# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-25-146847
**Filing Date:** 2025-6
**Character Count:** 1550597
**Document Hash:** 3f8514207b2ed44f45532aa4ad11fd25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-146847.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001193125-25-146847

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**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:** 251073562

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

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

## Series and Classes Contracts Data

### JPMorgan Diversified Return International Equity ETF (Series ID: S000045406)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000141385 | JPMorgan Diversified Return International Equity ETF | JPIN            |

### JPMorgan Diversified Return Emerging Markets Equity ETF (Series ID: S000045407)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000141386 | JPMorgan Diversified Return Emerging Markets Equity ETF | JPEM            |

### JPMorgan Diversified Return U.S. Equity ETF (Series ID: S000046874)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000146462 | JPMorgan Diversified Return U.S. Equity ETF | JPUS            |

### JPMorgan Diversified Return U.S. Mid Cap Equity ETF (Series ID: S000053745)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000168940 | JPMorgan Diversified Return U.S. Mid Cap Equity ETF | JPME            |

### JPMorgan Diversified Return U.S. Small Cap Equity ETF (Series ID: S000055014)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000173015 | JPMorgan Diversified Return U.S. Small Cap Equity ETF | JPSE            |

### JPMorgan U.S. Momentum Factor ETF (Series ID: S000059313)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000194672 | JPMorgan U.S. Momentum Factor ETF | JMOM            |

### JPMorgan U.S. Value Factor ETF (Series ID: S000059314)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000194673 | JPMorgan U.S. Value Factor ETF | JVAL            |

### JPMorgan U.S. Quality Factor ETF (Series ID: S000059315)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000194674 | JPMorgan U.S. Quality Factor ETF | JQUA            |

### JPMorgan BetaBuilders Canada ETF (Series ID: S000061992)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000200803 | JPMorgan BetaBuilders Canada ETF | BBCA            |

### JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (Series ID: S000061993)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000200804 | JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | BBAX            |

### JPMorgan BetaBuilders Europe ETF (Series ID: S000061994)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000200805 | JPMorgan BetaBuilders Europe ETF | BBEU            |

### JPMorgan BetaBuilders Japan ETF (Series ID: S000061995)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000200806 | JPMorgan BetaBuilders Japan ETF | BBJP            |

### JPMorgan BetaBuilders U.S. Equity ETF (Series ID: S000064872)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000209992 | JPMorgan BetaBuilders U.S. Equity ETF | BBUS            |

### JPMorgan BetaBuilders International Equity ETF (Series ID: S000067203)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000216193 | JPMorgan BetaBuilders International Equity ETF | BBIN            |

### JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (Series ID: S000068165)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218319 | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | BBMC            |

### JPMorgan International Growth ETF (Series ID: S000068407)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218815 | JPMorgan International Growth ETF | JIG             |

### JPMorgan BetaBuilders U.S. Small Cap Equity ETF (Series ID: S000069185)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000221046 | JPMorgan BetaBuilders U.S. Small Cap Equity ETF | BBSC            |

### JPMorgan Carbon Transition U.S. Equity ETF (Series ID: S000069191)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000221056 | JPMorgan Carbon Transition U.S. Equity ETF | JCTR            |

### JPMorgan ActiveBuilders Emerging Markets Equity ETF (Series ID: S000071185)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000225965 | JPMorgan ActiveBuilders Emerging Markets Equity ETF | JEMA            |

### JPMorgan Climate Change Solutions ETF (Series ID: S000073853)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000231073 | JPMorgan Climate Change Solutions ETF | TEMP            |

### JPMorgan International Research Enhanced Equity ETF (Series ID: S000074054)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000231437 | JPMorgan International Research Enhanced Equity ETF | JIRE            |

### JPMorgan BetaBuilders Emerging Markets Equity ETF (Series ID: S000079611)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000240773 | JPMorgan BetaBuilders Emerging Markets Equity ETF | BBEM            |

### JPMorgan Active China ETF (Series ID: S000079746)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000241063 | JPMorgan Active China ETF | JCHI            |

### JPMorgan Healthcare Leaders ETF (Series ID: S000080528)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243005 | JPMorgan Healthcare Leaders ETF | JDOC            |

### JPMorgan Global Select Equity ETF (Series ID: S000081237)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243909 | JPMorgan Global Select Equity ETF | JGLO            |

### JPMorgan International Value ETF (Series ID: S000081238)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000243910 | JPMorgan International Value ETF | JIVE            |

### JPMorgan Hedged Equity Laddered Overlay ETF (Series ID: S000081816)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000244865 | JPMorgan Hedged Equity Laddered Overlay ETF | HELO            |

### JPMorgan Active Developing Markets Equity ETF (Series ID: S000083982)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000248102 | JPMorgan Active Developing Markets Equity ETF | JADE            |

### JPMorgan Dividend Leaders ETF (Series ID: S000085903)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000251303 | JPMorgan Dividend Leaders ETF | JDIV            |

### JPMorgan Flexible Income ETF (Series ID: S000088766)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255141 | JPMorgan Flexible Income ETF | JFLI            |

### JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (Series ID: S000090211)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000257148 | JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF | HEQQ            |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22903

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

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

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

#### 1-844-457-6383

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### April 30, 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 \| April 30, 2025 (Unaudited)

JPMorgan Active China ETF &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;&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;&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;

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JCHI - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active China ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 China ETF | $32 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $12509841 |
| **Total number of portfolio holdings** | 47 |
| **Portfolio turnover rate** | 33% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707353.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Active China ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan ActiveBuilders Emerging Markets Equity ETF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JEMA - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan ActiveBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 ActiveBuilders Emerging Markets Equity ETF | $17 | 0.33% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1084113319 |
| **Total number of portfolio holdings** | 508 |
| **Portfolio turnover rate** | 21% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707337.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan ActiveBuilders Emerging Markets Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Active Developing Markets Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JADE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Developing Markets Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Developing Markets Equity ETF | $33 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $14543222 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707359.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Active Developing Markets Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders Canada ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBCA - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders Canada ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders Canada ETF | $10 | 0.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7777310263 |
| **Total number of portfolio holdings** | 78 |
| **Portfolio turnover rate** | 1% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707378.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders Canada ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBAX - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | $9 | 0.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $4798636464 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707380.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders Emerging Markets Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBEM - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | $7 | 0.15% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $933751193 |
| **Total number of portfolio holdings** | 1105 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707352.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders Emerging Markets Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders Europe ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBEU - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders Europe ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders Europe ETF | $5 | 0.09% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $4336542299 |
| **Total number of portfolio holdings** | 397 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707417.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders Europe ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders International Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBIN - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders International Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders International Equity ETF | $4 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5162212396 |
| **Total number of portfolio holdings** | 705 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707336.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders International Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders Japan ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBJP - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders Japan ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders Japan ETF | $10 | 0.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $12310996359 |
| **Total number of portfolio holdings** | 198 |
| **Portfolio turnover rate** | 1% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707381.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders Japan ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBUS - Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Equity ETF | $1 | 0.02% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $4287177325 |
| **Total number of portfolio holdings** | 548 |
| **Portfolio turnover rate** | 1% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707374.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders U.S. Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBMC - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | $3 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1717682650 |
| **Total number of portfolio holdings** | 576 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707347.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: BBSC - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | $4 | 0.09% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $498210659 |
| **Total number of portfolio holdings** | 779 |
| **Portfolio turnover rate** | 12% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707346.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Carbon Transition U.S. Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JCTR - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Carbon Transition U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Carbon Transition U.S. Equity ETF | $7 | 0.15% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5651838 |
| **Total number of portfolio holdings** | 350 |
| **Portfolio turnover rate** | 12% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707345.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Carbon Transition U.S. Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Climate Change Solutions ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: TEMP - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Climate Change Solutions ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Climate Change Solutions ETF | $23 | 0.49% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6531411 |
| **Total number of portfolio holdings** | 62 |
| **Portfolio turnover rate** | 29% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707344.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Climate Change Solutions ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JPEM - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified Return Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Diversified Return Emerging Markets Equity ETF | $22 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $322713934 |
| **Total number of portfolio holdings** | 532 |
| **Portfolio turnover rate** | 13% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707379.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Diversified Return Emerging Markets Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Diversified Return International Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JPIN - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified Return International Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Diversified Return International Equity ETF | $19 | 0.37% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $325032483 |
| **Total number of portfolio holdings** | 457 |
| **Portfolio turnover rate** | 12% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707389.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Diversified Return International Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JPUS - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Diversified Return U.S. Equity ETF | $9 | 0.18% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $352638767 |
| **Total number of portfolio holdings** | 367 |
| **Portfolio turnover rate** | 12% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707416.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Diversified Return U.S. Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JPME - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Diversified Return U.S. Mid Cap Equity ETF | $12 | 0.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $343540403 |
| **Total number of portfolio holdings** | 351 |
| **Portfolio turnover rate** | 12% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707382.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Small Cap Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JPSE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Small Cap Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Diversified Return U.S. Small Cap Equity ETF | $14 | 0.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $426258226 |
| **Total number of portfolio holdings** | 552 |
| **Portfolio turnover rate** | 13% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707383.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Dividend Leaders ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JDIV - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Dividend Leaders ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Dividend Leaders ETF | $23 | 0.47% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7054888 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 35% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707358.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Dividend Leaders ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Flexible Income ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JFLI - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Flexible Income ETF (the "Fund") for the period of February 12, 2025 (fund inception) to April 30, 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 Flexible Income ETF | $5 | 0.22% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $28282964 |
| **Total number of portfolio holdings** | 485 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4714208.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Flexible Income ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Select Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JGLO - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Select Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Global Select Equity ETF | $23 | 0.47% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6227632095 |
| **Total number of portfolio holdings** | 75 |
| **Portfolio turnover rate** | 64% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707351.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Global Select Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Healthcare Leaders ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JDOC - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Healthcare Leaders ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Healthcare Leaders ETF | $31 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7797391 |
| **Total number of portfolio holdings** | 59 |
| **Portfolio turnover rate** | 45% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707348.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Healthcare Leaders ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Hedged Equity Laddered Overlay ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: HELO - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity Laddered Overlay ETF (the "Fund") for the period of November 1, 2024 to April 30, 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 Hedged Equity Laddered Overlay ETF | $24 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $2898167171 |
| **Total number of portfolio holdings** | 169 |
| **Portfolio turnover rate** | 16% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707349.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Hedged Equity Laddered Overlay ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Growth ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JIG - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Growth ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Growth ETF | $28 | 0.55% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $114189905 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 36% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707388.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan International Growth ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Research Enhanced Equity ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JIRE - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Research Enhanced Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

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

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6876618478 |
| **Total number of portfolio holdings** | 208 |
| **Portfolio turnover rate** | 13% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707343.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan International Research Enhanced Equity ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Value ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JIVE - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Value ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Value ETF | $29 | 0.55% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $192203834 |
| **Total number of portfolio holdings** | 334 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707350.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan International Value ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: HEQQ - The NASDAQ Stock Market® LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (the "Fund") for the period of March 26, 2025 (fund inception) to April 30, 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 Hedged Equity Laddered Overlay ETF | $5 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $24841404 |
| **Total number of portfolio holdings** | 101 |
| **Portfolio turnover rate** | 6% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707357.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan U.S. Momentum Factor ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JMOM - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Momentum Factor ETF (the "Fund") for the period of November 1, 2024 to April 30, 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. Momentum Factor ETF | $6 | 0.12% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1352681290 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707375.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan U.S. Momentum Factor ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan U.S. Quality Factor ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JQUA - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Quality Factor ETF (the "Fund") for the period of November 1, 2024 to April 30, 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. Quality Factor ETF | $6 | 0.12% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5711082499 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707373.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan U.S. Quality Factor ETF

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan U.S. Value Factor ETF

![FrontCoverImage](g934741images_2524.jpg)

Ticker: JVAL - NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value Factor ETF (the "Fund") for the period of November 1, 2024 to April 30, 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. Value Factor ETF | $6 | 0.12% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $503969336 |
| **Total number of portfolio holdings** | 380 |
| **Portfolio turnover rate** | 13% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934741chartimages_4707372.jpg)

**Availability of Additional Information**

![QRCode](g934741images_2526.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 

JPMorgan U.S. Value Factor 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 filed 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

April 30, 2025 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan International Research Enhanced Equity ETF JIRE NYSE Arca, Inc.

![](g944330img053dbbc31.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_80cb395b-d911-453e-a9ba-2bbfa7a9929a_SOI-TOC-ScheduleofInvestments-985_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_80cb395b-d911-453e-a9ba-2bbfa7a9929a_FS-TOC-FinancialStatement-985_1) | &nbsp;&nbsp; **5** |
| [Financial Highlights](#xx_80cb395b-d911-453e-a9ba-2bbfa7a9929a_FIHI_2-TOC-FIHI-985_1) | &nbsp;&nbsp; **8** |
| [Notes to Financial Statements](#xx_80cb395b-d911-453e-a9ba-2bbfa7a9929a_NTF-NTFRunningFooter-985_1) | &nbsp;&nbsp; **10** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.

------

JPMorgan International Research Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Australia — 6.9%** | **Australia — 6.9%** | **Australia — 6.9%** |
| ANZ Group Holdings Ltd. | 1273724 | 24356481 |
| Aristocrat Leisure Ltd. | 222493 | 9502464 |
| BHP Group Ltd. | 2240593 | 53401512 |
| Brambles Ltd. | 957476 | 12582825 |
| Commonwealth Bank of Australia | 497690 | 53048349 |
| Glencore plc | 969228 | 3177843 |
| Goodman Group, REIT | 747852 | 14316760 |
| GPT Group (The), REIT | 1651517 | 4895683 |
| Insurance Australia Group Ltd. | 3096925 | 16266509 |
| Macquarie Group Ltd. | 181432 | 22420470 |
| Medibank Pvt Ltd. | 6013337 | 17888020 |
| National Australia Bank Ltd. | 1241361 | 28663893 |
| Northern Star Resources Ltd. | 432288 | 5310087 |
| QBE Insurance Group Ltd. | 2011197 | 27794589 |
| Rio Tinto Ltd. | 709948 | 53116328 |
| Rio Tinto plc | 356252 | 21228848 |
| Santos Ltd. | 4679573 | 17989980 |
| Telstra Group Ltd. | 3762676 | 10859449 |
| Transurban Group | 1942436 | 17504012 |
| Wesfarmers Ltd. | 310488 | 15554280 |
| Westpac Banking Corp. | 750402 | 15747317 |
| Woodside Energy Group Ltd. | 538403 | 7018157 |
| Woolworths Group Ltd. | 968607 | 19549050 |
|  |  | 472192906 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA | 307277 | 20252314 |
| KBC Group NV | 284427 | 26226657 |
|  |  | 46478971 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Prosus NV | 560631 | 26284964 |
| **Denmark — 2.5%** | **Denmark — 2.5%** | **Denmark — 2.5%** |
| Carlsberg A/S, Class B | 241747 | 32938916 |
| Danske Bank A/S | 547155 | 19198339 |
| Novo Nordisk A/S, Class B | 1420946 | 95006672 |
| Novonesis Novozymes B | 391916 | 25457830 |
|  |  | 172601757 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| Nokia OYJ | 1374745 | 6872587 |
| Nordea Bank Abp | 3120826 | 42826346 |
|  |  | 49698933 |
| **France — 12.0%** | **France — 12.0%** | **France — 12.0%** |
| Air Liquide SA | 456052 | 93708748 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| Airbus SE | 275028 | 46669650 |
| AXA SA \* | 208971 | 9883472 |
| BNP Paribas SA | 700766 | 59375539 |
| Capgemini SE | 277733 | 44340722 |
| Cie Generale des Etablissements Michelin SCA | 694569 | 25397419 |
| Dassault Systemes SE | 410732 | 15392645 |
| Engie SA | 2899332 | 59924335 |
| EssilorLuxottica SA | 51827 | 14934100 |
| Hermes International SCA | 4220 | 11605755 |
| Legrand SA | 519682 | 57112964 |
| L'Oreal SA \* | 35561 | 15713177 |
| LVMH Moet Hennessy Louis Vuitton SE | 148242 | 82115578 |
| Orange SA | 2242096 | 32528440 |
| Pernod Ricard SA | 238659 | 25869551 |
| Safran SA | 292953 | 77960530 |
| Societe Generale SA | 1206971 | 62930247 |
| TotalEnergies SE | 470138 | 26776794 |
| Vinci SA | 464274 | 65215301 |
|  |  | 827454967 |
| **Germany — 10.6%** | **Germany — 10.6%** | **Germany — 10.6%** |
| adidas AG | 85204 | 19604728 |
| Allianz SE (Registered) | 275408 | 113902327 |
| BASF SE \* | 73883 | 3773166 |
| Bayer AG (Registered) | 666845 | 17476124 |
| Daimler Truck Holding AG | 171218 | 6878939 |
| Deutsche Boerse AG | 35943 | 11577021 |
| Deutsche Post AG | 890059 | 38030448 |
| Deutsche Telekom AG (Registered) | 2216794 | 79621755 |
| E.ON SE | 3442237 | 60203297 |
| Heidelberg Materials AG | 51776 | 10350717 |
| Infineon Technologies AG | 1311446 | 43439067 |
| Mercedes-Benz Group AG | 163248 | 9760399 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered) \*<br>| 113068 | 77407413 |
| Rheinmetall AG | 4433 | 7549633 |
| RWE AG | 205963 | 7998395 |
| SAP SE | 381732 | 111690447 |
| Siemens AG (Registered) | 382856 | 88156927 |
| Siemens Healthineers AG (a) | 107511 | 5795634 |
| Zalando SE \* (a) | 457975 | 16723539 |
|  |  | 729939976 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| AIA Group Ltd. | 5488000 | 41121125 |
| CK Asset Holdings Ltd. | 2575344 | 10521223 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan International Research Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Hong Kong Exchanges & Clearing Ltd. | 521600 | 22788546 |
| Link, REIT | 1195400 | 5596691 |
| Prudential plc | 855546 | 9096831 |
| Sun Hung Kai Properties Ltd. | 1090000 | 10340191 |
| Techtronic Industries Co. Ltd. | 735000 | 7397032 |
|  |  | 106861639 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group plc | 1192695 | 8016175 |
| Kingspan Group plc | 127458 | 10755473 |
|  |  | 18771648 |
| **Italy — 2.1%** | **Italy — 2.1%** | **Italy — 2.1%** |
| Enel SpA | 1259960 | 10922557 |
| Ferrari NV | 28662 | 13120906 |
| FinecoBank Banca Fineco SpA | 1221123 | 24435793 |
| Prysmian SpA | 284742 | 15641507 |
| UniCredit SpA | 1326039 | 77150085 |
|  |  | 141270848 |
| **Japan — 22.4%** | **Japan — 22.4%** | **Japan — 22.4%** |
| Advantest Corp. | 294200 | 12308136 |
| Ajinomoto Co., Inc. | 1520900 | 31108626 |
| Asahi Group Holdings Ltd. | 645900 | 8927822 |
| Asahi Kasei Corp. | 2019200 | 14071289 |
| Bridgestone Corp. | 761800 | 31854805 |
| Chugai Pharmaceutical Co. Ltd. | 139800 | 8053816 |
| Daiichi Sankyo Co. Ltd. | 1429900 | 36577743 |
| Daikin Industries Ltd. | 226483 | 25801689 |
| Denso Corp. | 1790900 | 23123990 |
| Disco Corp. | 46400 | 8977451 |
| East Japan Railway Co. | 1019800 | 22106076 |
| Fast Retailing Co. Ltd. | 19700 | 6480214 |
| Fuji Electric Co. Ltd. | 423900 | 18849458 |
| Hitachi Ltd. | 2764600 | 68328512 |
| Hoya Corp. | 332000 | 39065175 |
| ITOCHU Corp. | 1027400 | 52544257 |
| Japan Post Bank Co. Ltd. | 1099000 | 11299865 |
| Kajima Corp. | 947600 | 22626465 |
| Kao Corp. | 459800 | 19689341 |
| Keyence Corp. | 112400 | 46993500 |
| Kobe Bussan Co. Ltd. | 399600 | 12211831 |
| Konami Group Corp. | 176300 | 25178463 |
| Kyowa Kirin Co. Ltd. | 804000 | 12554149 |
| Mitsubishi Corp. | 704600 | 13377948 |
| Mitsubishi Electric Corp. | 1033400 | 19991542 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Mitsubishi UFJ Financial Group, Inc. | 2380850 | 29996636 |
| Mitsui & Co. Ltd. | 1365400 | 27609920 |
| Mitsui Fudosan Co. Ltd. | 3823800 | 37896331 |
| Murata Manufacturing Co. Ltd. | 1599800 | 22791645 |
| Nintendo Co. Ltd. | 126400 | 10493729 |
| Nippon Paint Holdings Co. Ltd. | 486500 | 3706533 |
| Nippon Telegraph & Telephone Corp. | 30678600 | 32067641 |
| Nomura Research Institute Ltd. | 581500 | 22019928 |
| Obic Co. Ltd. | 509000 | 17820851 |
| ORIX Corp. | 1244800 | 24970727 |
| Otsuka Corp. | 680900 | 15101727 |
| Pan Pacific International Holdings Corp. | 858900 | 26443339 |
| Recruit Holdings Co. Ltd. | 501300 | 27779685 |
| Renesas Electronics Corp. | 1563600 | 18349259 |
| Resona Holdings, Inc. | 2864600 | 22979236 |
| SCSK Corp. | 566300 | 14811818 |
| Sekisui House Ltd. | 730500 | 16794342 |
| Seven & i Holdings Co. Ltd. | 824100 | 12131264 |
| Shin-Etsu Chemical Co. Ltd. | 1382000 | 42056324 |
| Shionogi & Co. Ltd. | 885300 | 14873493 |
| SoftBank Group Corp. | 168300 | 8510873 |
| Sony Group Corp. | 3222775 | 85025820 |
| Sumitomo Electric Industries Ltd. | 644300 | 10356098 |
| Sumitomo Metal Mining Co. Ltd. | 659600 | 14634562 |
| Sumitomo Mitsui Financial Group, Inc. | 2691800 | 64218848 |
| Suzuki Motor Corp. | 2692700 | 32268423 |
| T&D Holdings, Inc. | 1297900 | 27617522 |
| Takeda Pharmaceutical Co. Ltd. | 1064200 | 32190590 |
| Terumo Corp. | 1785100 | 34168129 |
| Tokio Marine Holdings, Inc. | 1520200 | 60933228 |
| Tokyo Electron Ltd. | 285600 | 42525381 |
| Toyota Industries Corp. | 85500 | 10027003 |
| Toyota Motor Corp. | 4468600 | 85347665 |
|  |  | 1540620733 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Sands China Ltd. \* | 2656000 | 4756762 |
| **Netherlands — 4.3%** | **Netherlands — 4.3%** | **Netherlands — 4.3%** |
| Adyen NV \* (a) | 12040 | 19483288 |
| ASML Holding NV | 198956 | 133189498 |
| Heineken NV | 378942 | 33921071 |
| Koninklijke Ahold Delhaize NV | 442810 | 18181364 |
| Koninklijke KPN NV | 9809846 | 45633977 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| NN Group NV | 492106 | 30176139 |
| Wolters Kluwer NV | 78195 | 13806032 |
|  |  | 294391369 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Xero Ltd. \* | 54384 | 5727347 |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| DBS Group Holdings Ltd. | 1402331 | 45560632 |
| Oversea-Chinese Banking Corp. Ltd. | 1182300 | 14631866 |
| Sea Ltd., ADR \* | 175846 | 23572156 |
| United Overseas Bank Ltd. | 554600 | 14729535 |
|  |  | 98494189 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| Banco Bilbao Vizcaya Argentaria SA | 1632509 | 22404623 |
| Banco Santander SA (b) | 11752980 | 82751067 |
| CaixaBank SA (b) | 1390682 | 10658472 |
| Iberdrola SA | 4017831 | 72424860 |
| Industria de Diseno Textil SA (b) | 482229 | 25931847 |
|  |  | 214170869 |
| **Sweden — 2.1%** | **Sweden — 2.1%** | **Sweden — 2.1%** |
| Atlas Copco AB, Class A | 4591642 | 71072640 |
| Sandvik AB (b) | 627897 | 12962576 |
| Volvo AB, Class B | 2265820 | 61592967 |
|  |  | 145628183 |
| **Switzerland — 3.7%** | **Switzerland — 3.7%** | **Switzerland — 3.7%** |
| ABB Ltd. (Registered) | 129845 | 6857211 |
| Cie Financiere Richemont SA (Registered) | 352349 | 62261907 |
| Givaudan SA (Registered) | 2163 | 10435093 |
| Lonza Group AG (Registered) | 88091 | 63294200 |
| Sandoz Group AG | 743317 | 32241134 |
| SGS SA (Registered) | 110126 | 10755040 |
| UBS Group AG (Registered) | 869060 | 26380637 |
| Zurich Insurance Group AG | 64514 | 45757898 |
|  |  | 257983120 |
| **United Kingdom — 13.2%** | **United Kingdom — 13.2%** | **United Kingdom — 13.2%** |
| 3i Group plc | 1345935 | 76302455 |
| AstraZeneca plc | 917355 | 131426443 |
| BAE Systems plc | 138858 | 3219094 |
| Barclays plc | 17369194 | 69192667 |
| British American Tobacco plc | 677527 | 29511951 |
| Compass Group plc | 617985 | 20835255 |
| DCC plc | 67221 | 4393422 |
| Diageo plc | 619943 | 17408244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| HSBC Holdings plc | 6386573 | 71193525 |
| InterContinental Hotels Group plc | 285684 | 30485314 |
| Lloyds Banking Group plc | 14332278 | 14081153 |
| London Stock Exchange Group plc | 287353 | 44744174 |
| National Grid plc | 2849610 | 41131566 |
| NatWest Group plc | 5521525 | 35516031 |
| Next plc | 97495 | 16084389 |
| Reckitt Benckiser Group plc | 309507 | 19977601 |
| RELX plc | 1742534 | 95099055 |
| Rolls-Royce Holdings plc | 1698188 | 17189865 |
| Sage Group plc (The) | 1246271 | 20661471 |
| SSE plc | 2116628 | 47721640 |
| Standard Chartered plc | 527509 | 7597845 |
| Tesco plc | 9444419 | 46740463 |
| Unilever plc | 712080 | 45409435 |
|  |  | 905923058 |
| **United States — 10.8%** | **United States — 10.8%** | **United States — 10.8%** |
| BP plc | 10749375 | 49634084 |
| CSL Ltd. | 158012 | 25362974 |
| Ferrovial SE | 611053 | 29808678 |
| GSK plc | 1232012 | 24372509 |
| Nestle SA (Registered) | 1508613 | 160572823 |
| Novartis AG (Registered) | 695243 | 79297547 |
| Roche Holding AG | 256762 | 83957712 |
| Sanofi SA | 683268 | 74743932 |
| Schneider Electric SE | 285336 | 66667553 |
| Shell plc | 3802383 | 122709528 |
| Spotify Technology SA \* | 29145 | 17894447 |
| Stellantis NV (b) | 741325 | 6898344 |
|  |  | 741920131 |
| Total Common Stocks <br>(Cost $5,809,933,843)<br>|  | 6801172370 |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (c) (d) <br>(Cost $31,798,932)<br>| 31793675 | 31800033 |
| **Investment of Cash Collateral from Securities Loaned — 1.1%** | **Investment of Cash Collateral from Securities Loaned — 1.1%** | **Investment of Cash Collateral from Securities Loaned — 1.1%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (c) <br> (d)(Cost $75,401,770)<br>| 75401770 | 75401770 |
| Total Short-Term Investments <br>(Cost $107,200,702)<br>|  | 107201803 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan International Research Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 100.5%** <br>**(Cost $5,917,134,545)**<br>|  | **6908374173** |
| **Liabilities in Excess of Other Assets —** <br> **(0.5)%**<br>|  | **(31755695)**<br>|
| **NET ASSETS — 100.0%** |  | **6876618478** |

---

&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 |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $69,947,721. 

(c) 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. 

(d) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 13.9<br> %<br>|
| Pharmaceuticals | 9.3 |
| Insurance | 6.9 |
| Semiconductors & Semiconductor Equipment | 3.7 |
| Oil, Gas & Consumable Fuels | 3.2 |
| Capital Markets | 3.0 |
| Diversified Telecommunication Services | 2.9 |
| Chemicals | 2.8 |
| Food Products | 2.8 |
| Electrical Equipment | 2.7 |
| Textiles, Apparel & Luxury Goods | 2.5 |
| Machinery | 2.5 |
| Multi-Utilities | 2.3 |
| Industrial Conglomerates | 2.3 |
| Software | 2.2 |
| Aerospace & Defense | 2.2 |
| Metals & Mining | 2.2 |
| Professional Services | 2.1 |
| Automobiles | 2.1 |
| Beverages | 2.0 |
| Electric Utilities | 1.9 |
| Construction & Engineering | 1.7 |
| IT Services | 1.7 |
| Consumer Staples Distribution & Retail | 1.6 |
| Household Durables | 1.5 |
| Health Care Equipment & Supplies | 1.4 |
| Trading Companies & Distributors | 1.4 |
| Automobile Components | 1.3 |
| Broadline Retail | 1.2 |
| Personal Care Products | 1.2 |
| Entertainment | 1.1 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Others (each less than 1.0%) | 7.8 |
| Short-Term Investments | 1.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Research** <br>**Enhanced** <br>**Equity ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $6801172370 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 31800033 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 75401770 |
| Cash | &nbsp;&nbsp;&nbsp; 388642 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 222746 |
| Segregated cash balance with Authorized Participant for deposit securities | &nbsp;&nbsp;&nbsp; 230454 |
| Receivables: |  |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 22079059 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 3835 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 22243793 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 220713 |
| Total Assets | &nbsp;&nbsp;&nbsp; 6953763415 |
| **LIABILITIES:** |  |
| Payables: |  |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 75401770 |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; 230454 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 776618 |
| Administration fees | &nbsp;&nbsp;&nbsp; 395279 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 33115 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 195680 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 770 |
| Other | &nbsp;&nbsp;&nbsp; 111251 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 77144937 |
| Net Assets | &nbsp;&nbsp;&nbsp; $6876618478 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5970927358 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 905691120 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $6876618478 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 104077892 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $66.07 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $5809933843 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 31798932 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 223347 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 69947721 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 75401770 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 5

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Research** <br>**Enhanced** <br>**Equity ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $2593413 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 4825 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 106553805 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1041584 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 277655 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (9652401)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 100818881 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 6583209 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2468688 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 398190 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 40 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2908 |
| Professional fees | &nbsp;&nbsp;&nbsp; 81755 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 20477 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 109897 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 10276 |
| Other | &nbsp;&nbsp;&nbsp; 10334 |
| Total expenses | &nbsp;&nbsp;&nbsp; 9685774 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (27180)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1780707)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 7877887 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 92940994 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (61910599)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 538 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 441912590 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 217983 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (146095)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 380074417 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 138810480 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (5474)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 2364137 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 141169143 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 521243560 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $614184554 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan International Research** <br>**Enhanced Equity ETF**  | **JPMorgan International Research** <br>**Enhanced Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $92940994 | &nbsp;&nbsp;&nbsp; $166730258 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 380074417 | &nbsp;&nbsp;&nbsp; 334042122 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 141169143 | &nbsp;&nbsp;&nbsp; 594585472 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 614184554 | &nbsp;&nbsp;&nbsp; 1095357852 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (206111065)<br>| &nbsp;&nbsp;&nbsp; (167953253)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (35265504)<br>| &nbsp;&nbsp;&nbsp; 489868855 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 372807985 | &nbsp;&nbsp;&nbsp; 1417273454 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6503810493 | &nbsp;&nbsp;&nbsp; 5086537039 |
| End of period | &nbsp;&nbsp;&nbsp; $6876618478 | &nbsp;&nbsp;&nbsp; $6503810493 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1464975042 | &nbsp;&nbsp;&nbsp; $1612123672 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1500240546)<br>| &nbsp;&nbsp;&nbsp; (1122254817)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(35265504)<br>| &nbsp;&nbsp;&nbsp; $489868855 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 23800000 | &nbsp;&nbsp;&nbsp; 26700000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (24200000)<br>| &nbsp;&nbsp;&nbsp; (18500000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; 8200000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 7

------

**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)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(c)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan International Research Enhanced Equity ETF** (g) |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $62.25 | &nbsp;&nbsp; $0.87 | &nbsp;&nbsp; $4.72 | &nbsp;&nbsp; $5.59 | &nbsp;&nbsp; $(1.77)<br>|
| Year Ended October 31, 2024  | 52.83 | 1.64 | 9.38 | 11.02 | &nbsp;&nbsp; (1.60)<br>|
| Year Ended October 31, 2023  | 46.27 | 1.54 | 6.33 | 7.87 | &nbsp;&nbsp; (1.31)<br>|
| Year Ended October 31, 2022  | 61.89 | 1.39 | &nbsp;&nbsp; (14.54)<br>| &nbsp;&nbsp; (13.15)<br>| &nbsp;&nbsp; (2.47)<br>|
| Year Ended October 31, 2021  | 46.43 | 1.42<br> (h)<br>| 15.11 | 16.53 | &nbsp;&nbsp; (1.07)<br>|
| Year Ended October 31, 2020  | 52.55 | 1.13 | &nbsp;&nbsp; (5.63)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (1.62)<br>|

---

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

(a) Per share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on June 10, 2022.

(b) Annualized for periods less than one year, unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Market price returns are calculated using the official closing price of the JPMorgan International Research Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan International Research Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan International Research Enhanced Equity ETF's listing on June 13, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. 

(g) JPMorgan International Research Enhanced Equity ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Predecessor 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 Predecessor Fund's Class R6 Shares for the period November 1, 2019 up through the reorganization. 

(h) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have remained the same and the net investment income (loss) ratio would have been 2.44%. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(d)(e)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)(f)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66.07 | &nbsp;&nbsp;&nbsp;&nbsp; $65.00 | &nbsp;&nbsp;&nbsp;&nbsp; 9.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6876618478 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.25 | &nbsp;&nbsp;&nbsp;&nbsp;62.40 | &nbsp;&nbsp;&nbsp;&nbsp;21.10 | &nbsp;&nbsp;&nbsp;&nbsp;20.98 | &nbsp;&nbsp;&nbsp;&nbsp; 6503810493 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.83 | &nbsp;&nbsp;&nbsp;&nbsp;53.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5086537039 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.27 | &nbsp;&nbsp;&nbsp;&nbsp;46.28 | &nbsp;&nbsp;&nbsp;&nbsp; (22.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5026188342 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.89 | &nbsp;&nbsp;&nbsp;&nbsp;61.89 | &nbsp;&nbsp;&nbsp;&nbsp;35.93 | &nbsp;&nbsp;&nbsp;&nbsp;35.93 | &nbsp;&nbsp;&nbsp;&nbsp; 4562266369 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.43 | &nbsp;&nbsp;&nbsp;&nbsp;46.43 | &nbsp;&nbsp;&nbsp;&nbsp; (8.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4337775495 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 9

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 International Research Enhanced Equity ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

The investment objective of the Fund is to seek to provide 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 NYSE Arca, Inc. Market prices for the Fund's shares may be different from its net asset value ("NAV"). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the "Distributor" or "JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as "Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an "Authorized Participant").

**2. Significant Accounting Policies**

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

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

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

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

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

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

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

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

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

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

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

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

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

10 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $472192906 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $472192906 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46478971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46478971 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26284964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26284964 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172601757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172601757 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49698933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49698933 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 827454967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 827454967 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 729939976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 729939976 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106861639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106861639 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18771648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18771648 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141270848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141270848 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1540620733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1540620733 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4756762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4756762 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294391369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294391369 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5727347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5727347 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 23572156 | &nbsp;&nbsp;&nbsp;&nbsp; 74922033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98494189 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214170869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214170869 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145628183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145628183 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257983120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257983120 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 905923058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 905923058 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 17894447 | &nbsp;&nbsp;&nbsp;&nbsp; 724025684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 741920131 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 41466603 | &nbsp;&nbsp;&nbsp;&nbsp; 6759705767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6801172370 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 31800033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31800033 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75401770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75401770 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 107201803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107201803 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $148668406 | &nbsp;&nbsp;&nbsp;&nbsp; $6759705767 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6908374173 |

---

**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 April 30, 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.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 11

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

**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.

The following table presents the Fund value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of April 30, 2025.

---

| | | |
|:---|:---|:---|
| **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statement of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| &nbsp;&nbsp; $69947721 | &nbsp;&nbsp; $(69947721)<br>| &nbsp;&nbsp; $— |

---

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

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

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

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

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

12 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money <br> Market Fund Class IM <br> Shares, 4.40% (a) (b)<br>| $29218490 | $383158125 | $380571646 | $538 | $(5474)<br>| $31800033 | 31793675 | $1041584 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (a) (b)<br>|  | 275650161 | 200248391 |  |  | 75401770 | 75401770 | 522,812<br> \*<br>|  |
| **Total** | $29218490 | $658808286 | $580820037 | $538 | $(5474)<br>| $107201803 |  | $1564396 | $— |

---

&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 April 30, 2025.

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

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 13

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

The table below discloses the volume of the Fund's futures contracts activity during the six months ended April 30, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $29408787 |

---

**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.

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.

**H. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

**I. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

**L. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

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

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.20% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.E.

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

14 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

**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 April 30, 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 fees paid to the Administrator.

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

**D. 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 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.

**E. Waivers and Reimbursements**— The Adviser and/or its affiliates have 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, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of the Fund's average daily net assets.

The expense limitation agreement was in effect for the six months ended April 30, 2025 and the contractual expense limitation is in place until at least February 28, 2026.

For the six months ended April 30, 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; $1780707 |

---

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 April 30, 2025 was $27,180

**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.

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 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.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 15

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

**4. Investment Transactions** 

During the six months ended April 30, 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>|
| $864161247 | $877174454 |

---

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $1329199337 | $1471036877 |

---

During the six months ended April 30, 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 April 30, 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; $5917134545 | &nbsp;&nbsp;&nbsp;&nbsp; $1198386697 | &nbsp;&nbsp;&nbsp;&nbsp; $207147069 | &nbsp;&nbsp;&nbsp;&nbsp; $991239628 |

---

At October 31, 2024, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $56039440 | &nbsp;&nbsp;&nbsp;&nbsp; $391920602 |

---

During the year ended October 31, 2024, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $10283776 |

---

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

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

16 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

**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 April 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2025.

**8. Risks, Concentrations and Indemnifications**

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

As of April 30, 2025, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 17.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.3<br> %<br>|

---

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

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

As of April 30, 2025, the Fund had non-U.S. country allocations representing greater than 10% of total investments (excluding investment

of cash collateral from securities loaned) as follows:

---

| | |
|:---|:---|
| France | 12.1<br> %<br>|
| Germany | 10.7 |
| Japan | 22.5 |
| United Kingdom | 13.3 |

---

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

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

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

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 a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

18 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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

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

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

![](g944330imgc5a239932.jpg)

------

![](g944330imge3a86bc83.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. April 2025.

SAN-CONV-ETF-425

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Management Agreement**

Not applicable.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan Active China ETF | JCHI | NYSE Arca, Inc. |
| JPMorgan Active Developing Markets Equity ETF | JADE | NYSE Arca, Inc. |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | JEMA | Cboe BZX Exchange, Inc. |
| JPMorgan Dividend Leaders ETF | JDIV | NYSE Arca, Inc. |
| JPMorgan Flexible Income ETF | JFLI | NYSE Arca, Inc. |
| JPMorgan Global Select Equity ETF | JGLO | The NASDAQ Stock Market® LLC |
| JPMorgan Healthcare Leaders ETF | JDOC | The NASDAQ Stock Market® LLC |
| JPMorgan Hedged Equity Laddered Overlay ETF | HELO | NYSE Arca, Inc. |
| JPMorgan International Growth ETF | JIG | NYSE Arca, Inc. |
| JPMorgan International Value ETF | JIVE | The NASDAQ Stock Market® LLC |
| JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF | HEQQ | The NASDAQ Stock Market® LLC |

---

![](g941514img71cea54b1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_c3609fe9-4552-4cd1-9115-a17be2202d8c_SOI-TOC-ScheduleofInvestments-998_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_c3609fe9-4552-4cd1-9115-a17be2202d8c_FS-TOC-FinancialStatement-998_1) | &nbsp;&nbsp; **47** |
| [Financial Highlights](#xx_c3609fe9-4552-4cd1-9115-a17be2202d8c_FIHI_2-TOC-FIHI-998_2) | &nbsp;&nbsp; **62** |
| [Notes to Financial Statements](#xx_c3609fe9-4552-4cd1-9115-a17be2202d8c_NTF-NTFRunningFooter-998_1) | &nbsp;&nbsp; **68** |

---

**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 China ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Automobile Components — 2.1%** | **Automobile Components — 2.1%** | **Automobile Components — 2.1%** |
| Fuyao Glass Industry Group Co. Ltd., Class A | 33300 | 266195 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| China CITIC Bank Corp. Ltd., Class H | 297000 | 234905 |
| China Construction Bank Corp., Class H | 741000 | 608678 |
| China Merchants Bank Co. Ltd., Class A | 103900 | 582653 |
|  |  | 1426236 |
| **Beverages — 2.6%** | **Beverages — 2.6%** | **Beverages — 2.6%** |
| Kweichow Moutai Co. Ltd., Class A | 1500 | 319305 |
| **Broadline Retail — 12.2%** | **Broadline Retail — 12.2%** | **Broadline Retail — 12.2%** |
| Alibaba Group Holding Ltd. | 79100 | 1180966 |
| PDD Holdings, Inc., ADR \* | 3253 | 343419 |
|  |  | 1524385 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| CITIC Securities Co. Ltd., Class A | 43800 | 150837 |
| **Electrical Equipment — 5.4%** | **Electrical Equipment — 5.4%** | **Electrical Equipment — 5.4%** |
| Contemporary Amperex Technology Co. Ltd., Class A | 8500 | 271546 |
| Hongfa Technology Co. Ltd., Class A | 43400 | 196435 |
| NARI Technology Co. Ltd., Class A | 66600 | 203032 |
|  |  | 671013 |
| **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** |
| Foxconn Industrial Internet Co. Ltd., Class A | 84931 | 213906 |
| Luxshare Precision Industry Co. Ltd., Class A | 37200 | 158210 |
| Xiamen Faratronic Co. Ltd., Class A | 13300 | 190460 |
|  |  | 562576 |
| **Entertainment — 4.0%** | **Entertainment — 4.0%** | **Entertainment — 4.0%** |
| Kingsoft Corp. Ltd. | 15600 | 77726 |
| NetEase, Inc. | 19900 | 427777 |
|  |  | 505503 |
| **Food Products — 4.2%** | **Food Products — 4.2%** | **Food Products — 4.2%** |
| Angel Yeast Co. Ltd., Class A | 38500 | 186648 |
| Anjoy Foods Group Co. Ltd., Class A | 17500 | 183658 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 39400 | 161307 |
|  |  | 531613 |
| **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** |
| ENN Energy Holdings Ltd. | 32300 | 254988 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 2200 | 66480 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — 5.2%** | **Hotels, Restaurants & Leisure — 5.2%** | **Hotels, Restaurants & Leisure — 5.2%** |
| H World Group Ltd., ADR | 4166 | 142644 |
| Meituan \* (a) | 30600 | 506657 |
|  |  | 649301 |
| **Household Durables — 2.6%** | **Household Durables — 2.6%** | **Household Durables — 2.6%** |
| Haier Smart Home Co. Ltd., Class H | 56800 | 164836 |
| Midea Group Co. Ltd., Class A | 15700 | 159041 |
|  |  | 323877 |
| **Independent Power and Renewable Electricity Producers — 2.1%** | **Independent Power and Renewable Electricity Producers — 2.1%** | **Independent Power and Renewable Electricity Producers — 2.1%** |
| China Yangtze Power Co. Ltd., Class A | 64300 | 260884 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| China Pacific Insurance Group Co. Ltd., Class H | 51200 | 139303 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| 279000 | 165117 |
| Ping An Insurance Group Co. of China Ltd., Class A | 11400 | 79591 |
|  |  | 384011 |
| **Interactive Media & Services — 14.7%** | **Interactive Media & Services — 14.7%** | **Interactive Media & Services — 14.7%** |
| Kanzhun Ltd., ADR \* | 6121 | 93651 |
| Tencent Holdings Ltd. | 28600 | 1751778 |
|  |  | 1845429 |
| **Machinery — 6.4%** | **Machinery — 6.4%** | **Machinery — 6.4%** |
| Sany Heavy Industry Co. Ltd., Class A | 74800 | 194709 |
| Weichai Power Co. Ltd., Class H | 107000 | 208747 |
| XCMG Construction Machinery Co. Ltd., Class A | 134700 | 163384 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | 4254 | 26580 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 50900 | 204304 |
|  |  | 797724 |
| **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** |
| Zijin Mining Group Co. Ltd., Class H | 128000 | 279640 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| PetroChina Co. Ltd., Class H | 200000 | 152828 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| 16790 | 95017 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 14900 | 104620 |
|  |  | 199637 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| KE Holdings, Inc., ADR | 9297 | 188729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan Active China ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** |
| Montage Technology Co. Ltd., Class A | 26689 | 282287 |
| NAURA Technology Group Co. Ltd., Class A | 2100 | 130482 |
|  |  | 412769 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Kingdee International Software Group Co. Ltd. \* | 44000 | 74835 |
| **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** |
| Xiaomi Corp., Class B \* (a) | 73400 | 469922 |
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| Shenzhou International Group Holdings Ltd. | 22700 | 157350 |
| Total Common Stocks <br>(Cost $11,551,246)<br>|  | 12476067 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM, <br> 4.40% (b) (c)(Cost $18,058)<br>| 18054 | 18058 |
| **Total Investments — 99.9%** <br>**(Cost $11,569,304)**<br>|  | **12494125** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **15716** |
| **NET ASSETS — 100.0%** |  | **12509841** |

---

&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) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) 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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Active Developing Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| Vista Energy SAB de CV, ADR \* | 1102 | 49777 |
| **Brazil — 8.7%** | **Brazil — 8.7%** | **Brazil — 8.7%** |
| B3 SA - Brasil Bolsa Balcao | 64468 | 151425 |
| Banco BTG Pactual SA | 14634 | 98683 |
| Banco do Brasil SA | 19705 | 100137 |
| BB Seguridade Participacoes SA | 2866 | 21488 |
| Embraer SA, ADR \* | 1295 | 59492 |
| Itau Unibanco Holding SA, ADR | 15768 | 99496 |
| Itau Unibanco Holding SA (Preference) | 3195 | 20031 |
| MercadoLibre, Inc. \* | 112 | 261055 |
| NU Holdings Ltd., Class A \* | 12859 | 159837 |
| Petroleo Brasileiro SA, ADR | 7707 | 81386 |
| Petroleo Brasileiro SA (Preference) | 15889 | 84105 |
| Raia Drogasil SA | 10159 | 35408 |
| TIM SA | 19445 | 64724 |
| WEG SA | 4202 | 33341 |
|  |  | 1270608 |
| **China — 26.3%** | **China — 26.3%** | **China — 26.3%** |
| Alibaba Group Holding Ltd., ADR | 178 | 21258 |
| Alibaba Group Holding Ltd. | 28060 | 418937 |
| BYD Co. Ltd., Class A | 1200 | 58353 |
| China Mengniu Dairy Co. Ltd. | 42032 | 104687 |
| China Merchants Bank Co. Ltd., Class H | 26352 | 143741 |
| China Pacific Insurance Group Co. Ltd., Class H | 12121 | 32978 |
| China Petroleum & Chemical Corp., Class H | 113134 | 57752 |
| China Yangtze Power Co. Ltd., Class A | 17200 | 69785 |
| Contemporary Amperex Technology Co. Ltd., Class A | 2700 | 86256 |
| ENN Energy Holdings Ltd. | 13900 | 109732 |
| Full Truck Alliance Co. Ltd., ADR | 8671 | 98502 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 34852 | 246474 |
| H World Group Ltd., ADR | 2124 | 72726 |
| Haidilao International Holding Ltd. (a) | 22245 | 50086 |
| Haier Smart Home Co. Ltd., Class A | 10700 | 36543 |
| Haier Smart Home Co. Ltd., Class H | 37662 | 109296 |
| Huayu Automotive Systems Co. Ltd., Class A | 9600 | 23545 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 18500 | 75740 |
| JD.com, Inc., Class A | 2091 | 34044 |
| KE Holdings, Inc., ADR | 5650 | 114695 |
| Meituan \* (a) | 6300 | 104312 |
| Midea Group Co. Ltd., Class A | 26300 | 266419 |
| Montage Technology Co. Ltd., Class A | 6749 | 71384 |
| NetEase, Inc. | 10595 | 227754 |
| PDD Holdings, Inc., ADR \* | 612 | 64609 |
| Ping An Insurance Group Co. of China Ltd., Class H | 13972 | 83623 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 1100 | 33240 |
| Shenzhou International Group Holdings Ltd. | 11383 | 78903 |
| Tencent Holdings Ltd. | 10989 | 673087 |
| Tencent Music Entertainment Group, ADR | 4761 | 63893 |
| Trip.com Group Ltd., ADR | 1313 | 77454 |
| Wuliangye Yibin Co. Ltd., Class A | 2200 | 38958 |
| Yum China Holdings, Inc. | 1838 | 79604 |
|  |  | 3828370 |
| **Greece — 1.6%** | **Greece — 1.6%** | **Greece — 1.6%** |
| National Bank of Greece SA | 17461 | 185322 |
| Piraeus Financial Holdings SA | 9211 | 51729 |
|  |  | 237051 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| AIA Group Ltd. | 11156 | 83591 |
| Hong Kong Exchanges & Clearing Ltd. | 1930 | 84321 |
| Techtronic Industries Co. Ltd. | 4801 | 48317 |
|  |  | 216229 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| OTP Bank Nyrt. | 1051 | 77635 |
| **India — 13.2%** | **India — 13.2%** | **India — 13.2%** |
| Apollo Hospitals Enterprise Ltd. | 474 | 39178 |
| Bajaj Auto Ltd. | 1135 | 107833 |
| Bajaj Finance Ltd. | 1578 | 161014 |
| Bharat Electronics Ltd. | 14266 | 53063 |
| Bharti Airtel Ltd. | 3135 | 69153 |
| Cholamandalam Investment and Finance Co. Ltd. | 6486 | 114720 |
| HCL Technologies Ltd. | 3881 | 71984 |
| HDFC Bank Ltd., ADR | 2533 | 184124 |
| HDFC Bank Ltd. | 3240 | 73593 |
| Hindustan Aeronautics Ltd. (a) | 821 | 43536 |
| ICICI Bank Ltd., ADR | 2700 | 90612 |
| Infosys Ltd., ADR | 4106 | 72266 |
| ITC Hotels Ltd. \* | 1327 | 3054 |
| ITC Ltd. | 9648 | 48578 |
| Kotak Mahindra Bank Ltd. | 2432 | 63562 |
| MakeMyTrip Ltd. \* | 646 | 67714 |
| Max Healthcare Institute Ltd. | 2926 | 37963 |
| NTPC Ltd. | 18804 | 78779 |
| Power Grid Corp. of India Ltd. | 36111 | 131153 |
| Shriram Finance Ltd. | 29732 | 215459 |
| Tata Consultancy Services Ltd. | 1805 | 73680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan Active Developing Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Tata Motors Ltd. | 6829 | 52042 |
| UltraTech Cement Ltd. | 453 | 62424 |
|  |  | 1915484 |
| **Indonesia — 3.2%** | **Indonesia — 3.2%** | **Indonesia — 3.2%** |
| Bank Central Asia Tbk. PT | 154000 | 81880 |
| Bank Mandiri Persero Tbk. PT | 323000 | 95384 |
| Bank Rakyat Indonesia Persero Tbk. PT | 829300 | 192074 |
| Telkom Indonesia Persero Tbk. PT | 638900 | 100703 |
|  |  | 470041 |
| **Mexico — 3.9%** | **Mexico — 3.9%** | **Mexico — 3.9%** |
| BBB Foods, Inc., Class A \* | 2250 | 68760 |
| Grupo Financiero Banorte SAB de CV, Class O | 26131 | 224060 |
| Grupo Mexico SAB de CV | 7459 | 38705 |
| Southern Copper Corp. | 266 | 23813 |
| Wal-Mart de Mexico SAB de CV | 67676 | 214411 |
|  |  | 569749 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
| Copa Holdings SA, Class A | 475 | 43586 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | 137 | 27700 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| Dino Polska SA \* (a) | 534 | 74860 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Jeronimo Martins SGPS SA | 2518 | 60942 |
| **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** |
| Al Rajhi Bank | 4085 | 106120 |
| Saudi Arabian Oil Co. (a) | 19152 | 129487 |
| Saudi National Bank (The) | 17395 | 165740 |
|  |  | 401347 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| Grab Holdings Ltd., Class A \* | 17025 | 83082 |
| Sea Ltd., ADR \* | 508 | 68097 |
|  |  | 151179 |
| **South Africa — 2.3%** | **South Africa — 2.3%** | **South Africa — 2.3%** |
| Absa Group Ltd. | 3523 | 32514 |
| Bid Corp. Ltd. | 2308 | 58006 |
| Capitec Bank Holdings Ltd. | 428 | 79439 |
| FirstRand Ltd. | 16624 | 65089 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Africa — continued** | **South Africa — continued** | **South Africa — continued** |
| Shoprite Holdings Ltd. | 955 | 14694 |
| Standard Bank Group Ltd. | 6557 | 81885 |
|  |  | 331627 |
| **South Korea — 11.3%** | **South Korea — 11.3%** | **South Korea — 11.3%** |
| Hana Financial Group, Inc. | 1901 | 86211 |
| Hanwha Aerospace Co. Ltd. | 313 | 175907 |
| Hanwha Vision Co. Ltd. \* | 415 | 17609 |
| Hyundai Motor Co. | 492 | 65928 |
| KB Financial Group, Inc. | 2459 | 155406 |
| Kia Corp. | 3075 | 195426 |
| Samsung Electronics Co. Ltd. | 8771 | 342223 |
| Samsung Electronics Co. Ltd. (Preference) | 2298 | 75858 |
| Samsung Fire & Marine Insurance Co. Ltd. | 639 | 168586 |
| Shinhan Financial Group Co. Ltd. | 3558 | 128586 |
| SK Hynix, Inc. | 1759 | 219476 |
| SK Telecom Co. Ltd. | 451 | 17231 |
|  |  | 1648447 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Banco Bilbao Vizcaya Argentaria SA | 10164 | 139491 |
| **Taiwan — 16.0%** | **Taiwan — 16.0%** | **Taiwan — 16.0%** |
| Accton Technology Corp. | 3860 | 71898 |
| ASE Technology Holding Co. Ltd. | 41825 | 178225 |
| Delta Electronics, Inc. | 5697 | 59694 |
| MediaTek, Inc. | 2733 | 116134 |
| Novatek Microelectronics Corp. | 810 | 13173 |
| Quanta Computer, Inc. \* | 26345 | 197922 |
| Realtek Semiconductor Corp. | 10769 | 177032 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 47012 | 1332064 |
| United Microelectronics Corp. | 10147 | 14239 |
| Wistron Corp. | 13319 | 42738 |
| Wiwynn Corp. | 2109 | 126922 |
|  |  | 2330041 |
| **Thailand — 0.9%** | **Thailand — 0.9%** | **Thailand — 0.9%** |
| SCB X PCL, NVDR | 37500 | 133623 |
| **Turkey — 1.9%** | **Turkey — 1.9%** | **Turkey — 1.9%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 31714 | 111724 |
| BIM Birlesik Magazalar A/S | 4867 | 57179 |
| Ford Otomotiv Sanayi A/S | 2071 | 47782 |
| Turkiye Garanti Bankasi A/S | 10837 | 29129 |
| Yapi ve Kredi Bankasi A/S \* | 36695 | 21824 |
|  |  | 267638 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** |
| ExlService Holdings, Inc. \* | 1192 | 57788 |
| Globant SA \* | 343 | 40327 |
| Monolithic Power Systems, Inc. | 80 | 47448 |
|  |  | 145563 |
| Total Common Stocks <br>(Cost $14,121,524)<br>|  | 14390988 |
| **Total Investments — 99.0%** <br>**(Cost $14,121,524)**<br>|  | **14390988** |
| **Other Assets in Excess of Liabilities — 1.0%** |  | **152234** |
| **NET ASSETS — 100.0%** |  | **14543222** |

---

&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 |
| NVDR | Non-Voting Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| SGPS | Holding company |

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 21.1<br> %<br>|
| Semiconductors & Semiconductor Equipment | 15.1 |
| Broadline Retail | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Interactive Media & Services | 4.7 |
| Consumer Staples Distribution & Retail | 4.1 |
| Automobiles | 3.7 |
| Consumer Finance | 3.4 |
| Hotels, Restaurants & Leisure | 3.2 |
| Aerospace & Defense | 3.1 |
| Household Durables | 2.9 |
| Oil, Gas & Consumable Fuels | 2.8 |
| Insurance | 2.7 |
| Entertainment | 2.5 |
| Capital Markets | 2.3 |
| Automobile Components | 1.9 |
| IT Services | 1.8 |
| Ground Transportation | 1.3 |
| Food Products | 1.3 |
| Wireless Telecommunication Services | 1.0 |
| Independent Power and Renewable Electricity Producers | 1.0 |
| Others (each less than 1.0%) | 9.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
| **Argentina — 0.0% ^** | **Argentina — 0.0% ^** | **Argentina — 0.0% ^** |
| Vista Energy SAB de CV, ADR \* | 4445 | 200781 |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Rio Tinto plc | 8847 | 527187 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | 9178 | 621549 |
| Raiffeisen Bank International AG | 14098 | 376576 |
|  |  | 998125 |
| **Brazil — 6.3%** | **Brazil — 6.3%** | **Brazil — 6.3%** |
| Ambev SA | 187901 | 483729 |
| B3 SA - Brasil Bolsa Balcao | 2101542 | 4936179 |
| Banco BTG Pactual SA | 581930 | 3924207 |
| Banco do Brasil SA | 936960 | 4761447 |
| BB Seguridade Participacoes SA | 180565 | 1353804 |
| Centrais Eletricas Brasileiras SA (Preference) | 102289 | 869298 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 20886 | 417709 |
| Cia Energetica de Minas Gerais (Preference) | 225075 | 439033 |
| Cury Construtora e Incorporadora SA | 101554 | 490488 |
| Embraer SA \* | 145544 | 1671340 |
| Gerdau SA (Preference) | 123688 | 326702 |
| Itau Unibanco Holding SA (Preference) | 1452264 | 9104879 |
| Itausa SA (Preference) | 767786 | 1444888 |
| Localiza Rent a Car SA | 298144 | 2261106 |
| Lojas Renner SA | 265676 | 680206 |
| Marcopolo SA (Preference) | 396778 | 491502 |
| MercadoLibre, Inc. \* | 4192 | 9770923 |
| NU Holdings Ltd., Class A \* | 506905 | 6300829 |
| Petroleo Brasileiro SA, ADR | 687800 | 7765262 |
| Porto Seguro SA | 130769 | 1018934 |
| Raia Drogasil SA | 423443 | 1475856 |
| Telefonica Brasil SA | 121030 | 589886 |
| TIM SA | 771938 | 2569431 |
| TOTVS SA | 48842 | 322736 |
| Vale SA, ADR | 149947 | 1396007 |
| Vibra Energia SA | 186070 | 614097 |
| WEG SA | 397831 | 3156627 |
|  |  | 68637105 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Banco de Chile | 3195490 | 469086 |
| Banco Santander Chile | 18896748 | 1142518 |
|  |  | 1611604 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — 27.2%** | **China — 27.2%** | **China — 27.2%** |
| Advanced Micro-Fabrication Equipment, Inc., <br> Class A<br>| 14003 | 363173 |
| Airtac International Group | 30670 | 842389 |
| Alibaba Group Holding Ltd. | 2234586 | 33362439 |
| Angel Yeast Co. Ltd., Class A | 199609 | 967706 |
| Anhui Conch Cement Co. Ltd., Class H | 81500 | 229590 |
| Anjoy Foods Group Co. Ltd., Class A | 78500 | 823839 |
| ANTA Sports Products Ltd. | 59600 | 704223 |
| Autohome, Inc., Class A | 47800 | 320236 |
| Bank of China Ltd., Class H | 2039000 | 1138524 |
| Bank of Hangzhou Co. Ltd., Class A | 183200 | 370792 |
| Baoshan Iron & Steel Co. Ltd., Class A | 277300 | 260631 |
| BOC Aviation Ltd. (a) | 25100 | 188109 |
| BOC Hong Kong Holdings Ltd. | 131000 | 543438 |
| BYD Co. Ltd., Class H | 48000 | 2279820 |
| China CITIC Bank Corp. Ltd., Class H | 3011000 | 2381479 |
| China Construction Bank Corp., Class H | 9300000 | 7639281 |
| China Feihe Ltd. (a) | 636000 | 480623 |
| China Life Insurance Co. Ltd., Class H | 383000 | 699969 |
| China Mengniu Dairy Co. Ltd. | 451000 | 1123284 |
| China Merchants Bank Co. Ltd., Class H | 1491000 | 8132875 |
| China Overseas Land & Investment Ltd. | 168500 | 298944 |
| China Pacific Insurance Group Co. Ltd., Class H | 1192600 | 3244786 |
| China Petroleum & Chemical Corp., Class H | 3716000 | 1896912 |
| China Resources Gas Group Ltd. | 332100 | 927689 |
| China Resources Land Ltd. | 164000 | 551796 |
| China Resources Power Holdings Co. Ltd. | 190000 | 458359 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 155110 | 877787 |
| China Tower Corp. Ltd., Class H (a) | 340600 | 493351 |
| China Yangtze Power Co. Ltd., Class A | 917275 | 3721657 |
| CITIC Securities Co. Ltd., Class H | 640500 | 1583016 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 134700 | 4303202 |
| ENN Energy Holdings Ltd. | 373000 | 2944604 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| 1938500 | 1922581 |
| Foxconn Industrial Internet Co. Ltd., Class A | 849800 | 2140296 |
| Full Truck Alliance Co. Ltd., ADR | 108326 | 1230583 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (a)<br>| 899200 | 6359155 |
| Geely Automobile Holdings Ltd. | 240000 | 503833 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> Class A<br>| 114400 | 717230 |
| H World Group Ltd. | 920086 | 3227809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Haidilao International Holding Ltd. (a) | 263000 | 592159 |
| Haier Smart Home Co. Ltd., Class H | 1651600 | 4792994 |
| Hongfa Technology Co. Ltd., Class A | 255700 | 1157338 |
| Huaming Power Equipment Co. Ltd., Class A | 176200 | 363385 |
| Imeik Technology Development Co. Ltd., <br> Class A<br>| 12000 | 285167 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 514000 | 352096 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| 1203113 | 4925631 |
| JD.com, Inc., Class A | 144502 | 2352699 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| 34600 | 242944 |
| Kanzhun Ltd., ADR \* | 101798 | 1557509 |
| KE Holdings, Inc., Class A | 470268 | 3193622 |
| Kingdee International Software Group Co. <br> Ltd. \*<br>| 1034000 | 1758611 |
| Kingsoft Corp. Ltd. | 73000 | 363716 |
| Kuaishou Technology \* (a) | 113600 | 749793 |
| Kunlun Energy Co. Ltd. | 322000 | 306923 |
| Kweichow Moutai Co. Ltd., Class A | 20300 | 4321266 |
| Lenovo Group Ltd. | 2392000 | 2766533 |
| Luxshare Precision Industry Co. Ltd., Class A | 262900 | 1118103 |
| Luzhou Laojiao Co. Ltd., Class A | 47200 | 803629 |
| Meituan \* (a) | 536128 | 8876906 |
| Midea Group Co. Ltd., Class A | 811512 | 8220634 |
| Minth Group Ltd. \* | 190000 | 453838 |
| Montage Technology Co. Ltd., Class A | 216225 | 2286993 |
| NARI Technology Co. Ltd., Class A | 593048 | 1807924 |
| NetEase, Inc. | 582448 | 12520507 |
| Ningbo Tuopu Group Co. Ltd., Class A | 76565 | 553167 |
| Nongfu Spring Co. Ltd., Class H (a) | 73400 | 337434 |
| PDD Holdings, Inc., ADR \* | 60560 | 6393319 |
| PetroChina Co. Ltd., Class H | 2718000 | 2076928 |
| PICC Property & Casualty Co. Ltd., Class H | 866000 | 1594687 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| 1329500 | 7957106 |
| Postal Savings Bank of China Co. Ltd., <br> Class H (a)<br>| 1264000 | 777085 |
| Sany Heavy Industry Co. Ltd., Class A | 576700 | 1501187 |
| SF Holding Co. Ltd., Class A | 75700 | 453159 |
| Shanghai Baosight Software Co. Ltd., Class A | 332801 | 1231511 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| 310006 | 467255 |
| Shanghai Putailai New Energy Technology Co. <br> Ltd., Class A<br>| 97400 | 225261 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| 12100 | 339809 |
| Shenzhen Inovance Technology Co. Ltd., <br> Class A<br>| 64300 | 632387 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| 57100 | 1725466 |
| Shenzhou International Group Holdings Ltd. | 392300 | 2719307 |
| Shijiazhuang Shangtai Technology Co. Ltd., <br> Class A<br>| 31800 | 215287 |
| Sieyuan Electric Co. Ltd., Class A | 33500 | 332021 |
| Silergy Corp. | 168625 | 2125737 |
| Sinopharm Group Co. Ltd., Class H | 716400 | 1688375 |
| Sinotruk Hong Kong Ltd. | 123000 | 295557 |
| Sinotruk Jinan Truck Co. Ltd., Class A | 111600 | 260846 |
| SITC International Holdings Co. Ltd. | 191000 | 528257 |
| Sunresin New Materials Co. Ltd., Class A | 92300 | 552388 |
| TCL Electronics Holdings Ltd. \* | 329000 | 415592 |
| Tencent Holdings Ltd. | 1011900 | 61979841 |
| Tencent Music Entertainment Group, <br> Class A (b)<br>| 89700 | 605666 |
| Tingyi Cayman Islands Holding Corp. | 806000 | 1455903 |
| Trip.com Group Ltd. | 80718 | 4862518 |
| Tsingtao Brewery Co. Ltd. | 46000 | 325058 |
| Vipshop Holdings Ltd., ADR | 22862 | 311380 |
| Weichai Power Co. Ltd., Class H | 1180000 | 2302064 |
| Wuliangye Yibin Co. Ltd., Class A | 84900 | 1503415 |
| XCMG Construction Machinery Co. Ltd., Class A | 395900 | 480207 |
| Xiamen Faratronic Co. Ltd., Class A | 38000 | 544172 |
| Xiaomi Corp., Class B \* (a) | 1169600 | 7488018 |
| XPeng, Inc., Class A \* | 23900 | 222486 |
| Yum China Holdings, Inc. | 90640 | 3925618 |
| YUNDA Holding Group Co. Ltd., Class A | 278100 | 259844 |
| Zhejiang Expressway Co. Ltd., Class H | 944000 | 778078 |
| Zhejiang Supor Co. Ltd., Class A | 190473 | 1473660 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 582100 | 2336453 |
| Zijin Mining Group Co. Ltd., Class H | 966000 | 2110405 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| 368400 | 265462 |
| ZTO Express Cayman, Inc. | 11600 | 216037 |
|  |  | 295272343 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Bancolombia SA (Preference) | 55096 | 565880 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka A/S | 12056 | 585943 |
| Moneta Money Bank A/S (a) | 153968 | 951758 |
|  |  | 1537701 |
| **Georgia — 0.1%** | **Georgia — 0.1%** | **Georgia — 0.1%** |
| Lion Finance Group plc | 7634 | 612345 |
| TBC Bank Group plc | 9109 | 576095 |
|  |  | 1188440 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| Alpha Services and Holdings SA | 248828 | 606700 |
| Eurobank Ergasias Services and Holdings SA | 300943 | 854084 |
| Hellenic Telecommunications Organization SA | 50368 | 955834 |
| JUMBO SA | 18102 | 570091 |
| Metlen Energy & Metals SA | 13407 | 634517 |
| National Bank of Greece SA | 360963 | 3831069 |
| OPAP SA | 50153 | 1114360 |
| Piraeus Financial Holdings SA | 361920 | 2032554 |
| Public Power Corp. SA | 22164 | 332234 |
|  |  | 10931443 |
| **Hong Kong — 0.8%** | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** |
| AIA Group Ltd. | 457200 | 3425761 |
| Cathay Pacific Airways Ltd. | 213000 | 244751 |
| Hong Kong Exchanges & Clearing Ltd. | 66500 | 2905365 |
| Stella International Holdings Ltd. | 164500 | 294826 |
| Techtronic Industries Co. Ltd. | 161500 | 1625334 |
| United Laboratories International Holdings <br> Ltd. (The)<br>| 172000 | 308235 |
| WH Group Ltd. (a) | 399000 | 356789 |
|  |  | 9161061 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| MOL Hungarian Oil & Gas plc | 55998 | 474174 |
| OTP Bank Nyrt. | 58556 | 4325419 |
| Richter Gedeon Nyrt. | 21414 | 649457 |
|  |  | 5449050 |
| **India — 16.9%** | **India — 16.9%** | **India — 16.9%** |
| Aavas Financiers Ltd. \* | 16268 | 374390 |
| ABB India Ltd. | 10524 | 687533 |
| Apollo Hospitals Enterprise Ltd. | 3747 | 309704 |
| Asian Paints Ltd. | 14961 | 429673 |
| Axis Bank Ltd., GDR (a) | 7492 | 526847 |
| Bajaj Auto Ltd. | 38333 | 3641906 |
| Bajaj Finance Ltd. | 28793 | 2937939 |
| Bajaj Finserv Ltd. | 110400 | 2549996 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Bharat Electronics Ltd. | 517902 | 1926350 |
| Bharti Airtel Ltd. | 178004 | 3926457 |
| Biocon Ltd. | 63487 | 241930 |
| Blue Star Ltd. | 32422 | 655265 |
| Britannia Industries Ltd. | 32479 | 2090966 |
| CG Power & Industrial Solutions Ltd. | 167481 | 1241221 |
| Cholamandalam Investment and Finance Co. <br> Ltd.<br>| 161769 | 2861267 |
| Coal India Ltd. | 78962 | 359773 |
| Coforge Ltd. | 34583 | 3006613 |
| Colgate-Palmolive India Ltd. | 54171 | 1660012 |
| Computer Age Management Services Ltd. | 30844 | 1422274 |
| CRISIL Ltd. | 16616 | 875743 |
| Crompton Greaves Consumer Electricals Ltd. | 425001 | 1697430 |
| Delhivery Ltd. \* | 330557 | 1194625 |
| Dr Lal PathLabs Ltd. (a) | 7980 | 261882 |
| Dr Reddy's Laboratories Ltd. | 265878 | 3732172 |
| Eicher Motors Ltd. | 16079 | 1058825 |
| Embassy Office Parks, REIT | 190842 | 862184 |
| GAIL India Ltd. | 241174 | 539154 |
| Godrej Consumer Products Ltd. | 20230 | 301717 |
| Havells India Ltd. | 97404 | 1844426 |
| HCL Technologies Ltd. | 150404 | 2789681 |
| HDFC Asset Management Co. Ltd. (a) | 20458 | 1060189 |
| HDFC Bank Ltd., ADR | 202670 | 14732082 |
| HDFC Bank Ltd. | 487266 | 11067738 |
| HDFC Life Insurance Co. Ltd. (a) | 343684 | 3021630 |
| Hexaware Technologies Ltd. | 127040 | 1051853 |
| Hindalco Industries Ltd. | 38440 | 284108 |
| Hindustan Aeronautics Ltd. (a) | 7379 | 391298 |
| Hindustan Unilever Ltd. | 96370 | 2675515 |
| ICICI Bank Ltd. | 826413 | 13891410 |
| ICICI Lombard General Insurance Co. Ltd. (a) | 22450 | 498793 |
| Indian Hotels Co. Ltd. (The) | 39706 | 369447 |
| Info Edge India Ltd. | 32175 | 2691416 |
| Infosys Ltd. | 568851 | 10056111 |
| InterGlobe Aviation Ltd. \* (a) | 11404 | 710599 |
| ITC Ltd. | 454614 | 2288981 |
| Kotak Mahindra Bank Ltd. | 388245 | 10147105 |
| L&T Technology Services Ltd. (a) | 4304 | 216248 |
| LIC Housing Finance Ltd. | 44903 | 320122 |
| Mahanagar Gas Ltd. (a) | 23974 | 381584 |
| Mahindra & Mahindra Ltd. | 184294 | 6385274 |
| MakeMyTrip Ltd. \* | 20728 | 2172709 |
| Maruti Suzuki India Ltd. | 7171 | 1039463 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Max Financial Services Ltd. \* | 90622 | 1398145 |
| Max Healthcare Institute Ltd. | 71580 | 928697 |
| Metropolis Healthcare Ltd. \* (a) | 25091 | 505752 |
| Mphasis Ltd. | 16501 | 481924 |
| Multi Commodity Exchange of India Ltd. | 21020 | 1526701 |
| NTPC Ltd. | 188059 | 787872 |
| Nuvama Wealth Management Ltd. | 4153 | 301015 |
| PB Fintech Ltd. \* | 47044 | 903922 |
| Power Grid Corp. of India Ltd. | 281898 | 1023837 |
| REC Ltd. | 88065 | 439587 |
| Reliance Industries Ltd. | 500425 | 8309219 |
| Shriram Finance Ltd. | 722464 | 5235487 |
| State Bank of India | 86041 | 803589 |
| Sundaram Finance Ltd. | 16449 | 1026275 |
| Supreme Industries Ltd. | 14451 | 605301 |
| Syngene International Ltd. (a) | 160754 | 1206376 |
| Tata Consultancy Services Ltd. | 203918 | 8323914 |
| Tata Motors Ltd. | 592627 | 4516233 |
| Tata Steel Ltd. | 1313400 | 2186128 |
| Tech Mahindra Ltd. | 46398 | 825260 |
| Triveni Turbine Ltd. | 84694 | 521098 |
| Tube Investments of India Ltd. | 49156 | 1685561 |
| UltraTech Cement Ltd. | 32231 | 4441515 |
| United Breweries Ltd. | 22971 | 587452 |
| United Spirits Ltd. | 85987 | 1590064 |
| Vishal Mega Mart Ltd. \* | 497200 | 700418 |
| Wipro Ltd. | 114165 | 326066 |
| WNS Holdings Ltd. \* | 13082 | 791723 |
|  |  | 183440761 |
| **Indonesia — 1.9%** | **Indonesia — 1.9%** | **Indonesia — 1.9%** |
| Astra International Tbk. PT | 1667300 | 481893 |
| Bank Central Asia Tbk. PT | 16115300 | 8568354 |
| Bank Mandiri Persero Tbk. PT | 11800600 | 3484806 |
| Bank Negara Indonesia Persero Tbk. PT | 1638100 | 412800 |
| Bank Rakyat Indonesia Persero Tbk. PT | 21425070 | 4962256 |
| Indofood CBP Sukses Makmur Tbk. PT | 373200 | 255170 |
| Indofood Sukses Makmur Tbk. PT | 568900 | 274422 |
| Telkom Indonesia Persero Tbk. PT | 12319800 | 1941831 |
|  |  | 20381532 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| Kaspi.KZ JSC, ADR | 5793 | 509147 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| 99 Speed Mart Retail Holdings Bhd. \* | 421700 | 219620 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Malaysia — continued** | **Malaysia — continued** | **Malaysia — continued** |
| AMMB Holdings Bhd. | 258600 | 309393 |
| CIMB Group Holdings Bhd. | 996000 | 1645297 |
| Gamuda Bhd. | 353100 | 347898 |
| Malayan Banking Bhd. | 227300 | 526724 |
| MR DIY Group M Bhd. (a) | 593600 | 231427 |
| Press Metal Aluminium Holdings Bhd. | 303500 | 344949 |
| Public Bank Bhd. | 854400 | 885717 |
| Sunway Bhd. | 434100 | 457591 |
| Sunway Construction Group Bhd. | 233000 | 240922 |
| Tenaga Nasional Bhd. | 201200 | 647088 |
|  |  | 5856626 |
| **Mexico — 2.9%** | **Mexico — 2.9%** | **Mexico — 2.9%** |
| Arca Continental SAB de CV | 93971 | 989665 |
| BBB Foods, Inc., Class A \* | 25473 | 778455 |
| Cemex SAB de CV | 2298843 | 1421941 |
| Coca-Cola Femsa SAB de CV | 41023 | 386769 |
| Corp. Inmobiliaria Vesta SAB de CV (b) | 232546 | 635839 |
| Fomento Economico Mexicano SAB de CV | 162246 | 1705897 |
| Gentera SAB de CV | 579524 | 1010373 |
| Gruma SAB de CV, Class B | 21235 | 404603 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| 39152 | 793362 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| 71592 | 2260767 |
| Grupo Financiero Banorte SAB de CV, Class O | 1121789 | 9618767 |
| Grupo Mexico SAB de CV | 320423 | 1662693 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 573046 | 1008138 |
| Regional SAB de CV | 115032 | 808899 |
| Southern Copper Corp. | 3179 | 284584 |
| Wal-Mart de Mexico SAB de CV | 2239190 | 7094203 |
|  |  | 30864955 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Copa Holdings SA, Class A | 17167 | 1575244 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | 22054 | 4459098 |
| Intercorp Financial Services, Inc. | 7589 | 257040 |
|  |  | 4716138 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Ayala Land, Inc. | 895700 | 401810 |
| Bank of the Philippine Islands | 389450 | 976478 |
| BDO Unibank, Inc. | 275850 | 791706 |
| International Container Terminal Services, Inc. | 109740 | 671190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Philippines — continued** | **Philippines — continued** | **Philippines — continued** |
| SM Prime Holdings, Inc. | 600200 | 262004 |
| Universal Robina Corp. | 212680 | 315061 |
|  |  | 3418249 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| Bank Polska Kasa Opieki SA \* | 31094 | 1558482 |
| Budimex SA | 3602 | 605424 |
| CCC SA \* | 10014 | 579038 |
| Dino Polska SA \* (a) | 10708 | 1501128 |
| KRUK SA | 3791 | 402160 |
| LPP SA | 181 | 740789 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 86713 | 1667139 |
| Powszechny Zaklad Ubezpieczen SA | 164632 | 2568393 |
|  |  | 9622553 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Jeronimo Martins SGPS SA | 90092 | 2180439 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Qatar Gas Transport Co. Ltd. | 607540 | 764055 |
| Qatar National Bank QPSC | 397794 | 1824487 |
|  |  | 2588542 |
| **Romania — 0.0% ^** | **Romania — 0.0% ^** | **Romania — 0.0% ^** |
| Banca Transilvania SA | 54810 | 352758 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Gazprom PJSC, ADR ‡ \* | 12780 |  |
| Gazprom PJSC ‡ \* | 1135066 |  |
| GMK Norilskiy Nickel PAO, ADR ‡ \* | 2018 |  |
| GMK Norilskiy Nickel PAO ‡ \* | 203600 |  |
| Magnitogorsk Iron & Steel Works PJSC, GDR ‡ <br> \* (a)<br>| 12378 |  |
| Moscow Exchange MICEX-RTS PJSC ‡ | 571670 |  |
| Rosneft Oil Co. PJSC ‡ | 141777 |  |
| Sberbank of Russia PJSC ‡ | 629236 |  |
| Severstal PAO, GDR ‡ \* (a) | 98048 |  |
| VTB Bank PJSC ‡ \* | 33690 |  |
| X5 Retail Group NV, GDR ‡ \* (a) | 1062 |  |
| **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** |
| Ades Holding Co. | 101278 | 408868 |
| Al Rajhi Bank | 190101 | 4938437 |
| Aldrees Petroleum and Transport Services Co. | 19252 | 707597 |
| Alinma Bank | 194168 | 1503884 |
| AlKhorayef Water & Power Technologies Co. \* | 8501 | 367250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| Arabian Centres Co. (a) | 63456 | 334963 |
| Bupa Arabia for Cooperative Insurance Co. | 9852 | 441258 |
| Co. for Cooperative Insurance (The) | 12104 | 448720 |
| Elm Co. | 4912 | 1359256 |
| Leejam Sports Co. JSC | 15655 | 585183 |
| Riyad Bank | 115490 | 948088 |
| Riyadh Cables Group Co. | 16492 | 559559 |
| Saudi Arabian Oil Co. (a) | 470002 | 3177683 |
| Saudi Aramco Base Oil Co. | 20062 | 531450 |
| Saudi Awwal Bank | 77647 | 726575 |
| Saudi Ground Services Co. | 54608 | 726184 |
| Saudi National Bank (The) | 368412 | 3510238 |
| Saudi Telecom Co. | 22457 | 285109 |
| United Electronics Co. | 18754 | 469981 |
| United International Holding Co. \* | 6389 | 291160 |
| United International Transportation Co. | 52248 | 1029654 |
|  |  | 23351097 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Grab Holdings Ltd., Class A \* | 82966 | 404874 |
| Sea Ltd., ADR \* | 3322 | 445314 |
|  |  | 850188 |
| **South Africa — 2.0%** | **South Africa — 2.0%** | **South Africa — 2.0%** |
| Absa Group Ltd. | 170456 | 1573126 |
| AVI Ltd. | 82345 | 400188 |
| Bid Corp. Ltd. | 61507 | 1545838 |
| Bidvest Group Ltd. | 85378 | 1082369 |
| Capitec Bank Holdings Ltd. | 16472 | 3057307 |
| Clicks Group Ltd. | 39920 | 849016 |
| FirstRand Ltd. | 519922 | 2035672 |
| Foschini Group Ltd. | 70783 | 491909 |
| Gold Fields Ltd. | 107797 | 2417774 |
| Harmony Gold Mining Co. Ltd. | 87081 | 1368249 |
| Naspers Ltd., Class N | 8561 | 2251049 |
| Sasol Ltd. \* | 93347 | 322426 |
| Shoprite Holdings Ltd. | 110351 | 1697880 |
| Standard Bank Group Ltd. | 172060 | 2148713 |
| Vodacom Group Ltd. | 114458 | 846902 |
|  |  | 22088418 |
| **South Korea — 11.7%** | **South Korea — 11.7%** | **South Korea — 11.7%** |
| APRILBIO Co. Ltd. \* | 28204 | 300522 |
| BGF retail Co. Ltd. | 12595 | 951747 |
| BNK Financial Group, Inc. | 66586 | 485347 |
| CJ CheilJedang Corp. | 3836 | 645159 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Cosmax, Inc. | 6645 | 806396 |
| Coupang, Inc. \* | 24033 | 561651 |
| Coway Co. Ltd. | 5532 | 340608 |
| Daeduck Electronics Co. Ltd. | 28969 | 284382 |
| DB Insurance Co. Ltd. | 5516 | 355370 |
| Eugene Technology Co. Ltd. | 27599 | 661051 |
| Hana Financial Group, Inc. | 73258 | 3322260 |
| Hanmi Pharm Co. Ltd. | 1973 | 373191 |
| Hansol Chemical Co. Ltd. | 2823 | 230035 |
| Hanwha Aerospace Co. Ltd. | 5818 | 3269740 |
| Hanwha Vision Co. Ltd. \* | 5781 | 245289 |
| HD Hyundai Electric Co. Ltd. | 4194 | 912719 |
| HD Hyundai Marine Solution Co. Ltd. | 10162 | 1097567 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 3355 | 641800 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 29550 | 517031 |
| HK inno N Corp. | 16036 | 454668 |
| HMM Co. Ltd. | 25509 | 328312 |
| Hugel, Inc. \* | 6079 | 1557703 |
| Hyundai Glovis Co. Ltd. | 13809 | 1107231 |
| Hyundai Mobis Co. Ltd. | 8543 | 1603595 |
| Hyundai Motor Co. | 24651 | 3303223 |
| Hyundai Steel Co. | 21847 | 376103 |
| JB Financial Group Co. Ltd. | 36184 | 434752 |
| JYP Entertainment Corp. | 3977 | 193450 |
| KakaoBank Corp. | 12833 | 201148 |
| KB Financial Group, Inc. | 53713 | 3394594 |
| KEPCO Plant Service & Engineering Co. Ltd. | 6782 | 209511 |
| Kia Corp. | 101834 | 6471887 |
| KIWOOM Securities Co. Ltd. | 13650 | 1312575 |
| Korea Aerospace Industries Ltd. | 29378 | 1719513 |
| Korea Investment Holdings Co. Ltd. | 18249 | 1065469 |
| Korean Air Lines Co. Ltd. | 36648 | 540296 |
| Krafton, Inc. \* | 1591 | 416527 |
| KT Corp. | 21534 | 786912 |
| Kumho Petrochemical Co. Ltd. | 4917 | 411412 |
| LG Chem Ltd. | 15511 | 2350853 |
| LG Energy Solution Ltd. \* | 4343 | 990861 |
| LigaChem Biosciences, Inc. \* | 6281 | 462873 |
| Lunit, Inc. \* | 7532 | 273958 |
| NAVER Corp. | 37406 | 5263234 |
| Nextbiomedical Co. Ltd. \* | 12367 | 365237 |
| Park Systems Corp. | 2037 | 290198 |
| Samsung Biologics Co. Ltd. \* (a) | 5524 | 4088142 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Samsung C&T Corp. | 19451 | 1673941 |
| Samsung Electro-Mechanics Co. Ltd. | 17100 | 1410815 |
| Samsung Electronics Co. Ltd. | 885785 | 34561150 |
| Samsung Fire & Marine Insurance Co. Ltd. | 12998 | 3429232 |
| Samsung Heavy Industries Co. Ltd. \* | 105497 | 1080881 |
| Samsung Life Insurance Co. Ltd. | 18583 | 1128316 |
| Samsung SDI Co. Ltd. | 7477 | 925882 |
| Samsung SDS Co. Ltd. | 3085 | 278010 |
| Samsung Securities Co. Ltd. | 45589 | 1671137 |
| SHIFT UP Corp. \* | 8178 | 309771 |
| Shinhan Financial Group Co. Ltd. | 114619 | 4142331 |
| SK Hynix, Inc. | 96712 | 12067056 |
| SK Telecom Co. Ltd. | 29710 | 1135124 |
| SK, Inc. | 13100 | 1219228 |
| SM Entertainment Co. Ltd. | 27689 | 2407603 |
| S-Oil Corp. | 34432 | 1257658 |
| SOOP Co. Ltd. | 10571 | 609929 |
| Soulbrain Co. Ltd. | 1900 | 231453 |
| Sung Kwang Bend Co. Ltd. | 15403 | 295120 |
| Tokai Carbon Korea Co. Ltd. | 10140 | 610269 |
| YC Corp. \* | 43646 | 301597 |
|  |  | 126722605 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| Banco Bilbao Vizcaya Argentaria SA | 476369 | 6537709 |
| **Taiwan — 18.0%** | **Taiwan — 18.0%** | **Taiwan — 18.0%** |
| Accton Technology Corp. | 163113 | 3038198 |
| Advantech Co. Ltd. | 117767 | 1233747 |
| All Ring Tech Co. Ltd. | 67000 | 536001 |
| Arcadyan Technology Corp. | 45000 | 332999 |
| ASE Technology Holding Co. Ltd. | 1796258 | 7654214 |
| Asia Vital Components Co. Ltd. | 63908 | 938346 |
| ASPEED Technology, Inc. | 4040 | 380069 |
| Asustek Computer, Inc. | 114269 | 2089627 |
| Cathay Financial Holding Co. Ltd. | 1704124 | 3139867 |
| Chailease Holding Co. Ltd. | 501613 | 1804851 |
| China Airlines Ltd. | 486092 | 320219 |
| China Steel Corp. | 2570276 | 1662180 |
| CTBC Financial Holding Co. Ltd. | 3074831 | 3788929 |
| Delta Electronics, Inc. | 561357 | 5882014 |
| E.Sun Financial Holding Co. Ltd. | 3373717 | 2992409 |
| Eclat Textile Co. Ltd. \* | 61219 | 797952 |
| Elite Material Co. Ltd. | 101265 | 1762358 |
| eMemory Technology, Inc. | 19350 | 1558091 |
| Eva Airways Corp. | 256650 | 308270 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Evergreen Marine Corp. Taiwan Ltd. | 69300 | 448993 |
| Formosa Petrochemical Corp. | 432534 | 473515 |
| Fortune Electric Co. Ltd. | 64000 | 843543 |
| Fubon Financial Holding Co. Ltd. | 332179 | 880418 |
| Giant Manufacturing Co. Ltd. | 159000 | 649075 |
| Gudeng Precision Industrial Co. Ltd. | 36784 | 424928 |
| Hon Hai Precision Industry Co. Ltd. | 892968 | 3978438 |
| Jentech Precision Industrial Co. Ltd. | 14519 | 457199 |
| KGI Financial Holding Co. Ltd. | 3674615 | 1905934 |
| Largan Precision Co. Ltd. | 38519 | 2746085 |
| MediaTek, Inc. | 197816 | 8405816 |
| MPI Corp. | 47000 | 962466 |
| Nien Made Enterprise Co. Ltd. | 86512 | 1059412 |
| Nuvoton Technology Corp. | 183092 | 393467 |
| Powertech Technology, Inc. | 68767 | 233672 |
| Poya International Co. Ltd. | 72000 | 1078003 |
| President Chain Store Corp. | 209035 | 1709398 |
| Quanta Computer, Inc. \* | 1038248 | 7800037 |
| Realtek Semiconductor Corp. | 305078 | 5015200 |
| Taiwan Mobile Co. Ltd. | 452081 | 1605118 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3600820 | 102027630 |
| Tong Yang Industry Co. Ltd. | 213894 | 880112 |
| Uni-President Enterprises Corp. | 209035 | 502345 |
| Vanguard International Semiconductor Corp. | 335060 | 945878 |
| Wistron Corp. | 704074 | 2259204 |
| Wiwynn Corp. | 81343 | 4895330 |
| Yuanta Financial Holding Co. Ltd. | 2010507 | 1969815 |
|  |  | 194771372 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Advanced Info Service PCL, NVDR | 64000 | 564524 |
| Bangkok Dusit Medical Services PCL, Class F | 793200 | 563174 |
| CP ALL PCL | 385600 | 588702 |
| Gulf Development PCL, NVDR \* | 545100 | 799578 |
| Home Product Center PCL, NVDR | 1029500 | 260837 |
| Kasikornbank PCL, NVDR | 61800 | 295125 |
| Krung Thai Bank PCL, NVDR | 1341500 | 875406 |
| Minor International PCL, NVDR | 302100 | 243149 |
| PTT Exploration & Production PCL | 222000 | 657562 |
| SCB X PCL | 615500 | 2167715 |
| True Corp. PCL, NVDR \* | 1342500 | 486032 |
|  |  | 7501804 |
| **Turkey — 0.7%** | **Turkey — 0.7%** | **Turkey — 0.7%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 164995 | 581257 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Turkey — continued** | **Turkey — continued** | **Turkey — continued** |
| BIM Birlesik Magazalar A/S | 176932 | 2078642 |
| Ford Otomotiv Sanayi A/S | 51312 | 1183871 |
| KOC Holding A/S | 76820 | 276586 |
| Turk Hava Yollari AO \* | 201709 | 1496666 |
| Turkcell Iletisim Hizmetleri A/S | 164622 | 386130 |
| Turkiye Garanti Bankasi A/S | 98624 | 265094 |
| Turkiye Petrol Rafinerileri A/S | 83010 | 269810 |
| Turkiye Sigorta A/S | 1112266 | 506511 |
| Yapi ve Kredi Bankasi A/S \* | 409234 | 243386 |
|  |  | 7287953 |
| **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |
| Abu Dhabi Commercial Bank PJSC | 154934 | 490963 |
| Abu Dhabi Islamic Bank PJSC | 248927 | 1239350 |
| ADNOC Drilling Co. PJSC | 387172 | 516557 |
| ADNOC Logistics & Services | 361351 | 477221 |
| Aldar Properties PJSC | 664138 | 1495609 |
| Dubai Islamic Bank PJSC | 171050 | 352413 |
| Emaar Development PJSC | 197652 | 720289 |
| Emaar Properties PJSC | 1096728 | 3918887 |
| Emirates NBD Bank PJSC | 168979 | 945687 |
| Parkin Co. PJSC | 338852 | 495901 |
|  |  | 10652877 |
| **United States — 0.8%** | **United States — 0.8%** | **United States — 0.8%** |
| EPAM Systems, Inc. \* | 6327 | 992769 |
| ExlService Holdings, Inc. \* | 48362 | 2344590 |
| Freshworks, Inc., Class A \* | 17341 | 256127 |
| Genpact Ltd. | 56013 | 2815213 |
| Globant SA \* | 11298 | 1328306 |
| Monolithic Power Systems, Inc. | 1088 | 645293 |
|  |  | 8382298 |
| Total Common Stocks <br>(Cost $973,373,535)<br>|  | 1069733985 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **South Korea — 0.0% ^** | **South Korea — 0.0% ^** | **South Korea — 0.0% ^** |
| Samsung SDI Co. Ltd., expiring <br> 5/22/2025\*(Cost $—)<br>| 1068 | 25883 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (c) (d) <br>(Cost $14,066,805)<br>| 14063992 | 14066805 |
| **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, 4.39% (c) <br> (d)(Cost $665,963)<br>| 665963 | 665963 |
| Total Short-Term Investments <br>(Cost $14,732,768)<br>|  | 14732768 |
| **Total Investments — 100.0%** <br>**(Cost $988,106,303)**<br>|  | **1084492636** |
| **Liabilities in Excess of Other Assets —** <br> **(0.0)% ^**<br>|  | **(379317)**<br>|
| **NET ASSETS — 100.0%** |  | **1084113319** |

