 | 4455000 | 4425068 |
| 1.50%, 2/15/2030 | 690000 | 629517 |
| 4.00%, 2/28/2030 | 4153000 | 4211726 |
| 3.63%, 3/31/2030 | 3907000 | 3898453 |
| 3.50%, 4/30/2030 | 6073000 | 6026029 |
| 3.75%, 5/31/2030 | 3599000 | 3608560 |
| 4.00%, 5/31/2030 | 33000 | 33461 |
| 3.75%, 6/30/2030 | 1259000 | 1262344 |
| 4.00%, 7/31/2030 | 1877000 | 1901929 |
| 3.63%, 8/31/2030 | 1258000 | 1254314 |
| 4.13%, 8/31/2030 | 3532000 | 3598501 |
| 4.63%, 9/30/2030 | 2577000 | 2684308 |
| 4.88%, 10/31/2030 | 3617000 | 3810566 |
| 4.38%, 11/30/2030 | 3044000 | 3136033 |
| 3.75%, 12/31/2030 | 5059000 | 5060976 |
| 4.00%, 1/31/2031 | 3702000 | 3746540 |
| 4.25%, 2/28/2031 | 2192000 | 2245088 |
| 4.13%, 3/31/2031 | 4255000 | 4330792 |
| 4.63%, 4/30/2031 | 5828000 | 6076601 |
| 4.63%, 5/31/2031 | 820000 | 854914 |
| 4.13%, 7/31/2031 | 1033000 | 1050109 |
| 1.25%, 8/15/2031 | 8848000 | 7645916 |
| 3.75%, 8/31/2031 | 6021000 | 5998892 |
| 3.63%, 9/30/2031 | 4522000 | 4471481 |
| 4.13%, 10/31/2031 | 3777000 | 3835130 |
| 1.38%, 11/15/2031 | 7030000 | 6074909 |
| 4.13%, 11/30/2031 | 3486000 | 3538562 |
| 4.50%, 12/31/2031 | 2368000 | 2452360 |
| 4.38%, 1/31/2032 | 852000 | 875963 |
| 1.88%, 2/15/2032 | 3173000 | 2811328 |
| 4.13%, 3/31/2032 | 442000 | 448008 |
| 4.00%, 4/30/2032 | 74000 | 74439 |
| 2.88%, 5/15/2032 | 5324000 | 5001232 |
| 4.13%, 5/31/2032 | 1485000 | 1504027 |
| 4.00%, 6/30/2032 | 1111000 | 1116902 |
| 4.00%, 7/31/2032 | 384000 | 385800 |
| 2.75%, 8/15/2032 | 7292000 | 6770166 |
| 3.50%, 2/15/2033 | 9275000 | 8990953 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.38%, 5/15/2033 | 7046000 | 6754252 |
| 3.88%, 8/15/2033 | 2522000 | 2495992 |
| 4.50%, 11/15/2033 | 6938000 | 7155897 |
| 4.00%, 2/15/2034 | 5138000 | 5109099 |
| 4.38%, 5/15/2034 | 4195000 | 4277589 |
| 4.25%, 11/15/2034 | 1334000 | 1342963 |
| 4.25%, 5/15/2035 | 102000 | 102351 |
| 4.25%, 8/15/2035 | 17000 | 17035 |
| Total U.S. Treasury Obligations <br>(Cost $589,176,727)<br>|  | 573805580 |
| **Mortgage-Backed Securities — 24.4%** | **Mortgage-Backed Securities — 24.4%** | **Mortgage-Backed Securities — 24.4%** |
| FHLMC Gold Pools, 15 Year  |  |  |
| Pool # J15449, 4.00%, 5/1/2026 | 5598 | 5579 |
| Pool # G14781, 3.50%, 3/1/2027 | 3132 | 3106 |
| Pool # G15201, 4.00%, 5/1/2027 | 55 | 55 |
| Pool # J20129, 2.50%, 8/1/2027 | 16574 | 16319 |
| Pool # G15438, 4.00%, 9/1/2027 | 285 | 284 |
| Pool # G15602, 2.50%, 11/1/2027 | 9907 | 9765 |
| Pool # E09028, 2.00%, 3/1/2028 | 27173 | 26519 |
| Pool # J23362, 2.00%, 4/1/2028 | 26238 | 25606 |
| Pool # G18466, 2.00%, 5/1/2028 | 3902 | 3802 |
| Pool # G18465, 2.50%, 5/1/2028 | 6961 | 6827 |
| Pool # G15601, 2.50%, 1/1/2029 | 14222 | 13948 |
| Pool # G14957, 3.50%, 1/1/2029 | 34972 | 34655 |
| Pool # G16570, 4.00%, 7/1/2029 | 11 | 11 |
| Pool # G18540, 2.50%, 2/1/2030 | 12565 | 12210 |
| Pool # G18556, 2.50%, 6/1/2030 | 17183 | 16671 |
| Pool # V60840, 3.00%, 6/1/2030 | 4062 | 3988 |
| Pool # G16019, 3.50%, 12/1/2030 | 1469 | 1464 |
| Pool # J36660, 3.00%, 3/1/2032 | 21305 | 20711 |
| Pool # G16568, 2.50%, 4/1/2033 | 1789 | 1717 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # V81680, 4.50%, 12/1/2034 | 52793 | 52940 |
| Pool # A39210, 5.50%, 10/1/2035 | 14487 | 15005 |
| Pool # V83754, 5.50%, 1/1/2036 | 20988 | 21584 |
| Pool # A82255, 5.50%, 9/1/2036 | 86386 | 86998 |
| Pool # G03381, 5.50%, 9/1/2037 | 14093 | 14597 |
| Pool # A89760, 4.50%, 12/1/2039 | 14229 | 14234 |
| Pool # A92197, 5.00%, 5/1/2040 | 40064 | 40852 |
| Pool # G06856, 6.00%, 5/1/2040 | 2854 | 3009 |
| Pool # A93359, 4.00%, 8/1/2040 | 591 | 582 |
| Pool # Q03516, 4.50%, 9/1/2041 | 17311 | 17303 |
| Pool # Q04688, 4.00%, 11/1/2041 | 2134 | 2073 |
| Pool # G08477, 3.50%, 2/1/2042 | 4 | 4 |
| Pool # Q06771, 3.00%, 3/1/2042 | 27399 | 25186 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # C03858, 3.50%, 4/1/2042 | 77573 | 73101 |
| Pool # G60737, 4.50%, 8/1/2042 | 1688 | 1689 |
| Pool # Q14694, 3.00%, 1/1/2043 | 2254 | 2062 |
| Pool # G61723, 3.50%, 1/1/2043 | 48259 | 45497 |
| Pool # Q17374, 4.00%, 4/1/2043 | 2381 | 2308 |
| Pool # Z40090, 4.50%, 9/1/2044 | 20479 | 20199 |
| Pool # G61617, 4.50%, 1/1/2045 | 14297 | 14306 |
| Pool # G08653, 3.00%, 7/1/2045 | 36038 | 32433 |
| Pool # Q35223, 4.00%, 8/1/2045 | 8271 | 7804 |
| Pool # G60238, 3.50%, 10/1/2045 | 500326 | 467019 |
| Pool # G60506, 3.50%, 4/1/2046 | 29051 | 27057 |
| Pool # G08710, 3.00%, 6/1/2046 | 24711 | 22126 |
| Pool # G61235, 4.50%, 9/1/2046 | 16232 | 15997 |
| Pool # Q45872, 3.00%, 1/1/2047 | 251603 | 224810 |
| Pool # G08747, 3.00%, 2/1/2047 | 127797 | 114205 |
| Pool # G61623, 3.00%, 4/1/2047 | 18825 | 16897 |
| Pool # G60996, 3.50%, 5/1/2047 | 5612 | 5201 |
| Pool # V83233, 4.00%, 6/1/2047 | 71109 | 67783 |
| Pool # G08787, 3.00%, 11/1/2047 | 230584 | 204957 |
| Pool # G61681, 3.00%, 12/1/2047 | 5273 | 4698 |
| Pool # Q52866, 3.00%, 12/1/2047 | 16171 | 14527 |
| Pool # G08812, 3.00%, 4/1/2048 | 8078 | 7167 |
| Pool # G61885, 4.50%, 11/1/2048 | 20789 | 20368 |
| Pool # Q61487, 4.00%, 2/1/2049 | 25603 | 24390 |
| FHLMC UMBS, 15 Year  |  |  |
| Pool # ZK2723, 3.50%, 11/1/2025 | 362 | 361 |
| Pool # SB0031, 3.50%, 10/1/2027 | 783 | 780 |
| Pool # ZS7140, 2.00%, 1/1/2029 | 73859 | 71815 |
| Pool # ZS7751, 3.00%, 1/1/2029 | 30293 | 29853 |
| Pool # SB0071, 2.50%, 5/1/2030 | 7488 | 7361 |
| Pool # ZS7331, 3.00%, 12/1/2030 | 12206 | 11947 |
| Pool # ZK9070, 3.00%, 11/1/2032 | 379808 | 369914 |
| Pool # SB0256, 4.00%, 11/1/2033 | 194 | 193 |
| Pool # SB0077, 3.50%, 10/1/2034 | 26009 | 25653 |
| Pool # SB0302, 3.00%, 4/1/2035 | 308150 | 298330 |
| Pool # QN2407, 2.00%, 6/1/2035 | 77510 | 71525 |
| Pool # SB8090, 2.50%, 2/1/2036 | 650453 | 612523 |
| Pool # QN6095, 2.00%, 5/1/2036 | 104802 | 96520 |
| Pool # QN6718, 2.00%, 6/1/2036 | 228568 | 210197 |
| Pool # SB8131, 1.50%, 12/1/2036 | 535624 | 478994 |
| Pool # SB8140, 1.50%, 2/1/2037 | 414297 | 370236 |
| Pool # SB8141, 2.00%, 2/1/2037 | 1331805 | 1221449 |
| FHLMC UMBS, 20 Year  |  |  |
| Pool # ZA2277, 3.00%, 9/1/2032 | 43285 | 42037 |
| Pool # ZJ9491, 3.50%, 12/1/2032 | 9857 | 9682 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # ZS9164, 3.00%, 9/1/2033 | 1892 | 1828 |
| Pool # SC0107, 3.50%, 11/1/2034 | 3387 | 3325 |
| Pool # ZA2463, 3.50%, 6/1/2037 | 21367 | 20662 |
| Pool # RB5026, 2.50%, 11/1/2039 | 27966 | 25591 |
| Pool # QK0157, 2.50%, 1/1/2040 | 14136 | 12799 |
| Pool # RB5032, 2.50%, 2/1/2040 | 22940 | 20938 |
| Pool # RB5037, 2.50%, 3/1/2040 | 2329 | 2123 |
| Pool # RB5043, 2.50%, 4/1/2040 | 31901 | 29078 |
| Pool # RB5048, 2.50%, 5/1/2040 | 67315 | 61339 |
| Pool # SC0131, 1.50%, 3/1/2041 | 163625 | 136882 |
| Pool # SC0134, 1.50%, 3/1/2041 | 167333 | 139822 |
| Pool # RB5145, 2.00%, 2/1/2042 | 1290279 | 1108504 |
| Pool # RB5154, 2.50%, 4/1/2042 | 771393 | 680114 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZI3765, 5.50%, 11/1/2035 | 18328 | 18960 |
| Pool # ZJ0449, 4.00%, 9/1/2040 | 16303 | 15877 |
| Pool # ZL3548, 3.50%, 8/1/2042 | 50349 | 47314 |
| Pool # ZS3712, 3.50%, 4/1/2043 | 112584 | 105799 |
| Pool # ZS4077, 3.50%, 1/1/2044 | 16167 | 15177 |
| Pool # ZS4592, 4.00%, 11/1/2044 | 107671 | 102731 |
| Pool # ZS4609, 3.00%, 4/1/2045 | 29966 | 26973 |
| Pool # SD0146, 3.00%, 11/1/2046 | 98835 | 88425 |
| Pool # ZM2209, 3.50%, 12/1/2046 | 259287 | 239797 |
| Pool # SD0388, 3.50%, 6/1/2047 | 347854 | 324689 |
| Pool # ZM4635, 4.00%, 11/1/2047 | 340811 | 323496 |
| Pool # SD0225, 3.00%, 12/1/2047 | 444848 | 397346 |
| Pool # ZS4750, 3.00%, 1/1/2048 | 18982 | 16871 |
| Pool # ZM7669, 3.50%, 8/1/2048 | 61949 | 56436 |
| Pool # ZN4476, 3.50%, 12/1/2048 | 209548 | 192422 |
| Pool # ZA6286, 4.00%, 2/1/2049 | 101756 | 96752 |
| Pool # ZT1776, 3.50%, 3/1/2049 | 17731 | 16221 |
| Pool # ZN5087, 4.00%, 4/1/2049 | 80807 | 76714 |
| Pool # ZT1864, 4.00%, 4/1/2049 | 2369 | 2251 |
| Pool # ZT1951, 3.50%, 5/1/2049 | 5755 | 5264 |
| Pool # ZT1952, 4.00%, 5/1/2049 | 38028 | 36122 |
| Pool # QA4907, 3.00%, 6/1/2049 | 84232 | 75194 |
| Pool # ZT2086, 3.50%, 6/1/2049 | 31775 | 29057 |
| Pool # SD7502, 3.50%, 7/1/2049 | 92578 | 84893 |
| Pool # SD8001, 3.50%, 7/1/2049 | 11215 | 10253 |
| Pool # SD7501, 4.00%, 7/1/2049 | 57553 | 54891 |
| Pool # QA1997, 3.00%, 8/1/2049 | 14625 | 12830 |
| Pool # RA1202, 3.50%, 8/1/2049 | 313362 | 287348 |
| Pool # SD8005, 3.50%, 8/1/2049 | 40159 | 36711 |
| Pool # SD8006, 4.00%, 8/1/2049 | 23006 | 21825 |
| Pool # QA4509, 3.00%, 11/1/2049 | 289436 | 253844 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # SD8025, 3.50%, 11/1/2049 | 119619 | 109335 |
| Pool # RA1878, 3.50%, 12/1/2049 | 1716 | 1568 |
| Pool # SD8037, 2.50%, 1/1/2050 | 344302 | 288216 |
| Pool # RA2116, 3.00%, 2/1/2050 | 450528 | 397598 |
| Pool # SD0303, 2.50%, 4/1/2050 | 577980 | 487900 |
| Pool # QA9653, 3.50%, 5/1/2050 | 30296 | 27710 |
| Pool # QB1691, 2.00%, 7/1/2050 | 696259 | 559142 |
| Pool # SD8091, 2.50%, 9/1/2050 | 2083326 | 1745137 |
| Pool # RA3727, 2.00%, 10/1/2050 | 1554499 | 1253087 |
| Pool # SD8104, 1.50%, 11/1/2050 | 1073912 | 811887 |
| Pool # RA4197, 2.50%, 12/1/2050 | 441816 | 370647 |
| Pool # RA4349, 2.50%, 1/1/2051 | 285070 | 240328 |
| Pool # QB8583, 1.50%, 2/1/2051 | 1076255 | 815020 |
| Pool # SD8145, 1.50%, 5/1/2051 | 913350 | 689577 |
| Pool # RA5287, 2.00%, 5/1/2051 | 7832 | 6277 |
| Pool # QC2565, 2.00%, 6/1/2051 | 1528365 | 1222913 |
| Pool # QC3259, 2.00%, 6/1/2051 | 300553 | 238774 |
| Pool # SD8158, 3.50%, 6/1/2051 | 228001 | 207322 |
| Pool # QC6057, 2.50%, 8/1/2051 | 212214 | 177478 |
| Pool # SD8163, 3.50%, 8/1/2051 | 93041 | 84610 |
| Pool # RA5832, 2.50%, 9/1/2051 | 598154 | 503797 |
| Pool # SD0688, 2.50%, 10/1/2051 | 3701991 | 3111791 |
| Pool # SD8173, 2.50%, 10/1/2051 | 952104 | 791517 |
| Pool # QC8788, 3.00%, 10/1/2051 | 1472883 | 1278952 |
| Pool # QD2146, 2.00%, 12/1/2051 | 1165906 | 935536 |
| Pool # QD3500, 2.50%, 12/1/2051 | 1484301 | 1249093 |
| Pool # SD1963, 2.00%, 1/1/2052 | 8114877 | 6496548 |
| Pool # RA6816, 2.00%, 2/1/2052 | 216536 | 172027 |
| Pool # SD0897, 2.00%, 2/1/2052 | 820609 | 660278 |
| Pool # SD8193, 2.00%, 2/1/2052 | 9509461 | 7578789 |
| Pool # SD8204, 2.00%, 4/1/2052 | 1667061 | 1329933 |
| Pool # QD9578, 2.50%, 4/1/2052 | 1303424 | 1086621 |
| Pool # SD8205, 2.50%, 4/1/2052 | 4660525 | 3885331 |
| Pool # SD1461, 3.00%, 5/1/2052 | 835811 | 733193 |
| Pool # SD8214, 3.50%, 5/1/2052 | 958454 | 867303 |
| Pool # SD1840, 3.00%, 6/1/2052 | 399199 | 349505 |
| Pool # SD8226, 3.50%, 7/1/2052 | 1236214 | 1118645 |
| Pool # SD8256, 4.00%, 10/1/2052 | 1924393 | 1798949 |
| Pool # RA8112, 4.50%, 10/1/2052 | 1618185 | 1560649 |
| Pool # SD8257, 4.50%, 10/1/2052 | 406961 | 392702 |
| Pool # SD2381, 5.50%, 3/1/2053 | 3923683 | 3986229 |
| Pool # SD2572, 5.50%, 3/1/2053 | 831771 | 846566 |
| Pool # SD2580, 6.00%, 3/1/2053 | 741184 | 760114 |
| Pool # RA8736, 6.50%, 3/1/2053 | 620485 | 647525 |
| Pool # SD8322, 4.50%, 5/1/2053 | 85722 | 82622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # RA9469, 6.50%, 7/1/2053 | 336042 | 350686 |
| Pool # SD8373, 6.00%, 11/1/2053 | 1560225 | 1598344 |
| Pool # SD8397, 6.50%, 1/1/2054 | 2221581 | 2302087 |
| Pool # SD4605, 7.00%, 1/1/2054 | 291095 | 306111 |
| Pool # SD7572, 6.50%, 5/1/2054 | 1022440 | 1068237 |
| Pool # SD8475, 5.50%, 11/1/2054 | 1913136 | 1924657 |
| Pool # SL0226, 6.00%, 2/1/2055 | 4640118 | 4785494 |
| FNMA / FHLMC UMBS, Single Family, 30 Year <br> TBA, 6.00%, 9/25/2055 (a)<br>| 2123000 | 2168780 |
| FNMA UMBS, 15 Year  |  |  |
| Pool # AE0939, 3.50%, 2/1/2026 | 1465 | 1459 |
| Pool # FM2968, 4.00%, 5/1/2026 | 398 | 397 |
| Pool # AJ9357, 3.50%, 1/1/2027 | 14018 | 13916 |
| Pool # AL4586, 4.00%, 2/1/2027 | 2174 | 2162 |
| Pool # AO4400, 2.50%, 7/1/2027 | 12066 | 11845 |
| Pool # AL8138, 4.00%, 9/1/2027 | 831 | 828 |
| Pool # AB6811, 2.50%, 10/1/2027 | 3987 | 3917 |
| Pool # AQ9442, 2.00%, 12/1/2027 | 8923 | 8712 |
| Pool # AB8447, 2.50%, 2/1/2028 | 7669 | 7524 |
| Pool # AR4180, 2.50%, 2/1/2028 | 3234 | 3174 |
| Pool # AB8787, 2.00%, 3/1/2028 | 24335 | 23725 |
| Pool # AP6059, 2.00%, 6/1/2028 | 3685 | 3577 |
| Pool # BM1892, 2.50%, 9/1/2028 | 6130 | 6027 |
| Pool # AL6132, 4.50%, 3/1/2029 | 280 | 280 |
| Pool # FM1105, 2.50%, 6/1/2029 | 14242 | 13973 |
| Pool # AS3345, 2.00%, 7/1/2029 | 6900 | 6656 |
| Pool # FM1465, 3.00%, 5/1/2030 | 37213 | 36615 |
| Pool # 890666, 2.00%, 6/1/2030 | 11379 | 11029 |
| Pool # AL9418, 3.50%, 8/1/2031 | 18174 | 17990 |
| Pool # BD5647, 2.00%, 11/1/2031 | 10502 | 10006 |
| Pool # 890776, 3.50%, 11/1/2031 | 9665 | 9568 |
| Pool # BM5490, 3.50%, 11/1/2031 | 6341 | 6279 |
| Pool # AS8708, 2.50%, 2/1/2032 | 1939 | 1869 |
| Pool # BM4993, 3.50%, 3/1/2032 | 8130 | 8049 |
| Pool # MA3124, 2.50%, 9/1/2032 | 21437 | 20654 |
| Pool # FM3099, 3.50%, 9/1/2032 | 4115 | 4089 |
| Pool # CA0775, 2.50%, 11/1/2032 | 16179 | 15447 |
| Pool # BH7081, 2.50%, 12/1/2032 | 22897 | 21993 |
| Pool # BH8720, 3.50%, 12/1/2032 | 21490 | 21076 |
| Pool # FM1691, 2.50%, 1/1/2033 | 7298 | 7087 |
| Pool # CA9078, 3.00%, 9/1/2033 | 209682 | 205243 |
| Pool # FM1123, 4.00%, 9/1/2033 | 1257 | 1256 |
| Pool # FM2153, 4.00%, 11/1/2033 | 830 | 826 |
| Pool # BD9105, 4.00%, 1/1/2034 | 24873 | 24533 |
| Pool # BM5306, 4.00%, 1/1/2034 | 3040 | 3038 |
| Pool # FM1733, 3.50%, 5/1/2034 | 379418 | 374259 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BO1822, 3.50%, 7/1/2034 | 47062 | 46385 |
| Pool # MA3764, 2.50%, 9/1/2034 | 5517 | 5230 |
| Pool # MA3910, 2.00%, 1/1/2035 | 18543 | 17169 |
| Pool # FM3569, 3.00%, 1/1/2035 | 62368 | 60945 |
| Pool # FM7941, 2.50%, 2/1/2035 | 205748 | 198411 |
| Pool # FM2708, 3.00%, 3/1/2035 | 26335 | 25799 |
| Pool # MA4075, 2.50%, 7/1/2035 | 280869 | 265192 |
| Pool # CA7497, 2.50%, 10/1/2035 | 853967 | 805772 |
| Pool # FM5396, 2.00%, 12/1/2035 | 535140 | 495798 |
| Pool # BR1309, 2.00%, 1/1/2036 | 382861 | 352772 |
| Pool # FM5537, 2.00%, 1/1/2036 | 431938 | 398568 |
| Pool # FM5797, 2.00%, 1/1/2036 | 407867 | 376368 |
| Pool # CB0305, 1.50%, 5/1/2036 | 641531 | 574932 |
| Pool # FM7843, 1.50%, 6/1/2036 | 62514 | 56023 |
| Pool # MA4430, 1.00%, 8/1/2036 | 129989 | 113574 |
| Pool # BT0273, 1.50%, 9/1/2036 | 316776 | 283796 |
| Pool # MA4418, 2.00%, 9/1/2036 | 121803 | 111881 |
| Pool # FM9247, 2.00%, 11/1/2036 | 265500 | 243827 |
| Pool # MA4497, 2.00%, 12/1/2036 | 3729933 | 3420899 |
| Pool # BV7189, 2.00%, 3/1/2037 | 640370 | 587693 |
| Pool # MA4581, 1.50%, 4/1/2037 | 706829 | 631647 |
| Pool # MA4582, 2.00%, 4/1/2037 | 903297 | 828438 |
| Pool # MA4604, 3.00%, 5/1/2037 | 647065 | 618591 |
| Pool # FS4059, 1.50%, 8/1/2037 | 1911036 | 1708980 |
| Pool # FS4794, 2.00%, 8/1/2037 | 68505 | 62828 |
| Pool # FS4756, 2.50%, 8/1/2037 | 1507564 | 1420006 |
| Pool # MA5558, 5.00%, 12/1/2039 | 1051365 | 1062285 |
| Pool # MA5772, 5.50%, 7/1/2040 | 403227 | 412161 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # AE6799, 4.50%, 11/1/2030 | 984 | 984 |
| Pool # MA0885, 3.50%, 10/1/2031 | 15789 | 15524 |
| Pool # AB4853, 3.00%, 4/1/2032 | 16775 | 16313 |
| Pool # MA1058, 3.00%, 5/1/2032 | 7429 | 7226 |
| Pool # MA1165, 3.00%, 9/1/2032 | 42126 | 40675 |
| Pool # MA2079, 4.00%, 11/1/2034 | 8951 | 8865 |
| Pool # AL7654, 3.00%, 9/1/2035 | 41120 | 39064 |
| Pool # MA2472, 3.00%, 12/1/2035 | 8360 | 7963 |
| Pool # FM1133, 4.00%, 6/1/2036 | 19746 | 19595 |
| Pool # BM3089, 4.00%, 8/1/2037 | 353016 | 348315 |
| Pool # MA3099, 4.00%, 8/1/2037 | 1465 | 1449 |
| Pool # BM5330, 2.50%, 12/1/2037 | 27831 | 25906 |
| Pool # FM3204, 4.00%, 10/1/2038 | 23119 | 22794 |
| Pool # MA4072, 2.50%, 7/1/2040 | 112694 | 102547 |
| Pool # MA4128, 2.00%, 9/1/2040 | 1078545 | 944830 |
| Pool # MA4204, 2.00%, 12/1/2040 | 675859 | 585409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CA9019, 2.00%, 2/1/2041 | 284327 | 246802 |
| Pool # MA4310, 1.50%, 4/1/2041 | 628228 | 522672 |
| Pool # MA4422, 2.00%, 9/1/2041 | 315541 | 271092 |
| Pool # FS0316, 1.50%, 11/1/2041 | 536515 | 445048 |
| Pool # MA4474, 2.00%, 11/1/2041 | 403139 | 343913 |
| Pool # MA4519, 1.50%, 1/1/2042 | 423334 | 350875 |
| Pool # MA4521, 2.50%, 1/1/2042 | 431691 | 382191 |
| Pool # MA4587, 2.50%, 4/1/2042 | 357891 | 312867 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 254447, 6.00%, 9/1/2032 | 13501 | 13884 |
| Pool # 711215, 5.50%, 6/1/2033 | 13750 | 13872 |
| Pool # 725228, 6.00%, 3/1/2034 | 32558 | 33637 |
| Pool # 790003, 6.00%, 8/1/2034 | 10992 | 11232 |
| Pool # 735503, 6.00%, 4/1/2035 | 23686 | 24591 |
| Pool # 904601, 6.00%, 11/1/2036 | 26675 | 28095 |
| Pool # 888538, 5.50%, 1/1/2037 | 13877 | 14400 |
| Pool # AB0284, 6.00%, 2/1/2037 | 25244 | 26587 |
| Pool # 956965, 6.50%, 12/1/2037 | 10578 | 11073 |
| Pool # BH7907, 6.50%, 12/1/2037 | 14421 | 15329 |
| Pool # 961793, 5.00%, 3/1/2038 | 52189 | 53301 |
| Pool # 985661, 5.50%, 6/1/2038 | 11242 | 11618 |
| Pool # AC2638, 5.00%, 10/1/2039 | 93948 | 95681 |
| Pool # AL0100, 6.00%, 10/1/2039 | 35764 | 37668 |
| Pool # AC4886, 5.00%, 11/1/2039 | 17844 | 18174 |
| Pool # 190399, 5.50%, 11/1/2039 | 56188 | 58035 |
| Pool # AB1143, 4.50%, 6/1/2040 | 55440 | 55391 |
| Pool # AD6938, 4.50%, 6/1/2040 | 90231 | 90150 |
| Pool # AB1292, 5.00%, 8/1/2040 | 12459 | 12699 |
| Pool # AL5437, 5.00%, 8/1/2040 | 60838 | 61811 |
| Pool # AB1421, 5.00%, 9/1/2040 | 29051 | 29587 |
| Pool # AE4142, 5.00%, 9/1/2040 | 28612 | 28896 |
| Pool # AE3857, 5.00%, 10/1/2040 | 345321 | 351695 |
| Pool # AE8289, 4.00%, 12/1/2040 | 67839 | 66096 |
| Pool # MA0622, 3.50%, 1/1/2041 | 23214 | 21959 |
| Pool # AH2312, 5.00%, 1/1/2041 | 62010 | 63155 |
| Pool # AE0828, 3.50%, 2/1/2041 | 13048 | 12344 |
| Pool # AH3804, 4.00%, 2/1/2041 | 14834 | 14454 |
| Pool # MA0639, 4.00%, 2/1/2041 | 23675 | 23059 |
| Pool # AL0241, 4.00%, 4/1/2041 | 49111 | 47824 |
| Pool # AI1887, 4.50%, 5/1/2041 | 195809 | 195671 |
| Pool # BM3118, 6.00%, 7/1/2041 | 58042 | 61135 |
| Pool # AJ2293, 4.00%, 9/1/2041 | 13577 | 13226 |
| Pool # AW8154, 3.50%, 1/1/2042 | 15925 | 15019 |
| Pool # AX5318, 4.50%, 1/1/2042 | 46836 | 46794 |
| Pool # BD4480, 4.50%, 1/1/2042 | 277592 | 274689 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # AL1998, 4.00%, 3/1/2042 | 72014 | 70082 |
| Pool # AO4134, 3.50%, 6/1/2042 | 9102 | 8567 |
| Pool # AB6632, 3.50%, 10/1/2042 | 95812 | 90077 |
| Pool # AB6633, 3.50%, 10/1/2042 | 16881 | 15867 |
| Pool # AL3344, 4.50%, 10/1/2042 | 99591 | 99371 |
| Pool # AB6828, 3.50%, 11/1/2042 | 1236 | 1163 |
| Pool # AL3182, 3.50%, 12/1/2042 | 14001 | 13189 |
| Pool # AB7964, 3.50%, 2/1/2043 | 1719 | 1614 |
| Pool # AR2271, 3.50%, 2/1/2043 | 229203 | 214893 |
| Pool # BM4751, 3.50%, 3/1/2043 | 24601 | 23187 |
| Pool # AB8742, 4.00%, 3/1/2043 | 10589 | 10287 |
| Pool # AR6770, 4.00%, 3/1/2043 | 12045 | 11651 |
| Pool # AB9194, 3.50%, 5/1/2043 | 93257 | 87376 |
| Pool # AT2612, 3.50%, 9/1/2043 | 60895 | 57150 |
| Pool # AU4256, 3.50%, 9/1/2043 | 19517 | 18220 |
| Pool # AL4062, 4.00%, 9/1/2043 | 19940 | 19280 |
| Pool # BM4635, 2.50%, 10/1/2043 | 124580 | 110397 |
| Pool # AS1121, 4.00%, 11/1/2043 | 24159 | 23262 |
| Pool # AV0022, 4.00%, 11/1/2043 | 346522 | 333333 |
| Pool # AV6103, 4.00%, 1/1/2044 | 128549 | 123418 |
| Pool # BC1737, 4.00%, 1/1/2044 | 44374 | 43782 |
| Pool # BM5365, 4.00%, 3/1/2044 | 52899 | 51547 |
| Pool # FM1744, 3.50%, 5/1/2044 | 23163 | 21792 |
| Pool # AS2700, 4.00%, 6/1/2044 | 29641 | 28458 |
| Pool # AW6233, 4.50%, 6/1/2044 | 305775 | 301327 |
| Pool # AS2947, 4.00%, 7/1/2044 | 30969 | 29704 |
| Pool # AL9072, 5.00%, 7/1/2044 | 49152 | 50191 |
| Pool # AL9569, 5.00%, 8/1/2044 | 73869 | 75534 |
| Pool # AX0152, 4.50%, 9/1/2044 | 18081 | 17782 |
| Pool # AS3867, 4.00%, 11/1/2044 | 7803 | 7446 |
| Pool # FM1746, 3.50%, 1/1/2045 | 70368 | 66130 |
| Pool # FM0015, 4.00%, 2/1/2045 | 74877 | 72615 |
| Pool # MA2193, 4.50%, 2/1/2045 | 5738 | 5648 |
| Pool # FM3414, 4.00%, 3/1/2045 | 488994 | 466267 |
| Pool # BM3398, 3.50%, 4/1/2045 | 11310 | 10622 |
| Pool # AS5851, 4.50%, 9/1/2045 | 8088 | 7961 |
| Pool # AS6184, 3.50%, 11/1/2045 | 101595 | 94637 |
| Pool # BA0315, 3.50%, 11/1/2045 | 381813 | 354461 |
| Pool # FM1869, 4.00%, 11/1/2045 | 50843 | 48569 |
| Pool # BC0066, 3.50%, 12/1/2045 | 23979 | 22206 |
| Pool # FM3413, 4.00%, 1/1/2046 | 59134 | 56727 |
| Pool # FM2323, 4.00%, 2/1/2046 | 30523 | 29708 |
| Pool # AL9128, 4.50%, 2/1/2046 | 14428 | 14427 |
| Pool # AS6811, 3.00%, 3/1/2046 | 19930 | 17896 |
| Pool # BM4834, 3.00%, 3/1/2046 | 22235 | 20305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FM1782, 4.00%, 3/1/2046 | 9683 | 9323 |
| Pool # FM2195, 4.00%, 3/1/2046 | 21932 | 21332 |
| Pool # AS7003, 3.00%, 4/1/2046 | 28056 | 25109 |
| Pool # AS7198, 4.50%, 5/1/2046 | 79206 | 77962 |
| Pool # AS7660, 2.50%, 8/1/2046 | 180036 | 154058 |
| Pool # AL9385, 3.00%, 11/1/2046 | 39318 | 35107 |
| Pool # MA2806, 3.00%, 11/1/2046 | 124311 | 110999 |
| Pool # BM3288, 3.50%, 12/1/2046 | 16838 | 15701 |
| Pool # FM2807, 3.00%, 1/1/2047 | 63437 | 57134 |
| Pool # 890856, 3.50%, 1/1/2047 | 104544 | 96914 |
| Pool # FM3374, 3.50%, 1/1/2047 | 112748 | 106515 |
| Pool # FM0041, 3.00%, 2/1/2047 | 511454 | 456773 |
| Pool # BM5955, 4.00%, 2/1/2047 | 25137 | 24018 |
| Pool # BM5270, 4.50%, 2/1/2047 | 12413 | 12402 |
| Pool # BM4350, 3.00%, 3/1/2047 | 603137 | 541902 |
| Pool # MA2920, 3.00%, 3/1/2047 | 6241 | 5570 |
| Pool # AS9313, 4.00%, 3/1/2047 | 12231 | 11644 |
| Pool # FM4735, 3.00%, 4/1/2047 | 132653 | 117710 |
| Pool # AS9480, 4.50%, 4/1/2047 | 18121 | 17837 |
| Pool # FM1772, 4.50%, 5/1/2047 | 11274 | 11264 |
| Pool # BD0667, 4.50%, 6/1/2047 | 348457 | 339688 |
| Pool # AS9946, 3.50%, 7/1/2047 | 34096 | 31519 |
| Pool # BM1568, 3.50%, 7/1/2047 | 49765 | 46572 |
| Pool # BH7375, 3.50%, 8/1/2047 | 39138 | 36180 |
| Pool # CA0148, 4.50%, 8/1/2047 | 8249 | 8072 |
| Pool # CA0850, 3.00%, 9/1/2047 | 28779 | 25632 |
| Pool # MA3147, 3.00%, 10/1/2047 | 32260 | 28733 |
| Pool # BM2003, 4.00%, 10/1/2047 | 122468 | 116593 |
| Pool # BH9392, 3.50%, 11/1/2047 | 10688 | 9813 |
| Pool # CA0681, 3.50%, 11/1/2047 | 172695 | 160039 |
| Pool # CA4015, 3.00%, 1/1/2048 | 7590 | 6749 |
| Pool # BJ6154, 3.50%, 1/1/2048 | 120659 | 111464 |
| Pool # MA3238, 3.50%, 1/1/2048 | 38947 | 35814 |
| Pool # BJ5910, 3.50%, 2/1/2048 | 178078 | 165972 |
| Pool # BM4054, 4.00%, 5/1/2048 | 73412 | 70220 |
| Pool # BM4757, 3.50%, 7/1/2048 | 30463 | 28313 |
| Pool # FM3438, 3.00%, 8/1/2048 | 548367 | 489595 |
| Pool # BM2007, 4.00%, 9/1/2048 | 3341 | 3179 |
| Pool # CA2368, 4.00%, 9/1/2048 | 21766 | 20702 |
| Pool # CA4655, 3.50%, 10/1/2048 | 74473 | 68802 |
| Pool # MA3495, 4.00%, 10/1/2048 | 21629 | 20568 |
| Pool # CA2432, 4.50%, 10/1/2048 | 39063 | 38224 |
| Pool # FM7895, 3.50%, 11/1/2048 | 210511 | 195625 |
| Pool # FM1248, 4.50%, 11/1/2048 | 12631 | 12396 |
| Pool # CA2797, 4.50%, 12/1/2048 | 75148 | 73688 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # FM0030, 3.00%, 2/1/2049 | 40381 | 36041 |
| Pool # FM6237, 3.50%, 4/1/2049 | 451471 | 418285 |
| Pool # MA3637, 3.50%, 4/1/2049 | 13360 | 12219 |
| Pool # MA3638, 4.00%, 4/1/2049 | 12743 | 12104 |
| Pool # BN5418, 4.50%, 4/1/2049 | 13812 | 13533 |
| Pool # MA3663, 3.50%, 5/1/2049 | 775319 | 708986 |
| Pool # MA3664, 4.00%, 5/1/2049 | 6287 | 5968 |
| Pool # FM4074, 4.50%, 5/1/2049 | 215884 | 211206 |
| Pool # CA4358, 3.50%, 7/1/2049 | 13492 | 12332 |
| Pool # MA3692, 3.50%, 7/1/2049 | 783576 | 716376 |
| Pool # FM1672, 4.50%, 7/1/2049 | 682674 | 681367 |
| Pool # MA3745, 3.50%, 8/1/2049 | 893142 | 816360 |
| Pool # MA3746, 4.00%, 8/1/2049 | 9215 | 8742 |
| Pool # FM1385, 5.00%, 8/1/2049 | 265568 | 267612 |
| Pool # BO4012, 3.00%, 9/1/2049 | 95278 | 82741 |
| Pool # FM1449, 3.50%, 9/1/2049 | 112123 | 102473 |
| Pool # FM4430, 3.50%, 9/1/2049 | 226638 | 207360 |
| Pool # FM3572, 4.50%, 9/1/2049 | 58774 | 57549 |
| Pool # MA3803, 3.50%, 10/1/2049 | 30809 | 28150 |
| Pool # MA3833, 2.50%, 11/1/2049 | 753020 | 632762 |
| Pool # BK0350, 3.00%, 11/1/2049 | 675272 | 598176 |
| Pool # FM2363, 3.00%, 1/1/2050 | 1300620 | 1155213 |
| Pool # CA5021, 3.50%, 1/1/2050 | 28564 | 26090 |
| Pool # FM5922, 3.50%, 1/1/2050 | 296018 | 270458 |
| Pool # MA3906, 3.50%, 1/1/2050 | 28575 | 26097 |
| Pool # FM2733, 2.50%, 3/1/2050 | 83356 | 70034 |
| Pool # FM4372, 3.50%, 3/1/2050 | 397434 | 365320 |
| Pool # BP2403, 3.50%, 4/1/2050 | 239724 | 218599 |
| Pool # BP5001, 2.50%, 5/1/2050 | 470981 | 395413 |
| Pool # FM3257, 3.00%, 5/1/2050 | 196660 | 174954 |
| Pool # MA4078, 2.50%, 7/1/2050 | 1079324 | 905930 |
| Pool # BP6626, 2.00%, 8/1/2050 | 2009857 | 1611012 |
| Pool # MA4100, 2.00%, 8/1/2050 | 933091 | 741292 |
| Pool # BP9500, 2.50%, 8/1/2050 | 74672 | 62676 |
| Pool # FM5750, 4.00%, 8/1/2050 | 257377 | 243005 |
| Pool # CA7017, 2.00%, 9/1/2050 | 1185690 | 967551 |
| Pool # BK3044, 2.50%, 9/1/2050 | 650815 | 546193 |
| Pool # BP6702, 2.50%, 9/1/2050 | 491663 | 413948 |
| Pool # FM8260, 4.00%, 9/1/2050 | 433931 | 413541 |
| Pool # MA4159, 2.50%, 10/1/2050 | 483932 | 403915 |
| Pool # CA7603, 2.50%, 11/1/2050 | 262098 | 219880 |
| Pool # MA4183, 2.50%, 11/1/2050 | 2162455 | 1807520 |
| Pool # CA8005, 1.50%, 12/1/2050 | 145504 | 109943 |
| Pool # CA8222, 1.50%, 12/1/2050 | 251494 | 190505 |
| Pool # MA4209, 1.50%, 12/1/2050 | 1116821 | 843603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BQ5160, 2.00%, 12/1/2050 | 2246603 | 1799035 |
| Pool # FM6241, 2.00%, 1/1/2051 | 3020937 | 2418461 |
| Pool # FM5854, 2.50%, 1/1/2051 | 147214 | 124254 |
| Pool # MA4254, 1.50%, 2/1/2051 | 298943 | 225813 |
| Pool # CA9190, 2.00%, 2/1/2051 | 153823 | 122791 |
| Pool # BR3515, 2.50%, 2/1/2051 | 139622 | 117067 |
| Pool # FM6523, 2.50%, 3/1/2051 | 234381 | 196517 |
| Pool # FM6764, 2.50%, 3/1/2051 | 739475 | 614260 |
| Pool # FM6537, 2.00%, 4/1/2051 | 2372799 | 1921961 |
| Pool # MA4306, 2.50%, 4/1/2051 | 990880 | 830117 |
| Pool # MA4343, 1.50%, 5/1/2051 | 348995 | 263497 |
| Pool # FM7066, 2.50%, 5/1/2051 | 636452 | 535085 |
| Pool # MA4354, 1.50%, 6/1/2051 | 448236 | 338422 |
| Pool # CB0727, 2.50%, 6/1/2051 | 1185056 | 993920 |
| Pool # FM7418, 2.50%, 6/1/2051 | 731363 | 617444 |
| Pool # MA4356, 2.50%, 6/1/2051 | 4560560 | 3815408 |
| Pool # MA4377, 1.50%, 7/1/2051 | 158974 | 120098 |
| Pool # FM8194, 2.00%, 7/1/2051 | 327231 | 259968 |
| Pool # CB1027, 2.50%, 7/1/2051 | 227700 | 189772 |
| Pool # MA4379, 2.50%, 7/1/2051 | 3412490 | 2849880 |
| Pool # FM8278, 3.50%, 7/1/2051 | 282724 | 257324 |
| Pool # BR2236, 2.50%, 8/1/2051 | 221318 | 184329 |
| Pool # BR2237, 2.50%, 8/1/2051 | 435234 | 363995 |
| Pool # CB1276, 2.50%, 8/1/2051 | 638221 | 533212 |
| Pool # FM8320, 2.50%, 8/1/2051 | 1377817 | 1146129 |
| Pool # FM8730, 2.00%, 9/1/2051 | 854593 | 678930 |
| Pool # MA4413, 2.00%, 9/1/2051 | 663205 | 528601 |
| Pool # CB2364, 2.00%, 12/1/2051 | 4126430 | 3292628 |
| Pool # FM9868, 2.50%, 12/1/2051 | 447484 | 377414 |
| Pool # FM9870, 2.50%, 12/1/2051 | 454902 | 382372 |
| Pool # MA4493, 2.50%, 12/1/2051 | 762841 | 636675 |
| Pool # MA4512, 2.50%, 1/1/2052 | 814213 | 679359 |
| Pool # CB2773, 2.00%, 2/1/2052 | 1680214 | 1340561 |
| Pool # BV4248, 2.00%, 3/1/2052 | 798670 | 644516 |
| Pool # CB3040, 2.00%, 3/1/2052 | 4347505 | 3466164 |
| Pool # MA4577, 2.00%, 4/1/2052 | 1348296 | 1075367 |
| Pool # FS1538, 3.00%, 4/1/2052 | 401813 | 351222 |
| Pool # CB3608, 3.50%, 5/1/2052 | 165118 | 149671 |
| Pool # MA4622, 2.00%, 6/1/2052 | 4284195 | 3411463 |
| Pool # MA4624, 3.00%, 6/1/2052 | 11585183 | 10058690 |
| Pool # CB4209, 3.50%, 7/1/2052 | 862648 | 780189 |
| Pool # MA4699, 3.50%, 8/1/2052 | 1721726 | 1557808 |
| Pool # MA4700, 4.00%, 8/1/2052 | 2520027 | 2356021 |
| Pool # MA4701, 4.50%, 8/1/2052 | 827675 | 798760 |
| Pool # FS2619, 5.00%, 8/1/2052 | 811370 | 804589 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # FS3392, 4.00%, 9/1/2052 | 799952 | 748509 |
| Pool # MA4732, 4.00%, 9/1/2052 | 419300 | 392011 |
| Pool # MA4805, 4.50%, 11/1/2052 | 8287 | 7995 |
| Pool # MA4840, 4.50%, 12/1/2052 | 840769 | 812951 |
| Pool # FS3455, 5.00%, 12/1/2052 | 736014 | 733758 |
| Pool # MA4869, 5.50%, 1/1/2053 | 1188048 | 1200303 |
| Pool # MA4933, 3.50%, 2/1/2053 | 1121487 | 1013533 |
| Pool # MA4918, 5.00%, 2/1/2053 | 1629467 | 1614505 |
| Pool # CB5600, 5.50%, 2/1/2053 | 814674 | 827522 |
| Pool # MA4919, 5.50%, 2/1/2053 | 1562662 | 1578461 |
| Pool # MA4920, 6.00%, 2/1/2053 | 1875921 | 1925462 |
| Pool # MA4962, 4.00%, 3/1/2053 | 1749100 | 1634722 |
| Pool # BX7958, 5.00%, 3/1/2053 | 785012 | 781482 |
| Pool # CB5906, 5.50%, 3/1/2053 | 243352 | 245819 |
| Pool # MA4943, 6.50%, 3/1/2053 | 710553 | 739524 |
| Pool # MA4964, 7.00%, 3/1/2053 | 266820 | 281014 |
| Pool # MA4979, 5.50%, 4/1/2053 | 783075 | 790831 |
| Pool # MA5038, 5.00%, 6/1/2053 | 3245795 | 3214820 |
| Pool # MA5071, 5.00%, 7/1/2053 | 1723074 | 1704139 |
| Pool # MA5072, 5.50%, 7/1/2053 | 5732446 | 5779491 |
| Pool # CB6874, 6.00%, 8/1/2053 | 733911 | 756123 |
| Pool # MA5138, 5.50%, 9/1/2053 | 831140 | 838669 |
| Pool # DA4550, 6.50%, 11/1/2053 | 1714686 | 1783394 |
| Pool # MA5192, 6.50%, 11/1/2053 | 651047 | 674639 |
| Pool # MA5217, 6.50%, 12/1/2053 | 235401 | 243931 |
| Pool # FS6772, 7.00%, 1/1/2054 | 316658 | 334521 |
| Pool # MA5445, 6.00%, 8/1/2054 | 625525 | 639157 |
| Pool # MA5499, 6.50%, 10/1/2054 | 1238983 | 1287118 |
| FNMA/FHLMC UMBS, Single Family, 15 Year  |  |  |
| TBA, 1.50%, 9/25/2040 (a) | 1826000 | 1632075 |
| TBA, 3.00%, 9/25/2040 (a) | 78000 | 74569 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.00%, 9/25/2055 (a) | 1257000 | 998021 |
| TBA, 3.00%, 9/25/2055 (a) | 3703000 | 3207567 |
| TBA, 3.50%, 9/25/2055 (a) | 211000 | 190593 |
| TBA, 4.00%, 9/25/2055 (a) | 2552000 | 2381140 |
| TBA, 4.50%, 9/25/2055 (a) | 2547000 | 2449469 |
| TBA, 5.00%, 9/25/2055 (a) | 4417000 | 4355725 |
| TBA, 5.50%, 9/25/2055 (a) | 2526000 | 2540221 |
| GNMA I, 30 Year  |  |  |
| Pool # 704155, 5.50%, 1/15/2039 | 11189 | 11503 |
| Pool # 726769, 5.00%, 9/15/2039 | 10970 | 11182 |
| Pool # 754439, 3.50%, 12/15/2041 | 71300 | 66791 |
| Pool # 783748, 3.50%, 4/15/2043 | 50865 | 47489 |
| Pool # 784660, 4.00%, 4/15/2043 | 4189 | 4021 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AC2224, 3.50%, 6/15/2043 | 35140 | 32786 |
| Pool # AJ4151, 4.00%, 9/15/2044 | 156085 | 148759 |
| Pool # AL9314, 3.00%, 3/15/2045 | 29895 | 26685 |
| Pool # 784664, 4.00%, 4/15/2045 | 16102 | 15452 |
| Pool # AO0544, 3.00%, 8/15/2045 | 17475 | 15598 |
| GNMA II, 15 Year  |  |  |
| Pool # MA0513, 2.50%, 11/20/2027 | 15653 | 15390 |
| Pool # MA4625, 3.50%, 8/20/2032 | 12290 | 12120 |
| Pool # MA6906, 2.50%, 10/20/2035 | 246278 | 233540 |
| GNMA II, 30 Year  |  |  |
| Pool # 3459, 5.50%, 10/20/2033 | 29237 | 29957 |
| Pool # 4467, 4.00%, 6/20/2039 | 9021 | 8634 |
| Pool # 4494, 4.00%, 7/20/2039 | 9904 | 9560 |
| Pool # 4576, 4.00%, 11/20/2039 | 4588 | 4388 |
| Pool # 4656, 4.00%, 3/20/2040 | 7379 | 7094 |
| Pool # 4677, 4.00%, 4/20/2040 | 19989 | 19264 |
| Pool # 4695, 4.00%, 5/20/2040 | 2193 | 2114 |
| Pool # 4712, 4.00%, 6/20/2040 | 3459 | 3325 |
| Pool # 4800, 4.00%, 9/20/2040 | 3547 | 3402 |
| Pool # 737727, 4.00%, 12/20/2040 | 29779 | 28417 |
| Pool # 4945, 4.00%, 2/20/2041 | 7629 | 7318 |
| Pool # 4950, 5.50%, 2/20/2041 | 12653 | 13061 |
| Pool # 4976, 3.50%, 3/20/2041 | 9590 | 8992 |
| Pool # 4977, 4.00%, 3/20/2041 | 14318 | 13734 |
| Pool # 5016, 4.00%, 4/20/2041 | 5438 | 5216 |
| Pool # 5054, 4.00%, 5/20/2041 | 8488 | 8142 |
| Pool # 5114, 4.00%, 7/20/2041 | 1133 | 1087 |
| Pool # 5233, 4.00%, 11/20/2041 | 1389 | 1333 |
| Pool # 5258, 3.50%, 12/20/2041 | 84544 | 79266 |
| Pool # 5259, 4.00%, 12/20/2041 | 5352 | 5133 |
| Pool # 5279, 3.50%, 1/20/2042 | 15786 | 14798 |
| Pool # 5330, 3.00%, 3/20/2042 | 10802 | 9863 |
| Pool # 796468, 4.00%, 9/20/2042 | 13937 | 13299 |
| Pool # 783976, 3.50%, 4/20/2043 | 15503 | 14516 |
| Pool # MA1376, 4.00%, 10/20/2043 | 73808 | 70641 |
| Pool # AI7106, 4.00%, 6/20/2044 | 27640 | 26238 |
| Pool # MA2678, 3.50%, 3/20/2045 | 98183 | 91397 |
| Pool # MA2679, 4.00%, 3/20/2045 | 34300 | 32688 |
| Pool # MA2753, 3.00%, 4/20/2045 | 49942 | 44964 |
| Pool # MA2829, 5.00%, 5/20/2045 | 18086 | 18377 |
| Pool # 784119, 3.00%, 2/20/2046 | 111464 | 100209 |
| Pool # MA3458, 5.50%, 2/20/2046 | 23117 | 23862 |
| Pool # MA3735, 3.00%, 6/20/2046 | 203311 | 182717 |
| Pool # MA4072, 5.00%, 11/20/2046 | 18276 | 18637 |
| Pool # MA4126, 3.00%, 12/20/2046 | 40814 | 36633 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # MA4511, 4.00%, 6/20/2047 | 124056 | 117609 |
| Pool # BA5041, 5.00%, 6/20/2047 | 66732 | 66780 |
| Pool # MA4718, 3.00%, 9/20/2047 | 5565 | 4988 |
| Pool # MA4837, 3.50%, 11/20/2047 | 6158554 | 5702922 |
| Pool # MA5019, 3.50%, 2/20/2048 | 170673 | 157968 |
| Pool # MA5329, 3.50%, 7/20/2048 | 6002 | 5538 |
| Pool # MA5468, 5.00%, 9/20/2048 | 4574 | 4606 |
| Pool # MA5527, 3.50%, 10/20/2048 | 22398 | 20683 |
| Pool # MA5595, 4.00%, 11/20/2048 | 27894 | 26404 |
| Pool # MA5651, 4.00%, 12/20/2048 | 134134 | 126995 |
| Pool # MA5709, 3.50%, 1/20/2049 | 63791 | 59113 |
| Pool # BI6473, 4.00%, 1/20/2049 | 668391 | 634865 |
| Pool # MA5711, 4.50%, 1/20/2049 | 3757546 | 3688757 |
| Pool # MA5985, 3.50%, 6/20/2049 | 32518 | 29702 |
| Pool # MA6220, 4.00%, 10/20/2049 | 140436 | 131824 |
| Pool # MA6283, 3.00%, 11/20/2049 | 401371 | 357133 |
| Pool # MA6478, 5.00%, 2/20/2050 | 18178 | 18344 |
| Pool # MA6542, 3.50%, 3/20/2050 | 180768 | 165837 |
| Pool # MA6819, 2.50%, 8/20/2050 | 2541984 | 2171061 |
| Pool # MA7051, 2.00%, 12/20/2050 | 1811453 | 1484448 |
| Pool # MA7055, 4.00%, 12/20/2050 | 178565 | 168480 |
| Pool # MA7135, 2.00%, 1/20/2051 | 2069399 | 1695829 |
| Pool # MA7417, 2.00%, 6/20/2051 | 2465894 | 2020749 |
| Pool # MA7420, 3.50%, 6/20/2051 | 325077 | 297556 |
| Pool # MA7473, 3.00%, 7/20/2051 | 394964 | 350185 |
| Pool # MA7590, 3.00%, 9/20/2051 | 3749587 | 3322336 |
| Pool # MA7704, 2.00%, 11/20/2051 | 5191905 | 4254658 |
| Pool # MA7705, 2.50%, 11/20/2051 | 9309810 | 7939355 |
| Pool # MA7766, 2.00%, 12/20/2051 | 1867869 | 1530680 |
| Pool # MA7988, 3.00%, 4/20/2052 | 2279385 | 2019353 |
| Pool # MA8043, 3.00%, 5/20/2052 | 1974497 | 1749246 |
| Pool # MA8267, 4.00%, 9/20/2052 | 968685 | 911411 |
| Pool # MA8269, 5.00%, 9/20/2052 | 497018 | 494606 |
| Pool # MA8270, 5.50%, 9/20/2052 | 686871 | 698166 |
| Pool # MA8346, 4.00%, 10/20/2052 | 1753348 | 1649409 |
| Pool # MA8493, 6.50%, 12/20/2052 | 163503 | 168933 |
| Pool # MA8573, 7.00%, 1/20/2053 | 313421 | 325392 |
| Pool # MA8800, 5.00%, 4/20/2053 | 2046971 | 2037662 |
| Pool # 786633, 6.00%, 4/20/2053 | 1503350 | 1541231 |
| Pool # MA8879, 5.50%, 5/20/2053 | 1956812 | 1982062 |
| Pool # MA8947, 5.00%, 6/20/2053 | 1707315 | 1697885 |
| Pool # MA9019, 6.50%, 7/20/2053 | 361134 | 372710 |
| Pool # MA9105, 5.00%, 8/20/2053 | 1737681 | 1723630 |
| Pool # MA9173, 6.50%, 9/20/2053 | 513053 | 529369 |
| Pool # MA9365, 7.00%, 12/20/2053 | 763510 | 793701 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # MA9907, 6.00%, 9/20/2054 | 4688004 | 4784789 |
| Pool # MB0309, 6.00%, 4/20/2055 | 1631893 | 1665116 |
| Pool # MB0368, 6.50%, 5/20/2055 | 2244026 | 2310180 |
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 2.50%, 9/15/2055 (a) | 1006000 | 857439 |
| TBA, 3.00%, 9/15/2055 (a) | 556000 | 492297 |
| TBA, 3.50%, 9/15/2055 (a) | 1871000 | 1702692 |
| TBA, 4.00%, 9/15/2055 (a) | 1986000 | 1852434 |
| TBA, 4.50%, 9/15/2055 (a) | 3949000 | 3802798 |
| TBA, 5.50%, 9/15/2055 (a) | 1052000 | 1059722 |
| TBA, 5.00%, 10/15/2055 (a) | 732000 | 723993 |
| TBA, 5.50%, 10/15/2055 (a) | 3740000 | 3763801 |
| Total Mortgage-Backed Securities <br>(Cost $324,490,320)<br>|  | 310356151 |
| **Corporate Bonds — 23.8%** | **Corporate Bonds — 23.8%** | **Corporate Bonds — 23.8%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 3.10%, 5/1/2026 | 159000 | 157489 |
| 3.25%, 3/1/2028 | 1143000 | 1113632 |
| 3.60%, 5/1/2034 | 637000 | 567374 |
| 3.55%, 3/1/2038 | 1226000 | 1005518 |
| 3.75%, 2/1/2050 | 33000 | 23405 |
| General Dynamics Corp.  | General Dynamics Corp.  | General Dynamics Corp.  |
| 1.15%, 6/1/2026 | 205000 | 200393 |
| 4.25%, 4/1/2040 | 25000 | 22561 |
| 2.85%, 6/1/2041 | 10000 | 7336 |
| Leidos, Inc. 4.38%, 5/15/2030 | 454000 | 451650 |
| Lockheed Martin Corp.  | Lockheed Martin Corp.  | Lockheed Martin Corp.  |
| 3.60%, 3/1/2035 | 1748000 | 1591756 |
| Series B, 6.15%, 9/1/2036 | 15000 | 16500 |
| 4.70%, 5/15/2046 | 10000 | 8917 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 4.40%, 5/1/2030 | 30000 | 30235 |
| 4.03%, 10/15/2047 | 20000 | 15830 |
| 5.20%, 6/1/2054 | 91000 | 83769 |
| Precision Castparts Corp. 4.38%, 6/15/2045 | 33000 | 27961 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.00%, 2/27/2026 | 12000 | 12026 |
| 7.20%, 8/15/2027 | 50000 | 53003 |
| 2.82%, 9/1/2051 | 15000 | 9133 |
| 3.03%, 3/15/2052 | 796000 | 503577 |
| Textron, Inc. 3.65%, 3/15/2027 | 454000 | 449348 |
|  |  | 6351413 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| FedEx Corp.  | FedEx Corp.  | FedEx Corp.  |
| 3.10%, 8/5/2029 | 274000 | 262700 |
| 4.25%, 5/15/2030 | 637000 | 639430 |
| 3.88%, 8/1/2042 (b) | 204000 | 158173 |
| 4.75%, 11/15/2045 | 10000 | 8337 |
| 4.55%, 4/1/2046 (c) | 50000 | 40794 |
| 4.40%, 1/15/2047 (c) | 135000 | 106541 |
| United Parcel Service, Inc.  | United Parcel Service, Inc.  | United Parcel Service, Inc.  |
| 4.45%, 4/1/2030 | 310000 | 315228 |
| 6.20%, 1/15/2038 | 136000 | 148142 |
| 4.88%, 11/15/2040 | 225000 | 212156 |
| 3.63%, 10/1/2042 | 589000 | 463608 |
| 3.40%, 9/1/2049 | 595000 | 411376 |
| 5.60%, 5/22/2064 | 100000 | 94710 |
|  |  | 2861195 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv Swiss Holdings Ltd. 3.10%, 12/1/2051 | 654000 | 393905 |
| BorgWarner, Inc. 2.65%, 7/1/2027 | 10000 | 9735 |
|  |  | 403640 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| General Motors Co.  | General Motors Co.  | General Motors Co.  |
| 5.40%, 10/15/2029 | 350000 | 360839 |
| 5.15%, 4/1/2038 | 547000 | 511431 |
| Toyota Motor Corp. (Japan) 2.76%, <br> 7/2/2029<br>| 120000 | 114503 |
|  |  | 986773 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 3.31%, 6/27/2029 | 200000 | 193174 |
| 5.57%, 1/17/2030 | 200000 | 208772 |
| 2.75%, 12/3/2030 | 400000 | 360609 |
| 5.44%, 7/15/2031 | 200000 | 209494 |
| 6.92%, 8/8/2033 | 400000 | 440229 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| 3.50%, 4/19/2026 | 635000 | 632179 |
| 4.25%, 10/22/2026 | 27000 | 26998 |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (d) | 293000 | 286086 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 3.71%, 4/24/2028 (d)<br>| 525000 | 520670 |
| (3-MONTH CME TERM SOFR + 1.63%), <br> 3.59%, 7/21/2028 (d)<br>| 752000 | 743742 |
| (SOFR + 1.11%), 4.62%, 5/9/2029 (d) | 72000 | 72810 |
| (SOFR + 1.06%), 2.09%, 6/14/2029 (d) | 960000 | 906908 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH CME TERM SOFR + 1.47%), <br> 3.97%, 2/7/2030 (d)<br>| 693000 | 687171 |
| Series N, (SOFR + 1.22%), 2.65%, <br> 3/11/2032 (d)<br>| 1604000 | 1457238 |
| (SOFR + 1.83%), 4.57%, 4/27/2033 (d) | 487000 | 481998 |
| (SOFR + 2.16%), 5.02%, 7/22/2033 (d) | 193000 | 195974 |
| (SOFR + 1.74%), 5.52%, 10/25/2035 (d) | 24000 | 24203 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.00%), 3.85%, 3/8/2037 (d)<br>| 346000 | 319415 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (d) | 356000 | 256140 |
| (SOFR + 1.58%), 3.31%, 4/22/2042 (d) | 155000 | 119180 |
| 5.00%, 1/21/2044 | 1937000 | 1833477 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 5.25%, 6/12/2028 | 306000 | 316146 |
| 4.85%, 2/1/2030 | 100000 | 102227 |
| 2.45%, 2/2/2032 | 224000 | 196688 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.05%), 4.59%, 5/4/2037 (d) (e)<br>| 130000 | 124705 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| 4.84%, 5/9/2028 | 1361000 | 1366916 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.00%), 5.75%, 8/9/2033 (d)<br>| 754000 | 787346 |
| (SOFR + 1.91%), 5.34%, 9/10/2035 (d) | 250000 | 250273 |
| BPCE SA (France) 3.38%, 12/2/2026 | 260000 | 257636 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.14%), 4.64%, 5/7/2028 (d) | 75000 | 75396 |
| (3-MONTH CME TERM SOFR + 1.65%), <br> 3.67%, 7/24/2028 (d)<br>| 259000 | 256071 |
| 4.13%, 7/25/2028 | 219000 | 218670 |
| (SOFR + 0.87%), 4.79%, 3/4/2029 (d) | 75000 | 75968 |
| (3-MONTH CME TERM SOFR + 1.60%), <br> 3.98%, 3/20/2030 (d)<br>| 719000 | 710008 |
| (SOFR + 3.91%), 4.41%, 3/31/2031 (d) | 759000 | 757020 |
| (SOFR + 2.11%), 2.57%, 6/3/2031 (d) | 1812000 | 1663511 |
| (SOFR + 1.94%), 3.79%, 3/17/2033 (d) | 38000 | 35746 |
| (SOFR + 2.09%), 4.91%, 5/24/2033 (d) | 250000 | 250869 |
| (SOFR + 2.34%), 6.27%, 11/17/2033 (d) | 1025000 | 1111000 |
| (SOFR + 2.06%), 5.83%, 2/13/2035 (d) | 100000 | 102574 |
| 5.88%, 1/30/2042 | 70000 | 72500 |
| Cooperatieve Rabobank UA (Netherlands) <br> 5.25%, 8/4/2045<br>| 349000 | 325265 |
| Fifth Third Bancorp 8.25%, 3/1/2038 | 334000 | 409115 |
| Goldman Sachs Capital I 6.35%, 2/15/2034 | 100000 | 106166 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (d) | 255000 | 243348 |
| (SOFR + 1.97%), 6.16%, 3/9/2029 (d) | 1147000 | 1196313 |
| (3-MONTH CME TERM SOFR + 1.80%), <br> 4.58%, 6/19/2029 (d)<br>| 452000 | 454895 |
| (SOFR + 2.39%), 2.85%, 6/4/2031 (d) | 1563000 | 1448671 |
| (SOFR + 2.98%), 6.55%, 6/20/2034 (d) | 302000 | 323308 |
| (SOFR + 1.56%), 5.45%, <br> 3/3/2036 (b) (d)<br>| 877000 | 891359 |
| 6.50%, 5/2/2036 | 687000 | 735738 |
| Huntington Bancshares, Inc. (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 1.17%), 2.49%, 8/15/2036 (d)<br>| 1367000 | 1163559 |
| Korea Development Bank (The) (South Korea) <br> 4.38%, 2/15/2033<br>| 200000 | 198379 |
| Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) |
| 3.88%, 6/15/2028 | 277000 | 278926 |
| 4.63%, 3/18/2030 | 75000 | 77894 |
| 0.75%, 9/30/2030 | 466000 | 402236 |
| Zero Coupon, 4/18/2036 | 968000 | 612880 |
| Landwirtschaftliche Rentenbank (Germany) <br> 0.88%, 9/3/2030<br>| 20000 | 17390 |
| Lloyds Banking Group plc (United Kingdom) <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.50%), <br> 3.37%, 12/14/2046 (d)<br>| 202000 | 147163 |
| M&T Bank Corp. (SOFR + 1.85%), 5.05%, <br> 1/27/2034 (d)<br>| 1087000 | 1078045 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) <br> 3.75%, 7/18/2039<br>| 750000 | 650305 |
| Mizuho Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 2.26%, <br> 7/9/2032 (d)<br>| 2820000 | 2479263 |
| Morgan Stanley Bank NA (SOFR + 0.68%), <br> 4.45%, 10/15/2027 (d)<br>| 260000 | 260267 |
| National Australia Bank Ltd. (Australia) <br> 3.91%, 6/9/2027<br>| 1098000 | 1097058 |
| Oesterreichische Kontrollbank AG (Austria) | Oesterreichische Kontrollbank AG (Austria) | Oesterreichische Kontrollbank AG (Austria) |
| 0.38%, 9/17/2025 | 25000 | 24957 |
| 4.75%, 5/21/2027 | 123000 | 124981 |
| PNC Financial Services Group, Inc. (The) <br> (SOFR + 1.93%), 5.07%, 1/24/2034 (d)<br>| 340000 | 343644 |
| Regions Financial Corp. 1.80%, 8/12/2028 | 750000 | 701519 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 1.40%, 11/2/2026 | 473000 | 458926 |
| 3.63%, 5/4/2027 | 323000 | 321053 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.03%), 5.15%, 2/4/2031 (d) | 120000 | 123565 |
| 3.88%, 5/4/2032 | 135000 | 129873 |
| Santander Holdings USA, Inc. (SOFR + <br> 2.36%), 6.50%, 3/9/2029 (d)<br>| 988000 | 1034501 |
| Santander UK Group Holdings plc (United <br> Kingdom) (3-MONTH SOFR + 1.40%), <br> 3.82%, 11/3/2028 (d)<br>| 200000 | 197577 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) <br> 2.30%, 1/12/2041<br>| 555000 | 378982 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 4.11%, 6/8/2027 | 378000 | 378248 |
| 3.20%, 3/10/2032 | 31000 | 28501 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.50%), 5.15%, 9/10/2034 (d) (e)<br>| 104000 | 105450 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| 3.88%, 3/19/2029 | 69000 | 67910 |
| (SOFR + 2.24%), 4.92%, 7/28/2033 (d) | 25000 | 24652 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 3.00%, 4/22/2026 | 224000 | 222214 |
| 4.30%, 7/22/2027 | 1177000 | 1180374 |
| (SOFR + 2.10%), 2.39%, 6/2/2028 (d) | 2241000 | 2172656 |
| 4.15%, 1/24/2029 | 10000 | 9995 |
| (3-MONTH CME TERM SOFR + 1.43%), <br> 2.88%, 10/30/2030 (d)<br>| 2594000 | 2449789 |
| (3-MONTH CME TERM SOFR + 1.26%), <br> 2.57%, 2/11/2031 (d)<br>| 180000 | 166654 |
| (SOFR + 1.50%), 3.35%, 3/2/2033 (d) | 25000 | 23054 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (d) | 547000 | 567957 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (d) | 953000 | 725387 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| 1.95%, 11/20/2028 | 1551000 | 1458862 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.00%), 4.11%, 7/24/2034 (d) (e)<br>| 551000 | 538911 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.53%), 3.02%, 11/18/2036 (d) (e)<br>| 135000 | 120280 |
|  |  | 47385752 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch Cos. LLC (Belgium) 4.70%, <br> 2/1/2036<br>| 89000 | 86860 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 3.50%, 6/1/2030 | 156000 | 151807 |
| 4.90%, 1/23/2031 | 425000 | 439802 |
| 5.00%, 6/15/2034 | 484000 | 494820 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Beverages — continued** | **Beverages — continued** | **Beverages — continued** |
| 5.55%, 1/23/2049 | 50000 | 49132 |
| Coca-Cola Co. (The)  | Coca-Cola Co. (The)  | Coca-Cola Co. (The)  |
| 1.45%, 6/1/2027 | 104000 | 99933 |
| 1.65%, 6/1/2030 | 1004000 | 900915 |
| 2.50%, 6/1/2040 | 161000 | 117931 |
| 2.60%, 6/1/2050 | 1564000 | 956576 |
| 2.75%, 6/1/2060 | 100000 | 58627 |
| Coca-Cola Femsa SAB de CV (Mexico) 1.85%, <br> 9/1/2032<br>| 1085000 | 897809 |
| Keurig Dr Pepper, Inc. 4.50%, 4/15/2052 | 25000 | 19646 |
| Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  |
| 3.95%, 4/15/2029 | 1456000 | 1432375 |
| 3.80%, 5/1/2050 | 155000 | 109566 |
| PepsiCo, Inc.  | PepsiCo, Inc.  | PepsiCo, Inc.  |
| 2.75%, 3/19/2030 | 130000 | 122701 |
| 1.63%, 5/1/2030 | 66000 | 59144 |
|  |  | 5997644 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 2.95%, 11/21/2026 | 450000 | 444209 |
| 4.05%, 11/21/2039 | 516000 | 453966 |
| 4.63%, 10/1/2042 | 761000 | 691279 |
| 4.85%, 6/15/2044 | 649000 | 595841 |
| 4.45%, 5/14/2046 | 21000 | 18040 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 2.60%, 8/19/2026 | 10000 | 9853 |
| 3.20%, 11/2/2027 | 650000 | 637846 |
| 2.30%, 2/25/2031 | 1264000 | 1134435 |
| 3.15%, 2/21/2040 | 111000 | 85915 |
| 2.80%, 8/15/2041 | 30000 | 21636 |
| 4.95%, 10/1/2041 | 26000 | 24065 |
| 5.15%, 11/15/2041 | 800000 | 756554 |
| 4.56%, 6/15/2048 | 15000 | 12635 |
| 3.00%, 1/15/2052 | 18000 | 11527 |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| 2.95%, 3/1/2027 | 290000 | 285590 |
| 4.60%, 9/1/2035 | 420000 | 409987 |
| 4.00%, 9/1/2036 | 601000 | 551054 |
| 4.80%, 4/1/2044 | 35000 | 31888 |
| 4.75%, 3/1/2046 | 15000 | 13406 |
| 4.15%, 3/1/2047 | 110000 | 89856 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| 2.80%, 10/1/2050 | 15000 | 9328 |
| Regeneron Pharmaceuticals, Inc. 2.80%, <br> 9/15/2050<br>| 11000 | 6529 |
|  |  | 6295439 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) |
| 3.15%, 2/9/2051 | 260000 | 175027 |
| 3.25%, 2/9/2061 | 269000 | 172010 |
| Amazon.com, Inc.  | Amazon.com, Inc.  | Amazon.com, Inc.  |
| 3.15%, 8/22/2027 | 724000 | 714958 |
| 4.05%, 8/22/2047 | 1311000 | 1079008 |
| 2.70%, 6/3/2060 | 568000 | 324164 |
| eBay, Inc. 4.00%, 7/15/2042 | 400000 | 328208 |
|  |  | 2793375 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Carlisle Cos., Inc. 2.20%, 3/1/2032 | 117000 | 100190 |
| Carrier Global Corp.  | Carrier Global Corp.  | Carrier Global Corp.  |
| 2.49%, 2/15/2027 | 321000 | 314017 |
| 3.58%, 4/5/2050 | 14000 | 10232 |
| Fortune Brands Innovations, Inc. 4.00%, <br> 3/25/2032<br>| 28000 | 26596 |
| Johnson Controls International plc  | Johnson Controls International plc  | Johnson Controls International plc  |
| 1.75%, 9/15/2030 | 287000 | 254290 |
| 2.00%, 9/16/2031 | 174000 | 150596 |
| 4.50%, 2/15/2047 | 529000 | 447770 |
| 4.95%, 7/2/2064 (f) | 505000 | 429884 |
| Lennox International, Inc. 5.50%, <br> 9/15/2028<br>| 100000 | 103542 |
| Masco Corp. 3.13%, 2/15/2051 | 129000 | 79757 |
| Owens Corning 4.30%, 7/15/2047 | 108000 | 87554 |
|  |  | 2004428 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Affiliated Managers Group, Inc. 5.50%, <br> 8/20/2034<br>| 100000 | 101537 |
| Ares Capital Corp.  | Ares Capital Corp.  | Ares Capital Corp.  |
| 2.15%, 7/15/2026 | 497000 | 486788 |
| 5.80%, 3/8/2032 | 66000 | 66965 |
| Bank of New York Mellon Corp. (The) Series J, <br> (SOFR + 1.61%), 4.97%, 4/26/2034 (d)<br>| 2171000 | 2193490 |
| Blackstone Private Credit Fund 3.25%, <br> 3/15/2027<br>| 334000 | 326993 |
| Blue Owl Finance LLC 4.13%, 10/7/2051 | 19000 | 13394 |
| Brookfield Finance, Inc. (Canada) 4.35%, <br> 4/15/2030<br>| 110000 | 109732 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Cboe Global Markets, Inc. 1.63%, <br> 12/15/2030<br>| 11000 | 9665 |
| Charles Schwab Corp. (The) 2.00%, <br> 3/20/2028<br>| 10000 | 9534 |
| CI Financial Corp. (Canada) 3.20%, <br> 12/17/2030<br>| 952000 | 856235 |
| CME Group, Inc. 4.15%, 6/15/2048 | 45000 | 37472 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (d) | 260000 | 253603 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (d) | 416000 | 445860 |
| (SOFR + 2.76%), 3.73%, 1/14/2032 (d) | 260000 | 243353 |
| (SOFR + 3.65%), 7.08%, 2/10/2034 (d) | 444000 | 482257 |
| Franklin Resources, Inc. 1.60%, 10/30/2030 | 36000 | 31565 |
| FS KKR Capital Corp. 3.13%, 10/12/2028 | 481000 | 441641 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (d) | 2101000 | 2050491 |
| (SOFR + 1.32%), 4.94%, 4/23/2028 (d) | 50000 | 50510 |
| (3-MONTH CME TERM SOFR + 1.42%), <br> 3.81%, 4/23/2029 (d)<br>| 92000 | 91049 |
| (3-MONTH CME TERM SOFR + 1.56%), <br> 4.22%, 5/1/2029 (d)<br>| 203000 | 203030 |
| (SOFR + 1.25%), 2.38%, 7/21/2032 (d) | 2854000 | 2527346 |
| (SOFR + 1.41%), 3.10%, 2/24/2033 (d) | 824000 | 749571 |
| (SOFR + 1.63%), 3.44%, 2/24/2043 (d) | 195000 | 149211 |
| 4.75%, 10/21/2045 | 126000 | 111805 |
| Invesco Finance plc 5.38%, 11/30/2043 | 235000 | 224427 |
| Moody's Corp. 4.25%, 2/1/2029 | 76000 | 76340 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 0.88%), 1.59%, 5/4/2027 (d) | 34000 | 33361 |
| (SOFR + 0.86%), 1.51%, 7/20/2027 (d) | 2032000 | 1981576 |
| (SOFR + 1.00%), 2.48%, 1/21/2028 (d) | 367000 | 358180 |
| 3.59%, 7/22/2028 (g) | 952000 | 940369 |
| (SOFR + 1.14%), 2.70%, 1/22/2031 (d) | 936000 | 871941 |
| (SOFR + 1.02%), 1.93%, 4/28/2032 (d) | 2431000 | 2109503 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.43%), 5.95%, 1/19/2038 (d)<br>| 15000 | 15585 |
| 3.97%, 7/22/2038 (g) | 120000 | 105995 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.80%), 5.94%, 2/7/2039 (d)<br>| 10000 | 10388 |
| (3-MONTH CME TERM SOFR + 1.69%), <br> 4.46%, 4/22/2039 (d)<br>| 247000 | 230084 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (d) | 566000 | 430412 |
| Morgan Stanley Direct Lending Fund 6.15%, <br> 5/17/2029<br>| 85000 | 87800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Nasdaq, Inc.  | Nasdaq, Inc.  | Nasdaq, Inc.  |
| 2.50%, 12/21/2040 | 120000 | 83390 |
| 6.10%, 6/28/2063 | 904000 | 926844 |
| Nomura Holdings, Inc. (Japan) 2.71%, <br> 1/22/2029<br>| 1032000 | 976069 |
| Northern Trust Corp.  | Northern Trust Corp.  | Northern Trust Corp.  |
| 3.15%, 5/3/2029 | 109000 | 105773 |
| (3-MONTH SOFR + 1.13%), 3.38%, <br> 5/8/2032 (d)<br>| 160000 | 156399 |
| Raymond James Financial, Inc.  | Raymond James Financial, Inc.  | Raymond James Financial, Inc.  |
| 4.95%, 7/15/2046 | 225000 | 203700 |
| 3.75%, 4/1/2051 | 65000 | 47602 |
| Stifel Financial Corp. 4.00%, 5/15/2030 | 110000 | 107625 |
| UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) |
| 1.25%, 6/1/2026 | 344000 | 336329 |
| 1.25%, 8/7/2026 | 1369000 | 1332729 |
|  |  | 23795518 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Dow Chemical Co. (The)  | Dow Chemical Co. (The)  | Dow Chemical Co. (The)  |
| 2.10%, 11/15/2030 | 438000 | 387044 |
| 5.25%, 11/15/2041 | 639000 | 577246 |
| 4.63%, 10/1/2044 | 75000 | 60918 |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 4.73%, 11/15/2028 | 460000 | 468703 |
| 5.32%, 11/15/2038 | 88000 | 91729 |
| Eastman Chemical Co. 5.75%, 3/8/2033 | 88000 | 91575 |
| EIDP, Inc. 4.80%, 5/15/2033 | 418000 | 418688 |
| FMC Corp. 3.45%, 10/1/2029 | 340000 | 321585 |
| Sherwin-Williams Co. (The)  | Sherwin-Williams Co. (The)  | Sherwin-Williams Co. (The)  |
| 4.00%, 12/15/2042 | 134000 | 109007 |
| 4.50%, 6/1/2047 | 415000 | 348995 |
| Westlake Corp. 4.38%, 11/15/2047 | 100000 | 78176 |
|  |  | 2953666 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
| 3.00%, 5/22/2030 | 152000 | 144161 |
| 4.75%, 5/20/2032 | 97000 | 98123 |
| Republic Services, Inc. 2.38%, 3/15/2033 | 939000 | 809518 |
| Waste Connections, Inc. 2.95%, 1/15/2052 | 346000 | 217766 |
| Waste Management, Inc.  | Waste Management, Inc.  | Waste Management, Inc.  |
| 2.00%, 6/1/2029 | 70000 | 65111 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| 4.63%, 2/15/2033 | 217000 | 218084 |
| 2.50%, 11/15/2050 | 765000 | 449130 |
|  |  | 2001893 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Cisco Systems, Inc.  | Cisco Systems, Inc.  | Cisco Systems, Inc.  |
| 4.85%, 2/26/2029 | 60000 | 61620 |
| 5.90%, 2/15/2039 | 663000 | 713251 |
| Motorola Solutions, Inc. 5.60%, 6/1/2032 | 40000 | 41799 |
|  |  | 816670 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Vulcan Materials Co. 4.70%, 3/1/2048 | 111000 | 96118 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 3.65%, 7/21/2027 | 566000 | 560471 |
| 3.30%, 1/30/2032 | 1351000 | 1236552 |
| Ally Financial, Inc. 2.20%, 11/2/2028 | 675000 | 629723 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| 1.65%, 11/4/2026 | 1409000 | 1369715 |
| (SOFRINDX + 0.75%), 5.65%, <br> 4/23/2027 (d)<br>| 85000 | 85687 |
| (SOFR + 0.97%), 5.39%, 7/28/2027 (d) | 180000 | 181717 |
| (SOFR + 1.76%), 4.42%, 8/3/2033 (d) | 10000 | 9828 |
| (SOFR + 1.93%), 5.63%, 7/28/2034 (d) | 260000 | 268885 |
| American Honda Finance Corp.  | American Honda Finance Corp.  | American Honda Finance Corp.  |
| 2.00%, 3/24/2028 | 76000 | 72057 |
| 2.25%, 1/12/2029 | 36000 | 33771 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| 3.75%, 7/28/2026 | 1732000 | 1719626 |
| 3.80%, 1/31/2028 | 307000 | 304215 |
| (SOFR + 2.60%), 5.82%, 2/1/2034 (d) | 17000 | 17675 |
| Caterpillar Financial Services Corp. 1.10%, <br> 9/14/2027<br>| 1342000 | 1270209 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 6.80%, 5/12/2028 | 500000 | 519033 |
| 2.90%, 2/10/2029 | 1882000 | 1733977 |
| 7.20%, 6/10/2030 | 200000 | 212454 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 1.50%, 6/10/2026 | 435000 | 424947 |
| 2.40%, 10/15/2028 | 1448000 | 1365719 |
| John Deere Capital Corp.  | John Deere Capital Corp.  | John Deere Capital Corp.  |
| 3.05%, 1/6/2028 | 50000 | 49002 |
| 3.35%, 4/18/2029 | 322000 | 314764 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| Synchrony Financial  | Synchrony Financial  | Synchrony Financial  |
| 5.15%, 3/19/2029 | 35000 | 35434 |
| 2.88%, 10/28/2031 | 18000 | 15959 |
| Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
| 5.40%, 11/20/2026 | 80000 | 81297 |
| 1.15%, 8/13/2027 | 852000 | 807744 |
| 3.05%, 1/11/2028 | 504000 | 493674 |
| 4.55%, 5/17/2030 | 52000 | 52715 |
|  |  | 13866850 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.40%, 7/15/2040 | 143000 | 140832 |
| 5.65%, 9/15/2064 | 99000 | 92843 |
| Target Corp. 2.95%, 1/15/2052 | 1887000 | 1183583 |
| Walmart, Inc.  | Walmart, Inc.  | Walmart, Inc.  |
| 1.05%, 9/17/2026 | 1874000 | 1819555 |
| 1.50%, 9/22/2028 | 46000 | 43000 |
| 4.15%, 9/9/2032 | 100000 | 99170 |
| 2.65%, 9/22/2051 | 25000 | 15357 |
|  |  | 3394340 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Berry Global, Inc. 5.80%, 6/15/2031 | 343000 | 362989 |
| International Paper Co. 5.15%, 5/15/2046 | 228000 | 206510 |
| WestRock MWV LLC 7.95%, 2/15/2031 | 26000 | 30180 |
| WRKCo, Inc. 3.00%, 6/15/2033 | 697000 | 613659 |
|  |  | 1213338 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Case Western Reserve University Series 22-C, <br> 5.41%, 6/1/2122<br>| 32000 | 29625 |
| Georgetown University (The) Series A, <br> 5.22%, 10/1/2118<br>| 294000 | 252639 |
| Thomas Jefferson University 3.85%, <br> 11/1/2057<br>| 336000 | 233180 |
| Trustees of the University of Pennsylvania <br> (The) 3.61%, 2/15/2119<br>| 2044000 | 1295309 |
| University of Chicago (The) Series C, 2.55%, <br> 4/1/2050<br>| 67000 | 42975 |
| University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| 591000 | 464233 |
| Washington University (The) 4.35%, <br> 4/15/2122<br>| 220000 | 164949 |
|  |  | 2482910 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| GLP Capital LP 5.75%, 6/1/2028 | 20000 | 20579 |
| Simon Property Group LP 3.38%, 6/15/2027 | 49000 | 48490 |
|  |  | 69069 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 2.30%, 6/1/2027 | 100000 | 96853 |
| 1.65%, 2/1/2028 | 455000 | 429301 |
| 4.35%, 3/1/2029 | 45000 | 45183 |
| 4.30%, 2/15/2030 | 121000 | 121037 |
| 2.25%, 2/1/2032 | 46000 | 39830 |
| 4.50%, 5/15/2035 | 589000 | 562662 |
| 4.90%, 8/15/2037 | 198000 | 190489 |
| 4.85%, 3/1/2039 | 252000 | 238482 |
| 6.00%, 8/15/2040 | 51000 | 53002 |
| 5.35%, 9/1/2040 | 677000 | 666541 |
| 3.50%, 6/1/2041 | 209000 | 163438 |
| 5.55%, 8/15/2041 | 13000 | 12781 |
| 3.10%, 2/1/2043 | 26000 | 18801 |
| 4.50%, 3/9/2048 | 15000 | 12370 |
| 3.55%, 9/15/2055 | 150000 | 99716 |
| 3.80%, 12/1/2057 | 161000 | 110751 |
| 3.85%, 6/1/2060 | 120000 | 82406 |
| Deutsche Telekom International Finance BV <br> (Germany) 9.25%, 6/1/2032<br>| 136000 | 170213 |
| Orange SA (France) 5.38%, 1/13/2042 | 209000 | 204976 |
| Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) |
| 4.10%, 3/8/2027 | 162000 | 161505 |
| 7.05%, 6/20/2036 | 29000 | 32294 |
| 4.67%, 3/6/2038 | 1702000 | 1544154 |
| TELUS Corp. (Canada) 3.40%, 5/13/2032 | 1047000 | 959513 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 3.88%, 2/8/2029 | 56000 | 55594 |
| 1.68%, 10/30/2030 | 85000 | 74536 |
| 1.75%, 1/20/2031 | 1004000 | 875513 |
| 2.36%, 3/15/2032 | 647000 | 561597 |
| 2.85%, 9/3/2041 | 138000 | 98045 |
| 2.88%, 11/20/2050 | 30000 | 18513 |
| 5.01%, 8/21/2054 | 27000 | 23946 |
| 3.00%, 11/20/2060 | 329000 | 192240 |
|  |  | 7916282 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| AEP Texas, Inc. 5.25%, 5/15/2052 | 13000 | 11591 |
| Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
| Series B, 3.70%, 12/1/2047 | 72000 | 54413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 3.45%, 10/1/2049 | 400000 | 282693 |
| 3.13%, 7/15/2051 | 310000 | 204335 |
| American Electric Power Co., Inc.  | American Electric Power Co., Inc.  | American Electric Power Co., Inc.  |
| 2.30%, 3/1/2030 | 410000 | 375078 |
| 5.63%, 3/1/2033 | 72000 | 75363 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.75%), 7.05%, 12/15/2054 (d)<br>| 10000 | 10432 |
| Baltimore Gas and Electric Co. 3.75%, <br> 8/15/2047<br>| 264000 | 200036 |
| CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  |
| 5.20%, 10/1/2028 | 50000 | 51620 |
| Series ai., 4.45%, 10/1/2032 | 50000 | 49372 |
| Series K2, 6.95%, 3/15/2033 | 15000 | 16975 |
| Connecticut Light and Power Co. (The) <br> 5.25%, 1/15/2053<br>| 158000 | 147853 |
| Dominion Energy South Carolina, Inc. 5.10%, <br> 6/1/2065<br>| 946000 | 832418 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| 4.30%, 7/1/2044 | 83000 | 69884 |
| 3.75%, 8/15/2047 | 472000 | 358537 |
| 3.95%, 3/1/2049 | 240000 | 187627 |
| 2.95%, 3/1/2050 | 25000 | 16298 |
| Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  |
| 2.45%, 2/1/2030 | 41000 | 38255 |
| 6.45%, 10/15/2032 | 30000 | 33103 |
| 3.70%, 12/1/2047 | 662000 | 496155 |
| Duke Energy Florida LLC  | Duke Energy Florida LLC  | Duke Energy Florida LLC  |
| 2.40%, 12/15/2031 | 300000 | 268654 |
| 6.40%, 6/15/2038 | 2144000 | 2373951 |
| 6.20%, 11/15/2053 | 30000 | 31904 |
| Duke Energy Indiana LLC  | Duke Energy Indiana LLC  | Duke Energy Indiana LLC  |
| 6.35%, 8/15/2038 | 10000 | 11009 |
| 2.75%, 4/1/2050 | 30000 | 18337 |
| Duke Energy Progress LLC 4.15%, <br> 12/1/2044<br>| 100000 | 82531 |
| Edison International 5.25%, 11/15/2028 | 1838000 | 1856848 |
| Eversource Energy 4.60%, 7/1/2027 | 10000 | 10058 |
| Exelon Corp. 4.70%, 4/15/2050 | 990000 | 825555 |
| Florida Power & Light Co. 4.80%, 5/15/2033 | 66000 | 66553 |
| Georgia Power Co.  | Georgia Power Co.  | Georgia Power Co.  |
| 4.95%, 5/17/2033 | 673000 | 681432 |
| Series A, 3.25%, 3/15/2051 | 89000 | 60135 |
| Hydro-Quebec (Canada) 8.50%, 12/1/2029 | 50000 | 58721 |
| Interstate Power and Light Co. 3.10%, <br> 11/30/2051<br>| 132000 | 83897 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| IPALCO Enterprises, Inc. 4.25%, 5/1/2030 | 144000 | 140687 |
| Nevada Power Co. Series EE, 3.13%, <br> 8/1/2050<br>| 1102000 | 699384 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 1.90%, 6/15/2028 | 404000 | 381079 |
| 5.00%, 2/28/2030 | 30000 | 30905 |
| 2.25%, 6/1/2030 | 65000 | 59216 |
| (3-MONTH SOFR + 2.41%), 4.80%, <br> 12/1/2077 (d)<br>| 193000 | 185997 |
| Northern States Power Co.  | Northern States Power Co.  | Northern States Power Co.  |
| 2.90%, 3/1/2050 | 132000 | 85260 |
| 4.50%, 6/1/2052 | 490000 | 411898 |
| 5.10%, 5/15/2053 | 10000 | 9193 |
| 5.40%, 3/15/2054 | 15000 | 14521 |
| NSTAR Electric Co.  | NSTAR Electric Co.  | NSTAR Electric Co.  |
| 4.85%, 3/1/2030 | 225000 | 230541 |
| 3.95%, 4/1/2030 | 15000 | 14859 |
| Ohio Power Co. Series R, 2.90%, 10/1/2051 | 25000 | 15009 |
| Oklahoma Gas and Electric Co.  | Oklahoma Gas and Electric Co.  | Oklahoma Gas and Electric Co.  |
| 5.40%, 1/15/2033 | 43000 | 44591 |
| 4.15%, 4/1/2047 | 1000000 | 810921 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.10%, 8/1/2027 | 300000 | 287466 |
| 3.30%, 12/1/2027 | 123000 | 120075 |
| 3.00%, 6/15/2028 | 331000 | 318743 |
| 2.50%, 2/1/2031 | 698000 | 618939 |
| 5.80%, 5/15/2034 | 111000 | 113413 |
| 3.75%, 8/15/2042 (f) | 28000 | 20414 |
| 6.75%, 1/15/2053 | 104000 | 107375 |
| PacifiCorp  | PacifiCorp  | PacifiCorp  |
| 5.10%, 2/15/2029 | 468000 | 479441 |
| 3.30%, 3/15/2051 | 17000 | 10839 |
| PECO Energy Co. 4.90%, 6/15/2033 | 250000 | 253813 |
| PG&E Wildfire Recovery Funding LLC Series <br> A-4, 4.45%, 12/1/2047<br>| 250000 | 217950 |
| Potomac Electric Power Co. 4.15%, <br> 3/15/2043<br>| 386000 | 322054 |
| PPL Electric Utilities Corp. 6.25%, <br> 5/15/2039<br>| 132000 | 145206 |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| Series 34, 3.20%, 3/1/2050 | 454000 | 298079 |
| 5.25%, 4/1/2053 | 116000 | 105774 |
| SCE Recovery Funding LLC Series A-2, 2.94%, <br> 11/15/2042<br>| 266000 | 211648 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.30%, 3/1/2028 | 200000 | 204366 |
| 6.65%, 4/1/2029 | 50000 | 52511 |
| 6.00%, 1/15/2034 | 50000 | 51977 |
| Series 05-E, 5.35%, 7/15/2035 | 100000 | 99902 |
| Series 06-E, 5.55%, 1/15/2037 | 50000 | 49611 |
| 4.00%, 4/1/2047 | 33000 | 24579 |
| Series 20A, 2.95%, 2/1/2051 | 100000 | 60664 |
| Series H, 3.65%, 6/1/2051 | 100000 | 67988 |
| Series E, 5.45%, 6/1/2052 | 69000 | 61512 |
| Southern Co. (The)  | Southern Co. (The)  | Southern Co. (The)  |
| Series A, 3.70%, 4/30/2030 | 417000 | 406315 |
| 5.70%, 10/15/2032 | 30000 | 31627 |
| Southwestern Electric Power Co. Series K, <br> 2.75%, 10/1/2026<br>| 10000 | 9829 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 3.25%, 10/1/2049 | 260000 | 174616 |
| 5.13%, 3/15/2055 | 82000 | 74902 |
| Virginia Electric & Power Co. 4.00%, <br> 1/15/2043<br>| 167000 | 135314 |
| Virginia Electric and Power Co.  | Virginia Electric and Power Co.  | Virginia Electric and Power Co.  |
| Series C, 4.00%, 11/15/2046 | 80000 | 62770 |
| Series B, 3.80%, 9/15/2047 | 1451000 | 1091706 |
| 2.45%, 12/15/2050 | 58000 | 32563 |
| Wisconsin Electric Power Co. 4.30%, <br> 10/15/2048<br>| 129000 | 106362 |
| Wisconsin Power and Light Co. 1.95%, <br> 9/16/2031<br>| 1001000 | 869924 |
| Xcel Energy, Inc. 4.60%, 6/1/2032 | 30000 | 29558 |
|  |  | 20405509 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Eaton Corp. 4.15%, 11/2/2042 | 141000 | 120998 |
| Emerson Electric Co. 2.75%, 10/15/2050 | 254000 | 158959 |
| Regal Rexnord Corp. 6.05%, 4/15/2028 | 50000 | 51746 |
|  |  | 331703 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Amphenol Corp.  | Amphenol Corp.  | Amphenol Corp.  |
| 4.35%, 6/1/2029 | 15000 | 15143 |
| 2.20%, 9/15/2031 | 50000 | 44242 |
| Arrow Electronics, Inc. 2.95%, 2/15/2032 | 96000 | 84816 |
| Avnet, Inc. 3.00%, 5/15/2031 | 634000 | 573860 |
| Corning, Inc. 3.90%, 11/15/2049 | 51000 | 38820 |
| Keysight Technologies, Inc. 3.00%, <br> 10/30/2029<br>| 40000 | 37957 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| TD SYNNEX Corp. 2.65%, 8/9/2031 | 241000 | 214467 |
| Trimble, Inc. 6.10%, 3/15/2033 | 137000 | 146035 |
| Tyco Electronics Group SA (Switzerland) <br> 3.13%, 8/15/2027<br>| 635000 | 623797 |
| Vontier Corp. 2.95%, 4/1/2031 | 100000 | 91029 |
|  |  | 1870166 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Halliburton Co. 4.85%, 11/15/2035 | 18000 | 17475 |
| Helmerich & Payne, Inc.  | Helmerich & Payne, Inc.  | Helmerich & Payne, Inc.  |
| 2.90%, 9/29/2031 | 586000 | 511396 |
| 5.50%, 12/1/2034 | 397000 | 382160 |
| Patterson-UTI Energy, Inc. 7.15%, <br> 10/1/2033<br>| 200000 | 208796 |
|  |  | 1119827 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Electronic Arts, Inc. 1.85%, 2/15/2031 | 21000 | 18439 |
| Netflix, Inc.  | Netflix, Inc.  | Netflix, Inc.  |
| 4.38%, 11/15/2026 | 45000 | 45251 |
| 5.88%, 11/15/2028 | 60000 | 63351 |
| TWDC Enterprises 18 Corp.  | TWDC Enterprises 18 Corp.  | TWDC Enterprises 18 Corp.  |
| 1.85%, 7/30/2026 | 581000 | 569816 |
| 7.00%, 3/1/2032 | 15000 | 17109 |
| 3.00%, 7/30/2046 | 619000 | 418957 |
| Walt Disney Co. (The)  | Walt Disney Co. (The)  | Walt Disney Co. (The)  |
| 3.70%, 3/23/2027 | 462000 | 460421 |
| 2.20%, 1/13/2028 | 29000 | 27917 |
| 3.80%, 3/22/2030 | 143000 | 141404 |
| 3.60%, 1/13/2051 | 1189000 | 872119 |
|  |  | 2634784 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Apollo Global Management, Inc. (US Treasury <br> Yield Curve Rate T Note Constant Maturity <br> 5 Year + 2.17%), 6.00%, 12/15/2054 (d)<br>| 464000 | 461513 |
| Corebridge Financial, Inc. 3.90%, 4/5/2032 | 11000 | 10411 |
| Equitable Holdings, Inc.  | Equitable Holdings, Inc.  | Equitable Holdings, Inc.  |
| 4.35%, 4/20/2028 | 277000 | 277741 |
| 5.00%, 4/20/2048 | 20000 | 17843 |
| Global Payments, Inc. 1.20%, 3/1/2026 | 701000 | 689321 |
| Mastercard, Inc.  | Mastercard, Inc.  | Mastercard, Inc.  |
| 3.30%, 3/26/2027 | 10000 | 9909 |
| 4.85%, 3/9/2033 | 55000 | 56174 |
| 4.55%, 1/15/2035 | 37000 | 36505 |
| National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  |
| 5.10%, 5/6/2027 | 10000 | 10168 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 4.80%, 3/15/2028 | 20000 | 20374 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
| 3.70%, 7/18/2027 | 15000 | 14862 |
| 5.00%, 9/13/2027 | 20000 | 20308 |
| 4.65%, 9/10/2029 | 77000 | 77963 |
| PayPal Holdings, Inc. 5.05%, 6/1/2052 | 110000 | 100508 |
| Shell International Finance BV  | Shell International Finance BV  | Shell International Finance BV  |
| 2.88%, 5/10/2026 | 119000 | 117920 |
| 6.38%, 12/15/2038 | 782000 | 871720 |
| 3.00%, 11/26/2051 | 1093000 | 701569 |
| Synchrony Bank 5.63%, 8/23/2027 | 350000 | 357760 |
| Visa, Inc.  | Visa, Inc.  | Visa, Inc.  |
| 0.75%, 8/15/2027 | 970000 | 916052 |
| 4.15%, 12/14/2035 | 668000 | 638526 |
| 2.70%, 4/15/2040 | 305000 | 231340 |
| Voya Financial, Inc. 5.70%, 7/15/2043 | 92000 | 90327 |
| Western Union Co. (The) 2.75%, 3/15/2031 | 600000 | 528874 |
|  |  | 6257688 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Conagra Brands, Inc. 5.30%, 11/1/2038 | 247000 | 233027 |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.00%, 2/2/2029 | 610000 | 583760 |
| 3.75%, 12/1/2031 | 26000 | 24493 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.25%, 3/1/2031 | 50000 | 49161 |
| 4.63%, 10/1/2039 | 260000 | 230779 |
| 6.50%, 2/9/2040 | 705000 | 742935 |
| McCormick & Co., Inc. 4.20%, 8/15/2047 | 526000 | 417943 |
| Mondelez International, Inc. 1.88%, <br> 10/15/2032<br>| 169000 | 142805 |
| Tyson Foods, Inc.  | Tyson Foods, Inc.  | Tyson Foods, Inc.  |
| 4.35%, 3/1/2029 | 155000 | 155127 |
| 4.88%, 8/15/2034 | 1518000 | 1495267 |
| 5.15%, 8/15/2044 | 191000 | 174425 |
| Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) |
| 2.90%, 5/5/2027 | 533000 | 525027 |
| 4.63%, 8/12/2034 | 126000 | 125784 |
|  |  | 4900533 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 2.63%, 9/15/2029 | 117000 | 110498 |
| 5.50%, 6/15/2041 | 188000 | 189517 |
| 4.15%, 1/15/2043 | 44000 | 36987 |
| 4.13%, 3/15/2049 | 300000 | 237785 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| 5.75%, 10/15/2052 | 100000 | 99563 |
| CenterPoint Energy Resources Corp. 5.40%, <br> 7/1/2034<br>| 100000 | 102254 |
| Piedmont Natural Gas Co., Inc. 5.10%, <br> 2/15/2035<br>| 249000 | 251408 |
| Southern California Gas Co.  | Southern California Gas Co.  | Southern California Gas Co.  |
| Series UU, 4.13%, 6/1/2048 | 95000 | 74705 |
| Series VV, 4.30%, 1/15/2049 | 324000 | 259364 |
|  |  | 1362081 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Burlington Northern Santa Fe LLC 6.15%, <br> 5/1/2037<br>| 20000 | 21985 |
| Canadian National Railway Co. (Canada) <br> 6.13%, 11/1/2053<br>| 50000 | 53511 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 1.75%, 12/2/2026 | 310000 | 301210 |
| 4.20%, 11/15/2069 | 414000 | 309481 |
| CSX Corp.  | CSX Corp.  | CSX Corp.  |
| 4.75%, 5/30/2042 | 586000 | 534430 |
| 4.30%, 3/1/2048 | 34000 | 28109 |
| Norfolk Southern Corp.  | Norfolk Southern Corp.  | Norfolk Southern Corp.  |
| 3.80%, 8/1/2028 | 40000 | 39818 |
| 5.05%, 8/1/2030 | 100000 | 103633 |
| 3.05%, 5/15/2050 | 19000 | 12381 |
| 3.70%, 3/15/2053 | 379000 | 273609 |
| 4.10%, 5/15/2121 | 796000 | 548365 |
| Ryder System, Inc. 6.30%, 12/1/2028 | 69000 | 73470 |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| 3.38%, 2/1/2035 | 607000 | 542250 |
| 2.89%, 4/6/2036 | 702000 | 582861 |
| 3.35%, 8/15/2046 | 135000 | 96902 |
| 2.95%, 3/10/2052 | 505000 | 316785 |
| 3.84%, 3/20/2060 | 166000 | 118401 |
| 4.10%, 9/15/2067 | 166000 | 121418 |
|  |  | 4078619 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Abbott Laboratories  | Abbott Laboratories  | Abbott Laboratories  |
| 1.15%, 1/30/2028 | 472000 | 443637 |
| 1.40%, 6/30/2030 | 194000 | 172455 |
| 6.15%, 11/30/2037 | 326000 | 362899 |
| Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  |
| 2.27%, 12/1/2028 | 364000 | 341237 |
| 1.73%, 4/1/2031 | 1241000 | 1062764 |
| 3.50%, 8/15/2046 | 240000 | 166387 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Becton Dickinson & Co. 4.30%, 8/22/2032 | 98000 | 95649 |
| Boston Scientific Corp.  | Boston Scientific Corp.  | Boston Scientific Corp.  |
| 4.00%, 3/1/2028 | 50000 | 50120 |
| 4.55%, 3/1/2039 | 50000 | 47260 |
| DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030 | 281000 | 258159 |
| DH Europe Finance II SARL 3.25%, <br> 11/15/2039<br>| 735000 | 592570 |
| Solventum Corp. 6.00%, 5/15/2064 | 284000 | 286057 |
|  |  | 3879194 |
| **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** |
| Ascension Health Series B, 3.11%, <br> 11/15/2039<br>| 205000 | 160703 |
| Baptist Health South Florida Obligated Group <br> Series 2021, 3.12%, 11/15/2071<br>| 430000 | 246063 |
| Beth Israel Lahey Health, Inc. Series L, <br> 3.08%, 7/1/2051<br>| 100000 | 63417 |
| Cencora, Inc. 2.70%, 3/15/2031 | 852000 | 779069 |
| Centene Corp.  | Centene Corp.  | Centene Corp.  |
| 3.00%, 10/15/2030 | 23000 | 20336 |
| 2.50%, 3/1/2031 | 100000 | 85267 |
| 2.63%, 8/1/2031 | 120000 | 101768 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 3.40%, 3/1/2027 | 10000 | 9893 |
| 3.40%, 3/15/2051 | 275000 | 183290 |
| CommonSpirit Health 4.35%, 11/1/2042 | 25000 | 21168 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| 3.00%, 8/15/2026 | 180000 | 177761 |
| 1.30%, 8/21/2027 | 75000 | 70791 |
| 4.30%, 3/25/2028 | 560000 | 559726 |
| 3.25%, 8/15/2029 | 14000 | 13392 |
| 1.75%, 8/21/2030 | 1344000 | 1174281 |
| 2.13%, 9/15/2031 | 396000 | 341827 |
| 4.78%, 3/25/2038 | 30000 | 27639 |
| 6.13%, 9/15/2039 | 168000 | 172476 |
| 4.13%, 4/1/2040 | 405000 | 339402 |
| 5.05%, 3/25/2048 | 246000 | 211209 |
| 6.00%, 6/1/2063 | 149000 | 141248 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 1.50%, 3/15/2026 | 34000 | 33476 |
| 3.65%, 12/1/2027 | 163000 | 161583 |
| 5.50%, 10/15/2032 | 1106000 | 1152364 |
| 5.10%, 1/15/2044 | 50000 | 45800 |
| 4.38%, 12/1/2047 | 160000 | 129272 |
| 3.70%, 9/15/2049 | 50000 | 35592 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.13%, 3/15/2027 | 1296000 | 1275299 |
| 3.50%, 9/1/2030 | 250000 | 238380 |
| 4.63%, 3/15/2052 | 59000 | 46905 |
| Humana, Inc.  | Humana, Inc.  | Humana, Inc.  |
| 1.35%, 2/3/2027 | 37000 | 35535 |
| 4.80%, 3/15/2047 | 1182000 | 983079 |
| 5.50%, 3/15/2053 | 35000 | 31388 |
| Kaiser Foundation Hospitals Series 2021, <br> 3.00%, 6/1/2051<br>| 119000 | 76235 |
| Laboratory Corp. of America Holdings 4.70%, <br> 2/1/2045<br>| 202000 | 176559 |
| Memorial Sloan-Kettering Cancer Center  | Memorial Sloan-Kettering Cancer Center  | Memorial Sloan-Kettering Cancer Center  |
| 5.00%, 7/1/2042 | 47000 | 44438 |
| 4.13%, 7/1/2052 | 110000 | 86750 |
| Mount Sinai Hospital (The) Series 2019, <br> 3.74%, 7/1/2049<br>| 100000 | 69271 |
| PeaceHealth Obligated Group Series 2018, <br> 4.79%, 11/15/2048<br>| 50000 | 41823 |
| Providence St Joseph Health Obligated Group <br> 5.40%, 10/1/2033<br>| 185000 | 188378 |
| Providence St. Joseph Health Obligated Group <br> Series A, 3.93%, 10/1/2048<br>| 99000 | 74800 |
| Quest Diagnostics, Inc. 2.95%, 6/30/2030 | 37000 | 34822 |
| UMass Memorial Health Care Obligated Group <br> 5.36%, 7/1/2052<br>| 198000 | 180707 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 1.15%, 5/15/2026 | 70000 | 68442 |
| 3.38%, 4/15/2027 | 20000 | 19780 |
| 4.60%, 4/15/2027 | 235000 | 236888 |
| 4.25%, 1/15/2029 | 80000 | 80225 |
| 4.50%, 4/15/2033 | 548000 | 536623 |
| 5.80%, 3/15/2036 | 147000 | 154557 |
| 6.50%, 6/15/2037 | 271000 | 297080 |
| 3.25%, 5/15/2051 | 2023000 | 1321504 |
| 3.13%, 5/15/2060 | 1292000 | 763952 |
| 5.20%, 4/15/2063 | 25000 | 21933 |
|  |  | 13544166 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 4.90%, 12/15/2030 | 520000 | 528003 |
| 3.55%, 3/15/2052 | 10000 | 6753 |
| Healthcare Realty Holdings LP 3.50%, <br> 8/1/2026<br>| 59000 | 58482 |
| Healthpeak OP LLC 6.75%, 2/1/2041 | 28000 | 30600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care REITs — continued** | **Health Care REITs — continued** | **Health Care REITs — continued** |
| National Health Investors, Inc. 3.00%, <br> 2/1/2031<br>| 110000 | 98143 |
| Sabra Health Care LP 3.20%, 12/1/2031 | 155000 | 139925 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 4.00%, 3/1/2028 | 168000 | 167068 |
| 5.70%, 9/30/2043 | 46000 | 44795 |
|  |  | 1073769 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.25%, 2/15/2030 | 561000 | 534683 |
| 2.95%, 3/15/2031 | 329000 | 303829 |
| Las Vegas Sands Corp.  | Las Vegas Sands Corp.  | Las Vegas Sands Corp.  |
| 5.90%, 6/1/2027 | 22000 | 22442 |
| 3.90%, 8/8/2029 | 11000 | 10612 |
| Marriott International, Inc. Series GG, 3.50%, <br> 10/15/2032<br>| 80000 | 73361 |
| McDonald's Corp.  | McDonald's Corp.  | McDonald's Corp.  |
| 4.60%, 9/9/2032 | 40000 | 40364 |
| 4.70%, 12/9/2035 | 368000 | 362047 |
| Sands China Ltd. (Macau) 2.85%, <br> 3/8/2029 (f)<br>| 1090000 | 1019130 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 2.00%, 3/12/2027 | 62000 | 60059 |
| 2.55%, 11/15/2030 | 273000 | 250316 |
| 3.00%, 2/14/2032 | 823000 | 751508 |
|  |  | 3428351 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| Leggett & Platt, Inc.  | Leggett & Platt, Inc.  | Leggett & Platt, Inc.  |
| 4.40%, 3/15/2029 | 79000 | 77696 |
| 3.50%, 11/15/2051 | 100000 | 63642 |
| MDC Holdings, Inc. 3.97%, 8/6/2061 | 100000 | 64303 |
| NVR, Inc. 3.00%, 5/15/2030 | 282000 | 266266 |
|  |  | 471907 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. 5.60%, <br> 11/15/2032<br>| 260000 | 274414 |
| Clorox Co. (The) 4.40%, 5/1/2029 | 219000 | 220570 |
| Kimberly-Clark Corp. 3.20%, 7/30/2046 | 90000 | 64249 |
| Procter & Gamble Co. (The)  | Procter & Gamble Co. (The)  | Procter & Gamble Co. (The)  |
| 3.95%, 1/26/2028 | 617000 | 620590 |
| 4.35%, 1/29/2029 | 63000 | 63934 |
| 2.30%, 2/1/2032 | 235000 | 212124 |
|  |  | 1455881 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 314000 | 333736 |
| 5.60%, 6/15/2042 | 57000 | 56361 |
| Oglethorpe Power Corp. 5.38%, 11/1/2040 | 72000 | 70176 |
| Southern Power Co. 5.25%, 7/15/2043 | 260000 | 244595 |
|  |  | 704868 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co.  | 3M Co.  | 3M Co.  |
| 2.38%, 8/26/2029 | 141000 | 131942 |
| 4.00%, 9/14/2048 | 15000 | 11829 |
| 3.25%, 8/26/2049 | 30000 | 20331 |
| Honeywell International, Inc.  | Honeywell International, Inc.  | Honeywell International, Inc.  |
| 1.95%, 6/1/2030 | 330000 | 298671 |
| 5.00%, 2/15/2033 | 526000 | 536016 |
|  |  | 998789 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 4.38%, 2/1/2029 | 18000 | 18156 |
| 1.75%, 7/1/2030 | 291000 | 258977 |
| 5.00%, 3/15/2034 | 145000 | 146187 |
|  |  | 423320 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Alleghany Corp. 3.25%, 8/15/2051 | 10000 | 6707 |
| Allstate Corp. (The)  | Allstate Corp. (The)  | Allstate Corp. (The)  |
| 3.28%, 12/15/2026 | 239000 | 236266 |
| 4.50%, 6/15/2043 | 55000 | 47629 |
| American International Group, Inc. 3.88%, <br> 1/15/2035<br>| 104000 | 95778 |
| Aon Corp. 3.90%, 2/28/2052 | 15000 | 10987 |
| Aon Global Ltd. 4.60%, 6/14/2044 | 385000 | 333453 |
| Aon North America, Inc. 5.75%, 3/1/2054 | 57000 | 55535 |
| Athene Holding Ltd.  | Athene Holding Ltd.  | Athene Holding Ltd.  |
| 3.50%, 1/15/2031 | 242000 | 229119 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.61%), 6.63%, 10/15/2054 (d)<br>| 175000 | 175662 |
| Berkshire Hathaway Finance Corp. 2.50%, <br> 1/15/2051<br>| 500000 | 294644 |
| Brown & Brown, Inc. 4.50%, 3/15/2029 | 253000 | 253796 |
| Chubb INA Holdings LLC 3.05%, 12/15/2061 | 358000 | 215860 |
| CNA Financial Corp.  | CNA Financial Corp.  | CNA Financial Corp.  |
| 3.90%, 5/1/2029 | 25000 | 24652 |
| 5.50%, 6/15/2033 | 26000 | 26760 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Everest Reinsurance Holdings, Inc.  | Everest Reinsurance Holdings, Inc.  | Everest Reinsurance Holdings, Inc.  |
| 4.87%, 6/1/2044 | 31000 | 27269 |
| 3.50%, 10/15/2050 | 15000 | 10201 |
| 3.13%, 10/15/2052 | 37000 | 22903 |
| Lincoln National Corp. 3.05%, 1/15/2030 | 934000 | 887749 |
| Marsh & McLennan Cos., Inc.  | Marsh & McLennan Cos., Inc.  | Marsh & McLennan Cos., Inc.  |
| 4.38%, 3/15/2029 | 101000 | 101985 |
| 2.25%, 11/15/2030 | 1525000 | 1380097 |
| 4.20%, 3/1/2048 | 40000 | 32586 |
| MetLife, Inc.  | MetLife, Inc.  | MetLife, Inc.  |
| 6.38%, 6/15/2034 | 740000 | 820026 |
| 5.70%, 6/15/2035 | 697000 | 737884 |
| 10.75%, 8/1/2039 | 30000 | 40196 |
| 4.60%, 5/13/2046 | 298000 | 263139 |
| Nationwide Financial Services, Inc. 6.75%, <br> 5/15/2037<br>| 85000 | 84985 |
| Progressive Corp. (The) 4.00%, 3/1/2029 | 44000 | 43980 |
| Prudential Financial, Inc.  | Prudential Financial, Inc.  | Prudential Financial, Inc.  |
| 4.60%, 5/15/2044 | 31000 | 27385 |
| 3.91%, 12/7/2047 | 20000 | 15598 |
| 3.94%, 12/7/2049 | 740000 | 563443 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.40%), 6.50%, 3/15/2054 (d)<br>| 32000 | 33611 |
| Reinsurance Group of America, Inc. (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.39%), 6.65%, <br> 9/15/2055 (d)<br>| 124000 | 126300 |
| RenaissanceRe Holdings Ltd. (Bermuda) <br> 3.60%, 4/15/2029<br>| 305000 | 297043 |
| Travelers Cos., Inc. (The)  | Travelers Cos., Inc. (The)  | Travelers Cos., Inc. (The)  |
| 4.10%, 3/4/2049 | 185000 | 147694 |
| 3.05%, 6/8/2051 | 21000 | 13636 |
|  |  | 7684558 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| 2.00%, 8/15/2026 | 10000 | 9812 |
| 0.80%, 8/15/2027 | 856000 | 810005 |
| 1.90%, 8/15/2040 | 345000 | 230749 |
| 2.25%, 8/15/2060 | 1401000 | 726588 |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.80%, 5/15/2030 | 198000 | 204365 |
| 4.45%, 8/15/2052 | 307000 | 255822 |
| Weibo Corp. (China) 3.38%, 7/8/2030 | 346000 | 327247 |
|  |  | 2564588 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| DXC Technology Co. 2.38%, 9/15/2028 | 134000 | 125719 |
| International Business Machines Corp.  | International Business Machines Corp.  | International Business Machines Corp.  |
| 5.88%, 11/29/2032 | 1359000 | 1462501 |
| 2.85%, 5/15/2040 | 283000 | 209479 |
| 4.00%, 6/20/2042 | 47000 | 38882 |
|  |  | 1836581 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp.  | Brunswick Corp.  | Brunswick Corp.  |
| 2.40%, 8/18/2031 | 40000 | 34564 |
| 4.40%, 9/15/2032 | 534000 | 502071 |
| Hasbro, Inc. 3.90%, 11/19/2029 | 40000 | 38958 |
| Mattel, Inc. 5.45%, 11/1/2041 | 610000 | 548175 |
|  |  | 1123768 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Danaher Corp. 2.60%, 10/1/2050 | 10000 | 6017 |
| Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.  |
| 1.75%, 10/15/2028 | 1626000 | 1519521 |
| 5.40%, 8/10/2043 | 138000 | 136582 |
|  |  | 1662120 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Caterpillar, Inc.  | Caterpillar, Inc.  | Caterpillar, Inc.  |
| 4.30%, 5/15/2044 | 60000 | 51950 |
| 4.75%, 5/15/2064 | 876000 | 763171 |
| Cummins, Inc. 2.60%, 9/1/2050 | 674000 | 397581 |
| Fortive Corp. 4.30%, 6/15/2046 | 17000 | 13902 |
| Illinois Tool Works, Inc. 4.88%, 9/15/2041 | 233000 | 219264 |
| Parker-Hannifin Corp. 4.25%, 9/15/2027 | 412000 | 413512 |
| Snap-on, Inc. 3.10%, 5/1/2050 | 216000 | 144394 |
| Westinghouse Air Brake Technologies Corp. <br> 3.45%, 11/15/2026<br>| 300000 | 297110 |
|  |  | 2300884 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.25%, 1/15/2029 | 31000 | 28830 |
| 2.80%, 4/1/2031 | 148000 | 133216 |
| 5.38%, 4/1/2038 | 255000 | 238527 |
| 6.48%, 10/23/2045 | 129000 | 125404 |
| 3.85%, 4/1/2061 | 321000 | 195734 |
| 3.95%, 6/30/2062 | 190000 | 117657 |
| 5.50%, 4/1/2063 | 414000 | 339288 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 2.35%, 1/15/2027 | 220000 | 215128 |
| 3.30%, 2/1/2027 | 37000 | 36583 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| 3.55%, 5/1/2028 | 323000 | 319042 |
| 2.65%, 2/1/2030 | 25000 | 23427 |
| 4.80%, 5/15/2033 | 541000 | 541653 |
| 3.25%, 11/1/2039 | 1435000 | 1126843 |
| 2.80%, 1/15/2051 | 350000 | 206688 |
| 2.45%, 8/15/2052 | 456000 | 243673 |
| Fox Corp. 4.71%, 1/25/2029 | 885000 | 895072 |
| Grupo Televisa SAB (Mexico) 6.63%, <br> 1/15/2040<br>| 343000 | 316717 |
| Paramount Global  | Paramount Global  | Paramount Global  |
| 4.20%, 5/19/2032 | 731000 | 681594 |
| 5.25%, 4/1/2044 | 776000 | 635405 |
| Time Warner Cable LLC 4.50%, 9/15/2042 | 195000 | 154348 |
|  |  | 6574829 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) |
| 6.55%, 11/29/2027 | 86000 | 89673 |
| 4.25%, 7/16/2029 | 20000 | 19948 |
| Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  |
| 5.40%, 11/14/2034 | 272000 | 277349 |
| 5.45%, 3/15/2043 | 589000 | 556399 |
| Newmont Corp. 2.60%, 7/15/2032 | 25000 | 22347 |
| Nucor Corp. 4.40%, 5/1/2048 | 50000 | 41467 |
| Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) |
| 7.25%, 3/15/2031 | 191000 | 220455 |
| 6.13%, 12/15/2033 | 160000 | 173909 |
| 5.75%, 6/1/2035 | 100000 | 106284 |
| Rio Tinto Finance USA plc (Australia) | Rio Tinto Finance USA plc (Australia) | Rio Tinto Finance USA plc (Australia) |
| 5.00%, 3/9/2033 | 18000 | 18375 |
| 4.75%, 3/22/2042 | 274000 | 250317 |
| Yamana Gold, Inc. (Canada) 2.63%, <br> 8/15/2031<br>| 82000 | 72817 |
|  |  | 1849340 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. 1.75%, 3/15/2028 | 1822000 | 1718119 |
| Avista Corp. 4.00%, 4/1/2052 | 27000 | 20291 |
| Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  |
| 3.25%, 4/15/2028 | 561000 | 551000 |
| 1.65%, 5/15/2031 | 229000 | 197804 |
| 3.80%, 7/15/2048 | 781000 | 586931 |
| 2.85%, 5/15/2051 | 477000 | 291028 |
| Black Hills Corp. 5.95%, 3/15/2028 | 496000 | 515426 |
| CenterPoint Energy, Inc. 2.95%, 3/1/2030 | 30000 | 28183 |
| CMS Energy Corp. 4.88%, 3/1/2044 | 18000 | 15892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Consolidated Edison Co. of New York, Inc. <br> 3.70%, 11/15/2059<br>| 1689000 | 1168175 |
| Consumers Energy Co.  | Consumers Energy Co.  | Consumers Energy Co.  |
| 3.25%, 8/15/2046 | 30000 | 21635 |
| 3.10%, 8/15/2050 | 129000 | 85932 |
| Dominion Energy, Inc. Series C, 4.05%, <br> 9/15/2042<br>| 40000 | 32128 |
| DTE Energy Co. 2.95%, 3/1/2030 | 85000 | 79992 |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| 5.40%, 6/30/2033 | 50000 | 51475 |
| 5.25%, 2/15/2043 | 224000 | 210283 |
| PG&E Energy Recovery Funding LLC Series <br> A-1, 1.46%, 7/15/2031<br>| 309893 | 286541 |
| Public Service Enterprise Group, Inc. 1.60%, <br> 8/15/2030<br>| 15000 | 13092 |
| Puget Sound Energy, Inc. 5.80%, 3/15/2040 | 56000 | 57636 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| Series XXX, 3.00%, 3/15/2032 | 240000 | 218230 |
| 4.50%, 8/15/2040 | 45000 | 40791 |
| 3.70%, 3/15/2052 | 50000 | 35600 |
| Sempra  | Sempra  | Sempra  |
| 5.50%, 8/1/2033 | 30000 | 30822 |
| 3.80%, 2/1/2038 | 701000 | 590776 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.87%), 4.13%, 4/1/2052 (d)<br>| 9000 | 8764 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.63%), 6.40%, 10/1/2054 (d)<br>| 78000 | 77123 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.14%), 6.55%, 4/1/2055 (d)<br>| 156000 | 153903 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 5.15%, 9/15/2032 | 928000 | 946167 |
| 4.95%, 9/15/2034 | 130000 | 129344 |
|  |  | 8163083 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| Boston Properties LP  | Boston Properties LP  | Boston Properties LP  |
| 2.90%, 3/15/2030 | 90000 | 83465 |
| 3.25%, 1/30/2031 (b) | 863000 | 802068 |
| 2.55%, 4/1/2032 | 560000 | 480215 |
| COPT Defense Properties LP 2.00%, <br> 1/15/2029<br>| 266000 | 245685 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Office REITs — continued** | **Office REITs — continued** | **Office REITs — continued** |
| Highwoods Realty LP 2.60%, 2/1/2031 | 69000 | 60584 |
| Kilroy Realty LP 2.50%, 11/15/2032 | 450000 | 368885 |
|  |  | 2040902 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| APA Corp. 5.35%, 7/1/2049 (c) | 19000 | 15076 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 3.12%, 5/4/2026 | 100000 | 99236 |
| 2.72%, 1/12/2032 | 483000 | 435141 |
| 3.00%, 2/24/2050 | 539000 | 343370 |
| BP Capital Markets plc 3.28%, 9/19/2027 | 30000 | 29566 |
| Burlington Resources LLC 5.95%, <br> 10/15/2036<br>| 170000 | 181171 |
| Canadian Natural Resources Ltd. (Canada) <br> 6.25%, 3/15/2038<br>| 202000 | 211640 |
| Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) |
| 2.65%, 1/15/2032 | 228000 | 200183 |
| 5.25%, 6/15/2037 | 342000 | 325543 |
| Cheniere Corpus Christi Holdings LLC 2.74%, <br> 12/31/2039<br>| 50000 | 41112 |
| Chevron USA, Inc. 1.02%, 8/12/2027 | 258000 | 244660 |
| ConocoPhillips Co. 4.30%, 11/15/2044 | 152000 | 127849 |
| Devon Energy Corp. 7.95%, 4/15/2032 | 30000 | 34689 |
| Diamondback Energy, Inc.  | Diamondback Energy, Inc.  | Diamondback Energy, Inc.  |
| 3.13%, 3/24/2031 | 38000 | 35212 |
| 4.40%, 3/24/2051 | 215000 | 166656 |
| 6.25%, 3/15/2053 | 346000 | 342010 |
| 5.75%, 4/18/2054 | 89000 | 82391 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 3.70%, 7/15/2027 | 405000 | 401357 |
| 2.50%, 8/1/2033 | 988000 | 830054 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.97%), 7.20%, 6/27/2054 (d)<br>| 333000 | 346400 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.12%), 7.38%, 3/15/2055 (d)<br>| 404000 | 424768 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 4.95%, 6/15/2028 | 337000 | 342685 |
| 5.25%, 4/15/2029 | 1000000 | 1027981 |
| 5.75%, 2/15/2033 | 64000 | 66526 |
| 4.90%, 3/15/2035 | 219000 | 210574 |
| 5.35%, 5/15/2045 | 296000 | 265198 |
| 5.40%, 10/1/2047 | 26000 | 23149 |
| 6.25%, 4/15/2049 | 540000 | 529415 |
| 5.00%, 5/15/2050 | 358000 | 297473 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.95%, 5/15/2054 | 75000 | 70374 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 3.13%, 7/31/2029 | 629000 | 605877 |
| 4.95%, 2/15/2035 | 360000 | 359344 |
| 4.45%, 2/15/2043 | 735000 | 634038 |
| 5.10%, 2/15/2045 | 20000 | 18491 |
| 4.25%, 2/15/2048 | 32000 | 25836 |
| 4.80%, 2/1/2049 | 29000 | 25086 |
| 3.70%, 1/31/2051 | 10000 | 7165 |
| 3.30%, 2/15/2053 | 14000 | 9174 |
| 3.95%, 1/31/2060 | 90000 | 64769 |
| EQT Corp. 7.00%, 2/1/2030 (f) | 93000 | 101157 |
| Expand Energy Corp. 5.70%, 1/15/2035 | 100000 | 101487 |
| Exxon Mobil Corp.  | Exxon Mobil Corp.  | Exxon Mobil Corp.  |
| 3.29%, 3/19/2027 | 230000 | 228460 |
| 3.48%, 3/19/2030 | 100000 | 97817 |
| 4.11%, 3/1/2046 | 657000 | 540457 |
| 3.45%, 4/15/2051 | 129000 | 91039 |
| Kinder Morgan, Inc.  | Kinder Morgan, Inc.  | Kinder Morgan, Inc.  |
| 1.75%, 11/15/2026 | 36000 | 34961 |
| 4.80%, 2/1/2033 | 1936000 | 1914349 |
| 5.55%, 6/1/2045 | 217000 | 204128 |
| Marathon Petroleum Corp.  | Marathon Petroleum Corp.  | Marathon Petroleum Corp.  |
| 6.50%, 3/1/2041 | 190000 | 199531 |
| 4.75%, 9/15/2044 | 50000 | 42095 |
| MPLX LP 5.20%, 3/1/2047 | 214000 | 186227 |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| 5.20%, 8/1/2029 | 26000 | 26363 |
| 6.45%, 9/15/2036 | 99000 | 102497 |
| ONEOK Partners LP 6.65%, 10/1/2036 | 117000 | 126363 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 4.55%, 7/15/2028 | 150000 | 151149 |
| 3.40%, 9/1/2029 | 552000 | 530459 |
| 6.63%, 9/1/2053 | 75000 | 76941 |
| 5.70%, 11/1/2054 | 28000 | 25522 |
| Ovintiv, Inc.  | Ovintiv, Inc.  | Ovintiv, Inc.  |
| 5.65%, 5/15/2028 | 278000 | 286113 |
| 6.25%, 7/15/2033 | 28000 | 29134 |
| Phillips 66  | Phillips 66  | Phillips 66  |
| 2.15%, 12/15/2030 | 269000 | 239513 |
| 4.88%, 11/15/2044 | 53000 | 46394 |
| Phillips 66 Co.  | Phillips 66 Co.  | Phillips 66 Co.  |
| 3.75%, 3/1/2028 | 499000 | 494914 |
| 5.65%, 6/15/2054 | 30000 | 27929 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Sabine Pass Liquefaction LLC 4.20%, <br> 3/15/2028<br>| 164000 | 163945 |
| Shell Finance US, Inc. 2.38%, 11/7/2029 | 347000 | 324646 |
| Targa Resources Partners LP 6.88%, <br> 1/15/2029<br>| 939000 | 957328 |
| TC PipeLines LP 3.90%, 5/25/2027 | 20000 | 19873 |
| TotalEnergies Capital International SA <br> (France) 3.39%, 6/29/2060<br>| 100000 | 64438 |
| TotalEnergies Capital SA (France) 4.72%, <br> 9/10/2034<br>| 107000 | 106926 |
| TransCanada PipeLines Ltd. (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.61%), 7.00%, <br> 6/1/2065 (d)<br>| 222000 | 225641 |
| Transcontinental Gas Pipe Line Co. LLC <br> 4.45%, 8/1/2042<br>| 172000 | 146117 |
| Valero Energy Corp.  | Valero Energy Corp.  | Valero Energy Corp.  |
| 2.80%, 12/1/2031 | 295000 | 266105 |
| 4.00%, 6/1/2052 | 30000 | 21423 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 3.75%, 6/15/2027 | 127000 | 125958 |
| 5.65%, 3/15/2033 | 75000 | 78137 |
|  |  | 17906775 |
| **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** |
| Suzano Austria GmbH (Brazil) 6.00%, <br> 1/15/2029<br>| 364000 | 374945 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| Delta Air Lines, Inc. 4.38%, 4/19/2028 | 107000 | 107025 |
| Southwest Airlines Co. 5.13%, 6/15/2027 | 82000 | 82937 |
|  |  | 189962 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Estee Lauder Cos., Inc. (The)  | Estee Lauder Cos., Inc. (The)  | Estee Lauder Cos., Inc. (The)  |
| 1.95%, 3/15/2031 | 120000 | 105765 |
| 4.65%, 5/15/2033 | 100000 | 99311 |
| Kenvue, Inc. 4.90%, 3/22/2033 | 340000 | 345404 |
|  |  | 550480 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Astrazeneca Finance LLC (United Kingdom) <br> 1.75%, 5/28/2028<br>| 2300000 | 2175308 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 3.20%, 6/15/2026 | 35000 | 34736 |
| 3.40%, 7/26/2029 | 30000 | 29239 |
| 5.50%, 2/22/2044 | 250000 | 247610 |
| 4.50%, 3/1/2044 | 100000 | 86937 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 4.25%, 10/26/2049 | 1019000 | 815845 |
| 2.55%, 11/13/2050 | 476000 | 275980 |
| 5.55%, 2/22/2054 | 500000 | 481960 |
| 3.90%, 3/15/2062 | 41000 | 28975 |
| Johnson & Johnson 3.40%, 1/15/2038 | 12000 | 10381 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 3.40%, 3/7/2029 | 668000 | 655136 |
| 3.60%, 9/15/2042 | 68000 | 53894 |
| 3.70%, 2/10/2045 | 263000 | 205910 |
| 2.90%, 12/10/2061 | 279000 | 160574 |
| Pfizer Investment Enterprises Pte. Ltd. <br> 4.75%, 5/19/2033<br>| 30000 | 30070 |
| Pfizer, Inc.  | Pfizer, Inc.  | Pfizer, Inc.  |
| 3.00%, 12/15/2026 | 109000 | 107775 |
| 3.60%, 9/15/2028 | 425000 | 422577 |
| 3.45%, 3/15/2029 | 1181000 | 1162935 |
| 4.00%, 12/15/2036 | 308000 | 283164 |
| 2.55%, 5/28/2040 | 550000 | 396706 |
| Pharmacia LLC 6.60%, 12/1/2028 (f) | 350000 | 376517 |
| Royalty Pharma plc 1.75%, 9/2/2027 | 397000 | 377760 |
| Takeda Pharmaceutical Co. Ltd. (Japan) <br> 2.05%, 3/31/2030<br>| 494000 | 447846 |
| Viatris, Inc. 2.30%, 6/22/2027 | 506000 | 485836 |
| Wyeth LLC 5.95%, 4/1/2037 | 582000 | 620206 |
| Zoetis, Inc. 4.70%, 2/1/2043 | 15000 | 13551 |
|  |  | 9987428 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Concentrix Corp. 6.60%, 8/2/2028 (b) | 75000 | 79339 |
| Equifax, Inc. 2.35%, 9/15/2031 | 140000 | 123444 |
| TR Finance LLC (Canada) 3.35%, 5/15/2026 | 295000 | 292147 |
| Verisk Analytics, Inc. 5.25%, 3/15/2035 | 135000 | 136082 |
|  |  | 631012 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| American Homes 4 Rent LP 4.90%, <br> 2/15/2029<br>| 24000 | 24433 |
| AvalonBay Communities, Inc.  | AvalonBay Communities, Inc.  | AvalonBay Communities, Inc.  |
| 2.95%, 5/11/2026 | 11000 | 10907 |
| 1.90%, 12/1/2028 | 990000 | 926155 |
| 2.30%, 3/1/2030 | 122000 | 112226 |
| Sun Communities Operating LP  | Sun Communities Operating LP  | Sun Communities Operating LP  |
| 2.70%, 7/15/2031 | 398000 | 359832 |
| 4.20%, 4/15/2032 | 30000 | 28835 |
| UDR, Inc. 3.10%, 11/1/2034 | 1035000 | 884576 |
|  |  | 2346964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Kimco Realty OP LLC 4.60%, 2/1/2033 | 289000 | 284694 |
| NNN REIT, Inc. 4.80%, 10/15/2048 | 230000 | 198322 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP 2.63%, 11/15/2031<br>| 190000 | 168109 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 4.00%, 7/15/2029 | 50000 | 49651 |
| 3.40%, 1/15/2030 | 37000 | 35736 |
| 3.25%, 1/15/2031 | 258000 | 243740 |
|  |  | 980252 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| Advanced Micro Devices, Inc. 3.92%, <br> 6/1/2032<br>| 267000 | 259593 |
| Analog Devices, Inc. 2.95%, 10/1/2051 | 58000 | 37214 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 4.11%, 9/15/2028 | 130000 | 129923 |
| 2.60%, 2/15/2033 (c) | 203000 | 175293 |
| 4.93%, 5/15/2037 (c) | 1026000 | 997266 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 2.45%, 11/15/2029 | 378000 | 348427 |
| 2.00%, 8/12/2031 | 819000 | 709348 |
| 4.60%, 3/25/2040 | 84000 | 73830 |
| 2.80%, 8/12/2041 | 933000 | 625639 |
| 4.25%, 12/15/2042 | 1244000 | 995175 |
| 3.10%, 2/15/2060 | 681000 | 376110 |
| KLA Corp. 5.25%, 7/15/2062 | 662000 | 613996 |
| Micron Technology, Inc. 6.75%, 11/1/2029 | 1049000 | 1138156 |
| NVIDIA Corp. 3.50%, 4/1/2040 | 237000 | 200374 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 4.30%, 6/18/2029 | 16000 | 15976 |
| 2.65%, 2/15/2032 | 102000 | 89848 |
| 5.25%, 8/19/2035 | 162000 | 161017 |
| 3.25%, 5/11/2041 | 127000 | 93913 |
| QUALCOMM, Inc.  | QUALCOMM, Inc.  | QUALCOMM, Inc.  |
| 1.65%, 5/20/2032 | 134000 | 112674 |
| 4.65%, 5/20/2035 | 48000 | 47746 |
| Texas Instruments, Inc.  | Texas Instruments, Inc.  | Texas Instruments, Inc.  |
| 2.90%, 11/3/2027 | 532000 | 521292 |
| 4.10%, 8/16/2052 | 255000 | 200107 |
| TSMC Arizona Corp. (Taiwan) 1.75%, <br> 10/25/2026<br>| 540000 | 525757 |
|  |  | 8448674 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Adobe, Inc. 2.15%, 2/1/2027 | 35000 | 34179 |
| Microsoft Corp. 4.00%, 2/12/2055 | 767000 | 614083 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 3.60%, 4/1/2050 | 971000 | 663266 |
| 3.95%, 3/25/2051 | 1829000 | 1317801 |
| 5.50%, 9/27/2064 | 219000 | 194000 |
| Roper Technologies, Inc. 1.40%, 9/15/2027 | 407000 | 385458 |
| Salesforce, Inc. 1.95%, 7/15/2031 | 2237000 | 1981258 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.80%, 8/15/2028 | 399000 | 373005 |
| 2.20%, 8/15/2031 | 103000 | 90344 |
| Workday, Inc. 3.70%, 4/1/2029 | 265000 | 260926 |
|  |  | 5914320 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.45%, 9/15/2026 | 250000 | 242769 |
| 3.65%, 3/15/2027 | 30000 | 29768 |
| 3.55%, 7/15/2027 | 33000 | 32640 |
| 2.10%, 6/15/2030 | 790000 | 710315 |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 3.80%, 2/15/2028 | 94000 | 92832 |
| 2.25%, 1/15/2031 | 324000 | 286924 |
| 3.25%, 1/15/2051 | 179000 | 116888 |
| Equinix, Inc. 1.80%, 7/15/2027 | 266000 | 254799 |
| Public Storage Operating Co. 5.10%, <br> 8/1/2033<br>| 152000 | 156675 |
|  |  | 1923610 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| AutoZone, Inc. 4.00%, 4/15/2030 | 334000 | 329378 |
| Home Depot, Inc. (The)  | Home Depot, Inc. (The)  | Home Depot, Inc. (The)  |
| 2.13%, 9/15/2026 | 587000 | 575978 |
| 2.80%, 9/14/2027 | 1026000 | 1003876 |
| 1.50%, 9/15/2028 | 25000 | 23312 |
| 3.13%, 12/15/2049 | 142000 | 95385 |
| 3.50%, 9/15/2056 | 831000 | 572490 |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| 5.15%, 7/1/2033 | 676000 | 692832 |
| 5.00%, 4/15/2040 | 100000 | 95169 |
| 3.00%, 10/15/2050 | 80000 | 49528 |
| O'Reilly Automotive, Inc. 3.90%, 6/1/2029 | 357000 | 353554 |
|  |  | 3791502 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 2.05%, 9/11/2026 | 26000 | 25513 |
| 1.20%, 2/8/2028 | 803000 | 755345 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| 2.20%, 9/11/2029 | 406000 | 380169 |
| 4.30%, 5/10/2033 | 31000 | 31188 |
| 2.38%, 2/8/2041 | 340000 | 238104 |
| 4.38%, 5/13/2045 | 1379000 | 1216227 |
| 3.75%, 11/13/2047 | 20000 | 15781 |
| 4.85%, 5/10/2053 (b) | 57000 | 53815 |
| Dell International LLC 3.38%, 12/15/2041 | 496000 | 369759 |
| Hewlett Packard Enterprise Co. 1.75%, <br> 4/1/2026<br>| 27000 | 26590 |
| Western Digital Corp. 3.10%, 2/1/2032 | 50000 | 44584 |
|  |  | 3157075 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| NIKE, Inc. 2.38%, 11/1/2026 | 20000 | 19637 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| Altria Group, Inc. 5.38%, 1/31/2044 | 658000 | 627518 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 6.42%, 8/2/2033 | 181000 | 197115 |
| 4.39%, 8/15/2037 | 1391000 | 1253843 |
| 7.08%, 8/2/2043 | 345000 | 381446 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 3.38%, 8/15/2029 | 198000 | 192173 |
| 4.90%, 11/1/2034 | 23000 | 22908 |
| 3.88%, 8/21/2042 | 250000 | 202196 |
| 4.88%, 11/15/2043 | 111000 | 101305 |
|  |  | 2978504 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Air Lease Corp. 3.75%, 6/1/2026 | 213000 | 211742 |
| GATX Corp. 4.90%, 3/15/2033 | 601000 | 600676 |
| WW Grainger, Inc. 4.20%, 5/15/2047 | 154000 | 126495 |
|  |  | 938913 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 3.45%, 6/1/2029 | 509000 | 497153 |
| 2.80%, 5/1/2030 | 104000 | 97647 |
| 4.45%, 6/1/2032 | 113000 | 112413 |
| 4.30%, 12/1/2042 | 162000 | 138359 |
| 4.00%, 12/1/2046 | 135000 | 107993 |
| 3.75%, 9/1/2047 | 49000 | 37069 |
| 4.15%, 6/1/2049 | 50000 | 39536 |
| 3.45%, 5/1/2050 | 111000 | 77970 |
| Essential Utilities, Inc. 5.38%, 1/15/2034 | 40000 | 40727 |
|  |  | 1148867 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| America Movil SAB de CV (Mexico) 3.63%, <br> 4/22/2029<br>| 302000 | 294641 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 1.50%, 2/15/2026 | 25000 | 24661 |
| 2.40%, 3/15/2029 | 356000 | 334538 |
| 4.38%, 4/15/2040 | 1605000 | 1423892 |
| 3.00%, 2/15/2041 | 2232000 | 1630390 |
|  |  | 3708122 |
| Total Corporate Bonds <br>(Cost $303,579,184)<br>|  | 303425163 |
| **Commercial Mortgage-Backed Securities — 1.7%** | **Commercial Mortgage-Backed Securities — 1.7%** | **Commercial Mortgage-Backed Securities — 1.7%** |
| BANK |  |  |
| Series 2017-BNK4, Class ASB, 3.42%, <br> 5/15/2050<br>| 7742 | 7681 |
| Series 2019-BN16, Class A4, 4.01%, <br> 2/15/2052<br>| 60000 | 59290 |
| Series 2019-BN21, Class A5, 2.85%, <br> 10/17/2052<br>| 60000 | 56345 |
| Series 2019-BN23, Class A3, 2.92%, <br> 12/15/2052<br>| 142000 | 133972 |
| Series 2018-BN10, Class A5, 3.69%, <br> 2/15/2061<br>| 20000 | 19774 |
| Series 2019-BN19, Class A3, 3.18%, <br> 8/15/2061<br>| 100000 | 94029 |
| Series 2018-BN13, Class C, 4.69%, <br> 8/15/2061 (g)<br>| 500000 | 444083 |
| Series 2019-BN22, Class A4, 2.98%, <br> 11/15/2062<br>| 260000 | 245139 |
| Series 2020-BN26, Class A4, 2.40%, <br> 3/15/2063<br>| 500000 | 457400 |
| Series 2021-BN36, Class A5, 2.47%, <br> 9/15/2064<br>| 500000 | 445760 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust Series 2017-BNK3, <br> Class A4, 3.57%, 2/15/2050<br>| 20000 | 19782 |
| BBCMS Mortgage Trust Series 2018-C2, <br> Class A5, 4.31%, 12/15/2051<br>| 40000 | 40061 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B1, Class A5, 3.67%, <br> 1/15/2051 (g)<br>| 50000 | 49221 |
| Series 2018-B2, Class B, 4.43%, <br> 2/15/2051 (g)<br>| 20000 | 18438 |
| Series 2018-B5, Class A4, 4.21%, <br> 7/15/2051<br>| 110000 | 109302 |
| Series 2018-B6, Class A2, 4.20%, <br> 10/10/2051<br>| 28405 | 28043 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2018-B8, Class A5, 4.23%, <br> 1/15/2052<br>| 40000 | 39553 |
| Series 2019-B11, Class A2, 3.41%, <br> 5/15/2052<br>| 2053 | 2033 |
| Series 2021-B31, Class A5, 2.67%, <br> 12/15/2054<br>| 600000 | 534049 |
| Cantor Commercial Real Estate Lending Series <br> 2019-CF2, Class AS, 3.12%, 11/15/2052<br>| 75000 | 68877 |
| CD Mortgage Trust |  |  |
| Series 2017-CD6, Class ASB, 3.33%, <br> 11/13/2050<br>| 8362 | 8274 |
| Series 2017-CD6, Class AM, 3.71%, <br> 11/13/2050 (g)<br>| 30000 | 29343 |
| Series 2018-CD7, Class A3, 4.01%, <br> 8/15/2051<br>| 386878 | 383120 |
| CFCRE Commercial Mortgage Trust |  |  |
| Series 2017-C8, Class A4, 3.57%, <br> 6/15/2050<br>| 30000 | 29457 |
| Series 2016-C7, Class ASB, 3.64%, <br> 12/10/2054<br>| 4552 | 4524 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2015-GC29, Class C, 4.11%, <br> 4/10/2048 (g)<br>| 40000 | 36277 |
| Series 2016-C1, Class AAB, 3.00%, <br> 5/10/2049<br>| 4116 | 4105 |
| Commercial Mortgage Trust Series <br> 2014-UBS5, Class AM, 4.19%, <br> 9/10/2047 (g)<br>| 17844 | 17540 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2015-C3, Class A4, 3.72%, <br> 8/15/2048<br>| 778 | 772 |
| Series 2016-C5, Class A5, 3.76%, <br> 11/15/2048<br>| 11946 | 11902 |
| DBGS Mortgage Trust Series 2018-C1, <br> Class A4, 4.47%, 10/15/2051<br>| 20000 | 19956 |
| DBJPM Mortgage Trust Series 2017-C6, <br> Class A5, 3.33%, 6/10/2050<br>| 20000 | 19640 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K051, Class A2, 3.31%, 9/25/2025 | 11098 | 11098 |
| Series K735, Class A2, 2.86%, 5/25/2026 | 47669 | 47225 |
| Series K057, Class A2, 2.57%, 7/25/2026 | 58001 | 57228 |
| Series K063, Class A1, 3.05%, 8/25/2026 | 9353 | 9277 |
| Series K059, Class A2, 3.12%, <br> 9/25/2026 (g)<br>| 1000000 | 989143 |
| Series K064, Class A2, 3.22%, 3/25/2027 | 1000000 | 987674 |
| Series K072, Class A2, 3.44%, <br> 12/25/2027<br>| 400000 | 395561 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series K084, Class A2, 3.78%, <br> 10/25/2028 (g)<br>| 500000 | 497767 |
| Series K087, Class A2, 3.77%, <br> 12/25/2028<br>| 1000000 | 995184 |
| Series K091, Class A2, 3.51%, 3/25/2029 | 1000000 | 985677 |
| Series K097, Class A2, 2.51%, 7/25/2029 | 2000000 | 1896374 |
| Series K096, Class A2, 2.52%, 7/25/2029 | 295000 | 280133 |
| Series K100, Class A2, 2.67%, 9/25/2029 | 400000 | 380554 |
| Series K102, Class A2, 2.54%, <br> 10/25/2029<br>| 400000 | 378345 |
| Series K113, Class A2, 1.34%, 6/25/2030 | 700000 | 620516 |
| Series K158, Class A1, 3.90%, 7/25/2030 | 953501 | 952111 |
| Series K117, Class A2, 1.41%, 8/25/2030 | 1265000 | 1116973 |
| Series K123, Class A2, 1.62%, <br> 12/25/2030<br>| 500000 | 442443 |
| Series K125, Class A2, 1.85%, 1/25/2031 | 10000 | 8924 |
| Series K127, Class A2, 2.11%, 1/25/2031 | 600000 | 542531 |
| Series K-1512, Class A2, 2.99%, <br> 5/25/2031<br>| 75000 | 70746 |
| Series K155, Class A3, 3.75%, 4/25/2033 | 545000 | 523270 |
| Series K157, Class A2, 3.99%, <br> 5/25/2033 (g)<br>| 250000 | 248883 |
| Series K156, Class A3, 3.70%, <br> 6/25/2033 (g)<br>| 91000 | 86988 |
| Series K-1512, Class A3, 3.06%, <br> 4/25/2034<br>| 150000 | 134391 |
| FNMA ACES |  |  |
| Series 2017-M7, Class A2, 2.96%, <br> 2/25/2027 (g)<br>| 253778 | 249706 |
| Series 2017-M14, Class A2, 2.90%, <br> 11/25/2027 (g)<br>| 7288 | 7116 |
| Series 2018-M10, Class A2, 3.47%, <br> 7/25/2028 (g)<br>| 38742 | 38209 |
| Series 2018-M14, Class A2, 3.70%, <br> 8/25/2028 (g)<br>| 410105 | 406317 |
| Series 2019-M1, Class A2, 3.66%, <br> 9/25/2028 (g)<br>| 70097 | 69393 |
| Series 2019-M22, Class A2, 2.52%, <br> 8/25/2029<br>| 569746 | 540938 |
| Series 2021-M2S, Class A2, 1.87%, <br> 10/25/2031 (g)<br>| 700000 | 612862 |
| GS Mortgage Securities Trust |  |  |
| Series 2014-GC24, Class AS, 4.16%, <br> 9/10/2047 (g)<br>| 170000 | 164392 |
| Series 2018-GS9, Class A4, 3.99%, <br> 3/10/2051 (g)<br>| 200000 | 198642 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2013-C12, Class C, 4.07%, <br> 7/15/2045 (g)<br>| 9550 | 9184 |
| Series 2015-C29, Class B, 4.12%, <br> 5/15/2048 (g)<br>| 17575 | 17440 |
| JPMCC Commercial Mortgage Securities Trust <br> Series 2017-JP5, Class A5, 3.72%, <br> 3/15/2050<br>| 600000 | 594324 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| Series 2016-C2, Class B, 3.99%, <br> 6/15/2049 (g)<br>| 20000 | 17873 |
| Series 2017-C5, Class B, 4.01%, <br> 3/15/2050 (g)<br>| 20000 | 16412 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |
| Series 2015-C22, Class AS, 3.56%, <br> 4/15/2048<br>| 40000 | 39528 |
| Series 2016-C31, Class A5, 3.10%, <br> 11/15/2049<br>| 450000 | 441190 |
| Series 2016-C32, Class A4, 3.72%, <br> 12/15/2049<br>| 295000 | 291466 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2016-UB12, Class A3, 3.34%, <br> 12/15/2049<br>| 498320 | 488580 |
| Series 2017-H1, Class C, 4.28%, <br> 6/15/2050 (g)<br>| 25000 | 23421 |
| Series 2019-L2, Class A4, 4.07%, <br> 3/15/2052<br>| 50000 | 49403 |
| Series 2019-L3, Class A4, 3.13%, <br> 11/15/2052<br>| 100000 | 95244 |
| UBS Commercial Mortgage Trust |  |  |
| Series 2017-C2, Class A4, 3.49%, <br> 8/15/2050<br>| 700000 | 690121 |
| Series 2017-C4, Class ASB, 3.37%, <br> 10/15/2050<br>| 14953 | 14806 |
| Series 2017-C5, Class AS, 3.78%, <br> 11/15/2050 (g)<br>| 70000 | 67592 |
| Series 2017-C7, Class AS, 4.06%, <br> 12/15/2050 (g)<br>| 50000 | 49012 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2017-C38, Class A5, 3.45%, <br> 7/15/2050<br>| 500000 | 492122 |
| Series 2018-C45, Class A3, 3.92%, <br> 6/15/2051<br>| 35928 | 35523 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2019-C53, Class A4, 3.04%, <br> 10/15/2052<br>| 125000 | 118736 |
| Series 2020-C55, Class A5, 2.73%, <br> 2/15/2053<br>| 10000 | 9320 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $22,557,917)<br>|  | 21945630 |
| **Foreign Government Securities — 1.6%** | **Foreign Government Securities — 1.6%** | **Foreign Government Securities — 1.6%** |
| Canada Government Bond |  |  |
| 3.75%, 4/26/2028 | 45000 | 45156 |
| 4.63%, 4/30/2029 | 200000 | 206559 |
| Export Development Canada |  |  |
| 4.38%, 6/29/2026 | 150000 | 150458 |
| 3.88%, 2/14/2028 | 515000 | 517766 |
| Italian Republic Government Bond |  |  |
| 2.88%, 10/17/2029 | 452000 | 430184 |
| 3.88%, 5/6/2051 | 80000 | 55142 |
| Japan Bank for International Cooperation |  |  |
| 2.75%, 1/21/2026 | 1000 | 994 |
| 2.25%, 11/4/2026 | 760000 | 745016 |
| 2.75%, 11/16/2027 | 60000 | 58642 |
| 1.88%, 4/15/2031 | 65000 | 58098 |
| Japan International Cooperation Agency |  |  |
| 2.75%, 4/27/2027 | 65000 | 63718 |
| 3.38%, 6/12/2028 | 876000 | 864317 |
| Oriental Republic of Uruguay 5.25%, <br> 9/10/2060<br>| 750000 | 681656 |
| Province of Alberta |  |  |
| 3.30%, 3/15/2028 | 956000 | 945617 |
| 4.50%, 6/26/2029 | 70000 | 71727 |
| Province of British Columbia |  |  |
| 0.90%, 7/20/2026 | 610000 | 593681 |
| 4.20%, 7/6/2033 | 659000 | 653175 |
| 4.75%, 6/12/2034 | 324000 | 330286 |
| Province of Ontario |  |  |
| 3.10%, 5/19/2027 (b) | 456000 | 450648 |
| 1.05%, 5/21/2027 | 47000 | 44852 |
| 3.70%, 9/17/2029 | 400000 | 398724 |
| 2.00%, 10/2/2029 | 367000 | 342395 |
| 1.13%, 10/7/2030 | 30000 | 26213 |
| Province of Quebec 2.75%, 4/12/2027 | 262000 | 257489 |
| Republic of Chile |  |  |
| 2.45%, 1/31/2031 | 798000 | 721369 |
| 4.95%, 1/5/2036 | 250000 | 247775 |
| 3.25%, 9/21/2071 | 603000 | 362515 |
| Republic of Indonesia |  |  |
| 4.55%, 1/11/2028 | 900000 | 908118 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| 5.65%, 1/11/2053 | 55000 | 54655 |
| Republic of Panama |  |  |
| 3.16%, 1/23/2030 | 200000 | 183831 |
| 6.40%, 2/14/2035 | 200000 | 201161 |
| 8.00%, 3/1/2038 | 355000 | 392496 |
| 4.50%, 4/16/2050 | 237000 | 167997 |
| 4.30%, 4/29/2053 | 690000 | 473432 |
| Republic of Peru |  |  |
| 2.78%, 12/1/2060 | 510000 | 272148 |
| 3.23%, 7/28/2121 | 474000 | 253009 |
| Republic of Philippines |  |  |
| 5.17%, 10/13/2027 | 90000 | 91752 |
| 9.50%, 2/2/2030 | 180000 | 217150 |
| 5.00%, 7/17/2033 | 493000 | 502850 |
| 4.75%, 3/5/2035 | 685000 | 681730 |
| 2.95%, 5/5/2045 | 200000 | 139523 |
| 2.65%, 12/10/2045 | 500000 | 328647 |
| Republic of Poland 5.75%, 11/16/2032 | 18000 | 19086 |
| State of Israel Government Bond |  |  |
| 5.38%, 3/12/2029 | 975000 | 997830 |
| 3.38%, 1/15/2050 | 313000 | 204349 |
| Svensk Exportkredit AB |  |  |
| 2.25%, 3/22/2027 | 214000 | 208774 |
| 4.13%, 6/14/2028 | 809000 | 817616 |
| 4.88%, 10/4/2030 | 362000 | 378852 |
| United Mexican States |  |  |
| 5.00%, 5/7/2029 | 484000 | 489786 |
| 3.25%, 4/16/2030 | 723000 | 676197 |
| 2.66%, 5/24/2031 | 598000 | 526638 |
| 3.50%, 2/12/2034 | 200000 | 170619 |
| 6.75%, 9/27/2034 | 71000 | 76150 |
| 6.35%, 2/9/2035 | 500000 | 517005 |
| 6.05%, 1/11/2040 | 62000 | 59934 |
| 4.28%, 8/14/2041 | 552000 | 431347 |
| 4.75%, 3/8/2044 | 10000 | 7975 |
| 4.60%, 1/23/2046 | 400000 | 307164 |
| 6.34%, 5/4/2053 | 60000 | 55494 |
| Total Foreign Government Securities <br>(Cost $19,840,693)<br>|  | 20137487 |
| **Supranational — 1.1%** | **Supranational — 1.1%** | **Supranational — 1.1%** |
| African Export-Import Bank (The) <br> (Supranational)<br>|  |  |
| 4.00%, 3/18/2030 | 105000 | 106189 |
| 4.50%, 6/12/2035 | 237000 | 241029 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Asian Development Bank (Supranational) |  |  |
| 2.00%, 4/24/2026 | 13000 | 12834 |
| 4.38%, 1/14/2028 | 50000 | 50840 |
| 1.25%, 6/9/2028 | 528000 | 495200 |
| 3.13%, 4/27/2032 | 164000 | 156010 |
| 4.00%, 1/12/2033 | 50000 | 49936 |
| Asian Infrastructure Investment Bank (The) <br> (Supranational)<br>|  |  |
| 4.00%, 1/18/2028 | 28000 | 28232 |
| 4.50%, 5/21/2035 | 876000 | 894667 |
| Corp. Andina de Fomento (Supranational) <br>6.00%, 4/26/2027<br>| 1432000 | 1475629 |
| Council of Europe Development Bank <br> (Supranational) <br>0.88%, 9/22/2026<br>| 445000 | 431372 |
| European Bank for Reconstruction & <br> Development (Supranational) <br>4.25%, 3/13/2034<br>| 104000 | 104363 |
| European Investment Bank (Supranational) |  |  |
| 2.13%, 4/13/2026 | 11000 | 10875 |
| 2.38%, 5/24/2027 | 500000 | 488905 |
| 3.88%, 3/15/2028 | 35000 | 35223 |
| 3.75%, 11/15/2029 | 542000 | 543583 |
| 3.63%, 7/15/2030 | 535000 | 532788 |
| 0.75%, 9/23/2030 | 75000 | 64788 |
| 3.75%, 2/14/2033 | 631000 | 621692 |
| Inter-American Development Bank <br> (Supranational)<br>|  |  |
| 4.38%, 2/1/2027 | 665000 | 670194 |
| 4.00%, 1/12/2028 | 312000 | 314477 |
| 4.50%, 9/13/2033 | 200000 | 205657 |
| Inter-American Investment Corp. <br> (Supranational) <br>4.13%, 2/15/2028<br>| 1739000 | 1754693 |
| International Bank for Reconstruction & <br> Development (Supranational)<br>|  |  |
| 1.38%, 4/20/2028 | 267000 | 251988 |
| 1.13%, 9/13/2028 | 2190000 | 2033288 |
| 1.75%, 10/23/2029 | 341000 | 315768 |
| 3.88%, 2/14/2030 | 971000 | 977562 |
| 0.88%, 5/14/2030 | 189000 | 166020 |
| 1.25%, 2/10/2031 | 355000 | 310760 |
| 1.63%, 11/3/2031 | 776000 | 680653 |
| 3.88%, 8/28/2034 | 12000 | 11710 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Supranational — continued** | **Supranational — continued** | **Supranational — continued** |
| International Finance Corp. (Supranational) <br>2.13%, 4/7/2026<br>| 5000 | 4944 |
| Total Supranational <br>(Cost $13,858,882)<br>|  | 14041869 |
| **U.S. Government Agency Securities — 0.8%** | **U.S. Government Agency Securities — 0.8%** | **U.S. Government Agency Securities — 0.8%** |
| FFCB Funding Corp. |  |  |
| 0.75%, 12/16/2026 | 100000 | 96038 |
| 0.69%, 2/2/2027 | 245000 | 234123 |
| 1.30%, 3/30/2027 | 820000 | 787285 |
| 0.79%, 6/21/2027 | 110000 | 104087 |
| 0.84%, 2/2/2028 | 50000 | 46497 |
| 1.12%, 9/1/2028 | 35000 | 32237 |
| 1.23%, 9/10/2029 | 35000 | 31602 |
| 1.68%, 4/29/2030 | 55000 | 49575 |
| 1.23%, 7/29/2030 | 194000 | 170130 |
| 1.15%, 8/12/2030 | 93000 | 80965 |
| 1.24%, 9/3/2030 | 129000 | 112779 |
| 1.32%, 9/9/2030 | 373000 | 327677 |
| 1.24%, 12/23/2030 | 120000 | 103882 |
| 1.38%, 1/14/2031 | 135000 | 117416 |
| 1.30%, 2/3/2031 | 125000 | 108410 |
| 2.23%, 3/12/2035 | 12000 | 9691 |
| 1.69%, 8/20/2035 | 11000 | 8341 |
| FHLB |  |  |
| 0.92%, 2/26/2027 | 150000 | 143509 |
| 4.75%, 4/9/2027 | 2630000 | 2671694 |
| 3.25%, 6/9/2028 | 40000 | 39631 |
| FHLMC |  |  |
| 0.90%, 10/13/2027 | 65000 | 61060 |
| 4.20%, 12/14/2029 (h) | 1494000 | 1270947 |
| 6.75%, 3/15/2031 | 80000 | 91713 |
| FNMA |  |  |
| 1.88%, 9/24/2026 | 177000 | 173304 |
| 6.25%, 5/15/2029 | 1029000 | 1120795 |
| Israel Government AID Bond (Israel) <br>5.50%, 9/18/2033<br>| 436000 | 470200 |
| Tennessee Valley Authority |  |  |
| 4.70%, 7/15/2033 | 1315000 | 1353049 |
| 5.25%, 2/1/2055 | 47000 | 45388 |
| 5.38%, 4/1/2056 | 10000 | 9863 |
| Total U.S. Government Agency Securities <br>(Cost $9,893,452)<br>|  | 9871888 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 0.5% (i)** | **Municipal Bonds — 0.5% (i)** | **Municipal Bonds — 0.5% (i)** |
| **Arizona — 0.1%** | **Arizona — 0.1%** | **Arizona — 0.1%** |
| City of Tucson, Taxable Series 2021A, COP, <br> A.G., 2.86%, 7/1/2047<br>| 865000 | 618794 |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| Bay Area Toll Authority, Toll Bridge Series <br> 2010S-1, Rev., 6.92%, 4/1/2040<br>| 20000 | 22445 |
| California State University, Systemwide Series <br> 2021B, Rev., 2.72%, 11/1/2052<br>| 1070000 | 690107 |
| East Bay Municipal Utility District, Water <br> System Series 2010B, Rev., 5.87%, <br> 6/1/2040<br>| 155000 | 164074 |
| Golden State Tobacco Securitization Corp., <br> Enhanced Tobacco Settlement Series <br> 2021B, Rev., 3.29%, 6/1/2042<br>| 455000 | 349283 |
| Regents of the University of California, <br> Medical Center Pooled Series 2010H, Rev., <br> 6.55%, 5/15/2048<br>| 40000 | 42762 |
| State of California, Various Purpose |  |  |
| GO, 7.50%, 4/1/2034 | 135000 | 156821 |
| GO, 7.55%, 4/1/2039 | 1400000 | 1682522 |
| Total California |  | 3108014 |
| **Connecticut — 0.0% ^** | **Connecticut — 0.0% ^** | **Connecticut — 0.0% ^** |
| State of Connecticut Series A, GO, 5.85%, <br> 3/15/2032<br>| 75000 | 81152 |
| **Florida — 0.0% ^** | **Florida — 0.0% ^** | **Florida — 0.0% ^** |
| State Board of Administration Finance Corp. <br> Series 2020A, Rev., 2.15%, 7/1/2030<br>| 147000 | 134043 |
| **Georgia — 0.0% ^** | **Georgia — 0.0% ^** | **Georgia — 0.0% ^** |
| Municipal Electric Authority of Georgia, Plant <br> Vogtle Units 3 and 4 Project Series 2010A, <br> Rev., 7.06%, 4/1/2057<br>| 48000 | 53268 |
| **Illinois — 0.0% ^** | **Illinois — 0.0% ^** | **Illinois — 0.0% ^** |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien Series 2018C, Rev., <br> 4.47%, 1/1/2049<br>| 25000 | 21359 |
| Metropolitan Water Reclamation District of <br> Greater Chicago, GO, 5.72%, 12/1/2038<br>| 55000 | 56849 |
| Sales Tax Securitization Corp. Series 2019A, <br> Rev., 4.64%, 1/1/2040<br>| 55000 | 53530 |
| State of Illinois, GO, 5.10%, 6/1/2033 | 357745 | 361700 |
| Total Illinois |  | 493438 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — 0.0% ^** | **New Jersey — 0.0% ^** | **New Jersey — 0.0% ^** |
| New Jersey Economic Development Authority, <br> Pension Funding Series 1997A, Rev., NATL <br> - RE, 7.43%, 2/15/2029<br>| 35000 | 36868 |
| New Jersey Turnpike Authority Series 2009F, <br> Rev., 7.41%, 1/1/2040<br>| 250000 | 299392 |
| Total New Jersey |  | 336260 |
| **New York — 0.0% ^** | **New York — 0.0% ^** | **New York — 0.0% ^** |
| Port Authority of New York and New Jersey, <br> Consolidated Series 192, Rev., 4.81%, <br> 10/15/2065<br>| 120000 | 106451 |
| **Ohio — 0.0% ^** | **Ohio — 0.0% ^** | **Ohio — 0.0% ^** |
| American Municipal Power, Inc., Combined <br> Hydroelectric Projects Series 2010A, Rev., <br> 7.83%, 2/15/2041<br>| 25000 | 29827 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| Grand Parkway Transportation Corp., System <br> Toll Series 2020B, Rev., 3.24%, <br> 10/1/2052<br>| 100000 | 66089 |
| Permanent University Fund - Texas A&M <br> University System Series 2017B, Rev., <br> 3.66%, 7/1/2047<br>| 325000 | 261492 |
| State of Texas, Transportation Commission <br> Highway Improvement Series 2010A, GO, <br> 4.68%, 4/1/2040<br>| 45000 | 43693 |
| State of Texas, Transportation Commission <br> Mobility Fund Series 2009A, GO, 5.52%, <br> 4/1/2039<br>| 120000 | 124702 |
| Texas Private Activity Bond Surface <br> Transportation Corp., North Tarrant Express <br> Managed Lanes Project, Mobility <br> Partners LLC Series 2019B, Rev., 3.92%, <br> 12/31/2049<br>| 300000 | 236076 |
| Total Texas |  | 732052 |
| **Virginia — 0.1%** | **Virginia — 0.1%** | **Virginia — 0.1%** |
| University of Virginia Series 2020, Rev., <br> 2.26%, 9/1/2050<br>| 1120000 | 636999 |
| Total Municipal Bonds <br>(Cost $7,551,545)<br>|  | 6330298 |
| **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** |
| Capital One Multi-Asset Execution Trust Series <br> 2019-A3, Class A3, 2.06%, 8/15/2028<br>| 400000 | 392568 |
| CarMax Auto Owner Trust Series 2022-1, <br> Class A4, 1.70%, 8/16/2027<br>| 365000 | 360479 |
| Citibank Credit Card Issuance Trust Series <br> 2018-A7, Class A7, 3.96%, 10/13/2030<br>| 100000 | 100052 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Federal Express Corp. Pass-Through Trust <br> Series 2020-1, Class AA, 1.88%, <br> 2/20/2034<br>| 7327 | 6359 |
| Ford Credit Floorplan Master Owner Trust |  |  |
| Series 2020-2, Class A, 1.06%, <br> 9/15/2027<br>| 600000 | 599235 |
| Series 2018-4, Class A, 4.06%, <br> 11/15/2030<br>| 600000 | 599880 |
| Toyota Auto Receivables Owner Trust Series <br> 2022-B, Class A3, 2.93%, 9/15/2026<br>| 42213 | 42158 |
| United Airlines Pass-Through Trust Series <br> 2018-1, Class AA, 3.50%, 3/1/2030<br>| 110887 | 105822 |
| Total Asset-Backed Securities <br>(Cost $2,173,387)<br>|  | 2206553 |
|  | **SHARES** |  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (j) (k) <br>(Cost $35,598,582)<br>| 35598582 | 35598582 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.34% (j) (k) <br>(Cost $1,696,782)<br>| 1696782 | 1696782 |
| Total Short-Term Investments <br>(Cost $37,295,364)<br>|  | 37295364 |
| **Total Investments — 102.0%** <br>**(Cost $1,330,417,471)**<br>|  | **1299415983** |
| **Liabilities in Excess of Other Assets —** <br> **(2.0)%**<br>|  | **(25810946)**<br>|
| **NET ASSETS — 100.0%** |  | **1273605037** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| ACES | Alternative Credit Enhancement Securities |
| 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 |
| NATL | Insured by National Public Finance Guarantee Corp. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 31

