# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-26-085186
**Filing Date:** 2026-3
**Character Count:** 645202
**Document Hash:** 45f3b5cc7f47ccc45be0bb17030e3982
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085186.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085186

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**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:** 26706930

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan Equity Premium Income ETF (Series ID: S000068402)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218810 | JPMorgan Equity Premium Income ETF | JEPI            |

### JPMorgan Active Value ETF (Series ID: S000072931)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000229631 | JPMorgan Active Value ETF | JAVA            |

### JPMorgan Small & Mid Cap Enhanced Equity ETF (Series ID: S000074055)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000231438 | JPMorgan Small & Mid Cap Enhanced Equity ETF | JMEE            |

### JPMorgan Nasdaq Equity Premium Income ETF (Series ID: S000076132)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000235594 | JPMorgan Nasdaq Equity Premium Income ETF | JEPQ            |

### JPMorgan Active Growth ETF (Series ID: S000077070)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237212 | JPMorgan Active Growth ETF | JGRO            |

### JPMorgan Active Small Cap Value ETF (Series ID: S000079652)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240858 | JPMorgan Active Small Cap Value ETF | JPSV            |

### JPMorgan Equity Focus ETF (Series ID: S000079812)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000241195 | JPMorgan Equity Focus ETF | JPEF            |

### JPMorgan U.S. Tech Leaders ETF (Series ID: S000080536)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000243013 | JPMorgan U.S. Tech Leaders ETF | JTEK            |

### JPMorgan Fundamental Data Science Large Core ETF (Series ID: S000086049)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000251449 | JPMorgan Fundamental Data Science Large Core ETF | LCDS            |

### JPMorgan Fundamental Data Science Mid Core ETF (Series ID: S000086050)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251450 | JPMorgan Fundamental Data Science Mid Core ETF | MCDS            |

### JPMorgan Fundamental Data Science Small Core ETF (Series ID: S000086051)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000251451 | JPMorgan Fundamental Data Science Small Core ETF | SCDS            |

### JPMorgan U.S. Research Enhanced Large Cap ETF (Series ID: S000090403)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000257449 | JPMorgan U.S. Research Enhanced Large Cap ETF | JUSA            |

### JPMorgan Fundamental Data Science Large Value ETF (Series ID: S000090418)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000257465 | JPMorgan Fundamental Data Science Large Value ETF | LVDS            |

?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)

------

390 Madison Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

390 Madison Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris ParkwayColumbus, OH 43240 Alison M. Fumai, Esq.Dechert LLP1905 Avenue of the AmericasNew York, NY 10036

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

#### 1-844-457-6383

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### December 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 \| December 31, 2025 (Unaudited)

JPMorgan Active Growth ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JGRO - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Growth ETF (the "Fund") for the period of July 1, 2025 to December 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 Growth ETF | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $8520819159 |
| **Total number of portfolio holdings** | 108 |
| **Portfolio turnover rate** | 22% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110249.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JGRO-1225

JPMorgan Active Growth ETF

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

JPMorgan Active Small Cap Value ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JPSV - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Small Cap Value ETF (the "Fund") for the period of July 1, 2025 to December 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 Small Cap Value ETF | $38 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $23179001 |
| **Total number of portfolio holdings** | 113 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110297.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JPSV-1225

JPMorgan Active Small Cap Value ETF

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

JPMorgan Active Value ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JAVA - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Value ETF (the "Fund") for the period of July 1, 2025 to December 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 Value ETF | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5219219426 |
| **Total number of portfolio holdings** | 164 |
| **Portfolio turnover rate** | 47% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110105.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JAVA-1225

JPMorgan Active Value ETF

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

JPMorgan Equity Focus ETF

![FrontCoverImage](g89247images_2694.jpg)

#### Ticker: JPEF - The NASDAQ Stock Market<sup>®</sup> LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Equity Focus ETF (the "Fund") for the period of July 1, 2025 to December 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 Equity Focus ETF | $25 | 0.48% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1612643060 |
| **Total number of portfolio holdings** | 41 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110345.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JPEF-1225

JPMorgan Equity Focus ETF

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

JPMorgan Equity Premium Income ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JEPI - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to December 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 Equity Premium Income ETF | $18 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $41582038104 |
| **Total number of portfolio holdings** | 125 |
| **Portfolio turnover rate** | 93% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110057.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JEPI-1225

JPMorgan Equity Premium Income ETF

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

JPMorgan Fundamental Data Science Large Core ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: LCDS - The NASDAQ Stock Market<sup>®</sup> LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Core ETF (the "Fund") for the period of July 1, 2025 to December 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 Fundamental Data Science Large Core ETF | $16 | 0.30% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $14699839 |
| **Total number of portfolio holdings** | 110 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110441.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

LCDS-1225

JPMorgan Fundamental Data Science Large Core ETF

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

JPMorgan Fundamental Data Science Large Value ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: LVDS - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Value ETF (the "Fund") for the period of July 1, 2025 to December 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 Fundamental Data Science Large Value ETF | $18 | 0.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $89447489 |
| **Total number of portfolio holdings** | 130 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5165812.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

LVDS-1225

JPMorgan Fundamental Data Science Large Value ETF

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

JPMorgan Fundamental Data Science Mid Core ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: MCDS - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Mid Core ETF (the "Fund") for the period of July 1, 2025 to December 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 Fundamental Data Science Mid Core ETF | $18 | 0.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7025052 |
| **Total number of portfolio holdings** | 183 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110489.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

MCDS-1225

JPMorgan Fundamental Data Science Mid Core ETF

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

JPMorgan Fundamental Data Science Small Core ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: SCDS - The NASDAQ Stock Market<sup>®</sup> LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Small Core ETF (the "Fund") for the period of July 1, 2025 to December 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 Fundamental Data Science Small Core ETF | $21 | 0.39% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7199291 |
| **Total number of portfolio holdings** | 261 |
| **Portfolio turnover rate** | 13% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110537.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

SCDS-1225

JPMorgan Fundamental Data Science Small Core ETF

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

JPMorgan Nasdaq Equity Premium Income ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JEPQ - The NASDAQ Stock Market<sup>®</sup> LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Nasdaq Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to December 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 Nasdaq Equity Premium Income ETF | $19 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $32620771161 |
| **Total number of portfolio holdings** | 108 |
| **Portfolio turnover rate** | 89% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110201.jpg)

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

(a) Equity-Linked Notes that are linked to the Nasdaq-100 Index.

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JEPQ-1225

JPMorgan Nasdaq Equity Premium Income ETF

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

JPMorgan Small & Mid Cap Enhanced Equity ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JMEE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small & Mid Cap Enhanced Equity ETF (the "Fund") for the period of July 1, 2025 to December 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 Small & Mid Cap Enhanced Equity ETF | $13 | 0.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $2109237173 |
| **Total number of portfolio holdings** | 630 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110153.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JMEE-1225

JPMorgan Small & Mid Cap Enhanced Equity ETF

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

JPMorgan U.S. Tech Leaders ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JTEK - The NASDAQ Stock Market<sup>®</sup> LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Tech Leaders ETF (the "Fund") for the period of July 1, 2025 to December 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 U.S. Tech Leaders ETF | $34 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $3191889069 |
| **Total number of portfolio holdings** | 63 |
| **Portfolio turnover rate** | 23% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110393.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JTEK-1225

JPMorgan U.S. Tech Leaders ETF

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

JPMorgan U.S. Research Enhanced Large Cap ETF

![FrontCoverImage](g89247images_2694.jpg)

Ticker: JUSA - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Large Cap ETF (the "Fund") for the period of July 1, 2025 to December 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 U.S. Research Enhanced Large Cap ETF | $11 | 0.20% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $27746882 |
| **Total number of portfolio holdings** | 236 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g89247chartimages_5110585.jpg)

**Availability of Additional Information**

![QRCode](g89247images_2693.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 

JUSA-1225

JPMorgan U.S. Research Enhanced Large Cap 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

December 31, 2025 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan Equity Focus ETF JPEF The NASDAQ Stock Market<sup>®</sup> LLC

![](g11970img1b9382f81.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_50fa6204-cbe9-4b58-91d9-0fea6d62b928_SOI-TOC-ScheduleofInvestments-1015_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_50fa6204-cbe9-4b58-91d9-0fea6d62b928_FS-TOC-FinancialStatement-1015_1) | &nbsp;&nbsp; **3** |
| [Financial Highlights](#xx_50fa6204-cbe9-4b58-91d9-0fea6d62b928_FIHI_2-TOC-FIHI-1015_1) | &nbsp;&nbsp; **6** |
| [Notes to Financial Statements](#xx_50fa6204-cbe9-4b58-91d9-0fea6d62b928_NTF-NTFRunningFooter-1015_1) | &nbsp;&nbsp; **8** |

---

**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 Equity Focus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| Tesla, Inc. \* | 86833 | 39050537 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| M&T Bank Corp. | 184941 | 37261913 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| Gilead Sciences, Inc. | 261348 | 32077853 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* | 322331 | 74400441 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Trane Technologies plc | 40495 | 15760654 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| Morgan Stanley | 263443 | 46769036 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Ecolab, Inc. | 106219 | 27884612 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| Quanta Services, Inc. | 44207 | 18658006 |
| **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** |
| Capital One Financial Corp. | 217660 | 52752078 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| NextEra Energy, Inc. | 475257 | 38153632 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
| Netflix, Inc. \* | 211909 | 19868588 |
| Take-Two Interactive Software, Inc. \* | 79543 | 20365394 |
|  |  | 40233982 |
| **Financial Services — 4.7%** | **Financial Services — 4.7%** | **Financial Services — 4.7%** |
| Berkshire Hathaway, Inc., Class B \* | 93478 | 46986717 |
| Mastercard, Inc., Class A | 51455 | 29374630 |
|  |  | 76361347 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 361577 | 26622914 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| HCA Healthcare, Inc. | 83310 | 38894107 |
| **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** |
| Booking Holdings, Inc. | 4415 | 23643782 |
| McDonald's Corp. | 132060 | 40361498 |
|  |  | 64005280 |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| Procter & Gamble Co. (The) | 215147 | 30832717 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Industrial Conglomerates — 3.0%** | **Industrial Conglomerates — 3.0%** | **Industrial Conglomerates — 3.0%** |
| 3M Co. | 123797 | 19819900 |
| Honeywell International, Inc. | 144369 | 28164948 |
|  |  | 47984848 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Loews Corp. | 490714 | 51677091 |
| **Interactive Media & Services — 9.1%** | **Interactive Media & Services — 9.1%** | **Interactive Media & Services — 9.1%** |
| Alphabet, Inc., Class C | 278820 | 87493716 |
| Meta Platforms, Inc., Class A | 89006 | 58751971 |
|  |  | 146245687 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Thermo Fisher Scientific, Inc. | 41289 | 23924911 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| EOG Resources, Inc. | 332337 | 34898708 |
| Kinder Morgan, Inc. | 1561113 | 42914997 |
|  |  | 77813705 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Johnson & Johnson | 201514 | 41703322 |
| **Retail REITs — 0.7%** | **Retail REITs — 0.7%** | **Retail REITs — 0.7%** |
| Regency Centers Corp. | 163295 | 11272254 |
| **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** |
| Analog Devices, Inc. | 150388 | 40785226 |
| Broadcom, Inc. | 212009 | 73376315 |
| NVIDIA Corp. | 679923 | 126805639 |
|  |  | 240967180 |
| **Software — 10.7%** | **Software — 10.7%** | **Software — 10.7%** |
| HubSpot, Inc. \* | 29701 | 11919011 |
| Intuit, Inc. | 44752 | 29644620 |
| Microsoft Corp. | 207468 | 100335674 |
| Oracle Corp. | 61347 | 11957144 |
| Palo Alto Networks, Inc. \* | 101859 | 18762428 |
|  |  | 172618877 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| Public Storage | 99415 | 25798192 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Lowe's Cos., Inc. | 107183 | 25848252 |
| **Technology Hardware, Storage & Peripherals — 4.4%** | **Technology Hardware, Storage & Peripherals — 4.4%** | **Technology Hardware, Storage & Peripherals — 4.4%** |
| Apple, Inc. | 262006 | 71228951 |
| Total Common Stocks <br>(Cost $1,286,331,885)<br>|  | 1596802379 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Focus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b) <br>(Cost $16,220,250)<br>| 16216858 | 16223345 |
| **Total Investments — 100.0%** <br>**(Cost $1,302,552,135)**<br>|  | **1613025724** |
| **Liabilities in Excess of Other Assets —** <br> **(0.0)% ^**<br>|  | **(382664)**<br>|
| **NET ASSETS — 100.0%** |  | **1612643060** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | 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>|
| (b) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity** <br>**Focus ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1596802379 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 16223345 |
| Receivables: |  |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 281510 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 60632 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 10523 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 113 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1613378502 |
| **LIABILITIES:** |  |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 476694 |
| Administration fees | &nbsp;&nbsp;&nbsp; 102481 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 17225 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 8182 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 43 |
| Other | &nbsp;&nbsp;&nbsp; 130817 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 735442 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1612643060 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1263944731 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 348698329 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1612643060 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 21605111 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $74.64 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1286331885 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 16220250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity** <br>**Focus ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $920 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 9011301 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 399794 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 112 |
| Total investment income | &nbsp;&nbsp;&nbsp; 9412127 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3852279 |
| Administration fees | &nbsp;&nbsp;&nbsp; 601921 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 22890 |
| Professional fees | &nbsp;&nbsp;&nbsp; 36690 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14089 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 35532 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 1190 |
| Other | &nbsp;&nbsp;&nbsp; 5403 |
| Total expenses | &nbsp;&nbsp;&nbsp; 4569994 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (11157)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (716811)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 3842026 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5570101 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 11005179 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 827 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 70234828 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 81240834 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 23462806 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2996 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 23465802 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 104706636 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $110276737 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Equity Focus ETF**  | **JPMorgan Equity Focus ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5570101 | &nbsp;&nbsp;&nbsp; $9364007 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 81240834 | &nbsp;&nbsp;&nbsp; (10729760)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 23465802 | &nbsp;&nbsp;&nbsp; 141896859 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 110276737 | &nbsp;&nbsp;&nbsp; 140531106 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (11164879)<br>| &nbsp;&nbsp;&nbsp; (7678950)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (41544710)<br>| &nbsp;&nbsp;&nbsp; 756731111 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 57567148 | &nbsp;&nbsp;&nbsp; 889583267 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1555075912 | &nbsp;&nbsp;&nbsp; 665492645 |
| End of period | &nbsp;&nbsp;&nbsp; $1612643060 | &nbsp;&nbsp;&nbsp; $1555075912 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $123572488 | &nbsp;&nbsp;&nbsp; $835298915 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (165117198)<br>| &nbsp;&nbsp;&nbsp; (78567804)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(41544710)<br>| &nbsp;&nbsp;&nbsp; $756731111 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 12675000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2275000)<br>| &nbsp;&nbsp;&nbsp; (1175000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (575000)<br>| &nbsp;&nbsp;&nbsp; 11500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**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 Equity Focus ETF** (h) |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $70.11 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $4.79 | &nbsp;&nbsp; $5.05 | &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.52)<br>|
| Year Ended June 30, 2025  | 62.31 | 0.57 | 7.71 | 8.28 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2024  | 48.33 | 0.56 | 13.62 | 14.18 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023  | 41.37 | 0.26 | 7.41 | 7.67 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2022  | 50.79 | 0.23 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp; (5.74)<br>|
| Year Ended June 30, 2021  | 38.86 | 0.26 | 17.20 | 17.46 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (5.20)<br>| &nbsp;&nbsp; (5.53)<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. 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 Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus 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 Equity Focus ETF on the listing exchange as of the time that the JPMorgan Equity Focus ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Equity Focus 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 Equity Focus ETF (the "Fund") acquired all of the assets and liabilities of the 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 July 1, 2019 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds December 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; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp; Net <br>expenses(g)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74.64 | &nbsp;&nbsp;&nbsp; $74.69 | &nbsp;&nbsp;&nbsp;&nbsp; 7.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24<br> %<br>| &nbsp;&nbsp;&nbsp; $1612643060 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.11 | &nbsp;&nbsp;&nbsp;&nbsp;70.14 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp; 1555075912 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.31 | &nbsp;&nbsp;&nbsp;&nbsp;62.36 | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;&nbsp;&nbsp;29.54 | &nbsp;&nbsp;&nbsp; 665492645 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp; 73543793 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp; 35124561 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp; 34054483 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 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 Equity Focus ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

The investment objective of the Fund is to seek long term capital appreciation.

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 NASDAQ Stock Market<sup>®</sup> 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. Pursuant to Rule 2a-5 under the 1940 Act (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.

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.

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

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

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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; $1613025724 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1613025724 |

---

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

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

**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 December 31, 2025, the Fund had no investments in restricted securities including securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. 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.

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 have any securities out on loan at December 31, 2025.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

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

**D. 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 December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 3.86% <br> (a) (b)<br>| $14550239 | $43332507 | $41663224 | $827 | $2996 | $16223345 | 16216858 | $399794 | $— |

---

&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 December 31, 2025.

**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, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

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

**F. 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.

**G. 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 December 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.

**H. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually. 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.

**I. Segment Reporting** — 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.

**J. 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;

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

------

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

**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 0.50% of the Fund's average daily net assets. Effective November 1, 2025, the investment advisory fee changed to 0.44%.

**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 December 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.E.

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 administration fees payable to JPMIM.

**C. Custodian, Accounting and Transfer Agent Fees**— JPMCB provides portfolio custody, accounting and transfer agency services 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 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.

**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 its 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, 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 0.50% of the Fund's average daily net assets. Effective November 1, 2025, the contractual expense limitation changed to 0.44%.

The expense limitation agreement was in effect for the six months ended December 31, 2025, and the contractual expense limitation is in place until at least October 31, 2026.

For the six months ended December 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** <br>**Reimbursements**<br>|
| &nbsp;&nbsp; $716811 |

---

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 December 31, 2025 was $11,157.

**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 Fund for serving in their respective roles.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

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.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Board's 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 Fund used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser in the amount of $342.

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

**4. Investment Transactions** 

During the six months ended December 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>|
| $239360599 | $224090590 |

---

During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $97226907 | $158145071 |

---

During the six months ended December 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 December 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; $1302552135 | &nbsp;&nbsp;&nbsp;&nbsp; $350328998 | &nbsp;&nbsp;&nbsp;&nbsp; $39855409 | &nbsp;&nbsp;&nbsp;&nbsp; $310473589 |

---

At June 30, 2025, the Fund did not have any net capital loss carryforwards.

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 June 30, 2025, the Fund deferred to July 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; $35604043 | &nbsp;&nbsp;&nbsp;&nbsp; $4728108 |

---

**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

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

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

------

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 the 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 110% for the Fund of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. 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 December 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 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 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.

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.

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 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;

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

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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.

![](g11970imgca8d317b2.jpg)

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![](g11970imgb651e1743.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. December 2025.

SAN-CONV-ETF-1225

------

**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 Investment Advisory 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 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 agreement for the Fund whose semi-annual report is contained herein (the "Advisory Agreement"). 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 Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory 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 Advisory Agreement, the Trustees reviewed the Advisory 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 Advisory Agreement. The Trustees also discussed the Advisory 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 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 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 Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory 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 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 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 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser earns fees from the Fund 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 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 relationship 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 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 allow the Fund's shareholders to share potential economies of scale from the Fund's inception, prior to reaching scale. The Trustees noted that the fees remain 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 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 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 received the benefits of potential economies of scale through the Fee Cap and 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.

***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, and for investment management styles substantially similar to that of the Fund (if applicable). 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 receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in the 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. As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund 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 the Fund's performance are summarized below:

The Trustees noted that the Fund'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.

***Advisory Fee and Expense Ratio***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the 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 the 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 ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, 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 the Fund's advisory fee and expense ratio are summarized below:

The Trustees noted that the Fund's net advisory fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the fourth and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, including a reduction to the contractual advisory fee effective November 1, 2025, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

December 31, 2025 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan Fundamental Data Science Large Value ETF LVDS Cboe BZX Exchange, Inc.

![](g15536img9cf9b1821.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_1b443515-57c0-4fd1-b194-82a7d325f8d6_SOI-TOC-ScheduleofInvestments-1080_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_1b443515-57c0-4fd1-b194-82a7d325f8d6_FS-TOC-FinancialStatement-1080_1) | &nbsp;&nbsp; **4** |
| [Financial Highlights](#xx_1b443515-57c0-4fd1-b194-82a7d325f8d6_FIHI_2-TOC-FIHI-1080_1) | &nbsp;&nbsp; **10** |
| [Notes to Financial Statements](#xx_1b443515-57c0-4fd1-b194-82a7d325f8d6_NTF-NTFRunningFooter-1080_1) | &nbsp;&nbsp; **12** |

---

**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.

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JPMorgan Fundamental Data Science Large Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| Boeing Co. (The) \* | 1055 | 229062 |
| General Dynamics Corp. | 1945 | 654804 |
| Northrop Grumman Corp. | 876 | 499504 |
| RTX Corp. | 7926 | 1453628 |
| TransDigm Group, Inc. | 307 | 408264 |
|  |  | 3245262 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Lear Corp. | 2647 | 303346 |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| Bank of America Corp. | 37085 | 2039675 |
| Citigroup, Inc. | 6360 | 742148 |
| Citizens Financial Group, Inc. | 11379 | 664647 |
| M&T Bank Corp. | 3636 | 732581 |
| PNC Financial Services Group, Inc. (The) | 3431 | 716153 |
| Wells Fargo & Co. | 23947 | 2231861 |
|  |  | 7127065 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Coca-Cola Co. (The) | 8051 | 562845 |
| PepsiCo, Inc. | 5386 | 772999 |
|  |  | 1335844 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| AbbVie, Inc. | 3430 | 783721 |
| Regeneron Pharmaceuticals, Inc. | 841 | 649142 |
| Vertex Pharmaceuticals, Inc. \* | 927 | 420265 |
|  |  | 1853128 |
| **Broadline Retail — 2.4%** | **Broadline Retail — 2.4%** | **Broadline Retail — 2.4%** |
| Amazon.com, Inc. \* | 9304 | 2147549 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Fortune Brands Innovations, Inc. | 6160 | 308123 |
| Trane Technologies plc | 1497 | 582633 |
|  |  | 890756 |
| **Capital Markets — 5.9%** | **Capital Markets — 5.9%** | **Capital Markets — 5.9%** |
| Ameriprise Financial, Inc. | 674 | 330489 |
| Blackrock, Inc. | 940 | 1006120 |
| Charles Schwab Corp. (The) | 9521 | 951243 |
| CME Group, Inc. | 2775 | 757797 |
| Goldman Sachs Group, Inc. (The) | 472 | 414888 |
| Morgan Stanley | 7603 | 1349760 |
| State Street Corp. | 3383 | 436441 |
|  |  | 5246738 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Axalta Coating Systems Ltd. \* | 15416 | 498091 |
| DuPont de Nemours, Inc. | 4822 | 193844 |
| Linde plc | 1935 | 825065 |
|  |  | 1517000 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| Vulcan Materials Co. | 1722 | 491149 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Ally Financial, Inc. | 7409 | 335554 |
| Capital One Financial Corp. | 2829 | 685636 |
|  |  | 1021190 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Albertsons Cos., Inc., Class A | 8146 | 139867 |
| Walmart, Inc. | 9907 | 1103739 |
|  |  | 1243606 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| Amcor plc | 50414 | 420453 |
| Ball Corp. | 5765 | 305372 |
|  |  | 725825 |
| **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
| AT&T, Inc. | 12304 | 305631 |
| Verizon Communications, Inc. | 15709 | 639828 |
|  |  | 945459 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Entergy Corp. | 6847 | 632868 |
| NextEra Energy, Inc. | 14719 | 1181641 |
| Southern Co. (The) | 6599 | 575433 |
| Xcel Energy, Inc. | 8968 | 662377 |
|  |  | 3052319 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Eaton Corp. plc | 3190 | 1016047 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| TD SYNNEX Corp. | 1929 | 289793 |
| Teledyne Technologies, Inc. \* | 1049 | 535756 |
|  |  | 825549 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Take-Two Interactive Software, Inc. \* | 1548 | 396334 |
| Walt Disney Co. (The) | 5392 | 613448 |
|  |  | 1009782 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Berkshire Hathaway, Inc., Class B \* | 3660 | 1839699 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Large Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Corpay, Inc. \* | 1173 | 352991 |
| Fidelity National Information Services, Inc. | 6270 | 416704 |
| Mastercard, Inc., Class A | 1159 | 661650 |
| MGIC Investment Corp. | 8116 | 237150 |
|  |  | 3508194 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Mondelez International, Inc., Class A | 13330 | 717554 |
| Tyson Foods, Inc., Class A | 4925 | 288703 |
|  |  | 1006257 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| CSX Corp. | 23848 | 864490 |
| Norfolk Southern Corp. | 3040 | 877709 |
|  |  | 1742199 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 3016 | 377875 |
| Boston Scientific Corp. \* | 7358 | 701585 |
| Medtronic plc | 8199 | 787596 |
| Zimmer Biomet Holdings, Inc. | 2891 | 259959 |
|  |  | 2127015 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| Cigna Group (The) | 2178 | 599451 |
| Humana, Inc. | 1261 | 322980 |
| Quest Diagnostics, Inc. | 1700 | 295001 |
| UnitedHealth Group, Inc. | 3246 | 1071537 |
|  |  | 2288969 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Ventas, Inc. | 10344 | 800419 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Host Hotels & Resorts, Inc. | 26658 | 472646 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Carnival Corp. \* | 7622 | 232776 |
| Expedia Group, Inc. | 1854 | 525257 |
| McDonald's Corp. | 3409 | 1041893 |
| Travel + Leisure Co. | 4616 | 325566 |
|  |  | 2125492 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Lennar Corp., Class A | 1954 | 200871 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
| Church & Dwight Co., Inc. | 2100 | 176085 |
| Procter & Gamble Co. (The) | 5291 | 758253 |
|  |  | 934338 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| 3M Co. | 4496 | 719809 |
| Honeywell International, Inc. | 2854 | 556787 |
|  |  | 1276596 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Prologis, Inc. | 5900 | 753194 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Arch Capital Group Ltd. \* | 4902 | 470200 |
| Loews Corp. | 9290 | 978330 |
| MetLife, Inc. | 6281 | 495822 |
| Travelers Cos., Inc. (The) | 3705 | 1074672 |
|  |  | 3019024 |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
| Alphabet, Inc., Class C | 8863 | 2781209 |
| Meta Platforms, Inc., Class A | 1870 | 1234368 |
|  |  | 4015577 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A | 7440 | 617520 |
| International Business Machines Corp. | 993 | 294137 |
|  |  | 911657 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| Danaher Corp. | 3786 | 866691 |
| Thermo Fisher Scientific, Inc. | 323 | 187163 |
|  |  | 1053854 |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| Deere & Co. | 1949 | 907396 |
| Dover Corp. | 4503 | 879165 |
| Parker-Hannifin Corp. | 1155 | 1015199 |
|  |  | 2801760 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Comcast Corp., Class A | 24918 | 744799 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Steel Dynamics, Inc. | 2193 | 371604 |
| **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** |
| CMS Energy Corp. | 9914 | 693286 |
| Public Service Enterprise Group, Inc. | 8149 | 654365 |
|  |  | 1347651 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Cheniere Energy, Inc. | 3014 | 585891 |
| ConocoPhillips | 11254 | 1053487 |
| Diamondback Energy, Inc. | 2900 | 435957 |
| EOG Resources, Inc. | 6829 | 717113 |
| Exxon Mobil Corp. | 15997 | 1925079 |
| Phillips 66 | 3839 | 495385 |
|  |  | 5212912 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Bristol-Myers Squibb Co. | 17245 | 930196 |
| Jazz Pharmaceuticals plc \* | 3383 | 575110 |
| Johnson & Johnson | 5898 | 1220591 |
| Merck & Co., Inc. | 3197 | 336516 |
|  |  | 3062413 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| SS&C Technologies Holdings, Inc. | 5647 | 493661 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| CBRE Group, Inc., Class A \* | 4587 | 737544 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| American Homes 4 Rent, Class A | 8427 | 270507 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Regency Centers Corp. | 4806 | 331758 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| Advanced Micro Devices, Inc. \* | 3242 | 694307 |
| Analog Devices, Inc. | 4007 | 1086698 |
| Intel Corp. \* | 4934 | 182065 |
| Lam Research Corp. | 2615 | 447636 |
| Marvell Technology, Inc. | 1840 | 156363 |
| Micron Technology, Inc. | 3833 | 1093976 |
| NXP Semiconductors NV (Netherlands) | 1957 | 424786 |
| Qnity Electronics, Inc. | 2411 | 196858 |
| Texas Instruments, Inc. | 4330 | 751212 |
|  |  | 5033901 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| Microsoft Corp. | 2020 | 976913 |
| Roper Technologies, Inc. | 410 | 182503 |
| Salesforce, Inc. | 2107 | 558165 |
|  |  | 1717581 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Digital Realty Trust, Inc. | 2973 | 459953 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| AutoZone, Inc. \* | 181 | 613861 |
| Lowe's Cos., Inc. | 4744 | 1144063 |
| O'Reilly Automotive, Inc. \* | 4750 | 433248 |
| TJX Cos., Inc. (The) | 4812 | 739171 |
|  |  | 2930343 |
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| Hewlett Packard Enterprise Co. | 21546 | 517535 |
| Seagate Technology Holdings plc | 2778 | 765033 |
|  |  | 1282568 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| NIKE, Inc., Class B | 5161 | 328807 |
| **Tobacco — 1.7%** | **Tobacco — 1.7%** | **Tobacco — 1.7%** |
| Philip Morris International, Inc. | 9260 | 1485304 |
| Total Common Stocks <br>(Cost $64,742,534)<br>|  | 88846982 |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b) <br>(Cost $522,780)<br>| 522780 | 522780 |
| **Total Investments — 99.9%** <br>**(Cost $65,265,314)**<br>|  | **89369762** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **77727** |
| **NET ASSETS — 100.0%** |  | **89447489** |

---

&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. <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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $88846982 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 522780 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 52909 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 91452 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 2189 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 6 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 21725 |
| Total Assets | &nbsp;&nbsp;&nbsp; 89538043 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 1 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 65224 |
| Accrued liabilities: |  |
| Administration fees | &nbsp;&nbsp;&nbsp; 6042 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 16563 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 8 |
| Other | &nbsp;&nbsp;&nbsp; 2716 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 90554 |
| Net Assets | &nbsp;&nbsp;&nbsp; $89447489 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $51429337 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 38018152 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $89447489 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001) (a)<br>| &nbsp;&nbsp;&nbsp; 1802154 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $49.63 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $64742534 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 522780 |

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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;

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

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF (a)** |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $18036 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 943340 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 17931 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 6 |
| Total investment income | &nbsp;&nbsp;&nbsp; 979313 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 158171 |
| Administration fees | &nbsp;&nbsp;&nbsp; 39543 |
| Distribution fees  | &nbsp;&nbsp;&nbsp; 3339 |
| Service fees  | &nbsp;&nbsp;&nbsp; 8425 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 23718 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 46 |
| Professional fees | &nbsp;&nbsp;&nbsp; 45268 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 12703 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 26496 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 29393 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 463 |
| Other | &nbsp;&nbsp;&nbsp; 14314 |
| Total expenses | &nbsp;&nbsp;&nbsp; 361879 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (29580)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (150669)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 181630 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 797683 |

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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;

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

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Fundamental Data**<br> **Science Large**<br>**Value ETF (a)** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11225925 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 18 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 11539555 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 44071 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 22809569 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (14494049)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (17)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (14494066)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 8315503 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $9113186 |

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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;

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF (a)** | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF (a)** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $797683 | &nbsp;&nbsp;&nbsp; $2615782 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 22809569 | &nbsp;&nbsp;&nbsp; 12327431 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (14494066)<br>| &nbsp;&nbsp;&nbsp; 3887869 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 9113186 | &nbsp;&nbsp;&nbsp; 18831082 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (18579536)<br>| &nbsp;&nbsp;&nbsp; (12682462)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (49780431)<br>| &nbsp;&nbsp;&nbsp; (26843910)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (59246782)<br>| &nbsp;&nbsp;&nbsp; (20695290)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 148694271 | &nbsp;&nbsp;&nbsp; 169389561 |
| End of period | &nbsp;&nbsp;&nbsp; $89447489 | &nbsp;&nbsp;&nbsp; $148694271 |

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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;

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF (a)** | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Value ETF (a)** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** (b) |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $19179572 | &nbsp;&nbsp;&nbsp; $7367260 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2488743 | &nbsp;&nbsp;&nbsp; 2876184 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (64235562)<br>| &nbsp;&nbsp;&nbsp; (16208903)<br>|
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (42567247)<br>| &nbsp;&nbsp;&nbsp; (5965459)<br>|
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 80372 | &nbsp;&nbsp;&nbsp; 2722887 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2848036 | &nbsp;&nbsp;&nbsp; 2998362 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5996564)<br>| &nbsp;&nbsp;&nbsp; (8823185)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (3068156)<br>| &nbsp;&nbsp;&nbsp; (3101936)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 17896 | &nbsp;&nbsp;&nbsp; 157704 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 141573 | &nbsp;&nbsp;&nbsp; 153628 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (153287)<br>| &nbsp;&nbsp;&nbsp; (1006507)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 6182 | &nbsp;&nbsp;&nbsp; (695175)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 13989 | &nbsp;&nbsp;&nbsp; 3278909 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5080033 | &nbsp;&nbsp;&nbsp; 6016075 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3602190)<br>| &nbsp;&nbsp;&nbsp; (25480041)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 1491832 | &nbsp;&nbsp;&nbsp; (16185057)<br>|
| **Class R2** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp; 338019 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 128134 | &nbsp;&nbsp;&nbsp; 194484 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2691549)<br>| &nbsp;&nbsp;&nbsp; (490460)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (2562530)<br>| &nbsp;&nbsp;&nbsp; 42043 |
| **Class R5** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8333 | &nbsp;&nbsp;&nbsp; 400710 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 191318 | &nbsp;&nbsp;&nbsp; 291645 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3280163)<br>| &nbsp;&nbsp;&nbsp; (1630681)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (3080512)<br>| &nbsp;&nbsp;&nbsp; (938326)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(49780431)<br>| &nbsp;&nbsp;&nbsp; $(26843910)<br>|