---

&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 |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| RTS | Russian Trading System |
| SGPS | Holding company |

---

&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) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (b) | The security or a portion of this security is on loan at <br> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $628,920.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 19.0<br> %<br>|
| Semiconductors & Semiconductor Equipment | 13.6 |
| Interactive Media & Services | 6.7 |
| Technology Hardware, Storage & Peripherals | 5.9 |
| Broadline Retail | 5.2 |
| Insurance | 3.7 |
| IT Services | 2.8 |
| Automobiles | 2.8 |
| Oil, Gas & Consumable Fuels | 2.6 |
| Hotels, Restaurants & Leisure | 2.4 |
| Consumer Staples Distribution & Retail | 2.1 |
| Electronic Equipment, Instruments & Components | 2.0 |
| Capital Markets | 1.9 |
| Household Durables | 1.8 |
| Electrical Equipment | 1.7 |
| Entertainment | 1.6 |
| Metals & Mining | 1.4 |
| Food Products | 1.4 |
| Consumer Finance | 1.3 |
| Machinery | 1.3 |
| Beverages | 1.2 |
| Real Estate Management & Development | 1.1 |
| Automobile Components | 1.1 |
| Wireless Telecommunication Services | 1.0 |
| Others (each less than 1.0%) | 13.0 |
| Short-Term Investments | 1.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Dividend Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| QBE Insurance Group Ltd. | 4039 | 55819 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | 259 | 17540 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| B3 SA - Brasil Bolsa Balcao | 14955 | 35127 |
| **China — 1.6%** | **China — 1.6%** | **China — 1.6%** |
| Tencent Holdings Ltd. | 900 | 55126 |
| Yum China Holdings, Inc. | 1334 | 57775 |
|  |  | 112901 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Nordea Bank Abp | 4428 | 61323 |
| **France — 4.8%** | **France — 4.8%** | **France — 4.8%** |
| Cie Generale des Etablissements Michelin SCA | 2040 | 74594 |
| Legrand SA | 670 | 73633 |
| LVMH Moet Hennessy Louis Vuitton SE | 115 | 63702 |
| Pernod Ricard SA | 426 | 46176 |
| Vinci SA | 552 | 77538 |
|  |  | 335643 |
| **Germany — 5.1%** | **Germany — 5.1%** | **Germany — 5.1%** |
| Allianz SE (Registered) | 158 | 65345 |
| Deutsche Boerse AG | 138 | 44449 |
| Deutsche Telekom AG (Registered) | 2038 | 73200 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 178 | 121861 |
| Siemens AG (Registered) | 242 | 55723 |
|  |  | 360578 |
| **Hong Kong — 1.0%** | **Hong Kong — 1.0%** | **Hong Kong — 1.0%** |
| Hong Kong Exchanges & Clearing Ltd. | 1600 | 69903 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Bank Central Asia Tbk. PT | 72600 | 38601 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| Accenture plc, Class A | 233 | 69702 |
| **Italy — 1.0%** | **Italy — 1.0%** | **Italy — 1.0%** |
| UniCredit SpA | 1226 | 71330 |
| **Japan — 5.9%** | **Japan — 5.9%** | **Japan — 5.9%** |
| Bridgestone Corp. | 1200 | 50178 |
| Disco Corp. | 200 | 38696 |
| Japan Exchange Group, Inc. | 5400 | 60079 |
| Shin-Etsu Chemical Co. Ltd. | 2700 | 82165 |
| Suzuki Motor Corp. | 3000 | 35951 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Tokio Marine Holdings, Inc. | 1500 | 60124 |
| Tokyo Electron Ltd. | 600 | 89339 |
|  |  | 416532 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Wal-Mart de Mexico SAB de CV | 13450 | 42612 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| ASML Holding NV | 77 | 51547 |
| Heineken NV | 676 | 60512 |
| Koninklijke KPN NV | 6048 | 28135 |
|  |  | 140194 |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| DBS Group Holdings Ltd. | 2600 | 84472 |
| Singapore Exchange Ltd. | 8100 | 89107 |
|  |  | 173579 |
| **Spain — 1.3%** | **Spain — 1.3%** | **Spain — 1.3%** |
| Iberdrola SA | 5048 | 90994 |
| **Sweden — 1.4%** | **Sweden — 1.4%** | **Sweden — 1.4%** |
| Volvo AB, Class B | 3710 | 100851 |
| **Taiwan — 4.1%** | **Taiwan — 4.1%** | **Taiwan — 4.1%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 193 | 32171 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9000 | 255011 |
|  |  | 287182 |
| **United Kingdom — 4.5%** | **United Kingdom — 4.5%** | **United Kingdom — 4.5%** |
| AstraZeneca plc | 647 | 92694 |
| RELX plc | 2925 | 159632 |
| SSE plc | 2910 | 65609 |
|  |  | 317935 |
| **United States — 59.9%** | **United States — 59.9%** | **United States — 59.9%** |
| 3M Co. | 528 | 73344 |
| Abbott Laboratories | 740 | 96755 |
| AbbVie, Inc. | 617 | 120377 |
| Analog Devices, Inc. | 747 | 145605 |
| Baker Hughes Co. | 2728 | 96571 |
| Bank of America Corp. | 3177 | 126699 |
| Bristol-Myers Squibb Co. | 1390 | 69778 |
| Broadcom, Inc. | 897 | 172646 |
| Chevron Corp. | 280 | 38097 |
| CME Group, Inc. | 349 | 96701 |
| CMS Energy Corp. | 362 | 26661 |
| Dominion Energy, Inc. | 645 | 35075 |
| Eaton Corp. plc | 346 | 101852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Exxon Mobil Corp. | 818 | 86405 |
| Fidelity National Information Services, Inc. | 2418 | 190732 |
| Johnson & Johnson | 1007 | 157404 |
| Keurig Dr Pepper, Inc. | 1588 | 54929 |
| Lam Research Corp. | 668 | 47876 |
| Lowe's Cos., Inc. | 481 | 107532 |
| Marsh & McLennan Cos., Inc. | 227 | 51182 |
| McDonald's Corp. | 480 | 153432 |
| Merck & Co., Inc. | 528 | 44986 |
| Meta Platforms, Inc., Class A | 487 | 267363 |
| Microsoft Corp. | 1116 | 441110 |
| Mondelez International, Inc., Class A | 694 | 47282 |
| Morgan Stanley | 880 | 101570 |
| NextEra Energy, Inc. | 1756 | 117441 |
| Omnicom Group, Inc. | 679 | 51713 |
| Otis Worldwide Corp. | 1198 | 115331 |
| PACCAR, Inc. | 450 | 40595 |
| Procter & Gamble Co. (The) | 353 | 57387 |
| Ross Stores, Inc. | 338 | 46982 |
| Salesforce, Inc. | 300 | 80613 |
| Seagate Technology Holdings plc | 673 | 61263 |
| Shell plc | 2486 | 80228 |
| Southern Co. (The) | 1751 | 160899 |
| Trane Technologies plc | 302 | 115760 |
| Truist Financial Corp. | 1465 | 56168 |
| UnitedHealth Group, Inc. | 160 | 65830 |
| Walt Disney Co. (The) | 1175 | 106866 |
| Wells Fargo & Co. | 773 | 54891 |
| Yum! Brands, Inc. | 430 | 64689 |
|  |  | 4228620 |
| Total Common Stocks <br>(Cost $7,109,005)<br>|  | 7026966 |
| **Total Investments — 99.6%** <br>**(Cost $7,109,005)**<br>|  | **7026966** |
| **Other Assets in Excess of Liabilities — 0.4%** |  | **27922** |
| **NET ASSETS — 100.0%** |  | **7054888** |

---

&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 |

---

PT Limited liability company <br> SCA Limited partnership with share capital

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

\* Non-income producing security.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Semiconductors & Semiconductor Equipment | 11.9<br> %<br>|
| Software | 7.4 |
| Banks | 7.3 |
| Capital Markets | 7.1 |
| Electric Utilities | 6.2 |
| Pharmaceuticals | 5.2 |
| Insurance | 5.0 |
| Interactive Media & Services | 4.6 |
| Hotels, Restaurants & Leisure | 3.9 |
| Machinery | 3.7 |
| Oil, Gas & Consumable Fuels | 2.9 |
| Financial Services | 2.7 |
| Electrical Equipment | 2.5 |
| Beverages | 2.3 |
| Professional Services | 2.3 |
| Specialty Retail | 2.2 |
| Industrial Conglomerates | 1.8 |
| Automobile Components | 1.8 |
| Biotechnology | 1.7 |
| Building Products | 1.6 |
| Entertainment | 1.5 |
| Diversified Telecommunication Services | 1.4 |
| Health Care Equipment & Supplies | 1.4 |
| Energy Equipment & Services | 1.4 |
| Chemicals | 1.2 |
| Construction & Engineering | 1.1 |
| IT Services | 1.0 |
| Others (each less than 1.0%) | 6.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Exchange-Traded Funds — 67.5%** | **Exchange-Traded Funds — 67.5%** | **Exchange-Traded Funds — 67.5%** |
| **United States — 67.5%** | **United States — 67.5%** | **United States — 67.5%** |
| JPMorgan BetaBuilders USD High Yield Corporate <br> Bond ETF (a)<br>| 231052 | 10561179 |
| JPMorgan Equity Premium Income ETF (a) | 24830 | 1380299 |
| JPMorgan Income ETF (a) | 12837 | 590887 |
| JPMorgan Nasdaq Equity Premium Income ETF (a) | 127514 | 6546569 |
| Total Exchange-Traded Funds <br>(Cost $20,183,082)<br>|  | 19078934 |
| **Common Stocks — 29.0%** | **Common Stocks — 29.0%** | **Common Stocks — 29.0%** |
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| AGL Energy Ltd. | 2289 | 15600 |
| APA Group | 361 | 1900 |
| Atlas Arteria Ltd. | 1766 | 5850 |
| Bendigo & Adelaide Bank Ltd. | 660 | 4722 |
| BHP Group Ltd. | 310 | 7388 |
| Dexus, REIT | 828 | 3986 |
| Fortescue Ltd. | 207 | 2138 |
| Glencore plc | 849 | 2784 |
| IGO Ltd. | 507 | 1270 |
| Insignia Financial Ltd. \* | 1780 | 4289 |
| JB Hi-Fi Ltd. | 24 | 1590 |
| Magellan Financial Group Ltd. | 264 | 1294 |
| Metcash Ltd. | 2555 | 5263 |
| New Hope Corp. Ltd. | 866 | 2031 |
| QBE Insurance Group Ltd. | 1597 | 22070 |
| Region RE Ltd., REIT | 1118 | 1657 |
| Rio Tinto Ltd. | 201 | 15038 |
| Rio Tinto plc | 541 | 32238 |
| Sonic Healthcare Ltd. | 613 | 10235 |
| Telstra Group Ltd. | 2220 | 6407 |
| Woodside Energy Group Ltd. | 777 | 10128 |
| Woolworths Group Ltd. | 531 | 10717 |
| Yancoal Australia Ltd. | 635 | 2025 |
|  |  | 170620 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ANDRITZ AG | 24 | 1725 |
| BAWAG Group AG (b) | 27 | 2959 |
| Erste Group Bank AG | 262 | 17743 |
| OMV AG | 239 | 12357 |
|  |  | 34784 |
| **Belgium — 0.0% ^** | **Belgium — 0.0% ^** | **Belgium — 0.0% ^** |
| Ageas SA | 62 | 3888 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Belgium — continued** | **Belgium — continued** | **Belgium — continued** |
| KBC Group NV | 32 | 2951 |
| Solvay SA | 118 | 4466 |
|  |  | 11305 |
| **Canada — 1.9%** | **Canada — 1.9%** | **Canada — 1.9%** |
| Agnico Eagle Mines Ltd. | 289 | 33967 |
| Bank of Nova Scotia (The) | 520 | 26019 |
| Barrick Gold Corp. | 1274 | 24295 |
| BCE, Inc. | 803 | 17847 |
| Canadian Imperial Bank of Commerce | 491 | 30968 |
| Canadian Natural Resources Ltd. | 818 | 23473 |
| Enbridge, Inc. | 722 | 33764 |
| Fortis, Inc. | 647 | 32040 |
| Great-West Lifeco, Inc. | 798 | 31032 |
| Hydro One Ltd. (b) | 76 | 2924 |
| Magna International, Inc. | 789 | 27414 |
| Manulife Financial Corp. | 184 | 5639 |
| Nutrien Ltd. | 592 | 33796 |
| Pembina Pipeline Corp. | 744 | 28441 |
| Power Corp. of Canada | 884 | 33459 |
| Restaurant Brands International, Inc. | 405 | 26096 |
| Suncor Energy, Inc. | 734 | 25924 |
| TC Energy Corp. | 634 | 32031 |
| Teck Resources Ltd., Class B | 315 | 10705 |
| TELUS Corp. | 1451 | 22334 |
| Tourmaline Oil Corp. | 585 | 25843 |
|  |  | 528011 |
| **China — 0.0% ^** | **China — 0.0% ^** | **China — 0.0% ^** |
| Lenovo Group Ltd. | 6000 | 6940 |
| Wilmar International Ltd. | 1100 | 2580 |
|  |  | 9520 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Danske Bank A/S | 571 | 20035 |
| Pandora A/S | 24 | 3573 |
| Sydbank A/S | 46 | 2946 |
|  |  | 26554 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | 154 | 2582 |
| Kemira OYJ | 179 | 3693 |
| Kone OYJ, Class B | 47 | 2911 |
| Konecranes OYJ | 30 | 2010 |
| Mandatum OYJ | 357 | 2523 |
| Nokia OYJ | 1290 | 6449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| Nordea Bank Abp | 3800 | 52626 |
| Orion OYJ, Class B | 289 | 18095 |
| UPM-Kymmene OYJ | 690 | 18275 |
| Wartsila OYJ Abp | 505 | 9331 |
|  |  | 118495 |
| **France — 1.3%** | **France — 1.3%** | **France — 1.3%** |
| Accor SA | 67 | 3301 |
| Air Liquide SA | 22 | 4520 |
| Amundi SA (b) | 37 | 2923 |
| AXA SA \* | 205 | 9696 |
| Ayvens SA (b) | 195 | 1977 |
| Bouygues SA \* | 98 | 4308 |
| Capgemini SE | 51 | 8142 |
| Carrefour SA | 923 | 14236 |
| Cie de Saint-Gobain SA | 71 | 7719 |
| Cie Generale des Etablissements Michelin SCA | 909 | 33238 |
| Coface SA | 150 | 3074 |
| Covivio SA, REIT | 117 | 6561 |
| Danone SA | 231 | 19877 |
| Eiffage SA | 32 | 4354 |
| Engie SA | 2268 | 46876 |
| FDJ UNITED (b) | 106 | 3778 |
| Gaztransport Et Technigaz SA | 23 | 3749 |
| Klepierre SA, REIT | 897 | 32833 |
| LVMH Moet Hennessy Louis Vuitton SE | 86 | 47638 |
| Orange SA | 1068 | 15495 |
| Pernod Ricard SA | 144 | 15609 |
| Publicis Groupe SA | 57 | 5800 |
| Rubis SCA | 72 | 2344 |
| Safran SA | 29 | 7717 |
| TotalEnergies SE | 464 | 26427 |
| Unibail-Rodamco-Westfield, REIT | 38 | 3217 |
| Vallourec SACA \* | 158 | 2920 |
| Vinci SA | 254 | 35679 |
| Vivendi SE | 789 | 2460 |
|  |  | 376468 |
| **Germany — 1.1%** | **Germany — 1.1%** | **Germany — 1.1%** |
| Allianz SE (Registered) | 111 | 45907 |
| BASF SE \* | 353 | 18027 |
| Bilfinger SE | 51 | 4338 |
| Commerzbank AG | 191 | 5055 |
| Daimler Truck Holding AG | 97 | 3897 |
| Deutsche Boerse AG | 88 | 28344 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Deutsche Post AG | 120 | 5127 |
| Deutsche Telekom AG (Registered) | 973 | 34948 |
| E.ON SE | 373 | 6524 |
| Evonik Industries AG | 203 | 4562 |
| Freenet AG | 143 | 5946 |
| Heidelberg Materials AG | 39 | 7797 |
| HOCHTIEF AG | 30 | 5676 |
| LEG Immobilien SE | 45 | 3815 |
| Mercedes-Benz Group AG | 287 | 17159 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 78 | 53400 |
| SAP SE | 94 | 27503 |
| Siemens AG (Registered) | 116 | 26710 |
| Volkswagen AG (Preference) | 42 | 4570 |
| Vonovia SE | 410 | 13600 |
|  |  | 322905 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Millicom International Cellular SA | 110 | 3799 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Cathay Pacific Airways Ltd. | 1000 | 1149 |
| Hang Lung Properties Ltd. | 6000 | 4921 |
| Henderson Land Development Co. Ltd. | 1000 | 2836 |
| Hysan Development Co. Ltd. | 1000 | 1630 |
| New World Development Co. Ltd. \* | 1000 | 613 |
| Orient Overseas International Ltd. | 500 | 6984 |
| PCCW Ltd. | 2000 | 1334 |
| Power Assets Holdings Ltd. | 1000 | 6613 |
| Prudential plc | 482 | 5125 |
| United Energy Group Ltd. | 30000 | 1566 |
| VTech Holdings Ltd. | 400 | 2687 |
| Yue Yuen Industrial Holdings Ltd. | 2500 | 3589 |
|  |  | 39047 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Accenture plc, Class A | 114 | 34103 |
| AIB Group plc | 556 | 3737 |
| Bank of Ireland Group plc | 252 | 2959 |
| Cairn Homes plc | 1655 | 3646 |
|  |  | 44445 |
| **Israel — 0.0% ^** | **Israel — 0.0% ^** | **Israel — 0.0% ^** |
| Delek Group Ltd. | 20 | 3191 |
| Plus500 Ltd. | 64 | 2623 |
|  |  | 5814 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| A2A SpA | 1237 | 3146 |
| Azimut Holding SpA | 99 | 2751 |
| Banca Generali SpA | 50 | 2966 |
| Banca Mediolanum SpA | 814 | 12169 |
| Banca Monte dei Paschi di Siena SpA | 243 | 2055 |
| Banco BPM SpA | 362 | 4041 |
| BPER Banca SpA | 446 | 3622 |
| Coca-Cola HBC AG | 91 | 4739 |
| Enel SpA | 3276 | 28400 |
| Eni SpA | 1273 | 18231 |
| FinecoBank Banca Fineco SpA | 147 | 2942 |
| Generali | 157 | 5738 |
| Intesa Sanpaolo SpA | 6082 | 32468 |
| Maire SpA | 345 | 3726 |
| Mediobanca Banca di Credito Finanziario SpA | 186 | 3804 |
| Poste Italiane SpA (b) | 198 | 4019 |
| Snam SpA | 676 | 3880 |
| UniCredit SpA | 590 | 34327 |
| Unipol Assicurazioni SpA | 201 | 3605 |
|  |  | 176629 |
| **Japan — 1.6%** | **Japan — 1.6%** | **Japan — 1.6%** |
| Activia Properties, Inc., REIT | 1 | 2398 |
| AEON REIT Investment Corp., REIT | 4 | 3501 |
| Aozora Bank Ltd. | 1000 | 13807 |
| Bridgestone Corp. | 600 | 25089 |
| Canon, Inc. | 400 | 12344 |
| Chubu Electric Power Co., Inc. | 300 | 3896 |
| Chugoku Electric Power Co., Inc. (The) | 1000 | 5316 |
| Dai Nippon Printing Co. Ltd. | 600 | 8363 |
| Dai-ichi Life Holdings, Inc. | 800 | 5776 |
| Electric Power Development Co. Ltd. | 700 | 12289 |
| ENEOS Holdings, Inc. | 1500 | 7221 |
| FANUC Corp. | 400 | 10152 |
| Frontier Real Estate Investment Corp., REIT | 4 | 2221 |
| Idemitsu Kosan Co. Ltd. | 2000 | 12394 |
| Industrial & Infrastructure Fund Investment Corp., <br> REIT<br>| 5 | 4090 |
| Inpex Corp. | 200 | 2502 |
| Isuzu Motors Ltd. | 100 | 1345 |
| Japan Exchange Group, Inc. | 1200 | 13351 |
| Japan Metropolitan Fund Invest, REIT | 22 | 14658 |
| Japan Post Holdings Co. Ltd. | 900 | 8748 |
| Japan Prime Realty Investment Corp., REIT | 1 | 2470 |
| Japan Tobacco, Inc. | 300 | 9242 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Kansai Electric Power Co., Inc. (The) | 300 | 3696 |
| KDX Realty Investment Corp., REIT | 5 | 5207 |
| Kirin Holdings Co. Ltd. | 800 | 12101 |
| Kobe Steel Ltd. | 700 | 8210 |
| Kyushu Electric Power Co., Inc. | 300 | 2674 |
| Kyushu Railway Co. | 600 | 15529 |
| Lixil Corp. | 300 | 3535 |
| Matsui Securities Co. Ltd. | 200 | 1031 |
| Mitsubishi Chemical Group Corp. | 1500 | 7292 |
| Mori Hills REIT Investment Corp., REIT | 2 | 1841 |
| Nippon Building Fund, Inc., REIT | 6 | 5569 |
| Nippon Shokubai Co. Ltd. | 200 | 2344 |
| Nippon Steel Corp. | 800 | 16838 |
| Nomura Holdings, Inc. | 700 | 3902 |
| Ono Pharmaceutical Co. Ltd. | 100 | 1151 |
| Pola Orbis Holdings, Inc. | 200 | 1836 |
| Sekisui House REIT, Inc., REIT | 5 | 2697 |
| Shin-Etsu Chemical Co. Ltd. | 1100 | 33475 |
| SoftBank Corp. | 17700 | 26784 |
| Sumitomo Rubber Industries Ltd. | 200 | 2519 |
| Suzuki Motor Corp. | 1000 | 11984 |
| Takeda Pharmaceutical Co. Ltd. | 700 | 21174 |
| Tokio Marine Holdings, Inc. | 700 | 28058 |
| Tokyo Electron Ltd. | 200 | 29780 |
| Toyo Tire Corp. | 200 | 3739 |
| United Urban Investment Corp., REIT | 9 | 9471 |
|  |  | 443610 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| ABN AMRO Bank NV, CVA (b) | 790 | 16371 |
| ASML Holding NV | 12 | 8033 |
| ASR Nederland NV | 63 | 3975 |
| BE Semiconductor Industries NV | 97 | 10506 |
| Heineken NV | 242 | 21663 |
| ING Groep NV | 336 | 6525 |
| Koninklijke Ahold Delhaize NV | 174 | 7144 |
| Koninklijke BAM Groep NV \* | 784 | 5311 |
| Koninklijke Heijmans N.V., CVA | 65 | 3329 |
| Koninklijke KPN NV | 8027 | 37341 |
| NN Group NV | 76 | 4660 |
| NXP Semiconductors NV | 62 | 11427 |
| OCI NV | 338 | 2808 |
| Randstad NV | 99 | 3974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| SBM Offshore NV | 136 | 2859 |
| Wolters Kluwer NV | 42 | 7416 |
|  |  | 153342 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Spark New Zealand Ltd. | 2964 | 3662 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Aker BP ASA | 507 | 10884 |
| Aker Solutions ASA | 1162 | 3154 |
| DNB Bank ASA | 177 | 4425 |
| DOF Group ASA \* | 433 | 3396 |
| Equinor ASA | 1176 | 26619 |
| Norsk Hydro ASA | 906 | 4806 |
| Orkla ASA | 226 | 2520 |
| Salmar ASA | 88 | 4348 |
| Schibsted ASA, Class A | 131 | 3987 |
| Telenor ASA | 1993 | 29935 |
| Var Energi ASA | 1009 | 2774 |
|  |  | 96848 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | 28 | 5661 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| Santander Bank Polska SA | 16 | 2461 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| Banco Comercial Portugues SA, Class R | 3724 | 2382 |
| NOS SGPS SA | 621 | 2592 |
|  |  | 4974 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| CapitaLand Ascendas, REIT | 2300 | 4687 |
| DBS Group Holdings Ltd. | 1400 | 45485 |
| Singapore Telecommunications Ltd. | 6000 | 17359 |
| Venture Corp. Ltd. | 200 | 1775 |
|  |  | 69306 |
| **South Africa — 0.0% ^** | **South Africa — 0.0% ^** | **South Africa — 0.0% ^** |
| Anglo American plc | 335 | 9145 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Cheil Worldwide, Inc. | 164 | 2140 |
| Hana Financial Group, Inc. | 142 | 6440 |
| Kia Corp. | 63 | 4004 |
| KT&G Corp. | 46 | 3713 |
| Woori Financial Group, Inc. | 147 | 1830 |
|  |  | 18127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| ACS Actividades de Construccion y Servicios SA | 76 | 4762 |
| Aena SME SA (b) | 118 | 29643 |
| Banco Bilbao Vizcaya Argentaria SA | 663 | 9099 |
| Banco de Sabadell SA | 867 | 2530 |
| Banco Santander SA | 1545 | 10878 |
| Bankinter SA | 155 | 1806 |
| CaixaBank SA | 669 | 5127 |
| Enagas SA | 72 | 1123 |
| Endesa SA | 1321 | 39673 |
| Iberdrola SA | 2388 | 43046 |
| Logista Integral SA | 128 | 4376 |
| Mapfre SA | 924 | 3289 |
| Naturgy Energy Group SA | 492 | 14658 |
| Unicaja Banco SA (b) | 934 | 1780 |
|  |  | 171790 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Loomis AB | 105 | 4370 |
| NCC AB, Class B | 143 | 2662 |
| SSAB AB, Class B | 561 | 3487 |
| Svenska Handelsbanken AB, Class A | 351 | 4595 |
| Swedbank AB, Class A | 141 | 3520 |
| Tele2 AB, Class B | 2592 | 38242 |
| Telia Co. AB | 1437 | 5398 |
| Volvo AB, Class B | 2729 | 74184 |
|  |  | 136458 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Adecco Group AG (Registered) | 156 | 4060 |
| Cie Financiere Richemont SA (Registered) | 60 | 10602 |
| Swisscom AG (Registered) | 9 | 6002 |
| Temenos AG (Registered) | 62 | 4441 |
| Zurich Insurance Group AG | 13 | 9221 |
|  |  | 34326 |
| **Taiwan — 0.4%** | **Taiwan — 0.4%** | **Taiwan — 0.4%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4000 | 113338 |
| **United Kingdom — 1.6%** | **United Kingdom — 1.6%** | **United Kingdom — 1.6%** |
| 3i Group plc | 108 | 6123 |
| Admiral Group plc | 94 | 4088 |
| Associated British Foods plc | 181 | 4989 |
| AstraZeneca plc | 267 | 38252 |
| Aviva plc | 615 | 4608 |
| B&M European Value Retail SA | 2158 | 9705 |
| Balfour Beatty plc | 816 | 4991 |
| Barclays plc | 1552 | 6183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Barratt Redrow plc | 3217 | 20055 |
| Beazley plc | 251 | 2974 |
| Berkeley Group Holdings plc | 72 | 4014 |
| British American Tobacco plc | 735 | 32015 |
| British Land Co. plc (The), REIT | 1980 | 10417 |
| BT Group plc | 1690 | 3923 |
| Centrica plc | 2810 | 6016 |
| Drax Group plc | 232 | 1914 |
| Dunelm Group plc | 252 | 3701 |
| Games Workshop Group plc | 16 | 3295 |
| Hammerson plc, REIT | 673 | 2271 |
| HSBC Holdings plc | 1516 | 16900 |
| IG Group Holdings plc | 108 | 1539 |
| Investec plc | 431 | 2706 |
| ITV plc | 1932 | 2082 |
| J Sainsbury plc | 554 | 1969 |
| JET2 plc | 94 | 1989 |
| Lancashire Holdings Ltd. | 375 | 2823 |
| Land Securities Group plc, REIT | 1090 | 8638 |
| Lloyds Banking Group plc | 7848 | 7711 |
| M&G plc | 576 | 1598 |
| Mitie Group plc | 2679 | 5166 |
| Morgan Sindall Group plc | 71 | 3356 |
| National Grid plc | 615 | 8877 |
| NatWest Group plc | 852 | 5480 |
| Next plc | 31 | 5114 |
| Pennon Group plc | 761 | 5094 |
| Persimmon plc | 436 | 7545 |
| Phoenix Group Holdings plc | 1070 | 8560 |
| RELX plc | 846 | 46171 |
| Sage Group plc (The) | 879 | 14573 |
| SSE plc | 1335 | 30099 |
| Taylor Wimpey plc | 2224 | 3495 |
| Telecom Plus plc | 109 | 2748 |
| Tesco plc | 4634 | 22934 |
| TP ICAP Group plc | 867 | 2977 |
| Unilever plc | 324 | 20629 |
| Vodafone Group plc | 29542 | 29031 |
| WPP plc | 1094 | 8481 |
|  |  | 447819 |
| **United States — 16.4%** | **United States — 16.4%** | **United States — 16.4%** |
| 3M Co. | 143 | 19864 |
| Abbott Laboratories | 311 | 40663 |
| AbbVie, Inc. | 367 | 71602 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Alexandria Real Estate Equities, Inc., REIT | 25 | 1816 |
| Altria Group, Inc. | 513 | 30344 |
| Amcor plc | 746 | 6863 |
| American Electric Power Co., Inc. | 290 | 31419 |
| Amgen, Inc. | 93 | 27056 |
| Analog Devices, Inc. | 282 | 54967 |
| Annaly Capital Management, Inc., REIT | 1354 | 26538 |
| Archer-Daniels-Midland Co. | 558 | 26644 |
| AT&T, Inc. | 2300 | 63710 |
| Avery Dennison Corp. | 150 | 25666 |
| Baker Hughes Co. | 1134 | 40144 |
| Bank of America Corp. | 1020 | 40678 |
| Best Buy Co., Inc. | 517 | 34479 |
| Blackrock, Inc. | 26 | 23771 |
| BP plc | 5175 | 23895 |
| Bristol-Myers Squibb Co. | 872 | 43774 |
| Broadcom, Inc. | 439 | 84494 |
| BXP, Inc., REIT | 394 | 25110 |
| Cardinal Health, Inc. | 147 | 20770 |
| CF Industries Holdings, Inc. | 343 | 26881 |
| CH Robinson Worldwide, Inc. | 170 | 15167 |
| Chevron Corp. | 246 | 33471 |
| Cisco Systems, Inc. | 490 | 28288 |
| Citizens Financial Group, Inc. | 419 | 15457 |
| Clorox Co. (The) | 168 | 23906 |
| CME Group, Inc. | 206 | 57078 |
| CMS Energy Corp. | 218 | 16056 |
| Coca-Cola Co. (The) | 800 | 58040 |
| Comcast Corp., Class A | 602 | 20588 |
| Conagra Brands, Inc. | 1005 | 24834 |
| ConocoPhillips | 287 | 25577 |
| Consolidated Edison, Inc. | 280 | 31570 |
| Crown Castle, Inc., REIT | 278 | 29401 |
| Cummins, Inc. | 87 | 25564 |
| Darden Restaurants, Inc. | 155 | 31099 |
| Devon Energy Corp. | 695 | 21135 |
| Diamondback Energy, Inc. | 157 | 20726 |
| Digital Realty Trust, Inc., REIT | 167 | 26810 |
| Dominion Energy, Inc. | 503 | 27353 |
| Dow, Inc. | 767 | 23463 |
| Duke Energy Corp. | 264 | 32213 |
| Eastman Chemical Co. | 308 | 23716 |
| Eaton Corp. plc | 161 | 47394 |
| Edison International | 362 | 19371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Emerson Electric Co. | 251 | 26383 |
| Entergy Corp. | 363 | 30191 |
| EOG Resources, Inc. | 20 | 2207 |
| Estee Lauder Cos., Inc. (The), Class A | 340 | 20386 |
| Evergy, Inc. | 470 | 32477 |
| Eversource Energy | 441 | 26231 |
| Exelon Corp. | 671 | 31470 |
| Exxon Mobil Corp. | 414 | 43731 |
| Fastenal Co. | 414 | 33522 |
| Fidelity National Information Services, Inc. | 1084 | 85506 |
| Ford Motor Co. | 2768 | 27708 |
| Franklin Resources, Inc. | 610 | 11444 |
| General Dynamics Corp. | 22 | 5987 |
| General Mills, Inc. | 448 | 25420 |
| Genuine Parts Co. | 225 | 26449 |
| Gilead Sciences, Inc. | 279 | 29725 |
| GSK plc | 1752 | 34659 |
| Healthpeak Properties, Inc., REIT | 1383 | 24673 |
| Hewlett Packard Enterprise Co. | 1348 | 21865 |
| Hormel Foods Corp. | 176 | 5262 |
| Host Hotels & Resorts, Inc., REIT | 686 | 9686 |
| HP, Inc. | 968 | 24752 |
| Intel Corp. | 589 | 11839 |
| International Business Machines Corp. | 126 | 30469 |
| International Flavors & Fragrances, Inc. | 346 | 27147 |
| International Paper Co. | 575 | 26266 |
| Interpublic Group of Cos., Inc. (The) | 987 | 24793 |
| Iron Mountain, Inc., REIT | 266 | 23852 |
| J M Smucker Co. (The) | 129 | 14999 |
| Johnson & Johnson | 314 | 49081 |
| Juniper Networks, Inc. | 816 | 29637 |
| Kellanova | 382 | 31618 |
| Keurig Dr Pepper, Inc. | 433 | 14977 |
| KeyCorp | 1803 | 26756 |
| Kimberly-Clark Corp. | 206 | 27147 |
| Kimco Realty Corp., REIT | 1258 | 25135 |
| Kinder Morgan, Inc. | 1077 | 28325 |
| Kraft Heinz Co. (The) | 881 | 25637 |
| Lam Research Corp. | 367 | 26303 |
| Lockheed Martin Corp. | 55 | 26276 |
| Lowe's Cos., Inc. | 204 | 45606 |
| LyondellBasell Industries NV, Class A | 381 | 22178 |
| Marsh & McLennan Cos., Inc. | 111 | 25027 |
| McDonald's Corp. | 247 | 78954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Merck & Co., Inc. | 485 | 41322 |
| Meta Platforms, Inc., Class A | 213 | 116937 |
| Microchip Technology, Inc. | 304 | 14008 |
| Microsoft Corp. | 392 | 154942 |
| Mid-America Apartment Communities, Inc., REIT | 11 | 1756 |
| Mondelez International, Inc., Class A | 267 | 18191 |
| Morgan Stanley | 413 | 47668 |
| Motorola Solutions, Inc. | 60 | 26423 |
| Nestle SA (Registered) | 208 | 22139 |
| NetApp, Inc. | 220 | 19745 |
| Newmont Corp. | 648 | 34137 |
| NextEra Energy, Inc. | 732 | 48956 |
| Novartis AG (Registered) | 214 | 24408 |
| Omnicom Group, Inc. | 637 | 48514 |
| ONEOK, Inc. | 310 | 25470 |
| Otis Worldwide Corp. | 506 | 48713 |
| PACCAR, Inc. | 467 | 42128 |
| PepsiCo, Inc. | 119 | 16134 |
| Pfizer, Inc. | 370 | 9032 |
| Philip Morris International, Inc. | 197 | 33758 |
| Phillips 66 | 181 | 18835 |
| PPL Corp. | 238 | 8687 |
| Procter & Gamble Co. (The) | 191 | 31051 |
| Prudential Financial, Inc. | 243 | 24959 |
| Public Storage, REIT | 82 | 24635 |
| Realty Income Corp., REIT | 498 | 28814 |
| Regency Centers Corp., REIT | 396 | 28583 |
| Regions Financial Corp. | 674 | 13756 |
| Roche Holding AG | 69 | 22562 |
| Ross Stores, Inc. | 125 | 17375 |
| RTX Corp. | 236 | 29767 |
| Salesforce, Inc. | 143 | 38426 |
| Sanofi SA | 114 | 12471 |
| Schneider Electric SE | 24 | 5607 |
| Seagate Technology Holdings plc | 655 | 59625 |
| Shell plc | 561 | 18104 |
| Simon Property Group, Inc., REIT | 182 | 28643 |
| Skyworks Solutions, Inc. | 415 | 26676 |
| Southern Co. (The) | 921 | 84631 |
| Starbucks Corp. | 291 | 23295 |
| Steel Dynamics, Inc. | 106 | 13749 |
| Stellantis NV | 201 | 1870 |
| Swiss Re AG | 36 | 6462 |
| T. Rowe Price Group, Inc. | 214 | 18950 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Target Corp. | 257 | 24852 |
| The Campbell's Co. | 540 | 19688 |
| T-Mobile US, Inc. | 121 | 29881 |
| Trane Technologies plc | 162 | 62096 |
| TransDigm Group, Inc. | 8 | 11305 |
| Truist Financial Corp. | 1222 | 46851 |
| United Parcel Service, Inc., Class B | 244 | 23253 |
| UnitedHealth Group, Inc. | 66 | 27155 |
| US Bancorp | 268 | 10811 |
| Valero Energy Corp. | 170 | 19735 |
| Ventas, Inc., REIT | 455 | 31886 |
| Verizon Communications, Inc. | 694 | 30578 |
| VICI Properties, Inc., REIT | 864 | 27665 |
| Walt Disney Co. (The) | 438 | 39836 |
| Warner Music Group Corp., Class A | 484 | 14738 |
| WEC Energy Group, Inc. | 215 | 23547 |
| Wells Fargo & Co. | 303 | 21516 |
| Welltower, Inc., REIT | 11 | 1678 |
| Westlake Corp. | 176 | 16268 |
| Weyerhaeuser Co., REIT | 768 | 19899 |
| Williams Cos., Inc. (The) | 523 | 30632 |
| WP Carey, Inc., REIT | 465 | 29035 |
|  |  | 4636000 |
| Total Common Stocks <br>(Cost $8,282,071)<br>|  | 8215263 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **U.S. Treasury Obligations — 1.2%** | **U.S. Treasury Obligations — 1.2%** | **U.S. Treasury Obligations — 1.2%** |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| U.S. Treasury Notes, 4.25%, 1/31/2026 (c) <br>(Cost $339,875)<br>| 340000 | 340526 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (a) (d) <br>(Cost $383,029)<br>| 382952 | 383029 |
| **Total Investments — 99.1%** <br>**(Cost $29,188,057)**<br>|  | **28017752** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **265212** |
| **NET ASSETS — 100.0%** |  | **28282964** |

---

&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** |  |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| ETF | Exchange Traded Fund |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |
| USD | United States Dollar |

---

&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) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (c) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (d) | The rate shown is the current yield as of April 30, <br> 2025.<br>|

---

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Fixed Income | 39.8<br> %<br>|
| U.S. Equity | 28.3 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Banks | 2.2 |
| Electric Utilities | 2.0 |
| Semiconductors & Semiconductor Equipment | 1.4 |
| Insurance | 1.3 |
| U.S. Treasury Notes | 1.2 |
| Pharmaceuticals | 1.1 |
| Diversified Telecommunication Services | 1.1 |
| Others (each less than 1.0%) | 18.0 |
| Short-Term Investments | 1.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Futures contracts outstanding as of April 30, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3823938 | &nbsp;&nbsp;&nbsp;&nbsp; 65327 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1572280 | &nbsp;&nbsp;&nbsp;&nbsp; (21434)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 838088 | &nbsp;&nbsp;&nbsp;&nbsp; (15739)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1093906 | &nbsp;&nbsp;&nbsp;&nbsp; (4747)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23407 |

---

&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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan Global Select Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **China — 1.4%** | **China — 1.4%** | **China — 1.4%** |
| Tencent Holdings Ltd. | 743700 | 45552335 |
| Yum China Holdings, Inc. | 977095 | 42317984 |
|  |  | 87870319 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| Novo Nordisk A/S, Class B | 772096 | 51623546 |
| **France — 5.7%** | **France — 5.7%** | **France — 5.7%** |
| Airbus SE | 379926 | 64469849 |
| Cie Generale des Etablissements Michelin SCA | 1156486 | 42287749 |
| LVMH Moet Hennessy Louis Vuitton SE | 237750 | 131696676 |
| Pernod Ricard SA | 497311 | 53906252 |
| Safran SA | 225056 | 59891809 |
|  |  | 352252335 |
| **Germany — 4.5%** | **Germany — 4.5%** | **Germany — 4.5%** |
| Deutsche Boerse AG | 184821 | 59529716 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered) \*<br>| 204302 | 139867066 |
| Siemens AG (Registered) | 342160 | 78786212 |
|  |  | 278182994 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| AIA Group Ltd. | 3730200 | 27950076 |
| Hong Kong Exchanges & Clearing Ltd. | 1454300 | 63537928 |
|  |  | 91488004 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| Accenture plc, Class A | 106036 | 31720669 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| UniCredit SpA | 735584 | 42796908 |
| **Japan — 4.6%** | **Japan — 4.6%** | **Japan — 4.6%** |
| Bridgestone Corp. | 1083900 | 45323475 |
| Disco Corp. | 193800 | 37496337 |
| Hoya Corp. | 483700 | 56915135 |
| Japan Exchange Group, Inc. | 4692900 | 52212129 |
| Keyence Corp. | 216700 | 90600457 |
|  |  | 282547533 |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| ASML Holding NV | 177377 | 118743610 |
| Heineken NV | 698084 | 62489133 |
|  |  | 181232743 |
| **Singapore — 0.9%** | **Singapore — 0.9%** | **Singapore — 0.9%** |
| DBS Group Holdings Ltd. | 1727320 | 56119268 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| SK Hynix, Inc. | 137860 | 17201219 |
| **Sweden — 2.0%** | **Sweden — 2.0%** | **Sweden — 2.0%** |
| Atlas Copco AB, Class A | 2546437 | 39415529 |
| Volvo AB, Class B | 3131508 | 85125416 |
|  |  | 124540945 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** | **Switzerland — 0.6%** |
| UBS Group AG (Registered) | 1271941 | 38610238 |
| **Taiwan — 2.5%** | **Taiwan — 2.5%** | **Taiwan — 2.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 544195 | 90711865 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2359000 | 66841213 |
|  |  | 157553078 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| Diageo plc | 733373 | 20593403 |
| **United States — 70.0%** | **United States — 70.0%** | **United States — 70.0%** |
| Abbott Laboratories | 199868 | 26132741 |
| AbbVie, Inc. | 475180 | 92707618 |
| Amazon.com, Inc. \* | 1847745 | 340761133 |
| Analog Devices, Inc. | 351067 | 68429980 |
| Aon plc, Class A | 87669 | 31104084 |
| Apple, Inc. | 1035254 | 219991475 |
| Arthur J Gallagher & Co. | 80422 | 25790531 |
| Baker Hughes Co. | 2434248 | 86172379 |
| Bank of America Corp. | 2074149 | 82717062 |
| Bristol-Myers Squibb Co. | 1746344 | 87666469 |
| Charles Schwab Corp. (The) | 1237178 | 100706289 |
| Chipotle Mexican Grill, Inc. \* | 620709 | 31358219 |
| CME Group, Inc. | 418194 | 115873194 |
| ConocoPhillips | 309681 | 27598771 |
| Dominion Energy, Inc. | 763627 | 41526036 |
| Eaton Corp. plc | 232914 | 68562894 |
| Exxon Mobil Corp. | 848121 | 89587021 |
| Fidelity National Information Services, Inc. | 1140837 | 89989223 |
| Johnson & Johnson | 896250 | 140092837 |
| Linde plc | 173241 | 78518018 |
| Marriott International, Inc., Class A | 395806 | 94431395 |
| Mastercard, Inc., Class A | 129081 | 70744133 |
| McDonald's Corp. | 420736 | 134488262 |
| Meta Platforms, Inc., Class A | 524212 | 287792389 |
| Micron Technology, Inc. | 200178 | 15403697 |
| Microsoft Corp. | 1110956 | 439116469 |
| NextEra Energy, Inc. | 902325 | 60347496 |
| NVIDIA Corp. | 2562227 | 279077765 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Oracle Corp. | 410187 | 57721515 |
| Otis Worldwide Corp. | 1297592 | 124919182 |
| Prologis, Inc., REIT | 442186 | 45191409 |
| Regeneron Pharmaceuticals, Inc. | 53656 | 32127067 |
| Ross Stores, Inc. | 797380 | 110835820 |
| Sanofi SA | 296706 | 32457210 |
| Southern Co. (The) | 1571491 | 144404308 |
| Tesla, Inc. \* | 133955 | 37796743 |
| Thermo Fisher Scientific, Inc. | 176449 | 75696621 |
| Trane Technologies plc | 232435 | 89094660 |
| UnitedHealth Group, Inc. | 165501 | 68093731 |
| US Bancorp | 732623 | 29554012 |
| Vertex Pharmaceuticals, Inc. \* | 110168 | 56130596 |
| Walt Disney Co. (The) | 753729 | 68551653 |
| Wells Fargo & Co. | 982892 | 69795161 |
| Yum! Brands, Inc. | 607581 | 91404486 |
|  |  | 4360461754 |
| Total Common Stocks <br>(Cost $6,106,257,226)<br>|  | 6174794956 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (a) (b) <br>(Cost $31,754,800)<br>| 31749020 | 31755370 |
| **Total Investments — 99.7%** <br>**(Cost $6,138,012,026)**<br>|  | **6206550326** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **21081769** |
| **NET ASSETS — 100.0%** |  | **6227632095** |

---

&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 |
| SCA | Limited partnership with share capital |

---

&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 April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Semiconductors & Semiconductor Equipment | 11.2<br> %<br>|
| Software | 8.0 |
| Capital Markets | 6.9 |
| Hotels, Restaurants & Leisure | 6.4 |
| Broadline Retail | 5.5 |
| Interactive Media & Services | 5.4 |
| Pharmaceuticals | 5.0 |
| Banks | 4.5 |
| Machinery | 4.0 |
| Insurance | 3.6 |
| Technology Hardware, Storage & Peripherals | 3.6 |
| Electric Utilities | 3.3 |
| Biotechnology | 2.9 |
| Financial Services | 2.6 |
| Beverages | 2.2 |
| Textiles, Apparel & Luxury Goods | 2.1 |
| Aerospace & Defense | 2.0 |
| Oil, Gas & Consumable Fuels | 1.9 |
| Specialty Retail | 1.8 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Building Products | 1.4 |
| Automobile Components | 1.4 |
| Energy Equipment & Services | 1.4 |
| Health Care Equipment & Supplies | 1.3 |
| Industrial Conglomerates | 1.3 |
| Chemicals | 1.3 |
| Life Sciences Tools & Services | 1.2 |
| Electrical Equipment | 1.1 |
| Entertainment | 1.1 |
| Health Care Providers & Services | 1.1 |
| Others (each less than 1.0%) | 2.5 |
| Short-Term Investments | 0.5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan Healthcare Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| UCB SA | 479 | 87820 |
| **Canada — 0.3%** | **Canada — 0.3%** | **Canada — 0.3%** |
| Xenon Pharmaceuticals, Inc. \* | 571 | 21812 |
| **Denmark — 2.6%** | **Denmark — 2.6%** | **Denmark — 2.6%** |
| Ascendis Pharma A/S, ADR \* | 255 | 43462 |
| Novo Nordisk A/S, Class B | 2341 | 156523 |
|  |  | 199985 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| Fresenius SE & Co. KGaA \* | 1679 | 79747 |
| Sartorius AG (Preference) | 152 | 39458 |
| Siemens Healthineers AG (a) | 859 | 46307 |
|  |  | 165512 |
| **Japan — 2.9%** | **Japan — 2.9%** | **Japan — 2.9%** |
| Hoya Corp. | 1000 | 117666 |
| Takeda Pharmaceutical Co. Ltd. | 3600 | 108895 |
|  |  | 226561 |
| **Netherlands — 1.8%** | **Netherlands — 1.8%** | **Netherlands — 1.8%** |
| Argenx SE \* | 191 | 123472 |
| Merus NV \* | 344 | 15655 |
|  |  | 139127 |
| **Switzerland — 1.9%** | **Switzerland — 1.9%** | **Switzerland — 1.9%** |
| Lonza Group AG (Registered) | 203 | 145858 |
| **United Kingdom — 5.8%** | **United Kingdom — 5.8%** | **United Kingdom — 5.8%** |
| AstraZeneca plc | 2699 | 386677 |
| ConvaTec Group plc (a) | 11567 | 40214 |
| Verona Pharma plc, ADR \* | 356 | 25657 |
|  |  | 452548 |
| **United States — 80.0%** | **United States — 80.0%** | **United States — 80.0%** |
| AbbVie, Inc. | 1968 | 383957 |
| Agilent Technologies, Inc. | 814 | 87587 |
| Agios Pharmaceuticals, Inc. \* | 1036 | 30759 |
| Alkermes plc \* | 1195 | 34380 |
| Amgen, Inc. | 161 | 46838 |
| Axsome Therapeutics, Inc. \* | 183 | 20549 |
| Biohaven Ltd. \* | 858 | 18979 |
| Blueprint Medicines Corp. \* | 490 | 43855 |
| Boston Scientific Corp. \* | 2992 | 307787 |
| Bristol-Myers Squibb Co. | 4051 | 203360 |
| Cardinal Health, Inc. | 641 | 90567 |
| Cooper Cos., Inc. (The) \* | 754 | 61579 |
| CVS Health Corp. | 2569 | 171378 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Danaher Corp. | 1092 | 217668 |
| Eli Lilly & Co. | 895 | 804560 |
| Exact Sciences Corp. \* | 524 | 23915 |
| GSK plc | 8694 | 171991 |
| Halozyme Therapeutics, Inc. \* | 846 | 51961 |
| HCA Healthcare, Inc. | 328 | 113186 |
| Intuitive Surgical, Inc. \* | 304 | 156803 |
| IQVIA Holdings, Inc. \* | 491 | 76140 |
| Johnson & Johnson | 3252 | 508320 |
| McKesson Corp. | 325 | 231657 |
| Medtronic plc | 2929 | 248262 |
| Merck & Co., Inc. | 116 | 9883 |
| Natera, Inc. \* | 392 | 59165 |
| Neurocrine Biosciences, Inc. \* | 388 | 41784 |
| Penumbra, Inc. \* | 190 | 55640 |
| Regeneron Pharmaceuticals, Inc. | 221 | 132326 |
| Revolution Medicines, Inc. \* | 895 | 36140 |
| Roche Holding AG | 448 | 146490 |
| Sanofi SA | 2415 | 264181 |
| Sarepta Therapeutics, Inc. \* | 288 | 17971 |
| Soleno Therapeutics, Inc. \* | 312 | 23356 |
| Stryker Corp. | 644 | 240805 |
| Thermo Fisher Scientific, Inc. | 226 | 96954 |
| Twist Bioscience Corp. \* | 700 | 26824 |
| Ultragenyx Pharmaceutical, Inc. \* | 603 | 23505 |
| UnitedHealth Group, Inc. | 1232 | 506894 |
| Veeva Systems, Inc., Class A \* | 426 | 99552 |
| Vertex Pharmaceuticals, Inc. \* | 512 | 260864 |
| Zimmer Biomet Holdings, Inc. | 907 | 93466 |
|  |  | 6241838 |
| Total Common Stocks <br>(Cost $7,218,018)<br>|  | 7681061 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c) <br>(Cost $52,020)<br>| 52020 | 52020 |
| **Total Investments — 99.2%** <br>**(Cost $7,270,038)**<br>|  | **7733081** |
| **Other Assets in Excess of Liabilities — 0.8%** |  | **64310** |
| **NET ASSETS — 100.0%** |  | **7797391** |

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) 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 April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Pharmaceuticals | 37.4<br> %<br>|
| Biotechnology | 18.9 |
| Health Care Equipment & Supplies | 17.7 |
| Health Care Providers & Services | 15.4 |
| Life Sciences Tools & Services | 8.6 |
| Health Care Technology | 1.3 |
| Short-Term Investments | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.2%** | **Common Stocks — 98.2%** | **Common Stocks — 98.2%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Howmet Aerospace, Inc. | 167007 | 23143830 |
| RTX Corp. | 135447 | 17083930 |
| Textron, Inc. | 84807 | 5967869 |
| TransDigm Group, Inc. | 12444 | 17584243 |
|  |  | 63779872 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 29068 | 6113872 |
| United Parcel Service, Inc., Class B | 123715 | 11790040 |
|  |  | 17903912 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 39744 | 2267793 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* (a) | 159708 | 45063209 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 790714 | 31533674 |
| Citigroup, Inc. | 171498 | 11727033 |
| Fifth Third Bancorp | 292470 | 10511372 |
| Truist Financial Corp. | 262778 | 10074909 |
| US Bancorp | 212563 | 8574791 |
| Wells Fargo & Co. (a) | 413159 | 29338421 |
|  |  | 101760200 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| Coca-Cola Co. (The) | 261252 | 18953833 |
| Keurig Dr Pepper, Inc. | 412973 | 14284736 |
| PepsiCo, Inc. (a) | 205816 | 27904533 |
|  |  | 61143102 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| AbbVie, Inc. (a) | 190726 | 37210643 |
| Neurocrine Biosciences, Inc. \* | 19119 | 2058925 |
| Regeneron Pharmaceuticals, Inc. | 19840 | 11879398 |
| Sarepta Therapeutics, Inc. \* | 9396 | 586310 |
| Vertex Pharmaceuticals, Inc. \* | 28163 | 14349049 |
|  |  | 66084325 |
| **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** |
| Amazon.com, Inc. \* (a) | 638974 | 117839585 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 191228 | 11959399 |
| Masco Corp. | 104687 | 6345079 |
| Trane Technologies plc | 73981 | 28357657 |
|  |  | 46662135 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 23340 | 10993607 |
| Charles Schwab Corp. (The) | 209199 | 17028799 |
| CME Group, Inc. | 53611 | 14854536 |
| Goldman Sachs Group, Inc. (The) | 26779 | 14662841 |
| Raymond James Financial, Inc. | 25348 | 3473690 |
|  |  | 61013473 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Dow, Inc. | 120629 | 3690041 |
| Linde plc | 55332 | 25078122 |
| LyondellBasell Industries NV, Class A | 83029 | 4833118 |
| PPG Industries, Inc. | 68226 | 7427082 |
| Sherwin-Williams Co. (The) | 10457 | 3690485 |
|  |  | 44718848 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 73351 | 6034587 |
| Motorola Solutions, Inc. | 9974 | 4392450 |
|  |  | 10427037 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Martin Marietta Materials, Inc. | 9612 | 5036496 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| American Express Co. | 41431 | 11037633 |
| Capital One Financial Corp. | 23198 | 4181671 |
|  |  | 15219304 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Costco Wholesale Corp. (a) | 15996 | 15908022 |
| Walmart, Inc. | 118895 | 11562539 |
|  |  | 27470561 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 501603 | 13894403 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| Entergy Corp. | 31404 | 2611871 |
| NextEra Energy, Inc. (a) | 346057 | 23144292 |
| NRG Energy, Inc. | 13319 | 1459496 |
| PG&E Corp. | 532586 | 8798321 |
| Southern Co. (The) | 289045 | 26560345 |
|  |  | 62574325 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Eaton Corp. plc | 38016 | 11190770 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| TE Connectivity plc (Switzerland) | 19259 | 2819132 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 181545 | 6426693 |
| Schlumberger NV | 3323 | 110490 |
|  |  | 6537183 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Netflix, Inc. \* | 13240 | 14983973 |
| Walt Disney Co. (The) | 160854 | 14629671 |
| Warner Music Group Corp., Class A | 86630 | 2637884 |
|  |  | 32251528 |
| **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
| Apollo Global Management, Inc. | 70120 | 9569978 |
| Berkshire Hathaway, Inc., Class B \* (a) | 98211 | 52371016 |
| Corpay, Inc. \* | 40617 | 13215553 |
| Fidelity National Information Services, Inc. | 154513 | 12187985 |
| Mastercard, Inc., Class A (a) | 92561 | 50728982 |
| Toast, Inc., Class A \* | 107369 | 3820189 |
| Visa, Inc., Class A (a) | 141548 | 48904834 |
| WEX, Inc. \* | 8255 | 1076204 |
|  |  | 191874741 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A (a) | 287456 | 19584377 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp. | 271341 | 7616542 |
| Uber Technologies, Inc. \* | 216948 | 17574957 |
|  |  | 25191499 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 28269 | 3696172 |
| Baxter International, Inc. | 54655 | 1703596 |
| Boston Scientific Corp. \* (a) | 180370 | 18554662 |
| Edwards Lifesciences Corp. \* | 108733 | 8208254 |
| Medtronic plc | 179504 | 15214759 |
| Stryker Corp. | 62561 | 23392809 |
|  |  | 70770252 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Cigna Group (The) | 38210 | 12992928 |
| HCA Healthcare, Inc. | 9825 | 3390411 |
| Humana, Inc. | 17771 | 4660267 |
| McKesson Corp. | 7921 | 5646010 |
| UnitedHealth Group, Inc. (a) | 83489 | 34350714 |
|  |  | 61040330 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Alexandria Real Estate Equities, Inc. | 15354 | 1115622 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care REITs — continued** | **Health Care REITs — continued** | **Health Care REITs — continued** |
| Ventas, Inc. | 218565 | 15317035 |
| Welltower, Inc. | 60951 | 9300513 |
|  |  | 25733170 |
| **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
| Booking Holdings, Inc. | 2279 | 11621259 |
| Carnival Corp. \* | 187517 | 3439062 |
| Chipotle Mexican Grill, Inc. \* | 299944 | 15153171 |
| DoorDash, Inc., Class A \* | 27525 | 5309297 |
| Expedia Group, Inc. | 55078 | 8643391 |
| Hilton Worldwide Holdings, Inc. | 56484 | 12736012 |
| McDonald's Corp. (a) | 95192 | 30428123 |
| Royal Caribbean Cruises Ltd. | 24851 | 5340728 |
| Yum! Brands, Inc. | 106769 | 16062328 |
|  |  | 108733371 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 29672 | 3222676 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Church & Dwight Co., Inc. | 51202 | 5086407 |
| **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. | 57678 | 7476799 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 85410 | 11864303 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 91080 | 9308376 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Aon plc, Class A | 38223 | 13561138 |
| Arthur J Gallagher & Co. | 57527 | 18448334 |
| Progressive Corp. (The) | 91280 | 25717227 |
|  |  | 57726699 |
| **Interactive Media & Services — 6.0%** | **Interactive Media & Services — 6.0%** | **Interactive Media & Services — 6.0%** |
| Alphabet, Inc., Class A (a) | 357002 | 56691918 |
| Alphabet, Inc., Class C (a) | 189237 | 30446341 |
| Meta Platforms, Inc., Class A (a) | 156737 | 86048613 |
|  |  | 173186872 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Accenture plc, Class A (Ireland) | 5792 | 1732677 |
| Cognizant Technology Solutions Corp., Class A | 187994 | 13830718 |
|  |  | 15563395 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Thermo Fisher Scientific, Inc. (a) | 55141 | 23655489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 32742 | 10126118 |
| Deere & Co. (a) | 38142 | 17681106 |
| Ingersoll Rand, Inc. | 67138 | 5064219 |
| Otis Worldwide Corp. | 145032 | 13962231 |
| PACCAR, Inc. | 82250 | 7419772 |
|  |  | 54253446 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 25961 | 10173077 |
| Comcast Corp., Class A (a) | 480904 | 16446917 |
|  |  | 26619994 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Freeport-McMoRan, Inc. | 86714 | 3124306 |
| Nucor Corp. | 22009 | 2627214 |
|  |  | 5751520 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Dominion Energy, Inc. | 67380 | 3664124 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 236582 | 21084188 |
| Diamondback Energy, Inc. | 51846 | 6844191 |
| EOG Resources, Inc. (a) | 108095 | 11926121 |
| Exxon Mobil Corp. (a) | 417292 | 44078554 |
|  |  | 83933054 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 107765 | 4486257 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 265435 | 6264266 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| Bristol-Myers Squibb Co. | 344522 | 17295004 |
| Eli Lilly & Co. (a) | 41812 | 37586897 |
| Johnson & Johnson (a) | 167424 | 26170046 |
| Merck & Co., Inc. | 43108 | 3672802 |
|  |  | 84724749 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Equifax, Inc. | 12344 | 3211045 |
| Leidos Holdings, Inc. | 74283 | 10932972 |
|  |  | 14144017 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 61159 | 3961880 |
| **Semiconductors & Semiconductor Equipment — 10.8%** | **Semiconductors & Semiconductor Equipment — 10.8%** | **Semiconductors & Semiconductor Equipment — 10.8%** |
| Advanced Micro Devices, Inc. \* (a) | 59673 | 5809167 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Analog Devices, Inc. (a) | 104876 | 20442430 |
| Broadcom, Inc. (a) | 281331 | 54147778 |
| Lam Research Corp. | 176276 | 12633701 |
| Micron Technology, Inc. | 127432 | 9805892 |
| NVIDIA Corp. (a) | 1595059 | 173733826 |
| NXP Semiconductors NV (Netherlands) (a) | 97669 | 18001373 |
| Texas Instruments, Inc. (a) | 121738 | 19484167 |
|  |  | 314058334 |
| **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** |
| Adobe, Inc. \* (a) | 9522 | 3570559 |
| Cadence Design Systems, Inc. \* | 13972 | 4160023 |
| Fair Isaac Corp. \* | 1601 | 3185478 |
| Intuit, Inc. | 13507 | 8475237 |
| Microsoft Corp. (a) | 517104 | 204390527 |
| Oracle Corp. | 152175 | 21414066 |
| Palantir Technologies, Inc., Class A \* | 71059 | 8416228 |
| Salesforce, Inc. (a) | 96815 | 26015159 |
| ServiceNow, Inc. \* | 24081 | 22997596 |
|  |  | 302624873 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| Equinix, Inc. | 13296 | 11444532 |
| SBA Communications Corp. | 43029 | 10473259 |
|  |  | 21917791 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| AutoZone, Inc. \* | 2825 | 10629345 |
| Best Buy Co., Inc. | 50753 | 3384717 |
| Burlington Stores, Inc. \* | 36721 | 8263694 |
| Lowe's Cos., Inc. (a) | 121298 | 27117381 |
| Ross Stores, Inc. | 115819 | 16098841 |
|  |  | 65493978 |
| **Technology Hardware, Storage & Peripherals — 7.1%** | **Technology Hardware, Storage & Peripherals — 7.1%** | **Technology Hardware, Storage & Peripherals — 7.1%** |
| Apple, Inc. (a) | 887361 | 188564212 |
| Dell Technologies, Inc., Class C | 38014 | 3488165 |
| Sandisk Corp. \* | 7911 | 254022 |
| Seagate Technology Holdings plc | 137988 | 12561048 |
| Western Digital Corp. \* | 23932 | 1049658 |
|  |  | 205917105 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 102811 | 6081271 |
| Philip Morris International, Inc. | 76160 | 13050777 |
|  |  | 19132048 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 5836 | 3685142 |
| Total Common Stocks <br>(Cost $2,855,292,636)<br>|  | 2846308527 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 2.4%** | **Options Purchased — 2.4%** | **Options Purchased — 2.4%** |
| **Put Options Purchased — 2.4%** | **Put Options Purchased — 2.4%** | **Put Options Purchased — 2.4%** |
| SPDR S&P 500 ETF Trust |  |  |
| 5/30/2025 at USD 563.00, American <br> Style<br>|  |  |
| Notional Amount: USD 1,014,253,660 |  |  |
| Counterparty: Exchange-Traded \* | 18290 | 30288240 |
| 6/30/2025 at USD 529.00, American <br> Style<br>|  |  |
| Notional Amount: USD 1,032,553,480 |  |  |
| Counterparty: Exchange-Traded \* | 18620 | 19681340 |
| 7/31/2025 at USD 525.00, American <br> Style<br>|  |  |
| Notional Amount: USD 781,901,400 |  |  |
| Counterparty: Exchange-Traded \* | 14100 | 18626100 |
| Total Put Options Purchased <br>(Cost $61,876,388)<br>|  | 68595680 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (b) (c) <br>(Cost $15,690,334)<br>| 15690334 | 15690334 |
| **Total Investments — 101.1%** <br>**(Cost $2,932,859,358)**<br>|  | **2930594541** |
| **Liabilities in Excess of Other Assets —** <br> **(1.1)%**<br>|  | **(32427370)**<br>|
| **NET ASSETS — 100.0%** |  | **2898167171** |

---

&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** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor's Depositary Receipt |
| USD | United States Dollar |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated for options written.

(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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| SPDR S&P 500 ETF Trust | Exchange-Traded | 18290 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,014,253,660<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 623.00<br>| 5/30/2025 | &nbsp;&nbsp; (201190)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 18620 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,032,553,480<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 587.00<br>| 6/30/2025 | &nbsp;&nbsp; (9440340)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 14100 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 781,901,400<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 585.00<br>| 7/31/2025 | &nbsp;&nbsp; (14382000)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (24023530)<br>|
| **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| SPDR S&P 500 ETF Trust | Exchange-Traded | 18290 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,014,253,660<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 475.00<br>| 5/30/2025 | &nbsp;&nbsp; (2085060)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 18620 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,032,553,480<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 445.00<br>| 6/30/2025 | &nbsp;&nbsp; (3035060)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 14100 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 781,901,400<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 440.00<br>| 7/31/2025 | &nbsp;&nbsp; (4018500)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (9138620)<br>|
| Total Written Options Contracts (Premiums Received $49,763,177) | Total Written Options Contracts (Premiums Received $49,763,177) | Total Written Options Contracts (Premiums Received $49,763,177) | Total Written Options Contracts (Premiums Received $49,763,177) | Total Written Options Contracts (Premiums Received $49,763,177) | Total Written Options Contracts (Premiums Received $49,763,177) | &nbsp;&nbsp; (33162150)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| SPDR | Standard & Poor's Depositary Receipt |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan International Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Australia — 1.4%** | **Australia — 1.4%** | **Australia — 1.4%** |
| Goodman Group, REIT | 33453 | 640419 |
| Telstra Group Ltd. | 313950 | 906090 |
|  |  | 1546509 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| MercadoLibre, Inc. \* | 331 | 771511 |
| **Canada — 6.6%** | **Canada — 6.6%** | **Canada — 6.6%** |
| Alimentation Couche-Tard, Inc. | 32612 | 1702277 |
| Canadian Pacific Kansas City Ltd. | 36711 | 2666381 |
| Intact Financial Corp. | 6520 | 1448011 |
| Shopify, Inc., Class A \* | 18210 | 1731971 |
|  |  | 7548640 |
| **China — 8.3%** | **China — 8.3%** | **China — 8.3%** |
| Alibaba Group Holding Ltd., ADR | 10790 | 1288650 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 141200 | 998568 |
| Nongfu Spring Co. Ltd., Class H (a) | 206200 | 947941 |
| Tencent Holdings Ltd. | 77500 | 4746949 |
| Yum China Holdings, Inc. | 32000 | 1494960 |
|  |  | 9477068 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| Coloplast A/S, Class B | 3552 | 401955 |
| Novo Nordisk A/S, Class B | 13534 | 904904 |
| Novonesis Novozymes B | 28203 | 1831993 |
|  |  | 3138852 |
| **France — 9.9%** | **France — 9.9%** | **France — 9.9%** |
| Air Liquide SA | 20365 | 4184564 |
| Hermes International SCA | 123 | 338272 |
| Legrand SA | 12853 | 1412542 |
| LVMH Moet Hennessy Louis Vuitton SE | 966 | 535096 |
| Safran SA | 14595 | 3884015 |
| SPIE SA | 18231 | 893548 |
|  |  | 11248037 |
| **Germany — 4.6%** | **Germany — 4.6%** | **Germany — 4.6%** |
| Deutsche Telekom AG (Registered) | 30959 | 1111971 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 2325 | 1591717 |
| Rheinmetall AG | 205 | 349126 |
| SAP SE | 7450 | 2179785 |
|  |  | 5232599 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| Hong Kong Exchanges & Clearing Ltd. | 39300 | 1717005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — 4.9%** | **India — 4.9%** | **India — 4.9%** |
| Bajaj Finance Ltd. | 8749 | 892718 |
| Blue Star Ltd. | 27249 | 550716 |
| Cholamandalam Investment and Finance Co. Ltd. | 40225 | 711474 |
| Computer Age Management Services Ltd. | 17102 | 788605 |
| ICICI Bank Ltd. | 106109 | 1783616 |
| UltraTech Cement Ltd. | 6605 | 910186 |
|  |  | 5637315 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Bank Central Asia Tbk. PT | 2166400 | 1151855 |
| **Italy — 0.8%** | **Italy — 0.8%** | **Italy — 0.8%** |
| Ryanair Holdings plc, ADR | 20067 | 960407 |
| **Japan — 14.4%** | **Japan — 14.4%** | **Japan — 14.4%** |
| Advantest Corp. | 19500 | 815801 |
| Azbil Corp. | 147800 | 1272749 |
| Hitachi Ltd. | 64000 | 1581793 |
| Hoya Corp. | 11300 | 1329628 |
| IHI Corp. | 16800 | 1315980 |
| Kao Corp. | 20000 | 856431 |
| Keyence Corp. | 2100 | 877992 |
| Rakuten Bank Ltd. \* | 34000 | 1429962 |
| Recruit Holdings Co. Ltd. | 21700 | 1202512 |
| Sony Group Corp. | 150700 | 3975888 |
| Terumo Corp. | 93200 | 1783917 |
|  |  | 16442653 |
| **Netherlands — 2.6%** | **Netherlands — 2.6%** | **Netherlands — 2.6%** |
| Argenx SE \* | 883 | 570815 |
| ASML Holding NV | 1568 | 1049685 |
| Heineken NV | 15037 | 1346040 |
|  |  | 2966540 |
| **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** |
| Al Rajhi Bank | 81076 | 2106189 |
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
| DBS Group Holdings Ltd. | 44050 | 1431150 |
| Sea Ltd., ADR \* | 8376 | 1122803 |
|  |  | 2553953 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| Indra Sistemas SA | 41092 | 1310173 |
| Industria de Diseno Textil SA | 27132 | 1459022 |
|  |  | 2769195 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan International Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — 1.9%** | **Sweden — 1.9%** | **Sweden — 1.9%** |
| Atlas Copco AB, Class A | 75480 | 1168332 |
| Volvo AB, Class B | 35966 | 977683 |
|  |  | 2146015 |
| **Switzerland — 3.3%** | **Switzerland — 3.3%** | **Switzerland — 3.3%** |
| Cie Financiere Richemont SA (Registered) | 13092 | 2313425 |
| Lonza Group AG (Registered) | 2063 | 1482284 |
|  |  | 3795709 |
| **Taiwan — 6.1%** | **Taiwan — 6.1%** | **Taiwan — 6.1%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 14772 | 2462345 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 158000 | 4476859 |
|  |  | 6939204 |
| **United Kingdom — 16.5%** | **United Kingdom — 16.5%** | **United Kingdom — 16.5%** |
| 3i Group plc | 52520 | 2977413 |
| Compass Group plc | 66617 | 2245980 |
| Diageo plc | 46503 | 1305823 |
| InterContinental Hotels Group plc | 11868 | 1266433 |
| London Stock Exchange Group plc | 18241 | 2840334 |
| NatWest Group plc | 159141 | 1023641 |
| Next plc | 5711 | 942181 |
| RELX plc | 53342 | 2903900 |
| Rolls-Royce Holdings plc | 167460 | 1695110 |
| Sage Group plc (The) | 95647 | 1585697 |
|  |  | 18786512 |
| **United States — 5.4%** | **United States — 5.4%** | **United States — 5.4%** |
| Ferrovial SE | 37222 | 1815781 |
| Haleon plc | 346732 | 1744710 |
| Schneider Electric SE | 7315 | 1709119 |
| Spotify Technology SA \* | 1426 | 875536 |
|  |  | 6145146 |
| Total Common Stocks <br>(Cost $95,397,475)<br>|  | 113080914 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (b) (c) <br>(Cost $1,007,743)<br>| 1007542 | 1007743 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 99.9%** <br>**(Cost $96,405,218)**<br>|  | **114088657** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **101248** |
| **NET ASSETS — 100.0%** |  | **114189905** |

---

&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 |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) 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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 7.8<br> %<br>|
| Semiconductors & Semiconductor Equipment | 7.7 |
| Capital Markets | 6.6 |
| Chemicals | 5.3 |
| Aerospace & Defense | 5.2 |
| Hotels, Restaurants & Leisure | 4.4 |
| Professional Services | 4.3 |
| Interactive Media & Services | 4.2 |
| Household Durables | 3.5 |
| Software | 3.3 |
| Beverages | 3.1 |
| Health Care Equipment & Supplies | 3.1 |
| Machinery | 3.0 |
| Textiles, Apparel & Luxury Goods | 2.8 |
| Electrical Equipment | 2.7 |
| IT Services | 2.7 |
| Insurance | 2.7 |
| Broadline Retail | 2.6 |
| Ground Transportation | 2.3 |
| Pharmaceuticals | 2.3 |
| Electronic Equipment, Instruments & Components | 1.9 |
| Diversified Telecommunication Services | 1.8 |
| Entertainment | 1.7 |
| Construction & Engineering | 1.6 |
| Consumer Staples Distribution & Retail | 1.5 |
| Consumer Finance | 1.4 |
| Industrial Conglomerates | 1.4 |
| Life Sciences Tools & Services | 1.3 |
| Specialty Retail | 1.3 |
| Others (each less than 1.0%) | 5.6 |
| Short-Term Investments | 0.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 96.1%** | **Common Stocks — 96.1%** | **Common Stocks — 96.1%** |
| **Australia — 2.6%** | **Australia — 2.6%** | **Australia — 2.6%** |
| AGL Energy Ltd. | 35757 | 243684 |
| BHP Group Ltd. | 78945 | 1881548 |
| Fortescue Ltd. | 43172 | 445867 |
| Perseus Mining Ltd. | 251312 | 538615 |
| QBE Insurance Group Ltd. | 33047 | 456707 |
| Rio Tinto plc | 12265 | 730864 |
| Ventia Services Group Pty. Ltd. | 142618 | 386136 |
| Yancoal Australia Ltd. | 83629 | 266665 |
|  |  | 4950086 |
| **Austria — 1.2%** | **Austria — 1.2%** | **Austria — 1.2%** |
| BAWAG Group AG (a) | 3115 | 341429 |
| Erste Group Bank AG | 8591 | 581796 |
| OMV AG | 9393 | 485652 |
| Telekom Austria AG | 38422 | 405666 |
| Vienna Insurance Group AG Wiener Versicherung <br> Gruppe<br>| 9035 | 429726 |
|  |  | 2244269 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Ageas SA | 8171 | 512454 |
| KBC Group NV | 6280 | 579071 |
|  |  | 1091525 |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| Banco do Brasil SA | 71574 | 363725 |
| Cia Energetica de Minas Gerais (Preference) | 225096 | 439074 |
| Gerdau SA (Preference) | 114183 | 301596 |
| Lojas Renner SA | 117372 | 300506 |
| Marcopolo SA (Preference) | 249147 | 308627 |
| Petroleo Brasileiro SA (Preference) | 155610 | 823683 |
| TIM SA | 77775 | 258878 |
| Vale SA | 77595 | 723152 |
|  |  | 3519241 |
| **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** |
| IAMGOLD Corp. \* | 70703 | 501065 |
| **Canada — 4.0%** | **Canada — 4.0%** | **Canada — 4.0%** |
| Bank of Nova Scotia (The) | 21156 | 1058567 |
| Canadian Imperial Bank of Commerce | 16805 | 1059912 |
| Canadian Natural Resources Ltd. | 19117 | 548577 |
| Dundee Precious Metals, Inc. | 43977 | 576429 |
| EQB, Inc. | 4811 | 332610 |
| Fairfax Financial Holdings Ltd. | 529 | 825886 |
| First Capital REIT, REIT | 19765 | 244876 |
| Manulife Financial Corp. | 38428 | 1177704 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| NuVista Energy Ltd. \* | 43433 | 370186 |
| Russel Metals, Inc. | 13056 | 378819 |
| Suncor Energy, Inc. | 18246 | 644420 |
| Veren, Inc. | 46009 | 272330 |
| Whitecap Resources, Inc. | 48984 | 277858 |
|  |  | 7768174 |
| **China — 7.9%** | **China — 7.9%** | **China — 7.9%** |
| Agricultural Bank of China Ltd., Class H | 1016000 | 619980 |
| Alibaba Group Holding Ltd. | 160700 | 2399256 |
| BOC Hong Kong Holdings Ltd. | 111000 | 460470 |
| China Coal Energy Co. Ltd., Class H | 291000 | 300664 |
| China Construction Bank Corp., Class H | 1221000 | 1002964 |
| China Feihe Ltd. (a) | 495000 | 374070 |
| China Hongqiao Group Ltd. | 209000 | 375158 |
| China Merchants Bank Co. Ltd., Class H | 84500 | 460917 |
| China Pacific Insurance Group Co. Ltd., Class H | 185200 | 503886 |
| China Resources Pharmaceutical Group Ltd. (a) | 397500 | 250909 |
| CRRC Corp. Ltd., Class H | 491000 | 303021 |
| Dongfang Electric Corp. Ltd., Class H | 210000 | 286636 |
| Geely Automobile Holdings Ltd. | 236000 | 495435 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 79000 | 495290 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 926000 | 634321 |
| JD.com, Inc., Class A | 54650 | 889780 |
| Kunlun Energy Co. Ltd. | 476000 | 453712 |
| Lenovo Group Ltd. | 330000 | 381671 |
| Livzon Pharmaceutical Group, Inc., Class H | 111400 | 369456 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| 1041000 | 616081 |
| PetroChina Co. Ltd., Class H | 672000 | 513501 |
| PICC Property & Casualty Co. Ltd., Class H | 248000 | 456677 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| 123000 | 736160 |
| Sinopharm Group Co. Ltd., Class H | 129200 | 304492 |
| Sinotruk Hong Kong Ltd. | 115500 | 277535 |
| Vipshop Holdings Ltd., ADR | 24590 | 334916 |
| Weichai Power Co. Ltd., Class H | 183000 | 357015 |
| Xtep International Holdings Ltd. | 338000 | 230499 |
| Yangzijiang Shipbuilding Holdings Ltd. \* | 195200 | 334370 |
|  |  | 15218842 |
| **Denmark — 0.9%** | **Denmark — 0.9%** | **Denmark — 0.9%** |
| Danske Bank A/S | 19833 | 695892 |
| H Lundbeck A/S | 49591 | 237318 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Denmark — continued** | **Denmark — continued** | **Denmark — continued** |
| ISS A/S | 13426 | 336878 |
| Sydbank A/S | 6331 | 405440 |
|  |  | 1675528 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Nokia OYJ | 140726 | 703513 |
| Nordea Bank Abp | 68807 | 952905 |
|  |  | 1656418 |
| **France — 5.1%** | **France — 5.1%** | **France — 5.1%** |
| AXA SA \* | 30508 | 1442903 |
| BNP Paribas SA | 16489 | 1397104 |
| Cie Generale des Etablissements Michelin SCA | 15128 | 553166 |
| Credit Agricole SA | 29639 | 555927 |
| Eiffage SA | 4211 | 573002 |
| Engie SA | 41726 | 862407 |
| IPSOS SA | 5867 | 277771 |
| Orange SA | 40381 | 585850 |
| Societe Generale SA | 17561 | 915613 |
| TotalEnergies SE | 33315 | 1897462 |
| Vallourec SACA \* | 17373 | 321101 |
| Vicat SACA | 6818 | 381763 |
|  |  | 9764069 |
| **Georgia — 0.2%** | **Georgia — 0.2%** | **Georgia — 0.2%** |
| Lion Finance Group plc | 4564 | 366092 |
| **Germany — 7.1%** | **Germany — 7.1%** | **Germany — 7.1%** |
| Allianz SE (Registered) | 5861 | 2423973 |
| Bilfinger SE | 4622 | 393101 |
| Commerzbank AG | 22812 | 603778 |
| Deutsche Bank AG (Registered) | 30615 | 802736 |
| Deutsche Telekom AG (Registered) | 56166 | 2017344 |
| E.ON SE | 51909 | 907867 |
| Freenet AG | 9695 | 403148 |
| Fresenius SE & Co. KGaA \* | 13228 | 628289 |
| Heidelberg Materials AG | 4024 | 804451 |
| Hornbach Holding AG & Co. KGaA | 3112 | 350371 |
| LEG Immobilien SE | 3606 | 305678 |
| Mercedes-Benz Group AG | 14142 | 845533 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 2319 | 1587609 |
| ProSiebenSat.1 Media SE | 40080 | 279707 |
| SAF-Holland SE | 13785 | 250117 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Volkswagen AG (Preference) | 5123 | 557435 |
| Vonovia SE | 17393 | 576927 |
|  |  | 13738064 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| Eurobank Ergasias Services and Holdings SA | 105430 | 299213 |
| Hellenic Telecommunications Organization SA | 22260 | 422428 |
| National Bank of Greece SA | 34568 | 366886 |
|  |  | 1088527 |
| **Guatemala — 0.2%** | **Guatemala — 0.2%** | **Guatemala — 0.2%** |
| Millicom International Cellular SA | 12989 | 448640 |
| **Hong Kong — 0.9%** | **Hong Kong — 0.9%** | **Hong Kong — 0.9%** |
| Cathay Pacific Airways Ltd. | 244000 | 280372 |
| Kerry Properties Ltd. | 124000 | 291205 |
| Swire Properties Ltd. | 131400 | 290390 |
| United Laboratories International Holdings Ltd. <br> (The)<br>| 270000 | 483858 |
| WH Group Ltd. (a) | 423500 | 378697 |
|  |  | 1724522 |
| **Hungary — 0.7%** | **Hungary — 0.7%** | **Hungary — 0.7%** |
| MOL Hungarian Oil & Gas plc | 37813 | 320190 |
| OTP Bank Nyrt. | 9072 | 670131 |
| Richter Gedeon Nyrt. | 10353 | 313992 |
|  |  | 1304313 |
| **India — 2.5%** | **India — 2.5%** | **India — 2.5%** |
| Bank of Baroda | 90121 | 266673 |
| Bharat Petroleum Corp. Ltd. | 84666 | 310282 |
| Canara Bank | 339345 | 391186 |
| Coal India Ltd. | 82836 | 377424 |
| GAIL India Ltd. | 153596 | 343370 |
| Mahanagar Gas Ltd. (a) | 14838 | 236170 |
| Natco Pharma Ltd. | 20722 | 208627 |
| NMDC Ltd. | 486216 | 373008 |
| Oil & Natural Gas Corp. Ltd. | 138653 | 401204 |
| Petronet LNG Ltd. | 86335 | 320529 |
| REC Ltd. | 96383 | 481107 |
| Sun TV Network Ltd. | 37174 | 272820 |
| Tata Motors Ltd. | 41480 | 316107 |
| Vedanta Ltd. | 99973 | 496419 |
|  |  | 4794926 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Astra International Tbk. PT | 1201600 | 347294 |
| Bank Mandiri Persero Tbk. PT | 840000 | 248058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 37

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| First Pacific Co. Ltd. | 420000 | 282605 |
| Indofood Sukses Makmur Tbk. PT | 659000 | 317883 |
| Telkom Indonesia Persero Tbk. PT | 2488200 | 392187 |
| United Tractors Tbk. PT | 250300 | 342065 |
|  |  | 1930092 |
| **Ireland — 1.2%** | **Ireland — 1.2%** | **Ireland — 1.2%** |
| AerCap Holdings NV | 5062 | 536572 |
| AIB Group plc | 60871 | 409118 |
| Bank of Ireland Group plc | 35732 | 419546 |
| Cairn Homes plc | 156345 | 344432 |
| Glanbia plc | 1294 | 16751 |
| Glenveagh Properties plc \* (a) | 176596 | 330985 |
| Greencore Group plc | 142681 | 351779 |
|  |  | 2409183 |
| **Italy — 4.1%** | **Italy — 4.1%** | **Italy — 4.1%** |
| Banca Monte dei Paschi di Siena SpA (b) | 42445 | 358948 |
| Banco BPM SpA | 48018 | 536002 |
| BFF Bank SpA \* (a) | 23362 | 221327 |
| BPER Banca SpA (b) | 65265 | 530088 |
| Buzzi SpA | 6466 | 338838 |
| Danieli & C Officine Meccaniche SpA | 14028 | 379670 |
| Enel SpA | 140057 | 1214150 |
| Intesa Sanpaolo SpA | 244323 | 1304267 |
| Iveco Group NV | 18965 | 302986 |
| MFE-MediaForEurope NV, Class B | 73515 | 357785 |
| UniCredit SpA | 24479 | 1424209 |
| Unipol Assicurazioni SpA | 27745 | 497654 |
| Webuild SpA | 102357 | 371358 |
|  |  | 7837282 |
| **Japan — 13.8%** | **Japan — 13.8%** | **Japan — 13.8%** |
| Amada Co. Ltd. | 32500 | 325423 |
| Asahi Kasei Corp. | 62400 | 434850 |
| Cosmo Energy Holdings Co. Ltd. | 7200 | 295503 |
| Credit Saison Co. Ltd. | 12200 | 284906 |
| Dai-ichi Life Holdings, Inc. | 83400 | 602185 |
| ENEOS Holdings, Inc. | 91400 | 440021 |
| Fuji Media Holdings, Inc. | 25800 | 534251 |
| Idemitsu Kosan Co. Ltd. | 48800 | 302414 |
| Inpex Corp. | 32100 | 401555 |
| Isuzu Motors Ltd. | 36600 | 492213 |
| Japan Petroleum Exploration Co. Ltd. | 35700 | 256267 |
| Kamigumi Co. Ltd. | 13900 | 340266 |
| Kandenko Co. Ltd. | 18500 | 366718 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Kansai Paint Co. Ltd. | 18100 | 272827 |
| KDDI Corp. | 53300 | 944669 |
| Komatsu Ltd. | 19700 | 569716 |
| Marubeni Corp. | 36700 | 650642 |
| Mitsubishi UFJ Financial Group, Inc. | 171900 | 2165790 |
| Mitsui & Co. Ltd. | 47200 | 954437 |
| Mizuho Financial Group, Inc. | 40700 | 1017607 |
| Modec, Inc. | 12500 | 379348 |
| MS&AD Insurance Group Holdings, Inc. | 30600 | 695532 |
| Niterra Co. Ltd. | 12300 | 382983 |
| Nomura Real Estate Holdings, Inc. | 60000 | 356847 |
| Open House Group Co. Ltd. | 8000 | 354736 |
| ORIX Corp. | 30500 | 611831 |
| Osaka Gas Co. Ltd. | 14100 | 357549 |
| Panasonic Holdings Corp. | 60900 | 698278 |
| Sankyo Co. Ltd. | 32100 | 488580 |
| SKY Perfect JSAT Holdings, Inc. | 73200 | 591759 |
| Sojitz Corp. | 12600 | 298089 |
| Sompo Holdings, Inc. | 17400 | 570217 |
| Sony Group Corp. | 18900 | 498635 |
| Sumitomo Corp. | 25600 | 625060 |
| Sumitomo Electric Industries Ltd. | 36800 | 591501 |
| Sumitomo Mitsui Financial Group, Inc. | 61000 | 1455290 |
| Sumitomo Realty & Development Co. Ltd. | 17300 | 644361 |
| Sumitomo Rubber Industries Ltd. | 24500 | 308535 |
| Suzuki Motor Corp. | 42300 | 506909 |
| T&D Holdings, Inc. | 20200 | 429828 |
| Takeda Pharmaceutical Co. Ltd. | 23800 | 719917 |
| TBS Holdings, Inc. | 10200 | 342163 |
| Tokyo Tatemono Co. Ltd. | 17300 | 310160 |
| Tokyu Fudosan Holdings Corp. | 41700 | 292059 |
| Toyo Tire Corp. | 16700 | 312236 |
| Toyota Industries Corp. | 6400 | 750559 |
| Toyota Motor Corp. | 24500 | 467936 |
| Tsubakimoto Chain Co. | 30500 | 370524 |
| UACJ Corp. | 11900 | 401486 |
|  |  | 26465168 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| Grupo Financiero Banorte SAB de CV, Class O | 48971 | 419901 |
| Grupo Mexico SAB de CV | 89001 | 461831 |
|  |  | 881732 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| ABN AMRO Bank NV, CVA (a) | 19651 | 407225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Aegon Ltd. | 57951 | 372738 |
| ASR Nederland NV | 6709 | 423330 |
| Eurocommercial Properties NV, REIT | 9643 | 278648 |
| Havas NV \* | 194517 | 323590 |
| ING Groep NV | 56320 | 1093696 |
| Koninklijke BAM Groep NV \* | 52937 | 358584 |
| Koninklijke Heijmans N.V., CVA | 8542 | 437513 |
| NN Group NV | 10411 | 638407 |
| OCI NV | 30637 | 254551 |
| SBM Offshore NV | 14509 | 305038 |
|  |  | 4893320 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| Aker Solutions ASA | 115717 | 314068 |
| DNB Bank ASA | 21243 | 531035 |
| Equinor ASA | 22768 | 515368 |
| Telenor ASA | 34705 | 521269 |
|  |  | 1881740 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Hochschild Mining plc \* | 112544 | 423806 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| ORLEN SA | 26709 | 482321 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | 561453 | 359105 |
| NOS SGPS SA | 67360 | 281121 |
|  |  | 640226 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Ooredoo QPSC | 81381 | 289934 |
| **Singapore — 1.0%** | **Singapore — 1.0%** | **Singapore — 1.0%** |
| DBS Group Holdings Ltd. | 16630 | 540296 |
| Oversea-Chinese Banking Corp. Ltd. | 59800 | 740071 |
| United Overseas Bank Ltd. | 26500 | 703809 |
|  |  | 1984176 |
| **South Africa — 0.9%** | **South Africa — 0.9%** | **South Africa — 0.9%** |
| Absa Group Ltd. | 39848 | 367754 |
| Anglo American plc | 26149 | 713825 |
| Kumba Iron Ore Ltd. | 15991 | 278105 |
| Nedbank Group Ltd. | 31000 | 422388 |
|  |  | 1782072 |
| **South Korea — 5.1%** | **South Korea — 5.1%** | **South Korea — 5.1%** |
| BGF retail Co. Ltd. | 3310 | 250122 |
| DB Insurance Co. Ltd. | 4688 | 302026 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Hankook Tire & Technology Co. Ltd. | 12320 | 357845 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 1671 | 319657 |
| HMM Co. Ltd. | 22404 | 288349 |
| Hyundai Glovis Co. Ltd. | 5671 | 454711 |
| Hyundai Marine & Fire Insurance Co. Ltd. \* | 14802 | 231607 |
| Hyundai Mobis Co. Ltd. | 2257 | 423658 |
| Industrial Bank of Korea | 28118 | 303461 |
| JB Financial Group Co. Ltd. | 28573 | 343306 |
| KB Financial Group, Inc. | 6341 | 400743 |
| Kia Corp. | 7809 | 496288 |
| Korean Air Lines Co. Ltd. | 26048 | 384022 |
| KT Corp. | 8468 | 309444 |
| KT&G Corp. | 4527 | 365393 |
| Samsung Electronics Co. Ltd. | 41908 | 1635147 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2067 | 545332 |
| Samsung Life Insurance Co. Ltd. | 4939 | 299884 |
| Samsung Securities Co. Ltd. | 8462 | 310188 |
| SK Hynix, Inc. | 10257 | 1279798 |
| SK Telecom Co. Ltd. | 11161 | 426426 |
|  |  | 9727407 |
| **Spain — 2.8%** | **Spain — 2.8%** | **Spain — 2.8%** |
| Banco Bilbao Vizcaya Argentaria SA | 102432 | 1405781 |
| Banco de Sabadell SA | 181614 | 529910 |
| Banco Santander SA | 255426 | 1798418 |
| CaixaBank SA | 90053 | 690185 |
| Grupo Catalana Occidente SA | 5868 | 326395 |
| Tecnicas Reunidas SA \* | 22753 | 381867 |
| Unicaja Banco SA (a) | 184094 | 350893 |
|  |  | 5483449 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Ambea AB (a) | 36475 | 440638 |
| Betsson AB, Class B \* | 23811 | 416433 |
| Loomis AB | 8101 | 337175 |
| Modern Times Group MTG AB, Class B \* | 27948 | 334850 |
| NCC AB, Class B | 18422 | 342971 |
| Skandinaviska Enskilda Banken AB, Class A | 41676 | 661301 |
| Svenska Handelsbanken AB, Class A | 38328 | 501707 |
| Swedbank AB, Class A | 25750 | 642819 |
| Tele2 AB, Class B | 36476 | 538168 |
|  |  | 4216062 |
| **Switzerland — 1.2%** | **Switzerland — 1.2%** | **Switzerland — 1.2%** |
| Aryzta AG \* | 108395 | 271873 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 39

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Avolta AG | 6404 | 291816 |
| Zurich Insurance Group AG | 2331 | 1653310 |
|  |  | 2216999 |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Arcadyan Technology Corp. | 56000 | 414399 |
| ASE Technology Holding Co. Ltd. | 106000 | 451687 |
| Compal Electronics, Inc. | 370000 | 318819 |
| Compeq Manufacturing Co. Ltd. | 161000 | 282593 |
| Eva Airways Corp. | 306000 | 367546 |
| Genius Electronic Optical Co. Ltd. | 23000 | 270149 |
| Largan Precision Co. Ltd. | 4000 | 285167 |
| Pegatron Corp. | 141000 | 358249 |
|  |  | 2748609 |
| **Thailand — 0.4%** | **Thailand — 0.4%** | **Thailand — 0.4%** |
| Krung Thai Bank PCL, NVDR | 804300 | 524852 |
| PTT Exploration & Production PCL, NVDR | 104200 | 310107 |
|  |  | 834959 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Turkcell Iletisim Hizmetleri A/S | 147064 | 344946 |
| **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** |
| Dubai Islamic Bank PJSC | 110850 | 228383 |
| Emaar Properties PJSC | 224298 | 801474 |
| Emirates NBD Bank PJSC | 42829 | 239692 |
|  |  | 1269549 |
| **United Kingdom — 9.9%** | **United Kingdom — 9.9%** | **United Kingdom — 9.9%** |
| 3i Group plc | 20323 | 1152132 |
| B&M European Value Retail SA | 85659 | 385241 |
| Balfour Beatty plc | 55936 | 342126 |
| Barclays plc | 261430 | 1041444 |
| Beazley plc | 31964 | 378731 |
| British American Tobacco plc | 32571 | 1418739 |
| British Land Co. plc (The), REIT | 48433 | 254799 |
| Burberry Group plc | 24846 | 241970 |
| Centrica plc | 231860 | 496420 |
| Currys plc \* | 298528 | 442431 |
| Drax Group plc | 42509 | 350655 |
| easyJet plc | 40634 | 269405 |
| Future plc | 19702 | 187368 |
| Hammerson plc, REIT | 70640 | 238333 |
| Hiscox Ltd. | 15618 | 229860 |
| HSBC Holdings plc | 266928 | 2975546 |
| Imperial Brands plc | 20921 | 858452 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Inchcape plc | 27021 | 242124 |
| Investec plc | 54774 | 343934 |
| ITV plc | 311163 | 335369 |
| JET2 plc | 13785 | 291711 |
| Just Group plc | 167278 | 315516 |
| Keller Group plc | 11900 | 226602 |
| Kier Group plc | 161406 | 313808 |
| Lancashire Holdings Ltd. | 43363 | 326398 |
| Land Securities Group plc, REIT | 42153 | 334033 |
| Lloyds Banking Group plc | 1169428 | 1148938 |
| Marks & Spencer Group plc | 68440 | 355652 |
| Morgan Sindall Group plc | 6660 | 314813 |
| NatWest Group plc | 138092 | 888247 |
| Paragon Banking Group plc | 35063 | 396109 |
| Pennon Group plc | 77531 | 519019 |
| Serco Group plc | 134270 | 308145 |
| Standard Chartered plc | 51505 | 741839 |
| TP ICAP Group plc | 95159 | 326770 |
|  |  | 18992679 |
| **United States — 7.9%** | **United States — 7.9%** | **United States — 7.9%** |
| Bausch Health Cos., Inc. \* | 40339 | 214482 |
| BP plc | 263297 | 1215746 |
| GSK plc | 15245 | 301587 |
| Nestle SA (Registered) | 23108 | 2459555 |
| Novartis AG (Registered) | 15193 | 1732873 |
| Roche Holding AG | 10289 | 3364364 |
| Sanofi SA | 17695 | 1935688 |
| Shell plc | 90340 | 2915429 |
| Swiss Re AG | 5978 | 1073077 |
|  |  | 15212801 |
| Total Common Stocks <br>(Cost $166,587,252)<br>|  | 184802813 |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 3.0%** | **Investment Companies — 3.0%** | **Investment Companies — 3.0%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (c) (d) <br>(Cost $5,677,446)<br>| 5676102 | 5677237 |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (c) (d)(Cost <br> $570,219)<br>| 570219 | 570219 |
| Total Short-Term Investments <br>(Cost $6,247,665)<br>|  | 6247456 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 99.4%** <br>**(Cost $172,834,917)**<br>|  | **191050269** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **1153565** |
| **NET ASSETS — 100.0%** |  | **192203834** |

---

&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 |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $531,677. 