------

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| RE | Reinsured |
| REIT | Real Estate Investment Trust |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (b) | The security or a portion of this security is on loan at <br> August 31, 2025. The total value of securities on loan <br> at August 31, 2025 is $1,648,009.<br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (e) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> August 31, 2025 is $889,346 or 0.07% of the <br> Fund's net assets as of August 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 99.2%** | **U.S. Treasury Obligations — 99.2%** | **U.S. Treasury Obligations — 99.2%** |
| U.S. Treasury Notes |  |  |
| 4.63%, 9/15/2026 | 206000 | 207622 |
| 0.88%, 9/30/2026 | 418000 | 405019 |
| 1.63%, 9/30/2026 | 153000 | 149456 |
| 3.50%, 9/30/2026 | 495000 | 493163 |
| 4.63%, 10/15/2026 | 339000 | 341940 |
| 1.13%, 10/31/2026 | 362000 | 350970 |
| 1.63%, 10/31/2026 | 187000 | 182383 |
| 4.13%, 10/31/2026 | 445000 | 446425 |
| 2.00%, 11/15/2026 | 293000 | 286831 |
| 4.63%, 11/15/2026 | 300000 | 302824 |
| 1.25%, 11/30/2026 | 346000 | 335404 |
| 1.63%, 11/30/2026 | 118000 | 114930 |
| 4.25%, 11/30/2026 | 494000 | 496624 |
| 4.38%, 12/15/2026 | 254000 | 255865 |
| 1.25%, 12/31/2026 | 419000 | 405432 |
| 1.75%, 12/31/2026 | 177000 | 172423 |
| 4.25%, 12/31/2026 | 433000 | 435588 |
| 4.00%, 1/15/2027 | 383000 | 384182 |
| 1.50%, 1/31/2027 | 549000 | 532123 |
| 4.13%, 1/31/2027 | 499000 | 501476 |
| 2.25%, 2/15/2027 | 275000 | 269296 |
| 4.13%, 2/15/2027 | 341000 | 342798 |
| 1.13%, 2/28/2027 | 125000 | 120342 |
| 1.88%, 2/28/2027 | 332000 | 323142 |
| 4.13%, 2/28/2027 | 499000 | 501846 |
| 4.25%, 3/15/2027 | 351000 | 353756 |
| 0.63%, 3/31/2027 | 183000 | 174472 |
| 2.50%, 3/31/2027 | 378000 | 371090 |
| 3.88%, 3/31/2027 | 373000 | 373962 |
| 4.50%, 4/15/2027 | 369000 | 373598 |
| 0.50%, 4/30/2027 | 187000 | 177519 |
| 2.75%, 4/30/2027 | 360000 | 354628 |
| 3.75%, 4/30/2027 | 373000 | 373393 |
| 2.38%, 5/15/2027 | 394000 | 385627 |
| 4.50%, 5/15/2027 | 419000 | 424581 |
| 0.50%, 5/31/2027 | 183000 | 173314 |
| 2.63%, 5/31/2027 | 233000 | 228886 |
| 3.88%, 5/31/2027 | 373000 | 374253 |
| 4.63%, 6/15/2027 | 369000 | 375039 |
| 0.50%, 6/30/2027 | 278000 | 262667 |
| 3.25%, 6/30/2027 | 348000 | 345567 |
| 3.75%, 6/30/2027 | 372000 | 372639 |
| 4.38%, 7/15/2027 | 363000 | 367679 |
| 0.38%, 7/31/2027 | 265000 | 249204 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 2.75%, 7/31/2027 | 339000 | 333399 |
| 3.88%, 7/31/2027 | 378000 | 379565 |
| 2.25%, 8/15/2027 | 268000 | 261028 |
| 3.75%, 8/15/2027 | 369000 | 369735 |
| 0.50%, 8/31/2027 | 223000 | 209707 |
| 3.13%, 8/31/2027 | 333000 | 329813 |
| 3.63%, 8/31/2027 | 372000 | 372073 |
| 3.38%, 9/15/2027 | 368000 | 366275 |
| 0.38%, 9/30/2027 | 357000 | 334046 |
| 4.13%, 9/30/2027 | 326000 | 329285 |
| 3.88%, 10/15/2027 | 422000 | 424126 |
| 0.50%, 10/31/2027 | 289000 | 270441 |
| 4.13%, 10/31/2027 | 320000 | 323337 |
| 2.25%, 11/15/2027 | 275000 | 267126 |
| 4.13%, 11/15/2027 | 369000 | 372921 |
| 0.63%, 11/30/2027 | 309000 | 289386 |
| 3.88%, 11/30/2027 | 318000 | 319776 |
| 4.00%, 12/15/2027 | 369000 | 372229 |
| 0.63%, 12/31/2027 | 319000 | 297941 |
| 3.88%, 12/31/2027 | 320000 | 321925 |
| 4.25%, 1/15/2028 | 369000 | 374348 |
| 0.75%, 1/31/2028 | 445000 | 415936 |
| 3.50%, 1/31/2028 | 320000 | 319262 |
| 2.75%, 2/15/2028 | 381000 | 373514 |
| 4.25%, 2/15/2028 | 369000 | 374578 |
| 1.13%, 2/29/2028 | 450000 | 423756 |
| 4.00%, 2/29/2028 | 320000 | 323075 |
| 3.88%, 3/15/2028 | 337000 | 339396 |
| 1.25%, 3/31/2028 | 402000 | 379011 |
| 3.63%, 3/31/2028 | 264000 | 264227 |
| 3.75%, 4/15/2028 | 319000 | 320221 |
| 1.25%, 4/30/2028 | 451000 | 424486 |
| 3.50%, 4/30/2028 | 287000 | 286294 |
| 2.88%, 5/15/2028 | 343000 | 336689 |
| 3.75%, 5/15/2028 | 313000 | 314272 |
| 1.25%, 5/31/2028 | 405000 | 380399 |
| 3.63%, 5/31/2028 | 263000 | 263216 |
| 3.88%, 6/15/2028 | 311000 | 313405 |
| 1.25%, 6/30/2028 | 449000 | 421025 |
| 4.00%, 6/30/2028 | 238000 | 240659 |
| 3.88%, 7/15/2028 | 306000 | 308367 |
| 1.00%, 7/31/2028 | 470000 | 436641 |
| 4.13%, 7/31/2028 | 250000 | 253672 |
| 2.88%, 8/15/2028 | 451000 | 442033 |
| 3.63%, 8/15/2028 | 301000 | 301400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 1.13%, 8/31/2028 | 470000 | 437320 |
| 4.38%, 8/31/2028 | 223000 | 227930 |
| Total U.S. Treasury Obligations <br>(Cost $30,123,711)<br>|  | 30309244 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b) <br>(Cost $69,042)<br>| 69027 | 69048 |
| **Total Investments — 99.4%** <br>**(Cost $30,192,753)**<br>|  | **30378292** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **168361** |
| **NET ASSETS — 100.0%** |  | **30546653** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 99.2%** | **U.S. Treasury Obligations — 99.2%** | **U.S. Treasury Obligations — 99.2%** |
| U.S. Treasury Bonds |  |  |
| 3.00%, 11/15/2045 | 42000 | 31670 |
| 2.50%, 2/15/2046 | 110000 | 75432 |
| 2.50%, 5/15/2046 | 123000 | 84092 |
| 2.25%, 8/15/2046 | 167000 | 108198 |
| 2.88%, 11/15/2046 | 74000 | 53881 |
| 3.00%, 2/15/2047 | 122000 | 90623 |
| 3.00%, 5/15/2047 | 100000 | 74051 |
| 2.75%, 8/15/2047 | 147000 | 103537 |
| 2.75%, 11/15/2047 | 164000 | 115165 |
| 3.00%, 2/15/2048 | 186000 | 136441 |
| 3.13%, 5/15/2048 | 182000 | 136279 |
| 3.00%, 8/15/2048 | 217000 | 158359 |
| 3.38%, 11/15/2048 | 221000 | 172458 |
| 3.00%, 2/15/2049 | 234000 | 169970 |
| 2.88%, 5/15/2049 | 212000 | 149915 |
| 2.25%, 8/15/2049 | 202000 | 124656 |
| 2.38%, 11/15/2049 | 203000 | 128477 |
| 2.00%, 2/15/2050 | 255000 | 147203 |
| 1.25%, 5/15/2050 | 286000 | 134766 |
| 1.38%, 8/15/2050 | 336000 | 162330 |
| 1.63%, 11/15/2050 | 306000 | 157877 |
| 1.88%, 2/15/2051 | 350000 | 192541 |
| 2.38%, 5/15/2051 | 348000 | 216236 |
| 2.00%, 8/15/2051 | 363000 | 204868 |
| 1.88%, 11/15/2051 | 339000 | 184490 |
| 2.25%, 2/15/2052 | 297000 | 177539 |
| 2.88%, 5/15/2052 | 280000 | 193080 |
| 3.00%, 8/15/2052 | 268000 | 189526 |
| 4.00%, 11/15/2052 | 271000 | 232573 |
| 3.63%, 2/15/2053 | 265000 | 212114 |
| 3.63%, 5/15/2053 | 280000 | 223880 |
| 4.13%, 8/15/2053 | 300000 | 262746 |
| 4.75%, 11/15/2053 | 322000 | 313019 |
| 4.25%, 2/15/2054 | 337000 | 301510 |
| 4.63%, 5/15/2054 | 326000 | 310579 |
| 4.25%, 8/15/2054 | 337000 | 301510 |
| 4.50%, 11/15/2054 | 330000 | 308047 |
| 4.63%, 2/15/2055 | 337000 | 321203 |
| 4.75%, 5/15/2055 | 326000 | 317137 |
| 4.75%, 8/15/2055 | 135000 | 131372 |
| Total U.S. Treasury Obligations <br>(Cost $7,169,548)<br>|  | 7109350 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b) <br>(Cost $76,387)<br>| 76365 | 76388 |
| **Total Investments — 100.3%** <br>**(Cost $7,245,935)**<br>|  | **7185738** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(19548)**<br>|
| **NET ASSETS — 100.0%** |  | **7166190** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 99.1%** | **U.S. Treasury Obligations — 99.1%** | **U.S. Treasury Obligations — 99.1%** |
| U.S. Treasury Notes |  |  |
| 1.25%, 9/30/2028 | 145000 | 135167 |
| 4.63%, 9/30/2028 | 342000 | 352220 |
| 1.38%, 10/31/2028 | 366000 | 341910 |
| 4.88%, 10/31/2028 | 252000 | 261519 |
| 3.13%, 11/15/2028 | 363000 | 357824 |
| 1.50%, 11/30/2028 | 392000 | 367025 |
| 4.38%, 11/30/2028 | 73000 | 74717 |
| 1.38%, 12/31/2028 | 389000 | 362135 |
| 3.75%, 12/31/2028 | 352000 | 353581 |
| 1.75%, 1/31/2029 | 56000 | 52690 |
| 4.00%, 1/31/2029 | 283000 | 286549 |
| 2.63%, 2/15/2029 | 159000 | 153969 |
| 1.88%, 2/28/2029 | 74000 | 69820 |
| 4.25%, 2/28/2029 | 74000 | 75546 |
| 2.38%, 3/31/2029 | 128000 | 122725 |
| 4.13%, 3/31/2029 | 85000 | 86444 |
| 2.88%, 4/30/2029 | 222000 | 216381 |
| 4.63%, 4/30/2029 | 275000 | 284389 |
| 2.38%, 5/15/2029 | 157000 | 150291 |
| 2.75%, 5/31/2029 | 204000 | 197816 |
| 4.50%, 5/31/2029 | 422000 | 434759 |
| 3.25%, 6/30/2029 | 94000 | 92733 |
| 4.25%, 6/30/2029 | 424000 | 433292 |
| 4.00%, 7/31/2029 | 415000 | 420479 |
| 1.63%, 8/15/2029 | 207000 | 192162 |
| 3.13%, 8/31/2029 | 198000 | 194287 |
| 3.63%, 8/31/2029 | 389000 | 388818 |
| 3.50%, 9/30/2029 | 427000 | 424715 |
| 3.88%, 9/30/2029 | 166000 | 167472 |
| 4.00%, 10/31/2029 | 37000 | 37500 |
| 4.13%, 10/31/2029 | 96000 | 97736 |
| 1.75%, 11/15/2029 | 210000 | 194898 |
| 4.13%, 11/30/2029 | 93000 | 94704 |
| 3.88%, 12/31/2029 | 12000 | 12104 |
| 4.38%, 12/31/2029 | 99000 | 101804 |
| 4.25%, 1/31/2030 | 93000 | 95191 |
| 1.50%, 2/15/2030 | 204000 | 186118 |
| 4.00%, 2/28/2030 | 264000 | 267702 |
| 3.63%, 3/31/2030 | 222000 | 221514 |
| 4.00%, 3/31/2030 | 98000 | 99344 |
| 3.50%, 4/30/2030 | 164000 | 162738 |
| 3.88%, 4/30/2030 | 94000 | 94797 |
| 0.63%, 5/15/2030 | 480000 | 417131 |
| 3.75%, 5/31/2030 | 281000 | 281746 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| 4.00%, 5/31/2030 | 94000 | 95303 |
| 3.75%, 6/30/2030 | 73000 | 73197 |
| 3.88%, 6/30/2030 | 93000 | 93763 |
| 3.88%, 7/31/2030 | 217000 | 218746 |
| 4.00%, 7/31/2030 | 296000 | 299897 |
| 0.63%, 8/15/2030 | 540000 | 465349 |
| 4.13%, 8/31/2030 | 214000 | 218021 |
| 4.63%, 9/30/2030 | 164000 | 170829 |
| 4.88%, 10/31/2030 | 221000 | 232810 |
| 0.88%, 11/15/2030 | 429000 | 371856 |
| 4.38%, 11/30/2030 | 170000 | 175133 |
| 3.75%, 12/31/2030 | 288000 | 288101 |
| 4.00%, 1/31/2031 | 320000 | 323800 |
| 1.13%, 2/15/2031 | 525000 | 458514 |
| 4.13%, 3/31/2031 | 13000 | 13230 |
| 4.63%, 4/30/2031 | 323000 | 336740 |
| 1.63%, 5/15/2031 | 404000 | 359607 |
| 4.63%, 5/31/2031 | 19000 | 19805 |
| 4.25%, 6/30/2031 | 327000 | 334549 |
| 4.13%, 7/31/2031 | 331000 | 336418 |
| 1.25%, 8/15/2031 | 617000 | 533151 |
| 3.75%, 8/31/2031 | 330000 | 328698 |
| 3.63%, 9/30/2031 | 332000 | 328265 |
| 1.38%, 11/15/2031 | 608000 | 525374 |
| 4.38%, 1/31/2032 | 8000 | 8224 |
| 1.88%, 2/15/2032 | 577000 | 511231 |
| 2.88%, 5/15/2032 | 480000 | 450862 |
| 4.00%, 6/30/2032 | 219000 | 220129 |
| 2.75%, 8/15/2032 | 517000 | 480022 |
| 4.13%, 11/15/2032 | 368000 | 372111 |
| 3.50%, 2/15/2033 | 354000 | 343131 |
| 3.38%, 5/15/2033 | 356000 | 341218 |
| 3.88%, 8/15/2033 | 406000 | 401750 |
| 4.50%, 11/15/2033 | 576000 | 593955 |
| 4.00%, 2/15/2034 | 379000 | 376779 |
| 4.38%, 5/15/2034 | 609000 | 620896 |
| 3.88%, 8/15/2034 | 614000 | 601912 |
| 4.25%, 11/15/2034 | 541000 | 544550 |
| 4.63%, 2/15/2035 | 290000 | 299923 |
| 4.25%, 5/15/2035 | 511000 | 512597 |
| Total U.S. Treasury Obligations <br>(Cost $22,428,044)<br>|  | 22696908 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b) <br>(Cost $90,055)<br>| 90033 | 90060 |
| **Total Investments — 99.5%** <br>**(Cost $22,518,099)**<br>|  | **22786968** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **125773** |
| **NET ASSETS — 100.0%** |  | **22912741** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 37

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 98.0%** | **Corporate Bonds — 98.0%** | **Corporate Bonds — 98.0%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| AAR Escrow Issuer LLC 6.75%, 3/15/2029 (a) | 259000 | 266516 |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| 4.88%, 10/1/2029 | 178000 | 174377 |
| 7.25%, 8/15/2030 | 384000 | 404507 |
| 5.13%, 10/1/2031 | 52000 | 50753 |
| Axon Enterprise, Inc.  | Axon Enterprise, Inc.  | Axon Enterprise, Inc.  |
| 6.13%, 3/15/2030 (a) | 296000 | 304117 |
| 6.25%, 3/15/2033 (a) | 492000 | 508585 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 6.00%, 2/15/2028 (a) | 938000 | 939087 |
| 7.50%, 2/1/2029 (a) | 406000 | 423700 |
| 7.25%, 7/1/2031 (a) | 414000 | 436475 |
| 6.75%, 6/15/2033 (a) | 148000 | 153899 |
| 7.45%, 5/1/2034 (a) | 187000 | 203818 |
| BWX Technologies, Inc.  | BWX Technologies, Inc.  | BWX Technologies, Inc.  |
| 4.13%, 6/30/2028 (a) | 192000 | 187566 |
| 4.13%, 4/15/2029 (a) | 155000 | 149171 |
| Efesto Bidco SpA Efesto US LLC (Italy) Series XR, <br> 7.50%, 2/15/2032 (a)<br>| 335000 | 342179 |
| Goat Holdco LLC 6.75%, 2/1/2032 (a) | 338000 | 343864 |
| Moog, Inc. 4.25%, 12/15/2027 (a) | 240000 | 236248 |
| Spirit AeroSystems, Inc.  | Spirit AeroSystems, Inc.  | Spirit AeroSystems, Inc.  |
| 4.60%, 6/15/2028 | 216000 | 215424 |
| 9.38%, 11/30/2029 (a) | 260000 | 274981 |
| 9.75%, 11/15/2030 (a) | 700000 | 770924 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.75%, 8/15/2028 (a) | 860000 | 884112 |
| 4.63%, 1/15/2029 | 116000 | 113508 |
| 4.88%, 5/1/2029 | 898000 | 881642 |
| 6.88%, 12/15/2030 (a) | 1342000 | 1391647 |
| 7.13%, 12/1/2031 (a) | 775000 | 807829 |
| 6.63%, 3/1/2032 (a) | 966000 | 994684 |
| 6.00%, 1/15/2033 (a) | 888000 | 897970 |
| 6.38%, 5/31/2033 (a) | 1744000 | 1767176 |
| 6.75%, 1/31/2034 (a) | 100000 | 103226 |
|  |  | 14227985 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Rand Parent LLC 8.50%, 2/15/2030 (a) | 386000 | 400031 |
| Stonepeak Nile Parent LLC 7.25%, <br> 3/15/2032 (a)<br>| 237000 | 248814 |
|  |  | 648845 |
| **Automobile Components — 2.2%** | **Automobile Components — 2.2%** | **Automobile Components — 2.2%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (a) | 608000 | 625303 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| 8.25%, 4/15/2031 (a) | 168000 | 176912 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 4.75%, 10/1/2027 (a) | 220000 | 218108 |
| 5.88%, 6/1/2029 (a) | 590000 | 594598 |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| 6.50%, 4/1/2027 | 175000 | 175817 |
| 6.88%, 7/1/2028 | 437000 | 437175 |
| Aptiv Swiss Holdings Ltd. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 3.39%), 6.88%, 12/15/2054 (b)<br>| 244000 | 246613 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 8.50%, 5/15/2027 (a) | 133000 | 133559 |
| 6.75%, 5/15/2028 (a) | 908000 | 928267 |
| 6.75%, 2/15/2030 (a) | 440000 | 455937 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (c) | 88000 | 92170 |
| 5.63% (Cash), 5/15/2027 (a) (c) | 429000 | 394680 |
| Dana, Inc.  | Dana, Inc.  | Dana, Inc.  |
| 5.38%, 11/15/2027 | 131000 | 130792 |
| 5.63%, 6/15/2028 | 462000 | 461740 |
| 4.25%, 9/1/2030 | 73000 | 72174 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a)<br>| 309000 | 268174 |
| Forvia SE (France) 8.00%, 6/15/2030 (a) | 212000 | 223561 |
| Garrett Motion Holdings, Inc. 7.75%, <br> 5/31/2032 (a)<br>| 376000 | 393169 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 4.88%, 3/15/2027 | 907000 | 900543 |
| 5.00%, 7/15/2029 | 650000 | 630228 |
| Icahn Enterprises LP  | Icahn Enterprises LP  | Icahn Enterprises LP  |
| 5.25%, 5/15/2027 | 733000 | 715052 |
| 9.75%, 1/15/2029 | 281000 | 279342 |
| 10.00%, 11/15/2029 (a) | 158000 | 156402 |
| 9.00%, 6/15/2030 | 777000 | 740197 |
| IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) |
| 6.37% (Cash), 5/15/2029 (a) (c) | 200000 | 201063 |
| 8.00% (Cash), 11/15/2032 (a) (c) | 386000 | 403014 |
| JB Poindexter & Co., Inc. 8.75%, <br> 12/15/2031 (a)<br>| 286000 | 295378 |
| Patrick Industries, Inc. 4.75%, 5/1/2029 (a) | 349000 | 342340 |
| Phinia, Inc.  | Phinia, Inc.  | Phinia, Inc.  |
| 6.75%, 4/15/2029 (a) | 179000 | 184773 |
| 6.63%, 10/15/2032 (a) | 244000 | 250595 |
| Real Hero Merger Sub 2, Inc. 6.25%, <br> 2/1/2029 (a)<br>| 223000 | 162992 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| Tenneco, Inc. 8.00%, 11/17/2028 (a) | 846000 | 845982 |
| ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
| 6.88%, 4/14/2028 (a) | 820000 | 830582 |
| 6.75%, 4/23/2030 (a) | 152000 | 148215 |
| 6.88%, 4/23/2032 (a) | 179000 | 171653 |
|  |  | 13287100 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| Aston Martin Capital Holdings Ltd. (Jersey) <br> 10.00%, 3/31/2029 (a)<br>| 491000 | 477643 |
| Jaguar Land Rover Automotive plc (United <br> Kingdom) 5.88%, 1/15/2028 (a)<br>| 476000 | 476587 |
| Nissan Motor Acceptance Co. LLC  | Nissan Motor Acceptance Co. LLC  | Nissan Motor Acceptance Co. LLC  |
| 6.95%, 9/15/2026 (a) | 424000 | 426858 |
| 1.85%, 9/16/2026 (a) | 607000 | 583762 |
| 2.45%, 9/15/2028 (a) | 182000 | 165352 |
| Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) |
| 4.35%, 9/17/2027 (a) | 1698000 | 1660012 |
| 4.81%, 9/17/2030 (a) | 1224000 | 1143436 |
| 8.13%, 7/17/2035 (a) | 891000 | 944020 |
| PM General Purchaser LLC 9.50%, <br> 10/1/2028 (a)<br>| 357000 | 281657 |
| Thor Industries, Inc. 4.00%, 10/15/2029 (a) | 220000 | 207743 |
|  |  | 6367070 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028 | 162000 | 170995 |
| Standard Chartered plc (United Kingdom) <br> (3-MONTH SOFR + 1.46%), 7.01%, <br> 7/30/2037 (a) (b) (d) (e)<br>| 300000 | 310707 |
|  |  | 481702 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings, Inc.  | Primo Water Holdings, Inc.  | Primo Water Holdings, Inc.  |
| 6.25%, 4/1/2029 (a) | 435000 | 437290 |
| 4.38%, 4/30/2029 (a) | 109000 | 105382 |
|  |  | 542672 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Emergent BioSolutions, Inc. 3.88%, <br> 8/15/2028 (a)<br>| 225000 | 188379 |
| Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 339000 | 328497 |
|  |  | 516876 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| ANGI Group LLC 3.88%, 8/15/2028 (a) | 250000 | 235421 |
| Getty Images, Inc.  | Getty Images, Inc.  | Getty Images, Inc.  |
| 9.75%, 3/1/2027 (a) | 230000 | 213994 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| 11.25%, 2/21/2030 (a) | 149000 | 136325 |
| Go Daddy Operating Co. LLC 3.50%, <br> 3/1/2029 (a)<br>| 594000 | 562753 |
| Kohl's Corp.  | Kohl's Corp.  | Kohl's Corp.  |
| 10.00%, 6/1/2030 (a) | 139000 | 149281 |
| 5.55%, 7/17/2045 | 561000 | 344065 |
| Liberty Interactive LLC  | Liberty Interactive LLC  | Liberty Interactive LLC  |
| 8.50%, 7/15/2029 | 133000 | 18341 |
| 8.25%, 2/1/2030 | 99000 | 13118 |
| Macy's Retail Holdings LLC  | Macy's Retail Holdings LLC  | Macy's Retail Holdings LLC  |
| 5.88%, 3/15/2030 (a) | 85000 | 84172 |
| 6.13%, 3/15/2032 (a) | 350000 | 341616 |
| 4.50%, 12/15/2034 | 162000 | 134912 |
| 5.13%, 1/15/2042 | 179000 | 130339 |
| Match Group Holdings II LLC  | Match Group Holdings II LLC  | Match Group Holdings II LLC  |
| 5.00%, 12/15/2027 (a) | 284000 | 282475 |
| 4.63%, 6/1/2028 (a) | 511000 | 503244 |
| 5.63%, 2/15/2029 (a) | 108000 | 108097 |
| 3.63%, 10/1/2031 (a) | 408000 | 368263 |
| Nordstrom, Inc.  | Nordstrom, Inc.  | Nordstrom, Inc.  |
| 4.00%, 3/15/2027 | 40000 | 38845 |
| 4.38%, 4/1/2030 | 284000 | 261545 |
| 4.25%, 8/1/2031 | 374000 | 329457 |
| 5.00%, 1/15/2044 | 438000 | 297636 |
| QVC, Inc.  | QVC, Inc.  | QVC, Inc.  |
| 5.45%, 8/15/2034 | 323000 | 150153 |
| 5.95%, 3/15/2043 | 437000 | 199655 |
| Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) |
| 11.25%, 2/15/2027 (a) | 826000 | 893108 |
| 9.75%, 4/15/2029 (a) | 803000 | 892087 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.25%), <br> 8.13%, 12/15/2029 (a) (b) (d) (e)<br>| 403000 | 414193 |
| Shutterfly LLC 8.50%, 10/1/2026 (a) | 259000 | 105543 |
| Wayfair LLC 7.25%, 10/31/2029 (a) | 617000 | 629111 |
|  |  | 7837749 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| ACProducts Holdings, Inc. 6.38%, <br> 5/15/2029 (a)<br>| 147000 | 72298 |
| Advanced Drainage Systems, Inc.  | Advanced Drainage Systems, Inc.  | Advanced Drainage Systems, Inc.  |
| 5.00%, 9/30/2027 (a) | 309000 | 306804 |
| 6.38%, 6/15/2030 (a) | 93000 | 94851 |
| AmeriTex HoldCo Intermediate LLC 7.63%, <br> 8/15/2033 (a)<br>| 325000 | 335339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 39