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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 the Acquired Fund on July 11, 2025. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan**<br> **Fundamental Data**<br> **Science Large**<br> **Value ETF (a)** | **JPMorgan**<br> **Fundamental Data**<br> **Science Large**<br> **Value ETF (a)** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS:** (b) |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 375718 | &nbsp;&nbsp;&nbsp; 232474 |
| Reinvested | &nbsp;&nbsp;&nbsp; 49901 | &nbsp;&nbsp;&nbsp; 91870 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1265970)<br>| &nbsp;&nbsp;&nbsp; (519092)<br>|
| Change in Shares | &nbsp;&nbsp;&nbsp; (840351)<br>| &nbsp;&nbsp;&nbsp; (194748)<br>|
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp; 87439 |
| Reinvested | &nbsp;&nbsp;&nbsp; 57103 | &nbsp;&nbsp;&nbsp; 97516 |
| Redeemed | &nbsp;&nbsp;&nbsp; (119147)<br>| &nbsp;&nbsp;&nbsp; (287621)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (60410)<br>| &nbsp;&nbsp;&nbsp; (102666)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 3232 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2838 | &nbsp;&nbsp;&nbsp; 5142 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3065)<br>| &nbsp;&nbsp;&nbsp; (33838)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; (25464)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 104582 |
| Reinvested | &nbsp;&nbsp;&nbsp; 101840 | &nbsp;&nbsp;&nbsp; 192704 |
| Redeemed | &nbsp;&nbsp;&nbsp; (71856)<br>| &nbsp;&nbsp;&nbsp; (820549)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 30310 | &nbsp;&nbsp;&nbsp; (523263)<br>|
| **Class R2** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 11228 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp; 6440 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52202)<br>| &nbsp;&nbsp;&nbsp; (16416)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (49616)<br>| &nbsp;&nbsp;&nbsp; 1252 |
| **Class R5** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 13791 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3824 | &nbsp;&nbsp;&nbsp; 9313 |
| Redeemed | &nbsp;&nbsp;&nbsp; (63992)<br>| &nbsp;&nbsp;&nbsp; (51640)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (60094)<br>| &nbsp;&nbsp;&nbsp; (28536)<br>|

---

------

(a) JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 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 the Acquired Fund on July 11, 2025. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Fundamental Data Science Large Value ETF** (h) |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $53.36 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $3.94 | &nbsp;&nbsp; $4.37 | &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(7.63)<br>| &nbsp;&nbsp; $(8.10)<br>|
| Year Ended June 30, 2025 | 51.37 | 0.92 | 5.24 | 6.16 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; (4.17)<br>|
| Year Ended June 30, 2024 | 47.73 | 0.97 | 6.32 | 7.29 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (3.65)<br>|
| Year Ended June 30, 2023 | 45.87 | 0.99 | 4.00 | 4.99 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (3.13)<br>|
| Year Ended June 30, 2022 | 62.61 | 0.99 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (14.89)<br>| &nbsp;&nbsp; (15.83)<br>|
| Year Ended June 30, 2021 | 44.36 | 0.97 | 19.20 | 20.17 | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.92)<br>|

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&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 11, 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 Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business on July 11, 2025. Market price returns are calculated using the official closing price of the JPMorgan Fundamental Data Science Large Value ETF on the listing exchange as of the time that the JPMorgan Fundamental Data Science Large Value ETF 's net asset value ("NAV") is calculated. Prior to the JPMorgan Fundamental Data Science Large Value ETF 's listing on July 14, 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 Fundamental Data Science Large Value ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 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 July 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;

10 J.P. Morgan Exchange-Traded Funds December 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; $49.63 | &nbsp;&nbsp;&nbsp;&nbsp; $49.66 | &nbsp;&nbsp;&nbsp;&nbsp; 8.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $89447489 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.36 | &nbsp;&nbsp;&nbsp;&nbsp;53.36 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp; 33415499 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.37 | &nbsp;&nbsp;&nbsp;&nbsp;51.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp; 38044965 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.73 | &nbsp;&nbsp;&nbsp;&nbsp;47.73 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp; 36682986 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.87 | &nbsp;&nbsp;&nbsp;&nbsp;45.87 | &nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38882645 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.61 | &nbsp;&nbsp;&nbsp;&nbsp;62.61 | &nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp; 69297415 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**NOTES TO FINANCIAL STATEMENTS**

AS OF December 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 Fundamental Data Science Large Value ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

As of the close of business on July 11, 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 U.S. Applied Data Science Value Fund (a mutual fund) (the "Acquired Fund" or "U.S. Applied Data Science Value Fund"), a series of JPMorgan Trust I, 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, 2028. The Reorganization did not result in a 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 December 31, 2025.

The investment objective of the Fund is to seek to provide long-term capital appreciation.

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, 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;

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

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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. Pursuant to Rule 2a-5 under the 1940 Act (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.

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"):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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; $89369762 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $89369762 |

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

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

**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 December 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. 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;

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

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**NOTES TO FINANCIAL STATEMENTS**

AS OF December 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 December 31, 2025.

**D. 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** | **For the six months ended December 31, 2025\*** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 3.86% (a) (b)<br>| $614713 | $4768844 | $5383558 | $18 | $(17)<br>| $— |  | $3547 | $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>|  | 8690175 | 8167395 |  |  | 522780 | 522780 | 14384 |  |
| **Total** | $614713 | $13459019 | $13550953 | $18 | $(17)<br>| $522780 |  | $17931 | $— |

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&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 December 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 July 1, 2025 through July 11, 2025. 

**E. 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

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

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

------

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).

**Derivatives Volume**

The table below discloses the volume of the Fund's futures contracts activity during the six months ended December 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $759093 |
| Average Notional Balance Short | &nbsp;&nbsp; (446376)<br>|

---

**F. 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, 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.

**G. 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 July 1, 2025 through Closing Date for for the Fund were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R5** | **Class R6** | **Total** |
| Transfer agency fees  | $257 | $33 | $86 | $35 | $9 | $43 | $463 |

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**H. 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 December 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.

**I. 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.

**J. Segment Reporting** — 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.

**K. 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;

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

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

**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 0.30% 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 December 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.

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. Distribution Fees**— Up through the Closing Date, pursuant to a distribution agreement with JPMorgan Trust I, JPMDS 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, Class C and Class R2 Shares of the Acquired Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 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** | **Class R2** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

---

For the period July 1, 2025 through the Closing Date, JPMDS waived its distribution fee for the Acquired Fund.

**D. Service Fees**— Up through the Closing Date, JPMorgan Trust I, 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** | **Class R2** | **Class R5** |
| &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; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<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.

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

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

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

**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 its 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 0.50% of the Fund's average daily net assets.

The expense limitation agreement was in effect for the six months ended December 31, 2025, and the contractual expense limitation is in place until at least July 31, 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 A** | **Class C** | **Class I** | **Class R2** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|

---

For the six months ended December 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; $19072 | &nbsp;&nbsp; $3107 | &nbsp;&nbsp; $3621 | &nbsp;&nbsp; $25800 | &nbsp;&nbsp; $150669 | &nbsp;&nbsp; $3339 |

---

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 December 31, 2025 was $441.

**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.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Board's 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 Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the six months ended December 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>|
| $7609880 | $9069381 |

---

During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $12191411 | $32426967 |

---

During the six months ended December 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 December 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; $65265314 | &nbsp;&nbsp;&nbsp;&nbsp; $25411173 | &nbsp;&nbsp;&nbsp;&nbsp; $1306725 | &nbsp;&nbsp;&nbsp;&nbsp; $24104448 |

---

At June 30, 2025, the Fund did not have any net capital loss carryforwards.

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 June 30, 2025, the Fund deferred to July 1, 2025 the following net capital losses (gains) of:

---

| |
|:---|
| **Net Capital Losses (Gains)** |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $13854 |

---

**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.

Creation Units of the 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 110% for the Fund of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. 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 December 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

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

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

------

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 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2025.

JPMorgan Trust I, 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 days, unless extended.

The Acquired Fund did not utilize the Credit Facility during the period July 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.

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.

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 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;

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

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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.

![](g15536img14e63fa02.jpg)

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![](g15536img84dfb18d3.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. December 2025.

SAN-CONV1-ETF-1225

------

**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 Fundamental Data Science Large Value 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.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan Active Growth ETF | JGRO | NYSE Arca, Inc. |
| JPMorgan Active Small Cap Value ETF | JPSV | NYSE Arca, Inc. |
| JPMorgan Active Value ETF | JAVA | NYSE Arca, Inc. |
| JPMorgan Equity Premium Income ETF | JEPI | NYSE Arca, Inc. |
| JPMorgan Fundamental Data Science Large Core ETF | LCDS | The NASDAQ Stock Market® LLC |
| JPMorgan Fundamental Data Science Mid Core ETF | MCDS | The NASDAQ Stock Market® LLC |
| JPMorgan Fundamental Data Science Small Core ETF | SCDS | The NASDAQ Stock Market® LLC |
| JPMorgan Nasdaq Equity Premium Income ETF | JEPQ | The NASDAQ Stock Market® LLC |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | JMEE | NYSE Arca, Inc. |
| JPMorgan U.S. Research Enhanced Large Cap ETF | JUSA | NYSE Arca, Inc. |
| JPMorgan U.S. Tech Leaders ETF | JTEK | The NASDAQ Stock Market® LLC |

---

![](g16148img9830bfc01.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_d6d7d318-19a9-4066-9c64-50a747cbe940_SOI-TOC-ScheduleofInvestments-932_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_d6d7d318-19a9-4066-9c64-50a747cbe940_FS-TOC-FinancialStatement-990_1) | &nbsp;&nbsp; **49** |
| [Financial Highlights](#xx_d6d7d318-19a9-4066-9c64-50a747cbe940_FIHI_2-TOC-FIHI-990_2) | &nbsp;&nbsp; **62** |
| [Notes to Financial Statements](#xx_d6d7d318-19a9-4066-9c64-50a747cbe940_NTF-NTFRunningFooter-932_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' prospectuses 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 Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| BWX Technologies, Inc. | 125476 | 21687272 |
| GE Aerospace | 182258 | 56140932 |
| Howmet Aerospace, Inc. | 137580 | 28206651 |
| Rocket Lab Corp. \* | 114763 | 8005867 |
| RTX Corp. | 275067 | 50447288 |
| TransDigm Group, Inc. | 4323 | 5748941 |
|  |  | 170236951 |
| **Automobiles — 3.9%** | **Automobiles — 3.9%** | **Automobiles — 3.9%** |
| Tesla, Inc. \* | 746740 | 335823913 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Coca-Cola Co. (The) | 368275 | 25746105 |
| **Biotechnology — 4.5%** | **Biotechnology — 4.5%** | **Biotechnology — 4.5%** |
| AbbVie, Inc. | 151489 | 34613722 |
| Alnylam Pharmaceuticals, Inc. \* | 135903 | 54041828 |
| Gilead Sciences, Inc. | 464289 | 56986832 |
| Insmed, Inc. \* | 662426 | 115288621 |
| Natera, Inc. \* | 342537 | 78471801 |
| Neurocrine Biosciences, Inc. \* | 226226 | 32085634 |
| Nuvalent, Inc., Class A \* | 77394 | 7785062 |
| uniQure NV (Netherlands) \* | 109464 | 2619473 |
|  |  | 381892973 |
| **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** |
| Alibaba Group Holding Ltd., ADR (China) | 263685 | 38650947 |
| Amazon.com, Inc. \* | 1385818 | 319874511 |
| MercadoLibre, Inc. (Brazil) \* | 10143 | 20430639 |
| Sea Ltd., ADR (Singapore) \* | 183941 | 23465354 |
|  |  | 402421451 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Trane Technologies plc | 123220 | 47957224 |
| **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
| Blackstone, Inc. | 155795 | 24014241 |
| Charles Schwab Corp. (The) | 265004 | 26476550 |
| Goldman Sachs Group, Inc. (The) | 162243 | 142611597 |
| Interactive Brokers Group, Inc., Class A | 355942 | 22890630 |
| Intercontinental Exchange, Inc. | 96098 | 15564032 |
| Robinhood Markets, Inc., Class A \* | 742210 | 83943951 |
|  |  | 315501001 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Copart, Inc. \* | 353162 | 13826292 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Arista Networks, Inc. \* | 32722 | 4287564 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| Ciena Corp. \* | 219880 | 51423336 |
| Lumentum Holdings, Inc. \* | 18006 | 6636831 |
|  |  | 62347731 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |
| Comfort Systems USA, Inc. | 26818 | 25028971 |
| Quanta Services, Inc. | 153965 | 64982468 |
|  |  | 90011439 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| SoFi Technologies, Inc. \* | 1333476 | 34910402 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Casey's General Stores, Inc. | 35563 | 19656026 |
| Walmart, Inc. | 826126 | 92038697 |
|  |  | 111694723 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| AMETEK, Inc. | 168573 | 34609723 |
| GE Vernova, Inc. | 96477 | 63054473 |
|  |  | 97664196 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 252285 | 34093795 |
| Celestica, Inc. (Canada) \* | 59508 | 17591160 |
|  |  | 51684955 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| TechnipFMC plc (United Kingdom) | 605031 | 26960181 |
| **Entertainment — 2.4%** | **Entertainment — 2.4%** | **Entertainment — 2.4%** |
| Netflix, Inc. \* | 1074159 | 100713148 |
| ROBLOX Corp., Class A \* | 440267 | 35674835 |
| Spotify Technology SA \* | 51700 | 30022707 |
| Take-Two Interactive Software, Inc. \* | 155482 | 39808056 |
|  |  | 206218746 |
| **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
| Berkshire Hathaway, Inc., Class B \* | 31714 | 15941042 |
| Mastercard, Inc., Class A | 371318 | 211978020 |
| Visa, Inc., Class A | 45294 | 15885059 |
|  |  | 243804121 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Uber Technologies, Inc. \* | 136706 | 11170247 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories | 214440 | 26867188 |
| Intuitive Surgical, Inc. \* | 96189 | 54477602 |
|  |  | 81344790 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Cencora, Inc. | 86420 | 29188355 |
| Hims & Hers Health, Inc. \* (a) | 373641 | 12132123 |
| McKesson Corp. | 30142 | 24725181 |
|  |  | 66045659 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Booking Holdings, Inc. | 17499 | 93712920 |
| DoorDash, Inc., Class A \* | 283287 | 64158840 |
| Flutter Entertainment plc (United <br> Kingdom) \*<br>| 82511 | 17743165 |
| Hilton Worldwide Holdings, Inc. | 50509 | 14508710 |
| McDonald's Corp. | 70169 | 21445752 |
|  |  | 211569387 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| DR Horton, Inc. | 119161 | 17162759 |
| Garmin Ltd. | 85624 | 17368828 |
|  |  | 34531587 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Vistra Corp. | 145720 | 23509008 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| 3M Co. | 518397 | 82995360 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Progressive Corp. (The) | 68619 | 15625919 |
| **Interactive Media & Services — 9.2%** | **Interactive Media & Services — 9.2%** | **Interactive Media & Services — 9.2%** |
| Alphabet, Inc., Class C | 1503633 | 471840035 |
| Meta Platforms, Inc., Class A | 439970 | 290419797 |
| Reddit, Inc., Class A \* | 102934 | 23661439 |
|  |  | 785921271 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| Cloudflare, Inc., Class A \* | 252621 | 49804230 |
| International Business Machines Corp. | 205104 | 60753856 |
| Shopify, Inc., Class A (Canada) \* | 503571 | 81059824 |
| Snowflake, Inc., Class A \* | 232752 | 51056479 |
| Twilio, Inc., Class A \* | 198797 | 28276885 |
|  |  | 270951274 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| IQVIA Holdings, Inc. \* | 96658 | 21787680 |
| Mettler-Toledo International, Inc. \* | 9523 | 13276871 |
| Thermo Fisher Scientific, Inc. | 50677 | 29364788 |
|  |  | 64429339 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Deere & Co. | 57611 | 26821953 |
| ITT, Inc. | 212758 | 36915641 |
|  |  | 63737594 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Cheniere Energy, Inc. | 13614 | 2646425 |
| EOG Resources, Inc. | 198681 | 20863492 |
| Williams Cos., Inc. (The) | 478964 | 28790526 |
|  |  | 52300443 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Eli Lilly & Co. | 135971 | 146125314 |
| Johnson & Johnson | 359159 | 74327955 |
|  |  | 220453269 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| CBRE Group, Inc., Class A \* | 167855 | 26989405 |
| **Semiconductors & Semiconductor Equipment — 18.9%** | **Semiconductors & Semiconductor Equipment — 18.9%** | **Semiconductors & Semiconductor Equipment — 18.9%** |
| Advanced Micro Devices, Inc. \* | 172400 | 36921184 |
| Broadcom, Inc. | 1244626 | 430765059 |
| Lam Research Corp. | 20601 | 3526479 |
| NVIDIA Corp. | 5489894 | 1023865231 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan)<br>| 290439 | 88261508 |
| Teradyne, Inc. | 149913 | 29017160 |
|  |  | 1612356621 |
| **Software — 14.6%** | **Software — 14.6%** | **Software — 14.6%** |
| AppLovin Corp., Class A \* | 124498 | 83889242 |
| Crowdstrike Holdings, Inc., Class A \* | 108822 | 51011401 |
| Figma, Inc., Class A \* | 78210 | 2922708 |
| HubSpot, Inc. \* | 49053 | 19684969 |
| Intuit, Inc. | 141165 | 93510519 |
| Microsoft Corp. | 1542046 | 745764287 |
| Oracle Corp. | 482130 | 93971958 |
| Palantir Technologies, Inc., Class A \* | 379742 | 67499140 |
| Palo Alto Networks, Inc. \* | 251533 | 46332379 |
| ServiceNow, Inc. \* | 236189 | 36181793 |
|  |  | 1240768396 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| AutoZone, Inc. \* | 12210 | 41410215 |
| Carvana Co. \* | 144649 | 61044771 |
| TJX Cos., Inc. (The) | 299122 | 45948131 |
| Ulta Beauty, Inc. \* | 53813 | 32557403 |
|  |  | 180960520 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
| Apple, Inc. | 2429590 | 660508338 |
| Western Digital Corp. | 119145 | 20525109 |
|  |  | 681033447 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Philip Morris International, Inc. | 275551 | 44198380 |
| Total Common Stocks <br>(Cost $7,028,377,046)<br>|  | 8389594320 |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (b) (c) <br>(Cost $132,802,121)<br>| 132802121 | 132802121 |
| **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> 3.82% (b) (c) <br>(Cost $9,865,023)<br>| 9865023 | 9865023 |
| Total Short-Term Investments <br>(Cost $142,667,144)<br>|  | 142667144 |
| **Total Investments — 100.1%** <br>**(Cost $7,171,044,190)**<br>|  | **8532261464** |
| **Liabilities in Excess of Other Assets —** <br> **(0.1)%**<br>|  | **(11442305)**<br>|
| **NET ASSETS — 100.0%** |  | **8520819159** |

---

&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** |  |
| ADR | American Depositary Receipt |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $9,490,754. 

(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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Small Cap Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| Cadre Holdings, Inc. | 4655 | 190110 |
| Moog, Inc., Class A | 759 | 184855 |
|  |  | 374965 |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| Dorman Products, Inc. \* | 820 | 101016 |
| Patrick Industries, Inc. | 2118 | 229655 |
|  |  | 330671 |
| **Banks — 17.5%** | **Banks — 17.5%** | **Banks — 17.5%** |
| Associated Banc-Corp. | 6827 | 175864 |
| BancFirst Corp. | 1719 | 182248 |
| Camden National Corp. | 4953 | 214861 |
| City Holding Co. | 1284 | 153053 |
| Columbia Banking System, Inc. | 9276 | 259264 |
| First Commonwealth Financial Corp. | 11614 | 195812 |
| First Merchants Corp. | 5558 | 208314 |
| Heritage Commerce Corp. | 7505 | 90135 |
| Independent Bank Corp. | 6880 | 223806 |
| NBT Bancorp, Inc. | 3746 | 155534 |
| Old National Bancorp | 16761 | 373938 |
| Old Second Bancorp, Inc. | 3889 | 75835 |
| Provident Financial Services, Inc. | 14042 | 277329 |
| QCR Holdings, Inc. | 3506 | 292050 |
| Simmons First National Corp., Class A | 12435 | 234400 |
| SOUTHSTATE BANK Corp. | 2923 | 275084 |
| TriCo Bancshares | 3945 | 186875 |
| WesBanco, Inc. | 7972 | 264989 |
| WSFS Financial Corp. | 3894 | 215105 |
|  |  | 4054496 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Primo Brands Corp. | 6213 | 101583 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| AZZ, Inc. | 1929 | 206750 |
| Hayward Holdings, Inc. \* | 14355 | 221785 |
| UFP Industries, Inc. | 2020 | 183921 |
|  |  | 612456 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Donnelley Financial Solutions, Inc. \* | 6552 | 305913 |
| Hamilton Lane, Inc., Class A | 1958 | 262979 |
| Virtus Investment Partners, Inc. | 1125 | 183544 |
|  |  | 752436 |
| **Chemicals — 4.3%** | **Chemicals — 4.3%** | **Chemicals — 4.3%** |
| Avient Corp. | 6446 | 201373 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Hawkins, Inc. | 433 | 61512 |
| HB Fuller Co. | 5121 | 304495 |
| Innospec, Inc. | 2285 | 174894 |
| Quaker Chemical Corp. | 1878 | 257868 |
|  |  | 1000142 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| UniFirst Corp. | 593 | 114390 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Myers Industries, Inc. | 6997 | 130984 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Graham Holdings Co., Class B | 238 | 261467 |
| **Diversified REITs — 1.0%** | **Diversified REITs — 1.0%** | **Diversified REITs — 1.0%** |
| Essential Properties Realty Trust, Inc. | 7435 | 220522 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| IDACORP, Inc. | 1397 | 176804 |
| Portland General Electric Co. | 4704 | 225745 |
|  |  | 402549 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Thermon Group Holdings, Inc. \* | 3507 | 130320 |
| **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** |
| Ingram Micro Holding Corp. | 11162 | 238197 |
| Insight Enterprises, Inc. \* | 3951 | 321888 |
| Plexus Corp. \* | 1347 | 198009 |
| Ralliant Corp. | 3422 | 174214 |
| Sanmina Corp. \* | 321 | 48172 |
| ScanSource, Inc. \* | 7666 | 299434 |
|  |  | 1279914 |
| **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** |
| Kodiak Gas Services, Inc. | 5243 | 196088 |
| Weatherford International plc | 2313 | 181016 |
|  |  | 377104 |
| **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
| PennyMac Financial Services, Inc. | 1788 | 235730 |
| Radian Group, Inc. | 9921 | 357057 |
|  |  | 592787 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Dole plc | 11654 | 174693 |
| **Gas Utilities — 3.0%** | **Gas Utilities — 3.0%** | **Gas Utilities — 3.0%** |
| Chesapeake Utilities Corp. | 1943 | 242409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| ONE Gas, Inc. | 3790 | 292777 |
| Southwest Gas Holdings, Inc. | 1898 | 151878 |
|  |  | 687064 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Marten Transport Ltd. | 13274 | 151058 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| ICU Medical, Inc. \* | 1325 | 189038 |
| Inmode Ltd. \* | 10805 | 158725 |
| LivaNova plc \* | 5059 | 311280 |
|  |  | 659043 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| Concentra Group Holdings Parent, Inc. | 9534 | 187629 |
| Encompass Health Corp. | 2567 | 272461 |
| Ensign Group, Inc. (The) | 1847 | 321748 |
|  |  | 781838 |
| **Health Care REITs — 1.4%** | **Health Care REITs — 1.4%** | **Health Care REITs — 1.4%** |
| American Healthcare REIT, Inc. | 1891 | 88991 |
| Sabra Health Care REIT, Inc. | 12779 | 242034 |
|  |  | 331025 |
| **Hotel & Resort REITs — 1.3%** | **Hotel & Resort REITs — 1.3%** | **Hotel & Resort REITs — 1.3%** |
| Apple Hospitality REIT, Inc. | 12301 | 145767 |
| RLJ Lodging Trust | 21703 | 161687 |
|  |  | 307454 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| Brinker International, Inc. \* | 941 | 135052 |
| **Household Durables — 2.0%** | **Household Durables — 2.0%** | **Household Durables — 2.0%** |
| La-Z-Boy, Inc. | 3113 | 116021 |
| M/I Homes, Inc. \* | 1765 | 225832 |
| Meritage Homes Corp. | 1679 | 110478 |
|  |  | 452331 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Reynolds Consumer Products, Inc. | 7232 | 165757 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| Terreno Realty Corp. | 2065 | 121236 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Safety Insurance Group, Inc. | 4086 | 318340 |
| Selective Insurance Group, Inc. | 4579 | 383125 |
|  |  | 701465 |
| **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** |
| Angi, Inc. \* | 18864 | 243911 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| Cars.com, Inc. \* | 23363 | 285029 |
| MediaAlpha, Inc., Class A \* | 24804 | 321212 |
|  |  | 850152 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| YETI Holdings, Inc. \* | 3671 | 162148 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Bruker Corp. | 1910 | 89980 |
| **Machinery — 4.7%** | **Machinery — 4.7%** | **Machinery — 4.7%** |
| Atmus Filtration Technologies, Inc. | 1912 | 99252 |
| Enpro, Inc. | 955 | 204494 |
| Hillman Solutions Corp. \* | 11791 | 102110 |
| Kadant, Inc. | 475 | 135385 |
| Mueller Industries, Inc. | 2210 | 253708 |
| Tennant Co. | 2309 | 170173 |
| Toro Co. (The) | 1671 | 131541 |
|  |  | 1096663 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| John Wiley & Sons, Inc., Class A | 10054 | 307954 |
| Stagwell, Inc. \* | 50030 | 244647 |
|  |  | 552601 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Unitil Corp. | 4800 | 232512 |
| **Office REITs — 2.2%** | **Office REITs — 2.2%** | **Office REITs — 2.2%** |
| COPT Defense Properties | 4899 | 136192 |
| Easterly Government Properties, Inc. | 7292 | 154517 |
| Highwoods Properties, Inc. | 8058 | 208058 |
|  |  | 498767 |
| **Oil, Gas & Consumable Fuels — 3.6%** | **Oil, Gas & Consumable Fuels — 3.6%** | **Oil, Gas & Consumable Fuels — 3.6%** |
| Chord Energy Corp. | 1576 | 146095 |
| CNX Resources Corp. \* | 6352 | 233563 |
| Magnolia Oil & Gas Corp., Class A | 11280 | 246919 |
| Matador Resources Co. | 4849 | 205792 |
|  |  | 832369 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Interparfums, Inc. | 1608 | 136407 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Prestige Consumer Healthcare, Inc. \* | 2851 | 175878 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Korn Ferry | 1382 | 91240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Small Cap Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Residential REITs — 1.7%** | **Residential REITs — 1.7%** | **Residential REITs — 1.7%** |
| Centerspace | 2494 | 166400 |
| Independence Realty Trust, Inc. | 12920 | 225841 |
|  |  | 392241 |
| **Retail REITs — 2.6%** | **Retail REITs — 2.6%** | **Retail REITs — 2.6%** |
| Kite Realty Group Trust | 14828 | 355427 |
| Tanger, Inc. | 7763 | 259051 |
|  |  | 614478 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| Synaptics, Inc. \* | 2647 | 195931 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Group 1 Automotive, Inc. | 682 | 268231 |
| Petco Health & Wellness Co., Inc. \* | 27103 | 76159 |
| Urban Outfitters, Inc. \* | 2653 | 199665 |
|  |  | 544055 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Kontoor Brands, Inc. | 3729 | 227805 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Applied Industrial Technologies, Inc. | 720 | 184874 |
| McGrath RentCorp | 2265 | 237667 |
|  |  | 422541 |
| **Water Utilities — 0.9%** | **Water Utilities — 0.9%** | **Water Utilities — 0.9%** |
| American States Water Co. | 2734 | 198160 |
| Total Common Stocks <br>(Cost $21,502,139)<br>|  | 22718730 |

---

---

| | | |
|:---|:---|:---|
| **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 U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b) <br>(Cost $439,053)<br>| 439053 | 439053 |
| **Total Investments — 99.9%** <br>**(Cost $21,941,192)**<br>|  | **23157783** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **21218** |
| **NET ASSETS — 100.0%** |  | **23179001** |