(c) 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. 

(d) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 24.2<br> %<br>|
| Insurance | 11.0 |
| Oil, Gas & Consumable Fuels | 8.2 |
| Pharmaceuticals | 5.3 |
| Metals & Mining | 4.8 |
| Diversified Telecommunication Services | 2.7 |
| Machinery | 2.4 |
| Food Products | 2.3 |
| Automobiles | 2.2 |
| Construction & Engineering | 2.1 |
| Broadline Retail | 2.1 |
| Real Estate Management & Development | 2.0 |
| Media | 1.8 |
| Trading Companies & Distributors | 1.8 |
| Wireless Telecommunication Services | 1.8 |
| Automobile Components | 1.7 |
| Capital Markets | 1.5 |
| Household Durables | 1.4 |
| Technology Hardware, Storage & Peripherals | 1.4 |
| Tobacco | 1.4 |
| Multi-Utilities | 1.3 |
| Others (each less than 1.0%) | 13.3 |
| Short-Term Investments | 3.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 41

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 748380 | &nbsp;&nbsp;&nbsp;&nbsp; 81652 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 221900 | &nbsp;&nbsp;&nbsp;&nbsp; 20527 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102179 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| TransDigm Group, Inc. | 46 | 65001 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| United Parcel Service, Inc., Class B | 257 | 24492 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| Tesla, Inc. \* | 2451 | 691574 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| Coca-Cola Co. (The) | 4624 | 335471 |
| Keurig Dr Pepper, Inc. | 5390 | 186440 |
|  |  | 521911 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| AbbVie, Inc. | 981 | 191393 |
| Natera, Inc. \* | 166 | 25054 |
| Neurocrine Biosciences, Inc. \* | 217 | 23369 |
| Regeneron Pharmaceuticals, Inc. | 468 | 280220 |
|  |  | 520036 |
| **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** |
| Alibaba Group Holding Ltd., ADR | 376 | 44906 |
| Amazon.com, Inc. \* | 7657 | 1412104 |
| MercadoLibre, Inc. \* | 104 | 242408 |
|  |  | 1699418 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Trane Technologies plc | 141 | 54047 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| Robinhood Markets, Inc., Class A \* | 787 | 38650 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Air Products and Chemicals, Inc. | 438 | 118737 |
| PPG Industries, Inc. | 465 | 50620 |
|  |  | 169357 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| Copart, Inc. \* | 3242 | 197859 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Arista Networks, Inc. \* | 122 | 10037 |
| Motorola Solutions, Inc. | 345 | 151934 |
|  |  | 161971 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Vulcan Materials Co. | 208 | 54565 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Costco Wholesale Corp. | 606 | 602667 |
| Walmart, Inc. | 1052 | 102307 |
|  |  | 704974 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Entergy Corp. | 1383 | 115024 |
| NextEra Energy, Inc. | 1385 | 92629 |
| Southern Co. (The) | 1804 | 165769 |
|  |  | 373422 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. plc | 254 | 74770 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Keysight Technologies, Inc. \* | 271 | 39403 |
| **Entertainment — 4.6%** | **Entertainment — 4.6%** | **Entertainment — 4.6%** |
| Netflix, Inc. \* | 806 | 912166 |
| Take-Two Interactive Software, Inc. \* | 657 | 153291 |
| Walt Disney Co. (The) | 885 | 80491 |
|  |  | 1145948 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Corpay, Inc. \* | 209 | 68002 |
| Mastercard, Inc., Class A | 308 | 168803 |
|  |  | 236805 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Mondelez International, Inc., Class A | 4155 | 283080 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| CSX Corp. | 7903 | 221837 |
| Uber Technologies, Inc. \* | 1144 | 92676 |
|  |  | 314513 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories | 607 | 79365 |
| Boston Scientific Corp. \* | 707 | 72729 |
| Stryker Corp. | 168 | 62819 |
|  |  | 214913 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| UnitedHealth Group, Inc. | 174 | 71591 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Veeva Systems, Inc., Class A \* | 211 | 49309 |
| **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
| Booking Holdings, Inc. | 74 | 377347 |
| Chipotle Mexican Grill, Inc. \* | 1985 | 100282 |
| DoorDash, Inc., Class A \* | 958 | 184788 |
| Hilton Worldwide Holdings, Inc. | 485 | 109358 |
| McDonald's Corp. | 206 | 65848 |
|  |  | 837623 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 43

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 664 | 92236 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 556 | 56823 |
| **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** |
| Alphabet, Inc., Class C | 7425 | 1194608 |
| Meta Platforms, Inc., Class A | 1659 | 910791 |
|  |  | 2105399 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Cognizant Technology Solutions Corp., Class A | 2415 | 177672 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Thermo Fisher Scientific, Inc. | 199 | 85371 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Deere & Co. | 185 | 85759 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Comcast Corp., Class A | 8399 | 287246 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| CMS Energy Corp. | 708 | 52144 |
| Public Service Enterprise Group, Inc. | 637 | 50916 |
|  |  | 103060 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| Cheniere Energy, Inc. | 226 | 52231 |
| ConocoPhillips | 362 | 32262 |
| Exxon Mobil Corp. | 880 | 92954 |
|  |  | 177447 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Bristol-Myers Squibb Co. | 1719 | 86294 |
| Johnson & Johnson | 1587 | 248064 |
| Merck & Co., Inc. | 726 | 61855 |
|  |  | 396213 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Verisk Analytics, Inc. | 449 | 133097 |
| **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** |
| Advanced Micro Devices, Inc. \* | 3161 | 307723 |
| Analog Devices, Inc. | 2128 | 414790 |
| ASML Holding NV (Registered), NYRS | 276 | 184390 |
| Broadcom, Inc. | 5445 | 1047999 |
| Intel Corp. | 9384 | 188618 |
| Lam Research Corp. | 3657 | 262097 |
| Micron Technology, Inc. | 2224 | 171137 |
| NVIDIA Corp. | 17407 | 1895971 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV | 1309 | 241262 |
| Teradyne, Inc. | 479 | 35547 |
|  |  | 4749534 |
| **Software — 17.2%** | **Software — 17.2%** | **Software — 17.2%** |
| AppLovin Corp., Class A \* | 476 | 128192 |
| Atlassian Corp., Class A \* | 595 | 135844 |
| Fair Isaac Corp. \* | 34 | 67649 |
| HubSpot, Inc. \* | 151 | 92336 |
| Intuit, Inc. | 658 | 412875 |
| Microsoft Corp. | 5642 | 2230057 |
| Oracle Corp. | 554 | 77959 |
| Palantir Technologies, Inc., Class A \* | 2973 | 352122 |
| Palo Alto Networks, Inc. \* | 1648 | 308061 |
| Salesforce, Inc. | 266 | 71477 |
| ServiceNow, Inc. \* | 169 | 161397 |
| Synopsys, Inc. \* | 506 | 232259 |
|  |  | 4270228 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| AutoZone, Inc. \* | 14 | 52676 |
| Lowe's Cos., Inc. | 480 | 107309 |
| Ross Stores, Inc. | 1363 | 189457 |
|  |  | 349442 |
| **Technology Hardware, Storage & Peripherals — 9.6%** | **Technology Hardware, Storage & Peripherals — 9.6%** | **Technology Hardware, Storage & Peripherals — 9.6%** |
| Apple, Inc. | 10527 | 2236987 |
| Seagate Technology Holdings plc | 1442 | 131265 |
| Western Digital Corp. \* | 467 | 20483 |
|  |  | 2388735 |
| **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** |
| T-Mobile US, Inc. | 1627 | 401788 |
| Total Common Stocks <br>(Cost $24,711,546)<br>|  | 24405282 |
|  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** <br> **($)**<br>|
| **Options Purchased — 2.4%** | **Options Purchased — 2.4%** | **Options Purchased — 2.4%** |
| **Put Options Purchased — 2.4%** | **Put Options Purchased — 2.4%** | **Put Options Purchased — 2.4%** |
| **Exchange-Traded Fund — 2.4%** | **Exchange-Traded Fund — 2.4%** | **Exchange-Traded Fund — 2.4%** |
| Invesco QQQ Trust 1 |  |  |
| 6/30/2025 at USD 459.00, American Style |  |  |
| Notional Amount: USD 8,082,990 |  |  |
| Counterparty: Exchange-Traded \* | 170 | 217260 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** <br> **($)**<br>|
| **Options Purchased — continued** | **Options Purchased — continued** | **Options Purchased — continued** |
| **Put Options Purchased — continued** | **Put Options Purchased — continued** | **Put Options Purchased — continued** |
| **Exchange-Traded Fund — continued** | **Exchange-Traded Fund — continued** | **Exchange-Traded Fund — continued** |
| Invesco QQQ Trust 1 |  |  |
| 5/30/2025 at USD 460.00, American Style |  |  |
| Notional Amount: USD 8,082,990 |  |  |
| Counterparty: Exchange-Traded \* | 170 | 141950 |
| Invesco QQQ Trust 1 |  |  |
| 7/31/2025 at USD 451.00, American Style |  |  |
| Notional Amount: USD 8,082,990 |  |  |
| Counterparty: Exchange-Traded \* | 170 | 245990 |
|  |  | 605200 |
| Total Options Purchased <br>(Cost $560,660)<br>|  | 605200 |
|  | **SHARES** | **VALUE($)** |
| **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 U.S. Government Money Market Fund <br> Class IM, 4.29% (a) (b)(Cost $243,097)<br>| 243097 | 243097 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Total Investments — 101.7%** <br>**(Cost $25,515,303)**<br>|  | **25253579** |
| **Liabilities in Excess of Other Assets — (1.7)%** |  | **(412175)**<br>|
| **NET ASSETS — 100.0%** |  | **24841404** |

---

&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 |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 45

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** | **Written Call Options Contracts as of April 30, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 509.00<br>| 5/30/2025 | &nbsp;&nbsp; (36380)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 516.00<br>| 6/30/2025 | &nbsp;&nbsp; (67320)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 510.00<br>| 7/31/2025 | &nbsp;&nbsp; (179690)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (283390)<br>|
| **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** | **Written Put Options Contracts as of April 30, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 390.00<br>| 5/30/2025 | &nbsp;&nbsp; (13940)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 390.00<br>| 6/30/2025 | &nbsp;&nbsp; (53210)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 8,082,990<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 380.00<br>| 7/31/2025 | &nbsp;&nbsp; (57970)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (125120)<br>|
| Total Written Options Contracts (Premiums Received $558,450) | Total Written Options Contracts (Premiums Received $558,450) | Total Written Options Contracts (Premiums Received $558,450) | Total Written Options Contracts (Premiums Received $558,450) | Total Written Options Contracts (Premiums Received $558,450) | Total Written Options Contracts (Premiums Received $558,450) | &nbsp;&nbsp; (408510)<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;

46 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**China ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Developing** <br>**Markets** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**ActiveBuilders** <br>**Emerging Markets** <br>**Equity ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $12476067 | &nbsp;&nbsp;&nbsp; $14390988 | &nbsp;&nbsp;&nbsp; $1069759868 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 18058 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14066805 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 665963 |
| Cash | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 189849 | &nbsp;&nbsp;&nbsp; 719840 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 63313 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp; 390900 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 92414 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp; 20246 | &nbsp;&nbsp;&nbsp; 1378142 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1696 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67664 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2583 |
| Total Assets | &nbsp;&nbsp;&nbsp; 12668200 | &nbsp;&nbsp;&nbsp; 14604333 | &nbsp;&nbsp;&nbsp; 1087053461 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 151806 | &nbsp;&nbsp;&nbsp; 48889 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 665963 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 6553 | &nbsp;&nbsp;&nbsp; 7427 | &nbsp;&nbsp;&nbsp; 281843 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4795 | &nbsp;&nbsp;&nbsp; 1992336 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 158359 | &nbsp;&nbsp;&nbsp; 61111 | &nbsp;&nbsp;&nbsp; 2940142 |
| Net Assets | &nbsp;&nbsp;&nbsp; $12509841 | &nbsp;&nbsp;&nbsp; $14543222 | &nbsp;&nbsp;&nbsp; $1084113319 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $13355518 | &nbsp;&nbsp;&nbsp; $14294583 | &nbsp;&nbsp;&nbsp; $1211565853 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (845677)<br>| &nbsp;&nbsp;&nbsp; 248639 | &nbsp;&nbsp;&nbsp; (127452534)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $12509841 | &nbsp;&nbsp;&nbsp; $14543222 | &nbsp;&nbsp;&nbsp; $1084113319 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 28100000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $45.49 | &nbsp;&nbsp;&nbsp; $48.48 | &nbsp;&nbsp;&nbsp; $38.58 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11551246 | &nbsp;&nbsp;&nbsp; $14121524 | &nbsp;&nbsp;&nbsp; $973373535 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 18058 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14066805 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 63311 | &nbsp;&nbsp;&nbsp; 3232 | &nbsp;&nbsp;&nbsp; 389920 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 628920 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 665963 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 47

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Dividend** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Flexible Income** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Global Select** <br>**Equity ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $7026966 | &nbsp;&nbsp;&nbsp; $8555789 | &nbsp;&nbsp;&nbsp; $6174794956 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19461963 | &nbsp;&nbsp;&nbsp; 31755370 |
| Cash | &nbsp;&nbsp;&nbsp; 21877 | &nbsp;&nbsp;&nbsp; 204345 | &nbsp;&nbsp;&nbsp; 380366 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 15835 | &nbsp;&nbsp;&nbsp; 24747 | &nbsp;&nbsp;&nbsp; 2202090 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 17014 | &nbsp;&nbsp;&nbsp; 7801 | &nbsp;&nbsp;&nbsp; 17853391 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3595 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 8422 | &nbsp;&nbsp;&nbsp; 18437 | &nbsp;&nbsp;&nbsp; 5025001 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 3830 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2302 | &nbsp;&nbsp;&nbsp; 2623 | &nbsp;&nbsp;&nbsp; 3071127 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 243616 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15039 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 7092416 | &nbsp;&nbsp;&nbsp; 28294385 | &nbsp;&nbsp;&nbsp; 6235329747 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 34909 | &nbsp;&nbsp;&nbsp; 6531 | &nbsp;&nbsp;&nbsp; 5357869 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 2619 | &nbsp;&nbsp;&nbsp; 4890 | &nbsp;&nbsp;&nbsp; 2339783 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 37528 | &nbsp;&nbsp;&nbsp; 11421 | &nbsp;&nbsp;&nbsp; 7697652 |
| Net Assets | &nbsp;&nbsp;&nbsp; $7054888 | &nbsp;&nbsp;&nbsp; $28282964 | &nbsp;&nbsp;&nbsp; $6227632095 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7194839 | &nbsp;&nbsp;&nbsp; $29520837 | &nbsp;&nbsp;&nbsp; $6200834350 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (139951)<br>| &nbsp;&nbsp;&nbsp; (1237873)<br>| &nbsp;&nbsp;&nbsp; 26797745 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $7054888 | &nbsp;&nbsp;&nbsp; $28282964 | &nbsp;&nbsp;&nbsp; $6227632095 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 107525000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $47.03 | &nbsp;&nbsp;&nbsp; $47.14 | &nbsp;&nbsp;&nbsp; $57.92 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7109005 | &nbsp;&nbsp;&nbsp; $8621946 | &nbsp;&nbsp;&nbsp; $6106257226 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20566111 | &nbsp;&nbsp;&nbsp; 31754800 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 15875 | &nbsp;&nbsp;&nbsp; 24278 | &nbsp;&nbsp;&nbsp; 2202371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Healthcare** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged Equity** <br>**Laddered Overlay ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Growth ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $7681061 | &nbsp;&nbsp;&nbsp; $2846308527 | &nbsp;&nbsp;&nbsp; $113080914 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 52020 | &nbsp;&nbsp;&nbsp; 15690334 | &nbsp;&nbsp;&nbsp; 1007743 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68595680 | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for exchange-traded options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 63793 | &nbsp;&nbsp;&nbsp; 26720 | &nbsp;&nbsp;&nbsp; 73017 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43618 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp; 475268 | &nbsp;&nbsp;&nbsp; 106278 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 247931 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 9846 | &nbsp;&nbsp;&nbsp; 1227813 | &nbsp;&nbsp;&nbsp; 194136 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1844 | &nbsp;&nbsp;&nbsp; 122 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 3876 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131648 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2341 |
| Total Assets | &nbsp;&nbsp;&nbsp; 7812804 | &nbsp;&nbsp;&nbsp; 2932575092 | &nbsp;&nbsp;&nbsp; 114639817 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 11571 | &nbsp;&nbsp;&nbsp; 117833 | &nbsp;&nbsp;&nbsp; 319105 |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33162150 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3842 | &nbsp;&nbsp;&nbsp; 1127938 | &nbsp;&nbsp;&nbsp; 47467 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83340 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 15413 | &nbsp;&nbsp;&nbsp; 34407921 | &nbsp;&nbsp;&nbsp; 449912 |
| Net Assets | &nbsp;&nbsp;&nbsp; $7797391 | &nbsp;&nbsp;&nbsp; $2898167171 | &nbsp;&nbsp;&nbsp; $114189905 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7384436 | &nbsp;&nbsp;&nbsp; $2887180197 | &nbsp;&nbsp;&nbsp; $112098426 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 412955 | &nbsp;&nbsp;&nbsp; 10986974 | &nbsp;&nbsp;&nbsp; 2091479 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $7797391 | &nbsp;&nbsp;&nbsp; $2898167171 | &nbsp;&nbsp;&nbsp; $114189905 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 48925000 | &nbsp;&nbsp;&nbsp; 1750000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $51.98 | &nbsp;&nbsp;&nbsp; $59.24 | &nbsp;&nbsp;&nbsp; $65.25 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7218018 | &nbsp;&nbsp;&nbsp; $2855292636 | &nbsp;&nbsp;&nbsp; $95397475 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 52020 | &nbsp;&nbsp;&nbsp; 15690334 | &nbsp;&nbsp;&nbsp; 1007743 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61876388 | &nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42132 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49763177 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 49

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Hedged Equity** <br>**Laddered Overlay ETF** <br>|
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $184802813 | &nbsp;&nbsp;&nbsp; $24405282 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 5677237 | &nbsp;&nbsp;&nbsp; 243097 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 570219 | &nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 605200 |
| Cash | &nbsp;&nbsp;&nbsp; 257617 | &nbsp;&nbsp;&nbsp; 871 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 177013 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 267809 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 897110 | &nbsp;&nbsp;&nbsp; 5405 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 29 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 158002 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 192867900 | &nbsp;&nbsp;&nbsp; 25259884 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 16862 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 570219 | &nbsp;&nbsp;&nbsp; — |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 408510 |
| Accrued liabilities: |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 76985 | &nbsp;&nbsp;&nbsp; 9970 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 664066 | &nbsp;&nbsp;&nbsp; 418480 |
| Net Assets | &nbsp;&nbsp;&nbsp; $192203834 | &nbsp;&nbsp;&nbsp; $24841404 |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $171871461 | &nbsp;&nbsp;&nbsp; $24998787 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 20332373 | &nbsp;&nbsp;&nbsp; (157383)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $192203834 | &nbsp;&nbsp;&nbsp; $24841404 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; 500000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $63.02 | &nbsp;&nbsp;&nbsp; $49.68 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $166587252 | &nbsp;&nbsp;&nbsp; $24711546 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 5677446 | &nbsp;&nbsp;&nbsp; 243097 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 560660 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 177710 | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 531677 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 570219 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 558450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**China ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Developing** <br>**Markets** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**ActiveBuilders** <br>**Emerging Markets** <br>**Equity ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $21 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 7891 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 82597 | &nbsp;&nbsp;&nbsp; 199439 | &nbsp;&nbsp;&nbsp; 12743745 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 138127 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 16541 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (6756)<br>| &nbsp;&nbsp;&nbsp; (24542)<br>| &nbsp;&nbsp;&nbsp; (1431957)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 76426 | &nbsp;&nbsp;&nbsp; 175582 | &nbsp;&nbsp;&nbsp; 11474368 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 39860 | &nbsp;&nbsp;&nbsp; 46070 | &nbsp;&nbsp;&nbsp; 1739411 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21766 |
| Total expenses | &nbsp;&nbsp;&nbsp; 39860 | &nbsp;&nbsp;&nbsp; 46070 | &nbsp;&nbsp;&nbsp; 1761177 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 36566 | &nbsp;&nbsp;&nbsp; 129512 | &nbsp;&nbsp;&nbsp; 9713191 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (268459)<br>| &nbsp;&nbsp;&nbsp; (62,329)(a)<br>| &nbsp;&nbsp;&nbsp; (12,019,403)(b)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (34)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1055966 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; (337)<br>| &nbsp;&nbsp;&nbsp; (126948)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (267800)<br>| &nbsp;&nbsp;&nbsp; (62666)<br>| &nbsp;&nbsp;&nbsp; (11090419)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 417834 | &nbsp;&nbsp;&nbsp; 249,844<br> (c)<br>| &nbsp;&nbsp;&nbsp; 9,070,398<br> (d)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 37178 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 417825 | &nbsp;&nbsp;&nbsp; 250331 | &nbsp;&nbsp;&nbsp; 9107576 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 150025 | &nbsp;&nbsp;&nbsp; 187665 | &nbsp;&nbsp;&nbsp; (1982843)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $186591 | &nbsp;&nbsp;&nbsp; $317177 | &nbsp;&nbsp;&nbsp; $7730348 |

---

------

(a) Net of foreign capital gains tax of $(1,410).

(b) Net of foreign capital gains tax of $(642,229).

(c) Net of change in foreign capital gains tax of $8,586.

(d) Net of change in foreign capital gains tax of $2,203,254.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 51

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Dividend** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Flexible Income** <br>**ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Global Select** <br>**Equity ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp; $2946 | &nbsp;&nbsp;&nbsp; $3047 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 28984 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 93359 | &nbsp;&nbsp;&nbsp; 89656 | &nbsp;&nbsp;&nbsp; 58974922 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 311737 | &nbsp;&nbsp;&nbsp; 1461426 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 255757 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (5265)<br>| &nbsp;&nbsp;&nbsp; (8685)<br>| &nbsp;&nbsp;&nbsp; (2963774)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 88429 | &nbsp;&nbsp;&nbsp; 396364 | &nbsp;&nbsp;&nbsp; 57760362 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 16386 | &nbsp;&nbsp;&nbsp; 20269 | &nbsp;&nbsp;&nbsp; 14997397 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2218 |
| Total expenses | &nbsp;&nbsp;&nbsp; 16386 | &nbsp;&nbsp;&nbsp; 20269 | &nbsp;&nbsp;&nbsp; 14999615 |
| Less fees waived | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7511)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 16386 | &nbsp;&nbsp;&nbsp; 12758 | &nbsp;&nbsp;&nbsp; 14999615 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 72043 | &nbsp;&nbsp;&nbsp; 383606 | &nbsp;&nbsp;&nbsp; 42760747 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (80751)<br>| &nbsp;&nbsp;&nbsp; 4694 | &nbsp;&nbsp;&nbsp; (201487185)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8445)<br>| &nbsp;&nbsp;&nbsp; (12111)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141759543 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (265332)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp; (499563)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (81032)<br>| &nbsp;&nbsp;&nbsp; (268626)<br>| &nbsp;&nbsp;&nbsp; (60239316)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 38174 | &nbsp;&nbsp;&nbsp; (66157)<br>| &nbsp;&nbsp;&nbsp; (281844214)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1104148)<br>| &nbsp;&nbsp;&nbsp; (1810)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23407 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp; 297657 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 38586 | &nbsp;&nbsp;&nbsp; (1146021)<br>| &nbsp;&nbsp;&nbsp; (281548367)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (42446)<br>| &nbsp;&nbsp;&nbsp; (1414647)<br>| &nbsp;&nbsp;&nbsp; (341787683)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $29597 | &nbsp;&nbsp;&nbsp; $(1031041)<br>| &nbsp;&nbsp;&nbsp; $(299026936)<br>|

---

------

(a) Commencement of operations was February 12, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Healthcare** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged Equity** <br>**Laddered Overlay ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Growth ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $3570 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; 961 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 53606 | &nbsp;&nbsp;&nbsp; 15737359 | &nbsp;&nbsp;&nbsp; 824279 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 152219 | &nbsp;&nbsp;&nbsp; 68590 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2435 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (1629)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (68661)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 52432 | &nbsp;&nbsp;&nbsp; 15889957 | &nbsp;&nbsp;&nbsp; 831174 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 25351 | &nbsp;&nbsp;&nbsp; 6069393 | &nbsp;&nbsp;&nbsp; 308819 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 25351 | &nbsp;&nbsp;&nbsp; 6069446 | &nbsp;&nbsp;&nbsp; 308819 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 27081 | &nbsp;&nbsp;&nbsp; 9820511 | &nbsp;&nbsp;&nbsp; 522355 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (266839)<br>| &nbsp;&nbsp;&nbsp; (34150779)<br>| &nbsp;&nbsp;&nbsp; (1,931,661)(a)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 359 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 207771 | &nbsp;&nbsp;&nbsp; 44861620 | &nbsp;&nbsp;&nbsp; 3239476 |
| In-kind redemptions of options purchased (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13758704 | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27048814)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (268493)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12666 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28482792 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (60272)<br>| &nbsp;&nbsp;&nbsp; 25903523 | &nbsp;&nbsp;&nbsp; 1052347 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (329510)<br>| &nbsp;&nbsp;&nbsp; (149369435)<br>| &nbsp;&nbsp;&nbsp; 2,146,899<br> (b)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (753)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9290551 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3690 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14953 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12125911 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (329175)<br>| &nbsp;&nbsp;&nbsp; (127952973)<br>| &nbsp;&nbsp;&nbsp; 2164789 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (389447)<br>| &nbsp;&nbsp;&nbsp; (102049450)<br>| &nbsp;&nbsp;&nbsp; 3217136 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(362366)<br>| &nbsp;&nbsp;&nbsp; $(92228939)<br>| &nbsp;&nbsp;&nbsp; $3739491 |

---

------

(a) Net of foreign capital gains tax of $(3,230).

(b) Net of change in foreign capital gains tax of $(72,626).

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 53

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Hedged Equity** <br>**Laddered Overlay ETF (a)** |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 3381827 | &nbsp;&nbsp;&nbsp; 12725 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 46380 | &nbsp;&nbsp;&nbsp; 1089 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 4990 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (342044)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3095007 | &nbsp;&nbsp;&nbsp; 13814 |
| **EXPENSES:** |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 338215 | &nbsp;&nbsp;&nbsp; 11661 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 339149 | &nbsp;&nbsp;&nbsp; 11661 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2755858 | &nbsp;&nbsp;&nbsp; 2153 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 284540 | &nbsp;&nbsp;&nbsp; (56847)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (397)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of options purchased (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (76918)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2460)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (198022)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 16483 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 88473 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 102604 | &nbsp;&nbsp;&nbsp; (47752)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 13480312 | &nbsp;&nbsp;&nbsp; (306264)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44540 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 102179 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 36257 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149940 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 13618535 | &nbsp;&nbsp;&nbsp; (111784)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 13721139 | &nbsp;&nbsp;&nbsp; (159536)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $16476997 | &nbsp;&nbsp;&nbsp; $(157383)<br>|

---

------

(a) Commencement of operations was March 26, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**China ETF**  | **JPMorgan** <br>**Active** <br>**China ETF**  | **JPMorgan** <br>**Active Developing** <br>**Markets** <br>**Equity ETF**  | **JPMorgan** <br>**Active Developing** <br>**Markets** <br>**Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Period Ended** <br>**October 31, 2024 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $36566 | &nbsp;&nbsp;&nbsp; $249104 | &nbsp;&nbsp;&nbsp; $129512 | &nbsp;&nbsp;&nbsp; $160082 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (267800)<br>| &nbsp;&nbsp;&nbsp; (1279343)<br>| &nbsp;&nbsp;&nbsp; (62666)<br>| &nbsp;&nbsp;&nbsp; (36037)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 417825 | &nbsp;&nbsp;&nbsp; 2604187 | &nbsp;&nbsp;&nbsp; 250331 | &nbsp;&nbsp;&nbsp; 14504 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 186591 | &nbsp;&nbsp;&nbsp; 1573948 | &nbsp;&nbsp;&nbsp; 317177 | &nbsp;&nbsp;&nbsp; 138549 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (253869)<br>| &nbsp;&nbsp;&nbsp; (216655)<br>| &nbsp;&nbsp;&nbsp; (207087)<br>| &nbsp;&nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 660857 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14294583 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 593579 | &nbsp;&nbsp;&nbsp; 1357293 | &nbsp;&nbsp;&nbsp; 110090 | &nbsp;&nbsp;&nbsp; 14433132 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 11916262 | &nbsp;&nbsp;&nbsp; 10558969 | &nbsp;&nbsp;&nbsp; 14433132 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $12509841 | &nbsp;&nbsp;&nbsp; $11916262 | &nbsp;&nbsp;&nbsp; $14543222 | &nbsp;&nbsp;&nbsp; $14433132 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $660857 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14320122 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25539)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $660857 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14294583 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300000 |
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300000 |

---

------

(a) Commencement of operations was May 16, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 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 ActiveBuilders** <br>**Emerging Markets Equity** <br>**ETF**  | **JPMorgan ActiveBuilders** <br>**Emerging Markets Equity** <br>**ETF**  | **JPMorgan** <br>**Dividend** <br>**Leaders ETF**  | **JPMorgan** <br>**Dividend** <br>**Leaders ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Period Ended** <br>**October 31, 2024 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $9713191 | &nbsp;&nbsp;&nbsp; $23837173 | &nbsp;&nbsp;&nbsp; $72043 | &nbsp;&nbsp;&nbsp; $3940 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (11090419)<br>| &nbsp;&nbsp;&nbsp; (56228549)<br>| &nbsp;&nbsp;&nbsp; (81032)<br>| &nbsp;&nbsp;&nbsp; (12869)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 9107576 | &nbsp;&nbsp;&nbsp; 214324026 | &nbsp;&nbsp;&nbsp; 38586 | &nbsp;&nbsp;&nbsp; (120406)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 7730348 | &nbsp;&nbsp;&nbsp; 181932650 | &nbsp;&nbsp;&nbsp; 29597 | &nbsp;&nbsp;&nbsp; (129335)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (25267940)<br>| &nbsp;&nbsp;&nbsp; (25156045)<br>| &nbsp;&nbsp;&nbsp; (42537)<br>| &nbsp;&nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 51007563 | &nbsp;&nbsp;&nbsp; (3083232)<br>| &nbsp;&nbsp;&nbsp; 1180346 | &nbsp;&nbsp;&nbsp; 6016817 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 33469971 | &nbsp;&nbsp;&nbsp; 153693373 | &nbsp;&nbsp;&nbsp; 1167406 | &nbsp;&nbsp;&nbsp; 5887482 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1050643348 | &nbsp;&nbsp;&nbsp; 896949975 | &nbsp;&nbsp;&nbsp; 5887482 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $1084113319 | &nbsp;&nbsp;&nbsp; $1050643348 | &nbsp;&nbsp;&nbsp; $7054888 | &nbsp;&nbsp;&nbsp; $5887482 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $62217201 | &nbsp;&nbsp;&nbsp; $206681932 | &nbsp;&nbsp;&nbsp; $1180346 | &nbsp;&nbsp;&nbsp; $6016817 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11209638)<br>| &nbsp;&nbsp;&nbsp; (209765164)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $51007563 | &nbsp;&nbsp;&nbsp; $(3083232)<br>| &nbsp;&nbsp;&nbsp; $1180346 | &nbsp;&nbsp;&nbsp; $6016817 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 125000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (5700000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 125000 |

---

------

(a) Commencement of operations was September 25, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Flexible Income** <br>**ETF** <br>| **JPMorgan** <br>**Global Select** <br>**Equity ETF**  | **JPMorgan** <br>**Global Select** <br>**Equity ETF**  |
|  | &nbsp;&nbsp; **Period Ended** <br>**April 30, 2025** <br>**(Unaudited)(a)**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $383606 | &nbsp;&nbsp;&nbsp; $42760747 | &nbsp;&nbsp;&nbsp; $29280890 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (268626)<br>| &nbsp;&nbsp;&nbsp; (60239316)<br>| &nbsp;&nbsp;&nbsp; 96682544 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (1146021)<br>| &nbsp;&nbsp;&nbsp; (281548367)<br>| &nbsp;&nbsp;&nbsp; 353488930 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (1031041)<br>| &nbsp;&nbsp;&nbsp; (299026936)<br>| &nbsp;&nbsp;&nbsp; 479452364 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (206832)<br>| &nbsp;&nbsp;&nbsp; (128903785)<br>| &nbsp;&nbsp;&nbsp; (3187995)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 29520837 | &nbsp;&nbsp;&nbsp; 1797665607 | &nbsp;&nbsp;&nbsp; 3539956807 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 28282964 | &nbsp;&nbsp;&nbsp; 1369734886 | &nbsp;&nbsp;&nbsp; 4016221176 |
| Beginning of period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4857897209 | &nbsp;&nbsp;&nbsp; 841676033 |
| End of period | &nbsp;&nbsp;&nbsp; $28282964 | &nbsp;&nbsp;&nbsp; $6227632095 | &nbsp;&nbsp;&nbsp; $4857897209 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $29522575 | &nbsp;&nbsp;&nbsp; $2554427169 | &nbsp;&nbsp;&nbsp; $3659582414 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1738)<br>| &nbsp;&nbsp;&nbsp; (756761562)<br>| &nbsp;&nbsp;&nbsp; (119625607)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $29520837 | &nbsp;&nbsp;&nbsp; $1797665607 | &nbsp;&nbsp;&nbsp; $3539956807 |
| **SHARE TRANSACTIONS:** |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 40825000 | &nbsp;&nbsp;&nbsp; 63150000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (12525000)<br>| &nbsp;&nbsp;&nbsp; (2200000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 28300000 | &nbsp;&nbsp;&nbsp; 60950000 |

---

------

(a) Commencement of operations was February 12, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 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>**Healthcare Leaders ETF**  | **JPMorgan** <br>**Healthcare Leaders ETF**  | **JPMorgan Hedged Equity** <br>**Laddered Overlay ETF**  | **JPMorgan Hedged Equity** <br>**Laddered Overlay ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Period Ended** <br>**October 31, 2024 (a)**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $27081 | &nbsp;&nbsp;&nbsp; $51816 | &nbsp;&nbsp;&nbsp; $9820511 | &nbsp;&nbsp;&nbsp; $5715262 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (60272)<br>| &nbsp;&nbsp;&nbsp; 1067987 | &nbsp;&nbsp;&nbsp; 25903523 | &nbsp;&nbsp;&nbsp; (26464636)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (329175)<br>| &nbsp;&nbsp;&nbsp; 792538 | &nbsp;&nbsp;&nbsp; (127952973)<br>| &nbsp;&nbsp;&nbsp; 142824797 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (362366)<br>| &nbsp;&nbsp;&nbsp; 1912341 | &nbsp;&nbsp;&nbsp; (92228939)<br>| &nbsp;&nbsp;&nbsp; 122075423 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (422493)<br>| &nbsp;&nbsp;&nbsp; (15930)<br>| &nbsp;&nbsp;&nbsp; (9387602)<br>| &nbsp;&nbsp;&nbsp; (4110810)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1361415 | &nbsp;&nbsp;&nbsp; 5324424 | &nbsp;&nbsp;&nbsp; 1156901919 | &nbsp;&nbsp;&nbsp; 1663323365 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 576556 | &nbsp;&nbsp;&nbsp; 7220835 | &nbsp;&nbsp;&nbsp; 1055285378 | &nbsp;&nbsp;&nbsp; 1781287978 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 7220835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1842881793 | &nbsp;&nbsp;&nbsp; 61593815 |
| End of period | &nbsp;&nbsp;&nbsp; $7797391 | &nbsp;&nbsp;&nbsp; $7220835 | &nbsp;&nbsp;&nbsp; $2898167171 | &nbsp;&nbsp;&nbsp; $1842881793 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2714199 | &nbsp;&nbsp;&nbsp; $9600000 | &nbsp;&nbsp;&nbsp; $1492528000 | &nbsp;&nbsp;&nbsp; $1685800449 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1352784)<br>| &nbsp;&nbsp;&nbsp; (4275576)<br>| &nbsp;&nbsp;&nbsp; (335626081)<br>| &nbsp;&nbsp;&nbsp; (22477084)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1361415 | &nbsp;&nbsp;&nbsp; $5324424 | &nbsp;&nbsp;&nbsp; $1156901919 | &nbsp;&nbsp;&nbsp; $1663323365 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 24350000 | &nbsp;&nbsp;&nbsp; 29375000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp;&nbsp; (5650000)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 18700000 | &nbsp;&nbsp;&nbsp; 28975000 |

---

------

(a) Commencement of operations was February 12, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**International Growth ETF**  | **JPMorgan** <br>**International Growth ETF**  | **JPMorgan** <br>**International** <br>**Value ETF**  | **JPMorgan** <br>**International** <br>**Value ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $522355 | &nbsp;&nbsp;&nbsp; $999866 | &nbsp;&nbsp;&nbsp; $2755858 | &nbsp;&nbsp;&nbsp; $1331121 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1052347 | &nbsp;&nbsp;&nbsp; 1388998 | &nbsp;&nbsp;&nbsp; 102604 | &nbsp;&nbsp;&nbsp; 451681 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 2164789 | &nbsp;&nbsp;&nbsp; 16005824 | &nbsp;&nbsp;&nbsp; 13618535 | &nbsp;&nbsp;&nbsp; 5244557 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3739491 | &nbsp;&nbsp;&nbsp; 18394688 | &nbsp;&nbsp;&nbsp; 16476997 | &nbsp;&nbsp;&nbsp; 7027359 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (1959168)<br>| &nbsp;&nbsp;&nbsp; (1328751)<br>| &nbsp;&nbsp;&nbsp; (2531503)<br>| &nbsp;&nbsp;&nbsp; (93948)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 4546129 | &nbsp;&nbsp;&nbsp; 8692489 | &nbsp;&nbsp;&nbsp; 75219439 | &nbsp;&nbsp;&nbsp; 84602925 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 6326452 | &nbsp;&nbsp;&nbsp; 25758426 | &nbsp;&nbsp;&nbsp; 89164933 | &nbsp;&nbsp;&nbsp; 91536336 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 107863453 | &nbsp;&nbsp;&nbsp; 82105027 | &nbsp;&nbsp;&nbsp; 103038901 | &nbsp;&nbsp;&nbsp; 11502565 |
| End of period | &nbsp;&nbsp;&nbsp; $114189905 | &nbsp;&nbsp;&nbsp; $107863453 | &nbsp;&nbsp;&nbsp; $192203834 | &nbsp;&nbsp;&nbsp; $103038901 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $20613539 | &nbsp;&nbsp;&nbsp; $22350331 | &nbsp;&nbsp;&nbsp; $75249228 | &nbsp;&nbsp;&nbsp; $84633896 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16067410)<br>| &nbsp;&nbsp;&nbsp; (13657842)<br>| &nbsp;&nbsp;&nbsp; (29789)<br>| &nbsp;&nbsp;&nbsp; (30971)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $4546129 | &nbsp;&nbsp;&nbsp; $8692489 | &nbsp;&nbsp;&nbsp; $75219439 | &nbsp;&nbsp;&nbsp; $84602925 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1550000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1550000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 59

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**Nasdaq Hedged Equity** <br>**Laddered Overlay ETF** <br>|
|  | &nbsp;&nbsp; **Period Ended** <br>**April 30, 2025** <br>**(Unaudited)(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2153 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (47752)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (111784)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (157383)<br>|
| **CAPITAL TRANSACTIONS:**  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 24998787 |
| **NET ASSETS:** |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 24841404 |
| Beginning of period | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $24841404 |
| **CAPITAL TRANSACTIONS:** |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $26236900 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1238113)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $24998787 |
| **SHARE TRANSACTIONS:** |  |
| Issued | &nbsp;&nbsp;&nbsp; 525000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 500000 |

---

------

(a) Commencement of operations was March 26, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

61 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Active China ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $45.83 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.92)<br>|
| Year Ended October 31, 2024  | 40.61 | 0.96 | 5.09 | 6.05 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.83)<br>|
| March 15, 2023 (g) through October 31, 2023  | 48.00 | 0.75 | &nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp; (7.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Active Developing Markets Equity ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 48.11 | 0.43 | 0.63 | 1.06 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| May 16, 2024 (g) through October 31, 2024  | 48.00 | 0.55 | &nbsp;&nbsp; (0.44)<br>| 0.11 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan ActiveBuilders Emerging Markets Equity ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 39.20 | 0.35 | &nbsp;&nbsp; (0.06)<br>| 0.29 | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2024  | 33.47 | 0.89 | 5.91 | 6.80 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>|
| Year Ended October 31, 2023  | 31.07 | 0.86 | 2.45 | 3.31 | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2022  | 47.92 | 1.14 | &nbsp;&nbsp; (17.27)<br>| &nbsp;&nbsp; (16.13)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.72)<br>|
| March 10, 2021 (g) through October 31, 2021  | 48.00 | 0.66 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Dividend Leaders ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 47.10 | 0.48 | &nbsp;&nbsp; (0.27)<br>| 0.21 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| September 25, 2024 (g) through October 31, 2024  | 48.00 | 0.03 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.90)<br>| &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 price used to calculate the market price return was the closing price on the listing exchange of the Fund. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Commencement of operations.

(h) Since the shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns. 

(i) Includes interest expense, which is less than 0.01% unless otherwise noted.

(j) Does not include expenses of unaffiliated Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Exchange-Traded Funds April 30, 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(f)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements(f)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.49 | &nbsp;&nbsp;&nbsp;&nbsp; $45.78 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12509841 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;&nbsp;&nbsp; 11916262 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.61 | &nbsp;&nbsp;&nbsp;&nbsp;40.77 | &nbsp;&nbsp;&nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.06)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10558969 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.48 | &nbsp;&nbsp;&nbsp;&nbsp;48.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp; 14543222 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.11 | &nbsp;&nbsp;&nbsp;&nbsp;48.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14433132 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.58 | &nbsp;&nbsp;&nbsp;&nbsp;38.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1084113319 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 | &nbsp;&nbsp;&nbsp;&nbsp;39.39 | &nbsp;&nbsp;&nbsp;&nbsp;20.67 | &nbsp;&nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1050643348 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.47 | &nbsp;&nbsp;&nbsp;&nbsp;33.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp; 896949975 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.07 | &nbsp;&nbsp;&nbsp;&nbsp;31.15 | &nbsp;&nbsp;&nbsp;&nbsp; (34.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 907154126 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.92 | &nbsp;&nbsp;&nbsp;&nbsp;48.17 | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 325863960 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.03 | &nbsp;&nbsp;&nbsp;&nbsp;47.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 7054888 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.10 | &nbsp;&nbsp;&nbsp;&nbsp;47.27 | &nbsp;&nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.52)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5887482 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 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 Flexible Income ETF** |  |  |  |  |  |  |  |
| February 12, 2025 (g) through April 30, 2025 (Unaudited) | $49.00 | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp; $(2.18)<br>| &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.34)<br>|
| **JPMorgan Global Select Equity ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 61.32 | 0.40 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended October 31, 2024  | 46.06 | 0.65 | 14.78 | 15.43 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| September 13, 2023 (g) through October 31, 2023  | 48.00 | 0.00<br> (i)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Healthcare Leaders ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 57.77 | 0.18 | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (2.82)<br>|
| November 1, 2023 (g) through October 31, 2024  | 48.00 | 0.33 | 9.52 | 9.85 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **JPMorgan Hedged Equity Laddered Overlay ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 60.97 | 0.25 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended October 31, 2024  | 49.28 | 0.46 | 11.55 | 12.01 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| September 28, 2023 (g) through October 31, 2023  | 50.00 | 0.03 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.72)<br>| &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 price used to calculate the market price return was the closing price on the listing exchange of the Fund. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Commencement of operations.

(h) Since the shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns. 

(i) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Exchange-Traded Funds April 30, 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(f)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements(f)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47.14 | &nbsp;&nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp;&nbsp; (3.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.92)%(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28282964 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.92 | &nbsp;&nbsp;&nbsp;&nbsp;57.92 | &nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6227632095 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.32 | &nbsp;&nbsp;&nbsp;&nbsp;61.43 | &nbsp;&nbsp;&nbsp;&nbsp;33.57 | &nbsp;&nbsp;&nbsp;&nbsp;33.60 | &nbsp;&nbsp;&nbsp;&nbsp; 4857897209 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.06 | &nbsp;&nbsp;&nbsp;&nbsp;46.13 | &nbsp;&nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.90)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 841676033 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.98 | &nbsp;&nbsp;&nbsp;&nbsp;51.87 | &nbsp;&nbsp;&nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7797391 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.77 | &nbsp;&nbsp;&nbsp;&nbsp;58.02 | &nbsp;&nbsp;&nbsp;&nbsp;20.53 | &nbsp;&nbsp;&nbsp;&nbsp; 21.06<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7220835 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.24 | &nbsp;&nbsp;&nbsp;&nbsp;59.24 | &nbsp;&nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2898167171 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.97 | &nbsp;&nbsp;&nbsp;&nbsp;61.11 | &nbsp;&nbsp;&nbsp;&nbsp;24.43 | &nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp; 1842881793 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.28 | &nbsp;&nbsp;&nbsp;&nbsp;49.28 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.44)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61593815 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 65

------

**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 International Growth ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $64.40 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $1.62 | &nbsp;&nbsp; $1.91 | &nbsp;&nbsp; $(1.06)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.06)<br>|
| Year Ended October 31, 2024  | 52.13 | 0.69 | 12.56 | 13.25 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>|
| Year Ended October 31, 2023  | 47.81 | 0.68 | 4.12 | 4.80 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2022  | 79.09 | 0.44 | &nbsp;&nbsp; (30.69)<br>| &nbsp;&nbsp; (30.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended October 31, 2021  | 62.98 | 0.19 | 15.95 | 16.14 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| May 20, 2020 (g) through October 31, 2020  | 51.83 | 0.05 | 11.10 | 11.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan International Value ETF** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 57.24 | 1.30 | 5.84 | 7.14 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended October 31, 2024  | 46.01 | 2.06 | 9.55 | 11.61 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| September 13, 2023 (g) through October 31, 2023  | 48.00 | 0.15 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF** |  |  |  |  |  |  |  |
| March 26, 2025 (g) through April 30, 2025 (Unaudited) | 50.00 | 0.00<br> (i)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &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 price used to calculate the market price return was the closing price on the listing exchange of the Fund. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Commencement of operations.

(h) Since the shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns. 

(i) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)<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; $65.25 | &nbsp;&nbsp;&nbsp;&nbsp; $65.04 | &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $114189905 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.40 | &nbsp;&nbsp;&nbsp;&nbsp;64.68 | &nbsp;&nbsp;&nbsp;&nbsp;25.64 | &nbsp;&nbsp;&nbsp;&nbsp;26.24 | &nbsp;&nbsp;&nbsp;&nbsp; 107863453 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.13 | &nbsp;&nbsp;&nbsp;&nbsp;52.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp; 82105027 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;47.80 | &nbsp;&nbsp;&nbsp;&nbsp; (38.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54982105 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.09 | &nbsp;&nbsp;&nbsp;&nbsp;79.40 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp; 61291950 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.98 | &nbsp;&nbsp;&nbsp;&nbsp;63.12 | &nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp; 21.78<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37787658 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.02 | &nbsp;&nbsp;&nbsp;&nbsp;63.16 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;&nbsp;&nbsp; 192203834 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.24 | &nbsp;&nbsp;&nbsp;&nbsp;57.58 | &nbsp;&nbsp;&nbsp;&nbsp;25.35 | &nbsp;&nbsp;&nbsp;&nbsp;25.52 | &nbsp;&nbsp;&nbsp;&nbsp; 103038901 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.01 | &nbsp;&nbsp;&nbsp;&nbsp;46.22 | &nbsp;&nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.71)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11502565 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.68 | &nbsp;&nbsp;&nbsp;&nbsp;49.71 | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24841404 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 67

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 China ETF | Non-Diversified |
| JPMorgan Active Developing Markets Equity ETF | Diversified |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | Diversified |
| JPMorgan Dividend Leaders ETF | Diversified |
| JPMorgan Flexible Income ETF<sup>(1)</sup> <br>| Diversified |
| JPMorgan Global Select Equity ETF | Diversified |
| JPMorgan Healthcare Leaders ETF | Diversified |
| JPMorgan Hedged Equity Laddered Overlay ETF | Diversified |
| JPMorgan International Growth ETF | Diversified |
| JPMorgan International Value ETF | Diversified |
| JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF<sup>(2)</sup> <br>| Non-Diversified |

---

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

 <br> <sup>(1)</sup> Commencement of operations was February 12, 2025. <br> <sup>(2)</sup> Commencement of operations was March 26, 2025.

The investment objective of JPMorgan Active China ETF ("Active China ETF"), JPMorgan Active Developing Markets Equity ETF ("Active Developing Markets Equity ETF"), JPMorgan ActiveBuilders Emerging Markets Equity ETF ("ActiveBuilders Emerging Markets Equity ETF"), JPMorgan Global Select Equity ETF ("Global Select Equity ETF"), JPMorgan Healthcare Leaders ETF ("Healthcare Leaders ETF"), JPMorgan International Growth ETF ("International Growth ETF") and JPMorgan International Value ETF ("International Value ETF") is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Dividend Leaders ETF ("Dividend Leaders ETF") is to seek to provide long-term capital growth and current income.

The investment objective of JPMorgan Flexible Income ETF ("Flexible Income ETF") is to seek to maximize income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Laddered Overlay ETF ("Hedged Equity Laddered Overlay ETF") and JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF ("Nasdaq Hedged Equity Laddered Overlay 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 China ETF | NYSE Arca, Inc. |
| Active Developing Markets Equity ETF | NYSE Arca, Inc. |
| ActiveBuilders Emerging Markets Equity ETF | Cboe BZX Exchange, Inc. |
| Dividend Leaders ETF | NYSE Arca, Inc. |
| Flexible Income ETF | NYSE Arca, Inc. |
| Global Select Equity ETF | The NASDAQ Stock Market® LLC |
| Healthcare Leaders ETF | The NASDAQ Stock Market® LLC |
| Hedged Equity Laddered Overlay ETF | NYSE Arca, Inc. |
| International Growth ETF | NYSE Arca, Inc. |
| International Value ETF | The NASDAQ Stock Market® LLC |
| Nasdaq Hedged Equity Laddered Overlay 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

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

68 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

**2. Significant Accounting Policies**

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

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

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

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

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

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

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.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 69

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active China 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 |  |  |  |  |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $266195 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $266195 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1426236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1426236 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319305 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; 343419 | &nbsp;&nbsp;&nbsp;&nbsp; 1180966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1524385 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150837 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671013 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 562576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 562576 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 505503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 505503 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 531613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 531613 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254988 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66480 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 142644 | &nbsp;&nbsp;&nbsp;&nbsp; 506657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 649301 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323877 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 260884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 260884 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 384011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 384011 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; 93651 | &nbsp;&nbsp;&nbsp;&nbsp; 1751778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1845429 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 797724 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 797724 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279640 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152828 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199637 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; 188729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188729 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412769 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74835 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469922 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157350 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 768443 | &nbsp;&nbsp;&nbsp;&nbsp; 11707624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12476067 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18058 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $786501 | &nbsp;&nbsp;&nbsp;&nbsp; $11707624 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12494125 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; $49777 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49777 |

---

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

70 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Developing Markets Equity ETF** (continued) | **Active Developing Markets Equity ETF** (continued) | **Active Developing Markets Equity 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** |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $1270608 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1270608 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 592741 | &nbsp;&nbsp;&nbsp;&nbsp; 3235629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3828370 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237051 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216229 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77635 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 417770 | &nbsp;&nbsp;&nbsp;&nbsp; 1497714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1915484 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 470041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 470041 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 569749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 569749 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 43586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43586 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 27700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27700 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74860 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60942 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401347 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 151179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151179 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 58006 | &nbsp;&nbsp;&nbsp;&nbsp; 273621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 331627 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1648447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1648447 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139491 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330041 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133623 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 267638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 267638 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 145563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145563 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3326679 | &nbsp;&nbsp;&nbsp;&nbsp; 11064309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14390988 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3326679 | &nbsp;&nbsp;&nbsp;&nbsp; $11064309 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14390988 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; $200781 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $200781 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 527187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 527187 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 998125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 998125 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 68637105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68637105 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 1611604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1611604 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 13946666 | &nbsp;&nbsp;&nbsp;&nbsp; 281325677 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295272343 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 565880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 565880 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1537701 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1537701 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1188440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1188440 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; 570091 | &nbsp;&nbsp;&nbsp;&nbsp; 10361352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10931443 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 294826 | &nbsp;&nbsp;&nbsp;&nbsp; 8866235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9161061 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5449050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5449050 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 19624110 | &nbsp;&nbsp;&nbsp;&nbsp; 163816651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183440761 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 255170 | &nbsp;&nbsp;&nbsp;&nbsp; 20126362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20381532 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 509147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509147 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5856626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5856626 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 30864955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30864955 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 1575244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1575244 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 71

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ActiveBuilders Emerging Markets Equity ETF** (continued) | **ActiveBuilders Emerging Markets Equity ETF** (continued) | **ActiveBuilders Emerging Markets Equity 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** |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; $4716138 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4716138 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3418249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3418249 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9622553 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9622553 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2180439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2180439 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 764055 | &nbsp;&nbsp;&nbsp;&nbsp; 1824487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2588542 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352758 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; 1246202 | &nbsp;&nbsp;&nbsp;&nbsp; 22104895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23351097 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 850188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 850188 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 3286951 | &nbsp;&nbsp;&nbsp;&nbsp; 18801467 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22088418 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 561651 | &nbsp;&nbsp;&nbsp;&nbsp; 126160954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126722605 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6537709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6537709 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194771372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194771372 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 1388280 | &nbsp;&nbsp;&nbsp;&nbsp; 6113524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7501804 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 506511 | &nbsp;&nbsp;&nbsp;&nbsp; 6781442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7287953 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10652877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10652877 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 8382298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8382298 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 160357853 | &nbsp;&nbsp;&nbsp;&nbsp; 909376132 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1069733985 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; 25883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25883 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 14066805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14066805 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 665963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 665963 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 14732768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14732768 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $175116504 | &nbsp;&nbsp;&nbsp;&nbsp; $909376132 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1084492636 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Leaders ETF**  | **Dividend Leaders ETF**  | **Dividend 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $55819 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $55819 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17540 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 35127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35127 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 57775 | &nbsp;&nbsp;&nbsp;&nbsp; 55126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112901 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61323 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335643 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360578 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69903 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38601 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 69702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69702 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71330 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 416532 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 416532 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 42612 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42612 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140194 |

---

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

72 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Leaders ETF** (continued) | **Dividend Leaders ETF** (continued) | **Dividend Leaders 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** |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $173579 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $173579 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90994 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100851 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100851 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 32171 | &nbsp;&nbsp;&nbsp;&nbsp; 255011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287182 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317935 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 4148392 | &nbsp;&nbsp;&nbsp;&nbsp; 80228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4228620 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 4385779 | &nbsp;&nbsp;&nbsp;&nbsp; 2641187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7026966 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4385779 | &nbsp;&nbsp;&nbsp;&nbsp; $2641187 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7026966 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible 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 |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $170620 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $170620 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34784 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11305 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 528011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 528011 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9520 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26554 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118495 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 376468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 376468 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322905 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 3799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3799 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39047 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 34103 | &nbsp;&nbsp;&nbsp;&nbsp; 10342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44445 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5814 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176629 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 443610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 443610 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 11427 | &nbsp;&nbsp;&nbsp;&nbsp; 141915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153342 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 3662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3662 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96848 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 5661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5661 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4974 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69306 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9145 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18127 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171790 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136458 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34326 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113338 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 2748 | &nbsp;&nbsp;&nbsp;&nbsp; 445071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 447819 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 4463823 | &nbsp;&nbsp;&nbsp;&nbsp; 172177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4636000 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5053234 | &nbsp;&nbsp;&nbsp;&nbsp; 3162029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8215263 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 19078934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19078934 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340526 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 73

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Flexible Income ETF** (continued) | **Flexible Income ETF** (continued) | **Flexible Income ETF** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $383029 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $383029 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $24515197 | &nbsp;&nbsp;&nbsp;&nbsp; $3502555 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28017752 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $65327 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $65327 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(41920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(41920)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23407 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23407 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| China | &nbsp;&nbsp;&nbsp;&nbsp; $42317984 | &nbsp;&nbsp;&nbsp;&nbsp; $45552335 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $87870319 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51623546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51623546 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352252335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352252335 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 278182994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 278182994 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91488004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91488004 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 31720669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31720669 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42796908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42796908 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282547533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282547533 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181232743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181232743 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56119268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56119268 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17201219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17201219 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124540945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124540945 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38610238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38610238 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 90711865 | &nbsp;&nbsp;&nbsp;&nbsp; 66841213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157553078 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20593403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20593403 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 4328004544 | &nbsp;&nbsp;&nbsp;&nbsp; 32457210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4360461754 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 4492755062 | &nbsp;&nbsp;&nbsp;&nbsp; 1682039894 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6174794956 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 31755370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31755370 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4524510432 | &nbsp;&nbsp;&nbsp;&nbsp; $1682039894 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6206550326 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $87820 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $87820 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 21812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21812 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; 43462 | &nbsp;&nbsp;&nbsp;&nbsp; 156523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199985 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165512 |

---

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

74 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Healthcare Leaders ETF** (continued) | **Healthcare Leaders ETF** (continued) | **Healthcare Leaders 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** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $226561 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $226561 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 15655 | &nbsp;&nbsp;&nbsp;&nbsp; 123472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139127 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145858 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 25657 | &nbsp;&nbsp;&nbsp;&nbsp; 426891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 452548 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5659176 | &nbsp;&nbsp;&nbsp;&nbsp; 582662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6241838 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5765762 | &nbsp;&nbsp;&nbsp;&nbsp; 1915299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7681061 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 52020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52020 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5817782 | &nbsp;&nbsp;&nbsp;&nbsp; $1915299 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7733081 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Laddered Overlay 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; $2930594541 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2930594541 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (24023530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24023530)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (9138620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9138620)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(33162150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(33162150)<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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth ETF**  | **International Growth ETF**  | **International 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1546509 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1546509 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 771511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 771511 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 7548640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7548640 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 1288650 | &nbsp;&nbsp;&nbsp;&nbsp; 8188418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9477068 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3138852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3138852 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11248037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11248037 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5232599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5232599 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1717005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1717005 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5637315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5637315 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1151855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1151855 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; 960407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 960407 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16442653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16442653 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2966540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2966540 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2106189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2106189 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 1122803 | &nbsp;&nbsp;&nbsp;&nbsp; 1431150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2553953 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2769195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2769195 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2146015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2146015 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3795709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3795709 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth ETF** (continued) | **International Growth ETF** (continued) | **International Growth 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** |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; $2462345 | &nbsp;&nbsp;&nbsp;&nbsp; $4476859 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6939204 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18786512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18786512 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 875536 | &nbsp;&nbsp;&nbsp;&nbsp; 5269610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6145146 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 15029892 | &nbsp;&nbsp;&nbsp;&nbsp; 98051022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113080914 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1007743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1007743 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $16037635 | &nbsp;&nbsp;&nbsp;&nbsp; $98051022 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $114088657 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value ETF**  | **International Value ETF**  | **International 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4950086 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4950086 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 405666 | &nbsp;&nbsp;&nbsp;&nbsp; 1838603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2244269 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1091525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1091525 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 3519241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3519241 |
| Burkina Faso | &nbsp;&nbsp;&nbsp;&nbsp; 501065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501065 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 7768174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7768174 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 334916 | &nbsp;&nbsp;&nbsp;&nbsp; 14883926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15218842 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1675528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1675528 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1656418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1656418 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9764069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9764069 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366092 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13738064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13738064 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1088527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1088527 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 448640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 448640 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1724522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1724522 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1304313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1304313 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4794926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4794926 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1930092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1930092 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 888351 | &nbsp;&nbsp;&nbsp;&nbsp; 1520832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2409183 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7837282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7837282 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26465168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26465168 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 881732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 881732 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4893320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4893320 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1881740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1881740 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 423806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 423806 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482321 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640226 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289934 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1984176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1984176 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 700493 | &nbsp;&nbsp;&nbsp;&nbsp; 1081579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1782072 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9727407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9727407 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 326395 | &nbsp;&nbsp;&nbsp;&nbsp; 5157054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483449 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4216062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4216062 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2216999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2216999 |

---

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

76 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value ETF** (continued) | **International Value ETF** (continued) | **International Value 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** |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2748609 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2748609 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834959 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344946 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1269549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1269549 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18992679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18992679 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 214482 | &nbsp;&nbsp;&nbsp;&nbsp; 14998319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15212801 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 15989155 | &nbsp;&nbsp;&nbsp;&nbsp; 168813658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184802813 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5677237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5677237 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 570219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 570219 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 6247456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6247456 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $22236611 | &nbsp;&nbsp;&nbsp;&nbsp; $168813658 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $191050269 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $102179 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $102179 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq Hedged Equity Laddered Overlay 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; $25253579 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25253579 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (283390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (283390)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (125120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125120)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(408510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(408510)<br>|

---

&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 April 30, 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.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 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>|
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; $628920 | &nbsp;&nbsp; $(628920)<br>| &nbsp;&nbsp; $— |
| International Value ETF | &nbsp;&nbsp; 531677 | &nbsp;&nbsp; (531677)<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 Developing Markets Equity ETF, Global Select Equity ETF and International Growth ETF did not have any securities out on loan at April 30, 2025. Active China ETF, Dividend Leaders ETF, Flexible Income ETF, Healthcare Leaders ETF, Hedged Equity Laddered Overlay ETF and Nasdaq Hedged Equity Laddered Overlay ETF did not lend out any securities during the six months ended April 30, 2025.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs 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' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.40% (a) (b)<br>| $8860 | $1333241 | $1324037 | $(6)<br>| $— | $18058 | 18054 | $584 | $— |

---

&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 April 30, 2025.

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

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

78 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  | **Active Developing Markets Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| $— | $358529 | $358529 | $— | $— | $— |  | $2,001<br> \*<br>| $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  | **ActiveBuilders Emerging Markets Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.40% <br> (a) (b)<br>| $7607812 | $101427097 | $94968070 | $(34)<br>| $— | $14066805 | 14063992 | $138127 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| 1234130 | 15126210 | 15694377 |  |  | 665963 | 665963 | 37,587<br> \*<br>|  |
| **Total** | $8841942 | $116553307 | $110662447 | $(34)<br>| $— | $14732768 |  | $175714 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  | **Flexible Income ETF**  |
| **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** |
| **Security Description** | **Value at** <br>**February 12,** <br>**2025(a)**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (b)<br>| $— | $10878259 | $130763 | $(8471)<br>| $(177846)<br>| $10561179 | 231052 | $156168 | $— |
| JPMorgan Equity Premium Income ETF (b) |  | 1471590 |  |  | (91291)<br>| 1380299 | 24830 | 18265 |  |
| JPMorgan Income ETF (b) |  | 588020 |  |  | 2867 | 590887 | 12837 | 5539 |  |
| JPMorgan Nasdaq Equity Premium Income <br> ETF (b)<br>|  | 7384447 |  |  | (837878)<br>| 6546569 | 127514 | 130455 |  |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.40% (b) (c)<br>|  | 1620545 | 1237542 | 26 |  | 383029 | 382952 | 1310 |  |
| **Total** | $— | $21942861 | $1368305 | $(8445)<br>| $(1104148)<br>| $19461963 |  | $311737 | $— |

---

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

(a) Commencement of operations was February 12, 2025.

(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 April 30, 2025.

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  | **Global Select Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, <br> 4.40% (a) (b)<br>| $58736568 | $792666861 | $819634138 | $(12111)<br>| $(1810)<br>| $31755370 | 31749020 | $1461426 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (a) (b)<br>|  | 93180179 | 93180179 |  |  |  |  | 163,237<br> \*<br>|  |
| **Total** | $58736568 | $885847040 | $912814317 | $(12111)<br>| $(1810)<br>| $31755370 |  | $1624663 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  | **Healthcare Leaders ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (a) (b)<br>| $— | $809167 | $757147 | $— | $— | $52020 | 52020 | $175 | $— |

---

&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 April 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  | **Hedged Equity Laddered Overlay ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.29% (a) (b)<br>| $3197539 | $78835638 | $66342843 | $— | $— | $15690334 | 15690334 | $152219 | $— |

---

&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 April 30, 2025.

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

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

80 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  | **International Growth ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.40% (a) (b)<br>| $4281365 | $19017878 | $22291106 | $359 | $(753)<br>| $1007743 | 1007542 | $68590 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (a) (b)<br>|  | 1776113 | 1776113 |  |  |  |  | 2,836<br> \*<br>|  |
| **Total** | $4281365 | $20793991 | $24067219 | $359 | $(753)<br>| $1007743 |  | $71426 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  | **International Value ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.40% (a) (b)<br>| $1798145 | $24212688 | $20332986 | $(397)<br>| $(213)<br>| $5677237 | 5676102 | $46380 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (a) (b)<br>|  | 3676614 | 3106395 |  |  | 570219 | 570219 | 7,716<br> \*<br>|  |
| **Total** | $1798145 | $27889302 | $23439381 | $(397)<br>| $(213)<br>| $6247456 |  | $54096 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  | **Nasdaq Hedged Equity Laddered Overlay ETF**  |
| **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** | **For the period ended April 30, 2025** |
| **Security Description** | **Value at** <br>**March 26,** <br>**2025(a)**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)<br>| $— | $429221 | $186124 | $— | $— | $243097 | 243097 | $1089 | $— |

---

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

(a) Commencement of operations was March 26, 2025.

(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 April 30, 2025.

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 81

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Options**— Hedged Equity Laddered Overlay ETF and Nasdaq Hedged Equity Laddered Overlay ETF purchased and sold ("wrote") put and call options on various instruments including options on indices to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

**G. Futures Contracts**— Flexible Income ETF, International Growth ETF and International Value ETF used index and treasury futures contracts to manage and hedge equity price and interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

82 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

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

**H. Summary of Derivatives Information**—The following tables present the value of derivatives held as of April 30, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Flexible Income ETF** | **Hedged Equity** <br>**Laddered Overlay ETF**<br>| **International** <br>**Value ETF**<br>| **Nasdaq Hedged Equity** <br>**Laddered Overlay ETF**<br>|
| **Equity Risk Exposure:** |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102179 | &nbsp;&nbsp; $— |
| Purchased Options at Market Value |  | &nbsp;&nbsp; 68595680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 605200 |
| Unrealized Depreciation on Futures Contracts \* | (37173)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written Options at Market Value |  | &nbsp;&nbsp; (33162150)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (408510)<br>|
| **Interest Rate Risk Exposure:** |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | 65327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* | (4747)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Fair Value of Derivative Contracts:** |  |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures <br> Contracts \*<br>| 23407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102179 | &nbsp;&nbsp; — |
| Purchased Options at Market Value  |  | &nbsp;&nbsp; 68595680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 605200 |
| Written Options at Market Value |  | &nbsp;&nbsp; (33162150)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (408510)<br>|

---

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

 <br> \* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2025, by primary underlying risk exposure:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Flexible Income ETF** | **Hedged Equity** <br>**Laddered Overlay ETF**<br>| **International** <br>**Growth ETF**<br>| **International** <br>**Value ETF**<br>| **Nasdaq Hedged Equity** <br>**Laddered Overlay ETF**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(333969)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(268493)<br>| &nbsp;&nbsp; $(198022)<br>| &nbsp;&nbsp; $— |
| Purchased Options |  | &nbsp;&nbsp; (27048814)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2460)<br>|
| Written Options |  | &nbsp;&nbsp; 28482792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88473 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 68637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(37173)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3690 | &nbsp;&nbsp; $102179 | &nbsp;&nbsp; $— |
| Purchased Options |  | &nbsp;&nbsp; 9290551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44540 |
| Written Options |  | &nbsp;&nbsp; 12125911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149940 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 60580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 83

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the six months ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Flexible Income ETF** | **Hedged Equity** <br>**Laddered Overlay ETF**<br>| **International** <br>**Growth ETF**<br>| **International** <br>**Value ETF**<br>| **Nasdaq Hedged Equity** <br>**Laddered Overlay ETF**<br>|
| **Futures Contracts:** |  |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $5,258,181<br> (a)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1839054 | &nbsp;&nbsp; $349468 | &nbsp;&nbsp; $— |
| Ending Notional Balance Long | &nbsp;&nbsp; 7328212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 970280 | &nbsp;&nbsp; — |
| **Exchange-Traded Options:** |  |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 41665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 341<br> (b)<br>|
| Average Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; (81778)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (682)(b)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 51010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 510 |
| Ending Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; (102020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1020)<br>|

---

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

 <br> (a) For the period February 12, 2025 through April 30, 2025. <br> (b) For the period March 26, 2025 through April 30, 2025.

The Funds' derivatives contracts held at April 30, 2025 are not accounted for as hedging instruments under GAAP.

**I. 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 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.

**J. 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 April 30, 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.

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

**L. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly for Flexible Income ETF, at least annually for Active China ETF, Active Developing Markets Equity ETF, ActiveBuilders Emerging Markets Equity ETF, Global Select Equity ETF, Healthcare Leaders ETF, International Growth ETF and International Value ETF, and at least quarterly for Dividend Leaders ETF, Hedged Equity Laddered Overlay ETF and Nasdaq Hedged Equity Laddered Overlay ETF. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**M. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

84 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

**N. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

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

**A. Management Fee**— Pursuant to each Fund's Management Agreement, the Adviser is paid a management 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 China ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

The Adviser, with respect to Active China ETF, has entered into an investment sub-advisory agreement with JPMorgan Asset Management (Asia Pacific) Limited ("JPMAM ((AP)")), an indirect, wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. ("Sub-Advisory Agreement"). For its services as sub-adviser, JPMAM (AP) receives a portion of the fees payable to the Adviser.

Pursuant to the Sub-Advisory Agreement, JPMAM (AP) is responsible for the day-to-day investment decisions of Active China ETF. JPMIM has obtained a "managers of managers" exemptive order from the SEC, as expanded by subsequent SEC staff no-action relief (the "Exemptive Order"), upon which Active China ETF may rely, which grants exemptions from certain provisions of the 1940 Act. Pursuant to the Exemptive Order, JPMIM is permitted, subject to supervision and approval of the Board, to enter into and materially amend sub-advisory agreements with affiliated and unaffiliated sub-advisers without such agreements being approved by the shareholders of Active China ETF. Accordingly, Active China ETF and JPMIM may hire, terminate, or replace affiliated and unaffiliated sub-advisers without shareholder approval, including, without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment. JPMIM will continue to have ultimate responsibility, subject to oversight of the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement.

Active China ETF has selected JPMAM (AP) to manage all of Active China ETF's assets. Shareholders will be notified of any changes in sub-advisers. Shareholders of Active China ETF have the right to terminate a sub-advisory agreement for Active China ETF at any time by a vote of the majority of the outstanding voting securities of Active China ETF. The Exemptive Order also permits Active China ETF to disclose to shareholders the management fees only in the aggregate.

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

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

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

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 their distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

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

Effective February 12, 2025, the Adviser has contractually agreed to waive fees in the amount of the acquired fund fees and expenses for any affiliated investment company that Flexible Income ETF invests in to the extent that total annual fund operating expenses exceed 0.35% of the Fund's average daily net assets. The expense limitation agreement was in effect for the period February 12, 2025 through April 30, 2025 and the contractual waiver is in place until at least February 28, 2026, at which time it will be determined whether such waivers will be renewed or revised.

For the period February 12, 2025 through April 30, 2025, the Adviser waived fees as follows:

---

| | |
|:---|:---|
|  | **Contractual Waivers** |
|  | **Management** <br>**Fees**<br>|
| Flexible Income ETF | &nbsp;&nbsp; $7511 |

---

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

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

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

**4. Investment Transactions** 

During the six months ended April 30, 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 China ETF | $4486607 | $4067585 |
| Active Developing Markets Equity ETF | 1954140 | 2108517 |
| ActiveBuilders Emerging Markets Equity ETF | 244527712 | 223456941 |
| Dividend Leaders ETF | 2596274 | 2439820 |
| Flexible Income ETF | 20169471 | 1124729 |
| Global Select Equity ETF | 4060726229 | 4049477956 |
| Healthcare Leaders ETF | 3471269 | 3910847 |
| Hedged Equity Laddered Overlay ETF | 377136663 | 440422978 |
| International Growth ETF | 42442667 | 39421086 |
| International Value ETF | 46531030 | 34696066 |
| Nasdaq Hedged Equity Laddered Overlay ETF | 24936465 | 1373587 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

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

86 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| ActiveBuilders Emerging Markets Equity ETF | $10621996 | $4179696 |
| Dividend Leaders ETF | 1070128 |  |
| Flexible Income ETF | 9425293 |  |
| Global Select Equity ETF | 2375286982 | 681152095 |
| Healthcare Leaders ETF | 2692411 | 1335416 |
| Hedged Equity Laddered Overlay ETF | 1432764571 | 221118468 |
| International Growth ETF | 15472141 | 12128461 |
| International Value ETF | 58486799 |  |
| Nasdaq Hedged Equity Laddered Overlay ETF | 1205515 |  |

---

During the six months ended April 30, 2025, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash, portfolio securities and options transacted via in-kind (if any), were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 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 China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $11569304 | &nbsp;&nbsp;&nbsp;&nbsp; $1470242 | &nbsp;&nbsp;&nbsp;&nbsp; $545421 | &nbsp;&nbsp;&nbsp;&nbsp; $924821 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14121524 | &nbsp;&nbsp;&nbsp;&nbsp; 1297164 | &nbsp;&nbsp;&nbsp;&nbsp; 1027700 | &nbsp;&nbsp;&nbsp;&nbsp; 269464 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 988106303 | &nbsp;&nbsp;&nbsp;&nbsp; 167406868 | &nbsp;&nbsp;&nbsp;&nbsp; 71020535 | &nbsp;&nbsp;&nbsp;&nbsp; 96386333 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7109005 | &nbsp;&nbsp;&nbsp;&nbsp; 325775 | &nbsp;&nbsp;&nbsp;&nbsp; 407814 | &nbsp;&nbsp;&nbsp;&nbsp; (82039)<br>|
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29188057 | &nbsp;&nbsp;&nbsp;&nbsp; 453224 | &nbsp;&nbsp;&nbsp;&nbsp; 1600122 | &nbsp;&nbsp;&nbsp;&nbsp; (1146898)<br>|
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6138012026 | &nbsp;&nbsp;&nbsp;&nbsp; 334541594 | &nbsp;&nbsp;&nbsp;&nbsp; 266003294 | &nbsp;&nbsp;&nbsp;&nbsp; 68538300 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7270038 | &nbsp;&nbsp;&nbsp;&nbsp; 860153 | &nbsp;&nbsp;&nbsp;&nbsp; 397110 | &nbsp;&nbsp;&nbsp;&nbsp; 463043 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2883096181 | &nbsp;&nbsp;&nbsp;&nbsp; 148076749 | &nbsp;&nbsp;&nbsp;&nbsp; 133740539 | &nbsp;&nbsp;&nbsp;&nbsp; 14336210 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 96405218 | &nbsp;&nbsp;&nbsp;&nbsp; 18669839 | &nbsp;&nbsp;&nbsp;&nbsp; 986400 | &nbsp;&nbsp;&nbsp;&nbsp; 17683439 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 172834917 | &nbsp;&nbsp;&nbsp;&nbsp; 22129932 | &nbsp;&nbsp;&nbsp;&nbsp; 3812401 | &nbsp;&nbsp;&nbsp;&nbsp; 18317531 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 24956853 | &nbsp;&nbsp;&nbsp;&nbsp; 811139 | &nbsp;&nbsp;&nbsp;&nbsp; 922923 | &nbsp;&nbsp;&nbsp;&nbsp; (111784)<br>|

---

At October 31, 2024, 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 China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1016452 | &nbsp;&nbsp;&nbsp;&nbsp; $500856 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26817 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 86096453 | &nbsp;&nbsp;&nbsp;&nbsp; 97321080 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17438668 | &nbsp;&nbsp;&nbsp;&nbsp; 12848763 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8917329 | &nbsp;&nbsp;&nbsp;&nbsp; 6397834 |

---

During the year ended October 31, 2024, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1001161 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189782 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 52875 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 87

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

**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 Active China ETF, Active Developing Markets Equity ETF, Flexible Income ETF, Global Select Equity ETF, Healthcare Leaders ETF, Hedged Equity Laddered Overlay ETF (for negotiated redemptions only), International Growth ETF, International Value ETF and Nasdaq Hedged Equity Laddered Overlay ETF (for negotiated redemptions only), and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF and Dividend Leaders ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**7. Borrowings** 

The 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 at April 30, 2025. Average borrowings from the Facility during the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate Paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Global Select Equity ETF | &nbsp;&nbsp; $3872536 | &nbsp;&nbsp;&nbsp;&nbsp; 5.31<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $571 |

---

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 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.

As of April 30, 2025, JPMorgan SmartRetirement 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 57.0<br> %<br>|
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;28.0 |

---

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

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

88 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

As of April 30, 2025, the Adviser owned shares representing more than 10% of net assets of the following Funds:

---

| | |
|:---|:---|
|  | **% of Ownership** |
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

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

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

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

Investments in Mainland China, Hong Kong, Taiwan and Macau are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.

Chinese operating companies sometimes rely on Variable Interest Entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. There may also be conflicts of interest between the legal owners of the Mainland Chinese company and non-Chinese investors (such as Active China ETF). It is unclear whether the Mainland China government will withdraw its implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of non-Chinese investors. The market value of Active China ETF's associated portfolio holdings would likely fall, causing substantial investment losses.

As of April 30, 2025, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Active** <br>**China ETF**<br>| **Active Developing** <br>**Markets** <br>**Equity ETF**<br>| **ActiveBuilders** <br>**Emerging** <br>**Markets** <br>**Equity ETF**<br>| **International** <br>**Growth ETF**<br>| **International** <br>**Value ETF**<br>|
| China | 99.9<br> %<br>| 26.6<br> %<br>| 27.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| India |  | 13.3 | 16.9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Japan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.4 | 13.9 |
| South Korea |  | 11.5 | 11.7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Taiwan |  | 16.2 | 18.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| United Kingdom |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 16.5 | 10.0 |

---

As of April 30, 2025, a significant portion of the investments of the Funds consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

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

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.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 89

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. ActiveBuilders Emerging Markets Equity ETF invests a substantial portion of its assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.

Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

90 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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

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

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

![](g941514img8d7562e02.jpg)

------

![](g941514imgf476e80b3.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. April 2025.

SAN-ACT-ETF-425

------

**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.

------

**Statement Regarding Basis for Approval of Initial Management Agreements**

***JPMorgan Flexible Income ETF and JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF***

On August 20-22, 2024 and November 19-21, 2024 , the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial management agreements (each a "Management Agreement" and collectively, the "Management Agreements") for the JPMorgan Flexible Income ETF and JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, respectively. Each of the funds is referred to herein as a "Fund" and collectively, as the "Funds". The Management Agreements were 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 each Management Agreement or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Funds and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. 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 each proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. 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 each Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreements was in the best interests of each 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 each Fund's initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the applicable Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of each Fund;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy of each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services to be provided by the Adviser under the Management Agreements;

• 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.

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 Funds 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 Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Funds, including the profitability of those arrangements to JPMCB.

***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 will provide advisory and administrative services and will be responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the proposed unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that each Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for management styles substantially similar to that of each Fund. The Trustees considered the Adviser's view that it does not manage other accounts with a substantially similar investment strategy as that of each of the Funds.