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 5.00%, 3/1/2030 (a) | 402000 | 397575 |
| 4.25%, 2/1/2032 (a) | 498000 | 468080 |
| 6.38%, 6/15/2032 (a) | 847000 | 873440 |
| 6.38%, 3/1/2034 (a) | 73000 | 75185 |
| 6.75%, 5/15/2035 (a) | 65000 | 67786 |
| Camelot Return Merger Sub, Inc. 8.75%, <br> 8/1/2028 (a)<br>| 172000 | 165502 |
| Cornerstone Building Brands, Inc.  | Cornerstone Building Brands, Inc.  | Cornerstone Building Brands, Inc.  |
| 6.13%, 1/15/2029 (a) | 57000 | 43890 |
| 9.50%, 8/15/2029 (a) | 451000 | 434073 |
| CP Atlas Buyer, Inc. 12.75% (Blend (Cash <br> 7.00% + PIK 5.75%)), 1/15/2031 (a) (c) (f)<br>| 188000 | 177798 |
| EMRLD Borrower LP  | EMRLD Borrower LP  | EMRLD Borrower LP  |
| 6.63%, 12/15/2030 (a) | 1122000 | 1152323 |
| 6.75%, 7/15/2031 (a) | 327000 | 338232 |
| Griffon Corp. 5.75%, 3/1/2028 | 413000 | 412404 |
| JELD-WEN, Inc.  | JELD-WEN, Inc.  | JELD-WEN, Inc.  |
| 4.88%, 12/15/2027 (a) | 112000 | 110192 |
| 7.00%, 9/1/2032 (a) | 245000 | 211674 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 323000 | 334597 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| 407000 | 419561 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 106000 | 104202 |
| New Enterprise Stone & Lime Co., Inc. 5.25%, <br> 7/15/2028 (a)<br>| 275000 | 271830 |
| Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a) | 281000 | 218973 |
| Quikrete Holdings, Inc.  | Quikrete Holdings, Inc.  | Quikrete Holdings, Inc.  |
| 6.38%, 3/1/2032 (a) | 2291000 | 2362825 |
| 6.75%, 3/1/2033 (a) | 127000 | 131640 |
| Smyrna Ready Mix Concrete LLC  | Smyrna Ready Mix Concrete LLC  | Smyrna Ready Mix Concrete LLC  |
| 6.00%, 11/1/2028 (a) | 94000 | 94214 |
| 8.88%, 11/15/2031 (a) | 839000 | 895013 |
| Standard Building Solutions, Inc. 6.25%, <br> 8/1/2033 (a)<br>| 100000 | 102061 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (a) | 606000 | 600355 |
| 4.38%, 7/15/2030 (a) | 1007000 | 964988 |
| 3.38%, 1/15/2031 (a) | 800000 | 726024 |
| Wilsonart LLC 11.00%, 8/15/2032 (a) | 217000 | 206905 |
|  |  | 13170634 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| AG Issuer LLC 6.25%, 3/1/2028 (a) | 83000 | 83162 |
| AG TTMT Escrow Issuer LLC 8.63%, <br> 9/30/2027 (a)<br>| 387000 | 396446 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Aretec Group, Inc.  | Aretec Group, Inc.  | Aretec Group, Inc.  |
| 7.50%, 4/1/2029 (a) | 447000 | 448546 |
| 10.00%, 8/15/2030 (a) | 69000 | 75315 |
| Coinbase Global, Inc.  | Coinbase Global, Inc.  | Coinbase Global, Inc.  |
| 3.38%, 10/1/2028 (a) | 160000 | 151819 |
| 3.63%, 10/1/2031 (a) | 647000 | 579094 |
| Compass Group Diversified Holdings LLC 5.25%, <br> 4/15/2029 (a)<br>| 511000 | 471399 |
| Dresdner Funding Trust I 8.15%, <br> 6/30/2031 (a)<br>| 465000 | 512843 |
| Focus Financial Partners LLC 6.75%, <br> 9/15/2031 (a)<br>| 463000 | 478453 |
| Hightower Holding LLC  | Hightower Holding LLC  | Hightower Holding LLC  |
| 6.75%, 4/15/2029 (a) | 120000 | 119590 |
| 9.13%, 1/31/2030 (a) | 179000 | 192217 |
| Jane Street Group  | Jane Street Group  | Jane Street Group  |
| 4.50%, 11/15/2029 (a) | 213000 | 205718 |
| 7.13%, 4/30/2031 (a) | 1086000 | 1134602 |
| 6.13%, 11/1/2032 (a) | 471000 | 473177 |
| 6.75%, 5/1/2033 (a) | 431000 | 445376 |
| Osaic Holdings, Inc.  | Osaic Holdings, Inc.  | Osaic Holdings, Inc.  |
| 6.75%, 8/1/2032 (a) | 74000 | 75399 |
| 8.00%, 8/1/2033 (a) | 479000 | 485329 |
| Prospect Capital Corp.  | Prospect Capital Corp.  | Prospect Capital Corp.  |
| 3.36%, 11/15/2026 | 159000 | 153022 |
| 3.44%, 10/15/2028 | 135000 | 121689 |
| StoneX Group, Inc. 7.88%, 3/1/2031 (a) | 485000 | 512677 |
| VFH Parent LLC 7.50%, 6/15/2031 (a) | 212000 | 222530 |
|  |  | 7338403 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| Ashland, Inc.  | Ashland, Inc.  | Ashland, Inc.  |
| 3.38%, 9/1/2031 (a) | 231000 | 206045 |
| 6.88%, 5/15/2043 | 112000 | 117529 |
| ASP Unifrax Holdings, Inc.  | ASP Unifrax Holdings, Inc.  | ASP Unifrax Holdings, Inc.  |
| 7.10% (Blend (Cash 5.85% + PIK 1.25%)), <br> 9/30/2029 (a) (c)<br>| 399484 | 196871 |
| 11.18% (Blend (Cash 6.43% + PIK 4.75%)), <br> 9/30/2029 (a) (c)<br>| 32380 | 30006 |
| Avient Corp.  | Avient Corp.  | Avient Corp.  |
| 7.13%, 8/1/2030 (a) | 466000 | 481438 |
| 6.25%, 11/1/2031 (a) | 141000 | 143610 |
| Axalta Coating Systems Dutch Holding B BV <br> 7.25%, 2/15/2031 (a)<br>| 150000 | 157861 |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (a)<br>| 536000 | 533561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| 6.67%, 7/15/2027 (g) | 572000 | 588581 |
| 6.83%, 7/15/2029 (g) | 434000 | 451837 |
| 6.50%, 4/15/2030 | 85000 | 85767 |
| 7.05%, 11/15/2030 (g) | 1095000 | 1138523 |
| 6.88%, 7/15/2032 (g) | 1180000 | 1218901 |
| 6.75%, 4/15/2033 | 52000 | 52359 |
| 7.20%, 11/15/2033 (g) | 232000 | 241399 |
| Cerdia Finanz GmbH (Germany) 9.38%, <br> 10/3/2031 (a)<br>| 371000 | 392622 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.38%, 5/15/2027 | 149000 | 148450 |
| 5.75%, 11/15/2028 (a) | 667000 | 642263 |
| 4.63%, 11/15/2029 (a) | 6000 | 5358 |
| 8.00%, 1/15/2033 (a) | 246000 | 240641 |
| Consolidated Energy Finance SA (Switzerland) <br> 12.00%, 2/15/2031 (a)<br>| 369000 | 339142 |
| CVR Partners LP 6.13%, 6/15/2028 (a) | 233000 | 232678 |
| Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 341000 | 330547 |
| FMC Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.37%), <br> 8.45%, 11/1/2055 (b)<br>| 325000 | 339555 |
| HB Fuller Co.  | HB Fuller Co.  | HB Fuller Co.  |
| 4.00%, 2/15/2027 | 125000 | 123315 |
| 4.25%, 10/15/2028 | 158000 | 153451 |
| Herens Holdco SARL (Luxembourg) 4.75%, <br> 5/15/2028 (a)<br>| 273000 | 234835 |
| Huntsman International LLC  | Huntsman International LLC  | Huntsman International LLC  |
| 2.95%, 6/15/2031 | 356000 | 304379 |
| 5.70%, 10/15/2034 | 310000 | 287013 |
| Illuminate Buyer LLC 9.00%, 7/1/2028 (a) | 198000 | 198070 |
| INEOS Finance plc (Luxembourg) 7.50%, <br> 4/15/2029 (a)<br>| 579000 | 580339 |
| INEOS Quattro Finance 2 plc (United Kingdom) <br> 9.63%, 3/15/2029 (a)<br>| 200000 | 200464 |
| Ingevity Corp. 3.88%, 11/1/2028 (a) | 252000 | 241417 |
| Innophos Holdings, Inc. 11.50%, <br> 6/15/2029 (a)<br>| 229000 | 227422 |
| Inversion Escrow Issuer LLC 6.75%, <br> 8/1/2032 (a)<br>| 200000 | 198047 |
| LSB Industries, Inc. 6.25%, 10/15/2028 (a) | 230000 | 228192 |
| Mativ Holdings, Inc. 8.00%, 10/1/2029 (a) | 200000 | 197957 |
| Maxam Prill Sarl (Luxembourg) 7.75%, <br> 7/15/2030 (a)<br>| 230000 | 224346 |
| Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) |
| 5.13%, 10/15/2027 | 754000 | 750649 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 5.65%, 12/1/2044 | 167000 | 139008 |
| Methanex US Operations, Inc. 6.25%, <br> 3/15/2032 (a)<br>| 81000 | 81735 |
| Minerals Technologies, Inc. 5.00%, <br> 7/1/2028 (a)<br>| 146000 | 143810 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 5.25%, 6/1/2027 (a) | 347000 | 347876 |
| 8.50%, 11/15/2028 (a) | 388000 | 406446 |
| 4.25%, 5/15/2029 (a) | 94000 | 90242 |
| 7.00%, 12/1/2031 (a) | 487000 | 511537 |
| Nufarm Australia Ltd. (Australia) 5.00%, <br> 1/27/2030 (a)<br>| 178000 | 163896 |
| Olin Corp.  | Olin Corp.  | Olin Corp.  |
| 5.63%, 8/1/2029 | 273000 | 272387 |
| 5.00%, 2/1/2030 | 91000 | 88328 |
| 6.63%, 4/1/2033 (a) | 390000 | 389494 |
| Olympus Water US Holding Corp.  | Olympus Water US Holding Corp.  | Olympus Water US Holding Corp.  |
| 7.13%, 10/1/2027 (a) | 285000 | 290146 |
| 4.25%, 10/1/2028 (a) | 411000 | 393892 |
| 9.75%, 11/15/2028 (a) | 737000 | 772636 |
| 6.25%, 10/1/2029 (a) | 280000 | 273088 |
| 7.25%, 6/15/2031 (a) | 291000 | 297137 |
| Qnity Electronics, Inc. 6.25%, 8/15/2033 (a) | 750000 | 775292 |
| Rain Carbon, Inc. 12.25%, 9/1/2029 (a) | 133000 | 142790 |
| SCIH Salt Holdings, Inc.  | SCIH Salt Holdings, Inc.  | SCIH Salt Holdings, Inc.  |
| 4.88%, 5/1/2028 (a) | 473000 | 462183 |
| 6.63%, 5/1/2029 (a) | 339000 | 340363 |
| SCIL IV LLC 5.38%, 11/1/2026 (a) | 366000 | 363529 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 4.00%, 4/1/2031 | 160000 | 147209 |
| 4.38%, 2/1/2032 | 536000 | 494727 |
| SK Invictus Intermediate II SARL 5.00%, <br> 10/30/2029 (a)<br>| 324000 | 317476 |
| SNF Group SACA (France) 3.38%, <br> 3/15/2030 (a)<br>| 321000 | 296076 |
| Trinseo Luxco Finance SPV Sarl 7.63% (Blend <br> (Cash 5.13% + PIK 2.50%)), <br> 5/3/2029 (a) (c)<br>| 81206 | 28326 |
| Tronox, Inc. 4.63%, 3/15/2029 (a) | 466000 | 344016 |
| Vibrantz Technologies, Inc. 9.00%, <br> 2/15/2030 (a)<br>| 348000 | 184440 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 4.88%, 6/15/2027 (a) | 312000 | 309490 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 41

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 5.63%, 8/15/2029 (a) | 103000 | 96370 |
| 7.38%, 3/1/2031 (a) | 646000 | 657537 |
|  |  | 22086922 |
| **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 250000 | 224253 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (a) | 242000 | 233931 |
| 4.88%, 7/15/2032 (a) | 507000 | 487865 |
| Allied Universal Holdco LLC  | Allied Universal Holdco LLC  | Allied Universal Holdco LLC  |
| 4.63%, 6/1/2028 (a) | 824000 | 805484 |
| 6.00%, 6/1/2029 (a) | 380000 | 375804 |
| 6.88%, 6/15/2030 (a) | 79000 | 81360 |
| 7.88%, 2/15/2031 (a) | 1501000 | 1577363 |
| APi Group DE, Inc.  | APi Group DE, Inc.  | APi Group DE, Inc.  |
| 4.13%, 7/15/2029 (a) | 83000 | 79671 |
| 4.75%, 10/15/2029 (a) | 215000 | 211336 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 498000 | 494341 |
| Brink's Co. (The)  | Brink's Co. (The)  | Brink's Co. (The)  |
| 4.63%, 10/15/2027 (a) | 223000 | 221081 |
| 6.50%, 6/15/2029 (a) | 359000 | 369193 |
| 6.75%, 6/15/2032 (a) | 55000 | 56981 |
| Cimpress plc (Ireland) 7.38%, 9/15/2032 (a) | 253000 | 253861 |
| Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  |
| 3.88%, 7/1/2028 (a) | 717000 | 691750 |
| 4.88%, 7/1/2029 (a) | 115000 | 108657 |
| Clean Harbors, Inc.  | Clean Harbors, Inc.  | Clean Harbors, Inc.  |
| 4.88%, 7/15/2027 (a) | 174000 | 173182 |
| 6.38%, 2/1/2031 (a) | 390000 | 399653 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 237000 | 250833 |
| Deluxe Corp.  | Deluxe Corp.  | Deluxe Corp.  |
| 8.00%, 6/1/2029 (a) | 349000 | 345595 |
| 8.13%, 9/15/2029 (a) | 82000 | 85424 |
| Enviri Corp. 5.75%, 7/31/2027 (a) | 238000 | 235324 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 6.00%, 6/1/2029 (a) | 230000 | 228114 |
| 8.25%, 8/1/2032 (a) | 733000 | 762072 |
| 8.38%, 11/15/2032 (a) | 332000 | 346270 |
| GEO Group, Inc. (The) 10.25%, 4/15/2031 | 531000 | 585360 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (a) | 493000 | 480665 |
| 4.75%, 6/15/2029 (a) | 376000 | 369987 |
| 4.38%, 8/15/2029 (a) | 178000 | 173133 |
| 6.75%, 1/15/2031 (a) | 337000 | 351805 |
| Interface, Inc. 5.50%, 12/1/2028 (a) | 156000 | 155300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Madison IAQ LLC  | Madison IAQ LLC  | Madison IAQ LLC  |
| 4.13%, 6/30/2028 (a) | 181000 | 175963 |
| 5.88%, 6/30/2029 (a) | 600000 | 594027 |
| OT Midco, Inc. 10.00%, 2/15/2030 (a) | 200000 | 136645 |
| Pitney Bowes, Inc.  | Pitney Bowes, Inc.  | Pitney Bowes, Inc.  |
| 6.88%, 3/15/2027 (a) | 202000 | 202612 |
| 7.25%, 3/15/2029 (a) | 129000 | 129623 |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (a) | 255000 | 256069 |
| 3.38%, 8/31/2027 (a) | 365000 | 353595 |
| 6.25%, 1/15/2028 (a) | 358000 | 357891 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| 599000 | 610210 |
| Reworld Holding Corp.  | Reworld Holding Corp.  | Reworld Holding Corp.  |
| 4.88%, 12/1/2029 (a) | 46000 | 44479 |
| 5.00%, 9/1/2030 | 490000 | 472885 |
| RR Donnelley & Sons Co.  | RR Donnelley & Sons Co.  | RR Donnelley & Sons Co.  |
| 9.50%, 8/1/2029 (a) | 483000 | 490040 |
| 10.88%, 8/1/2029 (a) | 177000 | 170710 |
| Steelcase, Inc. 5.13%, 1/18/2029 | 218000 | 217052 |
| Veritiv Operating Co. 10.50%, 11/30/2030 (a) | 428000 | 463296 |
| VM Consolidated, Inc. 5.50%, 4/15/2029 (a) | 176000 | 174186 |
| Waste Pro USA, Inc. 7.00%, 2/1/2033 (a) | 344000 | 359697 |
| West Technology Group LLC 8.50%, <br> 4/10/2027 (a)<br>| 268000 | 18760 |
| Williams Scotsman, Inc.  | Williams Scotsman, Inc.  | Williams Scotsman, Inc.  |
| 4.63%, 8/15/2028 (a) | 109000 | 107247 |
| 6.63%, 6/15/2029 (a) | 42000 | 43027 |
| 7.38%, 10/1/2031 (a) | 703000 | 735325 |
| Wrangler Holdco Corp. (Canada) 6.63%, <br> 4/1/2032 (a)<br>| 180000 | 187642 |
|  |  | 17516629 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Ciena Corp. 4.00%, 1/31/2030 (a) | 170000 | 161377 |
| CommScope LLC  | CommScope LLC  | CommScope LLC  |
| 8.25%, 3/1/2027 (a) | 622000 | 629461 |
| 4.75%, 9/1/2029 (a) | 356000 | 351728 |
| 9.50%, 12/15/2031 (a) | 222000 | 229591 |
| CommScope Technologies LLC 5.00%, <br> 3/15/2027 (a)<br>| 481000 | 476121 |
| CommScope, Inc. 7.13%, 7/1/2028 (a) | 149000 | 149485 |
| Viasat, Inc.  | Viasat, Inc.  | Viasat, Inc.  |
| 5.63%, 4/15/2027 (a) | 533000 | 531804 |
| 6.50%, 7/15/2028 (a) | 97000 | 94310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| 7.50%, 5/30/2031 (a) | 131000 | 122974 |
| Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | 174000 | 162143 |
|  |  | 2908994 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| AECOM 6.00%, 8/1/2033 (a) | 518000 | 528699 |
| Arcosa, Inc.  | Arcosa, Inc.  | Arcosa, Inc.  |
| 4.38%, 4/15/2029 (a) | 181000 | 175742 |
| 6.88%, 8/15/2032 (a) | 244000 | 254544 |
| Artera Services LLC 8.50%, 2/15/2031 (a) | 451000 | 394099 |
| ATP Tower Holdings LLC (Chile) 4.05%, <br> 4/27/2026 (a)<br>| 277000 | 268842 |
| Brand Industrial Services, Inc. 10.38%, <br> 8/1/2030 (a)<br>| 660000 | 647978 |
| Brundage-Bone Concrete Pumping Holdings, Inc. <br> 7.50%, 2/1/2032 (a)<br>| 215000 | 214517 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 191000 | 186320 |
| Fluor Corp. 4.25%, 9/15/2028 | 229000 | 225308 |
| Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  |
| 5.63%, 6/1/2029 (a) | 239000 | 239679 |
| 7.50%, 4/15/2032 (a) | 95000 | 98892 |
| Great Lakes Dredge & Dock Corp. 5.25%, <br> 6/1/2029 (a)<br>| 167000 | 160518 |
| HTA Group Ltd. (Tanzania, United Republic of) <br> 7.50%, 6/4/2029 (a)<br>| 213000 | 220455 |
| Pike Corp.  | Pike Corp.  | Pike Corp.  |
| 5.50%, 9/1/2028 (a) | 412000 | 412119 |
| 8.63%, 1/31/2031 (a) | 75000 | 80259 |
| Railworks Holdings LP 8.25%, 11/15/2028 (a) | 171000 | 174829 |
| Tutor Perini Corp. 11.88%, 4/30/2029 (a) | 200000 | 224541 |
| Weekley Homes LLC 4.88%, 9/15/2028 (a) | 206000 | 200563 |
|  |  | 4707904 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 197000 | 206615 |
| **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** |
| Ally Financial, Inc.  | Ally Financial, Inc.  | Ally Financial, Inc.  |
| 6.70%, 2/14/2033 | 98000 | 101769 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.45%), <br> 6.65%, 1/17/2040 (b)<br>| 600000 | 595441 |
| Azorra Finance Ltd.  | Azorra Finance Ltd.  | Azorra Finance Ltd.  |
| 7.75%, 4/15/2030 (a) | 271000 | 284496 |
| 7.25%, 1/15/2031 (a) | 38000 | 39248 |
| Bread Financial Holdings, Inc.  | Bread Financial Holdings, Inc.  | Bread Financial Holdings, Inc.  |
| 9.75%, 3/15/2029 (a) | 448000 | 478739 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.30%), <br> 8.38%, 6/15/2035 (a) (b)<br>| 39000 | 40263 |
| Cobra AcquisitionCo LLC  | Cobra AcquisitionCo LLC  | Cobra AcquisitionCo LLC  |
| 6.38%, 11/1/2029 (a) | 162000 | 140784 |
| 12.25%, 11/1/2029 (a) | 149000 | 154344 |
| Credit Acceptance Corp. 9.25%, <br> 12/15/2028 (a)<br>| 489000 | 516230 |
| Encore Capital Group, Inc.  | Encore Capital Group, Inc.  | Encore Capital Group, Inc.  |
| 9.25%, 4/1/2029 (a) | 272000 | 287202 |
| 8.50%, 5/15/2030 (a) | 210000 | 221945 |
| Enova International, Inc. 11.25%, <br> 12/15/2028 (a)<br>| 370000 | 394436 |
| EZCORP, Inc. 7.38%, 4/1/2032 (a) | 130000 | 137069 |
| FirstCash, Inc.  | FirstCash, Inc.  | FirstCash, Inc.  |
| 4.63%, 9/1/2028 (a) | 473000 | 464432 |
| 5.63%, 1/1/2030 (a) | 90000 | 89851 |
| 6.88%, 3/1/2032 (a) | 151000 | 156690 |
| GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| 8.00%, 2/15/2027 (a) | 776000 | 795942 |
| 8.00%, 6/15/2028 (a) | 44000 | 46681 |
| 6.88%, 4/15/2029 (a) | 80000 | 82800 |
| Global Aircraft Leasing Co. Ltd. (Cayman Islands) <br> 8.75%, 9/1/2027 (a)<br>| 472000 | 484980 |
| goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) |
| 7.63%, 7/1/2029 (a) | 46000 | 47636 |
| 6.88%, 5/15/2030 (a) | 291000 | 295476 |
| 7.38%, 10/1/2030 (a) | 698000 | 719157 |
| LFS Topco LLC 8.75%, 7/15/2030 (a) | 186000 | 181950 |
| Navient Corp.  | Navient Corp.  | Navient Corp.  |
| 5.00%, 3/15/2027 | 449000 | 445742 |
| 4.88%, 3/15/2028 | 474000 | 464861 |
| 7.88%, 6/15/2032 | 100000 | 105489 |
| 5.63%, 8/1/2033 | 846000 | 772467 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 3.50%, 1/15/2027 | 839000 | 821082 |
| 3.88%, 9/15/2028 | 324000 | 310586 |
| 6.63%, 5/15/2029 | 175000 | 179950 |
| 5.38%, 11/15/2029 | 1049000 | 1037216 |
| 7.88%, 3/15/2030 | 487000 | 515237 |
| 4.00%, 9/15/2030 | 393000 | 363278 |
| 7.13%, 11/15/2031 | 297000 | 308526 |
| 7.13%, 9/15/2032 | 365000 | 380060 |
| Phoenix Aviation Capital Ltd. (Ireland) 9.25%, <br> 7/15/2030 (a)<br>| 270000 | 286161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 43

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| PRA Group, Inc.  | PRA Group, Inc.  | PRA Group, Inc.  |
| 5.00%, 10/1/2029 (a) | 156000 | 146580 |
| 8.88%, 1/31/2030 (a) | 379000 | 398086 |
| PROG Holdings, Inc. 6.00%, 11/15/2029 (a) | 294000 | 285518 |
| Rfna LP 7.88%, 2/15/2030 (a) | 250000 | 258737 |
| SLM Corp.  | SLM Corp.  | SLM Corp.  |
| 3.13%, 11/2/2026 | 369000 | 361752 |
| 6.50%, 1/31/2030 | 85000 | 88967 |
| Synchrony Financial 7.25%, 2/2/2033 | 354000 | 373041 |
| TrueNoord Capital DAC (Ireland) 8.75%, <br> 3/1/2030 (a)<br>| 174000 | 184849 |
|  |  | 14845746 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 5.88%, 2/15/2028 (a) | 841000 | 840742 |
| 6.50%, 2/15/2028 (a) | 165000 | 168144 |
| 3.50%, 3/15/2029 (a) | 609000 | 579016 |
| 4.88%, 2/15/2030 (a) | 827000 | 814464 |
| 6.25%, 3/15/2033 (a) | 75000 | 76717 |
| C&S Group Enterprises LLC 5.00%, <br> 12/15/2028 (a)<br>| 174000 | 158209 |
| Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | 137000 | 128376 |
| KeHE Distributors LLC 9.00%, 2/15/2029 (a) | 466000 | 490567 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 4.25%, 8/1/2029 (a) | 1059000 | 1025508 |
| 6.13%, 9/15/2032 (a) | 332000 | 339807 |
| Rite Aid Corp.  | Rite Aid Corp.  | Rite Aid Corp.  |
| 8.00%, 11/15/2026 ‡ (h) | 279000 |  |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 8/30/2031 ‡ (a) (b) (h)<br>| 29119 |  |
| Series B, 15.00%, 8/30/2031 ‡ (h) | 39743 |  |
| Series A, 15.00%, 8/30/2031 ‡ (h) | 84019 |  |
| Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ | 78094 |  |
| Safeway, Inc. 7.25%, 2/1/2031 | 58000 | 62409 |
| United Natural Foods, Inc. 6.75%, <br> 10/15/2028 (a)<br>| 247000 | 246527 |
| US Foods, Inc.  | US Foods, Inc.  | US Foods, Inc.  |
| 6.88%, 9/15/2028 (a) | 95000 | 97879 |
| 4.75%, 2/15/2029 (a) | 692000 | 681613 |
| 4.63%, 6/1/2030 (a) | 384000 | 374497 |
| 7.25%, 1/15/2032 (a) | 115000 | 120750 |
|  |  | 6205225 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Containers & Packaging — 2.3%** | **Containers & Packaging — 2.3%** | **Containers & Packaging — 2.3%** |
| ARD Finance SA (Luxembourg) 6.50% (Cash), <br> 6/30/2027 (a) (c)<br>| 304297 | 10650 |
| Ardagh Metal Packaging Finance USA LLC  | Ardagh Metal Packaging Finance USA LLC  | Ardagh Metal Packaging Finance USA LLC  |
| 3.25%, 9/1/2028 (a) | 200000 | 189012 |
| 4.00%, 9/1/2029 (a) | 812000 | 745119 |
| Ardagh Packaging Finance plc 5.25%, <br> 8/15/2027 (a)<br>| 683000 | 300930 |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| 6.88%, 3/15/2028 | 354000 | 361373 |
| 6.00%, 6/15/2029 | 371000 | 380578 |
| 2.88%, 8/15/2030 | 479000 | 433301 |
| 3.13%, 9/15/2031 | 185000 | 166755 |
| 5.50%, 9/15/2033 | 544000 | 550570 |
| Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a) | 266000 | 262072 |
| Clydesdale Acquisition Holdings, Inc.  | Clydesdale Acquisition Holdings, Inc.  | Clydesdale Acquisition Holdings, Inc.  |
| 6.63%, 4/15/2029 (a) | 737000 | 747558 |
| 6.88%, 1/15/2030 (a) | 19000 | 19534 |
| 8.75%, 4/15/2030 (a) | 346000 | 356561 |
| 6.75%, 4/15/2032 (a) | 436000 | 447975 |
| Crown Americas LLC  | Crown Americas LLC  | Crown Americas LLC  |
| 4.25%, 9/30/2026 | 116000 | 115465 |
| 5.25%, 4/1/2030 | 580000 | 587634 |
| 5.88%, 6/1/2033 (a) | 117000 | 118346 |
| Crown Cork & Seal Co., Inc. 7.38%, <br> 12/15/2026<br>| 36000 | 37055 |
| Graham Packaging Co., Inc. 7.13%, <br> 8/15/2028 (a)<br>| 253000 | 253079 |
| Graphic Packaging International LLC  | Graphic Packaging International LLC  | Graphic Packaging International LLC  |
| 3.50%, 3/15/2028 (a) | 79000 | 76005 |
| 3.50%, 3/1/2029 (a) | 103000 | 97414 |
| 6.38%, 7/15/2032 (a) | 637000 | 647222 |
| Iris Holding, Inc. 10.00%, 12/15/2028 (a) | 177000 | 162140 |
| LABL, Inc.  | LABL, Inc.  | LABL, Inc.  |
| 10.50%, 7/15/2027 (a) | 58000 | 51666 |
| 5.88%, 11/1/2028 (a) | 38000 | 30137 |
| 9.50%, 11/1/2028 (a) | 350000 | 291714 |
| 8.25%, 11/1/2029 (a) | 148000 | 96031 |
| 8.63%, 10/1/2031 (a) | 681000 | 502755 |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |
| 7.88%, 4/15/2027 (a) | 1240000 | 1254760 |
| 9.25%, 4/15/2027 (a) | 476000 | 473818 |
| Owens-Brockway Glass Container, Inc.  | Owens-Brockway Glass Container, Inc.  | Owens-Brockway Glass Container, Inc.  |
| 6.63%, 5/13/2027 (a) | 654000 | 653489 |
| 7.25%, 5/15/2031 (a) | 65000 | 66137 |
| 7.38%, 6/1/2032 (a) | 176000 | 177427 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Sealed Air Corp.  | Sealed Air Corp.  | Sealed Air Corp.  |
| 6.13%, 2/1/2028 (a) | 523000 | 530533 |
| 6.50%, 7/15/2032 (a) | 108000 | 111716 |
| 6.88%, 7/15/2033 (a) | 597000 | 644927 |
| Silgan Holdings, Inc. 4.13%, 2/1/2028 | 261000 | 253979 |
| Toucan FinCo. Ltd. (Canada) 9.50%, <br> 5/15/2030 (a)<br>| 687000 | 686519 |
| Trident TPI Holdings, Inc. 12.75%, <br> 12/31/2028 (a)<br>| 281000 | 300484 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 174000 | 167445 |
| Trivium Packaging Finance BV (Netherlands) <br> 8.25%, 7/15/2030 (a)<br>| 628000 | 667031 |
|  |  | 14026916 |
| **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
| American Builders & Contractors Supply Co., Inc. <br> 4.00%, 1/15/2028 (a)<br>| 485000 | 474472 |
| Gates Corp. 6.88%, 7/1/2029 (a) | 238000 | 247459 |
| RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) |
| 6.75%, 3/15/2028 (a) | 422000 | 431929 |
| 7.75%, 3/15/2031 (a) | 179000 | 187842 |
| Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | 396000 | 404348 |
| Velocity Vehicle Group LLC 8.00%, <br> 6/1/2029 (a)<br>| 240000 | 243248 |
| Windsor Holdings III LLC 8.50%, 6/15/2030 (a) | 378000 | 401692 |
|  |  | 2390990 |
| **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** |
| Adtalem Global Education, Inc. 5.50%, <br> 3/1/2028 (a)<br>| 199000 | 198165 |
| Belron UK Finance plc (United Kingdom) 5.75%, <br> 10/15/2029 (a)<br>| 514000 | 520558 |
| Carriage Services, Inc. 4.25%, 5/15/2029 (a) | 201000 | 189574 |
| Champions Financing, Inc. 8.75%, <br> 2/15/2029 (a)<br>| 293000 | 280317 |
| Matthews International Corp. 8.63%, <br> 10/1/2027 (a)<br>| 154000 | 159258 |
| Mavis Tire Express Services Topco Corp. 6.50%, <br> 5/15/2029 (a)<br>| 309000 | 308686 |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 5.13%, 6/1/2029 | 25000 | 24812 |
| 3.38%, 8/15/2030 | 1004000 | 927711 |
| 4.00%, 5/15/2031 | 189000 | 177691 |
| 5.75%, 10/15/2032 | 453000 | 457501 |
| Signal Parent, Inc. 6.13%, 4/1/2029 (a) | 107000 | 37450 |
| Sotheby's  | Sotheby's  | Sotheby's  |
| 7.38%, 10/15/2027 (a) | 282000 | 278896 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** |
| 5.88%, 6/1/2029 (a) | 203000 | 184847 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 554000 | 586140 |
|  |  | 4331606 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Global Net Lease, Inc.  | Global Net Lease, Inc.  | Global Net Lease, Inc.  |
| 3.75%, 12/15/2027 (a) | 202000 | 195927 |
| 4.50%, 9/30/2028 (a) | 232000 | 225511 |
| Iron Mountain Information Management <br> Services, Inc. 5.00%, 7/15/2032 (a)<br>| 158000 | 151870 |
| Uniti Group LP  | Uniti Group LP  | Uniti Group LP  |
| 10.50%, 2/15/2028 (a) | 1189000 | 1251101 |
| 4.75%, 4/15/2028 (a) | 402000 | 392189 |
| 6.50%, 2/15/2029 (a) | 332000 | 316197 |
| 6.00%, 1/15/2030 (a) | 232000 | 213240 |
| 8.63%, 6/15/2032 (a) | 101000 | 99314 |
| Vornado Realty LP 3.40%, 6/1/2031 | 307000 | 273744 |
|  |  | 3119093 |
| **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** |
| Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| 9.63%, 7/15/2027 (a) | 210000 | 195300 |
| 5.00%, 1/15/2028 (a) | 810000 | 661406 |
| 5.75%, 8/15/2029 (a) | 533000 | 422402 |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.39%), <br> 6.88%, 9/15/2055 (b)<br>| 778000 | 794580 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.36%), <br> 7.00%, 9/15/2055 (b)<br>| 188000 | 192284 |
| British Telecommunications plc (United <br> Kingdom) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.99%), <br> 4.25%, 11/23/2081 (a) (b)<br>| 330000 | 326029 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.00%, 2/1/2028 (a) | 173000 | 171591 |
| 5.38%, 6/1/2029 (a) | 2462000 | 2442880 |
| 4.75%, 3/1/2030 (a) | 1889000 | 1815457 |
| 4.50%, 8/15/2030 (a) | 954000 | 903019 |
| 4.25%, 2/1/2031 (a) | 792000 | 730552 |
| 7.38%, 3/1/2031 (a) | 1689000 | 1747602 |
| 4.75%, 2/1/2032 (a) | 960000 | 890523 |
| 4.50%, 5/1/2032 | 203000 | 185635 |
| 4.50%, 6/1/2033 (a) | 1225000 | 1092651 |
| 4.25%, 1/15/2034 (a) | 1091000 | 947291 |
| Embarq LLC 8.00%, 6/1/2036 | 369000 | 175114 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 45

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
| 6.00%, 9/30/2034 (a) | 387000 | 366220 |
| 7.72%, 6/4/2038 (a) | 350000 | 355809 |
| Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  |
| 5.88%, 10/15/2027 (a) | 57000 | 56984 |
| 6.75%, 5/1/2029 (a) | 1224000 | 1235900 |
| 6.00%, 1/15/2030 (a) | 439000 | 443843 |
| 8.75%, 5/15/2030 (a) | 849000 | 887320 |
| 8.63%, 3/15/2031 (a) | 229000 | 243097 |
| Frontier Florida LLC Series E, 6.86%, 2/1/2028 | 499000 | 517089 |
| GCI LLC 4.75%, 10/15/2028 (a) | 283000 | 275609 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 3.88%, 10/15/2030 (a) | 98000 | 83300 |
| 10.75%, 12/15/2030 (a) | 442393 | 499342 |
| 4.00%, 4/15/2031 (a) | 937000 | 784737 |
| 6.88%, 6/30/2033 (a) | 846000 | 853593 |
| 7.00%, 3/31/2034 (a) | 469000 | 472185 |
| Lumen Technologies, Inc.  | Lumen Technologies, Inc.  | Lumen Technologies, Inc.  |
| 4.50%, 1/15/2029 (a) | 542000 | 493218 |
| 4.13%, 4/15/2030 (a) | 12000 | 11760 |
| Series P, 7.60%, 9/15/2039 | 318000 | 279611 |
| Maya SAS (France) | Maya SAS (France) | Maya SAS (France) |
| 7.00%, 10/15/2028 (a) | 631000 | 642128 |
| 7.00%, 4/15/2032 (a) | 433000 | 445336 |
| Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) |
| 6.00%, 9/30/2034 | 89000 | 88652 |
| 7.20%, 7/18/2036 | 131000 | 138664 |
| 7.72%, 6/4/2038 | 614000 | 669998 |
| Telesat Canada (Canada) | Telesat Canada (Canada) | Telesat Canada (Canada) |
| 5.63%, 12/6/2026 (a) | 134000 | 103850 |
| 4.88%, 6/1/2027 (a) | 65000 | 47287 |
| TELUS Corp. (Canada) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.71%), 7.00%, 10/15/2055 (b)<br>| 658000 | 675227 |
| Virgin Media Finance plc (United Kingdom) <br> 5.00%, 7/15/2030 (a)<br>| 1056000 | 965862 |
| Virgin Media Secured Finance plc (United Kingdom) | Virgin Media Secured Finance plc (United Kingdom) | Virgin Media Secured Finance plc (United Kingdom) |
| 5.50%, 5/15/2029 (a) | 1425000 | 1403117 |
| 4.50%, 8/15/2030 (a) | 330000 | 309802 |
| Windstream Services LLC 8.25%, <br> 10/1/2031 (a)<br>| 962000 | 1000650 |
| Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a) | 771000 | 745830 |
|  |  | 28790336 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Alpha Generation LLC 6.75%, 10/15/2032 (a) | 463000 | 477342 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| DPL, Inc. 4.35%, 4/15/2029 | 106000 | 104911 |
| Edison International  | Edison International  | Edison International  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.86%), <br> 8.13%, 6/15/2053 (b)<br>| 202000 | 202072 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.66%), <br> 7.88%, 6/15/2054 (b)<br>| 210000 | 207598 |
| Emera, Inc. (Canada) Series 16-A, (3-MONTH <br> SOFR + 5.44%), 6.75%, 6/15/2076 (b)<br>| 268000 | 269682 |
| Leeward Renewable Energy Operations LLC <br> 4.25%, 7/1/2029 (a)<br>| 140000 | 131719 |
| Long Ridge Energy LLC 8.75%, 2/15/2032 (a) | 259000 | 268268 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 3.38%, 2/15/2029 (a) | 505000 | 478463 |
| 5.25%, 6/15/2029 (a) | 927000 | 924250 |
| 5.75%, 7/15/2029 (a) | 915000 | 914645 |
| 3.88%, 2/15/2032 (a) | 115000 | 105628 |
| 6.00%, 2/1/2033 (a) | 256000 | 259447 |
| PacifiCorp (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.32%), <br> 7.38%, 9/15/2055 (b)<br>| 509000 | 528169 |
| Pattern Energy Operations LP 4.50%, <br> 8/15/2028 (a)<br>| 272000 | 265083 |
| PG&E Corp.  | PG&E Corp.  | PG&E Corp.  |
| 5.25%, 7/1/2030 | 720000 | 701690 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.88%), <br> 7.38%, 3/15/2055 (b)<br>| 801000 | 794900 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 4.38%, 5/1/2029 (a) | 1053000 | 1029210 |
| 7.75%, 10/15/2031 (a) | 1116000 | 1185729 |
| 6.88%, 4/15/2032 (a) | 972000 | 1020121 |
| XPLR Infrastructure Operating Partners LP  | XPLR Infrastructure Operating Partners LP  | XPLR Infrastructure Operating Partners LP  |
| 4.50%, 9/15/2027 (a) | 464000 | 455086 |
| 7.25%, 1/15/2029 (a) | 853000 | 871199 |
| 8.38%, 1/15/2031 (a) | 88000 | 92025 |
| 8.63%, 3/15/2033 (a) | 165000 | 174015 |
|  |  | 11461252 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Atkore, Inc. 4.25%, 6/1/2031 (a) | 200000 | 185746 |
| EnerSys  | EnerSys  | EnerSys  |
| 4.38%, 12/15/2027 (a) | 119000 | 116931 |
| 6.63%, 1/15/2032 (a) | 141000 | 145233 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Sensata Technologies BV  | Sensata Technologies BV  | Sensata Technologies BV  |
| 4.00%, 4/15/2029 (a) | 301000 | 288306 |
| 5.88%, 9/1/2030 (a) | 540000 | 544688 |
|  |  | 1280904 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 420000 | 412757 |
| Crane NXT Co. 4.20%, 3/15/2048 | 173000 | 104916 |
| Insight Enterprises, Inc. 6.63%, 5/15/2032 (a) | 217000 | 223416 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 4.38%, 2/15/2030 (a) | 377000 | 362942 |
| 3.75%, 2/15/2031 (a) | 163000 | 149818 |
| TTM Technologies, Inc. 4.00%, 3/1/2029 (a) | 241000 | 230552 |
| Zebra Technologies Corp. 6.50%, 6/1/2032 (a) | 239000 | 245425 |
|  |  | 1729826 |
| **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** |
| Archrock Partners LP  | Archrock Partners LP  | Archrock Partners LP  |
| 6.88%, 4/1/2027 (a) | 86000 | 86078 |
| 6.25%, 4/1/2028 (a) | 581000 | 582946 |
| 6.63%, 9/1/2032 (a) | 122000 | 125061 |
| Aris Water Holdings LLC 7.25%, 4/1/2030 (a) | 210000 | 221576 |
| Borr IHC Ltd. (Mexico) | Borr IHC Ltd. (Mexico) | Borr IHC Ltd. (Mexico) |
| 10.00%, 11/15/2028 (a) | 402390 | 406414 |
| 10.38%, 11/15/2030 (a) | 431487 | 434723 |
| Bristow Group, Inc. 6.88%, 3/1/2028 (a) | 174000 | 174268 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| 241000 | 255625 |
| Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a) | 246000 | 252503 |
| Global Marine, Inc. 7.00%, 6/1/2028 | 142000 | 131705 |
| Helix Energy Solutions Group, Inc. 9.75%, <br> 3/1/2029 (a)<br>| 136000 | 141555 |
| Kodiak Gas Services LLC 7.25%, 2/15/2029 (a) | 343000 | 354785 |
| Nabors Industries Ltd. 7.50%, 1/15/2028 (a) | 18000 | 18068 |
| Nabors Industries, Inc.  | Nabors Industries, Inc.  | Nabors Industries, Inc.  |
| 7.38%, 5/15/2027 (a) | 806000 | 819434 |
| 9.13%, 1/31/2030 (a) | 65000 | 66607 |
| 8.88%, 8/15/2031 (a) | 74000 | 66645 |
| Nine Energy Service, Inc. 13.00%, 2/1/2028 | 182000 | 88125 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 642000 | 664659 |
| Oceaneering International, Inc. 6.00%, <br> 2/1/2028<br>| 158000 | 159636 |
| Precision Drilling Corp. (Canada) 6.88%, <br> 1/15/2029 (a)<br>| 174000 | 175477 |
| Seadrill Finance Ltd. (Norway) 8.38%, <br> 8/1/2030 (a)<br>| 399000 | 414369 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Star Holding LLC 8.75%, 8/1/2031 (a) | 152000 | 151442 |
| TGS ASA (Norway) 8.50%, 1/15/2030 (a) | 169000 | 172486 |
| Tidewater, Inc. 9.13%, 7/15/2030 (a) | 101000 | 107766 |
| Transocean Aquila Ltd. 8.00%, 9/30/2028 (a) | 66861 | 68653 |
| Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 55350 | 55476 |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| 276048 | 283331 |
| Transocean, Inc.  | Transocean, Inc.  | Transocean, Inc.  |
| 8.00%, 2/1/2027 (a) | 579000 | 577978 |
| 8.25%, 5/15/2029 (a) | 611000 | 591045 |
| 7.50%, 4/15/2031 | 417000 | 369742 |
| 6.80%, 3/15/2038 | 429000 | 337515 |
| USA Compression Partners LP  | USA Compression Partners LP  | USA Compression Partners LP  |
| 6.88%, 9/1/2027 | 622000 | 622132 |
| 7.13%, 3/15/2029 (a) | 135000 | 138385 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | 477000 | 496598 |
| Vallourec SACA (France) 7.50%, <br> 4/15/2032 (a)<br>| 395000 | 419484 |
| Viridien (France) 10.00%, 10/15/2030 (a) | 218000 | 217854 |
| Weatherford International Ltd. 8.63%, <br> 4/30/2030 (a)<br>| 696000 | 713336 |
|  |  | 10963482 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Allen Media LLC 10.50%, 2/15/2028 (a) | 184000 | 79120 |
| AMC Entertainment Holdings, Inc. 7.50%, <br> 2/15/2029 (a)<br>| 150000 | 121125 |
| Banijay Entertainment SAS (France) 8.13%, <br> 5/1/2029 (a)<br>| 389000 | 404677 |
| Cinemark USA, Inc.  | Cinemark USA, Inc.  | Cinemark USA, Inc.  |
| 5.25%, 7/15/2028 (a) | 159000 | 158026 |
| 7.00%, 8/1/2032 (a) | 415000 | 429976 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 4.75%, 10/15/2027 (a) | 1021000 | 1012499 |
| 3.75%, 1/15/2028 (a) | 181000 | 176044 |
| Odeon Finco plc (United Kingdom) 12.75%, <br> 11/1/2027 (a)<br>| 305000 | 316144 |
| ROBLOX Corp. 3.88%, 5/1/2030 (a) | 424000 | 403122 |
| Starz Capital Holdings 1, Inc. 6.00%, <br> 4/15/2030 (a)<br>| 230000 | 210147 |
| Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  |
| 3.76%, 3/15/2027 | 150000 | 147750 |
| 4.05%, 3/15/2029 | 656000 | 623200 |
| 4.28%, 3/15/2032 | 1843000 | 1590509 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 47

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| 5.05%, 3/15/2042 | 1086000 | 731693 |
| 5.14%, 3/15/2052 | 1343000 | 835762 |
|  |  | 7239794 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Armor Holdco, Inc. 8.50%, 11/15/2029 (a) | 152000 | 148511 |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 3.50%, 6/1/2031 | 1001000 | 924729 |
| 6.50%, 5/15/2032 | 1289000 | 1335570 |
| Boost Newco Borrower LLC 7.50%, <br> 1/15/2031 (a)<br>| 807000 | 856177 |
| Burford Capital Global Finance LLC  | Burford Capital Global Finance LLC  | Burford Capital Global Finance LLC  |
| 6.88%, 4/15/2030 (a) | 203000 | 203709 |
| 9.25%, 7/1/2031 (a) | 629000 | 669579 |
| CPI CG, Inc. 10.00%, 7/15/2029 (a) | 141000 | 147592 |
| Freedom Mortgage Corp.  | Freedom Mortgage Corp.  | Freedom Mortgage Corp.  |
| 12.00%, 10/1/2028 (a) | 288000 | 307593 |
| 12.25%, 10/1/2030 (a) | 599000 | 664335 |
| Freedom Mortgage Holdings LLC  | Freedom Mortgage Holdings LLC  | Freedom Mortgage Holdings LLC  |
| 9.25%, 2/1/2029 (a) | 125000 | 130637 |
| 9.13%, 5/15/2031 (a) | 194000 | 204070 |
| 8.38%, 4/1/2032 (a) | 109000 | 112421 |
| 7.88%, 4/1/2033 (a) | 250000 | 254168 |
| Jefferies Finance LLC  | Jefferies Finance LLC  | Jefferies Finance LLC  |
| 5.00%, 8/15/2028 (a) | 317000 | 307636 |
| 6.63%, 10/15/2031 (a) | 200000 | 200552 |
| Jefferson Capital Holdings LLC  | Jefferson Capital Holdings LLC  | Jefferson Capital Holdings LLC  |
| 9.50%, 2/15/2029 (a) | 199000 | 211426 |
| 8.25%, 5/15/2030 (a) | 191000 | 199999 |
| LD Holdings Group LLC 6.13%, 4/1/2028 (a) | 309000 | 272065 |
| Midcap Financial Issuer Trust  | Midcap Financial Issuer Trust  | Midcap Financial Issuer Trust  |
| 6.50%, 5/1/2028 (a) | 416000 | 414691 |
| 5.63%, 1/15/2030 (a) | 230000 | 218794 |
| Mobius Merger Sub, Inc. 9.00%, 6/1/2030 (a) | 232000 | 205013 |
| Nationstar Mortgage Holdings, Inc.  | Nationstar Mortgage Holdings, Inc.  | Nationstar Mortgage Holdings, Inc.  |
| 6.00%, 1/15/2027 (a) | 254000 | 253526 |
| 6.50%, 8/1/2029 (a) | 257000 | 263118 |
| 5.75%, 11/15/2031 (a) | 602000 | 607726 |
| 7.13%, 2/1/2032 (a) | 710000 | 738144 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 627000 | 679870 |
| Oxford Finance LLC 6.38%, 2/1/2027 (a) | 196000 | 195799 |
| Paysafe Finance plc 4.00%, 6/15/2029 (a) | 168000 | 156403 |
| PennyMac Financial Services, Inc.  | PennyMac Financial Services, Inc.  | PennyMac Financial Services, Inc.  |
| 4.25%, 2/15/2029 (a) | 507000 | 489005 |
| 7.88%, 12/15/2029 (a) | 750000 | 797170 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 7.13%, 11/15/2030 (a) | 288000 | 298314 |
| 5.75%, 9/15/2031 (a) | 468000 | 459181 |
| 6.88%, 2/15/2033 (a) | 111000 | 113415 |
| PHH Escrow Issuer LLC 9.88%, 11/1/2029 (a) | 212000 | 212646 |
| Planet Financial Group LLC 10.50%, <br> 12/15/2029 (a)<br>| 292000 | 302039 |
| Provident Funding Associates LP 9.75%, <br> 9/15/2029 (a)<br>| 257000 | 270126 |
| Rocket Cos., Inc. 6.13%, 8/1/2030 (a) | 1463000 | 1505354 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | 374000 | 366093 |
| 3.63%, 3/1/2029 (a) | 306000 | 291728 |
| 3.88%, 3/1/2031 (a) | 367000 | 342950 |
| 4.00%, 10/15/2033 (a) | 1033000 | 931337 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | 701000 | 726842 |
| Stena International SA (Sweden) 7.25%, <br> 1/15/2031 (a)<br>| 528000 | 538491 |
| United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  |
| 5.75%, 6/15/2027 (a) | 263000 | 262696 |
| 5.50%, 4/15/2029 (a) | 245000 | 241287 |
| UWM Holdings LLC 6.63%, 2/1/2030 (a) | 379000 | 385014 |
| Walker & Dunlop, Inc. 6.63%, 4/1/2033 (a) | 176000 | 183112 |
| WEX, Inc. 6.50%, 3/15/2033 (a) | 270000 | 276254 |
|  |  | 19876907 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Aragvi Finance International DAC (Moldova, <br> Republic of) 11.13%, 11/20/2029 (a)<br>| 248000 | 250012 |
| B&G Foods, Inc.  | B&G Foods, Inc.  | B&G Foods, Inc.  |
| 5.25%, 9/15/2027 | 404000 | 386336 |
| 8.00%, 9/15/2028 (a) | 178000 | 174951 |
| Chobani LLC  | Chobani LLC  | Chobani LLC  |
| 4.63%, 11/15/2028 (a) | 55000 | 54169 |
| 7.63%, 7/1/2029 (a) | 683000 | 713065 |
| Darling Ingredients, Inc.  | Darling Ingredients, Inc.  | Darling Ingredients, Inc.  |
| 5.25%, 4/15/2027 (a) | 597000 | 595621 |
| 6.00%, 6/15/2030 (a) | 87000 | 87943 |
| Fiesta Purchaser, Inc. 7.88%, 3/1/2031 (a) | 422000 | 447850 |
| Froneri Lux FinCo. SARL (United Kingdom) <br> 6.00%, 8/1/2032 (a)<br>| 265000 | 266447 |
| Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  |
| 4.88%, 5/15/2028 (a) | 89000 | 88450 |
| 4.13%, 1/31/2030 (a) | 405000 | 388295 |
| 4.38%, 1/31/2032 (a) | 487000 | 458124 |
| Pilgrim's Pride Corp.  | Pilgrim's Pride Corp.  | Pilgrim's Pride Corp.  |
| 4.25%, 4/15/2031 | 915000 | 881237 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| 3.50%, 3/1/2032 | 367000 | 331626 |
| 6.25%, 7/1/2033 | 99000 | 104335 |
| 6.88%, 5/15/2034 | 64000 | 70078 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 5.50%, 12/15/2029 (a) | 215000 | 214333 |
| 4.63%, 4/15/2030 (a) | 1264000 | 1218980 |
| 4.50%, 9/15/2031 (a) | 729000 | 680032 |
| 6.25%, 2/15/2032 (a) | 519000 | 533151 |
| 6.25%, 10/15/2034 (a) | 94000 | 94557 |
| Simmons Foods, Inc. 4.63%, 3/1/2029 (a) | 403000 | 386995 |
| TreeHouse Foods, Inc. 4.00%, 9/1/2028 | 217000 | 201569 |
| Viking Baked Goods Acquisition Corp. 8.63%, <br> 11/1/2031 (a)<br>| 372000 | 368421 |
|  |  | 8996577 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| AltaGas Ltd. (Canada) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 3.57%), 7.20%, 10/15/2054 (a) (b)<br>| 372000 | 376955 |
| AmeriGas Partners LP  | AmeriGas Partners LP  | AmeriGas Partners LP  |
| 5.75%, 5/20/2027 | 463000 | 462026 |
| 9.38%, 6/1/2028 (a) | 211000 | 217748 |
| Ferrellgas LP 5.88%, 4/1/2029 (a) | 351000 | 324938 |
| Suburban Propane Partners LP  | Suburban Propane Partners LP  | Suburban Propane Partners LP  |
| 5.88%, 3/1/2027 | 100000 | 99490 |
| 5.00%, 6/1/2031 (a) | 373000 | 352916 |
| Superior Plus LP (Canada) 4.50%, <br> 3/15/2029 (a)<br>| 282000 | 270954 |
|  |  | 2105027 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| Albion Financing 1 SARL (Luxembourg) 7.00%, <br> 5/21/2030 (a)<br>| 548000 | 565483 |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | 475000 | 473009 |
| 4.75%, 4/1/2028 (a) | 122000 | 118190 |
| 5.38%, 3/1/2029 (a) | 200000 | 194044 |
| 8.25%, 1/15/2030 (a) | 112000 | 115934 |
| 8.00%, 2/15/2031 (a) | 75000 | 77384 |
| 8.38%, 6/15/2032 (a) | 547000 | 570947 |
| Beacon Mobility Corp. 7.25%, 8/1/2030 (a) | 270000 | 279797 |
| Brightline East LLC 11.00%, 1/31/2030 (a) | 332000 | 190768 |
| Carriage Purchaser, Inc. 7.88%, <br> 10/15/2029 (a)<br>| 212000 | 196042 |
| Clue Opco LLC 9.50%, 10/15/2031 (a) | 307000 | 326834 |
| Dcli Bidco LLC 7.75%, 11/15/2029 (a) | 239000 | 244889 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (a) | 499000 | 528489 |
| 8.63%, 5/15/2032 (a) | 61000 | 65704 |
| 8.00%, 3/15/2033 (a) | 399000 | 423902 |
| First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | 294000 | 278725 |
| Genesee & Wyoming, Inc. 6.25%, <br> 4/15/2032 (a)<br>| 323000 | 328427 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (a) | 153000 | 141820 |
| 12.63%, 7/15/2029 (a) | 865000 | 898911 |
| 5.00%, 12/1/2029 (a) | 70000 | 50409 |
| NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 400000 | 390225 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | 177000 | 180451 |
| Star Leasing Co. LLC 7.63%, 2/15/2030 (a) | 333000 | 329400 |
| Watco Cos. LLC 7.13%, 8/1/2032 (a) | 316000 | 330390 |
| XPO CNW, Inc. 6.70%, 5/1/2034 | 123000 | 128649 |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 7.13%, 6/1/2031 (a) | 65000 | 67660 |
| 7.13%, 2/1/2032 (a) | 413000 | 433178 |
|  |  | 7929661 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Avantor Funding, Inc.  | Avantor Funding, Inc.  | Avantor Funding, Inc.  |
| 4.63%, 7/15/2028 (a) | 1008000 | 992060 |
| 3.88%, 11/1/2029 (a) | 35000 | 33255 |
| Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | 593000 | 617698 |
| DENTSPLY SIRONA, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 4.38%), 8.38%, 9/12/2055 (b)<br>| 271000 | 275850 |
| Embecta Corp. 5.00%, 2/15/2030 (a) | 212000 | 198662 |
| Hologic, Inc.  | Hologic, Inc.  | Hologic, Inc.  |
| 4.63%, 2/1/2028 (a) | 180000 | 178246 |
| 3.25%, 2/15/2029 (a) | 437000 | 417495 |
| Insulet Corp. 6.50%, 4/1/2033 (a) | 148000 | 153439 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | 2527000 | 2426544 |
| 5.25%, 10/1/2029 (a) | 1201000 | 1189324 |
| Neogen Food Safety Corp. 8.63%, <br> 7/20/2030 (a)<br>| 181000 | 189587 |
| Sotera Health Holdings LLC 7.38%, <br> 6/1/2031 (a)<br>| 354000 | 372105 |
| Teleflex, Inc.  | Teleflex, Inc.  | Teleflex, Inc.  |
| 4.63%, 11/15/2027 | 373000 | 368951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 49

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| 4.25%, 6/1/2028 (a) | 93000 | 91109 |
| Varex Imaging Corp. 7.88%, 10/15/2027 (a) | 167000 | 170285 |
|  |  | 7674610 |
| **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** |
| 180 Medical, Inc. (United Kingdom) 3.88%, <br> 10/15/2029 (a)<br>| 328000 | 314599 |
| Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  |
| 5.50%, 7/1/2028 (a) | 507000 | 504443 |
| 5.00%, 4/15/2029 (a) | 142000 | 138792 |
| 7.38%, 3/15/2033 (a) | 39000 | 40614 |
| AdaptHealth LLC  | AdaptHealth LLC  | AdaptHealth LLC  |
| 6.13%, 8/1/2028 (a) | 473000 | 471073 |
| 4.63%, 8/1/2029 (a) | 44000 | 41602 |
| 5.13%, 3/1/2030 (a) | 129000 | 123042 |
| AHP Health Partners, Inc. 5.75%, <br> 7/15/2029 (a)<br>| 130000 | 129082 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (a) | 183000 | 176421 |
| 6.88%, 4/15/2029 (a) | 285000 | 226575 |
| 6.13%, 4/1/2030 (a) | 352000 | 252955 |
| 5.25%, 5/15/2030 (a) | 509000 | 456229 |
| 4.75%, 2/15/2031 (a) | 1145000 | 975991 |
| 10.88%, 1/15/2032 (a) | 1087000 | 1150297 |
| 9.75%, 1/15/2034 (a) | 403000 | 408153 |
| Concentra Health Services, Inc. 6.88%, <br> 7/15/2032 (a)<br>| 313000 | 324473 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.52%), <br> 6.75%, 12/10/2054 (b)<br>| 512000 | 519018 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.89%), <br> 7.00%, 3/10/2055 (b)<br>| 797000 | 829763 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 4.63%, 6/1/2030 (a) | 803000 | 773068 |
| 3.75%, 2/15/2031 (a) | 1184000 | 1080404 |
| 6.88%, 9/1/2032 (a) | 282000 | 291738 |
| 6.75%, 7/15/2033 (a) | 482000 | 499558 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | 452000 | 447669 |
| 4.63%, 4/1/2031 | 401000 | 388787 |
| Global Medical Response, Inc. 10.00% (Blend <br> (Cash 9.25% + PIK 0.75%)), <br> 10/31/2028 (a) (c)<br>| 276039 | 275326 |
| HAH Group Holding Co. LLC 9.75%, <br> 10/1/2031 (a)<br>| 323000 | 298644 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| HealthEquity, Inc. 4.50%, 10/1/2029 (a) | 282000 | 272606 |
| Kedrion SpA (Italy) 6.50%, 9/1/2029 (a) | 380000 | 373041 |
| LifePoint Health, Inc.  | LifePoint Health, Inc.  | LifePoint Health, Inc.  |
| 5.38%, 1/15/2029 (a) | 682000 | 647975 |
| 11.00%, 10/15/2030 (a) | 224000 | 246932 |
| 8.38%, 2/15/2032 (a) | 711000 | 753390 |
| 10.00%, 6/1/2032 (a) | 209000 | 215248 |
| Molina Healthcare, Inc.  | Molina Healthcare, Inc.  | Molina Healthcare, Inc.  |
| 4.38%, 6/15/2028 (a) | 539000 | 525320 |
| 3.88%, 11/15/2030 (a) | 608000 | 558481 |
| 3.88%, 5/15/2032 (a) | 78000 | 69742 |
| 6.25%, 1/15/2033 (a) | 72000 | 72512 |
| MPH Acquisition Holdings LLC  | MPH Acquisition Holdings LLC  | MPH Acquisition Holdings LLC  |
| 5.75%, 12/31/2030 (a) | 649000 | 567674 |
| 11.50% (Blend (Cash 6.50% + PIK 5.00%)), <br> 12/31/2030 (a) (c)<br>| 8200 | 8306 |
| 6.75% (Blend (Cash 6.00% + PIK 0.75%)), <br> 3/31/2031 (a) (c)<br>| 92345 | 74136 |
| Option Care Health, Inc. 4.38%, <br> 10/31/2029 (a)<br>| 241000 | 232394 |
| Owens & Minor, Inc.  | Owens & Minor, Inc.  | Owens & Minor, Inc.  |
| 4.50%, 3/31/2029 (a) | 96000 | 81535 |
| 6.63%, 4/1/2030 (a) | 658000 | 570770 |
| Paradigm Parent LLC and Paradigm Parent <br> CO-Issuer, Inc. 8.75%, 4/17/2032 (a)<br>| 216000 | 206330 |
| Pediatrix Medical Group, Inc. 5.38%, <br> 2/15/2030 (a)<br>| 197000 | 194877 |
| Prime Healthcare Services, Inc. 9.38%, <br> 9/1/2029 (a)<br>| 681000 | 702731 |
| Radiology Partners, Inc.  | Radiology Partners, Inc.  | Radiology Partners, Inc.  |
| 9.78% (PIK), 2/15/2030 (a) (c) | 580666 | 561259 |
| 8.50%, 7/15/2032 (a) | 282000 | 287882 |
| Select Medical Corp. 6.25%, 12/1/2032 (a) | 233000 | 234347 |
| Star Parent, Inc. 9.00%, 10/1/2030 (a) | 466000 | 493329 |
| Surgery Center Holdings, Inc. 7.25%, <br> 4/15/2032 (a)<br>| 379000 | 393056 |
| Team Health Holdings, Inc. 8.38%, <br> 6/30/2028 (a)<br>| 201000 | 203466 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 4.63%, 6/15/2028 | 353000 | 348994 |
| 6.13%, 10/1/2028 | 863000 | 863623 |
| 4.25%, 6/1/2029 | 1109000 | 1079637 |
| 4.38%, 1/15/2030 | 195000 | 189359 |
| 6.75%, 5/15/2031 | 2141000 | 2225268 |
| 6.88%, 11/15/2031 | 717000 | 769938 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Toledo Hospital (The) Series B, 5.33%, <br> 11/15/2028<br>| 395000 | 398275 |
| US Acute Care Solutions LLC 9.75%, <br> 5/15/2029 (a)<br>| 467000 | 479247 |
|  |  | 26039996 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Diversified Healthcare Trust  | Diversified Healthcare Trust  | Diversified Healthcare Trust  |
| 4.75%, 2/15/2028 | 216000 | 203455 |
| 4.38%, 3/1/2031 | 218000 | 185123 |
| MPT Operating Partnership LP  | MPT Operating Partnership LP  | MPT Operating Partnership LP  |
| 5.00%, 10/15/2027 | 918000 | 869596 |
| 4.63%, 8/1/2029 | 221000 | 174206 |
| 3.50%, 3/15/2031 | 1218000 | 857173 |
|  |  | 2289553 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 6.50%, 5/15/2030 (a) | 732000 | 759048 |
| 6.25%, 6/1/2032 (a) | 1250000 | 1288521 |
|  |  | 2047569 |
| **Hotel & Resort REITs — 0.9%** | **Hotel & Resort REITs — 0.9%** | **Hotel & Resort REITs — 0.9%** |
| Park Intermediate Holdings LLC  | Park Intermediate Holdings LLC  | Park Intermediate Holdings LLC  |
| 5.88%, 10/1/2028 (a) | 164000 | 163833 |
| 4.88%, 5/15/2029 (a) | 687000 | 668699 |
| 7.00%, 2/1/2030 (a) | 96000 | 99128 |
| Pebblebrook Hotel LP 6.38%, 10/15/2029 (a) | 197000 | 199071 |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 120000 | 119694 |
| 7.25%, 7/15/2028 (a) | 238000 | 244960 |
| 4.50%, 2/15/2029 (a) | 683000 | 667447 |
| 6.50%, 4/1/2032 (a) | 347000 | 356648 |
| 6.50%, 6/15/2033 (a) | 74000 | 76432 |
| RLJ Lodging Trust LP 4.00%, 9/15/2029 (a) | 345000 | 323734 |
| Service Properties Trust  | Service Properties Trust  | Service Properties Trust  |
| 4.75%, 10/1/2026 | 179000 | 177348 |
| 4.95%, 2/15/2027 | 238000 | 230749 |
| 5.50%, 12/15/2027 | 676000 | 667164 |
| 4.95%, 10/1/2029 | 74000 | 65470 |
| 4.38%, 2/15/2030 | 363000 | 308797 |
| 8.88%, 6/15/2032 | 561000 | 578967 |
| XHR LP 4.88%, 6/1/2029 (a) | 413000 | 401861 |
|  |  | 5350002 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** |
| 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) |
| 3.88%, 1/15/2028 (a) | 686000 | 667731 |
| 4.38%, 1/15/2028 (a) | 888000 | 873330 |
| 3.50%, 2/15/2029 (a) | 81000 | 77066 |
| 6.13%, 6/15/2029 (a) | 182000 | 186415 |
| 4.00%, 10/15/2030 (a) | 1507000 | 1409073 |
| Affinity Interactive 6.88%, 12/15/2027 (a) | 238000 | 136733 |
| Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a) | 182000 | 158177 |
| Boyd Gaming Corp. 4.75%, 6/15/2031 (a) | 845000 | 813293 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 299000 | 293541 |
| Brightstar Lottery plc 5.25%, 1/15/2029 (a) | 656000 | 652385 |
| Brinker International, Inc. 8.25%, <br> 7/15/2030 (a)<br>| 149000 | 158436 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (a) | 670000 | 638874 |
| 7.00%, 2/15/2030 (a) | 834000 | 862454 |
| 6.50%, 2/15/2032 (a) | 1009000 | 1034411 |
| 6.00%, 10/15/2032 (a) | 191000 | 187267 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 6.00%, 5/1/2029 (a) | 807000 | 817464 |
| 5.75%, 3/15/2030 (a) | 1022000 | 1047756 |
| 5.88%, 6/15/2031 (a) | 1008000 | 1033346 |
| 5.75%, 8/1/2032 (a) | 215000 | 218548 |
| 6.13%, 2/15/2033 (a) | 817000 | 838981 |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  | Churchill Downs, Inc.  |
| 5.50%, 4/1/2027 (a) | 50000 | 49882 |
| 4.75%, 1/15/2028 (a) | 100000 | 98920 |
| 5.75%, 4/1/2030 (a) | 1108000 | 1108175 |
| 6.75%, 5/1/2031 (a) | 82000 | 84278 |
| Fertitta Entertainment LLC  | Fertitta Entertainment LLC  | Fertitta Entertainment LLC  |
| 4.63%, 1/15/2029 (a) | 413000 | 394808 |
| 6.75%, 1/15/2030 (a) | 579000 | 544520 |
| Full House Resorts, Inc. 8.25%, 2/15/2028 (a) | 194000 | 185745 |
| Genting New York LLC 7.25%, 10/1/2029 (a) | 200000 | 207693 |
| Great Canadian Gaming Corp. (Canada) 8.75%, <br> 11/15/2029 (a)<br>| 267000 | 254821 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 3.75%, 5/1/2029 (a) | 861000 | 825734 |
| 4.88%, 1/15/2030 | 558000 | 556463 |
| 4.00%, 5/1/2031 (a) | 753000 | 709355 |
| 3.63%, 2/15/2032 (a) | 1215000 | 1109012 |
| 5.88%, 3/15/2033 (a) | 420000 | 428624 |
| Hilton Grand Vacations Borrower LLC  | Hilton Grand Vacations Borrower LLC  | Hilton Grand Vacations Borrower LLC  |
| 4.88%, 7/1/2031 (a) | 743000 | 691817 |
| 6.63%, 1/15/2032 (a) | 306000 | 312242 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 51

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Jacobs Entertainment, Inc. 6.75%, <br> 2/15/2029 (a)<br>| 249000 | 241448 |
| Life Time, Inc. 6.00%, 11/15/2031 (a) | 239000 | 241542 |
| Light & Wonder International, Inc.  | Light & Wonder International, Inc.  | Light & Wonder International, Inc.  |
| 7.00%, 5/15/2028 (a) | 542000 | 543286 |
| 7.25%, 11/15/2029 (a) | 212000 | 217491 |
| Lindblad Expeditions LLC 7.00%, <br> 9/15/2030 (a)<br>| 100000 | 102410 |
| MajorDrive Holdings IV LLC 6.38%, <br> 6/1/2029 (a)<br>| 239000 | 192202 |
| Marriott Ownership Resorts, Inc.  | Marriott Ownership Resorts, Inc.  | Marriott Ownership Resorts, Inc.  |
| 4.75%, 1/15/2028 | 268000 | 262919 |
| 4.50%, 6/15/2029 (a) | 132000 | 127558 |
| Merlin Entertainments Group US Holdings, Inc. <br> (United Kingdom) 7.38%, 2/15/2031 (a)<br>| 210000 | 179535 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.75%, 10/15/2028 | 801000 | 796131 |
| 6.13%, 9/15/2029 | 63000 | 64346 |
| 6.50%, 4/15/2032 | 597000 | 612672 |
| Midwest Gaming Borrower LLC 4.88%, <br> 5/1/2029 (a)<br>| 318000 | 307639 |
| Mohegan Tribal Gaming Authority  | Mohegan Tribal Gaming Authority  | Mohegan Tribal Gaming Authority  |
| 8.25%, 4/15/2030 (a) | 271000 | 280053 |
| 11.88%, 4/15/2031 (a) | 386000 | 406629 |
| Motion Finco Sarl (United Kingdom) 8.38%, <br> 2/15/2032 (a)<br>| 460000 | 396785 |
| NCL Corp. Ltd.  | NCL Corp. Ltd.  | NCL Corp. Ltd.  |
| 5.88%, 2/15/2027 (a) | 913000 | 914918 |
| 8.13%, 1/15/2029 (a) | 161000 | 169307 |
| 7.75%, 2/15/2029 (a) | 38000 | 40591 |
| 6.25%, 3/1/2030 (a) | 252000 | 255730 |
| 6.75%, 2/1/2032 (a) | 777000 | 801330 |
| NCL Finance Ltd. 6.13%, 3/15/2028 (a) | 60000 | 60850 |
| Ontario Gaming GTA LP (Canada) 8.00%, <br> 8/1/2030 (a)<br>| 174000 | 175262 |
| Papa John's International, Inc. 3.88%, <br> 9/15/2029 (a)<br>| 163000 | 156478 |
| Penn Entertainment, Inc.  | Penn Entertainment, Inc.  | Penn Entertainment, Inc.  |
| 5.63%, 1/15/2027 (a) | 93000 | 92907 |
| 4.13%, 7/1/2029 (a) | 276000 | 257229 |
| Premier Entertainment Sub LLC  | Premier Entertainment Sub LLC  | Premier Entertainment Sub LLC  |
| 5.63%, 9/1/2029 (a) | 319000 | 185818 |
| 5.88%, 9/1/2031 (a) | 280000 | 162400 |
| Raising Cane's Restaurants LLC 9.38%, <br> 5/1/2029 (a)<br>| 245000 | 258257 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Resorts World Las Vegas LLC  | Resorts World Las Vegas LLC  | Resorts World Las Vegas LLC  |
| 4.63%, 4/16/2029 (a) | 200000 | 180080 |
| 4.63%, 4/6/2031 (a) | 500000 | 418000 |
| Rivers Enterprise Borrower LLC 6.63%, <br> 2/1/2033 (a)<br>| 249000 | 251784 |
| Sabre GLBL, Inc.  | Sabre GLBL, Inc.  | Sabre GLBL, Inc.  |
| 8.63%, 6/1/2027 (a) | 222000 | 224695 |
| 10.75%, 11/15/2029 (a) | 85000 | 82173 |
| 11.13%, 7/15/2030 (a) | 806000 | 789961 |
| Scientific Games Holdings LP 6.63%, <br> 3/1/2030 (a)<br>| 378000 | 362768 |
| SeaWorld Parks & Entertainment, Inc. 5.25%, <br> 8/15/2029 (a)<br>| 271000 | 265992 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.50%, 4/15/2027 (a) | 337000 | 336103 |
| 5.25%, 7/15/2029 | 84000 | 81331 |
| 7.25%, 5/15/2031 (a) | 687000 | 690291 |
| 6.63%, 5/1/2032 (a) | 355000 | 360769 |
| Speedway Motorsports LLC 4.88%, <br> 11/1/2027 (a)<br>| 156000 | 154452 |
| Station Casinos LLC  | Station Casinos LLC  | Station Casinos LLC  |
| 4.50%, 2/15/2028 (a) | 190000 | 187270 |
| 4.63%, 12/1/2031 (a) | 117000 | 110714 |
| 6.63%, 3/15/2032 (a) | 447000 | 459752 |
| TKC Holdings, Inc.  | TKC Holdings, Inc.  | TKC Holdings, Inc.  |
| 6.88%, 5/15/2028 (a) | 205000 | 205928 |
| 10.50%, 5/15/2029 (a) | 254000 | 259330 |
| Travel + Leisure Co.  | Travel + Leisure Co.  | Travel + Leisure Co.  |
| 6.63%, 7/31/2026 (a) | 494000 | 498129 |
| 6.00%, 4/1/2027 (g) | 248000 | 251245 |
| 4.50%, 12/1/2029 (a) | 35000 | 33905 |
| 4.63%, 3/1/2030 (a) | 70000 | 67433 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | 470000 | 486821 |
| Viking Cruises Ltd.  | Viking Cruises Ltd.  | Viking Cruises Ltd.  |
| 5.88%, 9/15/2027 (a) | 121000 | 120839 |
| 7.00%, 2/15/2029 (a) | 709000 | 713835 |
| 9.13%, 7/15/2031 (a) | 125000 | 134676 |
| Viking Ocean Cruises Ship VII Ltd. 5.63%, <br> 2/15/2029 (a)<br>| 23000 | 22985 |
| VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | 342000 | 340024 |
| Voyager Parent LLC 9.25%, 7/1/2032 (a) | 916000 | 966721 |
| Wyndham Hotels & Resorts, Inc. 4.38%, <br> 8/15/2028 (a)<br>| 188000 | 183547 |
| Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | 366000 | 366244 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (a) | 274000 | 273477 |
| 7.13%, 2/15/2031 (a) | 721000 | 776097 |
| 6.25%, 3/15/2033 (a) | 115000 | 116415 |
| Yum! Brands, Inc.  | Yum! Brands, Inc.  | Yum! Brands, Inc.  |
| 4.75%, 1/15/2030 (a) | 114000 | 113071 |
| 3.63%, 3/15/2031 | 526000 | 489237 |
| 4.63%, 1/31/2032 | 719000 | 695004 |
| 5.38%, 4/1/2032 | 876000 | 881244 |
| 6.88%, 11/15/2037 | 88000 | 95727 |
|  |  | 41219162 |
| **Household Durables — 1.9%** | **Household Durables — 1.9%** | **Household Durables — 1.9%** |
| Adams Homes, Inc. 9.25%, 10/15/2028 (a) | 117000 | 121475 |
| Ashton Woods USA LLC  | Ashton Woods USA LLC  | Ashton Woods USA LLC  |
| 4.63%, 4/1/2030 (a) | 412000 | 388736 |
| 6.88%, 8/1/2033 (a) | 126000 | 126247 |
| Beazer Homes USA, Inc.  | Beazer Homes USA, Inc.  | Beazer Homes USA, Inc.  |
| 5.88%, 10/15/2027 | 230000 | 229558 |
| 7.25%, 10/15/2029 | 220000 | 222277 |
| Brookfield Residential Properties, Inc. (Canada) | Brookfield Residential Properties, Inc. (Canada) | Brookfield Residential Properties, Inc. (Canada) |
| 6.25%, 9/15/2027 (a) | 507000 | 505029 |
| 4.88%, 2/15/2030 (a) | 134000 | 122887 |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (a)<br>| 298000 | 227022 |
| Century Communities, Inc.  | Century Communities, Inc.  | Century Communities, Inc.  |
| 6.75%, 6/1/2027 | 49000 | 49099 |
| 3.88%, 8/15/2029 (a) | 415000 | 386573 |
| Dream Finders Homes, Inc. 8.25%, <br> 8/15/2028 (a)<br>| 153000 | 158611 |
| Empire Communities Corp. (Canada) 9.75%, <br> 5/1/2029 (a)<br>| 228000 | 232560 |
| FXI Holdings, Inc. 12.25%, 11/15/2026 (a) | 447000 | 398947 |
| Installed Building Products, Inc. 5.75%, <br> 2/1/2028 (a)<br>| 155000 | 154722 |
| K. Hovnanian Enterprises, Inc. 11.75%, <br> 9/30/2029 (a)<br>| 207000 | 223813 |
| KB Home  | KB Home  | KB Home  |
| 6.88%, 6/15/2027 | 443000 | 452283 |
| 7.25%, 7/15/2030 | 70000 | 72025 |
| 4.00%, 6/15/2031 | 92000 | 85596 |
| LGI Homes, Inc.  | LGI Homes, Inc.  | LGI Homes, Inc.  |
| 8.75%, 12/15/2028 (a) | 71000 | 74371 |
| 4.00%, 7/15/2029 (a) | 102000 | 93235 |
| 7.00%, 11/15/2032 (a) | 343000 | 334512 |
| M/I Homes, Inc. 4.95%, 2/1/2028 | 302000 | 298833 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) |
| 5.25%, 12/15/2027 (a) | 140000 | 139526 |
| 4.63%, 3/1/2030 (a) | 328000 | 314197 |
| New Home Co., Inc. (The) 9.25%, <br> 10/1/2029 (a)<br>| 282000 | 297804 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 6.38%, 9/15/2027 | 100000 | 101106 |
| 8.50%, 6/1/2028 (a) | 55000 | 58065 |
| 6.63%, 9/15/2029 | 313000 | 314521 |
| 6.63%, 5/15/2032 | 877000 | 856074 |
| 6.87%, 4/1/2036 (g) | 157000 | 153416 |
| 7.00%, 4/1/2046 (g) | 341000 | 296323 |
| Shea Homes LP 4.75%, 2/15/2028 | 323000 | 318649 |
| Somnigroup International, Inc.  | Somnigroup International, Inc.  | Somnigroup International, Inc.  |
| 4.00%, 4/15/2029 (a) | 598000 | 574811 |
| 3.88%, 10/15/2031 (a) | 90000 | 82336 |
| STL Holding Co. LLC 8.75%, 2/15/2029 (a) | 148000 | 155024 |
| SWF Holdings I Corp. 6.50%, 10/1/2029 (a) | 48000 | 19200 |
| Taylor Morrison Communities, Inc.  | Taylor Morrison Communities, Inc.  | Taylor Morrison Communities, Inc.  |
| 5.88%, 6/15/2027 (a) | 116000 | 116794 |
| 5.13%, 8/1/2030 (a) | 521000 | 519487 |
| TopBuild Corp. 4.13%, 2/15/2032 (a) | 395000 | 368142 |
| Tri Pointe Homes, Inc.  | Tri Pointe Homes, Inc.  | Tri Pointe Homes, Inc.  |
| 5.25%, 6/1/2027 | 84000 | 83962 |
| 5.70%, 6/15/2028 | 198000 | 201204 |
| Whirlpool Corp.  | Whirlpool Corp.  | Whirlpool Corp.  |
| 4.75%, 2/26/2029 | 459000 | 453188 |
| 2.40%, 5/15/2031 | 246000 | 206672 |
| 5.50%, 3/1/2033 | 420000 | 404724 |
| 5.75%, 3/1/2034 | 154000 | 149357 |
| 4.50%, 6/1/2046 | 343000 | 258316 |
| 4.60%, 5/15/2050 | 342000 | 254382 |
|  |  | 11655691 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 4.13%, 10/15/2030 | 410000 | 387795 |
| 4.13%, 4/30/2031 (a) | 156000 | 145372 |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (a) | 483000 | 474947 |
| 4.38%, 3/31/2029 (a) | 248000 | 237422 |
| Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) |
| 8.25%, 6/30/2031 (a) | 311000 | 230918 |
| 10.75%, 6/30/2032 (a) | 382000 | 191430 |
|  |  | 1667884 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 53

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| AES Corp. (The)  | AES Corp. (The)  | AES Corp. (The)  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.20%), <br> 7.60%, 1/15/2055 (b)<br>| 262000 | 269212 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.89%), <br> 6.95%, 7/15/2055 (b)<br>| 455000 | 440205 |
| Atlantica Sustainable Infrastructure Ltd. (Spain) <br> 4.13%, 6/15/2028 (a)<br>| 516000 | 499732 |
| Calpine Corp.  | Calpine Corp.  | Calpine Corp.  |
| 4.50%, 2/15/2028 (a) | 688000 | 681403 |
| 5.13%, 3/15/2028 (a) | 161000 | 160882 |
| 5.00%, 2/1/2031 (a) | 537000 | 532618 |
| 3.75%, 3/1/2031 (a) | 765000 | 726864 |
| Clearway Energy Operating LLC  | Clearway Energy Operating LLC  | Clearway Energy Operating LLC  |
| 4.75%, 3/15/2028 (a) | 735000 | 726811 |
| 3.75%, 2/15/2031 (a) | 109000 | 100259 |
| 3.75%, 1/15/2032 (a) | 47000 | 42310 |
| Lightning Power LLC 7.25%, 8/15/2032 (a) | 680000 | 721379 |
| Talen Energy Supply LLC 8.63%, 6/1/2030 (a) | 533000 | 569158 |
| TransAlta Corp. (Canada) 6.50%, 3/15/2040 | 339000 | 333372 |
|  |  | 5804205 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| Acrisure LLC  | Acrisure LLC  | Acrisure LLC  |
| 8.25%, 2/1/2029 (a) | 965000 | 1002362 |
| 4.25%, 2/15/2029 (a) | 260000 | 250414 |
| 8.50%, 6/15/2029 (a) | 512000 | 538338 |
| 7.50%, 11/6/2030 (a) | 97000 | 100501 |
| Alliant Holdings Intermediate LLC  | Alliant Holdings Intermediate LLC  | Alliant Holdings Intermediate LLC  |
| 4.25%, 10/15/2027 (a) | 126000 | 124211 |
| 6.75%, 4/15/2028 (a) | 991000 | 1010912 |
| 7.00%, 1/15/2031 (a) | 753000 | 778784 |
| 6.50%, 10/1/2031 (a) | 838000 | 856625 |
| 7.38%, 10/1/2032 (a) | 269000 | 277133 |
| AmWINS Group, Inc.  | AmWINS Group, Inc.  | AmWINS Group, Inc.  |
| 6.38%, 2/15/2029 (a) | 625000 | 640554 |
| 4.88%, 6/30/2029 (a) | 59000 | 57559 |
| Amynta Agency Borrower, Inc. and Amynta <br> Warranty Borrower, Inc. 7.50%, <br> 7/15/2033 (a)<br>| 166000 | 169568 |
| APH Somerset Investor 2 LLC 7.88%, <br> 11/1/2029 (a)<br>| 318000 | 330015 |
| Ardonagh Finco Ltd. (United Kingdom) 7.75%, <br> 2/15/2031 (a)<br>| 801000 | 838216 |
| Ardonagh Group Finance Ltd. (United Kingdom) <br> 8.88%, 2/15/2032 (a)<br>| 474000 | 501722 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Assurant, Inc. (3-MONTH SOFR + 4.14%), <br> 7.00%, 3/27/2048 (b)<br>| 156000 | 159630 |
| Baldwin Insurance Group Holdings LLC 7.13%, <br> 5/15/2031 (a)<br>| 285000 | 295785 |
| BroadStreet Partners, Inc. 5.88%, <br> 4/15/2029 (a)<br>| 347000 | 345091 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.28%), <br> 7.75%, 6/15/2055 (b)<br>| 235000 | 248078 |
| Global Atlantic Fin Co.  | Global Atlantic Fin Co.  | Global Atlantic Fin Co.  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.80%), <br> 4.70%, 10/15/2051 (a) (b)<br>| 89000 | 87564 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.61%), <br> 7.95%, 10/15/2054 (a) (b)<br>| 492000 | 517730 |
| Howden UK Refinance plc (United Kingdom) <br> 7.25%, 2/15/2031 (a)<br>| 553000 | 571151 |
| HUB International Ltd.  | HUB International Ltd.  | HUB International Ltd.  |
| 5.63%, 12/1/2029 (a) | 196000 | 196663 |
| 7.25%, 6/15/2030 (a) | 1418000 | 1483191 |
| 7.38%, 1/31/2032 (a) | 869000 | 914041 |
| Jones Deslauriers Insurance Management, Inc. (Canada) | Jones Deslauriers Insurance Management, Inc. (Canada) | Jones Deslauriers Insurance Management, Inc. (Canada) |
| 8.50%, 3/15/2030 (a) | 355000 | 375482 |
| 10.50%, 12/15/2030 (a) | 166000 | 176063 |
| Liberty Mutual Group, Inc.  | Liberty Mutual Group, Inc.  | Liberty Mutual Group, Inc.  |
| 7.80%, 3/15/2037 (a) | 129000 | 147978 |
| 4.30%, 2/1/2061 (a) | 797000 | 501618 |
| Panther Escrow Issuer LLC 7.13%, <br> 6/1/2031 (a)<br>| 1343000 | 1393618 |
| Ryan Specialty LLC  | Ryan Specialty LLC  | Ryan Specialty LLC  |
| 4.38%, 2/1/2030 (a) | 58000 | 56057 |
| 5.88%, 8/1/2032 (a) | 666000 | 670556 |
| USI, Inc. 7.50%, 1/15/2032 (a) | 288000 | 305148 |
| Wilton RE Ltd. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.27%), <br> 6.00%, 10/22/2030 (a) (b) (d) (e)<br>| 197000 | 195102 |
|  |  | 16117460 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Cars.com, Inc. 6.38%, 11/1/2028 (a) | 205000 | 204847 |
| Snap, Inc.  | Snap, Inc.  | Snap, Inc.  |
| 6.88%, 3/1/2033 (a) | 681000 | 688078 |
| 6.88%, 3/15/2034 (a) | 185000 | 185484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | 225000 | 212085 |
| ZipRecruiter, Inc. 5.00%, 1/15/2030 (a) | 276000 | 223593 |
|  |  | 1514087 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Acuris Finance US, Inc. 9.00%, 8/1/2029 (a) | 400000 | 412000 |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 197000 | 197448 |
| Arches Buyer, Inc.  | Arches Buyer, Inc.  | Arches Buyer, Inc.  |
| 4.25%, 6/1/2028 (a) | 16000 | 15561 |
| 6.13%, 12/1/2028 (a) | 667000 | 646774 |
| ASGN, Inc. 4.63%, 5/15/2028 (a) | 271000 | 265228 |
| Cablevision Lightpath LLC 5.63%, <br> 9/15/2028 (a)<br>| 359000 | 355761 |
| Cogent Communications Group LLC  | Cogent Communications Group LLC  | Cogent Communications Group LLC  |
| 7.00%, 6/15/2027 (a) | 454000 | 452328 |
| 6.50%, 7/1/2032 (a) | 125000 | 118994 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| 259000 | 247819 |
| CoreWeave, Inc.  | CoreWeave, Inc.  | CoreWeave, Inc.  |
| 9.25%, 6/1/2030 (a) | 1430000 | 1435127 |
| 9.00%, 2/1/2031 (a) | 149000 | 147509 |
| Fortress Intermediate 3, Inc. 7.50%, <br> 6/1/2031 (a)<br>| 325000 | 341812 |
| ION Trading Technologies Sarl (Luxembourg) <br> 9.50%, 5/30/2029 (a)<br>| 582000 | 606219 |
| Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | 379000 | 361229 |
| Newfold Digital Holdings Group, Inc. 11.75%, <br> 10/15/2028 (a)<br>| 136000 | 88740 |
| Twilio, Inc.  | Twilio, Inc.  | Twilio, Inc.  |
| 3.63%, 3/15/2029 | 48000 | 45816 |
| 3.88%, 3/15/2031 | 378000 | 353056 |
| Unisys Corp. 10.63%, 1/15/2031 (a) | 304000 | 316513 |
| Virtusa Corp. 7.13%, 12/15/2028 (a) | 177000 | 172482 |
|  |  | 6580416 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (a)<br>| 338000 | 352662 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Charles River Laboratories International, Inc.  | Charles River Laboratories International, Inc.  | Charles River Laboratories International, Inc.  |
| 4.25%, 5/1/2028 (a) | 183000 | 178714 |
| 3.75%, 3/15/2029 (a) | 43000 | 40766 |
| 4.00%, 3/15/2031 (a) | 416000 | 384843 |
| Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a) | 271000 | 258189 |
|  |  | 862512 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Amsted Industries, Inc.  | Amsted Industries, Inc.  | Amsted Industries, Inc.  |
| 4.63%, 5/15/2030 (a) | 151000 | 145395 |
| 6.38%, 3/15/2033 (a) | 255000 | 261193 |
| ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 158000 | 151145 |
| Calderys Financing LLC (France) 11.25%, <br> 6/1/2028 (a)<br>| 323000 | 341849 |
| Chart Industries, Inc.  | Chart Industries, Inc.  | Chart Industries, Inc.  |
| 7.50%, 1/1/2030 (a) | 511000 | 535573 |
| 9.50%, 1/1/2031 (a) | 319000 | 341637 |
| Enpro, Inc. 6.13%, 6/1/2033 (a) | 172000 | 175511 |
| Esab Corp. 6.25%, 4/15/2029 (a) | 316000 | 324916 |
| GrafTech Finance, Inc. 4.63%, 12/23/2029 (a) | 37000 | 26270 |
| GrafTech Global Enterprises, Inc. 9.88%, <br> 12/23/2029 (a)<br>| 165000 | 140250 |
| Hillenbrand, Inc.  | Hillenbrand, Inc.  | Hillenbrand, Inc.  |
| 6.25%, 2/15/2029 | 310000 | 316679 |
| 3.75%, 3/1/2031 | 214000 | 196757 |
| Husky Injection Molding Systems Ltd. (Canada) <br> 9.00%, 2/15/2029 (a)<br>| 449000 | 471153 |
| Manitowoc Co., Inc. (The) 9.25%, <br> 10/1/2031 (a)<br>| 158000 | 166297 |
| Maxim Crane Works Holdings Capital LLC <br> 11.50%, 9/1/2028 (a)<br>| 216000 | 228247 |
| Mueller Water Products, Inc. 4.00%, <br> 6/15/2029 (a)<br>| 195000 | 187492 |
| New Flyer Holdings, Inc. (Canada) 9.25%, <br> 7/1/2030 (a)<br>| 272000 | 291773 |
| Park-Ohio Industries, Inc. 8.50%, 8/1/2030 (a) | 140000 | 142369 |
| Roller Bearing Co. of America, Inc. 4.38%, <br> 10/15/2029 (a)<br>| 214000 | 208177 |
| SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | 192000 | 198942 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (a) | 510000 | 501650 |
| 6.25%, 10/15/2032 (a) | 115000 | 116414 |
| Titan International, Inc. 7.00%, 4/30/2028 | 173000 | 173345 |
| TK Elevator US Newco, Inc. (Germany) 5.25%, <br> 7/15/2027 (a)<br>| 586000 | 584337 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 280000 | 289544 |
| Wabash National Corp. 4.50%, 10/15/2028 (a) | 207000 | 189980 |
|  |  | 6706895 |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| Danaos Corp. (Greece) 8.50%, 3/1/2028 (a) | 123000 | 124861 |
| **Media — 6.9%** | **Media — 6.9%** | **Media — 6.9%** |
| Advantage Sales & Marketing, Inc. 6.50%, <br> 11/15/2028 (a)<br>| 287000 | 238230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 55