---

&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. <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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| Boeing Co. (The) \* | 118810 | 25796027 |
| General Dynamics Corp. | 126614 | 42625869 |
| Northrop Grumman Corp. | 18903 | 10778680 |
| RTX Corp. | 391219 | 71749565 |
|  |  | 150950141 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Gentex Corp. | 383088 | 8914458 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Ford Motor Co. | 1303345 | 17099886 |
| **Banks — 10.3%** | **Banks — 10.3%** | **Banks — 10.3%** |
| Bank of America Corp. | 2690216 | 147961880 |
| Citigroup, Inc. | 295252 | 34452956 |
| Fifth Third Bancorp | 698918 | 32716352 |
| First Citizens BancShares, Inc., Class A | 28259 | 60648901 |
| Huntington Bancshares, Inc. | 1215843 | 21094876 |
| M&T Bank Corp. | 80265 | 16171792 |
| Regions Financial Corp. | 916064 | 24825334 |
| US Bancorp | 729040 | 38901574 |
| Wells Fargo & Co. | 1751871 | 163274377 |
|  |  | 540048042 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| PepsiCo, Inc. | 116758 | 16757108 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| AbbVie, Inc. | 144325 | 32976819 |
| Biogen, Inc. \* | 117541 | 20686041 |
| Ionis Pharmaceuticals, Inc. \* | 67394 | 5331539 |
| Neurocrine Biosciences, Inc. \* | 49796 | 7062567 |
| Regeneron Pharmaceuticals, Inc. | 71020 | 54818207 |
| Vertex Pharmaceuticals, Inc. \* | 124340 | 56370783 |
|  |  | 177245956 |
| **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** |
| Amazon.com, Inc. \* | 490264 | 113162736 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| Carrier Global Corp. | 796654 | 42095197 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| Ares Management Corp. | 131746 | 21294106 |
| Bank of New York Mellon Corp. (The) | 247719 | 28757699 |
| Blackrock, Inc. | 15243 | 16315193 |
| Blackstone, Inc. | 142507 | 21966029 |
| Charles Schwab Corp. (The) | 480507 | 48007454 |
| Goldman Sachs Group, Inc. (The) | 44118 | 38779722 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Intercontinental Exchange, Inc. | 88104 | 14269324 |
| Morgan Stanley | 343743 | 61024695 |
| Raymond James Financial, Inc. | 48906 | 7853814 |
|  |  | 258268036 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Air Products and Chemicals, Inc. | 152574 | 37688830 |
| Albemarle Corp. | 200084 | 28299881 |
| Chemours Co. (The) | 797355 | 9400815 |
|  |  | 75389526 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Republic Services, Inc., Class A | 63927 | 13548049 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| Amrize Ltd. \* (a) | 443412 | 23979721 |
| James Hardie Industries plc, ADR \* | 896417 | 18600653 |
| Vulcan Materials Co. | 114805 | 32744682 |
|  |  | 75325056 |
| **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** |
| American Express Co. | 206301 | 76321055 |
| Capital One Financial Corp. | 194072 | 47035290 |
|  |  | 123356345 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| BJ's Wholesale Club Holdings, Inc. \* | 279284 | 25143938 |
| Performance Food Group Co. \* | 209143 | 18806139 |
| Walmart, Inc. | 355649 | 39622855 |
|  |  | 83572932 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Ball Corp. | 410943 | 21767650 |
| Silgan Holdings, Inc. | 278878 | 11258305 |
|  |  | 33025955 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc. | 810006 | 20120549 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| Entergy Corp. | 199637 | 18452448 |
| NextEra Energy, Inc. | 683634 | 54882137 |
| PG&E Corp. | 411882 | 6618944 |
| Southern Co. (The) | 450371 | 39272351 |
| Xcel Energy, Inc. | 275885 | 20376866 |
|  |  | 139602746 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| Eaton Corp. plc | 178622 | 56892893 |
| Emerson Electric Co. | 338320 | 44901831 |
|  |  | 101794724 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
| CDW Corp. | 106224 | 14467709 |
| Corning, Inc. | 432431 | 37863658 |
| TD SYNNEX Corp. | 202872 | 30477461 |
|  |  | 82808828 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co., Class A | 407647 | 18564244 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Live Nation Entertainment, Inc. \* | 43255 | 6163838 |
| Walt Disney Co. (The) | 537085 | 61104160 |
|  |  | 67267998 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Berkshire Hathaway, Inc., Class B \* | 237293 | 119275327 |
| Corpay, Inc. \* | 66565 | 20031405 |
| Fidelity National Information Services, Inc. | 573160 | 38092214 |
| Fiserv, Inc. \* | 372954 | 25051320 |
|  |  | 202450266 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 572211 | 30802118 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| CSX Corp. | 655502 | 23761947 |
| Ryder System, Inc. | 134051 | 25656021 |
| Saia, Inc. \* | 42546 | 13892120 |
| Union Pacific Corp. | 168802 | 39047279 |
|  |  | 102357367 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Becton Dickinson & Co. | 69505 | 13488835 |
| Boston Scientific Corp. \* | 119948 | 11437042 |
| GE HealthCare Technologies, Inc. | 187895 | 15411148 |
| Medtronic plc | 438251 | 42098391 |
| Zimmer Biomet Holdings, Inc. | 43338 | 3896953 |
|  |  | 86332369 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Cardinal Health, Inc. | 203080 | 41732940 |
| Cigna Group (The) | 89028 | 24503177 |
| CVS Health Corp. | 350026 | 27778063 |
| Elevance Health, Inc. | 89492 | 31371421 |
| Henry Schein, Inc. \* | 143318 | 10831974 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Humana, Inc. | 256010 | 65571841 |
| Labcorp Holdings, Inc. | 105258 | 26407127 |
| Quest Diagnostics, Inc. | 79453 | 13787479 |
| UnitedHealth Group, Inc. | 128548 | 42434980 |
|  |  | 284419002 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Ventas, Inc. (a) | 290387 | 22470146 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Host Hotels & Resorts, Inc. | 891481 | 15805958 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| Booking Holdings, Inc. | 2264 | 12124467 |
| Darden Restaurants, Inc. | 190491 | 35054154 |
| McDonald's Corp. | 108057 | 33025461 |
|  |  | 80204082 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Lennar Corp., Class A | 274792 | 28248618 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Procter & Gamble Co. (The) | 162659 | 23310661 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| 3M Co. | 319449 | 51143785 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 76570 | 9774926 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Arthur J Gallagher & Co. | 72735 | 18823091 |
| Chubb Ltd. | 60054 | 18744054 |
| Marsh & McLennan Cos., Inc. | 144579 | 26822296 |
| Progressive Corp. (The) | 179496 | 40874829 |
| Travelers Cos., Inc. (The) | 60421 | 17525715 |
|  |  | 122789985 |
| **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** |
| Alphabet, Inc., Class C | 542714 | 170303653 |
| Meta Platforms, Inc., Class A | 54823 | 36188114 |
| Pinterest, Inc., Class A \* | 557133 | 14424174 |
|  |  | 220915941 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture plc, Class A | 94138 | 25257226 |
| GoDaddy, Inc., Class A \* | 79577 | 9873914 |
| International Business Machines Corp. | 58870 | 17437883 |
| Okta, Inc. \* | 59820 | 5172635 |
|  |  | 57741658 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Mattel, Inc. \* | 382520 | 7589197 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| ICON plc \* | 176299 | 32125204 |
| Thermo Fisher Scientific, Inc. | 65526 | 37969040 |
|  |  | 70094244 |
| **Machinery — 3.3%** | **Machinery — 3.3%** | **Machinery — 3.3%** |
| AGCO Corp. | 53106 | 5540018 |
| Cummins, Inc. | 21905 | 11181407 |
| Deere & Co. | 62512 | 29103712 |
| Dover Corp. | 186905 | 36491332 |
| Flowserve Corp. | 482269 | 33459823 |
| Gates Industrial Corp. plc \* | 1907480 | 40953596 |
| Parker-Hannifin Corp. | 19306 | 16969202 |
|  |  | 173699090 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Comcast Corp., Class A | 719070 | 21493002 |
| Omnicom Group, Inc. | 119888 | 9680956 |
|  |  | 31173958 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alcoa Corp. | 636493 | 33823238 |
| Cleveland-Cliffs, Inc. \* | 755518 | 10033279 |
| Freeport-McMoRan, Inc. | 271726 | 13800964 |
| Teck Resources Ltd., Class B (Canada) | 461953 | 22122929 |
|  |  | 79780410 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| CMS Energy Corp. | 331273 | 23165921 |
| Dominion Energy, Inc. | 555542 | 32549206 |
| Public Service Enterprise Group, Inc. | 179450 | 14409835 |
|  |  | 70124962 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| Chevron Corp. | 307782 | 46909055 |
| ConocoPhillips | 493803 | 46224899 |
| EOG Resources, Inc. | 596547 | 62643400 |
| EQT Corp. | 686257 | 36783375 |
| Range Resources Corp. | 552496 | 19481009 |
|  |  | 212041738 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Alaska Air Group, Inc. \* | 176236 | 8864671 |
| Southwest Airlines Co. | 615894 | 25454899 |
|  |  | 34319570 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Bristol-Myers Squibb Co. | 889300 | 47968842 |
| Eli Lilly & Co. | 14574 | 15662386 |
| Johnson & Johnson | 415401 | 85967237 |
| Merck & Co., Inc. | 257075 | 27059715 |
|  |  | 176658180 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Booz Allen Hamilton Holding Corp. | 30360 | 2561170 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| Zillow Group, Inc., Class C \* | 143050 | 9758871 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
| AvalonBay Communities, Inc. | 190044 | 34456878 |
| Invitation Homes, Inc. | 97280 | 2703411 |
|  |  | 37160289 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
| Advanced Micro Devices, Inc. \* | 45165 | 9672536 |
| Analog Devices, Inc. | 185996 | 50442115 |
| Micron Technology, Inc. | 263168 | 75110779 |
| NXP Semiconductors NV (Netherlands) | 228814 | 49666367 |
| ON Semiconductor Corp. \* | 340185 | 18421018 |
| Texas Instruments, Inc. | 190771 | 33096861 |
| Universal Display Corp. | 49292 | 5756320 |
|  |  | 242165996 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| Microsoft Corp. | 89815 | 43436330 |
| Roper Technologies, Inc. | 39695 | 17669436 |
|  |  | 61105766 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 69470 | 12196848 |
| Equinix, Inc. | 40983 | 31399535 |
|  |  | 43596383 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| AutoZone, Inc. \* | 5784 | 19616436 |
| Home Depot, Inc. (The) | 91684 | 31548465 |
| Lowe's Cos., Inc. | 254558 | 61389207 |
| O'Reilly Automotive, Inc. \* | 157544 | 14369588 |
| TJX Cos., Inc. (The) | 225436 | 34629224 |
|  |  | 161552920 |
| **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** |
| Hewlett Packard Enterprise Co. | 1289438 | 30972301 |
| Western Digital Corp. | 475894 | 81982259 |
|  |  | 112954560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Kontoor Brands, Inc. | 367524 | 22452041 |
| NIKE, Inc., Class B | 123373 | 7860094 |
|  |  | 30312135 |
| **Tobacco — 1.6%** | **Tobacco — 1.6%** | **Tobacco — 1.6%** |
| Philip Morris International, Inc. | 523085 | 83902834 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| AerCap Holdings NV (Ireland) | 222007 | 31915726 |
| United Rentals, Inc. | 2877 | 2328414 |
|  |  | 34244140 |
| Total Common Stocks <br>(Cost $4,702,832,085)<br>|  | 5172481807 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (b) (c) <br>(Cost $42,829,575)<br>| 42829575 | 42829575 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 3.82% (b) (c) <br>(Cost $23,173,867)<br>| 23173867 | 23173867 |
| Total Short-Term Investments <br>(Cost $66,003,442)<br>|  | 66003442 |
| **Total Investments — 100.4%** <br>**(Cost $4,768,835,527)**<br>|  | **5238485249** |
| **Liabilities in Excess of Other Assets —** <br> **(0.4)%**<br>|  | **(19265823)**<br>|
| **NET ASSETS — 100.0%** |  | **5219219426** |

---

&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** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $22,279,236.<br>|
| (b) | 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>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 84.5%** | **Common Stocks — 84.5%** | **Common Stocks — 84.5%** |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| Howmet Aerospace, Inc. | 3007189 | 616533889 |
| RTX Corp. | 3230258 | 592429317 |
| TransDigm Group, Inc. | 129947 | 172810018 |
|  |  | 1381773224 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 485398 | 140212066 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Bank of America Corp. | 3482072 | 191513960 |
| US Bancorp | 2280206 | 121671792 |
|  |  | 313185752 |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Coca-Cola Co. (The) | 3088374 | 215908226 |
| Keurig Dr Pepper, Inc. | 6981994 | 195565652 |
| PepsiCo, Inc. | 3697443 | 530657020 |
|  |  | 942130898 |
| **Biotechnology — 3.2%** | **Biotechnology — 3.2%** | **Biotechnology — 3.2%** |
| AbbVie, Inc. | 2964990 | 677470565 |
| Regeneron Pharmaceuticals, Inc. | 513875 | 396644696 |
| Vertex Pharmaceuticals, Inc. \* | 542994 | 246171760 |
|  |  | 1320287021 |
| **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| Amazon.com, Inc. \* | 2790918 | 644199693 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Carrier Global Corp. | 6003863 | 317244121 |
| Trane Technologies plc | 1394497 | 542738232 |
|  |  | 859982353 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| Ameriprise Financial, Inc. | 593157 | 290848603 |
| Charles Schwab Corp. (The) | 553429 | 55293091 |
| CME Group, Inc. | 939501 | 256558933 |
| Intercontinental Exchange, Inc. | 371307 | 60136882 |
| Raymond James Financial, Inc. | 497433 | 79882766 |
|  |  | 742720275 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ecolab, Inc. | 1391909 | 365403951 |
| Linde plc | 468431 | 199734294 |
|  |  | 565138245 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Vulcan Materials Co. | 674865 | 192484995 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| American Express Co. | 1207595 | 446749770 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Costco Wholesale Corp. | 148479 | 128039381 |
| Walmart, Inc. | 4773617 | 531828670 |
|  |  | 659868051 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| Verizon Communications, Inc. (a) | 2596061 | 105737565 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Entergy Corp. (a) | 2667363 | 246544362 |
| NextEra Energy, Inc. | 7313562 | 587132757 |
| Southern Co. (The) | 6271057 | 546836171 |
| Xcel Energy, Inc. | 560665 | 41410717 |
|  |  | 1421924007 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Eaton Corp. plc | 1558936 | 496536706 |
| Emerson Electric Co. | 3686449 | 489265511 |
|  |  | 985802217 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Amphenol Corp., Class A | 2768187 | 374092791 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 1545864 | 70398647 |
| **Entertainment — 2.3%** | **Entertainment — 2.3%** | **Entertainment — 2.3%** |
| Netflix, Inc. \* | 3798555 | 356152517 |
| Walt Disney Co. (The) | 5221717 | 594074743 |
|  |  | 950227260 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Berkshire Hathaway, Inc., Class B \* | 557108 | 280030336 |
| Corpay, Inc. \* | 816349 | 245663905 |
| Mastercard, Inc., Class A | 1120880 | 639887974 |
| Visa, Inc., Class A | 1776249 | 622948287 |
|  |  | 1788530502 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Mondelez International, Inc., Class A | 9232388 | 496979446 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Union Pacific Corp. | 792717 | 183371296 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| Boston Scientific Corp. \* | 1729974 | 164953021 |
| Edwards Lifesciences Corp. \* | 934561 | 79671325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Medtronic plc (a) | 5741889 | 551565858 |
| Stryker Corp. | 1511962 | 531409284 |
|  |  | 1327599488 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Humana, Inc. | 491726 | 125945780 |
| UnitedHealth Group, Inc. | 416646 | 137539011 |
|  |  | 263484791 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| Ventas, Inc. | 2561491 | 198208173 |
| Welltower, Inc. | 1460862 | 271150596 |
|  |  | 469358769 |
| **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** |
| Chipotle Mexican Grill, Inc., Class A \* | 9709905 | 359266485 |
| Hilton Worldwide Holdings, Inc. | 818536 | 235124466 |
| McDonald's Corp. | 1718653 | 525271916 |
| Yum! Brands, Inc. | 3748634 | 567093352 |
|  |  | 1686756219 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Church & Dwight Co., Inc. | 2174968 | 182371067 |
| Procter & Gamble Co. (The) | 166392 | 23845637 |
|  |  | 206216704 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Vistra Corp. | 415362 | 67010351 |
| **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** |
| 3M Co. | 3443972 | 551379917 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Aon plc, Class A | 347501 | 122626153 |
| Arthur J Gallagher & Co. | 1522511 | 394010622 |
| Chubb Ltd. | 962205 | 300323425 |
| Progressive Corp. (The) | 1630856 | 371378528 |
| Travelers Cos., Inc. (The) | 1312801 | 380791058 |
|  |  | 1569129786 |
| **Interactive Media & Services — 3.0%** | **Interactive Media & Services — 3.0%** | **Interactive Media & Services — 3.0%** |
| Alphabet, Inc., Class A | 2216798 | 693857774 |
| Meta Platforms, Inc., Class A | 862018 | 569009462 |
|  |  | 1262867236 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Accenture plc, Class A | 924533 | 248052204 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 4428240 | 367543920 |
|  |  | 615596124 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Danaher Corp. | 1613694 | 369406830 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co. | 498870 | 232258906 |
| Ingersoll Rand, Inc. | 1014028 | 80331298 |
| Otis Worldwide Corp. | 1652716 | 144364743 |
|  |  | 456954947 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Comcast Corp., Class A | 5744503 | 171703195 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| CMS Energy Corp. | 1696948 | 118667574 |
| Public Service Enterprise Group, Inc. | 1346522 | 108125717 |
| Sempra | 2027284 | 178988904 |
|  |  | 405782195 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| EOG Resources, Inc. | 4618619 | 485001181 |
| Exxon Mobil Corp. | 1702614 | 204892569 |
|  |  | 689893750 |
| **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** |
| Bristol-Myers Squibb Co. | 8416948 | 454010175 |
| Eli Lilly & Co. | 374054 | 401988353 |
| Johnson & Johnson | 3315057 | 686051046 |
| Merck & Co., Inc. | 3308412 | 348243447 |
|  |  | 1890293021 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Automatic Data Processing, Inc. | 516809 | 132938779 |
| Leidos Holdings, Inc. | 669733 | 120819833 |
|  |  | 253758612 |
| **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** |
| Analog Devices, Inc. | 2359910 | 640007592 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 96451 | 103189067 |
| Broadcom, Inc. | 1231241 | 426132510 |
| Lam Research Corp. | 167332 | 28643892 |
| NVIDIA Corp. | 3344153 | 623684534 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 814448 | 176784083 |
| Texas Instruments, Inc. | 1435563 | 249055825 |
|  |  | 2247497503 |
| **Software — 5.8%** | **Software — 5.8%** | **Software — 5.8%** |
| Cadence Design Systems, Inc. \* | 1362727 | 425961205 |
| Intuit, Inc. | 799931 | 529890293 |
| Microsoft Corp. | 1284437 | 621179422 |
| Oracle Corp. | 1665968 | 324713823 |
| ServiceNow, Inc. \* | 3275063 | 501706901 |
|  |  | 2403451644 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| American Tower Corp. | 915086 | 160661649 |
| Equinix, Inc. | 405325 | 310543802 |
| SBA Communications Corp. | 1078263 | 208568412 |
|  |  | 679773863 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| AutoZone, Inc. \* | 19438 | 65923977 |
| Best Buy Co., Inc. (a) | 1619955 | 108423588 |
| Burlington Stores, Inc. \* | 957481 | 276568387 |
| Lowe's Cos., Inc. | 2359268 | 568961071 |
| Ross Stores, Inc. | 3455188 | 622417566 |
|  |  | 1642294589 |
| **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
| Apple, Inc. | 2266779 | 616246539 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| NIKE, Inc., Class B | 5289181 | 336973722 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. | 1411425 | 81382765 |
| Philip Morris International, Inc. | 1766339 | 283320776 |
|  |  | 364703541 |
| Total Common Stocks <br>(Cost $28,731,955,964)<br>|  | 35133929410 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 13.8%** | **Equity-Linked Notes — 13.8%** | **Equity-Linked Notes — 13.8%** |
| BNP Paribas, ELN, 45.20%, 1/20/2026, <br> (linked to S&P 500 Index) (b)<br>| 53437 | 373191637 |
| BNP Paribas, ELN, 45.49%, 1/21/2026, <br> (linked to S&P 500 Index) (b)<br>| 54920 | 383880155 |
| BNP Paribas, ELN, 49.68%, 1/9/2026, <br> (linked to S&P 500 Index) (b)<br>| 53299 | 369004088 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| BofA Finance LLC, ELN, 44.93%, <br> 2/9/2026, (linked to S&P 500 <br> Index) (b)<br>| 57277 | 397262000 |
| BofA Finance LLC, ELN, 48.60%, <br> 1/13/2026, (linked to S&P 500 <br> Index) (b)<br>| 53084 | 369185478 |
| BofA Finance LLC, ELN, 50.35%, <br> 1/16/2026, (linked to S&P 500 <br> Index) (b)<br>| 53796 | 373620493 |
| Citigroup Global Markets Holdings Inc., <br> ELN, 41.82%, 1/30/2026, (linked to <br> S&P 500 Index) (b)<br>| 56117 | 388846423 |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 47.95%, 1/12/2026, (linked to <br> S&P 500 Index) (b)<br>| 53141 | 369122396 |
| Royal Bank of Canada, ELN, 43.43%, <br> 2/6/2026, (linked to S&P 500 <br> Index) (b)<br>| 57199 | 397853143 |
| Royal Bank of Canada, ELN, 43.85%, <br> 2/2/2026, (linked to S&P 500 <br> Index) (b)<br>| 55862 | 390085367 |
| Royal Bank of Canada, ELN, 46.85%, <br> 1/27/2026, (linked to S&P 500 <br> Index) (b)<br>| 56681 | 385146443 |
| Royal Bank of Canada, ELN, 48.38%, <br> 1/26/2026, (linked to S&P 500 <br> Index) (b)<br>| 57131 | 379525174 |
| Societe Generale SA, ELN, 42.84%, <br> 2/3/2026, (linked to S&P 500 <br> Index) (b)<br>| 55684 | 390150723 |
| Societe Generale SA, ELN, 44.73%, <br> 2/10/2026, (linked to S&P 500 <br> Index) (b)<br>| 57702 | 394999041 |
| UBS AG, ELN, 45.80%, 1/23/2026, <br> (linked to S&P 500 Index) (b)<br>| 56468 | 386310516 |
| Total Equity-Linked Notes <br>(Cost $5,701,996,292)<br>|  | 5748183077 |
|  | **SHARES** |  |
| **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 U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (c) (d) <br>(Cost $770,979,057)<br>| 770979057 | 770979057 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 3.82% (c) (d) <br>(Cost $14,827,675)<br>| 14827675 | 14827675 |
| Total Short-Term Investments <br>(Cost $785,806,732)<br>|  | 785806732 |
| **Total Investments — 100.2%** <br>**(Cost $35,219,758,988)**<br>|  | **41667919219** |
| **Liabilities in Excess of Other Assets —** <br> **(0.2)%**<br>|  | **(85881115)**<br>|
| **NET ASSETS — 100.0%** |  | **41582038104** |

---

&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** |  |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $14,402,987.<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) | 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>|
| (d) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Large Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 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%** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| Howmet Aerospace, Inc. | 715 | 146589 |
| Northrop Grumman Corp. | 210 | 119744 |
| RTX Corp. | 809 | 148371 |
| Textron, Inc. | 476 | 41493 |
|  |  | 456197 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| United Parcel Service, Inc., Class B | 482 | 47810 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* (a) | 262 | 19936 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| Tesla, Inc. \* | 586 | 263536 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| Bank of America Corp. | 3673 | 202015 |
| First Citizens BancShares, Inc., Class A | 24 | 51508 |
| Wells Fargo & Co. | 4146 | 386407 |
|  |  | 639930 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Co. (The) | 656 | 45861 |
| PepsiCo, Inc. | 540 | 77501 |
|  |  | 123362 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| AbbVie, Inc. | 926 | 211582 |
| Regeneron Pharmaceuticals, Inc. | 135 | 104202 |
| Vertex Pharmaceuticals, Inc. \* | 123 | 55763 |
|  |  | 371547 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* | 2773 | 640064 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Trane Technologies plc | 275 | 107030 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Ameriprise Financial, Inc. | 223 | 109346 |
| Blackstone, Inc. | 433 | 66743 |
| Charles Schwab Corp. (The) | 1172 | 117094 |
| CME Group, Inc. | 339 | 92574 |
| Morgan Stanley | 632 | 112199 |
| State Street Corp. | 438 | 56506 |
|  |  | 554462 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Axalta Coating Systems Ltd. \* | 1805 | 58319 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| DuPont de Nemours, Inc. | 579 | 23276 |
| Linde plc | 38 | 16203 |
|  |  | 97798 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Arista Networks, Inc. \* | 216 | 28302 |
| Motorola Solutions, Inc. | 56 | 21466 |
|  |  | 49768 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 61 | 37982 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| American Express Co. | 506 | 187195 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| BJ's Wholesale Club Holdings, Inc. \* | 529 | 47626 |
| Costco Wholesale Corp. | 48 | 41392 |
| Performance Food Group Co. \* | 716 | 64383 |
| Walmart, Inc. | 606 | 67514 |
|  |  | 220915 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 3062 | 76060 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 815 | 75331 |
| NextEra Energy, Inc. | 1224 | 98263 |
| Southern Co. (The) | 1262 | 110046 |
|  |  | 283640 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| Eaton Corp. plc | 252 | 80264 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 719 | 97166 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 510 | 47818 |
| Spotify Technology SA \* | 55 | 31939 |
| Walt Disney Co. (The) | 973 | 110698 |
|  |  | 190455 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Berkshire Hathaway, Inc., Class B \* | 233 | 117118 |
| Corpay, Inc. \* | 110 | 33102 |
| Fidelity National Information Services, Inc. | 653 | 43398 |
| Mastercard, Inc., Class A | 487 | 278019 |
|  |  | 471637 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Large Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 1802 | 97002 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 4040 | 146450 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Edwards Lifesciences Corp. \* | 660 | 56265 |
| Medtronic plc | 1055 | 101343 |
| Stryker Corp. | 349 | 122663 |
|  |  | 280271 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Cigna Group (The) | 219 | 60275 |
| UnitedHealth Group, Inc. | 392 | 129403 |
|  |  | 189678 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. (a) | 670 | 51845 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Chipotle Mexican Grill, Inc., Class A \* | 1194 | 44178 |
| Hilton Worldwide Holdings, Inc. | 297 | 85313 |
| McDonald's Corp. | 383 | 117057 |
|  |  | 246548 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Procter & Gamble Co. (The) | 264 | 37834 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 82 | 13229 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. | 661 | 105826 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Prologis, Inc. | 679 | 86681 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Arthur J Gallagher & Co. | 166 | 42959 |
| MetLife, Inc. | 767 | 60547 |
| Progressive Corp. (The) | 509 | 115910 |
|  |  | 219416 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc., Class A | 2256 | 706128 |
| Meta Platforms, Inc., Class A | 705 | 465363 |
|  |  | 1171491 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 807 | 66981 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Thermo Fisher Scientific, Inc. | 225 | 130376 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co. | 172 | 80078 |
| Dover Corp. | 453 | 88444 |
|  |  | 168522 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Comcast Corp., Class A | 2933 | 87667 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| CMS Energy Corp. | 1098 | 76783 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| ConocoPhillips | 1152 | 107839 |
| EOG Resources, Inc. | 980 | 102910 |
| Exxon Mobil Corp. | 1903 | 229007 |
|  |  | 439756 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Bristol-Myers Squibb Co. | 2534 | 136684 |
| Elanco Animal Health, Inc. \* | 2109 | 47727 |
| Eli Lilly & Co. | 195 | 209562 |
| Johnson & Johnson | 226 | 46771 |
|  |  | 440744 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Leidos Holdings, Inc. | 284 | 51234 |
| **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** |
| Advanced Micro Devices, Inc. \* | 187 | 40048 |
| Analog Devices, Inc. | 263 | 71326 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 46 | 49213 |
| Broadcom, Inc. | 1099 | 380364 |
| Lam Research Corp. | 647 | 110753 |
| Micron Technology, Inc. | 722 | 206066 |
| NVIDIA Corp. | 6584 | 1227916 |
| NXP Semiconductors NV (Netherlands) | 402 | 87258 |
| Qnity Electronics, Inc. | 289 | 23597 |
|  |  | 2196541 |
| **Software — 10.6%** | **Software — 10.6%** | **Software — 10.6%** |
| AppLovin Corp., Class A \* | 38 | 25605 |
| Autodesk, Inc. \* | 109 | 32265 |
| Cadence Design Systems, Inc. \* | 113 | 35321 |
| Intuit, Inc. | 166 | 109962 |
| Microsoft Corp. | 2191 | 1059611 |
| Oracle Corp. | 268 | 52236 |
| Palantir Technologies, Inc., Class A \* | 265 | 47104 |
| Roper Technologies, Inc. | 59 | 26263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Salesforce, Inc. | 354 | 93778 |
| ServiceNow, Inc. \* | 485 | 74297 |
|  |  | 1556442 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Digital Realty Trust, Inc. | 487 | 75344 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| AutoZone, Inc. \* | 22 | 74613 |
| Lowe's Cos., Inc. | 626 | 150966 |
| TJX Cos., Inc. (The) | 568 | 87251 |
|  |  | 312830 |
| **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** |
| Apple, Inc. | 3694 | 1004251 |
| Hewlett Packard Enterprise Co. | 2923 | 70210 |
| Seagate Technology Holdings plc | 400 | 110156 |
|  |  | 1184617 |
| **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
| Philip Morris International, Inc. | 1079 | 173072 |
| Total Common Stocks <br>(Cost $12,106,763)<br>|  | 14623934 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $71,337)<br>| 71337 | 71337 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $72,184)<br>| 72184 | 72184 |
| Total Short-Term Investments <br>(Cost $143,521)<br>|  | 143521 |
| **Total Investments — 100.5%** <br>**(Cost $12,250,284)**<br>|  | **14767455** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(67616)**<br>|
| **NET ASSETS — 100.0%** |  | **14699839** |

---

&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** |  |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The security or a portion of this security is on loan at December 31, 2025. The total value of securities on loan at December 31, 2025 is $69,546.

&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.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Mid Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 95.6%** | **Common Stocks — 95.6%** | **Common Stocks — 95.6%** |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| Axon Enterprise, Inc. \* | 41 | 23285 |
| HEICO Corp., Class A | 232 | 58564 |
| Howmet Aerospace, Inc. | 481 | 98614 |
| L3Harris Technologies, Inc. | 70 | 20550 |
| Textron, Inc. | 395 | 34432 |
|  |  | 235445 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Aptiv plc \* (a) | 295 | 22446 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| Fifth Third Bancorp | 305 | 14277 |
| First Citizens BancShares, Inc., Class A | 18 | 38631 |
| First Horizon Corp. | 2317 | 55353 |
| M&T Bank Corp. | 348 | 70115 |
| Regions Financial Corp. | 1893 | 51300 |
|  |  | 229676 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| Alnylam Pharmaceuticals, Inc. \* | 132 | 52490 |
| Insmed, Inc. \* | 98 | 17056 |
| Natera, Inc. \* | 287 | 65749 |
| Viking Therapeutics, Inc. \* | 170 | 5980 |
|  |  | 141275 |
| **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
| AAON, Inc. | 228 | 17385 |
| Carlisle Cos., Inc. | 89 | 28468 |
| Fortune Brands Innovations, Inc. | 622 | 31112 |
| Masco Corp. | 317 | 20117 |
|  |  | 97082 |
| **Capital Markets — 5.5%** | **Capital Markets — 5.5%** | **Capital Markets — 5.5%** |
| Ares Management Corp. | 281 | 45418 |
| Coinbase Global, Inc., Class A \* | 54 | 12212 |
| LPL Financial Holdings, Inc. | 74 | 26431 |
| MSCI, Inc. | 82 | 47046 |
| Northern Trust Corp. | 415 | 56685 |
| Raymond James Financial, Inc. | 443 | 71141 |
| Robinhood Markets, Inc., Class A \* | 301 | 34043 |
| State Street Corp. | 592 | 76374 |
| Tradeweb Markets, Inc., Class A | 138 | 14840 |
|  |  | 384190 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Axalta Coating Systems Ltd. \* | 1167 | 37706 |
| Chemours Co. (The) | 1553 | 18310 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Element Solutions, Inc. | 1048 | 26190 |
| LyondellBasell Industries NV, Class A | 238 | 10305 |
|  |  | 92511 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Veralto Corp. | 388 | 38715 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Ciena Corp. \* | 124 | 29000 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
| Comfort Systems USA, Inc. | 36 | 33599 |
| Quanta Services, Inc. | 153 | 64575 |
|  |  | 98174 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Eagle Materials, Inc. | 150 | 31002 |
| Martin Marietta Materials, Inc. | 101 | 62889 |
|  |  | 93891 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Ally Financial, Inc. | 469 | 21241 |
| Capital One Financial Corp. | 203 | 49199 |
|  |  | 70440 |
| **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |
| BJ's Wholesale Club Holdings, Inc. \* | 521 | 46906 |
| Maplebear, Inc. \* | 446 | 20061 |
| Performance Food Group Co. \* | 655 | 58898 |
| US Foods Holding Corp. \* | 517 | 38940 |
|  |  | 164805 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| AptarGroup, Inc. | 238 | 29027 |
| Ball Corp. | 598 | 31676 |
| Packaging Corp. of America | 215 | 44339 |
|  |  | 105042 |
| **Distributors — 0.7%** | **Distributors — 0.7%** | **Distributors — 0.7%** |
| Genuine Parts Co. | 113 | 13894 |
| LKQ Corp. | 862 | 26032 |
| Pool Corp. | 42 | 9608 |
|  |  | 49534 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Bright Horizons Family Solutions, Inc. \* | 127 | 12878 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Entergy Corp. | 656 | 60634 |
| Xcel Energy, Inc. | 1057 | 78070 |
|  |  | 138704 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Acuity, Inc. | 108 | 38884 |
| AMETEK, Inc. | 295 | 60567 |
| Hubbell, Inc. | 88 | 39082 |
| Vertiv Holdings Co., Class A | 138 | 22357 |
|  |  | 160890 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| Corning, Inc. | 192 | 16812 |
| TD SYNNEX Corp. | 329 | 49426 |
| Teledyne Technologies, Inc. \* | 76 | 38815 |
| Zebra Technologies Corp., Class A \* | 125 | 30352 |
|  |  | 135405 |
| **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** |
| Baker Hughes Co., Class A | 787 | 35840 |
| TechnipFMC plc (United Kingdom) | 1032 | 45986 |
|  |  | 81826 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| ROBLOX Corp., Class A \* | 214 | 17340 |
| Take-Two Interactive Software, Inc. \* | 184 | 47110 |
| Warner Bros Discovery, Inc. \* | 2086 | 60118 |
|  |  | 124568 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| Affirm Holdings, Inc. \* | 175 | 13025 |
| Block, Inc. \* | 173 | 11261 |
| Corpay, Inc. \* | 80 | 24074 |
| Fidelity National Information Services, Inc. | 938 | 62340 |
| MGIC Investment Corp. | 1061 | 31002 |
|  |  | 141702 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| General Mills, Inc. | 673 | 31294 |
| Hershey Co. (The) | 205 | 37306 |
| Post Holdings, Inc. \* | 286 | 28328 |
| Tyson Foods, Inc., Class A | 403 | 23624 |
|  |  | 120552 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| JB Hunt Transport Services, Inc. | 295 | 57330 |
| Saia, Inc. \* | 104 | 33958 |
|  |  | 91288 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Dexcom, Inc. \* | 177 | 11748 |
| Envista Holdings Corp. \* | 814 | 17672 |
| GE HealthCare Technologies, Inc. | 467 | 38303 |
| QuidelOrtho Corp. \* | 457 | 13052 |
| Zimmer Biomet Holdings, Inc. | 275 | 24728 |
|  |  | 105503 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| Cardinal Health, Inc. | 391 | 80351 |
| Encompass Health Corp. | 415 | 44048 |
| Humana, Inc. | 159 | 40725 |
| Quest Diagnostics, Inc. | 316 | 54835 |
|  |  | 219959 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| Healthpeak Properties, Inc. | 1441 | 23171 |
| Ventas, Inc. | 687 | 53160 |
|  |  | 76331 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Veeva Systems, Inc., Class A \* | 125 | 27904 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Host Hotels & Resorts, Inc. | 2215 | 39272 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| Darden Restaurants, Inc. | 286 | 52630 |
| Expedia Group, Inc. | 223 | 63178 |
| Flutter Entertainment plc (United Kingdom) \* | 155 | 33331 |
| Hilton Worldwide Holdings, Inc. | 270 | 77558 |
| Royal Caribbean Cruises Ltd. | 152 | 42396 |
| Yum! Brands, Inc. | 341 | 51586 |
|  |  | 320679 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Garmin Ltd. | 226 | 45844 |
| Toll Brothers, Inc. | 280 | 37862 |
|  |  | 83706 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Church & Dwight Co., Inc. | 207 | 17357 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Vistra Corp. | 295 | 47592 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Americold Realty Trust, Inc. (a) | 716 | 9208 |
| EastGroup Properties, Inc. | 218 | 38834 |
|  |  | 48042 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Mid Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Arch Capital Group Ltd. \* | 727 | 69734 |
| Arthur J Gallagher & Co. | 100 | 25879 |
| Hartford Insurance Group, Inc. (The) | 489 | 67384 |
| Loews Corp. | 648 | 68241 |
| Prudential Financial, Inc. | 192 | 21673 |
| RLI Corp. | 390 | 24952 |
|  |  | 277863 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| IAC, Inc. \* | 200 | 7820 |
| Pinterest, Inc., Class A \* | 647 | 16751 |
|  |  | 24571 |
| **IT Services — 2.4%** | **IT Services — 2.4%** | **IT Services — 2.4%** |
| Cloudflare, Inc., Class A \* | 92 | 18138 |
| Cognizant Technology Solutions Corp., Class A | 631 | 52373 |
| Gartner, Inc. \* | 84 | 21192 |
| GoDaddy, Inc., Class A \* | 181 | 22458 |
| MongoDB, Inc., Class A \* | 77 | 32316 |
| Twilio, Inc., Class A \* | 182 | 25888 |
|  |  | 172365 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| IQVIA Holdings, Inc. \* | 232 | 52295 |
| Mettler-Toledo International, Inc. \* | 34 | 47403 |
| West Pharmaceutical Services, Inc. | 117 | 32191 |
|  |  | 131889 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| AGCO Corp. | 225 | 23472 |
| Dover Corp. | 376 | 73410 |
| IDEX Corp. | 210 | 37367 |
| ITT, Inc. | 131 | 22730 |
| Lincoln Electric Holdings, Inc. | 89 | 21328 |
| Westinghouse Air Brake Technologies Corp. | 318 | 67877 |
|  |  | 246184 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* (a) | 89 | 18579 |
| Trade Desk, Inc. (The), Class A \* | 388 | 14728 |
|  |  | 33307 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| Alcoa Corp. | 814 | 43256 |
| **Multi-Utilities — 3.4%** | **Multi-Utilities — 3.4%** | **Multi-Utilities — 3.4%** |
| Ameren Corp. | 572 | 57120 |
| CMS Energy Corp. | 1007 | 70419 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| NiSource, Inc. | 978 | 40841 |
| Public Service Enterprise Group, Inc. | 246 | 19754 |
| WEC Energy Group, Inc. (a) | 458 | 48301 |
|  |  | 236435 |
| **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** |
| Cheniere Energy, Inc. | 241 | 46848 |
| Coterra Energy, Inc. | 1617 | 42559 |
| Diamondback Energy, Inc. | 312 | 46903 |
| DT Midstream, Inc. | 299 | 35784 |
| EQT Corp. | 553 | 29641 |
| Marathon Petroleum Corp. | 326 | 53017 |
| Williams Cos., Inc. (The) | 623 | 37449 |
|  |  | 292201 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| Delta Air Lines, Inc. | 877 | 60864 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 840 | 14490 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Jazz Pharmaceuticals plc \* | 321 | 54570 |
| **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
| Booz Allen Hamilton Holding Corp. | 169 | 14257 |
| Leidos Holdings, Inc. | 199 | 35900 |
| Paylocity Holding Corp. \* | 119 | 18147 |
| SS&C Technologies Holdings, Inc. | 748 | 65390 |
|  |  | 133694 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| CBRE Group, Inc., Class A \* | 408 | 65602 |
| **Residential REITs — 1.1%** | **Residential REITs — 1.1%** | **Residential REITs — 1.1%** |
| AvalonBay Communities, Inc. | 245 | 44421 |
| Mid-America Apartment Communities, Inc. | 221 | 30699 |
|  |  | 75120 |
| **Retail REITs — 0.7%** | **Retail REITs — 0.7%** | **Retail REITs — 0.7%** |
| Regency Centers Corp. | 726 | 50116 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
| Entegris, Inc. | 350 | 29488 |
| MACOM Technology Solutions Holdings, Inc. \* | 61 | 10448 |
| Microchip Technology, Inc. | 504 | 32115 |
| ON Semiconductor Corp. \* | 635 | 34385 |
| Teradyne, Inc. | 332 | 64262 |
|  |  | 170698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Confluent, Inc., Class A \* | 430 | 13003 |
| Datadog, Inc., Class A \* | 194 | 26382 |
| Fair Isaac Corp. \* | 7 | 11834 |
| HubSpot, Inc. \* | 80 | 32104 |
| Manhattan Associates, Inc. \* | 137 | 23744 |
| nCino, Inc. \* | 290 | 7436 |
| Nutanix, Inc., Class A \* | 454 | 23467 |
| Tyler Technologies, Inc. \* | 64 | 29053 |
|  |  | 167023 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| CubeSmart | 1054 | 37997 |
| Digital Realty Trust, Inc. | 118 | 18256 |
| SBA Communications Corp. | 226 | 43715 |
| Weyerhaeuser Co. | 1297 | 30726 |
|  |  | 130694 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| Bath & Body Works, Inc. | 1030 | 20683 |
| Best Buy Co., Inc. | 523 | 35004 |
| Burlington Stores, Inc. \* | 158 | 45638 |
| Carvana Co. \* (a) | 100 | 42202 |
| Ross Stores, Inc. | 392 | 70615 |
| Tractor Supply Co. | 432 | 21604 |
|  |  | 235746 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Hewlett Packard Enterprise Co. | 2095 | 50322 |
| Super Micro Computer, Inc. \* | 101 | 2956 |
| Western Digital Corp. | 426 | 73387 |
|  |  | 126665 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Ralph Lauren Corp. | 147 | 51981 |
| **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
| Core & Main, Inc., Class A \* | 632 | 32845 |
| WW Grainger, Inc. | 40 | 40362 |
|  |  | 73207 |
| Total Common Stocks <br>(Cost $6,240,080)<br>|  | 6714925 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Investment Companies — 4.0%** | **Investment Companies — 4.0%** | **Investment Companies — 4.0%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $280,381)<br>| 280381 | 280381 |
| **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $140,936)<br>| 140936 | 140936 |
| Total Short-Term Investments <br>(Cost $421,317)<br>|  | 421317 |
| **Total Investments — 101.6%** <br>**(Cost $6,661,397)**<br>|  | **7136242** |
| **Liabilities in Excess of Other Assets — (1.6)%** |  | **(111190)**<br>|
| **NET ASSETS — 100.0%** |  | **7025052** |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $136,399. 