***Investment Performance*** 

The Trustees considered each Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

***Management Fees*** 

The Trustees considered the contractual management fee rate that will be paid by each 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 each Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for each Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how each 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 Funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund's proposed management fee was fair and reasonable.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan BetaBuilders Canada ETF | BBCA | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | BBAX | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | BBEM | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Europe ETF | BBEU | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders International Equity ETF | BBIN | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Japan ETF | BBJP | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Equity ETF | BBUS | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | BBMC | NYSE Arca, Inc. |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | BBSC | NYSE Arca, Inc. |
| JPMorgan Carbon Transition U.S. Equity ETF | JCTR | NYSE Arca, Inc. |
| JPMorgan Diversified Return Emerging Markets Equity ETF | JPEM | NYSE Arca, Inc. |
| JPMorgan Diversified Return International Equity ETF | JPIN | NYSE Arca, Inc. |
| JPMorgan Diversified Return U.S. Equity ETF | JPUS | NYSE Arca, Inc. |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | JPME | NYSE Arca, Inc. |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | JPSE | NYSE Arca, Inc. |
| JPMorgan U.S. Momentum Factor ETF | JMOM | NYSE Arca, Inc. |
| JPMorgan U.S. Quality Factor ETF | JQUA | NYSE Arca, Inc. |
| JPMorgan U.S. Value Factor ETF | JVAL | NYSE Arca, Inc. |

---

![](g937147img72cba37a1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_71e07b1e-21f3-4e27-9ba5-f99987decb6f_SOI-TOC-ScheduleofInvestments-919_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_71e07b1e-21f3-4e27-9ba5-f99987decb6f_FS-TOC-FinancialStatement-919_1) | &nbsp;&nbsp; **136** |
| [Financial Highlights](#xx_71e07b1e-21f3-4e27-9ba5-f99987decb6f_FIHI_2-TOC-FIHI-919_2) | &nbsp;&nbsp; **156** |
| [Notes to Financial Statements](#xx_71e07b1e-21f3-4e27-9ba5-f99987decb6f_NTF-NTFRunningFooter-919_1) | &nbsp;&nbsp; **166** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectus for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

------

JPMorgan BetaBuilders Canada ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| CAE, Inc. \* | 1125833 | 28166241 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Magna International, Inc. | 948121 | 32942838 |
| **Banks — 23.1%** | **Banks — 23.1%** | **Banks — 23.1%** |
| Bank of Montreal (a) | 2579600 | 247163328 |
| Bank of Nova Scotia (The) | 4405824 | 220450993 |
| Canadian Imperial Bank of Commerce | 3335700 | 210386708 |
| National Bank of Canada | 1349624 | 118535089 |
| Royal Bank of Canada | 5002844 | 600479179 |
| Toronto-Dominion Bank (The) | 6182875 | 395074321 |
|  |  | 1792089618 |
| **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** |
| Canadian Tire Corp. Ltd., Class A (a) | 179102 | 19601705 |
| Dollarama, Inc. | 984091 | 121423095 |
|  |  | 141024800 |
| **Capital Markets — 4.6%** | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
| Brookfield Asset Management Ltd., Class A | 1368574 | 73025028 |
| Brookfield Corp. | 4452558 | 239196609 |
| IGM Financial, Inc. | 285556 | 9074575 |
| TMX Group Ltd. | 971091 | 39355037 |
|  |  | 360651249 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Nutrien Ltd. | 1749363 | 99865710 |
| **Commercial Services & Supplies — 3.7%** | **Commercial Services & Supplies — 3.7%** | **Commercial Services & Supplies — 3.7%** |
| GFL Environmental, Inc. (a) | 861127 | 42968901 |
| RB Global, Inc. | 644322 | 64932290 |
| Waste Connections, Inc. | 910455 | 179812551 |
|  |  | 287713742 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| Stantec, Inc. | 403082 | 35378589 |
| WSP Global, Inc. | 459704 | 81483584 |
|  |  | 116862173 |
| **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** |
| Alimentation Couche-Tard, Inc. | 2514996 | 131277464 |
| George Weston Ltd. | 193994 | 37796887 |
| Loblaw Cos. Ltd. | 506398 | 82207945 |
| Metro, Inc. | 798209 | 61512929 |
|  |  | 312795225 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| CCL Industries, Inc., Class B | 521950 | 27274973 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Quebecor, Inc., Class B | 544682 | 14942604 |
| TELUS Corp. | 1739096 | 26768908 |
|  |  | 41711512 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| Emera, Inc. (a) | 1012910 | 45590502 |
| Fortis, Inc. | 1727976 | 85571537 |
| Hydro One Ltd. (b) | 1118899 | 43048312 |
|  |  | 174210351 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Saputo, Inc. | 873130 | 17036992 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| AltaGas Ltd. | 1045636 | 30945850 |
| **Ground Transportation — 5.7%** | **Ground Transportation — 5.7%** | **Ground Transportation — 5.7%** |
| Canadian National Railway Co. | 1888274 | 182869187 |
| Canadian Pacific Kansas City Ltd. | 3296043 | 239397059 |
| TFI International, Inc. | 282342 | 22952320 |
|  |  | 445218566 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Restaurant Brands International, Inc. | 1056886 | 68100380 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Brookfield Renewable Corp. | 476618 | 13583578 |
| **Insurance — 9.0%** | **Insurance — 9.0%** | **Insurance — 9.0%** |
| Fairfax Financial Holdings Ltd. | 68327 | 106673583 |
| Great-West Lifeco, Inc. | 968514 | 37662872 |
| iA Financial Corp., Inc. | 347553 | 33762003 |
| Intact Financial Corp. | 630149 | 139948295 |
| Manulife Financial Corp. | 6108961 | 187221531 |
| Power Corp. of Canada (a) | 1953000 | 73921036 |
| Sun Life Financial, Inc. | 2026375 | 120750549 |
|  |  | 699939869 |
| **IT Services — 6.2%** | **IT Services — 6.2%** | **IT Services — 6.2%** |
| CGI, Inc. | 708250 | 75099365 |
| Shopify, Inc., Class A \* | 4281448 | 407212725 |
|  |  | 482312090 |
| **Metals & Mining — 9.9%** | **Metals & Mining — 9.9%** | **Metals & Mining — 9.9%** |
| Agnico Eagle Mines Ltd. | 1774760 | 208591588 |
| Barrick Gold Corp. | 6191211 | 118066834 |
| First Quantum Minerals Ltd. \* | 2402996 | 32264222 |
| Franco-Nevada Corp. (a) | 676182 | 116200694 |
| Ivanhoe Mines Ltd., Class A \* | 2539513 | 22547250 |
| Kinross Gold Corp. | 4329738 | 63912787 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan BetaBuilders Canada ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Lundin Mining Corp. | 2515647 | 20583562 |
| Teck Resources Ltd., Class B | 1631008 | 55427771 |
| Wheaton Precious Metals Corp. | 1602391 | 133796045 |
|  |  | 771390753 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Canadian Utilities Ltd., Class A (a) | 445962 | 12483442 |
| **Oil, Gas & Consumable Fuels — 16.3%** | **Oil, Gas & Consumable Fuels — 16.3%** | **Oil, Gas & Consumable Fuels — 16.3%** |
| ARC Resources Ltd. | 2112108 | 39083037 |
| Cameco Corp. | 1531648 | 69138586 |
| Canadian Natural Resources Ltd. | 7153413 | 205272754 |
| Cenovus Energy, Inc. | 4574623 | 53856181 |
| Enbridge, Inc. | 7704119 | 360281845 |
| Imperial Oil Ltd. | 581610 | 39231041 |
| Keyera Corp. | 809781 | 25134578 |
| Pembina Pipeline Corp. | 2047748 | 78279646 |
| Suncor Energy, Inc. | 4462479 | 157607792 |
| TC Energy Corp. | 3664523 | 185140017 |
| Tourmaline Oil Corp. | 1244802 | 54989440 |
|  |  | 1268014917 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| West Fraser Timber Co. Ltd. | 194825 | 14424625 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| Thomson Reuters Corp. | 484909 | 90231995 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| FirstService Corp. | 145667 | 25566217 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Canadian Apartment Properties | 290366 | 8867263 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| Constellation Software, Inc. | 73461 | 264746815 |
| Open Text Corp. | 958514 | 25947877 |
|  |  | 290694692 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Gildan Activewear, Inc. | 541869 | 24970940 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| Rogers Communications, Inc., Class B (a) | 1300819 | 33912255 |
| Total Common Stocks <br>(Cost $5,812,266,466)<br>|  | 7713002856 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **WARRANTS**<br>| **VALUE ($)** |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| Constellation Software, Inc., Zero Coupon, <br> 3/31/2040 ‡ \* <br>(Cost $-)<br>| 65101 |  |
|  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **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, 4.39% (c) <br> (d)(Cost $279,610,467)<br>| 279610467 | 279610467 |
| **Total Investments — 102.8%** <br>**(Cost $6,091,876,933)**<br>|  | **7992613323** |
| **Liabilities in Excess of Other Assets —** <br> **(2.8)%**<br>|  | **(215303060)**<br>|
| **NET ASSETS — 100.0%** |  | **7777310263** |

---

&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. |
| ‡ | 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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $269,013,920.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (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 April 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Futures contracts outstanding as of April 30, 2025:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | &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 / TSX 60 Index | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2025<br> &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 61296823 | &nbsp;&nbsp;&nbsp;&nbsp; 1056471 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CAD | Canadian Dollar |
| TSX | Toronto Stock Exchange |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Australia — 62.6%** | **Australia — 62.6%** | **Australia — 62.6%** |
| ANZ Group Holdings Ltd. | 8034780 | 153643147 |
| APA Group | 3436929 | 18085036 |
| Aristocrat Leisure Ltd. | 1695464 | 72411652 |
| ASX Ltd. (a) | 518586 | 23482582 |
| Atlas Arteria Ltd. | 2934424 | 9719857 |
| BHP Group Ltd. | 13567109 | 323353746 |
| BlueScope Steel Ltd. | 1186043 | 18165992 |
| Brambles Ltd. | 3727718 | 48988406 |
| Cochlear Ltd. | 166705 | 29195146 |
| Coles Group Ltd. | 3585438 | 48689551 |
| Commonwealth Bank of Australia | 4485892 | 478147370 |
| Computershare Ltd. | 1530003 | 39981137 |
| Dexus, REIT | 2881345 | 13869708 |
| Endeavour Group Ltd. | 3636793 | 9302589 |
| Fortescue Ltd. | 4247861 | 43870569 |
| Goodman Group, REIT | 4959893 | 94951402 |
| GPT Group (The), REIT | 5126535 | 15196870 |
| Insurance Australia Group Ltd. | 6397019 | 33600158 |
| Lottery Corp. Ltd. (The) | 5962645 | 19870677 |
| Macquarie Group Ltd. | 947789 | 117123081 |
| Medibank Pvt Ltd. | 7377731 | 21946716 |
| Mineral Resources Ltd. \* (a) | 459095 | 6037555 |
| Mirvac Group, REIT | 10570611 | 15418845 |
| National Australia Bank Ltd. | 8235081 | 190153774 |
| Northern Star Resources Ltd. | 3703509 | 45492715 |
| Orica Ltd. | 1291244 | 13402921 |
| Origin Energy Ltd. | 4615090 | 31456488 |
| Pilbara Minerals Ltd. \* (a) | 7207504 | 6943986 |
| Pro Medicus Ltd. | 141592 | 20761682 |
| Qantas Airways Ltd. | 1986326 | 11230529 |
| QBE Insurance Group Ltd. | 4002069 | 55308289 |
| Ramsay Health Care Ltd. (a) | 489250 | 10416458 |
| REA Group Ltd. | 136621 | 21706313 |
| Reece Ltd. (a) | 927568 | 9353864 |
| Rio Tinto Ltd. | 994456 | 74402422 |
| Santos Ltd. | 8248074 | 31708596 |
| Scentre Group, REIT | 13904573 | 32213336 |
| SEEK Ltd. | 869348 | 11835296 |
| SGH Ltd. | 534257 | 17472705 |
| Sonic Healthcare Ltd. | 1245774 | 20800650 |
| South32 Ltd. | 12133490 | 20909586 |
| Stockland, REIT | 6388634 | 22451176 |
| Suncorp Group Ltd. | 2896226 | 37662779 |
| Telstra Group Ltd. | 10833658 | 31266992 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| TPG Telecom Ltd. | 1140649 | 3693494 |
| Transurban Group | 8273171 | 74552616 |
| Treasury Wine Estates Ltd. | 2173739 | 12425073 |
| Vicinity Ltd., REIT | 9707339 | 14680919 |
| Washington H Soul Pattinson & Co. Ltd. (a) | 653692 | 15559552 |
| Wesfarmers Ltd. | 3039979 | 152291506 |
| Westpac Banking Corp. | 9210703 | 193288208 |
| WiseTech Global Ltd. | 462533 | 26300998 |
| Woodside Energy Group Ltd. | 5086589 | 66304386 |
| Woolworths Group Ltd. | 3108891 | 62745638 |
| Worley Ltd. | 984944 | 7847134 |
|  |  | 3001691873 |
| **China — 1.1%** | **China — 1.1%** | **China — 1.1%** |
| Budweiser Brewing Co. APAC Ltd. (b) | 4540800 | 4797939 |
| Wharf Holdings Ltd. (The) | 2566000 | 6445538 |
| Wilmar International Ltd. | 4833400 | 11336639 |
| Wuxi Biologics Cayman, Inc. \* (b) | 9624000 | 27952220 |
|  |  | 50532336 |
| **Hong Kong — 15.4%** | **Hong Kong — 15.4%** | **Hong Kong — 15.4%** |
| AIA Group Ltd. | 28652000 | 214687037 |
| CK Asset Holdings Ltd. | 5024500 | 20526922 |
| CK Infrastructure Holdings Ltd. | 1639000 | 11046287 |
| CLP Holdings Ltd. | 4846500 | 41324370 |
| Hang Seng Bank Ltd. | 1941200 | 27096809 |
| Henderson Land Development Co. Ltd. | 3564700 | 10109276 |
| HKT Trust & HKT Ltd. | 9564000 | 13609379 |
| Hong Kong & China Gas Co. Ltd. | 29245789 | 26314615 |
| Hong Kong Exchanges & Clearing Ltd. | 3195800 | 139623536 |
| Jardine Matheson Holdings Ltd. | 455600 | 20244625 |
| Link, REIT | 6863100 | 32132047 |
| MTR Corp. Ltd. | 4232500 | 14611981 |
| Power Assets Holdings Ltd. | 3653000 | 24158025 |
| Sino Land Co. Ltd. | 9206000 | 9461013 |
| Sun Hung Kai Properties Ltd. | 5039500 | 47806781 |
| Swire Pacific Ltd., Class A | 1083500 | 9369747 |
| Swire Pacific Ltd., Class B | 2105000 | 2897244 |
| Swire Properties Ltd. | 2821600 | 6235657 |
| Techtronic Industries Co. Ltd. | 3926500 | 39516253 |
| WH Group Ltd. (b) | 20896691 | 18685974 |
| Wharf Real Estate Investment Co. Ltd. | 4149000 | 9922542 |
|  |  | 739380120 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Macau — 0.7%** | **Macau — 0.7%** | **Macau — 0.7%** |
| Galaxy Entertainment Group Ltd. | 6035000 | 21795990 |
| Sands China Ltd. \* | 6266579 | 11223127 |
|  |  | 33019117 |
| **New Zealand — 1.3%** | **New Zealand — 1.3%** | **New Zealand — 1.3%** |
| Auckland International Airport Ltd. | 4068062 | 18171545 |
| Fisher & Paykel Healthcare Corp. Ltd. | 1459426 | 29441031 |
| Mercury NZ Ltd. | 1800134 | 5973430 |
| Meridian Energy Ltd. | 3298512 | 10737053 |
|  |  | 64323059 |
| **Singapore — 12.6%** | **Singapore — 12.6%** | **Singapore — 12.6%** |
| CapitaLand Ascendas, REIT | 10127828 | 20637058 |
| CapitaLand Integrated Commercial Trust, REIT | 12911732 | 21248854 |
| CapitaLand Investment Ltd. | 6421000 | 13532850 |
| DBS Group Holdings Ltd. | 5601600 | 181991579 |
| Genting Singapore Ltd. | 15264300 | 8655886 |
| Jardine Cycle & Carriage Ltd. | 222500 | 4419234 |
| Keppel Ltd. | 3793000 | 19070069 |
| Mapletree Pan Asia Commercial Trust, REIT | 6455000 | 6045234 |
| Oversea-Chinese Banking Corp. Ltd. | 8728500 | 108021860 |
| Singapore Airlines Ltd. | 3705500 | 19016313 |
| Singapore Exchange Ltd. | 2196500 | 24163390 |
| Singapore Technologies Engineering Ltd. | 4182700 | 23750388 |
| Singapore Telecommunications Ltd. | 20965300 | 60656733 |
| United Overseas Bank Ltd. | 3594200 | 95457798 |
|  |  | 606667246 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| CK Hutchison Holdings Ltd. | 7143500 | 40282764 |
| **United States — 4.9%** | **United States — 4.9%** | **United States — 4.9%** |
| CSL Ltd. | 1294088 | 207717896 |
| James Hardie Industries plc, CHDI \* (a) | 1172759 | 27527240 |
|  |  | 235245136 |
| Total Common Stocks <br>(Cost $4,708,752,809)<br>|  | 4771141651 |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (c) <br> (d)(Cost $11,764,588)<br>| 11764588 | 11764588 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 99.7%** <br>**(Cost $4,720,517,397)**<br>|  | **4782906239** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **15730225** |
| **NET ASSETS — 100.0%** |  | **4798636464** |

---

&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** |  |
| APAC | Asia Pacific |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| 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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $7,621,838. 

(b) 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. 

(c) 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. 

(d) The rate shown is the current yield as of April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 29.9<br> %<br>|
| Metals & Mining | 11.3 |
| Insurance | 7.6 |
| Capital Markets | 6.4 |
| Biotechnology | 4.3 |
| Broadline Retail | 3.2 |
| Hotels, Restaurants & Leisure | 2.8 |
| Real Estate Management & Development | 2.6 |
| Consumer Staples Distribution & Retail | 2.5 |
| Industrial REITs | 2.4 |
| Electric Utilities | 2.4 |
| Diversified Telecommunication Services | 2.3 |
| Transportation Infrastructure | 2.1 |
| Retail REITs | 2.1 |
| Oil, Gas & Consumable Fuels | 2.1 |
| Industrial Conglomerates | 2.0 |
| Diversified REITs | 1.2 |
| Health Care Equipment & Supplies | 1.2 |
| Commercial Services & Supplies | 1.0 |
| Others (each less than 1.0%) | 10.4 |
| Short-Term Investments | 0.2 |

---

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp; 10748813 | &nbsp;&nbsp;&nbsp;&nbsp; 100925 |
| SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 15726079 | &nbsp;&nbsp;&nbsp;&nbsp; 462759 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 563684 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| MSCI | Morgan Stanley Capital International |
| SGD | Singapore Dollar |
| SPI | Australian Securities Exchange |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Australia — 0.0% ^** | **Australia — 0.0% ^** | **Australia — 0.0% ^** |
| Yancoal Australia Ltd. (a) | 35000 | 111866 |
| **Brazil — 3.7%** | **Brazil — 3.7%** | **Brazil — 3.7%** |
| Ambev SA | 493038 | 1269268 |
| B3 SA - Brasil Bolsa Balcao | 649106 | 1524644 |
| Banco Bradesco SA | 175623 | 379707 |
| Banco Bradesco SA (Preference) | 613117 | 1482246 |
| Banco BTG Pactual SA | 130788 | 881960 |
| Banco do Brasil SA | 192258 | 977018 |
| Banco Santander Brasil SA | 43299 | 225683 |
| BB Seguridade Participacoes SA | 78233 | 586560 |
| BRF SA | 124883 | 499519 |
| Caixa Seguridade Participacoes S/A | 59915 | 172403 |
| CCR SA | 136400 | 323987 |
| Centrais Eletricas Brasileiras SA | 114574 | 886487 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 39225 | 784479 |
| Cia Energetica de Minas Gerais (Preference) | 233827 | 456105 |
| Cia Paranaense de Energia - Copel (Preference) | 122696 | 248845 |
| Cosan SA | 138161 | 189890 |
| CPFL Energia SA | 21011 | 140946 |
| Energisa SA | 55865 | 451141 |
| Engie Brasil Energia SA | 30976 | 227060 |
| Equatorial Energia SA | 137524 | 890550 |
| Gerdau SA (Preference) | 151279 | 399579 |
| Hapvida Participacoes e Investimentos SA \* (a) | 611072 | 249806 |
| Itau Unibanco Holding SA (Preference) | 596268 | 3738265 |
| Itausa SA (Preference) | 677164 | 1274347 |
| Klabin SA | 108957 | 355565 |
| Localiza Rent a Car SA | 101802 | 772060 |
| Lojas Renner SA | 132024 | 338019 |
| Natura & Co. Holding SA \* | 114248 | 191851 |
| Neoenergia SA | 65052 | 261347 |
| Petroleo Brasileiro SA | 413788 | 2337567 |
| Petroleo Brasileiro SA (Preference) | 513138 | 2716169 |
| Porto Seguro SA | 20352 | 158580 |
| PRIO SA \* | 93489 | 555318 |
| Raia Drogasil SA | 149411 | 520753 |
| Rede D'Or Sao Luiz SA (a) | 151718 | 856014 |
| Rumo SA | 134994 | 459562 |
| Suzano SA | 75557 | 667014 |
| Telefonica Brasil SA | 93280 | 454636 |
| TIM SA | 94399 | 314211 |
| Vale SA | 405310 | 3777318 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Vibra Energia SA | 122167 | 403194 |
| WEG SA | 168488 | 1336884 |
|  |  | 34736557 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| Banco de Chile | 4970946 | 729717 |
| Banco de Credito e Inversiones SA | 12733 | 504269 |
| Banco Santander Chile | 8096704 | 489535 |
| Cencosud SA | 158136 | 541098 |
| Cia Sud Americana de Vapores SA | 1827408 | 100934 |
| Empresas CMPC SA | 133055 | 208669 |
| Empresas Copec SA | 49129 | 337250 |
| Enel Chile SA | 2972552 | 210332 |
| Falabella SA | 151829 | 689419 |
| Latam Airlines Group SA | 21628034 | 341475 |
| Sociedad Quimica y Minera de Chile SA <br> (Preference), Class B<br>| 17512 | 602912 |
|  |  | 4755610 |
| **China — 28.5%** | **China — 28.5%** | **China — 28.5%** |
| 360 Security Technology, Inc., Class A | 70400 | 99216 |
| AAC Technologies Holdings, Inc. | 83500 | 399711 |
| AECC Aviation Power Co. Ltd., Class A | 26600 | 120200 |
| Agricultural Bank of China Ltd., Class H | 3148000 | 1920963 |
| Airtac International Group | 16000 | 439460 |
| Akeso, Inc. \* (a) | 58000 | 643135 |
| Alibaba Group Holding Ltd. | 1820300 | 27177136 |
| Alibaba Health Information Technology Ltd. \* <br> (b)<br>| 570000 | 368743 |
| Aluminum Corp. of China Ltd., Class A | 124500 | 109772 |
| Aluminum Corp. of China Ltd., Class H | 398000 | 213620 |
| Anhui Conch Cement Co. Ltd., Class A | 33500 | 110912 |
| Anhui Conch Cement Co. Ltd., Class H | 140500 | 395797 |
| Anhui Gujing Distillery Co. Ltd., Class A | 4500 | 101783 |
| Anhui Gujing Distillery Co. Ltd., Class B | 12515 | 191517 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<br>| 18300 | 91947 |
| Anjoy Foods Group Co. Ltd., Class A | 9100 | 95502 |
| ANTA Sports Products Ltd. | 157600 | 1862173 |
| APT Medical, Inc., Class A | 1337 | 76616 |
| ASR Microelectronics Co. Ltd., Class A \* | 3510 | 46409 |
| Asymchem Laboratories Tianjin Co. Ltd., Class A | 9200 | 103621 |
| Atour Lifestyle Holdings Ltd., ADR | 7843 | 191683 |
| Avary Holding Shenzhen Co. Ltd., Class A | 17100 | 67494 |
| AviChina Industry & Technology Co. Ltd., Class H | 240000 | 110443 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A \*<br>| 46800 | 47667 |
| Baidu, Inc., Class A \* | 255150 | 2813544 |
| Bank of Beijing Co. Ltd., Class A | 204244 | 168623 |
| Bank of Chengdu Co. Ltd., Class A | 35000 | 81805 |
| Bank of China Ltd., Class H | 8816000 | 4922622 |
| Bank of Communications Co. Ltd., Class A | 387200 | 398058 |
| Bank of Communications Co. Ltd., Class H | 890000 | 778269 |
| Bank of Hangzhou Co. Ltd., Class A | 51400 | 104032 |
| Bank of Jiangsu Co. Ltd., Class A | 158900 | 222251 |
| Bank of Nanjing Co. Ltd., Class A | 99100 | 142092 |
| Bank of Ningbo Co. Ltd., Class A | 70500 | 231994 |
| Bank of Shanghai Co. Ltd., Class A | 121800 | 174029 |
| Baoshan Iron & Steel Co. Ltd., Class A | 217800 | 204708 |
| BeiGene Ltd. \* | 78400 | 1584425 |
| Beijing Enterprises Holdings Ltd. | 53500 | 217080 |
| Beijing Enterprises Water Group Ltd. | 500000 | 157925 |
| Beijing Kingsoft Office Software, Inc., Class A | 4110 | 166818 |
| Beijing Roborock Technology Co. Ltd., Class A | 1382 | 36867 |
| Beijing Wantai Biological Pharmacy Enterprise <br> Co. Ltd., Class A<br>| 9200 | 82835 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| 406500 | 324554 |
| Bilibili, Inc., Class Z \* | 26520 | 465533 |
| BOC Aviation Ltd. (a) | 26500 | 198601 |
| BOC Hong Kong Holdings Ltd. | 400500 | 1661427 |
| BOE Technology Group Co. Ltd., Class A | 315900 | 166929 |
| Bosideng International Holdings Ltd. | 510000 | 263900 |
| BYD Co. Ltd., Class A | 16100 | 782901 |
| BYD Co. Ltd., Class H | 113000 | 5367076 |
| BYD Electronic International Co. Ltd. | 90000 | 373538 |
| C&D International Investment Group Ltd. | 96000 | 200777 |
| Cambricon Technologies Corp. Ltd., Class A \* | 3645 | 353537 |
| CGN Power Co. Ltd., Class H (a) | 1156000 | 367970 |
| Changchun High-Tech Industry Group Co. Ltd. \* | 9100 | 110100 |
| Changzhou Xingyu Automotive Lighting Systems <br> Co. Ltd., Class A<br>| 9000 | 164289 |
| China CITIC Bank Corp. Ltd., Class H | 1041000 | 823354 |
| China Coal Energy Co. Ltd., Class H | 219000 | 226273 |
| China Construction Bank Corp., Class H | 10893000 | 8947816 |
| China CSSC Holdings Ltd., Class A | 44100 | 177697 |
| China Eastern Airlines Corp. Ltd., Class A \* | 248600 | 126302 |
| China Everbright Bank Co. Ltd., Class A | 450100 | 234127 |
| China Everbright Environment Group Ltd. | 433000 | 200072 |
| China Feihe Ltd. (a) | 440000 | 332506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| China Galaxy Securities Co. Ltd., Class A | 60100 | 129234 |
| China Galaxy Securities Co. Ltd., Class H | 388500 | 352926 |
| China Gas Holdings Ltd. | 366000 | 330913 |
| China Great Wall Securities Co. Ltd., Class A | 660000 | 701842 |
| China Greatwall Technology Group Co. Ltd., <br> Class A \*<br>| 26800 | 53962 |
| China Hongqiao Group Ltd. | 303000 | 543889 |
| China International Capital Corp. Ltd., Class A | 20400 | 92078 |
| China International Capital Corp. Ltd., <br> Class H (a)<br>| 168400 | 289679 |
| China Jushi Co. Ltd., Class A | 60200 | 97078 |
| China Life Insurance Co. Ltd., Class H | 829000 | 1515077 |
| China Literature Ltd. \* (a) | 45400 | 157650 |
| China Longyuan Power Group Corp. Ltd., Class A | 43900 | 101404 |
| China Longyuan Power Group Corp. Ltd., Class H | 367000 | 289922 |
| China Medical System Holdings Ltd. | 162000 | 172909 |
| China Mengniu Dairy Co. Ltd. | 344000 | 856784 |
| China Merchants Bank Co. Ltd., Class A | 194700 | 1091843 |
| China Merchants Bank Co. Ltd., Class H | 423500 | 2310042 |
| China Merchants Energy Shipping Co. Ltd., <br> Class A<br>| 79100 | 63593 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| 59400 | 104843 |
| China Merchants Port Holdings Co. Ltd. | 180000 | 292227 |
| China Merchants Securities Co. Ltd., Class H (a) | 51200 | 77653 |
| China Merchants Securities Co. Ltd., Class A | 61800 | 139676 |
| China Merchants Shekou Industrial Zone <br> Holdings Co. Ltd., Class A<br>| 79200 | 99715 |
| China Minsheng Banking Corp. Ltd., Class A | 352000 | 192903 |
| China Minsheng Banking Corp. Ltd., Class H | 792000 | 371654 |
| China National Nuclear Power Co. Ltd., Class A | 184000 | 233735 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| 35200 | 112805 |
| China Oilfield Services Ltd., Class H | 208000 | 162658 |
| China Overseas Land & Investment Ltd. | 437000 | 775304 |
| China Pacific Insurance Group Co. Ltd., Class A | 60300 | 247637 |
| China Pacific Insurance Group Co. Ltd., Class H | 286400 | 779227 |
| China Petroleum & Chemical Corp., Class A | 337700 | 263012 |
| China Petroleum & Chemical Corp., Class H | 2636000 | 1345603 |
| China Power International Development Ltd. | 608000 | 238815 |
| China Railway Construction Heavy Industry <br> Corp. Ltd., Class A<br>| 1196710 | 644328 |
| China Railway Group Ltd., Class A | 202400 | 153702 |
| China Railway Group Ltd., Class H | 441000 | 189747 |
| China Railway Hi-tech Industry Co. Ltd., Class A | 369200 | 370698 |
| China Resources Beer Holdings Co. Ltd. | 187000 | 657343 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| China Resources Gas Group Ltd. | 108200 | 302246 |
| China Resources Land Ltd. | 347000 | 1167519 |
| China Resources Mixc Lifestyle Services Ltd. (a) | 88400 | 423497 |
| China Resources Pharmaceutical Group Ltd. (a) | 225500 | 142339 |
| China Resources Power Holdings Co. Ltd. | 220000 | 530732 |
| China Shenhua Energy Co. Ltd., Class A | 70400 | 371032 |
| China Shenhua Energy Co. Ltd., Class H | 377500 | 1418701 |
| China Southern Airlines Co. Ltd., Class A \* | 140800 | 108666 |
| China Southern Power Grid Energy <br> Efficiency&Clean Energy Co. Ltd., Class A<br>| 428900 | 253776 |
| China Suntien Green Energy Corp. Ltd., Class A | 198500 | 203964 |
| China Taiping Insurance Holdings Co. Ltd. | 211200 | 292463 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| 281600 | 165050 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| 26400 | 230250 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class H (a)<br>| 12100 | 81897 |
| China Tower Corp. Ltd., Class H (a) | 498000 | 721342 |
| China Vanke Co. Ltd., Class A \* | 96800 | 90725 |
| China Vanke Co. Ltd., Class H \* | 27300 | 18715 |
| China Yangtze Power Co. Ltd., Class A | 205300 | 832963 |
| Chongqing Changan Automobile Co. Ltd., <br> Class A<br>| 88000 | 148499 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| 258000 | 198078 |
| Chow Tai Fook Jewellery Group Ltd. | 199000 | 266026 |
| CITIC Ltd. | 718000 | 872853 |
| CITIC Securities Co. Ltd., Class A | 102800 | 354019 |
| CITIC Securities Co. Ltd., Class H | 177500 | 438697 |
| CMOC Group Ltd., Class A | 169100 | 164659 |
| CMOC Group Ltd., Class H | 384000 | 301469 |
| COSCO SHIPPING Energy Transportation Co. <br> Ltd., Class H<br>| 180000 | 142968 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 107700 | 212673 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 344500 | 519863 |
| Country Garden Services Holdings Co. Ltd. | 267000 | 238372 |
| CSPC Pharmaceutical Group Ltd. | 934000 | 735655 |
| Daqin Railway Co. Ltd., Class A | 165400 | 147493 |
| Eastroc Beverage Group Co. Ltd., Class A | 4850 | 190799 |
| Ecovacs Robotics Co. Ltd., Class A | 4900 | 34701 |
| ENN Energy Holdings Ltd. | 90600 | 715231 |
| ENN Natural Gas Co. Ltd., Class A | 28800 | 78304 |
| Everdisplay Optronics Shanghai Co. Ltd., <br> Class A \*<br>| 1121857 | 336541 |
| Flat Glass Group Co. Ltd., Class A | 17900 | 37015 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Flat Glass Group Co. Ltd., Class H | 70000 | 79108 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| 186000 | 184473 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| 43460 | 250715 |
| Fosun International Ltd. | 254000 | 131673 |
| Foxconn Industrial Internet Co. Ltd., Class A | 95100 | 239518 |
| Full Truck Alliance Co. Ltd., ADR | 81124 | 921569 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 17500 | 139892 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 66000 | 466753 |
| Ganfeng Lithium Group Co. Ltd. (a) | 53200 | 129705 |
| Ganfeng Lithium Group Co. Ltd., Class A | 17900 | 73654 |
| GCL Technology Holdings Ltd. \* | 2444000 | 248396 |
| GD Power Development Co. Ltd., Class A | 174300 | 107208 |
| Geely Automobile Holdings Ltd. | 650000 | 1364547 |
| Genscript Biotech Corp. \* | 138000 | 193828 |
| GF Securities Co. Ltd., Class A | 85300 | 183117 |
| GF Securities Co. Ltd., Class H | 108000 | 140684 |
| Giant Biogene Holding Co. Ltd. (a) | 47600 | 491794 |
| GigaDevice Semiconductor, Inc., Class A \* | 9000 | 159523 |
| GoerTek, Inc., Class A | 28700 | 83874 |
| Great Wall Motor Co. Ltd., Class H | 267000 | 381541 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 61700 | 386828 |
| Guangdong Electric Power Development Co. <br> Ltd., Class A<br>| 229200 | 135233 |
| Guangdong Haid Group Co. Ltd., Class A | 17000 | 129695 |
| Guangdong Investment Ltd. | 358000 | 289700 |
| Guangzhou Automobile Group Co. Ltd., Class H | 322000 | 113805 |
| Guangzhou Baiyun International Airport Co. <br> Ltd., Class A<br>| 157500 | 195523 |
| Guosen Securities Co. Ltd., Class A | 79900 | 119461 |
| Guotai Haitong Securities Co. Ltd., Class H (a) | 263456 | 375486 |
| Guotai Haitong Securities Co. Ltd., Class A | 112706 | 267617 |
| H World Group Ltd. | 221700 | 777759 |
| Haidilao International Holding Ltd. (a) | 185000 | 416538 |
| Haier Smart Home Co. Ltd., Class A | 61600 | 210377 |
| Haier Smart Home Co. Ltd., Class H | 267800 | 777164 |
| Hainan Airlines Holding Co. Ltd., Class A \* | 448600 | 82127 |
| Haitian International Holdings Ltd. | 118000 | 273341 |
| Hangzhou First Applied Material Co. Ltd., <br> Class A<br>| 32700 | 55235 |
| Hansoh Pharmaceutical Group Co. Ltd. (a) | 146000 | 452450 |
| Henan Shuanghui Investment & Development <br> Co. Ltd., Class A<br>| 28700 | 98625 |
| Hengan International Group Co. Ltd. | 77000 | 207597 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Hengli Petrochemical Co. Ltd., Class A | 68200 | 143429 |
| Hisense Home Appliances Group Co. Ltd. | 48000 | 145565 |
| Hua Hong Semiconductor Ltd. (a) | 76000 | 347535 |
| Huadian Power International Corp. Ltd., Class H | 194000 | 108643 |
| Huadong Medicine Co. Ltd., Class A | 17500 | 93458 |
| Hualan Biological Engineering, Inc., Class A | 97000 | 218544 |
| Huaneng Power International, Inc., Class A | 114400 | 112670 |
| Huaneng Power International, Inc., Class H | 530000 | 328310 |
| Huatai Securities Co. Ltd., Class A | 61800 | 136601 |
| Huatai Securities Co. Ltd., Class H (a) | 150200 | 222597 |
| Huaxia Bank Co. Ltd., Class A | 156200 | 156334 |
| Huayu Automotive Systems Co. Ltd., Class A | 84300 | 206755 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | 9000 | 129265 |
| Hundsun Technologies, Inc., Class A | 26400 | 94578 |
| IEIT Systems Co. Ltd., Class A | 15900 | 111821 |
| Iflytek Co. Ltd., Class A | 26500 | 171827 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 8103000 | 5550652 |
| Industrial Bank Co. Ltd., Class A | 211200 | 606879 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A \*<br>| 381000 | 90625 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| 67700 | 50409 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| 70400 | 288223 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 116300 | 231296 |
| Innovent Biologics, Inc. \* (a) | 144500 | 1000796 |
| JA Solar Technology Co. Ltd., Class A | 35200 | 46260 |
| JCET Group Co. Ltd., Class A | 15700 | 72263 |
| JD Health International, Inc. \* (a) | 121950 | 578678 |
| JD Logistics, Inc. \* (a) | 273000 | 428177 |
| JD.com, Inc., Class A | 271350 | 4417965 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A | 62300 | 75449 |
| Jiangsu Expressway Co. Ltd., Class H | 158000 | 196612 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 11700 | 120378 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| 53900 | 378458 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | 11300 | 73672 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | 19700 | 185937 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| 29400 | 139400 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 34000 | 65251 |
| Jiangxi Copper Co. Ltd., Class H | 158000 | 265487 |
| Jinko Solar Co. Ltd., Class A | 86720 | 65406 |
| Jointown Pharmaceutical Group Co. Ltd., Class A | 279091 | 207735 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| KE Holdings, Inc., Class A | 247600 | 1681468 |
| Kingboard Holdings Ltd. | 88000 | 236406 |
| Kingdee International Software Group Co. Ltd. \* | 354000 | 602078 |
| Kingsoft Corp. Ltd. | 118800 | 591910 |
| Kuaishou Technology \* (a) | 321900 | 2124634 |
| Kuang-Chi Technologies Co. Ltd., Class A | 17900 | 103982 |
| Kunlun Energy Co. Ltd. | 412000 | 392708 |
| Kweichow Moutai Co. Ltd., Class A | 10600 | 2256424 |
| Lenovo Group Ltd. | 872000 | 1008535 |
| Li Auto, Inc., Class A \* | 133300 | 1624217 |
| Li Ning Co. Ltd. | 14000 | 26395 |
| Liaoning Cheng Da Co. Ltd., Class A | 79800 | 109724 |
| Liaoning Port Co. Ltd., Class A | 165900 | 33293 |
| Lingyi iTech Guangdong Co., Class A | 60400 | 66481 |
| Longfor Group Holdings Ltd. (a) | 235500 | 314998 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<br>| 79200 | 160225 |
| Luxshare Precision Industry Co. Ltd., Class A | 61200 | 260281 |
| Luzhou Laojiao Co. Ltd., Class A | 15700 | 267309 |
| Meituan \* (a) | 598900 | 9916250 |
| MINISO Group Holding Ltd. | 50400 | 226595 |
| Montage Technology Co. Ltd., Class A | 11827 | 125093 |
| Muyuan Foods Co. Ltd., Class A | 45900 | 250543 |
| NARI Technology Co. Ltd., Class A | 85880 | 261808 |
| NAURA Technology Group Co. Ltd., Class A | 4600 | 285818 |
| NetEase, Inc. | 198500 | 4267026 |
| New China Life Insurance Co. Ltd., Class A | 19500 | 129178 |
| New China Life Insurance Co. Ltd., Class H | 106200 | 387833 |
| New Oriental Education & Technology Group, <br> Inc.<br>| 168000 | 823064 |
| Ningbo Deye Technology Co. Ltd., Class A | 6616 | 78598 |
| Ningbo Tuopu Group Co. Ltd., Class A | 16630 | 120149 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | 69900 | 154095 |
| NIO, Inc., Class A \* | 156680 | 627573 |
| Nongfu Spring Co. Ltd., Class H (a) | 200600 | 922197 |
| Oppein Home Group, Inc., Class A | 4400 | 40046 |
| Oriental Pearl Group Co. Ltd., Class A | 95500 | 96916 |
| Pangang Group Vanadium Titanium & Resources <br> Co. Ltd., Class A \*<br>| 957000 | 335673 |
| PDD Holdings, Inc., ADR \* | 74730 | 7889246 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| 928000 | 549206 |
| PetroChina Co. Ltd., Class H | 2362000 | 1804895 |
| PICC Property & Casualty Co. Ltd., Class H | 732000 | 1347934 |
| Ping An Bank Co. Ltd., Class A | 193600 | 290812 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| 96300 | 672331 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| 708000 | 4237406 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| 123200 | 141782 |
| Pop Mart International Group Ltd. (a) | 71800 | 1790783 |
| Postal Savings Bank of China Co. Ltd., Class A | 386100 | 271929 |
| Postal Savings Bank of China Co. Ltd., <br> Class H (a)<br>| 974000 | 598798 |
| Power Construction Corp. of China Ltd., Class A | 176000 | 114335 |
| Qinghai Salt Lake Industry Co. Ltd., Class A \* | 61600 | 135365 |
| Rockchip Electronics Co. Ltd. | 3600 | 84690 |
| Rongsheng Petrochemical Co. Ltd., Class A | 107000 | 122590 |
| SAIC Motor Corp. Ltd., Class A | 66400 | 148564 |
| Sanan Optoelectronics Co. Ltd., Class A | 104100 | 176021 |
| Sany Heavy Industry Co. Ltd., Class A | 88000 | 229070 |
| SDIC Power Holdings Co. Ltd., Class A | 62900 | 130185 |
| Seres Group Co. Ltd., Class A | 12700 | 228085 |
| SF Holding Co. Ltd., Class A | 52900 | 316672 |
| Shaanxi Beiyuan Chemical Industry Group Co. <br> Ltd., Class A<br>| 967100 | 560028 |
| Shaanxi Coal Industry Co. Ltd., Class A | 96800 | 255376 |
| Shandong Gold Mining Co. Ltd., Class A | 35300 | 147646 |
| Shandong Gold Mining Co. Ltd., Class H (a) | 83000 | 244516 |
| Shandong Hi-Speed Holdings Group Ltd. \* | 213000 | 174194 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 213200 | 107131 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| 30800 | 22671 |
| Shanghai Baosight Software Co. Ltd., Class A | 20120 | 74453 |
| Shanghai Baosight Software Co. Ltd., Class B | 88264 | 129588 |
| Shanghai Electric Group Co. Ltd., Class H \* | 308000 | 101207 |
| Shanghai Electric Group Co. Ltd., Class A \* | 105500 | 106143 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| 123700 | 397825 |
| Shanghai Fudan Microelectronics Group Co. Ltd., <br> Class H<br>| 35000 | 125952 |
| Shanghai International Airport Co. Ltd., Class A | 26700 | 117806 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class H<br>| 78100 | 106804 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| 290400 | 437704 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| 81200 | 93865 |
| Shanjin International Gold Co. Ltd., Class A | 23300 | 65445 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| 10800 | 303300 |
| Shengyi Technology Co. Ltd., Class A | 19800 | 66385 |
| Shennan Circuits Co. Ltd., Class A | 4500 | 67834 |
| Shenwan Hongyuan Group Co. Ltd., Class A | 332200 | 215729 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 12418 | 128252 |
| Shenzhou International Group Holdings Ltd. | 96900 | 671682 |
| Shijiazhuang Changshan BeiMing Technology <br> Co. Ltd., Class A \*<br>| 13500 | 41899 |
| Sichuan Changhong Electric Co. Ltd., Class A | 38800 | 56076 |
| Sichuan Chuantou Energy Co. Ltd., Class A | 42900 | 100242 |
| Silergy Corp. | 39000 | 491646 |
| Sinopec Oilfield Service Corp., Class A \* | 453600 | 114853 |
| Sinopharm Group Co. Ltd., Class H | 168800 | 397819 |
| Sinotrans Ltd., Class H | 206000 | 89528 |
| Sinotruk Hong Kong Ltd. | 83500 | 200642 |
| Smoore International Holdings Ltd. (a) | 263000 | 455205 |
| StarPower Semiconductor Ltd., Class A | 11040 | 125231 |
| State Grid Yingda Co. Ltd., Class A | 440000 | 293674 |
| Sunny Optical Technology Group Co. Ltd. | 79000 | 664727 |
| Suzhou Dongshan Precision Manufacturing Co. <br> Ltd., Class A<br>| 15300 | 54401 |
| TAL Education Group, ADR \* | 52112 | 455980 |
| TCL Technology Group Corp., Class A | 183400 | 104578 |
| TCL Zhonghuan Renewable Energy Technology <br> Co. Ltd., Class A<br>| 46400 | 48911 |
| Tencent Holdings Ltd. | 679700 | 41632274 |
| Tencent Music Entertainment Group, Class A | 146900 | 991888 |
| Tianqi Lithium Corp., Class A | 17900 | 70748 |
| Tingyi Cayman Islands Holding Corp. | 216000 | 390168 |
| Tongcheng Travel Holdings Ltd. (a) | 140400 | 368272 |
| Tonghua Dongbao Pharmaceutical Co. Ltd., <br> Class A<br>| 99100 | 98577 |
| Tongwei Co. Ltd., Class A | 52800 | 118508 |
| Trina Solar Co. Ltd., Class A | 18411 | 33203 |
| Trip.com Group Ltd. | 61800 | 3722882 |
| Tsingtao Brewery Co. Ltd. | 80000 | 565318 |
| UBTech Robotics Corp. Ltd. \* | 11300 | 126580 |
| Unigroup Guoxin Microelectronics Co. Ltd., <br> Class A<br>| 9200 | 81124 |
| Uni-President China Holdings Ltd. | 159000 | 190662 |
| Unisplendour Corp. Ltd., Class A | 35200 | 122135 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A \*<br>| 4194 | 55545 |
| Vipshop Holdings Ltd., ADR | 39173 | 533536 |
| Wanhua Chemical Group Co. Ltd., Class A | 34500 | 258609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Want Want China Holdings Ltd. | 543000 | 355347 |
| Weichai Power Co. Ltd., Class A | 59800 | 125316 |
| Weichai Power Co. Ltd., Class H | 248000 | 483824 |
| Will Semiconductor Co. Ltd., Class A | 16000 | 290379 |
| Wuliangye Yibin Co. Ltd., Class A | 34500 | 610928 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 18500 | 71518 |
| WuXi AppTec Co. Ltd., Class A | 26700 | 217719 |
| WuXi AppTec Co. Ltd., Class H (a) | 39100 | 302188 |
| XCMG Construction Machinery Co. Ltd., Class A | 114700 | 139125 |
| Xiamen Faratronic Co. Ltd., Class A | 9100 | 130315 |
| Xiamen Tungsten Co. Ltd., Class A | 156200 | 394236 |
| Xiaomi Corp., Class B \* (a) | 1859400 | 11904259 |
| Xinjiang Daqo New Energy Co. Ltd., Class A | 18420 | 45136 |
| Xinyi Glass Holdings Ltd. | 184000 | 172276 |
| Xinyi Solar Holdings Ltd. | 76000 | 25275 |
| XPeng, Inc., Class A \* | 142100 | 1322811 |
| XtalPi Holdings Ltd. \* | 189000 | 125189 |
| Yadea Group Holdings Ltd. (a) | 176000 | 317655 |
| Yangzijiang Shipbuilding Holdings Ltd. \* | 299500 | 513033 |
| Yankuang Energy Group Co. Ltd., Class A | 41400 | 69502 |
| Yankuang Energy Group Co. Ltd., Class H | 359000 | 374948 |
| Yongan Futures Co. Ltd., Class A | 299901 | 490860 |
| Yonghui Superstores Co. Ltd., Class A \* | 76700 | 53968 |
| Yonyou Network Technology Co. Ltd., Class A \* | 28700 | 58248 |
| Yuexiu Property Co. Ltd. | 190000 | 114671 |
| Yum China Holdings, Inc. | 42013 | 1819583 |
| Yunnan Aluminium Co. Ltd., Class A | 29100 | 60921 |
| Yutong Bus Co. Ltd., Class A | 18200 | 67201 |
| ZEEKR Intelligent Technology Holding Ltd., <br> ADR \* (b)<br>| 5092 | 109478 |
| Zhangzhou Pientzehuang Pharmaceutical Co. <br> Ltd., Class A<br>| 6200 | 174981 |
| Zhaojin Mining Industry Co. Ltd., Class H | 172500 | 410955 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| 53200 | 112087 |
| Zhejiang Dahua Technology Co. Ltd., Class A | 27700 | 60042 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 14400 | 67119 |
| Zhejiang Juhua Co. Ltd., Class A | 24300 | 85178 |
| Zhejiang Leapmotor Technology Co. Ltd. \* (a) | 73100 | 523125 |
| Zhejiang Provincial New Energy Investment <br> Group Co. Ltd., Class A<br>| 390200 | 403323 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| 35100 | 129632 |
| Zhejiang Supor Co. Ltd., Class A | 8900 | 68858 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Zhejiang Zheneng Electric Power Co. Ltd., <br> Class A<br>| 131000 | 94656 |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H \* (a)<br>| 81200 | 117253 |
| Zhongsheng Group Holdings Ltd. | 8500 | 12790 |
| Zhongtai Securities Co. Ltd., Class A | 766200 | 643702 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 63500 | 254879 |
| Zijin Mining Group Co. Ltd., Class A | 177700 | 428091 |
| Zijin Mining Group Co. Ltd., Class H | 624000 | 1363243 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| 180400 | 129993 |
| ZTE Corp., Class A | 43200 | 190572 |
| ZTE Corp., Class H | 90600 | 267463 |
| ZTO Express Cayman, Inc. | 48750 | 907914 |
|  |  | 265815715 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Bancolombia SA | 33792 | 400651 |
| Bancolombia SA (Preference) | 51386 | 527776 |
| Ecopetrol SA | 528974 | 215942 |
| Grupo de Inversiones Suramericana SA <br> (Preference)<br>| 12586 | 112231 |
| Grupo Energia Bogota SA ESP | 324136 | 224755 |
| Interconexion Electrica SA ESP | 52456 | 270624 |
|  |  | 1751979 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| CEZ A/S | 17782 | 902607 |
| Komercni Banka A/S | 8446 | 410491 |
|  |  | 1313098 |
| **Egypt — 0.0% ^** | **Egypt — 0.0% ^** | **Egypt — 0.0% ^** |
| Commercial International Bank - Egypt (CIB) | 233401 | 371798 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| Eurobank Ergasias Services and Holdings SA | 274724 | 779674 |
| Hellenic Telecommunications Organization SA | 22138 | 420113 |
| JUMBO SA | 13046 | 410861 |
| Metlen Energy & Metals SA | 11416 | 540288 |
| Motor Oil Hellas Corinth Refineries SA | 7460 | 180757 |
| National Bank of Greece SA | 84502 | 896859 |
| OPAP SA | 16811 | 373527 |
| Piraeus Financial Holdings SA | 76909 | 431923 |
| Public Power Corp. SA | 23675 | 354884 |
|  |  | 4388886 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| J&T Global Express Ltd. \* | 632600 | 491455 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Kingboard Laminates Holdings Ltd. | 89500 | 93443 |
| Orient Overseas International Ltd. | 18000 | 251433 |
| Sino Biopharmaceutical Ltd. | 1146000 | 575521 |
|  |  | 1411852 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| MOL Hungarian Oil & Gas plc | 42001 | 355652 |
| OTP Bank Nyrt. | 25229 | 1863617 |
| Richter Gedeon Nyrt. | 15293 | 463816 |
|  |  | 2683085 |
| **India — 20.5%** | **India — 20.5%** | **India — 20.5%** |
| ABB India Ltd. | 5927 | 387211 |
| ACC Ltd. | 9487 | 211270 |
| Adani Energy Solutions Ltd. \* | 36823 | 390362 |
| Adani Enterprises Ltd. | 45785 | 1246908 |
| Adani Green Energy Ltd. \* | 44099 | 468770 |
| Adani Ports & Special Economic Zone Ltd. | 101496 | 1460191 |
| Adani Power Ltd. \* | 119951 | 753708 |
| Adani Total Gas Ltd. | 33792 | 239539 |
| Aditya Birla Capital Ltd. \* | 91370 | 212329 |
| Alkem Laboratories Ltd. | 7142 | 432674 |
| Ambuja Cements Ltd. | 81840 | 521764 |
| Apollo Hospitals Enterprise Ltd. | 12045 | 995567 |
| Ashok Leyland Ltd. | 163844 | 437413 |
| Asian Paints Ltd. | 82381 | 2365946 |
| Astral Ltd. | 13713 | 218245 |
| AU Small Finance Bank Ltd. (a) | 60656 | 486985 |
| Aurobindo Pharma Ltd. \* | 36446 | 531244 |
| Avenue Supermarts Ltd. \* (a) | 17909 | 888082 |
| Axis Bank Ltd. | 255204 | 3579775 |
| Bajaj Auto Ltd. | 7426 | 705522 |
| Bajaj Finance Ltd. | 31159 | 3179357 |
| Bajaj Finserv Ltd. | 42419 | 979785 |
| Bajaj Holdings & Investment Ltd. | 2975 | 422955 |
| Balkrishna Industries Ltd. | 9525 | 301175 |
| Bandhan Bank Ltd. (a) | 93016 | 182244 |
| Bank of Baroda | 115705 | 342378 |
| Bank of India | 103483 | 141258 |
| Berger Paints India Ltd. | 31299 | 201227 |
| Bharat Electronics Ltd. | 399882 | 1487371 |
| Bharat Forge Ltd. | 30698 | 402123 |
| Bharat Heavy Electricals Ltd. | 145632 | 390480 |
| Bharat Petroleum Corp. Ltd. | 223527 | 819176 |
| Bharti Airtel Ltd. | 296244 | 6534625 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Bharti Hexacom Ltd. | 8339 | 166605 |
| Biocon Ltd. | 51774 | 197295 |
| Bosch Ltd. | 982 | 341972 |
| Britannia Industries Ltd. | 15130 | 974055 |
| Canara Bank | 209703 | 241739 |
| CG Power & Industrial Solutions Ltd. | 72888 | 540181 |
| Cholamandalam Investment and Finance Co. <br> Ltd.<br>| 48324 | 854724 |
| Cipla Ltd. | 60062 | 1102181 |
| Coal India Ltd. | 254400 | 1159118 |
| Colgate-Palmolive India Ltd. | 14910 | 456901 |
| Container Corp. of India Ltd. | 31308 | 250061 |
| CRISIL Ltd. | 2273 | 119798 |
| Cummins India Ltd. | 15424 | 529579 |
| Dabur India Ltd. | 77542 | 447801 |
| Divi's Laboratories Ltd. | 15146 | 1093295 |
| Dixon Technologies India Ltd. (a) | 3753 | 731630 |
| DLF Ltd. | 92489 | 737729 |
| Dr Reddy's Laboratories Ltd. | 70315 | 987023 |
| Eicher Motors Ltd. | 17072 | 1124216 |
| Eternal Ltd. \* | 838668 | 2295423 |
| FSN E-Commerce Ventures Ltd. \* | 138621 | 318326 |
| GAIL India Ltd. | 319971 | 715308 |
| GE Vernova T&D India Ltd. | 7115 | 131711 |
| GMR Airports Ltd. \* | 317755 | 327573 |
| Godrej Consumer Products Ltd. | 46376 | 691668 |
| Godrej Properties Ltd. \* | 17386 | 444160 |
| Grasim Industries Ltd. | 43396 | 1408228 |
| Havells India Ltd. | 24751 | 468681 |
| HCL Technologies Ltd. | 119357 | 2213824 |
| HDFC Asset Management Co. Ltd. (a) | 11345 | 587929 |
| HDFC Bank Ltd. | 633318 | 14385157 |
| HDFC Life Insurance Co. Ltd. (a) | 109697 | 964443 |
| Hero MotoCorp Ltd. | 14801 | 670601 |
| Hindalco Industries Ltd. | 173094 | 1279331 |
| Hindustan Aeronautics Ltd. (a) | 21247 | 1126697 |
| Hindustan Petroleum Corp. Ltd. | 107357 | 480466 |
| Hindustan Unilever Ltd. | 99811 | 2771047 |
| Hitachi Energy India Ltd. | 1186 | 203468 |
| Hyundai Motor India Ltd. \* | 13545 | 273774 |
| ICICI Bank Ltd. | 589297 | 9905660 |
| ICICI Lombard General Insurance Co. Ltd. (a) | 25464 | 565758 |
| ICICI Prudential Life Insurance Co. Ltd. (a) | 43740 | 317693 |
| IDFC First Bank Ltd. \* | 713781 | 549283 |
| Indian Bank | 31145 | 208160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Indian Hotels Co. Ltd. (The) | 101442 | 943874 |
| Indian Oil Corp. Ltd. | 431275 | 703139 |
| Indian Railway Catering & Tourism Corp. Ltd. | 33651 | 299570 |
| Indian Railway Finance Corp. Ltd. (a) | 202650 | 298330 |
| Indian Renewable Energy Development Agency <br> Ltd. \*<br>| 65052 | 129072 |
| Indraprastha Gas Ltd. | 85888 | 195276 |
| Indus Towers Ltd. \* | 81303 | 391810 |
| IndusInd Bank Ltd. | 64363 | 639229 |
| Info Edge India Ltd. | 9010 | 753680 |
| Infosys Ltd. | 458391 | 8103406 |
| InterGlobe Aviation Ltd. \* (a) | 18523 | 1154193 |
| ITC Ltd. | 334887 | 1686155 |
| Jindal Stainless Ltd. | 36107 | 249646 |
| Jindal Steel & Power Ltd. | 52734 | 560268 |
| Jio Financial Services Ltd. \* | 348267 | 1075628 |
| JSW Energy Ltd. | 69270 | 393070 |
| JSW Infrastructure Ltd. | 28459 | 98931 |
| JSW Steel Ltd. | 143719 | 1755844 |
| Jubilant Foodworks Ltd. | 43474 | 367610 |
| Kalyan Jewellers India Ltd. | 38550 | 235449 |
| Kotak Mahindra Bank Ltd. | 121380 | 3172367 |
| Larsen & Toubro Ltd. | 74801 | 2960819 |
| Linde India Ltd. | 2463 | 184514 |
| LTIMindtree Ltd. (a) | 10329 | 560550 |
| Lupin Ltd. | 27301 | 678897 |
| Macrotech Developers Ltd. (a) | 30869 | 485694 |
| Mahindra & Mahindra Ltd. | 108885 | 3772562 |
| Mankind Pharma Ltd. \* | 12817 | 373622 |
| Marico Ltd. | 73455 | 617564 |
| Maruti Suzuki India Ltd. | 14599 | 2116179 |
| Max Healthcare Institute Ltd. | 74691 | 969060 |
| Mazagon Dock Shipbuilders Ltd. | 6826 | 248257 |
| Motilal Oswal Financial Services Ltd. | 19551 | 151464 |
| Mphasis Ltd. | 9312 | 271964 |
| MRF Ltd. | 343 | 545851 |
| Muthoot Finance Ltd. | 11946 | 307534 |
| Nestle India Ltd. | 40125 | 1134114 |
| NHPC Ltd. | 336244 | 340794 |
| NMDC Ltd. | 385553 | 295783 |
| NTPC Ltd. | 530456 | 2222342 |
| Oberoi Realty Ltd. | 13357 | 259295 |
| Oil & Natural Gas Corp. Ltd. | 468654 | 1356089 |
| Oil India Ltd. | 70995 | 345015 |
| Oracle Financial Services Software Ltd. | 2616 | 270321 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Page Industries Ltd. | 706 | 380626 |
| Patanjali Foods Ltd. | 11434 | 257599 |
| PB Fintech Ltd. \* | 30542 | 586846 |
| Persistent Systems Ltd. | 11624 | 731554 |
| Petronet LNG Ltd. | 83903 | 311500 |
| Phoenix Mills Ltd. (The) | 23254 | 457718 |
| PI Industries Ltd. | 9146 | 393975 |
| Pidilite Industries Ltd. | 28628 | 1029178 |
| Polycab India Ltd. | 6787 | 442885 |
| Power Finance Corp. Ltd. | 147674 | 714354 |
| Power Grid Corp. of India Ltd. | 506709 | 1840337 |
| Premier Energies Ltd. (a) | 10219 | 118656 |
| Prestige Estates Projects Ltd. | 19708 | 320678 |
| Procter & Gamble Hygiene & Health Care Ltd. | 1164 | 196415 |
| Punjab National Bank | 257145 | 304900 |
| Rail Vikas Nigam Ltd. (a) | 64440 | 267479 |
| REC Ltd. | 129616 | 646994 |
| Reliance Industries Ltd. | 917222 | 15229851 |
| Samvardhana Motherson International Ltd. | 358158 | 565477 |
| SBI Cards & Payment Services Ltd. | 34848 | 360510 |
| SBI Life Insurance Co. Ltd. (a) | 45809 | 958054 |
| Schaeffler India Ltd. | 4593 | 188733 |
| Shree Cement Ltd. | 1901 | 668320 |
| Shriram Finance Ltd. | 148093 | 1073187 |
| Siemens Energy India Ltd. ‡ \* | 9959 | 292126 |
| Siemens Ltd. | 9959 | 341550 |
| Solar Industries India Ltd. | 2864 | 446071 |
| Sona Blw Precision Forgings Ltd. (a) | 44340 | 252410 |
| SRF Ltd. | 16024 | 571059 |
| Star Health & Allied Insurance Co. Ltd. \* | 27096 | 125452 |
| State Bank of India | 198243 | 1851512 |
| Steel Authority of India Ltd. | 164008 | 221434 |
| Sun Pharmaceutical Industries Ltd. | 128045 | 2777111 |
| Sundaram Finance Ltd. | 11639 | 726173 |
| Supreme Industries Ltd. | 6970 | 291949 |
| Suzlon Energy Ltd. \* | 1368534 | 912538 |
| Tata Communications Ltd. | 13532 | 254756 |
| Tata Consultancy Services Ltd. | 112118 | 4576646 |
| Tata Consumer Products Ltd. | 73566 | 1015096 |
| Tata Elxsi Ltd. | 4224 | 288580 |
| Tata Motors Ltd. | 234525 | 1787245 |
| Tata Power Co. Ltd. (The) | 195177 | 886884 |
| Tata Steel Ltd. | 933365 | 1553568 |
| Tech Mahindra Ltd. | 71098 | 1264588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Thermax Ltd. | 3893 | 151642 |
| Titan Co. Ltd. | 45203 | 1805950 |
| Torrent Pharmaceuticals Ltd. | 10905 | 428863 |
| Torrent Power Ltd. | 19254 | 350524 |
| Tube Investments of India Ltd. | 14148 | 485135 |
| TVS Motor Co. Ltd. | 26223 | 828689 |
| UltraTech Cement Ltd. | 13657 | 1881970 |
| Union Bank of India Ltd. | 173695 | 258665 |
| United Spirits Ltd. | 36520 | 675324 |
| UNO Minda Ltd. | 26839 | 284332 |
| UPL Ltd. | 63012 | 499729 |
| Varun Beverages Ltd. | 159640 | 985599 |
| Vedanta Ltd. | 190153 | 944211 |
| Vodafone Idea Ltd. \* | 3441341 | 289446 |
| Voltas Ltd. | 27119 | 397478 |
| Wipro Ltd. | 318941 | 910925 |
| Yes Bank Ltd. \* | 2336923 | 490498 |
| Zydus Lifesciences Ltd. | 28309 | 298044 |
|  |  | 191402360 |
| **Indonesia — 1.4%** | **Indonesia — 1.4%** | **Indonesia — 1.4%** |
| Alamtri Resources Indonesia Tbk. PT | 1724800 | 197576 |
| Amman Mineral Internasional PT \* | 1150400 | 494016 |
| Aneka Tambang Tbk. | 968600 | 126601 |
| Astra International Tbk. PT | 2103900 | 608082 |
| Bank Central Asia Tbk. PT | 6348100 | 3375225 |
| Bank Mandiri Persero Tbk. PT | 4113800 | 1214836 |
| Bank Negara Indonesia Persero Tbk. PT | 1830400 | 461259 |
| Bank Rakyat Indonesia Persero Tbk. PT | 7240000 | 1676855 |
| Barito Pacific Tbk. PT | 3355779 | 150539 |
| Chandra Asri Pacific Tbk. PT | 1035600 | 491968 |
| Charoen Pokphand Indonesia Tbk. PT | 880000 | 250935 |
| Dian Swastatika Sentosa Tbk. PT \* | 175800 | 481861 |
| GoTo Gojek Tokopedia Tbk. PT \* | 94722900 | 483278 |
| Indofood CBP Sukses Makmur Tbk. PT | 257500 | 176062 |
| Indofood Sukses Makmur Tbk. PT | 545600 | 263182 |
| Indosat Tbk. PT | 608900 | 64095 |
| Kalbe Farma Tbk. PT | 2332600 | 192265 |
| Merdeka Battery Materials Tbk. PT \* | 3440600 | 64411 |
| Merdeka Copper Gold Tbk. PT \* | 1689600 | 170070 |
| Mitra Keluarga Karyasehat Tbk. PT (a) | 668800 | 101111 |
| Pantai Indah Kapuk Dua Tbk. PT | 211300 | 145090 |
| Petrindo Jaya Kreasi Tbk. PT | 193500 | 83070 |
| Sarana Menara Nusantara Tbk. PT | 2659000 | 91260 |
| Sumber Alfaria Trijaya Tbk. PT | 2102400 | 272166 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| Telkom Indonesia Persero Tbk. PT | 5430900 | 856012 |
| Unilever Indonesia Tbk. PT | 695200 | 71714 |
| United Tractors Tbk. PT | 200900 | 274554 |
|  |  | 12838093 |
| **Kuwait — 0.8%** | **Kuwait — 0.8%** | **Kuwait — 0.8%** |
| Boubyan Bank KSCP | 204401 | 452816 |
| Gulf Bank KSCP | 476700 | 523198 |
| Kuwait Finance House KSCP | 1299581 | 3068869 |
| Mabanee Co. KPSC | 86211 | 223052 |
| Mobile Telecommunications Co. KSCP | 282156 | 435843 |
| National Bank of Kuwait SAKP | 992134 | 3085450 |
|  |  | 7789228 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| Reinet Investments SCA | 14886 | 390939 |
| **Malaysia — 1.7%** | **Malaysia — 1.7%** | **Malaysia — 1.7%** |
| 99 Speed Mart Retail Holdings Bhd. \* | 214300 | 111607 |
| AMMB Holdings Bhd. | 264000 | 315854 |
| Axiata Group Bhd. | 502000 | 244321 |
| CELCOMDIGI Bhd. | 457700 | 405555 |
| CIMB Group Holdings Bhd. | 930600 | 1537262 |
| Dialog Group Bhd. | 670900 | 227180 |
| Gamuda Bhd. | 578800 | 570273 |
| Genting Bhd. | 248900 | 184782 |
| Genting Malaysia Bhd. | 318100 | 126513 |
| Hong Leong Bank Bhd. | 86000 | 398620 |
| IHH Healthcare Bhd. | 248400 | 398361 |
| IOI Corp. Bhd. | 378400 | 320778 |
| KLCCP Stapled Group, REIT | 106000 | 213474 |
| Kuala Lumpur Kepong Bhd. | 69100 | 314397 |
| Malayan Banking Bhd. | 731300 | 1694648 |
| Maxis Bhd. | 426100 | 366369 |
| MISC Bhd. | 248100 | 431414 |
| MR DIY Group M Bhd. (a) | 397700 | 155051 |
| Nestle Malaysia Bhd. | 7800 | 157191 |
| Petronas Chemicals Group Bhd. | 341600 | 291478 |
| Petronas Dagangan Bhd. | 44200 | 202159 |
| Petronas Gas Bhd. | 111900 | 453824 |
| PPB Group Bhd. | 87100 | 250965 |
| Press Metal Aluminium Holdings Bhd. | 475200 | 540098 |
| Public Bank Bhd. | 1674300 | 1735669 |
| RHB Bank Bhd. | 446400 | 688555 |
| SD Guthrie Bhd. | 246100 | 270646 |
| Sime Darby Bhd. | 412700 | 198891 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Malaysia — continued** | **Malaysia — continued** | **Malaysia — continued** |
| Sunway Bhd. | 294800 | 310753 |
| Telekom Malaysia Bhd. | 280300 | 441749 |
| Tenaga Nasional Bhd. | 503700 | 1619970 |
| YTL Corp. Bhd. | 569600 | 253326 |
| YTL Power International Bhd. | 272100 | 215554 |
|  |  | 15647287 |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| America Movil SAB de CV | 2132155 | 1845066 |
| Arca Continental SAB de CV | 53953 | 568212 |
| Cemex SAB de CV | 1648183 | 1019477 |
| Coca-Cola Femsa SAB de CV | 60000 | 565687 |
| Corporativo Fragua SAB de CV | 11525 | 293848 |
| Fibra Uno Administracion SA de CV, REIT | 352792 | 456585 |
| Fomento Economico Mexicano SAB de CV | 241774 | 2542076 |
| GMexico Transportes SAB de CV (a) | 61598 | 106231 |
| Gruma SAB de CV, Class B | 20832 | 396924 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| 43633 | 884163 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| 19796 | 625128 |
| Grupo Bimbo SAB de CV | 155698 | 473751 |
| Grupo Carso SAB de CV | 62324 | 433428 |
| Grupo Comercial Chedraui SA de CV (b) | 51020 | 329579 |
| Grupo Financiero Banorte SAB de CV, Class O | 322576 | 2765924 |
| Grupo Financiero Inbursa SAB de CV, Class O \* | 264906 | 680957 |
| Grupo Mexico SAB de CV | 348422 | 1807982 |
| Industrias Penoles SAB de CV \* | 21673 | 434322 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 172920 | 304212 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| 18463 | 206590 |
| Wal-Mart de Mexico SAB de CV | 550735 | 1744839 |
|  |  | 18484981 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | 7260 | 1467899 |
| InRetail Peru Corp. \* (a) | 3815 | 106820 |
|  |  | 1574719 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| Aboitiz Equity Ventures, Inc. | 274920 | 159966 |
| ACEN Corp. | 1131000 | 54064 |
| Ayala Corp. | 27740 | 297760 |
| Ayala Land, Inc. | 739200 | 331605 |
| Bank of the Philippine Islands | 243070 | 609456 |
| BDO Unibank, Inc. | 247590 | 710598 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Philippines — continued** | **Philippines — continued** | **Philippines — continued** |
| GT Capital Holdings, Inc. | 9750 | 85443 |
| International Container Terminal Services, Inc. | 94090 | 575472 |
| JG Summit Holdings, Inc. | 376300 | 114344 |
| Jollibee Foods Corp. | 54560 | 224110 |
| Manila Electric Co. | 34320 | 350235 |
| Metropolitan Bank & Trust Co. | 233910 | 322248 |
| Monde Nissin Corp. (a) | 888800 | 123800 |
| PLDT, Inc. | 10755 | 250554 |
| SM Investments Corp. | 54680 | 851174 |
| SM Prime Holdings, Inc. | 1293100 | 564474 |
| Universal Robina Corp. | 107360 | 159041 |
|  |  | 5784344 |
| **Qatar — 0.9%** | **Qatar — 0.9%** | **Qatar — 0.9%** |
| Al Rayan Bank | 759906 | 466614 |
| Commercial Bank PSQC (The) | 392568 | 464125 |
| Dukhan Bank | 291465 | 280178 |
| Industries Qatar QSC | 329286 | 1135764 |
| Mesaieed Petrochemical Holding Co. | 581335 | 225079 |
| Ooredoo QPSC | 134934 | 480725 |
| Qatar Electricity & Water Co. QSC | 67390 | 282997 |
| Qatar Fuel QSC | 90547 | 373038 |
| Qatar Gas Transport Co. Ltd. | 402360 | 506017 |
| Qatar International Islamic Bank QSC | 133607 | 389398 |
| Qatar Islamic Bank QPSC | 201686 | 1169347 |
| Qatar National Bank QPSC | 480665 | 2204575 |
|  |  | 7977857 |
| **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** |
| ACWA Power Co. \* | 14997 | 1286017 |
| Ades Holding Co. | 47077 | 190054 |
| Advanced Petrochemical Co. \* | 15576 | 125199 |
| Al Rajhi Bank | 219253 | 5695747 |
| Alinma Bank | 136160 | 1054596 |
| Almarai Co. JSC | 49480 | 696977 |
| Arab National Bank | 99086 | 568351 |
| Arabian Drilling Co. | 3151 | 72619 |
| Arabian Internet & Communications Services Co. | 3168 | 242414 |
| Bank Al-Jazira \* | 77000 | 277553 |
| Banque Saudi Fransi | 150395 | 736686 |
| Bupa Arabia for Cooperative Insurance Co. | 8818 | 394946 |
| Co. for Cooperative Insurance (The) | 8358 | 309848 |
| Dr Sulaiman Al Habib Medical Services Group <br> Co.<br>| 10450 | 797696 |
| Elm Co. | 2797 | 773990 |
| Etihad Etisalat Co. | 43650 | 730807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| Jarir Marketing Co. | 77608 | 261353 |
| Mouwasat Medical Services Co. | 11426 | 221182 |
| Nahdi Medical Co. | 7195 | 217905 |
| Rabigh Refining & Petrochemical Co. \* | 47543 | 90246 |
| Riyad Bank | 164165 | 1347674 |
| SABIC Agri-Nutrients Co. | 26092 | 687331 |
| Sahara International Petrochemical Co. | 44088 | 223485 |
| SAL Saudi Logistics Services | 2728 | 132952 |
| Saudi Arabian Mining Co. \* | 147352 | 2008461 |
| Saudi Arabian Oil Co. (a) | 649282 | 4389794 |
| Saudi Aramco Base Oil Co. | 6775 | 179472 |
| Saudi Awwal Bank | 113899 | 1065799 |
| Saudi Basic Industries Corp. | 100677 | 1637265 |
| Saudi Electricity Co. | 89488 | 357361 |
| Saudi Industrial Investment Group | 45408 | 183148 |
| Saudi Investment Bank (The) | 96912 | 389358 |
| Saudi Kayan Petrochemical Co. \* | 90200 | 138779 |
| Saudi National Bank (The) | 325811 | 3104335 |
| Saudi Research & Media Group \* | 3582 | 165482 |
| Saudi Tadawul Group Holding Co. \* | 5896 | 288827 |
| Saudi Telecom Co. | 200730 | 2548422 |
| Savola Group (The) \* | 16734 | 139808 |
| Yanbu National Petrochemical Co. | 33792 | 288104 |
|  |  | 34020043 |
| **South Africa — 2.8%** | **South Africa — 2.8%** | **South Africa — 2.8%** |
| Absa Group Ltd. | 92649 | 855051 |
| Anglo American Platinum Ltd. (b) | 6537 | 223853 |
| Aspen Pharmacare Holdings Ltd. | 41866 | 274913 |
| Bid Corp. Ltd. | 37401 | 939989 |
| Bidvest Group Ltd. | 36121 | 457920 |
| Capitec Bank Holdings Ltd. | 11476 | 2130018 |
| Clicks Group Ltd. | 25533 | 543034 |
| Discovery Ltd. | 57597 | 637828 |
| FirstRand Ltd. | 627174 | 2455600 |
| Gold Fields Ltd. | 99955 | 2241886 |
| Harmony Gold Mining Co. Ltd. | 62202 | 977341 |
| Impala Platinum Holdings Ltd. \* | 97780 | 581510 |
| Mr Price Group Ltd. | 28011 | 358005 |
| MTN Group Ltd. | 190452 | 1260472 |
| Naspers Ltd., Class N | 18500 | 4864433 |
| Nedbank Group Ltd. | 52900 | 720785 |
| Northam Platinum Holdings Ltd. | 42770 | 287080 |
| Old Mutual Ltd. | 494113 | 300964 |
| OUTsurance Group Ltd. | 94684 | 388687 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Africa — continued** | **South Africa — continued** | **South Africa — continued** |
| Pepkor Holdings Ltd. (a) | 202665 | 293381 |
| Remgro Ltd. | 58122 | 500828 |
| Sanlam Ltd. | 197892 | 901012 |
| Sasol Ltd. \* | 66468 | 229585 |
| Shoprite Holdings Ltd. | 50058 | 770201 |
| Sibanye Stillwater Ltd. \* | 327200 | 373827 |
| Standard Bank Group Ltd. | 151124 | 1887261 |
| Vodacom Group Ltd. | 64335 | 476030 |
| Woolworths Holdings Ltd. | 102785 | 318280 |
|  |  | 26249774 |
| **South Korea — 9.2%** | **South Korea — 9.2%** | **South Korea — 9.2%** |
| Alteogen, Inc. \* | 4405 | 1086538 |
| Amorepacific Corp. | 3335 | 292485 |
| Celltrion, Inc. | 17092 | 1938349 |
| CJ CheilJedang Corp. | 986 | 165831 |
| CJ Corp. | 1789 | 156383 |
| CosmoAM&T Co. Ltd. \* | 2801 | 77588 |
| Coway Co. Ltd. | 6600 | 406365 |
| DB Insurance Co. Ltd. | 5172 | 333208 |
| Doosan Bobcat, Inc. | 6419 | 220689 |
| Doosan Enerbility Co. Ltd. \* | 48866 | 992790 |
| Ecopro BM Co. Ltd. \* | 5611 | 399672 |
| Ecopro Co. Ltd. | 11766 | 420646 |
| Ecopro Materials Co. Ltd. \* | 2299 | 89503 |
| GS Holdings Corp. | 8615 | 234252 |
| Hana Financial Group, Inc. | 32220 | 1461181 |
| Hanjin Kal Corp. | 3502 | 195007 |
| Hankook Tire & Technology Co. Ltd. | 8609 | 250056 |
| Hanmi Pharm Co. Ltd. | 713 | 134863 |
| Hanmi Semiconductor Co. Ltd. | 5256 | 281287 |
| Hanwha Aerospace Co. Ltd. | 3362 | 1889458 |
| Hanwha Ocean Co. Ltd. \* | 11548 | 638060 |
| Hanwha Solutions Corp. | 13552 | 284918 |
| HD Hyundai Co. Ltd. | 4830 | 267124 |
| HD Hyundai Electric Co. Ltd. | 2561 | 557338 |
| HD Hyundai Heavy Industries Co. Ltd. | 2179 | 616285 |
| HD Hyundai Marine Solution Co. Ltd. | 982 | 106063 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 4825 | 923007 |
| HLB, Inc. \* | 13062 | 520886 |
| HMM Co. Ltd. | 33158 | 426758 |
| HYBE Co. Ltd. | 2367 | 445422 |
| Hyundai Glovis Co. Ltd. | 4060 | 325538 |
| Hyundai Mobis Co. Ltd. | 6797 | 1275856 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Hyundai Motor Co. | 15683 | 2101515 |
| Hyundai Motor Co. (Preference) | 3865 | 414906 |
| Hyundai Motor Co. (Preference) | 2453 | 258529 |
| Hyundai Rotem Co. Ltd. | 8082 | 637015 |
| Hyundai Steel Co. | 10038 | 172808 |
| Industrial Bank of Korea | 29948 | 323211 |
| Kakao Corp. | 31589 | 848631 |
| KakaoBank Corp. | 40670 | 637472 |
| Kangwon Land, Inc. | 15123 | 172631 |
| KB Financial Group, Inc. | 42611 | 2692962 |
| Kia Corp. | 26428 | 1679587 |
| Korea Aerospace Industries Ltd. | 8800 | 515070 |
| Korea Electric Power Corp. | 28727 | 518093 |
| Korea Investment Holdings Co. Ltd. | 5012 | 292626 |
| Korea Zinc Co. Ltd. | 1351 | 753405 |
| Korean Air Lines Co. Ltd. | 21915 | 323090 |
| Krafton, Inc. \* | 3418 | 894839 |
| KT&G Corp. | 12620 | 1018614 |
| Kumho Petrochemical Co. Ltd. | 2112 | 176714 |
| L&F Co. Ltd. \* | 448 | 20404 |
| LG Chem Ltd. | 5360 | 812364 |
| LG Corp. | 12391 | 580258 |
| LG Display Co. Ltd. \* | 35287 | 209636 |
| LG Electronics, Inc. | 12475 | 626190 |
| LG Energy Solution Ltd. \* | 4765 | 1087141 |
| LG H&H Co. Ltd. | 1043 | 247130 |
| LG Innotek Co. Ltd. | 1672 | 164353 |
| LG Uplus Corp. | 23396 | 197546 |
| Lotte Chemical Corp. | 2288 | 97056 |
| Meritz Financial Group, Inc. | 10027 | 875966 |
| Mirae Asset Securities Co. Ltd. | 24926 | 207193 |
| NAVER Corp. | 16153 | 2272818 |
| NCSoft Corp. | 1832 | 188577 |
| Netmarble Corp. (a) | 3168 | 99653 |
| Orion Corp. | 2639 | 228746 |
| Posco DX Co. Ltd. | 6056 | 104454 |
| POSCO Future M Co. Ltd. \* | 3681 | 323170 |
| POSCO Holdings, Inc. | 7733 | 1413229 |
| Posco International Corp. | 5198 | 179199 |
| Samsung Biologics Co. Ltd. \* (a) | 2047 | 1514922 |
| Samsung C&T Corp. | 9700 | 834776 |
| Samsung E&A Co. Ltd. | 18820 | 254472 |
| Samsung Electro-Mechanics Co. Ltd. | 6352 | 524064 |
| Samsung Electronics Co. Ltd. | 539061 | 21032833 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Samsung Electronics Co. Ltd. (Preference) | 92057 | 3038862 |
| Samsung Fire & Marine Insurance Co. Ltd. | 3498 | 922869 |
| Samsung Heavy Industries Co. Ltd. \* | 77676 | 795838 |
| Samsung Life Insurance Co. Ltd. | 11089 | 673298 |
| Samsung SDI Co. Ltd. | 5914 | 732334 |
| Samsung SDS Co. Ltd. | 4567 | 411563 |
| Samsung Securities Co. Ltd. | 7547 | 276647 |
| Shinhan Financial Group Co. Ltd. | 54022 | 1952355 |
| SK Biopharmaceuticals Co. Ltd. \* | 3195 | 239585 |
| SK Bioscience Co. Ltd. \* | 2717 | 75801 |
| SK Hynix, Inc. | 60214 | 7513087 |
| SK Innovation Co. Ltd. | 6953 | 461826 |
| SK Square Co. Ltd. \* | 9784 | 604894 |
| SK Telecom Co. Ltd. | 11724 | 447936 |
| SK, Inc. | 4055 | 377402 |
| SKC Co. Ltd. \* | 2464 | 176767 |
| S-Oil Corp. | 5104 | 186428 |
| Woori Financial Group, Inc. | 71884 | 895140 |
| Yuhan Corp. | 6836 | 547824 |
|  |  | 86271730 |
| **Taiwan — 16.9%** | **Taiwan — 16.9%** | **Taiwan — 16.9%** |
| Accton Technology Corp. | 58000 | 1080328 |
| Acer, Inc. | 346000 | 378083 |
| Advantech Co. Ltd. | 57196 | 599195 |
| Alchip Technologies Ltd. | 9000 | 601432 |
| ASE Technology Holding Co. Ltd. | 367000 | 1563860 |
| Asia Cement Corp. | 283000 | 398618 |
| Asia Vital Components Co. Ltd. | 38000 | 557945 |
| Asustek Computer, Inc. | 80000 | 1462953 |
| AUO Corp. | 772000 | 297027 |
| Catcher Technology Co. Ltd. | 82000 | 558192 |
| Cathay Financial Holding Co. Ltd. | 1074000 | 1978857 |
| Chailease Holding Co. Ltd. | 186764 | 671995 |
| Chang Hwa Commercial Bank Ltd. | 694000 | 395734 |
| Cheng Shin Rubber Industry Co. Ltd. | 260000 | 401574 |
| Chicony Electronics Co. Ltd. | 82000 | 395105 |
| China Airlines Ltd. | 354000 | 233201 |
| China Steel Corp. | 1381000 | 893083 |
| Chunghwa Telecom Co. Ltd. | 334000 | 1350330 |
| Compal Electronics, Inc. | 468000 | 403263 |
| CTBC Financial Holding Co. Ltd. | 2126000 | 2619742 |
| Delta Electronics, Inc. | 207000 | 2168989 |
| E Ink Holdings, Inc. | 99000 | 691573 |
| E.Sun Financial Holding Co. Ltd. | 1692049 | 1500809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Eclat Textile Co. Ltd. \* | 28000 | 364963 |
| Elite Material Co. Ltd. | 35000 | 609120 |
| eMemory Technology, Inc. | 8000 | 644172 |
| Eva Airways Corp. | 331000 | 397574 |
| Evergreen Marine Corp. Taiwan Ltd. | 119000 | 770999 |
| Far Eastern New Century Corp. | 386000 | 397212 |
| Far EasTone Telecommunications Co. Ltd. | 197000 | 528267 |
| Feng TAY Enterprise Co. Ltd. | 93360 | 330478 |
| First Financial Holding Co. Ltd. | 1251347 | 996457 |
| Formosa Chemicals & Fibre Corp. | 521000 | 407138 |
| Formosa Petrochemical Corp. | 164000 | 179538 |
| Formosa Plastics Corp. | 536000 | 571073 |
| Fortune Electric Co. Ltd. | 28700 | 378277 |
| Foxconn Technology Co. Ltd. | 133000 | 247552 |
| Fubon Financial Holding Co. Ltd. | 975100 | 2584436 |
| Gigabyte Technology Co. Ltd. | 70000 | 505331 |
| Global Unichip Corp. | 10000 | 321252 |
| Globalwafers Co. Ltd. | 32000 | 308834 |
| Highwealth Construction Corp. | 191760 | 245092 |
| Hiwin Technologies Corp. | 35000 | 241599 |
| Hon Hai Precision Industry Co. Ltd. | 1336000 | 5952278 |
| Hotai Motor Co. Ltd. | 52520 | 1022279 |
| Hua Nan Financial Holdings Co. Ltd. | 1126710 | 954005 |
| Innolux Corp. | 865324 | 370583 |
| International Games System Co. Ltd. | 26000 | 674074 |
| Inventec Corp. | 352000 | 449627 |
| Jentech Precision Industrial Co. Ltd. | 9000 | 283407 |
| KGI Financial Holding Co. Ltd. | 1751000 | 908201 |
| Largan Precision Co. Ltd. | 11000 | 784209 |
| Lite-On Technology Corp. | 246000 | 743960 |
| Lotes Co. Ltd. | 12000 | 471837 |
| MediaTek, Inc. | 173000 | 7351307 |
| Mega Financial Holding Co. Ltd. | 1265930 | 1499216 |
| Micro-Star International Co. Ltd. | 85000 | 371754 |
| momo.com, Inc. | 13975 | 141347 |
| Nan Ya Plastics Corp. | 616000 | 590318 |
| Nanya Technology Corp. \* | 133000 | 150163 |
| Nien Made Enterprise Co. Ltd. | 28000 | 342883 |
| Novatek Microelectronics Corp. | 67000 | 1089638 |
| Pegatron Corp. | 236000 | 599623 |
| PharmaEssentia Corp. \* | 34000 | 558991 |
| Phison Electronics Corp. | 24000 | 335584 |
| Pou Chen Corp. | 365000 | 375865 |
| Powertech Technology, Inc. | 86000 | 292230 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| President Chain Store Corp. | 64000 | 523364 |
| Quanta Computer, Inc. \* | 320000 | 2404061 |
| Radiant Opto-Electronics Corp. | 67000 | 311233 |
| Realtek Semiconductor Corp. | 53000 | 871271 |
| Ruentex Development Co. Ltd. | 250900 | 258262 |
| Shanghai Commercial & Savings Bank Ltd. (The) | 547000 | 806644 |
| Shihlin Electric & Engineering Corp. | 38000 | 170371 |
| Shin Kong Financial Holding Co. Ltd. \* | 1689000 | 623266 |
| Sino-American Silicon Products, Inc. | 77000 | 266932 |
| SinoPac Financial Holdings Co. Ltd. | 1430683 | 956015 |
| Synnex Technology International Corp. | 165000 | 366059 |
| Taishin Financial Holding Co. Ltd. | 1408060 | 735810 |
| Taiwan Business Bank | 791576 | 350580 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 1207123 | 921963 |
| Taiwan Mobile Co. Ltd. | 172000 | 610688 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2703000 | 76588300 |
| Tatung Co. Ltd. \* | 205000 | 260689 |
| TCC Group Holdings Co. Ltd. | 782000 | 726719 |
| Teco Electric and Machinery Co. Ltd. | 171000 | 262058 |
| Tripod Technology Corp. | 60000 | 346424 |
| Unimicron Technology Corp. | 156000 | 460210 |
| Uni-President Enterprises Corp. | 548000 | 1316933 |
| United Microelectronics Corp. | 1350000 | 1894390 |
| Vanguard International Semiconductor Corp. | 109000 | 307708 |
| Voltronic Power Technology Corp. | 9000 | 422021 |
| Walsin Lihwa Corp. | 351000 | 227380 |
| Wan Hai Lines Ltd. | 157000 | 408070 |
| Winbond Electronics Corp. \* | 358000 | 177461 |
| Wistron Corp. | 316000 | 1013968 |
| Wiwynn Corp. | 13000 | 782357 |
| WPG Holdings Ltd. | 191000 | 404650 |
| WT Microelectronics Co. Ltd. | 87000 | 318687 |
| Yageo Corp. | 52845 | 757702 |
| Yang Ming Marine Transport Corp. | 189000 | 403794 |
| Yuanta Financial Holding Co. Ltd. | 1431485 | 1402512 |
| Zhen Ding Technology Holding Ltd. | 75000 | 229756 |
|  |  | 157432939 |
| **Thailand — 1.3%** | **Thailand — 1.3%** | **Thailand — 1.3%** |
| Advanced Info Service PCL, NVDR | 120600 | 1063774 |
| Airports of Thailand PCL, NVDR | 479400 | 547468 |
| Asset World Corp. PCL, NVDR | 955900 | 62778 |
| Bangkok Bank PCL, NVDR | 69900 | 292763 |
| Bangkok Dusit Medical Services PCL, NVDR | 546500 | 391915 |
| Bangkok Expressway & Metro PCL, NVDR | 852600 | 150746 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Thailand — continued** | **Thailand — continued** | **Thailand — continued** |
| BTS Group Holdings PCL, NVDR \* | 874400 | 132385 |
| Bumrungrad Hospital PCL, NVDR | 46200 | 227622 |
| Central Pattana PCL, NVDR | 179200 | 270922 |
| Central Retail Corp. PCL, NVDR | 369600 | 261621 |
| Charoen Pokphand Foods PCL, NVDR | 352800 | 279447 |
| CP ALL PCL, NVDR | 500800 | 771118 |
| CP Axtra PCL, NVDR | 184885 | 139575 |
| Delta Electronics Thailand PCL, NVDR | 505100 | 1480571 |
| Global Power Synergy PCL, NVDR | 78300 | 72963 |
| Gulf Development PCL, NVDR \* | 818492 | 1200602 |
| Home Product Center PCL, NVDR | 484000 | 122628 |
| Indorama Ventures PCL, NVDR | 212200 | 120560 |
| Kasikornbank PCL, NVDR | 133300 | 636573 |
| Krung Thai Bank PCL, NVDR | 422400 | 275640 |
| Minor International PCL, NVDR | 317000 | 255142 |
| PTT Exploration & Production PCL, NVDR | 160700 | 478256 |
| PTT Global Chemical PCL, NVDR | 202400 | 104767 |
| PTT Oil & Retail Business PCL, NVDR | 346000 | 149957 |
| PTT PCL, NVDR | 958600 | 888987 |
| SCB X PCL, NVDR | 96200 | 342788 |
| SCG Packaging PCL, NVDR | 147500 | 61957 |
| Siam Cement PCL (The), NVDR | 34400 | 164374 |
| Siam Global House PCL, NVDR | 286204 | 60290 |
| Thai Life Insurance PCL, NVDR | 310000 | 113838 |
| Thai Oil PCL, NVDR | 98500 | 78796 |
| TMBThanachart Bank PCL, NVDR | 4578300 | 250793 |
| True Corp. PCL, NVDR \* | 1240900 | 449249 |
|  |  | 11900865 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| Akbank TAS | 344384 | 437616 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 131615 | 463664 |
| BIM Birlesik Magazalar A/S | 49728 | 584217 |
| Coca-Cola Icecek A/S | 99503 | 135024 |
| Enka Insaat ve Sanayi A/S | 83850 | 139895 |
| Eregli Demir ve Celik Fabrikalari TAS \* | 355627 | 208831 |
| Ford Otomotiv Sanayi A/S | 8536 | 196943 |
| Haci Omer Sabanci Holding A/S | 157166 | 300614 |
| KOC Holding A/S | 87296 | 314304 |
| Sasa Polyester Sanayi A/S \* | 1162397 | 128216 |
| Turk Hava Yollari AO \* | 78581 | 583065 |
| Turkcell Iletisim Hizmetleri A/S | 145816 | 342019 |
| Turkiye Garanti Bankasi A/S | 71436 | 192015 |
| Turkiye Is Bankasi A/S, Class C | 974414 | 262356 |
| Turkiye Petrol Rafinerileri A/S | 101741 | 330692 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Turkey — continued** | **Turkey — continued** | **Turkey — continued** |
| Turkiye Sise ve Cam Fabrikalari A/S | 167275 | 149452 |
| Turkiye Vakiflar Bankasi TAO, Class D \* | 115632 | 62613 |
| Yapi ve Kredi Bankasi A/S \* | 378306 | 224992 |
|  |  | 5056528 |
| **United Arab Emirates — 2.6%** | **United Arab Emirates — 2.6%** | **United Arab Emirates — 2.6%** |
| Abu Dhabi Commercial Bank PJSC | 336790 | 1067237 |
| Abu Dhabi Islamic Bank PJSC | 178376 | 888093 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 326738 | 299836 |
| ADNOC Drilling Co. PJSC | 196894 | 262692 |
| ADNOC Logistics & Services | 140702 | 185819 |
| Aldar Properties PJSC | 409014 | 921081 |
| Alpha Dhabi Holding PJSC | 156620 | 482959 |
| Dubai Electricity & Water Authority PJSC | 1006841 | 734686 |
| Dubai Islamic Bank PJSC | 346967 | 714854 |
| Emaar Development PJSC | 96965 | 353362 |
| Emaar Properties PJSC | 695130 | 2483876 |
| Emirates Integrated Telecommunications Co. <br> PJSC<br>| 101191 | 239681 |
| Emirates NBD Bank PJSC | 274885 | 1538388 |
| Emirates Telecommunications Group Co. PJSC | 390058 | 1847786 |
| First Abu Dhabi Bank PJSC | 494072 | 2021551 |
| International Holding Co. PJSC \* | 82281 | 8982911 |
| Modon Holding PSC \* | 366598 | 304883 |
| Multiply Group PJSC \* | 387826 | 227860 |
| Pure Health Holding PJSC | 284129 | 218141 |
| Salik Co. PJSC | 222200 | 306149 |
|  |  | 24081845 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| JBS SA | 77955 | 602332 |
| Total Common Stocks <br>(Cost $853,346,764)<br>|  | 924846310 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **South Korea — 0.0% ^** | **South Korea — 0.0% ^** | **South Korea — 0.0% ^** |
| Samsung SDI Co. Ltd., expiring <br> 5/22/2025\*(Cost $—)<br>| 836 | 20261 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (c) (d) <br>(Cost $10,485,292)<br>| 10485292 | 10485292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **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, 4.39% (c) <br> (d)(Cost $708,766)<br>| 708766 | 708766 |
| Total Short-Term Investments <br>(Cost $11,194,058)<br>|  | 11194058 |
| **Total Investments — 100.2%** <br>**(Cost $864,540,822)**<br>|  | **936060629** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(2309436)**<br>|
| **NET ASSETS — 100.0%** |  | **933751193** |