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| AMC Networks, Inc.  | AMC Networks, Inc.  | AMC Networks, Inc.  |
| 10.25%, 1/15/2029 (a) | 374000 | 389297 |
| 4.25%, 2/15/2029 | 185000 | 152279 |
| 10.50%, 7/15/2032 (a) | 130000 | 134263 |
| Block Communications, Inc. 4.88%, <br> 3/1/2028 (a)<br>| 156000 | 146869 |
| Cable One, Inc. 4.00%, 11/15/2030 (a) | 198000 | 163808 |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.50%, 6/1/2029 (a) | 1085000 | 1008717 |
| 7.88%, 4/1/2030 (a) | 946000 | 985420 |
| 7.50%, 3/15/2033 (a) | 120000 | 122142 |
| CMG Media Corp. 8.88%, 6/18/2029 (a) | 249000 | 232000 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.50%, 4/15/2027 (a) | 922000 | 886697 |
| 5.38%, 2/1/2028 (a) | 943000 | 865415 |
| 11.75%, 1/31/2029 (a) | 404000 | 370564 |
| 6.50%, 2/1/2029 (a) | 909000 | 716418 |
| 5.75%, 1/15/2030 (a) | 760000 | 357109 |
| 4.13%, 12/1/2030 (a) | 599000 | 392487 |
| 4.63%, 12/1/2030 (a) | 1278000 | 559914 |
| 3.38%, 2/15/2031 (a) | 361000 | 230895 |
| 4.50%, 11/15/2031 (a) | 771000 | 500160 |
| 5.00%, 11/15/2031 (a) | 627000 | 272690 |
| Directv Financing LLC  | Directv Financing LLC  | Directv Financing LLC  |
| 5.88%, 8/15/2027 (a) | 1796000 | 1787019 |
| 8.88%, 2/1/2030 (a) | 135000 | 134014 |
| 10.00%, 2/15/2031 (a) | 911000 | 905642 |
| Discovery Communications LLC  | Discovery Communications LLC  | Discovery Communications LLC  |
| 3.95%, 3/20/2028 | 50000 | 48331 |
| 3.63%, 5/15/2030 | 1059000 | 955292 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 346000 | 336485 |
| 5.25%, 12/1/2026 (a) | 1282000 | 1243588 |
| 7.38%, 7/1/2028 | 749000 | 677845 |
| 5.75%, 12/1/2028 (a) | 1005000 | 945719 |
| 5.13%, 6/1/2029 | 362000 | 298831 |
| DISH Network Corp. 11.75%, 11/15/2027 (a) | 1095000 | 1157709 |
| Dotdash Meredith, Inc. 7.63%, 6/15/2032 (a) | 154000 | 150874 |
| EchoStar Corp.  | EchoStar Corp.  | EchoStar Corp.  |
| 10.75%, 11/30/2029 | 2611000 | 2810088 |
| 6.75% (PIK), 11/30/2030 (c) | 827602 | 801901 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 652000 | 709670 |
| 4.75%, 10/15/2030 (a) | 690000 | 517886 |
| 5.38%, 11/15/2031 (a) | 889000 | 655436 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| 9.63%, 7/15/2032 (a) | 84000 | 84429 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 444846 | 381138 |
| 10.88%, 5/1/2030 (a) | 478291 | 282966 |
| 7.75%, 8/15/2030 (a) | 145000 | 115051 |
| Lamar Media Corp.  | Lamar Media Corp.  | Lamar Media Corp.  |
| 3.75%, 2/15/2028 | 568000 | 552265 |
| 4.88%, 1/15/2029 | 72000 | 71030 |
| 4.00%, 2/15/2030 | 235000 | 223401 |
| 3.63%, 1/15/2031 | 65000 | 60191 |
| LCPR Senior Secured Financing DAC (Puerto Rico) | LCPR Senior Secured Financing DAC (Puerto Rico) | LCPR Senior Secured Financing DAC (Puerto Rico) |
| 6.75%, 10/15/2027 (a) | 646000 | 402802 |
| 5.13%, 7/15/2029 (a) | 235000 | 135105 |
| McGraw-Hill Education, Inc.  | McGraw-Hill Education, Inc.  | McGraw-Hill Education, Inc.  |
| 5.75%, 8/1/2028 (a) | 587000 | 590055 |
| 8.00%, 8/1/2029 (a) | 82000 | 83656 |
| 7.38%, 9/1/2031 (a) | 293000 | 307589 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| 310000 | 322958 |
| Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | 1165000 | 1158581 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 393000 | 392574 |
| 4.75%, 11/1/2028 (a) | 463000 | 454487 |
| Outfront Media Capital LLC  | Outfront Media Capital LLC  | Outfront Media Capital LLC  |
| 5.00%, 8/15/2027 (a) | 212000 | 210278 |
| 4.25%, 1/15/2029 (a) | 449000 | 431529 |
| 4.63%, 3/15/2030 (a) | 312000 | 297723 |
| Paramount Global  | Paramount Global  | Paramount Global  |
| (3-MONTH SOFR + 3.90%), 6.25%, <br> 2/28/2057 (b)<br>| 100000 | 97345 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.00%), <br> 6.38%, 3/30/2062 (b)<br>| 624000 | 625041 |
| Radiate Holdco LLC  | Radiate Holdco LLC  | Radiate Holdco LLC  |
| 6.25% (Blend (Cash 4.75% + PIK 1.50%)), <br> 9/25/2029 (a) (c)<br>| 227360 | 201593 |
| 9.25% (Blend (Cash 6.00% + PIK 3.25%)), <br> 3/25/2030 (a) (c)<br>| 313740 | 194033 |
| Scripps Escrow II, Inc.  | Scripps Escrow II, Inc.  | Scripps Escrow II, Inc.  |
| 3.88%, 1/15/2029 (a) | 438000 | 387956 |
| 5.38%, 1/15/2031 (a) | 335000 | 236293 |
| Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  |
| 5.50%, 3/1/2030 (a) | 6000 | 4935 |
| 8.13%, 2/15/2033 (a) | 930000 | 952785 |
| 9.75%, 2/15/2033 (a) | 275000 | 300781 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 3.13%, 9/1/2026 (a) | 555000 | 551570 |
| 5.00%, 8/1/2027 (a) | 1254000 | 1248340 |
| 4.00%, 7/15/2028 (a) | 440000 | 424637 |
| 5.50%, 7/1/2029 (a) | 859000 | 857774 |
| 4.13%, 7/1/2030 (a) | 604000 | 561602 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 512000 | 493831 |
| Sunrise FinCo. I BV (Netherlands) 4.88%, <br> 7/15/2031 (a)<br>| 572000 | 546523 |
| TEGNA, Inc.  | TEGNA, Inc.  | TEGNA, Inc.  |
| 4.63%, 3/15/2028 | 40000 | 39668 |
| 5.00%, 9/15/2029 | 884000 | 884918 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (a) | 1213000 | 1259005 |
| 7.38%, 6/30/2030 (a) | 489000 | 491670 |
| 8.50%, 7/31/2031 (a) | 940000 | 968633 |
| Urban One, Inc. 7.38%, 2/1/2028 (a) | 151000 | 76821 |
| VZ Secured Financing BV (Netherlands) 5.00%, <br> 1/15/2032 (a)<br>| 709000 | 629591 |
| Ziggo Bond Co. BV (Netherlands) 5.13%, <br> 2/28/2030 (a)<br>| 227000 | 200360 |
| Ziggo BV (Netherlands) 4.88%, 1/15/2030 (a) | 613000 | 575277 |
|  |  | 42230494 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (a)<br>| 621000 | 654982 |
| Algoma Steel, Inc. (Canada) 9.13%, <br> 4/15/2029 (a)<br>| 168000 | 148923 |
| Alumina Pty. Ltd. 6.13%, 3/15/2030 (a) | 330000 | 335323 |
| Arsenal AIC Parent LLC  | Arsenal AIC Parent LLC  | Arsenal AIC Parent LLC  |
| 8.00%, 10/1/2030 (a) | 353000 | 373893 |
| 11.50%, 10/1/2031 (a) | 175000 | 194623 |
| Baffinland Iron Mines Corp. (Canada) 8.75%, <br> 7/15/2026 (a)<br>| 272000 | 254724 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | 309000 | 309499 |
| Carpenter Technology Corp.  | Carpenter Technology Corp.  | Carpenter Technology Corp.  |
| 6.38%, 7/15/2028 | 171000 | 171509 |
| 7.63%, 3/15/2030 | 161000 | 165773 |
| Century Aluminum Co. 6.88%, 8/1/2032 (a) | 173000 | 176820 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 5.88%, 6/1/2027 | 207000 | 206749 |
| 6.88%, 11/1/2029 (a) | 64000 | 65001 |
| 6.75%, 4/15/2030 (a) | 716000 | 723980 |
| 4.88%, 3/1/2031 (a) | 442000 | 404120 |
| 7.50%, 9/15/2031 (a) | 253000 | 256476 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| 7.00%, 3/15/2032 (a) | 381000 | 378770 |
| 7.38%, 5/1/2033 (a) | 627000 | 624720 |
| Coeur Mining, Inc. 5.13%, 2/15/2029 (a) | 101000 | 98377 |
| Commercial Metals Co.  | Commercial Metals Co.  | Commercial Metals Co.  |
| 3.88%, 2/15/2031 | 68000 | 63121 |
| 4.38%, 3/15/2032 | 328000 | 307256 |
| Compass Minerals International, Inc.  | Compass Minerals International, Inc.  | Compass Minerals International, Inc.  |
| 6.75%, 12/1/2027 (a) | 239000 | 238829 |
| 8.00%, 7/1/2030 (a) | 64000 | 66943 |
| Constellium SE 5.63%, 6/15/2028 (a) | 322000 | 320156 |
| Eldorado Gold Corp. (Turkey) 6.25%, <br> 9/1/2029 (a)<br>| 239000 | 239896 |
| Fortescue Treasury Pty. Ltd. (Australia) | Fortescue Treasury Pty. Ltd. (Australia) | Fortescue Treasury Pty. Ltd. (Australia) |
| 4.50%, 9/15/2027 (a) | 356000 | 352746 |
| 5.88%, 4/15/2030 (a) | 991000 | 1012070 |
| 4.38%, 4/1/2031 (a) | 182000 | 173059 |
| Hecla Mining Co. 7.25%, 2/15/2028 | 126000 | 127251 |
| Hudbay Minerals, Inc. (Canada) | Hudbay Minerals, Inc. (Canada) | Hudbay Minerals, Inc. (Canada) |
| 4.50%, 4/1/2026 (a) | 81000 | 80444 |
| 6.13%, 4/1/2029 (a) | 159000 | 160738 |
| IAMGOLD Corp. (Burkina Faso) 5.75%, <br> 10/15/2028 (a)<br>| 218000 | 216263 |
| Infrabuild Australia Pty. Ltd. (Australia) <br> 14.50%, 11/15/2028 (a)<br>| 250000 | 270044 |
| JW Aluminum Continuous Cast Co. 10.25%, <br> 4/1/2030 (a)<br>| 175000 | 180950 |
| Kaiser Aluminum Corp.  | Kaiser Aluminum Corp.  | Kaiser Aluminum Corp.  |
| 4.63%, 3/1/2028 (a) | 117000 | 115002 |
| 4.50%, 6/1/2031 (a) | 381000 | 357420 |
| Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) |
| 8.13%, 5/1/2027 (a) | 331000 | 331188 |
| 8.00%, 11/1/2027 (a) | 644000 | 655481 |
| 9.25%, 10/1/2028 (a) | 257000 | 268672 |
| 8.50%, 5/1/2030 (a) | 96000 | 99641 |
| New Gold, Inc. (Canada) 6.88%, 4/1/2032 (a) | 196000 | 204304 |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| 4.75%, 1/30/2030 (a) | 1473000 | 1416532 |
| 3.88%, 8/15/2031 (a) | 275000 | 249396 |
| Perenti Finance Pty. Ltd. (Australia) 7.50%, <br> 4/26/2029 (a)<br>| 249000 | 259894 |
| SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | 212000 | 193532 |
| Taseko Mines Ltd. (Canada) 8.25%, <br> 5/1/2030 (a)<br>| 212000 | 222891 |
| TMS International Corp. 6.25%, 4/15/2029 (a) | 139000 | 134343 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 57

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| United States Steel Corp.  | United States Steel Corp.  | United States Steel Corp.  |
| 6.88%, 3/1/2029 | 77000 | 77578 |
| 6.65%, 6/1/2037 | 242000 | 251541 |
|  |  | 14191443 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** |
| Apollo Commercial Real Estate Finance, Inc. <br> 4.63%, 6/15/2029 (a)<br>| 188000 | 180741 |
| Blackstone Mortgage Trust, Inc.  | Blackstone Mortgage Trust, Inc.  | Blackstone Mortgage Trust, Inc.  |
| 3.75%, 1/15/2027 (a) | 297000 | 290387 |
| 7.75%, 12/1/2029 (a) | 55000 | 58647 |
| Ladder Capital Finance Holdings LLLP  | Ladder Capital Finance Holdings LLLP  | Ladder Capital Finance Holdings LLLP  |
| 4.25%, 2/1/2027 (a) | 657000 | 646233 |
| 4.75%, 6/15/2029 (a) | 84000 | 82139 |
| 7.00%, 7/15/2031 (a) | 102000 | 107247 |
| Rithm Capital Corp.  | Rithm Capital Corp.  | Rithm Capital Corp.  |
| 8.00%, 4/1/2029 (a) | 355000 | 363408 |
| 8.00%, 7/15/2030 (a) | 137000 | 139873 |
| Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  |
| 3.63%, 7/15/2026 (a) | 695000 | 684368 |
| 4.38%, 1/15/2027 (a) | 165000 | 163110 |
| 6.00%, 4/15/2030 (a) | 259000 | 263158 |
| 6.50%, 7/1/2030 (a) | 166000 | 172289 |
|  |  | 3151600 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Algonquin Power & Utilities Corp. (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.25%), 4.75%, <br> 1/18/2082 (b)<br>| 345000 | 335493 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Brandywine Operating Partnership LP  | Brandywine Operating Partnership LP  | Brandywine Operating Partnership LP  |
| 3.95%, 11/15/2027 | 428000 | 416725 |
| 8.30%, 3/15/2028 (g) | 72000 | 76565 |
| 8.88%, 4/12/2029 | 60000 | 65230 |
| 4.55%, 10/1/2029 | 78000 | 74797 |
| Hudson Pacific Properties LP  | Hudson Pacific Properties LP  | Hudson Pacific Properties LP  |
| 3.95%, 11/1/2027 | 127000 | 121410 |
| 5.95%, 2/15/2028 | 421000 | 411844 |
| 4.65%, 4/1/2029 | 114000 | 104776 |
| 3.25%, 1/15/2030 | 117000 | 98980 |
| Office Properties Income Trust  | Office Properties Income Trust  | Office Properties Income Trust  |
| 3.25%, 3/15/2027 (a) | 13355 | 11105 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Office REITs — continued** | **Office REITs — continued** | **Office REITs — continued** |
| 9.00%, 3/31/2029 (a) | 376000 | 374692 |
| 9.00%, 9/30/2029 (a) | 88000 | 60334 |
|  |  | 1816458 |
| **Oil, Gas & Consumable Fuels — 9.1%** | **Oil, Gas & Consumable Fuels — 9.1%** | **Oil, Gas & Consumable Fuels — 9.1%** |
| Aethon United BR LP 7.50%, 10/1/2029 (a) | 449000 | 468326 |
| Alliance Resource Operating Partners LP <br> 8.63%, 6/15/2029 (a)<br>| 143000 | 151119 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 3/1/2027 (a) | 226000 | 225945 |
| 5.75%, 1/15/2028 (a) | 776000 | 778139 |
| 5.38%, 6/15/2029 (a) | 188000 | 186879 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 5.88%, 6/30/2029 (a) | 280000 | 279325 |
| 6.63%, 10/15/2032 (a) | 589000 | 599606 |
| Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) |
| 8.50%, 4/30/2030 (a) | 565000 | 576704 |
| 7.38%, 3/15/2032 (a) | 5000 | 4885 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 6.63%, 7/15/2026 (a) | 336000 | 335992 |
| 7.00%, 7/15/2029 (a) | 104000 | 108198 |
| 7.25%, 7/15/2032 (a) | 64000 | 67919 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 178000 | 175855 |
| 4.13%, 12/1/2027 | 511000 | 502664 |
| 4.50%, 3/1/2028 (a) | 249000 | 245078 |
| 6.88%, 7/1/2029 (a) | 72000 | 74617 |
| 5.85%, 11/15/2043 | 430000 | 385190 |
| California Resources Corp. 8.25%, <br> 6/15/2029 (a)<br>| 420000 | 433934 |
| Calumet Specialty Products Partners LP  | Calumet Specialty Products Partners LP  | Calumet Specialty Products Partners LP  |
| 8.13%, 1/15/2027 (a) | 46000 | 45881 |
| 9.75%, 7/15/2028 (a) | 234000 | 229668 |
| Caturus Energy LLC 8.50%, 2/15/2030 (a) | 238000 | 246925 |
| Chord Energy Corp. 6.75%, 3/15/2033 (a) | 337000 | 345633 |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| 5.00%, 10/15/2026 (a) | 515000 | 513580 |
| 8.38%, 7/1/2028 (a) | 205000 | 212896 |
| 8.63%, 11/1/2030 (a) | 144000 | 149910 |
| 8.75%, 7/1/2031 (a) | 1120000 | 1152169 |
| 9.63%, 6/15/2033 (a) | 141000 | 149240 |
| CNX Midstream Partners LP 4.75%, <br> 4/15/2030 (a)<br>| 163000 | 154619 |
| CNX Resources Corp.  | CNX Resources Corp.  | CNX Resources Corp.  |
| 6.00%, 1/15/2029 (a) | 336000 | 336723 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 7.38%, 1/15/2031 (a) | 347000 | 359880 |
| 7.25%, 3/1/2032 (a) | 63000 | 65372 |
| Comstock Resources, Inc.  | Comstock Resources, Inc.  | Comstock Resources, Inc.  |
| 6.75%, 3/1/2029 (a) | 368000 | 362304 |
| 5.88%, 1/15/2030 (a) | 789000 | 740493 |
| Coronado Finance Pty. Ltd. (Australia) 9.25%, <br> 10/1/2029 (a)<br>| 269000 | 221790 |
| CQP Holdco LP 5.50%, 6/15/2031 (a) | 653000 | 644025 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 7.63%, 4/1/2032 (a) | 232000 | 231057 |
| 7.38%, 1/15/2033 (a) | 1046000 | 1022014 |
| 8.38%, 1/15/2034 (a) | 136000 | 138011 |
| CVR Energy, Inc.  | CVR Energy, Inc.  | CVR Energy, Inc.  |
| 5.75%, 2/15/2028 (a) | 269000 | 262130 |
| 8.50%, 1/15/2029 (a) | 170000 | 171831 |
| Delek Logistics Partners LP  | Delek Logistics Partners LP  | Delek Logistics Partners LP  |
| 7.13%, 6/1/2028 (a) | 125000 | 125481 |
| 8.63%, 3/15/2029 (a) | 791000 | 826838 |
| Energean plc (Israel) 6.50%, 4/30/2027 (a) | 372000 | 367930 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.02%), <br> 8.00%, 5/15/2054 (b)<br>| 578000 | 615807 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.83%), <br> 7.13%, 10/1/2054 (b)<br>| 752000 | 776882 |
| Excelerate Energy LP 8.00%, 5/15/2030 (a) | 376000 | 400397 |
| Genesis Energy LP  | Genesis Energy LP  | Genesis Energy LP  |
| 7.75%, 2/1/2028 | 90000 | 90989 |
| 8.25%, 1/15/2029 | 119000 | 124241 |
| 8.88%, 4/15/2030 | 537000 | 568345 |
| 7.88%, 5/15/2032 | 509000 | 528316 |
| 8.00%, 5/15/2033 | 76000 | 79386 |
| Global Partners LP  | Global Partners LP  | Global Partners LP  |
| 6.88%, 1/15/2029 | 57000 | 57764 |
| 8.25%, 1/15/2032 (a) | 500000 | 525625 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 294000 | 300782 |
| Harvest Midstream I LP  | Harvest Midstream I LP  | Harvest Midstream I LP  |
| 7.50%, 9/1/2028 (a) | 495000 | 500317 |
| 7.50%, 5/15/2032 (a) | 60000 | 61777 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (a) | 126000 | 128112 |
| 5.13%, 6/15/2028 (a) | 817000 | 815184 |
| 6.50%, 6/1/2029 (a) | 294000 | 303984 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.50%, 10/15/2030 (a) | 153000 | 153832 |
| Hilcorp Energy I LP  | Hilcorp Energy I LP  | Hilcorp Energy I LP  |
| 6.25%, 11/1/2028 (a) | 480000 | 482523 |
| 6.00%, 4/15/2030 (a) | 59000 | 58389 |
| 6.00%, 2/1/2031 (a) | 54000 | 51961 |
| 6.25%, 4/15/2032 (a) | 1108000 | 1060703 |
| 8.38%, 11/1/2033 (a) | 45000 | 46989 |
| 6.88%, 5/15/2034 (a) | 79000 | 75829 |
| 7.25%, 2/15/2035 (a) | 310000 | 302473 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (a) | 280000 | 291989 |
| 6.63%, 1/15/2034 (a) | 185000 | 188023 |
| Ithaca Energy North Sea plc (United Kingdom) <br> 8.13%, 10/15/2029 (a)<br>| 361000 | 375713 |
| ITT Holdings LLC 6.50%, 8/1/2029 (a) | 565000 | 553869 |
| Karoon USA Finance, Inc. (Brazil) 10.50%, <br> 5/14/2029 (a)<br>| 299000 | 310318 |
| Kinetik Holdings LP  | Kinetik Holdings LP  | Kinetik Holdings LP  |
| 6.63%, 12/15/2028 (a) | 706000 | 726345 |
| 5.88%, 6/15/2030 (a) | 158000 | 159353 |
| Kraken Oil & Gas Partners LLC 7.63%, <br> 8/15/2029 (a)<br>| 247000 | 245801 |
| Magnolia Oil & Gas Operating LLC 6.88%, <br> 12/1/2032 (a)<br>| 174000 | 178764 |
| Martin Midstream Partners LP 11.50%, <br> 2/15/2028 (a)<br>| 173000 | 182707 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.88%, 4/15/2028 (a) | 578000 | 591393 |
| 6.50%, 4/15/2032 (a) | 180000 | 182624 |
| 6.25%, 4/15/2033 (a) | 165000 | 166220 |
| MEG Energy Corp. (Canada) 5.88%, <br> 2/1/2029 (a)<br>| 292000 | 293828 |
| Moss Creek Resources Holdings, Inc. 8.25%, <br> 9/1/2031 (a)<br>| 338000 | 334272 |
| Murphy Oil Corp.  | Murphy Oil Corp.  | Murphy Oil Corp.  |
| 6.00%, 10/1/2032 | 254000 | 247342 |
| 5.87%, 12/1/2042 (g) | 155000 | 130059 |
| New Fortress Energy, Inc.  | New Fortress Energy, Inc.  | New Fortress Energy, Inc.  |
| 6.50%, 9/30/2026 (a) | 302000 | 105700 |
| 8.75%, 3/15/2029 (a) | 153000 | 31365 |
| NFE Financing LLC 12.00%, 11/15/2029 (a) | 1024743 | 376593 |
| NGL Energy Operating LLC  | NGL Energy Operating LLC  | NGL Energy Operating LLC  |
| 8.13%, 2/15/2029 (a) | 286000 | 291736 |
| 8.38%, 2/15/2032 (a) | 692000 | 702979 |
| Northern Oil & Gas, Inc. 8.13%, 3/1/2028 (a) | 550000 | 554148 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 59

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Northriver Midstream Finance LP (Canada) <br> 6.75%, 7/15/2032 (a)<br>| 264000 | 271120 |
| NuStar Logistics LP 6.00%, 6/1/2026 | 526000 | 527808 |
| Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) |
| 5.88%, 7/15/2027 ‡ | 42000 | 21 |
| 4.50%, 10/1/2029 (a) | 324000 | 314645 |
| 4.50%, 10/1/2029 ‡ | 60000 | 30 |
| 4.63%, 5/1/2030 (a) | 755000 | 730798 |
| 4.63%, 5/1/2030 ‡ | 735000 | 367 |
| 6.63%, 8/15/2032 (a) | 58000 | 59736 |
| PBF Holding Co. LLC  | PBF Holding Co. LLC  | PBF Holding Co. LLC  |
| 6.00%, 2/15/2028 | 202000 | 198414 |
| 9.88%, 3/15/2030 (a) | 133000 | 137314 |
| 7.88%, 9/15/2030 (a) | 710000 | 687486 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 8.00%, 4/15/2027 (a) | 163000 | 166045 |
| 5.88%, 7/1/2029 (a) | 363000 | 363078 |
| 9.88%, 7/15/2031 (a) | 196000 | 212767 |
| 7.00%, 1/15/2032 (a) | 821000 | 851221 |
| Prairie Acquiror LP 9.00%, 8/1/2029 (a) | 195000 | 203310 |
| Range Resources Corp.  | Range Resources Corp.  | Range Resources Corp.  |
| 8.25%, 1/15/2029 | 424000 | 435131 |
| 4.75%, 2/15/2030 (a) | 50000 | 48774 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |
| 4.95%, 7/15/2029 (a) | 60000 | 59036 |
| 4.80%, 5/15/2030 (a) | 217000 | 211293 |
| 6.88%, 4/15/2040 (a) | 679000 | 683610 |
| Saturn Oil & Gas, Inc. (Canada) 9.63%, <br> 6/15/2029 (a)<br>| 241000 | 246042 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.63%, 1/15/2027 | 229000 | 229168 |
| 6.50%, 7/15/2028 | 773000 | 780336 |
| 6.75%, 8/1/2029 (a) | 85000 | 85848 |
| 7.00%, 8/1/2032 (a) | 86000 | 86618 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.67%), <br> 7.50%, 3/1/2055 (b)<br>| 368000 | 384631 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.95%), <br> 7.63%, 3/1/2055 (b)<br>| 89000 | 92613 |
| Summit Midstream Holdings LLC 8.63%, <br> 10/31/2029 (a)<br>| 387000 | 385913 |
| Sunnova Energy Corp. 11.75%, <br> 10/1/2028 (a) (h)<br>| 190000 | 475 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 6.00%, 4/15/2027 | 487000 | 487392 |
| 5.88%, 3/15/2028 | 116000 | 116406 |
| 7.00%, 9/15/2028 (a) | 169000 | 174597 |
| 7.00%, 5/1/2029 (a) | 189000 | 196274 |
| 4.50%, 5/15/2029 | 773000 | 753476 |
| 4.50%, 4/30/2030 | 386000 | 373019 |
| 6.25%, 7/1/2033 (a) | 351000 | 358731 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 6.00%, 3/1/2027 (a) | 579000 | 578272 |
| 5.50%, 1/15/2028 (a) | 262000 | 261560 |
| 7.38%, 2/15/2029 (a) | 44000 | 45335 |
| 6.00%, 12/31/2030 (a) | 305000 | 300485 |
| 6.00%, 9/1/2031 (a) | 195000 | 191581 |
| Talos Production, Inc.  | Talos Production, Inc.  | Talos Production, Inc.  |
| 9.00%, 2/1/2029 (a) | 422000 | 434406 |
| 9.38%, 2/1/2031 (a) | 149000 | 154406 |
| Teine Energy Ltd. (Canada) 6.88%, <br> 4/15/2029 (a)<br>| 129000 | 126952 |
| TerraForm Power Operating LLC  | TerraForm Power Operating LLC  | TerraForm Power Operating LLC  |
| 5.00%, 1/31/2028 (a) | 449000 | 445171 |
| 4.75%, 1/15/2030 (a) | 190000 | 183336 |
| TGNR Intermediate Holdings LLC 5.50%, <br> 10/15/2029 (a)<br>| 288000 | 281159 |
| Topaz Solar Farms LLC 5.75%, 9/30/2039 (a) | 69657 | 70277 |
| TransMontaigne Partners LLC 8.50%, <br> 6/15/2030 (a)<br>| 238000 | 250342 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 3.88%, 8/15/2029 (a) | 868000 | 832144 |
| 6.25%, 1/15/2030 (a) | 510000 | 531094 |
| 4.13%, 8/15/2031 (a) | 515000 | 483533 |
| 3.88%, 11/1/2033 (a) | 180000 | 160345 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (a) | 447000 | 463183 |
| 9.50%, 2/1/2029 (a) | 2403000 | 2641892 |
| 7.00%, 1/15/2030 (a) | 544000 | 560563 |
| 8.38%, 6/1/2031 (a) | 1166000 | 1223342 |
| 9.88%, 2/1/2032 (a) | 207000 | 225398 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 7.50%, 5/1/2033 (a) | 876000 | 960861 |
| 7.75%, 5/1/2035 (a) | 471000 | 524432 |
| 6.75%, 1/15/2036 (a) | 1435000 | 1505961 |
| Vermilion Energy, Inc. (Canada) | Vermilion Energy, Inc. (Canada) | Vermilion Energy, Inc. (Canada) |
| 6.88%, 5/1/2030 (a) | 126000 | 121641 |
| 7.25%, 2/15/2033 (a) | 200000 | 187973 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Vital Energy, Inc.  | Vital Energy, Inc.  | Vital Energy, Inc.  |
| 7.75%, 7/31/2029 (a) | 469000 | 468951 |
| 9.75%, 10/15/2030 | 212000 | 220644 |
| W&T Offshore, Inc. 10.75%, 2/1/2029 (a) | 179000 | 167823 |
| Wildfire Intermediate Holdings LLC 7.50%, <br> 10/15/2029 (a)<br>| 166000 | 168333 |
|  |  | 55693461 |
| **Paper & Forest Products — 0.3%** | **Paper & Forest Products — 0.3%** | **Paper & Forest Products — 0.3%** |
| Clearwater Paper Corp. 4.75%, 8/15/2028 (a) | 146000 | 138193 |
| Domtar Corp. 6.75%, 10/1/2028 (a) | 364000 | 311386 |
| Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | 184000 | 176943 |
| Magnera Corp.  | Magnera Corp.  | Magnera Corp.  |
| 4.75%, 11/15/2029 (a) | 66000 | 58272 |
| 7.25%, 11/15/2031 (a) | 475000 | 449545 |
| Mercer International, Inc. (Germany) 5.13%, <br> 2/1/2029<br>| 612000 | 482593 |
|  |  | 1616932 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Allegiant Travel Co. 7.25%, 8/15/2027 (a) | 177000 | 180061 |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 7.25%, 2/15/2028 (a) | 847000 | 868964 |
| 5.75%, 4/20/2029 (a) | 120009 | 120671 |
| 8.50%, 5/15/2029 (a) | 1073000 | 1124446 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | 874000 | 868489 |
| OneSky Flight LLC 8.88%, 12/15/2029 (a) | 269000 | 282608 |
| Spirit Loyalty Cayman Ltd. 11.00% (Blend (Cash <br> 7.00% + PIK 4.00%)), 3/12/2030 (a) (c) (f)<br>| 383418 | 176756 |
| VistaJet Malta Finance plc (Switzerland) | VistaJet Malta Finance plc (Switzerland) | VistaJet Malta Finance plc (Switzerland) |
| 9.50%, 6/1/2028 (a) | 10000 | 10400 |
| 6.38%, 2/1/2030 (a) | 893000 | 859566 |
|  |  | 4491961 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | 364000 | 376475 |
| Edgewell Personal Care Co.  | Edgewell Personal Care Co.  | Edgewell Personal Care Co.  |
| 5.50%, 6/1/2028 (a) | 154000 | 153245 |
| 4.13%, 4/1/2029 (a) | 384000 | 365400 |
| Opal Bidco SAS (France) 6.50%, <br> 3/31/2032 (a)<br>| 471000 | 479273 |
| Perrigo Finance Unlimited Co.  | Perrigo Finance Unlimited Co.  | Perrigo Finance Unlimited Co.  |
| 4.90%, 6/15/2030 (g) | 657000 | 642974 |
| 6.13%, 9/30/2032 | 128000 | 128798 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Personal Care Products — continued** | **Personal Care Products — continued** | **Personal Care Products — continued** |
| Prestige Brands, Inc.  | Prestige Brands, Inc.  | Prestige Brands, Inc.  |
| 5.13%, 1/15/2028 (a) | 63000 | 62595 |
| 3.75%, 4/1/2031 (a) | 418000 | 385212 |
|  |  | 2593972 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 1528000 | 1586600 |
| Amneal Pharmaceuticals LLC 6.88%, <br> 8/1/2032 (a)<br>| 270000 | 277807 |
| Bausch Health Americas, Inc. 8.50%, <br> 1/31/2027 (a)<br>| 844000 | 841890 |
| Bausch Health Cos., Inc.  | Bausch Health Cos., Inc.  | Bausch Health Cos., Inc.  |
| 5.00%, 1/30/2028 (a) | 479000 | 417354 |
| 4.88%, 6/1/2028 (a) | 263000 | 237358 |
| 11.00%, 9/30/2028 (a) | 398000 | 417402 |
| 5.25%, 1/30/2030 (a) | 443000 | 322553 |
| 14.00%, 10/15/2030 (a) | 998000 | 958080 |
| 5.25%, 2/15/2031 (a) | 163000 | 110025 |
| Elanco Animal Health, Inc. 6.65%, <br> 8/28/2028 (g)<br>| 331000 | 344607 |
| Endo Finance Holdings, Inc. 8.50%, <br> 4/15/2031 (a)<br>| 466000 | 496107 |
| HLF Financing Sarl LLC 12.25%, <br> 4/15/2029 (a)<br>| 354000 | 384100 |
| HLF Financing SARL LLC 4.88%, 6/1/2029 (a) | 249000 | 218020 |
| Jazz Securities DAC 4.38%, 1/15/2029 (a) | 513000 | 502200 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (a) | 926000 | 886780 |
| 6.75%, 5/15/2034 (a) | 724000 | 685425 |
| 7.88%, 5/15/2034 (a) | 381000 | 343473 |
|  |  | 9029781 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Amentum Holdings, Inc. 7.25%, 8/1/2032 (a) | 449000 | 468286 |
| AMN Healthcare, Inc.  | AMN Healthcare, Inc.  | AMN Healthcare, Inc.  |
| 4.63%, 10/1/2027 (a) | 260000 | 255801 |
| 4.00%, 4/15/2029 (a) | 107000 | 99796 |
| CACI International, Inc. 6.38%, 6/15/2033 (a) | 410000 | 422891 |
| CoreLogic, Inc. 4.50%, 5/1/2028 (a) | 346000 | 331991 |
| KBR, Inc. 4.75%, 9/30/2028 (a) | 120000 | 115646 |
| Korn Ferry 4.63%, 12/15/2027 (a) | 173000 | 170136 |
| Science Applications International Corp. 4.88%, <br> 4/1/2028 (a)<br>| 174000 | 171656 |
| TriNet Group, Inc.  | TriNet Group, Inc.  | TriNet Group, Inc.  |
| 3.50%, 3/1/2029 (a) | 234000 | 219099 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 61

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| 7.13%, 8/15/2031 (a) | 190000 | 197577 |
| VT Topco, Inc. 8.50%, 8/15/2030 (a) | 217000 | 231570 |
|  |  | 2684449 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  |
| 5.75%, 1/15/2029 (a) | 94000 | 87093 |
| 5.25%, 4/15/2030 (a) | 395000 | 346155 |
| 7.00%, 4/15/2030 (a) | 517000 | 508975 |
| Cushman & Wakefield US Borrower LLC  | Cushman & Wakefield US Borrower LLC  | Cushman & Wakefield US Borrower LLC  |
| 6.75%, 5/15/2028 (a) | 367000 | 370617 |
| 8.88%, 9/1/2031 (a) | 123000 | 131897 |
| Five Point Operating Co. LP 10.50%, <br> 1/15/2028 (a) (g)<br>| 229132 | 230722 |
| Forestar Group, Inc.  | Forestar Group, Inc.  | Forestar Group, Inc.  |
| 5.00%, 3/1/2028 (a) | 159000 | 157803 |
| 6.50%, 3/15/2033 (a) | 221000 | 225017 |
| Greystar Real Estate Partners LLC 7.75%, <br> 9/1/2030 (a)<br>| 195000 | 206485 |
| Howard Hughes Corp. (The)  | Howard Hughes Corp. (The)  | Howard Hughes Corp. (The)  |
| 5.38%, 8/1/2028 (a) | 622000 | 621452 |
| 4.13%, 2/1/2029 (a) | 188000 | 179835 |
| 4.38%, 2/1/2031 (a) | 92000 | 85687 |
| Hunt Cos., Inc. 5.25%, 4/15/2029 (a) | 309000 | 302546 |
| Kennedy-Wilson, Inc.  | Kennedy-Wilson, Inc.  | Kennedy-Wilson, Inc.  |
| 4.75%, 3/1/2029 | 520000 | 495200 |
| 4.75%, 2/1/2030 | 35000 | 32808 |
| 5.00%, 3/1/2031 | 218000 | 203520 |
| Newmark Group, Inc. 7.50%, 1/12/2029 | 206000 | 220262 |
|  |  | 4406074 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brookfield Property REIT, Inc. 4.50%, <br> 4/1/2027 (a)<br>| 349000 | 342966 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 141000 | 140868 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (a)<br>| 324000 | 350868 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (a) | 371000 | 360727 |
| 4.75%, 4/15/2029 (a) | 1050000 | 1034909 |
| 3.63%, 5/1/2029 (a) | 11000 | 10368 |
| Kioxia Holdings Corp. (Japan) 6.63%, <br> 7/24/2033 (a)<br>| 893000 | 887343 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 297000 | 288600 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | 174000 | 166080 |
|  |  | 3239763 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (a)<br>| 996000 | 977013 |
| Capstone Borrower, Inc. 8.00%, 6/15/2030 (a) | 299000 | 313075 |
| Central Parent, Inc. 7.25%, 6/15/2029 (a) | 890000 | 749573 |
| Cloud Software Group, Inc.  | Cloud Software Group, Inc.  | Cloud Software Group, Inc.  |
| 6.50%, 3/31/2029 (a) | 2333000 | 2358656 |
| 9.00%, 9/30/2029 (a) | 851000 | 887108 |
| 8.25%, 6/30/2032 (a) | 1222000 | 1306474 |
| 6.63%, 8/15/2033 (a) | 212000 | 214931 |
| Consensus Cloud Solutions, Inc. 6.50%, <br> 10/15/2028 (a)<br>| 176000 | 176670 |
| Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 | 322000 | 303464 |
| Dye & Durham Ltd. (Canada) 8.63%, <br> 4/15/2029 (a)<br>| 261000 | 272781 |
| Elastic NV 4.13%, 7/15/2029 (a) | 283000 | 271952 |
| Ellucian Holdings, Inc. 6.50%, 12/1/2029 (a) | 323000 | 328584 |
| Fair Isaac Corp. 4.00%, 6/15/2028 (a) | 1010000 | 984034 |
| Gen Digital, Inc.  | Gen Digital, Inc.  | Gen Digital, Inc.  |
| 6.75%, 9/30/2027 (a) | 848000 | 863099 |
| 6.25%, 4/1/2033 (a) | 221000 | 227255 |
| GoTo Group, Inc. 5.50%, 5/1/2028 (a) | 474000 | 161160 |
| Helios Software Holdings, Inc. 4.63%, <br> 5/1/2028 (a)<br>| 408000 | 385636 |
| McAfee Corp. 7.38%, 2/15/2030 (a) | 909000 | 839458 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | 343000 | 338141 |
| 5.13%, 4/15/2029 (a) | 148000 | 146140 |
| Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| 3.88%, 2/15/2028 (a) | 886000 | 861192 |
| 3.88%, 12/1/2029 (a) | 241000 | 227176 |
| Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) |
| 4.13%, 2/15/2030 (a) | 100000 | 94405 |
| 4.13%, 12/1/2031 (a) | 186000 | 171125 |
| PTC, Inc. 4.00%, 2/15/2028 (a) | 217000 | 212662 |
| Rackspace Finance LLC 3.50%, 5/15/2028 (a) | 127000 | 60189 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 154000 | 164340 |
| Rocket Software, Inc.  | Rocket Software, Inc.  | Rocket Software, Inc.  |
| 9.00%, 11/28/2028 (a) | 48000 | 49419 |
| 6.50%, 2/15/2029 (a) | 596000 | 573201 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 322000 | 322103 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| 6.50%, 6/1/2032 (a) | 888000 | 921474 |
| UKG, Inc. 6.88%, 2/1/2031 (a) | 1123000 | 1161249 |
| ZoomInfo Technologies LLC 3.88%, <br> 2/1/2029 (a)<br>| 276000 | 259083 |
|  |  | 17182822 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 5.25%, 3/15/2028 (a) | 140000 | 139668 |
| 7.00%, 2/15/2029 (a) | 524000 | 539751 |
| 4.88%, 9/15/2029 (a) | 341000 | 335186 |
| 5.25%, 7/15/2030 (a) | 1205000 | 1192399 |
| 4.50%, 2/15/2031 (a) | 767000 | 729674 |
| 5.63%, 7/15/2032 (a) | 567000 | 562002 |
| 6.25%, 1/15/2033 (a) | 357000 | 365315 |
| Millrose Properties, Inc. 6.38%, 8/1/2030 (a) | 110000 | 110990 |
| SBA Communications Corp. 3.13%, 2/1/2029 | 1303000 | 1224520 |
|  |  | 5199505 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| Academy Ltd. 6.00%, 11/15/2027 (a) | 197000 | 197207 |
| Advance Auto Parts, Inc.  | Advance Auto Parts, Inc.  | Advance Auto Parts, Inc.  |
| 1.75%, 10/1/2027 | 633000 | 590390 |
| 5.95%, 3/9/2028 | 323000 | 328907 |
| 3.90%, 4/15/2030 | 149000 | 137441 |
| Arko Corp. 5.13%, 11/15/2029 (a) | 224000 | 189260 |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.63%, 11/15/2029 (a) | 765000 | 742958 |
| 5.00%, 2/15/2032 (a) | 228000 | 219197 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 6.69%, 1/15/2027 | 50000 | 51106 |
| 7.50%, 6/15/2029 | 413000 | 424133 |
| 6.63%, 10/1/2030 (a) | 106000 | 108819 |
| 6.88%, 11/1/2035 | 92000 | 95819 |
| 6.75%, 7/1/2036 | 967000 | 983758 |
| Carvana Co.  | Carvana Co.  | Carvana Co.  |
| 9.00%, 12/1/2028 (a) | 380000 | 388653 |
| 9.00%, 6/1/2030 (a) | 212800 | 222598 |
| 14.00% (PIK), 6/1/2031 (a) (c) | 1340556 | 1512116 |
| Cougar JV Subsidiary LLC 8.00%, <br> 5/15/2032 (a)<br>| 323000 | 342323 |
| EG Global Finance plc (United Kingdom) <br> 12.00%, 11/30/2028 (a)<br>| 505000 | 557811 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ | 27437 |  |
| Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a) | 188000 | 195859 |
| Foot Locker, Inc. 4.00%, 10/1/2029 (a) | 166000 | 158892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Gap, Inc. (The)  | Gap, Inc. (The)  | Gap, Inc. (The)  |
| 3.63%, 10/1/2029 (a) | 263000 | 246656 |
| 3.88%, 10/1/2031 (a) | 375000 | 337995 |
| Global Auto Holdings Ltd. (United Kingdom) | Global Auto Holdings Ltd. (United Kingdom) | Global Auto Holdings Ltd. (United Kingdom) |
| 11.50%, 8/15/2029 (a) | 291000 | 288476 |
| 8.75%, 1/15/2032 (a) | 444000 | 391963 |
| Group 1 Automotive, Inc. 4.00%, <br> 8/15/2028 (a)<br>| 559000 | 542403 |
| GYP Holdings III Corp. 4.63%, 5/1/2029 (a) | 82000 | 82845 |
| Ken Garff Automotive LLC 4.88%, <br> 9/15/2028 (a)<br>| 197000 | 193158 |
| LBM Acquisition LLC 6.25%, 1/15/2029 (a) | 414000 | 379796 |
| LCM Investments Holdings II LLC  | LCM Investments Holdings II LLC  | LCM Investments Holdings II LLC  |
| 4.88%, 5/1/2029 (a) | 280000 | 274965 |
| 8.25%, 8/1/2031 (a) | 541000 | 573640 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 4.63%, 12/15/2027 (a) | 98000 | 97106 |
| 3.88%, 6/1/2029 (a) | 616000 | 590675 |
| 4.38%, 1/15/2031 (a) | 50000 | 47522 |
| Michaels Cos., Inc. (The)  | Michaels Cos., Inc. (The)  | Michaels Cos., Inc. (The)  |
| 5.25%, 5/1/2028 (a) | 497000 | 392242 |
| 7.88%, 5/1/2029 (a) | 311000 | 210840 |
| Murphy Oil USA, Inc.  | Murphy Oil USA, Inc.  | Murphy Oil USA, Inc.  |
| 4.75%, 9/15/2029 | 136000 | 133733 |
| 3.75%, 2/15/2031 (a) | 444000 | 411051 |
| Park River Holdings, Inc. 5.63%, 2/1/2029 (a) | 250000 | 233772 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| 212000 | 202140 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | 1162000 | 1149939 |
| Sally Holdings LLC 6.75%, 3/1/2032 | 291000 | 301910 |
| Sonic Automotive, Inc.  | Sonic Automotive, Inc.  | Sonic Automotive, Inc.  |
| 4.63%, 11/15/2029 (a) | 78000 | 75825 |
| 4.88%, 11/15/2031 (a) | 458000 | 437389 |
| Specialty Building Products Holdings LLC <br> 7.75%, 10/15/2029 (a)<br>| 244000 | 244861 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (a) | 1008000 | 965160 |
| 12.75%, 1/15/2030 (a) | 478520 | 340612 |
| Upbound Group, Inc. 6.38%, 2/15/2029 (a) | 201000 | 197000 |
| Valvoline, Inc. 3.63%, 6/15/2031 (a) | 234000 | 213441 |
| Victoria's Secret & Co. 4.63%, 7/15/2029 (a) | 294000 | 278951 |
| Victra Holdings LLC 8.75%, 9/15/2029 (a) | 217000 | 226931 |
| White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 298000 | 297669 |
|  |  | 17807913 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 63

------

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | 403000 | 426367 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 4.09%, 6/1/2029 (a) | 616000 | 584701 |
| 9.63%, 12/1/2032 (a) | 194000 | 220254 |
| 5.75%, 12/1/2034 (a) | 502000 | 487487 |
| Xerox Corp.  | Xerox Corp.  | Xerox Corp.  |
| 10.25%, 10/15/2030 (a) | 478000 | 496013 |
| 4.80%, 3/1/2035 | 298000 | 142569 |
| 6.75%, 12/15/2039 | 357000 | 177805 |
| Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | 244000 | 148306 |
|  |  | 2683502 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Beach Acquisition Bidco LLC 10.00% (Cash), <br> 7/15/2033 (a) (c)<br>| 926000 | 982907 |
| Champ Acquisition Corp. 8.38%, <br> 12/1/2031 (a)<br>| 217000 | 230676 |
| Crocs, Inc.  | Crocs, Inc.  | Crocs, Inc.  |
| 4.25%, 3/15/2029 (a) | 211000 | 200648 |
| 4.13%, 8/15/2031 (a) | 123000 | 110414 |
| Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | 255000 | 271090 |
| Kontoor Brands, Inc. 4.13%, 11/15/2029 (a) | 199000 | 187573 |
| Levi Strauss & Co. 3.50%, 3/1/2031 (a) | 214000 | 197443 |
| S&S Holdings LLC 8.38%, 10/1/2031 (a) | 282000 | 264855 |
| Under Armour, Inc. 3.25%, 6/15/2026 | 195000 | 192140 |
| VF Corp.  | VF Corp.  | VF Corp.  |
| 2.80%, 4/23/2027 | 213000 | 205633 |
| 2.95%, 4/23/2030 | 76000 | 66304 |
| 6.00%, 10/15/2033 | 426000 | 404174 |
| 6.45%, 11/1/2037 | 39000 | 35862 |
| William Carter Co. (The) 5.63%, 3/15/2027 (a) | 239000 | 238519 |
| Wolverine World Wide, Inc. 4.00%, <br> 8/15/2029 (a)<br>| 233000 | 214273 |
|  |  | 3802511 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Turning Point Brands, Inc. 7.63%, <br> 3/15/2032 (a)<br>| 130000 | 135903 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Alta Equipment Group, Inc. 9.00%, <br> 6/1/2029 (a)<br>| 209000 | 198846 |
| BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) | 162000 | 158650 |
| Boise Cascade Co. 4.88%, 7/1/2030 (a) | 206000 | 201432 |
| Foundation Building Materials, Inc. 6.00%, <br> 3/1/2029 (a)<br>| 177000 | 178958 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| FTAI Aviation Investors LLC  | FTAI Aviation Investors LLC  | FTAI Aviation Investors LLC  |
| 5.50%, 5/1/2028 (a) | 403000 | 402853 |
| 7.88%, 12/1/2030 (a) | 108000 | 114799 |
| 7.00%, 5/1/2031 (a) | 677000 | 708048 |
| 7.00%, 6/15/2032 (a) | 319000 | 332926 |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| 5.50%, 7/15/2027 (a) | 338000 | 337634 |
| 6.63%, 6/15/2029 (a) | 388000 | 399670 |
| 7.00%, 6/15/2030 (a) | 593000 | 617167 |
| 7.25%, 6/15/2033 (a) | 720000 | 755270 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 900000 | 877414 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| 975000 | 1006985 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 355000 | 353042 |
| 5.25%, 1/15/2030 | 1195000 | 1198623 |
| 4.00%, 7/15/2030 | 321000 | 306605 |
| 3.75%, 1/15/2032 | 872000 | 803653 |
| 6.13%, 3/15/2034 (a) | 475000 | 491995 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (a) | 274000 | 278241 |
| 6.38%, 3/15/2029 (a) | 141000 | 145170 |
| 6.63%, 3/15/2032 (a) | 1065000 | 1104273 |
| 6.38%, 3/15/2033 (a) | 198000 | 205369 |
|  |  | 11177623 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| Connect Finco SARL (United Kingdom) 9.00%, <br> 9/15/2029 (a)<br>| 974000 | 1014741 |
| Millicom International Cellular SA (Guatemala) | Millicom International Cellular SA (Guatemala) | Millicom International Cellular SA (Guatemala) |
| 4.50%, 4/27/2031 (a) | 525000 | 488515 |
| 7.38%, 4/2/2032 (a) | 526000 | 542175 |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| Series NC5, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), <br> 7.00%, 4/15/2055 (b)<br>| 53000 | 54366 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.62%), <br> 7.13%, 4/15/2055 (b)<br>| 681000 | 706930 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.59%), <br> 5.25%, 3/15/2082 (a) (b)<br>| 512000 | 507474 |
| Sunrise HoldCo IV BV (Netherlands) 5.50%, <br> 1/15/2028 (a)<br>| 247000 | 246002 |
| Vmed O2 UK Financing I plc (United Kingdom) <br> 7.75%, 4/15/2032 (a)<br>| 288000 | 301264 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| Vodafone Group plc (United Kingdom) | Vodafone Group plc (United Kingdom) | Vodafone Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.45%), <br> 3.25%, 6/4/2081 (b)<br>| 120000 | 117280 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.77%), <br> 4.13%, 6/4/2081 (b)<br>| 936000 | 866502 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.07%), <br> 5.13%, 6/4/2081 (b)<br>| 780000 | 604860 |
| Zegona Finance plc (United Kingdom) 8.63%, <br> 7/15/2029 (a)<br>| 201000 | 213790 |
|  |  | 5663899 |
| Total Corporate Bonds <br>(Cost $600,845,796)<br>|  | 602625532 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Mallinckrodt plc ‡ \* | 739 | 72468 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| Cwt Travel Group, Inc. ‡ \* | 1455 | 7275 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Rite Aid ‡ \* | 275 |  |
| Total Common Stocks <br>(Cost $65,232)<br>|  | 79743 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.23% (i) (j) <br>(Cost $5,773,487)<br>| 5773487 | 5773487 |
| **Total Investments — 98.9%** <br>**(Cost $606,684,515)**<br>|  | **608478762** |
| **Other Assets in Excess of Liabilities — 1.1%** |  | **6656643** |
| **NET ASSETS — 100.0%** |  | **615135405** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (c) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (d) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (e) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of August 31, 2025.<br>|
| (f) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (g) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of August 31, 2025. <br>|
| (h) | Defaulted security. |
| (i) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (j) | The rate shown is the current yield as of August 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 65

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 98.2%** | **Corporate Bonds — 98.2%** | **Corporate Bonds — 98.2%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.70%, 2/1/2027 | 15000 | 14662 |
| 3.60%, 5/1/2034 | 198000 | 176358 |
| 3.25%, 2/1/2035 | 2000 | 1706 |
| 3.38%, 6/15/2046 | 38000 | 26109 |
| 5.81%, 5/1/2050 | 2000 | 1923 |
| 3.83%, 3/1/2059 | 23000 | 15522 |
| GE Capital Funding LLC 4.55%, 5/15/2032 | 50000 | 50260 |
| General Dynamics Corp.  | General Dynamics Corp.  | General Dynamics Corp.  |
| 2.63%, 11/15/2027 | 4000 | 3893 |
| 3.75%, 5/15/2028 | 2000 | 1995 |
| 4.25%, 4/1/2040 | 53000 | 47830 |
| 2.85%, 6/1/2041 | 2000 | 1467 |
| 3.60%, 11/15/2042 | 34000 | 27168 |
| 4.25%, 4/1/2050 | 12000 | 9976 |
| Huntington Ingalls Industries, Inc. 4.20%, <br> 5/1/2030<br>| 102000 | 100658 |
| L3Harris Technologies, Inc. 4.40%, 6/15/2028 | 118000 | 118645 |
| Lockheed Martin Corp.  | Lockheed Martin Corp.  | Lockheed Martin Corp.  |
| 4.50%, 5/15/2036 | 27000 | 26014 |
| 5.72%, 6/1/2040 (a) | 85000 | 88961 |
| 4.15%, 6/15/2053 | 48000 | 37681 |
| 5.90%, 11/15/2063 | 32000 | 32696 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 3.25%, 1/15/2028 | 35000 | 34363 |
| 4.60%, 2/1/2029 | 2000 | 2031 |
| 3.85%, 4/15/2045 | 44000 | 34774 |
| 4.03%, 10/15/2047 | 41000 | 32453 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.75%, 11/8/2026 | 86000 | 87426 |
| 4.13%, 11/16/2028 | 34000 | 34022 |
| 4.45%, 11/16/2038 | 40000 | 37007 |
| Textron, Inc. 3.38%, 3/1/2028 | 35000 | 34266 |
|  |  | 1079866 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| FedEx Corp.  | FedEx Corp.  | FedEx Corp.  |
| 4.25%, 5/15/2030 | 41000 | 41156 |
| 3.25%, 5/15/2041 (b) | 7000 | 5052 |
| GXO Logistics, Inc. 2.65%, 7/15/2031 | 28000 | 24818 |
| United Parcel Service, Inc.  | United Parcel Service, Inc.  | United Parcel Service, Inc.  |
| 2.40%, 11/15/2026 | 5000 | 4906 |
| 3.40%, 3/15/2029 | 17000 | 16684 |
| 2.50%, 9/1/2029 | 14000 | 13185 |
| 4.25%, 3/15/2049 | 77000 | 62267 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Air Freight & Logistics — continued** | **Air Freight & Logistics — continued** | **Air Freight & Logistics — continued** |
| 5.30%, 4/1/2050 | 18000 | 16922 |
| 5.60%, 5/22/2064 | 8000 | 7577 |
|  |  | 192567 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Aptiv Swiss Holdings Ltd.  | Aptiv Swiss Holdings Ltd.  | Aptiv Swiss Holdings Ltd.  |
| 4.40%, 10/1/2046 | 32000 | 24657 |
| 4.15%, 5/1/2052 | 3000 | 2167 |
| BorgWarner, Inc. 4.38%, 3/15/2045 | 9000 | 7480 |
| Lear Corp. 3.50%, 5/30/2030 | 28000 | 26718 |
|  |  | 61022 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Ford Motor Co.  | Ford Motor Co.  | Ford Motor Co.  |
| 4.35%, 12/8/2026 | 145000 | 144241 |
| 6.63%, 10/1/2028 | 1000 | 1054 |
| 7.45%, 7/16/2031 | 18000 | 19799 |
| 6.10%, 8/19/2032 | 28000 | 28281 |
| 4.75%, 1/15/2043 | 64000 | 49483 |
| General Motors Co.  | General Motors Co.  | General Motors Co.  |
| 6.13%, 10/1/2025 | 27000 | 27000 |
| 5.00%, 4/1/2035 | 15000 | 14330 |
| 5.40%, 4/1/2048 | 10000 | 8793 |
| 5.95%, 4/1/2049 | 64000 | 60081 |
| Honda Motor Co. Ltd. (Japan) 2.97%, <br> 3/10/2032<br>| 30000 | 27082 |
| Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) |
| 3.67%, 7/20/2028 | 51000 | 50910 |
| 5.12%, 7/13/2033 | 2000 | 2069 |
|  |  | 433123 |
| **Banks — 16.3%** | **Banks — 16.3%** | **Banks — 16.3%** |
| Banco Santander SA (Spain) 2.96%, 3/25/2031 | 200000 | 184758 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| 4.25%, 10/22/2026 | 2000 | 2000 |
| (SOFR + 1.34%), 5.93%, 9/15/2027 (c) | 2000 | 2032 |
| Series L, 4.18%, 11/25/2027 | 111000 | 110925 |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | 258000 | 251912 |
| (3-MONTH CME TERM SOFR + 1.30%), 3.42%, <br> 12/20/2028 (c)<br>| 22000 | 21611 |
| (3-MONTH CME TERM SOFR + 1.33%), 3.97%, <br> 3/5/2029 (c)<br>| 5000 | 4969 |
| (3-MONTH CME TERM SOFR + 1.57%), 4.27%, <br> 7/23/2029 (c)<br>| 31000 | 31077 |
| (3-MONTH CME TERM SOFR + 1.44%), 3.19%, <br> 7/23/2030 (c)<br>| 68000 | 65279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH CME TERM SOFR + 1.25%), 2.50%, <br> 2/13/2031 (c)<br>| 187000 | 172632 |
| (SOFR + 1.32%), 2.69%, 4/22/2032 (c) | 215000 | 195012 |
| (SOFR + 1.22%), 2.30%, 7/21/2032 (c) | 13000 | 11469 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.20%), 2.48%, <br> 9/21/2036 (c)<br>| 40000 | 34577 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.00%), 3.85%, <br> 3/8/2037 (c)<br>| 86000 | 79392 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | 13000 | 9353 |
| (3-MONTH CME TERM SOFR + 3.41%), 4.08%, <br> 3/20/2051 (c)<br>| 33000 | 25973 |
| (SOFR + 1.56%), 2.97%, 7/21/2052 (c) | 40000 | 25664 |
| Bank of Montreal (Canada) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 1.40%), 3.09%, 1/10/2037 (c) (d)<br>| 45000 | 39678 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 5.25%, 6/12/2028 | 2000 | 2066 |
| 4.85%, 2/1/2030 | 45000 | 46002 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.05%), 4.59%, <br> 5/4/2037 (c) (d)<br>| 97000 | 93049 |
| Barclays plc (United Kingdom) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 1.20%), 2.67%, 3/10/2032 (c)<br>| 202000 | 181961 |
| Canadian Imperial Bank of Commerce (Canada) <br> 6.09%, 10/3/2033<br>| 48000 | 51775 |
| Citibank NA (SOFR + 0.71%), 4.88%, <br> 11/19/2027 (c)<br>| 250000 | 251866 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.89%), 4.66%, 5/24/2028 (c) | 45000 | 45266 |
| 4.13%, 7/25/2028 | 9000 | 8986 |
| (SOFR + 1.42%), 2.98%, 11/5/2030 (c) | 167000 | 157842 |
| (SOFR + 1.15%), 2.67%, 1/29/2031 (c) | 132000 | 122423 |
| (SOFR + 3.91%), 4.41%, 3/31/2031 (c) | 173000 | 172549 |
| 6.63%, 6/15/2032 | 36000 | 39676 |
| (SOFR + 1.18%), 2.52%, 11/3/2032 (c) | 7000 | 6197 |
| (3-MONTH CME TERM SOFR + 1.43%), 3.88%, <br> 1/24/2039 (c)<br>| 4000 | 3462 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.73%), 5.41%, <br> 9/19/2039 (c)<br>| 22000 | 21772 |
| 4.75%, 5/18/2046 | 31000 | 26893 |
| Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  |
| 2.64%, 9/30/2032 | 67000 | 56702 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.75%), 5.64%, <br> 5/21/2037 (c)<br>| 13000 | 13064 |
| Comerica, Inc. 4.00%, 2/1/2029 | 50000 | 49340 |
| Cooperatieve Rabobank UA (Netherlands) <br> 5.25%, 5/24/2041<br>| 139000 | 137116 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| (SOFRINDX + 2.19%), 6.36%, <br> 10/27/2028 (c)<br>| 111000 | 115881 |
| (SOFRINDX + 2.13%), 4.77%, 7/28/2030 (c) | 9000 | 9108 |
| 8.25%, 3/1/2038 | 35000 | 42871 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (c) | 200000 | 188394 |
| (SOFR + 2.87%), 5.40%, 8/11/2033 (c) | 271000 | 279451 |
| 6.80%, 6/1/2038 | 149000 | 163693 |
| 6.10%, 1/14/2042 | 14000 | 14916 |
| Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  |
| (SOFR + 2.02%), 6.21%, 8/21/2029 (c) | 31000 | 32668 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.17%), 2.49%, <br> 8/15/2036 (c)<br>| 48000 | 40856 |
| KeyCorp (SOFRINDX + 2.06%), 4.79%, <br> 6/1/2033 (c)<br>| 6000 | 5935 |
| Lloyds Banking Group plc (United Kingdom) <br> (3-MONTH SOFR + 1.21%), 3.57%, <br> 11/7/2028 (c)<br>| 200000 | 196877 |
| M&T Bank Corp. (SOFR + 1.61%), 5.39%, <br> 1/16/2036 (c)<br>| 40000 | 40077 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| 3.96%, 3/2/2028 | 50000 | 49896 |
| 3.74%, 3/7/2029 | 128000 | 126535 |
| 4.15%, 3/7/2039 | 104000 | 96684 |
| Mizuho Financial Group, Inc. (Japan) (3-MONTH <br> CME TERM SOFR + 1.57%), 2.87%, <br> 9/13/2030 (c)<br>| 200000 | 188790 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| 3.15%, 5/19/2027 | 3000 | 2954 |
| 3.45%, 4/23/2029 | 175000 | 171277 |
| Regions Financial Corp.  | Regions Financial Corp.  | Regions Financial Corp.  |
| 1.80%, 8/12/2028 | 10000 | 9354 |
| 7.38%, 12/10/2037 | 5000 | 5688 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 5.00%, 5/2/2033 | 105000 | 107372 |
| 5.15%, 2/1/2034 | 45000 | 46486 |
| Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  |
| 4.40%, 7/13/2027 | 79000 | 79137 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 67

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.25%), 2.49%, 1/6/2028 (c) | 6000 | 5847 |
| (SOFR + 2.36%), 6.50%, 3/9/2029 (c) | 53000 | 55495 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 3.45%, 1/11/2027 | 101000 | 100102 |
| 3.35%, 10/18/2027 | 5000 | 4931 |
| 3.54%, 1/17/2028 | 93000 | 91878 |
| 3.94%, 7/19/2028 | 5000 | 4987 |
| 4.31%, 10/16/2028 | 12000 | 12070 |
| 2.14%, 9/23/2030 (d) | 16000 | 14340 |
| 5.84%, 7/9/2044 (d) | 5000 | 5087 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 2.00%, 9/10/2031 | 63000 | 55591 |
| 3.20%, 3/10/2032 | 24000 | 22066 |
| 4.46%, 6/8/2032 | 24000 | 23770 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| 1.13%, 8/3/2027 | 30000 | 28393 |
| (SOFR + 1.44%), 4.87%, 1/26/2029 (c) | 26000 | 26388 |
| (SOFR + 0.86%), 1.89%, 6/7/2029 (c) | 7000 | 6580 |
| (SOFR + 2.36%), 5.87%, 6/8/2034 (c) | 50000 | 52531 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.88%), 6.79%, 10/26/2027 (c) | 24000 | 24669 |
| (SOFR + 1.66%), 4.55%, 7/22/2028 (c) | 5000 | 5034 |
| (SOFR + 2.02%), 5.78%, 6/12/2029 (c) | 28000 | 29166 |
| (SOFR + 2.11%), 4.97%, 7/22/2033 (c) | 55000 | 54638 |
| (SOFR + 2.09%), 5.85%, 10/21/2033 (c) | 77000 | 81419 |
| (SOFR + 1.60%), 4.84%, 2/1/2034 (c) | 21000 | 20879 |
| (SOFR + 2.26%), 5.84%, 6/12/2034 (c) | 39000 | 41170 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | 16000 | 16680 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series W, (SOFR + 0.78%), 4.90%, <br> 1/24/2028 (c)<br>| 17000 | 17146 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 28000 | 29023 |
| (3-MONTH CME TERM SOFR + 1.43%), 2.88%, <br> 10/30/2030 (c)<br>| 20000 | 18888 |
| (SOFR + 1.50%), 3.35%, 3/2/2033 (c) | 62000 | 57174 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (c) | 22000 | 22127 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (c) | 31000 | 31895 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (c) | 136000 | 141211 |
| (SOFR + 2.06%), 6.49%, 10/23/2034 (c) | 217000 | 238482 |
| 5.38%, 2/7/2035 | 87000 | 91642 |
| 5.95%, 12/15/2036 | 52000 | 53582 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (c) | 14000 | 10656 |
| 5.38%, 11/2/2043 | 106000 | 101041 |
| 5.61%, 1/15/2044 | 34000 | 33171 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| 5.54%, 11/17/2028 | 6000 | 6287 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.00%), 4.11%, <br> 7/24/2034 (c) (d)<br>| 27000 | 26408 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.53%), 3.02%, <br> 11/18/2036 (c) (d)<br>| 40000 | 35639 |
| 4.42%, 7/24/2039 (d) | 38000 | 34632 |
|  |  | 6503935 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Anheuser-Busch Cos. LLC (Belgium) | Anheuser-Busch Cos. LLC (Belgium) | Anheuser-Busch Cos. LLC (Belgium) |
| 4.70%, 2/1/2036 | 45000 | 43918 |
| 4.90%, 2/1/2046 | 124000 | 113190 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 5.45%, 1/23/2039 | 1000 | 1022 |
| 5.80%, 1/23/2059 | 34000 | 34225 |
| Coca-Cola Co. (The)  | Coca-Cola Co. (The)  | Coca-Cola Co. (The)  |
| 1.00%, 3/15/2028 | 41000 | 38312 |
| 2.25%, 1/5/2032 | 18000 | 16030 |
| 4.65%, 8/14/2034 | 3000 | 3032 |
| 2.75%, 6/1/2060 | 2000 | 1173 |
| Constellation Brands, Inc.  | Constellation Brands, Inc.  | Constellation Brands, Inc.  |
| 3.15%, 8/1/2029 | 66000 | 63267 |
| 2.25%, 8/1/2031 | 2000 | 1756 |
| 4.75%, 5/9/2032 | 13000 | 12983 |
| Diageo Investment Corp. (United Kingdom) <br> 7.45%, 4/15/2035<br>| 1000 | 1193 |
| Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  | Keurig Dr. Pepper, Inc.  |
| 3.80%, 5/1/2050 | 20000 | 14138 |
| 3.35%, 3/15/2051 | 90000 | 57952 |
| Molson Coors Beverage Co. 4.20%, 7/15/2046 | 28000 | 22110 |
| PepsiCo, Inc.  | PepsiCo, Inc.  | PepsiCo, Inc.  |
| 2.75%, 3/19/2030 | 18000 | 16989 |
| 4.45%, 2/15/2033 | 90000 | 90165 |
| 3.50%, 3/19/2040 | 9000 | 7529 |
| 4.88%, 11/1/2040 | 49000 | 47232 |
| 4.25%, 10/22/2044 | 23000 | 19718 |
|  |  | 605934 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 2.95%, 11/21/2026 | 199000 | 196439 |
| 4.30%, 5/14/2036 | 22000 | 20833 |
| 5.50%, 3/15/2064 | 15000 | 14380 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 2.45%, 2/21/2030 | 75000 | 69405 |
| 2.00%, 1/15/2032 | 68000 | 58392 |
| 4.20%, 3/1/2033 | 24000 | 23181 |
| 5.25%, 3/2/2033 | 15000 | 15391 |
| 3.15%, 2/21/2040 | 6000 | 4644 |
| 5.65%, 6/15/2042 | 41000 | 40962 |
| 5.60%, 3/2/2043 | 10000 | 9873 |
| 2.77%, 9/1/2053 | 8000 | 4678 |
| 4.40%, 2/22/2062 | 133000 | 102590 |
| Biogen, Inc. 3.15%, 5/1/2050 | 125000 | 77812 |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| 1.20%, 10/1/2027 | 11000 | 10399 |
| 4.15%, 3/1/2047 | 35000 | 28591 |
|  |  | 677570 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Amazon.com, Inc.  | Amazon.com, Inc.  | Amazon.com, Inc.  |
| 1.50%, 6/3/2030 | 3000 | 2678 |
| 3.88%, 8/22/2037 | 140000 | 127143 |
| 4.10%, 4/13/2062 | 51000 | 39571 |
| eBay, Inc. 4.00%, 7/15/2042 | 59000 | 48411 |
|  |  | 217803 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Carrier Global Corp.  | Carrier Global Corp.  | Carrier Global Corp.  |
| 2.70%, 2/15/2031 | 34000 | 31265 |
| 3.58%, 4/5/2050 | 6000 | 4385 |
| Masco Corp. 2.00%, 10/1/2030 | 127000 | 113242 |
|  |  | 148892 |
| **Capital Markets — 7.5%** | **Capital Markets — 7.5%** | **Capital Markets — 7.5%** |
| Ares Capital Corp. 3.20%, 11/15/2031 | 22000 | 19601 |
| Ares Management Corp. 6.38%, 11/10/2028 | 76000 | 80607 |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| 3.40%, 1/29/2028 | 56000 | 55349 |
| 3.00%, 10/30/2028 | 4000 | 3871 |
| (SOFR + 1.76%), 4.60%, 7/26/2030 (c) | 1000 | 1017 |
| 1.65%, 1/28/2031 | 1000 | 879 |
| (SOFR + 1.42%), 5.19%, 3/14/2035 (c) | 33000 | 33615 |
| (SOFR + 1.77%), 5.61%, 7/21/2039 (c) | 56000 | 57888 |
| BlackRock Funding, Inc. 5.00%, 3/14/2034 | 6000 | 6165 |
| Blackrock, Inc.  | Blackrock, Inc.  | Blackrock, Inc.  |
| 1.90%, 1/28/2031 | 136000 | 121047 |
| 4.75%, 5/25/2033 | 27000 | 27401 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Blackstone Private Credit Fund 6.00%, <br> 11/22/2034<br>| 29000 | 29235 |
| Blue Owl Capital Corp.  | Blue Owl Capital Corp.  | Blue Owl Capital Corp.  |
| 3.13%, 4/13/2027 | 42000 | 40763 |
| 2.88%, 6/11/2028 | 53000 | 50061 |
| Blue Owl Credit Income Corp. 6.65%, 3/15/2031 | 29000 | 30302 |
| Brookfield Finance I UK plc (Canada) 2.34%, <br> 1/30/2032<br>| 74000 | 64025 |
| Brookfield Finance, Inc. (Canada) 4.85%, <br> 3/29/2029<br>| 35000 | 35600 |
| Cboe Global Markets, Inc. 1.63%, 12/15/2030 | 7000 | 6150 |
| Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  |
| 2.00%, 3/20/2028 | 4000 | 3814 |
| 1.95%, 12/1/2031 | 3000 | 2597 |
| (SOFR + 2.50%), 5.85%, 5/19/2034 (c) | 5000 | 5327 |
| CI Financial Corp. (Canada) 3.20%, 12/17/2030 | 57000 | 51266 |
| CME Group, Inc.  | CME Group, Inc.  | CME Group, Inc.  |
| 3.75%, 6/15/2028 | 2000 | 1993 |
| 2.65%, 3/15/2032 | 12000 | 10816 |
| Credit Suisse USA LLC (Switzerland) 7.13%, <br> 7/15/2032<br>| 15000 | 17134 |
| Deutsche Bank AG (Germany) (SOFR + 1.22%), <br> 2.31%, 11/16/2027 (c)<br>| 150000 | 146309 |
| Franklin Resources, Inc. 2.95%, 8/12/2051 | 3000 | 1841 |
| FS KKR Capital Corp.  | FS KKR Capital Corp.  | FS KKR Capital Corp.  |
| 2.63%, 1/15/2027 | 3000 | 2906 |
| 3.25%, 7/15/2027 | 22000 | 21201 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.82%), 1.54%, 9/10/2027 (c) | 22000 | 21381 |
| (SOFR + 1.85%), 3.62%, 3/15/2028 (c) | 125000 | 123677 |
| (SOFR + 1.73%), 4.48%, 8/23/2028 (c) | 23000 | 23100 |
| (3-MONTH CME TERM SOFR + 1.56%), 4.22%, <br> 5/1/2029 (c)<br>| 100000 | 100015 |
| 3.80%, 3/15/2030 | 186000 | 182818 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | 36000 | 32492 |
| (SOFR + 1.25%), 2.38%, 7/21/2032 (c) | 18000 | 15940 |
| 6.13%, 2/15/2033 | 11000 | 12053 |
| (SOFR + 1.95%), 6.56%, 10/24/2034 (c) | 38000 | 42179 |
| (SOFR + 1.55%), 5.85%, 4/25/2035 (c) | 79000 | 83390 |
| 6.75%, 10/1/2037 | 52000 | 57716 |
| (3-MONTH CME TERM SOFR + 1.63%), 4.02%, <br> 10/31/2038 (c)<br>| 36000 | 31657 |
| (SOFR + 1.51%), 3.21%, 4/22/2042 (c) | 2000 | 1503 |
| (SOFR + 1.63%), 3.44%, 2/24/2043 (c) | 1000 | 765 |
| 5.15%, 5/22/2045 | 14000 | 12760 |
| (SOFR + 1.70%), 5.73%, 1/28/2056 (c) | 1000 | 997 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 69

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Golub Capital BDC, Inc. 2.05%, 2/15/2027 | 7000 | 6722 |
| Intercontinental Exchange, Inc.  | Intercontinental Exchange, Inc.  | Intercontinental Exchange, Inc.  |
| 4.25%, 9/21/2048 | 67000 | 55250 |
| 5.20%, 6/15/2062 | 63000 | 57791 |
| Jefferies Financial Group, Inc. 4.85%, <br> 1/15/2027<br>| 8000 | 8057 |
| Lazard Group LLC 4.38%, 3/11/2029 | 2000 | 1998 |
| Moody's Corp. 3.75%, 2/25/2052 | 11000 | 8072 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| 4.35%, 9/8/2026 | 26000 | 26031 |
| 3.63%, 1/20/2027 | 86000 | 85550 |
| 3.95%, 4/23/2027 | 112000 | 111601 |
| (SOFR + 1.61%), 4.21%, 4/20/2028 (c) | 10000 | 9997 |
| (3-MONTH CME TERM SOFR + 1.40%), 3.77%, <br> 1/24/2029 (c)<br>| 255000 | 252383 |
| (SOFR + 1.03%), 1.79%, 2/13/2032 (c) | 5000 | 4337 |
| 7.25%, 4/1/2032 | 82000 | 94487 |
| (SOFR + 1.18%), 2.24%, 7/21/2032 (c) | 45000 | 39524 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | 1000 | 887 |
| (SOFR + 1.29%), 2.94%, 1/21/2033 (c) | 15000 | 13518 |
| (SOFR + 1.36%), 2.48%, 9/16/2036 (c) | 82000 | 71031 |
| (SOFR + 2.62%), 5.30%, 4/20/2037 (c) | 2000 | 2012 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.43%), 5.95%, <br> 1/19/2038 (c)<br>| 10000 | 10390 |
| 3.97%, 7/22/2038 (e) | 153000 | 135144 |
| (SOFR + 1.71%), 5.52%, 11/19/2055 (c) | 41000 | 39909 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 31000 | 32313 |
| New Mountain Finance Corp.  | New Mountain Finance Corp.  | New Mountain Finance Corp.  |
| 6.20%, 10/15/2027 | 63000 | 64071 |
| 6.88%, 2/1/2029 | 5000 | 5132 |
| Northern Trust Corp. 3.15%, 5/3/2029 | 2000 | 1941 |
| S&P Global, Inc.  | S&P Global, Inc.  | S&P Global, Inc.  |
| 4.25%, 5/1/2029 | 14000 | 14092 |
| 3.25%, 12/1/2049 | 79000 | 54963 |
| 3.70%, 3/1/2052 | 63000 | 47036 |
| 2.30%, 8/15/2060 | 4000 | 2008 |
| Sixth Street Specialty Lending, Inc. 5.63%, <br> 8/15/2030<br>| 2000 | 2024 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| (SOFR + 1.72%), 5.82%, 11/4/2028 (c) | 31000 | 32115 |
| (SOFR + 1.00%), 2.62%, 2/7/2033 (c) | 41000 | 36570 |
| (SOFR + 1.49%), 3.03%, 11/1/2034 (c) | 2000 | 1876 |
|  |  | 3000055 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Albemarle Corp.  | Albemarle Corp.  | Albemarle Corp.  |
| 4.65%, 6/1/2027 | 34000 | 34022 |
| 5.05%, 6/1/2032 | 35000 | 34240 |
| Dow Chemical Co. (The) 9.40%, 5/15/2039 | 37000 | 47773 |
| Eastman Chemical Co. 4.65%, 10/15/2044 | 37000 | 30866 |
| Ecolab, Inc. 2.13%, 2/1/2032 | 3000 | 2612 |
| FMC Corp. 4.50%, 10/1/2049 | 18000 | 13403 |
| International Flavors & Fragrances, Inc. 4.45%, <br> 9/26/2028<br>| 90000 | 90411 |
| Linde, Inc. 1.10%, 8/10/2030 | 3000 | 2603 |
| LYB International Finance III LLC 3.80%, <br> 10/1/2060<br>| 4000 | 2513 |
| Nutrien Ltd. (Canada) 5.88%, 12/1/2036 | 1000 | 1042 |
| RPM International, Inc. 3.75%, 3/15/2027 | 14000 | 13887 |
| Sherwin-Williams Co. (The) 2.95%, 8/15/2029 | 158000 | 150392 |
| Westlake Corp. 3.38%, 8/15/2061 | 13000 | 7695 |
|  |  | 431459 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Cintas Corp. No. 2 4.00%, 5/1/2032 | 5000 | 4860 |
| Republic Services, Inc.  | Republic Services, Inc.  | Republic Services, Inc.  |
| 2.38%, 3/15/2033 | 56000 | 48278 |
| 6.20%, 3/1/2040 | 53000 | 57761 |
| Rockefeller Foundation (The) Series 2020, <br> 2.49%, 10/1/2050<br>| 3000 | 1779 |
| Veralto Corp. 5.50%, 9/18/2026 | 2000 | 2020 |
| Waste Connections, Inc. 2.60%, 2/1/2030 | 107000 | 100461 |
| Waste Management, Inc.  | Waste Management, Inc.  | Waste Management, Inc.  |
| 1.15%, 3/15/2028 | 6000 | 5603 |
| 4.15%, 4/15/2032 | 2000 | 1964 |
| 2.95%, 6/1/2041 | 3000 | 2224 |
| 2.50%, 11/15/2050 | 23000 | 13503 |
|  |  | 238453 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Cisco Systems, Inc.  | Cisco Systems, Inc.  | Cisco Systems, Inc.  |
| 2.50%, 9/20/2026 | 98000 | 96524 |
| 5.90%, 2/15/2039 | 91000 | 97897 |
| 5.35%, 2/26/2064 | 3000 | 2861 |
| Nokia OYJ (Finland) 6.63%, 5/15/2039 | 17000 | 17407 |
|  |  | 214689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.90%, 10/1/2030 | 43000 | 40037 |
| 2.35%, 1/15/2032 | 53000 | 46054 |
|  |  | 86091 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Martin Marietta Materials, Inc.  | Martin Marietta Materials, Inc.  | Martin Marietta Materials, Inc.  |
| 4.25%, 12/15/2047 | 2000 | 1627 |
| 5.50%, 12/1/2054 | 10000 | 9626 |
|  |  | 11253 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| AerCap Ireland Capital DAC (Ireland) 2.45%, <br> 10/29/2026<br>| 153000 | 149833 |
| Ally Financial, Inc. 2.20%, 11/2/2028 | 35000 | 32652 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| 1.65%, 11/4/2026 | 5000 | 4861 |
| 5.85%, 11/5/2027 | 13000 | 13488 |
| (SOFRINDX + 1.28%), 5.28%, 7/27/2029 (c) | 70000 | 72184 |
| (SOFR + 2.26%), 4.99%, 5/26/2033 (c) | 17000 | 17135 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (c) | 15000 | 15414 |
| 4.05%, 12/3/2042 | 37000 | 31308 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 2.64%), 6.31%, 6/8/2029 (c) | 63000 | 66129 |
| (SOFR + 2.60%), 5.25%, 7/26/2030 (c) | 38000 | 39050 |
| (SOFRINDX + 3.37%), 7.96%, 11/2/2034 (c) | 62000 | 72487 |
| Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  |
| 3.60%, 8/12/2027 | 64000 | 63633 |
| 1.10%, 9/14/2027 | 40000 | 37860 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 4.00%, 10/6/2026 | 70000 | 69666 |
| 3.60%, 6/21/2030 | 106000 | 100654 |
| John Deere Capital Corp.  | John Deere Capital Corp.  | John Deere Capital Corp.  |
| 4.90%, 3/7/2031 | 60000 | 61851 |
| 2.00%, 6/17/2031 | 6000 | 5309 |
| Synchrony Financial  | Synchrony Financial  | Synchrony Financial  |
| 3.95%, 12/1/2027 | 55000 | 54241 |
| 2.88%, 10/28/2031 | 7000 | 6206 |
| Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
| 1.90%, 4/6/2028 | 41000 | 38980 |
| 1.65%, 1/10/2031 | 114000 | 99544 |
|  |  | 1052485 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. 1.75%, 4/20/2032 | 87000 | 74744 |
| Kroger Co. (The) 5.40%, 1/15/2049 | 37000 | 34583 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| Sysco Corp.  | Sysco Corp.  | Sysco Corp.  |
| 2.45%, 12/14/2031 | 17000 | 15110 |
| 6.60%, 4/1/2050 | 38000 | 40923 |
| Target Corp. 3.38%, 4/15/2029 | 179000 | 175258 |
| Walmart, Inc.  | Walmart, Inc.  | Walmart, Inc.  |
| 1.05%, 9/17/2026 | 4000 | 3884 |
| 5.88%, 4/5/2027 | 8000 | 8260 |
| 1.50%, 9/22/2028 | 64000 | 59826 |
| 7.55%, 2/15/2030 | 11000 | 12593 |
| 5.25%, 9/1/2035 | 7000 | 7319 |
|  |  | 432500 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| International Paper Co. 6.00%, 11/15/2041 | 99000 | 100749 |
| Packaging Corp. of America 3.05%, 10/1/2051 | 34000 | 21329 |
| Sonoco Products Co. 5.75%, 11/1/2040 | 14000 | 14159 |
| WRKCo, Inc.  | WRKCo, Inc.  | WRKCo, Inc.  |
| 4.90%, 3/15/2029 | 10000 | 10204 |
| 3.00%, 6/15/2033 | 32000 | 28174 |
|  |  | 174615 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| California Institute of Technology 3.65%, <br> 9/1/2119<br>| 8000 | 5034 |
| Duke University Series 2020, 2.68%, <br> 10/1/2044<br>| 5000 | 3578 |
| George Washington University (The)  | George Washington University (The)  | George Washington University (The)  |
| Series 2014, 4.30%, 9/15/2044 | 64000 | 53928 |
| 4.87%, 9/15/2045 | 11000 | 9960 |
| Georgetown University (The) Series 20A, 2.94%, <br> 4/1/2050<br>| 4000 | 2540 |
| Massachusetts Institute of Technology 5.60%, <br> 7/1/2111<br>| 2000 | 1953 |
| Northwestern University Series 2020, 2.64%, <br> 12/1/2050<br>| 12000 | 7406 |
| President and Fellows of Harvard College 3.30%, <br> 7/15/2056<br>| 6000 | 4069 |
| Thomas Jefferson University 3.85%, 11/1/2057 | 16000 | 11104 |
| Trustees of the University of Pennsylvania (The) <br> Series 2020, 2.40%, 10/1/2050<br>| 2000 | 1158 |
|  |  | 100730 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| American Assets Trust LP 3.38%, 2/1/2031 | 24000 | 21661 |
| GLP Capital LP 5.63%, 9/15/2034 | 11000 | 11044 |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 15000 | 13175 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 71

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — continued** | **Diversified REITs — continued** | **Diversified REITs — continued** |
| Simon Property Group LP  | Simon Property Group LP  | Simon Property Group LP  |
| 1.75%, 2/1/2028 | 7000 | 6641 |
| 2.20%, 2/1/2031 | 85000 | 76162 |
| 2.65%, 2/1/2032 | 105000 | 93527 |
| VICI Properties LP  | VICI Properties LP  | VICI Properties LP  |
| 4.95%, 2/15/2030 | 39000 | 39445 |
| 5.63%, 5/15/2052 | 4000 | 3647 |
|  |  | 265302 |
| **Diversified Telecommunication Services — 2.2%** | **Diversified Telecommunication Services — 2.2%** | **Diversified Telecommunication Services — 2.2%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.80%, 2/15/2027 | 84000 | 83569 |
| 2.55%, 12/1/2033 | 106000 | 89152 |
| 6.38%, 3/1/2041 | 12000 | 12775 |
| 4.50%, 3/9/2048 | 90000 | 74219 |
| 3.55%, 9/15/2055 | 113000 | 75119 |
| 3.65%, 9/15/2059 | 30000 | 19829 |
| 3.50%, 2/1/2061 | 72000 | 45852 |
| Telefonica Emisiones SA (Spain) 7.05%, <br> 6/20/2036<br>| 86000 | 95769 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 2.10%, 3/22/2028 | 19000 | 18083 |
| 1.50%, 9/18/2030 | 135000 | 117689 |
| 2.36%, 3/15/2032 | 41000 | 35588 |
| 6.40%, 9/15/2033 | 20000 | 21977 |
| 5.40%, 7/2/2037 (b) | 25000 | 25095 |
| 3.40%, 3/22/2041 | 152000 | 117472 |
| 4.75%, 11/1/2041 | 22000 | 19840 |
| 2.88%, 11/20/2050 | 2000 | 1234 |
| 3.00%, 11/20/2060 | 5000 | 2922 |
| 3.70%, 3/22/2061 | 23000 | 15715 |
|  |  | 871899 |
| **Electric Utilities — 6.6%** | **Electric Utilities — 6.6%** | **Electric Utilities — 6.6%** |
| AEP Texas, Inc. 3.45%, 5/15/2051 | 79000 | 52274 |
| AEP Transmission Co. LLC  | AEP Transmission Co. LLC  | AEP Transmission Co. LLC  |
| 4.25%, 9/15/2048 | 141000 | 114354 |
| Series M, 3.65%, 4/1/2050 | 98000 | 71832 |
| Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
| 3.94%, 9/1/2032 | 42000 | 40448 |
| Series A, 4.30%, 7/15/2048 | 46000 | 38203 |
| Arizona Public Service Co.  | Arizona Public Service Co.  | Arizona Public Service Co.  |
| 2.20%, 12/15/2031 | 4000 | 3483 |
| 3.50%, 12/1/2049 | 46000 | 31505 |
| Atlantic City Electric Co. 2.30%, 3/15/2031 | 13000 | 11683 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| CenterPoint Energy Houston Electric LLC Series <br> AJ, 4.85%, 10/1/2052<br>| 9000 | 7970 |
| Commonwealth Edison Co. 4.00%, 3/1/2049 | 5000 | 3869 |
| Connecticut Light and Power Co. (The) Series A, <br> 4.15%, 6/1/2045<br>| 29000 | 23714 |
| Dominion Energy South Carolina, Inc. 5.10%, <br> 6/1/2065<br>| 19000 | 16719 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| Series A, 1.90%, 4/1/2028 | 29000 | 27514 |
| Series C, 2.63%, 3/1/2031 | 41000 | 37668 |
| 3.95%, 3/1/2049 | 16000 | 12509 |
| Series B, 3.25%, 4/1/2051 | 114000 | 77562 |
| Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  |
| 3.70%, 12/1/2047 | 36000 | 26981 |
| 3.95%, 3/15/2048 | 14000 | 10925 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 2.65%, 9/1/2026 | 10000 | 9854 |
| 3.75%, 9/1/2046 | 176000 | 130971 |
| 3.95%, 8/15/2047 | 27000 | 20442 |
| 3.50%, 6/15/2051 | 8000 | 5455 |
| Duke Energy Ohio, Inc. 4.30%, 2/1/2049 | 18000 | 14513 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 4000 | 2473 |
| Edison International 5.75%, 6/15/2027 | 26000 | 26473 |
| Enel Americas SA (Chile) 4.00%, 10/25/2026 | 31000 | 30809 |
| Enel Chile SA (Chile) 4.88%, 6/12/2028 | 3000 | 3035 |
| Entergy Corp. 1.90%, 6/15/2028 | 109000 | 102618 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 3000 | 2845 |
| 4.20%, 9/1/2048 | 49000 | 39339 |
| Evergy, Inc. 2.90%, 9/15/2029 | 76000 | 71938 |
| Eversource Energy  | Eversource Energy  | Eversource Energy  |
| Series M, 3.30%, 1/15/2028 | 2000 | 1959 |
| Series R, 1.65%, 8/15/2030 | 106000 | 93013 |
| 3.38%, 3/1/2032 | 12000 | 11015 |
| 5.13%, 5/15/2033 | 8000 | 8032 |
| Exelon Corp.  | Exelon Corp.  | Exelon Corp.  |
| 2.75%, 3/15/2027 | 14000 | 13706 |
| 4.95%, 6/15/2035 | 11000 | 10736 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.98%), 6.50%, <br> 3/15/2055 (c)<br>| 35000 | 36180 |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| 5.69%, 3/1/2040 | 64000 | 66329 |
| 3.95%, 3/1/2048 | 31000 | 24554 |
| Georgia Power Co. Series B, 3.70%, 1/30/2050 | 39000 | 28867 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| IPALCO Enterprises, Inc. 4.25%, 5/1/2030 | 88000 | 85975 |
| Johnsonville Aeroderivative Combustion Turbine <br> Generation LLC 5.08%, 10/1/2054<br>| 44722 | 42245 |
| Mississippi Power Co. Series 12-A, 4.25%, <br> 3/15/2042<br>| 18000 | 15428 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 1.90%, 6/15/2028 | 211000 | 199029 |
| 5.25%, 2/28/2053 | 14000 | 12802 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.46%), 6.75%, <br> 6/15/2054 (c)<br>| 29000 | 30603 |
| (3-MONTH SOFR + 2.41%), 4.80%, <br> 12/1/2077 (c)<br>| 24000 | 23129 |
| Northern States Power Co. 6.25%, 6/1/2036 | 30000 | 33017 |
| Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  |
| 3.80%, 9/30/2047 | 32000 | 24392 |
| 4.10%, 11/15/2048 | 26000 | 20583 |
| 3.10%, 9/15/2049 | 5000 | 3286 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 5.45%, 6/15/2027 | 4000 | 4061 |
| 2.10%, 8/1/2027 | 26000 | 24914 |
| 3.00%, 6/15/2028 | 25000 | 24074 |
| 2.50%, 2/1/2031 | 10000 | 8867 |
| 3.25%, 6/1/2031 | 72000 | 66026 |
| 4.50%, 7/1/2040 | 47000 | 40065 |
| 3.30%, 8/1/2040 | 2000 | 1481 |
| 4.45%, 4/15/2042 | 15000 | 11977 |
| 4.95%, 7/1/2050 | 3000 | 2483 |
| 6.75%, 1/15/2053 | 28000 | 28909 |
| PacifiCorp  | PacifiCorp  | PacifiCorp  |
| 7.70%, 11/15/2031 | 29000 | 33759 |
| 5.45%, 2/15/2034 | 3000 | 3049 |
| 6.00%, 1/15/2039 | 11000 | 11345 |
| 4.15%, 2/15/2050 | 18000 | 13632 |
| 3.30%, 3/15/2051 | 86000 | 54834 |
| PECO Energy Co. 5.95%, 10/1/2036 | 5000 | 5359 |
| PPL Electric Utilities Corp. 5.00%, 5/15/2033 | 48000 | 49036 |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| 1.88%, 6/15/2031 | 53000 | 46199 |
| Series 17, 6.25%, 9/1/2037 | 16000 | 17287 |
| 4.05%, 9/15/2049 | 17000 | 13051 |
| Public Service Electric and Gas Co.  | Public Service Electric and Gas Co.  | Public Service Electric and Gas Co.  |
| 3.10%, 3/15/2032 | 5000 | 4586 |
| 3.15%, 1/1/2050 | 63000 | 42487 |
| 5.45%, 3/1/2054 | 33000 | 32073 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series D, 4.70%, 6/1/2027 | 27000 | 27130 |
| 6.00%, 1/15/2034 | 1000 | 1040 |
| Series E, 5.45%, 6/1/2052 | 19000 | 16938 |
| Southern Co. (The)  | Southern Co. (The)  | Southern Co. (The)  |
| Series 21-B, 1.75%, 3/15/2028 | 12000 | 11318 |
| Series 21-A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.92%), <br> 3.75%, 9/15/2051 (c)<br>| 67000 | 66069 |
| Union Electric Co. 5.45%, 3/15/2053 | 5000 | 4776 |
| Virginia Electric and Power Co.  | Virginia Electric and Power Co.  | Virginia Electric and Power Co.  |
| Series C, 4.00%, 11/15/2046 | 20000 | 15693 |
| 4.60%, 12/1/2048 | 112000 | 95430 |
|  |  | 2632806 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. 3.92%, 9/15/2047 | 27000 | 21377 |
| Regal Rexnord Corp. 6.40%, 4/15/2033 | 48000 | 51055 |
| Rockwell Automation, Inc.  | Rockwell Automation, Inc.  | Rockwell Automation, Inc.  |
| 4.20%, 3/1/2049 | 30000 | 24508 |
| 2.80%, 8/15/2061 | 57000 | 32787 |
|  |  | 129727 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Corning, Inc.  | Corning, Inc.  | Corning, Inc.  |
| 4.75%, 3/15/2042 | 116000 | 104907 |
| 5.45%, 11/15/2079 | 13000 | 11805 |
| Vontier Corp. 2.95%, 4/1/2031 | 22000 | 20027 |
|  |  | 136739 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Holdings LLC 3.34%, 12/15/2027 | 9000 | 8858 |
| Halliburton Co. 4.85%, 11/15/2035 | 10000 | 9708 |
| Helmerich & Payne, Inc. 2.90%, 9/29/2031 | 11000 | 9600 |
|  |  | 28166 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| NBCUniversal Media LLC 5.95%, 4/1/2041 | 25000 | 25824 |
| Netflix, Inc.  | Netflix, Inc.  | Netflix, Inc.  |
| 4.90%, 8/15/2034 | 74000 | 75576 |
| 5.40%, 8/15/2054 | 58000 | 56538 |
| Take-Two Interactive Software, Inc. 4.00%, <br> 4/14/2032<br>| 3000 | 2861 |
| TWDC Enterprises 18 Corp. 7.00%, 3/1/2032 | 1000 | 1140 |
| Walt Disney Co. (The)  | Walt Disney Co. (The)  | Walt Disney Co. (The)  |
| 2.65%, 1/13/2031 | 130000 | 120791 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 73