(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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Mid Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 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** |  |  |  |  |  |
| S&P MidCap 400 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 265968 | &nbsp;&nbsp;&nbsp;&nbsp; (4248)<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;

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 95.6%** | **Common Stocks — 95.6%** | **Common Stocks — 95.6%** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| AeroVironment, Inc. \* (a) | 125 | 30236 |
| Kratos Defense & Security Solutions, Inc. \* | 80 | 6073 |
| Moog, Inc., Class A | 207 | 50415 |
| V2X, Inc. \* | 538 | 29348 |
|  |  | 116072 |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| LCI Industries | 454 | 55088 |
| Visteon Corp. | 454 | 43176 |
|  |  | 98264 |
| **Banks — 10.3%** | **Banks — 10.3%** | **Banks — 10.3%** |
| Amalgamated Financial Corp. | 526 | 16848 |
| BancFirst Corp. | 301 | 31912 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 667 | 33230 |
| BankUnited, Inc. | 1462 | 65161 |
| Business First Bancshares, Inc. | 423 | 11057 |
| Byline Bancorp, Inc. | 393 | 11456 |
| Camden National Corp. | 774 | 33576 |
| City Holding Co. | 381 | 45415 |
| Enterprise Financial Services Corp. | 474 | 25596 |
| First Financial Bancorp | 2039 | 51016 |
| First Interstate BancSystem, Inc., Class A (a) | 1778 | 61519 |
| First Merchants Corp. | 1293 | 48462 |
| Heritage Commerce Corp. | 2726 | 32739 |
| Independent Bank Corp. | 440 | 14313 |
| OceanFirst Financial Corp. | 1213 | 21774 |
| Old Second Bancorp, Inc. | 964 | 18798 |
| Pathward Financial, Inc. | 258 | 18318 |
| Provident Financial Services, Inc. | 1632 | 32232 |
| QCR Holdings, Inc. | 394 | 32820 |
| Simmons First National Corp., Class A | 1482 | 27936 |
| TriCo Bancshares | 1133 | 53670 |
| WSFS Financial Corp. | 1025 | 56621 |
|  |  | 744469 |
| **Biotechnology — 8.7%** | **Biotechnology — 8.7%** | **Biotechnology — 8.7%** |
| Alkermes plc \* | 1072 | 29994 |
| Amicus Therapeutics, Inc. \* | 2995 | 42649 |
| Apogee Therapeutics, Inc. \* | 433 | 32683 |
| Arcellx, Inc. \* | 265 | 17278 |
| Arrowhead Pharmaceuticals, Inc. \* | 266 | 17660 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 548 | 8741 |
| CRISPR Therapeutics AG (Switzerland) \* (a) | 136 | 7132 |
| Cytokinetics, Inc. \* | 315 | 20015 |
| Disc Medicine, Inc. \* | 302 | 23982 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Dyne Therapeutics, Inc. \* | 1117 | 21848 |
| Halozyme Therapeutics, Inc. \* | 447 | 30083 |
| Insmed, Inc. \* | 192 | 33416 |
| Mirum Pharmaceuticals, Inc. \* | 418 | 33018 |
| Nuvalent, Inc., Class A \* | 290 | 29171 |
| Protagonist Therapeutics, Inc. \* (a) | 416 | 36333 |
| REGENXBIO, Inc. \* | 2336 | 33638 |
| Revolution Medicines, Inc. \* | 319 | 25408 |
| Rhythm Pharmaceuticals, Inc. \* | 424 | 45385 |
| Sionna Therapeutics, Inc. \* | 584 | 24026 |
| TG Therapeutics, Inc. \* | 218 | 6499 |
| Twist Bioscience Corp. \* (a) | 888 | 28167 |
| Vaxcyte, Inc. \* | 677 | 31237 |
| Viking Therapeutics, Inc. \* | 247 | 8689 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 901 | 40383 |
|  |  | 627435 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Savers Value Village, Inc. \* | 1425 | 13310 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| AZZ, Inc. | 553 | 59271 |
| Griffon Corp. | 342 | 25188 |
| Janus International Group, Inc. \* | 1791 | 11713 |
| Modine Manufacturing Co. \* | 340 | 45393 |
|  |  | 141565 |
| **Capital Markets — 2.3%** | **Capital Markets — 2.3%** | **Capital Markets — 2.3%** |
| Acadian Asset Management, Inc. | 282 | 13254 |
| Donnelley Financial Solutions, Inc. \* | 764 | 35671 |
| Hamilton Lane, Inc., Class A | 205 | 27534 |
| Moelis & Co., Class A | 368 | 25296 |
| StoneX Group, Inc. \* | 253 | 24068 |
| Virtus Investment Partners, Inc. | 226 | 36872 |
|  |  | 162695 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| Balchem Corp. | 253 | 38800 |
| Hawkins, Inc. | 168 | 23866 |
| HB Fuller Co. | 302 | 17957 |
| Innospec, Inc. | 430 | 32912 |
| Orion SA (Germany) | 689 | 3638 |
| Perimeter Solutions, Inc. \* | 2027 | 55803 |
| Quaker Chemical Corp. | 127 | 17439 |
|  |  | 190415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| ABM Industries, Inc. | 793 | 33544 |
| UniFirst Corp. | 66 | 12731 |
|  |  | 46275 |
| **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** |
| MYR Group, Inc. \* | 193 | 42171 |
| Primoris Services Corp. | 415 | 51518 |
| Sterling Infrastructure, Inc. \* | 96 | 29398 |
|  |  | 123087 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Enova International, Inc. \* | 295 | 46374 |
| Upstart Holdings, Inc. \* (a) | 336 | 14693 |
|  |  | 61067 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Chefs' Warehouse, Inc. (The) \* | 941 | 58652 |
| Sprouts Farmers Market, Inc. \* | 137 | 10915 |
|  |  | 69567 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
| Driven Brands Holdings, Inc. \* (a) | 2841 | 42104 |
| Graham Holdings Co., Class B | 40 | 43944 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 731 | 15161 |
|  |  | 101209 |
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| Essential Properties Realty Trust, Inc. | 923 | 27376 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| Bandwidth, Inc., Class A \* | 713 | 11016 |
| Iridium Communications, Inc. | 571 | 9924 |
| Liberty Latin America Ltd., Class C (Puerto Rico) \* | 2392 | 17844 |
| Lumen Technologies, Inc. \* | 2785 | 21640 |
|  |  | 60424 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Oklo, Inc. \* (a) | 173 | 12415 |
| Portland General Electric Co. | 1053 | 50533 |
|  |  | 62948 |
| **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
| Atkore, Inc. | 182 | 11511 |
| Bloom Energy Corp., Class A \* | 750 | 65167 |
| EnerSys | 237 | 34780 |
| Nextpower, Inc., Class A \* | 587 | 51134 |
| Shoals Technologies Group, Inc., Class A \* | 2286 | 19431 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Thermon Group Holdings, Inc. \* | 371 | 13786 |
| Vicor Corp. \* | 643 | 70473 |
|  |  | 266282 |
| **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** |
| Badger Meter, Inc. | 174 | 30347 |
| Fabrinet (Thailand) \* | 218 | 99251 |
| Knowles Corp. \* | 1966 | 42132 |
| Napco Security Technologies, Inc. | 459 | 19140 |
| Plexus Corp. \* | 220 | 32340 |
| Sanmina Corp. \* | 205 | 30764 |
| ScanSource, Inc. \* | 694 | 27108 |
| TTM Technologies, Inc. \* | 726 | 50094 |
| Vishay Intertechnology, Inc. | 1183 | 17142 |
|  |  | 348318 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Cactus, Inc., Class A | 784 | 35813 |
| Kodiak Gas Services, Inc. | 555 | 20757 |
| Liberty Energy, Inc. | 1170 | 21598 |
| Select Water Solutions, Inc. | 1252 | 13171 |
| SLB Ltd. | 1294 | 49664 |
| Transocean Ltd. \* (a) | 3081 | 12725 |
|  |  | 153728 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Lionsgate Studios Corp. \* | 956 | 8728 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Enact Holdings, Inc. | 728 | 28858 |
| Jackson Financial, Inc., Class A | 242 | 25809 |
| Radian Group, Inc. | 1533 | 55173 |
| Remitly Global, Inc. \* | 1339 | 18478 |
| WEX, Inc. \* | 129 | 19219 |
|  |  | 147537 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Dole plc | 1020 | 15290 |
| Utz Brands, Inc. | 2782 | 28877 |
| Vital Farms, Inc. \* (a) | 453 | 14469 |
|  |  | 58636 |
| **Gas Utilities — 1.4%** | **Gas Utilities — 1.4%** | **Gas Utilities — 1.4%** |
| Chesapeake Utilities Corp. | 412 | 51401 |
| ONE Gas, Inc. | 334 | 25802 |
| Southwest Gas Holdings, Inc. | 312 | 24966 |
|  |  | 102169 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Marten Transport Ltd. | 2551 | 29030 |
| **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |
| AtriCure, Inc. \* | 464 | 18356 |
| Axogen, Inc. \* | 507 | 16594 |
| ICU Medical, Inc. \* | 323 | 46082 |
| Inmode Ltd. \* | 1806 | 26530 |
| Inogen, Inc. \* | 1118 | 7513 |
| iRhythm Technologies, Inc. \* | 282 | 50038 |
| Lantheus Holdings, Inc. \* | 79 | 5257 |
| LivaNova plc \* | 408 | 25104 |
| Omnicell, Inc. \* | 249 | 11280 |
| PROCEPT BioRobotics Corp. \* | 336 | 10571 |
| QuidelOrtho Corp. \* | 898 | 25647 |
| Utah Medical Products, Inc. | 256 | 14326 |
|  |  | 257298 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Concentra Group Holdings Parent, Inc. | 1739 | 34224 |
| HealthEquity, Inc. \* | 503 | 46080 |
| Hims & Hers Health, Inc. \* (a) | 385 | 12501 |
| Option Care Health, Inc. \* | 630 | 20072 |
| PACS Group, Inc. \* | 314 | 12054 |
|  |  | 124931 |
| **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** |
| CareTrust REIT, Inc. | 1086 | 39270 |
| Sabra Health Care REIT, Inc. | 1815 | 34376 |
|  |  | 73646 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Evolent Health, Inc., Class A \* | 1653 | 6612 |
| Health Catalyst, Inc. \* | 1629 | 3893 |
|  |  | 10505 |
| **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** |
| RLJ Lodging Trust | 1378 | 10266 |
| Ryman Hospitality Properties, Inc. | 722 | 68315 |
| Sunstone Hotel Investors, Inc. | 2308 | 20634 |
| Xenia Hotels & Resorts, Inc. | 814 | 11510 |
|  |  | 110725 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Accel Entertainment, Inc. \* | 800 | 9128 |
| Bloomin' Brands, Inc. | 769 | 4745 |
| First Watch Restaurant Group, Inc. \* (a) | 677 | 10209 |
| Hilton Grand Vacations, Inc. \* | 393 | 17587 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Life Time Group Holdings, Inc. \* | 1877 | 49890 |
| Monarch Casino & Resort, Inc. | 640 | 61248 |
|  |  | 152807 |
| **Household Durables — 1.5%** | **Household Durables — 1.5%** | **Household Durables — 1.5%** |
| Green Brick Partners, Inc. \* | 124 | 7770 |
| La-Z-Boy, Inc. | 406 | 15132 |
| M/I Homes, Inc. \* | 333 | 42607 |
| Sonos, Inc. \* | 1581 | 27762 |
| Tri Pointe Homes, Inc. \* | 421 | 13249 |
|  |  | 106520 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Spectrum Brands Holdings, Inc. | 365 | 21564 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Terreno Realty Corp. | 414 | 24306 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| Oscar Health, Inc., Class A \* | 989 | 14212 |
| Palomar Holdings, Inc. \* | 108 | 14554 |
| Safety Insurance Group, Inc. | 329 | 25632 |
| Selective Insurance Group, Inc. | 319 | 26691 |
|  |  | 81089 |
| **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| Angi, Inc. \* | 341 | 4409 |
| Cargurus, Inc. \* | 685 | 26270 |
| IAC, Inc. \* | 548 | 21427 |
| MediaAlpha, Inc., Class A \* | 1153 | 14931 |
|  |  | 67037 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Applied Digital Corp. \* (a) | 414 | 10151 |
| DigitalOcean Holdings, Inc. \* | 827 | 39795 |
| Unisys Corp. \* | 2097 | 5788 |
|  |  | 55734 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Adaptive Biotechnologies Corp. \* | 664 | 10783 |
| CryoPort, Inc. \* | 713 | 6845 |
|  |  | 17628 |
| **Machinery — 4.3%** | **Machinery — 4.3%** | **Machinery — 4.3%** |
| Atmus Filtration Technologies, Inc. | 1247 | 64732 |
| Blue Bird Corp. \* | 270 | 12690 |
| Douglas Dynamics, Inc. | 963 | 31442 |
| Hillman Solutions Corp. \* | 4163 | 36051 |
| Kadant, Inc. | 97 | 27647 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Mueller Industries, Inc. | 416 | 47757 |
| SPX Technologies, Inc. \* | 198 | 39612 |
| Watts Water Technologies, Inc., Class A | 171 | 47199 |
|  |  | 307130 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| EchoStar Corp., Class A \* | 82 | 8914 |
| John Wiley & Sons, Inc., Class A | 818 | 25055 |
| Magnite, Inc. \* | 1084 | 17593 |
| Thryv Holdings, Inc. \* | 587 | 3551 |
|  |  | 55113 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| Coeur Mining, Inc. \* | 2141 | 38174 |
| Commercial Metals Co. | 186 | 12875 |
| Warrior Met Coal, Inc. | 195 | 17193 |
|  |  | 68242 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
| Ladder Capital Corp. | 1820 | 20002 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Unitil Corp. | 511 | 24753 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| COPT Defense Properties | 1235 | 34333 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| CNX Resources Corp. \* | 1337 | 49161 |
| Core Natural Resources, Inc. | 114 | 10090 |
| International Seaways, Inc. | 316 | 15342 |
| Peabody Energy Corp. | 374 | 11108 |
| SM Energy Co. | 1721 | 32183 |
| Teekay Tankers Ltd., Class A (Canada) | 314 | 16774 |
|  |  | 134658 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Joby Aviation, Inc. \* | 450 | 5940 |
| SkyWest, Inc. \* | 267 | 26809 |
|  |  | 32749 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co. | 821 | 13998 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Amneal Pharmaceuticals, Inc. \* | 860 | 10836 |
| ANI Pharmaceuticals, Inc. \* | 92 | 7262 |
| Axsome Therapeutics, Inc. \* | 87 | 15890 |
| Crinetics Pharmaceuticals, Inc. \* | 447 | 20808 |
| LB Pharmaceuticals, Inc. \* | 515 | 11464 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Prestige Consumer Healthcare, Inc. \* | 294 | 18137 |
| Terns Pharmaceuticals, Inc. \* | 443 | 17897 |
|  |  | 102294 |
| **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
| Barrett Business Services, Inc. | 379 | 13724 |
| Conduent, Inc. \* | 2896 | 5560 |
| ExlService Holdings, Inc. \* | 901 | 38238 |
| First Advantage Corp. \* | 1851 | 26895 |
| IBEX Holdings Ltd. \* | 627 | 23939 |
| Verra Mobility Corp. \* | 1102 | 24696 |
|  |  | 133052 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Cushman & Wakefield Ltd. \* | 2540 | 41123 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Centerspace | 394 | 26288 |
| **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
| Kite Realty Group Trust | 2367 | 56737 |
| **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| ACM Research, Inc., Class A \* | 281 | 11085 |
| Credo Technology Group Holding Ltd. \* | 631 | 90795 |
| Penguin Solutions, Inc. \* | 705 | 13790 |
| Power Integrations, Inc. (a) | 719 | 25553 |
| Rambus, Inc. \* | 624 | 57339 |
| Rigetti Computing, Inc. \* (a) | 373 | 8262 |
| Semtech Corp. \* | 177 | 13043 |
| Synaptics, Inc. \* | 492 | 36418 |
|  |  | 256285 |
| **Software — 4.8%** | **Software — 4.8%** | **Software — 4.8%** |
| AvePoint, Inc. \* | 1069 | 14849 |
| BlackLine, Inc. \* | 908 | 50203 |
| Braze, Inc., Class A \* | 387 | 13270 |
| Clear Secure, Inc., Class A | 920 | 32274 |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 1841 | 44405 |
| Core Scientific, Inc. \* (a) | 1356 | 19744 |
| D-Wave Quantum, Inc. (Canada) \* | 282 | 7374 |
| Freshworks, Inc., Class A \* | 3374 | 41332 |
| LiveRamp Holdings, Inc. \* | 479 | 14068 |
| MARA Holdings, Inc. \* | 534 | 4795 |
| Ooma, Inc. \* | 807 | 9466 |
| Qualys, Inc. \* | 356 | 47313 |
| Riot Platforms, Inc. \* | 602 | 7627 |
| Vertex, Inc., Class A \* | 562 | 11223 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Workiva, Inc. \* | 209 | 18026 |
| Zeta Global Holdings Corp., Class A \* | 612 | 12454 |
|  |  | 348423 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Abercrombie & Fitch Co., Class A \* | 196 | 24671 |
| Arhaus, Inc. \* | 1815 | 20346 |
| Group 1 Automotive, Inc. | 130 | 51129 |
| Petco Health & Wellness Co., Inc. \* | 2080 | 5845 |
| Urban Outfitters, Inc. \* | 347 | 26115 |
| Warby Parker, Inc., Class A \* | 975 | 21245 |
|  |  | 149351 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| IonQ, Inc. \* (a) | 403 | 18083 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Kontoor Brands, Inc. | 585 | 35738 |
| Steven Madden Ltd. | 732 | 30480 |
|  |  | 66218 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Applied Industrial Technologies, Inc. | 118 | 30299 |
| DNOW, Inc. \* | 1391 | 18431 |
| McGrath RentCorp | 356 | 37355 |
| Rush Enterprises, Inc., Class A | 855 | 46118 |
|  |  | 132203 |
| Total Common Stocks <br>(Cost $6,160,371)<br>|  | 6885431 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| Akero Therapeutics, Inc., CVR ‡ \* | 268 | 174 |
| Blueprint Medicines Corp., CVR ‡ \* | 205 |  |
| iTeos Therapeutics, Inc., CVR ‡ \* | 1360 |  |
| Total Rights <br>(Cost $174)<br>|  | 174 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 9.9%** | **Short-Term Investments — 9.9%** | **Short-Term Investments — 9.9%** |
| **Investment Companies — 4.2%** | **Investment Companies — 4.2%** | **Investment Companies — 4.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $304,581)<br>| 304581 | 304581 |
| **Investment of Cash Collateral from Securities Loaned — 5.7%** | **Investment of Cash Collateral from Securities Loaned — 5.7%** | **Investment of Cash Collateral from Securities Loaned — 5.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $405,718)<br>| 405718 | 405718 |
| Total Short-Term Investments <br>(Cost $710,299)<br>|  | 710299 |
| **Total Investments — 105.5%** <br>**(Cost $6,870,844)**<br>|  | **7595904** |
| **Liabilities in Excess of Other Assets — (5.5)%** |  | **(396613)**<br>|
| **NET ASSETS — 100.0%** |  | **7199291** |

---

&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** |  |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |

---

&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) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $392,899.<br>|
| (b) | 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>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 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** |  |  |  |  |  |
| Russell 2000 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 299820 | &nbsp;&nbsp;&nbsp;&nbsp; (9008)<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;

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

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 81.5%** | **Common Stocks — 81.5%** | **Common Stocks — 81.5%** |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| United Parcel Service, Inc., Class B | 219668 | 21788869 |
| **Automobiles — 3.1%** | **Automobiles — 3.1%** | **Automobiles — 3.1%** |
| Tesla, Inc. \* | 2271326 | 1021460729 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Coca-Cola Co. (The) | 864981 | 60470821 |
| Monster Beverage Corp. \* | 2144352 | 164407468 |
| PepsiCo, Inc. | 1948217 | 279608104 |
|  |  | 504486393 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| AbbVie, Inc. | 679207 | 155192007 |
| Alnylam Pharmaceuticals, Inc. \* | 272032 | 108173525 |
| Amgen, Inc. | 415767 | 136084697 |
| Gilead Sciences, Inc. | 324516 | 39831094 |
| Regeneron Pharmaceuticals, Inc. | 244197 | 188488338 |
| Vertex Pharmaceuticals, Inc. \* | 486903 | 220742344 |
|  |  | 848512005 |
| **Broadline Retail — 5.1%** | **Broadline Retail — 5.1%** | **Broadline Retail — 5.1%** |
| Amazon.com, Inc. \* | 6251416 | 1442951841 |
| MercadoLibre, Inc. (Brazil) \* | 86783 | 174803526 |
| PDD Holdings, Inc., ADR (China) \* | 344755 | 39091769 |
|  |  | 1656847136 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Linde plc | 578602 | 246710107 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Copart, Inc. \* | 2777963 | 108757251 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Cisco Systems, Inc. | 4723656 | 363863222 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Costco Wholesale Corp. | 496759 | 428375156 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Constellation Energy Corp. | 111300 | 39318951 |
| NextEra Energy, Inc. | 1161688 | 93260313 |
| Southern Co. (The) | 1069483 | 93258917 |
| Xcel Energy, Inc. | 1418687 | 104784222 |
|  |  | 330622403 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. plc | 315321 | 100432892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Entertainment — 2.4%** | **Entertainment — 2.4%** | **Entertainment — 2.4%** |
| Netflix, Inc. \* | 6957772 | 652360703 |
| Take-Two Interactive Software, Inc. \* | 441283 | 112981686 |
|  |  | 765342389 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Corpay, Inc. \* | 173566 | 52231216 |
| Mastercard, Inc., Class A | 161015 | 91920243 |
| PayPal Holdings, Inc. | 827726 | 48322644 |
|  |  | 192474103 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Kraft Heinz Co. (The) (a) | 1619210 | 39265843 |
| Mondelez International, Inc., Class A | 2930917 | 157771262 |
|  |  | 197037105 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 5071463 | 183840534 |
| Uber Technologies, Inc. \* | 833173 | 68078566 |
|  |  | 251919100 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Dexcom, Inc. \* | 878277 | 58291244 |
| Intuitive Surgical, Inc. \* | 635077 | 359682210 |
|  |  | 417973454 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| UnitedHealth Group, Inc. | 145205 | 47933622 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Airbnb, Inc., Class A \* | 252070 | 34210940 |
| Booking Holdings, Inc. | 63239 | 338665714 |
| Chipotle Mexican Grill, Inc., Class A \* | 1705054 | 63086998 |
| DoorDash, Inc., Class A \* | 472230 | 106950650 |
| Marriott International, Inc., Class A | 502685 | 155952995 |
| Starbucks Corp. | 1134154 | 95507108 |
|  |  | 794374405 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| Honeywell International, Inc. | 1156736 | 225667626 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 462386 | 59028197 |
| **Interactive Media & Services — 8.9%** | **Interactive Media & Services — 8.9%** | **Interactive Media & Services — 8.9%** |
| Alphabet, Inc., Class C | 5699928 | 1788637406 |
| Meta Platforms, Inc., Class A | 1709813 | 1128630463 |
|  |  | 2917267869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 860153 | 71392699 |
| Shopify, Inc., Class A (Canada) \* | 1330365 | 214148854 |
|  |  | 285541553 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Thermo Fisher Scientific, Inc. | 116733 | 67640937 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Deere & Co. | 168760 | 78569593 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Charter Communications, Inc., Class A \* (a) | 181944 | 37980810 |
| Comcast Corp., Class A | 6510611 | 194602163 |
|  |  | 232582973 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| Diamondback Energy, Inc. | 533005 | 80126642 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bristol-Myers Squibb Co. | 1312696 | 70806822 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Verisk Analytics, Inc., Class A | 391865 | 87656282 |
| **Semiconductors & Semiconductor Equipment — 20.6%** | **Semiconductors & Semiconductor Equipment — 20.6%** | **Semiconductors & Semiconductor Equipment — 20.6%** |
| Advanced Micro Devices, Inc. \* | 2664151 | 570554578 |
| Analog Devices, Inc. | 1127401 | 305751151 |
| Applied Materials, Inc. | 705684 | 181353731 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 221627 | 237109862 |
| Broadcom, Inc. | 2349417 | 813133224 |
| Intel Corp. \* | 4493762 | 165819818 |
| KLA Corp. | 27967 | 33982142 |
| Lam Research Corp. | 2681805 | 459071380 |
| Marvell Technology, Inc. | 1859487 | 158019205 |
| Micron Technology, Inc. | 1956606 | 558434919 |
| NVIDIA Corp. | 13653485 | 2546374953 |
| NXP Semiconductors NV (Netherlands) | 765991 | 166266007 |
| QUALCOMM, Inc. | 1332383 | 227904112 |
| Teradyne, Inc. | 416777 | 80671356 |
| Texas Instruments, Inc. | 1171027 | 203161474 |
|  |  | 6707607912 |
| **Software — 13.3%** | **Software — 13.3%** | **Software — 13.3%** |
| Adobe, Inc. \* | 523260 | 183135767 |
| AppLovin Corp., Class A \* | 414424 | 279247180 |
| Atlassian Corp., Class A \* | 131394 | 21304223 |
| Crowdstrike Holdings, Inc., Class A \* | 406527 | 190563597 |
| Datadog, Inc., Class A \* | 216206 | 29401854 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| HubSpot, Inc. \* | 127464 | 51151303 |
| Intuit, Inc. | 538426 | 356664151 |
| Microsoft Corp. | 4215371 | 2038637723 |
| Oracle Corp. | 583061 | 113644419 |
| Palantir Technologies, Inc., Class A \* | 2642435 | 469692821 |
| Palo Alto Networks, Inc. \* | 1392653 | 256526683 |
| ServiceNow, Inc. \* | 523290 | 80162795 |
| Strategy, Inc., Class A \* (a) | 152966 | 23243184 |
| Synopsys, Inc. \* | 439323 | 206358800 |
| Workday, Inc., Class A \* | 214727 | 46119065 |
|  |  | 4345853565 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Lowe's Cos., Inc. | 407525 | 98278729 |
| O'Reilly Automotive, Inc. \* | 1982134 | 180790442 |
| Ross Stores, Inc. | 404063 | 72787909 |
|  |  | 351857080 |
| **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** |
| Apple, Inc. | 8150346 | 2215753063 |
| Seagate Technology Holdings plc | 800758 | 220520746 |
| Western Digital Corp. | 315152 | 54291235 |
|  |  | 2490565044 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| T-Mobile US, Inc. | 1342116 | 272503233 |
| Total Common Stocks <br>(Cost $20,183,960,261)<br>|  | 26572185669 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 16.8%** | **Equity-Linked Notes — 16.8%** | **Equity-Linked Notes — 16.8%** |
| Barclays Bank plc, ELN, 59.75%, <br> 2/9/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 15049 | 379984993 |
| Barclays Bank plc, ELN, 60.40%, <br> 1/20/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 13578 | 353552811 |
| BNP Paribas, ELN, 57.04%, 1/30/2026, <br> (linked to Nasdaq-100 Index) (b)<br>| 14459 | 374114352 |
| BNP Paribas, ELN, 59.45%, 1/23/2026, <br> (linked to Nasdaq-100 Index) (b)<br>| 14361 | 363703689 |
| BNP Paribas, ELN, 64.90%, 1/12/2026, <br> (linked to Nasdaq-100 Index) (b)<br>| 13668 | 352294501 |
| BofA Finance LLC, ELN, 63.33%, <br> 1/16/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 13635 | 353259251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Equity-Linked Notes — continued** | **Equity-Linked Notes — continued** | **Equity-Linked Notes — continued** |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 57.59%, 2/5/2026, (linked to <br> Nasdaq-100 Index) (b)<br>| 14887 | 383079119 |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 66.38%, 1/8/2026, (linked to <br> Nasdaq-100 Index) (b)<br>| 13810 | 353616645 |
| Morgan Stanley Finance LLC, ELN, <br> 57.86%, 1/26/2026, (linked to <br> Nasdaq-100 Index) (c)<br>| 14323 | 364051375 |
| Morgan Stanley Finance LLC, ELN, <br> 64.97%, 1/9/2026, (linked to <br> Nasdaq-100 Index) (c)<br>| 13695 | 351216816 |
| Royal Bank of Canada, ELN, 55.46%, <br> 1/29/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 14531 | 373664645 |
| Royal Bank of Canada, ELN, 63.02%, <br> 2/6/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 14923 | 382258186 |
| Royal Bank of Canada, ELN, 63.54%, <br> 1/27/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 14605 | 354904360 |
| Royal Bank of Canada, ELN, 65.02%, <br> 1/15/2026, (linked to Nasdaq-100 <br> Index) (b)<br>| 13656 | 353598797 |
| Toronto-Dominion Bank (The), ELN, <br> 56.89%, 2/2/2026, (linked to <br> Nasdaq-100 Index) (c)<br>| 14421 | 374623356 |
| Total Equity-Linked Notes <br>(Cost $5,429,778,857)<br>|  | 5467922896 |
|  | **SHARES** |  |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (d) (e) <br>(Cost $671,465,344)<br>| 671465344 | 671465344 |
| **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, <br> 3.82% (d) (e) <br>(Cost $60,213,004)<br>| 60213004 | 60213004 |
| Total Short-Term Investments <br>(Cost $731,678,348)<br>|  | 731678348 |
| **Total Investments — 100.5%** <br>**(Cost $26,345,417,466)**<br>|  | **32771786913** |
| **Liabilities in Excess of Other Assets —** <br> **(0.5)%**<br>|  | **(151015752)**<br>|
| **NET ASSETS — 100.0%** |  | **32620771161** |

---

&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** |  |
| ADR | American Depositary Receipt |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| 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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $58,297,577. 