---

&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 |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |

---

&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) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (b) | The security or a portion of this security is on loan at <br> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $675,364.<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 April 30, <br> 2025.<br>|

---

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 17.7<br> %<br>|
| Semiconductors & Semiconductor Equipment | 11.2 |
| Interactive Media & Services | 5.4 |
| Technology Hardware, Storage & Peripherals | 5.2 |
| Broadline Retail | 5.0 |
| Oil, Gas & Consumable Fuels | 4.6 |
| Metals & Mining | 3.2 |
| Automobiles | 3.1 |
| Insurance | 2.8 |
| Hotels, Restaurants & Leisure | 2.4 |
| Electronic Equipment, Instruments & Components | 2.2 |
| Industrial Conglomerates | 2.2 |
| IT Services | 2.2 |
| Chemicals | 1.8 |
| Wireless Telecommunication Services | 1.8 |
| Food Products | 1.5 |
| Real Estate Management & Development | 1.5 |
| Beverages | 1.4 |
| Pharmaceuticals | 1.4 |
| Electrical Equipment | 1.2 |
| Independent Power and Renewable Electricity Producers | 1.2 |
| Electric Utilities | 1.2 |
| Diversified Telecommunication Services | 1.1 |
| Financial Services | 1.1 |
| Consumer Staples Distribution & Retail | 1.1 |
| Capital Markets | 1.1 |
| Machinery | 1.0 |
| Others (each less than 1.0%) | 13.2 |
| Short-Term Investments | 1.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8820525 | &nbsp;&nbsp;&nbsp;&nbsp; (8662)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| Glencore plc | 3722084 | 12203731 |
| Rio Tinto plc | 387870 | 23112946 |
|  |  | 35316677 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| ANDRITZ AG | 25489 | 1831632 |
| BAWAG Group AG (a) | 29537 | 3237491 |
| Erste Group Bank AG | 115439 | 7817718 |
| EVN AG | 13344 | 349202 |
| Mondi plc | 166063 | 2520694 |
| OMV AG | 53661 | 2774468 |
| Raiffeisen Bank International AG | 55230 | 1475264 |
| Telekom Austria AG | 51464 | 543365 |
| Verbund AG | 25808 | 1983370 |
|  |  | 22533204 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ackermans & van Haaren NV | 8324 | 2035946 |
| Ageas SA | 64931 | 4072228 |
| Anheuser-Busch InBev SA | 367982 | 24253319 |
| Azelis Group NV | 43262 | 670346 |
| Colruyt Group NV | 16163 | 777241 |
| D'ieteren Group | 7632 | 1524117 |
| Elia Group SA/NV (b) | 15566 | 1687659 |
| Groupe Bruxelles Lambert NV | 31653 | 2611186 |
| KBC Group NV | 100159 | 9235535 |
| Lotus Bakeries NV (b) | 150 | 1442261 |
| Sofina SA | 5311 | 1483852 |
| Syensqo SA | 27558 | 1971300 |
| UCB SA | 45245 | 8295180 |
| Warehouses De Pauw CVA, REIT \* | 64968 | 1659418 |
|  |  | 61719588 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Yara International ASA | 61136 | 1984081 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta plc | 123500 | 2710273 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| Prosus NV | 488621 | 22908804 |
| **Denmark — 3.4%** | **Denmark — 3.4%** | **Denmark — 3.4%** |
| AP Moller - Maersk A/S, Class A | 915 | 1563790 |
| AP Moller - Maersk A/S, Class B | 1360 | 2341765 |
| Carlsberg A/S, Class B | 34218 | 4662328 |
| Coloplast A/S, Class B | 54188 | 6132081 |
| Danske Bank A/S | 248245 | 8710314 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Denmark — continued** | **Denmark — continued** | **Denmark — continued** |
| DSV A/S | 71894 | 15238645 |
| Genmab A/S \* | 24325 | 5157843 |
| Novo Nordisk A/S, Class B | 1194948 | 79896092 |
| Novonesis Novozymes B | 132691 | 8619258 |
| Orsted A/S \* (a) (b) | 70846 | 2819174 |
| Pandora A/S | 30509 | 4541661 |
| Tryg A/S | 118845 | 2835398 |
| Vestas Wind Systems A/S | 377429 | 5031962 |
|  |  | 147550311 |
| **Finland — 1.6%** | **Finland — 1.6%** | **Finland — 1.6%** |
| Elisa OYJ | 54004 | 2881005 |
| Fortum OYJ | 164393 | 2756303 |
| Kesko OYJ, Class A | 34475 | 770934 |
| Kesko OYJ, Class B | 101576 | 2332066 |
| Kone OYJ, Class B | 133400 | 8261703 |
| Metso OYJ (b) | 264232 | 2871066 |
| Neste OYJ (b) | 160972 | 1669816 |
| Nokia OYJ | 1898488 | 9490868 |
| Nordea Bank Abp | 1136036 | 15589549 |
| Orion OYJ, Class A | 10394 | 646032 |
| Orion OYJ, Class B | 40184 | 2515982 |
| Sampo OYJ, Class A | 911152 | 9128472 |
| Stora Enso OYJ, Class R | 222085 | 2062812 |
| UPM-Kymmene OYJ (b) | 200633 | 5313986 |
| Wartsila OYJ Abp | 182152 | 3365500 |
|  |  | 69656094 |
| **France — 13.8%** | **France — 13.8%** | **France — 13.8%** |
| Aeroports de Paris SA | 13471 | 1684504 |
| Air Liquide SA | 216173 | 44418841 |
| Airbus SE | 220311 | 37384693 |
| Amundi SA (a) | 23405 | 1848789 |
| AXA SA \* | 651153 | 30796868 |
| BioMerieux | 16132 | 2177502 |
| BNP Paribas SA | 389677 | 33017130 |
| Bollore SE | 264446 | 1635709 |
| Bouygues SA \* | 77533 | 3407988 |
| Bureau Veritas SA | 118603 | 3764822 |
| Capgemini SE | 61865 | 9876892 |
| Cie de Saint-Gobain SA | 170518 | 18538379 |
| Cie Generale des Etablissements Michelin <br> SCA<br>| 257677 | 9422146 |
| Credit Agricole SA | 460052 | 8629006 |
| Danone SA | 241476 | 20778144 |
| Dassault Aviation SA | 7389 | 2664227 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Dassault Systemes SE | 264152 | 9899394 |
| Engie SA | 694140 | 14346711 |
| EssilorLuxottica SA | 108146 | 31162582 |
| Hermes International SCA | 12760 | 35092284 |
| Kering SA (b) | 26475 | 5386407 |
| Legrand SA | 98200 | 10792163 |
| L'Oreal SA \* | 90942 | 40184128 |
| LVMH Moet Hennessy Louis Vuitton SE | 96780 | 53609272 |
| Orange SA | 661383 | 9595377 |
| Pernod Ricard SA | 75114 | 8142016 |
| Publicis Groupe SA | 85473 | 8696619 |
| Safran SA | 129481 | 34457430 |
| Sartorius Stedim Biotech | 10435 | 2462564 |
| Societe Generale SA | 269350 | 14043637 |
| Sodexo SA | 31386 | 1992284 |
| Thales SA | 34959 | 9792798 |
| TotalEnergies SE | 776532 | 44227520 |
| Veolia Environnement SA (b) | 234037 | 8547986 |
| Vinci SA | 189002 | 26548595 |
|  |  | 599025407 |
| **Germany — 14.6%** | **Germany — 14.6%** | **Germany — 14.6%** |
| adidas AG | 59713 | 13739462 |
| Allianz SE (Registered) | 145272 | 60081112 |
| BASF SE \* | 335765 | 17147344 |
| Bayer AG (Registered) | 344827 | 9036942 |
| Bayerische Motoren Werke AG | 105948 | 8986242 |
| Bayerische Motoren Werke AG (Preference) | 22161 | 1788321 |
| Beiersdorf AG | 36775 | 5181525 |
| Commerzbank AG | 352079 | 9318668 |
| Continental AG | 40630 | 3176236 |
| Covestro AG \* (a) | 68453 | 4562533 |
| Daimler Truck Holding AG | 172051 | 6912406 |
| Deutsche Bank AG (Registered) | 696924 | 18273584 |
| Deutsche Boerse AG | 69122 | 22263774 |
| Deutsche Post AG | 361877 | 15462283 |
| Deutsche Telekom AG (Registered) | 1300171 | 46698925 |
| Dr Ing hc F Porsche AG (Preference) (a) | 41473 | 2084916 |
| E.ON SE | 832763 | 14564679 |
| Fresenius SE & Co. KGaA \* | 154676 | 7346636 |
| Hannover Rueck SE | 22597 | 7253630 |
| Heidelberg Materials AG | 49107 | 9817148 |
| Henkel AG & Co. KGaA | 36242 | 2557965 |
| Henkel AG & Co. KGaA (Preference) | 61250 | 4757065 |
| Infineon Technologies AG | 475761 | 15758646 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Mercedes-Benz Group AG | 270956 | 16200130 |
| Merck KGaA | 48622 | 6769158 |
| MTU Aero Engines AG | 19569 | 6772939 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG (Registered) \*<br>| 50631 | 34662458 |
| Rheinmetall AG | 16320 | 27793820 |
| RWE AG | 254354 | 9877617 |
| SAP SE | 386619 | 113120328 |
| Sartorius AG (Preference) | 9263 | 2404624 |
| Siemens AG (Registered) | 276679 | 63708471 |
| Siemens Energy AG \* | 193122 | 14905867 |
| Siemens Healthineers AG (a) | 101489 | 5471004 |
| Symrise AG | 47220 | 5445951 |
| Talanx AG | 22638 | 2598120 |
| Volkswagen AG (Preference) | 75636 | 8229979 |
| Vonovia SE | 306476 | 10165836 |
|  |  | 634896344 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Prudential plc | 1006914 | 10706294 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Kerry Group plc, Class A | 55203 | 5843888 |
| Kingspan Group plc | 58342 | 4923157 |
|  |  | 10767045 |
| **Italy — 4.7%** | **Italy — 4.7%** | **Italy — 4.7%** |
| A2A SpA | 584585 | 1486757 |
| Amplifon SpA | 48945 | 936756 |
| Banca Mediolanum SpA | 78068 | 1167105 |
| Banco BPM SpA | 493635 | 5510210 |
| Buzzi SpA | 31270 | 1638642 |
| Coca-Cola HBC AG | 76841 | 4001395 |
| Davide Campari-Milano NV (b) | 214176 | 1437172 |
| DiaSorin SpA | 8139 | 930099 |
| Enel SpA | 2919832 | 25311939 |
| Eni SpA | 788757 | 11296212 |
| Ferrari NV | 41813 | 19141178 |
| FinecoBank Banca Fineco SpA | 229688 | 4596268 |
| Generali (b) | 373181 | 13638917 |
| Hera SpA | 339213 | 1605912 |
| Infrastrutture Wireless Italiane SpA (a) | 131204 | 1566857 |
| Intesa Sanpaolo SpA | 5891871 | 31452506 |
| Leonardo SpA | 150632 | 7831102 |
| Mediobanca Banca di Credito Finanziario <br> SpA<br>| 220782 | 4515878 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Moncler SpA | 80594 | 4974332 |
| Nexi SpA \* (a) | 204006 | 1191611 |
| Pirelli & C SpA (a) | 103077 | 637273 |
| Poste Italiane SpA (a) | 172525 | 3501774 |
| Prysmian SpA | 107025 | 5879119 |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 36564 | 2157581 |
| Snam SpA | 807241 | 4633146 |
| Telecom Italia SpA \* | 3791575 | 1501596 |
| Telecom Italia SpA \* | 2267669 | 1008588 |
| Terna - Rete Elettrica Nazionale | 528957 | 5259848 |
| UniCredit SpA | 580008 | 33745363 |
|  |  | 202555136 |
| **Jordan — 0.0% ^** | **Jordan — 0.0% ^** | **Jordan — 0.0% ^** |
| Hikma Pharmaceuticals plc | 57806 | 1531834 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | 169202 | 5003597 |
| CVC Capital Partners plc \* (a) | 309918 | 5529833 |
|  |  | 10533430 |
| **Mexico — 0.0% ^** | **Mexico — 0.0% ^** | **Mexico — 0.0% ^** |
| Fresnillo plc | 64595 | 865738 |
| **Netherlands — 5.8%** | **Netherlands — 5.8%** | **Netherlands — 5.8%** |
| Adyen NV \* (a) | 11307 | 18297137 |
| Aegon Ltd. | 499383 | 3212005 |
| Akzo Nobel NV | 64109 | 4047490 |
| Argenx SE \* | 22860 | 14777828 |
| ASM International NV | 16568 | 8098223 |
| ASML Holding NV | 148001 | 99078082 |
| EXOR NV | 37498 | 3540364 |
| HAL Trust | 13461 | 1771405 |
| Heineken Holding NV | 49161 | 3843889 |
| Heineken NV | 105771 | 9468113 |
| ING Groep NV | 1155193 | 22433058 |
| JDE Peet's NV | 44960 | 1088432 |
| Koninklijke Ahold Delhaize NV | 343690 | 14111590 |
| Koninklijke KPN NV | 1482221 | 6895077 |
| Koninklijke Philips NV \* | 297997 | 7563111 |
| NN Group NV | 103023 | 6317412 |
| Universal Music Group NV | 356136 | 10472347 |
| Wolters Kluwer NV | 87894 | 15518478 |
|  |  | 250534041 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| Aker BP ASA | 115418 | 2477737 |
| DNB Bank ASA | 279366 | 6983624 |
| Equinor ASA | 321559 | 7278692 |
| Gjensidige Forsikring ASA | 62628 | 1465423 |
| Kongsberg Gruppen ASA | 32886 | 5298225 |
| Mowi ASA | 166716 | 3056984 |
| Norsk Hydro ASA | 492310 | 2611417 |
| Orkla ASA | 281102 | 3134978 |
| Salmar ASA | 28456 | 1406156 |
| Schibsted ASA, Class A | 26481 | 805892 |
| Schibsted ASA, Class B | 35593 | 1022964 |
| Storebrand ASA | 166379 | 2008796 |
| Telenor ASA | 237016 | 3559979 |
| Var Energi ASA | 306159 | 841850 |
|  |  | 41952717 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| Allegro.eu SA \* (a) | 234975 | 2061771 |
| Bank Polska Kasa Opieki SA \* | 78988 | 3959007 |
| Dino Polska SA \* (a) | 17995 | 2522674 |
| ING Bank Slaski SA \* | 12233 | 1062133 |
| KGHM Polska Miedz SA | 51315 | 1638102 |
| LPP SA | 416 | 1702586 |
| ORLEN SA | 218813 | 3951403 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 322599 | 6202270 |
| Powszechny Zaklad Ubezpieczen SA | 213756 | 3334767 |
| Santander Bank Polska SA | 12529 | 1927065 |
|  |  | 28361778 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | 1065733 | 4200759 |
| Galp Energia SGPS SA | 164889 | 2554754 |
| Jeronimo Martins SGPS SA | 103556 | 2506300 |
|  |  | 9261813 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Evraz plc ‡ \* | 453755 | 1 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| STMicroelectronics NV (b) | 245350 | 5577566 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Anglo American plc | 456079 | 12450214 |
| **Spain — 4.6%** | **Spain — 4.6%** | **Spain — 4.6%** |
| ACS Actividades de Construccion y Servicios <br> SA<br>| 76077 | 4766591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Aena SME SA (a) | 27645 | 6944865 |
| Amadeus IT Group SA | 163861 | 12897988 |
| Banco Bilbao Vizcaya Argentaria SA | 2165995 | 29726208 |
| Banco Santander SA (b) | 5671801 | 39934347 |
| CaixaBank SA (b) | 1358962 | 10415363 |
| Cellnex Telecom SA (a) | 221044 | 8945507 |
| EDP Renovaveis SA (b) | 94382 | 883864 |
| Endesa SA | 119064 | 3575799 |
| Iberdrola SA | 2182798 | 39346812 |
| Industria de Diseno Textil SA (b) | 416923 | 22420019 |
| Naturgy Energy Group SA (b) | 47408 | 1412381 |
| Redeia Corp. SA | 141892 | 2975515 |
| Repsol SA | 434323 | 5309020 |
| Telefonica SA (b) | 1773611 | 9111467 |
|  |  | 198665746 |
| **Sweden — 5.1%** | **Sweden — 5.1%** | **Sweden — 5.1%** |
| Alfa Laval AB | 108840 | 4514231 |
| Assa Abloy AB, Class B | 396235 | 12027312 |
| Atlas Copco AB, Class A | 952025 | 14736107 |
| Atlas Copco AB, Class B | 587202 | 8153723 |
| Axfood AB (b) | 40352 | 1128095 |
| Beijer Ref AB (b) | 138082 | 2106213 |
| Boliden AB \* | 102879 | 3152217 |
| Castellum AB \* | 159375 | 1939628 |
| Epiroc AB, Class A | 234168 | 5066159 |
| Epiroc AB, Class B | 146703 | 2877077 |
| EQT AB (b) | 263601 | 7617419 |
| Essity AB, Class A | 8303 | 238382 |
| Essity AB, Class B | 227955 | 6592243 |
| Evolution AB \* (a) (b) | 70580 | 4889402 |
| Fastighets AB Balder, Class B \* | 249756 | 1795356 |
| H & M Hennes & Mauritz AB, Class B (b) | 213382 | 3092029 |
| Hexagon AB, Class B \* | 793119 | 7719085 |
| Holmen AB, Class B | 29517 | 1167073 |
| Industrivarden AB, Class A | 46765 | 1643419 |
| Industrivarden AB, Class C (b) | 58248 | 2045478 |
| Indutrade AB | 100597 | 2721517 |
| Investment AB Latour, Class B | 54532 | 1471636 |
| Investor AB, Class A | 213878 | 6369786 |
| Investor AB, Class B | 655141 | 19410822 |
| L E Lundbergforetagen AB, Class B | 28136 | 1484570 |
| Lifco AB, Class B (b) | 84988 | 3290289 |
| Nibe Industrier AB, Class B (b) | 617081 | 2631481 |
| Nordnet AB publ | 58833 | 1557441 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| Saab AB, Class B | 134913 | 6282159 |
| Sagax AB, Class B (b) | 80705 | 1834368 |
| Sagax AB, Class D | 41424 | 141837 |
| Sandvik AB (b) | 350620 | 7238350 |
| Securitas AB, Class B | 198622 | 3147513 |
| Skandinaviska Enskilda Banken AB, Class A | 506172 | 8031774 |
| Skandinaviska Enskilda Banken AB, Class C | 7583 | 128320 |
| Skanska AB, Class B (b) | 118910 | 2763070 |
| SKF AB, Class B | 135251 | 2651107 |
| SSAB AB, Class A | 88966 | 562162 |
| SSAB AB, Class B (b) | 212711 | 1322189 |
| Svenska Cellulosa AB SCA, Class B | 211370 | 2733133 |
| Svenska Handelsbanken AB, Class A | 521654 | 6828357 |
| Svenska Handelsbanken AB, Class B (b) | 13264 | 260684 |
| Swedbank AB, Class A | 371529 | 9274795 |
| Swedish Orphan Biovitrum AB \* | 60409 | 1837323 |
| Tele2 AB, Class B | 207698 | 3064383 |
| Telefonaktiebolaget LM Ericsson, Class A | 20695 | 173326 |
| Telefonaktiebolaget LM Ericsson, Class B | 985237 | 8322672 |
| Telia Co. AB | 846144 | 3178517 |
| Trelleborg AB, Class B | 79385 | 2737327 |
| Volvo AB, Class A | 63613 | 1735139 |
| Volvo AB, Class B | 560539 | 15237424 |
|  |  | 220924119 |
| **Switzerland — 6.7%** | **Switzerland — 6.7%** | **Switzerland — 6.7%** |
| ABB Ltd. (Registered) | 599346 | 31651908 |
| Chocoladefabriken Lindt & Spruengli AG | 376 | 5479827 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Registered)<br>| 41 | 5807347 |
| Cie Financiere Richemont SA (Registered) | 200729 | 35469862 |
| DSM-Firmenich AG | 81157 | 8816343 |
| EMS-Chemie Holding AG (Registered) | 2562 | 1888966 |
| Galderma Group AG | 20404 | 2369837 |
| Geberit AG (Registered) | 12612 | 8736593 |
| Givaudan SA (Registered) | 3473 | 16755007 |
| Julius Baer Group Ltd. | 74253 | 4815165 |
| Kuehne + Nagel International AG <br> (Registered)<br>| 18564 | 4275235 |
| Lonza Group AG (Registered) | 26284 | 18885297 |
| Partners Group Holding AG | 8108 | 10623683 |
| Sandoz Group AG | 148364 | 6435240 |
| Schindler Holding AG | 15314 | 5601019 |
| Schindler Holding AG (Registered) | 7788 | 2761188 |
| SGS SA (Registered) | 57389 | 5604680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Sika AG (Registered) | 60317 | 15073677 |
| Sonova Holding AG (Registered) | 18354 | 5642276 |
| Straumann Holding AG (Registered) | 41786 | 5095251 |
| Swiss Life Holding AG (Registered) | 10403 | 10386979 |
| Swisscom AG (Registered) | 9548 | 6367402 |
| UBS Group AG (Registered) | 1132559 | 34379246 |
| Zurich Insurance Group AG | 54061 | 38343890 |
|  |  | 291265918 |
| **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** |
| NMC Health plc ‡ \* | 23176 |  |
| **United Kingdom — 17.9%** | **United Kingdom — 17.9%** | **United Kingdom — 17.9%** |
| 3i Group plc | 366178 | 20759012 |
| Admiral Group plc | 83744 | 3642231 |
| Ashtead Group plc | 164350 | 8798053 |
| Associated British Foods plc | 112184 | 3092368 |
| AstraZeneca plc | 583079 | 83535817 |
| Auto Trader Group plc (a) | 327004 | 3673842 |
| Aviva plc | 1016720 | 7617672 |
| B&M European Value Retail SA | 342167 | 1538855 |
| BAE Systems plc | 1135915 | 26333504 |
| Barclays plc | 5442321 | 21680264 |
| Barratt Redrow plc | 513756 | 3202852 |
| Berkeley Group Holdings plc | 38508 | 2146563 |
| British American Tobacco plc | 745582 | 32476314 |
| BT Group plc | 2371797 | 5504838 |
| Bunzl plc | 122067 | 3835894 |
| Centrica plc | 1887678 | 4041578 |
| Coca-Cola Europacific Partners plc | 77020 | 6988795 |
| Compass Group plc | 642878 | 21674518 |
| ConvaTec Group plc (a) | 612284 | 2128703 |
| Croda International plc | 48800 | 1926318 |
| DCC plc | 37152 | 2428176 |
| Diageo plc | 836482 | 23488744 |
| Entain plc | 240314 | 2054422 |
| Halma plc | 142828 | 5272016 |
| Hiscox Ltd. | 130592 | 1922009 |
| Howden Joinery Group plc | 198979 | 2046201 |
| HSBC Holdings plc | 6713608 | 74839107 |
| Imperial Brands plc | 316252 | 12976779 |
| Informa plc | 494448 | 4830229 |
| InterContinental Hotels Group plc | 59411 | 6339742 |
| Intermediate Capital Group plc | 109223 | 2747392 |
| International Consolidated Airlines Group SA | 1379527 | 4793123 |
| Intertek Group plc | 60718 | 3728990 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| J Sainsbury plc | 612928 | 2178414 |
| JD Sports Fashion plc | 941811 | 991545 |
| Kingfisher plc | 699930 | 2690177 |
| Land Securities Group plc, REIT | 264802 | 2098368 |
| Legal & General Group plc | 2244707 | 7068761 |
| Lloyds Banking Group plc | 22967917 | 22565482 |
| London Stock Exchange Group plc | 180078 | 28040220 |
| M&G plc | 852796 | 2366412 |
| Melrose Industries plc | 458736 | 2666776 |
| National Grid plc | 1838052 | 26530633 |
| NatWest Group plc | 2573627 | 16554306 |
| Next plc | 44501 | 7341622 |
| Pearson plc | 254740 | 4083796 |
| Persimmon plc | 120168 | 2079623 |
| Phoenix Group Holdings plc | 281824 | 2254686 |
| Reckitt Benckiser Group plc | 259672 | 16760925 |
| RELX plc | 698792 | 38136678 |
| Rentokil Initial plc | 911029 | 4173688 |
| Rightmove plc | 298905 | 2952033 |
| Rolls-Royce Holdings plc | 3199571 | 32387576 |
| Sage Group plc (The) | 365116 | 6053125 |
| Schroders plc | 346909 | 1528543 |
| Segro plc, REIT | 460640 | 4190283 |
| Severn Trent plc | 99346 | 3695398 |
| Smith & Nephew plc | 328249 | 4619309 |
| Smiths Group plc | 130748 | 3258188 |
| Spirax Group plc | 27745 | 2186750 |
| SSE plc | 411117 | 9269072 |
| Standard Chartered plc | 713422 | 10275597 |
| Taylor Wimpey plc | 1328936 | 2088169 |
| Tesco plc | 2519706 | 12470034 |
| Unilever plc | 932011 | 59341038 |
| United Utilities Group plc | 249086 | 3744848 |
| Vodafone Group plc | 7613405 | 7481693 |
| Weir Group plc (The) | 94929 | 2861494 |
| Whitbread plc | 64006 | 2222993 |
| Wise plc, Class A \* | 261775 | 3433543 |
| WPP plc | 404356 | 3134792 |
|  |  | 777841511 |
| **United States — 13.9%** | **United States — 13.9%** | **United States — 13.9%** |
| Alcon AG | 185018 | 17976450 |
| BP plc | 5906369 | 27272024 |
| Experian plc | 345636 | 17195749 |
| Ferrovial SE | 183322 | 8942901 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| GSK plc | 1526701 | 30202250 |
| Haleon plc | 2514855 | 12654421 |
| Holcim AG | 185454 | 20724110 |
| Nestle SA (Registered) | 966368 | 102857683 |
| Novartis AG (Registered) | 710336 | 81019014 |
| Roche Holding AG | 259616 | 84890932 |
| Roche Holding AG | 10916 | 3797423 |
| Sanofi SA | 427163 | 46728139 |
| Schneider Electric SE | 202942 | 47416543 |
| Shell plc | 2273400 | 73366581 |
| Stellantis NV | 761081 | 7082182 |
| Swiss Re AG | 105026 | 18852619 |
| Tenaris SA | 144912 | 2416399 |
|  |  | 603395420 |
| Total Common Stocks <br>(Cost $4,061,887,687)<br>|  | 4275491104 |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Investment of Cash Collateral from Securities Loaned — 2.6%** | **Investment of Cash Collateral from Securities Loaned — 2.6%** | **Investment of Cash Collateral from Securities Loaned — 2.6%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (c) <br> (d)(Cost $111,055,804)<br>| 111055804 | 111055804 |
| **Total Investments — 101.2%** <br>**(Cost $4,172,943,491)**<br>|  | **4386546908** |
| **Liabilities in Excess of Other Assets —** <br> **(1.2)%**<br>|  | **(50004609)**<br>|
| **NET ASSETS — 100.0%** |  | **4336542299** |

---

&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** |  |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |

---

&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.  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $101,987,604.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) The rate shown is the current yield as of April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 11.0<br> %<br>|
| Pharmaceuticals | 10.5 |
| Insurance | 6.5 |
| Aerospace & Defense | 4.6 |
| Oil, Gas & Consumable Fuels | 4.2 |
| Capital Markets | 3.7 |
| Textiles, Apparel & Luxury Goods | 3.5 |
| Food Products | 3.5 |
| Chemicals | 3.0 |
| Software | 2.9 |
| Semiconductors & Semiconductor Equipment | 2.9 |
| Electrical Equipment | 2.6 |
| Diversified Telecommunication Services | 2.5 |
| Personal Care Products | 2.4 |
| Machinery | 2.4 |
| Electric Utilities | 2.2 |
| Health Care Equipment & Supplies | 2.0 |
| Beverages | 2.0 |
| Professional Services | 1.9 |
| Industrial Conglomerates | 1.7 |
| Multi-Utilities | 1.6 |
| Financial Services | 1.5 |
| Metals & Mining | 1.5 |
| Automobiles | 1.5 |
| Hotels, Restaurants & Leisure | 1.2 |
| Construction & Engineering | 1.1 |
| Building Products | 1.1 |
| Tobacco | 1.0 |
| Others (each less than 1.0%) | 11.0 |
| Short-Term Investments | 2.5 |

---

**Futures contracts outstanding as of April 30, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 40448183 | &nbsp;&nbsp;&nbsp;&nbsp; (53651)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 19627153 | &nbsp;&nbsp;&nbsp;&nbsp; 14504 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (39147)<br>|

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| FTSE | Financial Times and the London Stock Exchange |
| GBP | British Pound |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Australia — 6.9%** | **Australia — 6.9%** | **Australia — 6.9%** |
| ANZ Group Holdings Ltd. | 882684 | 16878912 |
| APA Group | 377574 | 1986785 |
| Aristocrat Leisure Ltd. | 186261 | 7955030 |
| ASX Ltd. | 56971 | 2579758 |
| Atlas Arteria Ltd. | 320300 | 1060948 |
| BHP Group Ltd. | 1490455 | 35522985 |
| BlueScope Steel Ltd. | 130296 | 1995675 |
| Brambles Ltd. | 409520 | 5381773 |
| Cochlear Ltd. | 18314 | 3207342 |
| Coles Group Ltd. | 393889 | 5348936 |
| Commonwealth Bank of Australia | 492811 | 52528301 |
| Computershare Ltd. | 168083 | 4392246 |
| Dexus, REIT | 315234 | 1517418 |
| Endeavour Group Ltd. | 396963 | 1015396 |
| Fortescue Ltd. | 466662 | 4819538 |
| Glencore plc | 2911752 | 9546866 |
| Goodman Group, REIT | 544884 | 10431172 |
| GPT Group (The), REIT | 560869 | 1662615 |
| Insurance Australia Group Ltd. | 702764 | 3691248 |
| Lottery Corp. Ltd. (The) | 655045 | 2182955 |
| Macquarie Group Ltd. | 104122 | 12866882 |
| Medibank Pvt Ltd. | 810503 | 2411023 |
| Mineral Resources Ltd. \* | 50228 | 660548 |
| Mirvac Group, REIT | 1156475 | 1686895 |
| National Australia Bank Ltd. | 904689 | 20889901 |
| Northern Star Resources Ltd. | 406791 | 4996890 |
| Orica Ltd. | 141267 | 1466330 |
| Origin Energy Ltd. | 507005 | 3455750 |
| Pilbara Minerals Ltd. \* | 786727 | 757963 |
| Pro Medicus Ltd. | 15555 | 2280835 |
| Qantas Airways Ltd. | 217314 | 1228676 |
| QBE Insurance Group Ltd. | 439659 | 6076054 |
| Ramsay Health Care Ltd. | 53748 | 1144331 |
| REA Group Ltd. | 15008 | 2384467 |
| Reece Ltd. | 101242 | 1020954 |
| Rio Tinto Ltd. | 109249 | 8173705 |
| Rio Tinto plc | 303426 | 18080978 |
| Santos Ltd. | 906117 | 3483443 |
| Scentre Group, REIT | 1527528 | 3538891 |
| SEEK Ltd. | 95113 | 1294868 |
| SGH Ltd. | 58692 | 1919503 |
| Sonic Healthcare Ltd. | 136859 | 2285130 |
| South32 Ltd. | 1332961 | 2297085 |
| Stockland, REIT | 701842 | 2466439 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Suncorp Group Ltd. | 318174 | 4137563 |
| Telstra Group Ltd. | 1190163 | 3434926 |
| TPG Telecom Ltd. | 124793 | 404088 |
| Transurban Group | 908874 | 8190201 |
| Treasury Wine Estates Ltd. | 237816 | 1359354 |
| Vicinity Ltd., REIT | 1062030 | 1606164 |
| Washington H Soul Pattinson & Co. Ltd. | 71517 | 1702289 |
| Wesfarmers Ltd. | 333966 | 16730440 |
| Westpac Banking Corp. | 1011869 | 21234247 |
| WiseTech Global Ltd. | 50813 | 2889378 |
| Woodside Energy Group Ltd. | 558802 | 7284061 |
| Woolworths Group Ltd. | 341536 | 6893099 |
| Worley Ltd. | 107511 | 856549 |
|  |  | 357295799 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| ANDRITZ AG | 19857 | 1426918 |
| BAWAG Group AG (a) | 23105 | 2532493 |
| Erste Group Bank AG | 90310 | 6115941 |
| EVN AG | 10393 | 271977 |
| Mondi plc | 129908 | 1971892 |
| OMV AG | 41976 | 2170311 |
| Raiffeisen Bank International AG | 42931 | 1146742 |
| Telekom Austria AG | 40096 | 423340 |
| Verbund AG | 20106 | 1545165 |
|  |  | 17604779 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ackermans & van Haaren NV | 6487 | 1586639 |
| Ageas SA | 50795 | 3185671 |
| Anheuser-Busch InBev SA | 287871 | 18973284 |
| Azelis Group NV | 33630 | 521098 |
| Colruyt Group NV | 12564 | 604173 |
| D'ieteren Group | 5967 | 1191615 |
| Elia Group SA/NV | 12161 | 1318490 |
| Groupe Bruxelles Lambert NV | 24766 | 2043049 |
| KBC Group NV | 78354 | 7224924 |
| Lotus Bakeries NV | 119 | 1144194 |
| Sofina SA | 4130 | 1153890 |
| Syensqo SA | 21474 | 1536094 |
| UCB SA | 35399 | 6490023 |
| Warehouses De Pauw CVA, REIT \* | 50824 | 1298151 |
|  |  | 48271295 |
| **Brazil — 0.0% ^** | **Brazil — 0.0% ^** | **Brazil — 0.0% ^** |
| Yara International ASA | 47631 | 1545795 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Antofagasta plc | 96616 | 2120289 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| Budweiser Brewing Co. APAC Ltd. (a) | 496000 | 524088 |
| Prosus NV | 382248 | 17921547 |
| Wharf Holdings Ltd. (The) | 282000 | 708356 |
| Wilmar International Ltd. | 531000 | 1245450 |
| Wuxi Biologics Cayman, Inc. \* (a) | 1057000 | 3069981 |
|  |  | 23469422 |
| **Denmark — 2.2%** | **Denmark — 2.2%** | **Denmark — 2.2%** |
| AP Moller - Maersk A/S, Class A | 709 | 1211724 |
| AP Moller - Maersk A/S, Class B | 1064 | 1832087 |
| Carlsberg A/S, Class B | 26771 | 3647647 |
| Coloplast A/S, Class B | 42392 | 4797209 |
| Danske Bank A/S | 194196 | 6813866 |
| DSV A/S | 56243 | 11921260 |
| Genmab A/S \* | 19029 | 4034886 |
| Novo Nordisk A/S, Class B | 934795 | 62501856 |
| Novonesis Novozymes B | 103804 | 6742834 |
| Orsted A/S \* (a) | 55426 | 2205566 |
| Pandora A/S | 23863 | 3552318 |
| Tryg A/S | 92971 | 2218097 |
| Vestas Wind Systems A/S | 295261 | 3936481 |
|  |  | 115415831 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | 42246 | 2253740 |
| Fortum OYJ | 128600 | 2156178 |
| Kesko OYJ, Class A | 26865 | 600758 |
| Kesko OYJ, Class B | 79463 | 1824378 |
| Kone OYJ, Class B | 104355 | 6462894 |
| Metso OYJ (b) | 206710 | 2246049 |
| Neste OYJ | 125410 | 1300920 |
| Nokia OYJ | 1485171 | 7424625 |
| Nordea Bank Abp | 888713 | 12195595 |
| Orion OYJ, Class A | 8095 | 503139 |
| Orion OYJ, Class B | 31305 | 1960054 |
| Sampo OYJ, Class A | 712785 | 7141111 |
| Stora Enso OYJ, Class R | 173022 | 1607096 |
| UPM-Kymmene OYJ | 156957 | 4157179 |
| Wartsila OYJ Abp | 142493 | 2632747 |
|  |  | 54466463 |
| **France — 9.1%** | **France — 9.1%** | **France — 9.1%** |
| Aeroports de Paris SA | 10538 | 1317742 |
| Air Liquide SA | 169109 | 34748215 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| Airbus SE | 172347 | 29245656 |
| Amundi SA (a) | 18238 | 1440641 |
| AXA SA \* | 509387 | 24091917 |
| BioMerieux | 12568 | 1696432 |
| BNP Paribas SA | 304843 | 25829189 |
| Bollore SE | 206870 | 1279578 |
| Bouygues SA \* | 60657 | 2666198 |
| Bureau Veritas SA | 92779 | 2945089 |
| Capgemini SE | 48394 | 7726215 |
| Cie de Saint-Gobain SA | 133396 | 14502549 |
| Cie Generale des Etablissements Michelin SCA | 201574 | 7370700 |
| Credit Agricole SA | 359897 | 6750440 |
| Danone SA | 188901 | 16254254 |
| Dassault Aviation SA | 5785 | 2085878 |
| Dassault Systemes SE | 206647 | 7744329 |
| Engie SA | 543023 | 11223376 |
| EssilorLuxottica SA | 84601 | 24378022 |
| Hermes International SCA | 9986 | 27463287 |
| Kering SA (b) | 20707 | 4212892 |
| Legrand SA | 76817 | 8442175 |
| L'Oreal SA \* | 71145 | 31436518 |
| LVMH Moet Hennessy Louis Vuitton SE | 75706 | 41935767 |
| Orange SA | 517396 | 7506407 |
| Pernod Ricard SA | 58757 | 6368992 |
| Publicis Groupe SA | 66867 | 6803515 |
| Safran SA | 101290 | 26955252 |
| Sartorius Stedim Biotech (b) | 8160 | 1925685 |
| Societe Generale SA | 210713 | 10986363 |
| Sodexo SA | 24456 | 1552390 |
| Thales SA | 27347 | 7660506 |
| TotalEnergies SE | 607478 | 34599019 |
| Veolia Environnement SA (b) | 183086 | 6687048 |
| Vinci SA | 147853 | 20768507 |
|  |  | 468600743 |
| **Germany — 9.6%** | **Germany — 9.6%** | **Germany — 9.6%** |
| adidas AG | 46714 | 10748501 |
| Allianz SE (Registered) | 113649 | 47002577 |
| BASF SE \* | 262669 | 13414369 |
| Bayer AG (Registered) | 269756 | 7069543 |
| Bayerische Motoren Werke AG | 82886 | 7030182 |
| Bayerische Motoren Werke AG (Preference) | 17268 | 1393472 |
| Beiersdorf AG | 28770 | 4053637 |
| Commerzbank AG | 275432 | 7290010 |
| Continental AG | 31785 | 2484781 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Covestro AG \* (a) | 53547 | 3569017 |
| Daimler Truck Holding AG | 134596 | 5407596 |
| Deutsche Bank AG (Registered) | 545202 | 14295382 |
| Deutsche Boerse AG | 54074 | 17416905 |
| Deutsche Post AG | 283090 | 12095872 |
| Deutsche Telekom AG (Registered) | 1017109 | 36532038 |
| Dr Ing hc F Porsche AG (Preference) (a) | 32307 | 1624126 |
| E.ON SE | 651463 | 11393818 |
| Fresenius SE & Co. KGaA \* | 121005 | 5747367 |
| Hannover Rueck SE | 17675 | 5673670 |
| Heidelberg Materials AG | 38419 | 7680473 |
| Henkel AG & Co. KGaA | 28350 | 2000946 |
| Henkel AG & Co. KGaA (Preference) | 47919 | 3721695 |
| Infineon Technologies AG | 372183 | 12327829 |
| Mercedes-Benz Group AG | 211970 | 12673428 |
| Merck KGaA | 38036 | 5295374 |
| MTU Aero Engines AG | 15313 | 5299914 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered) \*<br>| 39613 | 27119431 |
| Rheinmetall AG | 12767 | 21742873 |
| RWE AG | 198980 | 7727216 |
| SAP SE | 302448 | 88492849 |
| Sartorius AG (Preference) | 7245 | 1880762 |
| Siemens AG (Registered) | 216440 | 49837759 |
| Siemens Energy AG \* | 151076 | 11660602 |
| Siemens Healthineers AG (a) | 79394 | 4279921 |
| Symrise AG | 36939 | 4260228 |
| Talanx AG | 17707 | 2032199 |
| Volkswagen AG (Preference) | 59169 | 6438199 |
| Vonovia SE | 239750 | 7952528 |
|  |  | 496667089 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| AIA Group Ltd. | 3147600 | 23584703 |
| CK Asset Holdings Ltd. | 552000 | 2255122 |
| CK Infrastructure Holdings Ltd. | 179000 | 1206397 |
| CLP Holdings Ltd. | 532500 | 4540437 |
| Hang Seng Bank Ltd. | 213200 | 2976015 |
| Henderson Land Development Co. Ltd. | 390000 | 1106017 |
| HKT Trust & HKT Ltd. | 1051000 | 1495552 |
| Hong Kong & China Gas Co. Ltd. | 3212100 | 2890166 |
| Hong Kong Exchanges & Clearing Ltd. | 351100 | 15339453 |
| Jardine Matheson Holdings Ltd. | 50000 | 2221754 |
| Link, REIT | 754000 | 3530120 |
| MTR Corp. Ltd. | 463500 | 1600154 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Power Assets Holdings Ltd. | 401500 | 2655200 |
| Prudential plc | 787697 | 8375408 |
| Sino Land Co. Ltd. | 1010000 | 1037978 |
| Sun Hung Kai Properties Ltd. | 553500 | 5250730 |
| Swire Pacific Ltd., Class A | 119000 | 1029072 |
| Swire Pacific Ltd., Class B | 230000 | 316564 |
| Swire Properties Ltd. | 308400 | 681555 |
| Techtronic Industries Co. Ltd. | 431500 | 4342611 |
| WH Group Ltd. (a) | 2295924 | 2053032 |
| Wharf Real Estate Investment Co. Ltd. | 454000 | 1085764 |
|  |  | 89573804 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Kerry Group plc, Class A | 43183 | 4571429 |
| Kingspan Group plc | 45642 | 3851475 |
|  |  | 8422904 |
| **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
| Azrieli Group Ltd. | 10681 | 777624 |
| Bank Hapoalim BM | 374273 | 5490061 |
| Bank Leumi Le-Israel BM | 448176 | 6364562 |
| Elbit Systems Ltd. | 6762 | 2599855 |
| ICL Group Ltd. | 212508 | 1418582 |
| Israel Discount Bank Ltd., Class A | 364053 | 2719289 |
| Mizrahi Tefahot Bank Ltd. | 44397 | 2248153 |
| Nice Ltd. \* | 18638 | 2911704 |
| Teva Pharmaceutical Industries Ltd. \* | 333003 | 5163763 |
|  |  | 29693593 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| A2A SpA | 457319 | 1163085 |
| Amplifon SpA | 38048 | 728199 |
| Banca Mediolanum SpA | 60680 | 907157 |
| Banco BPM SpA | 386167 | 4310597 |
| Buzzi SpA | 24364 | 1276747 |
| Coca-Cola HBC AG | 60110 | 3130150 |
| Davide Campari-Milano NV (b) | 166478 | 1117107 |
| DiaSorin SpA | 6322 | 722458 |
| Enel SpA | 2284154 | 19801265 |
| Eni SpA | 617041 | 8836975 |
| Ferrari NV | 32709 | 14973544 |
| FinecoBank Banca Fineco SpA | 179682 | 3595602 |
| Generali (b) | 291936 | 10669597 |
| Hera SpA | 265362 | 1256284 |
| Infrastrutture Wireless Italiane SpA (a) | 102640 | 1225742 |
| Intesa Sanpaolo SpA | 4609155 | 24604998 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Leonardo SpA | 117842 | 6126406 |
| Mediobanca Banca di Credito Finanziario SpA | 172719 | 3532796 |
| Moncler SpA | 63045 | 3891193 |
| Nexi SpA \* (a) (b) | 158574 | 926241 |
| Pirelli & C SpA (a) | 80305 | 496485 |
| Poste Italiane SpA (a) | 134961 | 2739330 |
| Prysmian SpA | 83726 | 4599254 |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 28488 | 1681030 |
| Snam SpA | 631498 | 3624472 |
| Telecom Italia SpA \* | 2966118 | 1174686 |
| Telecom Italia SpA \* | 1766663 | 785756 |
| Terna - Rete Elettrica Nazionale | 413801 | 4114758 |
| UniCredit SpA | 453735 | 26398691 |
|  |  | 158410605 |
| **Japan — 23.5%** | **Japan — 23.5%** | **Japan — 23.5%** |
| ABC-Mart, Inc. | 29400 | 546781 |
| Advantest Corp. | 208800 | 8735346 |
| Aeon Co. Ltd. | 250800 | 7416450 |
| AGC, Inc. | 62300 | 1945125 |
| Aisin Corp. | 168200 | 2136363 |
| Ajinomoto Co., Inc. | 277100 | 5667828 |
| ANA Holdings, Inc. | 45600 | 875950 |
| Asahi Group Holdings Ltd. | 447300 | 6182714 |
| Asahi Kasei Corp. | 407900 | 2842551 |
| Asics Corp. | 212900 | 4576084 |
| Astellas Pharma, Inc. | 528800 | 5295482 |
| Bandai Namco Holdings, Inc. | 191000 | 6637737 |
| Bridgestone Corp. | 172600 | 7217300 |
| Brother Industries Ltd. | 74800 | 1314504 |
| Canon, Inc. (b) | 277800 | 8572839 |
| Capcom Co. Ltd. | 96000 | 2779251 |
| Central Japan Railway Co. | 289600 | 6094301 |
| Chiba Bank Ltd. (The) | 209800 | 1865433 |
| Chubu Electric Power Co., Inc. | 222500 | 2889234 |
| Chugai Pharmaceutical Co. Ltd. | 194100 | 11182015 |
| Concordia Financial Group Ltd. | 345500 | 2234679 |
| Dai Nippon Printing Co. Ltd. | 134100 | 1869185 |
| Daifuku Co. Ltd. | 105500 | 2790946 |
| Dai-ichi Life Holdings, Inc. | 1083300 | 7821910 |
| Daiichi Sankyo Co. Ltd. | 556500 | 14235621 |
| Daikin Industries Ltd. | 86100 | 9808796 |
| Daito Trust Construction Co. Ltd. | 18200 | 2026334 |
| Daiwa House Industry Co. Ltd. | 188300 | 6813245 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Daiwa Securities Group, Inc. | 412400 | 2711912 |
| Denso Corp. | 577200 | 7452771 |
| Dentsu Group, Inc. (b) | 67500 | 1415214 |
| Disco Corp. | 26800 | 5185252 |
| East Japan Railway Co. | 320900 | 6956109 |
| Eisai Co. Ltd. | 79800 | 2306537 |
| ENEOS Holdings, Inc. | 821500 | 3954890 |
| FANUC Corp. | 274700 | 6971793 |
| Fast Retailing Co. Ltd. | 51200 | 16841977 |
| Fuji Electric Co. Ltd. | 40100 | 1783117 |
| FUJIFILM Holdings Corp. | 354100 | 7252814 |
| Fujikura Ltd. | 75800 | 2820283 |
| Fujitsu Ltd. | 527200 | 11711992 |
| Hankyu Hanshin Holdings, Inc. | 67800 | 1933805 |
| Hikari Tsushin, Inc. | 5100 | 1414626 |
| Hitachi Construction Machinery Co. Ltd. | 30200 | 902523 |
| Hitachi Ltd. | 1351000 | 33390661 |
| Honda Motor Co. Ltd. | 1329600 | 13528338 |
| Hoshizaki Corp. | 34100 | 1449799 |
| Hoya Corp. | 101700 | 11966651 |
| Hulic Co. Ltd. | 161500 | 1688790 |
| Idemitsu Kosan Co. Ltd. | 301800 | 1870259 |
| Inpex Corp. | 262700 | 3286245 |
| Isuzu Motors Ltd. | 176300 | 2370960 |
| ITOCHU Corp. | 416800 | 21316378 |
| Japan Airlines Co. Ltd. | 42200 | 764555 |
| Japan Exchange Group, Inc. | 306300 | 3407824 |
| Japan Post Bank Co. Ltd. | 409900 | 4214572 |
| Japan Post Holdings Co. Ltd. | 540000 | 5248943 |
| Japan Post Insurance Co. Ltd. | 56700 | 1139849 |
| Japan Real Estate Investment Corp., REIT | 2030 | 1611035 |
| Japan Tobacco, Inc. | 325900 | 10040342 |
| JFE Holdings, Inc. | 187200 | 2180136 |
| Kajima Corp. | 137200 | 3276014 |
| Kansai Electric Power Co., Inc. (The) | 303300 | 3736788 |
| Kao Corp. | 136800 | 5857986 |
| Kawasaki Heavy Industries Ltd. | 47700 | 2845386 |
| Kawasaki Kisen Kaisha Ltd. | 120900 | 1658061 |
| KDDI Corp. | 861100 | 15261812 |
| Keyence Corp. | 55100 | 23036849 |
| Kikkoman Corp. | 259700 | 2542248 |
| Kirin Holdings Co. Ltd. | 238900 | 3613764 |
| Kobe Bussan Co. Ltd. | 43000 | 1314086 |
| Komatsu Ltd. | 271600 | 7854555 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Konami Group Corp. | 26600 | 3798906 |
| Kubota Corp. | 336200 | 3906777 |
| Kyocera Corp. | 397600 | 4712248 |
| Kyowa Kirin Co. Ltd. | 73300 | 1144551 |
| Lasertec Corp. | 23500 | 2184804 |
| LY Corp. | 782300 | 2958676 |
| M3, Inc. | 131600 | 1649289 |
| Makita Corp. | 72900 | 2131891 |
| Marubeni Corp. | 495400 | 8782779 |
| MatsukiyoCocokara & Co. | 116600 | 2140383 |
| McDonald's Holdings Co. Japan Ltd. | 25300 | 1069770 |
| MEIJI Holdings Co. Ltd. | 78100 | 1920233 |
| MINEBEA MITSUMI, Inc. | 110000 | 1612163 |
| Mitsubishi Chemical Group Corp. | 418500 | 2034562 |
| Mitsubishi Corp. | 1170200 | 22218102 |
| Mitsubishi Electric Corp. | 600700 | 11620785 |
| Mitsubishi Estate Co. Ltd. | 373200 | 6555623 |
| Mitsubishi HC Capital, Inc. | 246000 | 1740239 |
| Mitsubishi Heavy Industries Ltd. | 988000 | 19476293 |
| Mitsubishi UFJ Financial Group, Inc. | 3404800 | 42897514 |
| Mitsui & Co. Ltd. | 860100 | 17392187 |
| Mitsui Fudosan Co. Ltd. | 824500 | 8171328 |
| Mitsui OSK Lines Ltd. | 106500 | 3546857 |
| Mizuho Financial Group, Inc. | 746000 | 18651965 |
| MonotaRO Co. Ltd. | 73000 | 1404000 |
| MS&AD Insurance Group Holdings, Inc. | 389700 | 8857808 |
| Murata Manufacturing Co. Ltd. | 552100 | 7865525 |
| NEC Corp. | 373700 | 9096914 |
| Nexon Co. Ltd. | 122500 | 1921987 |
| NIDEC Corp. | 297500 | 5286972 |
| Nintendo Co. Ltd. | 311100 | 25827524 |
| Nippon Building Fund, Inc., REIT | 2418 | 2244410 |
| Nippon Paint Holdings Co. Ltd. | 285400 | 2174398 |
| Nippon Sanso Holdings Corp. | 58000 | 1856188 |
| Nippon Steel Corp. | 307600 | 6474276 |
| Nippon Telegraph & Telephone Corp. | 8060600 | 8425561 |
| Nippon Yusen KK | 127500 | 4165796 |
| Nissan Chemical Corp. | 37700 | 1102674 |
| Nissan Motor Co. Ltd. \* | 650100 | 1547648 |
| Nissin Foods Holdings Co. Ltd. | 69400 | 1530189 |
| Niterra Co. Ltd. | 59300 | 1846416 |
| Nitori Holdings Co. Ltd. | 23800 | 2831838 |
| Nitto Denko Corp. | 203800 | 3582155 |
| Nomura Holdings, Inc. | 863800 | 4814445 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Nomura Research Institute Ltd. | 119100 | 4510014 |
| NTT Data Group Corp. | 174600 | 3467625 |
| Obayashi Corp. | 205900 | 3194575 |
| Obic Co. Ltd. | 95600 | 3347099 |
| Olympus Corp. | 331900 | 4348885 |
| Omron Corp. | 56100 | 1665326 |
| Ono Pharmaceutical Co. Ltd. | 128800 | 1482608 |
| Oracle Corp. | 9800 | 1178170 |
| Oriental Land Co. Ltd. | 323500 | 6851567 |
| ORIX Corp. | 340800 | 6836459 |
| Osaka Gas Co. Ltd. | 120400 | 3053111 |
| Otsuka Corp. | 71400 | 1583585 |
| Otsuka Holdings Co. Ltd. | 141200 | 6883610 |
| Pan Pacific International Holdings Corp. | 156100 | 4805921 |
| Panasonic Holdings Corp. | 653300 | 7490718 |
| Rakuten Group, Inc. \* | 434100 | 2559598 |
| Recruit Holdings Co. Ltd. | 437500 | 24244190 |
| Renesas Electronics Corp. | 434800 | 5102493 |
| Resona Holdings, Inc. | 668900 | 5365779 |
| Ricoh Co. Ltd. | 167600 | 1762837 |
| SBI Holdings, Inc. | 88700 | 2332320 |
| SCREEN Holdings Co. Ltd. | 26700 | 1775471 |
| SCSK Corp. | 45300 | 1184841 |
| Secom Co. Ltd. | 119500 | 4394066 |
| Seiko Epson Corp. | 89700 | 1244416 |
| Sekisui Chemical Co. Ltd. | 113300 | 1979797 |
| Sekisui House Ltd. | 184600 | 4243991 |
| Seven & i Holdings Co. Ltd. | 703800 | 10360374 |
| SG Holdings Co. Ltd. | 124400 | 1309889 |
| Shimadzu Corp. | 86700 | 2219297 |
| Shimano, Inc. | 24300 | 3423515 |
| Shimizu Corp. | 175600 | 1875952 |
| Shin-Etsu Chemical Co. Ltd. | 582600 | 17729388 |
| Shionogi & Co. Ltd. | 250300 | 4205168 |
| Shiseido Co. Ltd. | 117600 | 1933490 |
| SMC Corp. | 16000 | 5178254 |
| SoftBank Corp. | 8241300 | 12471110 |
| SoftBank Group Corp. | 279800 | 14149390 |
| Sompo Holdings, Inc. | 279900 | 9172634 |
| Sony Group Corp. | 1771500 | 46737126 |
| Square Enix Holdings Co. Ltd. | 22800 | 1318365 |
| Subaru Corp. | 176200 | 3190615 |
| Sumitomo Corp. | 359600 | 8780133 |
| Sumitomo Electric Industries Ltd. | 229500 | 3688848 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Sumitomo Metal Mining Co. Ltd. | 77300 | 1715057 |
| Sumitomo Mitsui Financial Group, Inc. | 1140400 | 27206766 |
| Sumitomo Mitsui Trust Group, Inc. | 213700 | 5286667 |
| Sumitomo Realty & Development Co. Ltd. | 139500 | 5195859 |
| Suntory Beverage & Food Ltd. | 36700 | 1282329 |
| Suzuki Motor Corp. | 540000 | 6471181 |
| Sysmex Corp. | 175400 | 3255979 |
| T&D Holdings, Inc. | 152200 | 3238606 |
| Taisei Corp. | 52600 | 2852078 |
| Takeda Pharmaceutical Co. Ltd. | 461700 | 13965792 |
| TDK Corp. | 558100 | 5955734 |
| Terumo Corp. | 438300 | 8389385 |
| TIS, Inc. | 69000 | 1991560 |
| Toho Co. Ltd. | 34600 | 1975366 |
| Tokio Marine Holdings, Inc. | 568500 | 22786831 |
| Tokyo Century Corp. | 49200 | 518142 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 212600 | 650376 |
| Tokyo Electron Ltd. | 130100 | 19371681 |
| Tokyo Gas Co. Ltd. | 117400 | 3900356 |
| Tokyu Corp. | 176700 | 2143028 |
| TOPPAN Holdings, Inc. | 82600 | 2318794 |
| Toray Industries, Inc. | 471200 | 3009327 |
| TOTO Ltd. | 47700 | 1257777 |
| Toyo Suisan Kaisha Ltd. | 30100 | 1945838 |
| Toyota Industries Corp. | 51900 | 6086567 |
| Toyota Motor Corp. | 3384200 | 64636255 |
| Toyota Tsusho Corp. | 208500 | 4143463 |
| Trend Micro, Inc. | 35900 | 2575846 |
| Unicharm Corp. | 341900 | 3174590 |
| West Japan Railway Co. | 143700 | 3022873 |
| Yakult Honsha Co. Ltd. | 85400 | 1754289 |
| Yamaha Motor Co. Ltd. (b) | 267300 | 2099303 |
| Yaskawa Electric Corp. | 74300 | 1565449 |
| Yokogawa Electric Corp. | 76900 | 1664128 |
| Zensho Holdings Co. Ltd. | 30200 | 1866160 |
| ZOZO, Inc. | 117500 | 1193270 |
|  |  | 1214736476 |
| **Jordan — 0.0% ^** | **Jordan — 0.0% ^** | **Jordan — 0.0% ^** |
| Hikma Pharmaceuticals plc | 45219 | 1198284 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | 132367 | 3914322 |
| CVC Capital Partners plc \* (a) | 242448 | 4325973 |
|  |  | 8240295 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd. | 663000 | 2394489 |
| Sands China Ltd. \* | 685200 | 1227159 |
|  |  | 3621648 |
| **Mexico — 0.0% ^** | **Mexico — 0.0% ^** | **Mexico — 0.0% ^** |
| Fresnillo plc | 50315 | 674350 |
| **Netherlands — 3.8%** | **Netherlands — 3.8%** | **Netherlands — 3.8%** |
| Adyen NV \* (a) | 8849 | 14319569 |
| Aegon Ltd. | 390666 | 2512743 |
| Akzo Nobel NV | 50156 | 3166574 |
| Argenx SE \* | 17882 | 11559804 |
| ASM International NV | 12963 | 6336146 |
| ASML Holding NV | 115784 | 77510670 |
| EXOR NV | 29332 | 2769373 |
| HAL Trust | 10486 | 1379909 |
| Heineken Holding NV | 38461 | 3007258 |
| Heineken NV | 82746 | 7407025 |
| ING Groep NV | 903701 | 17549256 |
| JDE Peet's NV | 34955 | 846222 |
| Koninklijke Ahold Delhaize NV | 268868 | 11039469 |
| Koninklijke KPN NV | 1159531 | 5393970 |
| Koninklijke Philips NV \* | 233124 | 5916646 |
| NN Group NV | 80596 | 4942179 |
| Universal Music Group NV | 278606 | 8192540 |
| Wolters Kluwer NV | 68759 | 12140021 |
|  |  | 195989374 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport Ltd. | 446909 | 1996289 |
| Fisher & Paykel Healthcare Corp. Ltd. | 160329 | 3234320 |
| Mercury NZ Ltd. | 196495 | 652035 |
| Meridian Energy Ltd. | 362368 | 1179551 |
|  |  | 7062195 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | 90294 | 1938387 |
| DNB Bank ASA | 218542 | 5463138 |
| Equinor ASA | 251551 | 5694016 |
| Gjensidige Forsikring ASA | 48996 | 1146450 |
| Kongsberg Gruppen ASA | 25729 | 4145169 |
| Mowi ASA | 130423 | 2391498 |
| Norsk Hydro ASA | 385131 | 2042895 |
| Orkla ASA | 219903 | 2452459 |
| Salmar ASA | 22261 | 1100030 |
| Schibsted ASA, Class A | 20578 | 626247 |
| Schibsted ASA, Class B | 27675 | 795396 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Norway — continued** | **Norway — continued** | **Norway — continued** |
| Storebrand ASA | 129620 | 1564982 |
| Telenor ASA | 185418 | 2784978 |
| Var Energi ASA | 237974 | 654361 |
|  |  | 32800006 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| Allegro.eu SA \* (a) | 183059 | 1606238 |
| Bank Polska Kasa Opieki SA \* | 61796 | 3097316 |
| Dino Polska SA \* (a) | 14080 | 1973840 |
| ING Bank Slaski SA \* | 9521 | 826663 |
| KGHM Polska Miedz SA | 39977 | 1276165 |
| LPP SA | 328 | 1342424 |
| ORLEN SA | 171174 | 3091121 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 252362 | 4851897 |
| Powszechny Zaklad Ubezpieczen SA | 167221 | 2608784 |
| Santander Bank Polska SA | 9764 | 1501784 |
|  |  | 22176232 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP SA | 833716 | 3286227 |
| Galp Energia SGPS SA | 128991 | 1998558 |
| Jeronimo Martins SGPS SA | 81007 | 1960561 |
|  |  | 7245346 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Evraz plc ‡ \* | 96418 |  |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| CapitaLand Ascendas, REIT | 1112600 | 2267099 |
| CapitaLand Integrated Commercial Trust, REIT | 1418437 | 2334324 |
| CapitaLand Investment Ltd. | 705400 | 1486696 |
| DBS Group Holdings Ltd. | 615350 | 19992237 |
| Genting Singapore Ltd. | 1666500 | 945018 |
| Jardine Cycle & Carriage Ltd. | 24200 | 480654 |
| Keppel Ltd. | 416700 | 2095043 |
| Mapletree Pan Asia Commercial Trust, REIT | 705200 | 660434 |
| Oversea-Chinese Banking Corp. Ltd. | 958900 | 11867120 |
| Singapore Airlines Ltd. | 407050 | 2088946 |
| Singapore Exchange Ltd. | 240200 | 2642407 |
| Singapore Technologies Engineering Ltd. | 459500 | 2609153 |
| Singapore Telecommunications Ltd. | 2303200 | 6663610 |
| STMicroelectronics NV | 191939 | 4363368 |
| United Overseas Bank Ltd. | 394900 | 10488087 |
|  |  | 70984196 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American plc | 356789 | 9739758 |
| **Spain — 3.0%** | **Spain — 3.0%** | **Spain — 3.0%** |
| ACS Actividades de Construccion y Servicios <br> SA<br>| 59517 | 3729027 |
| Aena SME SA (a) (b) | 21631 | 5434052 |
| Amadeus IT Group SA | 128189 | 10090138 |
| Banco Bilbao Vizcaya Argentaria SA | 1694438 | 23254540 |
| Banco Santander SA (b) | 4436999 | 31240281 |
| CaixaBank SA (b) | 1063105 | 8147855 |
| Cellnex Telecom SA (a) | 172925 | 6998162 |
| EDP Renovaveis SA | 73353 | 686933 |
| Endesa SA | 93143 | 2797325 |
| Iberdrola SA | 1707588 | 30780743 |
| Industria de Diseno Textil SA (b) | 326159 | 17539188 |
| Naturgy Energy Group SA (b) | 36852 | 1097896 |
| Redeia Corp. SA | 111000 | 2327701 |
| Repsol SA | 339769 | 4153224 |
| Telefonica SA | 1387478 | 7127808 |
|  |  | 155404873 |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| Alfa Laval AB | 85149 | 3531627 |
| Assa Abloy AB, Class B | 309971 | 9408856 |
| Atlas Copco AB, Class A | 744762 | 11527946 |
| Atlas Copco AB, Class B | 459366 | 6378628 |
| Axfood AB | 31358 | 876656 |
| Beijer Ref AB (b) | 107577 | 1640910 |
| Boliden AB \* | 80482 | 2465972 |
| Castellum AB \* | 124163 | 1511090 |
| Epiroc AB, Class A | 183189 | 3963243 |
| Epiroc AB, Class B | 114769 | 2250801 |
| EQT AB | 206212 | 5959018 |
| Essity AB, Class A | 6470 | 185756 |
| Essity AB, Class B | 178323 | 5156932 |
| Evolution AB \* (a) (b) | 55216 | 3825067 |
| Fastighets AB Balder, Class B \* | 195379 | 1404470 |
| H & M Hennes & Mauritz AB, Class B (b) | 166925 | 2418840 |
| Hexagon AB, Class B \* | 620446 | 6038533 |
| Holmen AB, Class B | 22938 | 906946 |
| Industrivarden AB, Class A | 36430 | 1280226 |
| Industrivarden AB, Class C (b) | 45381 | 1593631 |
| Indutrade AB | 78700 | 2129123 |
| Investment AB Latour, Class B | 42663 | 1151332 |
| Investor AB, Class A | 167317 | 4983090 |
| Investor AB, Class B | 512507 | 15184796 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 37

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| L E Lundbergforetagen AB, Class B | 22009 | 1161284 |
| Lifco AB, Class B (b) | 66484 | 2573911 |
| Nibe Industrier AB, Class B | 482741 | 2058602 |
| Nordnet AB publ | 46029 | 1218490 |
| Saab AB, Class B | 105539 | 4914373 |
| Sagax AB, Class B (b) | 63132 | 1434946 |
| Sagax AB, Class D | 32268 | 110487 |
| Sandvik AB (b) | 274290 | 5662561 |
| Securitas AB, Class B | 155379 | 2462252 |
| Skandinaviska Enskilda Banken AB, Class A | 395977 | 6283236 |
| Skandinaviska Enskilda Banken AB, Class C | 5902 | 99874 |
| Skanska AB, Class B | 93022 | 2161519 |
| SKF AB, Class B | 105806 | 2073944 |
| SSAB AB, Class A | 69301 | 437902 |
| SSAB AB, Class B (b) | 165340 | 1027735 |
| Svenska Cellulosa AB SCA, Class B | 165356 | 2138146 |
| Svenska Handelsbanken AB, Class A | 408084 | 5341746 |
| Svenska Handelsbanken AB, Class B (b) | 10330 | 203021 |
| Swedbank AB, Class A | 290642 | 7255544 |
| Swedish Orphan Biovitrum AB \* | 47061 | 1431347 |
| Tele2 AB, Class B | 162477 | 2397191 |
| Telefonaktiebolaget LM Ericsson, Class A | 16125 | 135051 |
| Telefonaktiebolaget LM Ericsson, Class B | 770739 | 6510726 |
| Telia Co. AB | 661930 | 2486522 |
| Trelleborg AB, Class B | 62100 | 2141312 |
| Volvo AB, Class A | 49558 | 1351768 |
| Volvo AB, Class B | 438501 | 11920001 |
|  |  | 172766980 |
| **Switzerland — 4.4%** | **Switzerland — 4.4%** | **Switzerland — 4.4%** |
| ABB Ltd. (Registered) | 468866 | 24761163 |
| Chocoladefabriken Lindt & Spruengli AG | 297 | 4328480 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Registered)<br>| 32 | 4532563 |
| Cie Financiere Richemont SA (Registered) | 157033 | 27748550 |
| DSM-Firmenich AG | 63489 | 6897012 |
| EMS-Chemie Holding AG (Registered) | 1995 | 1470916 |
| Galderma Group AG | 15899 | 1846600 |
| Geberit AG (Registered) | 9869 | 6836460 |
| Givaudan SA (Registered) | 2713 | 13088492 |
| Julius Baer Group Ltd. | 58086 | 3766766 |
| Kuehne + Nagel International AG (Registered) | 14520 | 3343914 |
| Lonza Group AG (Registered) | 20566 | 14776862 |
| Partners Group Holding AG | 6343 | 8311054 |
| Sandoz Group AG | 116062 | 5034152 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Schindler Holding AG | 11983 | 4382722 |
| Schindler Holding AG (Registered) | 6090 | 2159173 |
| SGS SA (Registered) | 44899 | 4384891 |
| Sika AG (Registered) | 47182 | 11791140 |
| Sonova Holding AG (Registered) | 14354 | 4412620 |
| Straumann Holding AG (Registered) | 32688 | 3985870 |
| Swiss Life Holding AG (Registered) | 8135 | 8122472 |
| Swisscom AG (Registered) | 7470 | 4981619 |
| UBS Group AG (Registered) | 885988 | 26894492 |
| Zurich Insurance Group AG | 42291 | 29995773 |
|  |  | 227853756 |
| **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** |
| NMC Health plc ‡ \* | 300 |  |
| **United Kingdom — 11.9%** | **United Kingdom — 11.9%** | **United Kingdom — 11.9%** |
| 3i Group plc | 286456 | 16239488 |
| Admiral Group plc | 65512 | 2849277 |
| Ashtead Group plc | 128565 | 6882396 |
| Associated British Foods plc | 87760 | 2419117 |
| AstraZeneca plc | 456140 | 65349682 |
| Auto Trader Group plc (a) | 255811 | 2873999 |
| Aviva plc | 795371 | 5959237 |
| B&M European Value Retail SA | 267675 | 1203836 |
| BAE Systems plc | 888618 | 20600508 |
| Barclays plc | 4257481 | 16960284 |
| Barratt Redrow plc | 401906 | 2505558 |
| Berkeley Group Holdings plc | 30006 | 1672633 |
| British American Tobacco plc | 583266 | 25406098 |
| BT Group plc | 1855438 | 4306391 |
| Bunzl plc | 95494 | 3000851 |
| Centrica plc | 1476715 | 3161694 |
| CK Hutchison Holdings Ltd. | 784500 | 4423858 |
| Coca-Cola Europacific Partners plc | 60252 | 5467266 |
| Compass Group plc | 502922 | 16955927 |
| ConvaTec Group plc (a) | 477006 | 1658387 |
| Croda International plc | 38020 | 1500791 |
| DCC plc | 29068 | 1899823 |
| Diageo plc | 654369 | 18374939 |
| Entain plc | 187220 | 1600527 |
| Halma plc | 111729 | 4124100 |
| Hiscox Ltd. | 101735 | 1497302 |
| Howden Joinery Group plc | 155018 | 1594128 |
| HSBC Holdings plc | 5251991 | 58545914 |
| Imperial Brands plc | 247400 | 10151572 |
| Informa plc | 386800 | 3778623 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| InterContinental Hotels Group plc | 46476 | 4959450 |
| Intermediate Capital Group plc | 85442 | 2149205 |
| International Consolidated Airlines Group SA | 1079195 | 3749629 |
| Intertek Group plc | 47498 | 2917085 |
| J Sainsbury plc | 477514 | 1697138 |
| JD Sports Fashion plc | 732040 | 770697 |
| Kingfisher plc | 547546 | 2104490 |
| Land Securities Group plc, REIT | 206295 | 1634742 |
| Legal & General Group plc | 1756016 | 5529834 |
| Lloyds Banking Group plc | 17967592 | 17652771 |
| London Stock Exchange Group plc | 140875 | 21935861 |
| M&G plc | 667133 | 1851218 |
| Melrose Industries plc | 358868 | 2086212 |
| National Grid plc | 1437896 | 20754740 |
| NatWest Group plc | 2013321 | 12950258 |
| Next plc | 34812 | 5743164 |
| Pearson plc | 199285 | 3194784 |
| Persimmon plc | 93617 | 1620132 |
| Phoenix Group Holdings plc | 220473 | 1763857 |
| Reckitt Benckiser Group plc | 203140 | 13111981 |
| RELX plc | 546657 | 29833888 |
| Rentokil Initial plc | 712688 | 3265030 |
| Rightmove plc | 233831 | 2309352 |
| Rolls-Royce Holdings plc | 2502991 | 25336463 |
| Sage Group plc (The) | 285627 | 4735306 |
| Schroders plc | 270261 | 1190818 |
| Segro plc, REIT | 360352 | 3277998 |
| Severn Trent plc | 77722 | 2891045 |
| Smith & Nephew plc | 256784 | 3613612 |
| Smiths Group plc | 102280 | 2548776 |
| Spirax Group plc | 21622 | 1704159 |
| SSE plc | 321614 | 7251131 |
| Standard Chartered plc | 558101 | 8038470 |
| Taylor Wimpey plc | 1035325 | 1626815 |
| Tesco plc | 1971140 | 9755179 |
| Unilever plc | 729107 | 46422163 |
| United Utilities Group plc | 194860 | 2929595 |
| Vodafone Group plc | 5955899 | 5852862 |
| Weir Group plc (The) | 74264 | 2238578 |
| Whitbread plc | 49870 | 1732036 |
| Wise plc, Class A \* | 204781 | 2685988 |
| WPP plc | 316325 | 2452327 |
|  |  | 612833045 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — 9.7%** | **United States — 9.7%** | **United States — 9.7%** |
| Alcon AG | 144737 | 14062726 |
| BP plc | 4620494 | 21334635 |
| CSL Ltd. | 142166 | 22819486 |
| Experian plc | 270384 | 13451884 |
| Ferrovial SE | 143407 | 6995749 |
| GSK plc | 1194326 | 23626979 |
| Haleon plc | 1967349 | 9899442 |
| Holcim AG | 145080 | 16212397 |
| James Hardie Industries plc, CHDI \* | 128837 | 3024089 |
| Nestle SA (Registered) | 755978 | 80464321 |
| Novartis AG (Registered) | 555693 | 63380849 |
| Roche Holding AG | 203096 | 66409654 |
| Roche Holding AG | 8541 | 2971215 |
| Sanofi SA | 334166 | 36555028 |
| Schneider Electric SE | 158761 | 37093838 |
| Shell plc | 1778465 | 57394166 |
| Stellantis NV | 595386 | 5540319 |
| Swiss Re AG | 82157 | 14747535 |
| Tenaris SA | 113365 | 1890355 |
|  |  | 497874667 |
| Total Common Stocks <br>(Cost $4,255,104,802)<br>|  | 5112759892 |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (c) (d) <br>(Cost $15,710,102)<br>| 15710102 | 15710102 |
| **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (c) <br> (d)(Cost $69,191,231)<br>| 69191231 | 69191231 |
| Total Short-Term Investments <br>(Cost $84,901,333)<br>|  | 84901333 |
| **Total Investments — 100.7%** <br>**(Cost $4,340,006,135)**<br>|  | **5197661225** |
| **Liabilities in Excess of Other Assets —** <br> **(0.7)%**<br>|  | **(35448829)**<br>|
| **NET ASSETS — 100.0%** |  | **5162212396** |

---

&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** |  |
| APAC | Asia Pacific |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 39

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |

---

&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) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (b) | The security or a portion of this security is on loan at <br> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $64,574,591.<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 April 30, <br> 2025.<br>|

---

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 12.7<br> %<br>|
| Pharmaceuticals | 8.2 |
| Insurance | 6.2 |
| Capital Markets | 3.3 |
| Oil, Gas & Consumable Fuels | 3.1 |
| Aerospace & Defense | 3.1 |
| Machinery | 2.9 |
| Automobiles | 2.8 |
| Semiconductors & Semiconductor Equipment | 2.8 |
| Chemicals | 2.7 |
| Food Products | 2.7 |
| Textiles, Apparel & Luxury Goods | 2.4 |
| Metals & Mining | 2.3 |
| Electrical Equipment | 2.2 |
| Software | 2.1 |
| Industrial Conglomerates | 2.0 |
| Diversified Telecommunication Services | 2.0 |
| Health Care Equipment & Supplies | 2.0 |
| Trading Companies & Distributors | 1.9 |
| Electric Utilities | 1.8 |
| Professional Services | 1.8 |
| Personal Care Products | 1.7 |
| Beverages | 1.5 |
| Household Durables | 1.3 |
| Hotels, Restaurants & Leisure | 1.3 |
| Consumer Staples Distribution & Retail | 1.2 |
| Financial Services | 1.2 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Real Estate Management & Development | 1.1 |
| Multi-Utilities | 1.1 |
| Broadline Retail | 1.0 |
| Wireless Telecommunication Services | 1.0 |
| Construction & Engineering | 1.0 |
| Building Products | 1.0 |
| Others (each less than 1.0%) | 11.9 |
| Short-Term Investments | 1.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48270510 | &nbsp;&nbsp;&nbsp;&nbsp; 1291331 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 41

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| SG Holdings Co. Ltd. (a) | 1244100 | 13099940 |
| **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
| Aisin Corp. | 1687400 | 21432216 |
| Bridgestone Corp. | 1725100 | 72135369 |
| Denso Corp. | 5769300 | 74492845 |
| Niterra Co. Ltd. | 591500 | 18417453 |
| Sumitomo Electric Industries Ltd. | 2294600 | 36882046 |
|  |  | 223359929 |
| **Automobiles — 7.6%** | **Automobiles — 7.6%** | **Automobiles — 7.6%** |
| Honda Motor Co. Ltd. | 13291300 | 135235558 |
| Isuzu Motors Ltd. | 1761500 | 23689422 |
| Nissan Motor Co. Ltd. \* | 6525400 | 15534566 |
| Subaru Corp. | 1760900 | 31886236 |
| Suzuki Motor Corp. | 5399300 | 64703419 |
| Toyota Motor Corp. | 33831700 | 646165826 |
| Yamaha Motor Co. Ltd. (a) | 2673000 | 20993033 |
|  |  | 938208060 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| Chiba Bank Ltd. (The) (a) | 2104900 | 18715677 |
| Concordia Financial Group Ltd. | 3453600 | 22337740 |
| Japan Post Bank Co. Ltd. | 4096800 | 42123099 |
| Mitsubishi UFJ Financial Group, Inc. | 34037500 | 428842850 |
| Mizuho Financial Group, Inc. | 7456900 | 186442144 |
| Resona Holdings, Inc. | 6687000 | 53641749 |
| Sumitomo Mitsui Financial Group, Inc. | 11399900 | 271969849 |
| Sumitomo Mitsui Trust Group, Inc. | 2136500 | 52854297 |
|  |  | 1076927405 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Asahi Group Holdings Ltd. | 4471600 | 61807784 |
| Kirin Holdings Co. Ltd. | 2387700 | 36117979 |
| Suntory Beverage & Food Ltd. | 368600 | 12879198 |
|  |  | 110804961 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Pan Pacific International Holdings Corp. | 1559900 | 48025339 |
| Rakuten Group, Inc. \* | 4340100 | 25590676 |
|  |  | 73616015 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| AGC, Inc. | 623200 | 19457493 |
| Daikin Industries Ltd. | 861100 | 98099348 |
| TOTO Ltd. | 477500 | 12590951 |
|  |  | 130147792 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| Daiwa Securities Group, Inc. | 4123500 | 27115836 |
| Japan Exchange Group, Inc. | 3063100 | 34079348 |
| Nomura Holdings, Inc. | 8634900 | 48127173 |
| SBI Holdings, Inc. | 885900 | 23294275 |
|  |  | 132616632 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| Asahi Kasei Corp. | 4077300 | 28413661 |
| Mitsubishi Chemical Group Corp. | 4184200 | 20341733 |
| Nippon Paint Holdings Co. Ltd. (a) | 2853800 | 21742455 |
| Nippon Sanso Holdings Corp. | 578600 | 18517076 |
| Nissan Chemical Corp. | 379500 | 11099859 |
| Nitto Denko Corp. | 2037700 | 35816273 |
| Shin-Etsu Chemical Co. Ltd. | 5824900 | 177260405 |
| Toray Industries, Inc. | 4709700 | 30078584 |
|  |  | 343270046 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Dai Nippon Printing Co. Ltd. | 1344400 | 18739241 |
| Secom Co. Ltd. | 1195200 | 43948017 |
| TOPPAN Holdings, Inc. | 825800 | 23182325 |
|  |  | 85869583 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Kajima Corp. | 1370700 | 32729100 |
| Obayashi Corp. | 2059100 | 31947302 |
| Shimizu Corp. | 1755000 | 18748832 |
| Taisei Corp. | 524200 | 28423178 |
|  |  | 111848412 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Aeon Co. Ltd. | 2507600 | 74152674 |
| Kobe Bussan Co. Ltd. | 431800 | 13195867 |
| MatsukiyoCocokara & Co. | 1162300 | 21335914 |
| Seven & i Holdings Co. Ltd. | 7035200 | 103562517 |
|  |  | 212246972 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Nippon Telegraph & Telephone Corp. | 80579400 | 84227810 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| Chubu Electric Power Co., Inc. | 2225700 | 28901430 |
| Kansai Electric Power Co., Inc. (The) | 3031100 | 37344475 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 2135000 | 6531296 |
|  |  | 72777201 |
| **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
| Fuji Electric Co. Ltd. | 402300 | 17888976 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Fujikura Ltd. | 758600 | 28225154 |
| Mitsubishi Electric Corp. | 6005800 | 116184637 |
| NIDEC Corp. | 2974100 | 52853728 |
|  |  | 215152495 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| Keyence Corp. | 551500 | 230577536 |
| Kyocera Corp. | 3974700 | 47107075 |
| Murata Manufacturing Co. Ltd. | 5519000 | 78626759 |
| Omron Corp. | 560600 | 16641384 |
| Shimadzu Corp. | 866700 | 22185292 |
| TDK Corp. | 5580300 | 59549867 |
| Yokogawa Electric Corp. | 769300 | 16647768 |
|  |  | 471335681 |
| **Entertainment — 3.1%** | **Entertainment — 3.1%** | **Entertainment — 3.1%** |
| Capcom Co. Ltd. | 961800 | 27844620 |
| Konami Group Corp. | 265500 | 37917651 |
| Nexon Co. Ltd. | 1224900 | 19218297 |
| Nintendo Co. Ltd. | 3110500 | 258233734 |
| Square Enix Holdings Co. Ltd. | 228100 | 13189429 |
| Toho Co. Ltd. | 346400 | 19776501 |
|  |  | 376180232 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Mitsubishi HC Capital, Inc. | 2469100 | 17466766 |
| ORIX Corp. | 3407100 | 68346532 |
| Tokyo Century Corp. | 492000 | 5181419 |
|  |  | 90994717 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| Ajinomoto Co., Inc. | 2768000 | 56616922 |
| Kikkoman Corp. | 2596000 | 25412690 |
| MEIJI Holdings Co. Ltd. | 781400 | 19212160 |
| Nissin Foods Holdings Co. Ltd. | 693600 | 15293067 |
| Toyo Suisan Kaisha Ltd. | 299700 | 19374344 |
| Yakult Honsha Co. Ltd. | 853400 | 17530561 |
|  |  | 153439744 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| Osaka Gas Co. Ltd. | 1203700 | 30523505 |
| Tokyo Gas Co. Ltd. | 1174700 | 39026816 |
|  |  | 69550321 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| Central Japan Railway Co. | 2895400 | 60930388 |
| East Japan Railway Co. | 3207500 | 69528574 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Hankyu Hanshin Holdings, Inc. | 677600 | 19326636 |
| Tokyu Corp. | 1765500 | 21412090 |
| West Japan Railway Co. | 1434200 | 30169825 |
|  |  | 201367513 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Hoya Corp. | 1016700 | 119631213 |
| Olympus Corp. | 3318400 | 43480988 |
| Sysmex Corp. | 1752600 | 32533803 |
| Terumo Corp. | 4382400 | 83882364 |
|  |  | 279528368 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| M3, Inc. | 1319900 | 16541767 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| McDonald's Holdings Co. Japan Ltd. | 252700 | 10685014 |
| Oriental Land Co. Ltd. | 3233200 | 68477545 |
| Zensho Holdings Co. Ltd. | 301100 | 18605984 |
|  |  | 97768543 |
| **Household Durables — 4.8%** | **Household Durables — 4.8%** | **Household Durables — 4.8%** |
| Panasonic Holdings Corp. | 6531200 | 74886539 |
| Sekisui House Ltd. | 1846200 | 42444511 |
| Sony Group Corp. | 17709300 | 467220874 |
|  |  | 584551924 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Unicharm Corp. | 3417100 | 31728260 |
| **Industrial Conglomerates — 3.0%** | **Industrial Conglomerates — 3.0%** | **Industrial Conglomerates — 3.0%** |
| Hikari Tsushin, Inc. | 51400 | 14257208 |
| Hitachi Ltd. | 13506000 | 333807744 |
| Sekisui Chemical Co. Ltd. | 1132400 | 19787483 |
|  |  | 367852435 |
| **Insurance — 4.7%** | **Insurance — 4.7%** | **Insurance — 4.7%** |
| Dai-ichi Life Holdings, Inc. | 10826800 | 78174337 |
| Japan Post Holdings Co. Ltd. | 5399200 | 52481654 |
| Japan Post Insurance Co. Ltd. | 565800 | 11374366 |
| MS&AD Insurance Group Holdings, Inc. | 3898600 | 88614450 |
| Sompo Holdings, Inc. | 2797400 | 91673908 |
| T&D Holdings, Inc. | 1521500 | 32375421 |
| Tokio Marine Holdings, Inc. | 5683700 | 227816201 |
|  |  | 582510337 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| LY Corp. | 7820500 | 29577306 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 43

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — 3.0%** | **IT Services — 3.0%** | **IT Services — 3.0%** |
| Fujitsu Ltd. | 5269900 | 117073265 |
| NEC Corp. | 3732500 | 90859597 |
| Nomura Research Institute Ltd. | 1190800 | 45092572 |
| NTT Data Group Corp. | 1744900 | 34654407 |
| Obic Co. Ltd. | 958300 | 33551516 |
| Otsuka Corp. | 713300 | 15820328 |
| SCSK Corp. | 453800 | 11869332 |
| TIS, Inc. | 688900 | 19883851 |
|  |  | 368804868 |
| **Leisure Products — 0.8%** | **Leisure Products — 0.8%** | **Leisure Products — 0.8%** |
| Bandai Namco Holdings, Inc. | 1908800 | 66335663 |
| Shimano, Inc. | 242300 | 34136532 |
|  |  | 100472195 |
| **Machinery — 5.1%** | **Machinery — 5.1%** | **Machinery — 5.1%** |
| Daifuku Co. Ltd. | 1054500 | 27896233 |
| FANUC Corp. | 2745700 | 69684939 |
| Hitachi Construction Machinery Co. Ltd. | 303300 | 9064084 |
| Hoshizaki Corp. | 341700 | 14527755 |
| Kawasaki Heavy Industries Ltd. | 477000 | 28453859 |
| Komatsu Ltd. | 2715300 | 78525310 |
| Kubota Corp. | 3361400 | 39060802 |
| Makita Corp. | 728100 | 21292594 |
| MINEBEA MITSUMI, Inc. | 1099200 | 16109908 |
| Mitsubishi Heavy Industries Ltd. | 9876900 | 194701818 |
| SMC Corp. | 160800 | 52041456 |
| Toyota Industries Corp. | 518200 | 60771850 |
| Yaskawa Electric Corp. | 747000 | 15738765 |
|  |  | 627869373 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| Kawasaki Kisen Kaisha Ltd. | 1214500 | 16656037 |
| Mitsui OSK Lines Ltd. | 1064500 | 35451918 |
| Nippon Yusen KK | 1275000 | 41657965 |
|  |  | 93765920 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Dentsu Group, Inc. (a) | 674800 | 14147942 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| JFE Holdings, Inc. | 1871300 | 21793206 |
| Nippon Steel Corp. | 3075800 | 64738554 |
| Sumitomo Metal Mining Co. Ltd. | 776600 | 17230444 |
|  |  | 103762204 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Japan Real Estate Investment Corp. | 20375 | 16169868 |
| Nippon Building Fund, Inc. | 24163 | 22428321 |
|  |  | 38598189 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| ENEOS Holdings, Inc. | 8212400 | 39536385 |
| Idemitsu Kosan Co. Ltd. | 3016260 | 18691812 |
| Inpex Corp. | 2624900 | 32836185 |
|  |  | 91064382 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings, Inc. (a) | 456500 | 8769106 |
| Japan Airlines Co. Ltd. | 424300 | 7687221 |
|  |  | 16456327 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kao Corp. | 1366700 | 58524190 |
| Shiseido Co. Ltd. | 1176300 | 19339833 |
|  |  | 77864023 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| Astellas Pharma, Inc. | 5286000 | 52934787 |
| Chugai Pharmaceutical Co. Ltd. | 1939500 | 111733735 |
| Daiichi Sankyo Co. Ltd. | 5562800 | 142299930 |
| Eisai Co. Ltd. | 798600 | 23082713 |
| Kyowa Kirin Co. Ltd. | 731500 | 11422090 |
| Ono Pharmaceutical Co. Ltd. | 1287600 | 14821475 |
| Otsuka Holdings Co. Ltd. | 1411800 | 68826352 |
| Shionogi & Co. Ltd. | 2502400 | 42041601 |
| Takeda Pharmaceutical Co. Ltd. | 4615900 | 139624643 |
|  |  | 606787326 |
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| Recruit Holdings Co. Ltd. | 4374400 | 242408649 |
| **Real Estate Management & Development — 2.5%** | **Real Estate Management & Development — 2.5%** | **Real Estate Management & Development — 2.5%** |
| Daito Trust Construction Co. Ltd. | 181900 | 20252204 |
| Daiwa House Industry Co. Ltd. | 1882500 | 68114359 |
| Hulic Co. Ltd. | 1615300 | 16891039 |
| Mitsubishi Estate Co. Ltd. | 3730900 | 65536904 |
| Mitsui Fudosan Co. Ltd. | 8241800 | 81681567 |
| Sumitomo Realty & Development Co. Ltd. | 1395000 | 51958594 |
|  |  | 304434667 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| Advantest Corp. | 2087800 | 87345095 |
| Disco Corp. | 267900 | 51833171 |
| Lasertec Corp. (a) | 234900 | 21838747 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Exchange-Traded Funds April 30, 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** |
| Renesas Electronics Corp. | 4347500 | 51019060 |
| SCREEN Holdings Co. Ltd. | 266800 | 17741408 |
| Tokyo Electron Ltd. | 1300200 | 193597690 |
|  |  | 423375171 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Oracle Corp. | 97800 | 11757656 |
| Trend Micro, Inc. | 359200 | 25772813 |
|  |  | 37530469 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| ABC-Mart, Inc. | 295000 | 5486406 |
| Fast Retailing Co. Ltd. | 510800 | 168025040 |
| Nitori Holdings Co. Ltd. | 238200 | 28342172 |
| ZOZO, Inc. | 1175100 | 11933718 |
|  |  | 213787336 |
| **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** |
| Brother Industries Ltd. | 752700 | 13227637 |
| Canon, Inc. (a) | 2777000 | 85697535 |
| FUJIFILM Holdings Corp. | 3540500 | 72517897 |
| Ricoh Co. Ltd. | 1675200 | 17619954 |
| Seiko Epson Corp. | 899100 | 12473290 |
|  |  | 201536313 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Asics Corp. | 2127800 | 45735044 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Japan Tobacco, Inc. | 3257500 | 100357210 |
| **Trading Companies & Distributors — 6.8%** | **Trading Companies & Distributors — 6.8%** | **Trading Companies & Distributors — 6.8%** |
| ITOCHU Corp. | 4167500 | 213138205 |
| Marubeni Corp. | 4952900 | 87808289 |
| Mitsubishi Corp. | 11699500 | 222133555 |
| Mitsui & Co. Ltd. | 8598600 | 173873342 |
| MonotaRO Co. Ltd. | 731600 | 14070772 |
| Sumitomo Corp. | 3594600 | 87767146 |
| Toyota Tsusho Corp. | 2084100 | 41416742 |
|  |  | 840208051 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Wireless Telecommunication Services — 3.4%** | **Wireless Telecommunication Services — 3.4%** | **Wireless Telecommunication Services — 3.4%** |
| KDDI Corp. | 8610800 | 152614577 |
| SoftBank Corp. | 82389000 | 124674783 |
| SoftBank Group Corp. | 2796300 | 141407934 |
|  |  | 418697294 |
| Total Common Stocks <br>(Cost $10,969,349,470)<br>|  | 12144763354 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **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, 4.39% (b) <br> (c)(Cost $58,279,014)<br>| 58279014 | 58279014 |
| **Total Investments — 99.1%** <br>**(Cost $11,027,628,484)**<br>|  | **12203042368** |
| **Other Assets in Excess of Liabilities —** <br> **0.9%**<br>|  | **107953991** |
| **NET ASSETS — 100.0%** |  | **12310996359** |

---

&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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $55,363,340. 