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| 3.50%, 5/13/2040 | 113000 | 93354 |
| 4.75%, 11/15/2046 | 46000 | 41219 |
|  |  | 417303 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Corebridge Financial, Inc.  | Corebridge Financial, Inc.  | Corebridge Financial, Inc.  |
| 4.40%, 4/5/2052 | 5000 | 3987 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.85%), 6.88%, <br> 12/15/2052 (c)<br>| 15000 | 15489 |
| Equitable Holdings, Inc.  | Equitable Holdings, Inc.  | Equitable Holdings, Inc.  |
| 4.35%, 4/20/2028 | 75000 | 75201 |
| 5.00%, 4/20/2048 | 11000 | 9813 |
| Fidelity National Information Services, Inc.  | Fidelity National Information Services, Inc.  | Fidelity National Information Services, Inc.  |
| 5.10%, 7/15/2032 | 10000 | 10213 |
| 3.10%, 3/1/2041 | 38000 | 27863 |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| 2.25%, 6/1/2027 | 38000 | 36809 |
| 4.40%, 7/1/2049 | 10000 | 7993 |
| Mastercard, Inc.  | Mastercard, Inc.  | Mastercard, Inc.  |
| 2.00%, 11/18/2031 | 2000 | 1757 |
| 4.85%, 3/9/2033 | 30000 | 30640 |
| 3.85%, 3/26/2050 | 75000 | 58116 |
| National Rural Utilities Cooperative Finance Corp. <br> 1.65%, 6/15/2031<br>| 2000 | 1720 |
| ORIX Corp. (Japan) 5.20%, 9/13/2032 | 28000 | 28755 |
| PayPal Holdings, Inc.  | PayPal Holdings, Inc.  | PayPal Holdings, Inc.  |
| 5.50%, 6/1/2054 | 43000 | 41770 |
| 5.25%, 6/1/2062 | 10000 | 9191 |
| Shell International Finance BV  | Shell International Finance BV  | Shell International Finance BV  |
| 3.88%, 11/13/2028 | 10000 | 9986 |
| 3.13%, 11/7/2049 | 10000 | 6669 |
| 3.00%, 11/26/2051 | 1000 | 642 |
| Visa, Inc. 0.75%, 8/15/2027 | 42000 | 39664 |
| Voya Financial, Inc. (3-MONTH SOFR + 2.08%), <br> 4.70%, 1/23/2048 (c)<br>| 44000 | 42687 |
|  |  | 458965 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Archer-Daniels-Midland Co. 3.75%, 9/15/2047 | 122000 | 92444 |
| Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | 60000 | 54829 |
| Conagra Brands, Inc. 5.40%, 11/1/2048 | 7000 | 6155 |
| General Mills, Inc. 2.25%, 10/14/2031 | 6000 | 5274 |
| JBS USA Holding Lux SARL 4.38%, 2/2/2052 | 4000 | 3037 |
| Kellanova 3.40%, 11/15/2027 | 20000 | 19721 |
| Kraft Heinz Foods Co. 5.00%, 7/15/2035 | 2000 | 1957 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| Mondelez International, Inc.  | Mondelez International, Inc.  | Mondelez International, Inc.  |
| 1.88%, 10/15/2032 | 39000 | 32955 |
| 2.63%, 9/4/2050 | 9000 | 5275 |
| Pilgrim's Pride Corp.  | Pilgrim's Pride Corp.  | Pilgrim's Pride Corp.  |
| 6.25%, 7/1/2033 | 51000 | 53790 |
| 6.88%, 5/15/2034 | 26000 | 28474 |
| Tyson Foods, Inc.  | Tyson Foods, Inc.  | Tyson Foods, Inc.  |
| 3.55%, 6/2/2027 | 114000 | 112757 |
| 5.10%, 9/28/2048 | 20000 | 17938 |
|  |  | 434606 |
| **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 5.50%, 6/15/2041 | 16000 | 16129 |
| 4.13%, 3/15/2049 | 32000 | 25364 |
| 5.75%, 10/15/2052 | 10000 | 9956 |
| National Fuel Gas Co. 3.95%, 9/15/2027 | 15000 | 14850 |
| Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  |
| 3.50%, 6/1/2029 | 39000 | 38054 |
| 5.05%, 5/15/2052 | 8000 | 7032 |
| Southern California Gas Co.  | Southern California Gas Co.  | Southern California Gas Co.  |
| 5.05%, 9/1/2034 | 22000 | 22230 |
| 5.13%, 11/15/2040 | 67000 | 64344 |
| Series VV, 4.30%, 1/15/2049 | 35000 | 28018 |
| Southwest Gas Corp. 4.05%, 3/15/2032 | 2000 | 1908 |
| Spire Missouri, Inc. 4.80%, 2/15/2033 | 6000 | 6017 |
| Washington Gas Light Co.  | Washington Gas Light Co.  | Washington Gas Light Co.  |
| Series K, 3.80%, 9/15/2046 | 14000 | 10462 |
| 3.65%, 9/15/2049 | 22000 | 15675 |
|  |  | 260039 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 2.88%, 6/15/2052 | 2000 | 1238 |
| 4.45%, 1/15/2053 | 78000 | 64737 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 1.75%, 12/2/2026 | 71000 | 68987 |
| 2.45%, 12/2/2031 | 24000 | 21267 |
| 4.30%, 5/15/2043 | 7000 | 5936 |
| CSX Corp.  | CSX Corp.  | CSX Corp.  |
| 3.95%, 5/1/2050 | 141000 | 108583 |
| 4.65%, 3/1/2068 | 44000 | 35819 |
| Norfolk Southern Corp.  | Norfolk Southern Corp.  | Norfolk Southern Corp.  |
| 3.80%, 8/1/2028 | 90000 | 89589 |
| 4.15%, 2/28/2048 | 34000 | 27396 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| 3.70%, 3/15/2053 | 9000 | 6497 |
| 5.10%, 8/1/2118 | 36000 | 30308 |
| 4.10%, 5/15/2121 | 3000 | 2067 |
| Ryder System, Inc.  | Ryder System, Inc.  | Ryder System, Inc.  |
| 2.85%, 3/1/2027 | 49000 | 48020 |
| 5.30%, 3/15/2027 | 2000 | 2029 |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| 4.50%, 9/10/2048 | 17000 | 14342 |
| 3.88%, 2/1/2055 | 63000 | 46785 |
|  |  | 573600 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories  | Abbott Laboratories  | Abbott Laboratories  |
| 1.15%, 1/30/2028 | 132000 | 124068 |
| 4.75%, 4/15/2043 | 11000 | 10308 |
| Baxter International, Inc. 1.73%, 4/1/2031 | 3000 | 2569 |
| Becton Dickinson & Co.  | Becton Dickinson & Co.  | Becton Dickinson & Co.  |
| 4.87%, 2/8/2029 | 1000 | 1020 |
| 2.82%, 5/20/2030 | 35000 | 32756 |
| 4.30%, 8/22/2032 | 12000 | 11712 |
| Boston Scientific Corp.  | Boston Scientific Corp.  | Boston Scientific Corp.  |
| 4.55%, 3/1/2039 | 7000 | 6617 |
| 4.70%, 3/1/2049 | 33000 | 29191 |
| DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030 | 3000 | 2756 |
| DH Europe Finance II SARL 2.60%, 11/15/2029 | 59000 | 55528 |
| Koninklijke Philips NV (Netherlands) 5.00%, <br> 3/15/2042<br>| 22000 | 20044 |
| Medtronic, Inc. 4.63%, 3/15/2045 | 10000 | 8960 |
| Solventum Corp. 6.00%, 5/15/2064 | 37000 | 37268 |
| Zimmer Biomet Holdings, Inc. 2.60%, <br> 11/24/2031<br>| 11000 | 9834 |
|  |  | 352631 |
| **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
| Ascension Health 3.95%, 11/15/2046 | 25000 | 19873 |
| Cardinal Health, Inc.  | Cardinal Health, Inc.  | Cardinal Health, Inc.  |
| 3.41%, 6/15/2027 | 2000 | 1974 |
| 4.50%, 11/15/2044 | 76000 | 63164 |
| Centene Corp.  | Centene Corp.  | Centene Corp.  |
| 2.45%, 7/15/2028 | 61000 | 56395 |
| 3.00%, 10/15/2030 | 28000 | 24757 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 2.40%, 3/15/2030 | 99000 | 91195 |
| 4.80%, 8/15/2038 | 64000 | 60062 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 6.07%, 11/1/2027 | 38000 | 39379 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 6.46%, 11/1/2052 | 29000 | 30678 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| 1.30%, 8/21/2027 | 9000 | 8495 |
| 3.75%, 4/1/2030 | 117000 | 113048 |
| 6.13%, 9/15/2039 | 11000 | 11293 |
| 5.05%, 3/25/2048 | 79000 | 67827 |
| 5.63%, 2/21/2053 | 140000 | 127883 |
| 6.00%, 6/1/2063 | 5000 | 4740 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 4.10%, 3/1/2028 | 24000 | 23981 |
| 2.25%, 5/15/2030 | 41000 | 37393 |
| 4.55%, 5/15/2052 | 62000 | 50032 |
| 6.10%, 10/15/2052 | 10000 | 10071 |
| Hackensack Meridian Health, Inc. 4.50%, <br> 7/1/2057<br>| 12000 | 9903 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.38%, 9/1/2026 | 44000 | 44162 |
| 4.13%, 6/15/2029 | 11000 | 10894 |
| 5.50%, 6/1/2033 | 17000 | 17486 |
| 5.60%, 4/1/2034 | 36000 | 36974 |
| 5.13%, 6/15/2039 | 24000 | 22622 |
| 5.25%, 6/15/2049 | 22000 | 19391 |
| 3.50%, 7/15/2051 | 4000 | 2626 |
| 4.63%, 3/15/2052 | 15000 | 11925 |
| 6.10%, 4/1/2064 | 2000 | 1927 |
| Humana, Inc.  | Humana, Inc.  | Humana, Inc.  |
| 2.15%, 2/3/2032 | 4000 | 3393 |
| 4.80%, 3/15/2047 | 26000 | 21624 |
| Mass General Brigham, Inc. Series 2020, 3.34%, <br> 7/1/2060<br>| 45000 | 29035 |
| Mayo Clinic Series 2013, 4.00%, 11/15/2047 | 29000 | 22647 |
| Memorial Sloan-Kettering Cancer Center 5.00%, <br> 7/1/2042<br>| 4000 | 3782 |
| Mount Sinai Hospital (The) Series 2020, 3.39%, <br> 7/1/2050<br>| 6000 | 3723 |
| Novant Health, Inc. 2.64%, 11/1/2036 | 20000 | 15769 |
| Providence St Joseph Health Obligated Group <br> 5.40%, 10/1/2033<br>| 5000 | 5091 |
| Providence St. Joseph Health Obligated Group <br> Series A, 3.93%, 10/1/2048<br>| 40000 | 30222 |
| Quest Diagnostics, Inc. 2.80%, 6/30/2031 | 84000 | 76850 |
| SSM Health Care Corp. Series A, 3.82%, <br> 6/1/2027<br>| 26000 | 25875 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 3.88%, 12/15/2028 | 45000 | 44634 |
| 2.30%, 5/15/2031 | 6000 | 5357 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 75

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.20%, 5/15/2032 | 2000 | 1950 |
| 5.80%, 3/15/2036 | 12000 | 12617 |
| 6.63%, 11/15/2037 | 32000 | 35436 |
| 3.50%, 8/15/2039 | 146000 | 118426 |
| 2.75%, 5/15/2040 | 37000 | 26877 |
| 4.63%, 11/15/2041 | 65000 | 57794 |
| 3.13%, 5/15/2060 | 10000 | 5913 |
| 6.05%, 2/15/2063 | 8000 | 8012 |
| 5.50%, 4/15/2064 | 7000 | 6427 |
| 5.75%, 7/15/2064 | 10000 | 9534 |
|  |  | 1591138 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Alexandria Real Estate Equities, Inc. 1.88%, <br> 2/1/2033<br>| 6000 | 4866 |
| Healthpeak OP LLC 2.88%, 1/15/2031 | 63000 | 57943 |
| Ventas Realty LP 4.38%, 2/1/2045 | 3000 | 2457 |
| Welltower OP LLC 4.95%, 9/1/2048 | 26000 | 23807 |
|  |  | 89073 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Choice Hotels International, Inc. 3.70%, <br> 1/15/2031<br>| 49000 | 45857 |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 4.63%, 8/1/2027 | 5000 | 5031 |
| 3.25%, 2/15/2030 | 60000 | 57185 |
| Hyatt Hotels Corp. 4.38%, 9/15/2028 | 3000 | 3002 |
| Las Vegas Sands Corp.  | Las Vegas Sands Corp.  | Las Vegas Sands Corp.  |
| 5.90%, 6/1/2027 | 50000 | 51004 |
| 3.90%, 8/8/2029 | 50000 | 48238 |
| Marriott International, Inc. 5.50%, 4/15/2037 | 7000 | 7018 |
| McDonald's Corp.  | McDonald's Corp.  | McDonald's Corp.  |
| 3.80%, 4/1/2028 | 21000 | 20910 |
| 4.80%, 8/14/2028 | 2000 | 2045 |
| 2.13%, 3/1/2030 | 14000 | 12817 |
| 4.60%, 9/9/2032 | 9000 | 9082 |
| 3.63%, 5/1/2043 | 81000 | 63037 |
| 5.15%, 9/9/2052 | 35000 | 32133 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 5.00%, 2/15/2034 | 9000 | 9101 |
| 4.50%, 11/15/2048 | 28000 | 23214 |
| 3.35%, 3/12/2050 | 31000 | 20727 |
|  |  | 410401 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| DR Horton, Inc. 1.40%, 10/15/2027 | 96000 | 90929 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Leggett & Platt, Inc. 3.50%, 11/15/2051 | 16000 | 10183 |
| Lennar Corp. 4.75%, 11/29/2027 | 14000 | 14109 |
| MDC Holdings, Inc. 3.97%, 8/6/2061 | 36000 | 23149 |
| Mohawk Industries, Inc. 3.63%, 5/15/2030 | 94000 | 90488 |
|  |  | 228858 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Colgate-Palmolive Co.  | Colgate-Palmolive Co.  | Colgate-Palmolive Co.  |
| 4.60%, 3/1/2028 | 2000 | 2037 |
| 4.00%, 8/15/2045 | 25000 | 20489 |
| Kimberly-Clark Corp.  | Kimberly-Clark Corp.  | Kimberly-Clark Corp.  |
| 1.05%, 9/15/2027 | 21000 | 19863 |
| 6.63%, 8/1/2037 | 107000 | 123808 |
| Procter & Gamble Co. (The)  | Procter & Gamble Co. (The)  | Procter & Gamble Co. (The)  |
| 2.85%, 8/11/2027 | 37000 | 36369 |
| 2.30%, 2/1/2032 | 2000 | 1805 |
| 3.50%, 10/25/2047 | 6000 | 4535 |
|  |  | 208906 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. 3.38%, 3/1/2029 | 131000 | 127766 |
| Honeywell International, Inc.  | Honeywell International, Inc.  | Honeywell International, Inc.  |
| 5.70%, 3/15/2036 | 43000 | 45368 |
| 5.35%, 3/1/2064 | 4000 | 3707 |
|  |  | 176841 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 2.25%, 1/15/2032 | 10000 | 8750 |
| 3.00%, 4/15/2050 | 36000 | 23180 |
|  |  | 31930 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| ACE Capital Trust II 9.70%, 4/1/2030 | 10000 | 12044 |
| Aflac, Inc. 3.60%, 4/1/2030 | 78000 | 76264 |
| Allstate Corp. (The) 5.25%, 3/30/2033 | 56000 | 57629 |
| American International Group, Inc. 3.88%, <br> 1/15/2035<br>| 34000 | 31312 |
| Aon Corp. 4.50%, 12/15/2028 | 9000 | 9086 |
| Arch Capital Group US, Inc. 5.14%, 11/1/2043 | 2000 | 1860 |
| Athene Holding Ltd. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.61%), 6.63%, 10/15/2054 (c)<br>| 43000 | 43163 |
| Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  |
| 2.30%, 3/15/2027 | 9000 | 8792 |
| 5.75%, 1/15/2040 | 22000 | 23694 |
| 2.85%, 10/15/2050 | 96000 | 60834 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Brighthouse Financial, Inc. 3.85%, 12/22/2051 | 18000 | 11150 |
| Chubb INA Holdings LLC  | Chubb INA Holdings LLC  | Chubb INA Holdings LLC  |
| 6.70%, 5/15/2036 | 11000 | 12476 |
| 3.05%, 12/15/2061 | 34000 | 20501 |
| Cincinnati Financial Corp. 6.13%, 11/1/2034 | 21000 | 22494 |
| CNO Financial Group, Inc. 6.45%, 6/15/2034 | 5000 | 5253 |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 4.85%, 4/17/2028 | 50000 | 50673 |
| 6.00%, 12/7/2033 | 28000 | 29468 |
| Hartford Insurance Group, Inc. (The) 2.90%, <br> 9/15/2051<br>| 110000 | 68862 |
| Marsh & McLennan Cos., Inc. 4.20%, 3/1/2048 | 16000 | 13034 |
| MetLife, Inc.  | MetLife, Inc.  | MetLife, Inc.  |
| 10.75%, 8/1/2039 | 11000 | 14738 |
| 5.25%, 1/15/2054 | 26000 | 24347 |
| Principal Financial Group, Inc. 3.70%, <br> 5/15/2029<br>| 33000 | 32360 |
| Progressive Corp. (The) 4.13%, 4/15/2047 | 40000 | 32669 |
| Prudential Financial, Inc.  | Prudential Financial, Inc.  | Prudential Financial, Inc.  |
| 6.63%, 12/1/2037 | 38000 | 42733 |
| (3-MONTH SOFR + 2.67%), 5.70%, <br> 9/15/2048 (c)<br>| 47000 | 47780 |
| 3.94%, 12/7/2049 | 41000 | 31218 |
| 3.70%, 3/13/2051 | 41000 | 29864 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.85%), 6.75%, <br> 3/1/2053 (c)<br>| 17000 | 17979 |
| Prudential Funding Asia plc (Hong Kong) 3.63%, <br> 3/24/2032<br>| 26000 | 24497 |
| Reinsurance Group of America, Inc. (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 <br> Year + 2.39%), 6.65%, 9/15/2055 (c)<br>| 22000 | 22408 |
| Selective Insurance Group, Inc. 5.38%, <br> 3/1/2049<br>| 18000 | 15987 |
| Transatlantic Holdings, Inc. 8.00%, 11/30/2039 | 52000 | 65087 |
| Travelers Cos., Inc. (The)  | Travelers Cos., Inc. (The)  | Travelers Cos., Inc. (The)  |
| 4.05%, 3/7/2048 | 13000 | 10447 |
| 4.10%, 3/4/2049 | 15000 | 11975 |
| Travelers Property Casualty Corp. 6.38%, <br> 3/15/2033<br>| 109000 | 121758 |
| W R Berkley Corp. 3.15%, 9/30/2061 | 49000 | 29738 |
| Willis North America, Inc. 3.88%, 9/15/2049 | 33000 | 24162 |
|  |  | 1158336 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Alphabet, Inc. 2.25%, 8/15/2060 | 77000 | 39934 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.30%, 8/15/2029 | 2000 | 2026 |
| 4.80%, 5/15/2030 | 56000 | 57800 |
| 4.75%, 8/15/2034 | 93000 | 93419 |
| 4.65%, 8/15/2062 | 25000 | 20830 |
|  |  | 214009 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| DXC Technology Co. 2.38%, 9/15/2028 | 16000 | 15011 |
| International Business Machines Corp.  | International Business Machines Corp.  | International Business Machines Corp.  |
| 6.50%, 1/15/2028 | 35000 | 36940 |
| 5.88%, 11/29/2032 | 22000 | 23676 |
| 7.13%, 12/1/2096 | 14000 | 16524 |
| Kyndryl Holdings, Inc. 4.10%, 10/15/2041 | 27000 | 21314 |
|  |  | 113465 |
| **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
| Brunswick Corp.  | Brunswick Corp.  | Brunswick Corp.  |
| 5.85%, 3/18/2029 | 50000 | 51801 |
| 5.10%, 4/1/2052 | 25000 | 19060 |
| Hasbro, Inc. 3.90%, 11/19/2029 | 15000 | 14609 |
|  |  | 85470 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Agilent Technologies, Inc. 2.30%, 3/12/2031 | 2000 | 1794 |
| Revvity, Inc. 2.25%, 9/15/2031 | 23000 | 19888 |
| Thermo Fisher Scientific, Inc. 5.00%, 1/31/2029 | 155000 | 159589 |
|  |  | 181271 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Caterpillar, Inc.  | Caterpillar, Inc.  | Caterpillar, Inc.  |
| 6.05%, 8/15/2036 | 21000 | 23023 |
| 4.75%, 5/15/2064 | 22000 | 19166 |
| Cummins, Inc. 5.15%, 2/20/2034 | 44000 | 45077 |
| Deere & Co. 3.75%, 4/15/2050 | 3000 | 2299 |
| Illinois Tool Works, Inc. 2.65%, 11/15/2026 | 85000 | 83792 |
| Otis Worldwide Corp.  | Otis Worldwide Corp.  | Otis Worldwide Corp.  |
| 3.11%, 2/15/2040 | 8000 | 6183 |
| 3.36%, 2/15/2050 | 5000 | 3461 |
| Snap-on, Inc. 4.10%, 3/1/2048 | 6000 | 4854 |
| Xylem, Inc. 1.95%, 1/30/2028 | 15000 | 14322 |
|  |  | 202177 |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 3.75%, 2/15/2028 | 13000 | 12804 |
| 2.80%, 4/1/2031 | 50000 | 45005 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 77

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| 2.30%, 2/1/2032 | 49000 | 41484 |
| 6.65%, 2/1/2034 | 41000 | 43726 |
| 6.38%, 10/23/2035 | 100000 | 104103 |
| 3.50%, 6/1/2041 | 30000 | 21527 |
| 4.40%, 12/1/2061 | 32000 | 21773 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 7.05%, 3/15/2033 | 80000 | 91448 |
| 6.55%, 7/1/2039 | 37000 | 40991 |
| 3.25%, 11/1/2039 | 66000 | 51827 |
| 3.75%, 4/1/2040 | 57000 | 47327 |
| 4.00%, 11/1/2049 | 169000 | 126911 |
| 2.89%, 11/1/2051 | 11000 | 6577 |
| Fox Corp. 5.58%, 1/25/2049 | 10000 | 9416 |
| Grupo Televisa SAB (Mexico) 6.63%, 1/15/2040 | 51000 | 47092 |
| Paramount Global  | Paramount Global  | Paramount Global  |
| 4.95%, 1/15/2031 | 5000 | 4970 |
| 4.20%, 5/19/2032 | 139000 | 129605 |
|  |  | 846586 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| ArcelorMittal SA (Luxembourg) 6.75%, <br> 3/1/2041 (a)<br>| 56000 | 59602 |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 5.25%, 9/8/2026 | 78000 | 78848 |
| 5.10%, 9/8/2028 | 2000 | 2059 |
| 5.25%, 9/8/2033 | 2000 | 2064 |
| Kinross Gold Corp. (Canada) 4.50%, 7/15/2027 | 18000 | 18036 |
| Newmont Corp. 2.60%, 7/15/2032 | 12000 | 10727 |
| Rio Tinto Alcan, Inc. (Canada) 5.75%, 6/1/2035 | 37000 | 39325 |
| Rio Tinto Finance USA Ltd. (Australia) 2.75%, <br> 11/2/2051<br>| 4000 | 2423 |
| Rio Tinto Finance USA plc (Australia) 5.13%, <br> 3/9/2053<br>| 18000 | 16535 |
| Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) |
| 5.25%, 11/8/2042 | 16000 | 14998 |
| 5.88%, 4/23/2045 | 53000 | 53205 |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 3.75%, 7/8/2030 | 31000 | 29536 |
| 6.40%, 6/28/2054 | 2000 | 2000 |
|  |  | 329358 |
| **Multi-Utilities — 2.0%** | **Multi-Utilities — 2.0%** | **Multi-Utilities — 2.0%** |
| Ameren Corp. 3.50%, 1/15/2031 | 30000 | 28668 |
| Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  |
| 6.13%, 4/1/2036 | 50000 | 53919 |
| 5.95%, 5/15/2037 | 43000 | 45693 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Black Hills Corp. 6.15%, 5/15/2034 | 24000 | 25418 |
| CMS Energy Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.12%), <br> 4.75%, 6/1/2050 (c)<br>| 5000 | 4833 |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| 2.40%, 6/15/2031 | 11000 | 9965 |
| Series 20B, 3.95%, 4/1/2050 | 49000 | 37898 |
| 3.20%, 12/1/2051 | 64000 | 41996 |
| 3.70%, 11/15/2059 | 51000 | 35273 |
| Consumers Energy Co.  | Consumers Energy Co.  | Consumers Energy Co.  |
| 4.63%, 5/15/2033 | 51000 | 50576 |
| 3.95%, 7/15/2047 | 81000 | 63843 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series C, 2.25%, 8/15/2031 | 2000 | 1763 |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.39%), <br> 6.88%, 2/1/2055 (c)<br>| 58000 | 60698 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.21%), 6.63%, <br> 5/15/2055 (c)<br>| 13000 | 13330 |
| National Grid plc (United Kingdom) 5.81%, <br> 6/12/2033<br>| 41000 | 43412 |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| 3.49%, 5/15/2027 | 22000 | 21765 |
| 3.60%, 5/1/2030 | 11000 | 10662 |
| 5.00%, 6/15/2052 | 13000 | 11377 |
| Public Service Enterprise Group, Inc. 2.45%, <br> 11/15/2031<br>| 49000 | 43442 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| 2.95%, 8/15/2051 | 46000 | 28897 |
| 3.70%, 3/15/2052 | 1000 | 712 |
| Sempra  | Sempra  | Sempra  |
| 3.40%, 2/1/2028 | 39000 | 38215 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.14%), 6.55%, <br> 4/1/2055 (c)<br>| 5000 | 4933 |
| Southern Co. Gas Capital Corp. 4.40%, <br> 5/30/2047<br>| 10000 | 8169 |
| WEC Energy Group, Inc.  | WEC Energy Group, Inc.  | WEC Energy Group, Inc.  |
| 1.38%, 10/15/2027 | 19000 | 17990 |
| 2.20%, 12/15/2028 | 116000 | 109033 |
|  |  | 812480 |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| Boston Properties LP  | Boston Properties LP  | Boston Properties LP  |
| 2.75%, 10/1/2026 | 126000 | 123815 |
| 2.55%, 4/1/2032 | 43000 | 36874 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Office REITs — continued** | **Office REITs — continued** | **Office REITs — continued** |
| COPT Defense Properties LP  | COPT Defense Properties LP  | COPT Defense Properties LP  |
| 2.75%, 4/15/2031 | 64000 | 57668 |
| 2.90%, 12/1/2033 | 55000 | 46156 |
| Kilroy Realty LP  | Kilroy Realty LP  | Kilroy Realty LP  |
| 4.25%, 8/15/2029 | 5000 | 4887 |
| 2.50%, 11/15/2032 | 29000 | 23773 |
| 2.65%, 11/15/2033 | 25000 | 20206 |
| Piedmont Operating Partnership LP  | Piedmont Operating Partnership LP  | Piedmont Operating Partnership LP  |
| 9.25%, 7/20/2028 | 12000 | 13335 |
| 3.15%, 8/15/2030 | 5000 | 4523 |
|  |  | 331237 |
| **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** |
| APA Corp. 6.75%, 2/15/2055 (b) | 2000 | 1898 |
| Boardwalk Pipelines LP 3.60%, 9/1/2032 | 45000 | 41207 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 3.02%, 1/16/2027 | 4000 | 3950 |
| 4.23%, 11/6/2028 | 49000 | 49230 |
| 2.72%, 1/12/2032 | 19000 | 17117 |
| 3.06%, 6/17/2041 | 1000 | 741 |
| 3.00%, 3/17/2052 | 47000 | 29382 |
| 3.38%, 2/8/2061 | 96000 | 61492 |
| BP Capital Markets plc 3.28%, 9/19/2027 | 37000 | 36464 |
| Canadian Natural Resources Ltd. (Canada) <br> 6.50%, 2/15/2037<br>| 17000 | 18152 |
| Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) |
| 4.25%, 4/15/2027 | 10000 | 9993 |
| 2.65%, 1/15/2032 | 41000 | 35998 |
| Cheniere Energy, Inc. 4.63%, 10/15/2028 | 60000 | 59939 |
| Chevron Corp. 2.24%, 5/11/2030 | 14000 | 12908 |
| Chevron USA, Inc. 1.02%, 8/12/2027 | 37000 | 35087 |
| ConocoPhillips Co.  | ConocoPhillips Co.  | ConocoPhillips Co.  |
| 4.70%, 1/15/2030 | 2000 | 2039 |
| 3.80%, 3/15/2052 | 17000 | 12308 |
| 4.03%, 3/15/2062 | 76000 | 54572 |
| 5.70%, 9/15/2063 | 30000 | 28556 |
| 5.65%, 1/15/2065 | 7000 | 6606 |
| Devon Energy Corp.  | Devon Energy Corp.  | Devon Energy Corp.  |
| 5.20%, 9/15/2034 | 52000 | 50968 |
| 5.60%, 7/15/2041 | 25000 | 23402 |
| 5.00%, 6/15/2045 | 10000 | 8399 |
| Diamondback Energy, Inc.  | Diamondback Energy, Inc.  | Diamondback Energy, Inc.  |
| 3.25%, 12/1/2026 | 26000 | 25695 |
| 3.50%, 12/1/2029 | 4000 | 3855 |
| 6.25%, 3/15/2053 | 4000 | 3954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.90%, 4/18/2064 | 62000 | 57341 |
| Enbridge Energy Partners LP Series B, 7.50%, <br> 4/15/2038<br>| 23000 | 26844 |
| Enbridge, Inc. (Canada) 2.50%, 8/1/2033 | 234000 | 196592 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 4.95%, 5/15/2028 | 49000 | 49792 |
| 3.75%, 5/15/2030 | 27000 | 26150 |
| 4.90%, 3/15/2035 | 2000 | 1923 |
| 6.10%, 2/15/2042 | 45000 | 44898 |
| 5.40%, 10/1/2047 | 90000 | 80133 |
| 5.95%, 5/15/2054 | 22000 | 20643 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.85%, 8/15/2042 | 43000 | 39045 |
| 4.90%, 5/15/2046 | 2000 | 1791 |
| 3.95%, 1/31/2060 | 35000 | 25188 |
| Series E, (3-MONTH CME TERM SOFR + <br> 3.29%), 5.25%, 8/16/2077 (c)<br>| 35000 | 34702 |
| (3-MONTH CME TERM SOFR + 2.83%), 5.38%, <br> 2/15/2078 (c)<br>| 48000 | 47472 |
| EOG Resources, Inc. 4.95%, 4/15/2050 | 55000 | 48434 |
| EQT Corp. 7.00%, 2/1/2030 (a) | 48000 | 52210 |
| Exxon Mobil Corp.  | Exxon Mobil Corp.  | Exxon Mobil Corp.  |
| 2.44%, 8/16/2029 | 64000 | 60813 |
| 4.23%, 3/19/2040 | 138000 | 124219 |
| 3.10%, 8/16/2049 | 35000 | 23410 |
| Hess Corp.  | Hess Corp.  | Hess Corp.  |
| 7.88%, 10/1/2029 | 10000 | 11360 |
| 5.80%, 4/1/2047 | 45000 | 45443 |
| Kinder Morgan, Inc. 1.75%, 11/15/2026 | 94000 | 91288 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 4.25%, 12/1/2027 | 42000 | 42018 |
| 4.50%, 4/15/2038 | 7000 | 6232 |
| 5.20%, 12/1/2047 | 9000 | 7792 |
| 4.95%, 3/14/2052 | 34000 | 27978 |
| 4.90%, 4/15/2058 | 16000 | 12848 |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| 5.00%, 8/1/2027 | 34000 | 34356 |
| 4.40%, 4/15/2046 | 21000 | 15929 |
| 4.20%, 3/15/2048 | 3000 | 2117 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 5.55%, 11/1/2026 | 64000 | 64769 |
| 5.60%, 4/1/2044 | 5000 | 4634 |
| 4.95%, 7/13/2047 | 34000 | 28869 |
| 5.20%, 7/15/2048 | 70000 | 61121 |
| 5.85%, 11/1/2064 | 9000 | 8219 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 79

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Phillips 66  | Phillips 66  | Phillips 66  |
| 3.90%, 3/15/2028 | 24000 | 23863 |
| 4.88%, 11/15/2044 | 10000 | 8754 |
| Phillips 66 Co. 3.75%, 3/1/2028 | 2000 | 1984 |
| Sabine Pass Liquefaction LLC 4.20%, 3/15/2028 | 59000 | 58980 |
| Targa Resources Corp.  | Targa Resources Corp.  | Targa Resources Corp.  |
| 5.20%, 7/1/2027 | 27000 | 27437 |
| 6.50%, 2/15/2053 | 15000 | 15323 |
| Targa Resources Partners LP  | Targa Resources Partners LP  | Targa Resources Partners LP  |
| 6.88%, 1/15/2029 | 18000 | 18351 |
| 4.88%, 2/1/2031 | 25000 | 24899 |
| TC PipeLines LP 3.90%, 5/25/2027 | 31000 | 30804 |
| Tennessee Gas Pipeline Co. LLC 7.00%, <br> 10/15/2028<br>| 56000 | 60271 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 2.83%, 1/10/2030 | 151000 | 144314 |
| 3.39%, 6/29/2060 | 59000 | 38019 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 4.63%, 3/1/2034 | 1000 | 964 |
| 5.85%, 3/15/2036 | 1000 | 1036 |
| 6.20%, 10/15/2037 | 11000 | 11598 |
| 6.10%, 6/1/2040 | 48000 | 49689 |
| Transcontinental Gas Pipe Line Co. LLC 4.60%, <br> 3/15/2048<br>| 150000 | 126174 |
| Valero Energy Corp.  | Valero Energy Corp.  | Valero Energy Corp.  |
| 2.15%, 9/15/2027 | 17000 | 16314 |
| 2.80%, 12/1/2031 | 7000 | 6314 |
| Western Midstream Operating LP  | Western Midstream Operating LP  | Western Midstream Operating LP  |
| 4.50%, 3/1/2028 | 42000 | 41951 |
| 5.30%, 3/1/2048 | 2000 | 1684 |
| 5.25%, 2/1/2050 (a) | 35000 | 29290 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 4.65%, 8/15/2032 | 2000 | 1974 |
| 5.80%, 11/15/2043 | 14000 | 13872 |
|  |  | 2814344 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Suzano Austria GmbH (Brazil) 3.75%, <br> 1/15/2031<br>| 65000 | 61086 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| Estee Lauder Cos., Inc. (The)  | Estee Lauder Cos., Inc. (The)  | Estee Lauder Cos., Inc. (The)  |
| 3.15%, 3/15/2027 | 100000 | 98605 |
| 4.65%, 5/15/2033 | 43000 | 42703 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Personal Care Products — continued** | **Personal Care Products — continued** | **Personal Care Products — continued** |
| Kenvue, Inc.  | Kenvue, Inc.  | Kenvue, Inc.  |
| 4.90%, 3/22/2033 | 116000 | 117844 |
| 5.10%, 3/22/2043 | 31000 | 29734 |
|  |  | 288886 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) |
| 6.45%, 9/15/2037 | 24000 | 27067 |
| 4.38%, 11/16/2045 | 18000 | 15664 |
| 3.00%, 5/28/2051 | 51000 | 33802 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 1.13%, 11/13/2027 | 117000 | 110356 |
| 1.45%, 11/13/2030 | 13000 | 11364 |
| 5.90%, 11/15/2033 | 66000 | 71045 |
| 4.35%, 11/15/2047 | 13000 | 10762 |
| 3.90%, 3/15/2062 | 12000 | 8480 |
| Eli Lilly & Co.  | Eli Lilly & Co.  | Eli Lilly & Co.  |
| 3.38%, 3/15/2029 | 90000 | 88298 |
| 2.25%, 5/15/2050 | 131000 | 73316 |
| 4.15%, 3/15/2059 | 33000 | 25700 |
| 2.50%, 9/15/2060 | 43000 | 23445 |
| GlaxoSmithKline Capital, Inc. (United Kingdom) <br> 6.38%, 5/15/2038<br>| 26000 | 28935 |
| Johnson & Johnson  | Johnson & Johnson  | Johnson & Johnson  |
| 0.95%, 9/1/2027 | 30000 | 28442 |
| 4.38%, 12/5/2033 | 27000 | 27074 |
| 5.95%, 8/15/2037 | 57000 | 63008 |
| 3.40%, 1/15/2038 | 116000 | 100351 |
| 2.45%, 9/1/2060 | 3000 | 1644 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 6.50%, 12/1/2033 (a) | 8000 | 9049 |
| 3.60%, 9/15/2042 | 80000 | 63405 |
| 2.90%, 12/10/2061 | 128000 | 73668 |
| Merck Sharp & Dohme Corp. 5.95%, 12/1/2028 | 30000 | 31809 |
| Novartis Capital Corp. 4.20%, 9/18/2034 | 3000 | 2904 |
| Pfizer Investment Enterprises Pte. Ltd. 5.34%, <br> 5/19/2063<br>| 80000 | 72821 |
| Pfizer, Inc. 4.00%, 12/15/2036 | 5000 | 4597 |
| Royalty Pharma plc  | Royalty Pharma plc  | Royalty Pharma plc  |
| 1.75%, 9/2/2027 | 41000 | 39013 |
| 3.30%, 9/2/2040 | 66000 | 49891 |
| 3.55%, 9/2/2050 | 29000 | 19559 |
| 3.35%, 9/2/2051 | 2000 | 1284 |
| Viatris, Inc. 2.30%, 6/22/2027 | 3000 | 2881 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Wyeth LLC  | Wyeth LLC  | Wyeth LLC  |
| 6.50%, 2/1/2034 | 11000 | 12301 |
| 6.00%, 2/15/2036 | 91000 | 98193 |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| 3.00%, 9/12/2027 | 41000 | 40201 |
| 3.90%, 8/20/2028 | 26000 | 25962 |
|  |  | 1296291 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| Concentrix Corp. 6.85%, 8/2/2033 | 25000 | 26283 |
| Equifax, Inc. 2.35%, 9/15/2031 | 151000 | 133143 |
| Jacobs Engineering Group, Inc. 5.90%, 3/1/2033 | 41000 | 42902 |
| Thomson Reuters Corp. (Canada) 5.85%, <br> 4/15/2040<br>| 67000 | 67983 |
|  |  | 270311 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| American Homes 4 Rent LP 3.38%, 7/15/2051 | 10000 | 6539 |
| AvalonBay Communities, Inc.  | AvalonBay Communities, Inc.  | AvalonBay Communities, Inc.  |
| 2.05%, 1/15/2032 | 23000 | 19992 |
| 3.90%, 10/15/2046 | 8000 | 6240 |
| Camden Property Trust 2.80%, 5/15/2030 | 60000 | 56299 |
| Essex Portfolio LP 1.70%, 3/1/2028 | 29000 | 27292 |
| Store Capital LLC 4.50%, 3/15/2028 | 37000 | 36784 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 3.00%, 8/15/2031 | 11000 | 10103 |
| 2.10%, 6/15/2033 | 3000 | 2458 |
|  |  | 165707 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Brixmor Operating Partnership LP 4.05%, <br> 7/1/2030<br>| 60000 | 58792 |
| Kimco Realty OP LLC 2.25%, 12/1/2031 | 10000 | 8774 |
| NNN REIT, Inc. 3.10%, 4/15/2050 | 42000 | 26598 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 3.40%, 1/15/2028 | 5000 | 4937 |
| 3.20%, 2/15/2031 | 29000 | 27232 |
| 1.80%, 3/15/2033 | 24000 | 19665 |
| 4.65%, 3/15/2047 | 10000 | 8697 |
|  |  | 154695 |
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
| Analog Devices, Inc. 3.50%, 12/5/2026 | 5000 | 4970 |
| Applied Materials, Inc. 5.10%, 10/1/2035 | 42000 | 43142 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 (b) | 133000 | 126485 |
| 4.11%, 9/15/2028 | 7000 | 6996 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 2.45%, 2/15/2031 (b) | 2000 | 1808 |
| 4.15%, 4/15/2032 (b) | 2000 | 1936 |
| 4.30%, 11/15/2032 | 2000 | 1948 |
| 2.60%, 2/15/2033 (b) | 30000 | 25905 |
| 4.93%, 5/15/2037 (b) | 138000 | 134135 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 1.60%, 8/12/2028 | 97000 | 89952 |
| 3.90%, 3/25/2030 | 4000 | 3897 |
| 4.25%, 12/15/2042 | 98000 | 78398 |
| 5.63%, 2/10/2043 | 10000 | 9471 |
| 5.90%, 2/10/2063 | 26000 | 24005 |
| KLA Corp. 4.10%, 3/15/2029 | 86000 | 86130 |
| Micron Technology, Inc.  | Micron Technology, Inc.  | Micron Technology, Inc.  |
| 5.88%, 9/15/2033 | 48000 | 50481 |
| 3.48%, 11/1/2051 | 73000 | 49664 |
| NVIDIA Corp. 2.00%, 6/15/2031 | 123000 | 110137 |
| NXP BV (Netherlands) 3.25%, 5/11/2041 | 42000 | 31058 |
| QUALCOMM, Inc.  | QUALCOMM, Inc.  | QUALCOMM, Inc.  |
| 3.25%, 5/20/2027 | 117000 | 115839 |
| 1.65%, 5/20/2032 | 3000 | 2522 |
| 4.65%, 5/20/2035 | 4000 | 3979 |
| Texas Instruments, Inc.  | Texas Instruments, Inc.  | Texas Instruments, Inc.  |
| 1.75%, 5/4/2030 | 23000 | 20737 |
| 5.00%, 3/14/2053 | 5000 | 4564 |
|  |  | 1028159 |
| **Software — 2.1%** | **Software — 2.1%** | **Software — 2.1%** |
| Adobe, Inc. 2.15%, 2/1/2027 | 71000 | 69335 |
| Microsoft Corp.  | Microsoft Corp.  | Microsoft Corp.  |
| 3.50%, 2/12/2035 | 2000 | 1877 |
| 4.10%, 2/6/2037 | 138000 | 132908 |
| 5.20%, 6/1/2039 | 77000 | 80994 |
| 4.50%, 10/1/2040 | 3000 | 2889 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 2.30%, 3/25/2028 | 30000 | 28651 |
| 6.25%, 11/9/2032 | 5000 | 5400 |
| 4.30%, 7/8/2034 | 2000 | 1894 |
| 3.85%, 7/15/2036 | 221000 | 194201 |
| 3.80%, 11/15/2037 | 34000 | 28967 |
| 6.50%, 4/15/2038 | 15000 | 16259 |
| 3.60%, 4/1/2050 | 27000 | 18443 |
| 3.85%, 4/1/2060 | 4000 | 2679 |
| 4.10%, 3/25/2061 | 85000 | 59469 |
| 6.13%, 8/3/2065 | 26000 | 25230 |
| Roper Technologies, Inc. 1.40%, 9/15/2027 | 150000 | 142061 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 81

------

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Salesforce, Inc.  | Salesforce, Inc.  | Salesforce, Inc.  |
| 3.70%, 4/11/2028 | 43000 | 42849 |
| 1.50%, 7/15/2028 | 2000 | 1874 |
|  |  | 855980 |
| **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.50%, 1/31/2028 | 21000 | 19701 |
| 2.10%, 6/15/2030 | 154000 | 138466 |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 4.80%, 9/1/2028 | 48000 | 48551 |
| 3.10%, 11/15/2029 | 12000 | 11380 |
| 5.20%, 2/15/2049 | 32000 | 28562 |
| Equinix, Inc. 3.20%, 11/18/2029 | 81000 | 77377 |
| Extra Space Storage LP  | Extra Space Storage LP  | Extra Space Storage LP  |
| 3.88%, 12/15/2027 | 17000 | 16852 |
| 2.35%, 3/15/2032 | 64000 | 55027 |
| Public Storage Operating Co.  | Public Storage Operating Co.  | Public Storage Operating Co.  |
| 1.50%, 11/9/2026 | 9000 | 8738 |
| 2.25%, 11/9/2031 | 45000 | 39768 |
| Weyerhaeuser Co. 4.00%, 3/9/2052 | 46000 | 34685 |
|  |  | 479107 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Home Depot, Inc. (The)  | Home Depot, Inc. (The)  | Home Depot, Inc. (The)  |
| 1.50%, 9/15/2028 | 47000 | 43826 |
| 2.70%, 4/15/2030 | 212000 | 199392 |
| 4.50%, 9/15/2032 | 13000 | 13114 |
| 4.95%, 6/25/2034 | 2000 | 2034 |
| 5.88%, 12/16/2036 | 20000 | 21564 |
| 4.20%, 4/1/2043 | 46000 | 39189 |
| 2.75%, 9/15/2051 | 11000 | 6679 |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| 3.10%, 5/3/2027 | 27000 | 26563 |
| 1.30%, 4/15/2028 | 99000 | 92392 |
| 4.05%, 5/3/2047 | 66000 | 51275 |
| 4.45%, 4/1/2062 | 45000 | 34481 |
| 5.85%, 4/1/2063 | 19000 | 18415 |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| 3.60%, 9/1/2027 | 2000 | 1980 |
| 4.35%, 6/1/2028 | 44000 | 44190 |
| 4.20%, 4/1/2030 | 19000 | 18949 |
| 1.75%, 3/15/2031 | 3000 | 2606 |
| TJX Cos., Inc. (The) 1.15%, 5/15/2028 | 35000 | 32556 |
|  |  | 649205 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 2.90%, 9/12/2027 | 27000 | 26559 |
| 3.00%, 11/13/2027 | 18000 | 17734 |
| 1.20%, 2/8/2028 | 9000 | 8466 |
| 4.15%, 5/10/2030 | 63000 | 63814 |
| 4.30%, 5/10/2033 | 41000 | 41248 |
| 4.50%, 2/23/2036 | 58000 | 58107 |
| 4.65%, 2/23/2046 | 126000 | 115050 |
| 3.75%, 9/12/2047 | 2000 | 1570 |
| 2.55%, 8/20/2060 | 28000 | 15885 |
| 4.10%, 8/8/2062 | 2000 | 1562 |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 5.30%, 10/1/2029 | 40000 | 41391 |
| 8.10%, 7/15/2036 | 46000 | 55720 |
| HP, Inc. 4.00%, 4/15/2029 | 162000 | 159901 |
| Western Digital Corp.  | Western Digital Corp.  | Western Digital Corp.  |
| 2.85%, 2/1/2029 | 43000 | 40468 |
| 3.10%, 2/1/2032 | 12000 | 10700 |
|  |  | 658175 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc.  | NIKE, Inc.  | NIKE, Inc.  |
| 2.38%, 11/1/2026 | 16000 | 15710 |
| 3.63%, 5/1/2043 | 62000 | 48993 |
| 3.88%, 11/1/2045 | 20000 | 15880 |
|  |  | 80583 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  |
| 2.45%, 2/4/2032 | 15000 | 13062 |
| 5.95%, 2/14/2049 | 46000 | 45806 |
| 4.45%, 5/6/2050 | 3000 | 2370 |
| 4.00%, 2/4/2061 | 69000 | 48534 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 3.22%, 9/6/2026 | 38000 | 37563 |
| 4.70%, 4/2/2027 | 64000 | 64380 |
| 4.39%, 8/15/2037 | 3000 | 2704 |
| 5.28%, 4/2/2050 | 69000 | 60925 |
| 7.08%, 8/2/2053 | 6000 | 6660 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 4.88%, 2/15/2028 | 95000 | 96706 |
| 5.13%, 2/15/2030 | 94000 | 97219 |
| 5.75%, 11/17/2032 | 54000 | 57140 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Tobacco — continued** | **Tobacco — continued** | **Tobacco — continued** |
| 6.38%, 5/16/2038 | 8000 | 8871 |
| 4.38%, 11/15/2041 | 21000 | 18302 |
|  |  | 560242 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Air Lease Corp.  | Air Lease Corp.  | Air Lease Corp.  |
| 5.30%, 2/1/2028 | 17000 | 17403 |
| 3.13%, 12/1/2030 | 40000 | 37380 |
| 2.88%, 1/15/2032 | 43000 | 38544 |
| GATX Corp.  | GATX Corp.  | GATX Corp.  |
| 3.50%, 6/1/2032 | 1000 | 920 |
| 4.90%, 3/15/2033 | 41000 | 40978 |
| 5.45%, 9/15/2033 | 7000 | 7179 |
| 6.05%, 3/15/2034 | 37000 | 39405 |
|  |  | 181809 |
| **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 4.45%, 6/1/2032 | 7000 | 6964 |
| 6.59%, 10/15/2037 | 3000 | 3370 |
| 4.30%, 12/1/2042 | 3000 | 2562 |
| 4.00%, 12/1/2046 | 29000 | 23199 |
| 4.20%, 9/1/2048 | 6000 | 4818 |
| Essential Utilities, Inc. 5.30%, 5/1/2052 | 31000 | 28075 |
|  |  | 68988 |
| **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** |
| Rogers Communications, Inc. (Canada) 5.45%, <br> 10/1/2043<br>| 26000 | 24477 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 4.20%, 10/1/2029 | 2000 | 1999 |
| 3.88%, 4/15/2030 | 141000 | 138080 |
| 3.50%, 4/15/2031 | 216000 | 204466 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 2/10/2063<br>| 87000 | 81686 |
|  |  | 450708 |
| Total Corporate Bonds <br>(Cost $39,662,629)<br>|  | 39300637 |
| **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** |
| United Airlines Pass-Through Trust |  |  |
| Series 2020-1, Class A, 5.88%, 10/15/2027 | 13645 | 13936 |
| Series 2016-1, Class AA, 3.10%, 7/7/2028 | 2311 | 2223 |
| Series 2018-1, Class AA, 3.50%, 3/1/2030 | 65710 | 62709 |
| Total Asset-Backed Securities <br>(Cost $78,079)<br>|  | 78868 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.23% (f) (g) <br>(Cost $211,249)<br>| 211249 | 211249 |
| **Total Investments — 98.9%** <br>**(Cost $39,951,957)**<br>|  | **39590754** |
| **Other Assets in Excess of Liabilities — 1.1%** |  | **442049** |
| **NET ASSETS — 100.0%** |  | **40032803** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of August 31, 2025. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (d) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> August 31, 2025 is $248,833 or 0.62% of the <br> Fund's net assets as of August 31, 2025.<br>|
| (e) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of August 31, 2025. <br>|
| (f) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (g) | The rate shown is the current yield as of August 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 83

------

JPMorgan USD Emerging Markets Sovereign Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — 84.9%** | **Foreign Government Securities — 84.9%** | **Foreign Government Securities — 84.9%** |
| **Azerbaijan — 0.3%** | **Azerbaijan — 0.3%** | **Azerbaijan — 0.3%** |
| Republic of Azerbaijan 3.50%, 9/1/2032 (a) | 150000 | 138797 |
| **Bahrain — 3.9%** | **Bahrain — 3.9%** | **Bahrain — 3.9%** |
| Kingdom of Bahrain |  |  |
| 7.00%, 10/12/2028 (a) | 400000 | 417376 |
| 6.75%, 9/20/2029 (a) | 600000 | 621750 |
| 5.63%, 9/30/2031 (a) | 200000 | 195876 |
| 5.45%, 9/16/2032 (a) | 200000 | 192881 |
| 5.63%, 5/18/2034 (a) | 200000 | 189662 |
| 6.00%, 9/19/2044 (a) | 260000 | 227617 |
|  |  | 1845162 |
| **Brazil — 4.1%** | **Brazil — 4.1%** | **Brazil — 4.1%** |
| Federative Republic of Brazil |  |  |
| 4.63%, 1/13/2028 | 200000 | 199500 |
| 4.50%, 5/30/2029 | 200000 | 198000 |
| 6.13%, 1/22/2032 | 200000 | 206900 |
| 6.00%, 10/20/2033 | 200000 | 201200 |
| 6.63%, 3/15/2035 | 400000 | 409600 |
| 5.00%, 1/27/2045 | 343000 | 266439 |
| 4.75%, 1/14/2050 | 200000 | 143800 |
| 7.13%, 5/13/2054 | 335000 | 325620 |
|  |  | 1951059 |
| **Bulgaria — 0.4%** | **Bulgaria — 0.4%** | **Bulgaria — 0.4%** |
| Republic of Bulgaria 5.00%, 3/5/2037 (a) | 200000 | 196688 |
| **Chile — 1.7%** | **Chile — 1.7%** | **Chile — 1.7%** |
| Republic of Chile |  |  |
| 3.24%, 2/6/2028 | 400000 | 392000 |
| 3.10%, 5/7/2041 | 200000 | 149900 |
| 4.00%, 1/31/2052 | 200000 | 152600 |
| 3.25%, 9/21/2071 | 200000 | 120376 |
|  |  | 814876 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| People's Republic of China 3.50%, <br> 10/19/2028 (a)<br>| 276000 | 276704 |
| **Colombia — 4.4%** | **Colombia — 4.4%** | **Colombia — 4.4%** |
| Republic of Colombia |  |  |
| 3.00%, 1/30/2030 | 600000 | 534600 |
| 7.75%, 11/7/2036 | 200000 | 204850 |
| 7.38%, 9/18/2037 | 450000 | 454162 |
| 6.13%, 1/18/2041 | 400000 | 348000 |
| 5.00%, 6/15/2045 | 200000 | 145200 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Colombia—continued** | **Colombia—continued** | **Colombia—continued** |
| 5.20%, 5/15/2049 | 200000 | 146600 |
| 8.75%, 11/14/2053 | 224000 | 236992 |
|  |  | 2070404 |
| **Costa Rica — 1.3%** | **Costa Rica — 1.3%** | **Costa Rica — 1.3%** |
| Republic of Costa Rica |  |  |
| 6.55%, 4/3/2034 (a) | 200000 | 211850 |
| 7.16%, 3/12/2045 (a) | 200000 | 209523 |
| 7.30%, 11/13/2054 (a) | 200000 | 212188 |
|  |  | 633561 |
| **Dominican Republic — 4.3%** | **Dominican Republic — 4.3%** | **Dominican Republic — 4.3%** |
| Dominican Republic Government Bond |  |  |
| 5.95%, 1/25/2027 (a) | 107000 | 108659 |
| 6.00%, 7/19/2028 (a) | 300000 | 307470 |
| 4.50%, 1/30/2030 (a) | 300000 | 290225 |
| 4.88%, 9/23/2032 (a) | 150000 | 141675 |
| 6.95%, 3/15/2037 (b) | 300000 | 313500 |
| 5.30%, 1/21/2041 (a) | 550000 | 485100 |
| 6.40%, 6/5/2049 (b) | 150000 | 144281 |
| 5.88%, 1/30/2060 (a) | 300000 | 259020 |
|  |  | 2049930 |
| **Egypt — 1.2%** | **Egypt — 1.2%** | **Egypt — 1.2%** |
| Arab Republic of Egypt |  |  |
| 6.59%, 2/21/2028 (a) | 200000 | 200350 |
| 5.88%, 2/16/2031 (a) | 200000 | 179300 |
| 8.88%, 5/29/2050 (a) | 200000 | 170376 |
|  |  | 550026 |
| **El Salvador — 0.5%** | **El Salvador — 0.5%** | **El Salvador — 0.5%** |
| Republic of El Salvador 9.25%, 4/17/2030 (a) | 200000 | 214812 |
| **Ghana — 1.3%** | **Ghana — 1.3%** | **Ghana — 1.3%** |
| Republic of Ghana |  |  |
| 5.00%, 7/3/2029 (a) (c) | 300000 | 286875 |
| 5.00%, 7/3/2035 (a) (c) | 420000 | 342825 |
|  |  | 629700 |
| **Guatemala — 0.7%** | **Guatemala — 0.7%** | **Guatemala — 0.7%** |
| Republic of Guatemala 6.60%, 6/13/2036 (a) | 326000 | 341586 |
| **Hungary — 1.8%** | **Hungary — 1.8%** | **Hungary — 1.8%** |
| Hungary Government Bond |  |  |
| 5.25%, 6/16/2029 (a) | 200000 | 203800 |
| 2.13%, 9/22/2031 (a) | 200000 | 170069 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Hungary—continued** | **Hungary—continued** | **Hungary—continued** |
| 6.25%, 9/22/2032 (a) | 200000 | 211500 |
| 6.75%, 9/25/2052 (a) | 244000 | 255268 |
|  |  | 840637 |
| **India — 0.8%** | **India — 0.8%** | **India — 0.8%** |
| Export-Import Bank of India |  |  |
| 3.88%, 2/1/2028 (a) | 200000 | 197872 |
| 2.25%, 1/13/2031 (a) | 200000 | 179494 |
|  |  | 377366 |
| **Indonesia — 2.9%** | **Indonesia — 2.9%** | **Indonesia — 2.9%** |
| Perusahaan Penerbit SBSN Indonesia III 2.80%, <br> 6/23/2030 (a)<br>| 400000 | 371852 |
| Republic of Indonesia |  |  |
| 4.75%, 2/11/2029 | 200000 | 203450 |
| 7.75%, 1/17/2038 (a) | 400000 | 491300 |
| 4.20%, 10/15/2050 | 400000 | 324000 |
|  |  | 1390602 |
| **Iraq — 0.3%** | **Iraq — 0.3%** | **Iraq — 0.3%** |
| Republic of Iraq 5.80%, 1/15/2028 (a) | 156250 | 155127 |
| **Ivory Coast — 1.0%** | **Ivory Coast — 1.0%** | **Ivory Coast — 1.0%** |
| Republic of Cote d'Ivoire 8.25%, 1/30/2037 (a) | 480000 | 476856 |
| **Jamaica — 1.2%** | **Jamaica — 1.2%** | **Jamaica — 1.2%** |
| Jamaica Government Bond |  |  |
| 6.75%, 4/28/2028 | 316000 | 328324 |
| 7.88%, 7/28/2045 | 200000 | 236035 |
|  |  | 564359 |
| **Jordan — 0.9%** | **Jordan — 0.9%** | **Jordan — 0.9%** |
| Hashemite Kingdom of Jordan |  |  |
| 5.75%, 1/31/2027 (a) | 200000 | 199338 |
| 7.50%, 1/13/2029 (a) | 200000 | 208382 |
|  |  | 407720 |
| **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** |
| Republic of Kazakhstan 6.50%, 7/21/2045 (a) | 200000 | 219125 |
| **Kenya — 1.3%** | **Kenya — 1.3%** | **Kenya — 1.3%** |
| Republic of Kenya |  |  |
| 8.00%, 5/22/2032 (a) | 250000 | 242305 |
| 9.50%, 3/5/2036 (b) | 400000 | 395376 |
|  |  | 637681 |
| **Latvia — 0.4%** | **Latvia — 0.4%** | **Latvia — 0.4%** |
| Latvia Government Bond 5.13%, 7/30/2034 (a) | 200000 | 203460 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mexico — 4.3%** | **Mexico — 4.3%** | **Mexico — 4.3%** |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 200000 | 209100 |
| 2.66%, 5/24/2031 | 382000 | 336542 |
| 4.75%, 4/27/2032 | 200000 | 192800 |
| 6.88%, 5/13/2037 | 200000 | 210400 |
| 6.05%, 1/11/2040 | 266000 | 257230 |
| 4.75%, 3/8/2044 | 290000 | 232000 |
| 4.60%, 1/23/2046 | 200000 | 153600 |
| 7.38%, 5/13/2055 | 200000 | 209035 |
| 3.75%, 4/19/2071 | 200000 | 115376 |
| 5.75%, 10/12/2110 | 150000 | 121350 |
|  |  | 2037433 |
| **Morocco — 1.1%** | **Morocco — 1.1%** | **Morocco — 1.1%** |
| Kingdom of Morocco |  |  |
| 3.00%, 12/15/2032 (a) | 200000 | 172250 |
| 6.50%, 9/8/2033 (a) | 215000 | 229620 |
| 4.00%, 12/15/2050 (a) | 200000 | 140312 |
|  |  | 542182 |
| **Nigeria — 3.1%** | **Nigeria — 3.1%** | **Nigeria — 3.1%** |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (a) | 200000 | 200312 |
| 7.14%, 2/23/2030 (a) | 400000 | 396400 |
| 8.75%, 1/21/2031 (a) | 200000 | 207625 |
| 7.38%, 9/28/2033 (a) | 300000 | 281571 |
| 10.38%, 12/9/2034 (a) | 200000 | 219050 |
| 7.63%, 11/28/2047 (a) | 200000 | 166750 |
|  |  | 1471708 |
| **Oman — 4.5%** | **Oman — 4.5%** | **Oman — 4.5%** |
| Oman Sovereign Sukuk SAOC 4.88%, <br> 6/15/2030 (a)<br>| 200000 | 204975 |
| Sultanate of Oman Government Bond |  |  |
| 6.75%, 10/28/2027 (a) | 200000 | 208442 |
| 5.63%, 1/17/2028 (a) | 400000 | 409000 |
| 6.00%, 8/1/2029 (a) | 200000 | 210028 |
| 6.25%, 1/25/2031 (a) | 200000 | 214286 |
| 7.38%, 10/28/2032 (a) | 200000 | 230106 |
| 6.75%, 1/17/2048 (a) | 400000 | 427581 |
| 7.00%, 1/25/2051 (a) | 200000 | 220438 |
|  |  | 2124856 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 85

------

JPMorgan USD Emerging Markets Sovereign Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Pakistan — 1.1%** | **Pakistan — 1.1%** | **Pakistan — 1.1%** |
| Islamic Republic of Pakistan |  |  |
| 6.88%, 12/5/2027 (a) | 200000 | 197100 |
| 7.38%, 4/8/2031 (a) | 321000 | 302944 |
|  |  | 500044 |
| **Panama — 2.6%** | **Panama — 2.6%** | **Panama — 2.6%** |
| Republic of Panama |  |  |
| 3.16%, 1/23/2030 | 200000 | 184200 |
| 2.25%, 9/29/2032 | 200000 | 158274 |
| 6.70%, 1/26/2036 | 42000 | 43134 |
| 6.88%, 1/31/2036 | 316000 | 325368 |
| 4.50%, 4/1/2056 | 400000 | 274650 |
| 3.87%, 7/23/2060 | 420000 | 254520 |
|  |  | 1240146 |
| **Paraguay — 0.4%** | **Paraguay — 0.4%** | **Paraguay — 0.4%** |
| Republic of Paraguay 6.10%, 8/11/2044 (a) | 200000 | 197200 |
| **Peru — 2.2%** | **Peru — 2.2%** | **Peru — 2.2%** |
| Republic of Peru |  |  |
| 2.78%, 1/23/2031 | 200000 | 183100 |
| 8.75%, 11/21/2033 | 8000 | 9950 |
| 3.00%, 1/15/2034 | 198000 | 169910 |
| 5.38%, 2/8/2035 | 200000 | 202400 |
| 3.30%, 3/11/2041 | 200000 | 151448 |
| 3.55%, 3/10/2051 | 200000 | 137600 |
| 5.88%, 8/8/2054 | 25000 | 24337 |
| 2.78%, 12/1/2060 | 89000 | 47526 |
| 3.23%, 7/28/2121 | 219000 | 117028 |
|  |  | 1043299 |
| **Philippines — 2.7%** | **Philippines — 2.7%** | **Philippines — 2.7%** |
| Republic of Philippines |  |  |
| 6.38%, 1/15/2032 | 300000 | 330469 |
| 5.00%, 1/13/2037 | 400000 | 404000 |
| 3.70%, 3/1/2041 | 400000 | 332800 |
| 5.90%, 2/4/2050 | 200000 | 208329 |
|  |  | 1275598 |
| **Poland — 2.2%** | **Poland — 2.2%** | **Poland — 2.2%** |
| Republic of Poland |  |  |
| 4.63%, 3/18/2029 | 100000 | 101752 |
| 4.88%, 2/12/2030 | 200000 | 205200 |
| 4.88%, 10/4/2033 | 350000 | 350378 |
| 5.13%, 9/18/2034 | 100000 | 100945 |
| 5.50%, 4/4/2053 | 300000 | 280683 |
|  |  | 1038958 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Romania — 2.6%** | **Romania — 2.6%** | **Romania — 2.6%** |
| Romania Government Bond |  |  |
| 3.00%, 2/27/2027 (a) | 440000 | 428450 |
| 7.13%, 1/17/2033 (a) | 50000 | 53131 |
| 6.38%, 1/30/2034 (a) | 100000 | 100139 |
| 5.75%, 3/24/2035 (b) | 200000 | 189788 |
| 7.50%, 2/10/2037 (a) | 150000 | 159300 |
| 6.13%, 1/22/2044 (a) | 100000 | 91531 |
| 4.00%, 2/14/2051 (a) | 300000 | 192375 |
|  |  | 1214714 |
| **Saudi Arabia — 4.1%** | **Saudi Arabia — 4.1%** | **Saudi Arabia — 4.1%** |
| Kingdom of Saudi Arabia |  |  |
| 3.63%, 3/4/2028 (a) | 200000 | 197135 |
| 4.38%, 4/16/2029 (a) | 400000 | 401252 |
| 4.75%, 1/16/2030 (a) | 200000 | 202966 |
| 2.25%, 2/2/2033 (a) | 500000 | 423870 |
| 5.25%, 1/16/2050 (a) | 600000 | 550047 |
| KSA Sukuk Ltd. 2.25%, 5/17/2031 (a) | 205000 | 182899 |
|  |  | 1958169 |
| **Serbia — 0.9%** | **Serbia — 0.9%** | **Serbia — 0.9%** |
| Republic of Serbia 6.50%, 9/26/2033 (a) | 400000 | 425000 |
| **South Africa — 3.7%** | **South Africa — 3.7%** | **South Africa — 3.7%** |
| Republic of South Africa |  |  |
| 4.85%, 9/30/2029 | 700000 | 683147 |
| 7.10%, 11/19/2036 (b) | 200000 | 201400 |
| 5.65%, 9/27/2047 | 200000 | 152221 |
| 5.75%, 9/30/2049 | 200000 | 151783 |
| 7.30%, 4/20/2052 | 200000 | 182900 |
| 7.95%, 11/19/2054 (a) | 400000 | 386786 |
|  |  | 1758237 |
| **Sri Lanka — 1.5%** | **Sri Lanka — 1.5%** | **Sri Lanka — 1.5%** |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 4/15/2028 (a) | 182500 | 173603 |
| 3.10%, 1/15/2030 (a) (c) | 100000 | 92000 |
| 3.35%, 3/15/2033 (a) (c) | 250000 | 207812 |
| 3.60%, 6/15/2035 (a) (c) | 150000 | 107250 |
| 3.60%, 2/15/2038 (a) (c) | 150000 | 125813 |
|  |  | 706478 |
| **Turkey — 7.2%** | **Turkey — 7.2%** | **Turkey — 7.2%** |
| Hazine Mustesarligi Varlik Kiralama A/S |  |  |
| 7.25%, 2/24/2027 (a) | 400000 | 412000 |
| 6.50%, 4/26/2030 (a) | 200000 | 204125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Turkey—continued** | **Turkey—continued** | **Turkey—continued** |
| Republic of Turkiye (The) |  |  |
| 5.13%, 2/17/2028 | 1100000 | 1092438 |
| 5.95%, 1/15/2031 | 300000 | 295197 |
| 7.13%, 2/12/2032 | 200000 | 205400 |
| 6.50%, 9/20/2033 | 201000 | 196648 |
| 6.88%, 3/17/2036 | 450000 | 447815 |
| 5.75%, 5/11/2047 | 700000 | 542325 |
|  |  | 3395948 |
| **United Arab Emirates — 2.6%** | **United Arab Emirates — 2.6%** | **United Arab Emirates — 2.6%** |
| United Arab Emirates Government Bond |  |  |
| 3.13%, 10/11/2027 (a) | 200000 | 196622 |
| 1.63%, 6/2/2028 (a) | 200000 | 187478 |
| 2.00%, 10/19/2031 (a) | 200000 | 177950 |
| 3.13%, 9/30/2049 (a) | 542000 | 376503 |
| 4.95%, 7/7/2052 (a) | 200000 | 187600 |
| 2.70%, 9/2/2070 (a) | 200000 | 109803 |
|  |  | 1235956 |
| **Uruguay — 1.8%** | **Uruguay — 1.8%** | **Uruguay — 1.8%** |
| Oriental Republic of Uruguay |  |  |
| 4.38%, 1/23/2031 | 434000 | 435680 |
| 5.10%, 6/18/2050 | 250000 | 230875 |
| 4.98%, 4/20/2055 | 232000 | 206190 |
|  |  | 872745 |
| **Zambia — 0.5%** | **Zambia — 0.5%** | **Zambia — 0.5%** |
| Republic of Zambia |  |  |
| 5.75%, 6/30/2033 (a) (c) | 141412 | 131720 |
| 0.50%, 12/31/2053 (a) | 178000 | 118624 |
|  |  | 250344 |
| Total Foreign Government Securities <br>(Cost $39,796,293)<br>|  | 40275253 |
| **Corporate Bonds — 13.0%** | **Corporate Bonds — 13.0%** | **Corporate Bonds — 13.0%** |
| **Chile — 1.0%** | **Chile — 1.0%** | **Chile — 1.0%** |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.00%, 9/30/2029 (a) | 200000 | 187400 |
| 3.70%, 1/30/2050 (a) | 400000 | 272000 |
|  |  | 459400 |
| **China — 1.2%** | **China — 1.2%** | **China — 1.2%** |
| CNAC HK Finbridge Co. Ltd. 5.13%, <br> 3/14/2028 (a)<br>| 200000 | 203754 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Sinopec Group Overseas Development 2018 Ltd. <br> 2.95%, 11/12/2029 (a)<br>| 200000 | 193342 |
| State Grid Overseas Investment BVI Ltd. 1.63%, <br> 8/5/2030 (a)<br>| 200000 | 180338 |
|  |  | 577434 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| China Life Insurance Overseas Co. Ltd. (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.23%), 5.35%, <br> 8/15/2033 (a) (d)<br>| 329000 | 338345 |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| MFB Magyar Fejlesztesi Bank Zrt. 6.50%, <br> 6/29/2028 (a)<br>| 282000 | 292662 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Pertamina Persero PT 4.18%, 1/21/2050 (a) | 200000 | 154708 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara, 4.13%, 5/15/2027 (a)<br>| 300000 | 298836 |
|  |  | 453544 |
| **Malaysia — 0.9%** | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
| Petronas Capital Ltd. |  |  |
| 2.48%, 1/28/2032 (a) | 200000 | 178310 |
| 3.40%, 4/28/2061 (a) | 400000 | 264004 |
|  |  | 442314 |
| **Mexico — 3.4%** | **Mexico — 3.4%** | **Mexico — 3.4%** |
| Petroleos Mexicanos |  |  |
| 8.75%, 6/2/2029 | 400000 | 423460 |
| 6.70%, 2/16/2032 | 500000 | 479475 |
| 10.00%, 2/7/2033 | 50000 | 55832 |
| 6.63%, 6/15/2035 | 100000 | 90300 |
| 6.50%, 6/2/2041 | 300000 | 243795 |
| 7.69%, 1/23/2050 | 382000 | 325766 |
|  |  | 1618628 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| Petroleos del Peru SA 5.63%, 6/19/2047 (a) | 200000 | 136112 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| Bank Gospodarstwa Krajowego |  |  |
| 5.38%, 5/22/2033 (a) | 200000 | 204550 |
| 5.75%, 7/9/2034 (b) | 200000 | 208268 |
|  |  | 412818 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 87

------

JPMorgan USD Emerging Markets Sovereign Bond ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Saudi Arabia — 1.2%** | **Saudi Arabia — 1.2%** | **Saudi Arabia — 1.2%** |
| Gaci First Investment Co. |  |  |
| 5.25%, 1/29/2030 (a) | 200000 | 205271 |
| 4.88%, 2/14/2035 (a) | 371000 | 367754 |
|  |  | 573025 |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| Transnet 8.25%, 2/6/2028 (a) | 200000 | 209575 |
| **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** |
| DP World Ltd. 6.85%, 7/2/2037 (a) | 100000 | 113350 |
| DP World Salaam (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.75%), <br> 6.00%, 10/1/2025 (a) (d) (e) (f)<br>| 200000 | 199900 |
| MDGH GMTN RSC Ltd. |  |  |
| 2.88%, 11/7/2029 (a) | 200000 | 189437 |
| 3.40%, 6/7/2051 (a) | 218000 | 152600 |
|  |  | 655287 |
| Total Corporate Bonds <br>(Cost $6,003,622)<br>|  | 6169144 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.23% (g) (h) <br>(Cost $366,465)<br>| 366465 | 366465 |
| **Total Investments — 98.6%** <br>**(Cost $46,166,380)**<br>|  | **46810862** |
| **Other Assets in Excess of Liabilities — 1.4%** |  | **640759** |
| **NET ASSETS — 100.0%** |  | **47451621** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| GMTN | Global Medium Term Note |
| PT | Limited liability company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Aggregate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 1-3** <br>**Year ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 20+** <br>**Year ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 3-10** <br>**Year ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1262120619 | &nbsp;&nbsp;&nbsp; $30309244 | &nbsp;&nbsp;&nbsp; $7109350 | &nbsp;&nbsp;&nbsp; $22696908 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 35598582 | &nbsp;&nbsp;&nbsp; 69048 | &nbsp;&nbsp;&nbsp; 76388 | &nbsp;&nbsp;&nbsp; 90060 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.D.) <br>| &nbsp;&nbsp;&nbsp; 1696782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 15054743 | &nbsp;&nbsp;&nbsp; 1797159 | &nbsp;&nbsp;&nbsp; 73426 | &nbsp;&nbsp;&nbsp; 527225 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 4486481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 9190145 | &nbsp;&nbsp;&nbsp; 237506 | &nbsp;&nbsp;&nbsp; 51399 | &nbsp;&nbsp;&nbsp; 183057 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 128817 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 252 |
| Securities lending income (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 1328277794 | &nbsp;&nbsp;&nbsp; 32413195 | &nbsp;&nbsp;&nbsp; 7310732 | &nbsp;&nbsp;&nbsp; 23497502 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 14312240 | &nbsp;&nbsp;&nbsp; 1865547 | &nbsp;&nbsp;&nbsp; 144331 | &nbsp;&nbsp;&nbsp; 584023 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 38639128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 1696782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 24607 | &nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 738 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 54672757 | &nbsp;&nbsp;&nbsp; 1866542 | &nbsp;&nbsp;&nbsp; 144542 | &nbsp;&nbsp;&nbsp; 584761 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1273605037 | &nbsp;&nbsp;&nbsp; $30546653 | &nbsp;&nbsp;&nbsp; $7166190 | &nbsp;&nbsp;&nbsp; $22912741 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1412099113 | &nbsp;&nbsp;&nbsp; $30316446 | &nbsp;&nbsp;&nbsp; $8909629 | &nbsp;&nbsp;&nbsp; $22623284 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (138494076)<br>| &nbsp;&nbsp;&nbsp; 230207 | &nbsp;&nbsp;&nbsp; (1743439)<br>| &nbsp;&nbsp;&nbsp; 289457 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1273605037 | &nbsp;&nbsp;&nbsp; $30546653 | &nbsp;&nbsp;&nbsp; $7166190 | &nbsp;&nbsp;&nbsp; $22912741 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 27523203 | &nbsp;&nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 87500 | &nbsp;&nbsp;&nbsp; 230000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $46.27 | &nbsp;&nbsp;&nbsp; $99.34 | &nbsp;&nbsp;&nbsp; $81.90 | &nbsp;&nbsp;&nbsp; $99.62 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1293122107 | &nbsp;&nbsp;&nbsp; $30123711 | &nbsp;&nbsp;&nbsp; $7169548 | &nbsp;&nbsp;&nbsp; $22428044 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 35598582 | &nbsp;&nbsp;&nbsp; 69042 | &nbsp;&nbsp;&nbsp; 76387 | &nbsp;&nbsp;&nbsp; 90055 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 1648009 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 1696782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 89

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**USD High** <br>**Yield Corporate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**USD Investment** <br>**Grade Corporate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan USD** <br>**Emerging** <br>**Markets** <br>**Sovereign** <br>**Bond ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $602705275 | &nbsp;&nbsp;&nbsp; $39379505 | &nbsp;&nbsp;&nbsp; $46444397 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 5773487 | &nbsp;&nbsp;&nbsp; 211249 | &nbsp;&nbsp;&nbsp; 366465 |
| Cash | &nbsp;&nbsp;&nbsp; 37148 | &nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 1162 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7046 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 10851820 | &nbsp;&nbsp;&nbsp; 1506569 | &nbsp;&nbsp;&nbsp; 276 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 10372292 | &nbsp;&nbsp;&nbsp; 471142 | &nbsp;&nbsp;&nbsp; 647460 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 42 |
| Securities lending income (See Note 2.D.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| Total Assets | &nbsp;&nbsp;&nbsp; 629740691 | &nbsp;&nbsp;&nbsp; 41569200 | &nbsp;&nbsp;&nbsp; 47466867 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 14563689 | &nbsp;&nbsp;&nbsp; 1535211 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 41597 | &nbsp;&nbsp;&nbsp; 1186 | &nbsp;&nbsp;&nbsp; 15246 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 14605286 | &nbsp;&nbsp;&nbsp; 1536397 | &nbsp;&nbsp;&nbsp; 15246 |
| Net Assets | &nbsp;&nbsp;&nbsp; $615135405 | &nbsp;&nbsp;&nbsp; $40032803 | &nbsp;&nbsp;&nbsp; $47451621 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $686639448 | &nbsp;&nbsp;&nbsp; $43784556 | &nbsp;&nbsp;&nbsp; $69084004 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (71504043)<br>| &nbsp;&nbsp;&nbsp; (3751753)<br>| &nbsp;&nbsp;&nbsp; (21632383)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $615135405 | &nbsp;&nbsp;&nbsp; $40032803 | &nbsp;&nbsp;&nbsp; $47451621 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 13150000 | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 1200000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $46.78 | &nbsp;&nbsp;&nbsp; $45.75 | &nbsp;&nbsp;&nbsp; $39.54 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $600911028 | &nbsp;&nbsp;&nbsp; $39740708 | &nbsp;&nbsp;&nbsp; $45799915 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 5773487 | &nbsp;&nbsp;&nbsp; 211249 | &nbsp;&nbsp;&nbsp; 366465 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Aggregate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 1-3** <br>**Year ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 20+** <br>**Year ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Treasury** <br>**Bond 3-10** <br>**Year ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $26907099 | &nbsp;&nbsp;&nbsp; $606317 | &nbsp;&nbsp;&nbsp; $271308 | &nbsp;&nbsp;&nbsp; $451492 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1199829 | &nbsp;&nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp; 889 |
| Income from securities lending (net) (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 7049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 28116913 | &nbsp;&nbsp;&nbsp; 607255 | &nbsp;&nbsp;&nbsp; 271901 | &nbsp;&nbsp;&nbsp; 452381 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 162057 | &nbsp;&nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp; 4451 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 163629 | &nbsp;&nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp; 4451 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 27953284 | &nbsp;&nbsp;&nbsp; 601295 | &nbsp;&nbsp;&nbsp; 269733 | &nbsp;&nbsp;&nbsp; 447930 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (9215189)<br>| &nbsp;&nbsp;&nbsp; 15513 | &nbsp;&nbsp;&nbsp; (903278)<br>| &nbsp;&nbsp;&nbsp; 3660 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 20 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; (11777703)<br>| &nbsp;&nbsp;&nbsp; 8189 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (20992892)<br>| &nbsp;&nbsp;&nbsp; 23716 | &nbsp;&nbsp;&nbsp; (903266)<br>| &nbsp;&nbsp;&nbsp; 3680 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 22266771 | &nbsp;&nbsp;&nbsp; 96703 | &nbsp;&nbsp;&nbsp; 301723 | &nbsp;&nbsp;&nbsp; 280002 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 22266776 | &nbsp;&nbsp;&nbsp; 96707 | &nbsp;&nbsp;&nbsp; 301723 | &nbsp;&nbsp;&nbsp; 279998 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1273884 | &nbsp;&nbsp;&nbsp; 120423 | &nbsp;&nbsp;&nbsp; (601543)<br>| &nbsp;&nbsp;&nbsp; 283678 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $29227168 | &nbsp;&nbsp;&nbsp; $721718 | &nbsp;&nbsp;&nbsp; $(331810)<br>| &nbsp;&nbsp;&nbsp; $731608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 91

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**USD High** <br>**Yield Corporate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**USD Investment** <br>**Grade Corporate** <br>**Bond ETF** <br>| &nbsp;&nbsp; **JPMorgan USD** <br>**Emerging** <br>**Markets** <br>**Sovereign** <br>**Bond ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $21199352 | &nbsp;&nbsp;&nbsp; $999961 | &nbsp;&nbsp;&nbsp; $2335846 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1962 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 27 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 95572 | &nbsp;&nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; 9170 |
| Income from securities lending (net) (See Note 2.D.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 928 |
| Total investment income | &nbsp;&nbsp;&nbsp; 21296886 | &nbsp;&nbsp;&nbsp; 1003514 | &nbsp;&nbsp;&nbsp; 2345971 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 205781 | &nbsp;&nbsp;&nbsp; 7833 | &nbsp;&nbsp;&nbsp; 141183 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 155 |
| Other | &nbsp;&nbsp;&nbsp; 10392 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 217343 | &nbsp;&nbsp;&nbsp; 7833 | &nbsp;&nbsp;&nbsp; 141338 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 21079543 | &nbsp;&nbsp;&nbsp; 995681 | &nbsp;&nbsp;&nbsp; 2204633 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (787107)<br>| &nbsp;&nbsp;&nbsp; (9397)<br>| &nbsp;&nbsp;&nbsp; (525330)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; (12561715)<br>| &nbsp;&nbsp;&nbsp; (102725)<br>| &nbsp;&nbsp;&nbsp; (4258785)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (13348822)<br>| &nbsp;&nbsp;&nbsp; (112122)<br>| &nbsp;&nbsp;&nbsp; (4784103)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1335167 | &nbsp;&nbsp;&nbsp; 108181 | &nbsp;&nbsp;&nbsp; 1582146 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 739 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1335167 | &nbsp;&nbsp;&nbsp; 108181 | &nbsp;&nbsp;&nbsp; 1582885 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (12013655)<br>| &nbsp;&nbsp;&nbsp; (3941)<br>| &nbsp;&nbsp;&nbsp; (3201218)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $9065888 | &nbsp;&nbsp;&nbsp; $991740 | &nbsp;&nbsp;&nbsp; $(996585)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders U.S.** <br>**Aggregate Bond ETF**  | **JPMorgan BetaBuilders U.S.** <br>**Aggregate Bond ETF**  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 1-3 Year ETF**  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 1-3 Year ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $27953284 | &nbsp;&nbsp;&nbsp; $63255062 | &nbsp;&nbsp;&nbsp; $601295 | &nbsp;&nbsp;&nbsp; $196932 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (20992892)<br>| &nbsp;&nbsp;&nbsp; (21532985)<br>| &nbsp;&nbsp;&nbsp; 23716 | &nbsp;&nbsp;&nbsp; 16464 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 22266776 | &nbsp;&nbsp;&nbsp; 41662943 | &nbsp;&nbsp;&nbsp; 96707 | &nbsp;&nbsp;&nbsp; 80910 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 29227168 | &nbsp;&nbsp;&nbsp; 83385020 | &nbsp;&nbsp;&nbsp; 721718 | &nbsp;&nbsp;&nbsp; 294306 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (28429101)<br>| &nbsp;&nbsp;&nbsp; (63890911)<br>| &nbsp;&nbsp;&nbsp; (565775)<br>| &nbsp;&nbsp;&nbsp; (155861)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (268999134)<br>| &nbsp;&nbsp;&nbsp; (125547879)<br>| &nbsp;&nbsp;&nbsp; 10127067 | &nbsp;&nbsp;&nbsp; 15702524 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (268201067)<br>| &nbsp;&nbsp;&nbsp; (106053770)<br>| &nbsp;&nbsp;&nbsp; 10283010 | &nbsp;&nbsp;&nbsp; 15840969 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1541806104 | &nbsp;&nbsp;&nbsp; 1647859874 | &nbsp;&nbsp;&nbsp; 20263643 | &nbsp;&nbsp;&nbsp; 4422674 |
| End of period | &nbsp;&nbsp;&nbsp; $1273605037 | &nbsp;&nbsp;&nbsp; $1541806104 | &nbsp;&nbsp;&nbsp; $30546653 | &nbsp;&nbsp;&nbsp; $20263643 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $276884571 | &nbsp;&nbsp;&nbsp; $498012687 | &nbsp;&nbsp;&nbsp; $11609108 | &nbsp;&nbsp;&nbsp; $19130513 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (545883705)<br>| &nbsp;&nbsp;&nbsp; (623560566)<br>| &nbsp;&nbsp;&nbsp; (1482041)<br>| &nbsp;&nbsp;&nbsp; (3427989)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(268999134)<br>| &nbsp;&nbsp;&nbsp; $(125547879)<br>| &nbsp;&nbsp;&nbsp; $10127067 | &nbsp;&nbsp;&nbsp; $15702524 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6050000 | &nbsp;&nbsp;&nbsp; 10825000 | &nbsp;&nbsp;&nbsp; 117500 | &nbsp;&nbsp;&nbsp; 195000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11850000)<br>| &nbsp;&nbsp;&nbsp; (13625000)<br>| &nbsp;&nbsp;&nbsp; (15000)<br>| &nbsp;&nbsp;&nbsp; (35000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (5800000)<br>| &nbsp;&nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp;&nbsp; 102500 | &nbsp;&nbsp;&nbsp; 160000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 20+ Year ETF**  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 20+ Year ETF**  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 3-10 Year ETF**  | **JPMorgan** <br>**BetaBuilders U.S.** <br>**Treasury Bond 3-10 Year ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $269733 | &nbsp;&nbsp;&nbsp; $750724 | &nbsp;&nbsp;&nbsp; $447930 | &nbsp;&nbsp;&nbsp; $379679 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (903266)<br>| &nbsp;&nbsp;&nbsp; (1090485)<br>| &nbsp;&nbsp;&nbsp; 3680 | &nbsp;&nbsp;&nbsp; (2213)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 301723 | &nbsp;&nbsp;&nbsp; 1875333 | &nbsp;&nbsp;&nbsp; 279998 | &nbsp;&nbsp;&nbsp; 89048 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (331810)<br>| &nbsp;&nbsp;&nbsp; 1535572 | &nbsp;&nbsp;&nbsp; 731608 | &nbsp;&nbsp;&nbsp; 466514 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (271865)<br>| &nbsp;&nbsp;&nbsp; (885410)<br>| &nbsp;&nbsp;&nbsp; (440035)<br>| &nbsp;&nbsp;&nbsp; (345268)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (338858)<br>| &nbsp;&nbsp;&nbsp; (23766861)<br>| &nbsp;&nbsp;&nbsp; 1477367 | &nbsp;&nbsp;&nbsp; 12543270 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (942533)<br>| &nbsp;&nbsp;&nbsp; (23116699)<br>| &nbsp;&nbsp;&nbsp; 1768940 | &nbsp;&nbsp;&nbsp; 12664516 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 8108723 | &nbsp;&nbsp;&nbsp; 31225422 | &nbsp;&nbsp;&nbsp; 21143801 | &nbsp;&nbsp;&nbsp; 8479285 |
| End of period | &nbsp;&nbsp;&nbsp; $7166190 | &nbsp;&nbsp;&nbsp; $8108723 | &nbsp;&nbsp;&nbsp; $22912741 | &nbsp;&nbsp;&nbsp; $21143801 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $7077712 | &nbsp;&nbsp;&nbsp; $8632263 | &nbsp;&nbsp;&nbsp; $1477367 | &nbsp;&nbsp;&nbsp; $16923604 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7416570)<br>| &nbsp;&nbsp;&nbsp; (32399124)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4380334)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(338858)<br>| &nbsp;&nbsp;&nbsp; $(23766861)<br>| &nbsp;&nbsp;&nbsp; $1477367 | &nbsp;&nbsp;&nbsp; $12543270 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 97500 | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 172500 |
| Redeemed | &nbsp;&nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp;&nbsp; (352500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (5000)<br>| &nbsp;&nbsp;&nbsp; (255000)<br>| &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 127500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders USD High** <br>**Yield Corporate Bond ETF**  | **JPMorgan BetaBuilders USD High** <br>**Yield Corporate Bond ETF**  | **JPMorgan BetaBuilders USD Investment** <br>**Grade Corporate Bond ETF**  | **JPMorgan BetaBuilders USD Investment** <br>**Grade Corporate Bond ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $21079543 | &nbsp;&nbsp;&nbsp; $78258750 | &nbsp;&nbsp;&nbsp; $995681 | &nbsp;&nbsp;&nbsp; $2300056 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (13348822)<br>| &nbsp;&nbsp;&nbsp; 18413082 | &nbsp;&nbsp;&nbsp; (112122)<br>| &nbsp;&nbsp;&nbsp; (125585)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1335167 | &nbsp;&nbsp;&nbsp; 8258443 | &nbsp;&nbsp;&nbsp; 108181 | &nbsp;&nbsp;&nbsp; 856304 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 9065888 | &nbsp;&nbsp;&nbsp; 104930275 | &nbsp;&nbsp;&nbsp; 991740 | &nbsp;&nbsp;&nbsp; 3030775 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (23191981)<br>| &nbsp;&nbsp;&nbsp; (77449751)<br>| &nbsp;&nbsp;&nbsp; (1015424)<br>| &nbsp;&nbsp;&nbsp; (2367088)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (306244617)<br>| &nbsp;&nbsp;&nbsp; 107746407 | &nbsp;&nbsp;&nbsp; (3369923)<br>| &nbsp;&nbsp;&nbsp; (4656005)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (320370710)<br>| &nbsp;&nbsp;&nbsp; 135226931 | &nbsp;&nbsp;&nbsp; (3393607)<br>| &nbsp;&nbsp;&nbsp; (3992318)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 935506115 | &nbsp;&nbsp;&nbsp; 800279184 | &nbsp;&nbsp;&nbsp; 43426410 | &nbsp;&nbsp;&nbsp; 47418728 |
| End of period | &nbsp;&nbsp;&nbsp; $615135405 | &nbsp;&nbsp;&nbsp; $935506115 | &nbsp;&nbsp;&nbsp; $40032803 | &nbsp;&nbsp;&nbsp; $43426410 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $298706859 | &nbsp;&nbsp;&nbsp; $1731938508 | &nbsp;&nbsp;&nbsp; $1136299 | &nbsp;&nbsp;&nbsp; $5625271 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (604951476)<br>| &nbsp;&nbsp;&nbsp; (1624192101)<br>| &nbsp;&nbsp;&nbsp; (4506222)<br>| &nbsp;&nbsp;&nbsp; (10281276)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(306244617)<br>| &nbsp;&nbsp;&nbsp; $107746407 | &nbsp;&nbsp;&nbsp; $(3369923)<br>| &nbsp;&nbsp;&nbsp; $(4656005)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6475000 | &nbsp;&nbsp;&nbsp; 37525000 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 125000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13350000)<br>| &nbsp;&nbsp;&nbsp; (34975000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (225000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (6875000)<br>| &nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 95

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**USD Emerging Markets** <br>**Sovereign Bond ETF**  | **JPMorgan** <br>**USD Emerging Markets** <br>**Sovereign Bond ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2204633 | &nbsp;&nbsp;&nbsp; $34440632 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (4784103)<br>| &nbsp;&nbsp;&nbsp; (328001)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1582885 | &nbsp;&nbsp;&nbsp; (4119603)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (996585)<br>| &nbsp;&nbsp;&nbsp; 29993028 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (2868832)<br>| &nbsp;&nbsp;&nbsp; (36696867)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (115564557)<br>| &nbsp;&nbsp;&nbsp; (484109207)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (119429974)<br>| &nbsp;&nbsp;&nbsp; (490813046)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 166881595 | &nbsp;&nbsp;&nbsp; 657694641 |
| End of period | &nbsp;&nbsp;&nbsp; $47451621 | &nbsp;&nbsp;&nbsp; $166881595 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $70409162 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (115564557)<br>| &nbsp;&nbsp;&nbsp; (554518369)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(115564557)<br>| &nbsp;&nbsp;&nbsp; $(484109207)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1800000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3100000)<br>| &nbsp;&nbsp;&nbsp; (14400000)<br>|
| Net decrease in shares from share transactions | &nbsp;&nbsp;&nbsp; (3100000)<br>| &nbsp;&nbsp;&nbsp; (12600000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

97 <br>

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>| Net asset <br>value, <br>end of <br>period <br>|
| **JPMorgan BetaBuilders U.S. Aggregate Bond ETF** |  |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $46.27 | &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $46.27 |
| Year Ended February 28, 2025  | 45.62 | 1.90 | 0.66 | 2.56 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.91)<br>| 46.27 |
| Year Ended February 29, 2024  | 45.92 | 1.79 | &nbsp;&nbsp; (0.36)<br>| 1.43 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.73)<br>| 45.62 |
| Year Ended February 28, 2023  | 52.13 | 1.13 | &nbsp;&nbsp; (6.27)<br>| &nbsp;&nbsp; (5.14)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| 45.92 |
| Year Ended February 28, 2022 (f) | 54.39 | 0.71 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.78)<br>| 52.13 |
| Year Ended February 28, 2021 (f) | 54.86 | 0.89 | &nbsp;&nbsp; (0.32)<br>| 0.57 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.04)<br>| 54.39 |
| **JPMorgan BetaBuilders U.S. Treasury Bond 1-3** <br> **Year ETF**<br>|  |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 98.85 | 2.00 | 0.42 | 2.42 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.93)<br>| 99.34 |
| Year Ended February 28, 2025  | 98.28 | 4.34 | 0.68 | 5.02 | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.45)<br>| 98.85 |
| April 19, 2023 (g) through February 29, 2024  | 99.50 | 3.93 | &nbsp;&nbsp; (1.30)<br>| 2.63 | &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.85)<br>| 98.28 |
| **JPMorgan BetaBuilders U.S. Treasury Bond 20+** <br> **Year ETF**<br>|  |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 87.66 | 2.07 | &nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.08)<br>| 81.90 |
| Year Ended February 28, 2025  | 89.86 | 3.94 | &nbsp;&nbsp; (1.81)<br>| 2.13 | &nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.33)<br>| 87.66 |
| April 19, 2023 (g) through February 29, 2024  | 99.50 | 3.43 | &nbsp;&nbsp; (10.06)<br>| &nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.01)<br>| 89.86 |
| **JPMorgan BetaBuilders U.S. Treasury Bond 3-10** <br> **Year ETF**<br>|  |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 98.34 | 1.99 | 1.24 | 3.23 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.95)<br>| 99.62 |
| Year Ended February 28, 2025  | 96.91 | 3.83 | 1.20 | 5.03 | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.60)<br>| 98.34 |
| April 19, 2023 (g) through February 29, 2024  | 99.50 | 3.32 | &nbsp;&nbsp; (2.93)<br>| 0.39 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.98)<br>| 96.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) Amount rounds to less than $0.005.

(f) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.

(g) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1273605037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541806104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647859874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312100977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024267076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826789330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30546653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20263643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4422674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7166190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8108723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31225422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22912741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21143801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8479285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 99

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan BetaBuilders USD High Yield Corporate Bond ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $46.72 | &nbsp;&nbsp; $1.64 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $1.82 | &nbsp;&nbsp; $(1.76)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.76)<br>|
| Year Ended February 28, 2025  | 45.80 | 3.37 | 0.88 | 4.25 | &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.33)<br>|
| Year Ended February 29, 2024  | 44.41 | 3.16 | 1.23 | 4.39 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.00)<br>|
| Year Ended February 28, 2023  | 49.61 | 2.26 | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>|
| Year Ended February 28, 2022  | 51.64 | 1.97 | &nbsp;&nbsp; (1.79)<br>| 0.18 | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.21)<br>|
| Year Ended February 28, 2021  | 50.31 | 2.12 | 1.31<br> (e)<br>| 3.43 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.10)<br>|
| **JPMorgan BetaBuilders USD Investment Grade Corporate** <br> **Bond ETF**<br>|  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 45.71 | 1.14 | 0.06 | 1.20 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.16)<br>|
| Year Ended February 28, 2025  | 45.16 | 2.27 | 0.59 | 2.86 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.31)<br>|
| Year Ended February 29, 2024  | 44.70 | 2.14 | 0.34 | 2.48 | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>|
| Year Ended February 28, 2023  | 51.48 | 1.55 | &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.53)<br>|
| Year Ended February 28, 2022  | 55.33 | 1.38 | &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended February 28, 2021  | 56.27 | 1.58 | &nbsp;&nbsp; (0.31)<br>| 1.27 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (2.21)<br>|
| **JPMorgan USD Emerging Markets Sovereign Bond ETF** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 38.81 | 1.18 | 0.87 | 2.05 | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.32)<br>|
| Year Ended February 28, 2025  | 38.92 | 2.39 | 0.15 | 2.54 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.65)<br>|
| Year Ended February 29, 2024  | 38.57 | 2.40 | 0.30<br> (e)<br>| 2.70 | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.35)<br>|
| Year Ended February 28, 2023  | 43.42 | 2.20 | &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.98)<br>|
| Year Ended February 28, 2022  | 49.27 | 2.03 | &nbsp;&nbsp; (5.81)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.07)<br>|
| Year Ended February 28, 2021  | 50.95 | 2.17 | &nbsp;&nbsp; (1.83)<br>| 0.34 | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) 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 Statements 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.83 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $615135405 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.72 | &nbsp;&nbsp;&nbsp;&nbsp;46.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935506115 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.80 | &nbsp;&nbsp;&nbsp;&nbsp;45.88 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800279184 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.41 | &nbsp;&nbsp;&nbsp;&nbsp;44.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337479306 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp;&nbsp;&nbsp;49.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453558764 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.64 | &nbsp;&nbsp;&nbsp;&nbsp;51.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1559634055 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.75 | &nbsp;&nbsp;&nbsp;&nbsp;45.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40032803 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.71 | &nbsp;&nbsp;&nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43426410 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.16 | &nbsp;&nbsp;&nbsp;&nbsp;45.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47418728 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.70 | &nbsp;&nbsp;&nbsp;&nbsp;44.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44702756 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.48 | &nbsp;&nbsp;&nbsp;&nbsp;51.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51478693 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.33 | &nbsp;&nbsp;&nbsp;&nbsp;55.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55332638 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.54 | &nbsp;&nbsp;&nbsp;&nbsp;39.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47451621 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.81 | &nbsp;&nbsp;&nbsp;&nbsp;39.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166881595 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.92 | &nbsp;&nbsp;&nbsp;&nbsp;38.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657694641 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.57 | &nbsp;&nbsp;&nbsp;&nbsp;38.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227584365 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.42 | &nbsp;&nbsp;&nbsp;&nbsp;44.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69475995 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;49.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83750663 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 101

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 7 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF | Diversified |
| JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF | Diversified |
| JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | Diversified |
| JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF | Diversified |
| JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | Diversified |
| JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | Diversified |
| JPMorgan USD Emerging Markets Sovereign Bond ETF | Non-Diversified |

---

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 Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF ("BetaBuilders U.S. Treasury Bond 1-3 Year ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 1-3 Year Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF ("BetaBuilders U.S. Treasury Bond 20+ Year ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 20+ Year Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF ("BetaBuilders U.S. Treasury Bond 3-10 Year ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 3-10 Year 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 U.S. 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 U.S. Aggregate Bond ETF | NYSE Arca, Inc. |
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders USD High Yield Corporate Bond ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | NYSE Arca, Inc. |
| USD Emerging Markets Sovereign Bond ETF | NYSE Arca, Inc. |

---

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 in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Securities and Exchange Commission ("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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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 NAV of the Funds are calculated on a valuation date.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 103

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Aggregate Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2206553 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2206553 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21945630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21945630 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303425163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303425163 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20137487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20137487 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 310356151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 310356151 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6330298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6330298 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14041869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14041869 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9871888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9871888 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 573805580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 573805580 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 35598582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35598582 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1696782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1696782 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 37295364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37295364 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $37295364 | &nbsp;&nbsp;&nbsp;&nbsp; $1262120619 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1299415983 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30309244 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30309244 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 69048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69048 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $69048 | &nbsp;&nbsp;&nbsp;&nbsp; $30309244 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30378292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7109350 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7109350 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 76388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76388 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $76388 | &nbsp;&nbsp;&nbsp;&nbsp; $7109350 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7185738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22696908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22696908 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 90060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90060 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $90060 | &nbsp;&nbsp;&nbsp;&nbsp; $22696908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22786968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders USD High Yield Corporate Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72468 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72468 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7275 | &nbsp;&nbsp;&nbsp;&nbsp; 7275 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72468 | &nbsp;&nbsp;&nbsp;&nbsp; 7275 | &nbsp;&nbsp;&nbsp;&nbsp; 79743 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14227985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14227985 |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648845 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13287100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13287100 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6367070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6367070 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 481702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 481702 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 542672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 542672 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516876 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7837749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7837749 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13170634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13170634 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7338403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7338403 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22086922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22086922 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17516629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17516629 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2908994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2908994 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4707904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4707904 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206615 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14845746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14845746 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6205225 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6205225 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14026916 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14026916 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390990 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4331606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4331606 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3119093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3119093 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28790336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28790336 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11461252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11461252 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1280904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1280904 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1729826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1729826 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10963482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10963482 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7239794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7239794 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19876907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19876907 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996577 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2105027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2105027 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7929661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7929661 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7674610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7674610 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26039996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26039996 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2289553 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2289553 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2047569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2047569 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5350002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5350002 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41219162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41219162 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11655691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11655691 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1667884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1667884 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5804205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5804205 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16117460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16117460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 105

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders USD High Yield Corporate Bond ETF** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1514087 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1514087 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6580416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6580416 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352662 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 862512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 862512 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6706895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6706895 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124861 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42230494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42230494 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14191443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14191443 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3151600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3151600 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335493 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1816458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1816458 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55693043 | &nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp; 55693461 |
| Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1616932 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1616932 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4491961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4491961 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2593972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2593972 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9029781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9029781 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2684449 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2684449 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4406074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4406074 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342966 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3239763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3239763 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17182822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17182822 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5199505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5199505 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17807913 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17807913 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683502 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3802511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3802511 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135903 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11177623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11177623 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5663899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5663899 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 602625114 | &nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp; 602625532 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5773487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5773487 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5773487 | &nbsp;&nbsp;&nbsp;&nbsp; $602697582 | &nbsp;&nbsp;&nbsp;&nbsp; $7693 | &nbsp;&nbsp;&nbsp;&nbsp; $608478762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders USD Investment Grade Corporate Bond** <br> **ETF** <br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $78868 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $78868 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39300637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39300637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders USD Investment Grade Corporate Bond** <br> **ETF** (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $211249 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $211249 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $211249 | &nbsp;&nbsp;&nbsp;&nbsp; $39379505 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39590754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **USD Emerging Markets Sovereign Bond ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6169144 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6169144 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40275253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40275253 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 366465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366465 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $366465 | &nbsp;&nbsp;&nbsp;&nbsp; $46444397 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46810862 |

---

**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 August 31, 2025, 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 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 Fund 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.