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

(c) 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. 

(d) 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. 

(e) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 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%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| AAR Corp. \* | 14846 | 1229100 |
| AeroVironment, Inc. \* (a) | 11501 | 2781977 |
| ATI, Inc. \* | 64780 | 7434153 |
| BWX Technologies, Inc. | 40196 | 6947477 |
| Carpenter Technology Corp. | 17580 | 5534887 |
| Curtiss-Wright Corp. | 16235 | 8949868 |
| Hexcel Corp. | 41727 | 3083625 |
| Kratos Defense & Security Solutions, Inc. \* | 70971 | 5387409 |
| Moog, Inc., Class A | 12298 | 2995178 |
| Woodward, Inc. | 42025 | 12704998 |
|  |  | 57048672 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| GXO Logistics, Inc. \* | 46904 | 2469027 |
| **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
| Adient plc \* | 82761 | 1586528 |
| American Axle & Manufacturing Holdings, <br> Inc. \* (a)<br>| 67661 | 433707 |
| Autoliv, Inc. (Sweden) | 34982 | 4152363 |
| BorgWarner, Inc. | 183354 | 8261931 |
| Dana, Inc. | 55071 | 1308487 |
| Dorman Products, Inc. \* | 12143 | 1495896 |
| Gentex Corp. | 68441 | 1592622 |
| LCI Industries | 9264 | 1124094 |
| Lear Corp. | 24001 | 2750515 |
| Patrick Industries, Inc. (a) | 13872 | 1504141 |
| Phinia, Inc. | 43074 | 2700309 |
| Visteon Corp. | 12415 | 1180667 |
|  |  | 28091260 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Harley-Davidson, Inc. (a) | 52724 | 1080315 |
| Thor Industries, Inc. | 16875 | 1732556 |
|  |  | 2812871 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| Ameris Bancorp | 56179 | 4172414 |
| Associated Banc-Corp. | 70103 | 1805853 |
| Atlantic Union Bankshares Corp. | 60297 | 2128484 |
| Axos Financial, Inc. \* | 26041 | 2243693 |
| Banc of California, Inc. | 228468 | 4407148 |
| Bank OZK | 90407 | 4160530 |
| BankUnited, Inc. | 140061 | 6242519 |
| Beacon Financial Corp. | 105904 | 2792689 |
| Cadence Bank | 57449 | 2461115 |
| Capitol Federal Financial, Inc. | 56813 | 386897 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Central Pacific Financial Corp. | 75091 | 2339836 |
| City Holding Co. | 22236 | 2650531 |
| Comerica, Inc. | 45709 | 3973483 |
| Commerce Bancshares, Inc. | 57487 | 3008870 |
| Cullen/Frost Bankers, Inc. | 34353 | 4350120 |
| Customers Bancorp, Inc. \* | 61065 | 4465073 |
| CVB Financial Corp. | 62747 | 1167094 |
| Dime Community Bancshares, Inc. | 51252 | 1542173 |
| East West Bancorp, Inc. | 81027 | 9106625 |
| FB Financial Corp. | 8630 | 481554 |
| First BanCorp (Puerto Rico) | 202137 | 4190300 |
| First Financial Bancorp | 38506 | 963420 |
| First Horizon Corp. | 220848 | 5278267 |
| FNB Corp. | 290180 | 4962078 |
| Fulton Financial Corp. | 76121 | 1471419 |
| Hancock Whitney Corp. | 62646 | 3989297 |
| Hanmi Financial Corp. | 119533 | 3230977 |
| Hilltop Holdings, Inc. | 143587 | 4873343 |
| Hope Bancorp, Inc. | 59513 | 652262 |
| Independent Bank Corp. | 8442 | 616941 |
| Lakeland Financial Corp. | 26562 | 1515628 |
| National Bank Holdings Corp., Class A | 39040 | 1483910 |
| Northwest Bancshares, Inc. | 132553 | 1590636 |
| OFG Bancorp (Puerto Rico) | 84243 | 3452278 |
| Old National Bancorp | 246949 | 5509432 |
| Pathward Financial, Inc. | 55645 | 3950795 |
| Pinnacle Financial Partners, Inc. | 33864 | 3230964 |
| Prosperity Bancshares, Inc. | 53937 | 3727586 |
| Provident Financial Services, Inc. | 61916 | 1222841 |
| Simmons First National Corp., Class A | 223177 | 4206886 |
| Southside Bancshares, Inc. | 44276 | 1345548 |
| SOUTHSTATE BANK Corp. | 45618 | 4293110 |
| Synovus Financial Corp. | 99943 | 5002147 |
| Texas Capital Bancshares, Inc. \* | 9076 | 821741 |
| Trustmark Corp. | 26423 | 1029176 |
| UMB Financial Corp. | 37576 | 4322743 |
| United Community Banks, Inc. | 49936 | 1559002 |
| Webster Financial Corp. | 143967 | 9061283 |
| Westamerica BanCorp | 11516 | 550810 |
| Western Alliance Bancorp | 32097 | 2698395 |
| Wintrust Financial Corp. | 29439 | 4116161 |
| WSFS Financial Corp. | 30628 | 1691891 |
| Zions Bancorp NA | 30181 | 1766796 |
|  |  | 162264764 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Celsius Holdings, Inc. \* | 84852 | 3881130 |
| Coca-Cola Consolidated, Inc. | 21320 | 3268356 |
|  |  | 7149486 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| Arrowhead Pharmaceuticals, Inc. \* | 82261 | 5461308 |
| Exelixis, Inc. \* | 72037 | 3157382 |
| Halozyme Therapeutics, Inc. \* | 138270 | 9305571 |
| Krystal Biotech, Inc. \* | 24132 | 5949503 |
| Myriad Genetics, Inc. \* | 124640 | 766536 |
| Neurocrine Biosciences, Inc. \* | 44111 | 6256263 |
| Protagonist Therapeutics, Inc. \* (a) | 85043 | 7427656 |
| Sarepta Therapeutics, Inc. \* | 43308 | 931988 |
| United Therapeutics Corp. \* | 30854 | 15033611 |
| Vir Biotechnology, Inc. \* | 374552 | 2258549 |
|  |  | 56548367 |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| Kohl's Corp. (a) | 48479 | 989456 |
| Macy's, Inc. | 112054 | 2470791 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 23768 | 2605211 |
|  |  | 6065458 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| AAON, Inc. (a) | 28720 | 2189900 |
| Advanced Drainage Systems, Inc. | 11391 | 1649758 |
| Apogee Enterprises, Inc. | 58887 | 2144076 |
| Armstrong World Industries, Inc. | 35339 | 6753283 |
| AZZ, Inc. | 12818 | 1373833 |
| Carlisle Cos., Inc. | 8702 | 2783422 |
| Fortune Brands Innovations, Inc. | 11489 | 574680 |
| Griffon Corp. | 26306 | 1937437 |
| Masterbrand, Inc. \* | 57136 | 630781 |
| Owens Corning | 61909 | 6928236 |
| Quanex Building Products Corp. | 15291 | 235176 |
| Resideo Technologies, Inc. \* | 180851 | 6351487 |
| Simpson Manufacturing Co., Inc. | 24514 | 3958275 |
| UFP Industries, Inc. | 35936 | 3271973 |
|  |  | 40782317 |
| **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| Acadian Asset Management, Inc. | 11297 | 530959 |
| Affiliated Managers Group, Inc. | 27863 | 8032346 |
| BGC Group, Inc., Class A | 168288 | 1502812 |
| Carlyle Group, Inc. (The) | 49654 | 2935048 |
| Donnelley Financial Solutions, Inc. \* | 25280 | 1180323 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Evercore, Inc., Class A | 20450 | 6958112 |
| Federated Hermes, Inc. | 76207 | 3968098 |
| Hamilton Lane, Inc., Class A | 7816 | 1049767 |
| Houlihan Lokey, Inc. | 18318 | 3190812 |
| Janus Henderson Group plc | 100171 | 4765134 |
| Jefferies Financial Group, Inc. | 37305 | 2311791 |
| Moelis & Co., Class A | 18951 | 1302692 |
| Morningstar, Inc. | 5934 | 1289518 |
| Piper Sandler Cos. | 10535 | 3578845 |
| StepStone Group, Inc., Class A | 33287 | 2136027 |
| Stifel Financial Corp. | 45767 | 5730944 |
| StoneX Group, Inc. \* | 30702 | 2920681 |
| Virtu Financial, Inc., Class A | 57803 | 1925996 |
| Virtus Investment Partners, Inc. | 2705 | 441321 |
| WisdomTree, Inc. (a) | 133978 | 1633192 |
|  |  | 57384418 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| AdvanSix, Inc. | 12877 | 222772 |
| Ashland, Inc. | 25951 | 1522545 |
| Avient Corp. | 69377 | 2167338 |
| Axalta Coating Systems Ltd. \* | 95977 | 3101017 |
| Balchem Corp. | 16097 | 2468636 |
| Cabot Corp. | 23484 | 1556520 |
| Celanese Corp. | 46592 | 1969910 |
| Chemours Co. (The) | 207824 | 2450245 |
| Element Solutions, Inc. (a) | 214323 | 5355932 |
| FMC Corp. (a) | 91251 | 1265651 |
| Hawkins, Inc. | 8431 | 1197708 |
| HB Fuller Co. | 85483 | 5082819 |
| Ingevity Corp. \* | 16736 | 990436 |
| Innospec, Inc. | 55036 | 4212455 |
| Quaker Chemical Corp. | 21408 | 2939533 |
| RPM International, Inc. | 49264 | 5123456 |
| Sensient Technologies Corp. | 23216 | 2181143 |
|  |  | 43808116 |
| **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** |
| ABM Industries, Inc. | 47876 | 2025155 |
| Brady Corp., Class A | 84397 | 6614193 |
| Brink's Co. (The) | 27356 | 3193266 |
| Clean Harbors, Inc. \* | 34044 | 7982637 |
| Enviri Corp. \* | 34469 | 617684 |
| Interface, Inc. | 29835 | 832993 |
| MillerKnoll, Inc. | 43970 | 803772 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| MSA Safety, Inc. (a) | 17062 | 2732309 |
| OPENLANE, Inc. \* | 121675 | 3623481 |
| Pitney Bowes, Inc. | 73172 | 773428 |
| RB Global, Inc. (Canada) (a) | 55169 | 5675235 |
| Tetra Tech, Inc. | 120835 | 4052806 |
| UniFirst Corp. | 6657 | 1284135 |
|  |  | 40211094 |
| **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
| Ciena Corp. \* | 65618 | 15346082 |
| Digi International, Inc. \* | 17688 | 765713 |
| Lumentum Holdings, Inc. \* | 42569 | 15690508 |
| NetScout Systems, Inc. \* | 34070 | 921934 |
| Viasat, Inc. \* | 73944 | 2548110 |
|  |  | 35272347 |
| **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** |
| AECOM | 85626 | 8162726 |
| Arcosa, Inc. | 28052 | 2982489 |
| Dycom Industries, Inc. \* | 28384 | 9590954 |
| Everus Construction Group, Inc. \* | 14772 | 1263892 |
| Fluor Corp. \* | 76993 | 3051233 |
| Granite Construction, Inc. (a) | 59892 | 6908542 |
| MasTec, Inc. \* | 48430 | 10527229 |
| MYR Group, Inc. \* | 20004 | 4370874 |
| Sterling Infrastructure, Inc. \* | 12903 | 3951286 |
| Valmont Industries, Inc. | 8856 | 3562946 |
|  |  | 54372171 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Eagle Materials, Inc. | 14173 | 2929276 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Ally Financial, Inc. | 167672 | 7593865 |
| Enova International, Inc. \* | 34917 | 5488953 |
| FirstCash Holdings, Inc. | 23461 | 3739214 |
| Navient Corp. | 25041 | 325533 |
| PROG Holdings, Inc. | 42380 | 1249786 |
| SLM Corp. (a) | 127772 | 3457510 |
|  |  | 21854861 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Andersons, Inc. (The) | 37778 | 2008656 |
| BJ's Wholesale Club Holdings, Inc. \* | 58839 | 5297275 |
| Casey's General Stores, Inc. | 18115 | 10012342 |
| Chefs' Warehouse, Inc. (The) \* | 42744 | 2664234 |
| Grocery Outlet Holding Corp. \* (a) | 40153 | 405545 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| Maplebear, Inc. \* | 103036 | 4634559 |
| Performance Food Group Co. \* | 83178 | 7479366 |
| Sprouts Farmers Market, Inc. \* | 43107 | 3434335 |
| United Natural Foods, Inc. \* | 44415 | 1495453 |
| US Foods Holding Corp. \* | 117203 | 8827730 |
|  |  | 46259495 |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| AptarGroup, Inc. | 27522 | 3356583 |
| Crown Holdings, Inc. | 71633 | 7376050 |
| Greif, Inc., Class A | 44222 | 2993829 |
| O-I Glass, Inc. \* | 151219 | 2231993 |
| Sealed Air Corp. | 47001 | 1947251 |
| Silgan Holdings, Inc. | 40956 | 1653394 |
| Sonoco Products Co. | 104977 | 4581196 |
|  |  | 24140296 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Adtalem Global Education, Inc. \* | 30412 | 3146730 |
| Duolingo, Inc. \* | 24848 | 4360824 |
| Frontdoor, Inc. \* | 28722 | 1656972 |
| Graham Holdings Co., Class B | 810 | 889866 |
| Grand Canyon Education, Inc. \* | 29360 | 4882862 |
| H&R Block, Inc. | 66755 | 2909183 |
| Perdoceo Education Corp. | 25497 | 747827 |
| Service Corp. International | 61924 | 4828214 |
|  |  | 23422478 |
| **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** |
| Alexander & Baldwin, Inc. | 193602 | 3995945 |
| American Assets Trust, Inc. | 68403 | 1294869 |
| Essential Properties Realty Trust, Inc. | 153001 | 4538010 |
| WP Carey, Inc. | 38954 | 2507079 |
|  |  | 12335903 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Iridium Communications, Inc. (a) | 177456 | 3084185 |
| Lumen Technologies, Inc. \* | 445800 | 3463866 |
| Uniti Group, Inc. | 61781 | 433085 |
|  |  | 6981136 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| IDACORP, Inc. | 23432 | 2965554 |
| OGE Energy Corp. | 192816 | 8233243 |
| Otter Tail Corp. | 66966 | 5411523 |
|  |  | 16610320 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
| Acuity, Inc. | 13314 | 4793572 |
| EnerSys | 43406 | 6369830 |
| Nextpower, Inc., Class A \* | 65225 | 5681750 |
| nVent Electric plc | 118834 | 12117503 |
| Regal Rexnord Corp. | 30327 | 4255485 |
| Sunrun, Inc. \* | 216814 | 3989378 |
|  |  | 37207518 |
| **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** |
| Advanced Energy Industries, Inc. | 16804 | 3518253 |
| Arrow Electronics, Inc. \* | 49956 | 5504152 |
| Badger Meter, Inc. | 12956 | 2259656 |
| Belden, Inc. | 22981 | 2678435 |
| Benchmark Electronics, Inc. | 58218 | 2489402 |
| Coherent Corp. \* | 100180 | 18490223 |
| Fabrinet (Thailand) \* | 16104 | 7331829 |
| Flex Ltd. \* | 168700 | 10192854 |
| IPG Photonics Corp. \* | 38010 | 2721516 |
| Knowles Corp. \* | 128509 | 2753948 |
| Littelfuse, Inc. | 10664 | 2697139 |
| Plexus Corp. \* | 24502 | 3601794 |
| Sanmina Corp. \* | 23914 | 3588774 |
| TTM Technologies, Inc. \* | 45936 | 3169584 |
| Vishay Intertechnology, Inc. | 167484 | 2426843 |
| Vontier Corp. | 67982 | 2527571 |
|  |  | 75951973 |
| **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** |
| Archrock, Inc. | 80294 | 2089250 |
| Bristow Group, Inc. \* | 15208 | 556917 |
| Helmerich & Payne, Inc. | 36176 | 1037527 |
| Liberty Energy, Inc. | 167652 | 3094856 |
| NOV, Inc. | 208584 | 3260168 |
| Oceaneering International, Inc. \* | 115490 | 2775225 |
| Patterson-UTI Energy, Inc. | 140517 | 858559 |
| TechnipFMC plc (United Kingdom) | 178972 | 7974992 |
| Tidewater, Inc. \* | 20746 | 1047880 |
| Valaris Ltd. \* | 33195 | 1673028 |
| Weatherford International plc | 28726 | 2248097 |
|  |  | 26616499 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark Holdings, Inc. | 53464 | 1242503 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Enact Holdings, Inc. | 10516 | 416854 |
| Equitable Holdings, Inc. | 134555 | 6411546 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Essent Group Ltd. | 62768 | 4080548 |
| Euronet Worldwide, Inc. \* | 10315 | 785075 |
| EVERTEC, Inc. (Puerto Rico) | 79010 | 2298401 |
| HA Sustainable Infrastructure Capital, <br> Inc. (a)<br>| 87477 | 2749402 |
| Jackson Financial, Inc., Class A | 41988 | 4478020 |
| MGIC Investment Corp. | 77583 | 2266975 |
| NCR Atleos Corp. \* | 54264 | 2068001 |
| NMI Holdings, Inc., Class A \* | 87025 | 3549750 |
| Radian Group, Inc. | 62823 | 2261000 |
| Shift4 Payments, Inc., Class A \* (a) | 30793 | 1939035 |
| Voya Financial, Inc. | 41629 | 3100944 |
| Walker & Dunlop, Inc. | 65768 | 3955945 |
| WEX, Inc. \* | 50196 | 7478200 |
|  |  | 47839696 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Cal-Maine Foods, Inc. | 20688 | 1646144 |
| Darling Ingredients, Inc. \* | 70192 | 2526912 |
| Fresh Del Monte Produce, Inc. | 17817 | 634820 |
| Freshpet, Inc. \* | 17240 | 1050433 |
| Ingredion, Inc. | 18288 | 2016435 |
| Marzetti Co. (The) | 8229 | 1353012 |
| Post Holdings, Inc. \* | 44170 | 4375039 |
| Simply Good Foods Co. (The) \* | 44654 | 896652 |
| Vital Farms, Inc. \* (a) | 24492 | 782274 |
|  |  | 15281721 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| MDU Resources Group, Inc. (a) | 110509 | 2157136 |
| Southwest Gas Holdings, Inc. | 76509 | 6122250 |
| Spire, Inc. | 14108 | 1166732 |
| UGI Corp. | 178870 | 6695104 |
|  |  | 16141222 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| ArcBest Corp. | 27263 | 2022642 |
| Avis Budget Group, Inc. \* (a) | 7464 | 957780 |
| Knight-Swift Transportation Holdings, Inc. | 8084 | 422632 |
| Ryder System, Inc. | 20091 | 3845217 |
| Saia, Inc. \* | 4983 | 1627049 |
| XPO, Inc. \* (a) | 37411 | 5084529 |
|  |  | 13959849 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Embecta Corp. | 183982 | 2185706 |
| Glaukos Corp. \* | 41271 | 4659909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Globus Medical, Inc., Class A \* | 108958 | 9513123 |
| Haemonetics Corp. \* | 59710 | 4785756 |
| Inspire Medical Systems, Inc. \* | 12446 | 1147895 |
| Integer Holdings Corp. \* | 16850 | 1321545 |
| Integra LifeSciences Holdings Corp. \* | 37298 | 463241 |
| Lantheus Holdings, Inc. \* | 46473 | 3092778 |
| Masimo Corp. \* (a) | 19765 | 2570636 |
| Merit Medical Systems, Inc. \* | 26380 | 2325133 |
| Omnicell, Inc. \* | 21869 | 990666 |
| Penumbra, Inc. \* | 19226 | 5977556 |
| QuidelOrtho Corp. \* | 71323 | 2036985 |
| Tandem Diabetes Care, Inc. \* | 179015 | 3934750 |
| Teleflex, Inc. | 34034 | 4153509 |
| UFP Technologies, Inc. \* (a) | 3122 | 693178 |
|  |  | 49852366 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Acadia Healthcare Co., Inc. \* | 46277 | 656670 |
| Addus HomeCare Corp. \* | 7808 | 838501 |
| Chemed Corp. | 8766 | 3750621 |
| CorVel Corp. \* | 19879 | 1345212 |
| Encompass Health Corp. | 68193 | 7238005 |
| HealthEquity, Inc. \* | 18939 | 1735002 |
| Hims & Hers Health, Inc. \* (a) | 85393 | 2772711 |
| NeoGenomics, Inc. \* | 335484 | 3945292 |
| Option Care Health, Inc. \* | 136202 | 4339396 |
| Progyny, Inc. \* | 80085 | 2056583 |
| Tenet Healthcare Corp. \* | 37431 | 7438288 |
|  |  | 36116281 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| CareTrust REIT, Inc. | 109096 | 3944911 |
| Healthcare Realty Trust, Inc. | 159814 | 2708847 |
| LTC Properties, Inc. | 17270 | 593743 |
| Omega Healthcare Investors, Inc. | 128408 | 5693611 |
| Sabra Health Care REIT, Inc. | 156400 | 2962216 |
|  |  | 15903328 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Doximity, Inc., Class A \* | 68747 | 3044117 |
| HealthStream, Inc. | 212146 | 4894208 |
|  |  | 7938325 |
| **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** |
| DiamondRock Hospitality Co. | 439851 | 3941065 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** |
| Sunstone Hotel Investors, Inc. | 81803 | 731319 |
| Xenia Hotels & Resorts, Inc. | 273097 | 3861591 |
|  |  | 8533975 |
| **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
| Aramark | 116599 | 4297839 |
| Boyd Gaming Corp. | 39429 | 3360928 |
| Brinker International, Inc. \* | 18600 | 2669472 |
| Cava Group, Inc. \* (a) | 50543 | 2966369 |
| Cheesecake Factory, Inc. (The) | 19432 | 980927 |
| Churchill Downs, Inc. | 46905 | 5336851 |
| Hilton Grand Vacations, Inc. \* | 36376 | 1627826 |
| Hyatt Hotels Corp., Class A (a) | 15260 | 2446483 |
| Marriott Vacations Worldwide Corp. (a) | 21421 | 1235778 |
| Monarch Casino & Resort, Inc. | 42906 | 4106104 |
| Papa John's International, Inc. (a) | 10433 | 401566 |
| Planet Fitness, Inc., Class A \* | 42320 | 4590450 |
| Shake Shack, Inc., Class A \* | 40821 | 3313441 |
| Texas Roadhouse, Inc. | 6989 | 1160174 |
| Travel + Leisure Co. | 93049 | 6562746 |
| United Parks & Resorts, Inc. \* (a) | 53477 | 1941215 |
| Vail Resorts, Inc. (a) | 5414 | 718979 |
| Wendy's Co. (The) (a) | 82063 | 683585 |
| Wingstop, Inc. (a) | 12564 | 2996388 |
| Wyndham Hotels & Resorts, Inc. | 34775 | 2627599 |
|  |  | 54024720 |
| **Household Durables — 2.0%** | **Household Durables — 2.0%** | **Household Durables — 2.0%** |
| Cavco Industries, Inc. \* | 2453 | 1449085 |
| Century Communities, Inc. | 13981 | 829772 |
| Champion Homes, Inc. \* | 26829 | 2267050 |
| Ethan Allen Interiors, Inc. | 13395 | 305942 |
| Green Brick Partners, Inc. \* | 27660 | 1733175 |
| Installed Building Products, Inc. (a) | 12712 | 3297366 |
| KB Home | 31871 | 1797843 |
| Leggett & Platt, Inc. | 61883 | 680713 |
| M/I Homes, Inc. \* | 14075 | 1800896 |
| Meritage Homes Corp. | 15534 | 1022137 |
| Somnigroup International, Inc. | 82988 | 7409169 |
| Taylor Morrison Home Corp. \* | 48669 | 2865144 |
| Toll Brothers, Inc. | 51521 | 6966670 |
| TopBuild Corp. \* | 14162 | 5908245 |
| Tri Pointe Homes, Inc. \* | 144444 | 4545653 |
|  |  | 42878860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Central Garden & Pet Co., Class A \* | 23341 | 681324 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
| Clearway Energy, Inc., Class C | 149081 | 4958434 |
| Talen Energy Corp. \* | 20498 | 7683470 |
|  |  | 12641904 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| EastGroup Properties, Inc. | 34135 | 6080809 |
| First Industrial Realty Trust, Inc. | 93301 | 5343348 |
| LXP Industrial Trust | 69445 | 3443083 |
| STAG Industrial, Inc. | 13977 | 513795 |
|  |  | 15381035 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| American Financial Group, Inc. | 32054 | 4381141 |
| AMERISAFE, Inc. | 27284 | 1047978 |
| Assured Guaranty Ltd. | 24828 | 2231292 |
| Brighthouse Financial, Inc. \* | 24620 | 1595130 |
| CNO Financial Group, Inc. | 41995 | 1783528 |
| Employers Holdings, Inc. | 59766 | 2580098 |
| F&G Annuities & Life, Inc. | 6743 | 208021 |
| Fidelity National Financial, Inc. | 113340 | 6187231 |
| First American Financial Corp. | 44865 | 2756506 |
| Genworth Financial, Inc., Class A \* | 181122 | 1635532 |
| Horace Mann Educators Corp. | 21017 | 970565 |
| Kemper Corp. | 54033 | 2190498 |
| Kinsale Capital Group, Inc. | 5799 | 2268105 |
| Mercury General Corp. | 11122 | 1046135 |
| Old Republic International Corp. | 74593 | 3404424 |
| Palomar Holdings, Inc. \* | 5380 | 725009 |
| Primerica, Inc. | 7583 | 1959144 |
| Reinsurance Group of America, Inc. | 37334 | 7595976 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 17573 | 4940825 |
| RLI Corp. | 84435 | 5402151 |
| Safety Insurance Group, Inc. | 49974 | 3893474 |
| Selective Insurance Group, Inc. | 27087 | 2266369 |
| SiriusPoint Ltd. (Sweden) \* | 36048 | 789091 |
| Unum Group | 82047 | 6358642 |
|  |  | 68216865 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Cargurus, Inc. \* | 129191 | 4954475 |
| Cars.com, Inc. \* (a) | 30602 | 373344 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| QuinStreet, Inc. \* | 70439 | 1012209 |
| Yelp, Inc. \* | 55562 | 1688529 |
|  |  | 8028557 |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| DigitalOcean Holdings, Inc. \* | 139851 | 6729630 |
| Kyndryl Holdings, Inc. \* | 100824 | 2677886 |
| Okta, Inc. \* | 98883 | 8550413 |
| Twilio, Inc., Class A \* | 92967 | 13223626 |
|  |  | 31181555 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Acushnet Holdings Corp. | 12731 | 1016188 |
| Brunswick Corp. | 27816 | 2065060 |
| Mattel, Inc. \* | 155840 | 3091865 |
| Polaris, Inc. (a) | 36683 | 2320200 |
| Topgolf Callaway Brands Corp. \* | 65337 | 762483 |
| YETI Holdings, Inc. \* | 43439 | 1918701 |
|  |  | 11174497 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Avantor, Inc. \* | 318905 | 3654651 |
| Azenta, Inc. \* | 41174 | 1369447 |
| Bio-Rad Laboratories, Inc., Class A \* | 6632 | 2009430 |
| Bruker Corp. (a) | 52515 | 2473982 |
| Fortrea Holdings, Inc. \* | 244972 | 4225767 |
| Illumina, Inc. \* | 46982 | 6162159 |
| Medpace Holdings, Inc. \* | 14011 | 7869278 |
| Repligen Corp. \* | 9810 | 1607467 |
|  |  | 29372181 |
| **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| AGCO Corp. | 27325 | 2850544 |
| Alamo Group, Inc. | 13071 | 2194229 |
| Chart Industries, Inc. \* | 18270 | 3767822 |
| Crane Co. | 23755 | 4381135 |
| Donaldson Co., Inc. | 111089 | 9849151 |
| Enpro, Inc. (a) | 26950 | 5770803 |
| Esab Corp. | 22686 | 2534480 |
| ESCO Technologies, Inc. | 7632 | 1491216 |
| Flowserve Corp. | 69425 | 4816706 |
| Graco, Inc. | 27537 | 2257208 |
| Greenbrier Cos., Inc. (The) | 11840 | 553402 |
| ITT, Inc. | 40478 | 7023338 |
| Kennametal, Inc. | 34716 | 986282 |
| Lincoln Electric Holdings, Inc. | 22359 | 5358111 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Lindsay Corp. | 8432 | 993880 |
| Mueller Industries, Inc. | 80491 | 9240367 |
| Oshkosh Corp. | 32063 | 4028075 |
| Proto Labs, Inc. \* | 46787 | 2366954 |
| RBC Bearings, Inc. \* | 20182 | 9050214 |
| SPX Technologies, Inc. \* | 22053 | 4411923 |
| Standex International Corp. | 3814 | 828706 |
| Tennant Co. | 8852 | 652392 |
| Terex Corp. | 37621 | 2008209 |
| Timken Co. (The) | 50646 | 4260848 |
| Toro Co. (The) | 41795 | 3290102 |
| Trinity Industries, Inc. | 33929 | 897083 |
| Watts Water Technologies, Inc., Class A | 30861 | 8518253 |
| Worthington Enterprises, Inc. | 13540 | 698258 |
|  |  | 105079691 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Kirby Corp. \* | 32019 | 3527853 |
| Matson, Inc. | 28160 | 3479168 |
|  |  | 7007021 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| DoubleVerify Holdings, Inc. \* | 57742 | 660569 |
| EchoStar Corp., Class A \* | 58233 | 6329927 |
| John Wiley & Sons, Inc., Class A | 38209 | 1170342 |
| New York Times Co. (The), Class A | 87281 | 6059047 |
| Nexstar Media Group, Inc. (a) | 8087 | 1642065 |
| Scholastic Corp. | 37531 | 1112044 |
| TechTarget, Inc. \* | 233793 | 1262482 |
| TEGNA, Inc. | 67381 | 1307865 |
|  |  | 19544341 |
| **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** |
| Alcoa Corp. | 85610 | 4549315 |
| Alpha Metallurgical Resources, Inc. \* | 5280 | 1055366 |
| Century Aluminum Co. \* | 26799 | 1049985 |
| Cleveland-Cliffs, Inc. \* | 98423 | 1307057 |
| Commercial Metals Co. | 68483 | 4740393 |
| Hecla Mining Co. | 285390 | 5476634 |
| Materion Corp. | 20246 | 2516983 |
| MP Materials Corp. \* (a) | 77751 | 3927981 |
| Reliance, Inc. | 34737 | 10034477 |
| Royal Gold, Inc. | 29340 | 6521989 |
| Warrior Met Coal, Inc. | 44782 | 3948429 |
|  |  | 45128609 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| Annaly Capital Management, Inc. | 107471 | 2403051 |
| Apollo Commercial Real Estate Finance, Inc. | 153799 | 1488774 |
| Ellington Financial, Inc. | 114596 | 1556214 |
| KKR Real Estate Finance Trust, Inc. | 33748 | 277409 |
| PennyMac Mortgage Investment Trust | 33215 | 416848 |
| Starwood Property Trust, Inc. | 102961 | 1854328 |
|  |  | 7996624 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Northwestern Energy Group, Inc. | 24891 | 1606465 |
| Unitil Corp. | 60201 | 2916137 |
|  |  | 4522602 |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| COPT Defense Properties | 152651 | 4243698 |
| Cousins Properties, Inc. | 114104 | 2941601 |
| Highwoods Properties, Inc. | 50504 | 1304013 |
| Kilroy Realty Corp. | 77396 | 2892289 |
| SL Green Realty Corp. | 44223 | 2028509 |
| Vornado Realty Trust | 69910 | 2326605 |
|  |  | 15736715 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Antero Midstream Corp. | 148292 | 2638115 |
| Antero Resources Corp. \* | 121091 | 4172796 |
| California Resources Corp. | 37289 | 1667191 |
| Chord Energy Corp. | 36616 | 3394303 |
| Civitas Resources, Inc. | 65076 | 1762909 |
| CNX Resources Corp. \* | 69077 | 2539961 |
| Core Natural Resources, Inc. | 19980 | 1768430 |
| Dorian LPG Ltd. | 14903 | 362739 |
| DT Midstream, Inc. | 28881 | 3456478 |
| HF Sinclair Corp. | 135810 | 6258125 |
| Magnolia Oil & Gas Corp., Class A | 142781 | 3125476 |
| Matador Resources Co. | 75983 | 3224718 |
| Murphy Oil Corp. | 61951 | 1935969 |
| Ovintiv, Inc. | 141713 | 5553732 |
| Par Pacific Holdings, Inc. \* | 82646 | 2904180 |
| PBF Energy, Inc., Class A | 44081 | 1195477 |
| Peabody Energy Corp. | 53040 | 1575288 |
| Permian Resources Corp. | 199898 | 2804569 |
| Range Resources Corp. | 172656 | 6087850 |
| REX American Resources Corp. \* | 35090 | 1134109 |
| SM Energy Co. | 53474 | 999964 |
| Talos Energy, Inc. \* | 18456 | 203385 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Viper Energy, Inc. | 61047 | 2358246 |
| World Kinect Corp. | 32616 | 764193 |
|  |  | 61888203 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp. | 14551 | 1175139 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc. \* | 28705 | 1443861 |
| Allegiant Travel Co. \* | 6177 | 526713 |
| American Airlines Group, Inc. \* (a) | 227466 | 3487054 |
| SkyWest, Inc. \* | 26561 | 2666990 |
|  |  | 8124618 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. \* | 86601 | 2314845 |
| Coty, Inc., Class A \* | 317454 | 977758 |
| elf Beauty, Inc. \* (a) | 24855 | 1889974 |
|  |  | 5182577 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Corcept Therapeutics, Inc. \* | 41843 | 1456136 |
| Jazz Pharmaceuticals plc \* | 44302 | 7531340 |
| Prestige Consumer Healthcare, Inc. \* | 10272 | 633680 |
| Supernus Pharmaceuticals, Inc. \* | 25429 | 1263821 |
|  |  | 10884977 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| CACI International, Inc., Class A \* | 9543 | 5084606 |
| Concentrix Corp. | 45086 | 1874676 |
| ExlService Holdings, Inc. \* | 92409 | 3921838 |
| FTI Consulting, Inc. \* | 12487 | 2133154 |
| Insperity, Inc. | 14054 | 544171 |
| KBR, Inc. | 122948 | 4942510 |
| Korn Ferry | 22886 | 1510934 |
| Science Applications International Corp. | 20761 | 2089802 |
| TransUnion | 48130 | 4127147 |
|  |  | 26228838 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Cushman & Wakefield Ltd. \* | 44092 | 713849 |
| Jones Lang LaSalle, Inc. \* | 27506 | 9254944 |
| St. Joe Co. (The) | 15367 | 912339 |
|  |  | 10881132 |
| **Residential REITs — 0.6%** | **Residential REITs — 0.6%** | **Residential REITs — 0.6%** |
| American Homes 4 Rent, Class A | 141675 | 4547767 |
| Centerspace | 19601 | 1307779 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Residential REITs — continued** | **Residential REITs — continued** | **Residential REITs — continued** |
| Equity LifeStyle Properties, Inc. | 64570 | 3913588 |
| Independence Realty Trust, Inc. | 101857 | 1780460 |
| Veris Residential, Inc. | 37851 | 563223 |
|  |  | 12112817 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| Agree Realty Corp. | 89244 | 6428245 |
| Brixmor Property Group, Inc. | 186584 | 4892232 |
| Curbline Properties Corp. | 128985 | 2993742 |
| Getty Realty Corp. | 126748 | 3469093 |
| Kite Realty Group Trust | 117675 | 2820670 |
| Macerich Co. (The) | 167303 | 3088413 |
| NNN REIT, Inc. | 106593 | 4224281 |
| Phillips Edison & Co., Inc. | 55126 | 1960832 |
| Saul Centers, Inc. | 39642 | 1249912 |
| Tanger, Inc. | 77798 | 2596119 |
| Urban Edge Properties | 52051 | 998859 |
| Whitestone | 77849 | 1081323 |
|  |  | 35803721 |
| **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
| ACM Research, Inc., Class A \* | 84722 | 3342283 |
| Alpha & Omega Semiconductor Ltd. \* | 104204 | 2064281 |
| CEVA, Inc. \* | 102377 | 2203153 |
| Cohu, Inc. \* | 21869 | 508892 |
| Diodes, Inc. \* | 56859 | 2805423 |
| FormFactor, Inc. \* | 90942 | 5072745 |
| Impinj, Inc. \* (a) | 58452 | 10171233 |
| Lattice Semiconductor Corp. \* (a) | 105804 | 7785058 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 39399 | 6748261 |
| MaxLinear, Inc. \* | 157143 | 2739002 |
| MKS, Inc. | 49811 | 7959798 |
| Photronics, Inc. \* | 115996 | 3711872 |
| Qorvo, Inc. \* | 61240 | 5175392 |
| Rambus, Inc. \* | 89721 | 8244463 |
| Semtech Corp. \* | 38435 | 2832275 |
| SiTime Corp. \* | 9457 | 3340118 |
| Ultra Clean Holdings, Inc. \* | 99982 | 2532544 |
| Universal Display Corp. | 25326 | 2957570 |
| Veeco Instruments, Inc. \* | 3741 | 106918 |
|  |  | 80301281 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| ACI Worldwide, Inc. \* | 29171 | 1394665 |
| Adeia, Inc. | 164174 | 2832001 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Appfolio, Inc., Class A \* (a) | 10907 | 2537514 |
| Bill Holdings, Inc. \* | 40409 | 2203907 |
| BlackLine, Inc. \* | 76239 | 4215254 |
| Cleanspark, Inc. \* (a) | 142899 | 1446138 |
| Commvault Systems, Inc. \* | 30905 | 3874251 |
| Docusign, Inc. \* | 87212 | 5965301 |
| Dynatrace, Inc. \* | 110031 | 4768744 |
| Guidewire Software, Inc. \* | 42907 | 8624736 |
| InterDigital, Inc. (a) | 16961 | 5400043 |
| LiveRamp Holdings, Inc. \* | 115694 | 3397933 |
| Manhattan Associates, Inc. \* | 47239 | 8186991 |
| MARA Holdings, Inc. \* (a) | 383700 | 3445626 |
| Nutanix, Inc., Class A \* | 161729 | 8359772 |
| Pegasystems, Inc. | 75861 | 4530419 |
| Q2 Holdings, Inc. \* | 56387 | 4068886 |
| Qualys, Inc. \* | 17157 | 2280165 |
|  |  | 77532346 |
| **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** |
| CubeSmart | 205056 | 7392269 |
| Four Corners Property Trust, Inc. | 166402 | 3837230 |
| Gaming and Leisure Properties, Inc. | 64868 | 2898951 |
| Lamar Advertising Co., Class A | 36959 | 4678270 |
| Millrose Properties, Inc., Class A | 51028 | 1524206 |
| PotlatchDeltic Corp. | 30355 | 1207522 |
| Rayonier, Inc. | 66156 | 1432278 |
|  |  | 22970726 |
| **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** |
| Abercrombie & Fitch Co., Class A \* | 20100 | 2529987 |
| Advance Auto Parts, Inc. (a) | 27298 | 1072811 |
| American Eagle Outfitters, Inc. | 133115 | 3510243 |
| Asbury Automotive Group, Inc. \* | 7093 | 1649335 |
| AutoNation, Inc. \* | 18247 | 3767641 |
| Bath & Body Works, Inc. | 139905 | 2809292 |
| Boot Barn Holdings, Inc. \* | 13764 | 2428933 |
| Buckle, Inc. (The) | 56287 | 3006851 |
| Burlington Stores, Inc. \* | 32879 | 9497099 |
| Chewy, Inc., Class A \* | 92094 | 3043707 |
| Dick's Sporting Goods, Inc. (a) | 21773 | 4310401 |
| Five Below, Inc. \* | 28258 | 5322677 |
| Floor & Decor Holdings, Inc., Class A \* | 28261 | 1720812 |
| GameStop Corp., Class A \* (a) | 172857 | 3470969 |
| Gap, Inc. (The) | 96676 | 2474906 |
| Group 1 Automotive, Inc. | 4144 | 1629835 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Lithia Motors, Inc., Class A | 11082 | 3682881 |
| Murphy USA, Inc. | 7744 | 3124859 |
| Penske Automotive Group, Inc. | 17754 | 2810281 |
| Signet Jewelers Ltd. (a) | 48539 | 4022912 |
| Sonic Automotive, Inc., Class A | 8182 | 506138 |
| Urban Outfitters, Inc. \* | 38857 | 2924378 |
| Valvoline, Inc. \* | 56846 | 1651945 |
| Victoria's Secret & Co. \* | 66894 | 3623648 |
|  |  | 74592541 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Pure Storage, Inc., Class A \* | 139766 | 9365720 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Capri Holdings Ltd. \* | 134465 | 3280946 |
| Crocs, Inc. \* | 24240 | 2073005 |
| Kontoor Brands, Inc. | 22063 | 1347829 |
| PVH Corp. | 26138 | 1751769 |
| VF Corp. (a) | 144682 | 2615850 |
| Wolverine World Wide, Inc. | 100671 | 1827178 |
|  |  | 12896577 |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| Applied Industrial Technologies, Inc. | 13872 | 3561913 |
| Boise Cascade Co. | 30014 | 2209030 |
| Core & Main, Inc., Class A \* | 9316 | 484153 |
| DNOW, Inc. \* | 190253 | 2520852 |
| DXP Enterprises, Inc. \* | 41010 | 4502488 |
| GATX Corp. | 21146 | 3586362 |
| MSC Industrial Direct Co., Inc., Class A | 24674 | 2075083 |
| Rush Enterprises, Inc., Class A | 21091 | 1137649 |
| Watsco, Inc. (a) | 5544 | 1868051 |
| WESCO International, Inc. | 21838 | 5342448 |
|  |  | 27288029 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American States Water Co. | 19018 | 1378424 |
| California Water Service Group | 25094 | 1087323 |
| Essential Utilities, Inc. | 12980 | 497913 |
|  |  | 2963660 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Gogo, Inc. \* | 120194 | 560104 |
| Telephone and Data Systems, Inc. | 44320 | 1817120 |
|  |  | 2377224 |
| Total Common Stocks <br>(Cost $1,770,197,064)<br>|  | 2062566616 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **WARRANTS**<br>| **VALUE($)** |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| GameStop Corp. expiring 10/30/2026, price <br> 32.00 USD (United States) \* <br>(Cost $—)<br>| 17102 | 51477 |
|  | **SHARES** |  |
| **Short-Term Investments — 7.3%** | **Short-Term Investments — 7.3%** | **Short-Term Investments — 7.3%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (b) (c) <br>(Cost $42,704,357)<br>| 42704357 | 42704357 |
| **Investment of Cash Collateral from Securities Loaned — 5.3%** | **Investment of Cash Collateral from Securities Loaned — 5.3%** | **Investment of Cash Collateral from Securities Loaned — 5.3%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 3.82% (b) (c) <br>(Cost $110,478,334)<br>| 110478334 | 110478334 |
| Total Short-Term Investments <br>(Cost $153,182,691)<br>|  | 153182691 |
| **Total Investments — 105.1%** <br>**(Cost $1,923,379,755)**<br>|  | **2215800784** |
| **Liabilities in Excess of Other Assets —** <br> **(5.1)%**<br>|  | **(106563611)**<br>|
| **NET ASSETS — 100.0%** |  | **2109237173** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $107,068,677.<br>|
| (b) | 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>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**Futures contracts outstanding as of December 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** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10618200 | &nbsp;&nbsp;&nbsp;&nbsp; (319863)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30593680 | &nbsp;&nbsp;&nbsp;&nbsp; (556141)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (876004)<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;