(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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 45

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 161438838 | &nbsp;&nbsp;&nbsp;&nbsp; (3910160)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| JPY | Japanese Yen |
| TOPIX | Tokyo Stock Price Index |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Axon Enterprise, Inc. \* | 6371 | 3907334 |
| Boeing Co. (The) \* | 65718 | 12042166 |
| GE Aerospace | 94245 | 18994137 |
| General Dynamics Corp. | 21362 | 5813027 |
| HEICO Corp. | 3713 | 931072 |
| HEICO Corp., Class A | 6775 | 1361301 |
| Howmet Aerospace, Inc. | 35172 | 4874136 |
| L3Harris Technologies, Inc. | 16611 | 3654752 |
| Lockheed Martin Corp. | 18358 | 8770535 |
| Northrop Grumman Corp. | 12716 | 6186334 |
| RTX Corp. | 117206 | 14783193 |
| Textron, Inc. | 16777 | 1180598 |
| TransDigm Group, Inc. (a) | 4932 | 6969261 |
|  |  | 89467846 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| Expeditors International of Washington, Inc. | 12315 | 1353541 |
| FedEx Corp. | 19484 | 4098070 |
| United Parcel Service, Inc., Class B | 64177 | 6116068 |
|  |  | 11567679 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv plc (Jersey) \* | 21194 | 1209330 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| Ford Motor Co. | 345661 | 3460066 |
| General Motors Co. | 87496 | 3958319 |
| Tesla, Inc. \* | 246224 | 69474564 |
|  |  | 76892949 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| Bank of America Corp. | 601322 | 23980721 |
| Citigroup, Inc. | 165658 | 11327694 |
| Citizens Financial Group, Inc. | 38648 | 1425725 |
| East West Bancorp, Inc. | 12208 | 1044395 |
| Fifth Third Bancorp | 59747 | 2147307 |
| First Citizens BancShares, Inc., Class A | 912 | 1622576 |
| Huntington Bancshares, Inc. | 126923 | 1844191 |
| JPMorgan Chase & Co. (b) | 245806 | 60129064 |
| KeyCorp | 87136 | 1293098 |
| M&T Bank Corp. | 14586 | 2476119 |
| PNC Financial Services Group, Inc. (The) | 34983 | 5621418 |
| Regions Financial Corp. | 80680 | 1646679 |
| Truist Financial Corp. | 114747 | 4399400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| US Bancorp | 136730 | 5515688 |
| Wells Fargo & Co. | 289424 | 20551998 |
|  |  | 145026073 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Brown-Forman Corp., Class A | 4274 | 147923 |
| Brown-Forman Corp., Class B | 26203 | 912912 |
| Coca-Cola Co. (The) | 343832 | 24945012 |
| Constellation Brands, Inc., Class A | 13587 | 2548106 |
| Keurig Dr Pepper, Inc. | 95614 | 3307288 |
| Molson Coors Beverage Co., Class B | 15379 | 884754 |
| Monster Beverage Corp. \* | 60266 | 3623192 |
| PepsiCo, Inc. | 120988 | 16403553 |
|  |  | 52772740 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. | 155356 | 30309955 |
| Alnylam Pharmaceuticals, Inc. \* | 11328 | 2981983 |
| Amgen, Inc. | 47286 | 13756443 |
| Biogen, Inc. \* | 12746 | 1543286 |
| BioMarin Pharmaceutical, Inc. \* | 16529 | 1052732 |
| Exact Sciences Corp. \* | 16170 | 737999 |
| Gilead Sciences, Inc. | 109630 | 11679980 |
| Incyte Corp. \* | 14423 | 903745 |
| Moderna, Inc. \* | 29472 | 841131 |
| Neurocrine Biosciences, Inc. \* | 8817 | 949503 |
| Regeneron Pharmaceuticals, Inc. | 9301 | 5569067 |
| Vertex Pharmaceuticals, Inc. \* | 22633 | 11531513 |
|  |  | 81857337 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| Amazon.com, Inc. \* | 842041 | 155289201 |
| Coupang, Inc. (South Korea) \* | 105439 | 2464110 |
| eBay, Inc. | 42136 | 2871990 |
| MercadoLibre, Inc. (Brazil) \* | 4292 | 10004008 |
|  |  | 170629309 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Allegion plc | 7716 | 1074067 |
| Builders FirstSource, Inc. \* | 10093 | 1207426 |
| Carrier Global Corp. | 71390 | 4464731 |
| Johnson Controls International plc | 58092 | 4873919 |
| Lennox International, Inc. | 2789 | 1524886 |
| Masco Corp. | 19373 | 1174197 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 47

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Owens Corning | 7613 | 1107006 |
| Trane Technologies plc | 19830 | 7601037 |
|  |  | 23027269 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Ameriprise Financial, Inc. | 8529 | 4017329 |
| Ares Management Corp. | 16286 | 2484104 |
| Bank of New York Mellon Corp. (The) | 63037 | 5068805 |
| Blackrock, Inc. | 12797 | 11699785 |
| Blackstone, Inc. | 64325 | 8472246 |
| Carlyle Group, Inc. (The) | 18947 | 732112 |
| Charles Schwab Corp. (The) | 138265 | 11254771 |
| CME Group, Inc. | 31643 | 8767642 |
| Coinbase Global, Inc., Class A \* | 18206 | 3693815 |
| FactSet Research Systems, Inc. | 3346 | 1446208 |
| Franklin Resources, Inc. | 25143 | 471683 |
| Goldman Sachs Group, Inc. (The) | 27452 | 15031343 |
| Intercontinental Exchange, Inc. | 50317 | 8451746 |
| KKR & Co., Inc. | 58522 | 6687309 |
| LPL Financial Holdings, Inc. | 7052 | 2255159 |
| Moody's Corp. | 13789 | 6248072 |
| Morgan Stanley | 109435 | 12630988 |
| MSCI, Inc. | 6954 | 3790695 |
| Nasdaq, Inc. | 34070 | 2596475 |
| Northern Trust Corp. | 17377 | 1633090 |
| Raymond James Financial, Inc. | 16191 | 2218815 |
| S&P Global, Inc. | 27095 | 13548855 |
| State Street Corp. | 25739 | 2267606 |
| T. Rowe Price Group, Inc. | 19531 | 1729470 |
|  |  | 137198123 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Air Products and Chemicals, Inc. | 19557 | 5301707 |
| Albemarle Corp. | 10303 | 603241 |
| Celanese Corp. | 9562 | 425605 |
| CF Industries Holdings, Inc. | 15213 | 1192243 |
| Corteva, Inc. | 60288 | 3737253 |
| Dow, Inc. | 61650 | 1885873 |
| DuPont de Nemours, Inc. | 36753 | 2425330 |
| Eastman Chemical Co. | 10401 | 800877 |
| Ecolab, Inc. | 22349 | 5619209 |
| International Flavors & Fragrances, Inc. | 22452 | 1761584 |
| Linde plc | 41817 | 18952719 |
| LyondellBasell Industries NV, Class A | 22761 | 1324918 |
| PPG Industries, Inc. | 20738 | 2257539 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Sherwin-Williams Co. (The) | 20457 | 7219684 |
| Westlake Corp. | 2970 | 274517 |
|  |  | 53782299 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Cintas Corp. | 30479 | 6451795 |
| Copart, Inc. \* | 76808 | 4687592 |
| Republic Services, Inc. | 18020 | 4518515 |
| Rollins, Inc. | 25885 | 1478810 |
| Veralto Corp. | 20792 | 1993953 |
| Waste Management, Inc. | 32328 | 7544062 |
|  |  | 26674727 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Arista Networks, Inc. \* | 90775 | 7468059 |
| Cisco Systems, Inc. | 349672 | 20186565 |
| F5, Inc. \* | 5141 | 1361028 |
| Juniper Networks, Inc. | 28525 | 1036028 |
| Motorola Solutions, Inc. | 14696 | 6471972 |
|  |  | 36523652 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 12804 | 3747603 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH plc | 59766 | 5702872 |
| Martin Marietta Materials, Inc. | 5420 | 2839972 |
| Vulcan Materials Co. | 11692 | 3067162 |
|  |  | 11610006 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 48475 | 12914225 |
| Capital One Financial Corp. | 33439 | 6027714 |
| Discover Financial Services | 21991 | 4017096 |
| Synchrony Financial | 34223 | 1777885 |
|  |  | 24736920 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
| Costco Wholesale Corp. | 39070 | 38855115 |
| Dollar General Corp. | 19304 | 1808592 |
| Dollar Tree, Inc. \* | 18128 | 1482326 |
| Kroger Co. (The) | 59487 | 4295556 |
| Sysco Corp. | 43039 | 3072985 |
| Target Corp. | 40564 | 3922539 |
| Walmart, Inc. | 381009 | 37053125 |
|  |  | 90490238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Amcor plc | 200735 | 1846762 |
| Avery Dennison Corp. | 7042 | 1204957 |
| Ball Corp. | 26244 | 1363113 |
| Crown Holdings, Inc. | 10580 | 1019172 |
| International Paper Co. | 45809 | 2092555 |
| Packaging Corp. of America | 7833 | 1453883 |
| Smurfit WestRock plc | 43905 | 1844888 |
|  |  | 10825330 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 12309 | 1446923 |
| Pool Corp. | 3323 | 974104 |
|  |  | 2421027 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| WP Carey, Inc. | 19094 | 1192229 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| AT&T, Inc. | 631368 | 17488894 |
| Verizon Communications, Inc. | 369926 | 16298939 |
|  |  | 33787833 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Alliant Energy Corp. | 22422 | 1368639 |
| American Electric Power Co., Inc. | 46830 | 5073562 |
| Constellation Energy Corp. | 27461 | 6135886 |
| Duke Energy Corp. | 67803 | 8273322 |
| Edison International | 33733 | 1805053 |
| Entergy Corp. | 37089 | 3084692 |
| Evergy, Inc. | 20207 | 1396304 |
| Eversource Energy | 32278 | 1919895 |
| Exelon Corp. | 87604 | 4108628 |
| FirstEnergy Corp. | 44674 | 1915621 |
| NextEra Energy, Inc. | 180351 | 12061875 |
| NRG Energy, Inc. | 17185 | 1883132 |
| PG&E Corp. | 187842 | 3103150 |
| PPL Corp. | 64864 | 2367536 |
| Southern Co. (The) | 95955 | 8817305 |
| Xcel Energy, Inc. | 50524 | 3572047 |
|  |  | 66886647 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| AMETEK, Inc. | 20278 | 3438743 |
| Eaton Corp. plc | 34785 | 10239660 |
| Emerson Electric Co. | 50127 | 5268849 |
| GE Vernova, Inc. | 24262 | 8996835 |
| Hubbell, Inc. | 4686 | 1701862 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Rockwell Automation, Inc. | 10097 | 2500825 |
| Vertiv Holdings Co., Class A | 31779 | 2713291 |
|  |  | 34860065 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 105977 | 8154930 |
| CDW Corp. | 11784 | 1892039 |
| Corning, Inc. | 68026 | 3018994 |
| Flex Ltd. \* | 34059 | 1169586 |
| Keysight Technologies, Inc. \* | 15305 | 2225347 |
| TE Connectivity plc (Switzerland) | 26369 | 3859894 |
| Teledyne Technologies, Inc. \* | 4133 | 1926102 |
| Trimble, Inc. \* | 21462 | 1333649 |
| Zebra Technologies Corp., Class A \* | 4487 | 1123186 |
|  |  | 24703727 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 85850 | 3039090 |
| Halliburton Co. | 77819 | 1542373 |
| Schlumberger NV | 124124 | 4127123 |
|  |  | 8708586 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Electronic Arts, Inc. | 20914 | 3034412 |
| Liberty Media Corp-Liberty Formula One, <br> Class A \*<br>| 1958 | 157717 |
| Liberty Media Corp-Liberty Formula One, <br> Class C \*<br>| 18476 | 1638267 |
| Live Nation Entertainment, Inc. \* | 13023 | 1724896 |
| Netflix, Inc. \* | 37612 | 42566253 |
| ROBLOX Corp., Class A \* | 48051 | 3221820 |
| Take-Two Interactive Software, Inc. \* | 14352 | 3348609 |
| Walt Disney Co. (The) | 159069 | 14467325 |
| Warner Bros Discovery, Inc. \* | 196549 | 1704080 |
|  |  | 71863379 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| Apollo Global Management, Inc. | 34961 | 4771477 |
| Berkshire Hathaway, Inc., Class B \* | 158431 | 84483331 |
| Block, Inc. \* | 49203 | 2876899 |
| Corebridge Financial, Inc. | 22082 | 654290 |
| Corpay, Inc. \* | 5937 | 1931722 |
| Equitable Holdings, Inc. | 27163 | 1343210 |
| Fidelity National Information Services, Inc. | 47310 | 3731813 |
| Fiserv, Inc. \* | 49704 | 9173867 |
| Global Payments, Inc. | 22278 | 1700034 |
| Jack Henry & Associates, Inc. | 6390 | 1108218 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 49

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Mastercard, Inc., Class A | 71245 | 39046535 |
| PayPal Holdings, Inc. \* | 88122 | 5801952 |
| Visa, Inc., Class A | 151661 | 52398876 |
|  |  | 209022224 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Archer-Daniels-Midland Co. | 41903 | 2000868 |
| Bunge Global SA | 12403 | 976364 |
| Conagra Brands, Inc. | 41969 | 1037054 |
| General Mills, Inc. | 49048 | 2782984 |
| Hershey Co. (The) | 12969 | 2168287 |
| Hormel Foods Corp. | 25492 | 762211 |
| J M Smucker Co. (The) | 9331 | 1084915 |
| Kellanova | 23172 | 1917946 |
| Kraft Heinz Co. (The) | 77566 | 2257171 |
| Lamb Weston Holdings, Inc. | 12731 | 672324 |
| McCormick & Co., Inc. (Non-Voting) | 22116 | 1695413 |
| Mondelez International, Inc., Class A | 118024 | 8040975 |
| The Campbell's Co. | 17477 | 637211 |
| Tyson Foods, Inc., Class A | 24724 | 1514098 |
|  |  | 27547821 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. | 13648 | 2192278 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp. | 169697 | 4763395 |
| JB Hunt Transport Services, Inc. | 7327 | 956760 |
| Norfolk Southern Corp. | 19888 | 4455906 |
| Old Dominion Freight Line, Inc. | 16361 | 2507814 |
| Uber Technologies, Inc. \* | 184900 | 14978749 |
| Union Pacific Corp. | 53279 | 11490149 |
|  |  | 39152773 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 152617 | 19954673 |
| Align Technology, Inc. \* | 6595 | 1142913 |
| Baxter International, Inc. | 44589 | 1389839 |
| Becton Dickinson & Co. | 25557 | 5292599 |
| Boston Scientific Corp. \* | 129565 | 13328352 |
| Cooper Cos., Inc. (The) \* | 17400 | 1421058 |
| Dexcom, Inc. \* | 34308 | 2448905 |
| Edwards Lifesciences Corp. \* | 51482 | 3886376 |
| GE HealthCare Technologies, Inc. | 34515 | 2427440 |
| Hologic, Inc. \* | 19707 | 1146947 |
| IDEXX Laboratories, Inc. \* | 7232 | 3128925 |
| Insulet Corp. \* | 6132 | 1547042 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Intuitive Surgical, Inc. \* | 31166 | 16075423 |
| Medtronic plc | 112847 | 9564912 |
| ResMed, Inc. | 12925 | 3057926 |
| STERIS plc | 8679 | 1950518 |
| Stryker Corp. | 31789 | 11886543 |
| Zimmer Biomet Holdings, Inc. | 17499 | 1803272 |
|  |  | 101453663 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Cardinal Health, Inc. | 21408 | 3024736 |
| Cencora, Inc. | 15239 | 4459998 |
| Centene Corp. \* | 44297 | 2651175 |
| Cigna Group (The) | 24019 | 8167421 |
| CVS Health Corp. | 110347 | 7361248 |
| Elevance Health, Inc. | 20414 | 8585720 |
| HCA Healthcare, Inc. | 16119 | 5562345 |
| Humana, Inc. | 10568 | 2771352 |
| Labcorp Holdings, Inc. | 7473 | 1801068 |
| McKesson Corp. | 11172 | 7963290 |
| Molina Healthcare, Inc. \* | 5076 | 1659903 |
| Quest Diagnostics, Inc. | 9741 | 1736041 |
| UnitedHealth Group, Inc. | 80913 | 33290845 |
| Universal Health Services, Inc., Class B | 5246 | 928909 |
|  |  | 89964051 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 13670 | 993262 |
| Healthpeak Properties, Inc. | 62172 | 1109148 |
| Ventas, Inc. | 38451 | 2694646 |
| Welltower, Inc. | 55881 | 8526882 |
|  |  | 13323938 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Veeva Systems, Inc., Class A \* | 12998 | 3037503 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| Host Hotels & Resorts, Inc. | 61515 | 868592 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Airbnb, Inc., Class A \* | 36724 | 4477390 |
| Booking Holdings, Inc. | 2892 | 14747118 |
| Carnival Corp. \* | 90589 | 1661402 |
| Chipotle Mexican Grill, Inc. \* | 119046 | 6014204 |
| Darden Restaurants, Inc. | 10306 | 2067796 |
| Domino's Pizza, Inc. | 3069 | 1504945 |
| DoorDash, Inc., Class A \* | 31363 | 6049609 |
| Expedia Group, Inc. | 10832 | 1699866 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Flutter Entertainment plc (United Kingdom) \* | 13986 | 3370486 |
| Hilton Worldwide Holdings, Inc. | 21036 | 4743197 |
| Las Vegas Sands Corp. | 33364 | 1223458 |
| Marriott International, Inc., Class A | 19956 | 4761102 |
| McDonald's Corp. | 63064 | 20158408 |
| MGM Resorts International \* | 20158 | 634171 |
| Royal Caribbean Cruises Ltd. | 21681 | 4659464 |
| Starbucks Corp. | 99923 | 7998836 |
| Yum! Brands, Inc. | 24670 | 3711355 |
|  |  | 89482807 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. | 25333 | 3200571 |
| Garmin Ltd. | 13525 | 2527417 |
| Lennar Corp., Class A | 20041 | 2176653 |
| Lennar Corp., Class B | 878 | 90759 |
| NVR, Inc. \* | 233 | 1660300 |
| PulteGroup, Inc. | 18007 | 1847158 |
|  |  | 11502858 |
| **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
| Church & Dwight Co., Inc. | 21666 | 2152301 |
| Clorox Co. (The) | 10914 | 1553062 |
| Colgate-Palmolive Co. | 71892 | 6627724 |
| Kimberly-Clark Corp. | 29276 | 3857991 |
| Procter & Gamble Co. (The) | 206348 | 33545994 |
|  |  | 47737072 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 62407 | 624070 |
| Vistra Corp. | 29719 | 3852474 |
|  |  | 4476544 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 47914 | 6655734 |
| Honeywell International, Inc. | 57297 | 12061018 |
|  |  | 18716752 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Lineage, Inc. | 6201 | 299074 |
| Prologis, Inc. | 81297 | 8308554 |
|  |  | 8607628 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Aflac, Inc. | 43512 | 4728884 |
| Allstate Corp. (The) | 23269 | 4616337 |
| American Financial Group, Inc. | 6495 | 822657 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| American International Group, Inc. | 53223 | 4338739 |
| Aon plc, Class A | 19063 | 6763362 |
| Arch Capital Group Ltd. | 32758 | 2970495 |
| Arthur J Gallagher & Co. | 21766 | 6980138 |
| Brown & Brown, Inc. | 21505 | 2378453 |
| Chubb Ltd. | 32781 | 9377988 |
| Cincinnati Financial Corp. | 13629 | 1897293 |
| Everest Group Ltd. | 3794 | 1361401 |
| Fidelity National Financial, Inc. | 22637 | 1449900 |
| Hartford Insurance Group, Inc. (The) | 25391 | 3114714 |
| Loews Corp. | 15690 | 1362363 |
| Markel Group, Inc. \* | 1111 | 2020465 |
| Marsh & McLennan Cos., Inc. | 43395 | 9784271 |
| MetLife, Inc. | 51124 | 3853216 |
| Principal Financial Group, Inc. | 20520 | 1521558 |
| Progressive Corp. (The) | 51417 | 14486226 |
| Prudential Financial, Inc. | 31302 | 3215028 |
| Reinsurance Group of America, Inc. | 5796 | 1085649 |
| Travelers Cos., Inc. (The) | 20040 | 5293165 |
| Willis Towers Watson plc | 8833 | 2718797 |
| WR Berkley Corp. | 27103 | 1943014 |
|  |  | 98084113 |
| **Interactive Media & Services — 6.1%** | **Interactive Media & Services — 6.1%** | **Interactive Media & Services — 6.1%** |
| Alphabet, Inc., Class A | 513270 | 81507276 |
| Alphabet, Inc., Class C | 450825 | 72533234 |
| Meta Platforms, Inc., Class A | 192703 | 105793947 |
| Pinterest, Inc., Class A \* | 52358 | 1325705 |
| Snap, Inc., Class A \* | 95055 | 756638 |
|  |  | 261916800 |
| **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
| Accenture plc, Class A (Ireland) | 54917 | 16428421 |
| Akamai Technologies, Inc. \* | 13409 | 1080497 |
| Cloudflare, Inc., Class A \* | 27073 | 3269877 |
| Cognizant Technology Solutions Corp., Class A | 44134 | 3246938 |
| EPAM Systems, Inc. \* | 4924 | 772625 |
| Gartner, Inc. \* | 6746 | 2840606 |
| GoDaddy, Inc., Class A \* | 11780 | 2218527 |
| International Business Machines Corp. | 81354 | 19673024 |
| MongoDB, Inc. \* | 6815 | 1173339 |
| Okta, Inc. \* | 14157 | 1587849 |
| Snowflake, Inc., Class A \* | 28316 | 4516119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 51

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Twilio, Inc., Class A \* | 12834 | 1241176 |
| VeriSign, Inc. \* | 7347 | 2072736 |
|  |  | 60121734 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc. | 25057 | 2696133 |
| Avantor, Inc. \* | 59468 | 772489 |
| Bio-Techne Corp. | 13892 | 699462 |
| Danaher Corp. | 57623 | 11485993 |
| Illumina, Inc. \* | 13934 | 1081278 |
| IQVIA Holdings, Inc. \* | 14572 | 2259680 |
| Mettler-Toledo International, Inc. \* | 1872 | 2004107 |
| Revvity, Inc. | 10869 | 1015491 |
| Thermo Fisher Scientific, Inc. | 33577 | 14404533 |
| Waters Corp. \* | 5200 | 1808196 |
| West Pharmaceutical Services, Inc. | 6392 | 1350566 |
|  |  | 39577928 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 42493 | 13141810 |
| CNH Industrial NV | 79764 | 922870 |
| Cummins, Inc. | 11958 | 3513739 |
| Deere & Co. | 21959 | 10179314 |
| Dover Corp. | 12076 | 2060769 |
| Fortive Corp. | 30887 | 2152515 |
| IDEX Corp. | 6649 | 1156727 |
| Illinois Tool Works, Inc. | 25895 | 6212470 |
| Ingersoll Rand, Inc. | 35558 | 2682140 |
| Otis Worldwide Corp. | 35590 | 3426249 |
| PACCAR, Inc. | 45246 | 4081642 |
| Parker-Hannifin Corp. | 11286 | 6828707 |
| Pentair plc | 14530 | 1318307 |
| Snap-on, Inc. | 4615 | 1448233 |
| Stanley Black & Decker, Inc. | 13459 | 807809 |
| Westinghouse Air Brake Technologies Corp. | 15049 | 2780152 |
| Xylem, Inc. | 21199 | 2555963 |
|  |  | 65269416 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* | 8543 | 3347660 |
| Comcast Corp., Class A | 331903 | 11351083 |
| Fox Corp., Class A | 19124 | 952184 |
| Fox Corp., Class B | 11742 | 542950 |
| Interpublic Group of Cos., Inc. (The) | 33183 | 833557 |
| News Corp., Class A | 33300 | 903096 |
| News Corp., Class B | 9200 | 289064 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| Omnicom Group, Inc. | 17193 | 1309419 |
| Trade Desk, Inc. (The), Class A \* | 39194 | 2101974 |
|  |  | 21630987 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 126187 | 4546518 |
| Newmont Corp. | 100070 | 5271687 |
| Nucor Corp. | 20431 | 2438848 |
| Southern Copper Corp. (Mexico) | 7773 | 695839 |
| Steel Dynamics, Inc. | 12525 | 1624618 |
|  |  | 14577510 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** |
| Annaly Capital Management, Inc. | 49235 | 965006 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| Ameren Corp. | 23403 | 2322514 |
| CenterPoint Energy, Inc. | 56241 | 2181026 |
| CMS Energy Corp. | 26236 | 1932281 |
| Consolidated Edison, Inc. | 30389 | 3426360 |
| Dominion Energy, Inc. | 73625 | 4003728 |
| DTE Energy Co. | 18123 | 2482851 |
| NiSource, Inc. | 41031 | 1604722 |
| Public Service Enterprise Group, Inc. | 43794 | 3500455 |
| Sempra | 55383 | 4113295 |
| WEC Energy Group, Inc. | 27712 | 3035018 |
|  |  | 28602250 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| BXP, Inc. | 13777 | 878008 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Cheniere Energy, Inc. | 19701 | 4553098 |
| Chevron Corp. | 144101 | 19606382 |
| ConocoPhillips | 111863 | 9969230 |
| Coterra Energy, Inc. | 65600 | 1611136 |
| Devon Energy Corp. | 57668 | 1753684 |
| Diamondback Energy, Inc. | 16673 | 2201003 |
| EOG Resources, Inc. | 49399 | 5450192 |
| EQT Corp. | 49634 | 2453905 |
| Exxon Mobil Corp. | 381466 | 40294254 |
| Hess Corp. | 24499 | 3161596 |
| Kinder Morgan, Inc. | 172886 | 4546902 |
| Marathon Petroleum Corp. | 28249 | 3881695 |
| Occidental Petroleum Corp. | 59111 | 2329564 |
| ONEOK, Inc. | 54057 | 4441323 |
| Phillips 66 | 36251 | 3772279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Exchange-Traded Funds April 30, 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** |
| Targa Resources Corp. | 19024 | 3251202 |
| Texas Pacific Land Corp. | 1702 | 2193657 |
| Valero Energy Corp. | 27615 | 3205825 |
| Williams Cos., Inc. (The) | 106870 | 6259376 |
|  |  | 124936303 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 56447 | 2349889 |
| Southwest Airlines Co. | 52239 | 1460602 |
| United Airlines Holdings, Inc. \* | 28760 | 1979263 |
|  |  | 5789754 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 20405 | 1223484 |
| Kenvue, Inc. | 152504 | 3599094 |
|  |  | 4822578 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Bristol-Myers Squibb Co. | 179055 | 8988561 |
| Eli Lilly & Co. | 70453 | 63333724 |
| Johnson & Johnson | 211821 | 33109741 |
| Merck & Co., Inc. | 222972 | 18997214 |
| Pfizer, Inc. | 498662 | 12172339 |
| Royalty Pharma plc, Class A | 35285 | 1158054 |
| Viatris, Inc. | 105441 | 887813 |
| Zoetis, Inc. | 39682 | 6206265 |
|  |  | 144853711 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Automatic Data Processing, Inc. | 35874 | 10783724 |
| Booz Allen Hamilton Holding Corp. | 11270 | 1352625 |
| Broadridge Financial Solutions, Inc. | 10308 | 2498659 |
| Dayforce, Inc. \* | 13698 | 792703 |
| Equifax, Inc. | 10843 | 2820590 |
| Jacobs Solutions, Inc. | 11079 | 1371580 |
| Leidos Holdings, Inc. | 11821 | 1739815 |
| Paychex, Inc. | 28468 | 4188212 |
| Paycom Software, Inc. | 4455 | 1008568 |
| SS&C Technologies Holdings, Inc. | 18942 | 1432015 |
| TransUnion | 17030 | 1412809 |
| Verisk Analytics, Inc. | 12565 | 3724643 |
|  |  | 33125943 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A \* | 26728 | 3265627 |
| CoStar Group, Inc. \* | 36656 | 2718776 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** |
| Zillow Group, Inc., Class A \* | 4786 | 315780 |
| Zillow Group, Inc., Class C \* | 14222 | 957567 |
|  |  | 7257750 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| AvalonBay Communities, Inc. | 12458 | 2615931 |
| Camden Property Trust | 9368 | 1066078 |
| Equity LifeStyle Properties, Inc. | 15891 | 1029419 |
| Equity Residential | 30193 | 2121360 |
| Essex Property Trust, Inc. | 5656 | 1578872 |
| Invitation Homes, Inc. | 50350 | 1721467 |
| Mid-America Apartment Communities, Inc. | 10247 | 1635934 |
| Sun Communities, Inc. | 10915 | 1358153 |
| UDR, Inc. | 26345 | 1103329 |
|  |  | 14230543 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Kimco Realty Corp. | 59133 | 1181477 |
| Realty Income Corp. | 76618 | 4433118 |
| Regency Centers Corp. | 14676 | 1059314 |
| Simon Property Group, Inc. | 26995 | 4248473 |
|  |  | 10922382 |
| **Semiconductors & Semiconductor Equipment — 9.7%** | **Semiconductors & Semiconductor Equipment — 9.7%** | **Semiconductors & Semiconductor Equipment — 9.7%** |
| Advanced Micro Devices, Inc. \* | 142513 | 13873640 |
| Analog Devices, Inc. | 43663 | 8510792 |
| Applied Materials, Inc. | 71436 | 10766120 |
| Broadcom, Inc. | 404619 | 77877019 |
| Enphase Energy, Inc. \* | 12013 | 535660 |
| Entegris, Inc. | 13171 | 1042089 |
| First Solar, Inc. \* | 8933 | 1123950 |
| Intel Corp. | 379501 | 7627970 |
| KLA Corp. | 11704 | 8224284 |
| Lam Research Corp. | 113092 | 8105304 |
| Marvell Technology, Inc. | 75703 | 4418784 |
| Microchip Technology, Inc. | 46715 | 2152627 |
| Micron Technology, Inc. | 97469 | 7500240 |
| Monolithic Power Systems, Inc. | 4098 | 2430524 |
| NVIDIA Corp. | 2076279 | 226148309 |
| NXP Semiconductors NV (Netherlands) | 22486 | 4144395 |
| ON Semiconductor Corp. \* | 37849 | 1502605 |
| QUALCOMM, Inc. | 97327 | 14449166 |
| Skyworks Solutions, Inc. | 14044 | 902748 |
| Teradyne, Inc. | 14325 | 1063058 |
| Texas Instruments, Inc. | 80263 | 12846093 |
|  |  | 415245377 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 53

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — 10.8%** | **Software — 10.8%** | **Software — 10.8%** |
| Adobe, Inc. \* | 38310 | 14365484 |
| ANSYS, Inc. \* | 7646 | 2461094 |
| AppLovin Corp., Class A \* | 20486 | 5517085 |
| Atlassian Corp., Class A \* | 14306 | 3266203 |
| Autodesk, Inc. \* | 18938 | 5193746 |
| Bentley Systems, Inc., Class B | 11785 | 506637 |
| Cadence Design Systems, Inc. \* | 24078 | 7168984 |
| Crowdstrike Holdings, Inc., Class A \* | 20252 | 8685475 |
| Datadog, Inc., Class A \* | 27391 | 2798265 |
| Docusign, Inc. \* | 17866 | 1460545 |
| Dynatrace, Inc. \* | 24283 | 1140573 |
| Fair Isaac Corp. \* | 2072 | 4122617 |
| Fortinet, Inc. \* | 57233 | 5938496 |
| Gen Digital, Inc. | 50485 | 1306047 |
| HubSpot, Inc. \* | 4377 | 2676535 |
| Intuit, Inc. | 24638 | 15459606 |
| Microsoft Corp. | 654216 | 258585417 |
| MicroStrategy, Inc., Class A \* | 21155 | 8041227 |
| Oracle Corp. | 142734 | 20085528 |
| Palantir Technologies, Inc., Class A \* | 189931 | 22495428 |
| Palo Alto Networks, Inc. \* | 57542 | 10756326 |
| PTC, Inc. \* | 10472 | 1622846 |
| Roper Technologies, Inc. | 9363 | 5244029 |
| Salesforce, Inc. | 81418 | 21877831 |
| ServiceNow, Inc. \* | 18160 | 17342982 |
| Synopsys, Inc. \* | 13608 | 6246208 |
| Tyler Technologies, Inc. \* | 3680 | 1999344 |
| Workday, Inc., Class A \* | 18640 | 4566800 |
| Zoom Communications, Inc., Class A \* | 21098 | 1635939 |
| Zscaler, Inc. \* | 8426 | 1905708 |
|  |  | 464473005 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| American Tower Corp. | 41019 | 9246093 |
| Crown Castle, Inc. | 38096 | 4029033 |
| Digital Realty Trust, Inc. | 29182 | 4684878 |
| Equinix, Inc. | 8492 | 7309489 |
| Extra Space Storage, Inc. | 18582 | 2722635 |
| Iron Mountain, Inc. | 25690 | 2303622 |
| Public Storage | 13914 | 4180183 |
| SBA Communications Corp. | 9480 | 2307432 |
| VICI Properties, Inc. | 92771 | 2970527 |
| Weyerhaeuser Co. | 63982 | 1657774 |
|  |  | 41411666 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 1495 | 5625087 |
| Best Buy Co., Inc. | 17229 | 1149002 |
| Burlington Stores, Inc. \* | 5572 | 1253923 |
| CarMax, Inc. \* | 13896 | 898654 |
| Carvana Co. \* | 10451 | 2553702 |
| Home Depot, Inc. (The) | 87308 | 31473661 |
| Lowe's Cos., Inc. | 49288 | 11018825 |
| O'Reilly Automotive, Inc. \* | 5064 | 7166573 |
| Ross Stores, Inc. | 28444 | 3953716 |
| TJX Cos., Inc. (The) | 99144 | 12757850 |
| Tractor Supply Co. | 47532 | 2406070 |
| Ulta Beauty, Inc. \* | 4081 | 1614607 |
|  |  | 81871670 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
| Apple, Inc. | 1320551 | 280617087 |
| Dell Technologies, Inc., Class C | 27379 | 2512297 |
| Hewlett Packard Enterprise Co. | 114380 | 1855244 |
| HP, Inc. | 82820 | 2117707 |
| NetApp, Inc. | 18150 | 1628963 |
| Seagate Technology Holdings plc | 17735 | 1614417 |
| Super Micro Computer, Inc. \* (a) | 43886 | 1398208 |
| Western Digital Corp. \* | 30281 | 1328125 |
|  |  | 293072048 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Deckers Outdoor Corp. \* | 13549 | 1501636 |
| Lululemon Athletica, Inc. \* | 9440 | 2556069 |
| NIKE, Inc., Class B | 102491 | 5780492 |
|  |  | 9838197 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 149143 | 8821808 |
| Philip Morris International, Inc. | 136469 | 23385328 |
|  |  | 32207136 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Fastenal Co. | 50253 | 4068986 |
| Ferguson Enterprises, Inc. | 17654 | 2995178 |
| United Rentals, Inc. | 5772 | 3644729 |
| Watsco, Inc. | 3073 | 1413088 |
| WW Grainger, Inc. | 3939 | 4034757 |
|  |  | 16156738 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 17131 | 2518428 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile US, Inc. | 40710 | 10053334 |
| Total Common Stocks <br>(Cost $3,581,482,536)<br>|  | 4263959742 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| ABIOMED, Inc., CVR ‡ \* <br>(Cost $1,765)<br>| 1730 | 1764 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (c) (d) <br>(Cost $18,595,348)<br>| 18595348 | 18595348 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.39% (c) (d) <br>(Cost $1,677,204)<br>| 1677204 | 1677204 |
| Total Short-Term Investments <br>(Cost $20,272,552)<br>|  | 20272552 |
| **Total Investments — 99.9%** <br>**(Cost $3,601,756,853)**<br>|  | **4284234058** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **2943267** |
| **NET ASSETS — 100.0%** |  | **4287177325** |

---

&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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $1,470,761.<br>|
| (b) | Investment in affiliate. This security is included in an <br> index in which the Fund, as an index fund, tracks.<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 April 30, <br> 2025.<br>|

---

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22069638 | &nbsp;&nbsp;&nbsp;&nbsp; (262071)<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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 55

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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 — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| BWX Technologies, Inc. | 44968 | 4906908 |
| Curtiss-Wright Corp. | 18773 | 6474620 |
| Hexcel Corp. | 40816 | 1978352 |
| Huntington Ingalls Industries, Inc. | 19500 | 4491630 |
| Leonardo DRS, Inc. | 35748 | 1321246 |
| Loar Holdings, Inc. \* | 6218 | 588098 |
| Spirit AeroSystems Holdings, Inc., Class A \* | 56671 | 2040156 |
| Standardaero, Inc. \* | 37674 | 1017952 |
| Woodward, Inc. | 27837 | 5221386 |
|  |  | 28040348 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. | 57129 | 5097049 |
| GXO Logistics, Inc. \* | 58336 | 2114097 |
|  |  | 7211146 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |
| Autoliv, Inc. (Sweden) | 34063 | 3175693 |
| BorgWarner, Inc. | 111733 | 3170983 |
| Gentex Corp. | 114732 | 2498863 |
| Lear Corp. | 27905 | 2392854 |
|  |  | 11238393 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| Harley-Davidson, Inc. | 55621 | 1247023 |
| Lucid Group, Inc. \* (a) | 598383 | 1501941 |
| Rivian Automotive, Inc., Class A \* (a) | 419876 | 5735506 |
| Thor Industries, Inc. | 25159 | 1822015 |
|  |  | 10306485 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Bank OZK | 52867 | 2252134 |
| BOK Financial Corp. | 11266 | 1049653 |
| Cadence Bank | 88591 | 2592173 |
| Columbia Banking System, Inc. | 101979 | 2286369 |
| Comerica, Inc. | 64736 | 3479560 |
| Commerce Bancshares, Inc. | 65582 | 3983451 |
| Cullen/Frost Bankers, Inc. | 29582 | 3445416 |
| First Financial Bankshares, Inc. | 70056 | 2347577 |
| First Horizon Corp. | 254910 | 4608773 |
| FNB Corp. | 175619 | 2298853 |
| Glacier Bancorp, Inc. | 55774 | 2273348 |
| Hancock Whitney Corp. | 42292 | 2202990 |
| Home BancShares, Inc. | 95575 | 2652206 |
| Old National Bancorp | 156425 | 3220791 |
| Pinnacle Financial Partners, Inc. | 37763 | 3785363 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Popular, Inc. (Puerto Rico) | 34746 | 3315463 |
| Prosperity Bancshares, Inc. | 46606 | 3164547 |
| SouthState Corp. | 47837 | 4151295 |
| Synovus Financial Corp. | 71790 | 3109943 |
| TFS Financial Corp. | 25923 | 335962 |
| UMB Financial Corp. | 33892 | 3205167 |
| United Bankshares, Inc. | 68961 | 2364673 |
| Valley National Bancorp | 231182 | 1988165 |
| Webster Financial Corp. | 84451 | 3994532 |
| Western Alliance Bancorp | 53687 | 3742521 |
| Wintrust Financial Corp. | 31814 | 3536762 |
| Zions Bancorp NA | 72725 | 3270443 |
|  |  | 78658130 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Celsius Holdings, Inc. \* | 78304 | 2737508 |
| Coca-Cola Consolidated, Inc. | 2569 | 3483076 |
| National Beverage Corp. | 12096 | 537062 |
|  |  | 6757646 |
| **Biotechnology — 3.6%** | **Biotechnology — 3.6%** | **Biotechnology — 3.6%** |
| Alkermes plc \* | 82903 | 2385119 |
| Amicus Therapeutics, Inc. \* | 129668 | 995850 |
| Apellis Pharmaceuticals, Inc. \* | 39974 | 767901 |
| Blueprint Medicines Corp. \* | 30431 | 2723574 |
| CRISPR Therapeutics AG (Switzerland) \* (a) | 41752 | 1614550 |
| Cytokinetics, Inc. \* | 57122 | 2447106 |
| Exelixis, Inc. \* | 142278 | 5570184 |
| Halozyme Therapeutics, Inc. \* | 62541 | 3841268 |
| Immunovant, Inc. \* (a) | 30598 | 494158 |
| Insmed, Inc. \* | 87031 | 6266232 |
| Ionis Pharmaceuticals, Inc. \* | 72287 | 2219934 |
| Madrigal Pharmaceuticals, Inc. \* | 7810 | 2607837 |
| Natera, Inc. \* | 62375 | 9414259 |
| Revolution Medicines, Inc. \* | 76717 | 3097832 |
| Roivant Sciences Ltd. \* | 211610 | 2458908 |
| Sarepta Therapeutics, Inc. \* | 44820 | 2796768 |
| Summit Therapeutics, Inc. \* (a) | 55499 | 1338636 |
| Ultragenyx Pharmaceutical, Inc. \* | 40851 | 1592372 |
| United Therapeutics Corp. \* | 18790 | 5695061 |
| Vaxcyte, Inc. \* | 53921 | 1932529 |
| Viking Therapeutics, Inc. \* | 51038 | 1473467 |
|  |  | 61733545 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Dillard's, Inc., Class A | 2035 | 705453 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| Etsy, Inc. \* | 57402 | 2495839 |
| Macy's, Inc. | 134677 | 1538012 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 30321 | 3217361 |
|  |  | 7956665 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| A O Smith Corp. | 59412 | 4031698 |
| AAON, Inc. | 33522 | 3059553 |
| Advanced Drainage Systems, Inc. | 34719 | 3940259 |
| Armstrong World Industries, Inc. | 21688 | 3145194 |
| AZEK Co., Inc. (The) \* | 71586 | 3547802 |
| Carlisle Cos., Inc. | 22746 | 8631652 |
| Fortune Brands Innovations, Inc. | 61899 | 3331404 |
| Simpson Manufacturing Co., Inc. | 20969 | 3222726 |
| Trex Co., Inc. \* | 53309 | 3082327 |
| UFP Industries, Inc. | 30313 | 2996440 |
| Zurn Elkay Water Solutions Corp. | 71742 | 2436358 |
|  |  | 41425413 |
| **Capital Markets — 4.6%** | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
| Affiliated Managers Group, Inc. | 14717 | 2437577 |
| Blue Owl Capital, Inc. | 244477 | 4530159 |
| Cohen & Steers, Inc. | 12927 | 986589 |
| Evercore, Inc., Class A | 17847 | 3663811 |
| Federated Hermes, Inc. | 41185 | 1672523 |
| Freedom Holding Corp. (Kazakhstan) \* (a) | 8481 | 1211341 |
| Hamilton Lane, Inc., Class A | 19266 | 2976404 |
| Houlihan Lokey, Inc. | 25757 | 4174695 |
| Interactive Brokers Group, Inc., Class A | 52323 | 8991708 |
| Invesco Ltd. | 160112 | 2230360 |
| Janus Henderson Group plc | 63537 | 2110064 |
| Jefferies Financial Group, Inc. | 80010 | 3738867 |
| Lazard, Inc. | 44370 | 1725993 |
| MarketAxess Holdings, Inc. | 18589 | 4119136 |
| Morningstar, Inc. | 13064 | 3719582 |
| Robinhood Markets, Inc., Class A \* | 252057 | 12378519 |
| SEI Investments Co. | 55341 | 4332647 |
| Stifel Financial Corp. | 49267 | 4221689 |
| TPG, Inc. | 43051 | 1999719 |
| Tradeweb Markets, Inc., Class A | 57025 | 7886557 |
|  |  | 79107940 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Ashland, Inc. | 22973 | 1249501 |
| Avient Corp. | 44750 | 1490623 |
| Axalta Coating Systems Ltd. \* | 101454 | 3297255 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Balchem Corp. | 15827 | 2477717 |
| Cabot Corp. | 27069 | 2125999 |
| Element Solutions, Inc. | 111075 | 2267041 |
| FMC Corp. | 61244 | 2567348 |
| HB Fuller Co. | 26519 | 1433087 |
| Huntsman Corp. | 81528 | 1085138 |
| Mosaic Co. (The) | 157771 | 4796238 |
| NewMarket Corp. | 3548 | 2183084 |
| Olin Corp. | 58624 | 1267451 |
| RPM International, Inc. | 63305 | 6757809 |
| Scotts Miracle-Gro Co. (The) | 21002 | 1058081 |
| Sensient Technologies Corp. | 20740 | 1948523 |
|  |  | 36004895 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| Casella Waste Systems, Inc., Class A \* | 30157 | 3541940 |
| Clean Harbors, Inc. \* | 25061 | 5361550 |
| MSA Safety, Inc. | 18254 | 2873545 |
| Tetra Tech, Inc. | 130434 | 4068236 |
|  |  | 15845271 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Ciena Corp. \* | 70701 | 4748279 |
| Lumentum Holdings, Inc. \* | 32824 | 1937929 |
|  |  | 6686208 |
| **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
| AECOM | 66822 | 6591990 |
| API Group Corp. \* | 92013 | 3480852 |
| Arcosa, Inc. | 23840 | 1908869 |
| Comfort Systems USA, Inc. | 17507 | 6959908 |
| EMCOR Group, Inc. | 23140 | 9272198 |
| Fluor Corp. \* | 83469 | 2912233 |
| MasTec, Inc. \* | 30086 | 3830550 |
| Valmont Industries, Inc. | 9706 | 2845993 |
| WillScot Holdings Corp. | 94259 | 2367786 |
|  |  | 40170379 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Eagle Materials, Inc. | 16761 | 3794523 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| Ally Financial, Inc. | 133085 | 4346556 |
| Credit Acceptance Corp. \* (a) | 2901 | 1414005 |
| FirstCash Holdings, Inc. | 19481 | 2609675 |
| OneMain Holdings, Inc. | 55381 | 2606784 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 57

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| SLM Corp. | 107667 | 3112653 |
| SoFi Technologies, Inc. \* | 529658 | 6626021 |
|  |  | 20715694 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Albertsons Cos., Inc., Class A | 192624 | 4233876 |
| BJ's Wholesale Club Holdings, Inc. \* | 60424 | 7103445 |
| Casey's General Stores, Inc. | 18312 | 8470948 |
| Maplebear, Inc. \* | 71841 | 2865738 |
| Performance Food Group Co. \* | 76308 | 6155003 |
| Sprouts Farmers Market, Inc. \* | 49324 | 8434404 |
| US Foods Holding Corp. \* | 112585 | 7392331 |
| Walgreens Boots Alliance, Inc. | 351853 | 3859827 |
|  |  | 48515572 |
| **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** |
| AptarGroup, Inc. | 32260 | 4837387 |
| Graphic Packaging Holding Co. | 150090 | 3798778 |
| Greif, Inc., Class A | 12597 | 661090 |
| Sealed Air Corp. | 70832 | 1952130 |
| Silgan Holdings, Inc. | 40441 | 2088778 |
| Sonoco Products Co. | 47990 | 1967590 |
|  |  | 15305753 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| LKQ Corp. | 131231 | 5014337 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
| ADT, Inc. | 147303 | 1181370 |
| Bright Horizons Family Solutions, Inc. \* | 28198 | 3536593 |
| Duolingo, Inc. \* | 18008 | 7013756 |
| Grand Canyon Education, Inc. \* | 13802 | 2461863 |
| H&R Block, Inc. | 68495 | 4135043 |
| Service Corp. International | 71583 | 5719482 |
|  |  | 24048107 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Essential Properties Realty Trust, Inc. | 92246 | 2967554 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AST SpaceMobile, Inc. \* (a) | 89232 | 2071075 |
| Cogent Communications Holdings, Inc. | 21501 | 1168579 |
| Frontier Communications Parent, Inc. \* | 89615 | 3248544 |
| Iridium Communications, Inc. | 51184 | 1235070 |
| Liberty Global Ltd., Class A (Belgium) \* | 81465 | 892042 |
| Liberty Global Ltd., Class C (Belgium) \* | 74483 | 844637 |
| Lumen Technologies, Inc. \* | 487821 | 1726886 |
|  |  | 11186833 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| ALLETE, Inc. | 28272 | 1851533 |
| IDACORP, Inc. | 26176 | 3091124 |
| OGE Energy Corp. | 98517 | 4470702 |
| Otter Tail Corp. | 20332 | 1613954 |
| Pinnacle West Capital Corp. | 55778 | 5308950 |
| Portland General Electric Co. | 50628 | 2132451 |
| TXNM Energy, Inc. | 44368 | 2360378 |
|  |  | 20829092 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Acuity, Inc. | 15173 | 3696295 |
| Atkore, Inc. | 16886 | 1078509 |
| EnerSys | 19812 | 1715719 |
| Generac Holdings, Inc. \* | 29696 | 3396628 |
| NEXTracker, Inc., Class A \* | 62571 | 2541008 |
| nVent Electric plc | 81201 | 4458747 |
| Regal Rexnord Corp. | 32570 | 3447209 |
| Sensata Technologies Holding plc | 74226 | 1588436 |
|  |  | 21922551 |
| **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** |
| Advanced Energy Industries, Inc. | 18337 | 1786207 |
| Arrow Electronics, Inc. \* | 26130 | 2909837 |
| Avnet, Inc. | 44419 | 2087249 |
| Badger Meter, Inc. | 14426 | 3185549 |
| Belden, Inc. | 19968 | 2058901 |
| Cognex Corp. | 80440 | 2196012 |
| Coherent Corp. \* | 73691 | 4739805 |
| Fabrinet (Thailand) \* | 17853 | 3660936 |
| Insight Enterprises, Inc. \* | 13684 | 1892224 |
| IPG Photonics Corp. \* | 12891 | 772042 |
| Jabil, Inc. | 52154 | 7643690 |
| Littelfuse, Inc. | 12237 | 2230927 |
| Novanta, Inc. \* | 17507 | 2080882 |
| Sanmina Corp. \* | 27222 | 2090377 |
| TD SYNNEX Corp. | 24238 | 2685570 |
| Vontier Corp. | 75760 | 2409926 |
|  |  | 44430134 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| ChampionX Corp. | 93290 | 2251088 |
| Helmerich & Payne, Inc. | 48417 | 914597 |
| NOV, Inc. | 193183 | 2242854 |
| Patterson-UTI Energy, Inc. | 183476 | 1034805 |
| Transocean Ltd. \* (a) | 382663 | 815072 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Valaris Ltd. \* | 30764 | 993985 |
| Weatherford International plc | 35947 | 1488206 |
|  |  | 9740607 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Madison Square Garden Sports Corp. \* | 8294 | 1597175 |
| Playtika Holding Corp. | 34684 | 182785 |
| Roku, Inc. \* | 59020 | 4023984 |
| TKO Group Holdings, Inc. | 34689 | 5651185 |
| Warner Music Group Corp., Class A | 66166 | 2014755 |
|  |  | 13469884 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Affirm Holdings, Inc. \* | 112137 | 5579937 |
| Enact Holdings, Inc. | 14391 | 515054 |
| Essent Group Ltd. | 52409 | 2983644 |
| Euronet Worldwide, Inc. \* | 21280 | 2108848 |
| Jackson Financial, Inc., Class A | 34032 | 2651433 |
| MGIC Investment Corp. | 130605 | 3253371 |
| Mr. Cooper Group, Inc. \* | 29830 | 3550068 |
| PennyMac Financial Services, Inc. | 13726 | 1337462 |
| Radian Group, Inc. | 74300 | 2373142 |
| Remitly Global, Inc. \* | 71103 | 1437703 |
| Shift4 Payments, Inc., Class A \* (a) | 31331 | 2562876 |
| Toast, Inc., Class A \* | 238373 | 8481311 |
| Voya Financial, Inc. | 49390 | 2923888 |
| Western Union Co. (The) | 166087 | 1645922 |
| WEX, Inc. \* | 17136 | 2234020 |
|  |  | 43638679 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Darling Ingredients, Inc. \* | 78235 | 2518385 |
| Flowers Foods, Inc. | 98342 | 1729836 |
| Freshpet, Inc. \* | 22228 | 1634647 |
| Ingredion, Inc. | 32003 | 4250638 |
| J & J Snack Foods Corp. | 7401 | 959096 |
| Lancaster Colony Corp. | 10002 | 1628126 |
| Pilgrim's Pride Corp. | 20383 | 1112504 |
| Post Holdings, Inc. \* | 26702 | 3021865 |
| Simply Good Foods Co. (The) \* | 44192 | 1595773 |
|  |  | 18450870 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| MDU Resources Group, Inc. | 91752 | 1572629 |
| National Fuel Gas Co. | 45079 | 3461165 |
| New Jersey Resources Corp. | 48523 | 2374716 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| ONE Gas, Inc. | 29070 | 2282286 |
| Southwest Gas Holdings, Inc. | 27229 | 1966206 |
| Spire, Inc. | 28178 | 2156744 |
| UGI Corp. | 103038 | 3378616 |
|  |  | 17192362 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| Avis Budget Group, Inc. \* (a) | 8697 | 805603 |
| Knight-Swift Transportation Holdings, Inc. | 74056 | 2900774 |
| Landstar System, Inc. | 17645 | 2367077 |
| Lyft, Inc., Class A \* | 170799 | 2117908 |
| Ryder System, Inc. | 21450 | 2953021 |
| Saia, Inc. \* | 13032 | 3179808 |
| U-Haul Holding Co. \* | 3742 | 229721 |
| U-Haul Holding Co. | 45969 | 2519101 |
| XPO, Inc. \* | 56988 | 6047567 |
|  |  | 23120580 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Dentsply Sirona, Inc. | 101823 | 1415340 |
| Envista Holdings Corp. \* | 84225 | 1354338 |
| Glaukos Corp. \* | 25900 | 2441075 |
| Globus Medical, Inc., Class A \* | 55343 | 3971967 |
| Haemonetics Corp. \* | 24909 | 1569765 |
| Inspire Medical Systems, Inc. \* | 14493 | 2295401 |
| Lantheus Holdings, Inc. \* | 33583 | 3504050 |
| Masimo Corp. \* | 21937 | 3530980 |
| Merit Medical Systems, Inc. \* | 28378 | 2680302 |
| Neogen Corp. \* | 106293 | 536780 |
| Penumbra, Inc. \* | 18283 | 5353994 |
| Solventum Corp. \* | 68046 | 4499201 |
| Teleflex, Inc. | 23092 | 3164759 |
|  |  | 36317952 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Acadia Healthcare Co., Inc. \* | 44905 | 1050777 |
| Chemed Corp. | 7380 | 4291544 |
| CorVel Corp. \* | 13757 | 1496211 |
| DaVita, Inc. \* | 21868 | 3095415 |
| Encompass Health Corp. | 49060 | 5739530 |
| Ensign Group, Inc. (The) | 27740 | 3578183 |
| HealthEquity, Inc. \* | 42035 | 3603240 |
| Henry Schein, Inc. \* | 62734 | 4075828 |
| Option Care Health, Inc. \* | 85411 | 2759630 |
| PACS Group, Inc. \* | 11891 | 114510 |
| Select Medical Holdings Corp. | 50139 | 914535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 59

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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** |
| Surgery Partners, Inc. \* | 37394 | 820798 |
| Tenet Healthcare Corp. \* | 47568 | 6799846 |
|  |  | 38340047 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Healthcare Realty Trust, Inc. | 173968 | 2701723 |
| Omega Healthcare Investors, Inc. | 132536 | 5175531 |
|  |  | 7877254 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Doximity, Inc., Class A \* | 60797 | 3458134 |
| Waystar Holding Corp. \* | 22855 | 849520 |
|  |  | 4307654 |
| **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** |
| Apple Hospitality REIT, Inc. | 111194 | 1308753 |
| Ryman Hospitality Properties, Inc. | 28664 | 2520999 |
|  |  | 3829752 |
| **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
| Aramark | 126959 | 4244239 |
| Boyd Gaming Corp. | 29463 | 2037072 |
| Caesars Entertainment, Inc. \* | 101860 | 2756332 |
| Cava Group, Inc. \* | 34759 | 3212774 |
| Choice Hotels International, Inc. (a) | 13740 | 1732751 |
| Churchill Downs, Inc. | 34627 | 3130627 |
| DraftKings, Inc., Class A \* | 234168 | 7795453 |
| Hilton Grand Vacations, Inc. \* | 31019 | 1043169 |
| Hyatt Hotels Corp., Class A | 20282 | 2285376 |
| Life Time Group Holdings, Inc. \* | 29139 | 893402 |
| Light & Wonder, Inc. \* | 44248 | 3777894 |
| Norwegian Cruise Line Holdings Ltd. \* | 208840 | 3347705 |
| Penn Entertainment, Inc. \* | 66562 | 1013074 |
| Planet Fitness, Inc., Class A \* | 42668 | 4035966 |
| Texas Roadhouse, Inc. | 32817 | 5446309 |
| Travel + Leisure Co. | 34388 | 1510665 |
| United Parks & Resorts, Inc. \* | 13577 | 592636 |
| Vail Resorts, Inc. | 18623 | 2592322 |
| Wendy's Co. (The) | 80473 | 1005912 |
| Wingstop, Inc. | 14468 | 3817961 |
| Wyndham Hotels & Resorts, Inc. | 39238 | 3347001 |
| Wynn Resorts Ltd. | 47278 | 3796896 |
|  |  | 63415536 |
| **Household Durables — 1.8%** | **Household Durables — 1.8%** | **Household Durables — 1.8%** |
| Champion Homes, Inc. \* | 28001 | 2422086 |
| Installed Building Products, Inc. | 11724 | 1944191 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| KB Home | 32898 | 1777479 |
| Meritage Homes Corp. | 35715 | 2433620 |
| Mohawk Industries, Inc. \* | 26155 | 2781584 |
| Newell Brands, Inc. | 193142 | 923219 |
| Somnigroup International, Inc. (a) | 83636 | 5106814 |
| Taylor Morrison Home Corp. \* | 48954 | 2807512 |
| Toll Brothers, Inc. | 50646 | 5108662 |
| TopBuild Corp. \* | 14497 | 4287633 |
| Whirlpool Corp. | 26927 | 2053992 |
|  |  | 31646792 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Reynolds Consumer Products, Inc. | 26755 | 615365 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Clearway Energy, Inc. | 16447 | 449826 |
| Clearway Energy, Inc., Class C | 40486 | 1187859 |
| Ormat Technologies, Inc. | 26302 | 1909525 |
| Talen Energy Corp. \* | 22680 | 4878014 |
|  |  | 8425224 |
| **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** |
| Americold Realty Trust, Inc. | 128441 | 2484049 |
| EastGroup Properties, Inc. | 23610 | 3858346 |
| First Industrial Realty Trust, Inc. | 61355 | 2919271 |
| Rexford Industrial Realty, Inc. | 99749 | 3301692 |
| STAG Industrial, Inc. | 89311 | 2949942 |
| Terreno Realty Corp. | 46370 | 2612022 |
|  |  | 18125322 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Assurant, Inc. | 25563 | 4927013 |
| Assured Guaranty Ltd. | 23935 | 2099817 |
| Axis Capital Holdings Ltd. | 38449 | 3703408 |
| Brighthouse Financial, Inc. \* | 28723 | 1672253 |
| Enstar Group Ltd. \* | 5651 | 1889751 |
| Erie Indemnity Co., Class A | 12382 | 4440433 |
| First American Financial Corp. | 50397 | 3064642 |
| Globe Life, Inc. | 41202 | 5081855 |
| Hanover Insurance Group, Inc. (The) | 17540 | 2913394 |
| Kemper Corp. | 30199 | 1785365 |
| Kinsale Capital Group, Inc. | 10874 | 4733017 |
| Lincoln National Corp. | 82869 | 2641035 |
| Old Republic International Corp. | 115990 | 4361224 |
| Primerica, Inc. | 16892 | 4426886 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 23950 | 5794223 |
| RLI Corp. | 40172 | 2973130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Ryan Specialty Holdings, Inc. | 51596 | 3380054 |
| Selective Insurance Group, Inc. | 29773 | 2597099 |
| Unum Group | 79850 | 6201151 |
| White Mountains Insurance Group Ltd. | 1249 | 2207545 |
|  |  | 70893295 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| IAC, Inc. \* | 37491 | 1309935 |
| Match Group, Inc. | 123259 | 3655862 |
| Reddit, Inc., Class A \* | 51691 | 6025620 |
| Trump Media & Technology Group Corp. \* (a) | 50252 | 1233184 |
| ZoomInfo Technologies, Inc. \* | 143112 | 1225039 |
|  |  | 13449640 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| ASGN, Inc. \* | 22464 | 1131736 |
| DXC Technology Co. \* | 87616 | 1359801 |
| Kyndryl Holdings, Inc. \* | 112079 | 3633601 |
|  |  | 6125138 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| Acushnet Holdings Corp. (a) | 14513 | 961051 |
| Brunswick Corp. | 33168 | 1527386 |
| Hasbro, Inc. | 64501 | 3992612 |
| Mattel, Inc. \* | 168898 | 2683789 |
| Polaris, Inc. | 26250 | 891450 |
| YETI Holdings, Inc. \* | 41881 | 1195703 |
|  |  | 11251991 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Bio-Rad Laboratories, Inc., Class A \* | 10206 | 2491081 |
| Bruker Corp. | 46467 | 1861468 |
| Charles River Laboratories International, <br> Inc. \*<br>| 25157 | 2984123 |
| Medpace Holdings, Inc. \* | 12361 | 3812009 |
| Repligen Corp. \* | 25705 | 3547033 |
| Sotera Health Co. \* | 63114 | 725811 |
| Tempus AI, Inc. \* (a) | 39223 | 2026652 |
|  |  | 17448177 |
| **Machinery — 4.7%** | **Machinery — 4.7%** | **Machinery — 4.7%** |
| AGCO Corp. | 30754 | 2608862 |
| Allison Transmission Holdings, Inc. | 42986 | 3965029 |
| Chart Industries, Inc. \* | 21007 | 2835525 |
| Crane Co. | 23950 | 3855471 |
| Donaldson Co., Inc. | 59256 | 3894897 |
| Esab Corp. | 27838 | 3343901 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Federal Signal Corp. | 29965 | 2440050 |
| Flowserve Corp. | 64475 | 2916204 |
| Franklin Electric Co., Inc. | 19740 | 1677110 |
| Gates Industrial Corp. plc \* | 91797 | 1736799 |
| Graco, Inc. | 82857 | 6761960 |
| ITT, Inc. | 40302 | 5522180 |
| JBT Marel Corp. | 23379 | 2460873 |
| Lincoln Electric Holdings, Inc. | 28108 | 4952630 |
| Middleby Corp. (The) \* | 26313 | 3508839 |
| Mueller Industries, Inc. | 53996 | 3971946 |
| Nordson Corp. | 25156 | 4768823 |
| Oshkosh Corp. | 31919 | 2673535 |
| RBC Bearings, Inc. \* | 15203 | 4995250 |
| SPX Technologies, Inc. \* | 22649 | 3038363 |
| Terex Corp. | 32905 | 1158256 |
| Timken Co. (The) | 33046 | 2123205 |
| Toro Co. (The) | 51027 | 3484124 |
| Watts Water Technologies, Inc., Class A | 13422 | 2788420 |
|  |  | 81482252 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Kirby Corp. \* | 28590 | 2755218 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Liberty Broadband Corp., Class A \* | 8350 | 743568 |
| Liberty Broadband Corp., Class C \* | 53364 | 4823572 |
| New York Times Co. (The), Class A | 76621 | 3988889 |
| Nexstar Media Group, Inc. | 14173 | 2121131 |
| Paramount Global, Class B | 276103 | 3241449 |
| Sirius XM Holdings, Inc. (a) | 118476 | 2537756 |
|  |  | 17456365 |
| **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** |
| Alcoa Corp. | 120735 | 2961630 |
| ATI, Inc. \* | 69322 | 3769730 |
| Carpenter Technology Corp. | 24131 | 4720265 |
| Cleveland-Cliffs, Inc. \* | 239823 | 1976142 |
| Commercial Metals Co. | 56459 | 2514684 |
| Hecla Mining Co. | 289195 | 1654195 |
| MP Materials Corp. \* (a) | 46813 | 1145046 |
| Reliance, Inc. | 27335 | 7878767 |
| Royal Gold, Inc. | 32312 | 5903725 |
| United States Steel Corp. | 109489 | 4785764 |
|  |  | 37309948 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** |
| AGNC Investment Corp. | 433451 | 3827372 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 61

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Mortgage Real Estate Investment Trusts (REITs) — continued** | **Mortgage Real Estate Investment Trusts (REITs) — continued** | **Mortgage Real Estate Investment Trusts (REITs) — continued** |
| Blackstone Mortgage Trust, Inc., Class A | 80767 | 1538612 |
| Rithm Capital Corp. | 252440 | 2822279 |
| Starwood Property Trust, Inc. | 155114 | 2976638 |
|  |  | 11164901 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Avista Corp. | 38345 | 1590167 |
| Black Hills Corp. | 33872 | 2062805 |
| Northwestern Energy Group, Inc. | 28287 | 1647152 |
|  |  | 5300124 |
| **Office REITs — 0.4%** | **Office REITs — 0.4%** | **Office REITs — 0.4%** |
| Cousins Properties, Inc. | 73953 | 2036666 |
| Kilroy Realty Corp. | 56688 | 1786239 |
| Vornado Realty Trust | 84441 | 2979078 |
|  |  | 6801983 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Antero Midstream Corp. | 166824 | 2760937 |
| Antero Resources Corp. \* | 144318 | 5026596 |
| APA Corp. | 181486 | 2820292 |
| California Resources Corp. | 29044 | 1002308 |
| Chord Energy Corp. | 30187 | 2723773 |
| Civitas Resources, Inc. | 35754 | 974297 |
| Comstock Resources, Inc. \* | 42975 | 785153 |
| DT Midstream, Inc. | 47651 | 4631677 |
| Expand Energy Corp. | 98585 | 10242982 |
| HF Sinclair Corp. | 81751 | 2458253 |
| Magnolia Oil & Gas Corp., Class A | 84810 | 1741149 |
| Matador Resources Co. | 58124 | 2298223 |
| Murphy Oil Corp. | 74899 | 1537676 |
| Ovintiv, Inc. | 130666 | 4387764 |
| PBF Energy, Inc., Class A | 50797 | 872692 |
| Peabody Energy Corp. | 58722 | 724630 |
| Permian Resources Corp. | 308824 | 3644123 |
| Range Resources Corp. | 117862 | 3999058 |
| SM Energy Co. | 56245 | 1281824 |
|  |  | 53913407 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp. | 31534 | 2721700 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Alaska Air Group, Inc. \* | 62987 | 2788434 |
| American Airlines Group, Inc. \* | 298640 | 2971468 |
|  |  | 5759902 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| BellRing Brands, Inc. \* | 64091 | 4943980 |
| Coty, Inc., Class A \* | 187824 | 948511 |
| elf Beauty, Inc. \* | 26085 | 1613879 |
| Interparfums, Inc. | 8888 | 970569 |
|  |  | 8476939 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Axsome Therapeutics, Inc. \* | 19365 | 2174496 |
| Elanco Animal Health, Inc. \* | 241913 | 2293335 |
| Jazz Pharmaceuticals plc \* | 30905 | 3614648 |
| Organon & Co. | 125602 | 1624034 |
| Perrigo Co. plc | 66586 | 1712592 |
| Prestige Consumer Healthcare, Inc. \* | 24334 | 1976651 |
|  |  | 13395756 |
| **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| Alight, Inc., Class A | 204111 | 1043007 |
| Amentum Holdings, Inc. \* | 61015 | 1331347 |
| CACI International, Inc., Class A \* | 10936 | 5007266 |
| Clarivate plc \* | 188058 | 810530 |
| Dun & Bradstreet Holdings, Inc. | 131924 | 1183358 |
| ExlService Holdings, Inc. \* | 79661 | 3861965 |
| Exponent, Inc. | 24850 | 1955198 |
| FTI Consulting, Inc. \* | 17415 | 2895766 |
| Genpact Ltd. | 76116 | 3825590 |
| Insperity, Inc. | 17670 | 1148727 |
| KBR, Inc. | 66140 | 3492854 |
| ManpowerGroup, Inc. | 23609 | 1016840 |
| Maximus, Inc. | 27528 | 1843275 |
| Parsons Corp. \* | 23099 | 1544399 |
| Paylocity Holding Corp. \* | 21470 | 4124387 |
| Robert Half, Inc. | 51411 | 2277507 |
| Science Applications International Corp. | 25093 | 3037006 |
| TriNet Group, Inc. | 15677 | 1227980 |
|  |  | 41627002 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Howard Hughes Holdings, Inc. \* | 15321 | 1019306 |
| Jones Lang LaSalle, Inc. \* | 23307 | 5300245 |
|  |  | 6319551 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| American Homes 4 Rent, Class A | 157570 | 5891543 |
| Independence Realty Trust, Inc. | 110310 | 2143323 |
|  |  | 8034866 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Agree Realty Corp. | 52501 | 4074603 |
| Brixmor Property Group, Inc. | 147562 | 3675769 |
| Federal Realty Investment Trust | 40803 | 3836298 |
| Kite Realty Group Trust | 107804 | 2333957 |
| NNN REIT, Inc. | 89649 | 3685470 |
| Phillips Edison & Co., Inc. | 60146 | 2087066 |
|  |  | 19693163 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| Allegro MicroSystems, Inc. (Japan) \* | 60579 | 1155242 |
| Amkor Technology, Inc. | 58026 | 1012554 |
| Astera Labs, Inc. \* | 12312 | 804097 |
| Cirrus Logic, Inc. \* | 26485 | 2543619 |
| Lattice Semiconductor Corp. \* | 67622 | 3308744 |
| MACOM Technology Solutions Holdings, Inc. \* | 28055 | 2910706 |
| MKS Instruments, Inc. | 28488 | 1998148 |
| Onto Innovation, Inc. \* | 24142 | 2944600 |
| Power Integrations, Inc. | 27715 | 1361361 |
| Qorvo, Inc. \* | 47027 | 3370425 |
| Rambus, Inc. \* | 52776 | 2574941 |
| Silicon Laboratories, Inc. \* | 15553 | 1582673 |
| Universal Display Corp. | 23224 | 2917631 |
|  |  | 28484741 |
| **Software — 4.8%** | **Software — 4.8%** | **Software — 4.8%** |
| Aurora Innovation, Inc. \* | 481007 | 3482491 |
| Bill Holdings, Inc. \* | 48258 | 2199117 |
| Blackbaud, Inc. \* | 20696 | 1252936 |
| BlackLine, Inc. \* | 24954 | 1178577 |
| Box, Inc., Class A \* | 71254 | 2224550 |
| CCC Intelligent Solutions Holdings, Inc. \* | 220474 | 2041589 |
| Commvault Systems, Inc. \* | 21497 | 3592794 |
| Confluent, Inc., Class A \* | 118569 | 2823128 |
| Dolby Laboratories, Inc., Class A | 28998 | 2226756 |
| DoubleVerify Holdings, Inc. \* | 71320 | 945703 |
| Dropbox, Inc., Class A \* | 105129 | 3001433 |
| Elastic NV \* | 42023 | 3622383 |
| Gitlab, Inc., Class A \* | 62994 | 2939930 |
| Guidewire Software, Inc. \* | 40943 | 8383898 |
| Informatica, Inc., Class A \* | 65121 | 1226228 |
| Manhattan Associates, Inc. \* | 30161 | 5350260 |
| Nutanix, Inc., Class A \* | 122653 | 8426261 |
| Pegasystems, Inc. | 20327 | 1871710 |
| Procore Technologies, Inc. \* | 42321 | 2712353 |
| Qualys, Inc. \* | 18094 | 2274597 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Samsara, Inc., Class A \* | 123105 | 4882344 |
| SentinelOne, Inc., Class A \* | 134635 | 2490747 |
| SPS Commerce, Inc. \* | 17943 | 2575000 |
| Tenable Holdings, Inc. \* | 58408 | 1785533 |
| Teradata Corp. \* | 47327 | 1017531 |
| UiPath, Inc., Class A \* | 217450 | 2596353 |
| Unity Software, Inc. \* | 146069 | 3077674 |
| Workiva, Inc. \* | 25026 | 1883707 |
|  |  | 82085583 |
| **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| CubeSmart | 110162 | 4480288 |
| EPR Properties | 36978 | 1830041 |
| Gaming and Leisure Properties, Inc. | 128219 | 6136561 |
| Lamar Advertising Co., Class A | 42776 | 4868337 |
| National Storage Affiliates Trust | 33923 | 1261936 |
| PotlatchDeltic Corp. | 38881 | 1492642 |
| Rayonier, Inc. | 65867 | 1611107 |
|  |  | 21680912 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| Abercrombie & Fitch Co., Class A \* | 24456 | 1697735 |
| Academy Sports & Outdoors, Inc. | 34065 | 1283569 |
| Asbury Automotive Group, Inc. \* | 9912 | 2162204 |
| AutoNation, Inc. \* | 13112 | 2283455 |
| Bath & Body Works, Inc. | 109356 | 3336452 |
| Dick's Sporting Goods, Inc. | 28471 | 5345145 |
| Five Below, Inc. \* | 26863 | 2038633 |
| Floor & Decor Holdings, Inc., Class A \* | 52263 | 3733669 |
| GameStop Corp., Class A \* | 200083 | 5574312 |
| Gap, Inc. (The) | 109808 | 2404795 |
| Group 1 Automotive, Inc. | 6656 | 2686561 |
| Lithia Motors, Inc., Class A | 13510 | 3955188 |
| Murphy USA, Inc. | 9844 | 4907923 |
| Penske Automotive Group, Inc. | 9734 | 1515292 |
| RH \* | 7350 | 1352620 |
| Signet Jewelers Ltd. | 21637 | 1283074 |
| Valvoline, Inc. \* | 63291 | 2168350 |
| Williams-Sonoma, Inc. | 60429 | 9334468 |
|  |  | 57063445 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Pure Storage, Inc., Class A \* | 150953 | 6847228 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Columbia Sportswear Co. | 16694 | 1037866 |
| Crocs, Inc. \* | 29464 | 2840919 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 63

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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** |
| PVH Corp. | 27846 | 1920817 |
| Ralph Lauren Corp. | 19651 | 4420493 |
| Skechers U.S.A., Inc., Class A \* | 65713 | 3155538 |
| Tapestry, Inc. | 101725 | 7186871 |
| Under Armour, Inc., Class A \* | 92861 | 531165 |
| Under Armour, Inc., Class C \* | 74600 | 405824 |
| VF Corp. | 161827 | 1922505 |
|  |  | 23421998 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| Air Lease Corp. | 51335 | 2400425 |
| Applied Industrial Technologies, Inc. | 19009 | 4624509 |
| Core & Main, Inc., Class A \* | 88990 | 4687993 |
| FTAI Aviation Ltd. | 48713 | 5217649 |
| GATX Corp. | 17278 | 2521897 |
| Herc Holdings, Inc. (a) | 13042 | 1427316 |
| MSC Industrial Direct Co., Inc., Class A | 21712 | 1660534 |
| QXO, Inc. (a) | 185398 | 2473209 |
| Rush Enterprises, Inc., Class A | 30299 | 1544946 |
| Rush Enterprises, Inc., Class B | 3840 | 222106 |
| SiteOne Landscape Supply, Inc. \* | 21886 | 2512732 |
| WESCO International, Inc. | 21832 | 3557743 |
|  |  | 32851059 |
| **Water Utilities — 0.5%** | **Water Utilities — 0.5%** | **Water Utilities — 0.5%** |
| American States Water Co. | 18191 | 1475472 |
| California Water Service Group | 28302 | 1433497 |
| Essential Utilities, Inc. | 123079 | 5062239 |
|  |  | 7971208 |
| Total Common Stocks <br>(Cost $1,683,395,151)<br>|  | 1690173986 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (b) (c) <br>(Cost $21,072,047)<br>| 21072047 | 21072047 |
| **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 <br> Fund Agency SL Class Shares, <br> 4.39% (b) (c) <br>(Cost $34,778,455)<br>| 34778455 | 34778455 |
| Total Short-Term Investments <br>(Cost $55,850,502)<br>|  | 55850502 |
| **Total Investments — 101.7%** <br>**(Cost $1,739,245,653)**<br>|  | **1746024488** |
| **Liabilities in Excess of Other Assets —** <br> **(1.7)%**<br>|  | **(28341838)**<br>|
| **NET ASSETS — 100.0%** |  | **1717682650** |

---

&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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $33,640,148.<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 April 30, <br> 2025.<br>|

---

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 26858620 | &nbsp;&nbsp;&nbsp;&nbsp; (635520)<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;

64 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| AAR Corp. \* | 12855 | 687228 |
| AeroVironment, Inc. \* | 10154 | 1538534 |
| Cadre Holdings, Inc. | 8234 | 240021 |
| Kratos Defense & Security Solutions, Inc. \* | 53609 | 1811180 |
| Mercury Systems, Inc. \* | 19618 | 980900 |
| Moog, Inc., Class A | 10463 | 1749937 |
| Rocket Lab USA, Inc. \* | 98186 | 2139473 |
| Triumph Group, Inc. \* | 27581 | 700557 |
| V2X, Inc. \* | 4435 | 220686 |
|  |  | 10068516 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Hub Group, Inc., Class A | 22478 | 710080 |
| **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** |
| Adient plc \* | 32784 | 414718 |
| Dana, Inc. | 47516 | 652870 |
| Dorman Products, Inc. \* | 9523 | 1078956 |
| Fox Factory Holding Corp. \* | 15204 | 308793 |
| Garrett Motion, Inc. (Switzerland) | 35850 | 330537 |
| Gentherm, Inc. \* | 11535 | 300025 |
| Goodyear Tire & Rubber Co. (The) \* | 103484 | 1125906 |
| LCI Industries | 9236 | 711911 |
| Mobileye Global, Inc., Class A (Israel) \* (a) | 30803 | 449108 |
| Modine Manufacturing Co. \* | 18064 | 1474745 |
| Patrick Industries, Inc. | 12040 | 926839 |
| Phinia, Inc. | 15110 | 606666 |
| QuantumScape Corp. \* (a) | 130304 | 509489 |
| Visteon Corp. \* | 10150 | 803778 |
| XPEL, Inc. \* (b) | 7856 | 224996 |
|  |  | 9919337 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Winnebago Industries, Inc. | 10509 | 334396 |
| **Banks — 11.0%** | **Banks — 11.0%** | **Banks — 11.0%** |
| 1st Source Corp. | 6679 | 400406 |
| Amalgamated Financial Corp. | 5986 | 168566 |
| Amerant Bancorp, Inc. | 12207 | 205566 |
| Ameris Bancorp | 24296 | 1423746 |
| Associated Banc-Corp. | 59938 | 1322232 |
| Atlantic Union Bankshares Corp. | 51137 | 1416495 |
| Axos Financial, Inc. \* | 19565 | 1241986 |
| Banc of California, Inc. | 52156 | 703063 |
| BancFirst Corp. | 7542 | 888598 |
| Bancorp, Inc. (The) \* | 16831 | 813106 |
| Bank of Hawaii Corp. | 14469 | 956546 |
| BankUnited, Inc. | 26936 | 881077 |
| Banner Corp. | 12487 | 763455 |
| Berkshire Hills Bancorp, Inc. | 15875 | 394176 |
| Brookline Bancorp, Inc. | 32373 | 337974 |
| Cathay General Bancorp | 25716 | 1072100 |
| City Holding Co. | 5408 | 626625 |
| Columbia Financial, Inc. \* | 10402 | 140115 |
| Community Financial System, Inc. | 19279 | 1052441 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Community Trust Bancorp, Inc. | 5784 | 283185 |
| Customers Bancorp, Inc. \* | 10854 | 542700 |
| CVB Financial Corp. | 48260 | 894740 |
| Dime Community Bancshares, Inc. | 15599 | 400738 |
| Eastern Bankshares, Inc. | 72914 | 1087877 |
| Enterprise Financial Services Corp. | 13637 | 709397 |
| FB Financial Corp. | 13110 | 557962 |
| First Bancorp | 14687 | 594236 |
| First BanCorp (Puerto Rico) | 60422 | 1186688 |
| First Busey Corp. | 31770 | 660498 |
| First Commonwealth Financial Corp. | 37192 | 569781 |
| First Financial Bancorp | 34690 | 803073 |
| First Hawaiian, Inc. | 46340 | 1059332 |
| First Interstate BancSystem, Inc., Class A | 34445 | 902287 |
| First Merchants Corp. | 21249 | 757314 |
| Flagstar Financial, Inc. | 111308 | 1303417 |
| Fulton Financial Corp. | 66313 | 1106101 |
| German American Bancorp, Inc. | 10775 | 408480 |
| Hilltop Holdings, Inc. | 16830 | 496990 |
| Hope Bancorp, Inc. | 42523 | 423954 |
| Independent Bank Corp. | 15497 | 915718 |
| International Bancshares Corp. | 19523 | 1191684 |
| Lakeland Financial Corp. | 9019 | 502088 |
| Live Oak Bancshares, Inc. | 12537 | 327717 |
| National Bank Holdings Corp., Class A | 13760 | 497562 |
| NBT Bancorp, Inc. | 17124 | 725030 |
| Nicolet Bankshares, Inc. | 5130 | 599235 |
| Northwest Bancshares, Inc. | 44492 | 549476 |
| OceanFirst Financial Corp. | 21340 | 353390 |
| OFG Bancorp (Puerto Rico) | 17130 | 674066 |
| Origin Bancorp, Inc. | 10637 | 340809 |
| Pacific Premier Bancorp, Inc. | 35043 | 712775 |
| Park National Corp. | 5202 | 780820 |
| Pathward Financial, Inc. | 9219 | 731712 |
| Preferred Bank | 4644 | 370870 |
| Provident Financial Services, Inc. | 45529 | 745310 |
| Renasant Corp. | 32910 | 1055424 |
| Republic Bancorp, Inc., Class A | 3406 | 231097 |
| S&T Bancorp, Inc. | 13949 | 508302 |
| Seacoast Banking Corp. of Florida | 31049 | 736172 |
| ServisFirst Bancshares, Inc. | 19739 | 1405812 |
| Simmons First National Corp., Class A | 45359 | 846399 |
| Southside Bancshares, Inc. | 10895 | 307130 |
| Stellar Bancorp, Inc. | 19042 | 475288 |
| Stock Yards Bancorp, Inc. | 9831 | 715598 |
| Texas Capital Bancshares, Inc. \* | 17036 | 1161003 |
| Towne Bank | 25412 | 837325 |
| TriCo Bancshares | 11723 | 452273 |
| Triumph Financial, Inc. \* | 8442 | 450972 |
| Trustmark Corp. | 20761 | 696532 |
| United Community Banks, Inc. | 43476 | 1200372 |
| Veritex Holdings, Inc. | 19251 | 448163 |
| WaFd, Inc. | 29556 | 843233 |
| WesBanco, Inc. | 34217 | 1018982 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 65