The Fund may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for the Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by the Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Fund's Statements of Assets and Liabilities and are disclosed in the table below.

BetaBuilders U.S. Aggregate Bond ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2025 are detailed on the SOIs, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 107

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp; $1648009 | &nbsp;&nbsp; $(1648009)<br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

USD Emerging Markets Sovereign Bond ETF did not have any securities on loan at August 31, 2025.

BetaBuilders U.S. Treasury Bond 1-3 Year ETF, BetaBuilders U.S. Treasury Bond 20+ Year ETF, BetaBuilders U.S. Treasury Bond 3-10 Year ETF, BetaBuilders USD High Yield Corporate Bond ETF and BetaBuilders USD Investment Grade Corporate Bond ETF did not lend out any securities during the six months ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds 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 U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  | **BetaBuilders U.S. Aggregate Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.34% <br> (a) (b)<br>| $2350866 | $11064685 | $11718769 | $— | $— | $1696782 | 1696782 | $35,767<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.23% (a) (b)<br>| 55052585 | 182897528 | 202351531 |  |  | 35598582 | 35598582 | 1199829 |  |
| **Total** | $57403451 | $193962213 | $214070300 | $— | $— | $37295364 |  | $1235596 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  | **BetaBuilders U.S. Treasury Bond 1-3 Year ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b)<br>| $39388 | $710995 | $681353 | $14 | $4 | $69048 | 69027 | $938 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  | **BetaBuilders U.S. Treasury Bond 20+ Year ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b)<br>| $8574 | $472262 | $404460 | $12 | $— | $76388 | 76365 | $593 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 109

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  | **BetaBuilders U.S. Treasury Bond 3-10 Year ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.36% (a) (b)<br>| $88310 | $616808 | $615074 | $20 | $(4)<br>| $90060 | 90033 | $889 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  | **BetaBuilders USD High Yield Corporate Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (a) (b)<br>| $6152103 | $51015699 | $51394315 | $— | $— | $5773487 | 5773487 | $95572 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  | **BetaBuilders USD Investment Grade Corporate Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.23% (a) (b)<br>| $138616 | $1222467 | $1149834 | $— | $— | $211249 | 211249 | $3552 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  | **USD Emerging Markets Sovereign Bond ETF**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.34% <br> (a) (b)<br>| $1292706 | $6347370 | $7640076 | $— | $— | $— |  | $8,267<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.23% (a) (b)<br>| 695282 | 4461827 | 4790644 |  |  | 366465 | 366465 | 9170 |  |
| **Total** | $1987988 | $10809197 | $12430720 | $— | $— | $366465 |  | $17437 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The rate shown is the current yield as of August 31, 2025.

\* Amount is included on the Statements 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 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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**G. 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.

**H. 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 August 31, 2025, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

**I. 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.

**J. 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.

**K. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 111

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**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 U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| USD Emerging Markets Sovereign Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |

---

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.

**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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the six months ended August 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| BetaBuilders U.S. Aggregate Bond ETF | $643203300 | $733354322 | $48309058 | $44260520 |
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF |  |  | 13615848 | 9319275 |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF |  |  | 1054183 | 8404177 |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF |  |  | 3803861 | 3926461 |
| BetaBuilders USD High Yield Corporate Bond ETF | 99258975 | 108100070 |  |  |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | 5303080 | 5593684 |  |  |
| USD Emerging Markets Sovereign Bond ETF | 22974569 | 23694181 |  |  |

---

For the six months ended August 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| BetaBuilders U.S. Aggregate Bond ETF | $203444606 | $392023760 |
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | 7088580 | 1465857 |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | 6959673 |  |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | 1457414 |  |
| BetaBuilders USD High Yield Corporate Bond ETF | 286854288 | 582738930 |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | 1162743 | 4327189 |
| USD Emerging Markets Sovereign Bond ETF |  | 113417332 |

---

During the six months ended August 31, 2025, 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.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1330417471 | &nbsp;&nbsp;&nbsp;&nbsp; $11657083 | &nbsp;&nbsp;&nbsp;&nbsp; $42658571 | &nbsp;&nbsp;&nbsp;&nbsp; $(31001488)<br>|
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 30192753 | &nbsp;&nbsp;&nbsp;&nbsp; 186341 | &nbsp;&nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp;&nbsp; 185539 |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7245935 | &nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp; 61001 | &nbsp;&nbsp;&nbsp;&nbsp; (60197)<br>|
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22518099 | &nbsp;&nbsp;&nbsp;&nbsp; 269534 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp; 268869 |
| BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 606684515 | &nbsp;&nbsp;&nbsp;&nbsp; 8046687 | &nbsp;&nbsp;&nbsp;&nbsp; 6252440 | &nbsp;&nbsp;&nbsp;&nbsp; 1794247 |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 39951957 | &nbsp;&nbsp;&nbsp;&nbsp; 680191 | &nbsp;&nbsp;&nbsp;&nbsp; 1041394 | &nbsp;&nbsp;&nbsp;&nbsp; (361203)<br>|
| USD Emerging Markets Sovereign Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 46166380 | &nbsp;&nbsp;&nbsp;&nbsp; 1360208 | &nbsp;&nbsp;&nbsp;&nbsp; 715726 | &nbsp;&nbsp;&nbsp;&nbsp; 644482 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 113

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

At February 28, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $41084775 | &nbsp;&nbsp;&nbsp;&nbsp; $46951134 |
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 63169 | &nbsp;&nbsp;&nbsp;&nbsp; 1896 |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 639479 | &nbsp;&nbsp;&nbsp;&nbsp; 84823 |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 27955 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 16101285 | &nbsp;&nbsp;&nbsp;&nbsp; 45441849 |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 643171 | &nbsp;&nbsp;&nbsp;&nbsp; 2747615 |
| USD Emerging Markets Sovereign Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8303126 | &nbsp;&nbsp;&nbsp;&nbsp; 9066057 |

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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, 2025, the following Funds deferred to March 1, 2025 the following net capital losses (gains) and/or specified ordinary losses of:

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| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
|  | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
| BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1132461 | &nbsp;&nbsp;&nbsp;&nbsp; $1432933 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BetaBuilders U.S. Treasury Bond 20+ Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26418 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders U.S. Treasury Bond 3-10 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8803 | &nbsp;&nbsp;&nbsp;&nbsp; 3819 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; (914777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1884588 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (3891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22569 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD Emerging Markets Sovereign Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 88293 | &nbsp;&nbsp;&nbsp;&nbsp; 135979 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

During the year ended February 28, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $4738597 |
| BetaBuilders U.S. Treasury Bond 1-3 Year ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2376 |
| BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 610839 |
| BetaBuilders USD Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 30561 |
| USD Emerging Markets Sovereign Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1027093 |

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**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Borrowings** 

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 six months ended August 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

**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.

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.

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 are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, 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, 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. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

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.

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.

BetaBuilders U.S. Aggregate Bond ETF and BetaBuilders USD Investment Grade Corporate Bond ETF invest in contingent convertible securities ("CoCos") and are subject to additional risks from such investments. CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, the Funds may lose the principal amount invested on a permanent or temporary basis or the CoCo may be converted to equity. Even though the Funds do not invest in common stock as a principal investment strategy, the Funds will be subject to increased equity market risk in the event that such securities are converted to equity. In addition to being subject to a possible write-down upon the occurrence of a trigger event, CoCos may also be subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly dissolution of an institution has determined that the issuer is not viable. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer. Holders of CoCos may suffer a loss of capital when comparable equity holders do not. As CoCos may be perpetual or have long-dated maturities, they may face greater interest rate sensitivity and may be subject to greater fluctuations in value than securities with shorter maturity dates. Such securities also may be subject to prepayment risk due to optional or mandatory redemption provisions.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Exchange-Traded Funds August 31, 2025

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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.

![](g91311img476bee682.jpg)

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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. August 2025.

SAN-PASSETF-825

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

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**Statement Regarding Basis for Approval of Management Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreements for each Fund whose semi-annual report is contained herein (each a "Management Agreement" and collectively, the "Management Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 14, 2025.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with represen

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

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

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

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

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its

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role as Administrator;

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

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

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

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

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

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

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

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

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

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Funds' distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and

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infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

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

***Investment Performance***

The Trustees considered that each Fund is a "passive" ETFs whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees considered each Fund's investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered each Fund's performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund's performance was consistent with its investment objective and supported renewal of each Fund's Management Agreement. The Trustees requested, however, that the Adviser provide additional performance information for the JPMorgan USD Emerging Markets Sovereign Bond ETF to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of the next year.

***Management Fees and Expense Ratios***

The Trustees considered the contractual and net management fee rates paid by each Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the same

Broadridge category as each Fund. This review included ranking of each Fund within an expense universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"). The Trustees reviewed a description of Broadridge's methodology for selecting funds in the Universe and Peer Group, as applicable, and noted that the Universe and/or Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan BetaBuilders U.S. Aggregate Bond ETF's net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF's net management fee was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, including the unitary fee reduction effective December 1, 2024, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF's net management fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the third and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including the unitary fee reduction effective December 1, 2024, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF's net management fee and actual total expenses were both in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including the unitary fee reduction effective December 1, 2024, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

------

The Trustees noted that the JPMorgan BetaBuilders USD High Yield Corporate Bond ETF's net management fee and actual total expenses were both in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group due to the limited number of funds in the Peer Group. After considering the factors identified above, including the unitary fee reduction effective December 1, 2024, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF's net management fee and actual total expenses were both in the first quintile of both

the Peer Group and Universe. After considering the factors identified above, including the unitary fee reduction effective December 1, 2024, in light of this information, the Trustees concluded that the management fee was s fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan USD Emerging Markets Sovereign Bond ETF's net management fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the third and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

August 31, 2025 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan Mortgage-Backed Securities ETF JMTG The NASDAQ Stock Market® LLC