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 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%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Boeing Co. (The) \* | 239 | 51892 |
| GE Aerospace | 346 | 106578 |
| Howmet Aerospace, Inc. | 852 | 174677 |
| RTX Corp. | 1095 | 200823 |
| TransDigm Group, Inc. | 65 | 86440 |
|  |  | 620410 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| FedEx Corp. | 253 | 73082 |
| United Parcel Service, Inc., Class B | 281 | 27872 |
|  |  | 100954 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 179 | 13620 |
| **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
| Tesla, Inc. \* | 1257 | 565298 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bank of America Corp. | 5528 | 304040 |
| Citigroup, Inc. | 1229 | 143412 |
| Fifth Third Bancorp | 2448 | 114591 |
| Regions Financial Corp. | 623 | 16883 |
| Truist Financial Corp. | 1480 | 72831 |
| US Bancorp | 1804 | 96261 |
| Wells Fargo & Co. | 2950 | 274940 |
|  |  | 1022958 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Coca-Cola Co. (The) | 1304 | 91163 |
| Keurig Dr Pepper, Inc. | 2623 | 73470 |
| PepsiCo, Inc. | 1402 | 201215 |
|  |  | 365848 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 1297 | 296352 |
| Gilead Sciences, Inc. | 255 | 31299 |
| Neurocrine Biosciences, Inc. \* | 138 | 19573 |
| Regeneron Pharmaceuticals, Inc. | 135 | 104202 |
| Vertex Pharmaceuticals, Inc. \* | 215 | 97472 |
|  |  | 548898 |
| **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** |
| Amazon.com, Inc. \* | 4961 | 1145098 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Allegion plc | 116 | 18470 |
| Carrier Global Corp. | 1229 | 64940 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Masco Corp. | 639 | 40551 |
| Trane Technologies plc | 414 | 161129 |
|  |  | 285090 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| Ameriprise Financial, Inc. | 89 | 43640 |
| Charles Schwab Corp. (The) | 1951 | 194925 |
| CME Group, Inc. | 505 | 137905 |
| Goldman Sachs Group, Inc. (The) | 83 | 72957 |
| Interactive Brokers Group, Inc., Class A | 194 | 12476 |
| Intercontinental Exchange, Inc. | 207 | 33526 |
| LPL Financial Holdings, Inc. | 47 | 16787 |
| Morgan Stanley | 202 | 35861 |
| Raymond James Financial, Inc. | 185 | 29709 |
| Robinhood Markets, Inc., Class A \* | 102 | 11536 |
| State Street Corp. | 490 | 63215 |
|  |  | 652537 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Corteva, Inc. | 219 | 14680 |
| DuPont de Nemours, Inc. | 177 | 7115 |
| Ecolab, Inc. | 414 | 108683 |
| Linde plc | 274 | 116831 |
| LyondellBasell Industries NV, Class A | 219 | 9483 |
| PPG Industries, Inc. | 355 | 36373 |
| Sherwin-Williams Co. (The) | 71 | 23006 |
|  |  | 316171 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Rollins, Inc. | 137 | 8223 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 679 | 88969 |
| Cisco Systems, Inc. | 146 | 11247 |
| Motorola Solutions, Inc. | 101 | 38715 |
|  |  | 138931 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 74 | 31232 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH plc | 107 | 13354 |
| Martin Marietta Materials, Inc. | 69 | 42963 |
| Vulcan Materials Co. | 133 | 37934 |
|  |  | 94251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | 265 | 98037 |
| Capital One Financial Corp. | 472 | 114394 |
|  |  | 212431 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Costco Wholesale Corp. | 139 | 119865 |
| Walmart, Inc. | 1825 | 203323 |
|  |  | 323188 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Ball Corp. | 133 | 7045 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc. | 4840 | 120226 |
| Verizon Communications, Inc. | 814 | 33154 |
|  |  | 153380 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 800 | 73944 |
| NextEra Energy, Inc. | 2123 | 170434 |
| NRG Energy, Inc. | 116 | 18472 |
| PG&E Corp. | 1981 | 31835 |
| Southern Co. (The) | 1554 | 135509 |
| Xcel Energy, Inc. | 870 | 64258 |
|  |  | 494452 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| AMETEK, Inc. | 108 | 22173 |
| Eaton Corp. plc | 386 | 122945 |
| Emerson Electric Co. | 429 | 56937 |
| GE Vernova, Inc. | 130 | 84964 |
|  |  | 287019 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 997 | 134735 |
| Jabil, Inc. | 60 | 13681 |
| Keysight Technologies, Inc. \* | 60 | 12191 |
|  |  | 160607 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 1331 | 60614 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 1863 | 174675 |
| Walt Disney Co. (The) | 1454 | 165422 |
| Warner Bros Discovery, Inc. \* | 360 | 10375 |
|  |  | 350472 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
| Affirm Holdings, Inc. \* | 81 | 6029 |
| Apollo Global Management, Inc. | 540 | 78170 |
| Berkshire Hathaway, Inc., Class B \* | 805 | 404633 |
| Corpay, Inc. \* | 234 | 70418 |
| Fidelity National Information Services, Inc. | 1231 | 81812 |
| Klarna Group plc (United Kingdom) \* | 47 | 1359 |
| Mastercard, Inc., Class A | 617 | 352233 |
| Toast, Inc., Class A \* | 517 | 18359 |
| Visa, Inc., Class A | 1063 | 372805 |
| WEX, Inc. \* | 94 | 14004 |
|  |  | 1399822 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Bunge Global SA | 70 | 6236 |
| Mondelez International, Inc., Class A | 2380 | 128115 |
|  |  | 134351 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| CSX Corp. | 192 | 6960 |
| Uber Technologies, Inc. \* | 309 | 25248 |
| Union Pacific Corp. | 366 | 84663 |
|  |  | 116871 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Abbott Laboratories | 314 | 39341 |
| Align Technology, Inc. \* | 37 | 5778 |
| Becton Dickinson & Co. | 92 | 17854 |
| Boston Scientific Corp. \* | 944 | 90010 |
| Dexcom, Inc. \* | 267 | 17721 |
| Edwards Lifesciences Corp. \* | 976 | 83204 |
| GE HealthCare Technologies, Inc. | 220 | 18044 |
| Hologic, Inc. \* | 126 | 9386 |
| Intuitive Surgical, Inc. \* | 67 | 37946 |
| Medline, Inc., Class A \* | 275 | 11550 |
| Medtronic plc | 1590 | 152735 |
| ResMed, Inc. | 18 | 4336 |
| Stryker Corp. | 433 | 152187 |
|  |  | 640092 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 273 | 75138 |
| CVS Health Corp. | 601 | 47695 |
| Elevance Health, Inc. | 73 | 25590 |
| HCA Healthcare, Inc. | 73 | 34081 |
| Humana, Inc. | 201 | 51482 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| McKesson Corp. | 62 | 50858 |
| UnitedHealth Group, Inc. | 487 | 160764 |
|  |  | 445608 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Ventas, Inc. | 1207 | 93397 |
| Welltower, Inc. | 416 | 77214 |
|  |  | 170611 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Booking Holdings, Inc. | 18 | 96396 |
| Carnival Corp. \* | 2262 | 69082 |
| Chipotle Mexican Grill, Inc., Class A \* | 2327 | 86099 |
| Domino's Pizza, Inc. | 16 | 6669 |
| DoorDash, Inc., Class A \* | 253 | 57299 |
| Expedia Group, Inc. | 266 | 75361 |
| Hilton Worldwide Holdings, Inc. | 469 | 134720 |
| McDonald's Corp. | 598 | 182767 |
| Royal Caribbean Cruises Ltd. | 58 | 16177 |
| Yum! Brands, Inc. | 646 | 97727 |
|  |  | 822297 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 310 | 31868 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 323 | 27084 |
| Procter & Gamble Co. (The) | 556 | 79680 |
|  |  | 106764 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 123 | 19844 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| 3M Co. | 956 | 153056 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 366 | 46724 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Aon plc, Class A | 182 | 64224 |
| Arch Capital Group Ltd. \* | 499 | 47864 |
| Arthur J Gallagher & Co. | 448 | 115938 |
| Chubb Ltd. | 288 | 89891 |
| MetLife, Inc. | 320 | 25261 |
| Principal Financial Group, Inc. | 85 | 7498 |
| Progressive Corp. (The) | 448 | 102018 |
| Travelers Cos., Inc. (The) | 110 | 31907 |
|  |  | 484601 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Interactive Media & Services — 8.1%** | **Interactive Media & Services — 8.1%** | **Interactive Media & Services — 8.1%** |
| Alphabet, Inc., Class A | 2753 | 861689 |
| Alphabet, Inc., Class C | 1971 | 618500 |
| Meta Platforms, Inc., Class A | 1159 | 765044 |
|  |  | 2245233 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Accenture plc, Class A | 289 | 77539 |
| Cognizant Technology Solutions Corp., Class A | 1121 | 93043 |
| Gartner, Inc. \* | 35 | 8830 |
| International Business Machines Corp. | 121 | 35841 |
| VeriSign, Inc. | 29 | 7045 |
|  |  | 222298 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Danaher Corp. | 538 | 123159 |
| Thermo Fisher Scientific, Inc. | 22 | 12748 |
| Waters Corp. \* | 29 | 11015 |
|  |  | 146922 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| Caterpillar, Inc. | 70 | 40101 |
| Cummins, Inc. | 65 | 33179 |
| Deere & Co. | 293 | 136412 |
| Ingersoll Rand, Inc. | 539 | 42700 |
| Otis Worldwide Corp. | 710 | 62018 |
| PACCAR, Inc. | 248 | 27158 |
| Westinghouse Air Brake Technologies Corp. | 35 | 7471 |
|  |  | 349039 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* (a) | 96 | 20040 |
| Comcast Corp., Class A | 2779 | 83064 |
| Omnicom Group, Inc. | 260 | 20995 |
|  |  | 124099 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Newmont Corp. | 373 | 37244 |
| Nucor Corp. | 171 | 27892 |
| Steel Dynamics, Inc. | 138 | 23384 |
|  |  | 88520 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp. | 273 | 27262 |
| Dominion Energy, Inc. | 199 | 11659 |
| Sempra | 923 | 81492 |
|  |  | 120413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| Cheniere Energy, Inc. | 19 | 3693 |
| Chevron Corp. | 614 | 93580 |
| ConocoPhillips | 1045 | 97822 |
| Diamondback Energy, Inc. | 381 | 57276 |
| EOG Resources, Inc. | 1111 | 116666 |
| EQT Corp. | 446 | 23906 |
| Exxon Mobil Corp. | 2727 | 328167 |
|  |  | 721110 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 453 | 31438 |
| United Airlines Holdings, Inc. \* | 237 | 26502 |
|  |  | 57940 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| Bristol-Myers Squibb Co. | 2549 | 137493 |
| Eli Lilly & Co. | 324 | 348196 |
| Johnson & Johnson | 1548 | 320359 |
| Merck & Co., Inc. | 498 | 52420 |
| Zoetis, Inc. | 93 | 11701 |
|  |  | 870169 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Leidos Holdings, Inc. | 471 | 84968 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc., Class A \* | 145 | 23315 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 441 | 26729 |
| Invitation Homes, Inc. | 238 | 6614 |
|  |  | 33343 |
| **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** |
| Advanced Micro Devices, Inc. \* | 619 | 132565 |
| Analog Devices, Inc. | 599 | 162449 |
| Broadcom, Inc. | 2192 | 758651 |
| Intel Corp. \* | 627 | 23136 |
| Lam Research Corp. | 1003 | 171694 |
| Microchip Technology, Inc. | 233 | 14847 |
| Micron Technology, Inc. | 708 | 202070 |
| NVIDIA Corp. | 12056 | 2248444 |
| NXP Semiconductors NV (Netherlands) | 456 | 98979 |
| QUALCOMM, Inc. | 111 | 18987 |
| Texas Instruments, Inc. | 810 | 140527 |
|  |  | 3972349 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** |
| Adobe, Inc. \* | 81 | 28349 |
| AppLovin Corp., Class A \* | 108 | 72773 |
| Autodesk, Inc. \* | 98 | 29009 |
| Cadence Design Systems, Inc. \* | 193 | 60328 |
| Crowdstrike Holdings, Inc., Class A \* | 75 | 35157 |
| Fortinet, Inc. \* | 315 | 25014 |
| Intuit, Inc. | 232 | 153682 |
| Microsoft Corp. | 3737 | 1807288 |
| Oracle Corp. | 996 | 194130 |
| Palantir Technologies, Inc., Class A \* | 798 | 141845 |
| Palo Alto Networks, Inc. \* | 115 | 21183 |
| Roper Technologies, Inc. | 17 | 7567 |
| Salesforce, Inc. | 451 | 119474 |
| ServiceNow, Inc. \* | 1218 | 186585 |
|  |  | 2882384 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 494 | 86732 |
| Equinix, Inc. | 94 | 72019 |
| Extra Space Storage, Inc. | 92 | 11980 |
| SBA Communications Corp. | 252 | 48744 |
|  |  | 219475 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 18 | 61047 |
| Best Buy Co., Inc. | 43 | 2878 |
| Burlington Stores, Inc. \* | 186 | 53726 |
| Home Depot, Inc. (The) | 121 | 41636 |
| Lowe's Cos., Inc. | 814 | 196304 |
| O'Reilly Automotive, Inc. \* | 176 | 16053 |
| Ross Stores, Inc. | 592 | 106643 |
| TJX Cos., Inc. (The) | 38 | 5837 |
| Tractor Supply Co. | 353 | 17654 |
|  |  | 501778 |
| **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** |
| Apple, Inc. | 7160 | 1946518 |
| Hewlett Packard Enterprise Co. | 659 | 15829 |
| Seagate Technology Holdings plc | 346 | 95285 |
| Western Digital Corp. | 346 | 59605 |
|  |  | 2117237 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 801 | 51032 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| Ralph Lauren Corp. | 19 | 6718 |
| Tapestry, Inc. | 97 | 12394 |
|  |  | 70144 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 683 | 39382 |
| Philip Morris International, Inc. | 911 | 146124 |
|  |  | 185506 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 49 | 39657 |
| Total Common Stocks <br>(Cost $22,906,923)<br>|  | 27607135 |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $80,714)<br>| 80714 | 80714 |
| **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 Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $18,814)<br>| 18814 | 18814 |
| Total Short-Term Investments <br>(Cost $99,528)<br>|  | 99528 |
| **Total Investments — 99.9%** <br>**(Cost $23,006,451)**<br>|  | **27706663** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **40219** |
| **NET ASSETS — 100.0%** |  | **27746882** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $18,370.<br>|
| (b) | 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>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**Futures contracts outstanding as of December 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** |  |  |  |  |  |
| S&P 500 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 103395 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |

---

&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;

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

------

JPMorgan U.S. Tech Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Automobiles — 5.4%** | **Automobiles — 5.4%** | **Automobiles — 5.4%** |
| Rivian Automotive, Inc., Class A \* (a) | 2509730 | 49466778 |
| Tesla, Inc. \* | 276046 | 124143407 |
|  |  | 173610185 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| NU Holdings Ltd., Class A (Brazil) \* | 1905711 | 31901602 |
| **Broadline Retail — 7.1%** | **Broadline Retail — 7.1%** | **Broadline Retail — 7.1%** |
| Alibaba Group Holding Ltd., ADR (China) | 433994 | 63614841 |
| Amazon.com, Inc. \* | 268990 | 62088272 |
| MercadoLibre, Inc. (Brazil) \* | 18881 | 38031243 |
| Sea Ltd., ADR (Singapore) \* | 482537 | 61557245 |
|  |  | 225291601 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| Coinbase Global, Inc., Class A \* | 133209 | 30123883 |
| Robinhood Markets, Inc., Class A \* | 884516 | 100038760 |
|  |  | 130162643 |
| **Communications Equipment — 4.6%** | **Communications Equipment — 4.6%** | **Communications Equipment — 4.6%** |
| Arista Networks, Inc. \* | 129150 | 16922525 |
| Ciena Corp. \* | 409081 | 95671773 |
| Lumentum Holdings, Inc. \* (a) | 88651 | 32675872 |
|  |  | 145270170 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Lumen Technologies, Inc. \* | 1681198 | 13062908 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Vicor Corp. \* | 386074 | 42313710 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Fabrinet (Thailand) \* | 23149 | 10539277 |
| TTM Technologies, Inc. \* | 107794 | 7437786 |
|  |  | 17977063 |
| **Entertainment — 7.4%** | **Entertainment — 7.4%** | **Entertainment — 7.4%** |
| Netflix, Inc. \* | 695120 | 65174451 |
| Spotify Technology SA \* | 72172 | 41911002 |
| Take-Two Interactive Software, Inc. \* | 507244 | 129869682 |
|  |  | 236955135 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Uber Technologies, Inc. \* | 95084 | 7769314 |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| Veeva Systems, Inc., Class A \* | 133783 | 29864379 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Booking Holdings, Inc. | 7199 | 38553021 |
| DoorDash, Inc., Class A \* | 154588 | 35011090 |
|  |  | 73564111 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Lemonade, Inc. \* (a) | 466041 | 33172798 |
| **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** |
| Alphabet, Inc., Class C | 445528 | 139806687 |
| Meta Platforms, Inc., Class A | 125858 | 83077607 |
| Reddit, Inc., Class A \* | 162226 | 37290891 |
| Snap, Inc., Class A \* | 1234919 | 9965796 |
|  |  | 270140981 |
| **IT Services — 9.7%** | **IT Services — 9.7%** | **IT Services — 9.7%** |
| Cloudflare, Inc., Class A \* | 177545 | 35002997 |
| Shopify, Inc., Class A (Canada) \* | 597600 | 96195672 |
| Snowflake, Inc., Class A \* | 571086 | 125273425 |
| Twilio, Inc., Class A \* | 364236 | 51808928 |
|  |  | 308281022 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Tempus AI, Inc. \* (a) | 549385 | 32441184 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Symbotic, Inc. \* (a) | 247972 | 14754334 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| EchoStar Corp., Class A \* (a) | 159134 | 17297866 |
| **Semiconductors & Semiconductor Equipment — 22.7%** | **Semiconductors & Semiconductor Equipment — 22.7%** | **Semiconductors & Semiconductor Equipment — 22.7%** |
| Advanced Micro Devices, Inc. \* | 191933 | 41104371 |
| Allegro MicroSystems, Inc. (Japan) \* | 419222 | 11059076 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 43675 | 46726136 |
| Broadcom, Inc. | 317119 | 109754886 |
| Credo Technology Group Holding Ltd. \* | 512779 | 73783770 |
| First Solar, Inc. \* | 92881 | 24263304 |
| Lam Research Corp. | 598506 | 102452257 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 44906 | 7691500 |
| Micron Technology, Inc. | 162464 | 46368850 |
| NVIDIA Corp. | 814386 | 151882989 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan)<br>| 358529 | 108953378 |
|  |  | 724040517 |
| **Software — 19.4%** | **Software — 19.4%** | **Software — 19.4%** |
| AppLovin Corp., Class A \* | 78648 | 52994595 |
| Cadence Design Systems, Inc. \* | 80458 | 25149562 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Tech Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Crowdstrike Holdings, Inc., Class A \* | 74602 | 34970434 |
| Datadog, Inc., Class A \* | 142709 | 19406997 |
| Figma, Inc., Class A \* (a) | 592450 | 22139856 |
| HubSpot, Inc. \* | 95122 | 38172459 |
| Intuit, Inc. | 92462 | 61248678 |
| Microsoft Corp. | 137642 | 66566424 |
| Oracle Corp. | 431863 | 84174417 |
| Palantir Technologies, Inc., Class A \* | 175500 | 31195125 |
| Palo Alto Networks, Inc. \* | 188712 | 34760750 |
| ServiceNow, Inc. \* | 519491 | 79580826 |
| ServiceTitan, Inc., Class A \* (a) | 263976 | 28113444 |
| Zoom Communications, Inc., Class A \* | 489064 | 42201333 |
|  |  | 620674900 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Warby Parker, Inc., Class A \* | 680864 | 14836027 |
| Total Common Stocks <br>(Cost $2,614,288,284)<br>|  | 3163382450 |
| **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (b) (c) <br>(Cost $29,689,252)<br>| 29689252 | 29689252 |
| **Investment of Cash Collateral from Securities Loaned — 3.6%** | **Investment of Cash Collateral from Securities Loaned — 3.6%** | **Investment of Cash Collateral from Securities Loaned — 3.6%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 3.82% (b) (c) <br>(Cost $115,480,344)<br>| 115480344 | 115480344 |
| Total Short-Term Investments <br>(Cost $145,169,596)<br>|  | 145169596 |
| **Total Investments — 103.7%** <br>**(Cost $2,759,457,880)**<br>|  | **3308552046** |
| **Liabilities in Excess of Other Assets —** <br> **(3.7)%**<br>|  | **(116662977)**<br>|
| **NET ASSETS — 100.0%** |  | **3191889069** |

---

&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** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $112,496,990. 