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Westamerica BanCorp | 9241 | 447542 |
| WSFS Financial Corp. | 21931 | 1130543 |
|  |  | 54543447 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Boston Beer Co., Inc. (The), Class A \* | 3448 | 847518 |
| MGP Ingredients, Inc. | 5410 | 159433 |
| Vita Coco Co., Inc. (The) \* | 14110 | 466336 |
|  |  | 1473287 |
| **Biotechnology — 7.6%** | **Biotechnology — 7.6%** | **Biotechnology — 7.6%** |
| ACADIA Pharmaceuticals, Inc. \* | 44365 | 647729 |
| ADMA Biologics, Inc. \* | 84326 | 2006959 |
| Agios Pharmaceuticals, Inc. \* | 20558 | 610367 |
| Akero Therapeutics, Inc. \* | 22403 | 1021801 |
| Apogee Therapeutics, Inc. \* (a) | 7812 | 306621 |
| Arcellx, Inc. \* | 14335 | 931058 |
| Arcus Biosciences, Inc. \* | 23823 | 208451 |
| Ardelyx, Inc. \* | 78960 | 434675 |
| Arrowhead Pharmaceuticals, Inc. \* | 43032 | 597714 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 49218 | 405556 |
| Avidity Biosciences, Inc. \* | 32981 | 1076830 |
| Beam Therapeutics, Inc. \* | 31967 | 637102 |
| Bicara Therapeutics, Inc. \* | 10425 | 149807 |
| BioCryst Pharmaceuticals, Inc. \* | 74676 | 660883 |
| Biohaven Ltd. \* | 32516 | 719254 |
| Bridgebio Pharma, Inc. \* | 43871 | 1682892 |
| CareDx, Inc. \* | 18133 | 306085 |
| Catalyst Pharmaceuticals, Inc. \* | 37429 | 909150 |
| Celldex Therapeutics, Inc. \* | 21420 | 446179 |
| CG oncology, Inc. \* | 11560 | 311426 |
| Crinetics Pharmaceuticals, Inc. \* | 31895 | 1064974 |
| Day One Biopharmaceuticals, Inc. \* | 25511 | 198476 |
| Denali Therapeutics, Inc. \* | 44327 | 738045 |
| Disc Medicine, Inc. \* | 6883 | 340158 |
| Dynavax Technologies Corp. \* | 47865 | 562414 |
| Dyne Therapeutics, Inc. \* | 25611 | 301954 |
| Geron Corp. \* | 182632 | 257511 |
| Ideaya Biosciences, Inc. \* | 31325 | 630572 |
| ImmunityBio, Inc. \* (a) | 27767 | 69695 |
| Intellia Therapeutics, Inc. \* | 34677 | 307585 |
| Iovance Biotherapeutics, Inc. \* | 82439 | 295956 |
| Janux Therapeutics, Inc. \* | 7875 | 261450 |
| Keros Therapeutics, Inc. \* | 9850 | 142234 |
| Krystal Biotech, Inc. \* | 9206 | 1563915 |
| Kura Oncology, Inc. \* | 19304 | 126634 |
| Kymera Therapeutics, Inc. \* | 15803 | 541569 |
| MannKind Corp. \* | 108032 | 544481 |
| Mirum Pharmaceuticals, Inc. \* | 12279 | 533523 |
| Myriad Genetics, Inc. \* | 32453 | 240477 |
| Nuvalent, Inc., Class A \* | 13123 | 1007190 |
| OmniAb Operations, Inc. ‡ \* | 2112 |  |
| Protagonist Therapeutics, Inc. \* | 20230 | 926939 |
| Prothena Corp. plc (Ireland) \* | 12946 | 119103 |
| PTC Therapeutics, Inc. \* | 27970 | 1394025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Recursion Pharmaceuticals, Inc., Class A \* (a) | 118298 | 661286 |
| Relay Therapeutics, Inc. \* | 44005 | 146537 |
| Rhythm Pharmaceuticals, Inc. \* | 18449 | 1202690 |
| Rocket Pharmaceuticals, Inc. \* | 31042 | 236850 |
| Scholar Rock Holding Corp. \* | 24298 | 799647 |
| Soleno Therapeutics, Inc. \* | 9372 | 701588 |
| SpringWorks Therapeutics, Inc. \* | 20163 | 933547 |
| Spyre Therapeutics, Inc. \* | 14084 | 214499 |
| Syndax Pharmaceuticals, Inc. \* | 31079 | 439768 |
| TG Therapeutics, Inc. \* | 51999 | 2366474 |
| Travere Therapeutics, Inc. \* | 28421 | 591441 |
| Twist Bioscience Corp. \* | 19753 | 756935 |
| Upstream Bio, Inc. \* (a) | 6317 | 58495 |
| Vera Therapeutics, Inc. \* | 16979 | 396799 |
| Veracyte, Inc. \* | 27812 | 848266 |
| Vericel Corp. \* | 17746 | 674703 |
| Vir Biotechnology, Inc. \* | 34040 | 208325 |
| Viridian Therapeutics, Inc. \* | 22732 | 308019 |
| Xencor, Inc. \* | 23384 | 257692 |
|  |  | 38042980 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Kohl's Corp. (a) | 39911 | 267403 |
| Nordstrom, Inc. | 39120 | 944357 |
|  |  | 1211760 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| American Woodmark Corp. \* | 5786 | 341374 |
| Apogee Enterprises, Inc. | 8029 | 318510 |
| AZZ, Inc. | 10586 | 918441 |
| CSW Industrials, Inc. | 6020 | 1881130 |
| Gibraltar Industries, Inc. \* | 11132 | 589439 |
| Griffon Corp. | 13778 | 938420 |
| Hayward Holdings, Inc. \* | 51661 | 688641 |
| Janus International Group, Inc. \* | 41460 | 285245 |
| JELD-WEN Holding, Inc. \* | 30700 | 169464 |
| Masterbrand, Inc. \* | 46311 | 562679 |
| Quanex Building Products Corp. | 16109 | 264832 |
| Resideo Technologies, Inc. \* | 53052 | 890213 |
| Tecnoglass, Inc. | 8327 | 593465 |
|  |  | 8441853 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| Acadian Asset Management, Inc. | 10480 | 282331 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 25456 | 941363 |
| BGC Group, Inc., Class A | 133815 | 1212364 |
| DigitalBridge Group, Inc. | 56823 | 477313 |
| Donnelley Financial Solutions, Inc. \* | 9213 | 444066 |
| Moelis & Co., Class A | 25727 | 1378453 |
| Piper Sandler Cos. | 5578 | 1344967 |
| PJT Partners, Inc., Class A | 8348 | 1182995 |
| StepStone Group, Inc., Class A | 24299 | 1215193 |
| StoneX Group, Inc. \* | 15025 | 1330689 |
| Victory Capital Holdings, Inc., Class A | 15327 | 878084 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Virtu Financial, Inc., Class A | 30745 | 1203667 |
| Virtus Investment Partners, Inc. | 2508 | 385204 |
| WisdomTree, Inc. | 42380 | 368706 |
|  |  | 12645395 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Chemours Co. (The) | 54221 | 671256 |
| Hawkins, Inc. | 7187 | 875233 |
| Ingevity Corp. \* | 12263 | 404434 |
| Innospec, Inc. | 9070 | 811583 |
| Mativ Holdings, Inc. | 19715 | 100744 |
| Minerals Technologies, Inc. | 11718 | 604532 |
| Orion SA (Germany) | 20492 | 246724 |
| Perimeter Solutions, Inc. \* | 46955 | 475654 |
| PureCycle Technologies, Inc. \* (a) | 42893 | 287812 |
| Quaker Chemical Corp. | 5077 | 537857 |
| Stepan Co. | 7976 | 403266 |
| Tronox Holdings plc | 43398 | 234783 |
|  |  | 5653878 |
| **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** |
| ABM Industries, Inc. | 23049 | 1123408 |
| ACV Auctions, Inc., Class A \* | 60950 | 895355 |
| Brady Corp., Class A | 16044 | 1127733 |
| BrightView Holdings, Inc. \* | 15573 | 213661 |
| Brink's Co. (The) | 16213 | 1446848 |
| Cimpress plc (Ireland) \* | 5883 | 247204 |
| CoreCivic, Inc. \* | 40383 | 914271 |
| Deluxe Corp. | 14906 | 217628 |
| Driven Brands Holdings, Inc. \* | 22551 | 372542 |
| GEO Group, Inc. (The) \* | 47795 | 1495028 |
| Healthcare Services Group, Inc. \* | 26933 | 382718 |
| HNI Corp. | 17244 | 729421 |
| MillerKnoll, Inc. | 26139 | 428680 |
| Montrose Environmental Group, Inc. \* | 11991 | 175428 |
| OPENLANE, Inc. \* | 39225 | 726055 |
| Pitney Bowes, Inc. | 59075 | 512771 |
| Steelcase, Inc., Class A | 31942 | 316865 |
| UniFirst Corp. | 5340 | 953030 |
| Vestis Corp. | 47618 | 417134 |
| VSE Corp. | 6677 | 764650 |
|  |  | 13460430 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Calix, Inc. \* | 21744 | 889547 |
| CommScope Holding Co., Inc. \* | 74855 | 279958 |
| Digi International, Inc. \* | 13178 | 358442 |
| Extreme Networks, Inc. \* | 47351 | 623139 |
| Harmonic, Inc. \* | 39771 | 357144 |
| NetScout Systems, Inc. \* | 24979 | 525058 |
| Viasat, Inc. \* | 29172 | 270424 |
| Viavi Solutions, Inc. \* | 81242 | 859540 |
|  |  | 4163252 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| Ameresco, Inc., Class A \* | 11737 | 124764 |
| Argan, Inc. | 4633 | 709451 |
| Centuri Holdings, Inc. \* (a) | 5203 | 93446 |
| Construction Partners, Inc., Class A \* | 17072 | 1402294 |
| Dycom Industries, Inc. \* | 10714 | 1795131 |
| Granite Construction, Inc. | 16041 | 1303973 |
| IES Holdings, Inc. \* | 3250 | 639210 |
| MYR Group, Inc. \* | 6098 | 745907 |
| Primoris Services Corp. | 19501 | 1169475 |
| Sterling Infrastructure, Inc. \* | 11401 | 1703652 |
|  |  | 9687303 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Knife River Corp. \* | 18591 | 1736027 |
| United States Lime & Minerals, Inc. | 3937 | 368149 |
|  |  | 2104176 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Bread Financial Holdings, Inc. | 17657 | 837825 |
| Encore Capital Group, Inc. \* | 8563 | 294567 |
| Enova International, Inc. \* | 9359 | 859063 |
| LendingClub Corp. \* | 40307 | 393799 |
| Navient Corp. | 26149 | 323725 |
| Nelnet, Inc., Class A | 5023 | 532890 |
| PROG Holdings, Inc. | 15780 | 415961 |
| Upstart Holdings, Inc. \* | 27643 | 1321335 |
|  |  | 4979165 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Andersons, Inc. (The) | 11953 | 450748 |
| Chefs' Warehouse, Inc. (The) \* | 12892 | 734457 |
| Grocery Outlet Holding Corp. \* | 35279 | 592334 |
| Ingles Markets, Inc., Class A | 5292 | 326464 |
| PriceSmart, Inc. | 9325 | 946394 |
| Weis Markets, Inc. | 5978 | 514048 |
|  |  | 3564445 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| O-I Glass, Inc. \* | 56416 | 714227 |
| TriMas Corp. | 14881 | 357888 |
|  |  | 1072115 |
| **Diversified Consumer Services — 1.8%** | **Diversified Consumer Services — 1.8%** | **Diversified Consumer Services — 1.8%** |
| Adtalem Global Education, Inc. \* | 13635 | 1448037 |
| Coursera, Inc. \* | 40482 | 340858 |
| Frontdoor, Inc. \* | 28418 | 1168264 |
| Graham Holdings Co., Class B | 1255 | 1154663 |
| KinderCare Learning Cos., Inc. \* | 10098 | 123801 |
| Laureate Education, Inc., Class A \* | 48791 | 979235 |
| Mister Car Wash, Inc. \* | 34710 | 238111 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 34646 | 578588 |
| Strategic Education, Inc. | 8167 | 666264 |
| Stride, Inc. \* | 15416 | 2192926 |
| Udemy, Inc. \* | 33811 | 232282 |
|  |  | 9123029 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 67

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Alexander & Baldwin, Inc. | 26492 | 455133 |
| American Assets Trust, Inc. | 17380 | 325528 |
| Broadstone Net Lease, Inc. | 63079 | 1020618 |
| Empire State Realty Trust, Inc., Class A | 48703 | 346765 |
| Global Net Lease, Inc. | 72615 | 548243 |
|  |  | 2696287 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Globalstar, Inc. \* | 18658 | 358607 |
| Liberty Latin America Ltd., Class A (Puerto <br> Rico) \*<br>| 11652 | 63154 |
| Liberty Latin America Ltd., Class C (Puerto <br> Rico) \*<br>| 41981 | 230895 |
|  |  | 652656 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| Hawaiian Electric Industries, Inc. \* | 62998 | 661479 |
| MGE Energy, Inc. | 13198 | 1193363 |
| Oklo, Inc. \* (a) | 31909 | 757520 |
|  |  | 2612362 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Array Technologies, Inc. \* | 52319 | 250085 |
| Bloom Energy Corp., Class A \* | 73695 | 1350092 |
| Enovix Corp. \* (a) | 59860 | 401062 |
| Fluence Energy, Inc. \* (a) | 22142 | 90561 |
| NuScale Power Corp. \* (a) | 40108 | 664590 |
| Plug Power, Inc. \* (a) | 296864 | 259043 |
| Powell Industries, Inc. (a) | 3496 | 640153 |
| Shoals Technologies Group, Inc., Class A \* | 62132 | 224296 |
| Sunrun, Inc. \* (a) | 80990 | 558021 |
| Vicor Corp. \* | 8400 | 335202 |
|  |  | 4773105 |
| **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
| Benchmark Electronics, Inc. | 13070 | 425167 |
| Crane NXT Co. | 20627 | 967819 |
| CTS Corp. | 11136 | 424059 |
| ePlus, Inc. \* | 9772 | 609382 |
| Itron, Inc. \* | 16617 | 1849306 |
| Knowles Corp. \* | 32901 | 517862 |
| Mirion Technologies, Inc. \* | 76729 | 1210784 |
| Napco Security Technologies, Inc. | 12779 | 292000 |
| OSI Systems, Inc. \* | 6094 | 1247685 |
| PAR Technology Corp. \* | 13083 | 764047 |
| PC Connection, Inc. | 4364 | 270743 |
| Plexus Corp. \* | 9964 | 1219892 |
| Rogers Corp. \* | 6240 | 385694 |
| ScanSource, Inc. \* | 8928 | 294535 |
| TTM Technologies, Inc. \* | 37133 | 743403 |
| Vishay Intertechnology, Inc. | 41788 | 542826 |
|  |  | 11765204 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
| Archrock, Inc. | 58045 | 1365799 |
| Atlas Energy Solutions, Inc. (a) | 28643 | 387540 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Cactus, Inc., Class A | 23830 | 904110 |
| Core Laboratories, Inc. (a) | 16959 | 192824 |
| Helix Energy Solutions Group, Inc. \* | 52899 | 322155 |
| Kodiak Gas Services, Inc. | 8699 | 295853 |
| Liberty Energy, Inc. | 58698 | 675027 |
| Oceaneering International, Inc. \* | 36539 | 648567 |
| RPC, Inc. | 35822 | 169438 |
| Tidewater, Inc. \* | 17841 | 645666 |
|  |  | 5606979 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| AMC Entertainment Holdings, Inc., Class A \* (a) | 131881 | 352122 |
| Atlanta Braves Holdings, Inc., Class A \* (a) | 3770 | 163807 |
| Atlanta Braves Holdings, Inc., Class C \* | 16928 | 674750 |
| Cinemark Holdings, Inc. (a) | 40290 | 1205074 |
| IMAX Corp. \* | 16133 | 392516 |
| Liberty Media Corp-Liberty Live, Class A \* | 7334 | 513233 |
| Liberty Media Corp-Liberty Live, Class C \* | 16969 | 1213453 |
| Lions Gate Entertainment Corp., Class A \* | 16979 | 150774 |
| Lions Gate Entertainment Corp., Class B \* | 47134 | 376129 |
| Madison Square Garden Entertainment Corp. \* | 14677 | 476122 |
| Sphere Entertainment Co. \* (a) | 9783 | 266587 |
|  |  | 5784567 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| AvidXchange Holdings, Inc. \* | 64851 | 527239 |
| Cannae Holdings, Inc. | 21045 | 372707 |
| Compass Diversified Holdings | 22355 | 384283 |
| EVERTEC, Inc. (Puerto Rico) | 22043 | 748139 |
| Federal Agricultural Mortgage Corp., Class C | 3394 | 595070 |
| Flywire Corp. \* | 35144 | 330705 |
| HA Sustainable Infrastructure Capital, Inc. | 40799 | 1019159 |
| Marqeta, Inc., Class A \* | 147180 | 615212 |
| Merchants Bancorp | 7253 | 218170 |
| NCR Atleos Corp. \* | 26268 | 733403 |
| NMI Holdings, Inc., Class A \* | 27612 | 998726 |
| Payoneer Global, Inc. \* | 90233 | 634338 |
| Rocket Cos., Inc., Class A (a) | 47074 | 607725 |
| Sezzle, Inc. \* (a) | 6186 | 321363 |
| Walker & Dunlop, Inc. | 12183 | 932487 |
|  |  | 9038726 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Cal-Maine Foods, Inc. | 15438 | 1441446 |
| Fresh Del Monte Produce, Inc. | 13720 | 466617 |
| Mission Produce, Inc. \* | 15773 | 165222 |
| Seaboard Corp. | 91 | 235324 |
| Tootsie Roll Industries, Inc. | 5432 | 173824 |
| TreeHouse Foods, Inc. \* | 17254 | 401846 |
| Utz Brands, Inc. | 24959 | 331705 |
| WK Kellogg Co. (a) | 23721 | 425318 |
|  |  | 3641302 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| Chesapeake Utilities Corp. | 7942 | 1045723 |
| Northwest Natural Holding Co. | 13878 | 598142 |
|  |  | 1643865 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| ArcBest Corp. | 8601 | 503330 |
| Heartland Express, Inc. | 18692 | 142059 |
| Hertz Global Holdings, Inc. \* (a) | 46818 | 319299 |
| Marten Transport Ltd. | 21179 | 271938 |
| RXO, Inc. \* | 57246 | 806596 |
| Schneider National, Inc., Class B | 19396 | 416820 |
| Universal Logistics Holdings, Inc. | 2482 | 53959 |
| Werner Enterprises, Inc. | 23107 | 569819 |
|  |  | 3083820 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Alphatec Holdings, Inc. \* | 37759 | 414594 |
| AtriCure, Inc. \* | 17570 | 525519 |
| Avanos Medical, Inc. \* | 16762 | 210363 |
| CONMED Corp. | 11241 | 552046 |
| Enovis Corp. \* | 19173 | 663194 |
| Establishment Labs Holdings, Inc. (Costa Rica) \* <br> (a)<br>| 8938 | 271268 |
| ICU Medical, Inc. \* | 7769 | 1061168 |
| Integer Holdings Corp. \* | 12175 | 1537824 |
| Integra LifeSciences Holdings Corp. \* | 24780 | 406144 |
| iRhythm Technologies, Inc. \* | 11277 | 1205399 |
| LeMaitre Vascular, Inc. | 7268 | 659498 |
| LivaNova plc \* | 19695 | 728715 |
| Novocure Ltd. \* | 35374 | 641684 |
| Omnicell, Inc. \* | 16624 | 519666 |
| PROCEPT BioRobotics Corp. \* | 18599 | 1003974 |
| QuidelOrtho Corp. \* | 18458 | 512948 |
| RxSight, Inc. \* | 12652 | 186238 |
| STAAR Surgical Co. \* | 13820 | 252353 |
| Tandem Diabetes Care, Inc. \* | 23747 | 400137 |
| TransMedics Group, Inc. \* | 11899 | 1094827 |
| UFP Technologies, Inc. \* | 2678 | 558470 |
|  |  | 13406029 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| AdaptHealth Corp. \* | 27175 | 231259 |
| Addus HomeCare Corp. \* | 6423 | 671525 |
| agilon health, Inc. \* | 112591 | 479638 |
| Alignment Healthcare, Inc. \* | 38178 | 676514 |
| Amedisys, Inc. \* | 11748 | 1114885 |
| AMN Healthcare Services, Inc. \* | 13809 | 282118 |
| Ardent Health Partners, Inc. \* | 8505 | 108269 |
| Astrana Health, Inc. \* | 14509 | 452246 |
| BrightSpring Health Services, Inc. \* | 19537 | 342484 |
| Brookdale Senior Living, Inc. \* | 65508 | 429732 |
| Clover Health Investments Corp. \* | 137465 | 467381 |
| Concentra Group Holdings Parent, Inc. | 8279 | 180068 |
| GeneDx Holdings Corp. \* | 5984 | 400030 |
| Guardant Health, Inc. \* | 42737 | 2018468 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Hims & Hers Health, Inc. \* (a) | 57338 | 1897888 |
| LifeStance Health Group, Inc. \* | 32122 | 211042 |
| National HealthCare Corp. | 5350 | 505521 |
| NeoGenomics, Inc. \* | 46465 | 297144 |
| OPKO Health, Inc. \* | 113680 | 156878 |
| Owens & Minor, Inc. \* | 25090 | 177135 |
| Pediatrix Medical Group, Inc. \* | 30701 | 395429 |
| Premier, Inc., Class A | 34698 | 706104 |
| Privia Health Group, Inc. \* | 39123 | 918608 |
| Progyny, Inc. \* | 26121 | 596604 |
| RadNet, Inc. \* | 23921 | 1252982 |
| US Physical Therapy, Inc. | 5461 | 388332 |
|  |  | 15358284 |
| **Health Care REITs — 1.7%** | **Health Care REITs — 1.7%** | **Health Care REITs — 1.7%** |
| American Healthcare REIT, Inc. | 55846 | 1802709 |
| CareTrust REIT, Inc. | 67612 | 1979003 |
| LTC Properties, Inc. | 15898 | 570261 |
| Medical Properties Trust, Inc. (a) | 218829 | 1207936 |
| National Health Investors, Inc. | 15846 | 1199067 |
| Sabra Health Care REIT, Inc. | 76855 | 1371862 |
| Sila Realty Trust, Inc. | 19939 | 513629 |
|  |  | 8644467 |
| **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
| Certara, Inc. \* | 39868 | 552571 |
| Evolent Health, Inc., Class A \* | 41940 | 413528 |
| HealthStream, Inc. | 9053 | 304452 |
| Phreesia, Inc. \* | 19927 | 497378 |
| Schrodinger, Inc. \* | 20061 | 514163 |
| Teladoc Health, Inc. \* | 61893 | 445011 |
|  |  | 2727103 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| DiamondRock Hospitality Co. | 74906 | 549810 |
| Park Hotels & Resorts, Inc. | 76551 | 760917 |
| Pebblebrook Hotel Trust | 43274 | 391630 |
| RLJ Lodging Trust | 55346 | 387975 |
| Sunstone Hotel Investors, Inc. | 74682 | 622848 |
| Xenia Hotels & Resorts, Inc. | 37282 | 398172 |
|  |  | 3111352 |
| **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
| BJ's Restaurants, Inc. \* | 6992 | 232764 |
| Bloomin' Brands, Inc. | 29123 | 233567 |
| Brinker International, Inc. \* | 16108 | 2163304 |
| Cheesecake Factory, Inc. (The) (a) | 17389 | 875884 |
| Cracker Barrel Old Country Store, Inc. (a) | 8073 | 344717 |
| Dave & Buster's Entertainment, Inc. \* (a) | 11776 | 225981 |
| Dutch Bros, Inc., Class A \* | 40250 | 2404535 |
| Everi Holdings, Inc. \* | 30048 | 422174 |
| First Watch Restaurant Group, Inc. \* | 11526 | 203549 |
| Global Business Travel Group I \* | 44066 | 295683 |
| Golden Entertainment, Inc. | 8239 | 211742 |
| Jack in the Box, Inc. (a) | 6986 | 181915 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 69

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Krispy Kreme, Inc. | 28925 | 118593 |
| Marriott Vacations Worldwide Corp. | 11194 | 613543 |
| Monarch Casino & Resort, Inc. | 4841 | 378518 |
| Papa John's International, Inc. | 11948 | 412565 |
| Portillo's, Inc., Class A \* | 20448 | 211432 |
| Red Rock Resorts, Inc., Class A | 18469 | 788626 |
| Sabre Corp. \* | 136276 | 322974 |
| Shake Shack, Inc., Class A \* | 13748 | 1206250 |
| Six Flags Entertainment Corp. | 33764 | 1161819 |
| Sweetgreen, Inc., Class A \* | 30754 | 599088 |
|  |  | 13609223 |
| **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
| Cavco Industries, Inc. \* | 2913 | 1438585 |
| Century Communities, Inc. | 10503 | 572833 |
| Green Brick Partners, Inc. \* | 11531 | 680214 |
| Helen of Troy Ltd. \* | 8681 | 241853 |
| La-Z-Boy, Inc. | 15642 | 617859 |
| Leggett & Platt, Inc. | 48272 | 464377 |
| LGI Homes, Inc. \* | 7732 | 422244 |
| M/I Homes, Inc. \* | 10182 | 1086216 |
| Sonos, Inc. \* | 42418 | 390670 |
| Tri Pointe Homes, Inc. \* | 33730 | 1037197 |
|  |  | 6952048 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Central Garden & Pet Co. \* | 3322 | 111486 |
| Central Garden & Pet Co., Class A \* | 19020 | 562422 |
| Energizer Holdings, Inc. | 23857 | 645093 |
| Spectrum Brands Holdings, Inc. | 9828 | 620147 |
| WD-40 Co. | 4937 | 1127413 |
|  |  | 3066561 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Innovative Industrial Properties, Inc. | 10201 | 554016 |
| LXP Industrial Trust | 106583 | 840940 |
|  |  | 1394956 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| AMERISAFE, Inc. | 7007 | 325755 |
| Baldwin Insurance Group, Inc. (The), Class A \* | 24041 | 1000586 |
| CNO Financial Group, Inc. | 39027 | 1480684 |
| Employers Holdings, Inc. | 9251 | 449506 |
| F&G Annuities & Life, Inc. | 7569 | 263477 |
| Genworth Financial, Inc., Class A \* | 159914 | 1097010 |
| Goosehead Insurance, Inc., Class A | 8524 | 828618 |
| Horace Mann Educators Corp. | 14916 | 619611 |
| Lemonade, Inc. \* (a) | 19092 | 557868 |
| Mercury General Corp. | 9744 | 540013 |
| Oscar Health, Inc., Class A \* | 61223 | 796511 |
| Palomar Holdings, Inc. \* | 9425 | 1366814 |
| Safety Insurance Group, Inc. | 5359 | 409964 |
| SiriusPoint Ltd. (Sweden) \* | 36094 | 606379 |
| Skyward Specialty Insurance Group, Inc. \* | 10904 | 578893 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Stewart Information Services Corp. | 9947 | 651330 |
| Trupanion, Inc. \* | 12185 | 445971 |
|  |  | 12018990 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Bumble, Inc., Class A \* | 25789 | 108830 |
| Cargurus, Inc. \* | 31302 | 875204 |
| Cars.com, Inc. \* | 22714 | 264391 |
| Grindr, Inc. (Singapore) \* | 8597 | 188876 |
| Shutterstock, Inc. | 9031 | 144135 |
| TripAdvisor, Inc. \* | 39668 | 493867 |
| Yelp, Inc. \* | 24619 | 863634 |
| Ziff Davis, Inc. \* | 15289 | 451484 |
|  |  | 3390421 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Applied Digital Corp. \* (a) | 69384 | 315003 |
| DigitalOcean Holdings, Inc. \* | 19817 | 612345 |
| Fastly, Inc., Class A \* | 45966 | 264305 |
| Grid Dynamics Holdings, Inc. \* | 23243 | 329121 |
|  |  | 1520774 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Malibu Boats, Inc., Class A \* | 7255 | 207203 |
| Peloton Interactive, Inc., Class A \* | 126175 | 869346 |
| Topgolf Callaway Brands Corp. \* | 52766 | 348783 |
|  |  | 1425332 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| 10X Genomics, Inc., Class A \* | 38522 | 318577 |
| Azenta, Inc. \* | 14563 | 383590 |
| Fortrea Holdings, Inc. \* | 29899 | 186271 |
| Maravai LifeSciences Holdings, Inc., Class A \* | 40221 | 81246 |
| OmniAb, Inc. ‡ \* | 2112 |  |
|  |  | 969684 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Alamo Group, Inc. | 3667 | 612316 |
| Albany International Corp., Class A | 11372 | 747823 |
| Atmus Filtration Technologies, Inc. | 5814 | 201571 |
| Energy Recovery, Inc. \* | 20827 | 321777 |
| Enerpac Tool Group Corp. | 19840 | 800941 |
| Enpro, Inc. | 7639 | 1141267 |
| ESCO Technologies, Inc. | 9260 | 1448727 |
| Gorman-Rupp Co. (The) | 7542 | 270456 |
| Greenbrier Cos., Inc. (The) | 11276 | 478328 |
| Helios Technologies, Inc. | 11981 | 326602 |
| Hillenbrand, Inc. | 25485 | 515561 |
| Hillman Solutions Corp. \* | 66795 | 466897 |
| Kadant, Inc. | 4276 | 1261420 |
| Kennametal, Inc. | 27468 | 535077 |
| Lindsay Corp. | 4028 | 519854 |
| Mueller Water Products, Inc., Class A | 57167 | 1500062 |
| Standex International Corp. | 4302 | 608389 |
| Symbotic, Inc. \* (a) | 15526 | 335051 |
| Tennant Co. | 6927 | 499852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Trinity Industries, Inc. | 29704 | 745570 |
| Worthington Enterprises, Inc. | 11754 | 595105 |
|  |  | 13932646 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Matson, Inc. | 12414 | 1354243 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Cable One, Inc. | 1669 | 446074 |
| EchoStar Corp., Class A \* (a) | 48876 | 1098732 |
| Ibotta, Inc., Class A \* | 2406 | 117413 |
| Integral Ad Science Holding Corp. \* | 26111 | 184605 |
| John Wiley & Sons, Inc., Class A | 15978 | 697280 |
| Magnite, Inc. \* | 45771 | 544217 |
| TechTarget, Inc. \* | 10892 | 86809 |
| TEGNA, Inc. | 58156 | 943872 |
|  |  | 4119002 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| Alpha Metallurgical Resources, Inc. \* | 4008 | 486371 |
| Century Aluminum Co. \* | 18829 | 308984 |
| Coeur Mining, Inc. \* | 229642 | 1274513 |
| Ivanhoe Electric, Inc. \* | 28998 | 182687 |
| Kaiser Aluminum Corp. | 5806 | 374255 |
| Materion Corp. | 7542 | 626062 |
| Warrior Met Coal, Inc. | 18928 | 905137 |
| Worthington Steel, Inc. | 11864 | 304430 |
|  |  | 4462439 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** |
| Apollo Commercial Real Estate Finance, Inc. | 47878 | 448617 |
| Arbor Realty Trust, Inc. (a) | 62999 | 726378 |
| ARMOUR Residential REIT, Inc. (a) | 27774 | 457438 |
| Brightspire Capital, Inc. | 47543 | 238190 |
| Chimera Investment Corp. | 28846 | 355960 |
| Claros Mortgage Trust, Inc. | 37896 | 93224 |
| Franklin BSP Realty Trust, Inc. | 29962 | 340967 |
| Ladder Capital Corp. | 43431 | 453420 |
| MFA Financial, Inc. | 37000 | 363340 |
| PennyMac Mortgage Investment Trust | 31605 | 405808 |
| Ready Capital Corp. (a) | 59046 | 262755 |
| Redwood Trust, Inc. | 48167 | 299117 |
| Two Harbors Investment Corp. | 37508 | 445220 |
|  |  | 4890434 |
| **Office REITs — 1.2%** | **Office REITs — 1.2%** | **Office REITs — 1.2%** |
| Brandywine Realty Trust | 61293 | 242720 |
| COPT Defense Properties | 41124 | 1073748 |
| Douglas Emmett, Inc. | 58841 | 813771 |
| Easterly Government Properties, Inc. | 14061 | 283610 |
| Highwoods Properties, Inc. | 38573 | 1097016 |
| JBG SMITH Properties | 30653 | 428529 |
| Paramount Group, Inc. | 67172 | 288168 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Office REITs — continued** | **Office REITs — continued** | **Office REITs — continued** |
| Piedmont Office Realty Trust, Inc., Class A | 45013 | 266027 |
| SL Green Realty Corp. | 26244 | 1380697 |
|  |  | 5874286 |
| **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** |
| BKV Corp. (Thailand) \* | 6535 | 118480 |
| Calumet, Inc. \* | 24945 | 264417 |
| CNX Resources Corp. \* | 55868 | 1644195 |
| Core Natural Resources, Inc. | 18517 | 1337113 |
| Crescent Energy Co., Class A | 62616 | 518461 |
| CVR Energy, Inc. (a) | 12397 | 233807 |
| Delek US Holdings, Inc. | 22896 | 298106 |
| Dorian LPG Ltd. | 13786 | 295296 |
| Green Plains, Inc. \* | 21557 | 77174 |
| Gulfport Energy Corp. \* | 4670 | 805575 |
| International Seaways, Inc. | 12826 | 435571 |
| Kinetik Holdings, Inc. | 6666 | 275572 |
| Kosmos Energy Ltd. (Ghana) \* | 171066 | 263442 |
| New Fortress Energy, Inc. (a) | 47709 | 259060 |
| NextDecade Corp. \* | 30402 | 227407 |
| Northern Oil & Gas, Inc. | 34341 | 834486 |
| Par Pacific Holdings, Inc. \* | 21523 | 308209 |
| Sitio Royalties Corp. | 29695 | 503627 |
| Talos Energy, Inc. \* | 44785 | 308121 |
| Uranium Energy Corp. \* | 137000 | 719250 |
| Vital Energy, Inc. \* | 9029 | 128031 |
| World Kinect Corp. | 21972 | 551278 |
|  |  | 10406678 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Sylvamo Corp. | 12827 | 764746 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Allegiant Travel Co. | 5759 | 270270 |
| Frontier Group Holdings, Inc. \* (a) | 31701 | 94469 |
| JetBlue Airways Corp. \* | 117415 | 511929 |
| Joby Aviation, Inc. \* (a) | 176158 | 1109796 |
| SkyWest, Inc. \* | 14435 | 1287169 |
|  |  | 3273633 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Edgewell Personal Care Co. | 18081 | 552375 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Amneal Pharmaceuticals, Inc. \* | 46405 | 355462 |
| Amphastar Pharmaceuticals, Inc. \* | 13985 | 341374 |
| ANI Pharmaceuticals, Inc. \* | 6581 | 466066 |
| Arvinas, Inc. \* | 18136 | 174468 |
| Avadel Pharmaceuticals plc, ADR \* | 33496 | 297779 |
| Cassava Sciences, Inc. \* (a) | 16463 | 25682 |
| Corcept Therapeutics, Inc. \* | 36027 | 2589621 |
| Edgewise Therapeutics, Inc. \* | 25212 | 413477 |
| Harmony Biosciences Holdings, Inc. \* | 11799 | 347717 |
| Harrow, Inc. \* | 9785 | 242375 |
| Innoviva, Inc. \* | 20087 | 375426 |
| Ligand Pharmaceuticals, Inc. \* | 6752 | 741775 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 71

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Neumora Therapeutics, Inc. \* (a) | 26181 | 20416 |
| Pliant Therapeutics, Inc. \* | 16354 | 26003 |
| Supernus Pharmaceuticals, Inc. \* | 19242 | 624980 |
| Tilray Brands, Inc. (Canada) \* (a) | 307972 | 149397 |
| WaVe Life Sciences Ltd. \* | 37106 | 286458 |
|  |  | 7478476 |
| **Professional Services — 2.1%** | **Professional Services — 2.1%** | **Professional Services — 2.1%** |
| CBIZ, Inc. \* | 17243 | 1174248 |
| Concentrix Corp. | 15948 | 814305 |
| CSG Systems International, Inc. | 10512 | 632086 |
| First Advantage Corp. \* | 21426 | 302107 |
| Huron Consulting Group, Inc. \* | 6538 | 881257 |
| ICF International, Inc. | 6855 | 582401 |
| Kforce, Inc. | 6892 | 263274 |
| Korn Ferry | 18198 | 1122816 |
| Legalzoom.com, Inc. \* | 41109 | 300918 |
| NV5 Global, Inc. \* | 20940 | 388437 |
| UL Solutions, Inc., Class A | 22625 | 1293924 |
| Upwork, Inc. \* | 44405 | 583926 |
| Verra Mobility Corp. \* | 60460 | 1318028 |
| WNS Holdings Ltd. (India) \* | 14486 | 876693 |
|  |  | 10534420 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| Compass, Inc., Class A \* | 166399 | 1284600 |
| Cushman & Wakefield plc \* | 76298 | 714912 |
| eXp World Holdings, Inc. (a) | 29363 | 268965 |
| Forestar Group, Inc. \* | 6772 | 130429 |
| Kennedy-Wilson Holdings, Inc. | 39847 | 255021 |
| Marcus & Millichap, Inc. | 8867 | 269557 |
| Newmark Group, Inc., Class A | 51207 | 562765 |
| Opendoor Technologies, Inc. \* | 211186 | 160142 |
| St. Joe Co. (The) | 14015 | 593115 |
|  |  | 4239506 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Apartment Investment and Management Co., <br> Class A<br>| 44755 | 354012 |
| Centerspace | 5999 | 362100 |
| Elme Communities | 32060 | 499174 |
| NexPoint Residential Trust, Inc. | 8103 | 302080 |
| Veris Residential, Inc. | 29230 | 453649 |
|  |  | 1971015 |
| **Retail REITs — 1.4%** | **Retail REITs — 1.4%** | **Retail REITs — 1.4%** |
| Acadia Realty Trust | 43400 | 828940 |
| Alexander's, Inc. | 771 | 159134 |
| CBL & Associates Properties, Inc. | 4904 | 115097 |
| Curbline Properties Corp. | 34629 | 792658 |
| Getty Realty Corp. (a) | 18591 | 520362 |
| InvenTrust Properties Corp. | 27955 | 778826 |
| Macerich Co. (The) | 96353 | 1412535 |
| Saul Centers, Inc. | 4494 | 146954 |
| SITE Centers Corp. | 17314 | 204998 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Retail REITs — continued** | **Retail REITs — continued** | **Retail REITs — continued** |
| Tanger, Inc. | 39438 | 1242691 |
| Urban Edge Properties | 45621 | 824372 |
|  |  | 7026567 |
| **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** |
| Ambarella, Inc. \* | 14855 | 712892 |
| Axcelis Technologies, Inc. \* | 11854 | 580609 |
| Cohu, Inc. \* | 17218 | 275488 |
| Credo Technology Group Holding Ltd. \* | 48838 | 2102476 |
| Diodes, Inc. \* | 16722 | 642125 |
| FormFactor, Inc. \* | 28409 | 799429 |
| Ichor Holdings Ltd. \* | 12085 | 239041 |
| Impinj, Inc. \* | 8185 | 754084 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 19250 | 620428 |
| MaxLinear, Inc. \* | 28394 | 283656 |
| PDF Solutions, Inc. \* | 11244 | 206327 |
| Photronics, Inc. \* | 21877 | 399693 |
| Semtech Corp. \* | 31216 | 975500 |
| SiTime Corp. \* | 6711 | 985578 |
| SolarEdge Technologies, Inc. \* | 20767 | 254084 |
| Synaptics, Inc. \* | 14273 | 794435 |
| Ultra Clean Holdings, Inc. \* | 16246 | 303881 |
| Veeco Instruments, Inc. \* | 20489 | 383144 |
| Wolfspeed, Inc. \* (a) | 56385 | 200167 |
|  |  | 11513037 |
| **Software — 8.0%** | **Software — 8.0%** | **Software — 8.0%** |
| A10 Networks, Inc. | 25676 | 423140 |
| ACI Worldwide, Inc. \* | 38486 | 2053613 |
| Adeia, Inc. | 39355 | 484460 |
| Agilysys, Inc. \* | 8397 | 624317 |
| Alarm.com Holdings, Inc. \* | 18053 | 967641 |
| Alkami Technology, Inc. \* | 16682 | 445243 |
| Amplitude, Inc., Class A \* | 27323 | 251098 |
| Appfolio, Inc., Class A \* | 7873 | 1625932 |
| Appian Corp., Class A \* | 12504 | 388249 |
| Asana, Inc., Class A \* | 32112 | 518288 |
| AvePoint, Inc. \* | 33177 | 542444 |
| Braze, Inc., Class A \* | 25245 | 785877 |
| C3.ai, Inc., Class A \* (a) | 40389 | 888962 |
| Cipher Mining, Inc. \* (a) | 87771 | 250147 |
| Cleanspark, Inc. \* (a) | 99404 | 812131 |
| Clear Secure, Inc., Class A | 33552 | 828063 |
| Clearwater Analytics Holdings, Inc., Class A \* | 74656 | 1697677 |
| Core Scientific, Inc. \* | 90180 | 730458 |
| E2open Parent Holdings, Inc. \* | 66923 | 131838 |
| Five9, Inc. \* | 26843 | 674833 |
| Freshworks, Inc., Class A \* | 71751 | 1059762 |
| Intapp, Inc. \* | 20002 | 1085309 |
| InterDigital, Inc. | 9170 | 1843170 |
| Jamf Holding Corp. \* | 20096 | 232511 |
| JFrog Ltd. \* | 28556 | 964336 |
| Klaviyo, Inc., Class A \* | 30713 | 934904 |
| Life360, Inc. \* | 25675 | 1101457 |
| LiveRamp Holdings, Inc. \* | 23769 | 621797 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| MARA Holdings, Inc. \* (a) | 121888 | 1629643 |
| Meridianlink, Inc. \* | 8862 | 149856 |
| N-Able, Inc. \* | 26225 | 185149 |
| nCino, Inc. \* | 27723 | 643174 |
| NCR Voyix Corp. \* | 52730 | 451896 |
| PagerDuty, Inc. \* | 31184 | 483664 |
| Progress Software Corp. | 15869 | 951505 |
| PROS Holdings, Inc. \* | 15969 | 272751 |
| Q2 Holdings, Inc. \* | 21173 | 1677960 |
| Rapid7, Inc. \* | 22698 | 536127 |
| RingCentral, Inc., Class A \* | 28531 | 727540 |
| Riot Platforms, Inc. \* (a) | 112655 | 815622 |
| Rubrik, Inc., Class A \* | 28762 | 2028584 |
| SoundHound AI, Inc. \* (a) | 129285 | 1201058 |
| Sprinklr, Inc., Class A \* | 40364 | 310399 |
| Sprout Social, Inc., Class A \* | 17926 | 374833 |
| Terawulf, Inc. \* (a) | 107775 | 299614 |
| Varonis Systems, Inc. \* | 40390 | 1730308 |
| Verint Systems, Inc. \* | 22557 | 397905 |
| Vertex, Inc., Class A \* | 23624 | 945669 |
| Zeta Global Holdings Corp., Class A \* | 68751 | 897888 |
|  |  | 39678802 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Four Corners Property Trust, Inc. | 35350 | 988033 |
| Outfront Media, Inc. | 49776 | 753111 |
| Safehold, Inc. | 16727 | 263450 |
| Uniti Group, Inc. | 87197 | 429009 |
|  |  | 2433603 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Advance Auto Parts, Inc. | 21691 | 709729 |
| American Eagle Outfitters, Inc. | 66313 | 698276 |
| Boot Barn Holdings, Inc. \* | 11059 | 1153896 |
| Buckle, Inc. (The) | 11493 | 399497 |
| Caleres, Inc. | 12625 | 192405 |
| Camping World Holdings, Inc., Class A | 20579 | 248183 |
| Chewy, Inc., Class A \* | 61933 | 2322487 |
| Foot Locker, Inc. \* | 30160 | 370063 |
| Guess?, Inc. (a) | 10802 | 121522 |
| Monro, Inc. | 10922 | 152253 |
| National Vision Holdings, Inc. \* | 28595 | 353148 |
| ODP Corp. (The) \* | 10406 | 142354 |
| Revolve Group, Inc. \* | 13970 | 277724 |
| Sally Beauty Holdings, Inc. \* | 37856 | 308148 |
| Sonic Automotive, Inc., Class A | 5291 | 321270 |
| Upbound Group, Inc. | 17892 | 356051 |
| Urban Outfitters, Inc. \* | 19676 | 1038499 |
| Victoria's Secret & Co. \* | 25601 | 481299 |
| Warby Parker, Inc., Class A \* | 22358 | 369131 |
| Wayfair, Inc., Class A \* | 35093 | 1058405 |
| Winmark Corp. | 1050 | 378010 |
|  |  | 11452350 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| CompoSecure, Inc., Class A (a) | 15293 | 168070 |
| IonQ, Inc. \* (a) | 69987 | 1921843 |
| Xerox Holdings Corp. (a) | 41586 | 183394 |
|  |  | 2273307 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Capri Holdings Ltd. \* | 42468 | 638719 |
| Carter's, Inc. | 13420 | 443531 |
| Figs, Inc., Class A \* | 46423 | 187085 |
| G-III Apparel Group Ltd. \* | 14706 | 370885 |
| Hanesbrands, Inc. \* | 127636 | 585849 |
| Kontoor Brands, Inc. | 20433 | 1229045 |
| Levi Strauss & Co., Class A | 35043 | 561038 |
| Oxford Industries, Inc. | 5687 | 276388 |
| Steven Madden Ltd. | 25858 | 543018 |
| Wolverine World Wide, Inc. | 29029 | 378829 |
|  |  | 5214387 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Universal Corp. | 8911 | 519244 |
| **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
| Boise Cascade Co. | 14468 | 1349575 |
| Distribution Solutions Group, Inc. \* | 3782 | 98483 |
| DNOW, Inc. \* | 38812 | 615946 |
| Global Industrial Co. | 4851 | 124574 |
| GMS, Inc. \* | 13950 | 1021977 |
| H&E Equipment Services, Inc. | 12428 | 1116159 |
| McGrath RentCorp | 8921 | 951603 |
| Willis Lease Finance Corp. | 826 | 127799 |
| Xometry, Inc., Class A \* | 15135 | 388061 |
|  |  | 5794177 |
| **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| Middlesex Water Co. | 6495 | 409964 |
| SJW Group | 10651 | 604338 |
|  |  | 1014302 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| Gogo, Inc. \* | 24968 | 189008 |
| Telephone and Data Systems, Inc. | 36313 | 1361374 |
| United States Cellular Corp. \* | 5335 | 366301 |
|  |  | 1916683 |
| Total Common Stocks <br>(Cost $531,758,940)<br>|  | 492783299 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| Mirati Therapeutics, Inc., CVR ‡ \* | 39447 | 27613 |
| Sanofi Aatd, Inc., CVR ‡ \* | 10020 | 1453 |
| Total Rights <br>(Cost $29,066)<br>|  | 29066 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 73

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (c) (d) <br>(Cost $4,627,520)<br>| 4627520 | 4627520 |
| **Investment of Cash Collateral from Securities Loaned — 5.4%** | **Investment of Cash Collateral from Securities Loaned — 5.4%** | **Investment of Cash Collateral from Securities Loaned — 5.4%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (c) (d) <br>(Cost $26,681,373)<br>| 26681373 | 26681373 |
| Total Short-Term Investments <br>(Cost $31,308,893)<br>|  | 31308893 |
| **Total Investments — 105.2%** <br>**(Cost $563,096,899)**<br>|  | **524121258** |
| **Liabilities in Excess of Other Assets — (5.2)%** |  | **(25910599)**<br>|
| **NET ASSETS — 100.0%** |  | **498210659** |

---

&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 |

---

CVR Contingent Value Rights <br> 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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $25,232,916.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (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 April 30, <br> 2025.<br>|

---

**Futures contracts outstanding as of April 30, 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; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5028090 | &nbsp;&nbsp;&nbsp;&nbsp; 32336 |

---

&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;

74 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Carbon Transition U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Hexcel Corp. | 14 | 679 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| CH Robinson Worldwide, Inc. | 27 | 2409 |
| Expeditors International of Washington, Inc. | 31 | 3407 |
|  |  | 5816 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Tesla, Inc. \* | 380 | 107221 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| Bank of America Corp. | 451 | 17986 |
| Citigroup, Inc. | 420 | 28720 |
| NU Holdings Ltd., Class A (Brazil) \* | 706 | 8775 |
| Wells Fargo & Co. | 201 | 14273 |
|  |  | 69754 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Brown-Forman Corp., Class B | 53 | 1847 |
| Constellation Brands, Inc., Class A | 35 | 6564 |
| Keurig Dr Pepper, Inc. | 277 | 9581 |
| Molson Coors Beverage Co., Class B | 38 | 2186 |
| Monster Beverage Corp. \* | 151 | 9078 |
|  |  | 29256 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| AbbVie, Inc. | 260 | 50726 |
| Alnylam Pharmaceuticals, Inc. \* | 29 | 7634 |
| Amgen, Inc. | 113 | 32874 |
| Gilead Sciences, Inc. | 278 | 29618 |
| Incyte Corp. \* | 34 | 2130 |
| Natera, Inc. \* | 26 | 3924 |
| Regeneron Pharmaceuticals, Inc. | 23 | 13772 |
| Sarepta Therapeutics, Inc. \* | 20 | 1248 |
| Vertex Pharmaceuticals, Inc. \* | 57 | 29042 |
|  |  | 170968 |
| **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** |
| Amazon.com, Inc. \* | 979 | 180547 |
| eBay, Inc. | 107 | 7293 |
| Etsy, Inc. \* | 30 | 1305 |
|  |  | 189145 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Carlisle Cos., Inc. | 20 | 7589 |
| Carrier Global Corp. | 257 | 16073 |
| Hayward Holdings, Inc. \* | 33 | 440 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Lennox International, Inc. | 7 | 3827 |
| Trane Technologies plc | 100 | 38331 |
|  |  | 66260 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Affiliated Managers Group, Inc. | 8 | 1325 |
| Ares Management Corp. | 41 | 6254 |
| Bank of New York Mellon Corp. (The) | 143 | 11499 |
| Blackrock, Inc. | 13 | 11885 |
| Blackstone, Inc. | 159 | 20942 |
| Blue Owl Capital, Inc. | 116 | 2150 |
| Cboe Global Markets, Inc. | 23 | 5101 |
| CME Group, Inc. | 80 | 22166 |
| Goldman Sachs Group, Inc. (The) | 68 | 37233 |
| Interactive Brokers Group, Inc., Class A | 23 | 3953 |
| Intercontinental Exchange, Inc. | 127 | 21332 |
| KKR & Co., Inc. | 149 | 17026 |
| LPL Financial Holdings, Inc. | 17 | 5437 |
| Moody's Corp. | 70 | 31718 |
| Morgan Stanley | 252 | 29086 |
| Morningstar, Inc. | 12 | 3417 |
| MSCI, Inc. | 17 | 9267 |
| Nasdaq, Inc. | 94 | 7164 |
| Robinhood Markets, Inc., Class A \* | 149 | 7317 |
| S&P Global, Inc. | 93 | 46505 |
| TPG, Inc. | 23 | 1068 |
| Tradeweb Markets, Inc., Class A | 24 | 3319 |
| XP, Inc., Class A (Brazil) | 94 | 1513 |
|  |  | 306677 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Ashland, Inc. | 9 | 489 |
| Ecolab, Inc. | 96 | 24137 |
| Element Solutions, Inc. | 104 | 2123 |
| FMC Corp. | 55 | 2306 |
| International Flavors & Fragrances, Inc. | 57 | 4472 |
| Linde plc | 90 | 40791 |
| Scotts Miracle-Gro Co. (The) | 5 | 252 |
| Sherwin-Williams Co. (The) | 52 | 18352 |
|  |  | 92922 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| Cintas Corp. | 71 | 15029 |
| MSA Safety, Inc. | 6 | 945 |
| Republic Services, Inc. | 46 | 11534 |
| Tetra Tech, Inc. | 68 | 2121 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 75

------

JPMorgan Carbon Transition U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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** |
| Veralto Corp. | 55 | 5275 |
| Waste Management, Inc. | 170 | 39671 |
|  |  | 74575 |
| **Communications Equipment — 1.6%** | **Communications Equipment — 1.6%** | **Communications Equipment — 1.6%** |
| Arista Networks, Inc. \* | 229 | 18840 |
| Ciena Corp. \* | 31 | 2082 |
| Cisco Systems, Inc. | 720 | 41565 |
| Motorola Solutions, Inc. | 59 | 25983 |
|  |  | 88470 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM | 30 | 2959 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| Ally Financial, Inc. | 61 | 1992 |
| American Express Co. | 124 | 33035 |
| Capital One Financial Corp. | 84 | 15142 |
| Discover Financial Services | 56 | 10230 |
| SLM Corp. | 41 | 1185 |
| SoFi Technologies, Inc. \* | 236 | 2952 |
| Synchrony Financial | 86 | 4468 |
|  |  | 69004 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Costco Wholesale Corp. | 37 | 36797 |
| Kroger Co. (The) | 148 | 10687 |
| Sysco Corp. | 110 | 7854 |
| Walgreens Boots Alliance, Inc. | 176 | 1931 |
| Walmart, Inc. | 353 | 34329 |
|  |  | 91598 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Avery Dennison Corp. | 18 | 3080 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 14 | 1646 |
| Pool Corp. | 8 | 2345 |
|  |  | 3991 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| ADT, Inc. | 110 | 882 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| WP Carey, Inc. | 53 | 3309 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| AT&T, Inc. | 360 | 9972 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Iridium Communications, Inc. | 31 | 748 |
| Liberty Global Ltd., Class C (Belgium) \* | 61 | 692 |
|  |  | 11412 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Edison International | 169 | 9043 |
| Eversource Energy | 158 | 9398 |
| Exelon Corp. | 222 | 10412 |
| NextEra Energy, Inc. | 131 | 8761 |
| PG&E Corp. | 597 | 9863 |
|  |  | 47477 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Acuity, Inc. | 7 | 1705 |
| AMETEK, Inc. | 51 | 8648 |
| Emerson Electric Co. | 252 | 26488 |
| Generac Holdings, Inc. \* | 13 | 1487 |
| Rockwell Automation, Inc. | 26 | 6440 |
|  |  | 44768 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Cognex Corp. | 31 | 846 |
| Keysight Technologies, Inc. \* | 39 | 5671 |
| Teledyne Technologies, Inc. \* | 4 | 1864 |
| Trimble, Inc. \* | 54 | 3356 |
| Vontier Corp. | 29 | 922 |
| Zebra Technologies Corp., Class A \* | 11 | 2754 |
|  |  | 15413 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| Halliburton Co. | 391 | 7750 |
| Schlumberger NV | 626 | 20814 |
| Weatherford International plc | 34 | 1408 |
|  |  | 29972 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| Electronic Arts, Inc. | 59 | 8560 |
| Liberty Media Corp-Liberty Formula One, Class C \* | 48 | 4256 |
| Netflix, Inc. \* | 66 | 74694 |
| Spotify Technology SA \* | 33 | 20261 |
| Walt Disney Co. (The) | 86 | 7822 |
|  |  | 115593 |
| **Financial Services — 6.0%** | **Financial Services — 6.0%** | **Financial Services — 6.0%** |
| Affirm Holdings, Inc. \* | 114 | 5673 |
| Apollo Global Management, Inc. | 102 | 13921 |
| Berkshire Hathaway, Inc., Class B \* | 101 | 53858 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Block, Inc. \* | 245 | 14325 |
| Fidelity National Information Services, Inc. | 238 | 18773 |
| Fiserv, Inc. \* | 126 | 23256 |
| Global Payments, Inc. | 57 | 4350 |
| Mastercard, Inc., Class A | 143 | 78373 |
| PayPal Holdings, Inc. \* | 443 | 29167 |
| Toast, Inc., Class A \* | 98 | 3487 |
| Visa, Inc., Class A | 275 | 95012 |
| WEX, Inc. \* | 8 | 1043 |
|  |  | 341238 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| General Mills, Inc. | 124 | 7036 |
| Hershey Co. (The) | 32 | 5350 |
| J M Smucker Co. (The) | 45 | 5232 |
| Kellanova | 54 | 4470 |
| Kraft Heinz Co. (The) | 192 | 5587 |
| McCormick & Co., Inc. (Non-Voting) | 56 | 4293 |
| Post Holdings, Inc. \* | 23 | 2603 |
| The Campbell's Co. | 46 | 1677 |
|  |  | 36248 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Lyft, Inc., Class A \* | 110 | 1364 |
| Uber Technologies, Inc. \* | 446 | 36130 |
|  |  | 37494 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Abbott Laboratories | 106 | 13859 |
| Boston Scientific Corp. \* | 327 | 33638 |
| Dexcom, Inc. \* | 87 | 6210 |
| Edwards Lifesciences Corp. \* | 133 | 10040 |
| Hologic, Inc. \* | 50 | 2910 |
| IDEXX Laboratories, Inc. \* | 18 | 7788 |
| Insulet Corp. \* | 16 | 4037 |
| Intuitive Surgical, Inc. \* | 74 | 38169 |
| Medtronic plc | 20 | 1695 |
| ResMed, Inc. | 32 | 7571 |
| Stryker Corp. | 80 | 29914 |
|  |  | 155831 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Cencora, Inc. | 37 | 10829 |
| Cigna Group (The) | 59 | 20062 |
| CVS Health Corp. | 378 | 25216 |
| Elevance Health, Inc. | 51 | 21450 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| McKesson Corp. | 28 | 19958 |
| Premier, Inc., Class A | 14 | 285 |
| UnitedHealth Group, Inc. | 101 | 41556 |
|  |  | 139356 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Medical Properties Trust, Inc. | 74 | 408 |
| Omega Healthcare Investors, Inc. | 78 | 3046 |
|  |  | 3454 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Certara, Inc. \* | 59 | 817 |
| Veeva Systems, Inc., Class A \* | 33 | 7712 |
|  |  | 8529 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Airbnb, Inc., Class A \* | 92 | 11217 |
| Booking Holdings, Inc. | 10 | 50993 |
| Chipotle Mexican Grill, Inc. \* | 304 | 15358 |
| Expedia Group, Inc. | 28 | 4394 |
| McDonald's Corp. | 150 | 47947 |
| Starbucks Corp. | 12 | 960 |
| Yum! Brands, Inc. | 63 | 9478 |
|  |  | 140347 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Lennar Corp., Class A | 55 | 5974 |
| PulteGroup, Inc. | 45 | 4616 |
|  |  | 10590 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 54 | 5364 |
| Clorox Co. (The) | 55 | 7827 |
| Kimberly-Clark Corp. | 59 | 7775 |
| Spectrum Brands Holdings, Inc. | 9 | 568 |
|  |  | 21534 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| Clearway Energy, Inc., Class C | 42 | 1232 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| EastGroup Properties, Inc. | 22 | 3595 |
| Prologis, Inc. | 205 | 20951 |
| Rexford Industrial Realty, Inc. | 97 | 3211 |
| STAG Industrial, Inc. | 34 | 1123 |
|  |  | 28880 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Aflac, Inc. | 125 | 13585 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 77

------

JPMorgan Carbon Transition U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| American International Group, Inc. | 106 | 8641 |
| Aon plc, Class A | 44 | 15611 |
| Arch Capital Group Ltd. | 81 | 7345 |
| Arthur J Gallagher & Co. | 54 | 17317 |
| Axis Capital Holdings Ltd. | 20 | 1926 |
| Chubb Ltd. | 90 | 25747 |
| Everest Group Ltd. | 9 | 3230 |
| Hartford Insurance Group, Inc. (The) | 11 | 1349 |
| Marsh & McLennan Cos., Inc. | 8 | 1804 |
| MetLife, Inc. | 131 | 9874 |
| Primerica, Inc. | 8 | 2097 |
| Progressive Corp. (The) | 126 | 35499 |
| Prudential Financial, Inc. | 158 | 16228 |
| Reinsurance Group of America, Inc. | 14 | 2622 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 11 | 2661 |
| Travelers Cos., Inc. (The) | 51 | 13471 |
|  |  | 179007 |
| **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** |
| Alphabet, Inc., Class A | 1099 | 174521 |
| Meta Platforms, Inc., Class A | 220 | 120780 |
| Pinterest, Inc., Class A \* | 124 | 3140 |
|  |  | 298441 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Accenture plc, Class A (Ireland) | 121 | 36197 |
| EPAM Systems, Inc. \* | 12 | 1883 |
| Gartner, Inc. \* | 17 | 7158 |
| Globant SA \* | 9 | 1058 |
| International Business Machines Corp. | 169 | 40868 |
| Okta, Inc. \* | 35 | 3926 |
| Twilio, Inc., Class A \* | 34 | 3288 |
|  |  | 94378 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Hasbro, Inc. | 61 | 3776 |
| YETI Holdings, Inc. \* | 13 | 371 |
|  |  | 4147 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Danaher Corp. | 17 | 3389 |
| IQVIA Holdings, Inc. \* | 68 | 10545 |
| Mettler-Toledo International, Inc. \* | 9 | 9635 |
| Repligen Corp. \* | 13 | 1794 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| Thermo Fisher Scientific, Inc. | 20 | 8580 |
| Waters Corp. \* | 21 | 7302 |
|  |  | 41245 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 102 | 31545 |
| CNH Industrial NV | 192 | 2221 |
| Crane Co. | 11 | 1771 |
| Deere & Co. | 1 | 464 |
| Illinois Tool Works, Inc. | 65 | 15594 |
| Ingersoll Rand, Inc. | 178 | 13427 |
| Nordson Corp. | 13 | 2464 |
| Otis Worldwide Corp. | 89 | 8568 |
| PACCAR, Inc. | 115 | 10374 |
| Parker-Hannifin Corp. | 9 | 5446 |
| Snap-on, Inc. | 11 | 3452 |
| Xylem, Inc. | 53 | 6390 |
|  |  | 101716 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Comcast Corp., Class A | 101 | 3454 |
| Fox Corp., Class A | 74 | 3685 |
| Interpublic Group of Cos., Inc. (The) | 76 | 1909 |
| News Corp., Class A | 112 | 3037 |
| Omnicom Group, Inc. | 43 | 3275 |
|  |  | 15360 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Royal Gold, Inc. | 29 | 5298 |
| Southern Copper Corp. (Mexico) | 17 | 1522 |
|  |  | 6820 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| AGNC Investment Corp. | 362 | 3197 |
| Annaly Capital Management, Inc. | 124 | 2430 |
|  |  | 5627 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| Consolidated Edison, Inc. | 77 | 8682 |
| NiSource, Inc. | 100 | 3911 |
| Public Service Enterprise Group, Inc. | 221 | 17664 |
| Sempra | 141 | 10472 |
|  |  | 40729 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| BXP, Inc. | 4 | 255 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Exchange-Traded Funds April 30, 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%** |
| Chevron Corp. | 176 | 23947 |
| ConocoPhillips | 436 | 38856 |
| Diamondback Energy, Inc. | 83 | 10957 |
| New Fortress Energy, Inc. | 41 | 223 |
| ONEOK, Inc. | 274 | 22512 |
| Targa Resources Corp. | 95 | 16235 |
| Williams Cos., Inc. (The) | 541 | 31686 |
|  |  | 144416 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. \* | 29 | 2237 |
| Coty, Inc., Class A \* | 52 | 263 |
| Estee Lauder Cos., Inc. (The), Class A | 101 | 6056 |
| Kenvue, Inc. | 425 | 10030 |
|  |  | 18586 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 41 | 2058 |
| Eli Lilly & Co. | 109 | 97986 |
| Johnson & Johnson | 199 | 31106 |
| Merck & Co., Inc. | 160 | 13632 |
| Pfizer, Inc. | 194 | 4735 |
|  |  | 149517 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| Automatic Data Processing, Inc. | 92 | 27655 |
| Booz Allen Hamilton Holding Corp. | 28 | 3361 |
| Dayforce, Inc. \* | 31 | 1794 |
| Dun & Bradstreet Holdings, Inc. | 59 | 529 |
| Equifax, Inc. | 27 | 7023 |
| FTI Consulting, Inc. \* | 8 | 1330 |
| Genpact Ltd. | 45 | 2262 |
| ManpowerGroup, Inc. | 14 | 603 |
| Paychex, Inc. | 71 | 10446 |
| Paylocity Holding Corp. \* | 10 | 1921 |
| TransUnion | 44 | 3650 |
| Verisk Analytics, Inc. | 32 | 9486 |
|  |  | 70060 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| CBRE Group, Inc., Class A \* | 68 | 8308 |
| CoStar Group, Inc. \* | 90 | 6675 |
| Jones Lang LaSalle, Inc. \* | 11 | 2502 |
| Zillow Group, Inc., Class C \* | 44 | 2963 |
|  |  | 20448 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| American Homes 4 Rent, Class A | 41 | 1533 |
| AvalonBay Communities, Inc. | 32 | 6719 |
| Equity LifeStyle Properties, Inc. | 31 | 2008 |
| Essex Property Trust, Inc. | 14 | 3908 |
| Invitation Homes, Inc. | 135 | 4616 |
| UDR, Inc. | 73 | 3057 |
|  |  | 21841 |
| **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| Brixmor Property Group, Inc. | 132 | 3288 |
| Federal Realty Investment Trust | 19 | 1787 |
| Kimco Realty Corp. | 290 | 5794 |
| Realty Income Corp. | 193 | 11167 |
| Regency Centers Corp. | 38 | 2743 |
| Simon Property Group, Inc. | 72 | 11331 |
|  |  | 36110 |
| **Semiconductors & Semiconductor Equipment — 9.5%** | **Semiconductors & Semiconductor Equipment — 9.5%** | **Semiconductors & Semiconductor Equipment — 9.5%** |
| Advanced Micro Devices, Inc. \* | 368 | 35825 |
| Applied Materials, Inc. | 152 | 22908 |
| Broadcom, Inc. | 598 | 115097 |
| Enphase Energy, Inc. \* | 58 | 2586 |
| First Solar, Inc. \* | 47 | 5913 |
| KLA Corp. | 30 | 21081 |
| Marvell Technology, Inc. | 191 | 11149 |
| NVIDIA Corp. | 2850 | 310422 |
| QUALCOMM, Inc. | 50 | 7423 |
| Texas Instruments, Inc. | 37 | 5922 |
|  |  | 538326 |
| **Software — 12.1%** | **Software — 12.1%** | **Software — 12.1%** |
| Adobe, Inc. \* | 87 | 32623 |
| ANSYS, Inc. \* | 20 | 6438 |
| Atlassian Corp., Class A \* | 71 | 16210 |
| Autodesk, Inc. \* | 95 | 26054 |
| Bentley Systems, Inc., Class B | 26 | 1118 |
| Cadence Design Systems, Inc. \* | 61 | 18162 |
| Datadog, Inc., Class A \* | 2 | 204 |
| Dolby Laboratories, Inc., Class A | 12 | 922 |
| Dynatrace, Inc. \* | 65 | 3053 |
| Elastic NV \* | 19 | 1638 |
| Fortinet, Inc. \* | 140 | 14526 |
| Gen Digital, Inc. | 121 | 3130 |
| Gitlab, Inc., Class A \* | 27 | 1260 |
| Guidewire Software, Inc. \* | 32 | 6553 |
| HubSpot, Inc. \* | 11 | 6727 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 79

------

JPMorgan Carbon Transition U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Intuit, Inc. | 59 | 37021 |
| Microsoft Corp. | 794 | 313836 |
| Oracle Corp. | 98 | 13791 |
| Palantir Technologies, Inc., Class A \* | 448 | 53061 |
| Palo Alto Networks, Inc. \* | 145 | 27105 |
| PTC, Inc. \* | 26 | 4029 |
| Roper Technologies, Inc. | 23 | 12882 |
| Salesforce, Inc. | 62 | 16660 |
| ServiceNow, Inc. \* | 44 | 42020 |
| Synopsys, Inc. \* | 34 | 15606 |
| Tyler Technologies, Inc. \* | 10 | 5433 |
| Zscaler, Inc. \* | 7 | 1583 |
|  |  | 681645 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Crown Castle, Inc. | 96 | 10153 |
| CubeSmart | 56 | 2277 |
| Public Storage | 35 | 10515 |
| SBA Communications Corp. | 27 | 6572 |
|  |  | 29517 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| AutoZone, Inc. \* | 4 | 15050 |
| CarMax, Inc. \* | 33 | 2134 |
| Home Depot, Inc. (The) | 157 | 56597 |
| Lithia Motors, Inc., Class A | 6 | 1757 |
| O'Reilly Automotive, Inc. \* | 11 | 15567 |
| Penske Automotive Group, Inc. | 3 | 467 |
| Ross Stores, Inc. | 72 | 10008 |
| TJX Cos., Inc. (The) | 35 | 4504 |
| Valvoline, Inc. \* | 20 | 685 |
| Wayfair, Inc., Class A \* | 29 | 875 |
| Williams-Sonoma, Inc. | 28 | 4325 |
|  |  | 111969 |
| **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** |
| Apple, Inc. | 1708 | 362950 |
| Super Micro Computer, Inc. \* | 110 | 3505 |
|  |  | 366455 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Crocs, Inc. \* | 25 | 2410 |
| Deckers Outdoor Corp. \* | 67 | 7426 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| Lululemon Athletica, Inc. \* | 26 | 7040 |
| NIKE, Inc., Class B | 455 | 25662 |
| PVH Corp. | 11 | 759 |
| Ralph Lauren Corp. | 17 | 3824 |
| Tapestry, Inc. | 102 | 7206 |
| VF Corp. | 75 | 891 |
|  |  | 55218 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| WW Grainger, Inc. | 10 | 10243 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| American Water Works Co., Inc. | 86 | 12643 |
| Essential Utilities, Inc. | 109 | 4483 |
|  |  | 17126 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| T-Mobile US, Inc. | 86 | 21238 |
| Total Common Stocks <br>(Cost $5,978,528)<br>|  | 5646374 |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (a) (b) <br>(Cost $3,665)<br>| 3665 | 3665 |
| **Total Investments — 100.0%** <br>**(Cost $5,982,193)**<br>|  | **5650039** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **1799** |
| **NET ASSETS — 100.0%** |  | **5651838** |

---

&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 April 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Brazil — 11.4%** | **Brazil — 11.4%** | **Brazil — 11.4%** |
| Alupar Investimento SA | 114713 | 620950 |
| Ambev SA | 454378 | 1169742 |
| Banco Bradesco SA (Preference) | 507013 | 1225733 |
| Banco do Brasil SA | 251986 | 1280544 |
| BB Seguridade Participacoes SA | 141182 | 1058526 |
| Bradespar SA (Preference) | 132945 | 379030 |
| BRF SA | 108633 | 434521 |
| Caixa Seguridade Participacoes S/A | 184409 | 530629 |
| Centrais Eletricas Brasileiras SA | 144022 | 1114333 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 70813 | 1416223 |
| Cia Energetica de Minas Gerais (Preference) | 439833 | 857942 |
| Cia Paranaense de Energia - Copel <br> (Preference)<br>| 445322 | 903176 |
| CPFL Energia SA | 110545 | 741557 |
| CSN Mineracao SA | 583920 | 632778 |
| Embraer SA \* | 102227 | 1173913 |
| Engie Brasil Energia SA | 63670 | 466714 |
| Gerdau SA (Preference) | 200285 | 529021 |
| GPS Participacoes e Empreendimentos SA (a) | 17978 | 47803 |
| Grupo Mateus SA \* | 10863 | 14739 |
| Hypera SA | 131059 | 552858 |
| Isa Energia Brasil sa (Preference) | 142124 | 596279 |
| Itau Unibanco Holding SA (Preference) | 460908 | 2889634 |
| Itausa SA (Preference) | 819791 | 1542755 |
| Klabin SA | 153982 | 502497 |
| Lojas Renner SA | 201698 | 516404 |
| M Dias Branco SA | 32289 | 144230 |
| Marfrig Global Foods SA | 193664 | 733344 |
| Metalurgica Gerdau SA (Preference) | 251128 | 373474 |
| Neoenergia SA | 156801 | 629950 |
| Petroleo Brasileiro SA (Preference) | 500239 | 2647891 |
| Porto Seguro SA | 71128 | 554220 |
| Rede D'Or Sao Luiz SA (b) | 128436 | 724654 |
| Santos Brasil Participacoes SA | 189495 | 451437 |
| Sao Martinho SA | 87318 | 300643 |
| SLC Agricola SA | 113235 | 393269 |
| Suzano SA | 31003 | 273693 |
| Telefonica Brasil SA | 209200 | 1019616 |
| TIM SA | 275767 | 917903 |
| TOTVS SA | 104105 | 687900 |
| Transmissora Alianca de Energia Eletrica S/A | 125782 | 796118 |
| Vale SA | 327251 | 3049841 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Vibra Energia SA | 181394 | 598664 |
| WEG SA | 164010 | 1301352 |
|  |  | 36796500 |
| **Chile — 2.1%** | **Chile — 2.1%** | **Chile — 2.1%** |
| Banco de Chile | 6556056 | 962405 |
| Banco Santander Chile | 8533266 | 515931 |
| Cencosud SA | 329804 | 1128500 |
| Cia Cervecerias Unidas SA | 29446 | 226079 |
| Cia Sud Americana de Vapores SA | 12182559 | 672885 |
| Colbun SA | 2998387 | 468620 |
| Embotelladora Andina SA (Preference), <br> Class B<br>| 151307 | 647164 |
| Empresas CMPC SA | 51365 | 80555 |
| Enel Americas SA | 3972330 | 390063 |
| Enel Chile SA | 8289472 | 586546 |
| Falabella SA | 141989 | 644738 |
| Latam Airlines Group SA | 37966866 | 599441 |
|  |  | 6922927 |
| **China — 19.3%** | **China — 19.3%** | **China — 19.3%** |
| An Hui Wenergy Co. Ltd., Class A | 335400 | 338231 |
| Anhui Conch Cement Co. Ltd., Class H | 500 | 1409 |
| Anhui Expressway Co. Ltd., Class A | 288800 | 686758 |
| BAIC Motor Corp. Ltd., Class H (b) | 1207000 | 296706 |
| Bank of China Ltd., Class H | 7099000 | 3963895 |
| Baoshan Iron & Steel Co. Ltd., Class A | 422400 | 397009 |
| Beijing Enterprises Holdings Ltd. | 80500 | 326635 |
| Bosideng International Holdings Ltd. | 888000 | 459496 |
| Brilliance China Automotive Holdings Ltd. | 1428000 | 505441 |
| CGN Power Co. Ltd., Class H (b) | 2574000 | 819338 |
| Chengdu Kanghong Pharmaceutical Group Co. <br> Ltd., Class A<br>| 138000 | 529962 |
| China CITIC Bank Corp. Ltd., Class H | 1502000 | 1187971 |
| China Coal Energy Co. Ltd., Class H | 508000 | 524871 |
| China Communications Services Corp. Ltd., <br> Class H<br>| 850000 | 442680 |
| China Construction Bank Corp., Class H | 4025000 | 3306248 |
| China Feihe Ltd. (b) | 851000 | 643097 |
| China Hongqiao Group Ltd. | 349500 | 627358 |
| China Medical System Holdings Ltd. | 210000 | 224142 |
| China Merchants Port Group Co. Ltd., Class A | 120900 | 316871 |
| China Merchants Port Holdings Co. Ltd. | 296000 | 480551 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| 150900 | 156719 |
| China National Medicines Corp. Ltd., Class A | 70100 | 279578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 81

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| China Petroleum & Chemical Corp., Class H | 2156000 | 1100576 |
| China Resources Pharmaceutical Group <br> Ltd. (b)<br>| 493500 | 311505 |
| China Resources Power Holdings Co. Ltd. | 296000 | 714076 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 90140 | 510114 |
| China Shenhua Energy Co. Ltd., Class H | 398500 | 1497623 |
| China South Publishing & Media Group Co. <br> Ltd., Class A<br>| 304600 | 597007 |
| China United Network Communications Ltd., <br> Class A<br>| 764500 | 559665 |
| China XD Electric Co. Ltd., Class A | 377900 | 323041 |
| China Yangtze Power Co. Ltd., Class A | 206800 | 839049 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| 860000 | 660260 |
| CITIC Ltd. | 747000 | 908108 |
| COFCO Sugar Holding Co. Ltd., Class A | 291300 | 372317 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 531850 | 802581 |
| COSCO SHIPPING Ports Ltd. | 322000 | 166675 |
| CRRC Corp. Ltd., Class A | 458500 | 442548 |
| Datang International Power Generation Co. <br> Ltd., Class H<br>| 456000 | 108655 |
| Dong-E-E-Jiao Co. Ltd., Class A | 45500 | 340184 |
| ENN Energy Holdings Ltd. | 106500 | 840751 |
| ENN Natural Gas Co. Ltd., Class A | 114100 | 310224 |
| Foxconn Industrial Internet Co. Ltd., Class A | 173200 | 436219 |
| Fujian Funeng Co. Ltd., Class A | 245100 | 323161 |
| GD Power Development Co. Ltd., Class A | 861100 | 529643 |
| Great Wall Motor Co. Ltd., Class H | 517000 | 738789 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> Class A<br>| 79400 | 497798 |
| Guangdong Baolihua New Energy Stock Co. <br> Ltd., Class A<br>| 593500 | 341981 |
| Guangdong South New Media Co. Ltd., Class A | 52400 | 280883 |
| Guangxi Guiguan Electric Power Co. Ltd., <br> Class A<br>| 396800 | 340089 |
| Guangxi Liugong Machinery Co. Ltd., Class A | 230300 | 315235 |
| Guangzhou Baiyunshan Pharmaceutical <br> Holdings Co. Ltd., Class H<br>| 16000 | 34938 |
| Haitian International Holdings Ltd. | 93000 | 215430 |
| Heilongjiang Agriculture Co. Ltd., Class A | 260300 | 536798 |
| Henan Shuanghui Investment & Development <br> Co. Ltd., Class A<br>| 17700 | 60825 |
| HLA Group Corp. Ltd. | 450800 | 514822 |
| Huadian Power International Corp. Ltd., <br> Class H<br>| 940000 | 526414 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Huaibei Mining Holdings Co. Ltd., Class A | 180500 | 294543 |
| Huaihe Energy Group Co. Ltd., Class A | 694600 | 331628 |
| Huapont Life Sciences Co. Ltd., Class A | 471600 | 263525 |
| Huaxin Cement Co. Ltd., Class H | 183400 | 213381 |
| Huayu Automotive Systems Co. Ltd., Class A | 99200 | 243299 |
| Hubei Jumpcan Pharmaceutical Co. Ltd., <br> Class A<br>| 137500 | 497430 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 2327000 | 1594023 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A<br>| 227916 | 559681 |
| Inner Mongolia ERDOS Resources Co. Ltd., <br> Class A<br>| 198980 | 248810 |
| Inner Mongolia MengDian HuaNeng Thermal <br> Power Corp. Ltd., Class A<br>| 569600 | 312764 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 381100 | 757927 |
| Jiangling Motors Corp. Ltd., Class A | 121500 | 314571 |
| Jiangsu Expressway Co. Ltd., Class A | 211300 | 442755 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., <br> Class A<br>| 194400 | 314106 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| 90000 | 426735 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 188400 | 361566 |
| Joincare Pharmaceutical Group Industry Co. <br> Ltd., Class A<br>| 194700 | 283976 |
| KingClean Electric Co. Ltd., Class A | 22718 | 66454 |
| Kunlun Energy Co. Ltd. | 580000 | 552842 |
| Lao Feng Xiang Co. Ltd., Class A | 22700 | 149893 |
| Li Ning Co. Ltd. | 17500 | 32993 |
| Livzon Pharmaceutical Group, Inc., Class A | 69700 | 331475 |
| Meihua Holdings Group Co. Ltd., Class A | 257900 | 388826 |
| Nanjing Iron & Steel Co. Ltd., Class A | 661900 | 393373 |
| Ningbo Sanxing Medical Electric Co. Ltd., <br> Class A<br>| 148700 | 523258 |
| Offshore Oil Engineering Co. Ltd., Class A | 308600 | 225490 |
| PetroChina Co. Ltd., Class A | 493700 | 542884 |
| Qingdao Port International Co. Ltd., Class A | 439300 | 523459 |
| Qinhuangdao Port Co. Ltd., Class A | 750300 | 327084 |
| Shaanxi Coal Industry Co. Ltd., Class A | 245000 | 646356 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 697600 | 350538 |
| Shandong Publishing & Media Co. Ltd., Class A | 326700 | 441228 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| 30800 | 22671 |
| Shanghai Huayi Group Co. Ltd., Class A | 350000 | 327606 |
| Shanghai International Port Group Co. Ltd., <br> Class A<br>| 438000 | 328245 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Shanghai Mechanical and Electrical Industry <br> Co. Ltd., Class A<br>| 139200 | 425214 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class H<br>| 31400 | 42940 |
| Shanghai Tunnel Engineering Co. Ltd., Class A | 446400 | 365299 |
| Shanjin International Gold Co. Ltd., Class A | 235620 | 661811 |
| Shanxi Coal International Energy Group Co. <br> Ltd., Class A<br>| 113900 | 148390 |
| Shanxi Coking Coal Energy Group Co. Ltd., <br> Class A<br>| 356430 | 314298 |
| Shenergy Co. Ltd., Class A | 319800 | 388138 |
| Shenzhen Aisidi Co. Ltd., Class A | 261140 | 417620 |
| Shenzhen Expressway Corp. Ltd. | 235300 | 361041 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 3311 | 34196 |
| Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A \*<br>| 17000 | 669567 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 84100 | 419202 |
| Sinoma International Engineering Co., Class A | 137700 | 173671 |
| Sinopharm Group Co. Ltd., Class H | 158000 | 372366 |
| Sinotrans Ltd., Class A | 58800 | 37891 |
| Sinotruk Hong Kong Ltd. | 225000 | 540653 |
| TangShan Port Group Co. Ltd., Class A | 963500 | 531848 |
| Tasly Pharmaceutical Group Co. Ltd., Class A | 168200 | 352232 |
| Tian Di Science & Technology Co. Ltd., Class A | 533800 | 455128 |
| Tianhe Chemicals Group Ltd. ‡ \* | 20000 |  |
| Tianjin Port Co. Ltd., Class A | 548800 | 333964 |
| Tianshan Aluminum Group Co. Ltd., Class A | 247400 | 253596 |
| Triangle Tyre Co. Ltd., Class A | 166600 | 310436 |
| Uni-President China Holdings Ltd. | 205000 | 245822 |
| Wanxiang Qianchao Co. Ltd., Class A | 696600 | 623619 |
| Wuliangye Yibin Co. Ltd., Class A | 38400 | 679990 |
| Xinhua Winshare Publishing and Media Co. <br> Ltd., Class A<br>| 263700 | 558644 |
| Yangzijiang Shipbuilding Holdings Ltd. \* | 483400 | 828046 |
| Yankuang Energy Group Co. Ltd., Class H | 603200 | 629996 |
| Yonfer Agricultural Technology Co. Ltd. | 202100 | 377274 |
| Youngor Fashion Co. Ltd., Class A | 425100 | 438321 |
| Yunnan Aluminium Co. Ltd., Class A | 139800 | 292671 |
| Yunnan Baiyao Group Co. Ltd., Class A | 33660 | 265157 |
| Yunnan Yuntianhua Co. Ltd., Class A | 128500 | 394914 |
| Yutong Bus Co. Ltd., Class A | 191800 | 708192 |
| Zhejiang Expressway Co. Ltd., Class H | 500000 | 412117 |
| Zhejiang Semir Garment Co. Ltd., Class A | 95700 | 73978 |
| Zhejiang Zheneng Electric Power Co. Ltd., <br> Class A<br>| 425100 | 307161 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Zhengzhou Coal Mining Machinery Group Co. <br> Ltd., Class A<br>| 59400 | 122167 |
| Zhongjin Gold Corp. Ltd., Class A | 215200 | 404987 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| 86200 | 62114 |
|  |  | 62283016 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Bancolombia SA (Preference) | 73092 | 750714 |
| Ecopetrol SA | 348661 | 142333 |
|  |  | 893047 |
| **Czech Republic — 0.5%** | **Czech Republic — 0.5%** | **Czech Republic — 0.5%** |
| CEZ A/S | 25450 | 1291831 |
| Moneta Money Bank A/S (b) | 62256 | 384838 |
|  |  | 1676669 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Commercial International Bank - Egypt (CIB) | 327565 | 521797 |
| **Greece — 2.4%** | **Greece — 2.4%** | **Greece — 2.4%** |
| Eurobank Ergasias Services and Holdings SA | 205845 | 584193 |
| Hellenic Telecommunications Organization SA | 52288 | 992270 |
| HELLENiQ ENERGY Holdings S.A. | 33125 | 286121 |
| JUMBO SA | 27079 | 852805 |
| Metlen Energy & Metals SA | 19137 | 905703 |
| Motor Oil Hellas Corinth Refineries SA | 29114 | 705436 |
| National Bank of Greece SA | 66744 | 708385 |
| OPAP SA | 47435 | 1053969 |
| Piraeus Financial Holdings SA | 163990 | 920973 |
| Public Power Corp. SA | 58869 | 882435 |
|  |  | 7892290 |
| **Hungary — 0.7%** | **Hungary — 0.7%** | **Hungary — 0.7%** |
| Magyar Telekom Telecommunications plc \* | 130312 | 616171 |
| MOL Hungarian Oil & Gas plc | 80591 | 682421 |
| Richter Gedeon Nyrt. | 33003 | 1000936 |
|  |  | 2299528 |
| **India — 11.1%** | **India — 11.1%** | **India — 11.1%** |
| Adani Power Ltd. \* | 141532 | 889311 |
| Aurobindo Pharma Ltd. \* | 23232 | 338634 |
| Bajaj Auto Ltd. | 12074 | 1147115 |
| Bajaj Holdings & Investment Ltd. | 1277 | 181551 |
| Bank of Baroda | 51376 | 152025 |
| Bharat Petroleum Corp. Ltd. | 167757 | 614791 |
| Canara Bank | 128392 | 148006 |
| Castrol India Ltd. | 42167 | 98641 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 83

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Cipla Ltd. | 59582 | 1093373 |
| Coal India Ltd. | 50745 | 231209 |
| Colgate-Palmolive India Ltd. | 8026 | 245948 |
| Dabur India Ltd. | 65702 | 379425 |
| Divi's Laboratories Ltd. | 10497 | 757713 |
| Dr Reddy's Laboratories Ltd. | 56568 | 794054 |
| GAIL India Ltd. | 105496 | 235840 |
| Glenmark Pharmaceuticals Ltd. | 11093 | 181407 |
| HCL Technologies Ltd. | 72018 | 1335784 |
| Hindalco Industries Ltd. | 29918 | 221123 |
| Hindustan Petroleum Corp. Ltd. | 79456 | 355597 |
| Hindustan Unilever Ltd. | 87135 | 2419124 |
| Hindustan Zinc Ltd. | 37135 | 193483 |
| ICICI Lombard General Insurance Co. Ltd. (b) | 3955 | 87872 |
| Indian Oil Corp. Ltd. | 367094 | 598500 |
| Indus Towers Ltd. \* | 119670 | 576706 |
| Infosys Ltd. | 230065 | 4067074 |
| ITC Hotels Ltd. \* | 9830 | 22623 |
| ITC Ltd. | 337244 | 1698023 |
| Jindal Steel & Power Ltd. | 25801 | 274121 |
| JSW Steel Ltd. | 36675 | 448066 |
| Mphasis Ltd. | 599 | 17494 |
| Nestle India Ltd. | 31480 | 889767 |
| NHPC Ltd. | 306727 | 310877 |
| NMDC Ltd. | 661616 | 507569 |
| NTPC Ltd. | 280083 | 1173406 |
| Oil & Natural Gas Corp. Ltd. | 253332 | 733037 |
| Oil India Ltd. | 42141 | 204793 |
| Petronet LNG Ltd. | 95100 | 353070 |
| Piramal Enterprises Ltd. | 3651 | 41821 |
| Power Grid Corp. of India Ltd. | 238605 | 866599 |
| REC Ltd. | 133911 | 668433 |
| Reliance Industries Ltd. | 136917 | 2273414 |
| Steel Authority of India Ltd. | 139171 | 187900 |
| Sun Pharmaceutical Industries Ltd. | 51592 | 1118956 |
| Suzlon Energy Ltd. \* | 252994 | 168696 |
| Tata Consultancy Services Ltd. | 54333 | 2217868 |
| Tata Motors Ltd. | 99991 | 762002 |
| Tata Power Co. Ltd. (The) | 194032 | 881682 |
| Tata Steel Ltd. | 490741 | 816829 |
| Titan Co. Ltd. | 9779 | 390691 |
| Torrent Power Ltd. | 16286 | 296491 |
| Union Bank of India Ltd. | 113498 | 169020 |
| United Breweries Ltd. | 3062 | 78306 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| UPL Ltd. | 12807 | 101569 |
| Vedanta Ltd. | 127392 | 632569 |
| Zydus Lifesciences Ltd. | 19357 | 203795 |
|  |  | 35853793 |
| **Indonesia — 2.2%** | **Indonesia — 2.2%** | **Indonesia — 2.2%** |
| Alamtri Resources Indonesia Tbk. PT | 5056300 | 579200 |
| Astra International Tbk. PT | 3349900 | 968208 |
| Bank Mandiri Persero Tbk. PT | 3150300 | 930307 |
| Bukit Asam Tbk. PT | 2722600 | 452764 |
| Gudang Garam Tbk. PT \* | 117600 | 71020 |
| Indofood CBP Sukses Makmur Tbk. PT | 769400 | 526066 |
| Indofood Sukses Makmur Tbk. PT | 1445400 | 697221 |
| Kalbe Farma Tbk. PT | 448700 | 36984 |
| Perusahaan Gas Negara Tbk. PT | 5151400 | 522747 |
| Sarana Menara Nusantara Tbk. PT | 1440200 | 49430 |
| Sumber Alfaria Trijaya Tbk. PT | 1538800 | 199205 |
| Telkom Indonesia Persero Tbk. PT | 5688000 | 896535 |
| Unilever Indonesia Tbk. PT | 1414900 | 145955 |
| United Tractors Tbk. PT | 376400 | 514396 |
| Vale Indonesia Tbk. PT \* | 271438 | 40695 |
| XLSMART Telecom Sejahtera Tbk. PT | 2515400 | 325790 |
|  |  | 6956523 |
| **Kuwait — 0.7%** | **Kuwait — 0.7%** | **Kuwait — 0.7%** |
| Agility Global plc | 246244 | 82460 |
| Agility Public Warehousing Co. KSC | 461122 | 396024 |
| Mobile Telecommunications Co. KSCP | 546262 | 843804 |
| National Bank of Kuwait SAKP | 352831 | 1097274 |
|  |  | 2419562 |
| **Malaysia — 3.6%** | **Malaysia — 3.6%** | **Malaysia — 3.6%** |
| AMMB Holdings Bhd. | 429500 | 513860 |
| Axiata Group Bhd. | 46200 | 22485 |
| CELCOMDIGI Bhd. | 197400 | 174911 |
| CIMB Group Holdings Bhd. | 615200 | 1016252 |
| Genting Bhd. | 480100 | 356423 |
| Genting Malaysia Bhd. | 783200 | 311489 |
| Hong Leong Financial Group Bhd. | 17000 | 67685 |
| IHH Healthcare Bhd. | 220300 | 353297 |
| Kuala Lumpur Kepong Bhd. | 70900 | 322587 |
| Malayan Banking Bhd. | 542008 | 1256000 |
| Maxis Bhd. | 701600 | 603250 |
| Petronas Chemicals Group Bhd. | 485600 | 414349 |
| Petronas Gas Bhd. | 214100 | 868308 |
| PPB Group Bhd. | 182660 | 526307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Malaysia — continued** | **Malaysia — continued** | **Malaysia — continued** |
| Press Metal Aluminium Holdings Bhd. | 336600 | 382569 |
| RHB Bank Bhd. | 544600 | 840025 |
| SD Guthrie Bhd. | 232800 | 256020 |
| Sime Darby Bhd. | 915600 | 441253 |
| Telekom Malaysia Bhd. | 450400 | 709824 |
| Tenaga Nasional Bhd. | 452700 | 1455947 |
| YTL Corp. Bhd. | 1063300 | 472896 |
| YTL Power International Bhd. | 344000 | 272512 |
|  |  | 11638249 |
| **Mexico — 6.5%** | **Mexico — 6.5%** | **Mexico — 6.5%** |
| Alfa SAB de CV, Class A | 1047021 | 759752 |
| Alsea SAB de CV | 76683 | 171936 |
| America Movil SAB de CV | 1418250 | 1227287 |
| Arca Continental SAB de CV | 101602 | 1070032 |
| Banco del Bajio SA (b) | 80094 | 192204 |
| Cemex SAB de CV | 2122821 | 1313063 |
| Coca-Cola Femsa SAB de CV | 111710 | 1053214 |
| Controladora Alpek SAB de CV \* | 1047021 | 164444 |
| El Puerto de Liverpool SAB de CV, Class C1 | 75233 | 346462 |
| Fibra Uno Administracion SA de CV, REIT | 249948 | 323484 |
| Fomento Economico Mexicano SAB de CV | 145481 | 1529626 |
| Gruma SAB de CV, Class B | 46619 | 888258 |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV<br>| 87430 | 962062 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| 37231 | 1175699 |
| Grupo Bimbo SAB de CV | 26870 | 81759 |
| Grupo Carso SAB de CV | 59467 | 413560 |
| Grupo Financiero Banorte SAB de CV, Class O | 293143 | 2513551 |
| Grupo Mexico SAB de CV | 282788 | 1467403 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 421218 | 741033 |
| Megacable Holdings SAB de CV | 188984 | 459679 |
| Orbia Advance Corp. SAB de CV | 185221 | 125052 |
| Prologis Property Mexico SA de CV, REIT | 179130 | 635662 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| 79779 | 892680 |
| Qualitas Controladora SAB de CV | 53873 | 595994 |
| Wal-Mart de Mexico SAB de CV | 598062 | 1894780 |
|  |  | 20998676 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| Globe Telecom, Inc. | 3973 | 138065 |
| Manila Electric Co. | 74290 | 758129 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Philippines — continued** | **Philippines — continued** | **Philippines — continued** |
| PLDT, Inc. | 13065 | 304369 |
| Puregold Price Club, Inc. | 134400 | 76879 |
|  |  | 1277442 |
| **Qatar — 1.4%** | **Qatar — 1.4%** | **Qatar — 1.4%** |
| Industries Qatar QSC | 265195 | 914703 |
| Mesaieed Petrochemical Holding Co. | 418923 | 162197 |
| Ooredoo QPSC | 261238 | 930705 |
| Qatar Electricity & Water Co. QSC | 134172 | 563441 |
| Qatar Fuel QSC | 79332 | 326834 |
| Qatar Gas Transport Co. Ltd. | 689652 | 867321 |
| Qatar International Islamic Bank QSC | 44464 | 129590 |
| Qatar Navigation QSC | 160074 | 488004 |
|  |  | 4382795 |
| **Romania — 0.3%** | **Romania — 0.3%** | **Romania — 0.3%** |
| NEPI Rockcastle NV | 135688 | 1040278 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Alrosa PJSC ‡ | 200448 |  |
| Federal Grid Co. - Rosseti PJSC ‡ \* | 170798392 | 129 |
| GMK Norilskiy Nickel PAO ‡ \* | 308700 |  |
| Inter RAO UES PJSC ‡ | 6142220 | 6 |
| LUKOIL PJSC ‡ | 17853 |  |
| M.Video PJSC ‡ \* | 8526 |  |
| Magnit PJSC ‡ | 7858 |  |
| Magnitogorsk Iron & Steel Works PJSC ‡ | 334440 |  |
| Mobile TeleSystems PJSC ‡ | 120496 |  |
| Novolipetsk Steel PJSC ‡ | 155019 |  |
| PhosAgro PJSC ‡ | 1940 |  |
| Rostelecom PJSC ‡ | 157186 |  |
| RusHydro PJSC ‡ \* | 35715691 | 36 |
| Sberbank of Russia PJSC ‡ \* | 537391 | 1 |
| Severstal PAO ‡ | 20498 |  |
| Sistema AFK PAO ‡ | 308352 |  |
| Surgutneftegas PAO (Preference) ‡ | 655737 | 1 |
| Tatneft PJSC ‡ | 17275 |  |
| Unipro PJSC ‡ \* | 4941067 | 5 |
|  |  | 178 |
| **Saudi Arabia — 4.3%** | **Saudi Arabia — 4.3%** | **Saudi Arabia — 4.3%** |
| Abdullah Al Othaim Markets Co. | 113488 | 272992 |
| Almarai Co. JSC | 34127 | 480714 |
| Arab National Bank | 38526 | 220983 |
| Arabian Centres Co. (b) | 30546 | 161242 |
| Catrion Catering Holding Co. | 22036 | 692106 |
| Elm Co. | 4260 | 1178834 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 85