![](g49993img32f71e6a1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_3b09d988-1d0a-42ef-b017-c2ca20b709c0_SOI-TOC-ScheduleofInvestments-1079_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_3b09d988-1d0a-42ef-b017-c2ca20b709c0_FS-TOC-FinancialStatement-1079_1) | &nbsp;&nbsp; **42** |
| [Financial Highlights](#xx_3b09d988-1d0a-42ef-b017-c2ca20b709c0_FIHI_2-TOC-FIHI-1079_2) | &nbsp;&nbsp; **48** |
| [Notes to Financial Statements](#xx_3b09d988-1d0a-42ef-b017-c2ca20b709c0_NTF-NTFRunningFooter-1079_1) | &nbsp;&nbsp; **50** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — 60.1%** | **Mortgage-Backed Securities — 60.1%** | **Mortgage-Backed Securities — 60.1%** |
| FHLMC  |  |  |
| Pool # 781087, ARM, 6.36%, <br> 12/1/2033 (a)<br>| 15573 | 15900 |
| Pool # 1B1665, ARM, 6.75%, <br> 4/1/2034 (a)<br>| 9442 | 9581 |
| Pool # 782979, ARM, 6.50%, <br> 1/1/2035 (a)<br>| 28375 | 29321 |
| Pool # 1B2844, ARM, 6.55%, <br> 3/1/2035 (a)<br>| 14681 | 14908 |
| Pool # 1Q0007, ARM, 6.64%, <br> 12/1/2035 (a)<br>| 6193 | 6236 |
| Pool # 972200, ARM, 6.78%, <br> 3/1/2036 (a)<br>| 9230 | 9375 |
| Pool # 1J1380, ARM, 7.40%, <br> 3/1/2036 (a)<br>| 3590 | 3732 |
| Pool # 1H2618, ARM, 6.34%, <br> 5/1/2036 (a)<br>| 22321 | 23114 |
| Pool # 1G2557, ARM, 6.80%, <br> 6/1/2036 (a)<br>| 34133 | 35216 |
| Pool # 1A1085, ARM, 6.50%, <br> 8/1/2036 (a)<br>| 16684 | 17045 |
| Pool # 1Q0105, ARM, 6.72%, <br> 9/1/2036 (a)<br>| 9336 | 9567 |
| Pool # 1N0249, ARM, 6.32%, <br> 10/1/2036 (a)<br>| 5095 | 5162 |
| Pool # 1A1096, ARM, 6.41%, <br> 10/1/2036 (a)<br>| 66502 | 67694 |
| Pool # 1J1348, ARM, 7.19%, <br> 10/1/2036 (a)<br>| 51961 | 53822 |
| Pool # 1J1378, ARM, 6.27%, <br> 11/1/2036 (a)<br>| 29234 | 29939 |
| Pool # 1G2671, ARM, 6.51%, <br> 11/1/2036 (a)<br>| 30599 | 31109 |
| Pool # 782760, ARM, 6.81%, <br> 11/1/2036 (a)<br>| 31165 | 32230 |
| Pool # 1Q0737, ARM, 7.14%, <br> 11/1/2036 (a)<br>| 15608 | 15904 |
| Pool # 1G1386, ARM, 6.80%, <br> 12/1/2036 (a)<br>| 10916 | 11213 |
| Pool # 1J1516, ARM, 6.63%, <br> 2/1/2037 (a)<br>| 4300 | 4416 |
| Pool # 1G1555, ARM, 7.23%, <br> 2/1/2037 (a)<br>| 4782 | 4938 |
| Pool # 1Q0739, ARM, 6.54%, <br> 3/1/2037 (a)<br>| 29063 | 29566 |
| Pool # 1Q0697, ARM, 6.19%, <br> 5/1/2037 (a)<br>| 32187 | 33029 |
| Pool # 1G2229, ARM, 7.33%, <br> 9/1/2037 (a)<br>| 8896 | 9031 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # 1Q0722, ARM, 6.83%, <br> 4/1/2038 (a)<br>| 11357 | 11672 |
| Pool # 1Q0789, ARM, 6.87%, <br> 5/1/2038 (a)<br>| 2130 | 2175 |
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # C91042, 5.50%, 5/1/2027 | 48028 | 48361 |
| Pool # C91158, 6.50%, 1/1/2028 | 24286 | 24650 |
| Pool # C91180, 5.50%, 3/1/2028 | 23052 | 23228 |
| Pool # D98938, 4.00%, 2/1/2032 | 251701 | 249417 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # C18115, 6.00%, 11/1/2028 | 267 | 273 |
| Pool # C00701, 6.50%, 1/1/2029 | 6576 | 6820 |
| Pool # G03029, 6.00%, 10/1/2029 | 11213 | 11500 |
| Pool # C68485, 7.00%, 7/1/2032 | 5665 | 5961 |
| Pool # G01448, 7.00%, 8/1/2032 | 13745 | 14462 |
| Pool # C75791, 5.50%, 1/1/2033 | 29379 | 29672 |
| Pool # C01735, 4.00%, 10/1/2033 | 25896 | 25475 |
| Pool # A13625, 5.50%, 10/1/2033 | 79169 | 80337 |
| Pool # A16843, 6.00%, 12/1/2033 | 22096 | 22603 |
| Pool # A28796, 6.50%, 11/1/2034 | 40222 | 42054 |
| Pool # A46417, 7.00%, 4/1/2035 | 119918 | 126174 |
| Pool # A46987, 5.50%, 7/1/2035 | 189676 | 196822 |
| Pool # A80290, 5.00%, 11/1/2035 | 258210 | 263591 |
| Pool # G05713, 6.50%, 12/1/2035 | 176155 | 182769 |
| Pool # A54679, 6.50%, 6/1/2036 | 7860 | 8262 |
| Pool # C02637, 7.00%, 10/1/2036 | 73558 | 77396 |
| Pool # C02660, 6.50%, 11/1/2036 | 26896 | 28495 |
| Pool # G04077, 6.50%, 3/1/2038 | 66156 | 70243 |
| Pool # G05190, 7.50%, 9/1/2038 | 11949 | 12425 |
| Pool # C03466, 5.50%, 3/1/2040 | 53329 | 55148 |
| Pool # A93511, 5.00%, 8/1/2040 | 452804 | 461719 |
| Pool # G06493, 4.50%, 5/1/2041 | 718481 | 718717 |
| Pool # G60039, 3.00%, 4/1/2043 | 2954928 | 2703093 |
| Pool # G60105, 5.00%, 6/1/2044 | 1015026 | 1034990 |
| Pool # Q37784, 3.50%, 12/1/2045 | 1013428 | 941769 |
| Pool # Q39412, 3.50%, 3/1/2046 | 438641 | 406269 |
| Pool # Q40797, 3.50%, 5/1/2046 | 1245301 | 1153917 |
| Pool # Q40922, 3.50%, 6/1/2046 | 423273 | 392299 |
| Pool # Q42079, 3.50%, 7/1/2046 | 525099 | 487977 |
| Pool # V84637, 4.00%, 9/1/2048 | 323429 | 307698 |
| Pool # Q61709, 4.50%, 2/1/2049 | 639441 | 627025 |
| Pool # Q62088, 4.50%, 2/1/2049 | 546520 | 540551 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # G20027, 10.00%, 10/1/2030 | 599 | 600 |
| Pool # B90491, 7.50%, 1/1/2032 | 31052 | 31875 |
| Pool # WA1626, 3.45%, 8/1/2032 | 8166154 | 7754643 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # WN1179, 3.85%, 9/1/2032 | 4000000 | 3864864 |
| Pool # U80047, 4.00%, 9/1/2032 | 119257 | 118016 |
| Pool # U80068, 3.50%, 10/1/2032 | 220743 | 216892 |
| Pool # U80125, 3.50%, 1/1/2033 | 676787 | 660472 |
| Pool # U80173, 3.50%, 1/1/2033 | 459935 | 451769 |
| Pool # U80265, 3.50%, 4/1/2033 | 656987 | 644671 |
| Pool # WN3233, 3.19%, 7/1/2033 | 4993266 | 4627390 |
| Pool # L10224, 6.00%, 12/1/2034 | 87091 | 88663 |
| Pool # H00158, 6.00%, 4/1/2036 | 42817 | 42867 |
| Pool # L10291, 6.50%, 11/1/2036 | 103521 | 107469 |
| Pool # P51353, 6.50%, 11/1/2036 | 61814 | 63830 |
| Pool # P50595, 6.50%, 12/1/2036 | 182005 | 190630 |
| Pool # P51361, 6.50%, 12/1/2036 | 41904 | 43264 |
| Pool # G20028, 7.50%, 12/1/2036 | 32570 | 33469 |
| Pool # G80365, 6.50%, 10/17/2038 | 84979 | 88124 |
| Pool # U90690, 3.50%, 6/1/2042 | 1978880 | 1858258 |
| Pool # U90975, 4.00%, 6/1/2042 | 1188843 | 1147967 |
| Pool # T65101, 4.00%, 10/1/2042 | 194977 | 184177 |
| Pool # U90378, 4.00%, 11/1/2042 | 1749496 | 1689358 |
| Pool # U90542, 4.00%, 12/1/2042 | 586740 | 575759 |
| Pool # U91449, 4.00%, 5/1/2043 | 1640527 | 1582087 |
| Pool # U99051, 3.50%, 6/1/2043 | 266300 | 250069 |
| Pool # U99134, 4.00%, 1/1/2046 | 1078775 | 1027011 |
| Pool # U69030, 4.50%, 1/1/2046 | 749217 | 739295 |
| Pool # U69039, 4.00%, 2/1/2046 | 1825351 | 1742235 |
| FHLMC UMBS, 20 Year Pool # ZT1675, <br> 3.50%, 4/1/2037<br>| 1762274 | 1721620 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # RA1617, 3.50%, 8/1/2049 | 405132 | 370177 |
| Pool # RA1623, 4.00%, 9/1/2049 | 1525660 | 1446373 |
| Pool # SI2041, 3.00%, 10/1/2049 | 9381456 | 8205955 |
| Pool # QA5403, 4.00%, 11/1/2049 | 750991 | 711565 |
| Pool # QA5096, 4.00%, 12/1/2049 | 884119 | 838717 |
| Pool # QA5982, 4.00%, 12/1/2049 | 894796 | 847183 |
| Pool # RA2008, 4.00%, 1/1/2050 | 2005690 | 1898974 |
| Pool # QA7351, 3.00%, 2/1/2050 | 271361 | 237946 |
| Pool # RA2272, 3.50%, 2/1/2050 | 14171061 | 13154339 |
| Pool # QB0097, 4.00%, 5/1/2050 | 566913 | 545432 |
| Pool # QB0098, 2.50%, 6/1/2050 | 4798227 | 4030404 |
| Pool # RA2897, 2.50%, 6/1/2050 | 9301987 | 7809581 |
| Pool # SD8089, 2.50%, 7/1/2050 | 8331602 | 6993133 |
| Pool # SI2081, 2.00%, 8/1/2050 | 24471289 | 19699681 |
| Pool # RA3976, 2.50%, 11/1/2050 | 8432326 | 7129748 |
| Pool # RA4515, 4.00%, 2/1/2051 | 4409824 | 4148724 |
| Pool # QC2061, 2.00%, 5/1/2051 | 14882989 | 11961581 |
| Pool # RA5276, 2.50%, 5/1/2051 | 12568053 | 10575354 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # QC2209, 3.50%, 5/1/2051 | 1531261 | 1390982 |
| Pool # QC3244, 3.00%, 6/1/2051 | 3196917 | 2796825 |
| Pool # RA5921, 2.50%, 9/1/2051 | 4180009 | 3514187 |
| Pool # QC7968, 2.50%, 10/1/2051 | 1060624 | 891735 |
| Pool # RA6135, 2.50%, 10/1/2051 | 19854337 | 16692779 |
| Pool # RA6228, 2.50%, 11/1/2051 | 7531698 | 6316333 |
| Pool # QD0369, 3.00%, 11/1/2051 | 4017328 | 3511556 |
| Pool # SD5768, 3.00%, 1/1/2052 | 4501570 | 3935894 |
| Pool # RA6586, 3.50%, 1/1/2052 | 10201220 | 9243170 |
| Pool # RA6817, 2.50%, 2/1/2052 | 3888067 | 3257486 |
| Pool # SD4951, 2.50%, 2/1/2052 | 20424417 | 17187829 |
| Pool # SD0907, 3.00%, 2/1/2052 | 2605470 | 2263462 |
| Pool # SD3952, 2.50%, 3/1/2052 | 4908792 | 4125473 |
| Pool # SD7554, 2.50%, 4/1/2052 | 3814260 | 3229272 |
| Pool # SL0527, 2.50%, 4/1/2052 | 20831616 | 17470349 |
| Pool # QE0399, 3.00%, 4/1/2052 | 7667852 | 6713326 |
| Pool # SD8212, 2.50%, 5/1/2052 | 11623083 | 9657358 |
| Pool # SD3362, 3.00%, 5/1/2052 | 8324760 | 7285895 |
| Pool # SD1840, 3.00%, 6/1/2052 | 9979978 | 8737630 |
| Pool # SL0265, 3.00%, 6/1/2052 | 14837390 | 12969825 |
| Pool # SD5756, 3.50%, 6/1/2052 | 9116051 | 8282496 |
| Pool # QE5028, 5.00%, 6/1/2052 | 1022850 | 1014900 |
| Pool # QE4140, 5.50%, 6/1/2052 | 4466009 | 4556946 |
| Pool # QE8520, 3.50%, 8/1/2052 | 11220150 | 10153024 |
| Pool # SD4181, 3.50%, 8/1/2052 | 7996737 | 7285358 |
| Pool # SD1725, 4.00%, 10/1/2052 | 12602142 | 11781977 |
| Pool # SD1713, 5.00%, 10/1/2052 | 8560023 | 8528197 |
| Pool # SL1477, 5.00%, 7/1/2053 | 22716126 | 22610482 |
| Pool # RA9669, 5.00%, 8/1/2053 | 5601985 | 5539857 |
| Pool # RJ1756, 4.50%, 6/1/2054 | 5588127 | 5377503 |
| Pool # RJ3247, 5.00%, 1/1/2055 | 18993400 | 18913379 |
| Fn 4.49%, 12/1/2035 ‡ (b) | 1397000 | 1373725 |
| FNMA  |  |  |
| Pool # 54844, ARM, 4.35%, <br> 9/1/2027 (a)<br>| 392 | 388 |
| Pool # 303532, ARM, 4.44%, <br> 3/1/2029 (a)<br>| 949 | 940 |
| Pool # 555258, ARM, 5.90%, <br> 1/1/2033 (a)<br>| 26253 | 26246 |
| Pool # 746299, ARM, 6.95%, <br> 9/1/2033 (a)<br>| 19508 | 20113 |
| Pool # 743546, ARM, 6.31%, <br> 11/1/2033 (a)<br>| 59971 | 60600 |
| Pool # 766610, ARM, 6.45%, <br> 1/1/2034 (a)<br>| 5913 | 6014 |
| Pool # 735648, ARM, 6.74%, <br> 2/1/2034 (a)<br>| 11777 | 12021 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 770377, ARM, 6.29%, <br> 4/1/2034 (a)<br>| 10009 | 10137 |
| Pool # 751531, ARM, 6.21%, <br> 5/1/2034 (a)<br>| 26299 | 27032 |
| Pool # 778908, ARM, 6.20%, <br> 6/1/2034 (a)<br>| 8783 | 8833 |
| Pool # 800422, ARM, 5.93%, <br> 8/1/2034 (a)<br>| 95420 | 95643 |
| Pool # 735332, ARM, 6.34%, <br> 8/1/2034 (a)<br>| 18489 | 18894 |
| Pool # 790964, ARM, 6.40%, <br> 9/1/2034 (a)<br>| 10580 | 10785 |
| Pool # 803599, ARM, 6.55%, <br> 10/1/2034 (a)<br>| 21936 | 22172 |
| Pool # 735740, ARM, 6.58%, <br> 10/1/2034 (a)<br>| 24904 | 25253 |
| Pool # 803594, ARM, 6.59%, <br> 10/1/2034 (a)<br>| 15630 | 15896 |
| Pool # 896463, ARM, 6.61%, <br> 10/1/2034 (a)<br>| 36117 | 37312 |
| Pool # 794797, ARM, 6.76%, <br> 10/1/2034 (a)<br>| 25029 | 25475 |
| Pool # 810896, ARM, 6.11%, <br> 1/1/2035 (a)<br>| 141887 | 145324 |
| Pool # 816594, ARM, 6.25%, <br> 2/1/2035 (a)<br>| 5934 | 6068 |
| Pool # 745862, ARM, 6.39%, <br> 4/1/2035 (a)<br>| 31201 | 31986 |
| Pool # 735539, ARM, 6.42%, <br> 4/1/2035 (a)<br>| 69412 | 71527 |
| Pool # 821378, ARM, 6.04%, <br> 5/1/2035 (a)<br>| 29725 | 29834 |
| Pool # 823660, ARM, 6.59%, <br> 5/1/2035 (a)<br>| 21385 | 21805 |
| Pool # 821179, ARM, 6.73%, <br> 5/1/2035 (a)<br>| 4223 | 4289 |
| Pool # 745766, ARM, 6.31%, <br> 6/1/2035 (a)<br>| 14048 | 14213 |
| Pool # 832801, ARM, 7.21%, <br> 9/1/2035 (a)<br>| 2510 | 2552 |
| Pool # 849251, ARM, 6.08%, <br> 1/1/2036 (a)<br>| 20889 | 21332 |
| Pool # 920843, ARM, 7.16%, <br> 3/1/2036 (a)<br>| 232631 | 240868 |
| Pool # 872825, ARM, 6.42%, <br> 6/1/2036 (a)<br>| 13353 | 13634 |
| Pool # 892868, ARM, 6.52%, <br> 7/1/2036 (a)<br>| 16527 | 16852 |
| Pool # 886558, ARM, 6.34%, <br> 8/1/2036 (a)<br>| 18200 | 18622 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # 920547, ARM, 6.23%, <br> 9/1/2036 (a)<br>| 57180 | 58211 |
| Pool # 894239, ARM, 6.56%, <br> 10/1/2036 (a)<br>| 7066 | 7202 |
| Pool # 900191, ARM, 7.12%, <br> 10/1/2036 (a)<br>| 12909 | 13330 |
| Pool # 902818, ARM, 6.57%, <br> 11/1/2036 (a)<br>| 328 | 336 |
| Pool # 902955, ARM, 6.26%, <br> 12/1/2036 (a)<br>| 7514 | 7648 |
| Pool # 938346, ARM, 6.56%, <br> 7/1/2037 (a)<br>| 5873 | 6020 |
| Pool # 995919, ARM, 6.88%, <br> 7/1/2037 (a)<br>| 18483 | 18900 |
| Pool # AD0085, ARM, 6.07%, <br> 11/1/2037 (a)<br>| 14009 | 14122 |
| Pool # AD0179, ARM, 6.32%, <br> 12/1/2037 (a)<br>| 26090 | 27002 |
| FNMA UMBS, 15 Year Pool # AX7598, <br> 3.00%, 1/1/2030<br>| 489994 | 481013 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # 257055, 6.50%, 12/1/2027 | 13495 | 13981 |
| Pool # AE0049, 6.00%, 9/1/2029 | 10995 | 11235 |
| Pool # MA0602, 3.50%, 12/1/2030 | 234016 | 230453 |
| Pool # AP3582, 3.50%, 8/1/2032 | 284733 | 278134 |
| Pool # AB9830, 3.50%, 7/1/2033 | 1801097 | 1764771 |
| Pool # AL6238, 4.00%, 1/1/2035 | 629729 | 621601 |
| Pool # MA4500, 1.50%, 12/1/2041 | 6415491 | 5319423 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 689977, 8.00%, 3/1/2027 | 2824 | 2830 |
| Pool # 695533, 8.00%, 6/1/2027 | 2081 | 2088 |
| Pool # 756020, 8.50%, 12/1/2027 | 622 | 623 |
| Pool # 527285, 7.00%, 11/1/2028 | 329 | 346 |
| Pool # 755973, 8.00%, 11/1/2028 | 19331 | 19818 |
| Pool # 455759, 6.00%, 12/1/2028 | 3649 | 3732 |
| Pool # 776702, 4.50%, 5/1/2029 | 5824 | 5773 |
| Pool # 889020, 6.50%, 11/1/2029 | 19196 | 19888 |
| Pool # 567036, 8.50%, 2/1/2030 | 9232 | 9278 |
| Pool # 598559, 6.50%, 8/1/2031 | 13219 | 13696 |
| Pool # 613000, 7.00%, 11/1/2031 | 16625 | 17475 |
| Pool # 610591, 7.00%, 1/1/2032 | 23687 | 24898 |
| Pool # 788150, 6.00%, 3/1/2032 | 4947 | 5079 |
| Pool # 682078, 5.50%, 11/1/2032 | 105867 | 108539 |
| Pool # 668562, 6.00%, 12/1/2032 | 8877 | 9129 |
| Pool # 675555, 6.00%, 12/1/2032 | 7055 | 7346 |
| Pool # AL0045, 6.00%, 12/1/2032 | 75644 | 77978 |
| Pool # 357363, 5.50%, 3/1/2033 | 114291 | 116947 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 674349, 6.00%, 3/1/2033 | 967 | 988 |
| Pool # 688625, 6.00%, 3/1/2033 | 6939 | 7090 |
| Pool # 695584, 6.00%, 3/1/2033 | 2315 | 2366 |
| Pool # 702901, 6.00%, 5/1/2033 | 67590 | 69481 |
| Pool # 695403, 5.00%, 6/1/2033 | 55729 | 56545 |
| Pool # 995656, 7.00%, 6/1/2033 | 52761 | 55460 |
| Pool # 723852, 5.00%, 7/1/2033 | 19298 | 19401 |
| Pool # 729296, 5.00%, 7/1/2033 | 46166 | 46405 |
| Pool # 726912, 4.00%, 8/1/2033 | 538 | 533 |
| Pool # 753696, 4.00%, 8/1/2033 | 10375 | 10214 |
| Pool # 729379, 6.00%, 8/1/2033 | 12663 | 12939 |
| Pool # 737825, 6.00%, 9/1/2033 | 17397 | 17782 |
| Pool # AA7943, 4.00%, 10/1/2033 | 199174 | 195556 |
| Pool # 750977, 4.50%, 11/1/2033 | 12298 | 12298 |
| Pool # 725017, 5.50%, 12/1/2033 | 117875 | 120712 |
| Pool # 759424, 5.50%, 1/1/2034 | 33210 | 33731 |
| Pool # 751182, 5.50%, 3/1/2034 | 24488 | 24884 |
| Pool # 751341, 5.50%, 3/1/2034 | 8411 | 8483 |
| Pool # 767378, 5.50%, 3/1/2034 | 11284 | 11390 |
| Pool # 776565, 4.00%, 4/1/2034 | 98038 | 96373 |
| Pool # AC1317, 4.50%, 9/1/2034 | 50168 | 49707 |
| Pool # 820347, 5.00%, 9/1/2035 | 23616 | 24080 |
| Pool # 745281, 6.00%, 1/1/2036 | 16108 | 16951 |
| Pool # 888417, 6.50%, 1/1/2036 | 21547 | 22324 |
| Pool # 833629, 7.00%, 3/1/2036 | 15865 | 16676 |
| Pool # 893268, 6.50%, 8/1/2036 | 53306 | 55801 |
| Pool # 833657, 7.50%, 8/1/2036 | 5479 | 5515 |
| Pool # AA0922, 6.00%, 9/1/2036 | 96506 | 101109 |
| Pool # 878225, 6.50%, 10/1/2036 | 26437 | 27841 |
| Pool # 985683, 8.00%, 10/1/2036 | 66100 | 69190 |
| Pool # 888476, 7.50%, 5/1/2037 | 13681 | 14232 |
| Pool # 945870, 6.50%, 8/1/2037 | 35853 | 37768 |
| Pool # 946338, 7.00%, 9/1/2037 | 27105 | 28850 |
| Pool # 888707, 7.50%, 10/1/2037 | 43903 | 46468 |
| Pool # 889883, 6.50%, 3/1/2038 | 32593 | 34025 |
| Pool # AC9081, 6.50%, 9/1/2038 | 80968 | 86736 |
| Pool # 909236, 7.00%, 9/1/2038 | 219801 | 232167 |
| Pool # 934591, 7.00%, 10/1/2038 | 21375 | 22561 |
| Pool # AB2869, 6.00%, 11/1/2038 | 133962 | 140465 |
| Pool # 995504, 7.50%, 11/1/2038 | 14282 | 15043 |
| Pool # 257510, 7.00%, 12/1/2038 | 82569 | 88349 |
| Pool # AD0753, 7.00%, 1/1/2039 | 120605 | 128444 |
| Pool # 890661, 7.00%, 2/1/2039 | 437817 | 460209 |
| Pool # AD0780, 7.50%, 4/1/2039 | 261417 | 281789 |
| Pool # AD6377, 5.50%, 5/1/2040 | 33709 | 34775 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # AD4951, 5.00%, 7/1/2040 | 977776 | 995826 |
| Pool # BM5364, 4.00%, 4/1/2042 | 1140820 | 1112128 |
| Pool # AL6839, 5.00%, 4/1/2042 | 599091 | 610599 |
| Pool # AR8128, 3.50%, 3/1/2043 | 940465 | 880866 |
| Pool # AL8256, 3.00%, 8/1/2043 | 1857399 | 1698376 |
| Pool # AZ8089, 4.00%, 7/1/2045 | 316677 | 303551 |
| Pool # BA2343, 4.00%, 9/1/2045 | 1484489 | 1414063 |
| Pool # BC9441, 3.50%, 4/1/2046 | 145127 | 134755 |
| Pool # BC6982, 4.00%, 4/1/2046 | 1205680 | 1148734 |
| Pool # BD0299, 3.50%, 5/1/2046 | 216521 | 201946 |
| Pool # BC1249, 3.50%, 6/1/2046 | 155191 | 143460 |
| Pool # BD1243, 3.50%, 6/1/2046 | 351115 | 325010 |
| Pool # BD3066, 3.50%, 7/1/2046 | 504621 | 467521 |
| Pool # BD3088, 3.50%, 7/1/2046 | 200782 | 185605 |
| Pool # BD5248, 3.50%, 8/1/2046 | 1120269 | 1036784 |
| Pool # BD7764, 3.50%, 9/1/2046 | 655734 | 608068 |
| Pool # BE5870, 3.50%, 1/1/2047 | 1435386 | 1339888 |
| Pool # BH4665, 4.00%, 6/1/2047 | 2029679 | 1932317 |
| Pool # BH7626, 4.00%, 8/1/2047 | 827499 | 780094 |
| Pool # BM3500, 4.00%, 9/1/2047 | 1184333 | 1147906 |
| Pool # BH7663, 4.00%, 10/1/2047 | 1794884 | 1707995 |
| Pool # BJ1778, 4.50%, 10/1/2047 | 449044 | 439767 |
| Pool # BM3044, 4.00%, 11/1/2047 | 1519689 | 1446552 |
| Pool # BE8351, 4.00%, 2/1/2048 | 415532 | 395917 |
| Pool # BM3455, 4.50%, 2/1/2048 | 950876 | 934376 |
| Pool # BK7006, 4.50%, 6/1/2048 | 376361 | 367888 |
| Pool # BD9084, 4.50%, 7/1/2048 | 1012754 | 991011 |
| Pool # BK9303, 4.00%, 8/1/2048 | 1152731 | 1119542 |
| Pool # CA4662, 3.50%, 9/1/2048 | 1918877 | 1756188 |
| Pool # 890863, 5.00%, 9/1/2048 | 1323232 | 1371290 |
| Pool # BN1829, 4.50%, 10/1/2048 | 309125 | 301784 |
| Pool # BN4960, 5.00%, 12/1/2048 | 271929 | 272469 |
| Pool # BM5430, 5.00%, 1/1/2049 | 1809316 | 1820437 |
| Pool # BN5013, 5.00%, 1/1/2049 | 1998996 | 2017776 |
| Pool # BN6788, 4.50%, 2/1/2049 | 260863 | 254297 |
| Pool # BK0317, 4.00%, 3/1/2049 | 1108704 | 1055961 |
| Pool # BO0719, 5.00%, 6/1/2049 | 1009233 | 1016433 |
| Pool # BO0721, 5.00%, 6/1/2049 | 1108191 | 1114200 |
| Pool # BO0722, 5.00%, 6/1/2049 | 104989 | 107124 |
| Pool # BO4276, 3.50%, 7/1/2049 | 2202706 | 2060738 |
| Pool # BO4277, 3.50%, 7/1/2049 | 2759135 | 2577035 |
| Pool # BO4280, 4.00%, 7/1/2049 | 1421924 | 1371296 |
| Pool # BN8529, 4.50%, 7/1/2049 | 122948 | 121620 |
| Pool # BO3436, 4.50%, 7/1/2049 | 1197330 | 1178590 |
| Pool # BO0718, 5.00%, 7/1/2049 | 1202636 | 1212829 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BO0720, 5.00%, 7/1/2049 | 1439032 | 1446030 |
| Pool # BO2496, 5.00%, 7/1/2049 | 1867696 | 1878604 |
| Pool # BO2497, 5.00%, 7/1/2049 | 1849765 | 1863939 |
| Pool # BO2498, 5.00%, 7/1/2049 | 2282235 | 2308396 |
| Pool # BO2499, 5.00%, 7/1/2049 | 428789 | 444900 |
| Pool # BO3408, 5.00%, 7/1/2049 | 562429 | 563200 |
| Pool # BO3749, 4.00%, 8/1/2049 | 1699444 | 1656771 |
| Pool # BO3999, 4.00%, 8/1/2049 | 781515 | 740902 |
| Pool # BO2495, 5.00%, 8/1/2049 | 1977360 | 1995530 |
| Pool # BK8769, 3.50%, 10/1/2049 | 1174648 | 1073647 |
| Pool # CA4363, 4.00%, 10/1/2049 | 974820 | 925172 |
| Pool # BO2888, 4.00%, 11/1/2049 | 1056936 | 1010034 |
| Pool # BO4387, 4.00%, 11/1/2049 | 1333036 | 1268285 |
| Pool # FM2526, 4.00%, 12/1/2049 | 2029467 | 1966259 |
| Pool # BP1128, 4.00%, 1/1/2050 | 646311 | 615326 |
| Pool # BP1132, 4.00%, 1/1/2050 | 617548 | 586579 |
| Pool # BP1141, 4.00%, 1/1/2050 | 264328 | 250248 |
| Pool # BP1847, 4.50%, 1/1/2050 | 1377580 | 1371445 |
| Pool # FM3365, 3.00%, 3/1/2050 | 8586936 | 7530888 |
| Pool # BP4626, 2.50%, 4/1/2050 | 3793901 | 3184413 |
| Pool # BP6363, 3.00%, 4/1/2050 | 3984361 | 3488341 |
| Pool # BP5296, 3.50%, 4/1/2050 | 2865640 | 2622027 |
| Pool # BP5302, 4.00%, 4/1/2050 | 1553877 | 1464796 |
| Pool # BP8337, 3.00%, 5/1/2050 | 3573062 | 3221044 |
| Pool # CA5729, 3.00%, 5/1/2050 | 4956696 | 4336326 |
| Pool # CA5731, 3.00%, 5/1/2050 | 12468854 | 10934072 |
| Pool # BP5878, 2.50%, 6/1/2050 | 4275250 | 3585050 |
| Pool # BP8338, 3.00%, 6/1/2050 | 2971098 | 2673805 |
| Pool # BK2693, 3.50%, 6/1/2050 | 714858 | 652362 |
| Pool # BP9337, 3.50%, 6/1/2050 | 2760178 | 2622594 |
| Pool # BP9950, 3.50%, 6/1/2050 | 1991680 | 1818523 |
| Pool # CA6361, 2.50%, 7/1/2050 | 3025881 | 2567039 |
| Pool # CA6430, 3.50%, 7/1/2050 | 4682662 | 4275589 |
| Pool # CA8670, 2.50%, 8/1/2050 | 4259790 | 3570463 |
| Pool # MA4096, 2.50%, 8/1/2050 | 43531522 | 36533632 |
| Pool # BO4410, 3.00%, 8/1/2050 | 3874155 | 3385851 |
| Pool # BQ1646, 3.00%, 8/1/2050 | 2631266 | 2284972 |
| Pool # FM4311, 3.00%, 8/1/2050 | 2877976 | 2530506 |
| Pool # BQ1367, 2.50%, 9/1/2050 | 12414417 | 10471238 |
| Pool # BQ2143, 2.50%, 9/1/2050 | 8771086 | 7298773 |
| Pool # BQ4113, 3.00%, 9/1/2050 | 1398630 | 1222774 |
| Pool # BQ5586, 3.00%, 10/1/2050 | 2957881 | 2581419 |
| Pool # FM5173, 2.50%, 12/1/2050 | 6136594 | 5182954 |
| Pool # CA8862, 2.50%, 1/1/2051 | 5140634 | 4347306 |
| Pool # BQ4516, 2.00%, 2/1/2051 | 12985350 | 10398502 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BR4052, 2.00%, 2/1/2051 | 13643605 | 10998020 |
| Pool # FM5778, 2.50%, 2/1/2051 | 6452609 | 5451541 |
| Pool # BR0870, 3.50%, 2/1/2051 | 932521 | 850709 |
| Pool # FS5380, 2.00%, 5/1/2051 | 19772703 | 15825338 |
| Pool # CB0674, 2.50%, 5/1/2051 | 8168106 | 6850105 |
| Pool # FM7957, 2.50%, 7/1/2051 | 10381252 | 8746738 |
| Pool # FM8179, 2.50%, 7/1/2051 | 17517816 | 14611290 |
| Pool # BT6666, 2.00%, 8/1/2051 | 15765234 | 12563958 |
| Pool # BT5574, 2.50%, 8/1/2051 | 792785 | 668035 |
| Pool # CB1684, 3.00%, 9/1/2051 | 6432524 | 5627443 |
| Pool # MA4415, 3.00%, 9/1/2051 | 13403037 | 11669922 |
| Pool # CB1783, 2.50%, 10/1/2051 | 56758660 | 47736695 |
| Pool # CB1908, 2.50%, 10/1/2051 | 26440126 | 22167961 |
| Pool # FA0352, 2.50%, 10/1/2051 | 10047917 | 8426662 |
| Pool # FM9195, 2.50%, 10/1/2051 | 10750312 | 9041465 |
| Pool # CB1878, 3.00%, 10/1/2051 | 3711080 | 3243891 |
| Pool # MA4466, 2.50%, 11/1/2051 | 7509682 | 6250612 |
| Pool # FM9961, 3.00%, 12/1/2051 | 8373173 | 7268243 |
| Pool # FS0213, 3.00%, 12/1/2051 | 22322174 | 19528363 |
| Pool # FS2559, 3.00%, 12/1/2051 | 4239773 | 3705988 |
| Pool # BQ6989, 2.50%, 1/1/2052 | 7947378 | 6613749 |
| Pool # BU1451, 2.50%, 1/1/2052 | 3828516 | 3182768 |
| Pool # FA0867, 2.50%, 1/1/2052 | 17936881 | 15042591 |
| Pool # FS8807, 3.00%, 1/1/2052 | 15007585 | 13176596 |
| Pool # FS7409, 2.00%, 2/1/2052 | 12427665 | 10061441 |
| Pool # BV2188, 2.50%, 2/1/2052 | 7572712 | 6302418 |
| Pool # BV3216, 2.50%, 2/1/2052 | 9616721 | 8014843 |
| Pool # CB2750, 2.50%, 2/1/2052 | 13638946 | 11396202 |
| Pool # CB2869, 2.50%, 2/1/2052 | 22512199 | 18926369 |
| Pool # FS4284, 2.50%, 2/1/2052 | 6690650 | 5599368 |
| Pool # MA4548, 2.50%, 2/1/2052 | 8667303 | 7236420 |
| Pool # BV3570, 3.00%, 2/1/2052 | 992934 | 868161 |
| Pool # FS0488, 3.00%, 2/1/2052 | 4458802 | 3912176 |
| Pool # FS0917, 3.50%, 2/1/2052 | 6912341 | 6291026 |
| Pool # BV4133, 2.50%, 3/1/2052 | 20269156 | 16839767 |
| Pool # FS0882, 2.50%, 3/1/2052 | 6042648 | 5115819 |
| Pool # FS5446, 2.50%, 3/1/2052 | 8431518 | 7057797 |
| Pool # FS7119, 2.50%, 3/1/2052 | 16819417 | 14098458 |
| Pool # FS7942, 2.50%, 3/1/2052 | 8408694 | 7085402 |
| Pool # BV3283, 3.00%, 3/1/2052 | 6956184 | 6059379 |
| Pool # FS0957, 3.00%, 3/1/2052 | 19812614 | 17189232 |
| Pool # BV3269, 3.50%, 3/1/2052 | 1243099 | 1128917 |
| Pool # BV3276, 3.50%, 3/1/2052 | 2401742 | 2188070 |
| Pool # CB3025, 3.50%, 3/1/2052 | 9059689 | 8245308 |
| Pool # BV5360, 2.50%, 4/1/2052 | 7960933 | 6636750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FA1671, 2.50%, 4/1/2052 | 3434636 | 2887030 |
| Pool # CB3361, 3.00%, 4/1/2052 | 16798713 | 14683564 |
| Pool # FS6301, 3.00%, 4/1/2052 | 4329728 | 3787832 |
| Pool # BV9064, 3.50%, 4/1/2052 | 7602123 | 6878316 |
| Pool # CB3378, 4.00%, 4/1/2052 | 3567712 | 3335525 |
| Pool # FS4720, 2.50%, 5/1/2052 | 4113085 | 3474625 |
| Pool # FS6790, 2.50%, 5/1/2052 | 8649664 | 7224043 |
| Pool # FS7204, 3.00%, 5/1/2052 | 13159635 | 11502822 |
| Pool # CB3504, 3.50%, 5/1/2052 | 5953553 | 5407171 |
| Pool # FS6323, 3.50%, 5/1/2052 | 17564940 | 15986052 |
| Pool # CB5116, 3.00%, 6/1/2052 | 9932427 | 8639017 |
| Pool # BW5359, 4.00%, 6/1/2052 | 1706689 | 1608384 |
| Pool # FS1949, 4.00%, 6/1/2052 | 3298345 | 3086243 |
| Pool # BW1473, 4.50%, 6/1/2052 | 288969 | 279956 |
| Pool # BW3203, 5.00%, 6/1/2052 | 1149791 | 1153479 |
| Pool # BW4016, 5.00%, 6/1/2052 | 1375956 | 1385378 |
| Pool # BW4019, 5.00%, 6/1/2052 | 1744825 | 1756057 |
| Pool # BW4041, 5.00%, 6/1/2052 | 963487 | 960695 |
| Pool # FA1541, 3.00%, 7/1/2052 (b) | 15514118 | 13560913 |
| Pool # FS8820, 3.00%, 7/1/2052 | 13515223 | 11784265 |
| Pool # CB4160, 4.50%, 7/1/2052 | 3351372 | 3234639 |
| Pool # BV7853, 5.00%, 7/1/2052 | 1152169 | 1141545 |
| Pool # BW4042, 5.00%, 7/1/2052 | 1309924 | 1303893 |
| Pool # BW5398, 5.00%, 7/1/2052 | 655515 | 656322 |
| Pool # CB4608, 4.00%, 9/1/2052 | 7829781 | 7320207 |
| Pool # CB4587, 4.50%, 9/1/2052 | 4795847 | 4628300 |
| Pool # BW8950, 5.00%, 9/1/2052 | 3648546 | 3613991 |
| Pool # CB4625, 5.00%, 9/1/2052 | 4004515 | 3989626 |
| Pool # BX2815, 4.50%, 10/1/2052 | 1773071 | 1732865 |
| Pool # BW6968, 4.00%, 1/1/2053 | 2595502 | 2423998 |
| Pool # BX3284, 5.00%, 2/1/2053 | 4070669 | 4040429 |
| Pool # BV6797, 4.00%, 3/1/2053 | 1108685 | 1036185 |
| Pool # CB5896, 5.00%, 3/1/2053 | 4214591 | 4172850 |
| Pool # BX3824, 5.50%, 3/1/2053 | 6233510 | 6318661 |
| Pool # BX4315, 5.00%, 4/1/2053 | 2547582 | 2525600 |
| Pool # BY4776, 5.00%, 7/1/2053 | 10461081 | 10319634 |
| Pool # BY4736, 5.50%, 7/1/2053 | 9344986 | 9466048 |
| Pool # BV6813, 4.50%, 8/1/2053 | 1316329 | 1269799 |
| Pool # BY7027, 5.00%, 8/1/2053 | 7586181 | 7490861 |
| Pool # DB4827, 5.00%, 11/1/2054 | 9902356 | 9771642 |
| Pool # DB4845, 5.00%, 12/1/2054 | 14829834 | 14754811 |
| FNMA, 30 Year  |  |  |
| Pool # 252155, 7.00%, 10/1/2028 | 4900 | 4987 |
| Pool # 252334, 6.50%, 2/1/2029 | 19827 | 20211 |
| Pool # 252409, 6.50%, 3/1/2029 | 16910 | 17168 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # 535442, 8.50%, 6/1/2030 | 9 | 9 |
| Pool # 653815, 7.00%, 2/1/2033 | 7168 | 7194 |
| Pool # 752786, 6.00%, 9/1/2033 | 15387 | 15552 |
| Pool # 954255, 6.50%, 8/1/2037 | 237398 | 244386 |
| Pool # 931717, 6.50%, 8/1/2039 | 125845 | 129309 |
| Pool # CA3030, 4.50%, 1/1/2049 | 4178630 | 4096563 |
| Pool # CA4047, 4.00%, 8/1/2049 | 4619235 | 4396914 |
| Pool # CA4520, 3.50%, 11/1/2049 | 3661418 | 3371150 |
| Pool # CB4014, 4.50%, 7/1/2052 | 945880 | 911095 |
| FNMA, Other  |  |  |
| Pool # AM7321, 3.12%, 11/1/2026 | 855116 | 843928 |
| Pool # AN4571, 3.07%, 2/1/2027 | 1536899 | 1514807 |
| Pool # AM8987, 2.79%, 6/1/2027 | 791161 | 774272 |
| Pool # AN4154, 3.17%, 1/1/2029 | 6060000 | 5882424 |
| Pool # AN4349, 3.35%, 1/1/2029 | 2845295 | 2774696 |
| Pool # BS5292, 2.53%, 5/1/2029 | 22120932 | 20993916 |
| Pool # BS3673, 1.88%, 6/1/2029 | 6000000 | 5532968 |
| Pool # BZ1797, 4.33%, 1/1/2030 | 5436000 | 5501664 |
| Pool # AN8154, 3.17%, 2/1/2030 | 5900023 | 5689223 |
| Pool # AM7516, 3.55%, 2/1/2030 | 2000000 | 1960285 |
| Pool # BS7348, 5.08%, 2/1/2030 | 5974783 | 6190492 |
| Pool # BS9093, 5.17%, 2/1/2030 | 1293434 | 1344206 |
| Pool # BS8474, 4.84%, 4/1/2030 | 2109429 | 2160913 |
| Pool # BS6827, 4.19%, 5/1/2030 | 3882285 | 3883975 |
| Pool # BS5224, 2.52%, 7/1/2030 | 5068750 | 4706212 |
| Pool # BL8177, 1.10%, 9/1/2030 | 24000000 | 20896090 |
| Pool # BS8426, 4.28%, 9/1/2030 | 9000000 | 9032940 |
| Pool # BS9203, 4.64%, 10/1/2030 | 2590056 | 2635854 |
| Pool # BS5389, 3.03%, 11/1/2030 | 11067443 | 10486413 |
| Pool # AN0099, 3.28%, 11/1/2030 | 6372608 | 6112151 |
| Pool # BS8033, 4.43%, 11/1/2030 | 5595566 | 5650696 |
| Pool # BS8732, 4.61%, 11/1/2030 | 6179824 | 6291525 |
| Pool # BS7750, 4.24%, 12/1/2030 | 4000000 | 4004533 |
| Pool # BS6828, 4.07%, 1/1/2031 | 4910088 | 4872526 |
| Pool # BS7882, 4.56%, 1/1/2031 | 3575000 | 3628309 |
| Pool # BS8379, 4.66%, 1/1/2031 | 6630000 | 6751357 |
| Pool # BS8200, 4.74%, 1/1/2031 | 3965085 | 4052433 |
| Pool # BS9368, 5.15%, 1/1/2031 | 3427000 | 3554655 |
| Pool # BS5378, 3.45%, 4/1/2031 | 2434434 | 2343142 |
| Pool # BS2915, 1.87%, 5/1/2031 | 7589166 | 6697368 |
| Pool # BS7884, 4.03%, 5/1/2031 | 5355080 | 5296239 |
| Pool # AI2479, 5.00%, 5/1/2031 | 83695 | 84763 |
| Pool # BS2035, 1.84%, 6/1/2031 | 10000000 | 8835133 |
| Pool # BZ1868, 4.81%, 6/1/2031 | 1553236 | 1592470 |
| Pool # BS7362, 5.14%, 6/1/2031 | 4000000 | 4133050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS2422, 1.67%, 7/1/2031 | 12000000 | 10432383 |
| Pool # AN2456, 2.74%, 8/1/2031 | 865050 | 804933 |
| Pool # BS7268, 5.05%, 8/1/2031 | 2000000 | 2077825 |
| Pool # BS2898, 1.56%, 9/1/2031 | 20203000 | 17361263 |
| Pool # BS4279, 2.00%, 9/1/2031 | 6490258 | 5749970 |
| Pool # BS8183, 4.74%, 9/1/2031 | 4884000 | 4980482 |
| Pool # BS5371, 3.16%, 10/1/2031 | 5704887 | 5367803 |
| Pool # BS3637, 1.73%, 11/1/2031 | 5497182 | 4797197 |
| Pool # BS6765, 4.24%, 11/1/2031 | 4238000 | 4233670 |
| Pool # BZ0801, 4.60%, 11/1/2031 | 3871000 | 3923115 |
| Pool # BM6857, 1.83%, 12/1/2031 (a) | 11887172 | 10363897 |
| Pool # BS4124, 1.94%, 1/1/2032 | 3695370 | 3260453 |
| Pool # BS4525, 1.94%, 1/1/2032 | 8500000 | 7403625 |
| Pool # BS4030, 1.96%, 1/1/2032 | 9890604 | 8696004 |
| Pool # BS4315, 1.98%, 1/1/2032 | 16418000 | 14387345 |
| Pool # BS4650, 2.02%, 1/1/2032 | 4000000 | 3528425 |
| Pool # BS4142, 2.13%, 1/1/2032 | 7480088 | 6655401 |
| Pool # BZ2402, 5.25%, 1/1/2032 | 6634000 | 6910230 |
| Pool # AN3104, 2.75%, 2/1/2032 | 8797271 | 8120510 |
| Pool # BM7037, 1.76%, 3/1/2032 (a) | 19117091 | 16540670 |
| Pool # BS4654, 2.39%, 3/1/2032 | 4670194 | 4187167 |
| Pool # BS5130, 2.55%, 4/1/2032 | 4692595 | 4264543 |
| Pool # BS5193, 2.62%, 4/1/2032 | 8053000 | 7283299 |
| Pool # BS5259, 2.84%, 4/1/2032 | 9949329 | 9154661 |
| Pool # BS5231, 2.54%, 5/1/2032 | 8400000 | 7580789 |
| Pool # BS5452, 3.09%, 5/1/2032 | 9070000 | 8425280 |
| Pool # BS5643, 3.62%, 5/1/2032 | 3405618 | 3277606 |
| Pool # AN6149, 3.14%, 7/1/2032 | 4075000 | 3803204 |
| Pool # BS6091, 3.68%, 7/1/2032 | 2184000 | 2098303 |
| Pool # BS6195, 4.12%, 7/1/2032 | 4911000 | 4844314 |
| Pool # BS4203, 2.36%, 8/1/2032 | 6000000 | 5301399 |
| Pool # AN6123, 3.06%, 8/1/2032 | 800000 | 741815 |
| Pool # BS6301, 3.67%, 8/1/2032 | 21407000 | 20483368 |
| Pool # BS6611, 3.72%, 8/1/2032 | 8629487 | 8331217 |
| Pool # BS6425, 3.88%, 8/1/2032 | 5953042 | 5809176 |
| Pool # BS6269, 4.03%, 8/1/2032 | 1756701 | 1723931 |
| Pool # BS7247, 5.19%, 8/1/2032 | 4000000 | 4161760 |
| Pool # BS6335, 3.75%, 9/1/2032 | 8122763 | 7867497 |
| Pool # BS6331, 3.76%, 9/1/2032 | 7700000 | 7424391 |
| Pool # BS6339, 3.80%, 9/1/2032 | 11722931 | 11311328 |
| Pool # BM6466, 1.33%, 10/1/2032 (a) | 10540026 | 8686505 |
| Pool # AN6651, 2.94%, 10/1/2032 | 590714 | 546636 |
| Pool # BS6398, 3.87%, 10/1/2032 | 1232556 | 1193851 |
| Pool # BS6756, 3.89%, 10/1/2032 | 2000000 | 1923392 |
| Pool # BS8968, 4.73%, 10/1/2032 | 5050000 | 5131942 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BM6492, 1.51%, 11/1/2032 (a) | 9307529 | 7769388 |
| Pool # BS6995, 4.18%, 11/1/2032 | 5080000 | 5015723 |
| Pool # BS6849, 4.23%, 11/1/2032 | 3841248 | 3818529 |
| Pool # BS7006, 4.79%, 11/1/2032 | 4655000 | 4763795 |
| Pool # BS6994, 4.85%, 11/1/2032 | 2000000 | 2058229 |
| Pool # BS7292, 5.60%, 11/1/2032 | 2523812 | 2681153 |
| Pool # BS7001, 4.36%, 12/1/2032 | 6105000 | 6101067 |
| Pool # BS8052, 4.38%, 12/1/2032 | 8383000 | 8341816 |
| Pool # BS7090, 4.45%, 12/1/2032 | 6388951 | 6408096 |
| Pool # BS7095, 4.80%, 12/1/2032 | 3880935 | 3972290 |
| Pool # BS7318, 4.94%, 12/1/2032 | 1447467 | 1493225 |
| Pool # BS7182, 5.11%, 12/1/2032 | 6000000 | 6241400 |
| Pool # BS7267, 5.18%, 12/1/2032 | 2380000 | 2477271 |
| Pool # BM6552, 1.56%, 1/1/2033 (a) | 19031055 | 15885873 |
| Pool # BS6474, 3.82%, 1/1/2033 | 6284331 | 6046762 |
| Pool # BZ0743, 5.15%, 1/1/2033 | 4000000 | 4148716 |
| Pool # AD8548, 5.50%, 1/1/2033 | 114527 | 114903 |
| Pool # AR7484, 3.50%, 2/1/2033 | 471626 | 464271 |
| Pool # BS8335, 4.62%, 2/1/2033 | 2995000 | 3020394 |
| Pool # BM6599, 1.73%, 3/1/2033 (a) | 5880327 | 4927614 |
| Pool # BS8334, 4.71%, 3/1/2033 | 4907518 | 4973835 |
| Pool # BS7371, 5.02%, 3/1/2033 | 1008989 | 1039964 |
| Pool # BS8288, 4.39%, 4/1/2033 | 4484000 | 4480494 |
| Pool # BS8223, 4.50%, 4/1/2033 | 4030000 | 4044431 |
| Pool # BS8256, 4.53%, 4/1/2033 | 6583000 | 6580945 |
| Pool # BS8147, 4.72%, 4/1/2033 | 3649608 | 3687312 |
| Pool # BS2088, 2.02%, 5/1/2033 | 5984585 | 5104841 |
| Pool # BS8185, 4.17%, 5/1/2033 | 5000000 | 4914704 |
| Pool # BS8238, 4.19%, 5/1/2033 | 1703985 | 1676185 |
| Pool # BS8213, 4.22%, 5/1/2033 | 9799175 | 9686674 |
| Pool # BS8203, 4.24%, 5/1/2033 | 3150000 | 3109291 |
| Pool # BS8284, 4.43%, 5/1/2033 | 10005000 | 9990523 |
| Pool # BS8152, 4.55%, 5/1/2033 | 1987000 | 1997832 |
| Pool # AT7117, 3.50%, 6/1/2033 | 514354 | 503973 |
| Pool # BS8280, 4.30%, 6/1/2033 | 4500000 | 4449638 |
| Pool # BS8703, 4.48%, 6/1/2033 | 5000000 | 5000107 |
| Pool # BS8204, 4.67%, 6/1/2033 | 7296000 | 7418234 |
| Pool # BS2389, 1.86%, 7/1/2033 | 18000000 | 14849255 |
| Pool # AN9700, 3.67%, 7/1/2033 | 3500000 | 3340310 |
| Pool # BS8883, 4.58%, 7/1/2033 | 4095000 | 4095541 |
| Pool # BS9189, 4.34%, 8/1/2033 | 6760000 | 6691211 |
| Pool # BS2933, 1.82%, 9/1/2033 | 9632000 | 7924718 |
| Pool # BS2496, 1.88%, 9/1/2033 | 5000000 | 4149111 |
| Pool # BS9351, 4.70%, 9/1/2033 | 4102711 | 4138310 |
| Pool # 754922, 5.50%, 9/1/2033 | 18995 | 19479 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS3445, 1.88%, 10/1/2033 | 9232467 | 7779339 |
| Pool # BL0466, 3.69%, 10/1/2033 | 3000000 | 2854573 |
| Pool # 109738, 3.78%, 10/1/2033 | 4825000 | 4624270 |
| Pool # BS3315, 1.82%, 11/1/2033 | 23000000 | 18846682 |
| Pool # 762520, 4.00%, 11/1/2033 | 82696 | 81468 |
| Pool # BS4163, 2.04%, 1/1/2034 | 9239701 | 7824711 |
| Pool # BS4484, 2.16%, 1/1/2034 | 5464764 | 4664044 |
| Pool # BS4911, 2.49%, 4/1/2034 | 3741418 | 3245380 |
| Pool # BS4985, 2.61%, 4/1/2034 | 5200000 | 4524551 |
| Pool # BS5184, 2.67%, 4/1/2034 | 3288000 | 2858867 |
| Pool # BS5237, 2.86%, 4/1/2034 | 8960349 | 7903713 |
| Pool # BS7836, 4.75%, 4/1/2034 | 3373000 | 3404408 |
| Pool # BZ0565, 5.04%, 5/1/2034 | 684000 | 702563 |
| Pool # AM6492, 3.76%, 8/1/2034 | 1583229 | 1516681 |
| Pool # BS8440, 4.39%, 8/1/2034 | 6309648 | 6204884 |
| Pool # BS5314, 3.29%, 9/1/2034 | 5401000 | 4862176 |
| Pool # BS6427, 3.75%, 9/1/2034 | 9130000 | 8575868 |
| Pool # BS7816, 4.45%, 9/1/2034 | 3698000 | 3649212 |
| Pool # BS8685, 4.72%, 2/1/2035 | 5235818 | 5254022 |
| Pool # BS8567, 4.47%, 5/1/2035 | 2518295 | 2500016 |
| Pool # AM9188, 3.12%, 6/1/2035 | 1994778 | 1790502 |
| Pool # BS5018, 2.88%, 10/1/2035 | 4358000 | 3700026 |
| Pool # 847108, 6.50%, 10/1/2035 | 44857 | 45934 |
| Pool # BZ4027, 5.33%, 11/1/2035 | 3150000 | 3277730 |
| Pool # 881628, 5.00%, 1/1/2036 | 6186 | 6207 |
| Pool # 256128, 6.00%, 2/1/2036 | 5776 | 5977 |
| Pool # BS7254, 5.42%, 3/1/2036 | 1928427 | 2005112 |
| Pool # BZ0417, 5.20%, 10/1/2036 | 5240312 | 5369189 |
| Pool # BS4039, 2.37%, 12/1/2036 | 10000000 | 7931915 |
| Pool # BS4040, 2.37%, 12/1/2036 | 11965000 | 9445609 |
| Pool # 256651, 6.00%, 3/1/2037 | 12110 | 12582 |
| Pool # 888408, 6.00%, 3/1/2037 | 24259 | 24615 |
| Pool # 888373, 7.00%, 3/1/2037 | 28023 | 28866 |
| Pool # 888796, 6.00%, 9/1/2037 | 76814 | 78388 |
| Pool # 888698, 7.00%, 10/1/2037 | 38257 | 40113 |
| Pool # AN7345, 3.21%, 11/1/2037 | 7626135 | 6764020 |
| Pool # AN0304, 3.44%, 11/1/2037 | 1396348 | 1308438 |
| Pool # BS6588, 4.18%, 4/1/2038 | 2096000 | 1932341 |
| Pool # 257172, 5.50%, 4/1/2038 | 13442 | 13607 |
| Pool # AD0810, 6.00%, 11/1/2039 | 80 | 77 |
| Pool # AB1830, 3.50%, 11/1/2040 | 71532 | 66613 |
| Pool # AL2606, 4.00%, 3/1/2042 | 108383 | 102524 |
| Pool # AO6757, 4.00%, 6/1/2042 | 712080 | 697164 |
| Pool # AO7225, 4.00%, 7/1/2042 | 520019 | 501516 |
| Pool # AO9352, 4.00%, 7/1/2042 | 364336 | 351824 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # AO9353, 4.00%, 7/1/2042 | 462984 | 446354 |
| Pool # AP0838, 4.00%, 7/1/2042 | 2652002 | 2557628 |
| Pool # MA1125, 4.00%, 7/1/2042 | 173656 | 167478 |
| Pool # MA1177, 3.50%, 9/1/2042 | 259093 | 242998 |
| Pool # MA1178, 4.00%, 9/1/2042 | 516804 | 498419 |
| Pool # MA1213, 3.50%, 10/1/2042 | 1263888 | 1185375 |
| Pool # AR1397, 3.00%, 1/1/2043 | 640020 | 580188 |
| Pool # AB8517, 3.00%, 2/1/2043 | 273333 | 247777 |
| Pool # MA1373, 3.50%, 3/1/2043 | 1410119 | 1322511 |
| Pool # MA1437, 3.50%, 5/1/2043 | 395409 | 370597 |
| Pool # MA1442, 4.00%, 5/1/2043 | 931311 | 898172 |
| Pool # MA1463, 3.50%, 6/1/2043 | 679670 | 637017 |
| Pool # MA1552, 3.00%, 8/1/2043 | 488931 | 443245 |
| Pool # MA1582, 3.50%, 9/1/2043 | 90860 | 85158 |
| Pool # MA2434, 3.50%, 9/1/2045 | 567709 | 524332 |
| Pool # MA2493, 3.50%, 12/1/2045 | 105884 | 97796 |
| Pool # BC1157, 3.50%, 1/1/2046 | 264188 | 244037 |
| Pool # MA2545, 3.50%, 2/1/2046 | 152616 | 140958 |
| Pool # AS6970, 3.50%, 4/1/2046 | 1019786 | 941868 |
| Pool # BC8400, 3.50%, 5/1/2046 | 325968 | 301060 |
| Pool # AS7424, 3.50%, 6/1/2046 | 764874 | 706438 |
| Pool # MA2658, 3.50%, 6/1/2046 | 2857164 | 2638909 |
| Pool # BF0491, 3.50%, 12/1/2054 | 12529534 | 11601836 |
| Pool # BF0557, 2.50%, 12/1/2055 | 5653220 | 4737381 |
| Pool # BF0125, 4.00%, 7/1/2056 (b) | 8905471 | 8285261 |
| Pool # BF0141, 5.50%, 9/1/2056 | 6607225 | 6808939 |
| Pool # BF0230, 5.50%, 1/1/2058 | 5682587 | 5893586 |
| Pool # BF0271, 5.50%, 5/1/2058 | 6062041 | 6193822 |
| Pool # BF0300, 4.00%, 8/1/2058 | 15144624 | 14249472 |
| Pool # BF0340, 5.00%, 1/1/2059 | 5996884 | 5974599 |
| Pool # BM7404, 4.00%, 8/1/2059 | 11222291 | 10425802 |
| Pool # BF0464, 3.50%, 3/1/2060 | 4213935 | 3776895 |
| Pool # BF0507, 3.00%, 9/1/2060 | 2643869 | 2278065 |
| Pool # BM7075, 3.00%, 3/1/2061 | 3533240 | 3044240 |
| Pool # BF0560, 2.50%, 9/1/2061 | 8793287 | 6988864 |
| Pool # BF0562, 3.50%, 9/1/2061 | 7226065 | 6412645 |
| Pool # BF0577, 2.50%, 12/1/2061 | 4274109 | 3517664 |
| Pool # BF0582, 4.00%, 12/1/2061 | 9235045 | 8693492 |
| Pool # BF0583, 4.00%, 12/1/2061 | 3743936 | 3468842 |
| Pool # BF0586, 5.00%, 12/1/2061 | 2803105 | 2778026 |
| Pool # BF0617, 2.50%, 3/1/2062 | 10825593 | 8604125 |
| Pool # BF0604, 3.50%, 3/1/2062 | 3299629 | 2928186 |
| Pool # BF0674, 2.50%, 4/1/2062 | 12176218 | 9677422 |
| Pool # BF0673, 2.50%, 6/1/2062 | 24980153 | 19853861 |
| Pool # BF0654, 3.00%, 6/1/2062 | 6544830 | 5533642 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BF0655, 3.50%, 6/1/2062 | 6612891 | 5868499 |
| Pool # BF0694, 2.50%, 12/1/2062 | 7702388 | 6392498 |
| Pool # BF0701, 3.50%, 12/1/2062 | 9278288 | 8233699 |
| Pool # BF0732, 2.50%, 6/1/2063 | 7285342 | 5941580 |
| Pool # BF0733, 3.00%, 6/1/2063 | 14184885 | 11993160 |
| Pool # BF0767, 4.00%, 9/1/2063 | 8713671 | 8073358 |
| Pool # BF0802, 2.50%, 4/1/2064 | 15129509 | 12338924 |
| Pool # BF0804, 3.00%, 4/1/2064 | 6167643 | 5283454 |
| Pool # BF0809, 4.00%, 4/1/2064 | 3286500 | 3061279 |
| FNMA/FHLMC UMBS, Single Family, 30 Year <br> TBA, 5.00%, 9/25/2055 (b)<br>| 51485000 | 50770774 |
| GNMA I, 30 Year  |  |  |
| Pool # 441957, 6.38%, 8/15/2026 | 3393 | 3417 |
| Pool # 780653, 6.50%, 10/15/2027 | 17121 | 17236 |
| Pool # 450038, 7.50%, 7/15/2028 | 2147 | 2161 |
| Pool # 486537, 7.50%, 9/15/2028 | 742 | 746 |
| Pool # 486631, 6.50%, 10/15/2028 | 292 | 301 |
| Pool # 556255, 6.50%, 10/15/2031 | 22210 | 22758 |
| Pool # 569568, 6.50%, 1/15/2032 | 67665 | 69910 |
| Pool # 611453, 7.00%, 4/15/2032 | 6040 | 6093 |
| Pool # 569423, 7.00%, 5/15/2032 | 17967 | 18494 |
| Pool # 591882, 6.50%, 7/15/2032 | 11840 | 12232 |
| Pool # 552665, 7.00%, 7/15/2032 | 11904 | 11984 |
| Pool # 782032, 7.00%, 10/15/2032 | 30564 | 31798 |
| Pool # 591420, 7.50%, 1/15/2033 | 13132 | 13253 |
| Pool # 607645, 6.50%, 2/15/2033 | 10180 | 10498 |
| Pool # 604168, 6.50%, 4/15/2033 | 6105 | 6213 |
| Pool # 781614, 7.00%, 6/15/2033 | 16167 | 17036 |
| Pool # 638733, 7.00%, 3/15/2037 | 31939 | 33733 |
| Pool # 759537, 3.49%, 1/15/2041 | 819338 | 783176 |
| Pool # 759561, 3.49%, 1/15/2041 | 135452 | 129447 |
| Pool # 759374, 3.49%, 2/15/2041 | 791024 | 756537 |
| Pool # 762703, 3.49%, 2/15/2041 | 267969 | 256172 |
| Pool # 762954, 2.99%, 3/15/2041 | 180901 | 171245 |
| Pool # 763239, 2.99%, 3/15/2041 | 96473 | 92630 |
| Pool # 762751, 3.49%, 3/15/2041 | 1091197 | 1042939 |
| Pool # 762953, 3.49%, 3/15/2041 | 610980 | 583958 |
| Pool # 762973, 3.49%, 3/15/2041 | 94467 | 90085 |
| Pool # 763140, 3.13%, 4/15/2041 | 105581 | 101416 |
| Pool # 763021, 3.49%, 4/15/2041 | 126836 | 120434 |
| Pool # 763180, 3.49%, 4/15/2041 | 56976 | 54138 |
| Pool # 380437, 3.13%, 5/15/2041 | 96514 | 93382 |
| Pool # 770881, 3.13%, 5/15/2041 | 103530 | 99605 |
| Pool # 763366, 3.49%, 5/15/2041 | 50805 | 48397 |
| Pool # 770909, 2.99%, 6/15/2041 | 235712 | 225381 |
| Pool # 380436, 3.38%, 6/15/2041 | 281503 | 270983 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # 770754, 3.38%, 6/15/2041 | 303926 | 293855 |
| Pool # AT7652, 4.00%, 8/15/2046 | 862916 | 816349 |
| Pool # 784450, 4.00%, 2/15/2048 | 3510031 | 3322793 |
| Pool # BI6468, 5.00%, 12/15/2048 | 2051654 | 2041078 |
| Pool # BM1750, 5.00%, 4/15/2049 | 1420855 | 1413750 |
| Pool # BM4206, 5.00%, 4/15/2049 | 1173875 | 1174343 |
| Pool # BM4207, 5.00%, 4/15/2049 | 672825 | 671536 |
| Pool # BM4208, 5.00%, 4/15/2049 | 2789479 | 2787527 |
| Pool # BM1957, 5.00%, 5/15/2049 | 1617105 | 1609019 |
| Pool # BN4051, 5.00%, 6/15/2049 | 2439800 | 2440773 |
| Pool # BN4052, 5.00%, 6/15/2049 | 2375788 | 2371237 |
| Pool # BN4053, 5.00%, 6/15/2049 | 3498589 | 3508885 |
| Pool # BM9691, 4.50%, 7/15/2049 | 2335397 | 2272176 |
| Pool # BM2141, 5.00%, 7/15/2049 | 1152595 | 1163017 |
| Pool # BM2163, 5.00%, 7/15/2049 | 2262184 | 2285512 |
| Pool # BM2281, 5.00%, 7/15/2049 | 2379932 | 2358852 |
| Pool # BM2305, 5.00%, 8/15/2049 | 1429901 | 1437009 |
| Pool # BV2390, 3.50%, 7/15/2050 | 1084558 | 1029935 |
| Pool # BW7021, 3.50%, 8/15/2050 | 3021926 | 2869726 |
| Pool # BW7044, 3.50%, 9/15/2050 | 2793078 | 2652402 |
| Pool # BW7064, 3.50%, 10/15/2050 | 1279522 | 1215077 |
| Pool # BY7857, 3.50%, 11/15/2050 | 913807 | 867781 |
| Pool # BY7874, 3.50%, 12/15/2050 | 694028 | 659072 |
| Pool # CA3251, 3.50%, 12/15/2050 | 1101129 | 1046354 |
| Pool # BY7887, 3.50%, 1/15/2051 | 2133903 | 2026423 |
| Pool # CA3320, 3.50%, 1/15/2051 | 1492911 | 1418645 |
| Pool # CA3304, 3.50%, 2/15/2051 | 1086761 | 1032699 |
| Pool # CE2513, 3.50%, 5/15/2051 | 1100084 | 1005618 |
| Pool # CO1898, 5.50%, 7/15/2052 | 4458626 | 4706387 |
| Pool # CO1926, 5.00%, 10/15/2052 | 4050012 | 4194145 |
| Pool # CR2385, 5.50%, 4/15/2053 | 3538507 | 3735245 |
| Pool # CU0301, 6.50%, 5/15/2053 | 9759817 | 10131071 |
| GNMA I, Other Pool # BX7719, 1.97%, <br> 9/15/2041<br>| 2655110 | 2149381 |
| GNMA II  |  |  |
| Pool # CG8187, ARM, 5.58%, <br> 8/20/2071 (a)<br>| 9097017 | 9450032 |
| Pool # CH2658, ARM, 5.62%, <br> 9/20/2071 (a)<br>| 4993971 | 5190662 |
| Pool # CH4939, ARM, 5.56%, <br> 10/20/2071 (a)<br>| 3400396 | 3524498 |
| Pool # CJ6767, ARM, 5.47%, <br> 11/20/2071 (a)<br>| 9076741 | 9396607 |
| Pool # CJ7141, ARM, 5.57%, <br> 11/20/2071 (a)<br>| 4203441 | 4364289 |
| Pool # CJ9640, ARM, 5.65%, <br> 11/20/2071 (a)<br>| 10077806 | 10487771 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CE5557, ARM, 5.73%, <br> 11/20/2071 (a)<br>| 10658256 | 11138430 |
| Pool # CK2767, ARM, 5.75%, <br> 12/20/2071 (a)<br>| 9232597 | 9661371 |
| Pool # CJ7149, ARM, 5.80%, <br> 12/20/2071 (a)<br>| 5937772 | 6218998 |
| GNMA II, 30 Year  |  |  |
| Pool # 2234, 8.00%, 6/20/2026 | 80 | 80 |
| Pool # 2270, 8.00%, 8/20/2026 | 89 | 90 |
| Pool # 2324, 8.00%, 11/20/2026 | 45 | 45 |
| Pool # 2499, 8.00%, 10/20/2027 | 560 | 569 |
| Pool # 2549, 7.50%, 2/20/2028 | 158 | 159 |
| Pool # 2646, 7.50%, 9/20/2028 | 681 | 696 |
| Pool # 737076, 6.50%, 10/20/2033 | 69446 | 70929 |
| Pool # 616732, 6.50%, 9/20/2034 | 4222 | 4214 |
| Pool # 748766, 6.50%, 1/20/2039 | 30820 | 31962 |
| Pool # 752496, 6.50%, 1/20/2039 | 53870 | 56508 |
| Pool # 783389, 6.00%, 8/20/2039 | 278058 | 294343 |
| Pool # 783444, 5.50%, 9/20/2039 | 63944 | 65737 |
| Pool # 742853, 3.88%, 4/20/2040 | 938647 | 873919 |
| Pool # 742810, 3.88%, 6/20/2040 | 880526 | 820600 |
| Pool # 742801, 3.88%, 8/20/2040 | 320243 | 298445 |
| Pool # 742876, 3.25%, 11/20/2040 | 783203 | 708434 |
| Pool # 742878, 3.88%, 11/20/2040 | 3436625 | 3200587 |
| Pool # BZ8504, 2.50%, 12/20/2040 | 794855 | 721443 |
| Pool # 742883, 3.25%, 2/20/2041 | 1617945 | 1489497 |
| Pool # 742885, 3.75%, 2/20/2041 | 80816 | 75249 |
| Pool # 742884, 3.88%, 2/20/2041 | 1517040 | 1413766 |
| Pool # 751810, 3.50%, 3/20/2041 | 577753 | 528561 |
| Pool # BZ1781, 4.50%, 5/20/2041 | 490509 | 479234 |
| Pool # BZ1778, 4.00%, 10/20/2041 | 418193 | 399078 |
| Pool # BZ1774, 3.50%, 12/20/2041 | 1013420 | 925978 |
| Pool # BZ1664, 4.00%, 12/20/2042 | 655893 | 625904 |
| Pool # BZ1780, 4.50%, 10/20/2043 | 653654 | 637011 |
| Pool # AE8053, 4.00%, 12/20/2043 | 377831 | 358361 |
| Pool # BZ1770, 3.00%, 6/20/2044 | 1667856 | 1477562 |
| Pool # BZ1661, 3.50%, 8/20/2044 | 712074 | 651657 |
| Pool # BZ1773, 3.50%, 9/20/2044 | 1988461 | 1825337 |
| Pool # AJ9020, 4.50%, 10/20/2044 | 127130 | 122751 |
| Pool # 783967, 4.25%, 12/20/2044 | 1352625 | 1271034 |
| Pool # BZ1777, 4.00%, 3/20/2045 | 349657 | 331940 |
| Pool # BY6444, 2.50%, 11/20/2045 | 442506 | 375861 |
| Pool # BZ8502, 2.50%, 12/20/2045 | 1394454 | 1185351 |
| Pool # BZ8503, 2.50%, 12/20/2045 | 817669 | 693771 |
| Pool # AK8803, 4.00%, 3/20/2046 | 770224 | 722128 |
| Pool # BZ1663, 4.00%, 7/20/2046 | 1131402 | 1071822 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # AS8110, 3.75%, 8/20/2046 | 1729415 | 1607011 |
| Pool # AY2378, 3.25%, 2/20/2047 | 255107 | 231812 |
| Pool # AY2381, 4.25%, 7/20/2047 | 830589 | 790717 |
| Pool # BZ1769, 3.00%, 8/20/2047 | 1513317 | 1340508 |
| Pool # BZ1654, 3.00%, 9/20/2047 | 659248 | 586416 |
| Pool # AY2388, 4.25%, 9/20/2047 | 2838445 | 2702186 |
| Pool # BD3185, 4.00%, 10/20/2047 | 7927999 | 7423008 |
| Pool # BZ1660, 3.50%, 11/20/2047 | 1211214 | 1110289 |
| Pool # BZ1772, 3.50%, 11/20/2047 | 3407394 | 3102445 |
| Pool # BZ1776, 4.00%, 11/20/2047 | 1483550 | 1390958 |
| Pool # AY2392, 4.25%, 11/20/2047 | 3214982 | 3056677 |
| Pool # BE4662, 4.00%, 12/20/2047 | 10725764 | 10184787 |
| Pool # BB8795, 4.00%, 1/20/2048 | 2126364 | 1984331 |
| Pool # AY2395, 4.25%, 1/20/2048 | 2006548 | 1911439 |
| Pool # AY2404, 4.25%, 5/20/2048 | 3015365 | 2870564 |
| Pool # BG6360, 5.00%, 5/20/2048 | 1867076 | 1903397 |
| Pool # BF2645, 5.50%, 5/20/2048 | 317514 | 323143 |
| Pool # AY2405, 4.25%, 6/20/2048 | 3757459 | 3579339 |
| Pool # BD0531, 5.00%, 6/20/2048 | 505662 | 507020 |
| Pool # BD0532, 5.00%, 6/20/2048 | 490198 | 486009 |
| Pool # BF2971, 5.00%, 6/20/2048 | 833522 | 832046 |
| Pool # AY2407, 4.25%, 7/20/2048 | 1559973 | 1485061 |
| Pool # AY2408, 4.50%, 7/20/2048 | 786835 | 762396 |
| Pool # BG7397, 4.50%, 7/20/2048 | 746391 | 728332 |
| Pool # BF3017, 5.00%, 7/20/2048 | 804668 | 807434 |
| Pool # AY2409, 4.25%, 8/20/2048 | 1379505 | 1311556 |
| Pool # AY2410, 4.50%, 8/20/2048 | 785350 | 760956 |
| Pool # BD0550, 5.00%, 8/20/2048 | 647257 | 647834 |
| Pool # BG7389, 5.00%, 8/20/2048 | 866640 | 867881 |
| Pool # BG7391, 5.00%, 8/20/2048 | 652814 | 658635 |
| Pool # AY2412, 4.50%, 9/20/2048 | 3845517 | 3726076 |
| Pool # 784626, 4.50%, 10/20/2048 | 447946 | 434579 |
| Pool # BI4488, 4.50%, 11/20/2048 | 779641 | 756628 |
| Pool # BK2585, 5.00%, 11/20/2048 | 335016 | 338290 |
| Pool # BK2586, 5.00%, 11/20/2048 | 397866 | 399614 |
| Pool # BI6431, 4.50%, 12/20/2048 | 1045750 | 1024471 |
| Pool # BI6669, 4.50%, 12/20/2048 | 944181 | 928182 |
| Pool # BH3133, 5.00%, 12/20/2048 | 1772590 | 1763556 |
| Pool # BJ7083, 5.00%, 12/20/2048 | 142928 | 143018 |
| Pool # BJ7084, 5.00%, 12/20/2048 | 884271 | 893313 |
| Pool # BK7169, 5.00%, 12/20/2048 | 687416 | 689372 |
| Pool # BJ1334, 5.00%, 1/20/2049 | 1592340 | 1584067 |
| Pool # BJ9641, 5.00%, 1/20/2049 | 1012621 | 1034299 |
| Pool # BJ9642, 5.00%, 1/20/2049 | 908140 | 929148 |
| Pool # BJ9824, 4.50%, 2/20/2049 | 1864053 | 1806176 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BJ9825, 4.50%, 2/20/2049 | 806220 | 781186 |
| Pool # BK7188, 4.50%, 2/20/2049 | 941944 | 918280 |
| Pool # BJ9630, 5.00%, 2/20/2049 | 307305 | 306700 |
| Pool # BJ9633, 5.00%, 2/20/2049 | 499445 | 500161 |
| Pool # BK7189, 5.00%, 2/20/2049 | 1028186 | 1035188 |
| Pool # BK7198, 4.50%, 3/20/2049 | 713884 | 688637 |
| Pool # BL6765, 5.50%, 5/20/2049 | 1265621 | 1294152 |
| Pool # BN0907, 4.50%, 6/20/2049 | 915142 | 886728 |
| Pool # BN1498, 5.00%, 6/20/2049 | 1147896 | 1147610 |
| Pool # BN1499, 5.00%, 6/20/2049 | 1802680 | 1798906 |
| Pool # BN1500, 5.50%, 6/20/2049 | 671427 | 683285 |
| Pool # BN2627, 4.00%, 7/20/2049 | 1743720 | 1635863 |
| Pool # BN2628, 4.00%, 7/20/2049 | 1833338 | 1718805 |
| Pool # BO0521, 4.00%, 7/20/2049 | 316492 | 299260 |
| Pool # BM9692, 4.50%, 7/20/2049 | 556361 | 537568 |
| Pool # BN0879, 5.00%, 7/20/2049 | 312627 | 314192 |
| Pool # BO3160, 5.00%, 7/20/2049 | 671068 | 680783 |
| Pool # BP4237, 5.00%, 7/20/2049 | 684811 | 692803 |
| Pool # BP4238, 5.00%, 7/20/2049 | 220749 | 224357 |
| Pool # BP4240, 5.00%, 7/20/2049 | 646386 | 661750 |
| Pool # BP4241, 5.00%, 7/20/2049 | 819269 | 839987 |
| Pool # BP4242, 5.00%, 7/20/2049 | 322323 | 333037 |
| Pool # BL9354, 4.00%, 8/20/2049 | 1180554 | 1106141 |
| Pool # BM2327, 4.00%, 8/20/2049 | 525291 | 484775 |
| Pool # BM2418, 4.00%, 8/20/2049 | 1018356 | 968559 |
| Pool # BN0884, 4.00%, 8/20/2049 | 308741 | 289649 |
| Pool # BN0889, 4.50%, 8/20/2049 | 209739 | 203226 |
| Pool # BN7048, 4.50%, 8/20/2049 | 2113797 | 2047838 |
| Pool # BN7049, 4.50%, 8/20/2049 | 3080182 | 3006380 |
| Pool # BN0890, 5.00%, 8/20/2049 | 257769 | 260139 |
| Pool # BN0891, 5.00%, 8/20/2049 | 345446 | 347176 |
| Pool # BN0893, 5.00%, 8/20/2049 | 370284 | 372137 |
| Pool # BO3257, 5.00%, 8/20/2049 | 571601 | 578336 |
| Pool # BP4290, 5.00%, 8/20/2049 | 539145 | 539917 |
| Pool # BP4291, 5.00%, 8/20/2049 | 455895 | 456548 |
| Pool # BP4292, 5.00%, 8/20/2049 | 1433955 | 1442174 |
| Pool # BP4293, 5.00%, 8/20/2049 | 1335329 | 1345439 |
| Pool # BP4294, 5.00%, 8/20/2049 | 646938 | 656956 |
| Pool # BN0896, 4.00%, 9/20/2049 | 1164958 | 1090756 |
| Pool # BI0930, 4.50%, 9/20/2049 | 1596447 | 1599041 |
| Pool # BM9714, 4.50%, 9/20/2049 | 120899 | 119642 |
| Pool # 784810, 5.00%, 9/20/2049 | 3016637 | 2990853 |
| Pool # AC2995, 5.00%, 9/20/2049 | 1797810 | 1837313 |
| Pool # BP2853, 5.00%, 9/20/2049 | 854915 | 859195 |
| Pool # BP8644, 5.00%, 9/20/2049 | 1019718 | 1024822 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BP8645, 5.00%, 9/20/2049 | 519568 | 522169 |
| Pool # BQ3138, 4.00%, 10/20/2049 | 791511 | 742064 |
| Pool # AC2994, 4.50%, 10/20/2049 | 476385 | 470097 |
| Pool # BQ9513, 3.50%, 11/20/2049 | 1005258 | 926068 |
| Pool # BQ3791, 4.00%, 11/20/2049 | 1176443 | 1097861 |
| Pool # BR2638, 4.00%, 11/20/2049 | 270337 | 253615 |
| Pool # 784847, 4.50%, 11/20/2049 | 2969571 | 2860886 |
| Pool # BP2896, 4.50%, 11/20/2049 | 1262882 | 1229117 |
| Pool # BP7772, 4.50%, 11/20/2049 | 320417 | 317975 |
| Pool # BP8665, 4.50%, 11/20/2049 | 490133 | 474915 |
| Pool # BP8666, 4.50%, 11/20/2049 | 1168986 | 1132688 |
| Pool # BP8667, 5.00%, 11/20/2049 | 588839 | 591787 |
| Pool # BP8668, 5.00%, 11/20/2049 | 351589 | 353349 |
| Pool # BR1542, 5.00%, 11/20/2049 | 767869 | 766006 |
| Pool # BP8669, 5.50%, 11/20/2049 | 230918 | 235398 |
| Pool # BP7668, 3.50%, 12/20/2049 | 5111770 | 4724880 |
| Pool # BP7795, 3.50%, 12/20/2049 | 1538379 | 1418202 |
| Pool # BP8670, 3.50%, 12/20/2049 | 653997 | 600665 |
| Pool # BL9372, 4.00%, 12/20/2049 | 588873 | 550088 |
| Pool # BP5516, 4.00%, 12/20/2049 | 600288 | 572222 |
| Pool # BP8672, 4.00%, 12/20/2049 | 553465 | 519571 |
| Pool # BP8673, 4.00%, 12/20/2049 | 733108 | 687768 |
| Pool # BP8674, 4.00%, 12/20/2049 | 926481 | 868033 |
| Pool # BQ3790, 4.00%, 12/20/2049 | 3402512 | 3154245 |
| Pool # BJ9866, 4.50%, 12/20/2049 | 2306672 | 2235042 |
| Pool # BL9374, 4.50%, 12/20/2049 | 136502 | 135735 |
| Pool # BP8676, 4.50%, 12/20/2049 | 508535 | 492745 |
| Pool # BP8677, 4.50%, 12/20/2049 | 1429512 | 1385125 |
| Pool # BP8678, 5.00%, 12/20/2049 | 954244 | 959021 |
| Pool # BP8679, 5.50%, 12/20/2049 | 745909 | 758594 |
| Pool # BP8021, 3.50%, 1/20/2050 | 1565086 | 1470624 |
| Pool # BP8681, 3.50%, 1/20/2050 | 1186570 | 1080324 |
| Pool # BL9379, 4.00%, 1/20/2050 | 2178251 | 2032829 |
| Pool # BP8682, 4.00%, 1/20/2050 | 1029599 | 966585 |
| Pool # BP8683, 4.00%, 1/20/2050 | 861582 | 808313 |
| Pool # BT0281, 4.00%, 1/20/2050 | 2881362 | 2783174 |
| Pool # BP8688, 4.50%, 1/20/2050 | 1874872 | 1816675 |
| Pool # BR0539, 4.50%, 1/20/2050 | 1808503 | 1760165 |
| Pool # BP8020, 3.50%, 2/20/2050 | 689956 | 648185 |
| Pool # BP8022, 3.50%, 2/20/2050 | 1290367 | 1205475 |
| Pool # BQ1338, 4.00%, 2/20/2050 | 2554215 | 2383697 |
| Pool # BQ7054, 4.00%, 2/20/2050 | 1961838 | 1839318 |
| Pool # BQ7057, 4.25%, 2/20/2050 | 812680 | 764351 |
| Pool # BS8384, 5.00%, 2/20/2050 | 1092495 | 1102505 |
| Pool # BS8400, 3.00%, 3/20/2050 | 4202853 | 3722606 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BT0397, 3.00%, 3/20/2050 | 518265 | 459044 |
| Pool # BQ4110, 3.50%, 3/20/2050 | 4487350 | 4246168 |
| Pool # BS5879, 3.50%, 3/20/2050 | 942232 | 864832 |
| Pool # BS8411, 3.50%, 3/20/2050 | 2686470 | 2459156 |
| Pool # BT0399, 3.50%, 3/20/2050 | 953218 | 867850 |
| Pool # BT3628, 3.50%, 3/20/2050 | 1677473 | 1596426 |
| Pool # BT3629, 3.50%, 3/20/2050 | 716535 | 678022 |
| Pool # BT8043, 3.50%, 3/20/2050 | 1214687 | 1124056 |
| Pool # BT8044, 3.50%, 3/20/2050 | 2631923 | 2428683 |
| Pool # BT8045, 3.50%, 3/20/2050 | 3388690 | 3112419 |
| Pool # BT8046, 3.50%, 3/20/2050 | 3985634 | 3665221 |
| Pool # BT8047, 3.50%, 3/20/2050 | 3018344 | 2824439 |
| Pool # BT8048, 3.50%, 3/20/2050 | 3069564 | 2907416 |
| Pool # BS5873, 4.00%, 3/20/2050 | 437186 | 408403 |
| Pool # BS5874, 4.00%, 3/20/2050 | 2075699 | 1943524 |
| Pool # BQ7064, 3.50%, 4/20/2050 | 581792 | 533643 |
| Pool # BT3736, 3.50%, 4/20/2050 | 1590333 | 1459699 |
| Pool # BU3072, 5.00%, 4/20/2050 | 688283 | 703241 |
| Pool # BQ4098, 3.00%, 5/20/2050 | 5732019 | 5084137 |
| Pool # BR3899, 3.00%, 5/20/2050 | 752742 | 666730 |
| Pool # BT4019, 3.00%, 5/20/2050 | 3248484 | 2877312 |
| Pool # BQ7069, 3.25%, 5/20/2050 | 1584104 | 1422607 |
| Pool # BQ7083, 3.25%, 5/20/2050 | 145233 | 130047 |
| Pool # BS7609, 3.50%, 5/20/2050 | 2616368 | 2382080 |
| Pool # BT3843, 3.50%, 5/20/2050 | 1545573 | 1433536 |
| Pool # BV2935, 4.50%, 5/20/2050 | 563144 | 565447 |
| Pool # BV6609, 4.50%, 5/20/2050 | 197505 | 196487 |
| Pool # BV6631, 4.50%, 5/20/2050 | 1186287 | 1172219 |
| Pool # BV6670, 4.50%, 5/20/2050 | 393215 | 388491 |
| Pool # MA6661, 5.50%, 5/20/2050 | 66539 | 68365 |
| Pool # BT4096, 3.00%, 6/20/2050 | 4047297 | 3564822 |
| Pool # BU7682, 3.00%, 6/20/2050 | 3273261 | 2931597 |
| Pool # BQ7084, 3.25%, 6/20/2050 | 2186848 | 1963886 |
| Pool # BV8680, 3.50%, 6/20/2050 | 1331011 | 1222528 |
| Pool # BV8683, 3.50%, 6/20/2050 | 840240 | 771224 |
| Pool # BV8684, 3.50%, 6/20/2050 | 1338188 | 1227450 |
| Pool # BV8685, 3.50%, 6/20/2050 | 1203335 | 1095580 |
| Pool # BQ7086, 4.00%, 6/20/2050 | 2202274 | 2063380 |
| Pool # BQ7092, 4.00%, 6/20/2050 | 1759365 | 1660537 |
| Pool # BR3901, 4.00%, 6/20/2050 | 751195 | 701040 |
| Pool # BT4070, 4.00%, 6/20/2050 | 491969 | 468634 |
| Pool # BV8688, 4.00%, 6/20/2050 | 1240600 | 1161597 |
| Pool # BQ7087, 4.25%, 6/20/2050 | 564651 | 537897 |
| Pool # BV2372, 4.50%, 6/20/2050 | 939175 | 914073 |
| Pool # BV6632, 4.50%, 6/20/2050 | 2161671 | 2147861 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BQ7088, 5.00%, 6/20/2050 | 843361 | 842386 |
| Pool # BV8696, 3.00%, 7/20/2050 | 2510092 | 2223300 |
| Pool # BV8711, 3.00%, 7/20/2050 | 2707436 | 2398097 |
| Pool # BV8727, 3.00%, 7/20/2050 | 1466359 | 1306115 |
| Pool # BW0561, 3.00%, 7/20/2050 | 1078904 | 939626 |
| Pool # BQ7085, 3.25%, 7/20/2050 | 3989278 | 3582541 |
| Pool # BV8699, 3.50%, 7/20/2050 | 1608185 | 1477113 |
| Pool # BV8700, 3.50%, 7/20/2050 | 1306919 | 1189905 |
| Pool # BV8716, 3.50%, 7/20/2050 | 1858529 | 1692097 |
| Pool # BQ7097, 4.00%, 7/20/2050 | 2814262 | 2631564 |
| Pool # BU7564, 4.00%, 7/20/2050 | 1847742 | 1724375 |
| Pool # BV8702, 4.00%, 7/20/2050 | 674015 | 631508 |
| Pool # BW5975, 4.00%, 7/20/2050 | 541713 | 505544 |
| Pool # BW5994, 4.00%, 7/20/2050 | 723485 | 697271 |
| Pool # BV2395, 4.50%, 7/20/2050 | 1103252 | 1080181 |
| Pool # BV8722, 2.50%, 8/20/2050 | 2555398 | 2170313 |
| Pool # BV8726, 3.00%, 8/20/2050 | 636231 | 563547 |
| Pool # BX4922, 3.00%, 8/20/2050 | 164859 | 146084 |
| Pool # BX4923, 3.00%, 8/20/2050 | 2098681 | 1858921 |
| Pool # BW1746, 3.25%, 8/20/2050 | 3338441 | 2998070 |
| Pool # BR3911, 3.50%, 8/20/2050 | 3421710 | 3115284 |
| Pool # BV2402, 3.50%, 8/20/2050 | 4573229 | 4163694 |
| Pool # BX4927, 3.50%, 8/20/2050 | 542522 | 497082 |
| Pool # BX4928, 3.50%, 8/20/2050 | 1613123 | 1468690 |
| Pool # BX4939, 3.50%, 8/20/2050 | 2271200 | 2084639 |
| Pool # BW1747, 4.00%, 8/20/2050 | 616378 | 576365 |
| Pool # BW7383, 4.00%, 8/20/2050 | 3053519 | 2887877 |
| Pool # BX6092, 4.00%, 8/20/2050 | 2201620 | 2082188 |
| Pool # BX6093, 4.00%, 8/20/2050 | 4926951 | 4616239 |
| Pool # BW0559, 4.50%, 8/20/2050 | 726254 | 700630 |
| Pool # BW7033, 4.50%, 8/20/2050 | 306562 | 298368 |
| Pool # BZ1653, 3.00%, 9/20/2050 | 297580 | 263977 |
| Pool # BW1757, 3.25%, 9/20/2050 | 3364755 | 3021709 |
| Pool # BR3917, 3.50%, 9/20/2050 | 6732289 | 6129381 |
| Pool # BU7559, 3.50%, 9/20/2050 | 4683694 | 4264223 |
| Pool # BW1718, 3.50%, 9/20/2050 | 2947013 | 2701279 |
| Pool # BW1758, 3.50%, 9/20/2050 | 1793139 | 1644722 |
| Pool # BX4956, 3.50%, 9/20/2050 | 1928405 | 1765397 |
| Pool # BY3407, 3.50%, 9/20/2050 | 2652721 | 2436459 |
| Pool # BY3408, 3.50%, 9/20/2050 | 1041342 | 955802 |
| Pool # BY3432, 3.50%, 9/20/2050 | 2703819 | 2461690 |
| Pool # BR3918, 4.00%, 9/20/2050 | 523591 | 488636 |
| Pool # BW1759, 4.00%, 9/20/2050 | 1300368 | 1217550 |
| Pool # BX3717, 4.00%, 9/20/2050 | 584260 | 547989 |
| Pool # BX3718, 4.00%, 9/20/2050 | 628523 | 589320 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BW7043, 4.50%, 9/20/2050 | 1072888 | 1044209 |
| Pool # BW1760, 4.75%, 9/20/2050 | 973881 | 956702 |
| Pool # BX4971, 2.50%, 10/20/2050 | 1212772 | 1030737 |
| Pool # BY6410, 2.50%, 10/20/2050 | 893159 | 758537 |
| Pool # BW1771, 3.00%, 10/20/2050 | 1384603 | 1226373 |
| Pool # BW1772, 3.25%, 10/20/2050 | 1445809 | 1298391 |
| Pool # BU7550, 3.50%, 10/20/2050 | 5752891 | 5237675 |
| Pool # BW1773, 3.50%, 10/20/2050 | 1193569 | 1095511 |
| Pool # BY6416, 3.50%, 10/20/2050 | 1468035 | 1348358 |
| Pool # BZ1658, 3.50%, 10/20/2050 | 598543 | 549750 |
| Pool # BY6421, 4.00%, 10/20/2050 | 783253 | 730956 |
| Pool # BZ1662, 4.00%, 10/20/2050 | 741526 | 693860 |
| Pool # BW1774, 4.25%, 10/20/2050 | 996490 | 947437 |
| Pool # BY6440, 2.50%, 11/20/2050 | 1769771 | 1504182 |
| Pool # BY6441, 2.50%, 11/20/2050 | 1698037 | 1440591 |
| Pool # BY6443, 2.50%, 11/20/2050 | 1604690 | 1358168 |
| Pool # BY6445, 2.50%, 11/20/2050 | 1966295 | 1669947 |
| Pool # BY6447, 3.00%, 11/20/2050 | 2705682 | 2399937 |
| Pool # BZ2574, 3.00%, 11/20/2050 | 752427 | 666438 |
| Pool # BZ3559, 3.00%, 11/20/2050 | 715692 | 633903 |
| Pool # BZ2575, 3.25%, 11/20/2050 | 2570616 | 2308510 |
| Pool # BY6453, 3.50%, 11/20/2050 | 742465 | 680561 |
| Pool # BY6454, 3.50%, 11/20/2050 | 1604863 | 1469810 |
| Pool # BY6455, 3.50%, 11/20/2050 | 1259876 | 1157173 |
| Pool # BY6456, 3.50%, 11/20/2050 | 636136 | 589848 |
| Pool # BZ1771, 3.50%, 11/20/2050 | 1567429 | 1427084 |
| Pool # BZ3527, 3.50%, 11/20/2050 | 4160334 | 3813450 |
| Pool # BZ3560, 3.50%, 11/20/2050 | 829862 | 755543 |
| Pool # BY5559, 4.00%, 11/20/2050 | 3326932 | 3104779 |
| Pool # BY6457, 4.00%, 11/20/2050 | 521837 | 491592 |
| Pool # BY6458, 4.00%, 11/20/2050 | 488179 | 457933 |
| Pool # BZ2576, 4.00%, 11/20/2050 | 2475472 | 2315916 |
| Pool # BY7851, 4.50%, 11/20/2050 | 1397665 | 1360304 |
| Pool # BZ1779, 4.50%, 11/20/2050 | 726991 | 703977 |
| Pool # BS8546, 2.50%, 12/20/2050 | 4659277 | 3934028 |
| Pool # BZ8499, 2.50%, 12/20/2050 | 1604356 | 1367045 |
| Pool # BZ8500, 2.50%, 12/20/2050 | 1657772 | 1411010 |
| Pool # BZ8501, 2.50%, 12/20/2050 | 1925836 | 1636779 |
| Pool # BZ8505, 2.50%, 12/20/2050 | 986199 | 836689 |
| Pool # BZ8507, 2.50%, 12/20/2050 | 2471053 | 2098592 |
| Pool # BZ2590, 3.25%, 12/20/2050 | 2135235 | 1917526 |
| Pool # BZ2591, 3.50%, 12/20/2050 | 913393 | 836518 |
| Pool # BZ2592, 3.50%, 12/20/2050 | 1206335 | 1107228 |
| Pool # BZ8515, 3.50%, 12/20/2050 | 1420189 | 1300703 |
| Pool # BZ8516, 3.50%, 12/20/2050 | 583304 | 535756 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BZ1775, 4.00%, 12/20/2050 | 1359226 | 1274340 |
| Pool # BZ6501, 4.00%, 12/20/2050 | 3667191 | 3422316 |
| Pool # BZ8495, 4.00%, 12/20/2050 | 1096780 | 1023552 |
| Pool # BY7873, 4.50%, 12/20/2050 | 1079018 | 1050175 |
| Pool # CB4508, 5.00%, 12/20/2050 | 513983 | 516558 |
| Pool # BZ8530, 2.50%, 1/20/2051 | 944760 | 797738 |
| Pool # CB4502, 3.00%, 1/20/2051 | 1159951 | 1027466 |
| Pool # CB4503, 3.00%, 1/20/2051 | 1069981 | 947763 |
| Pool # BZ2606, 3.25%, 1/20/2051 | 1735154 | 1558309 |
| Pool # 785294, 3.50%, 1/20/2051 | 9151086 | 8218126 |
| Pool # BY7890, 3.50%, 1/20/2051 | 8665080 | 7888688 |
| Pool # BZ8541, 3.50%, 1/20/2051 | 750926 | 688748 |
| Pool # BZ8542, 3.50%, 1/20/2051 | 437903 | 397684 |
| Pool # CB1505, 3.50%, 1/20/2051 | 9879753 | 9032647 |
| Pool # CB4504, 3.50%, 1/20/2051 | 1353942 | 1239421 |
| Pool # BZ2614, 4.00%, 1/20/2051 | 501849 | 468362 |
| Pool # BZ8544, 4.00%, 1/20/2051 | 670791 | 630168 |
| Pool # CB2357, 4.00%, 1/20/2051 | 1103320 | 1050272 |
| Pool # CB4506, 4.00%, 1/20/2051 | 1007472 | 967382 |
| Pool # CB1543, 3.00%, 2/20/2051 | 5159599 | 4570254 |
| Pool # CB3225, 3.25%, 2/20/2051 | 768826 | 690468 |
| Pool # CA9001, 3.50%, 2/20/2051 | 6442074 | 5864846 |
| Pool # CB3226, 3.50%, 2/20/2051 | 665987 | 609904 |
| Pool # CB4521, 3.50%, 2/20/2051 | 1098067 | 1012905 |
| Pool # CB4522, 3.50%, 2/20/2051 | 816270 | 766449 |
| Pool # CB4524, 4.00%, 2/20/2051 | 1053885 | 988359 |
| Pool # CA8994, 4.50%, 2/20/2051 | 1102761 | 1073333 |
| Pool # CB4433, 3.00%, 3/20/2051 | 3062141 | 2667013 |
| Pool # CB3240, 3.25%, 3/20/2051 | 910656 | 814604 |
| Pool # CB3242, 3.50%, 3/20/2051 | 1667851 | 1524826 |
| Pool # CB4538, 3.50%, 3/20/2051 | 979292 | 896461 |
| Pool # CB3253, 3.25%, 4/20/2051 | 939004 | 843300 |
| Pool # CB3254, 3.50%, 4/20/2051 | 1511069 | 1383827 |
| Pool # CB3255, 3.50%, 4/20/2051 | 1493472 | 1367131 |
| Pool # CB3256, 3.50%, 4/20/2051 | 2486741 | 2273489 |
| Pool # CC9816, 3.00%, 5/20/2051 | 2373724 | 2117282 |
| Pool # CD0432, 3.50%, 5/20/2051 | 1556012 | 1424981 |
| Pool # CD0433, 3.50%, 5/20/2051 | 1729947 | 1583601 |
| Pool # CD0434, 3.50%, 5/20/2051 | 1898663 | 1735843 |
| Pool # CC9825, 2.50%, 6/20/2051 | 1542004 | 1310581 |
| Pool # CC9826, 2.50%, 6/20/2051 | 1876073 | 1591622 |
| Pool # CC9831, 3.00%, 6/20/2051 | 1514854 | 1341866 |
| Pool # CD0442, 3.50%, 6/20/2051 | 1582562 | 1449290 |
| Pool # CD0443, 3.50%, 6/20/2051 | 1326331 | 1214131 |
| Pool # CD0444, 3.50%, 6/20/2051 | 929065 | 849752 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CC9835, 4.00%, 6/20/2051 | 860877 | 809404 |
| Pool # CC9836, 4.00%, 6/20/2051 | 731716 | 686838 |
| Pool # CC9837, 4.00%, 6/20/2051 | 763453 | 713083 |
| Pool # CD0454, 3.50%, 7/20/2051 | 2036380 | 1853898 |
| Pool # CE9918, 3.50%, 7/20/2051 | 1767123 | 1617653 |
| Pool # CE9919, 3.50%, 7/20/2051 | 856931 | 784115 |
| Pool # CE9920, 3.50%, 7/20/2051 | 593104 | 545568 |
| Pool # CE9923, 4.00%, 7/20/2051 | 960216 | 898365 |
| Pool # CE9932, 3.00%, 8/20/2051 | 1824366 | 1625183 |
| Pool # CD0461, 3.50%, 8/20/2051 | 952109 | 871568 |
| Pool # CE9935, 3.50%, 8/20/2051 | 888593 | 813444 |
| Pool # CE9936, 3.50%, 8/20/2051 | 1208926 | 1106199 |
| Pool # CE9937, 3.50%, 8/20/2051 | 600333 | 552943 |
| Pool # CE9939, 4.00%, 8/20/2051 | 541901 | 507832 |
| Pool # CD0469, 3.50%, 9/20/2051 | 1701095 | 1558106 |
| Pool # CG4129, 3.50%, 9/20/2051 | 2358681 | 2158736 |
| Pool # CG4130, 3.50%, 9/20/2051 | 2599425 | 2368033 |
| Pool # CH0092, 3.50%, 9/20/2051 | 5012692 | 4567475 |
| Pool # 786522, 3.50%, 10/20/2051 | 17527897 | 15841136 |
| Pool # CD0476, 3.50%, 10/20/2051 | 1059455 | 969824 |
| Pool # CD0477, 3.50%, 10/20/2051 | 1809278 | 1654115 |
| Pool # CH0834, 3.50%, 10/20/2051 | 687477 | 629587 |
| Pool # CH0835, 3.50%, 10/20/2051 | 927799 | 849318 |
| Pool # CH0836, 3.50%, 10/20/2051 | 1176677 | 1076692 |
| Pool # CH0837, 3.50%, 10/20/2051 | 792648 | 724988 |
| Pool # CH0838, 3.50%, 10/20/2051 | 907931 | 826570 |
| Pool # CH1339, 3.50%, 10/20/2051 | 2705223 | 2532157 |
| Pool # CH2907, 3.50%, 10/20/2051 | 3955152 | 3664243 |
| Pool # CH0840, 4.00%, 10/20/2051 | 1176195 | 1104054 |
| Pool # CH0841, 4.00%, 10/20/2051 | 1193691 | 1115419 |
| Pool # CH0848, 3.00%, 11/20/2051 | 1301163 | 1154145 |
| Pool # CH0849, 3.00%, 11/20/2051 | 2352332 | 2083681 |
| Pool # CH0850, 3.00%, 11/20/2051 | 1568333 | 1389180 |
| Pool # CH0851, 3.00%, 11/20/2051 | 1305954 | 1156787 |
| Pool # CH0852, 3.00%, 11/20/2051 | 2459949 | 2194151 |
| Pool # CI0076, 3.00%, 11/20/2051 | 912083 | 807889 |
| Pool # 787205, 3.50%, 11/20/2051 | 13506945 | 12369044 |
| Pool # CI0077, 3.50%, 11/20/2051 | 841653 | 770772 |
| Pool # CI0078, 3.50%, 11/20/2051 | 1685486 | 1540945 |
| Pool # CI9257, 3.50%, 11/20/2051 | 3722426 | 3388853 |
| Pool # CH0860, 3.00%, 12/20/2051 | 674080 | 598126 |
| Pool # CH0861, 3.00%, 12/20/2051 | 2489460 | 2205086 |
| Pool # CH0862, 3.00%, 12/20/2051 | 1316377 | 1166020 |
| Pool # CH0864, 3.00%, 12/20/2051 | 1222390 | 1082756 |
| Pool # CH0868, 3.50%, 12/20/2051 | 1465251 | 1340203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # CH7863, 3.50%, 12/20/2051 | 2196925 | 2010917 |
| Pool # CH0871, 4.00%, 12/20/2051 | 920348 | 862480 |
| Pool # CI0090, 2.50%, 1/20/2052 | 1029836 | 876198 |
| Pool # CI0092, 3.00%, 1/20/2052 | 1483709 | 1314142 |
| Pool # CJ3916, 3.00%, 1/20/2052 | 8029942 | 7285910 |
| Pool # CK4908, 3.00%, 1/20/2052 | 2871868 | 2543697 |
| Pool # CK4909, 3.00%, 1/20/2052 | 1913890 | 1695167 |
| Pool # CK4916, 3.00%, 1/20/2052 | 3788839 | 3355848 |
| Pool # CI0093, 3.50%, 1/20/2052 | 1056943 | 967532 |
| Pool # CI0094, 3.50%, 1/20/2052 | 2163548 | 1969659 |
| Pool # CK1583, 3.50%, 1/20/2052 | 3291690 | 3013243 |
| Pool # CK4918, 3.50%, 1/20/2052 | 1268731 | 1161420 |
| Pool # CK7137, 4.00%, 1/20/2052 | 7239565 | 6667413 |
| Pool # CK2667, 3.00%, 2/20/2052 | 5190695 | 4597499 |
| Pool # CM2170, 3.00%, 3/20/2052 | 8382411 | 7408658 |
| Pool # CI0110, 3.50%, 3/20/2052 | 1246273 | 1134594 |
| Pool # CL1777, 3.50%, 3/20/2052 | 2573414 | 2365688 |
| Pool # CL1778, 3.50%, 3/20/2052 | 1392955 | 1274573 |
| Pool # CL1827, 3.50%, 3/20/2052 | 5750838 | 5264358 |
| Pool # CL1828, 3.50%, 3/20/2052 | 6445751 | 5895513 |
| Pool # CL1829, 3.50%, 3/20/2052 | 3202665 | 2915669 |
| Pool # CM1692, 3.50%, 3/20/2052 | 5136167 | 4612991 |
| Pool # CM2218, 3.50%, 3/20/2052 | 1765358 | 1616018 |
| Pool # CM2221, 3.50%, 3/20/2052 | 4667178 | 4293630 |
| Pool # CI0111, 4.00%, 3/20/2052 | 1205766 | 1125172 |
| Pool # 787010, 3.50%, 4/20/2052 | 18524370 | 17001655 |
| Pool # CN3435, 4.50%, 4/20/2052 | 942867 | 911230 |
| Pool # CN3436, 4.50%, 4/20/2052 | 5072055 | 4886211 |
| Pool # CO4826, 5.00%, 6/20/2052 | 4350671 | 4313467 |
| Pool # CO5339, 5.00%, 6/20/2052 | 4162923 | 4131173 |
| Pool # MA8148, 3.00%, 7/20/2052 | 7551888 | 6690369 |
| Pool # MA8343, 2.50%, 10/20/2052 | 12451284 | 10619914 |
| Pool # MA8423, 2.50%, 11/20/2052 | 11050360 | 9427623 |
| Pool # MA8564, 2.50%, 1/20/2053 | 41385961 | 35293720 |
| Pool # CQ8079, 5.50%, 1/20/2053 | 1742826 | 1773556 |
| Pool # CS4546, 5.00%, 2/20/2053 | 1900938 | 1892887 |
| Pool # CR2499, 5.50%, 2/20/2053 | 2816136 | 2851918 |
| Pool # CS4547, 5.50%, 2/20/2053 | 801308 | 815436 |
| Pool # MA8720, 2.50%, 3/20/2053 | 1146265 | 978397 |
| Pool # MA8721, 3.00%, 3/20/2053 | 12431029 | 11036242 |
| Pool # CS4560, 5.50%, 3/20/2053 | 2216162 | 2255239 |
| Pool # CS4561, 6.00%, 3/20/2053 | 772615 | 797791 |
| Pool # MA8795, 2.50%, 4/20/2053 | 1882582 | 1606882 |
| Pool # 786842, 4.00%, 4/20/2053 | 14926094 | 13762120 |
| Pool # CM6940, 5.50%, 4/20/2053 | 3600242 | 3636011 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CS4573, 5.50%, 4/20/2053 | 804182 | 818362 |
| Pool # CT3981, 5.50%, 4/20/2053 | 975075 | 991067 |
| Pool # CT3982, 5.50%, 4/20/2053 | 883815 | 897222 |
| Pool # CT3983, 5.50%, 4/20/2053 | 1134679 | 1145953 |
| Pool # MA8873, 2.50%, 5/20/2053 | 19517727 | 16644610 |
| Pool # CS4586, 5.50%, 5/20/2053 | 2221148 | 2260311 |
| Pool # CU6671, 5.50%, 6/20/2053 | 2535394 | 2580102 |
| Pool # MA9011, 2.50%, 7/20/2053 | 9196441 | 7844453 |
| Pool # CU6685, 5.50%, 7/20/2053 | 1613804 | 1642261 |
| Pool # CV6856, 5.50%, 7/20/2053 | 1207518 | 1219516 |
| Pool # CU6686, 6.00%, 7/20/2053 | 1837142 | 1897008 |
| Pool # CU6687, 6.50%, 7/20/2053 | 3036519 | 3170574 |
| Pool # CV0173, 6.50%, 7/20/2053 | 1708500 | 1795874 |
| Pool # MA9102, 3.50%, 8/20/2053 | 8567223 | 7822637 |
| Pool # CU6696, 6.00%, 8/20/2053 | 1180972 | 1219454 |
| Pool # CU6697, 6.50%, 8/20/2053 | 2130007 | 2224123 |
| Pool # CU6708, 5.50%, 9/20/2053 | 1430576 | 1455803 |
| Pool # MA9299, 2.50%, 10/20/2053 | 4039074 | 3446578 |
| Pool # MA9419, 3.50%, 1/20/2054 | 3237954 | 2989780 |
| Pool # MA9483, 3.00%, 2/20/2054 | 12791139 | 11388927 |
| Pool # MA9484, 3.50%, 2/20/2054 | 2657106 | 2421989 |
| Pool # CX5712, 6.50%, 2/20/2054 | 3428864 | 3605432 |
| Pool # CX5713, 7.00%, 2/20/2054 | 4249261 | 4508072 |
| Pool # DC4164, 4.50%, 5/20/2054 | 9115573 | 8503629 |
| Pool # MA9719, 2.50%, 6/20/2054 | 3451753 | 2946078 |
| Pool # DA2547, 6.50%, 7/20/2054 | 1033499 | 1073513 |
| Pool # DD0108, 6.50%, 7/20/2054 | 4263610 | 4483188 |
| Pool # DA2550, 7.00%, 7/20/2054 | 1990271 | 2073400 |
| Pool # DD0109, 7.00%, 7/20/2054 | 1267927 | 1345155 |
| Pool # DD0096, 6.50%, 8/20/2054 | 3903643 | 4104683 |
| Pool # DD0094, 7.00%, 8/20/2054 | 4458191 | 4729737 |
| Pool # DE2909, 6.00%, 9/20/2054 | 1455801 | 1506809 |
| Pool # DD0079, 7.00%, 9/20/2054 | 3467907 | 3679135 |
| Pool # DD0080, 7.50%, 9/20/2054 | 2459633 | 2629650 |
| Pool # DC3332, 6.50%, 11/20/2054 | 3384376 | 3558847 |
| Pool # DF2930, 7.50%, 12/20/2054 | 3522420 | 3765905 |
| Pool # DI1018, 6.00%, 7/20/2055 | 3224578 | 3313866 |
| Pool # DJ6140, 6.50%, 7/20/2055 | 1634136 | 1718366 |
| Pool # DL3308, 6.50%, 8/20/2055 | 2000000 | 2084702 |
| Pool # DL8783, 6.50%, 8/20/2055 | 4500000 | 4674033 |
| GNMA II, Other  |  |  |
| Pool # AD0018, 3.75%, 12/20/2032 | 489031 | 482025 |
| Pool # AH5895, 4.00%, 6/20/2034 | 176592 | 174457 |
| Pool # 4285, 6.00%, 11/20/2038 | 14305 | 14483 |
| Pool # BO1377, 3.75%, 2/20/2040 | 715552 | 692200 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Pool # BO1378, 4.00%, 1/20/2041 | 1034080 | 1010482 |
| Pool # CD7341, 3.50%, 7/20/2047 | 3288994 | 2986947 |
| Pool # BS0536, 3.00%, 3/20/2048 | 2251813 | 1984097 |
| Pool # BS0538, 4.00%, 12/20/2048 | 383859 | 360145 |
| Pool # BS0539, 4.50%, 1/20/2049 | 266065 | 256781 |
| Pool # MA6145, 3.50%, 9/20/2049 | 357479 | 320601 |
| Pool # CE3912, 5.00%, 9/20/2049 | 3900046 | 3869128 |
| Pool # BS0537, 3.50%, 12/20/2049 | 714585 | 648938 |
| Pool # CI8475, 5.00%, 5/20/2050 | 4995827 | 4974665 |
| Pool # CX4040, 5.00%, 7/20/2063 | 619587 | 610469 |
| Pool # CX7714, 5.00%, 9/20/2063 | 233154 | 229723 |
| Pool # CX4106, 5.00%, 10/20/2063 | 171055 | 168537 |
| Pool # CX4111, 5.00%, 10/20/2063 | 186172 | 183433 |
| Pool # CX7719, 5.00%, 10/20/2063 | 1004524 | 989741 |
| Pool # CY0098, 5.00%, 10/20/2063 | 1328778 | 1309223 |
| Pool # CY0134, 5.00%, 10/20/2063 | 1281525 | 1262665 |
| Pool # 787496, 6.00%, 7/20/2064 | 5448111 | 5523731 |
| Pool # 785863, 3.10%, 12/20/2071 (a) | 12118896 | 10978325 |
| Pool # CL8137, 3.17%, 3/20/2072 (a) | 3160736 | 2861130 |
| Pool # 786556, 4.65%, 1/20/2073 (a) | 7372160 | 7253242 |
| Total Mortgage-Backed Securities <br>(Cost $3,708,343,173)<br>|  | 3547447907 |
| **Collateralized Mortgage Obligations — 13.8%** | **Collateralized Mortgage Obligations — 13.8%** | **Collateralized Mortgage Obligations — 13.8%** |
| Ajax Mortgage Loan Trust Series 2022-A, <br> Class A1, 3.50%, 10/25/2061 (c) (d)<br>| 1804730 | 1756556 |
| Alternative Loan Trust |  |  |
| Series 2004-J3, Class 4A1, 4.75%, <br> 4/25/2019<br>| 7114 | 6963 |
| Series 2004-2CB, Class 1A9, 5.75%, <br> 3/25/2034<br>| 261071 | 268133 |
| Series 2005-1CB, Class 1A6, IF, IO, <br> 2.66%, 3/25/2035 (a)<br>| 159447 | 18425 |
| Series 2005-22T1, Class A2, IF, IO, <br> 0.63%, 6/25/2035 (a)<br>| 1245606 | 89278 |
| Series 2005-20CB, Class 3A8, IF, IO, <br> 0.31%, 7/25/2035 (a)<br>| 1075378 | 56004 |
| Series 2005-28CB, Class 3A5, 6.00%, <br> 8/25/2035<br>| 49581 | 18628 |
| Series 2005-37T1, Class A2, IF, IO, <br> 0.61%, 9/25/2035 (a)<br>| 2192521 | 157450 |
| Series 2005-54CB, Class 1A2, IF, IO, <br> 0.41%, 11/25/2035 (a)<br>| 1010795 | 56766 |
| Series 2005-54CB, Class 1A11, 5.50%, <br> 11/25/2035<br>| 169424 | 129921 |
| Series 2005-54CB, Class 1A7, 5.50%, <br> 11/25/2035<br>| 5678 | 4402 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2005-57CB, Class 3A2, IF, IO, <br> 0.66%, 12/25/2035 (a)<br>| 140469 | 10970 |
| Series 2005-64CB, Class 1A9, 5.50%, <br> 12/25/2035<br>| 89878 | 80127 |
| Series 2005-86CB, Class A11, 5.50%, <br> 2/25/2036<br>| 179236 | 100561 |
| Series 2006-7CB, Class 1A2, IF, IO, <br> 0.86%, 5/25/2036 (a)<br>| 6859873 | 687035 |
| Series 2006-26CB, Class A9, 6.50%, <br> 9/25/2036<br>| 291757 | 140695 |
| American General Mortgage Loan Trust <br> Series 2006-1, Class A5, 5.75%, <br> 12/25/2035 (a) (c)<br>| 592 | 657 |
| Anchor Mortgage Trust |  |  |
| 8.23%, 3/25/2031 ‡ (a) | 12000000 | 12179882 |
| Series 2025-RTL1, Class A1, 5.72%, <br> 5/25/2040 (c) (d)<br>| 3390000 | 3408147 |
| Series 2025-RTL1, Class A2, 6.36%, <br> 5/25/2040 (c) (d)<br>| 3580000 | 3600423 |
| ASG Resecuritization Trust Series 2011-1, <br> Class 2A35, 6.00%, 9/28/2036 (a) (c)<br>| 28399 | 8273 |
| Banc of America Funding Trust |  |  |
| Series 2004-1, PO, 3/25/2034 | 21604 | 15338 |
| Series 2004-3, Class 1A1, 5.50%, <br> 10/25/2034<br>| 41660 | 41853 |
| Series 2005-1, Class 30, IO, 5.50%, <br> 2/25/2035<br>| 39981 | 5747 |
| Series 2005-4, Class 30, PO, 8/25/2035 | 19885 | 13598 |
| Series 2005-6, Class 2A7, 5.50%, <br> 10/25/2035<br>| 67702 | 61049 |
| Series 2005-7, Class 30, PO, <br> 11/25/2035<br>| 6063 | 6281 |
| Series 2005-8, Class 30, PO, 1/25/2036 | 26224 | 17197 |
| Banc of America Mortgage Trust Series <br> 2003-C, Class 3A1, 7.00%, <br> 4/25/2033 (a)<br>| 9368 | 8868 |
| Baring Frn Series 2021-EBO1, Class PA, <br> 0.00%, 6/25/2027 ‡ (a)<br>| 890836 | 890836 |
| Bear Stearns ARM Trust |  |  |
| Series 2003-4, Class 3A1, 6.41%, <br> 7/25/2033 (a)<br>| 36043 | 34813 |
| Series 2003-7, Class 3A, 7.04%, <br> 10/25/2033 (a)<br>| 9710 | 9754 |
| Series 2004-1, Class 12A1, 5.33%, <br> 4/25/2034 (a)<br>| 91295 | 81634 |
| Series 2004-2, Class 14A, 4.51%, <br> 5/25/2034 (a)<br>| 36695 | 34127 |
| Series 2006-1, Class A1, 6.53%, <br> 2/25/2036 (a)<br>| 115365 | 110058 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Bear Stearns Asset-Backed Securities Trust <br> Series 2003-AC5, Class A1, 5.75%, <br> 10/25/2033 (d)<br>| 44999 | 51307 |
| Brean Asset-Backed Securities Trust |  |  |
| Series 2024-RM8, Class A1, 4.50%, <br> 5/25/2064 ‡ (c)<br>| 5070793 | 4984843 |
| Series 2025-RM10, Class A1, 5.00%, <br> 1/25/2065 ‡ (c)<br>| 6395240 | 6341489 |
| Series 2025-RM11, Class A1, 4.75%, <br> 5/25/2065 ‡ (a) (c)<br>| 9472575 | 9303782 |
| Series 2025-RM12, Class A1, 4.50%, <br> 7/25/2065 ‡ (c)<br>| 9235000 | 8970821 |
| BVRT LLC Series 2025-1, Class A, 4.34%, <br> 5/10/2033 ‡ (a) (c)<br>| 3693928 | 3559271 |
| Cascade Funding Mortgage Trust Series <br> 2025-HB16, Class M1, 3.00%, <br> 3/25/2035 ‡ (a) (c)<br>| 3300000 | 3172810 |
| Cendant Mortgage Capital CDMC Mortgage <br> Pass-Through Certificates Series 2003-9, <br> Class 1P, PO, 11/25/2033<br>| 2939 | 2254 |
| Center Street Lending Resi-Investor ABS <br> Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.89%, 10/25/2029 ‡ (c) (d)<br>| 11540000 | 11648154 |
| CFMT LLC |  |  |
| Series 2024-HB14, Class M1, 3.00%, <br> 6/25/2034 ‡ (a) (c)<br>| 5430000 | 5222763 |
| Series 2024-HB14, Class M2, 3.00%, <br> 6/25/2034 ‡ (a) (c)<br>| 3735000 | 3570799 |
| Series 2024-HB15, Class M2, 4.00%, <br> 8/25/2034 ‡ (a) (c)<br>| 1915000 | 1869521 |
| Chase Mortgage Finance Trust |  |  |
| Series 2007-A2, Class 2A1, 6.23%, <br> 6/25/2035 (a)<br>| 63244 | 62969 |
| Series 2007-A1, Class 2A1, 5.90%, <br> 2/25/2037 (a)<br>| 15964 | 15299 |
| Series 2007-A1, Class 9A1, 6.32%, <br> 2/25/2037 (a)<br>| 59062 | 58565 |
| Series 2007-A1, Class 1A3, 6.51%, <br> 2/25/2037 (a)<br>| 129634 | 129455 |
| Series 2007-A1, Class 7A1, 6.87%, <br> 2/25/2037 (a)<br>| 3111 | 3127 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2004-3, PO, 4/25/2034 | 4840 | 3746 |
| Series 2004-3, Class A26, 5.50%, <br> 4/25/2034<br>| 55061 | 55199 |
| Series 2004-HYB1, Class 2A, 5.20%, <br> 5/20/2034 (a)<br>| 26014 | 24856 |
| Series 2004-HYB3, Class 2A, 4.66%, <br> 6/20/2034 (a)<br>| 89961 | 84696 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-7, Class 2A1, 5.41%, <br> 6/25/2034 (a)<br>| 21262 | 19558 |
| Series 2004-5, Class 1A4, 5.50%, <br> 6/25/2034<br>| 134074 | 133003 |
| Series 2004-13, Class 1A4, 5.50%, <br> 8/25/2034<br>| 113421 | 114084 |
| Series 2004-HYB6, Class A3, 5.64%, <br> 11/20/2034 (a)<br>| 79569 | 76282 |
| Series 2005-16, Class A23, 5.50%, <br> 9/25/2035<br>| 51002 | 30773 |
| Series 2005-22, Class 2A1, 5.15%, <br> 11/25/2035 (a)<br>| 263785 | 217796 |
| Series 2007-4, Class 1A52, IF, IO, <br> 0.96%, 5/25/2037 (a)<br>| 1328190 | 113856 |
| Citigroup Global Markets Mortgage <br> Securities VII, Inc.<br>|  |  |
| Series 2003-UP2, Class 1, PO, <br> 6/25/2033<br>| 443 | 441 |
| Series 2003-HYB1, Class A, 7.74%, <br> 9/25/2033 (a)<br>| 24582 | 25252 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2009-10, Class 1A1, 6.02%, <br> 9/25/2033 (a) (c)<br>| 27512 | 27489 |
| Series 2004-UST1, Class A6, 6.22%, <br> 8/25/2034 (a)<br>| 10902 | 10327 |
| Series 2004-UST1, Class A3, 6.91%, <br> 8/25/2034 (a)<br>| 26926 | 26326 |
| Series 2015-A, Class B2, 4.50%, <br> 6/25/2058 (a) (c)<br>| 163282 | 160152 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2003-1, Class W2, PO, 6/25/2031 | 15 | 13 |
| Series 2003-1, Class WA2, 6.50%, <br> 6/25/2031<br>| 357 | 357 |
| Series 2003-1, Class 3, PO, 9/25/2033 | 6787 | 4780 |
| Series 2003-1, Class 2A5, 5.25%, <br> 10/25/2033<br>| 7414 | 7111 |
| Series 2005-1, Class 2A1A, 3.49%, <br> 2/25/2035 (a)<br>| 77284 | 68656 |
| Series 2005-2, Class 2A11, 5.50%, <br> 5/25/2035<br>| 95972 | 96159 |
| Series 2005-5, Class 1A2, 4.38%, <br> 8/25/2035 (a)<br>| 211677 | 178459 |
| Credit Suisse First Boston Mortgage <br> Securities Corp. (Switzerland)<br>|  |  |
| Series 2003-1, Class DB1, 6.68%, <br> 2/25/2033 (a)<br>| 202663 | 209045 |
| Series 2003-AR15, Class 3A1, 6.81%, <br> 6/25/2033 (a)<br>| 30032 | 30858 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2003-21, Class 1A4, 5.25%, <br> 9/25/2033<br>| 32311 | 32446 |
| CSFB Mortgage-Backed Pass-Through <br> Certificates<br>|  |  |
| Series 2003-29, Class 1A1, 6.50%, <br> 12/25/2033<br>| 62606 | 63576 |
| Series 2003-29, Class 5A1, 7.00%, <br> 12/25/2033<br>| 20755 | 21569 |
| Series 2004-4, Class 2A4, 5.50%, <br> 9/25/2034<br>| 56247 | 57292 |
| Series 2004-8, Class 1A4, 5.50%, <br> 12/25/2034<br>| 114302 | 116774 |
| Series 2005-4, Class 2X, IO, 5.50%, <br> 6/25/2035 (a)<br>| 296177 | 43843 |
| Series 2005-9, Class DX, IO, 5.50%, <br> 10/25/2035<br>| 230318 | 33979 |
| Deutsche Alt-A Securities, Inc. Mortgage <br> Loan Trust Series 2005-1, Class 2A1, <br> 3.40%, 2/25/2020 (a)<br>| 10744 | 10445 |
| FARM Mortgage Trust Series 2023-1, <br> Class A, 2.63%, 1/25/2052 (a) (c)<br>| 7923683 | 6603066 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 10126361 | 9397439 |
| Series 2017-4, Class M60C, 3.50%, <br> 6/25/2057<br>| 13812500 | 12798373 |
| Series 2017-4, Class MT, 3.50%, <br> 6/25/2057<br>| 2108902 | 1923827 |
| Series 2018-3, Class M55D, 4.00%, <br> 8/25/2057 (a)<br>| 6905283 | 6471637 |
| Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 8458918 | 7975126 |
| Series 2019-1, Class MT, 3.50%, <br> 7/25/2058<br>| 2155500 | 1918722 |
| Series 2019-1, Class M55D, 4.00%, <br> 7/25/2058<br>| 2451489 | 2303525 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 5134424 | 4831917 |
| Series 2019-4, Class M55D, 4.00%, <br> 2/25/2059<br>| 1949489 | 1827210 |
| Series 2020-1, Class MT, 2.50%, <br> 8/25/2059<br>| 3524409 | 2894327 |
| Series 2020-1, Class M55G, 3.00%, <br> 8/25/2059<br>| 3351290 | 3022088 |
| Series 2020-2, Class MB, 2.00%, <br> 11/25/2059<br>| 3840000 | 2602754 |
| Series 2020-3, Class MTU, 2.50%, <br> 5/25/2060<br>| 11217969 | 9258222 |
| Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060<br>| 5172889 | 4632824 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2021-3, Class MBU, 2.50%, <br> 3/25/2061<br>| 2050000 | 1317612 |
| Series 2022-1, Class MBU, 3.25%, <br> 11/25/2061<br>| 10150000 | 7192010 |
| Series 2022-1, Class MTU, 3.25%, <br> 11/25/2061<br>| 7745333 | 6684654 |
| Series 2023-1, Class MT, 3.00%, <br> 10/25/2062<br>| 13251330 | 11128699 |
| Series 2024-1, Class MT, 3.00%, <br> 11/25/2063<br>| 12373733 | 10450600 |
| Series 2024-2, Class MT, 3.50%, <br> 5/25/2064<br>| 10878982 | 9407163 |
| FHLMC, REMIC |  |  |
| Series 1829, Class ZB, 6.50%, <br> 3/15/2026<br>| 15 | 15 |
| Series 1863, Class Z, 6.50%, 7/15/2026 | 2 | 2 |
| Series 1899, Class ZE, 8.00%, <br> 9/15/2026<br>| 1689 | 1703 |
| Series 1963, Class Z, 7.50%, 1/15/2027 | 1631 | 1643 |
| Series 2470, Class SL, IF, 9.00%, <br> 1/15/2027 (a)<br>| 300 | 299 |
| Series 1985, Class PR, IO, 8.00%, <br> 7/15/2027<br>| 798 | 35 |
| Series 2065, Class PX, IO, 0.75%, <br> 8/17/2027<br>| 4796 | 14 |
| Series 1987, Class PE, 7.50%, <br> 9/15/2027<br>| 1380 | 1392 |
| Series 2038, Class PN, IO, 7.00%, <br> 3/15/2028<br>| 678 | 37 |
| Series 2042, Class T, 7.00%, 3/15/2028 | 458 | 462 |
| Series 2040, Class PE, 7.50%, <br> 3/15/2028<br>| 5159 | 5246 |
| Series 2060, Class Z, 6.50%, 5/15/2028 | 2058 | 2088 |
| Series 2061, Class DC, IO, 6.50%, <br> 6/15/2028<br>| 6257 | 303 |
| Series 2075, Class PH, 6.50%, <br> 8/15/2028<br>| 17099 | 17360 |
| Series 2086, Class GB, 6.00%, <br> 9/15/2028<br>| 1808 | 1835 |
| Series 2089, Class PJ, IO, 7.00%, <br> 10/15/2028<br>| 1406 | 77 |
| Series 2111, Class SB, IF, IO, 3.04%, <br> 1/15/2029 (a)<br>| 7487 | 178 |
| Series 2110, Class PG, 6.00%, <br> 1/15/2029<br>| 11119 | 11196 |
| Series 2125, Class JZ, 6.00%, <br> 2/15/2029<br>| 5275 | 5354 |
| Series 2130, Class QS, 6.00%, <br> 3/15/2029<br>| 2958 | 2976 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2132, Class ZL, 6.50%, <br> 3/15/2029<br>| 2796 | 2824 |
| Series 2132, Class SB, IF, 11.22%, <br> 3/15/2029 (a)<br>| 1876 | 2097 |
| Series 2141, IO, 7.00%, 4/15/2029 | 299 | 14 |
| Series 2303, Class ZN, 8.50%, <br> 4/15/2029<br>| 30199 | 31392 |
| Series 2163, Class PC, IO, 7.50%, <br> 6/15/2029<br>| 1141 | 64 |
| Series 2178, Class PB, 7.00%, <br> 8/15/2029<br>| 2623 | 2688 |
| Series 2201, Class C, 8.00%, <br> 11/15/2029<br>| 2377 | 2433 |
| Series 2204, Class GB, 8.00%, <br> 12/20/2029 (a)<br>| 695 | 79 |
| Series 2209, Class TC, 8.00%, <br> 1/15/2030<br>| 17393 | 18106 |
| Series 2210, Class Z, 8.00%, 1/15/2030 | 12325 | 12858 |
| Series 2224, Class CB, 8.00%, <br> 3/15/2030<br>| 4068 | 4232 |
| Series 2247, Class Z, 7.50%, 8/15/2030 | 3856 | 4010 |
| Series 2256, Class MC, 7.25%, <br> 9/15/2030<br>| 9212 | 9589 |
| Series 2254, Class Z, 9.00%, 9/15/2030 | 31376 | 33994 |
| Series 2259, Class ZM, 7.00%, <br> 10/15/2030<br>| 19028 | 19664 |
| Series 2271, Class PC, 7.25%, <br> 12/15/2030<br>| 19979 | 20839 |
| Series 2296, Class PD, 7.00%, <br> 3/15/2031<br>| 7066 | 7349 |
| Series 2303, Class ZD, 7.00%, <br> 4/15/2031<br>| 92911 | 97265 |
| Series 2359, Class ZB, 8.50%, <br> 6/15/2031<br>| 13876 | 14894 |
| Series 2388, Class UZ, 8.50%, <br> 6/15/2031<br>| 4862 | 5106 |
| Series 2344, Class ZD, 6.50%, <br> 8/15/2031<br>| 42386 | 44177 |
| Series 2344, Class ZJ, 6.50%, <br> 8/15/2031<br>| 6488 | 6780 |
| Series 2345, Class NE, 6.50%, <br> 8/15/2031<br>| 4022 | 4204 |
| Series 2372, Class F, 4.96%, <br> 10/15/2031 (a)<br>| 1761 | 1758 |
| Series 2367, Class ZK, 6.00%, <br> 10/15/2031<br>| 43859 | 45501 |
| Series 2368, Class AS, IF, 9.34%, <br> 10/15/2031 (a)<br>| 2147 | 2213 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2383, Class FD, 4.96%, <br> 11/15/2031 (a)<br>| 1711 | 1711 |
| Series 2399, Class TH, 6.50%, <br> 1/15/2032<br>| 49724 | 52011 |
| Series 2494, Class SX, IF, IO, 2.54%, <br> 2/15/2032 (a)<br>| 130361 | 9700 |
| Series 2410, Class QX, IF, IO, 4.19%, <br> 2/15/2032 (a)<br>| 6796 | 544 |
| Series 2410, Class QS, IF, 7.91%, <br> 2/15/2032 (a)<br>| 12359 | 13339 |
| Series 2433, Class SA, IF, 9.34%, <br> 2/15/2032 (a)<br>| 22570 | 26944 |
| Series 2444, Class ES, IF, IO, 3.49%, <br> 3/15/2032 (a)<br>| 9889 | 894 |
| Series 2450, Class SW, IF, IO, 3.54%, <br> 3/15/2032 (a)<br>| 11208 | 1083 |
| Series 2431, Class F, 4.96%, <br> 3/15/2032 (a)<br>| 50940 | 50926 |
| Series 2464, Class FE, 5.46%, <br> 3/15/2032 (a)<br>| 35923 | 36224 |
| Series 2423, Class MC, 7.00%, <br> 3/15/2032<br>| 12071 | 12608 |
| Series 2423, Class MT, 7.00%, <br> 3/15/2032<br>| 13499 | 14172 |
| Series 2434, Class TC, 7.00%, <br> 4/15/2032<br>| 16678 | 17482 |
| Series 2436, Class MC, 7.00%, <br> 4/15/2032<br>| 12801 | 13056 |
| Series 2450, Class GZ, 7.00%, <br> 5/15/2032<br>| 15393 | 16295 |
| Series 3393, Class JO, PO, 9/15/2032 | 49320 | 44614 |
| Series 2513, Class ZC, 5.50%, <br> 10/15/2032<br>| 36692 | 37997 |
| Series 2517, Class Z, 5.50%, <br> 10/15/2032<br>| 15595 | 16102 |
| Series 2835, Class QO, PO, 12/15/2032 | 14630 | 13087 |
| Series 2557, Class HL, 5.30%, <br> 1/15/2033<br>| 145178 | 146644 |
| Series 2552, Class FP, 5.46%, <br> 1/15/2033 (a)<br>| 172280 | 174138 |
| Series 2586, Class WI, IO, 6.50%, <br> 3/15/2033<br>| 39481 | 5295 |
| Series 2611, Class SQ, IF, 4.09%, <br> 5/15/2033 (a)<br>| 13296 | 13469 |
| Series 2631, Class SA, IF, 6.68%, <br> 6/15/2033 (a)<br>| 7229 | 7600 |
| Series 2692, Class SC, IF, 4.37%, <br> 7/15/2033 (a)<br>| 33828 | 35774 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2671, Class S, IF, 6.59%, <br> 9/15/2033 (a)<br>| 11767 | 12896 |
| Series 2722, Class PF, 5.06%, <br> 12/15/2033 (a)<br>| 306692 | 307293 |
| Series 2763, Class ZA, 6.00%, <br> 3/15/2034<br>| 1160676 | 1217283 |
| Series 2779, Class ZC, 6.00%, <br> 4/15/2034<br>| 748657 | 787330 |
| Series 2802, Class ZY, 6.00%, <br> 5/15/2034<br>| 196248 | 205394 |
| Series 3318, Class BT, IF, 7.00%, <br> 5/15/2034 (a)<br>| 371503 | 373979 |
| Series 3611, PO, 7/15/2034 | 67268 | 59788 |
| Series 3305, Class MB, IF, 6.94%, <br> 7/15/2034 (a)<br>| 23483 | 23631 |
| Series 2990, Class WP, IF, 5.53%, <br> 6/15/2035 (a)<br>| 294 | 302 |
| Series 3035, Class Z, 5.85%, 9/15/2035 | 385643 | 403404 |
| Series 3117, Class EO, PO, 2/15/2036 | 42535 | 37820 |
| Series 3117, Class OG, PO, 2/15/2036 | 21969 | 19466 |
| Series 3117, Class OK, PO, 2/15/2036 | 45876 | 40103 |
| Series 3143, Class BC, 5.50%, <br> 2/15/2036<br>| 86307 | 90491 |
| Series 3122, Class OH, PO, 3/15/2036 | 3941 | 3438 |
| Series 3134, PO, 3/15/2036 | 6379 | 5278 |
| Series 3152, Class MO, PO, 3/15/2036 | 80941 | 71275 |
| Series 3122, Class ZB, 6.00%, <br> 3/15/2036<br>| 34767 | 36792 |
| Series 3138, PO, 4/15/2036 | 28669 | 25020 |
| Series 3607, Class AO, PO, 4/15/2036 | 57710 | 49565 |
| Series 3607, Class BO, PO, 4/15/2036 | 57710 | 50574 |
| Series 3137, Class XP, 6.00%, <br> 4/15/2036<br>| 289615 | 307401 |
| Series 3219, Class DI, IO, 6.00%, <br> 4/15/2036<br>| 37297 | 6261 |
| Series 3149, Class SO, PO, 5/15/2036 | 31217 | 25097 |
| Series 3151, PO, 5/15/2036 | 83639 | 70882 |
| Series 3153, Class EO, PO, 5/15/2036 | 38615 | 33615 |
| Series 3604, PO, 5/15/2036 | 60660 | 51357 |
| Series 3171, Class MO, PO, 6/15/2036 | 22566 | 20510 |
| Series 3179, Class OA, PO, 7/15/2036 | 29231 | 25333 |
| Series 3194, Class SA, IF, IO, 2.64%, <br> 7/15/2036 (a)<br>| 22845 | 2437 |
| Series 3200, PO, 8/15/2036 | 57791 | 49293 |
| Series 3232, Class ST, IF, IO, 2.24%, <br> 10/15/2036 (a)<br>| 76771 | 6040 |
| Series 3237, Class AO, PO, 11/15/2036 | 39284 | 32691 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 3704, Class DT, 7.50%, <br> 11/15/2036<br>| 314925 | 339171 |
| Series 3704, Class ET, 7.50%, <br> 12/15/2036<br>| 246599 | 271947 |
| Series 3260, Class CS, IF, IO, 1.68%, <br> 1/15/2037 (a)<br>| 42941 | 4002 |
| Series 3262, Class SG, IF, IO, 1.94%, <br> 1/15/2037 (a)<br>| 9436 | 608 |
| Series 3274, Class JO, PO, 2/15/2037 | 14613 | 12737 |
| Series 3274, Class MO, PO, 2/15/2037 | 22849 | 19929 |
| Series 3275, Class FL, 4.90%, <br> 2/15/2037 (a)<br>| 10659 | 10577 |
| Series 3290, Class SB, IF, IO, 1.99%, <br> 3/15/2037 (a)<br>| 129085 | 11054 |
| Series 3288, Class GS, IF, 6.32%, <br> 3/15/2037 (a)<br>| 6371 | 6555 |
| Series 3373, Class TO, PO, 4/15/2037 | 49308 | 42555 |
| Series 3316, Class JO, PO, 5/15/2037 | 7369 | 6093 |
| Series 3607, PO, 5/15/2037 | 155197 | 129079 |
| Series 3322, Class NS, IF, 7.00%, <br> 5/15/2037 (a)<br>| 288316 | 286474 |
| Series 3371, Class FA, 5.06%, <br> 9/15/2037 (a)<br>| 19262 | 19234 |
| Series 3385, Class SN, IF, IO, 1.54%, <br> 11/15/2037 (a)<br>| 35944 | 2520 |
| Series 3387, Class SA, IF, IO, 1.96%, <br> 11/15/2037 (a)<br>| 92225 | 7550 |
| Series 3422, Class AI, IO, 0.25%, <br> 1/15/2038 (d)<br>| 232612 | 2378 |
| Series 3404, Class SC, IF, IO, 1.54%, <br> 1/15/2038 (a)<br>| 114951 | 10772 |
| Series 3451, Class SA, IF, IO, 1.59%, <br> 5/15/2038 (a)<br>| 7658 | 521 |
| Series 3537, Class MI, IO, 5.00%, <br> 6/15/2038<br>| 154979 | 17861 |
| Series 3461, Class LZ, 6.00%, <br> 6/15/2038<br>| 50645 | 52920 |
| Series 3481, Class SJ, IF, IO, 1.39%, <br> 8/15/2038 (a)<br>| 137043 | 12238 |
| Series 3895, Class WA, 5.62%, <br> 10/15/2038 (a)<br>| 75076 | 78469 |
| Series 3511, Class SA, IF, IO, 1.54%, <br> 2/15/2039 (a)<br>| 35430 | 2810 |
| Series 3546, Class A, 6.25%, <br> 2/15/2039 (a)<br>| 18339 | 18653 |
| Series 3531, Class SA, IF, IO, 1.84%, <br> 5/15/2039 (a)<br>| 124715 | 11200 |
| Series 3549, Class FA, 5.66%, <br> 7/15/2039 (a)<br>| 8510 | 8615 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 4580, Class PT, 6.66%, <br> 8/15/2039 (a)<br>| 326274 | 337925 |
| Series 3572, Class JS, IF, IO, 2.34%, <br> 9/15/2039 (a)<br>| 58958 | 4071 |
| Series 3621, PO, 1/15/2040 | 112812 | 93717 |
| Series 3621, Class BO, PO, 1/15/2040 | 78404 | 68196 |
| Series 3623, Class LO, PO, 1/15/2040 | 92576 | 77153 |
| Series 3632, Class BS, IF, 2.64%, <br> 2/15/2040 (a)<br>| 255054 | 254111 |
| Series 3714, Class IP, IO, 5.00%, <br> 8/15/2040<br>| 152602 | 7010 |
| Series 3740, Class SC, IF, IO, 1.54%, <br> 10/15/2040 (a)<br>| 183924 | 20358 |
| Series 3747, Class PY, 4.00%, <br> 10/15/2040<br>| 770986 | 755355 |
| Series 3747, Class CY, 4.50%, <br> 10/15/2040<br>| 1178808 | 1185661 |
| Series 3753, PO, 11/15/2040 | 543218 | 432289 |
| Series 3860, Class PZ, 5.00%, <br> 5/15/2041<br>| 2398969 | 2429589 |
| Series 3852, Class QN, IF, 5.50%, <br> 5/15/2041 (a)<br>| 34963 | 33535 |
| Series 3852, Class TP, IF, 5.50%, <br> 5/15/2041 (a)<br>| 59311 | 59836 |
| Series 3966, Class NA, 4.00%, <br> 12/15/2041<br>| 549966 | 537776 |
| Series 4015, Class MY, 3.50%, <br> 3/15/2042<br>| 754206 | 719100 |
| Series 4136, Class HS, IF, 3.45%, <br> 11/15/2042 (a)<br>| 351634 | 226476 |
| Series 4177, Class MQ, 2.50%, <br> 3/15/2043<br>| 1000000 | 904053 |
| Series 4274, Class EM, 4.00%, <br> 11/15/2043<br>| 1000000 | 895198 |
| Series 4280, Class EO, PO, 12/15/2043 | 390075 | 298075 |
| Series 4281, Class OB, PO, 12/15/2043 | 377250 | 290450 |
| Series 4377, Class JP, 3.00%, <br> 8/15/2044<br>| 1715878 | 1629263 |
| Series 4456, Class SA, IF, IO, 1.69%, <br> 3/15/2045 (a)<br>| 2532392 | 295187 |
| Series 4480, Class SE, IF, IO, 1.72%, <br> 6/15/2045 (a)<br>| 2575278 | 353865 |
| Series 4888, Class AZ, 4.00%, <br> 12/15/2048<br>| 3297801 | 3130819 |
| Series 4848, Class QY, 4.50%, <br> 12/15/2048<br>| 599419 | 586442 |
| Series 4903, Class SN, IF, IO, 1.64%, <br> 8/25/2049 (a)<br>| 7125608 | 829667 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 4936, Class YZ, 2.50%, <br> 12/25/2049<br>| 2077961 | 1744088 |
| Series 4982, Class JA, 1.50%, <br> 3/25/2050<br>| 5569936 | 4451687 |
| Series 5028, Class JG, 1.50%, <br> 8/25/2050<br>| 6113426 | 4874720 |
| Series 5036, Class NA, 0.50%, <br> 11/25/2050<br>| 7129897 | 4916381 |
| Series 5048, Class TI, IO, 3.00%, <br> 11/25/2050<br>| 15658090 | 2571135 |
| Series 5054, Class DZ, 2.00%, <br> 12/25/2050<br>| 14583839 | 7155559 |
| Series 5156, Class DC, 2.00%, <br> 9/25/2051<br>| 15098394 | 13320851 |
| Series 5190, Class PH, 2.50%, <br> 2/25/2052<br>| 3203722 | 2956971 |
| Series 5250, PO, 8/25/2052 | 10021362 | 3463147 |
| Series 5438, PO, 9/25/2053 | 6185455 | 4985329 |
| Series 5337, Class SB, IF, 5.78%, <br> 9/25/2053 (a)<br>| 4739278 | 4847572 |
| Series 5358, Class SB, IF, 6.15%, <br> 11/25/2053 (a)<br>| 4012842 | 4210373 |
| Series 4862, Class NO, PO, 8/15/2057 | 14432030 | 9026294 |
| FHLMC, STRIPS |  |  |
| Series 191, IO, 8.00%, 1/1/2028 | 52060 | 2903 |
| Series 197, PO, 4/1/2028 | 26844 | 25645 |
| Series 233, Class 11, IO, 5.00%, <br> 9/15/2035<br>| 86698 | 14040 |
| Series 233, Class 12, IO, 5.00%, <br> 9/15/2035<br>| 50177 | 6992 |
| Series 233, Class 13, IO, 5.00%, <br> 9/15/2035<br>| 116497 | 17102 |
| Series 239, Class S30, IF, IO, 3.24%, <br> 8/15/2036 (a)<br>| 174140 | 22142 |
| Series 262, Class 35, 3.50%, 7/15/2042 | 4873442 | 4590126 |
| Series 299, Class 300, 3.00%, <br> 1/15/2043<br>| 175193 | 161226 |
| Series 310, PO, 9/15/2043 | 678171 | 522407 |
| Series 406, PO, 10/25/2053 | 6939195 | 5768964 |
| FHLMC, Structured Pass-Through <br> Certificates, Whole Loan<br>|  |  |
| Series T-41, Class 3A, 4.43%, <br> 7/25/2032 (a)<br>| 103845 | 95802 |
| Series T-76, Class 2A, 2.23%, <br> 10/25/2037 (a)<br>| 1313577 | 1194910 |
| Series T-42, Class A5, 7.50%, <br> 2/25/2042<br>| 366029 | 391346 |
| Series T-51, Class 2A, 7.50%, <br> 8/25/2042 (a)<br>| 36015 | 37268 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series T-54, Class 2A, 6.50%, <br> 2/25/2043<br>| 789625 | 790218 |
| Series T-54, Class 3A, 7.00%, <br> 2/25/2043<br>| 362848 | 375848 |
| Series T-56, Class A5, 5.23%, <br> 5/25/2043<br>| 619042 | 588212 |
| Series T-58, Class A, PO, 9/25/2043 | 37963 | 26651 |
| Series T-51, Class 1A, 6.50%, <br> 9/25/2043 (a)<br>| 31058 | 32093 |
| Series T-59, Class 1AP, PO, 10/25/2043 | 38485 | 19188 |
| Series T-62, Class 1A1, 5.42%, <br> 10/25/2044 (a)<br>| 385279 | 353349 |
| First Horizon Alternative Mortgage <br> Securities Trust<br>|  |  |
| Series 2004-AA4, Class A1, 5.22%, <br> 10/25/2034 (a)<br>| 61489 | 60568 |
| Series 2005-FA8, Class 1A19, 5.50%, <br> 11/25/2035<br>| 126250 | 56946 |
| Series 2007-FA4, Class 1A2, IF, IO, <br> 1.21%, 8/25/2037 (a)<br>| 2363208 | 199028 |
| FNMA REMIC Trust Series 2006-72, <br> Class GO, PO, 8/25/2036<br>| 43391 | 38225 |
| FNMA Trust, Whole Loan |  |  |
| Series 2003-W17, Class 1A7, 5.75%, <br> 8/25/2033<br>| 1532438 | 1556554 |
| Series 2004-W1, Class 2A2, 7.00%, <br> 12/25/2033<br>| 107758 | 112664 |
| Series 2003-W8, Class 3F1, 4.86%, <br> 5/25/2042 (a)<br>| 68027 | 67912 |
| Series 2003-W2, Class 1A1, 6.50%, <br> 7/25/2042<br>| 102021 | 106606 |
| Series 2003-W8, Class 2A, 7.00%, <br> 10/25/2042<br>| 59127 | 60733 |
| Series 2004-W2, Class 2A2, 7.00%, <br> 2/25/2044<br>| 55132 | 57178 |
| Series 2005-W3, Class 2AF, 4.68%, <br> 3/25/2045 (a)<br>| 130786 | 129650 |
| Series 2005-W4, Class 3A, 5.35%, <br> 6/25/2045 (a)<br>| 253764 | 258878 |
| Series 2005-W4, Class 1A1, 6.00%, <br> 8/25/2045<br>| 45371 | 46569 |
| Series 2006-W2, Class 1AF1, 4.68%, <br> 2/25/2046 (a)<br>| 66251 | 65426 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2001-T7, Class A1, 7.50%, <br> 2/25/2041<br>| 185617 | 194041 |
| Series 2001-T12, Class A1, 6.50%, <br> 8/25/2041<br>| 1673148 | 1690319 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2001-T12, Class A2, 7.50%, <br> 8/25/2041<br>| 85068 | 86078 |
| Series 2001-T10, PO, 12/25/2041 | 5523 | 4915 |
| Series 2002-T4, Class A2, 7.00%, <br> 12/25/2041<br>| 68652 | 71392 |
| Series 2002-T4, Class A3, 7.50%, <br> 12/25/2041<br>| 164437 | 173643 |
| Series 2002-T16, Class A2, 7.00%, <br> 7/25/2042<br>| 68336 | 71855 |
| Series 2002-T19, Class A2, 7.00%, <br> 7/25/2042<br>| 157573 | 167210 |
| Series 2004-T1, Class 1A1, 6.00%, <br> 1/25/2044<br>| 106045 | 109607 |
| Series 2004-T3, Class PT1, 9.21%, <br> 1/25/2044 (a)<br>| 82859 | 87829 |
| FNMA, REMIC |  |  |
| Series 2006-72, Class HO, PO, <br> 8/25/2026<br>| 2317 | 2276 |
| Series 2006-94, Class GI, IF, IO, 2.19%, <br> 10/25/2026 (a)<br>| 23123 | 178 |
| Series 2006-94, Class GK, IF, 10.94%, <br> 10/25/2026 (a)<br>| 968 | 1011 |
| Series G97-2, Class ZA, 8.50%, <br> 2/17/2027<br>| 2497 | 2532 |
| Series 1997-27, Class J, 7.50%, <br> 4/18/2027<br>| 341 | 344 |
| Series 1997-24, Class Z, 8.00%, <br> 4/18/2027<br>| 273 | 275 |
| Series 1997-46, Class Z, 7.50%, <br> 6/17/2027<br>| 12986 | 13045 |
| Series 1997-81, Class PI, IO, 7.00%, <br> 12/18/2027<br>| 457 | 18 |
| Series 1998-30, Class ZA, 6.50%, <br> 5/20/2028<br>| 43039 | 43698 |
| Series 1998-36, Class ZB, 6.00%, <br> 7/18/2028<br>| 5302 | 5349 |
| Series 2002-7, Class FD, 5.16%, <br> 4/25/2029 (a)<br>| 14783 | 14797 |
| Series 1999-62, Class PB, 7.50%, <br> 12/18/2029<br>| 3470 | 3518 |
| Series 2000-52, IO, 8.50%, 1/25/2031 | 1485 | 181 |
| Series 2002-60, Class FA, 5.21%, <br> 2/25/2031 (a)<br>| 45438 | 45513 |
| Series 2002-60, Class FB, 5.21%, <br> 2/25/2031 (a)<br>| 45438 | 45513 |
| Series 2001-4, Class ZA, 6.50%, <br> 3/25/2031<br>| 55576 | 56638 |
| Series 2001-7, Class PF, 7.00%, <br> 3/25/2031<br>| 2383 | 2491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2002-50, Class ZA, 6.00%, <br> 5/25/2031<br>| 87478 | 89765 |
| Series 2001-33, Class ID, IO, 6.00%, <br> 7/25/2031<br>| 9648 | 1016 |
| Series 2001-49, Class LZ, 8.50%, <br> 7/25/2031<br>| 16237 | 16852 |
| Series 2001-38, Class FB, 4.96%, <br> 8/25/2031 (a)<br>| 3902 | 3901 |
| Series 2001-36, Class DE, 7.00%, <br> 8/25/2031<br>| 14747 | 15334 |
| Series 2001-44, Class PD, 7.00%, <br> 9/25/2031<br>| 4236 | 4411 |
| Series 2001-44, Class PU, 7.00%, <br> 9/25/2031<br>| 12159 | 12769 |
| Series 2001-53, Class FX, 4.81%, <br> 10/25/2031 (a)<br>| 70055 | 69919 |
| Series 2003-52, Class SX, IF, 9.56%, <br> 10/25/2031 (a)<br>| 3308 | 3914 |
| Series 2001-61, Class Z, 7.00%, <br> 11/25/2031<br>| 38340 | 39846 |
| Series 2001-72, Class SX, IF, 7.07%, <br> 12/25/2031 (a)<br>| 2132 | 2399 |
| Series 2002-1, Class SA, IF, 10.68%, <br> 2/25/2032 (a)<br>| 2626 | 3097 |
| Series 2002-13, Class SJ, IF, IO, 1.60%, <br> 3/25/2032 (a)<br>| 26375 | 465 |
| Series 2002-13, Class ST, IF, 10.00%, <br> 3/25/2032 (a)<br>| 1512 | 1587 |
| Series 2002-30, Class Z, 6.00%, <br> 5/25/2032<br>| 61679 | 63958 |
| Series 2002-37, Class Z, 6.50%, <br> 6/25/2032<br>| 4443 | 4594 |
| Series 2006-130, Class GI, IO, 6.50%, <br> 7/25/2032<br>| 56367 | 3521 |
| Series 2004-61, Class FH, 5.26%, <br> 11/25/2032 (a)<br>| 342535 | 344819 |
| Series 2011-39, Class ZA, 6.00%, <br> 11/25/2032<br>| 429169 | 446939 |
| Series 2004-61, Class SK, IF, 8.50%, <br> 11/25/2032 (a)<br>| 13673 | 14231 |
| Series 2004-59, Class BG, PO, <br> 12/25/2032<br>| 21266 | 18952 |
| Series 2002-77, Class S, IF, 6.30%, <br> 12/25/2032 (a)<br>| 10049 | 10392 |
| Series 2003-2, Class F, 5.21%, <br> 2/25/2033 (a)<br>| 149834 | 150485 |
| Series 2003-14, Class TI, IO, 5.00%, <br> 3/25/2033<br>| 29115 | 455 |
| Series 2003-22, Class UD, 4.00%, <br> 4/25/2033<br>| 139105 | 137594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2003-39, IO, 6.00%, <br> 5/25/2033 (a)<br>| 6943 | 1016 |
| Series 2003-33, Class IA, IO, 6.50%, <br> 5/25/2033<br>| 146196 | 19671 |
| Series 2003-44, Class IU, IO, 7.00%, <br> 6/25/2033<br>| 196091 | 23382 |
| Series 2003-132, Class OA, PO, <br> 8/25/2033<br>| 1065 | 1034 |
| Series 2003-74, Class SH, IF, 2.14%, <br> 8/25/2033 (a)<br>| 14843 | 13299 |
| Series 2003-132, Class PI, IO, 5.50%, <br> 8/25/2033<br>| 6091 | 123 |
| Series 2003-72, Class IE, IO, 5.50%, <br> 8/25/2033<br>| 84865 | 10205 |
| Series 2003-91, Class SD, IF, 5.06%, <br> 9/25/2033 (a)<br>| 10196 | 10607 |
| Series 2003-86, Class ZA, 5.50%, <br> 9/25/2033<br>| 86632 | 90080 |
| Series 2003-105, Class AZ, 5.50%, <br> 10/25/2033<br>| 423010 | 439360 |
| Series 2003-116, Class SB, IF, IO, 3.14%, <br> 11/25/2033 (a)<br>| 69868 | 6215 |
| Series 2006-44, Class P, PO, <br> 12/25/2033<br>| 177607 | 155452 |
| Series 2003-122, Class ZJ, 6.00%, <br> 12/25/2033<br>| 448193 | 468743 |
| Series 2003-130, Class SX, IF, 4.83%, <br> 1/25/2034 (a)<br>| 1472 | 1521 |
| Series 2004-87, Class F, 5.21%, <br> 1/25/2034 (a)<br>| 62269 | 62658 |
| Series 2004-46, Class EP, PO, 3/25/2034 | 6584 | 6529 |
| Series 2004-28, Class PF, 4.86%, <br> 3/25/2034 (a)<br>| 16444 | 16440 |
| Series 2004-17, Class H, 5.50%, <br> 4/25/2034<br>| 138168 | 143748 |
| Series 2004-25, Class SA, IF, 7.25%, <br> 4/25/2034 (a)<br>| 19581 | 21219 |
| Series 2004-46, Class SK, IF, 4.23%, <br> 5/25/2034 (a)<br>| 7556 | 8031 |
| Series 2004-46, Class QB, IF, 6.15%, <br> 5/25/2034 (a)<br>| 21829 | 23377 |
| Series 2004-36, Class SA, IF, 7.25%, <br> 5/25/2034 (a)<br>| 44110 | 48991 |
| Series 2004-51, Class SY, IF, 5.31%, <br> 7/25/2034 (a)<br>| 6589 | 6756 |
| Series 2004-50, Class VZ, 5.50%, <br> 7/25/2034<br>| 644883 | 671695 |
| Series 2014-44, Class B, 2.50%, <br> 8/25/2034<br>| 594523 | 565095 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2005-7, Class LO, PO, 2/25/2035 | 131208 | 119706 |
| Series 2005-15, Class MO, PO, <br> 3/25/2035<br>| 56919 | 48502 |
| Series 2005-13, Class FL, 4.86%, <br> 3/25/2035 (a)<br>| 32454 | 32249 |
| Series 2005-56, Class S, IF, IO, 2.25%, <br> 7/25/2035 (a)<br>| 100080 | 8511 |
| Series 2005-66, Class SV, IF, IO, 2.29%, <br> 7/25/2035 (a)<br>| 49188 | 3409 |
| Series 2005-103, Class SC, IF, 2.89%, <br> 7/25/2035 (a)<br>| 120974 | 116708 |
| Series 2005-66, Class SG, IF, 6.22%, <br> 7/25/2035 (a)<br>| 41953 | 45678 |
| Series 2005-68, Class PG, 5.50%, <br> 8/25/2035<br>| 74543 | 75112 |
| Series 2005-73, Class PS, IF, 5.54%, <br> 8/25/2035 (a)<br>| 19996 | 20578 |
| Series 2005-90, Class AO, PO, <br> 10/25/2035<br>| 5495 | 4976 |
| Series 2010-39, Class OT, PO, <br> 10/25/2035<br>| 49386 | 43064 |
| Series 2005-90, Class ES, IF, 5.72%, <br> 10/25/2035 (a)<br>| 63609 | 67226 |
| Series 2005-84, Class XM, 5.75%, <br> 10/25/2035<br>| 31982 | 33041 |
| Series 2005-106, Class US, IF, 8.20%, <br> 11/25/2035 (a)<br>| 25101 | 26504 |
| Series 2006-8, Class WQ, PO, 3/25/2036 | 175053 | 145867 |
| Series 2006-8, Class WN, IF, IO, 2.24%, <br> 3/25/2036 (a)<br>| 641860 | 62833 |
| Series 2006-16, Class HZ, 5.50%, <br> 3/25/2036<br>| 44693 | 46780 |
| Series 2006-23, Class KO, PO, <br> 4/25/2036<br>| 15189 | 13803 |
| Series 2006-27, Class OH, PO, <br> 4/25/2036<br>| 28146 | 24734 |
| Series 2006-44, Class GO, PO, <br> 6/25/2036<br>| 67510 | 59737 |
| Series 2006-50, Class JO, PO, 6/25/2036 | 37404 | 32400 |
| Series 2006-50, Class PS, PO, <br> 6/25/2036<br>| 55339 | 49841 |
| Series 2006-53, Class US, IF, IO, 2.12%, <br> 6/25/2036 (a)<br>| 101062 | 8204 |
| Series 2006-58, PO, 7/25/2036 | 69639 | 60664 |
| Series 2006-58, Class AP, PO, <br> 7/25/2036<br>| 25669 | 20932 |
| Series 2006-65, Class QO, PO, <br> 7/25/2036<br>| 27180 | 23336 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2006-56, Class FT, 5.21%, <br> 7/25/2036 (a)<br>| 229404 | 231613 |
| Series 2006-63, Class ZH, 6.50%, <br> 7/25/2036<br>| 84470 | 90615 |
| Series 2006-72, Class TO, PO, <br> 8/25/2036<br>| 27611 | 22990 |
| Series 2006-79, Class DO, PO, <br> 8/25/2036<br>| 41135 | 35083 |
| Series 2007-7, Class SG, IF, IO, 2.04%, <br> 8/25/2036 (a)<br>| 254020 | 28672 |
| Series 2006-77, Class PC, 6.50%, <br> 8/25/2036<br>| 121265 | 125181 |
| Series 2006-78, Class BZ, 6.50%, <br> 8/25/2036<br>| 53428 | 56920 |
| Series 2006-86, Class OB, PO, <br> 9/25/2036<br>| 61811 | 52964 |
| Series 2006-90, Class AO, PO, <br> 9/25/2036<br>| 29784 | 26782 |
| Series 2009-19, Class IP, IO, 5.50%, <br> 10/25/2036<br>| 323890 | 55398 |
| Series 2006-110, PO, 11/25/2036 | 32978 | 28623 |
| Series 2006-111, Class EO, PO, <br> 11/25/2036<br>| 23365 | 18940 |
| Series 2006-105, Class ME, 5.50%, <br> 11/25/2036<br>| 317242 | 331112 |
| Series 2006-115, Class OK, PO, <br> 12/25/2036<br>| 68378 | 55744 |
| Series 2006-119, PO, 12/25/2036 | 26338 | 23251 |
| Series 2006-117, Class GS, IF, IO, 2.19%, <br> 12/25/2036 (a)<br>| 80932 | 8012 |
| Series 2006-118, Class A2, 4.52%, <br> 12/25/2036 (a)<br>| 38997 | 38323 |
| Series 2006-120, Class PF, 4.71%, <br> 12/25/2036 (a)<br>| 22845 | 22662 |
| Series 2006-120, IO, 6.50%, <br> 12/25/2036<br>| 123938 | 17625 |
| Series 2015-91, Class AC, 7.50%, <br> 12/25/2036<br>| 1015708 | 1072361 |
| Series 2006-126, Class AO, PO, <br> 1/25/2037<br>| 122612 | 105861 |
| Series 2007-1, Class SD, IF, 12.22%, <br> 2/25/2037 (a)<br>| 32521 | 55163 |
| Series 2007-14, Class OP, PO, <br> 3/25/2037<br>| 41228 | 36087 |
| Series 2007-22, Class SC, IF, IO, 1.62%, <br> 3/25/2037 (a)<br>| 3775 | 120 |
| Series 2007-14, Class ES, IF, IO, 1.98%, <br> 3/25/2037 (a)<br>| 1450273 | 156164 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2009-63, Class P, 5.00%, <br> 3/25/2037<br>| 6568 | 6463 |
| Series 2007-16, Class FC, 5.21%, <br> 3/25/2037 (a)<br>| 16554 | 16590 |
| Series 2007-18, Class MZ, 6.00%, <br> 3/25/2037<br>| 149733 | 158569 |
| Series 2007-39, Class EF, 4.71%, <br> 5/25/2037 (a)<br>| 14751 | 14559 |
| Series 2007-46, Class ZK, 5.50%, <br> 5/25/2037<br>| 58876 | 61761 |
| Series 2007-54, Class WI, IF, IO, 1.64%, <br> 6/25/2037 (a)<br>| 141940 | 12905 |
| Series 2007-72, Class EK, IF, IO, 1.94%, <br> 7/25/2037 (a)<br>| 400243 | 44448 |
| Series 2007-65, Class KI, IF, IO, 2.16%, <br> 7/25/2037 (a)<br>| 90318 | 9299 |
| Series 2007-60, Class AX, IF, IO, 2.69%, <br> 7/25/2037 (a)<br>| 127567 | 17751 |
| Series 2007-76, Class ZG, 6.00%, <br> 8/25/2037<br>| 81153 | 83455 |
| Series 2007-78, Class CB, 6.00%, <br> 8/25/2037<br>| 41948 | 44324 |
| Series 2007-79, Class SB, IF, 7.65%, <br> 8/25/2037 (a)<br>| 11464 | 13519 |
| Series 2007-88, Class VI, IF, IO, 2.08%, <br> 9/25/2037 (a)<br>| 58056 | 4893 |
| Series 2009-86, Class OT, PO, <br> 10/25/2037<br>| 192698 | 164377 |
| Series 2007-100, Class SM, IF, IO, <br> 1.99%, 10/25/2037 (a)<br>| 136133 | 13051 |
| Series 2007-91, Class ES, IF, IO, 2.00%, <br> 10/25/2037 (a)<br>| 194155 | 21399 |
| Series 2007-112, Class SA, IF, IO, 1.99%, <br> 12/25/2037 (a)<br>| 366323 | 46119 |
| Series 2007-116, Class HI, IO, 1.22%, <br> 1/25/2038 (a)<br>| 270886 | 16119 |
| Series 2008-1, Class BI, IF, IO, 1.45%, <br> 2/25/2038 (a)<br>| 107200 | 8914 |
| Series 2008-12, Class CO, PO, <br> 3/25/2038<br>| 205928 | 181402 |
| Series 2008-16, Class IS, IF, IO, 1.74%, <br> 3/25/2038 (a)<br>| 76444 | 5889 |
| Series 2008-10, Class XI, IF, IO, 1.77%, <br> 3/25/2038 (a)<br>| 63022 | 5733 |
| Series 2008-20, Class SA, IF, IO, 2.53%, <br> 3/25/2038 (a)<br>| 76062 | 8156 |
| Series 2009-79, Class UA, 7.00%, <br> 3/25/2038<br>| 6867 | 7064 |
| Series 2008-32, Class SA, IF, IO, 2.39%, <br> 4/25/2038 (a)<br>| 15549 | 1348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2008-27, Class SN, IF, IO, 2.44%, <br> 4/25/2038 (a)<br>| 34386 | 3667 |
| Series 2008-44, PO, 5/25/2038 | 8693 | 7713 |
| Series 2008-53, Class CI, IF, IO, 2.74%, <br> 7/25/2038 (a)<br>| 37819 | 3786 |
| Series 2011-47, Class ZA, 5.50%, <br> 7/25/2038<br>| 174883 | 179300 |
| Series 2008-80, Class SA, IF, IO, 1.39%, <br> 9/25/2038 (a)<br>| 85506 | 7274 |
| Series 2008-81, Class SB, IF, IO, 1.39%, <br> 9/25/2038 (a)<br>| 88721 | 6091 |
| Series 2008-80, Class GP, 6.25%, <br> 9/25/2038<br>| 8606 | 9068 |
| Series 2009-6, Class GS, IF, IO, 2.09%, <br> 2/25/2039 (a)<br>| 39602 | 3253 |
| Series 2009-4, Class BD, 4.50%, <br> 2/25/2039<br>| 2706 | 2502 |
| Series 2009-17, Class QS, IF, IO, 2.19%, <br> 3/25/2039 (a)<br>| 38556 | 3474 |
| Series 2009-52, Class PI, IO, 5.00%, <br> 7/25/2039<br>| 112422 | 17105 |
| Series 2009-47, Class MT, 7.00%, <br> 7/25/2039<br>| 7081 | 7356 |
| Series 2009-69, PO, 9/25/2039 | 49456 | 40415 |
| Series 2009-84, Class WS, IF, IO, 1.44%, <br> 10/25/2039 (a)<br>| 41465 | 3207 |
| Series 2009-86, Class IP, IO, 5.50%, <br> 10/25/2039<br>| 81634 | 13887 |
| Series 2009-92, Class AD, 6.00%, <br> 11/25/2039<br>| 12684 | 12686 |
| Series 2009-99, Class SC, IF, IO, 1.72%, <br> 12/25/2039 (a)<br>| 31552 | 2446 |
| Series 2009-99, Class WA, 6.33%, <br> 12/25/2039 (a)<br>| 115957 | 118428 |
| Series 2009-103, Class MB, 6.72%, <br> 12/25/2039 (a)<br>| 222234 | 223435 |
| Series 2009-112, Class ST, IF, IO, 1.79%, <br> 1/25/2040 (a)<br>| 97405 | 10183 |
| Series 2009-113, Class FB, 5.01%, <br> 1/25/2040 (a)<br>| 98258 | 98026 |
| Series 2010-23, Class KS, IF, IO, 2.64%, <br> 2/25/2040 (a)<br>| 56563 | 4787 |
| Series 2010-1, Class WA, 6.27%, <br> 2/25/2040 (a)<br>| 238224 | 241909 |
| Series 2010-49, Class SC, IF, 3.73%, <br> 3/25/2040 (a)<br>| 102618 | 100837 |
| Series 2010-16, Class WB, 6.11%, <br> 3/25/2040 (a)<br>| 550942 | 559349 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2010-16, Class WA, 6.45%, <br> 3/25/2040 (a)<br>| 180672 | 184354 |
| Series 2010-35, Class SB, IF, IO, 1.96%, <br> 4/25/2040 (a)<br>| 73564 | 4959 |
| Series 2010-40, Class FJ, 5.06%, <br> 4/25/2040 (a)<br>| 12481 | 12481 |
| Series 2010-42, Class S, IF, IO, 1.94%, <br> 5/25/2040 (a)<br>| 32561 | 2847 |
| Series 2010-43, Class FD, 5.06%, <br> 5/25/2040 (a)<br>| 110804 | 110561 |
| Series 2010-61, Class WA, 6.04%, <br> 6/25/2040 (a)<br>| 75776 | 77038 |
| Series 2010-68, Class SA, IF, IO, 0.54%, <br> 7/25/2040 (a)<br>| 235075 | 18816 |
| Series 2010-103, Class ME, 4.00%, <br> 9/25/2040<br>| 283947 | 277918 |
| Series 2010-111, Class AM, 5.50%, <br> 10/25/2040<br>| 326561 | 342549 |
| Series 2010-125, Class SA, IF, IO, 3.77%, <br> 11/25/2040 (a)<br>| 243527 | 10674 |
| Series 2010-130, Class CY, 4.50%, <br> 11/25/2040<br>| 1259944 | 1267030 |
| Series 2010-123, Class FL, 4.89%, <br> 11/25/2040 (a)<br>| 28795 | 28607 |
| Series 2010-147, Class SA, IF, IO, 2.07%, <br> 1/25/2041 (a)<br>| 925551 | 116506 |
| Series 2011-20, Class MW, 5.00%, <br> 3/25/2041<br>| 1674114 | 1666526 |
| Series 2011-30, Class LS, IO, 1.85%, <br> 4/25/2041 (a)<br>| 156962 | 10994 |
| Series 2011-75, Class FA, 5.01%, <br> 8/25/2041 (a)<br>| 18359 | 18326 |
| Series 2011-118, Class LB, 7.00%, <br> 11/25/2041<br>| 262710 | 280575 |
| Series 2011-118, Class MT, 7.00%, <br> 11/25/2041<br>| 442523 | 469666 |
| Series 2011-118, Class NT, 7.00%, <br> 11/25/2041<br>| 443192 | 473774 |
| Series 2013-2, Class LZ, 3.00%, <br> 2/25/2043<br>| 34490 | 24117 |
| Series 2013-4, Class AJ, 3.50%, <br> 2/25/2043<br>| 830316 | 791987 |
| Series 2013-92, PO, 9/25/2043 | 646208 | 488279 |
| Series 2013-101, Class DO, PO, <br> 10/25/2043<br>| 738003 | 538865 |
| Series 2024-6, Class AL, 2.00%, <br> 3/25/2044<br>| 13198709 | 9984008 |
| Series 2018-11, Class LA, 3.50%, <br> 7/25/2045<br>| 892539 | 874603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2018-63, Class DA, 3.50%, <br> 9/25/2048<br>| 440517 | 408865 |
| Series 2018-68, Class DZ, 4.00%, <br> 9/25/2048<br>| 972418 | 921518 |
| Series 2019-20, Class H, 3.50%, <br> 5/25/2049<br>| 1350473 | 1241372 |
| Series 2019-32, Class SD, IF, IO, 1.59%, <br> 6/25/2049 (a)<br>| 7106866 | 827488 |
| Series 2021-91, Class GB, 1.75%, <br> 7/25/2049<br>| 17803450 | 15038145 |
| Series 2010-103, Class SB, IF, IO, 1.64%, <br> 11/25/2049 (a)<br>| 336941 | 30243 |
| Series 2020-11, Class JW, 3.00%, <br> 3/25/2050<br>| 3056000 | 2294572 |
| Series 2020-36, Class SH, IF, IO, 1.59%, <br> 6/25/2050 (a)<br>| 9923524 | 1192459 |
| Series 2020-45, Class KG, 2.00%, <br> 7/25/2050<br>| 3556893 | 2911908 |
| Series 2020-61, Class SB, IF, IO, 3.53%, <br> 9/25/2050 (a)<br>| 5960960 | 225719 |
| Series 2011-2, Class WA, 5.82%, <br> 2/25/2051 (a)<br>| 48997 | 51003 |
| Series 2011-43, Class WA, 5.72%, <br> 5/25/2051 (a)<br>| 57310 | 59865 |
| Series 2011-58, Class WA, 5.51%, <br> 7/25/2051 (a)<br>| 331598 | 326327 |
| Series 2022-1, Class CZ, 3.00%, <br> 12/25/2051<br>| 2736229 | 1597077 |
| Series 2012-21, Class WA, 5.63%, <br> 3/25/2052 (a)<br>| 422335 | 444076 |
| Series 2025-18, Class MA, 0.50%, <br> 9/25/2054<br>| 37070922 | 30634887 |
| Series 2025-29, Class LA, 2.00%, <br> 5/25/2055<br>| 12119348 | 10676709 |
| FNMA, REMIC Trust Series 2001-W4, <br> Class AF6, 5.11%, 1/25/2032 (d)<br>| 1095 | 1093 |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 2004-W4, Class A7, 5.50%, <br> 6/25/2034<br>| 262003 | 263085 |
| Series 2007-W2, Class 1A1, 4.78%, <br> 3/25/2037 (a)<br>| 124242 | 122813 |
| Series 2007-W3, Class 1A3, 6.75%, <br> 4/25/2037<br>| 49782 | 50542 |
| Series 2007-W7, Class 1A4, IF, 12.40%, <br> 7/25/2037 (a)<br>| 6413 | 8626 |
| Series 2001-W3, Class A, 7.00%, <br> 9/25/2041 (a)<br>| 174708 | 174706 |
| Series 2002-W10, IO, 0.90%, <br> 8/25/2042 (a)<br>| 782634 | 30656 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2003-W4, Class 2A, 5.10%, <br> 10/25/2042 (a)<br>| 13044 | 13211 |
| Series 2003-W1, Class 1A1, 4.72%, <br> 12/25/2042 (a)<br>| 94296 | 94616 |
| Series 2003-W1, Class 2A, 5.09%, <br> 12/25/2042 (a)<br>| 64874 | 65151 |
| Series 2004-W11, Class 1A1, 6.00%, <br> 5/25/2044<br>| 225832 | 235255 |
| Series 2006-W3, Class 2A, 6.00%, <br> 9/25/2046<br>| 52834 | 54980 |
| Series 2006-W3, Class 1AF1, 4.70%, <br> 10/25/2046 (a)<br>| 36165 | 35738 |
| Series 2009-W1, Class A, 6.00%, <br> 12/25/2049<br>| 203883 | 211512 |
| FNMA, REMIC, Whole Loan |  |  |
| Series 2007-101, Class A2, 4.69%, <br> 6/27/2036 (a)<br>| 121681 | 122789 |
| Series 2007-54, Class FA, 4.86%, <br> 6/25/2037 (a)<br>| 54034 | 53583 |
| Series 2007-64, Class FB, 4.83%, <br> 7/25/2037 (a)<br>| 94035 | 93412 |
| Series 2007-106, Class A7, 5.99%, <br> 10/25/2037 (a)<br>| 23645 | 23831 |
| Series 2003-7, Class A1, 6.50%, <br> 12/25/2042<br>| 115595 | 117470 |
| FNMA, STRIPS |  |  |
| Series 331, Class 13, IO, 7.00%, <br> 11/25/2032<br>| 47722 | 5436 |
| Series 345, Class 6, IO, 5.00%, <br> 12/25/2033 (a)<br>| 21561 | 2482 |
| Series 351, Class 7, IO, 5.00%, <br> 4/25/2034 (a)<br>| 49119 | 5311 |
| Series 356, Class 3, IO, 5.00%, <br> 1/25/2035<br>| 62902 | 7695 |
| Series 365, Class 8, IO, 5.50%, <br> 5/25/2036<br>| 84990 | 15462 |
| Series 373, Class 1, PO, 7/25/2036 | 531633 | 463949 |
| Series 374, Class 5, IO, 5.50%, <br> 8/25/2036<br>| 30255 | 4757 |
| Series 393, Class 6, IO, 5.50%, <br> 4/25/2037<br>| 13858 | 1266 |
| Series 383, Class 32, IO, 6.00%, <br> 1/25/2038<br>| 76318 | 13680 |
| GMACM Mortgage Loan Trust Series <br> 2005-AR3, Class 3A4, 4.38%, <br> 6/19/2035 (a)<br>| 118710 | 116399 |
| GNMA |  |  |
| Series 2001-35, Class SA, IF, IO, 3.78%, <br> 8/16/2031 (a)<br>| 14234 | 29 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2003-41, Class ID, IO, 5.50%, <br> 5/20/2033<br>| 82167 | 746 |
| Series 2010-41, Class WA, 5.81%, <br> 10/20/2033 (a)<br>| 268835 | 275420 |
| Series 2003-112, Class SA, IF, IO, 2.08%, <br> 12/16/2033 (a)<br>| 108881 | 527 |
| Series 2004-28, Class S, IF, 7.36%, <br> 4/16/2034 (a)<br>| 25549 | 28257 |
| Series 2004-46, Class AO, PO, <br> 6/20/2034<br>| 39503 | 33069 |
| Series 2010-103, Class WA, 5.66%, <br> 8/20/2034 (a)<br>| 144022 | 146958 |
| Series 2004-73, Class JL, IF, IO, 2.08%, <br> 9/16/2034 (a)<br>| 388146 | 35294 |
| Series 2004-71, Class ST, IF, 7.00%, <br> 9/20/2034 (a)<br>| 8652 | 8731 |
| Series 2004-90, Class SI, IF, IO, 1.65%, <br> 10/20/2034 (a)<br>| 115708 | 6247 |
| Series 2005-68, Class DP, IF, 5.65%, <br> 6/17/2035 (a)<br>| 19777 | 21615 |
| Series 2010-14, Class CO, PO, <br> 8/20/2035<br>| 260510 | 219879 |
| Series 2005-58, Class NI, IO, 5.50%, <br> 8/20/2035 (a)<br>| 342570 | 33117 |
| Series 2005-68, Class KI, IF, IO, 1.85%, <br> 9/20/2035 (a)<br>| 221333 | 20658 |
| Series 2005-72, Class AZ, 5.50%, <br> 9/20/2035<br>| 153931 | 156484 |
| Series 2005-85, IO, 5.50%, 11/16/2035 | 83810 | 2893 |
| Series 2010-14, Class BO, PO, <br> 11/20/2035<br>| 45023 | 37999 |
| Series 2006-16, Class OP, PO, <br> 3/20/2036<br>| 40508 | 33849 |
| Series 2006-22, Class AO, PO, <br> 5/20/2036<br>| 28424 | 23751 |
| Series 2006-34, PO, 7/20/2036 | 22953 | 19122 |
| Series 2006-59, Class SD, IF, IO, 2.25%, <br> 10/20/2036 (a)<br>| 39095 | 2520 |
| Series 2011-22, Class WA, 5.78%, <br> 2/20/2037 (a)<br>| 446740 | 458081 |
| Series 2007-17, Class JO, PO, 4/16/2037 | 32422 | 26691 |
| Series 2007-17, Class JI, IF, IO, 2.34%, <br> 4/16/2037 (a)<br>| 235793 | 19156 |
| Series 2010-129, Class AW, 5.83%, <br> 4/20/2037 (a)<br>| 154272 | 158298 |
| Series 2007-31, Class AO, PO, <br> 5/16/2037<br>| 222740 | 181344 |
| Series 2007-25, Class FN, 4.77%, <br> 5/16/2037 (a)<br>| 31088 | 30887 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2007-28, Class BO, PO, <br> 5/20/2037<br>| 5392 | 4415 |
| Series 2007-26, Class SC, IF, IO, 1.75%, <br> 5/20/2037 (a)<br>| 108081 | 2977 |
| Series 2007-36, Class HO, PO, <br> 6/16/2037<br>| 4927 | 3995 |
| Series 2007-36, Class SE, IF, IO, 2.00%, <br> 6/16/2037 (a)<br>| 98549 | 1428 |
| Series 2007-36, Class SG, IF, IO, 2.02%, <br> 6/20/2037 (a)<br>| 159172 | 2410 |
| Series 2007-45, Class QA, IF, IO, 2.19%, <br> 7/20/2037 (a)<br>| 48914 | 3309 |
| Series 2007-40, Class SD, IF, IO, 2.30%, <br> 7/20/2037 (a)<br>| 122000 | 5226 |
| Series 2007-42, Class SB, IF, IO, 2.30%, <br> 7/20/2037 (a)<br>| 120968 | 5246 |
| Series 2007-53, Class SW, IF, 6.84%, <br> 9/20/2037 (a)<br>| 15348 | 16784 |
| Series 2009-79, Class OK, PO, <br> 11/16/2037<br>| 72480 | 60750 |
| Series 2007-74, Class SL, IF, IO, 2.07%, <br> 11/16/2037 (a)<br>| 374262 | 1783 |
| Series 2007-76, Class SA, IF, IO, 2.08%, <br> 11/20/2037 (a)<br>| 102556 | 549 |
| Series 2007-79, Class SY, IF, IO, 2.10%, <br> 12/20/2037 (a)<br>| 136656 | 685 |
| Series 2008-2, Class MS, IF, IO, 2.69%, <br> 1/16/2038 (a)<br>| 79974 | 6391 |
| Series 2008-1, PO, 1/20/2038 | 16670 | 13513 |
| Series 2015-137, Class WA, 5.55%, <br> 1/20/2038 (a)<br>| 142573 | 147802 |
| Series 2008-13, Class PI, IO, 5.50%, <br> 2/16/2038<br>| 188879 | 13363 |
| Series 2008-10, Class S, IF, IO, 1.38%, <br> 2/20/2038 (a)<br>| 54723 | 689 |
| Series 2009-106, Class ST, IF, IO, 1.55%, <br> 2/20/2038 (a)<br>| 302168 | 8692 |
| Series 2008-33, Class XS, IF, IO, 3.23%, <br> 4/16/2038 (a)<br>| 59791 | 3382 |
| Series 2008-36, Class SH, IF, IO, 1.85%, <br> 4/20/2038 (a)<br>| 120420 | 537 |
| Series 2012-52, Class WA, 6.19%, <br> 4/20/2038 (a)<br>| 1188555 | 1231775 |
| Series 2008-40, Class SA, IF, IO, 1.93%, <br> 5/16/2038 (a)<br>| 350337 | 17442 |
| Series 2008-55, Class SA, IF, IO, 1.75%, <br> 6/20/2038 (a)<br>| 60456 | 842 |
| Series 2008-62, Class SA, IF, IO, 1.70%, <br> 7/20/2038 (a)<br>| 322506 | 1338 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2008-71, Class SC, IF, IO, 1.55%, <br> 8/20/2038 (a)<br>| 20905 | 81 |
| Series 2012-59, Class WA, 5.57%, <br> 8/20/2038 (a)<br>| 232911 | 240016 |
| Series 2009-25, Class SE, IF, IO, 3.15%, <br> 9/20/2038 (a)<br>| 57723 | 2042 |
| Series 2011-97, Class WA, 6.08%, <br> 11/20/2038 (a)<br>| 378781 | 385091 |
| Series 2008-93, Class AS, IF, IO, 1.25%, <br> 12/20/2038 (a)<br>| 97935 | 5783 |
| Series 2008-96, Class SL, IF, IO, 1.55%, <br> 12/20/2038 (a)<br>| 68312 | 1536 |
| Series 2008-95, Class DS, IF, IO, 2.85%, <br> 12/20/2038 (a)<br>| 228193 | 2222 |
| Series 2011-163, Class WA, 5.84%, <br> 12/20/2038 (a)<br>| 507438 | 526208 |
| Series 2009-6, Class SA, IF, IO, 1.63%, <br> 2/16/2039 (a)<br>| 71752 | 269 |
| Series 2009-10, Class SA, IF, IO, 1.50%, <br> 2/20/2039 (a)<br>| 122781 | 8526 |
| Series 2009-12, Class IE, IO, 5.50%, <br> 3/20/2039<br>| 381119 | 7434 |
| Series 2009-14, Class KI, IO, 6.50%, <br> 3/20/2039<br>| 83710 | 4869 |
| Series 2009-14, Class NI, IO, 6.50%, <br> 3/20/2039<br>| 98945 | 6533 |
| Series 2009-33, Class CI, IO, 5.50%, <br> 5/20/2039<br>| 28097 | 1888 |
| Series 2009-33, Class TI, IO, 6.00%, <br> 5/20/2039<br>| 65549 | 4858 |
| Series 2009-43, Class SA, IF, IO, 1.50%, <br> 6/20/2039 (a)<br>| 80637 | 3697 |
| Series 2009-42, Class SC, IF, IO, 1.63%, <br> 6/20/2039 (a)<br>| 151337 | 12556 |
| Series 2009-64, Class SN, IF, IO, 1.63%, <br> 7/16/2039 (a)<br>| 90935 | 5162 |
| Series 2009-54, Class JZ, 5.50%, <br> 7/20/2039<br>| 643192 | 665037 |
| Series 2009-67, Class SA, IF, IO, 1.58%, <br> 8/16/2039 (a)<br>| 109537 | 9188 |
| Series 2009-72, Class SM, IF, IO, 1.78%, <br> 8/16/2039 (a)<br>| 197398 | 15767 |
| Series 2009-106, Class AS, IF, IO, 1.93%, <br> 11/16/2039 (a)<br>| 278916 | 26783 |
| Series 2015-91, Class W, 5.27%, <br> 5/20/2040 (a)<br>| 485812 | 502737 |
| Series 2013-75, Class WA, 5.09%, <br> 6/20/2040 (a)<br>| 215451 | 221452 |
| Series 2011-137, Class WA, 5.59%, <br> 7/20/2040 (a)<br>| 808863 | 838415 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2010-130, Class CP, 7.00%, <br> 10/16/2040<br>| 145920 | 156031 |
| Series 2010-157, Class OP, PO, <br> 12/20/2040<br>| 405958 | 348957 |
| Series 2020-187, Class WA, 3.76%, <br> 7/16/2041 (a)<br>| 3705710 | 3555545 |
| Series 2011-100, Class MY, 4.00%, <br> 7/20/2041<br>| 707301 | 696530 |
| Series 2012-24, Class WA, 5.52%, <br> 7/20/2041 (a)<br>| 1049322 | 1079709 |
| Series 2013-26, Class AK, 4.71%, <br> 9/20/2041 (a)<br>| 493595 | 500109 |
| Series 2014-188, Class W, 4.54%, <br> 10/20/2041 (a)<br>| 512719 | 517791 |
| Series 2012-141, Class WA, 4.52%, <br> 11/16/2041 (a)<br>| 1924359 | 1915306 |
| Series 2012-141, Class WC, 3.74%, <br> 1/20/2042 (a)<br>| 974639 | 930069 |
| Series 2012-141, Class WB, 4.00%, <br> 9/16/2042 (a)<br>| 1463532 | 1403734 |
| Series 2012-138, Class PT, 4.00%, <br> 11/16/2042 (a)<br>| 1551682 | 1501788 |
| Series 2013-54, Class WA, 4.88%, <br> 11/20/2042 (a)<br>| 971465 | 995164 |
| Series 2017-99, Class PT, 5.99%, <br> 8/20/2044 (a)<br>| 516905 | 542204 |
| Series 2021-103, Class WA, 4.23%, <br> 6/20/2045 (a)<br>| 2919956 | 2857605 |
| Series 2019-31, Class HC, 3.50%, <br> 5/20/2046<br>| 1299362 | 1263475 |
| Series 2018-160, Class PA, 3.50%, <br> 7/20/2046<br>| 709834 | 700309 |
| Series 2016-90, Class LI, IO, 4.00%, <br> 7/20/2046<br>| 1284515 | 230465 |
| Series 2019-31, Class TS, IF, IO, 1.60%, <br> 3/20/2049 (a)<br>| 13804111 | 1367046 |
| Series 2019-111, IO, 5.00%, 4/20/2049 | 4747532 | 725518 |
| Series 2019-65, Class ST, IF, IO, 1.60%, <br> 5/20/2049 (a)<br>| 6779713 | 727164 |
| Series 2020-133, Class IH, IO, 5.00%, <br> 6/20/2049<br>| 2975599 | 323139 |
| Series 2019-112, Class GS, IF, IO, 1.62%, <br> 9/20/2049 (a)<br>| 1576939 | 199486 |
| Series 2019-112, Class SG, IF, IO, 1.65%, <br> 9/20/2049 (a)<br>| 2207157 | 215506 |
| Series 2023-43, Class B, 4.00%, <br> 12/20/2049<br>| 15265435 | 14432830 |
| Series 2020-47, Class AI, IO, 4.50%, <br> 4/16/2050<br>| 4343090 | 842009 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2020-85, Class IA, IO, 4.50%, <br> 6/20/2050<br>| 17374566 | 2685802 |
| Series 2020-95, Class HI, IO, 4.00%, <br> 7/20/2050<br>| 8287746 | 1433931 |
| Series 2020-97, Class AI, IO, 4.75%, <br> 7/20/2050<br>| 8843619 | 1605560 |
| Series 2020-97, Class IA, IO, 5.00%, <br> 7/20/2050<br>| 11362132 | 2049651 |
| Series 2020-133, Class KB, 1.00%, <br> 8/20/2050<br>| 8010542 | 6488017 |
| Series 2020-122, Class HI, IO, 3.00%, <br> 8/20/2050<br>| 18663230 | 2873368 |
| Series 2020-112, Class GI, IO, 4.50%, <br> 8/20/2050<br>| 9711665 | 2074496 |
| Series 2022-64, Class ZY, 2.50%, <br> 9/20/2050<br>| 4481115 | 3107206 |
| Series 2020-133, Class EI, IO, 3.00%, <br> 9/20/2050<br>| 14094550 | 2262108 |
| Series 2020-134, Class IH, IO, 3.00%, <br> 9/20/2050<br>| 20020372 | 3398851 |
| Series 2020-149, Class SH, IF, IO, 3.06%, <br> 10/20/2050 (a)<br>| 17202509 | 446132 |
| Series 2020-149, Class TS, IF, IO, 3.06%, <br> 10/20/2050 (a)<br>| 15434268 | 357473 |
| Series 2021-16, Class JI, IO, 3.00%, <br> 12/20/2050<br>| 19627765 | 3080674 |
| Series 2020-189, Class JI, IO, 3.50%, <br> 12/20/2050<br>| 11218802 | 2138290 |
| Series 2021-15, Class EI, IO, 2.50%, <br> 1/20/2051<br>| 17300234 | 2448980 |
| Series 2021-27, Class TI, IO, 3.00%, <br> 2/20/2051<br>| 12707677 | 1933942 |
| Series 2021-69, Class CI, IO, 3.50%, <br> 4/20/2051<br>| 8808073 | 1487231 |
| Series 2024-197, Class BN, 3.00%, <br> 5/20/2051<br>| 17294484 | 16114544 |
| Series 2021-226, Class ZH, 3.00%, <br> 12/20/2051<br>| 1279431 | 742004 |
| Series 2022-179, Class WE, IF, 4.64%, <br> 10/20/2052 (a)<br>| 4206307 | 4155922 |
| Series 2022-190, Class LS, IF, 3.14%, <br> 11/20/2052 (a)<br>| 8471054 | 8020452 |
| Series 2023-53, Class SL, IF, 3.81%, <br> 4/20/2053 (a)<br>| 7751936 | 7173323 |
| Series 2023-55, Class MT, 4.50%, <br> 4/20/2053<br>| 3728635 | 3675409 |
| Series 2023-65, Class KS, IF, 3.51%, <br> 5/20/2053 (a)<br>| 6960726 | 6397272 |
| Series 2023-69, Class S, IF, 4.01%, <br> 5/20/2053 (a)<br>| 5545342 | 5303656 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2023-89, Class BS, IF, 3.49%, <br> 6/20/2053 (a)<br>| 6756803 | 6207617 |
| Series 2023-115, Class TS, IF, 5.93%, <br> 6/20/2053 (a)<br>| 4393177 | 4520658 |
| Series 2023-101, Class S, IF, 3.21%, <br> 7/20/2053 (a)<br>| 1734364 | 1580515 |
| Series 2023-146, Class GO, PO, <br> 10/20/2053<br>| 14407475 | 11299867 |
| Series 2024-164, Class LO, PO, <br> 6/20/2054<br>| 7239783 | 5807645 |
| Series 2025-105, Class SM, IF, 3.69%, <br> 6/20/2055 (a)<br>| 13954179 | 13304633 |
| Series 2012-H24, Class FG, 4.87%, <br> 4/20/2060 (a)<br>| 3650 | 3628 |
| Series 2013-H03, Class FA, 4.74%, <br> 8/20/2060 (a)<br>| 239 | 237 |
| Series 2013-H05, Class FB, 4.87%, <br> 2/20/2062 (a)<br>| 3832 | 3794 |
| Series 2013-H07, Class MA, 4.99%, <br> 4/20/2062 (a)<br>| 322 | 321 |
| Series 2013-H02, Class HF, 4.74%, <br> 11/20/2062 (a)<br>| 258 | 256 |
| Series 2013-H01, Class JA, 4.76%, <br> 1/20/2063 (a)<br>| 334035 | 333147 |
| Series 2013-H04, Class SA, 4.86%, <br> 2/20/2063 (a)<br>| 631041 | 630257 |
| Series 2013-H08, Class BF, 4.84%, <br> 3/20/2063 (a)<br>| 218098 | 217148 |
| Series 2013-H07, Class HA, 4.85%, <br> 3/20/2063 (a)<br>| 359121 | 358618 |
| Series 2013-H09, Class HA, 1.65%, <br> 4/20/2063<br>| 30058 | 28601 |
| Series 2016-H13, Class FD, 4.43%, <br> 5/20/2066 (a)<br>| 194868 | 194256 |
| Series 2016-H13, Class FT, 5.02%, <br> 5/20/2066 (a)<br>| 44786 | 44862 |
| Series 2016-H11, Class FD, 5.08%, <br> 5/20/2066 (a)<br>| 527863 | 531781 |
| Series 2016-H26, Class FC, 5.44%, <br> 12/20/2066 (a)<br>| 398594 | 400751 |
| Series 2017-H05, Class FC, 5.19%, <br> 2/20/2067 (a)<br>| 509931 | 510811 |
| Series 2017-H08, Class XI, IO, 2.28%, <br> 3/20/2067 (a)<br>| 1894161 | 80800 |
| Series 2017-H11, Class XI, IO, 2.24%, <br> 5/20/2067 (a)<br>| 5861320 | 215331 |
| Series 2017-H14, Class XI, IO, 1.88%, <br> 6/20/2067 (a)<br>| 2706748 | 78078 |
| Series 2017-H14, Class AI, IO, 2.29%, <br> 6/20/2067 (a)<br>| 2374148 | 125043 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2020-H11, Class GI, IO, 3.24%, <br> 7/20/2067 (a)<br>| 772292 | 11829 |
| Series 2017-H16, Class F, 4.63%, <br> 8/20/2067 (a)<br>| 1193776 | 1198354 |
| Series 2017-H17, Class FQ, 5.58%, <br> 9/20/2067 (a)<br>| 1952489 | 1964992 |
| Series 2017-H25, Class HI, IO, 2.05%, <br> 10/20/2067 (a)<br>| 1907958 | 67785 |
| Series 2018-H04, Class FE, 4.92%, <br> 2/20/2068 (a)<br>| 769246 | 772821 |
| Series 2018-H18, Class AI, IO, 1.85%, <br> 9/20/2068 (a)<br>| 44271262 | 2774608 |
| Series 2019-H09, Class IB, IO, 1.84%, <br> 4/20/2069 (a)<br>| 94672 | 99 |
| Series 2019-H14, Class IE, IO, 0.64%, <br> 5/20/2069 (a)<br>| 2333922 | 61914 |
| Series 2019-H10, Class IB, IO, 1.98%, <br> 5/20/2069 (a)<br>| 194772 | 8 |
| Series 2019-H12, Class JI, IO, 2.01%, <br> 7/20/2069 (a)<br>| 2380966 | 10295 |
| Series 2019-H14, Class KI, IO, 2.24%, <br> 7/20/2069 (a)<br>| 1509573 | 6812 |
| Series 2019-H15, Class IJ, IO, 2.22%, <br> 8/20/2069 (a)<br>| 4179924 | 93072 |
| Series 2019-H18, Class CI, IO, 1.81%, <br> 10/20/2069 (a)<br>| 20593075 | 1119215 |
| Series 2019-H18, Class KI, IO, 2.34%, <br> 11/20/2069 (a)<br>| 1293129 | 10332 |
| Series 2020-H02, Class DI, IO, 2.27%, <br> 12/20/2069 (a)<br>| 3377086 | 31958 |
| Series 2020-H05, IO, 1.36%, <br> 3/20/2070 (a)<br>| 19368854 | 1128753 |
| Series 2020-H07, Class DI, IO, 1.48%, <br> 4/20/2070 (a)<br>| 23223403 | 1433581 |
| Series 2020-H09, Class IE, IO, 2.03%, <br> 5/20/2070 (a)<br>| 5456960 | 226694 |
| Series 2020-H17, Class IJ, IO, 1.54%, <br> 10/20/2070 (a)<br>| 9411822 | 450824 |
| Series 2020-H17, Class IK, IO, 1.72%, <br> 10/20/2070 (a)<br>| 40044018 | 2559754 |
| Series 2021-H01, Class AI, IO, 1.73%, <br> 11/20/2070 (a)<br>| 77507856 | 4621593 |
| Series 2020-H22, Class IH, IO, 1.09%, <br> 12/20/2070 (a)<br>| 10853438 | 583589 |
| Series 2020-H22, Class JI, IO, 1.14%, <br> 12/20/2070 (a)<br>| 110931991 | 5845628 |
| Series 2021-H01, Class DI, IO, 1.88%, <br> 12/20/2070 (a)<br>| 25098651 | 1981274 |
| Series 2021-H02, Class JI, IO, 0.62%, <br> 1/20/2071 (a)<br>| 26463572 | 1254652 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-H02, Class IH, IO, 0.74%, <br> 1/20/2071 (a)<br>| 16883354 | 889153 |
| Series 2021-H02, Class IJ, IO, 1.25%, <br> 1/20/2071 (a)<br>| 106796298 | 5618698 |
| Series 2021-H02, Class HI, IO, 1.32%, <br> 1/20/2071 (a)<br>| 28035489 | 767264 |
| Series 2021-H03, Class IN, IO, 0.59%, <br> 2/20/2071 (a)<br>| 49480786 | 2437951 |
| Series 2021-H03, Class IE, IO, 0.61%, <br> 2/20/2071 (a)<br>| 7580096 | 308114 |
| Series 2021-H03, Class NI, IO, 0.73%, <br> 2/20/2071 (a)<br>| 27781093 | 1419498 |
| Series 2021-H03, Class TI, IO, 0.75%, <br> 2/20/2071 (a)<br>| 54393562 | 2759092 |
| Series 2021-H05, Class IQ, IO, 1.14%, <br> 2/20/2071 (a)<br>| 75358927 | 3424611 |
| Series 2021-H03, Class IP, IO, 1.23%, <br> 2/20/2071 (a)<br>| 39202837 | 2024937 |
| Series 2021-H03, Class PI, IO, 1.28%, <br> 2/20/2071 (a)<br>| 31559039 | 1591729 |
| Series 2021-H05, Class QI, IO, 0.35%, <br> 3/20/2071 (a)<br>| 108494444 | 3798694 |
| Series 2021-H06, Class IA, IO, 0.40%, <br> 3/20/2071 (a)<br>| 17545583 | 552698 |
| Series 2023-H06, Class EI, IO, 0.73%, <br> 3/20/2071 (a)<br>| 41484124 | 1143642 |
| Series 2021-H06, Class QI, IO, 0.26%, <br> 4/20/2071 (a)<br>| 40998751 | 1309156 |
| Series 2021-H06, IO, 0.73%, <br> 4/20/2071 (a)<br>| 72221529 | 3258368 |
| Series 2021-H14, Class IY, IO, 0.03%, <br> 9/20/2071 (a)<br>| 75326747 | 1982438 |
| Goodgreen Trust Series 2017-R1, 5.00%, <br> 10/20/2051 ‡<br>| 62207 | 61581 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2024-RPL2, Class A1, 3.75%, <br> 7/25/2061 (a) (c)<br>| 6309858 | 6168277 |
| Series 2024-RPL4, Class A1, 3.90%, <br> 9/25/2061 (c) (d)<br>| 7425777 | 7206196 |
| GSMPS Mortgage Loan Trust |  |  |
| Series 2001-2, Class A, 7.50%, <br> 6/19/2032 (a) (c)<br>| 111349 | 109096 |
| Series 2004-4, Class 1AF, 4.84%, <br> 6/25/2034 (a) (c)<br>| 69474 | 62331 |
| Series 2005-RP2, Class 1AF, 4.79%, <br> 3/25/2035 (a) (c)<br>| 132932 | 124697 |
| Series 2005-RP3, Class 1AS, IO, 3.73%, <br> 9/25/2035 (a) (c)<br>| 418128 | 7752 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2005-RP3, Class 1AF, 4.79%, <br> 9/25/2035 (a) (c)<br>| 919880 | 788925 |
| Series 2006-RP2, Class 1AS2, IF, IO, <br> 1.51%, 4/25/2036 ‡ (a) (c)<br>| 752497 | 45160 |
| GSR Mortgage Loan Trust |  |  |
| Series 2003-7F, Class 1A4, 5.25%, <br> 6/25/2033<br>| 75656 | 75884 |
| Series 2003-13, Class 1A1, 5.71%, <br> 10/25/2033 (a)<br>| 19113 | 19168 |
| Series 2004-3F, Class 3A8, 13.50%, <br> 2/25/2034<br>| 3086 | 3481 |
| Series 2004-6F, Class 2A4, 5.50%, <br> 5/25/2034<br>| 81922 | 83226 |
| Series 2004-8F, Class 2A3, 6.00%, <br> 9/25/2034<br>| 71204 | 73178 |
| Series 2004-13F, Class 3A3, 6.00%, <br> 11/25/2034<br>| 28393 | 28575 |
| Series 2005-5F, Class 8A3, 4.94%, <br> 6/25/2035 (a)<br>| 17207 | 16630 |
| Series 2005-7F, Class 3A9, 6.00%, <br> 9/25/2035<br>| 192299 | 192702 |
| Series 2006-1F, Class 1AP, PO, <br> 2/25/2036<br>| 44578 | 29241 |
| Series 2006-1F, Class 2A4, 6.00%, <br> 2/25/2036<br>| 1089794 | 444852 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.39%, <br> 9/25/2040 ‡ (b) (c) (d)<br>| 2865000 | 2869092 |
| Impac CMB Trust Series 2005-2, Class 2M1, <br> 5.22%, 4/25/2035 (a)<br>| 10111 | 9798 |
| Impac Secured Assets CMN Owner Trust <br> Series 2001-8, Class A6, 6.44%, <br> 1/25/2032<br>| 104588 | 107431 |
| IndyMac INDX Mortgage Loan Trust Series <br> 2006-AR3, Class 2A1A, 3.83%, <br> 3/25/2036 (a)<br>| 58650 | 40000 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-A2, Class 5A2, 6.91%, <br> 11/25/2033 (a)<br>| 32525 | 32176 |
| Series 2006-A2, Class 5A3, 6.91%, <br> 11/25/2033 (a)<br>| 58838 | 58207 |
| Series 2004-A3, Class 4A1, 6.94%, <br> 7/25/2034 (a)<br>| 1338 | 1332 |
| Series 2006-A3, Class 6A1, 4.96%, <br> 8/25/2034 (a)<br>| 18628 | 18467 |
| Series 2006-A2, Class 4A1, 6.47%, <br> 8/25/2034 (a)<br>| 74037 | 75310 |
| Series 2004-S1, Class 1A7, 5.00%, <br> 9/25/2034<br>| 4009 | 3836 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2004-A4, Class 1A1, 6.68%, <br> 9/25/2034 (a)<br>| 10429 | 10047 |
| Series 2005-A1, Class 3A4, 5.55%, <br> 2/25/2035 (a)<br>| 36175 | 34733 |
| Series 2007-A1, Class 5A2, 6.36%, <br> 7/25/2035 (a)<br>| 25148 | 25505 |
| Legacy Mortgage Asset Trust Series <br> 2021-GS1, Class A1, 5.89%, <br> 10/25/2066 (c) (d)<br>| 3105406 | 3105176 |
| Lehman Mortgage Trust |  |  |
| Series 2006-2, Class 1A1, 5.74%, <br> 4/25/2036 (a)<br>| 165907 | 102412 |
| Series 2007-6, Class 1A8, 6.00%, <br> 7/25/2037<br>| 8107 | 7187 |
| Series 2008-2, Class 1A6, 6.00%, <br> 3/25/2038<br>| 310764 | 75425 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (c) (d)<br>| 5780000 | 5789957 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (c) (d)<br>| 6200000 | 6244585 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (a) (c)<br>| 7590000 | 7651125 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| Series 2004-13, Class 2A1, 6.74%, <br> 4/21/2034 (a)<br>| 23682 | 23318 |
| Series 2004-3, Class 4A2, 4.29%, <br> 4/25/2034 (a)<br>| 17596 | 15778 |
| Series 2004-4, Class 2A1, 6.80%, <br> 5/25/2034 (a)<br>| 12412 | 11733 |
| Series 2004-13, Class 3A7, 5.66%, <br> 11/21/2034 (a)<br>| 118551 | 113817 |
| Series 2004-15, Class 3A1, 7.24%, <br> 12/25/2034 (a)<br>| 22956 | 22528 |
| MASTR Alternative Loan Trust |  |  |
| Series 2003-4, Class 2A1, 6.25%, <br> 6/25/2033<br>| 57848 | 59526 |
| Series 2003-9, Class 8A1, 6.00%, <br> 1/25/2034<br>| 22413 | 21244 |
| Series 2004-1, Class 30, PO, 2/25/2034 | 28031 | 19318 |
| Series 2004-3, Class 30, PO, 4/25/2034 | 54399 | 40538 |
| Series 2004-3, Class 30X1, IO, 6.00%, <br> 4/25/2034<br>| 24128 | 3615 |
| Series 2004-3, Class 2A1, 6.25%, <br> 4/25/2034<br>| 53542 | 55516 |
| Series 2004-5, Class 30, PO, 6/25/2034 | 61218 | 45436 |
| Series 2004-5, Class 30X1, IO, 6.00%, <br> 6/25/2034<br>| 18490 | 2504 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 31