(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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Small Cap** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $8389594320 | &nbsp;&nbsp;&nbsp; $22718730 | &nbsp;&nbsp;&nbsp; $5172481807 | &nbsp;&nbsp;&nbsp; $40882112487 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 132802121 | &nbsp;&nbsp;&nbsp; 439053 | &nbsp;&nbsp;&nbsp; 42829575 | &nbsp;&nbsp;&nbsp; 770979057 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 9865023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23173867 | &nbsp;&nbsp;&nbsp; 14827675 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 8451 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1167440914 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 132405 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 406282 | &nbsp;&nbsp;&nbsp; 99586466 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132310178 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1040817 | &nbsp;&nbsp;&nbsp; 34451 | &nbsp;&nbsp;&nbsp; 5554220 | &nbsp;&nbsp;&nbsp; 42265867 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 396455 | &nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp; 148245 | &nbsp;&nbsp;&nbsp; 1722629 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp; 1680 |
| Total Assets | &nbsp;&nbsp;&nbsp; 8533833504 | &nbsp;&nbsp;&nbsp; 23194019 | &nbsp;&nbsp;&nbsp; 5244604385 | &nbsp;&nbsp;&nbsp; 43111246953 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 309779054 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 60088 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 356833 | &nbsp;&nbsp;&nbsp; 1191237531 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9865023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23173867 | &nbsp;&nbsp;&nbsp; 14827675 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1382687 |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3089234 | &nbsp;&nbsp;&nbsp; 15018 | &nbsp;&nbsp;&nbsp; 1854259 | &nbsp;&nbsp;&nbsp; 11981902 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 13014345 | &nbsp;&nbsp;&nbsp; 15018 | &nbsp;&nbsp;&nbsp; 25384959 | &nbsp;&nbsp;&nbsp; 1529208849 |
| Net Assets | &nbsp;&nbsp;&nbsp; $8520819159 | &nbsp;&nbsp;&nbsp; $23179001 | &nbsp;&nbsp;&nbsp; $5219219426 | &nbsp;&nbsp;&nbsp; $41582038104 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7400309275 | &nbsp;&nbsp;&nbsp; $21691204 | &nbsp;&nbsp;&nbsp; $4752389264 | &nbsp;&nbsp;&nbsp; $42248588298 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1120509884 | &nbsp;&nbsp;&nbsp; 1487797 | &nbsp;&nbsp;&nbsp; 466830162 | &nbsp;&nbsp;&nbsp; (666550194)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $8520819159 | &nbsp;&nbsp;&nbsp; $23179001 | &nbsp;&nbsp;&nbsp; $5219219426 | &nbsp;&nbsp;&nbsp; $41582038104 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 91850000 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 72750000 | &nbsp;&nbsp;&nbsp; 727000000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $92.77 | &nbsp;&nbsp;&nbsp; $57.95 | &nbsp;&nbsp;&nbsp; $71.74 | &nbsp;&nbsp;&nbsp; $57.20 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7028377046 | &nbsp;&nbsp;&nbsp; $21502139 | &nbsp;&nbsp;&nbsp; $4702832085 | &nbsp;&nbsp;&nbsp; $34433952256 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 132802121 | &nbsp;&nbsp;&nbsp; 439053 | &nbsp;&nbsp;&nbsp; 42829575 | &nbsp;&nbsp;&nbsp; 770979057 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9490754 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22279236 | &nbsp;&nbsp;&nbsp; 14402987 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9865023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23173867 | &nbsp;&nbsp;&nbsp; 14827675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $14623934 | &nbsp;&nbsp;&nbsp; $6714925 | &nbsp;&nbsp;&nbsp; $6885605 | &nbsp;&nbsp;&nbsp; $32040108565 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 71337 | &nbsp;&nbsp;&nbsp; 280381 | &nbsp;&nbsp;&nbsp; 304581 | &nbsp;&nbsp;&nbsp; 671465344 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 72184 | &nbsp;&nbsp;&nbsp; 140936 | &nbsp;&nbsp;&nbsp; 405718 | &nbsp;&nbsp;&nbsp; 60213004 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15808 | &nbsp;&nbsp;&nbsp; 1090976596 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 102943191 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178955772 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 8045 | &nbsp;&nbsp;&nbsp; 6990 | &nbsp;&nbsp;&nbsp; 6648 | &nbsp;&nbsp;&nbsp; 6961700 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 931 | &nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; 1013024 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 5266 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 14775761 | &nbsp;&nbsp;&nbsp; 7171169 | &nbsp;&nbsp;&nbsp; 7652413 | &nbsp;&nbsp;&nbsp; 34152642462 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 56512 |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 322284742 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42643 | &nbsp;&nbsp;&nbsp; 1139961787 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 72184 | &nbsp;&nbsp;&nbsp; 140936 | &nbsp;&nbsp;&nbsp; 405718 | &nbsp;&nbsp;&nbsp; 60213004 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3108 | &nbsp;&nbsp;&nbsp; 2303 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3738 | &nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp; 9355256 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 75922 | &nbsp;&nbsp;&nbsp; 146117 | &nbsp;&nbsp;&nbsp; 453122 | &nbsp;&nbsp;&nbsp; 1531871301 |
| Net Assets | &nbsp;&nbsp;&nbsp; $14699839 | &nbsp;&nbsp;&nbsp; $7025052 | &nbsp;&nbsp;&nbsp; $7199291 | &nbsp;&nbsp;&nbsp; $32620771161 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $11393150 | &nbsp;&nbsp;&nbsp; $6547521 | &nbsp;&nbsp;&nbsp; $6472377 | &nbsp;&nbsp;&nbsp; $30490045133 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 3306689 | &nbsp;&nbsp;&nbsp; 477531 | &nbsp;&nbsp;&nbsp; 726914 | &nbsp;&nbsp;&nbsp; 2130726028 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $14699839 | &nbsp;&nbsp;&nbsp; $7025052 | &nbsp;&nbsp;&nbsp; $7199291 | &nbsp;&nbsp;&nbsp; $32620771161 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 561625000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $65.33 | &nbsp;&nbsp;&nbsp; $58.54 | &nbsp;&nbsp;&nbsp; $59.99 | &nbsp;&nbsp;&nbsp; $58.08 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $12106763 | &nbsp;&nbsp;&nbsp; $6240080 | &nbsp;&nbsp;&nbsp; $6160545 | &nbsp;&nbsp;&nbsp; $25613739118 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 71337 | &nbsp;&nbsp;&nbsp; 280381 | &nbsp;&nbsp;&nbsp; 304581 | &nbsp;&nbsp;&nbsp; 671465344 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 69546 | &nbsp;&nbsp;&nbsp; 136399 | &nbsp;&nbsp;&nbsp; 392899 | &nbsp;&nbsp;&nbsp; 58297577 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 72184 | &nbsp;&nbsp;&nbsp; 140936 | &nbsp;&nbsp;&nbsp; 405718 | &nbsp;&nbsp;&nbsp; 60213004 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $2062618093 | &nbsp;&nbsp;&nbsp; $27607135 | &nbsp;&nbsp;&nbsp; $3163382450 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 42704357 | &nbsp;&nbsp;&nbsp; 80714 | &nbsp;&nbsp;&nbsp; 29689252 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 110478334 | &nbsp;&nbsp;&nbsp; 18814 | &nbsp;&nbsp;&nbsp; 115480344 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 129970 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103999 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1746285 | &nbsp;&nbsp;&nbsp; 17877 | &nbsp;&nbsp;&nbsp; 390742 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 143840 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 97920 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 3694 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 11932 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 20204 |
| Total Assets | &nbsp;&nbsp;&nbsp; 2220716505 | &nbsp;&nbsp;&nbsp; 27770978 | &nbsp;&nbsp;&nbsp; 3309164912 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82760 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 110478334 | &nbsp;&nbsp;&nbsp; 18814 | &nbsp;&nbsp;&nbsp; 115480344 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 426103 | &nbsp;&nbsp;&nbsp; 769 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 267589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 135648 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 11731 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4513 | &nbsp;&nbsp;&nbsp; 1712739 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14105 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 145780 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 111479332 | &nbsp;&nbsp;&nbsp; 24096 | &nbsp;&nbsp;&nbsp; 117275843 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2109237173 | &nbsp;&nbsp;&nbsp; $27746882 | &nbsp;&nbsp;&nbsp; $3191889069 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1780795790 | &nbsp;&nbsp;&nbsp; $22974361 | &nbsp;&nbsp;&nbsp; $2772661903 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 328441383 | &nbsp;&nbsp;&nbsp; 4772521 | &nbsp;&nbsp;&nbsp; 419227166 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2109237173 | &nbsp;&nbsp;&nbsp; $27746882 | &nbsp;&nbsp;&nbsp; $3191889069 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 32773634 | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 35450000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $64.36 | &nbsp;&nbsp;&nbsp; $61.66 | &nbsp;&nbsp;&nbsp; $90.04 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1770197064 | &nbsp;&nbsp;&nbsp; $22906923 | &nbsp;&nbsp;&nbsp; $2614288284 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 42704357 | &nbsp;&nbsp;&nbsp; 80714 | &nbsp;&nbsp;&nbsp; 29689252 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 107068677 | &nbsp;&nbsp;&nbsp; 18370 | &nbsp;&nbsp;&nbsp; 112496990 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 110478334 | &nbsp;&nbsp;&nbsp; 18814 | &nbsp;&nbsp;&nbsp; 115480344 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Small Cap** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $920 | &nbsp;&nbsp;&nbsp; $920 | &nbsp;&nbsp;&nbsp; $1533 | &nbsp;&nbsp;&nbsp; $1383041264 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 105687 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 18278519 | &nbsp;&nbsp;&nbsp; 245156 | &nbsp;&nbsp;&nbsp; 39888527 | &nbsp;&nbsp;&nbsp; 275924281 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2277264 | &nbsp;&nbsp;&nbsp; 10546 | &nbsp;&nbsp;&nbsp; 1413298 | &nbsp;&nbsp;&nbsp; 8113349 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 60211 | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 36675 | &nbsp;&nbsp;&nbsp; 3537 |
| Total investment income | &nbsp;&nbsp;&nbsp; 20616914 | &nbsp;&nbsp;&nbsp; 256900 | &nbsp;&nbsp;&nbsp; 41340033 | &nbsp;&nbsp;&nbsp; 1667188118 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 16647791 | &nbsp;&nbsp;&nbsp; 88929 | &nbsp;&nbsp;&nbsp; 9459997 | &nbsp;&nbsp;&nbsp; 72263301 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4754 | &nbsp;&nbsp;&nbsp; 14361 |
| Total expenses | &nbsp;&nbsp;&nbsp; 16647791 | &nbsp;&nbsp;&nbsp; 88929 | &nbsp;&nbsp;&nbsp; 9464751 | &nbsp;&nbsp;&nbsp; 72277662 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3969123 | &nbsp;&nbsp;&nbsp; 167971 | &nbsp;&nbsp;&nbsp; 31875282 | &nbsp;&nbsp;&nbsp; 1594910456 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (120337019)<br>| &nbsp;&nbsp;&nbsp; 120422 | &nbsp;&nbsp;&nbsp; (70633889)<br>| &nbsp;&nbsp;&nbsp; (730770756)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 207830710 | &nbsp;&nbsp;&nbsp; 295064 | &nbsp;&nbsp;&nbsp; 268305377 | &nbsp;&nbsp;&nbsp; 483367032 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 87493691 | &nbsp;&nbsp;&nbsp; 415486 | &nbsp;&nbsp;&nbsp; 197671488 | &nbsp;&nbsp;&nbsp; (247403724)<br>|
| Change in net unrealized appreciation/depreciation on <br> investments in non-affiliates<br>| &nbsp;&nbsp;&nbsp; 436078461 | &nbsp;&nbsp;&nbsp; 417153 | &nbsp;&nbsp;&nbsp; 200684967 | &nbsp;&nbsp;&nbsp; 824040344 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 523572152 | &nbsp;&nbsp;&nbsp; 832639 | &nbsp;&nbsp;&nbsp; 398356455 | &nbsp;&nbsp;&nbsp; 576636620 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $527541275 | &nbsp;&nbsp;&nbsp; $1000610 | &nbsp;&nbsp;&nbsp; $430231737 | &nbsp;&nbsp;&nbsp; $2171547076 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $1205 | &nbsp;&nbsp;&nbsp; $1317 | &nbsp;&nbsp;&nbsp; $1598 | &nbsp;&nbsp;&nbsp; $1557391547 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 81426 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 80497 | &nbsp;&nbsp;&nbsp; 43533 | &nbsp;&nbsp;&nbsp; 40993 | &nbsp;&nbsp;&nbsp; 82115679 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp; 6051 | &nbsp;&nbsp;&nbsp; 6308 | &nbsp;&nbsp;&nbsp; 5145302 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 8808 |
| Total investment income | &nbsp;&nbsp;&nbsp; 84020 | &nbsp;&nbsp;&nbsp; 50923 | &nbsp;&nbsp;&nbsp; 49284 | &nbsp;&nbsp;&nbsp; 1644742762 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 21409 | &nbsp;&nbsp;&nbsp; 12064 | &nbsp;&nbsp;&nbsp; 13921 | &nbsp;&nbsp;&nbsp; 53435488 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56513 |
| Total expenses | &nbsp;&nbsp;&nbsp; 21409 | &nbsp;&nbsp;&nbsp; 12064 | &nbsp;&nbsp;&nbsp; 13921 | &nbsp;&nbsp;&nbsp; 53492001 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 62611 | &nbsp;&nbsp;&nbsp; 38859 | &nbsp;&nbsp;&nbsp; 35363 | &nbsp;&nbsp;&nbsp; 1591250761 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (10918)<br>| &nbsp;&nbsp;&nbsp; (80285)<br>| &nbsp;&nbsp;&nbsp; (45446)<br>| &nbsp;&nbsp;&nbsp; (974104861)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 841827 | &nbsp;&nbsp;&nbsp; 186292 | &nbsp;&nbsp;&nbsp; 191413 | &nbsp;&nbsp;&nbsp; 1237803854 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 6654 | &nbsp;&nbsp;&nbsp; 27723 | &nbsp;&nbsp;&nbsp; 53279 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 837563 | &nbsp;&nbsp;&nbsp; 133730 | &nbsp;&nbsp;&nbsp; 199246 | &nbsp;&nbsp;&nbsp; 263698993 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 587339 | &nbsp;&nbsp;&nbsp; 175415 | &nbsp;&nbsp;&nbsp; 584557 | &nbsp;&nbsp;&nbsp; 1963423564 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (2190)<br>| &nbsp;&nbsp;&nbsp; (11441)<br>| &nbsp;&nbsp;&nbsp; (18070)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 585149 | &nbsp;&nbsp;&nbsp; 163974 | &nbsp;&nbsp;&nbsp; 566487 | &nbsp;&nbsp;&nbsp; 1963423564 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1422712 | &nbsp;&nbsp;&nbsp; 297704 | &nbsp;&nbsp;&nbsp; 765733 | &nbsp;&nbsp;&nbsp; 2227122557 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1485323 | &nbsp;&nbsp;&nbsp; $336563 | &nbsp;&nbsp;&nbsp; $801096 | &nbsp;&nbsp;&nbsp; $3818373318 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $82739 | &nbsp;&nbsp;&nbsp; $1432 | &nbsp;&nbsp;&nbsp; $920 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 95 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 13119307 | &nbsp;&nbsp;&nbsp; 142646 | &nbsp;&nbsp;&nbsp; 2557013 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 975731 | &nbsp;&nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp; 723926 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 46863 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 368276 |
| Total investment income | &nbsp;&nbsp;&nbsp; 14224642 | &nbsp;&nbsp;&nbsp; 147984 | &nbsp;&nbsp;&nbsp; 3650230 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25061 | &nbsp;&nbsp;&nbsp; 8633082 |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2530992 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 759301 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 38756 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 952 |
| Professional fees | &nbsp;&nbsp;&nbsp; 27658 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 58609 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 4802 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 4679 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 3444533 | &nbsp;&nbsp;&nbsp; 25061 | &nbsp;&nbsp;&nbsp; 8634034 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (31809)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1007515)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 2405209 | &nbsp;&nbsp;&nbsp; 25061 | &nbsp;&nbsp;&nbsp; 8634034 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 11819433 | &nbsp;&nbsp;&nbsp; 122923 | &nbsp;&nbsp;&nbsp; (4983804)<br>|
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (2999502)<br>| &nbsp;&nbsp;&nbsp; 132281 | &nbsp;&nbsp;&nbsp; (73030273)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 79760636 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; 67013687 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 7077873 | &nbsp;&nbsp;&nbsp; 25506 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 83839007 | &nbsp;&nbsp;&nbsp; 157776 | &nbsp;&nbsp;&nbsp; (6016586)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 90458837 | &nbsp;&nbsp;&nbsp; 2208550 | &nbsp;&nbsp;&nbsp; 152140415 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (2580297)<br>| &nbsp;&nbsp;&nbsp; (7605)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 87878540 | &nbsp;&nbsp;&nbsp; 2200945 | &nbsp;&nbsp;&nbsp; 152140415 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 171717547 | &nbsp;&nbsp;&nbsp; 2358721 | &nbsp;&nbsp;&nbsp; 146123829 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $183536980 | &nbsp;&nbsp;&nbsp; $2481644 | &nbsp;&nbsp;&nbsp; $141140025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**Growth ETF**  | **JPMorgan** <br>**Active** <br>**Growth ETF**  | **JPMorgan** <br>**Active Small Cap** <br>**Value ETF**  | **JPMorgan** <br>**Active Small Cap** <br>**Value ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3969123 | &nbsp;&nbsp;&nbsp; $11847042 | &nbsp;&nbsp;&nbsp; $167971 | &nbsp;&nbsp;&nbsp; $270947 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 87493691 | &nbsp;&nbsp;&nbsp; 128636370 | &nbsp;&nbsp;&nbsp; 415486 | &nbsp;&nbsp;&nbsp; (40123)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 436078461 | &nbsp;&nbsp;&nbsp; 512498816 | &nbsp;&nbsp;&nbsp; 417153 | &nbsp;&nbsp;&nbsp; 197060 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 527541275 | &nbsp;&nbsp;&nbsp; 652982228 | &nbsp;&nbsp;&nbsp; 1000610 | &nbsp;&nbsp;&nbsp; 427884 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (13236845)<br>| &nbsp;&nbsp;&nbsp; (4426088)<br>| &nbsp;&nbsp;&nbsp; (333032)<br>| &nbsp;&nbsp;&nbsp; (230259)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1620490792 | &nbsp;&nbsp;&nbsp; 3648605986 | &nbsp;&nbsp;&nbsp; (1140910)<br>| &nbsp;&nbsp;&nbsp; 10293648 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2134795222 | &nbsp;&nbsp;&nbsp; 4297162126 | &nbsp;&nbsp;&nbsp; (473332)<br>| &nbsp;&nbsp;&nbsp; 10491273 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6386023937 | &nbsp;&nbsp;&nbsp; 2088861811 | &nbsp;&nbsp;&nbsp; 23652333 | &nbsp;&nbsp;&nbsp; 13161060 |
| End of period | &nbsp;&nbsp;&nbsp; $8520819159 | &nbsp;&nbsp;&nbsp; $6386023937 | &nbsp;&nbsp;&nbsp; $23179001 | &nbsp;&nbsp;&nbsp; $23652333 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2297612236 | &nbsp;&nbsp;&nbsp; $4841821292 | &nbsp;&nbsp;&nbsp; $292628 | &nbsp;&nbsp;&nbsp; $10589899 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (677121444)<br>| &nbsp;&nbsp;&nbsp; (1193215306)<br>| &nbsp;&nbsp;&nbsp; (1433538)<br>| &nbsp;&nbsp;&nbsp; (296251)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1620490792 | &nbsp;&nbsp;&nbsp; $3648605986 | &nbsp;&nbsp;&nbsp; $(1140910)<br>| &nbsp;&nbsp;&nbsp; $10293648 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25250000 | &nbsp;&nbsp;&nbsp; 61475000 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 185000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7550000)<br>| &nbsp;&nbsp;&nbsp; (15100000)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (5000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 17700000 | &nbsp;&nbsp;&nbsp; 46375000 | &nbsp;&nbsp;&nbsp; (20000)<br>| &nbsp;&nbsp;&nbsp; 180000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**Value ETF**  | **JPMorgan** <br>**Active** <br>**Value ETF**  | **JPMorgan Equity** <br>**Premium Income ETF**  | **JPMorgan Equity** <br>**Premium Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $31875282 | &nbsp;&nbsp;&nbsp; $41442731 | &nbsp;&nbsp;&nbsp; $1594910456 | &nbsp;&nbsp;&nbsp; $3125621900 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 197671488 | &nbsp;&nbsp;&nbsp; (12260190)<br>| &nbsp;&nbsp;&nbsp; (247403724)<br>| &nbsp;&nbsp;&nbsp; (1139569105)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 200684967 | &nbsp;&nbsp;&nbsp; 180151470 | &nbsp;&nbsp;&nbsp; 824040344 | &nbsp;&nbsp;&nbsp; 930727894 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 430231737 | &nbsp;&nbsp;&nbsp; 209334011 | &nbsp;&nbsp;&nbsp; 2171547076 | &nbsp;&nbsp;&nbsp; 2916780689 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (36472150)<br>| &nbsp;&nbsp;&nbsp; (38123372)<br>| &nbsp;&nbsp;&nbsp; (1898298072)<br>| &nbsp;&nbsp;&nbsp; (3027394985)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1146701881 | &nbsp;&nbsp;&nbsp; 2241634909 | &nbsp;&nbsp;&nbsp; 315230567 | &nbsp;&nbsp;&nbsp; 7348590046 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1540461468 | &nbsp;&nbsp;&nbsp; 2412845548 | &nbsp;&nbsp;&nbsp; 588479571 | &nbsp;&nbsp;&nbsp; 7237975750 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 3678757958 | &nbsp;&nbsp;&nbsp; 1265912410 | &nbsp;&nbsp;&nbsp; 40993558533 | &nbsp;&nbsp;&nbsp; 33755582783 |
| End of period | &nbsp;&nbsp;&nbsp; $5219219426 | &nbsp;&nbsp;&nbsp; $3678757958 | &nbsp;&nbsp;&nbsp; $41582038104 | &nbsp;&nbsp;&nbsp; $40993558533 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1968932511 | &nbsp;&nbsp;&nbsp; $3028591219 | &nbsp;&nbsp;&nbsp; $2245313420 | &nbsp;&nbsp;&nbsp; $9516871009 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (822230630)<br>| &nbsp;&nbsp;&nbsp; (786956310)<br>| &nbsp;&nbsp;&nbsp; (1930082853)<br>| &nbsp;&nbsp;&nbsp; (2168280963)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1146701881 | &nbsp;&nbsp;&nbsp; $2241634909 | &nbsp;&nbsp;&nbsp; $315230567 | &nbsp;&nbsp;&nbsp; $7348590046 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 28300000 | &nbsp;&nbsp;&nbsp; 46975000 | &nbsp;&nbsp;&nbsp; 39400000 | &nbsp;&nbsp;&nbsp; 164950000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11675000)<br>| &nbsp;&nbsp;&nbsp; (12225000)<br>| &nbsp;&nbsp;&nbsp; (33925000)<br>| &nbsp;&nbsp;&nbsp; (38675000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 16625000 | &nbsp;&nbsp;&nbsp; 34750000 | &nbsp;&nbsp;&nbsp; 5475000 | &nbsp;&nbsp;&nbsp; 126275000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF**  | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF**  | **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF**  | **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Period Ended** <br>**June 30, 2025 (a)**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| **Period Ended** <br>**June 30, 2025 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $62611 | &nbsp;&nbsp;&nbsp; $125533 | &nbsp;&nbsp;&nbsp; $38859 | &nbsp;&nbsp;&nbsp; $79933 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 837563 | &nbsp;&nbsp;&nbsp; 119894 | &nbsp;&nbsp;&nbsp; 133730 | &nbsp;&nbsp;&nbsp; 374375 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 585149 | &nbsp;&nbsp;&nbsp; 1932022 | &nbsp;&nbsp;&nbsp; 163974 | &nbsp;&nbsp;&nbsp; 306623 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1485323 | &nbsp;&nbsp;&nbsp; 2177449 | &nbsp;&nbsp;&nbsp; 336563 | &nbsp;&nbsp;&nbsp; 760931 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (81275)<br>| &nbsp;&nbsp;&nbsp; (114917)<br>| &nbsp;&nbsp;&nbsp; (55325)<br>| &nbsp;&nbsp;&nbsp; (73579)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (37958)<br>| &nbsp;&nbsp;&nbsp; 11271217 | &nbsp;&nbsp;&nbsp; 18166 | &nbsp;&nbsp;&nbsp; 6038296 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1366090 | &nbsp;&nbsp;&nbsp; 13333749 | &nbsp;&nbsp;&nbsp; 299404 | &nbsp;&nbsp;&nbsp; 6725648 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 13333749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6725648 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $14699839 | &nbsp;&nbsp;&nbsp; $13333749 | &nbsp;&nbsp;&nbsp; $7025052 | &nbsp;&nbsp;&nbsp; $6725648 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $3191414 | &nbsp;&nbsp;&nbsp; $12676509 | &nbsp;&nbsp;&nbsp; $1170346 | &nbsp;&nbsp;&nbsp; $12153691 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3229372)<br>| &nbsp;&nbsp;&nbsp; (1405292)<br>| &nbsp;&nbsp;&nbsp; (1152180)<br>| &nbsp;&nbsp;&nbsp; (6115395)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(37958)<br>| &nbsp;&nbsp;&nbsp; $11271217 | &nbsp;&nbsp;&nbsp; $18166 | &nbsp;&nbsp;&nbsp; $6038296 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 240000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (20000)<br>| &nbsp;&nbsp;&nbsp; (120000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120000 |

---

------

(a) Commencement of operations was August 7, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF**  | **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF**  | **JPMorgan Nasdaq Equity Premium Income ETF**  | **JPMorgan Nasdaq Equity Premium Income ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Period Ended** <br>**June 30, 2025 (a)**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $35363 | &nbsp;&nbsp;&nbsp; $55801 | &nbsp;&nbsp;&nbsp; $1591250761 | &nbsp;&nbsp;&nbsp; $2429445645 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 199246 | &nbsp;&nbsp;&nbsp; 256365 | &nbsp;&nbsp;&nbsp; 263698993 | &nbsp;&nbsp;&nbsp; (2355493342)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 566487 | &nbsp;&nbsp;&nbsp; 149565 | &nbsp;&nbsp;&nbsp; 1963423564 | &nbsp;&nbsp;&nbsp; 1940514246 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 801096 | &nbsp;&nbsp;&nbsp; 461731 | &nbsp;&nbsp;&nbsp; 3818373318 | &nbsp;&nbsp;&nbsp; 2014466549 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (57566)<br>| &nbsp;&nbsp;&nbsp; (50574)<br>| &nbsp;&nbsp;&nbsp; (1845683225)<br>| &nbsp;&nbsp;&nbsp; (2289840737)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 4822 | &nbsp;&nbsp;&nbsp; 6039782 | &nbsp;&nbsp;&nbsp; 2596233911 | &nbsp;&nbsp;&nbsp; 13082585313 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 748352 | &nbsp;&nbsp;&nbsp; 6450939 | &nbsp;&nbsp;&nbsp; 4568924004 | &nbsp;&nbsp;&nbsp; 12807211125 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6450939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28051847157 | &nbsp;&nbsp;&nbsp; 15244636032 |
| End of period | &nbsp;&nbsp;&nbsp; $7199291 | &nbsp;&nbsp;&nbsp; $6450939 | &nbsp;&nbsp;&nbsp; $32620771161 | &nbsp;&nbsp;&nbsp; $28051847157 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $601781 | &nbsp;&nbsp;&nbsp; $8753823 | &nbsp;&nbsp;&nbsp; $5320973872 | &nbsp;&nbsp;&nbsp; $15205843149 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (596959)<br>| &nbsp;&nbsp;&nbsp; (2714041)<br>| &nbsp;&nbsp;&nbsp; (2724739961)<br>| &nbsp;&nbsp;&nbsp; (2123257836)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $4822 | &nbsp;&nbsp;&nbsp; $6039782 | &nbsp;&nbsp;&nbsp; $2596233911 | &nbsp;&nbsp;&nbsp; $13082585313 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 93325000 | &nbsp;&nbsp;&nbsp; 279975000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (47525000)<br>| &nbsp;&nbsp;&nbsp; (38975000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 45800000 | &nbsp;&nbsp;&nbsp; 241000000 |

---

------

(a) Commencement of operations was August 7, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF**  | **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF**  | **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF**  | **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| **Period Ended** <br>**June 30, 2025 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $11819433 | &nbsp;&nbsp;&nbsp; $19989861 | &nbsp;&nbsp;&nbsp; $122923 | &nbsp;&nbsp;&nbsp; $60301 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 83839007 | &nbsp;&nbsp;&nbsp; 69081627 | &nbsp;&nbsp;&nbsp; 157776 | &nbsp;&nbsp;&nbsp; 80662 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 87878540 | &nbsp;&nbsp;&nbsp; (39734973)<br>| &nbsp;&nbsp;&nbsp; 2200945 | &nbsp;&nbsp;&nbsp; 2499328 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 183536980 | &nbsp;&nbsp;&nbsp; 49336515 | &nbsp;&nbsp;&nbsp; 2481644 | &nbsp;&nbsp;&nbsp; 2640291 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (23554685)<br>| &nbsp;&nbsp;&nbsp; (15116192)<br>| &nbsp;&nbsp;&nbsp; (213780)<br>| &nbsp;&nbsp;&nbsp; (44740)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 109754448 | &nbsp;&nbsp;&nbsp; 677440475 | &nbsp;&nbsp;&nbsp; 3019012 | &nbsp;&nbsp;&nbsp; 19864455 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 269736743 | &nbsp;&nbsp;&nbsp; 711660798 | &nbsp;&nbsp;&nbsp; 5286876 | &nbsp;&nbsp;&nbsp; 22460006 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1839500430 | &nbsp;&nbsp;&nbsp; 1127839632 | &nbsp;&nbsp;&nbsp; 22460006 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $2109237173 | &nbsp;&nbsp;&nbsp; $1839500430 | &nbsp;&nbsp;&nbsp; $27746882 | &nbsp;&nbsp;&nbsp; $22460006 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $284056746 | &nbsp;&nbsp;&nbsp; $939331249 | &nbsp;&nbsp;&nbsp; $3019012 | &nbsp;&nbsp;&nbsp; $21121034 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (174302298)<br>| &nbsp;&nbsp;&nbsp; (261890774)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1256579)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $109754448 | &nbsp;&nbsp;&nbsp; $677440475 | &nbsp;&nbsp;&nbsp; $3019012 | &nbsp;&nbsp;&nbsp; $19864455 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4475000 | &nbsp;&nbsp;&nbsp; 15600000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 425000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2750000)<br>| &nbsp;&nbsp;&nbsp; (4475000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 11125000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 400000 |

---

------

(a) Commencement of operations was March 13, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF**  | **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(4983804)<br>| &nbsp;&nbsp;&nbsp; $(2607629)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (6016586)<br>| &nbsp;&nbsp;&nbsp; (55423701)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 152140415 | &nbsp;&nbsp;&nbsp; 329763562 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 141140025 | &nbsp;&nbsp;&nbsp; 271732232 |
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1093446657 | &nbsp;&nbsp;&nbsp; 1145750964 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1234586682 | &nbsp;&nbsp;&nbsp; 1417483196 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1957302387 | &nbsp;&nbsp;&nbsp; 539819191 |
| End of period | &nbsp;&nbsp;&nbsp; $3191889069 | &nbsp;&nbsp;&nbsp; $1957302387 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1226013534 | &nbsp;&nbsp;&nbsp; $1352729391 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (132566877)<br>| &nbsp;&nbsp;&nbsp; (206978427)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1093446657 | &nbsp;&nbsp;&nbsp; $1145750964 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13725000 | &nbsp;&nbsp;&nbsp; 18450000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1450000)<br>| &nbsp;&nbsp;&nbsp; (3075000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 12275000 | &nbsp;&nbsp;&nbsp; 15375000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

61 <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**  |
|  |  | **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 Growth ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $86.12 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.15)<br>|
| Year Ended June 30, 2025  | 75.21 | 0.23 | 10.76 | 10.99 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2024  | 55.72 | 0.14 | 19.45 | 19.59 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| August 8, 2022 (f) through June 30, 2023  | 49.95 | 0.19 | 5.65 | 5.84 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| **JPMorgan Active Small Cap Value ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 56.32 | 0.41 | 2.04 | 2.45 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025  | 54.84 | 0.82 | 1.37 | 2.19 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024  | 49.26 | 0.75 | 5.42 | 6.17 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| March 7, 2023 (f) through June 30, 2023  | 50.00 | 0.23 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Active Value ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 65.55 | 0.51 | 6.23 | 6.74 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2025  | 59.22 | 1.08 | 6.17 | 7.25 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2024  | 53.14 | 1.06 | 5.95 | 7.01 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023  | 47.81 | 0.98 | 5.09 | 6.07 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| October 4, 2021 (f) through June 30, 2022  | 49.50 | 0.63 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.54)<br>|
| **JPMorgan Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 56.82 | 2.21 | 0.80 | 3.01 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.63)<br>|
| Year Ended June 30, 2025  | 56.71 | 4.83 | &nbsp;&nbsp; (0.05)<br>| 4.78 | &nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.67)<br>|
| Year Ended June 30, 2024  | 55.29 | 4.16 | 1.42 | 5.58 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.16)<br>|
| Year Ended June 30, 2023  | 55.45 | 5.84 | 0.04 | 5.88 | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.04)<br>|
| Year Ended June 30, 2022  | 60.50 | 6.11 | &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.96)<br>|
| Year Ended June 30, 2021  | 50.76 | 5.17 | 9.42 | 14.59 | &nbsp;&nbsp; (4.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.85)<br>|
| **JPMorgan Fundamental Data Science Large Core ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 59.26 | 0.28 | 6.15 | 6.43 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| August 7, 2024 (f) through June 30, 2025  | 50.00 | 0.56 | 9.21 | 9.77 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<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) Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The closing price was used to calculate the market price return. 

(f) Commencement of operations.

(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. 