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-6, Class 30X1, IO, 5.50%, <br> 7/25/2034<br>| 27882 | 3621 |
| Series 2004-6, Class 7A1, 6.00%, <br> 7/25/2034<br>| 272873 | 273719 |
| Series 2004-7, Class 30, PO, 8/25/2034 | 13562 | 9677 |
| Series 2004-7, Class AX1, IO, 5.50%, <br> 8/25/2034<br>| 52843 | 6207 |
| Series 2005-3, Class AX2, IO, 6.00%, <br> 4/25/2035<br>| 480229 | 73371 |
| MASTR Asset Securitization Trust |  |  |
| Series 2003-12, Class 6A1, 5.00%, <br> 12/25/2033<br>| 20995 | 18415 |
| Series 2004-P7, Class A6, 5.50%, <br> 12/27/2033 (c)<br>| 31204 | 26783 |
| Series 2004-1, Class 30, PO, 2/25/2034 | 4019 | 3013 |
| Series 2004-3, PO, 3/25/2034 | 599 |  |
| MASTR Reperforming Loan Trust Series <br> 2005-2, Class 1A1F, 4.79%, <br> 5/25/2035 (a) (c)<br>| 1019390 | 489437 |
| MASTR Resecuritization Trust Series <br> 2005-PO, Class 3, PO, 5/28/2035 (c)<br>| 33717 | 25456 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-A, Class 2A2, 5.29%, <br> 3/25/2028 (a)<br>| 10919 | 9677 |
| Series 2003-E, Class A1, 5.06%, <br> 10/25/2028 (a)<br>| 81221 | 77152 |
| Series 2003-F, Class A1, 5.08%, <br> 10/25/2028 (a)<br>| 68613 | 66942 |
| Series 2004-D, Class A2, 5.19%, <br> 9/25/2029 (a)<br>| 41913 | 40857 |
| Series 2004-E, Class A2A, 5.33%, <br> 11/25/2029 (a)<br>| 18840 | 17959 |
| Series 2003-A5, Class 2A6, 6.30%, <br> 8/25/2033 (a)<br>| 37099 | 36175 |
| Series 2004-A4, Class A2, 5.13%, <br> 8/25/2034 (a)<br>| 64266 | 60868 |
| Series 2004-1, Class 2A1, 5.35%, <br> 12/25/2034 (a)<br>| 58730 | 55302 |
| Merrill Lynch Mortgage Investors Trust MLMI |  |  |
| Series 2003-A4, Class 2A, 6.68%, <br> 7/25/2033 (a)<br>| 21896 | 21092 |
| Series 2005-A1, Class 3A, 5.83%, <br> 12/25/2034 (a)<br>| 11969 | 11975 |
| MFA Trust Series 2024-RPL1, Class A1, <br> 4.25%, 2/25/2066 (a) (c)<br>| 10332093 | 9939275 |
| Morgan Stanley Mortgage Loan Trust Series <br> 2004-3, Class 4A, 5.64%, <br> 4/25/2034 (a)<br>| 105676 | 104411 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| MortgageIT Trust Series 2005-5, Class A1, <br> 4.96%, 12/25/2035 (a)<br>| 16075 | 15885 |
| NACC Reperforming Loan REMIC Trust Series <br> 2004-R2, Class A1, 6.50%, <br> 10/25/2034 (a) (c)<br>| 127045 | 114809 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (c) (d)<br>| 11910000 | 11993244 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (c) (d)<br>| 7700000 | 7728535 |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust<br>|  |  |
| Series 2003-A1, Class A5, 7.00%, <br> 4/25/2033<br>| 22300 | 22441 |
| Series 2003-A1, Class A1, 5.50%, <br> 5/25/2033<br>| 3467 | 3474 |
| Series 2003-A1, Class A2, 6.00%, <br> 5/25/2033<br>| 7329 | 7459 |
| Ocwen Loan Investment Trust |  |  |
| Series 2024-HB1, Class A, 3.00%, <br> 2/25/2037 ‡ (c)<br>| 1781071 | 1752385 |
| Series 2024-HB1, Class M2, 3.00%, <br> 2/25/2037 ‡ (c)<br>| 1390000 | 1337349 |
| Onity Loan Investment Trust Series <br> 2025-HB1, Class M1, 3.00%, <br> 6/25/2038 ‡ (a) (c)<br>| 4115000 | 3870070 |
| PRET Trust Series 2024-RPL2, Class A1, <br> 4.07%, 6/25/2064 (a) (c)<br>| 7912935 | 7600155 |
| Prime Mortgage Trust |  |  |
| Series 2004-CL1, Class 1A1, 6.00%, <br> 2/25/2034<br>| 52313 | 52360 |
| Series 2005-4, Class 2, PO, <br> 10/25/2035 ‡<br>| 43601 | 33841 |
| PRPM LLC |  |  |
| Series 2023-RCF2, Class A1, 4.00%, <br> 11/25/2053 (c) (d)<br>| 2359873 | 2329769 |
| Series 2024-RCF1, Class A1, 4.00%, <br> 1/25/2054 (c) (d)<br>| 3615086 | 3558596 |
| Series 2024-RCF3, Class A1, 4.00%, <br> 5/25/2054 (c) (d)<br>| 3640091 | 3590588 |
| Series 2024-RPL1, Class A1, 4.20%, <br> 12/25/2064 (c) (d)<br>| 8445728 | 8331096 |
| Rain City Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.53%, 11/25/2029 (a) (c)<br>| 4631000 | 4678240 |
| RALI Trust |  |  |
| Series 2003-QS9, Class A3, IF, IO, 3.11%, <br> 5/25/2018 ‡ (a)<br>| 6 |  |
| Series 2004-QA4, Class NB3, 7.82%, <br> 9/25/2034 (a)<br>| 63458 | 62637 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-QA6, Class NB2, 4.41%, <br> 12/26/2034 (a)<br>| 23026 | 21385 |
| Series 2005-QA6, Class A32, 6.84%, <br> 5/25/2035 (a)<br>| 446478 | 234024 |
| Series 2005-QA10, Class A31, 5.19%, <br> 9/25/2035 (a)<br>| 48037 | 32226 |
| Series 2007-QS1, Class 1A1, 6.00%, <br> 1/25/2037<br>| 84758 | 67796 |
| Residential Asset Securitization Trust |  |  |
| Series 2003-A5, Class A1, 5.50%, <br> 6/25/2033<br>| 74205 | 76366 |
| Series 2004-IP2, Class 1A1, 6.42%, <br> 12/25/2034 (a)<br>| 159304 | 159790 |
| Series 2005-A16, Class AX, IO, 5.75%, <br> 2/25/2036<br>| 461771 | 80291 |
| Series 2006-A6, Class 2A13, 6.00%, <br> 7/25/2036<br>| 163805 | 77971 |
| RMF Buyout Issuance Trust Series <br> 2020-HB1, Class M3, 4.75%, <br> 10/25/2050 ‡ (a) (c)<br>| 3300000 | 2940392 |
| Sequoia Mortgage Trust |  |  |
| Series 2003-1, Class 1A, 5.21%, <br> 4/20/2033 (a)<br>| 71296 | 66962 |
| Series 2004-8, Class A1, 5.15%, <br> 9/20/2034 (a)<br>| 185951 | 162412 |
| Series 2004-8, Class A2, 5.22%, <br> 9/20/2034 (a)<br>| 129933 | 120772 |
| Series 2004-9, Class A1, 5.13%, <br> 10/20/2034 (a)<br>| 325250 | 298044 |
| Series 2004-10, Class A1A, 5.07%, <br> 11/20/2034 (a)<br>| 136030 | 128071 |
| Structured Asset Mortgage Investments II <br> Trust<br>|  |  |
| Series 2004-AR5, Class 1A1, 5.13%, <br> 10/19/2034 (a)<br>| 137930 | 131921 |
| Series 2005-AR5, Class A3, 4.97%, <br> 7/19/2035 (a)<br>| 249823 | 244898 |
| Structured Asset Securities Corp. Mortgage <br> Pass-Through Certificates<br>|  |  |
| Series 2003-34A, Class 3A3, 5.65%, <br> 11/25/2033 (a)<br>| 29338 | 29153 |
| Series 2003-37A, Class 2A, 5.68%, <br> 12/25/2033 (a)<br>| 208107 | 205151 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2003-4, Class A1, 5.08%, <br> 9/25/2043 (a)<br>| 12025 | 11915 |
| Series 2004-1, Class II2A, 2.52%, <br> 3/25/2044 (a)<br>| 7939 | 7771 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Towd Point Mortgage Trust |  |  |
| Series 2017-FRE2, Class M6, 4.00%, <br> 11/25/2047 (c) (d)<br>| 1314379 | 1294528 |
| Series 2019-3, Class M2, 4.25%, <br> 2/25/2059 (a) (c)<br>| 7550000 | 6543044 |
| Series 2021-R1, Class A1, 2.92%, <br> 11/30/2060 (a) (c)<br>| 15482484 | 13836078 |
| Series 2021-R1, Class A2C, 3.31%, <br> 11/30/2060 (c)<br>| 10250000 | 8650395 |
| Vendee Mortgage Trust |  |  |
| Series 1996-1, Class 1Z, 6.75%, <br> 2/15/2026<br>| 23660 | 23684 |
| Series 1996-2, Class 1Z, 6.75%, <br> 6/15/2026<br>| 6975 | 7020 |
| Series 1997-1, Class 2Z, 7.50%, <br> 2/15/2027<br>| 21509 | 21812 |
| Series 1998-1, Class 2E, 7.00%, <br> 3/15/2028<br>| 27190 | 27458 |
| Series 2010-1, Class DZ, 4.25%, <br> 4/15/2040<br>| 1095830 | 1068989 |
| WaMu Mortgage Pass-Through Certificates <br> Trust<br>|  |  |
| Series 2003-S1, Class A5, 5.50%, <br> 4/25/2033<br>| 82075 | 83549 |
| Series 2003-S3, Class 1A4, 5.50%, <br> 6/25/2033<br>| 28269 | 28001 |
| Series 2003-AR8, Class A, 5.48%, <br> 8/25/2033 (a)<br>| 59898 | 58603 |
| Series 2003-AR7, Class A7, 5.67%, <br> 8/25/2033 (a)<br>| 69911 | 69622 |
| Series 2003-AR9, Class 2A, 5.71%, <br> 9/25/2033 (a)<br>| 24430 | 23803 |
| Series 2003-AR9, Class 1A6, 6.14%, <br> 9/25/2033 (a)<br>| 230066 | 228448 |
| Series 2003-S9, Class P, PO, 10/25/2033 | 3178 | 2502 |
| Series 2003-S9, Class A8, 5.25%, <br> 10/25/2033<br>| 189924 | 188864 |
| Series 2003-AR11, Class A6, 6.66%, <br> 10/25/2033 (a)<br>| 160734 | 152103 |
| Series 2004-AR3, Class A1, 5.38%, <br> 6/25/2034 (a)<br>| 12841 | 12057 |
| Series 2004-AR3, Class A2, 5.38%, <br> 6/25/2034 (a)<br>| 87026 | 81713 |
| Series 2004-S2, Class 2A4, 5.50%, <br> 6/25/2034<br>| 200128 | 202256 |
| Series 2006-AR10, Class 2P, 4.25%, <br> 9/25/2036 (a)<br>| 26004 | 23619 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust<br>|  |  |
| Series 2005-1, Class 1A1, 5.50%, <br> 3/25/2035<br>| 22262 | 21967 |
| Series 2005-2, Class 1A4, IF, IO, 0.61%, <br> 4/25/2035 (a)<br>| 1381988 | 72169 |
| Series 2005-4, Class CB7, 5.50%, <br> 6/25/2035<br>| 161234 | 148771 |
| Series 2005-6, Class 2A4, 5.50%, <br> 8/25/2035<br>| 117793 | 104685 |
| Series 2005-11, Class A4, IF, IO, 0.51%, <br> 1/25/2036 (a)<br>| 2194297 | 111752 |
| Washington Mutual MSC Mortgage <br> Pass-Through Certificates Trust Series <br> 2004-RA2, Class 2A, 7.00%, 7/25/2033<br>| 86838 | 90292 |
| Wells Fargo Mortgage-Backed Securities <br> Trust<br>|  |  |
| Series 2004-U, Class A1, 7.33%, <br> 10/25/2034 (a)<br>| 115773 | 114464 |
| Series 2007-7, Class A7, 6.00%, <br> 6/25/2037<br>| 57736 | 52477 |
| Total Collateralized Mortgage Obligations <br>(Cost $837,929,874)<br>|  | 816401407 |
| **Asset-Backed Securities — 11.9%** | **Asset-Backed Securities — 11.9%** | **Asset-Backed Securities — 11.9%** |
| Accelerated Assets LLC Series 2018-1, <br> Class B, 4.51%, 12/2/2033 (c)<br>| 381035 | 376360 |
| Accelerated LLC Series 2021-1H, Class C, <br> 2.35%, 10/20/2040 (c)<br>| 2874850 | 2691911 |
| ACRE Commercial Mortgage Ltd. Series <br> 2021-FL4, Class B, 6.37%, <br> 12/18/2037 (a) (c)<br>| 1434840 | 1421370 |
| Ajax Mortgage Loan Trust Series 2021-G, <br> Class A, 4.88%, 6/25/2061 (a) (c)<br>| 1994574 | 1992749 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class B, 2.15%, <br> 6/17/2038 (c)<br>| 2463000 | 2312734 |
| Series 2021-SFR1, Class D, 2.60%, <br> 6/17/2038 (c)<br>| 3400000 | 3195818 |
| Series 2021-SFR4, Class E2, 3.01%, <br> 12/17/2038 (c)<br>| 12965000 | 12484231 |
| Series 2022-SFR3, Class E1, 4.00%, <br> 10/17/2039 (c)<br>| 8181000 | 7928463 |
| Series 2023-SFR2, Class E1, 3.95%, <br> 6/17/2040 (c)<br>| 10000000 | 9492923 |
| Series 2024-SFR1, Class C, 4.29%, <br> 7/17/2041 (c) (d)<br>| 6887000 | 6695647 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (c)<br>| 6550000 | 6256629 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2025-SFR1, Class C, 3.66%, <br> 6/17/2042 (c)<br>| 6095000 | 5741224 |
| Series 2025-SFR1, Class D, 3.66%, <br> 6/17/2042 (c)<br>| 5250000 | 4871589 |
| Bastion Funding I LLC Series 2023-1A, <br> Class A2, 7.12%, 4/25/2038 ‡ (c)<br>| 3562678 | 3586178 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class B, 4.30%, <br> 8/17/2040 (c)<br>| 11538000 | 11198592 |
| Series 2025-SFR1, Class B, 4.20%, <br> 9/17/2042 (c)<br>| 12150000 | 11644757 |
| Series 2025-SFR1, Class D, 4.20%, <br> 9/17/2042 (c)<br>| 6890000 | 6388123 |
| BXG Receivables Note Trust |  |  |
| Series 2022-A, Class C, 5.35%, <br> 9/28/2037 (c)<br>| 2949265 | 2904401 |
| Series 2023-A, Class B, 6.31%, <br> 11/15/2038 (c)<br>| 1851146 | 1890425 |
| Series 2023-A, Class C, 7.38%, <br> 11/15/2038 (c)<br>| 1907907 | 1955714 |
| Cars Net Lease Mortgage Notes Series <br> 2020-1A, Class A3, 3.10%, <br> 12/15/2050 (c)<br>| 1118284 | 1059741 |
| Cascade MH Asset Trust |  |  |
| Series 2019-MH1, Class A, 4.00%, <br> 11/25/2044 (a) (c)<br>| 830055 | 796826 |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (c)<br>| 5456000 | 4948709 |
| Series 2021-MH1, Class M1, 2.99%, <br> 2/25/2046 (c)<br>| 2000000 | 1568051 |
| Series 2022-MH1, Class A, 4.25%, <br> 8/25/2054 ‡ (c) (d)<br>| 6594229 | 6417655 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (a) (c)<br>| 8344300 | 8603328 |
| Series 2024-MH1, Class M1, 6.26%, <br> 11/25/2056 (a) (c)<br>| 2850000 | 2957159 |
| CFMT LLC |  |  |
| Series 2024-HB13, Class M2, 3.00%, <br> 5/25/2034 ‡ (a) (c)<br>| 1830000 | 1751128 |
| Series 2023-HB11, Class M2, 4.00%, <br> 2/25/2037 ‡ (a) (c)<br>| 4750000 | 4664080 |
| Chase Funding Trust |  |  |
| Series 2002-3, Class 1A5, 5.91%, <br> 6/25/2032 (d)<br>| 208891 | 206375 |
| Series 2003-4, Class 1A5, 4.88%, <br> 5/25/2033 (d)<br>| 176871 | 174096 |
| Series 2003-6, Class 1A7, 4.83%, <br> 11/25/2034 (d)<br>| 115409 | 114489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| CoreVest American Finance Trust |  |  |
| Series 2017-2, Class M, 5.55%, <br> 12/25/2027 (a) (c)<br>| 6200000 | 6115782 |
| Series 2019-2, Class B, 3.42%, <br> 6/15/2052 (c)<br>| 3032463 | 2949338 |
| Series 2019-3, Class XB, IO, 1.51%, <br> 10/15/2052 (a) (c)<br>| 27000000 | 1251404 |
| Series 2019-3, Class XA, IO, 2.15%, <br> 10/15/2052 (a) (c)<br>| 1804358 | 4668 |
| Series 2019-3, Class A, 2.71%, <br> 10/15/2052 (c)<br>| 235418 | 234365 |
| Series 2021-1, Class A, 1.57%, <br> 4/15/2053 (c)<br>| 2253101 | 2208382 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (c)<br>| 1569152 | 1566266 |
| Series 2021-1A, Class B, 2.05%, <br> 11/21/2033 (c)<br>| 838451 | 836982 |
| Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 (c)<br>| 1427840 | 1425552 |
| Diversified ABS Holdings LLC Series <br> 2024-2A, Class A, 6.56%, 9/30/2044 ‡ <br> (c)<br>| 4624004 | 4660071 |
| Diversified ABS Phase LLC Series 2024-1A, <br> Class A1, 7.08%, 5/30/2044 ‡ (c)<br>| 4397892 | 4445333 |
| E3 (Cayman Islands) Series 2019-1, Class B, <br> 4.15%, 9/20/2055 ‡ (c)<br>| 985519 | 829604 |
| Energy Assets, 8.11%, 8/25/2044 ‡ | 2431177 | 2484072 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR1, Class E1, 2.39%, <br> 8/17/2038 (c)<br>| 11450000 | 11140915 |
| Series 2021-SFR1, Class E2, 2.49%, <br> 8/17/2038 (c)<br>| 6100000 | 5935266 |
| Series 2021-SFR2, Class C, 1.71%, <br> 9/17/2038 (c)<br>| 4000000 | 3861444 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (c)<br>| 11712000 | 11584367 |
| Series 2022-SFR1, Class E2, 5.00%, <br> 5/19/2039 (c)<br>| 5235000 | 5153995 |
| Series 2022-SFR2, Class E1, 4.50%, <br> 7/17/2039 (c)<br>| 4500000 | 4400748 |
| FMC GMSR Issuer Trust |  |  |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2026 (a) (c)<br>| 13050000 | 12805564 |
| Series 2021-GT1, Class A, 3.62%, <br> 7/25/2026 (a) (c)<br>| 15250000 | 14619059 |
| Series 2021-GT1, Class B, 4.36%, <br> 7/25/2026 (a) (c)<br>| 7300000 | 6935737 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2021-GT2, Class A, 3.85%, <br> 10/25/2026 (a) (c)<br>| 19222400 | 18393542 |
| Series 2021-GT2, Class B, 4.44%, <br> 10/25/2026 (a) (c)<br>| 3600000 | 3417922 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (a) (c)<br>| 13600000 | 13779554 |
| Series 2022-GT1, Class A, 6.19%, <br> 4/25/2027 (c)<br>| 14900000 | 15026120 |
| Series 2022-GT1, Class B, 7.17%, <br> 4/25/2027 (c)<br>| 1000000 | 1013284 |
| Series 2022-GT2, Class A, 7.90%, <br> 7/25/2027 (c)<br>| 8000000 | 8127733 |
| Series 2022-GT2, Class B, 10.07%, <br> 7/25/2027 (c)<br>| 3357000 | 3484140 |
| FRTKL Series 2021-SFR1, Class D, 2.17%, <br> 9/17/2038 (c)<br>| 3800000 | 3677971 |
| FW Energy Asset Issuer LLC, 7.15%, <br> 8/25/2044 ‡<br>| 7684992 | 7830999 |
| Goodgreen |  |  |
| Series 2019-2A, Class A, 2.76%, <br> 4/15/2055 ‡ (c)<br>| 1279023 | 1101648 |
| Series 2023-1A, Class A, 5.90%, <br> 1/17/2061 ‡ (c)<br>| 5503058 | 5485115 |
| Series 2023-1A, Class B, 5.90%, <br> 1/17/2061 ‡ (c)<br>| 5063864 | 4316141 |
| Goodgreen Ltd. |  |  |
| Series 2024-1A, Class A, 6.29%, <br> 7/15/2056 ‡ (c)<br>| 10681774 | 10402979 |
| Series 2024-1A, Class B, 8.12%, <br> 7/15/2056 ‡ (c)<br>| 2744186 | 2679972 |
| Goodgreen Trust Series 2017-1A, Class A, <br> 3.74%, 10/15/2052 ‡ (c)<br>| 175138 | 161516 |
| Grene 2023-Senior Series 2023-Senior, <br> 5.50%, 1/17/2061 ‡<br>| 4295412 | 4322903 |
| Grene Energy Senio, 11.00%, 1/25/2026 ‡ | 215033 | 176048 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (a) (c)<br>| 13471988 | 13611330 |
| HERO Funding (Cayman Islands) |  |  |
| Series 2017-3A, Class A1, 3.19%, <br> 9/20/2048 ‡ (c)<br>| 3008186 | 2781684 |
| Series 2017-3A, Class A2, 3.95%, <br> 9/20/2048 ‡ (c)<br>| 494746 | 468002 |
| HERO Funding III (Cayman Islands) Series <br> 2017-1A, Class A, 3.50%, 9/21/2043 ‡ <br> (c)<br>| 375848 | 337268 |
| HERO Funding Trust |  |  |
| Series 2015-1A, Class A, 3.84%, <br> 9/21/2040 ‡ (c)<br>| 10975 | 10722 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2016-2A, Class A, 3.75%, <br> 9/20/2041 ‡ (c)<br>| 1938665 | 1886293 |
| Series 2016-3A, Class A1, 3.08%, <br> 9/20/2042 ‡ (c)<br>| 292354 | 276840 |
| Series 2016-4A, Class A1, 3.57%, <br> 9/20/2047 ‡ (c)<br>| 933277 | 895297 |
| Series 2016-4A, Class A2, 4.29%, <br> 9/20/2047 ‡ (c)<br>| 933278 | 913663 |
| Series 2017-1A, Class A2, 4.46%, <br> 9/20/2047 ‡ (c)<br>| 460998 | 445487 |
| Series 2017-2A, Class A1, 3.28%, <br> 9/20/2048 ‡ (c)<br>| 674794 | 629102 |
| Series 2020-1A, Class A, 2.59%, <br> 9/20/2057 ‡ (c)<br>| 4161015 | 3652735 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-1D, Class C, 4.69%, <br> 6/20/2034 (c)<br>| 671846 | 668858 |
| Series 2022-2A, Class C, 5.57%, <br> 1/25/2037 (c)<br>| 1892273 | 1907705 |
| Series 2020-AA, Class B, 4.22%, <br> 2/25/2039 (c)<br>| 795884 | 791229 |
| Series 2024-1B, Class B, 5.99%, <br> 9/15/2039 (c)<br>| 692227 | 703539 |
| Series 2024-1B, Class C, 6.62%, <br> 9/15/2039 (c)<br>| 1308939 | 1341899 |
| Series 2024-3A, Class C, 5.71%, <br> 8/27/2040 (c)<br>| 7654174 | 7755990 |
| Series 2025-2A, Class C, 5.12%, <br> 5/25/2044 (c)<br>| 5025000 | 5040244 |
| HIN Timeshare Trust Series 2020-A, Class B, <br> 2.23%, 10/9/2039 (c)<br>| 742857 | 718688 |
| HINNT LLC |  |  |
| Series 2024-A, Class B, 5.84%, <br> 3/15/2043 (c)<br>| 4275697 | 4348273 |
| Series 2024-A, Class C, 6.32%, <br> 3/15/2043 (c)<br>| 8176494 | 8303404 |
| Series 2025-A, Class C, 5.89%, <br> 3/15/2044 (c)<br>| 4879369 | 4929454 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class D, 2.65%, <br> 12/17/2026 (c)<br>| 11513948 | 11114685 |
| Series 2021-2, Class E1, 2.85%, <br> 12/17/2026 (c)<br>| 10554452 | 10188576 |
| Series 2019-1, Class A, 2.91%, <br> 9/17/2039 (c)<br>| 3302881 | 3206811 |
| Series 2019-1, Class E, 3.60%, <br> 9/17/2039 (c)<br>| 3315487 | 3203788 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Invitation Homes Trust |  |  |
| Series 2024-SFR1, Class B, 4.00%, <br> 9/17/2041 (c)<br>| 6434000 | 6240487 |
| Series 2024-SFR1, Class D, 4.25%, <br> 9/17/2041 (c)<br>| 8810000 | 8463439 |
| Jonah Energy ABS LLC |  |  |
| Series 2024-1A, Class A1, 6.50%, <br> 8/10/2039 ‡ (c)<br>| 7714238 | 7749723 |
| Series 2022-1, Class B, 7.63%, <br> 8/10/2039 ‡ (c)<br>| 9606974 | 9680948 |
| KGS-Alpha SBA COOF Trust |  |  |
| Series 2012-3, Class A, IO, 0.99%, <br> 9/25/2026 ‡ (a) (c)<br>| 1919 |  |
| Series 2012-4, Class A, IO, 1.02%, <br> 9/25/2037 ‡ (a) (c)<br>| 1224001 | 17940 |
| Series 2012-6, Class A, IO, 0.68%, <br> 5/25/2039 ‡ (a) (c)<br>| 1435749 | 15888 |
| Series 2015-2, Class A, IO, 3.17%, <br> 7/25/2041 ‡ (a) (c)<br>| 375864 | 37090 |
| LFT CRE Ltd. Series 2021-FL1, Class C, <br> 6.43%, 6/15/2039 (a) (c)<br>| 8000000 | 7958912 |
| Long Beach Mortgage Loan Trust Series <br> 2004-1, Class M1, 5.19%, <br> 2/25/2034 (a)<br>| 164963 | 163941 |
| Madison Avenue Manufactured Housing <br> Contract Trust Series 2002-A, 0.30%, <br> 3/25/2032 ‡<br>| 17074429 | 95460 |
| Mid-State Capital Corp. Trust Series 2006-1, <br> Class M1, 6.08%, 10/15/2040 (c)<br>| 573186 | 575470 |
| MVW LLC |  |  |
| Series 2020-1A, Class B, 2.73%, <br> 10/20/2037 (c)<br>| 434570 | 426107 |
| Series 2020-1A, Class C, 4.21%, <br> 10/20/2037 (c)<br>| 289713 | 286511 |
| Series 2023-1A, Class C, 6.54%, <br> 10/20/2040 (c)<br>| 3185241 | 3272001 |
| Series 2023-2A, Class C, 7.06%, <br> 11/20/2040 (c)<br>| 2263266 | 2325285 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (c)<br>| 837468 | 803583 |
| Series 2021-1WA, Class C, 1.94%, <br> 1/22/2041 (c)<br>| 1373364 | 1317017 |
| Series 2022-2A, Class C, 7.62%, <br> 10/21/2041 (c)<br>| 1796796 | 1846828 |
| Series 2024-2A, Class C, 4.92%, <br> 3/20/2042 (c)<br>| 3802399 | 3747006 |
| Series 2025-1A, Class C, 5.75%, <br> 9/22/2042 (c)<br>| 8974873 | 9056872 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1A, Class C, 6.20%, <br> 2/20/2043 (c)<br>| 1192174 | 1214675 |
| New Century Home Equity Loan Trust Series <br> 2003-5, Class AI6, 4.83%, <br> 11/25/2033 (d)<br>| 115597 | 114484 |
| New Residential Mortgage Loan Trust Series <br> 2022-SFR1, Class E1, 3.55%, <br> 2/17/2039 (c)<br>| 6152000 | 5951046 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (c)<br>| 2554312 | 2537957 |
| Series 2021-FHT1, Class A, 3.10%, <br> 7/25/2026 (c)<br>| 3550905 | 3484156 |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (c)<br>| 3753905 | 3653807 |
| NRZ FHT Excess LLC Series 2020-FHT1, <br> Class A, 4.21%, 11/25/2025 (c)<br>| 4800027 | 4780096 |
| Ocwen Loan Investment Trust Series <br> 2023-HB1, Class M1, 3.00%, <br> 6/25/2036 ‡ (a) (c)<br>| 1550000 | 1522960 |
| Pagaya AI Technology in Housing Trust <br> Series 2023-1, Class A, 3.60%, <br> 10/25/2040 (c)<br>| 5000000 | 4852545 |
| PRET LLC Series 2021-RN4, Class A1, <br> 5.49%, 10/25/2051 (a) (c)<br>| 6872969 | 6879693 |
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E1, 4.55%, <br> 4/17/2027 (c)<br>| 11300000 | 11103982 |
| Series 2021-SFR5, Class E1, 2.21%, <br> 7/17/2038 (c)<br>| 6775000 | 6625003 |
| Series 2021-SFR8, Class E2, 2.53%, <br> 10/17/2038 (c)<br>| 6000000 | 5835801 |
| Series 2022-SFR3, Class D, 4.45%, <br> 4/17/2039 (c)<br>| 4555000 | 4475971 |
| Series 2022-SFR3, Class E2, 5.60%, <br> 4/17/2039 (c)<br>| 11870000 | 11816666 |
| Series 2021-SFR7, Class C, 2.04%, <br> 8/17/2040 (c)<br>| 6246000 | 5815434 |
| Series 2021-SFR10, Class E1, 3.57%, <br> 12/17/2040 (c)<br>| 6539212 | 6255405 |
| Series 2022-SFR1, Class E1, 3.93%, <br> 2/17/2041 (c)<br>| 10000000 | 9588001 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (a) (c)<br>| 2576000 | 2422392 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (a) (c)<br>| 2625000 | 2431770 |
| Series 2025-SFR2, Class D, 3.56%, <br> 4/17/2042 (c)<br>| 7695662 | 7129232 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Renaissance Home Equity Loan Trust Series <br> 2007-2, Class AF2, 5.68%, <br> 6/25/2037 (d)<br>| 478553 | 115683 |
| Renew (Cayman Islands) |  |  |
| Series 2017-1A, Class A, 3.67%, <br> 9/20/2052 ‡ (c)<br>| 232985 | 218454 |
| Series 2017-1A, Class B, 5.75%, <br> 9/20/2052 ‡ (c)<br>| 32500 | 32374 |
| Series 2023-1A, Class A, 5.90%, <br> 11/20/2058 ‡ (c)<br>| 13227764 | 13091301 |
| Series 2024-1A, Class A, 6.21%, <br> 11/20/2059 ‡ (c)<br>| 10415598 | 10508312 |
| Repo Buyer RRI Trust, 0.00%, 4/14/2055 ‡ | 2002140 | 1746867 |
| RFT TRUST Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (c) (d)<br>| 14686369 | 14670948 |
| Securitized Asset-Backed Receivables LLC <br> Trust Series 2006-CB1, Class AF2, <br> 2.83%, 1/25/2036 (d)<br>| 49040 | 42103 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (c)<br>| 1135182 | 1122053 |
| Series 2021-1A, Class C, 1.79%, <br> 11/20/2037 (c)<br>| 721020 | 712868 |
| Series 2022-3A, Class C, 7.63%, <br> 7/20/2039 (c)<br>| 1706701 | 1765084 |
| Series 2023-2A, Class C, 7.30%, <br> 4/20/2040 (c)<br>| 2708202 | 2804744 |
| Series 2022-2A, Class C, 6.36%, <br> 6/20/2040 (c)<br>| 1394954 | 1406168 |
| Series 2024-2A, Class C, 5.83%, <br> 6/20/2041 (c)<br>| 2493257 | 2524868 |
| Series 2024-3A, Class C, 5.32%, <br> 8/20/2041 (c)<br>| 4302930 | 4325533 |
| Series 2024-1A, Class C, 5.94%, <br> 1/20/2043 (c)<br>| 2226995 | 2256831 |
| Series 2025-2A, Class C, 5.32%, <br> 4/20/2044 (c)<br>| 3659411 | 3700719 |
| Structured Asset Securities Corp. <br> Pass-Through Certificates<br>|  |  |
| Series 2002-AL1, Class A2, 3.45%, <br> 2/25/2032<br>| 4607 | 3913 |
| Series 2002-AL1, Class A3, 3.45%, <br> 2/25/2032<br>| 77582 | 16255 |
| Tricon Residential Trust Series 2022-SFR1, <br> Class E1, 5.34%, 4/17/2039 (c)<br>| 5669000 | 5623313 |
| vMobo, Inc., 7.46%, 7/18/2027 ‡ | 9995881 | 9509682 |
| VOLT C LLC Series 2021-NPL9, Class A1, <br> 5.99%, 5/25/2051 (c) (d)<br>| 5501825 | 5499279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 37

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| VOLT CV LLC Series 2021-CF2, Class A1, <br> 5.49%, 11/27/2051 (c) (d)<br>| 984037 | 983220 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 6.24%, 2/27/2051 (c) (d)<br>| 164730 | 164655 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (c) (d)<br>| 612279 | 612087 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, <br> 8/20/2036 (c)<br>| 1439109 | 1420618 |
| Series 2024-1A, Class B, 6.56%, <br> 1/20/2038 (c)<br>| 4707643 | 4775911 |
| Series 2024-1A, Class C, 7.06%, <br> 1/20/2038 (c)<br>| 3870885 | 3929019 |
| Total Asset-Backed Securities <br>(Cost $691,899,400)<br>|  | 703423988 |
| **Commercial Mortgage-Backed Securities — 9.3%** | **Commercial Mortgage-Backed Securities — 9.3%** | **Commercial Mortgage-Backed Securities — 9.3%** |
| Acrc Series TL-2021A, 3.75%, <br> 11/15/2026 ‡ (c)<br>| 6666667 | 6488667 |
| BAMLL Commercial Mortgage Securities <br> Trust Series 2014-520M, Class C, 4.35%, <br> 8/15/2046 (a) (c)<br>| 2500000 | 1711724 |
| BAMLL Re-REMIC Trust |  |  |
| Series 2024-FRR3, Class B, 1.46%, <br> 1/27/2050 (a) (c)<br>| 13000000 | 12226328 |
| Series 2024-FRR2, Class A, 2.46%, <br> 7/27/2050 ‡ (a) (c)<br>| 15000000 | 13986337 |
| Series 2025-FRR5, Class AK73, 2.05%, <br> 2/27/2051 (a) (c)<br>| 17316000 | 15961023 |
| Series 2025-FRR5, Class BK86, PO, <br> 11/27/2051 (c)<br>| 15438000 | 12920587 |
| Banc of America Re-REMIC Trust |  |  |
| Series 2024-FRR1, Class B, 0.00%, <br> 4/27/2049 ‡ (c)<br>| 14257000 | 10276495 |
| Series 2024-FRR1, Class A, 2.08%, <br> 4/27/2049 ‡ (a) (c)<br>| 9647000 | 7704237 |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (c)<br>| 5000000 | 4875771 |
| CCH II Series 2021-1 A, Class A, 5.13%, <br> 12/23/2026 ‡ (c)<br>| 1884039 | 1804910 |
| Commercial Mortgage Trust |  |  |
| Series 2020-SBX, Class D, 2.40%, <br> 1/10/2038 (a) (c)<br>| 4000000 | 3975320 |
| Series 2013-CR9, Class XB, IO, 1.11%, <br> 7/10/2045 (a) (c)<br>| 30469248 | 44180 |
| CSMC OA LLC |  |  |
| Series 2014-USA, Class A2, 3.95%, <br> 9/15/2037 (c)<br>| 13600000 | 12478136 |
| Series 2014-USA, Class B, 4.18%, <br> 9/15/2037 (c)<br>| 8320000 | 7155283 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2014-USA, Class C, 4.34%, <br> 9/15/2037 (c)<br>| 6000000 | 4740060 |
| Series 2014-USA, Class D, 4.37%, <br> 9/15/2037 (c)<br>| 1700000 | 1249517 |
| DBWF Mortgage Trust Series 2015-LCM, <br> Class A1, 3.00%, 6/10/2034 (c)<br>| 178721 | 175592 |
| FHLMC Series 2021-MN1, Class M1, 6.35%, <br> 1/25/2051 (a) (c)<br>| 2575082 | 2567321 |
| FHLMC Multi-Family ML Certificates Series <br> 2021-ML09, Class XUS, IO, 1.55%, <br> 2/25/2040 (a) (c)<br>| 54778933 | 5898130 |
| FHLMC, Multi-Class Certificates Series <br> 2021-P008, Class A1, 1.79%, <br> 1/25/2033 (a)<br>| 14810936 | 12628602 |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series Q013, Class XPT2, IO, 1.81%, <br> 5/25/2027 (a)<br>| 42793589 | 1038100 |
| Series K740, Class XAM, IO, 1.19%, <br> 10/25/2027 (a)<br>| 33000000 | 689548 |
| Series KL06, Class XFX, IO, 1.46%, <br> 12/25/2029 (a)<br>| 63036852 | 3041295 |
| Series K128, Class XAM, IO, 0.83%, <br> 3/25/2031 (a)<br>| 26300000 | 952247 |
| Series K-1518, Class X1, IO, 0.95%, <br> 10/25/2035 (a)<br>| 105886990 | 6263152 |
| Series K-1520, Class X1, IO, 0.58%, <br> 2/25/2036 (a)<br>| 97377819 | 3320866 |
| FNMA ACES |  |  |
| Series 2017-M3, Class A2, 2.56%, <br> 12/25/2026 (a)<br>| 1176745 | 1151805 |
| Series 2018-M7, Class A2, 3.13%, <br> 3/25/2028 (a)<br>| 3868818 | 3784338 |
| Series 2020-M39, Class 1A1, 0.75%, <br> 9/25/2028<br>| 3133543 | 2986020 |
| Series 2020-M38, Class 2A1, 1.59%, <br> 11/25/2028<br>| 621244 | 583999 |
| Series 2020-M38, Class X2, IO, 2.10%, <br> 11/25/2028 (a)<br>| 4918505 | 206711 |
| Series 2020-M11, IO, 1.89%, <br> 1/25/2029 (a)<br>| 69162842 | 2999309 |
| Series 2018-M3, Class A2, 3.15%, <br> 2/25/2030 (a)<br>| 797119 | 767124 |
| Series 2020-M39, Class X1, IO, 2.05%, <br> 7/25/2030 (a)<br>| 43317151 | 2377657 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 109075 | 103868 |
| Series 2020-M50, Class X1, IO, 1.92%, <br> 10/25/2030 (a)<br>| 1676020 | 65215 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2020-M49, Class 1A1, 1.30%, <br> 11/25/2030 (a)<br>| 2047729 | 1912610 |
| Series 2022-M4, Class 2A2, 1.25%, <br> 12/25/2030 (a)<br>| 42100000 | 36335811 |
| Series 2021-M4, Class A1, 0.96%, <br> 2/25/2031<br>| 5759085 | 5554201 |
| Series 2022-M1G, Class A2, 1.58%, <br> 9/25/2031 (a)<br>| 23600000 | 20454089 |
| Series 2021-M2S, Class A2, 1.87%, <br> 10/25/2031 (a)<br>| 1041007 | 910734 |
| Series 2022-M3, Class A2, 1.76%, <br> 11/25/2031 (a)<br>| 18900000 | 16248392 |
| Series 2022-M8, Class A1, 2.00%, <br> 12/25/2031 (a)<br>| 577643 | 559531 |
| Series 2022-M8, Class A2, 2.00%, <br> 12/25/2031 (a)<br>| 3370000 | 2927177 |
| Series 2022-M10, Class A2, 1.99%, <br> 1/25/2032 (a)<br>| 26000000 | 22688323 |
| Series 2022-M1S, Class A2, 2.15%, <br> 4/25/2032 (a)<br>| 22730000 | 19887273 |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (a)<br>| 48232 | 48036 |
| Series 2022-M13, Class A2, 2.68%, <br> 6/25/2032 (a)<br>| 15000000 | 13565742 |
| Series 2023-M4, Class A1, 3.89%, <br> 9/25/2032 (a)<br>| 7336430 | 7295324 |
| Series 2023-M8, Class A1, 4.63%, <br> 11/25/2032 (a)<br>| 3013376 | 3055896 |
| Series 2021-M6, Class A1, 1.54%, <br> 3/25/2033 (a)<br>| 3260347 | 3126439 |
| Series 2023-M8, Class A2, 4.63%, <br> 3/25/2033 (a)<br>| 6345000 | 6382948 |
| Series 2024-M2, Class A1, 4.77%, <br> 4/25/2033 (a)<br>| 14334426 | 14624651 |
| Series 2021-M12, Class 2A2, 2.20%, <br> 5/25/2033 (a)<br>| 5000000 | 4231471 |
| Series 2024-M2, Class A2, 3.75%, <br> 8/25/2033<br>| 5000000 | 4726210 |
| Series 2021-M3, Class X1, IO, 2.01%, <br> 11/25/2033 (a)<br>| 11948491 | 770406 |
| Series 2019-M10, Class X, IO, 0.58%, <br> 5/25/2049 (a)<br>| 48954555 | 1349467 |
| FREMF Mortgage Trust |  |  |
| Series 2018-KBX1, Class B, 3.62%, <br> 1/25/2026 (a) (c)<br>| 2400000 | 2379289 |
| Series 2019-K736, Class B, 3.86%, <br> 7/25/2026 (a) (c)<br>| 6500000 | 6431710 |
| Series 2017-K66, Class B, 4.17%, <br> 7/25/2027 (a) (c)<br>| 1000000 | 986984 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Series 2019-KS11, Class B, 4.98%, <br> 6/25/2029 (a) (c)<br>| 8000000 | 7706058 |
| Series 2019-KS12, Class B, 7.26%, <br> 8/25/2029 (a)<br>| 9898221 | 9899728 |
| Series 2020-KHG2, Class C, 3.17%, <br> 2/25/2030 (a) (c)<br>| 10000000 | 8523766 |
| Series 2021-KLU3, Class BFX, 4.40%, <br> 1/25/2031 (a) (c)<br>| 4862311 | 4510551 |
| Series 19K-1511, Class B, 4.72%, <br> 3/25/2034 (a) (c)<br>| 3500000 | 3123865 |
| Series 2016-K54, Class C, 4.23%, <br> 4/25/2048 (a) (c)<br>| 3691000 | 3662227 |
| Series 2016-K56, Class B, 4.10%, <br> 6/25/2049 (a) (c)<br>| 1600000 | 1584918 |
| Series 2017-K69, Class C, 3.85%, <br> 10/25/2049 (a) (c)<br>| 2765000 | 2691739 |
| Series 2016-K59, Class B, 3.69%, <br> 11/25/2049 (a) (c)<br>| 1902000 | 1874343 |
| Series 2017-K65, Class C, 4.22%, <br> 7/25/2050 (a) (c)<br>| 3662000 | 3606669 |
| Series 2017-K71, Class B, 3.88%, <br> 11/25/2050 (a) (c)<br>| 1240000 | 1215167 |
| Series 2018-K73, Class B, 3.98%, <br> 2/25/2051 (a) (c)<br>| 1150000 | 1130857 |
| Series 2018-K75, Class B, 4.11%, <br> 4/25/2051 (a) (c)<br>| 3000000 | 2958234 |
| Series 2018-K78, Class B, 4.27%, <br> 6/25/2051 (a) (c)<br>| 3449000 | 3401984 |
| Series 2018-K79, Class C, 4.35%, <br> 7/25/2051 (a) (c)<br>| 4030000 | 3943326 |
| Series 2018-K81, Class B, 4.31%, <br> 9/25/2051 (a) (c)<br>| 2000000 | 1982490 |
| Series 2019-K88, Class B, 4.53%, <br> 2/25/2052 (a) (c)<br>| 4000000 | 3974516 |
| Series 2019-K94, Class C, 4.10%, <br> 7/25/2052 (a) (c)<br>| 6750000 | 6383425 |
| Series 2019-K100, Class C, 3.61%, <br> 11/25/2052 (a) (c)<br>| 7140000 | 6768394 |
| Series 2020-K737, Class B, 3.44%, <br> 1/25/2053 (a) (c)<br>| 4832000 | 4749874 |
| GAM Re-REMIC Trust |  |  |
| Series 2022-FRR3, Class BK71, 1.96%, <br> 11/27/2050 (a) (c)<br>| 8000000 | 7339059 |
| Series 2021-FRR1, Class 2A, PO, <br> 11/29/2050 ‡ (c)<br>| 3300000 | 2915831 |
| GNMA |  |  |
| Series 2012-147, Class AK, 2.79%, <br> 4/16/2054 (a)<br>| 3885557 | 3618043 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 39

------

JPMorgan Mortgage-Backed Securities ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2017-76, Class B, 2.60%, <br> 12/16/2056<br>| 4888085 | 3583739 |
| Series 2020-121, Class B, 1.50%, <br> 8/16/2060<br>| 11062373 | 8306286 |
| Series 2021-211, Class AC, 1.30%, <br> 1/16/2063<br>| 3693615 | 2740200 |
| Hudson Yards Mortgage Trust Series <br> 2019-30HY, Class A, 3.23%, <br> 7/10/2039 (c)<br>| 4180000 | 3977869 |
| Ladder Capital Commercial Mortgage Trust <br> Series 2013-GCP, Class A2, 3.99%, <br> 2/15/2036 (c)<br>| 2686000 | 2553825 |
| MHC Commercial Mortgage Trust Series <br> 2021-MHC, Class E, 6.58%, <br> 4/15/2038 (a) (c)<br>| 1920000 | 1921800 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class A, 2.72%, <br> 12/15/2036 (c)<br>| 5000000 | 4425000 |
| Series 2019-PARK, Class E, 2.72%, <br> 12/15/2036 (c)<br>| 7000000 | 4836300 |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2023-01, Class M7, 8.35%, <br> 11/25/2053 (a) (c)<br>| 7891502 | 8226738 |
| Series 2024-01, Class M7, 7.10%, <br> 7/25/2054 (a) (c)<br>| 1164244 | 1179774 |
| P4 SFR Series 2019-STl A, 7.25%, <br> 10/11/2026 ‡<br>| 2465254 | 2428276 |
| RFM Re-REMIC Trust Series 2024-FRR2, <br> Class A100, PO, 11/27/2052 ‡ (c)<br>| 11000000 | 8924958 |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class B, 5.93%, <br> 11/13/2041 (c)<br>| 5000000 | 5171120 |
| Series 2024-CNTR, Class C, 6.47%, <br> 11/13/2041 (c)<br>| 15580000 | 16152415 |
| SLG Office Trust |  |  |
| Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (c)<br>| 6500000 | 5776832 |
| Series 2021-OVA, Class E, 2.85%, <br> 7/15/2041 (c)<br>| 7000000 | 5902667 |
| Wachovia Bank Commercial Mortgage Trust <br> Series 2006-C24, Class XC, IO, 0.00%, <br> 3/15/2045 (a) (c)<br>| 24512 |  |
| Wells Fargo Commercial Mortgage Trust <br> Series 2021-SAVE, Class A, 5.73%, <br> 2/15/2040 (a) (c)<br>| 1320302 | 1319064 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| WFRBS Commercial Mortgage Trust Series <br> 2013-C11, Class D, 4.20%, <br> 3/15/2045 (a) (c)<br>| 750000 | 652720 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $553,468,437)<br>|  | 551296835 |
| **U.S. Treasury Obligations — 2.8%** | **U.S. Treasury Obligations — 2.8%** | **U.S. Treasury Obligations — 2.8%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 63000000 | 39205195 |
| 2.38%, 2/15/2042 | 83610000 | 60519269 |
| 3.38%, 8/15/2042 | 10000000 | 8340625 |
| 3.88%, 2/15/2043 | 3000000 | 2665664 |
| 3.63%, 8/15/2043 | 25000000 | 21322266 |
| 2.25%, 2/15/2052 | 25000000 | 14944336 |
| 3.63%, 2/15/2053 | 17000000 | 13607305 |
| U.S. Treasury Notes <br>2.88%, 5/15/2032<br>| 5000000 | 4696484 |
| U.S. Treasury STRIPS Bonds <br>4.63%, 11/15/2030 (e)<br>| 150000 | 123012 |
| Total U.S. Treasury Obligations <br>(Cost $198,575,439)<br>|  | 165424156 |
| **Corporate Bonds — 0.2%** | **Corporate Bonds — 0.2%** | **Corporate Bonds — 0.2%** |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 8088722 | 8088722 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | 6658727 | 6658727 |
| Total Corporate Bonds <br>(Cost $14,747,449)<br>|  | 14747449 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| **Investment Companies — 3.0%** | **Investment Companies — 3.0%** | **Investment Companies — 3.0%** |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.36% (f) (g) <br>(Cost $174,309,036)<br>| 174264041 | 174316320 |
| **Total Investments — 101.1%** <br>**(Cost $6,179,272,808)**<br>|  | **5973058062** |
| **Liabilities in Excess of Other Assets —** <br> **(1.1)%**<br>|  | **(67421088)**<br>|
| **NET ASSETS — 100.0%** |  | **5905636974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of August 31, 2025.<br>|
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of August <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|

---

---

| | |
|:---|:---|
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of August 31, 2025.

**Futures contracts outstanding as of August 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 66946797 | &nbsp;&nbsp;&nbsp;&nbsp; 306185 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30092953 | &nbsp;&nbsp;&nbsp;&nbsp; 186566 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5826750 | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 140160000 | &nbsp;&nbsp;&nbsp;&nbsp; 577555 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1071814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 41

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mortgage-Backed** <br>**Securities ETF**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5798741742 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 174316320 |
| Cash | &nbsp;&nbsp;&nbsp; 336349 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3723000 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 8424 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 2942344 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 19652947 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 20800 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5999741926 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 13278274 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 79483683 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 86566 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 719161 |
| Administration fees | &nbsp;&nbsp;&nbsp; 370828 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 68623 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 57055 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 204 |
| Other | &nbsp;&nbsp;&nbsp; 40558 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 94104952 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5905636974 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $6246164042 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (340527068)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5905636974 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001) (a)<br>| &nbsp;&nbsp;&nbsp; 116747366 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $50.58 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6004963772 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 174309036 |

---

------

(a) JPMorgan Morgtage-Backed Securities ETF acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to close of business on June 27, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Exchange-Traded Funds August 31, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mortgage-Backed** <br>**Securities ETF (a)** |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $126908960 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 4489401 |
| Total investment income | &nbsp;&nbsp;&nbsp; 131398361 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 7373190 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2211968 |
| Distribution fees (See Note 3.C.) | &nbsp;&nbsp;&nbsp; 105305 |
| Service fees (See Note 3.D.) | &nbsp;&nbsp;&nbsp; 2822848 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 184695 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 3250 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 37554 |
| Professional fees | &nbsp;&nbsp;&nbsp; 48492 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 18516 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 250649 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 143761 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 22675 |
| Other | &nbsp;&nbsp;&nbsp; 43785 |
| Total expenses | &nbsp;&nbsp;&nbsp; 13266688 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (3444741)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1052664)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 8769283 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 122629078 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (4016703)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 27926 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2511758 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1477019)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 33968413 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (54561)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (378823)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 33535029 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 32058010 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $154687088 |

---

------

(a) JPMorgan Morgtage-Backed Securities ETF acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to close of business on June 27, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Mortgage-Backed Securities ETF**  | **JPMorgan Mortgage-Backed Securities ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)(a)**<br>| **Year Ended** <br>**February 28, 2025 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $122629078 | &nbsp;&nbsp;&nbsp; $229363797 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1477019)<br>| &nbsp;&nbsp;&nbsp; (6908851)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 33535029 | &nbsp;&nbsp;&nbsp; 155533975 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 154687088 | &nbsp;&nbsp;&nbsp; 377988921 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (104063746)<br>| &nbsp;&nbsp;&nbsp; (230192259)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (101276753)<br>| &nbsp;&nbsp;&nbsp; 687119980 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (50653411)<br>| &nbsp;&nbsp;&nbsp; 834916642 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5956290385 | &nbsp;&nbsp;&nbsp; 5121373743 |
| End of period | &nbsp;&nbsp;&nbsp; $5905636974 | &nbsp;&nbsp;&nbsp; $5956290385 |

---

------

(a) JPMorgan Morgtage-Backed Securities ETF acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to close of business on June 27, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **JPMorgan Mortgage-Backed Securities ETF**  | **JPMorgan Mortgage-Backed Securities ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)(a)**<br>| **Year Ended**<br> **February 28, 2025(a)** |
| **CAPITAL TRANSACTIONS:** (b) |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $472052861 | &nbsp;&nbsp;&nbsp; $914226164 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 31704893 | &nbsp;&nbsp;&nbsp; 96193948 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (587789891)<br>| &nbsp;&nbsp;&nbsp; (1062208255)<br>|
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (84032137)<br>| &nbsp;&nbsp;&nbsp; (51788143)<br>|
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4825608 | &nbsp;&nbsp;&nbsp; 30810695 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1308461 | &nbsp;&nbsp;&nbsp; 3720871 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17253061)<br>| &nbsp;&nbsp;&nbsp; (35479945)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (11118992)<br>| &nbsp;&nbsp;&nbsp; (948379)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 258126 | &nbsp;&nbsp;&nbsp; 1351532 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 117002 | &nbsp;&nbsp;&nbsp; 282200 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1355312)<br>| &nbsp;&nbsp;&nbsp; (2405109)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (980184)<br>| &nbsp;&nbsp;&nbsp; (771377)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 484660595 | &nbsp;&nbsp;&nbsp; 1526575006 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 36097678 | &nbsp;&nbsp;&nbsp; 92985255 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (525903713)<br>| &nbsp;&nbsp;&nbsp; (878932382)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (5145440)<br>| &nbsp;&nbsp;&nbsp; 740627879 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(101276753)<br>| &nbsp;&nbsp;&nbsp; $687119980 |

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(a) JPMorgan Morgtage-Backed Securities ETF acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to close of business on June 27, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from JPMorgan Mortgage-Backed Securities Fund on June 27, 2025. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 45

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Mortgage-Backed Securities ETF**  | **JPMorgan Mortgage-Backed Securities ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)(a)**<br>| **Year Ended**<br> **February 28, 2025(a)** |
| **SHARE TRANSACTIONS:** (b) |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9456565 | &nbsp;&nbsp;&nbsp; 90272575 |
| Reinvested | &nbsp;&nbsp;&nbsp; 637984 | &nbsp;&nbsp;&nbsp; 9515388 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11825670)<br>| &nbsp;&nbsp;&nbsp; (104641601)<br>|
| Change in Shares | &nbsp;&nbsp;&nbsp; (1731121)<br>| &nbsp;&nbsp;&nbsp; (4853638)<br>|
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 96929 | &nbsp;&nbsp;&nbsp; 2933567 |
| Reinvested | &nbsp;&nbsp;&nbsp; 26338 | &nbsp;&nbsp;&nbsp; 356606 |
| Redeemed | &nbsp;&nbsp;&nbsp; (346628)<br>| &nbsp;&nbsp;&nbsp; (3391776)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (223361)<br>| &nbsp;&nbsp;&nbsp; (101603)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5183 | &nbsp;&nbsp;&nbsp; 134420 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp; 27987 |
| Redeemed | &nbsp;&nbsp;&nbsp; (27245)<br>| &nbsp;&nbsp;&nbsp; (237689)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (19707)<br>| &nbsp;&nbsp;&nbsp; (75282)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9726349 | &nbsp;&nbsp;&nbsp; 150593654 |
| Reinvested | &nbsp;&nbsp;&nbsp; 726620 | &nbsp;&nbsp;&nbsp; 9190084 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10569541)<br>| &nbsp;&nbsp;&nbsp; (86763659)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (116572)<br>| &nbsp;&nbsp;&nbsp; 73020079 |

---

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(a) JPMorgan Morgtage-Backed Securities ETF acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to close of business on June 27, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from JPMorgan Mortgage-Backed Securities Fund on June 27, 2025. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

47 <br>

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net <br>asset <br>value <br>beginning of <br>period<br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net <br>realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total <br>from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>Distributions<br>|
| **JPMorgan Mortgage-Backed Securities ETF** (h) |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $50.11 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $1.37 | &nbsp;&nbsp; $(0.90)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.90)<br>|
| Year Ended February 28, 2025 | 48.84 | 2.05 | 1.27 | 3.32 | &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.05)<br>|
| Year Ended February 29, 2024 | 48.74 | 1.81 | 0.05 | 1.86 | &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.76)<br>|
| Year Ended February 28, 2023 | 54.16 | 1.37 | &nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.37)<br>|
| Year Ended February 28, 2022 | 56.06 | 0.88 | &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended February 28, 2021 | 56.36 | 1.37 | 0.23 | 1.60 | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on June 27, 2025. See Note 1.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan Mortgage-Backed Securities ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business on June 27, 2025. Market price returns are calculated using the official closing price of the JPMorgan Mortgage-Backed Securities ETF on the listing exchange as of the time that the JPMorgan Mortgage-Backed Securities ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Mortgage-Backed Securities ETF's listing on June 30, 2025, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

(g) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(h) JPMorgan Mortgage-Backed Securities ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 27, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period March 1, 2020 up through the reorganization. 

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Exchange-Traded Funds August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp; Total <br>Return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp; Net <br>expenses(g)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income (loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.58 | &nbsp;&nbsp;&nbsp;&nbsp; $50.64 | &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5905636974 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.11 | &nbsp;&nbsp;&nbsp;&nbsp;50.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp; 2510782679 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.84 | &nbsp;&nbsp;&nbsp;&nbsp;48.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp; 2494421238 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.74 | &nbsp;&nbsp;&nbsp;&nbsp;48.74 | &nbsp;&nbsp;&nbsp;&nbsp; (7.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2039339476 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.16 | &nbsp;&nbsp;&nbsp;&nbsp;54.16 | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2462649733 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.06 | &nbsp;&nbsp;&nbsp;&nbsp;56.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp; 2599085152 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

August 31, 2025 J.P. Morgan Exchange-Traded Funds 49

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

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

As of the close of business on June 27, 2025 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the "Board"), JPMorgan Mortgage-Backed Securities Fund (a mutual fund) (the "Acquired Fund" or "Mortgage-Backed Securities Fund"), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund's performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

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

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on July 31, 2026. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund's portfolio turnover ratio for the six months ended August 31, 2025.

The investment objective of the Fund is to seek to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.

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

**2. Significant Accounting Policies**

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

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 <br>

------

performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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.

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.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at August 31, 2025.

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $571584454 | &nbsp;&nbsp;&nbsp;&nbsp; $131839534 | &nbsp;&nbsp;&nbsp;&nbsp; $703423988 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731776566 | &nbsp;&nbsp;&nbsp;&nbsp; 84624841 | &nbsp;&nbsp;&nbsp;&nbsp; 816401407 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 496767124 | &nbsp;&nbsp;&nbsp;&nbsp; 54529711 | &nbsp;&nbsp;&nbsp;&nbsp; 551296835 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14747449 | &nbsp;&nbsp;&nbsp;&nbsp; 14747449 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3546074182 | &nbsp;&nbsp;&nbsp;&nbsp; 1373725 | &nbsp;&nbsp;&nbsp;&nbsp; 3547447907 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165424156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165424156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

51 <br>

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**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $174316320 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174316320 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $174316320 | &nbsp;&nbsp;&nbsp;&nbsp; $5511626482 | &nbsp;&nbsp;&nbsp;&nbsp; $287115260 | &nbsp;&nbsp;&nbsp;&nbsp; $5973058062 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1071814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1071814 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a),\*</sup> <br>| **Balance as of** <br>**August 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $139192581 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154652)<br>| &nbsp;&nbsp; $37321 | &nbsp;&nbsp; $2924869 | &nbsp;&nbsp; $(9332135)<br>| &nbsp;&nbsp; $79111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(907561)<br>| &nbsp;&nbsp; $131839534 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 64383905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 712297 | &nbsp;&nbsp; 94356 | &nbsp;&nbsp; 31886210 | &nbsp;&nbsp; (13359488)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 907561 | &nbsp;&nbsp; 84624841 |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 41742513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 294891 | &nbsp;&nbsp; 132059 | &nbsp;&nbsp; 178713 | &nbsp;&nbsp; (10799421)<br>| &nbsp;&nbsp; 22980956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54529711 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14830000 | &nbsp;&nbsp; (82551)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14747449 |
| Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 2659923 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68967)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1370369 | &nbsp;&nbsp; (2587600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1373725 |
| **Total** | &nbsp;&nbsp; $247978922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $783569 | &nbsp;&nbsp; $263736 | &nbsp;&nbsp; $51190161 | &nbsp;&nbsp; $(36161195)<br>| &nbsp;&nbsp; $23060067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $287115260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations.

\* Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period March 1, 2025 through June 27, 2025. 

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $783,569. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2025.

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**JPMorgan Mortgage-Backed Securities ETF**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $62060112<br>| Discounted Cash Flow | Constant Prepayment Rate | 5.00% - 90.00% (18.23%) |
|  |  |  | Constant Default Rate | 0.00% - 2.50% (0.26%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.88% - 9.00% (5.96%) |
| Asset-Backed Securities | &nbsp;&nbsp; 62060112<br>|  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **August 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; 53382184<br>| Discounted Cash Flow | Constant Prepayment Rate | 5.00% - 100.00% (88.73%) |
|  |  |  | Constant Default Rate | 0.00% - 1.61% (0.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.01% - 13.26% (5.41%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 53382184<br>|  |  |  |
| Total | &nbsp;&nbsp; $115442296<br>|  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2025, the value of these investments was $171,672,964. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**B. Restricted Securities**— Certain securities held by the Fund 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 NAV of the Fund.

As of August 31, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Fund 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 Fund 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.

The Fund may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by a Fund is held in a separate segregated account maintained by JPMCB. These amounts are not reflected on the Fund's Statement of Assets and Liabilities.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at August 31, 2025 are detailed on the SOI, if any.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

53 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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

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

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

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

The Fund did not lend out any securities during the six months ended August 31, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** | **For the six months ended August 31, 2025\*** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime <br> Money Market Fund <br> Class IM Shares, <br> 4.36% (a) (b)<br>| $— | $356156473 | $181854160 | $6724 | $7283 | $174316320 | 174264041 | $976098 | $— |
| JPMorgan Prime <br> Money Market Fund <br> Class Institutional <br> Shares, 4.26% <br> (a) (b)<br>| 361182168 | 771250129 | 1132391655 | 21202 | (61844)<br>|  |  | 3513303 |  |
| **Total** | $361182168 | $1127406602 | $1314245815 | $27926 | $(54561)<br>| $174316320 |  | $4489401 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of August 31, 2025.

\* Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period March 1, 2025 through June 27, 2025. 

**F. Futures Contracts**— The Fund used interest rate futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 <br>

------

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

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

The table below discloses the volume of the Fund's futures contracts activity during the six months ended August 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $254356975 |
| Ending Notional Balance Long | &nbsp;&nbsp; 243026500 |

---

**G. 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, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

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

Transfer agency fees charged to the Acquired Fund were class-specific expenses. The amount of the transfer agency fees charged to each share class of the Acquired Fund for the period March 1, 2025 through Closing Date for the Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **ETF Shares** | **Total** |
| Transfer agency fees  | $2774 | $456 | $7657 | $11788 | $22675 |

---

**I. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of August 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**J. Foreign Taxes**—The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gains tax is determined to apply, the Fund records 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

55 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

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

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended August 31, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees paid to the Administrator.

**C. Distribution Fees**— Up through the Closing Date, pursuant to a distribution agreement with the Trust (the "Distribution Agreement"), JPMCB served as the Acquired Fund's principal underwriter and promoted and arranged for the sale of the Acquired Fund's shares.

Up through the Closing Date, the Acquired Fund's Board had adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Acquired Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Acquired Fund did not charge a distribution fee. The Distribution Plan provided that the Acquired Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

For the period March 1, 2025 through the Closing Date, JPMDS waived its distribution fee for the Acquired Fund.

In addition, up through the Closing Date, JPMDS was entitled to receive the front-end sales charges from purchases of Class A Shares and the contingent deferred sales charge ("CDSC") from redemptions of Class C Shares and certain Class A Shares of the Acquired Fund for which front-end sales charges have been waived. For the period March 1, 2025 through the Closing Date, JPMDS did not retain any front-end sales charges or CDSCs.

**D. Service Fees**— Up through the Closing Date, JPMorgan Trust II, on behalf of the Acquired Fund, had entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provided certain support services to fund shareholders. For performing these services, JPMDS received a fee with respect to all share classes of the Acquired Fund, except Class R6 Shares which did not charge a service fee, that was accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 <br>

------

Prior to the Closing Date, JPMDS had entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invested in the Acquired Fund. Pursuant to such contracts, JPMDS paid all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

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

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

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

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

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

**G. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.24% of the Fund's average daily net assets.

The expense limitation agreement was in effect for the six months ended August 31, 2025, and the contractual expense limitation is in place until at least June 30, 2028.

Prior to the Closing Date, the Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class C** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

For the six months ended August 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  | **Voluntary Waivers** |
| **Management** <br>**Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| &nbsp;&nbsp; $1197822 | &nbsp;&nbsp; $782255 | &nbsp;&nbsp; $1123108 | &nbsp;&nbsp; $3103185 | &nbsp;&nbsp; $1052664 | &nbsp;&nbsp; $105305 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the six months ended August 31, 2025 was $236,251.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

57 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

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

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

**4. Investment Transactions** 

During the six months ended August 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| $1862607271 | $1950192341 | $21712109 | $47080703 |

---

During the six months ended August 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $6179272808 | &nbsp;&nbsp;&nbsp;&nbsp; $73680788 | &nbsp;&nbsp;&nbsp;&nbsp; $278823720 | &nbsp;&nbsp;&nbsp;&nbsp; $(205142932)<br>|

---

At February 28, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $69056419 | &nbsp;&nbsp;&nbsp;&nbsp; $79150871 |

---

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended February 28, 2025, the Fund deferred to March 1, 2025 the following net capital losses (gains) of:

---

| | |
|:---|:---|
| **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2935419 | &nbsp;&nbsp;&nbsp;&nbsp; $(239959)<br>|

---

During the year ended February 28, 2025, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $1533892 |

---

**6. Capital Share Transactions**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 <br>

------

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

**7. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

JPMorgan Trust II, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364, unless extended.

The Acquired Fund did not utilize the Credit Facility during the period March 1, 2025 through the Closing Date. The Fund is not part of the Credit Facility.

**8. Risks, Concentrations and Indemnifications**

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

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

59 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited) (continued)

change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer'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 Fund's original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

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

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

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 <br>

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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.

![](g49993img32f71e6a1.jpg)

------

![](g49993img96b29e622.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. August 2025.

SAN-CONVETF1-825

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

------

**Statement Regarding Basis for Approval of Initial Investment Advisory Agreement**

On February 11-13, 2025, the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial investment advisory agreement (the "Advisory Agreement") for the JPMorgan Mortgage-Backed Securities ETF (the "Fund"). The Advisory Agreement was approved by a majority of the Trustees who are not "Interested Persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates. In connection with the approval of the Advisory Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. The Trustees noted that the Fund was anticipated to commence operations by acquiring the assets of a mutual fund for which the Adviser serves as investment adviser (the "Acquired Fund"). Before voting on the proposed Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Advisory Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Advisory Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Advisory Agreement was fair and reasonable and that initial approval of the Advisory Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

***Nature, Extent and Quality of Services Provided by the Adviser***

In connection with the approval of the Fund's initial Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Advisory Agreement, as well as other relevant information furnished for

the Trustees, regarding the nature, extent, and quality of services provided by the Adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;

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

• Information about the structure and distribution strategy of the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

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

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

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

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them.

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

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also considered the benefits to the Adviser and its affiliates from the conversion of a mutual fund to an ETF, for example, through the expansion of the Adviser's ETF offerings.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.'s ("JPMCB"), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

------

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver ("Fee Cap") which allows the Fund's shareholders to share potential economies of scale, and that the proposed fees are fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Fund's distributor and principal underwriter, ongoing investments in its business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale through the Fee Cap and the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

***Fees Relative to Adviser's Other Clients***

The Trustees considered the Adviser's view that it manages one account (including the Acquired Fund) with a substantially similar investment strategy as that of the Fund. The Trustees concluded that the fees charged to the Fund in comparison to those charged to such other clients were reasonable. The Trustees also considered the benefits to the Acquired Fund shareholders from the fact that the total expense ratio of the Fund, after application of the Fee Cap, would be lower than those of the Acquired Fund.

***Investment Performance***

The Trustees considered the Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable. In addition, because the Fund was anticipated to commence operations by acquiring the assets of the Acquired Fund, and the Fund was to be the accounting survivor to the Acquired Fund, the Trustees were provided with performance information for the Acquired Fund.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. ("Broadridge"), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Cap proposed for the Fund, and the net advisory fee rate and net expense ratio for the Fund, after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Fund's estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available; however, the Trustees considered the profitability information for the Acquired Fund that they had received in connection with the most recent annual approval of the Acquired Fund's investment advisory agreement. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund's proposed advisory fee was fair and reasonable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

------

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

ITEM 19. EXHIBITS

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:

------

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

**Not applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

#### Not applicable.
(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| J.P. Morgan Exchange-Traded Fund Trust | J.P. Morgan Exchange-Traded Fund Trust |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | November 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | November 5, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | November 5, 2025 |

---

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Bond
ETF, JPMorgan Active High Yield ETF, JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S.
Treasury Bond 20+ Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF,
JPMorgan Core Plus Bond ETF, JPMorgan High Yield Municipal ETF, JPMorgan Income ETF, JPMorgan Inflation Managed Bond ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Limited Duration Bond ETF, JPMorgan Mortgage-Backed Securities ETF,
JPMorgan Municipal ETF, JPMorgan Realty Income ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Sustainable Municipal Income ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets
Sovereign Bond ETF (the "Funds"), a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 5, 2025 |  |
|  | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Bond
ETF, JPMorgan Active High Yield ETF, JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S.
Treasury Bond 20+ Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF,
JPMorgan Core Plus Bond ETF, JPMorgan High Yield Municipal ETF, JPMorgan Income ETF, JPMorgan Inflation Managed Bond ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Limited Duration Bond ETF, JPMorgan Mortgage-Backed Securities ETF,
JPMorgan Municipal ETF, JPMorgan Realty Income ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Sustainable Municipal Income ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets
Sovereign Bond ETF (the "Funds"), each a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 5, 2025 | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

6. This certification is provided pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active Bond ETF, JPMorgan Active High Yield ETF,
JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF, JPMorgan
BetaBuilders U.S. Treasury Bond 3-10 Year ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan High
Yield Municipal ETF, JPMorgan Income ETF, JPMorgan Inflation Managed Bond ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Limited Duration Bond ETF, JPMorgan Mortgage-Backed Securities ETF, JPMorgan Municipal ETF, JPMorgan Realty Income
ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Sustainable Municipal Income ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the "Funds"), each a
series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ ***Matthew J. Kamburowski*** |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

November 5, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

7. This certification is provided pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active Bond ETF, JPMorgan Active High Yield ETF,
JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF, JPMorgan
BetaBuilders U.S. Treasury Bond 3-10 Year ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan High
Yield Municipal ETF, JPMorgan Income ETF, JPMorgan Inflation Managed Bond ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Limited Duration Bond ETF, JPMorgan Mortgage-Backed Securities ETF, JPMorgan Municipal ETF, JPMorgan Realty Income
ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Sustainable Municipal Income ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the "Funds"), each a
series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

November 5, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.