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

62 J.P. Morgan Exchange-Traded Funds December 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)(e)<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; $92.77 | &nbsp;&nbsp;&nbsp;&nbsp; $92.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8520819159 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.12 | &nbsp;&nbsp;&nbsp;&nbsp;86.07 | &nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;14.64 | &nbsp;&nbsp;&nbsp;&nbsp; 6386023937 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.21 | &nbsp;&nbsp;&nbsp;&nbsp;75.15 | &nbsp;&nbsp;&nbsp;&nbsp;35.21 | &nbsp;&nbsp;&nbsp;&nbsp;35.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2088861811 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.72 | &nbsp;&nbsp;&nbsp;&nbsp;55.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp; 11.77<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 358030378 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.95 | &nbsp;&nbsp;&nbsp;&nbsp;58.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp; 23179001 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.32 | &nbsp;&nbsp;&nbsp;&nbsp;56.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp; 23652333 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.84 | &nbsp;&nbsp;&nbsp;&nbsp;54.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 | &nbsp;&nbsp;&nbsp;&nbsp; 13161060 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.26 | &nbsp;&nbsp;&nbsp;&nbsp;49.30 | &nbsp;&nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10836656 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.74 | &nbsp;&nbsp;&nbsp;&nbsp;71.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp; 5219219426 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.55 | &nbsp;&nbsp;&nbsp;&nbsp;65.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.28 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp; 3678757958 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.22 | &nbsp;&nbsp;&nbsp;&nbsp;59.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1265912410 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.14 | &nbsp;&nbsp;&nbsp;&nbsp;53.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;&nbsp;&nbsp; 418442628 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;47.71 | &nbsp;&nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44225127 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.20 | &nbsp;&nbsp;&nbsp;&nbsp;57.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp; 41582038104 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.82 | &nbsp;&nbsp;&nbsp;&nbsp;56.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp; 40993558533 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.71 | &nbsp;&nbsp;&nbsp;&nbsp;56.68 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;&nbsp; 33755582783 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.29 | &nbsp;&nbsp;&nbsp;&nbsp;55.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp; 28046696328 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10206410953 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.50 | &nbsp;&nbsp;&nbsp;&nbsp;60.57 | &nbsp;&nbsp;&nbsp;&nbsp;30.22 | &nbsp;&nbsp;&nbsp;&nbsp;29.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1916419087 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.33 | &nbsp;&nbsp;&nbsp;&nbsp;65.36 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp; 14699839 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.26 | &nbsp;&nbsp;&nbsp;&nbsp;59.30 | &nbsp;&nbsp;&nbsp;&nbsp;19.59 | &nbsp;&nbsp;&nbsp;&nbsp; 19.67<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13333749 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |

---

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

December 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**  | **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 Fundamental Data Science Mid Core ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $56.05 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $2.63 | &nbsp;&nbsp; $2.95 | &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.46)<br>|
| August 7, 2024 (f) through June 30, 2025  | 50.00 | 0.67 | 5.99 | 6.66 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| **JPMorgan Fundamental Data Science Small Core ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.76 | 0.29 | 6.42 | 6.71 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| August 7, 2024 (f) through June 30, 2025  | 50.00 | 0.48 | 3.72 | 4.20 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **JPMorgan Nasdaq Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 54.38 | 2.98 | 4.15 | 7.13 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.43)<br>|
| Year Ended June 30, 2025  | 55.47 | 6.45 | &nbsp;&nbsp; (1.43)<br>| 5.02 | &nbsp;&nbsp; (6.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.11)<br>|
| Year Ended June 30, 2024  | 48.33 | 5.25 | 6.75 | 12.00 | &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.86)<br>|
| Year Ended June 30, 2023  | 45.46 | 6.04 | 2.47 | 8.51 | &nbsp;&nbsp; (5.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.64)<br>|
| May 3, 2022 (f) through June 30, 2022  | 50.00 | 1.11 | &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| **JPMorgan Small & Mid Cap Enhanced Equity ETF** (h) (i) |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 59.25 | 0.37 | 5.46 | 5.83 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2025  | 56.61 | 0.76 | 2.45 | 3.21 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024  | 50.12 | 0.70 | 6.46 | 7.16 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2023  | 45.83 | 0.67 | 6.67 | 7.34 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (3.05)<br>|
| Year Ended June 30, 2022  | 62.87 | 0.70 | &nbsp;&nbsp; (8.03)<br>| &nbsp;&nbsp; (7.33)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp; (9.71)<br>|
| Year Ended June 30, 2021  | 41.41 | 0.63 | 23.22 | 23.85 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.39)<br>|
| **JPMorgan U.S. Research Enhanced Large Cap ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 56.15 | 0.29 | 5.72 | 6.01 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.50)<br>|
| March 13, 2025 (f) through June 30, 2025  | 50.00 | 0.18 | 6.08 | 6.26 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| **JPMorgan U.S. Tech Leaders ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 84.46 | &nbsp;&nbsp; (0.17)<br>| 5.75 | 5.58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2025  | 69.21 | &nbsp;&nbsp; (0.19)<br>| 15.44 | 15.25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| October 4, 2023 (f) through June 30, 2024  | 50.00 | &nbsp;&nbsp; (0.14)<br>| 19.35 | 19.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&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) Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The closing price was used to calculate the market price return. 

(f) Commencement of operations.

(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. 

(h) JPMorgan Small & Mid Cap Enhanced Equity ETF acquired all of the assets and liabilities of JPMorgan Market Expansion Enhanced Index Fund (the "Acquired Fund") in a reorganization that occurred as of the close of business on May 6, 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 July 1, 2020 up through the reorganization. 

(i) Per Share amounts reflect the conversion of the JPMorgan Small & Mid Cap Enhanced Equity ETF as of the close of business on May 6, 2022. See Note 1.

(j) JPMorgan Small & Mid Cap Enhanced Equity ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Small & Mid Cap Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan Small & Mid Cap Enhanced Equity ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Small & Mid Cap Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Acquired Fund are used as proxy market price returns. 

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

64 J.P. Morgan Exchange-Traded Funds December 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)(e)<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 without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58.54 | &nbsp;&nbsp;&nbsp; $58.57 | &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.29<br> %<br>| &nbsp;&nbsp;&nbsp; $7025052 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.05 | &nbsp;&nbsp;&nbsp;&nbsp;56.07 | &nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp; 13.38<br> (g)<br>| &nbsp;&nbsp;&nbsp; 6725648 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.99 | &nbsp;&nbsp;&nbsp;&nbsp;60.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp; 7199291 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.76 | &nbsp;&nbsp;&nbsp;&nbsp;53.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp; 8.28<br> (g)<br>| &nbsp;&nbsp;&nbsp; 6450939 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.08 | &nbsp;&nbsp;&nbsp;&nbsp;58.12 | &nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp; 32620771161 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.38 | &nbsp;&nbsp;&nbsp;&nbsp;54.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp; 28051847157 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.47 | &nbsp;&nbsp;&nbsp;&nbsp;55.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;&nbsp;&nbsp;26.41 | &nbsp;&nbsp;&nbsp; 15244636032 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;48.37 | &nbsp;&nbsp;&nbsp;&nbsp;20.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp; 3956996062 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.46 | &nbsp;&nbsp;&nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp; (8.37)<br>| &nbsp;&nbsp;&nbsp; (7.77)(g)<br>| &nbsp;&nbsp;&nbsp; 101155729 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.36 | &nbsp;&nbsp;&nbsp;&nbsp;64.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp; 9.95<br> (j)<br>| &nbsp;&nbsp;&nbsp; 2109237173 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.25 | &nbsp;&nbsp;&nbsp;&nbsp;59.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> (j)<br>| &nbsp;&nbsp;&nbsp; 1839500430 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.61 | &nbsp;&nbsp;&nbsp;&nbsp;56.64 | &nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp; 14.33<br> (j)<br>| &nbsp;&nbsp;&nbsp; 1127839632 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.12 | &nbsp;&nbsp;&nbsp;&nbsp;50.16 | &nbsp;&nbsp;&nbsp;&nbsp;16.61 | &nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> (j)<br>| &nbsp;&nbsp;&nbsp; 854560372 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;&nbsp;&nbsp;45.82 | &nbsp;&nbsp;&nbsp; (13.80)<br>| &nbsp;&nbsp;&nbsp; (13.81)(j)<br>| &nbsp;&nbsp;&nbsp; 833993386 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.87 | &nbsp;&nbsp;&nbsp;&nbsp;62.87 | &nbsp;&nbsp;&nbsp;&nbsp;58.97 | &nbsp;&nbsp;&nbsp;&nbsp; 58.97<br> (j)<br>| &nbsp;&nbsp;&nbsp; 766008977 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.66 | &nbsp;&nbsp;&nbsp;&nbsp;61.70 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp; 27746882 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.15 | &nbsp;&nbsp;&nbsp;&nbsp;56.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp;&nbsp; 12.61<br> (g)<br>| &nbsp;&nbsp;&nbsp; 22460006 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.04 | &nbsp;&nbsp;&nbsp;&nbsp;90.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp; 3191889069 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.46 | &nbsp;&nbsp;&nbsp;&nbsp;84.46 | &nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;&nbsp; 1957302387 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.21 | &nbsp;&nbsp;&nbsp;&nbsp;69.25 | &nbsp;&nbsp;&nbsp;&nbsp;38.42 | &nbsp;&nbsp;&nbsp;&nbsp; 38.50<br> (g)<br>| &nbsp;&nbsp;&nbsp; 539819191 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; 32 |

---

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

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

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**NOTES TO FINANCIAL STATEMENTS**

AS OF December 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 11 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan Active Growth ETF | Non-Diversified |
| JPMorgan Active Small Cap Value ETF | Diversified |
| JPMorgan Active Value ETF | Diversified |
| JPMorgan Equity Premium Income ETF | Diversified |
| JPMorgan Fundamental Data Science Large Core ETF | Non-Diversified |
| JPMorgan Fundamental Data Science Mid Core ETF | Diversified |
| JPMorgan Fundamental Data Science Small Core ETF | Diversified |
| JPMorgan Nasdaq Equity Premium Income ETF | Non-Diversified |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | Diversified |
| JPMorgan U.S. Research Enhanced Large Cap ETF | Diversified |
| JPMorgan U.S. Tech Leaders ETF | Diversified |

---

The investment objective of JPMorgan Active Growth ETF ("Active Growth ETF"), JPMorgan Active Small Cap Value ETF ("Active Small Cap Value ETF"), JPMorgan Active Value ETF ("Active Value ETF"), JPMorgan Fundamental Data Science Large Core ETF ("Fundamental Data Science Large Core ETF"), JPMorgan Fundamental Data Science Mid Core ETF ("Fundamental Data Science Mid Core ETF"), JPMorgan Fundamental Data Science Small Core ETF ("Fundamental Data Science Small Core ETF"), and JPMorgan U.S. Tech Leaders ETF ("U.S. Tech Leaders ETF") is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Equity Premium Income ETF ("Equity Premium Income ETF") and JPMorgan Nasdaq Equity Premium Income ETF ("Nasdaq Equity Premium Income ETF") is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Small & Mid Cap Enhanced Equity ETF ("Small & Mid Cap Enhanced Equity ETF") is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid- capitalization equity markets.

The investment objective of JPMorgan U.S. Research Enhanced Large Cap ETF ("U.S. Research Enhanced Large Cap ETF") is to seek to provide capital appreciation.

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** |
| Active Growth ETF | NYSE Arca, Inc. |
| Active Small Cap Value ETF | NYSE Arca, Inc. |
| Active Value ETF | NYSE Arca, Inc. |
| Equity Premium Income ETF | NYSE Arca, Inc. |
| Fundamental Data Science Large Core ETF | The NASDAQ Stock Market® LLC |
| Fundamental Data Science Mid Core ETF | The NASDAQ Stock Market® LLC |
| Fundamental Data Science Small Core ETF | The NASDAQ Stock Market® LLC |
| Nasdaq Equity Premium Income ETF | The NASDAQ Stock Market® LLC |
| Small & Mid Cap Enhanced Equity ETF | NYSE Arca, Inc. |
| U.S. Research Enhanced Large Cap ETF | NYSE Arca, Inc. |
| U.S. Tech Leaders ETF | The NASDAQ Stock Market® LLC |

---

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

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

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

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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. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the 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 are generally valued on the basis of available market quotations.

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

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

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

• Level 2 — Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Funds' own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

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

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

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**NOTES TO FINANCIAL STATEMENTS**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Growth 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; $8532261464 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8532261464 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Small Cap Value 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; $23157783 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23157783 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Value 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; $5238485249 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5238485249 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium 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** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $35133929410 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35133929410 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5748183077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5748183077 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 770979057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770979057 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14827675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14827675 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 785806732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 785806732 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $35919736142 | &nbsp;&nbsp;&nbsp;&nbsp; $5748183077 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41667919219 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core 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; $14767455 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14767455 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core 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; $7136242 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7136242 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Mid Core ETF** (continued) | **Fundamental Data Science Mid Core ETF** (continued) | **Fundamental Data Science Mid Core ETF** (continued) | **Fundamental Data Science Mid Core ETF** (continued) | **Fundamental Data Science Mid Core 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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(4248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4248)<br>|

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core 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 | &nbsp;&nbsp;&nbsp;&nbsp; $6885431 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6885431 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 304581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304581 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 405718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 405718 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 710299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 710299 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $7595730 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp;&nbsp; $7595904 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(9008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9008)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq Equity Premium 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** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $26572185669 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26572185669 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5467922896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5467922896 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 671465344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671465344 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60213004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60213004 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 731678348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731678348 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $27303864017 | &nbsp;&nbsp;&nbsp;&nbsp; $5467922896 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32771786913 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity 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; $2215800784 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2215800784 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(876004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(876004)<br>|

---

&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;

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap 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; $27706663 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27706663 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders 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; $3308552046 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3308552046 |

---

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

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

**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 December 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. 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.

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

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

------

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 December 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 Growth ETF | &nbsp;&nbsp; $9490754 | &nbsp;&nbsp; $(9490754)<br>| &nbsp;&nbsp; $— |
| Active Value ETF | &nbsp;&nbsp; 22279236 | &nbsp;&nbsp; (22279236)<br>| &nbsp;&nbsp; — |
| Equity Premium Income ETF | &nbsp;&nbsp; 14402987 | &nbsp;&nbsp; (14402987)<br>| &nbsp;&nbsp; — |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp; 69546 | &nbsp;&nbsp; (69546)<br>| &nbsp;&nbsp; — |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp; 136399 | &nbsp;&nbsp; (136399)<br>| &nbsp;&nbsp; — |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp; 392899 | &nbsp;&nbsp; (392899)<br>| &nbsp;&nbsp; — |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp; 58297577 | &nbsp;&nbsp; (58297577)<br>| &nbsp;&nbsp; — |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp; 107068677 | &nbsp;&nbsp; (107068677)<br>| &nbsp;&nbsp; — |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp; 18370 | &nbsp;&nbsp; (18370)<br>| &nbsp;&nbsp; — |
| U.S. Tech Leaders ETF | &nbsp;&nbsp; 112496990 | &nbsp;&nbsp; (112496990)<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 Small Cap Value ETF did not have any securities out on loan at December 31, 2025.

**D. 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 Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund <br> Agency SL Class Shares, <br> 3.82% (a) (b)<br>| $— | $144859375 | $134994352 | $— | $— | $9865023 | 9865023 | $179,144<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 3.73% <br> (a) (b)<br>| 79016524 | 143931746 | 90146149 |  |  | 132802121 | 132802121 | 2277264 |  |
| **Total** | $79016524 | $288791121 | $225140501 | $— | $— | $142667144 |  | $2456408 | $— |

---

&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 December 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;

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| $427069 | $2707337 | $2695353 | $— | $— | $439053 | 439053 | $10546 | $— |

---

&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 December 31, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 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, 3.82% <br> (a) (b)<br>| $— | $229599022 | $206425155 | $— | $— | $23173867 | 23173867 | $237,877<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 3.73% <br> (a) (b)<br>| 128506160 | 211535828 | 297212413 |  |  | 42829575 | 42829575 | 1413298 |  |
| **Total** | $128506160 | $441134850 | $503637568 | $— | $— | $66003442 |  | $1651175 | $— |

---

&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 December 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities <br> Lending Money <br> Market Fund Agency <br> SL Class Shares, <br> 3.82% (a) (b)<br>| $— | $320538177 | $305710502 | $— | $— | $14827675 | 14827675 | $58,638<br> \*<br>| $— |
| JPMorgan <br> U.S. Government <br> Money Market Fund <br> Class IM Shares, <br> 3.73% (a) (b)<br>| 279447397 | 4962550782 | 4471019122 |  |  | 770979057 | 770979057 | 8113349 |  |
| **Total** | $279447397 | $5283088959 | $4776729624 | $— | $— | $785806732 |  | $8171987 | $— |

---

&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 December 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;

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| $— | $485742 | $413558 | $— | $— | $72184 | 72184 | $232<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 145460 | 201225 | 275348 |  |  | 71337 | 71337 | 2318 |  |
| **Total** | $145460 | $686967 | $688906 | $— | $— | $143521 |  | $2550 | $— |

---

&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 December 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| $— | $409841 | $268905 | $— | $— | $140936 | 140936 | $539<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 288084 | 243044 | 250747 |  |  | 280381 | 280381 | 6051 |  |
| **Total** | $288084 | $652885 | $519652 | $— | $— | $421317 |  | $6590 | $— |

---

&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 December 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| $19588 | $1864261 | $1478131 | $— | $— | $405718 | 405718 | $2,992<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 270795 | 330942 | 297156 |  |  | 304581 | 304581 | 6308 |  |
| **Total** | $290383 | $2195203 | $1775287 | $— | $— | $710299 |  | $9300 | $— |

---

&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 December 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;

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities <br> Lending Money <br> Market Fund Agency <br> SL Class Shares, <br> 3.82% (a) (b)<br>| $— | $171412258 | $111199254 | $— | $— | $60213004 | 60213004 | $312,741<br> \*<br>| $— |
| JPMorgan <br> U.S. Government <br> Money Market Fund <br> Class IM Shares, <br> 3.73% (a) (b)<br>| 321794479 | 4991874264 | 4642203399 |  |  | 671465344 | 671465344 | 5145302 |  |
| **Total** | $321794479 | $5163286522 | $4753402653 | $— | $— | $731678348 |  | $5458043 | $— |

---

&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 December 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund <br> Agency SL Class Shares, <br> 3.82% (a) (b)<br>| $29423749 | $295203448 | $214148863 | $— | $— | $110478334 | 110478334 | $1,026,441<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 3.73% <br> (a) (b)<br>| 53186146 | 164220940 | 174702729 |  |  | 42704357 | 42704357 | 975731 |  |
| **Total** | $82609895 | $459424388 | $388851592 | $— | $— | $153182691 |  | $2002172 | $— |

---

&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 December 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;

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| $— | $23921 | $5107 | $— | $— | $18814 | 18814 | $20<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 197499 | 249594 | 366379 |  |  | 80714 | 80714 | 3861 |  |
| **Total** | $197499 | $273515 | $371486 | $— | $— | $99528 |  | $3881 | $— |

---

&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 December 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund <br> Agency SL Class Shares, <br> 3.82% (a) (b)<br>| $36055385 | $473017259 | $393592300 | $— | $— | $115480344 | 115480344 | $1,401,812<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 3.73% <br> (a) (b)<br>| 17475661 | 261922123 | 249708532 |  |  | 29689252 | 29689252 | 723926 |  |
| **Total** | $53531046 | $734939382 | $643300832 | $— | $— | $145169596 |  | $2125738 | $— |

---

&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 December 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

**E. Futures Contracts**— Fundamental Data Science Large Core ETF, Fundamental Data Science Mid Core ETF, Fundamental Data Science Small Core ETF, Small & Mid Cap Enhanced Equity ETF and U.S. Research Enhanced Large Cap ETF used index futures contracts to manage and hedge equity price 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 equity price 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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| **Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>| **Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| **Small & Mid Cap** <br>**Enhanced** <br>**Equity ETF** <br>| **U.S. Research** <br>**Enhanced Large Cap ETF** <br>|
| **Futures Contracts:** |  |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $41910 | &nbsp;&nbsp; $301362 | &nbsp;&nbsp; $307222 | &nbsp;&nbsp; $51824162 | &nbsp;&nbsp; $193458 |
| Ending Notional Balance Long | &nbsp;&nbsp; — | &nbsp;&nbsp; 265968 | &nbsp;&nbsp; 299820 | &nbsp;&nbsp; 41211880 | &nbsp;&nbsp; 103395 |

---

**F. Equity-Linked Notes**— Equity Premium Income ETF and Nasdaq Equity Premium Income ETF invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as Interest income from non-affiliates on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. A Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2025, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF had outstanding ELNs as listed on the SOIs.

**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. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.

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 December 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. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly for Equity Premium Income ETF and Nasdaq Equity Premium Income ETF, at least quarterly for Active Value ETF, Fundamental Data Science Large Core ETF, Fundamental Data Science Mid Core ETF, Fundamental Data Science Small Core ETF and U.S. Research Enhanced Large Cap ETF, and at least annually for Active Growth ETF, Active Small Cap Value ETF, Small & Mid Cap Enhanced Equity ETF and U.S. Tech Leaders ETF. 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.

**J. Segment Reporting** — 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;

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

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

**K. 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, with the exception of U.S. Research Enhanced Large Cap ETF. For U.S. Research Enhanced Large Cap ETF, management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund's net assets or results of operation.

**3. Fees and Other Transactions with Affiliates**

**A. Management Fee**—JPMIM manages the investments of each Fund. For each Fund other than Small & Mid Cap Enhanced Equity ETF, the investments are managed pursuant to a Management Agreement, under which JPMIM is responsible for substantially all of each Fund's expenses as described below. JPMIM also manages the investments of Small & Mid Cap Enhanced Equity ETF pursuant to an Investment Advisory 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 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

Under each Management Agreement applicable to each Fund except Small & Mid Cap Enhanced Equity ETF, 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.

Pursuant to a separate Administration Agreement, the Administrator provides certain administration services to Small & Mid Cap Enhanced Equity ETF. 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 Small & Mid Cap Enhanced Equity ETF'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 December 31, 2025, the effective rate was 0.075% of Small & Mid Cap Enhanced Equity ETF's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees for Small & Mid Cap Enhanced Equity ETF 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 management fees payable to JPMIM (a portion of the administration fee for the Small & Mid Cap Enhanced Equity ETF).

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

For Small & Mid Cap Enhanced Equity ETF, the Fund pays JPMCB directly. The amounts for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. The amounts paid for transfer agency services are included in Transfer agency fees on the Statements of Operations.

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

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

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**NOTES TO FINANCIAL STATEMENTS**

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

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 its 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 Small & Mid Cap Enhanced Equity ETF 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, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of Small & Mid Cap Enhanced Equity ETF's average daily net assets. The expense limitation agreement was in effect for the six months ended December 31, 2025 and the contractual expense limitation is in place until at least October 31, 2026.

For the six months ended December 31, 2025, Small & Mid Cap Enhanced Equity ETF's service providers waived fees and/or reimbursed expenses for Small & Mid Cap Enhanced Equity ETF as follows. None of these parties expect Small & Mid Cap Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years.

---

| | |
|:---|:---|
|  | **Contractual** <br>**Reimbursements**<br>|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp; $1007515 |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). For each Fund, except Small & Mid Cap Enhanced Equity ETF, 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. For Small & Mid Cap Enhanced Equity ETF, 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 Small & Mid Cap Enhanced Equity ETF's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expects Small & Mid Cap Enhanced Equity ETF 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 December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; $31809 |

---

**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. for the Funds except Small & Mid Cap Enhanced Equity ETF. Small & Mid Cap Enhanced Equity ETF, 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 Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Board's 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 below Funds used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; $28891 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23094 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14185 |

---

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

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

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

**4. Investment Transactions** 

During the six months ended December 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>|
| Active Growth ETF | $1639814893 | $1648294304 |
| Active Small Cap Value ETF | 5492070 | 5663777 |
| Active Value ETF | 2207844200 | 1984683598 |
| Equity Premium Income ETF | 38206611675 | 37916816806 |
| Fundamental Data Science Large Core ETF | 1188668 | 1383961 |
| Fundamental Data Science Mid Core ETF | 719381 | 992688 |
| Fundamental Data Science Small Core ETF | 853457 | 874408 |
| Nasdaq Equity Premium Income ETF | 28107485435 | 27024135148 |
| Small & Mid Cap Enhanced Equity ETF | 437461018 | 286503006 |
| U.S. Research Enhanced Large Cap ETF | 2983787 | 2866501 |
| U.S. Tech Leaders ETF | 693628803 | 610874265 |

---

During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| Active Growth ETF | $2237551972 | $668272988 |
| Active Small Cap Value ETF | 281884 | 1401785 |
| Active Value ETF | 1816806170 | 812317379 |
| Equity Premium Income ETF | 1410783623 | 1620132365 |
| Fundamental Data Science Large Core ETF | 3017434 | 2785010 |
| Fundamental Data Science Mid Core ETF | 1066334 | 761965 |
| Fundamental Data Science Small Core ETF | 571102 | 534278 |
| Nasdaq Equity Premium Income ETF | 3875285362 | 2388304633 |
| Small & Mid Cap Enhanced Equity ETF | 128908857 | 163998386 |
| U.S. Research Enhanced Large Cap ETF | 2926823 |  |
| U.S. Tech Leaders ETF | 1116048889 | 125390369 |

---

During the six months ended December 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.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

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

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

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 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>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $7171044190 | &nbsp;&nbsp;&nbsp;&nbsp; $1430264545 | &nbsp;&nbsp;&nbsp;&nbsp; $69047271 | &nbsp;&nbsp;&nbsp;&nbsp; $1361217274 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21941192 | &nbsp;&nbsp;&nbsp;&nbsp; 2477851 | &nbsp;&nbsp;&nbsp;&nbsp; 1261260 | &nbsp;&nbsp;&nbsp;&nbsp; 1216591 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4768835527 | &nbsp;&nbsp;&nbsp;&nbsp; 534818100 | &nbsp;&nbsp;&nbsp;&nbsp; 65168378 | &nbsp;&nbsp;&nbsp;&nbsp; 469649722 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 35219758988 | &nbsp;&nbsp;&nbsp;&nbsp; 7217945088 | &nbsp;&nbsp;&nbsp;&nbsp; 769784857 | &nbsp;&nbsp;&nbsp;&nbsp; 6448160231 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 12250284 | &nbsp;&nbsp;&nbsp;&nbsp; 2799481 | &nbsp;&nbsp;&nbsp;&nbsp; 282310 | &nbsp;&nbsp;&nbsp;&nbsp; 2517171 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6661397 | &nbsp;&nbsp;&nbsp;&nbsp; 825285 | &nbsp;&nbsp;&nbsp;&nbsp; 354688 | &nbsp;&nbsp;&nbsp;&nbsp; 470597 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6870844 | &nbsp;&nbsp;&nbsp;&nbsp; 1103544 | &nbsp;&nbsp;&nbsp;&nbsp; 387492 | &nbsp;&nbsp;&nbsp;&nbsp; 716052 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26345417466 | &nbsp;&nbsp;&nbsp;&nbsp; 6860652090 | &nbsp;&nbsp;&nbsp;&nbsp; 434282643 | &nbsp;&nbsp;&nbsp;&nbsp; 6426369447 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1923379755 | &nbsp;&nbsp;&nbsp;&nbsp; 399111738 | &nbsp;&nbsp;&nbsp;&nbsp; 107566713 | &nbsp;&nbsp;&nbsp;&nbsp; 291545025 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23006451 | &nbsp;&nbsp;&nbsp;&nbsp; 5088558 | &nbsp;&nbsp;&nbsp;&nbsp; 388285 | &nbsp;&nbsp;&nbsp;&nbsp; 4700273 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2759457880 | &nbsp;&nbsp;&nbsp;&nbsp; 621605795 | &nbsp;&nbsp;&nbsp;&nbsp; 72511629 | &nbsp;&nbsp;&nbsp;&nbsp; 549094166 |

---

At June 30, 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** |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $69992070 | &nbsp;&nbsp;&nbsp;&nbsp; $1013493 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25077 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29730093 | &nbsp;&nbsp;&nbsp;&nbsp; 8677997 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5101154175 | &nbsp;&nbsp;&nbsp;&nbsp; 247580523 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6775 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8527 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19554 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1796362075 | &nbsp;&nbsp;&nbsp;&nbsp; 29384698 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7209850 | &nbsp;&nbsp;&nbsp;&nbsp; 4980426 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 24406066 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 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 June 30, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $211138958 | &nbsp;&nbsp;&nbsp;&nbsp; $13302961 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 35194 | &nbsp;&nbsp;&nbsp;&nbsp; (12640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 99989682 | &nbsp;&nbsp;&nbsp;&nbsp; 4380090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2190734394 | &nbsp;&nbsp;&nbsp;&nbsp; (877380392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29633 | &nbsp;&nbsp;&nbsp;&nbsp; (6610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 88031 | &nbsp;&nbsp;&nbsp;&nbsp; 8414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 137922 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2609359538 | &nbsp;&nbsp;&nbsp;&nbsp; 103459635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 31130040 | &nbsp;&nbsp;&nbsp;&nbsp; (1163141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 79453654 | &nbsp;&nbsp;&nbsp;&nbsp; 7333668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1764284 |

---

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

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

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During the year ended June 30, 2025, the following Fund utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Long-Term** |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; $198581664 |

---

**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, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statements of Assets and Liabilities. 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 December 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 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 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;

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

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**NOTES TO FINANCIAL STATEMENTS**

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

As of December 31, 2025, J.P. Morgan Investor 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>|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 31.4<br> %<br>|

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

As of December 31, 2025, the Adviser owned shares representing more than 10% of net assets of the following Funds:

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| | |
|:---|:---|
|  | **% of Ownership** |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 50<br> %<br>|
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 44 |

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

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.

Equity Premium Income ETF's and Nasdaq Equity Premium Income ETF's investments in ELNs entail varying degrees of risks. The Funds are subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Funds may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer's ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Funds from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

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.

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;

82 J.P. Morgan Exchange-Traded Funds December 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.

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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. December 2025.

SAN-ETF-1225

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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 and Investment Advisory Agreement**

**Board Approval of Management Agreements**

***JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders 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 Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders 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

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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;

• 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

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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 infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Funds' 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, and for investment management styles substantially similar to that of each Fund (if applicable). 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. For the JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF and JPMorgan Fundamental Data Science Small Core ETF, each of which launched in 2024 and therefore was not included in the Broadridge comparison discussed below, the Trustees discussed each Fund's performance (on both a relative and absolute basis). The Trustees also considered each Fund's investment strategy and processes,

portfolio management teams and competitive positioning against peer funds. The Trustees also discussed the performance and the investment strategy of each of these Funds with the Adviser. Based on these discussions and various other factors, the Trustees concluded each Fund's performance was satisfactory.

For the JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders ETF, 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 the applicable one- and three-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. 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 are summarized below:

The Trustees noted that the JPMorgan Active Growth ETF's performance was in the second 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, based upon this discussion and various other factors, concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Active Small Cap Value ETF's performance was in the third 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, based upon this discussion and various other factors, concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Active Value ETF's performance was in the third and second quintiles of the Universe for the one- and three-year periods ended

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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 Equity Premium Income ETF's performance was in the fourth and third 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 under the circumstances.

The Trustees noted that the JPMorgan Nasdaq Equity Premium Income 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, based upon this discussion and various other factors, concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan U.S. Tech Leaders ETF's performance was in the second 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, based upon this discussion and various other factors, 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 reviewed a description of Broadridge's methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for 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 Active Growth 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 Active Small Cap Value ETF's net management fee was in the fourth quintile of both the Peer Group and Universe, and that the actual total expenses were in the third and fourth 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 Active Value ETF's net management 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 management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Equity Premium Income ETF's net management fee and actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Fundamental Data Science Large Core ETF's net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first 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 Fundamental Data Science Mid Core ETF's net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and the 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 Fundamental Data Science Small Core ETF's net management fee was in the second quintile of both the Peer Group and Universe, and that

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the 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 Nasdaq Equity Premium Income ETF's net management fee and actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan U.S. Tech Leaders 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, 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.

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**Board Approval of Investment Advisory Agreement**

***JPMorgan Small & Mid Cap Enhanced Equity 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 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 agreement for the JPMorgan Small & Mid Cap Enhanced Equity ETF (the "Fund") whose semi-annual report is contained herein (the "Advisory Agreement"). 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 Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory 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 Advisory Agreement, the Trustees reviewed the Advisory

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 Advisory Agreement. The Trustees also discussed the Advisory 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 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 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 Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory 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 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 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

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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 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser earns fees from the Fund 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 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 relationship 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 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 allow the Fund's shareholders to share potential economies of scale from the Fund's inception, prior to reaching scale. The Trustees noted that the fees remain 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 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 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 received the benefits of potential economies of scale through the Fee Cap and 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.

***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, and for investment management styles substantially similar to that of the Fund (if applicable). 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 receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in the 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. As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund 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 the Fund's performance are summarized below:

The Trustees noted that the Fund'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.

***Advisory Fee and Expense Ratio***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the 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 the 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 ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, 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 the Fund's advisory fee and expense ratio are summarized below:

The Trustees noted that the Fund'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.

------

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.

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&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:](d89247dex99cert.htm)

------

#### 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.

(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.](d89247dex99906cert.htm)

#### 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 |
|  | March 2, 2026 |

---

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 |
|  | March 2, 2026 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | March 2, 2026 |

---

## 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 Growth
ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Large Value ETF, JPMorgan
Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan
U.S. Tech Leaders 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;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;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;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;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;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;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: March 2, 2026 | /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 Growth
ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Large Value ETF, JPMorgan
Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan
U.S. Tech Leaders 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;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;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;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;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;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;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: March 2, 2026 | /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 Growth ETF, JPMorgan Active Small Cap
Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Large Value ETF, JPMorgan Fundamental Data Science Mid Core ETF,
JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders 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 |

---

March 2, 2026

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 Growth ETF, JPMorgan Active Small Cap
Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Large Value ETF, JPMorgan Fundamental Data Science Mid Core ETF,
JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders 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 |

---

March 2, 2026

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.