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| Etihad Etisalat Co. | 66470 | 1112869 |
| Jamjoom Pharmaceuticals Factory Co. | 12239 | 565820 |
| Jarir Marketing Co. | 123100 | 414553 |
| Leejam Sports Co. JSC | 9597 | 358735 |
| Mouwasat Medical Services Co. | 883 | 17093 |
| Riyadh Cables Group Co. | 18733 | 635594 |
| SABIC Agri-Nutrients Co. | 27422 | 722367 |
| Sahara International Petrochemical Co. | 64720 | 328069 |
| SAL Saudi Logistics Services | 5085 | 247824 |
| Saudi Arabian Mining Co. \* | 12927 | 176200 |
| Saudi Arabian Oil Co. (b) | 330745 | 2236166 |
| Saudi Aramco Base Oil Co. | 18974 | 502629 |
| Saudi Cement Co. | 35272 | 433030 |
| Saudi Investment Bank (The) | 44575 | 179086 |
| Saudi Telecom Co. | 190566 | 2419382 |
| United Electronics Co. | 14828 | 371594 |
| Yanbu National Petrochemical Co. | 18581 | 158418 |
|  |  | 13886300 |
| **South Africa — 5.4%** | **South Africa — 5.4%** | **South Africa — 5.4%** |
| African Rainbow Minerals Ltd. | 66061 | 553888 |
| Aspen Pharmacare Holdings Ltd. | 60820 | 399375 |
| Bid Corp. Ltd. | 41162 | 1034513 |
| Bidvest Group Ltd. | 72735 | 922089 |
| Clicks Group Ltd. | 32710 | 695674 |
| Exxaro Resources Ltd. | 90861 | 743866 |
| Foschini Group Ltd. | 75655 | 525767 |
| Harmony Gold Mining Co. Ltd. | 93190 | 1464236 |
| Impala Platinum Holdings Ltd. \* | 95531 | 568135 |
| Investec Ltd. | 91862 | 573319 |
| Kumba Iron Ore Ltd. | 24450 | 425217 |
| Mr Price Group Ltd. | 60585 | 774330 |
| MTN Group Ltd. | 223799 | 1481173 |
| MultiChoice Group \* | 29303 | 171282 |
| Naspers Ltd., Class N | 7235 | 1902388 |
| Nedbank Group Ltd. | 70393 | 959135 |
| Pepkor Holdings Ltd. (b) | 398320 | 576614 |
| Shoprite Holdings Ltd. | 52839 | 812990 |
| Sibanye Stillwater Ltd. \* | 259663 | 296665 |
| Tiger Brands Ltd. | 49088 | 765299 |
| Vodacom Group Ltd. | 139804 | 1034443 |
| Woolworths Holdings Ltd. | 241259 | 747074 |
|  |  | 17427472 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Taiwan — 11.1%** | **Taiwan — 11.1%** | **Taiwan — 11.1%** |
| Accton Technology Corp. | 9000 | 167637 |
| Capital Securities Corp. | 808000 | 657388 |
| Catcher Technology Co. Ltd. | 15000 | 102108 |
| Cathay Financial Holding Co. Ltd. | 543000 | 1000484 |
| Cheng Shin Rubber Industry Co. Ltd. | 553000 | 854117 |
| Chicony Electronics Co. Ltd. | 102551 | 494128 |
| China Airlines Ltd. | 1057000 | 696311 |
| China Motor Corp. | 158000 | 354366 |
| China Steel Corp. | 699000 | 452039 |
| Chunghwa Telecom Co. Ltd. | 435000 | 1758663 |
| CTBC Financial Holding Co. Ltd. | 1691395 | 2084204 |
| E.Sun Financial Holding Co. Ltd. | 867375 | 769342 |
| Eclat Textile Co. Ltd. \* | 45000 | 586547 |
| Eva Airways Corp. | 665000 | 798751 |
| Evergreen Marine Corp. Taiwan Ltd. | 149800 | 970551 |
| Far EasTone Telecommunications Co. Ltd. | 307000 | 823238 |
| Feng TAY Enterprise Co. Ltd. | 112960 | 399859 |
| First Financial Holding Co. Ltd. | 1432609 | 1140798 |
| Formosa Taffeta Co. Ltd. | 346000 | 179354 |
| Fubon Financial Holding Co. Ltd. | 320416 | 849241 |
| Giant Manufacturing Co. Ltd. | 97000 | 395976 |
| International Games System Co. Ltd. | 26000 | 674074 |
| King Slide Works Co. Ltd. | 10000 | 546960 |
| MediaTek, Inc. | 53000 | 2252134 |
| Mega Financial Holding Co. Ltd. | 1369694 | 1622102 |
| Nien Made Enterprise Co. Ltd. | 57000 | 698013 |
| Novatek Microelectronics Corp. | 18000 | 292738 |
| Pou Chen Corp. | 704000 | 724957 |
| Powertech Technology, Inc. | 120000 | 407763 |
| President Chain Store Corp. | 117000 | 956775 |
| SinoPac Financial Holdings Co. Ltd. | 1774787 | 1185953 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 803655 | 613807 |
| Taiwan Fertilizer Co. Ltd. | 395000 | 633590 |
| Taiwan Mobile Co. Ltd. | 284000 | 1008345 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 192000 | 5440234 |
| Uni-President Enterprises Corp. | 598000 | 1437091 |
| Yang Ming Marine Transport Corp. | 254000 | 542666 |
| Yuanta Financial Holding Co. Ltd. | 1404820 | 1376387 |
|  |  | 35948691 |
| **Thailand — 4.3%** | **Thailand — 4.3%** | **Thailand — 4.3%** |
| Advanced Info Service PCL | 156400 | 1379554 |
| Bangkok Bank PCL | 115900 | 477062 |
| Banpu PCL, NVDR | 2986500 | 383842 |
| Carabao Group PCL, NVDR | 188400 | 352005 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Thailand — continued** | **Thailand — continued** | **Thailand — continued** |
| Central Retail Corp. PCL, NVDR | 180200 | 127554 |
| Charoen Pokphand Foods PCL, NVDR | 1225900 | 971014 |
| CP ALL PCL, NVDR | 611000 | 940801 |
| CP Axtra PCL, NVDR | 417292 | 315027 |
| Digital Telecommunications Infrastructure <br> Fund, Class F<br>| 1237900 | 303806 |
| Electricity Generating PCL | 46600 | 144815 |
| Indorama Ventures PCL, NVDR | 500500 | 284357 |
| Kasikornbank PCL, NVDR | 269700 | 1287949 |
| Krung Thai Bank PCL | 1390200 | 907186 |
| Minor International PCL, NVDR | 625000 | 503040 |
| Osotspa PCL, NVDR | 299600 | 141551 |
| PTT Exploration & Production PCL | 272400 | 806846 |
| PTT PCL, NVDR | 1739400 | 1613086 |
| Ratch Group PCL | 10500 | 8239 |
| SCB X PCL, NVDR | 296200 | 1055444 |
| Thai Oil PCL | 496300 | 397018 |
| Thai Union Group PCL, Class F | 993700 | 321028 |
| TMBThanachart Bank PCL, NVDR | 9412000 | 515578 |
| True Corp. PCL, NVDR \* | 1743700 | 631280 |
|  |  | 13868082 |
| **Turkey — 6.4%** | **Turkey — 6.4%** | **Turkey — 6.4%** |
| AG Anadolu Grubu Holding A/S | 66684 | 474868 |
| Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim A/S | 390746 | 216411 |
| Akbank TAS | 525249 | 667444 |
| Akcansa Cimento A/S | 133752 | 488626 |
| Aksa Enerji Uretim A/S | 198144 | 160549 |
| Anadolu Efes Biracilik ve Malt Sanayii A/S | 106283 | 442017 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 298123 | 1050251 |
| Astor Transformator Enerji Turizm Insaat ve <br> Petrol Sanayi Ticaret A/S<br>| 122490 | 320940 |
| Aygaz A/S | 113747 | 378223 |
| BIM Birlesik Magazalar A/S | 65723 | 772131 |
| Celebi Hava Servisi A/S | 6543 | 429102 |
| Cimsa Cimento Sanayi ve Ticaret A/S | 501657 | 612630 |
| Coca-Cola Icecek A/S | 285067 | 386833 |
| Dogan Sirketler Grubu Holding A/S | 1348190 | 547685 |
| Dogus Otomotiv Servis ve Ticaret A/S | 67509 | 343757 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal <br> Yatirimlar Sanayi ve Ticaret A/S<br>| 423563 | 484017 |
| Enerjisa Enerji A/S (b) | 69390 | 97816 |
| Enka Insaat ve Sanayi A/S | 484003 | 807507 |
| Ford Otomotiv Sanayi A/S | 23943 | 552413 |
| Is Gayrimenkul Yatirim Ortakligi A/S, REIT \* | 226958 | 84868 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Turkey — continued** | **Turkey — continued** | **Turkey — continued** |
| Is Yatirim Menkul Degerler A/S | 333675 | 312570 |
| KOC Holding A/S | 154234 | 555310 |
| Konya Cimento Sanayii A/S \* | 91 | 14300 |
| Mavi Giyim Sanayi ve Ticaret A/S, Class B (b) | 431268 | 363158 |
| Migros Ticaret A/S | 47649 | 594191 |
| MLP Saglik Hizmetleri A/S \* (b) | 63814 | 543226 |
| Nuh Cimento Sanayi A/S | 44642 | 283428 |
| Oyak Cimento Fabrikalari A/S \* | 886402 | 542592 |
| Pegasus Hava Tasimaciligi A/S \* | 99598 | 579237 |
| Sok Marketler Ticaret A/S | 352057 | 345343 |
| TAV Havalimanlari Holding A/S \* | 86723 | 516228 |
| Tekfen Holding A/S \* | 269278 | 958341 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S, <br> REIT<br>| 365171 | 583081 |
| Turk Hava Yollari AO \* | 105203 | 780598 |
| Turk Telekomunikasyon A/S \* | 491887 | 671959 |
| Turk Traktor ve Ziraat Makineleri A/S | 17357 | 273917 |
| Turkcell Iletisim Hizmetleri A/S | 303070 | 710867 |
| Turkiye Garanti Bankasi A/S | 58869 | 158236 |
| Turkiye Is Bankasi A/S, Class C | 1842349 | 496044 |
| Turkiye Petrol Rafinerileri A/S | 191692 | 623062 |
| Ulker Biskuvi Sanayi A/S \* | 130788 | 363740 |
| Yapi ve Kredi Bankasi A/S \* | 848316 | 504523 |
| Zorlu Enerji Elektrik Uretim A/S \* | 5835857 | 486457 |
|  |  | 20578496 |
| **United Arab Emirates — 4.1%** | **United Arab Emirates — 4.1%** | **United Arab Emirates — 4.1%** |
| Abu Dhabi Commercial Bank PJSC | 426154 | 1350418 |
| Abu Dhabi Islamic Bank PJSC | 223524 | 1112875 |
| Abu Dhabi National Oil Co. for Distribution <br> PJSC<br>| 499233 | 458129 |
| ADNOC Drilling Co. PJSC | 427359 | 570174 |
| ADNOC Logistics & Services | 295421 | 390150 |
| Air Arabia PJSC | 771399 | 733971 |
| Aldar Properties PJSC | 532855 | 1199965 |
| Borouge plc | 296497 | 208443 |
| Dubai Electricity & Water Authority PJSC | 749750 | 547088 |
| Dubai Islamic Bank PJSC | 494953 | 1019748 |
| Emaar Development PJSC | 243051 | 885733 |
| Emaar Properties PJSC | 372436 | 1330808 |
| Emirates NBD Bank PJSC | 98292 | 550089 |
| Emirates Telecommunications Group Co. PJSC | 212321 | 1005809 |
| NMDC Group PJSC | 110224 | 749621 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 87

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Arab Emirates — continued** | **United Arab Emirates — continued** | **United Arab Emirates — continued** |
| Salik Co. PJSC | 598081 | 824040 |
| Talabat Holding plc \* | 909295 | 350342 |
|  |  | 13287403 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| Anglogold Ashanti plc | 23689 | 986221 |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| GCC SAB de CV | 54792 | 460398 |
| JBS SA | 186497 | 1441000 |
| Titan Cement International SA | 4414 | 204910 |
|  |  | 2106308 |
| Total Common Stocks <br>(Cost $288,407,397)<br>|  | 321942243 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (c) (d) <br>(Cost $544,586)<br>| 544586 | 544586 |
| **Total Investments — 99.9%** <br>**(Cost $288,951,983)**<br>|  | **322486829** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **227105** |
| **NET ASSETS — 100.0%** |  | **322713934** |

---

&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** |  |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| 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) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) The rate shown is the current yield as of April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 15.8<br> %<br>|
| Oil, Gas & Consumable Fuels | 8.2 |
| Metals & Mining | 5.9 |
| Food Products | 4.5 |
| Electric Utilities | 4.3 |
| Wireless Telecommunication Services | 3.9 |
| Diversified Telecommunication Services | 3.8 |
| Pharmaceuticals | 3.4 |
| Transportation Infrastructure | 3.3 |
| Consumer Staples Distribution & Retail | 3.1 |
| Independent Power and Renewable Electricity Producers | 3.1 |
| IT Services | 2.7 |
| Semiconductors & Semiconductor Equipment | 2.6 |
| Beverages | 2.4 |
| Industrial Conglomerates | 2.0 |
| Specialty Retail | 2.0 |
| Chemicals | 1.8 |
| Real Estate Management & Development | 1.6 |
| Insurance | 1.5 |
| Automobiles | 1.5 |
| Construction Materials | 1.4 |
| Machinery | 1.4 |
| Gas Utilities | 1.3 |
| Passenger Airlines | 1.3 |
| Broadline Retail | 1.2 |
| Construction & Engineering | 1.1 |
| Electrical Equipment | 1.1 |
| Personal Care Products | 1.1 |
| Marine Transportation | 1.1 |
| Textiles, Apparel & Luxury Goods | 1.0 |
| Hotels, Restaurants & Leisure | 1.0 |
| Others (each less than 1.0%) | 9.4 |
| Short-Term Investments | 0.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 89

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 499275 | &nbsp;&nbsp;&nbsp;&nbsp; 2781 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Australia — 11.3%** | **Australia — 11.3%** | **Australia — 11.3%** |
| AGL Energy Ltd. | 174627 | 1190084 |
| Ampol Ltd. (a) | 42194 | 640683 |
| Ansell Ltd. | 39384 | 764032 |
| ANZ Group Holdings Ltd. | 19979 | 382044 |
| APA Group | 119684 | 629774 |
| Aurizon Holdings Ltd. | 97286 | 190458 |
| BHP Group Ltd. | 37908 | 903486 |
| BlueScope Steel Ltd. | 38387 | 587953 |
| Brambles Ltd. | 13188 | 173312 |
| CAR Group Ltd. | 33034 | 705088 |
| Charter Hall Group, REIT | 29240 | 316141 |
| Cochlear Ltd. | 5332 | 933796 |
| Coles Group Ltd. | 106138 | 1441333 |
| Dexus, REIT | 171785 | 826908 |
| Dyno Nobel Ltd. | 266716 | 387165 |
| EBOS Group Ltd. | 9793 | 212904 |
| Endeavour Group Ltd. (a) | 270359 | 691554 |
| Evolution Mining Ltd. | 81741 | 409933 |
| Fortescue Ltd. | 90012 | 929616 |
| Glencore plc | 234332 | 768313 |
| Goodman Group, REIT | 53531 | 1024789 |
| GPT Group (The), REIT | 317699 | 941773 |
| Harvey Norman Holdings Ltd. | 195302 | 652963 |
| Iluka Resources Ltd. | 16573 | 43908 |
| JB Hi-Fi Ltd. | 20440 | 1354513 |
| Lottery Corp. Ltd. (The) | 176891 | 589494 |
| Metcash Ltd. | 250238 | 515433 |
| New Hope Corp. Ltd. | 215403 | 505304 |
| Northern Star Resources Ltd. | 85789 | 1053805 |
| Orica Ltd. | 13828 | 143533 |
| Origin Energy Ltd. | 192449 | 1311734 |
| Pro Medicus Ltd. | 5815 | 852655 |
| Qantas Airways Ltd. | 55068 | 311350 |
| Ramsay Health Care Ltd. | 9229 | 196492 |
| REA Group Ltd. | 4584 | 728305 |
| Rio Tinto Ltd. | 13030 | 974868 |
| Rio Tinto plc | 20037 | 1193993 |
| Santos Ltd. | 299868 | 1152802 |
| SGH Ltd. | 11103 | 363120 |
| Sonic Healthcare Ltd. | 54860 | 915996 |
| South32 Ltd. | 277061 | 477458 |
| Stockland, REIT | 379145 | 1332406 |
| Telstra Group Ltd. | 441088 | 1273023 |
| Treasury Wine Estates Ltd. | 12734 | 72787 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Vicinity Ltd., REIT | 686241 | 1037838 |
| Wesfarmers Ltd. | 26602 | 1332660 |
| Whitehaven Coal Ltd. | 283142 | 905697 |
| WiseTech Global Ltd. | 13931 | 792158 |
| Woodside Energy Group Ltd. | 60943 | 794400 |
| Yancoal Australia Ltd. | 217615 | 693901 |
|  |  | 36623735 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| Mondi plc | 11706 | 177687 |
| OMV AG | 24597 | 1271754 |
|  |  | 1449441 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Anheuser-Busch InBev SA | 3828 | 252300 |
| D'ieteren Group | 1494 | 298353 |
| Syensqo SA | 2514 | 179833 |
|  |  | 730486 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Antofagasta plc | 40618 | 891384 |
| **China — 1.1%** | **China — 1.1%** | **China — 1.1%** |
| AAC Technologies Holdings, Inc. | 107000 | 512205 |
| Budweiser Brewing Co. APAC Ltd. (b) | 658706 | 696008 |
| Lenovo Group Ltd. | 766000 | 885938 |
| SITC International Holdings Co. Ltd. | 169917 | 469947 |
| Wilmar International Ltd. | 345400 | 810128 |
| Xinyi Glass Holdings Ltd. | 120000 | 112354 |
|  |  | 3486580 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| Carlsberg A/S, Class B (a) | 8239 | 1122594 |
| Novo Nordisk A/S, Class B | 5998 | 401036 |
|  |  | 1523630 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| Elisa OYJ | 8303 | 442948 |
| Kesko OYJ, Class B | 27231 | 625192 |
| Orion OYJ, Class B | 8343 | 522368 |
| UPM-Kymmene OYJ (a) | 31013 | 821414 |
| Wartsila OYJ Abp | 8826 | 163072 |
|  |  | 2574994 |
| **France — 5.4%** | **France — 5.4%** | **France — 5.4%** |
| Air Liquide SA | 2036 | 418354 |
| Arkema SA | 7613 | 578782 |
| Canal+ SA \* | 65719 | 149295 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 91

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Capgemini SE | 4375 | 698479 |
| Carrefour SA (a) | 58770 | 906451 |
| Cie Generale des Etablissements Michelin SCA | 16038 | 586441 |
| Covivio SA, REIT | 8444 | 473496 |
| Credit Agricole SA | 48835 | 915978 |
| Danone SA | 16163 | 1390768 |
| Eiffage SA | 8713 | 1185602 |
| Engie SA | 56648 | 1170819 |
| EssilorLuxottica SA | 3843 | 1107372 |
| Gecina SA, REIT | 7756 | 796220 |
| Klepierre SA, REIT | 38663 | 1415188 |
| Orange SA | 82948 | 1203414 |
| Publicis Groupe SA | 10875 | 1106498 |
| TotalEnergies SE | 17959 | 1022858 |
| Unibail-Rodamco-Westfield, REIT | 10339 | 875248 |
| Vinci SA | 7678 | 1078508 |
| Vivendi SE | 105976 | 330482 |
|  |  | 17410253 |
| **Germany — 2.5%** | **Germany — 2.5%** | **Germany — 2.5%** |
| Beiersdorf AG | 2297 | 323643 |
| Brenntag SE | 5142 | 343402 |
| Covestro AG \* | 4767 | 320778 |
| Deutsche Telekom AG (Registered) | 33580 | 1206110 |
| Evonik Industries AG | 34507 | 775471 |
| Fresenius Medical Care AG | 15968 | 812381 |
| Heidelberg Materials AG | 6777 | 1354813 |
| Mercedes-Benz Group AG | 14062 | 840750 |
| Merck KGaA | 3136 | 436594 |
| SAP SE | 4498 | 1316064 |
| Scout24 SE (b) | 3700 | 440954 |
|  |  | 8170960 |
| **Hong Kong — 3.1%** | **Hong Kong — 3.1%** | **Hong Kong — 3.1%** |
| ASMPT Ltd. | 45000 | 302737 |
| CK Infrastructure Holdings Ltd. | 166000 | 1118782 |
| CLP Holdings Ltd. | 138500 | 1180940 |
| Henderson Land Development Co. Ltd. | 185000 | 524649 |
| Hong Kong & China Gas Co. Ltd. | 1044393 | 939718 |
| Hongkong Land Holdings Ltd. | 43200 | 211421 |
| Hutchison Port Holdings Trust | 929800 | 138421 |
| Orient Overseas International Ltd. | 55000 | 768266 |
| PCCW Ltd. | 1219000 | 812652 |
| Power Assets Holdings Ltd. | 180500 | 1193683 |
| Sun Hung Kai Properties Ltd. | 40000 | 379456 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Swire Pacific Ltd., Class A | 90500 | 782614 |
| United Energy Group Ltd. | 5208000 | 271898 |
| WH Group Ltd. (b) | 1444243 | 1291453 |
| Yue Yuen Industrial Holdings Ltd. | 172000 | 246940 |
|  |  | 10163630 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| First Pacific Co. Ltd. | 312000 | 209935 |
| **Italy — 3.0%** | **Italy — 3.0%** | **Italy — 3.0%** |
| A2A SpA | 424309 | 1079132 |
| Banca Mediolanum SpA | 21672 | 323993 |
| BPER Banca SpA (a) | 28673 | 232885 |
| Coca-Cola HBC AG | 28234 | 1470249 |
| Enel SpA | 71067 | 616078 |
| Eni SpA | 60194 | 862071 |
| Generali | 18059 | 660015 |
| Italgas SpA | 132620 | 1089609 |
| Pirelli & C SpA (b) | 36973 | 228586 |
| Poste Italiane SpA (b) | 53915 | 1094323 |
| Recordati Industria Chimica e Farmaceutica SpA | 14180 | 836738 |
| Terna - Rete Elettrica Nazionale | 653 | 6493 |
| UniCredit SpA | 21439 | 1247339 |
|  |  | 9747511 |
| **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** |
| Endeavour Mining plc | 31201 | 837832 |
| **Japan — 27.0%** | **Japan — 27.0%** | **Japan — 27.0%** |
| Activia Properties, Inc., REIT | 167 | 400442 |
| Aeon Mall Co. Ltd. | 28700 | 550684 |
| AEON REIT Investment Corp., REIT | 332 | 290560 |
| Alfresa Holdings Corp. | 33500 | 505720 |
| Asahi Group Holdings Ltd. | 71500 | 988294 |
| Asahi Kasei Corp. | 31900 | 222303 |
| BIPROGY, Inc. | 7500 | 244936 |
| Brother Industries Ltd. | 34500 | 606289 |
| Canon Marketing Japan, Inc. | 20000 | 707998 |
| Canon, Inc. (a) | 37000 | 1141811 |
| Capcom Co. Ltd. | 27900 | 807720 |
| Chugai Pharmaceutical Co. Ltd. | 26700 | 1538175 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 19500 | 366343 |
| COMSYS Holdings Corp. | 27800 | 616161 |
| Cosmo Energy Holdings Co. Ltd. | 16200 | 664882 |
| Daito Trust Construction Co. Ltd. | 10500 | 1169039 |
| Daiwa Securities Group, Inc. | 122600 | 806209 |
| Dexerials Corp. | 15900 | 186810 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Dowa Holdings Co. Ltd. | 5200 | 166840 |
| Electric Power Development Co. Ltd. | 68600 | 1204304 |
| ENEOS Holdings, Inc. | 221400 | 1065871 |
| Fuji Media Holdings, Inc. | 5500 | 113891 |
| FUJIFILM Holdings Corp. | 45300 | 927852 |
| Hachijuni Bank Ltd. (The) | 31400 | 237007 |
| Hikari Tsushin, Inc. | 4300 | 1192724 |
| Hoya Corp. | 1300 | 152966 |
| Hulic Co. Ltd. | 86200 | 901385 |
| Idemitsu Kosan Co. Ltd. | 120385 | 746028 |
| Inpex Corp. | 73900 | 924452 |
| Invincible Investment Corp., REIT | 1162 | 480264 |
| ITOCHU Corp. | 22400 | 1145602 |
| Iwatani Corp. | 28400 | 271927 |
| Japan Metropolitan Fund Invest, REIT | 880 | 586326 |
| Japan Post Holdings Co. Ltd. | 68900 | 669726 |
| Japan Post Insurance Co. Ltd. | 28100 | 564899 |
| Japan Real Estate Investment Corp., REIT | 366 | 290462 |
| Japan Tobacco, Inc. | 39700 | 1223079 |
| JFE Holdings, Inc. | 4900 | 57066 |
| Kajima Corp. | 12300 | 293695 |
| Kakaku.com, Inc. | 12500 | 221073 |
| Kansai Electric Power Co., Inc. (The) | 73500 | 905552 |
| Kao Corp. | 26000 | 1113360 |
| Kawasaki Kisen Kaisha Ltd. | 83400 | 1143774 |
| KDDI Corp. | 76400 | 1354085 |
| Kinden Corp. | 14100 | 364968 |
| Kirin Holdings Co. Ltd. | 30300 | 458338 |
| Kobe Steel Ltd. | 94200 | 1104768 |
| K's Holdings Corp. | 46700 | 447247 |
| Kuraray Co. Ltd. | 75700 | 884289 |
| Kyowa Kirin Co. Ltd. | 18200 | 284186 |
| Kyushu Electric Power Co., Inc. | 125000 | 1114103 |
| Marubeni Corp. | 66100 | 1171865 |
| MatsukiyoCocokara & Co. | 52100 | 956381 |
| Mebuki Financial Group, Inc. | 73700 | 360108 |
| Medipal Holdings Corp. | 35300 | 598183 |
| MEIJI Holdings Co. Ltd. | 41500 | 1020354 |
| Mitsubishi Chemical Group Corp. | 56400 | 274192 |
| Mitsubishi Corp. | 47300 | 898065 |
| Mitsubishi Gas Chemical Co., Inc. | 17400 | 265115 |
| Mitsubishi HC Capital, Inc. | 122900 | 869412 |
| Mitsubishi UFJ Financial Group, Inc. | 92900 | 1170459 |
| Mitsui & Co. Ltd. | 52600 | 1063631 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Mitsui Fudosan Co. Ltd. | 83000 | 822584 |
| Mitsui Mining & Smelting Co. Ltd. | 29200 | 793860 |
| Morinaga Milk Industry Co. Ltd. | 9900 | 235250 |
| MS&AD Insurance Group Holdings, Inc. | 38600 | 877371 |
| NEC Corp. | 28500 | 693771 |
| NH Foods Ltd. | 10000 | 377533 |
| Nichirei Corp. | 17600 | 241427 |
| Nintendo Co. Ltd. | 17800 | 1477756 |
| Nippon Building Fund, Inc., REIT | 323 | 299812 |
| Nippon Shokubai Co. Ltd. | 37000 | 433608 |
| Nippon Steel Corp. | 48800 | 1027128 |
| Nippon Telegraph & Telephone Corp. | 1274800 | 1332519 |
| Nippon Yusen KK | 27300 | 891971 |
| Nisshin Seifun Group, Inc. | 4800 | 61928 |
| Niterra Co. Ltd. | 37700 | 1173860 |
| Nitto Denko Corp. | 64700 | 1137220 |
| NOF Corp. | 900 | 13548 |
| Nomura Real Estate Holdings, Inc. | 209700 | 1247179 |
| Nomura Real Estate Master Fund, Inc., REIT | 119 | 118471 |
| NS Solutions Corp. | 7200 | 170819 |
| Obayashi Corp. | 15300 | 237382 |
| Ono Pharmaceutical Co. Ltd. | 72100 | 829938 |
| Open House Group Co. Ltd. | 7600 | 336999 |
| ORIX Corp. | 6000 | 120360 |
| Osaka Gas Co. Ltd. | 52100 | 1321155 |
| Otsuka Holdings Co. Ltd. | 25100 | 1223645 |
| PeptiDream, Inc. \* | 23300 | 317184 |
| Rohto Pharmaceutical Co. Ltd. | 7100 | 118763 |
| Sankyo Co. Ltd. | 63500 | 966505 |
| Santen Pharmaceutical Co. Ltd. | 93800 | 950043 |
| Sanwa Holdings Corp. | 19400 | 636760 |
| Sapporo Holdings Ltd. | 2800 | 155494 |
| Sawai Group Holdings Co. Ltd. | 33400 | 481275 |
| SCREEN Holdings Co. Ltd. | 900 | 59847 |
| SCSK Corp. | 27000 | 706196 |
| Seiko Epson Corp. | 50500 | 700591 |
| Sekisui Chemical Co. Ltd. | 20300 | 354721 |
| Sekisui House Ltd. | 27500 | 632231 |
| Sekisui House REIT, Inc., REIT | 778 | 419715 |
| Shimamura Co. Ltd. | 6000 | 399234 |
| Shionogi & Co. Ltd. | 80300 | 1349081 |
| Ship Healthcare Holdings, Inc. | 8600 | 124764 |
| Skylark Holdings Co. Ltd. | 19400 | 402632 |
| SoftBank Corp. | 860700 | 1302450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 93

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| SoftBank Group Corp. | 6600 | 333760 |
| Sojitz Corp. | 29220 | 691282 |
| Subaru Corp. | 12400 | 224538 |
| Sugi Holdings Co. Ltd. | 21100 | 443223 |
| Sumitomo Mitsui Financial Group, Inc. | 49500 | 1180932 |
| Suntory Beverage & Food Ltd. | 19100 | 667370 |
| Suzuken Co. Ltd. | 12100 | 437144 |
| Takeda Pharmaceutical Co. Ltd. | 41600 | 1258343 |
| TIS, Inc. | 2200 | 63499 |
| Toho Gas Co. Ltd. | 16100 | 481597 |
| Tohoku Electric Power Co., Inc. | 134700 | 968029 |
| Tokyo Electron Ltd. | 5300 | 789161 |
| Tokyo Gas Co. Ltd. | 38900 | 1292367 |
| Tokyo Tatemono Co. Ltd. | 55500 | 995022 |
| Tokyu Fudosan Holdings Corp. | 167000 | 1169638 |
| Tosoh Corp. | 30500 | 429950 |
| Toyo Suisan Kaisha Ltd. | 17500 | 1131301 |
| Toyo Tire Corp. | 10400 | 194447 |
| Toyota Boshoku Corp. | 9600 | 137748 |
| Trend Micro, Inc. | 7500 | 538129 |
| Tsumura & Co. | 17300 | 520229 |
| UBE Corp. | 21600 | 316903 |
| United Urban Investment Corp., REIT | 295 | 310431 |
| USS Co. Ltd. | 66700 | 664849 |
| Yamada Holdings Co. Ltd. | 59600 | 192078 |
| Yamaguchi Financial Group, Inc. | 3500 | 41350 |
| Yamaha Motor Co. Ltd. (a) | 90100 | 707621 |
| Yamato Kogyo Co. Ltd. | 3200 | 190556 |
| Yamazaki Baking Co. Ltd. | 10600 | 253749 |
| Yokohama Rubber Co. Ltd. (The) | 26500 | 579418 |
|  |  | 87853494 |
| **Jordan — 0.3%** | **Jordan — 0.3%** | **Jordan — 0.3%** |
| Hikma Pharmaceuticals plc | 40998 | 1086429 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| RTL Group SA \* | 7378 | 302576 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| MGM China Holdings Ltd. | 184400 | 238967 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Fresnillo plc | 42535 | 570078 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| ABN AMRO Bank NV, CVA (a) (b) | 35653 | 738832 |
| ASR Nederland NV | 8137 | 513435 |
| Havas NV \* | 105998 | 176334 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Heineken Holding NV | 9759 | 763054 |
| Koninklijke Ahold Delhaize NV | 34030 | 1397240 |
| Koninklijke KPN NV | 290432 | 1351047 |
| NN Group NV | 6365 | 390304 |
| Wolters Kluwer NV | 7148 | 1262044 |
|  |  | 6592290 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 42898 | 865382 |
| Spark New Zealand Ltd. | 66877 | 82628 |
|  |  | 948010 |
| **Norway — 1.3%** | **Norway — 1.3%** | **Norway — 1.3%** |
| Aker BP ASA | 4362 | 93641 |
| DNB Bank ASA | 13984 | 349574 |
| Equinor ASA | 50070 | 1133366 |
| Mowi ASA | 26724 | 490024 |
| Norsk Hydro ASA | 76633 | 406493 |
| Orkla ASA | 70100 | 781788 |
| Salmar ASA | 504 | 24905 |
| Telenor ASA | 66221 | 994639 |
|  |  | 4274430 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| ORLEN SA | 821 | 14826 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Galp Energia SGPS SA | 47830 | 741067 |
| Jeronimo Martins SGPS SA | 29727 | 719464 |
|  |  | 1460531 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Evraz plc ‡ \* | 393430 |  |
| **Singapore — 3.1%** | **Singapore — 3.1%** | **Singapore — 3.1%** |
| CapitaLand Ascendas, REIT | 154742 | 315311 |
| CapitaLand Integrated Commercial Trust, REIT | 698308 | 1149206 |
| ComfortDelGro Corp. Ltd. | 249000 | 292121 |
| DBS Group Holdings Ltd. | 20800 | 675776 |
| Genting Singapore Ltd. | 174100 | 98727 |
| Jardine Cycle & Carriage Ltd. | 16800 | 333677 |
| Keppel Ltd. | 133200 | 669690 |
| Mapletree Pan Asia Commercial Trust, REIT | 4700 | 4402 |
| Oversea-Chinese Banking Corp. Ltd. | 95300 | 1179410 |
| Sembcorp Industries Ltd. | 196300 | 992919 |
| Singapore Airlines Ltd. | 205300 | 1053582 |
| Singapore Telecommunications Ltd. | 490600 | 1419402 |
| STMicroelectronics NV (a) | 10179 | 231400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Singapore — continued** | **Singapore — continued** | **Singapore — continued** |
| Suntec, REIT | 674900 | 595037 |
| United Overseas Bank Ltd. | 18000 | 478059 |
| Venture Corp. Ltd. | 73900 | 656012 |
|  |  | 10144731 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Anglo American plc | 40406 | 1103018 |
| **South Korea — 7.7%** | **South Korea — 7.7%** | **South Korea — 7.7%** |
| CJ CheilJedang Corp. | 2770 | 465874 |
| CJ Corp. | 4153 | 363029 |
| CJ Logistics Corp. | 1599 | 93279 |
| DB Insurance Co. Ltd. | 4817 | 310337 |
| Doosan Bobcat, Inc. | 9655 | 331944 |
| GS Holdings Corp. | 7301 | 198523 |
| GS Retail Co. Ltd. | 11191 | 116466 |
| Hana Financial Group, Inc. | 28599 | 1296968 |
| Hankook Tire & Technology Co. Ltd. | 19196 | 557564 |
| Hanmi Pharm Co. Ltd. | 1390 | 262917 |
| Hanwha Aerospace Co. Ltd. | 2496 | 1402762 |
| Hanwha Vision Co. Ltd. \* | 2119 | 89910 |
| HD Hyundai Co. Ltd. | 9975 | 551668 |
| HD Hyundai Electric Co. Ltd. | 4718 | 1026754 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 7439 | 1423056 |
| Hyundai Mobis Co. Ltd. | 3376 | 633704 |
| Industrial Bank of Korea | 71595 | 772683 |
| KB Financial Group, Inc. | 20526 | 1297218 |
| Kia Corp. | 12866 | 817677 |
| Korea Electric Power Corp. | 11891 | 214455 |
| Korea Gas Corp. | 33978 | 925627 |
| Korea Investment Holdings Co. Ltd. | 199 | 11619 |
| Korean Air Lines Co. Ltd. | 18138 | 267406 |
| KT&G Corp. | 16994 | 1371659 |
| LG Corp. | 13670 | 640152 |
| LG H&H Co. Ltd. | 2232 | 528853 |
| LG Innotek Co. Ltd. | 3534 | 347382 |
| LG Uplus Corp. | 74034 | 625112 |
| NAVER Corp. | 794 | 111720 |
| NH Investment & Securities Co. Ltd. | 22258 | 240629 |
| NongShim Co. Ltd. | 1686 | 477819 |
| Orion Corp. | 11265 | 976437 |
| Posco International Corp. | 11713 | 403801 |
| Samsung Electronics Co. Ltd. | 18541 | 723424 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1300 | 342976 |
| Samsung SDS Co. Ltd. | 2744 | 247280 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Samsung Securities Co. Ltd. | 11951 | 438083 |
| SK Hynix, Inc. | 7854 | 979968 |
| SK, Inc. | 1874 | 174415 |
| S-Oil Corp. | 9084 | 331801 |
| Woori Financial Group, Inc. | 113028 | 1407488 |
| Yuhan Corp. | 14000 | 1121934 |
|  |  | 24922373 |
| **Spain — 2.5%** | **Spain — 2.5%** | **Spain — 2.5%** |
| Amadeus IT Group SA | 15397 | 1211944 |
| Endesa SA | 47192 | 1417297 |
| Iberdrola SA | 85367 | 1538814 |
| Industria de Diseno Textil SA | 20717 | 1114056 |
| Merlin Properties Socimi SA, REIT | 37478 | 425011 |
| Naturgy Energy Group SA | 38057 | 1133796 |
| Redeia Corp. SA | 16320 | 342235 |
| Telefonica SA | 202687 | 1041252 |
|  |  | 8224405 |
| **Sweden — 2.4%** | **Sweden — 2.4%** | **Sweden — 2.4%** |
| Castellum AB \* | 30267 | 368356 |
| Essity AB, Class B | 30289 | 875929 |
| Getinge AB, Class B | 11746 | 227015 |
| H & M Hennes & Mauritz AB, Class B | 23310 | 337775 |
| Investor AB, Class B | 11937 | 353675 |
| Securitas AB, Class B (a) | 59576 | 944086 |
| SKF AB, Class B | 28067 | 550152 |
| SSAB AB, Class B | 172507 | 1072285 |
| Tele2 AB, Class B | 99056 | 1461476 |
| Telefonaktiebolaget LM Ericsson, Class B | 62757 | 530132 |
| Telia Co. AB | 138693 | 520997 |
| Trelleborg AB, Class B | 18577 | 640566 |
|  |  | 7882444 |
| **Switzerland — 1.4%** | **Switzerland — 1.4%** | **Switzerland — 1.4%** |
| DSM-Firmenich AG | 3635 | 394882 |
| Logitech International SA (Registered) | 12803 | 972901 |
| PSP Swiss Property AG (Registered) | 3623 | 645150 |
| Sandoz Group AG | 2236 | 96986 |
| Sonova Holding AG (Registered) | 1363 | 419005 |
| Swiss Prime Site AG (Registered) (a) | 7728 | 1089695 |
| Swisscom AG (Registered) | 1119 | 746242 |
| Temenos AG (Registered) | 2820 | 201998 |
|  |  | 4566859 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 95

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Thai Beverage PCL | 1274400 | 488413 |
| **United Kingdom — 17.1%** | **United Kingdom — 17.1%** | **United Kingdom — 17.1%** |
| 3i Group plc | 25661 | 1454749 |
| Admiral Group plc | 17294 | 752158 |
| Associated British Foods plc | 41134 | 1133865 |
| AstraZeneca plc | 7846 | 1124071 |
| Auto Trader Group plc (b) | 82567 | 927628 |
| Aviva plc | 169377 | 1269040 |
| B&M European Value Retail SA | 171317 | 770478 |
| BAE Systems plc | 63460 | 1471170 |
| Barclays plc | 328243 | 1307603 |
| Barratt Redrow plc | 15040 | 93762 |
| Berkeley Group Holdings plc | 6408 | 357203 |
| British American Tobacco plc | 31805 | 1385373 |
| British Land Co. plc (The), REIT | 238990 | 1257292 |
| BT Group plc | 540309 | 1254034 |
| Bunzl plc | 28869 | 907194 |
| Centrica plc | 668506 | 1431293 |
| CK Hutchison Holdings Ltd. | 16756 | 94488 |
| ConvaTec Group plc (b) | 225617 | 784393 |
| Croda International plc | 10425 | 411514 |
| DCC plc | 3859 | 252216 |
| Diploma plc | 4463 | 236814 |
| Halma plc | 8803 | 324933 |
| Hiscox Ltd. | 12097 | 178040 |
| Howden Joinery Group plc | 37693 | 387616 |
| HSBC Holdings plc | 116434 | 1297934 |
| IMI plc | 36544 | 867291 |
| Imperial Brands plc | 35420 | 1453390 |
| Informa plc | 107861 | 1053687 |
| InterContinental Hotels Group plc | 10296 | 1098685 |
| Intermediate Capital Group plc | 21899 | 550847 |
| International Consolidated Airlines Group SA | 302215 | 1050036 |
| Intertek Group plc | 16643 | 1022128 |
| J Sainsbury plc | 271543 | 965094 |
| Kingfisher plc | 188007 | 722604 |
| Land Securities Group plc, REIT | 134261 | 1063923 |
| Legal & General Group plc | 10120 | 31869 |
| M&G plc | 218495 | 606299 |
| Marks & Spencer Group plc | 198577 | 1031915 |
| National Grid plc | 92668 | 1337580 |
| NatWest Group plc | 217389 | 1398308 |
| Next plc | 9826 | 1621060 |
| Pearson plc | 74999 | 1202326 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Persimmon plc | 17935 | 310382 |
| Reckitt Benckiser Group plc | 12412 | 801151 |
| RELX plc | 22302 | 1217135 |
| Rightmove plc | 122856 | 1213345 |
| Rolls-Royce Holdings plc | 123233 | 1247423 |
| Sage Group plc (The) | 59488 | 986230 |
| Smiths Group plc | 48241 | 1202146 |
| SSE plc | 50280 | 1133616 |
| Standard Chartered plc | 79936 | 1151338 |
| Taylor Wimpey plc | 514228 | 808011 |
| Tesco plc | 255662 | 1265272 |
| Unilever plc | 20107 | 1280210 |
| UNITE Group plc (The), REIT | 59248 | 680702 |
| United Utilities Group plc | 83847 | 1260586 |
| Vodafone Group plc | 1022489 | 1004800 |
| Weir Group plc (The) | 13950 | 420502 |
| Wise plc, Class A \* | 51004 | 668988 |
| WPP plc | 123183 | 954983 |
|  |  | 55548723 |
| **United States — 3.7%** | **United States — 3.7%** | **United States — 3.7%** |
| BP plc | 122359 | 564979 |
| CSL Ltd. | 5908 | 948311 |
| Experian plc | 21625 | 1075866 |
| GSK plc | 51870 | 1026128 |
| Haleon plc | 247490 | 1245337 |
| Holcim AG | 10826 | 1209784 |
| Novartis AG (Registered) | 10640 | 1213570 |
| Roche Holding AG | 2915 | 953166 |
| Sanofi SA | 4415 | 482965 |
| Schneider Electric SE | 2324 | 542993 |
| Shell plc | 39931 | 1288643 |
| Sims Ltd. | 32235 | 300881 |
| Smurfit WestRock plc | 11647 | 489009 |
| Tenaris SA | 31679 | 528245 |
|  |  | 11869877 |
| Total Common Stocks <br>(Cost $293,248,865)<br>|  | 321912845 |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (c) (d) <br>(Cost $188,082)<br>| 188044 | 188082 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 1.9%** | **Investment of Cash Collateral from Securities Loaned — 1.9%** | **Investment of Cash Collateral from Securities Loaned — 1.9%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (c) (d)(Cost <br> $6,316,151)<br>| 6316151 | 6316151 |
| Total Short-Term Investments <br>(Cost $6,504,233)<br>|  | 6504233 |
| **Total Investments — 101.0%** <br>**(Cost $299,753,098)**<br>|  | **328417078** |
| **Liabilities in Excess of Other Assets — (1.0)%** |  | **(3384595)**<br>|
| **NET ASSETS — 100.0%** |  | **325032483** |

---

&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** |  |
| APAC | Asia Pacific |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |

---

&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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $5,721,627.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (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 April 30, <br> 2025.<br>|

---

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Pharmaceuticals | 5.9<br> %<br>|
| Banks | 5.8 |
| Oil, Gas & Consumable Fuels | 5.0 |
| Metals & Mining | 4.8 |
| Diversified Telecommunication Services | 4.4 |
| Electric Utilities | 4.0 |
| Food Products | 3.5 |
| Consumer Staples Distribution & Retail | 3.4 |
| Real Estate Management & Development | 3.1 |
| Gas Utilities | 2.4 |
| Diversified REITs | 2.3 |
| Insurance | 2.3 |
| Trading Companies & Distributors | 2.3 |
| Chemicals | 2.3 |
| Beverages | 2.3 |
| Multi-Utilities | 2.2 |
| Industrial Conglomerates | 1.9 |
| Technology Hardware, Storage & Peripherals | 1.8 |
| Wireless Telecommunication Services | 1.7 |
| Tobacco | 1.6 |
| Retail REITs | 1.6 |
| Health Care Equipment & Supplies | 1.6 |
| Specialty Retail | 1.6 |
| Professional Services | 1.4 |
| Machinery | 1.3 |
| Broadline Retail | 1.3 |
| Interactive Media & Services | 1.3 |
| Aerospace & Defense | 1.3 |
| Automobile Components | 1.2 |
| Media | 1.2 |
| Software | 1.2 |
| Health Care Providers & Services | 1.2 |
| Construction & Engineering | 1.1 |
| Hotels, Restaurants & Leisure | 1.1 |
| Capital Markets | 1.1 |
| Personal Care Products | 1.0 |
| Marine Transportation | 1.0 |
| Others (each less than 1.0%) | 13.5 |
| Short-Term Investments | 2.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 97

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2245140 | &nbsp;&nbsp;&nbsp;&nbsp; 60113 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| General Dynamics Corp. | 4430 | 1205492 |
| Lockheed Martin Corp. | 2395 | 1144211 |
|  |  | 2349703 |
| **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** |
| Ford Motor Co. | 61265 | 613263 |
| Gentex Corp. | 33136 | 721702 |
|  |  | 1334965 |
| **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** |
| Bank of America Corp. | 27676 | 1103719 |
| Citizens Financial Group, Inc. | 5970 | 220233 |
| Discover Financial Services | 3244 | 592581 |
| Fifth Third Bancorp | 26172 | 940622 |
| First Citizens BancShares, Inc., Class A | 757 | 1346809 |
| Huntington Bancshares, Inc. | 76040 | 1104861 |
| KeyCorp | 13079 | 194092 |
| Popular, Inc. (Puerto Rico) | 8443 | 805631 |
| Regions Financial Corp. | 14943 | 304987 |
| US Bancorp | 8444 | 340631 |
|  |  | 6954166 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| Boston Beer Co., Inc. (The), Class A \* | 2685 | 659973 |
| Coca-Cola Co. (The) | 20408 | 1480600 |
| Coca-Cola Consolidated, Inc. | 1026 | 1391061 |
| Keurig Dr Pepper, Inc. | 35944 | 1243303 |
| Molson Coors Beverage Co., Class B | 23322 | 1341715 |
| Monster Beverage Corp. \* | 19659 | 1181899 |
| PepsiCo, Inc. | 7880 | 1068370 |
|  |  | 8366921 |
| **Chemicals — 3.8%** | **Chemicals — 3.8%** | **Chemicals — 3.8%** |
| Air Products and Chemicals, Inc. | 1497 | 405822 |
| Ashland, Inc. | 4405 | 239588 |
| Celanese Corp. | 9443 | 420308 |
| CF Industries Holdings, Inc. | 19098 | 1496710 |
| Eastman Chemical Co. | 14704 | 1132208 |
| Ecolab, Inc. | 5358 | 1347162 |
| Element Solutions, Inc. | 41833 | 853812 |
| FMC Corp. | 15306 | 641627 |
| International Flavors & Fragrances, Inc. | 17486 | 1371952 |
| Linde plc | 2398 | 1086846 |
| LyondellBasell Industries NV, Class A | 14916 | 868260 |
| Mosaic Co. (The) | 22527 | 684821 |
| NewMarket Corp. | 1264 | 777739 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Olin Corp. | 24164 | 522426 |
| Scotts Miracle-Gro Co. (The) | 10193 | 513523 |
| Westlake Corp. | 9494 | 877530 |
|  |  | 13240334 |
| **Construction & Materials — 2.1%** | **Construction & Materials — 2.1%** | **Construction & Materials — 2.1%** |
| A O Smith Corp. | 14444 | 980170 |
| Builders FirstSource, Inc. \* | 7591 | 908111 |
| Carlisle Cos., Inc. | 1379 | 523303 |
| Carrier Global Corp. | 4765 | 298003 |
| Eagle Materials, Inc. | 2764 | 625742 |
| Fortune Brands Innovations, Inc. | 5915 | 318345 |
| Louisiana-Pacific Corp. | 5249 | 453041 |
| Masco Corp. | 13601 | 824357 |
| Owens Corning | 6892 | 1002166 |
| Quanta Services, Inc. | 4819 | 1410473 |
|  |  | 7343711 |
| **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** |
| Grand Canyon Education, Inc. \* | 1985 | 354065 |
| H&R Block, Inc. | 22200 | 1340214 |
| Service Corp. International | 8126 | 649267 |
|  |  | 2343546 |
| **Electricity — 7.5%** | **Electricity — 7.5%** | **Electricity — 7.5%** |
| American Electric Power Co., Inc. | 13799 | 1494984 |
| Brookfield Renewable Corp. (Canada) | 7077 | 201411 |
| Clearway Energy, Inc., Class C | 7568 | 222045 |
| CMS Energy Corp. | 15789 | 1162860 |
| Consolidated Edison, Inc. | 13418 | 1512880 |
| Dominion Energy, Inc. | 23493 | 1277549 |
| DTE Energy Co. | 9505 | 1302185 |
| Edison International | 16039 | 858247 |
| Entergy Corp. | 17744 | 1475768 |
| Evergy, Inc. | 21939 | 1515985 |
| Exelon Corp. | 32088 | 1504927 |
| FirstEnergy Corp. | 31718 | 1360068 |
| IDACORP, Inc. | 683 | 80655 |
| NRG Energy, Inc. | 16665 | 1826151 |
| OGE Energy Corp. | 32862 | 1491278 |
| Pinnacle West Capital Corp. | 15695 | 1493850 |
| PPL Corp. | 43183 | 1576180 |
| Public Service Enterprise Group, Inc. | 17039 | 1361927 |
| Southern Co. (The) | 15797 | 1451586 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 99

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electricity — continued** | **Electricity — continued** | **Electricity — continued** |
| Vistra Corp. | 12396 | 1606893 |
| Xcel Energy, Inc. | 21005 | 1485054 |
|  |  | 26262483 |
| **Electronic & Electrical Equipment — 0.3%** | **Electronic & Electrical Equipment — 0.3%** | **Electronic & Electrical Equipment — 0.3%** |
| Hubbell, Inc. | 2968 | 1077918 |
| Veralto Corp. | 1443 | 138384 |
|  |  | 1216302 |
| **Finance & Credit Services — 0.8%** | **Finance & Credit Services — 0.8%** | **Finance & Credit Services — 0.8%** |
| Ally Financial, Inc. | 4736 | 154678 |
| MGIC Investment Corp. | 53780 | 1339660 |
| OneMain Holdings, Inc. | 16027 | 754391 |
| SLM Corp. | 18725 | 541339 |
|  |  | 2790068 |
| **Food Producers — 7.4%** | **Food Producers — 7.4%** | **Food Producers — 7.4%** |
| Archer-Daniels-Midland Co. | 23466 | 1120502 |
| BellRing Brands, Inc. \* | 15179 | 1170908 |
| Bunge Global SA | 14659 | 1153956 |
| Conagra Brands, Inc. | 52994 | 1309482 |
| Corteva, Inc. | 24315 | 1507287 |
| Darling Ingredients, Inc. \* | 15617 | 502711 |
| Flowers Foods, Inc. | 45998 | 809105 |
| General Mills, Inc. | 22372 | 1269387 |
| Hershey Co. (The) | 7804 | 1304751 |
| Hormel Foods Corp. | 48194 | 1441001 |
| Ingredion, Inc. | 10656 | 1415330 |
| J M Smucker Co. (The) | 9000 | 1046430 |
| Kellanova | 17503 | 1448723 |
| Kraft Heinz Co. (The) | 44839 | 1304815 |
| McCormick & Co., Inc. (Non-Voting) | 17462 | 1338637 |
| Mondelez International, Inc., Class A | 17960 | 1223615 |
| Pilgrim's Pride Corp. | 26425 | 1442276 |
| Post Holdings, Inc. \* | 12606 | 1426621 |
| The Campbell's Co. | 27463 | 1001301 |
| Tyson Foods, Inc., Class A | 24034 | 1471842 |
| US Foods Holding Corp. \* | 21991 | 1443929 |
|  |  | 26152609 |
| **Gas, Water & Multi-utilities — 2.4%** | **Gas, Water & Multi-utilities — 2.4%** | **Gas, Water & Multi-utilities — 2.4%** |
| Atmos Energy Corp. | 4296 | 690066 |
| Duke Energy Corp. | 12610 | 1538672 |
| MDU Resources Group, Inc. | 27269 | 467391 |
| National Fuel Gas Co. | 19443 | 1492833 |
| NiSource, Inc. | 37481 | 1465882 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Gas, Water & Multi-utilities — continued** | **Gas, Water & Multi-utilities — continued** | **Gas, Water & Multi-utilities — continued** |
| UGI Corp. | 43697 | 1432825 |
| WEC Energy Group, Inc. | 13763 | 1507324 |
|  |  | 8594993 |
| **General Industrials — 1.8%** | **General Industrials — 1.8%** | **General Industrials — 1.8%** |
| Eaton Corp. plc | 4166 | 1226345 |
| Illinois Tool Works, Inc. | 4364 | 1046967 |
| ITT, Inc. | 5820 | 797456 |
| Packaging Corp. of America | 4877 | 905220 |
| Parker-Hannifin Corp. | 2170 | 1312980 |
| RPM International, Inc. | 7749 | 827206 |
| Sonoco Products Co. | 693 | 28413 |
| Valmont Industries, Inc. | 739 | 216690 |
|  |  | 6361277 |
| **Health Care Providers — 2.9%** | **Health Care Providers — 2.9%** | **Health Care Providers — 2.9%** |
| Chemed Corp. | 1145 | 665829 |
| Cigna Group (The) | 3929 | 1336017 |
| DaVita, Inc. \* | 9070 | 1283859 |
| Elevance Health, Inc. | 2398 | 1008551 |
| Encompass Health Corp. | 4548 | 532071 |
| HCA Healthcare, Inc. | 3375 | 1164645 |
| Tenet Healthcare Corp. \* | 11534 | 1648785 |
| UnitedHealth Group, Inc. | 2292 | 943020 |
| Universal Health Services, Inc., Class B | 8530 | 1510407 |
|  |  | 10093184 |
| **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** |
| DR Horton, Inc. | 7492 | 946539 |
| Leggett & Platt, Inc. | 4961 | 47725 |
| Lennar Corp., Class A | 7822 | 849547 |
| NVR, Inc. \* | 157 | 1118743 |
| PulteGroup, Inc. | 10800 | 1107864 |
| Toll Brothers, Inc. | 9881 | 996697 |
|  |  | 5067115 |
| **Industrial Engineering — 0.8%** | **Industrial Engineering — 0.8%** | **Industrial Engineering — 0.8%** |
| Caterpillar, Inc. | 2633 | 814308 |
| Cummins, Inc. | 4314 | 1267626 |
| Snap-on, Inc. | 2471 | 775424 |
|  |  | 2857358 |
| **Industrial Materials — 0.6%** | **Industrial Materials — 0.6%** | **Industrial Materials — 0.6%** |
| Avery Dennison Corp. | 5109 | 874201 |
| International Paper Co. | 27589 | 1260265 |
|  |  | 2134466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Metals & Mining — 2.4%** | **Industrial Metals & Mining — 2.4%** | **Industrial Metals & Mining — 2.4%** |
| Fastenal Co. | 17703 | 1433412 |
| Freeport-McMoRan, Inc. | 21935 | 790318 |
| Nucor Corp. | 8292 | 989816 |
| RBC Bearings, Inc. \* | 1068 | 350913 |
| Reliance, Inc. | 4942 | 1424433 |
| Southern Copper Corp. (Mexico) | 15863 | 1420056 |
| Steel Dynamics, Inc. | 11547 | 1497761 |
| Timken Co. (The) | 10038 | 644941 |
| United States Steel Corp. | 141 | 6163 |
|  |  | 8557813 |
| **Industrial Support Services — 2.3%** | **Industrial Support Services — 2.3%** | **Industrial Support Services — 2.3%** |
| Accenture plc, Class A (Ireland) | 1887 | 564496 |
| Booz Allen Hamilton Holding Corp. | 6911 | 829458 |
| Capital One Financial Corp. | 8499 | 1532030 |
| Core & Main, Inc., Class A \* | 17423 | 917844 |
| Genpact Ltd. | 10904 | 548035 |
| MSC Industrial Direct Co., Inc., Class A | 10707 | 818871 |
| Robert Half, Inc. | 2766 | 122534 |
| Synchrony Financial | 24231 | 1258800 |
| Western Union Co. (The) | 36515 | 361864 |
| WW Grainger, Inc. | 1274 | 1304971 |
|  |  | 8258903 |
| **Industrial Transportation — 1.0%** | **Industrial Transportation — 1.0%** | **Industrial Transportation — 1.0%** |
| Allison Transmission Holdings, Inc. | 13123 | 1210465 |
| CSX Corp. | 14443 | 405415 |
| Landstar System, Inc. | 844 | 113223 |
| PACCAR, Inc. | 1818 | 164002 |
| Ryder System, Inc. | 4297 | 591568 |
| Union Pacific Corp. | 4318 | 931220 |
|  |  | 3415893 |
| **Investment Banking & Brokerage Services — 1.5%** | **Investment Banking & Brokerage Services — 1.5%** | **Investment Banking & Brokerage Services — 1.5%** |
| Ameriprise Financial, Inc. | 2049 | 965120 |
| Apollo Global Management, Inc. | 5638 | 769474 |
| Berkshire Hathaway, Inc., Class B \* | 2921 | 1557623 |
| Jefferies Financial Group, Inc. | 17909 | 836888 |
| State Street Corp. | 5419 | 477414 |
| Virtu Financial, Inc., Class A | 13393 | 524336 |
|  |  | 5130855 |
| **Leisure Goods — 0.5%** | **Leisure Goods — 0.5%** | **Leisure Goods — 0.5%** |
| Electronic Arts, Inc. | 3679 | 533786 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Leisure Goods — continued** | **Leisure Goods — continued** | **Leisure Goods — continued** |
| Garmin Ltd. | 6574 | 1228483 |
| Harley-Davidson, Inc. | 3442 | 77170 |
|  |  | 1839439 |
| **Life Insurance — 0.9%** | **Life Insurance — 0.9%** | **Life Insurance — 0.9%** |
| Aflac, Inc. | 13318 | 1447400 |
| Prudential Financial, Inc. | 2984 | 306487 |
| Unum Group | 18259 | 1417994 |
|  |  | 3171881 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Fox Corp., Class A | 19442 | 968017 |
| Interpublic Group of Cos., Inc. (The) | 18473 | 464042 |
| Nexstar Media Group, Inc. | 7390 | 1105987 |
|  |  | 2538046 |
| **Medical Equipment & Services — 3.9%** | **Medical Equipment & Services — 3.9%** | **Medical Equipment & Services — 3.9%** |
| Abbott Laboratories | 10315 | 1348686 |
| Becton Dickinson & Co. | 3058 | 633281 |
| Danaher Corp. | 4288 | 854727 |
| GE HealthCare Technologies, Inc. | 9838 | 691907 |
| Globus Medical, Inc., Class A \* | 6824 | 489759 |
| Hologic, Inc. \* | 14518 | 844948 |
| Labcorp Holdings, Inc. | 4311 | 1038994 |
| Medtronic plc | 14272 | 1209695 |
| Quest Diagnostics, Inc. | 8387 | 1494731 |
| ResMed, Inc. | 6331 | 1497851 |
| Revvity, Inc. | 6761 | 631680 |
| STERIS plc | 3907 | 878059 |
| Stryker Corp. | 2978 | 1113534 |
| Thermo Fisher Scientific, Inc. | 1053 | 451737 |
| West Pharmaceutical Services, Inc. | 2942 | 621615 |
|  |  | 13801204 |
| **Mortgage Real Estate Investment Trusts — 0.5%** | **Mortgage Real Estate Investment Trusts — 0.5%** | **Mortgage Real Estate Investment Trusts — 0.5%** |
| Rithm Capital Corp. | 105981 | 1184868 |
| Starwood Property Trust, Inc. | 33954 | 651577 |
|  |  | 1836445 |
| **Non-life Insurance — 3.0%** | **Non-life Insurance — 3.0%** | **Non-life Insurance — 3.0%** |
| American Financial Group, Inc. | 1617 | 204809 |
| Arch Capital Group Ltd. | 11937 | 1082447 |
| Assured Guaranty Ltd. | 151 | 13247 |
| Axis Capital Holdings Ltd. | 2922 | 281447 |
| Chubb Ltd. | 3518 | 1006429 |
| Everest Group Ltd. | 2806 | 1006877 |
| Fidelity National Financial, Inc. | 21771 | 1394433 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 101

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-life Insurance — continued** | **Non-life Insurance — continued** | **Non-life Insurance — continued** |
| Hartford Insurance Group, Inc. (The) | 12251 | 1502830 |
| Marsh & McLennan Cos., Inc. | 942 | 212393 |
| Old Republic International Corp. | 31613 | 1188649 |
| Progressive Corp. (The) | 5163 | 1454624 |
| Reinsurance Group of America, Inc. | 2972 | 556685 |
| WR Berkley Corp. | 7445 | 533732 |
|  |  | 10438602 |
| **Non-Renewable Energy — 6.2%** | **Non-Renewable Energy — 6.2%** | **Non-Renewable Energy — 6.2%** |
| Antero Midstream Corp. | 87675 | 1451021 |
| Baker Hughes Co. | 9658 | 341893 |
| Cheniere Energy, Inc. | 6560 | 1516081 |
| Chevron Corp. | 9228 | 1255562 |
| ConocoPhillips | 15809 | 1408898 |
| Coterra Energy, Inc. | 55018 | 1351242 |
| Devon Energy Corp. | 9848 | 299478 |
| DT Midstream, Inc. | 11795 | 1146474 |
| EOG Resources, Inc. | 11523 | 1271332 |
| Expand Energy Corp. | 4923 | 511500 |
| Exxon Mobil Corp. | 13252 | 1399809 |
| HF Sinclair Corp. | 2818 | 84737 |
| Kinder Morgan, Inc. | 55206 | 1451918 |
| Marathon Petroleum Corp. | 9379 | 1288768 |
| Permian Resources Corp. | 113897 | 1343985 |
| Phillips 66 | 10522 | 1094919 |
| Range Resources Corp. | 6817 | 231301 |
| Targa Resources Corp. | 7941 | 1357117 |
| Valero Energy Corp. | 11376 | 1320640 |
| Viper Energy, Inc. | 8006 | 322882 |
| Williams Cos., Inc. (The) | 26703 | 1563995 |
|  |  | 22013552 |
| **Personal Care, Drug & Grocery Stores — 5.2%** | **Personal Care, Drug & Grocery Stores — 5.2%** | **Personal Care, Drug & Grocery Stores — 5.2%** |
| Albertsons Cos., Inc., Class A | 67242 | 1477979 |
| Casey's General Stores, Inc. | 3633 | 1680589 |
| Church & Dwight Co., Inc. | 12843 | 1275824 |
| Clorox Co. (The) | 9562 | 1360673 |
| Colgate-Palmolive Co. | 14922 | 1375659 |
| CVS Health Corp. | 6386 | 426010 |
| Kenvue, Inc. | 61622 | 1454279 |
| Kimberly-Clark Corp. | 9963 | 1312924 |
| Kroger Co. (The) | 22058 | 1592808 |
| McKesson Corp. | 2282 | 1626587 |
| Performance Food Group Co. \* | 17974 | 1449783 |
| Procter & Gamble Co. (The) | 8391 | 1364125 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Personal Care, Drug & Grocery Stores — continued** | **Personal Care, Drug & Grocery Stores — continued** | **Personal Care, Drug & Grocery Stores — continued** |
| Spectrum Brands Holdings, Inc. | 10332 | 651949 |
| Sysco Corp. | 16527 | 1180028 |
|  |  | 18229217 |
| **Personal Goods — 0.5%** | **Personal Goods — 0.5%** | **Personal Goods — 0.5%** |
| Carter's, Inc. | 1761 | 58201 |
| NIKE, Inc., Class B | 3033 | 171061 |
| Ralph Lauren Corp. | 6149 | 1383218 |
|  |  | 1612480 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.3%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.3%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.3%** |
| AbbVie, Inc. | 6739 | 1314779 |
| Amgen, Inc. | 4252 | 1236992 |
| Bristol-Myers Squibb Co. | 18401 | 923730 |
| Cardinal Health, Inc. | 10917 | 1542463 |
| Eli Lilly & Co. | 1631 | 1466187 |
| Exelixis, Inc. \* | 29956 | 1172777 |
| Fortrea Holdings, Inc. \* | 5508 | 34315 |
| Gilead Sciences, Inc. | 12301 | 1310549 |
| Johnson & Johnson | 5802 | 906911 |
| Medpace Holdings, Inc. \* | 2004 | 618014 |
| Merck & Co., Inc. | 9251 | 788185 |
| Organon & Co. | 19340 | 250066 |
| Regeneron Pharmaceuticals, Inc. | 1182 | 707734 |
| United Therapeutics Corp. \* | 4568 | 1384515 |
| Vertex Pharmaceuticals, Inc. \* | 177 | 90182 |
| Viatris, Inc. | 83712 | 704855 |
| Zoetis, Inc. | 5453 | 852849 |
|  |  | 15305103 |
| **Precious Metals & Mining — 0.9%** | **Precious Metals & Mining — 0.9%** | **Precious Metals & Mining — 0.9%** |
| Newmont Corp. | 33465 | 1762937 |
| Royal Gold, Inc. | 7384 | 1349131 |
|  |  | 3112068 |
| **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** |
| CBRE Group, Inc., Class A \* | 1553 | 189746 |
| Jones Lang LaSalle, Inc. \* | 5772 | 1312610 |
|  |  | 1502356 |
| **Real Estate Investment Trusts — 8.7%** | **Real Estate Investment Trusts — 8.7%** | **Real Estate Investment Trusts — 8.7%** |
| AvalonBay Communities, Inc. | 5422 | 1138512 |
| Brixmor Property Group, Inc. | 51432 | 1281171 |
| Camden Property Trust | 9354 | 1064485 |
| Crown Castle, Inc. | 5518 | 583584 |
| CubeSmart | 26627 | 1082920 |
| EPR Properties | 16928 | 837767 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| Equity Residential | 10758 | 755857 |
| Essex Property Trust, Inc. | 4758 | 1328196 |
| Federal Realty Investment Trust | 2986 | 280744 |
| First Industrial Realty Trust, Inc. | 11187 | 532277 |
| Gaming and Leisure Properties, Inc. | 28162 | 1347833 |
| Highwoods Properties, Inc. | 24034 | 683527 |
| Host Hotels & Resorts, Inc. | 77967 | 1100894 |
| Iron Mountain, Inc. | 13651 | 1224085 |
| Kilroy Realty Corp. | 17002 | 535733 |
| Kimco Realty Corp. | 51380 | 1026572 |
| Lamar Advertising Co., Class A | 11491 | 1307791 |
| Mid-America Apartment Communities, Inc. | 5018 | 801124 |
| Millrose Properties, Inc., Class A | 4195 | 105043 |
| National Storage Affiliates Trust | 7966 | 296335 |
| NNN REIT, Inc. | 14481 | 595314 |
| Omega Healthcare Investors, Inc. | 39894 | 1557861 |
| Park Hotels & Resorts, Inc. | 58617 | 582653 |
| Public Storage | 3796 | 1140432 |
| Regency Centers Corp. | 19921 | 1437898 |
| Simon Property Group, Inc. | 8443 | 1328759 |
| STAG Industrial, Inc. | 23407 | 773133 |
| UDR, Inc. | 9067 | 379726 |
| Ventas, Inc. | 14916 | 1045313 |
| VICI Properties, Inc. | 43053 | 1378557 |
| Welltower, Inc. | 9794 | 1494466 |
| Weyerhaeuser Co. | 16711 | 432982 |
| WP Carey, Inc. | 21765 | 1359007 |
|  |  | 30820551 |
| **Retailers — 3.8%** | **Retailers — 3.8%** | **Retailers — 3.8%** |
| AutoZone, Inc. \* | 380 | 1429788 |
| Best Buy Co., Inc. | 10665 | 711249 |
| Dick's Sporting Goods, Inc. | 6634 | 1245467 |
| Gap, Inc. (The) | 29897 | 654744 |
| Kohl's Corp. (a) | 1568 | 10506 |
| Lowe's Cos., Inc. | 4986 | 1114670 |
| Macy's, Inc. | 45015 | 514071 |
| O'Reilly Automotive, Inc. \* | 1097 | 1552474 |
| Penske Automotive Group, Inc. | 7767 | 1209089 |
| Ross Stores, Inc. | 6002 | 834278 |
| Target Corp. | 6004 | 580587 |
| TJX Cos., Inc. (The) | 10774 | 1386398 |
| Tractor Supply Co. | 21833 | 1105187 |
| Williams-Sonoma, Inc. | 7664 | 1183858 |
|  |  | 13532366 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — 3.8%** | **Software & Computer Services — 3.8%** | **Software & Computer Services — 3.8%** |
| Adobe, Inc. \* | 336 | 125993 |
| Alphabet, Inc., Class A | 2577 | 409228 |
| Amdocs Ltd. | 9845 | 872070 |
| CACI International, Inc., Class A \* | 891 | 407962 |
| Cognizant Technology Solutions Corp., Class A | 16506 | 1214347 |
| Dolby Laboratories, Inc., Class A | 2887 | 221693 |
| Gartner, Inc. \* | 2238 | 942377 |
| Gen Digital, Inc. | 35942 | 929820 |
| Hewlett Packard Enterprise Co. | 57283 | 929130 |
| International Business Machines Corp. | 5523 | 1335572 |
| Intuit, Inc. | 1858 | 1165839 |
| Leidos Holdings, Inc. | 4460 | 656423 |
| Meta Platforms, Inc., Class A | 2319 | 1273131 |
| Microsoft Corp. | 3243 | 1281828 |
| Oracle Corp. | 8276 | 1164599 |
| Science Applications International Corp. | 2141 | 259125 |
| SS&C Technologies Holdings, Inc. | 2259 | 170780 |
|  |  | 13359917 |
| **Technology Hardware & Equipment — 3.8%** | **Technology Hardware & Equipment — 3.8%** | **Technology Hardware & Equipment — 3.8%** |
| Amphenol Corp., Class A | 21623 | 1663890 |
| Analog Devices, Inc. | 6162 | 1201097 |
| Apple, Inc. | 6226 | 1323025 |
| Applied Materials, Inc. | 6221 | 937567 |
| Broadcom, Inc. | 7423 | 1428705 |
| Cirrus Logic, Inc. \* | 3258 | 312898 |
| KLA Corp. | 1791 | 1258518 |
| Lam Research Corp. | 11944 | 856026 |
| NetApp, Inc. | 9431 | 846432 |
| NVIDIA Corp. | 12887 | 1403652 |
| QUALCOMM, Inc. | 6381 | 947323 |
| Skyworks Solutions, Inc. | 5520 | 354826 |
| TD SYNNEX Corp. | 7717 | 855044 |
|  |  | 13389003 |
| **Telecommunications Equipment — 2.2%** | **Telecommunications Equipment — 2.2%** | **Telecommunications Equipment — 2.2%** |
| Arista Networks, Inc. \* | 15359 | 1263585 |
| Ciena Corp. \* | 20945 | 1406666 |
| Cisco Systems, Inc. | 22577 | 1303370 |
| Juniper Networks, Inc. | 40021 | 1453563 |
| Motorola Solutions, Inc. | 3415 | 1503932 |
| Ubiquiti, Inc. (a) | 2738 | 893820 |
|  |  | 7824936 |
| **Telecommunications Service Providers — 2.6%** | **Telecommunications Service Providers — 2.6%** | **Telecommunications Service Providers — 2.6%** |
| AT&T, Inc. | 53232 | 1474527 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 103

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Telecommunications Service Providers — continued** | **Telecommunications Service Providers — continued** | **Telecommunications Service Providers — continued** |
| Charter Communications, Inc., Class A \* | 3521 | 1379739 |
| Comcast Corp., Class A | 38391 | 1312972 |
| Frontier Communications Parent, Inc. \* | 24876 | 901755 |
| GCI Liberty, Inc. Escrow ‡ \* | 2678 |  |
| Iridium Communications, Inc. | 23577 | 568913 |
| Liberty Broadband Corp., Class C \* | 4357 | 393829 |
| Liberty Global Ltd., Class C (Belgium) \* | 37482 | 425046 |
| T-Mobile US, Inc. | 5442 | 1343902 |
| Verizon Communications, Inc. | 31340 | 1380840 |
|  |  | 9181523 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. | 25484 | 1507379 |
| Philip Morris International, Inc. | 9570 | 1639915 |
|  |  | 3147294 |
| **Travel & Leisure — 0.7%** | **Travel & Leisure — 0.7%** | **Travel & Leisure — 0.7%** |
| Booking Holdings, Inc. | 138 | 703701 |
| Darden Restaurants, Inc. | 5563 | 1116160 |
| Travel + Leisure Co. | 5222 | 229403 |
| United Airlines Holdings, Inc. \* | 5482 | 377271 |
|  |  | 2426535 |
| **Waste & Disposal Services — 1.1%** | **Waste & Disposal Services — 1.1%** | **Waste & Disposal Services — 1.1%** |
| Clean Harbors, Inc. \* | 3698 | 791150 |
| Republic Services, Inc. | 6168 | 1546626 |
| Waste Management, Inc. | 6293 | 1468535 |
|  |  | 3806311 |
| Total Common Stocks <br>(Cost $306,935,401)<br>|  | 351715494 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $1,685,031)<br>| 1685031 | 1685031 |
| **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 Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $182,305)<br>| 182305 | 182305 |
| Total Short-Term Investments <br>(Cost $1,867,336)<br>|  | 1867336 |
| **Total Investments — 100.3%** <br>**(Cost $308,802,737)**<br>|  | **353582830** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(944063)**<br>|
| **NET ASSETS — 100.0%** |  | **352638767** |

---

&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;

---

| | |
|:---|:---|
| ^ | 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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $179,503.<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 April 30, <br> 2025.<br>|

---

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 279363 | &nbsp;&nbsp;&nbsp;&nbsp; 13298 |

---

&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;

104 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Textron, Inc. | 5812 | 408990 |
| **Automobiles & Parts — 0.7%** | **Automobiles & Parts — 0.7%** | **Automobiles & Parts — 0.7%** |
| BorgWarner, Inc. | 14347 | 407168 |
| Gentex Corp. | 34886 | 759817 |
| Valvoline, Inc. \* | 33159 | 1136027 |
|  |  | 2303012 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| Citizens Financial Group, Inc. | 9633 | 355361 |
| Comerica, Inc. | 4322 | 232308 |
| Discover Financial Services | 3616 | 660535 |
| Fifth Third Bancorp | 16176 | 581365 |
| First Citizens BancShares, Inc., Class A | 752 | 1337913 |
| FNB Corp. | 17691 | 231575 |
| Huntington Bancshares, Inc. | 92701 | 1346946 |
| KeyCorp | 21233 | 315098 |
| M&T Bank Corp. | 5939 | 1008205 |
| Popular, Inc. (Puerto Rico) | 12165 | 1160784 |
| Prosperity Bancshares, Inc. | 3092 | 209947 |
| Regions Financial Corp. | 25822 | 527027 |
| Zions Bancorp NA | 6491 | 291900 |
|  |  | 8258964 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Boston Beer Co., Inc. (The), Class A \* | 4495 | 1104871 |
| Coca-Cola Consolidated, Inc. | 1082 | 1466986 |
| Molson Coors Beverage Co., Class B | 23167 | 1332798 |
|  |  | 3904655 |
| **Chemicals — 4.0%** | **Chemicals — 4.0%** | **Chemicals — 4.0%** |
| Ashland, Inc. | 5826 | 316876 |
| Celanese Corp. | 10988 | 489076 |
| CF Industries Holdings, Inc. | 18434 | 1444673 |
| Eastman Chemical Co. | 14352 | 1105104 |
| Element Solutions, Inc. | 57696 | 1177575 |
| FMC Corp. | 34635 | 1451899 |
| Huntsman Corp. | 40026 | 532746 |
| International Flavors & Fragrances, Inc. | 17334 | 1360026 |
| LyondellBasell Industries NV, Class A | 14949 | 870181 |
| Mosaic Co. (The) | 41485 | 1261144 |
| NewMarket Corp. | 2086 | 1283516 |
| Olin Corp. | 28020 | 605792 |
| Scotts Miracle-Gro Co. (The) | 23050 | 1161259 |
| Westlake Corp. | 9206 | 850911 |
|  |  | 13910778 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Construction & Materials — 3.0%** | **Construction & Materials — 3.0%** | **Construction & Materials — 3.0%** |
| A O Smith Corp. | 13802 | 936604 |
| Acuity, Inc. | 1065 | 259445 |
| Builders FirstSource, Inc. \* | 7446 | 890765 |
| Carlisle Cos., Inc. | 3472 | 1317555 |
| Eagle Materials, Inc. | 2687 | 608310 |
| EMCOR Group, Inc. | 3045 | 1220131 |
| Fortune Brands Innovations, Inc. | 14427 | 776461 |
| Louisiana-Pacific Corp. | 9310 | 803546 |
| Masco Corp. | 14283 | 865693 |
| Owens Corning | 7950 | 1156009 |
| Quanta Services, Inc. | 4835 | 1415156 |
|  |  | 10249675 |
| **Consumer Services — 0.5%** | **Consumer Services — 0.5%** | **Consumer Services — 0.5%** |
| H&R Block, Inc. | 20646 | 1246399 |
| Service Corp. International | 6526 | 521427 |
|  |  | 1767826 |
| **Electricity — 8.2%** | **Electricity — 8.2%** | **Electricity — 8.2%** |
| Alliant Energy Corp. | 22962 | 1401600 |
| Brookfield Renewable Corp. (Canada) | 37606 | 1070267 |
| Clearway Energy, Inc., Class C | 42237 | 1239234 |
| CMS Energy Corp. | 19629 | 1445676 |
| Consolidated Edison, Inc. | 13862 | 1562940 |
| DTE Energy Co. | 10909 | 1494533 |
| Edison International | 15908 | 851237 |
| Entergy Corp. | 17648 | 1467784 |
| Evergy, Inc. | 21776 | 1504722 |
| Exelon Corp. | 33111 | 1552906 |
| FirstEnergy Corp. | 32459 | 1391842 |
| IDACORP, Inc. | 10182 | 1202392 |
| NRG Energy, Inc. | 16245 | 1780127 |
| OGE Energy Corp. | 32621 | 1480341 |
| PG&E Corp. | 72889 | 1204126 |
| Pinnacle West Capital Corp. | 15575 | 1482429 |
| PPL Corp. | 42122 | 1537453 |
| Public Service Enterprise Group, Inc. | 17290 | 1381990 |
| Vistra Corp. | 12493 | 1619468 |
| Xcel Energy, Inc. | 21135 | 1494244 |
|  |  | 28165311 |
| **Electronic & Electrical Equipment — 1.1%** | **Electronic & Electrical Equipment — 1.1%** | **Electronic & Electrical Equipment — 1.1%** |
| AMETEK, Inc. | 7692 | 1304409 |
| Crane Co. | 1226 | 197362 |
| Crane NXT Co. | 6755 | 316945 |
| Hubbell, Inc. | 3396 | 1233359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 105

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** |
| IDEX Corp. | 788 | 137088 |
| nVent Electric plc | 10161 | 557941 |
|  |  | 3747104 |
| **Finance & Credit Services — 1.0%** | **Finance & Credit Services — 1.0%** | **Finance & Credit Services — 1.0%** |
| MGIC Investment Corp. | 58087 | 1446947 |
| OneMain Holdings, Inc. | 28383 | 1335988 |
| SLM Corp. | 27313 | 789619 |
|  |  | 3572554 |
| **Food Producers — 6.7%** | **Food Producers — 6.7%** | **Food Producers — 6.7%** |
| Archer-Daniels-Midland Co. | 21585 | 1030684 |
| BellRing Brands, Inc. \* | 19372 | 1494356 |
| Bunge Global SA | 14569 | 1146872 |
| Conagra Brands, Inc. | 39846 | 984595 |
| Corteva, Inc. | 21187 | 1313382 |
| Darling Ingredients, Inc. \* | 28071 | 903605 |
| Flowers Foods, Inc. | 55381 | 974152 |
| General Mills, Inc. | 22203 | 1259798 |
| Hershey Co. (The) | 6087 | 1017685 |
| Hormel Foods Corp. | 36009 | 1076669 |
| Ingredion, Inc. | 10549 | 1401118 |
| J M Smucker Co. (The) | 9188 | 1068289 |
| Kellanova | 17347 | 1435811 |
| McCormick & Co., Inc. (Non-Voting) | 14457 | 1108274 |
| Pilgrim's Pride Corp. | 25967 | 1417279 |
| Post Holdings, Inc. \* | 12125 | 1372186 |
| The Campbell's Co. | 26969 | 983290 |
| Tyson Foods, Inc., Class A | 23357 | 1430383 |
| US Foods Holding Corp. \* | 21811 | 1432110 |
|  |  | 22850538 |
| **Gas, Water & Multi-utilities — 2.5%** | **Gas, Water & Multi-utilities — 2.5%** | **Gas, Water & Multi-utilities — 2.5%** |
| Ameren Corp. | 5304 | 526369 |
| Atmos Energy Corp. | 9581 | 1538996 |
| MDU Resources Group, Inc. | 48594 | 832901 |
| National Fuel Gas Co. | 19142 | 1469723 |
| NiSource, Inc. | 37263 | 1457356 |
| UGI Corp. | 43010 | 1410298 |
| WEC Energy Group, Inc. | 13336 | 1460558 |
|  |  | 8696201 |
| **General Industrials — 1.2%** | **General Industrials — 1.2%** | **General Industrials — 1.2%** |
| AptarGroup, Inc. | 249 | 37338 |
| ITT, Inc. | 4125 | 565207 |
| Packaging Corp. of America | 6332 | 1175283 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| RPM International, Inc. | 11008 | 1175104 |
| Silgan Holdings, Inc. | 7066 | 364959 |
| Sonoco Products Co. | 9962 | 408442 |
| Valmont Industries, Inc. | 1343 | 393794 |
|  |  | 4120127 |
| **Health Care Providers — 3.6%** | **Health Care Providers — 3.6%** | **Health Care Providers — 3.6%** |
| Chemed Corp. | 2197 | 1277577 |
| DaVita, Inc. \* | 9731 | 1377423 |
| Doximity, Inc., Class A \* | 22315 | 1269277 |
| Encompass Health Corp. | 14420 | 1686996 |
| IQVIA Holdings, Inc. \* | 4925 | 763720 |
| Molina Healthcare, Inc. \* | 3257 | 1065072 |
| Premier, Inc., Class A | 49762 | 1012657 |
| Tenet Healthcare Corp. \* | 11217 | 1603470 |
| Universal Health Services, Inc., Class B | 8272 | 1464723 |
| Veeva Systems, Inc., Class A \* | 3667 | 856941 |
|  |  | 12377856 |
| **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** |
| DR Horton, Inc. | 7505 | 948182 |
| Lennar Corp., Class A | 7781 | 845094 |
| NVR, Inc. \* | 147 | 1047485 |
| PulteGroup, Inc. | 10672 | 1094734 |
| Toll Brothers, Inc. | 9864 | 994982 |
|  |  | 4930477 |
| **Industrial Engineering — 1.4%** | **Industrial Engineering — 1.4%** | **Industrial Engineering — 1.4%** |
| Cummins, Inc. | 4213 | 1237948 |
| Graco, Inc. | 14342 | 1170450 |
| Lincoln Electric Holdings, Inc. | 5564 | 980377 |
| Snap-on, Inc. | 4200 | 1318002 |
|  |  | 4706777 |
| **Industrial Materials — 0.8%** | **Industrial Materials — 0.8%** | **Industrial Materials — 0.8%** |
| Avery Dennison Corp. | 5796 | 991754 |
| Hexcel Corp. | 13181 | 638883 |
| International Paper Co. | 27412 | 1252180 |
|  |  | 2882817 |
| **Industrial Metals & Mining — 3.0%** | **Industrial Metals & Mining — 3.0%** | **Industrial Metals & Mining — 3.0%** |
| Alcoa Corp. | 32401 | 794797 |
| Fastenal Co. | 17726 | 1435274 |
| Nucor Corp. | 8765 | 1046278 |
| RBC Bearings, Inc. \* | 3820 | 1255137 |
| Reliance, Inc. | 4907 | 1414345 |
| Steel Dynamics, Inc. | 11473 | 1488163 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Metals & Mining — continued** | **Industrial Metals & Mining — continued** | **Industrial Metals & Mining — continued** |
| Timken Co. (The) | 17850 | 1146862 |
| United States Steel Corp. | 38709 | 1691970 |
|  |  | 10272826 |
| **Industrial Support Services — 2.1%** | **Industrial Support Services — 2.1%** | **Industrial Support Services — 2.1%** |
| ADT, Inc. | 12478 | 100074 |
| Booz Allen Hamilton Holding Corp. | 3142 | 377103 |
| Core & Main, Inc., Class A \* | 28888 | 1521820 |
| Genpact Ltd. | 8594 | 431934 |
| MSC Industrial Direct Co., Inc., Class A | 13906 | 1063531 |
| Paychex, Inc. | 6922 | 1018365 |
| Synchrony Financial | 24649 | 1280515 |
| Western Union Co. (The) | 11114 | 110140 |
| WW Grainger, Inc. | 1298 | 1329554 |
|  |  | 7233036 |
| **Industrial Transportation — 0.9%** | **Industrial Transportation — 0.9%** | **Industrial Transportation — 0.9%** |
| Allison Transmission Holdings, Inc. | 13270 | 1224025 |
| Landstar System, Inc. | 5832 | 782363 |
| Ryder System, Inc. | 6721 | 925280 |
|  |  | 2931668 |
| **Investment Banking & Brokerage Services — 0.8%** | **Investment Banking & Brokerage Services — 0.8%** | **Investment Banking & Brokerage Services — 0.8%** |
| Ameriprise Financial, Inc. | 2866 | 1349943 |
| Jefferies Financial Group, Inc. | 22686 | 1060117 |
| Principal Financial Group, Inc. | 2380 | 176477 |
| Virtu Financial, Inc., Class A | 4604 | 180247 |
|  |  | 2766784 |
| **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** |
| Garmin Ltd. | 6501 | 1214842 |
| Harley-Davidson, Inc. | 2285 | 51230 |
| Pool Corp. | 1244 | 364666 |
| Thor Industries, Inc. | 5419 | 392444 |
|  |  | 2023182 |
| **Life Insurance — 1.0%** | **Life Insurance — 1.0%** | **Life Insurance — 1.0%** |
| Aflac, Inc. | 13318 | 1447400 |
| Primerica, Inc. | 2844 | 745327 |
| Unum Group | 17976 | 1396016 |
|  |  | 3588743 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Fox Corp., Class A | 13741 | 684164 |
| Interpublic Group of Cos., Inc. (The) | 3403 | 85483 |
| Liberty Media Corp-Liberty Live, Class A \* | 1177 | 82366 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| Nexstar Media Group, Inc. | 7351 | 1100151 |
| Omnicom Group, Inc. | 9666 | 736163 |
|  |  | 2688327 |
| **Medical Equipment & Services — 4.1%** | **Medical Equipment & Services — 4.1%** | **Medical Equipment & Services — 4.1%** |
| Agilent Technologies, Inc. | 8001 | 860908 |
| Bio-Techne Corp. | 2874 | 144706 |
| Cooper Cos., Inc. (The) \* | 8652 | 706609 |
| Dentsply Sirona, Inc. | 18610 | 258679 |
| Envista Holdings Corp. \* | 9804 | 157648 |
| GE HealthCare Technologies, Inc. | 6660 | 468398 |
| Globus Medical, Inc., Class A \* | 18482 | 1326453 |
| Henry Schein, Inc. \* | 16140 | 1048616 |
| Hologic, Inc. \* | 15719 | 914846 |
| Labcorp Holdings, Inc. | 5658 | 1363635 |
| QIAGEN NV \* | 20076 | 858249 |
| Quest Diagnostics, Inc. | 8102 | 1443938 |
| ResMed, Inc. | 6177 | 1461416 |
| Revvity, Inc. | 11449 | 1069680 |
| STERIS plc | 5034 | 1131341 |
| Teleflex, Inc. | 1626 | 222843 |
| West Pharmaceutical Services, Inc. | 3094 | 653731 |
|  |  | 14091696 |
| **Mortgage Real Estate Investment Trusts — 0.7%** | **Mortgage Real Estate Investment Trusts — 0.7%** | **Mortgage Real Estate Investment Trusts — 0.7%** |
| Annaly Capital Management, Inc. | 4832 | 94707 |
| Rithm Capital Corp. | 118664 | 1326663 |
| Starwood Property Trust, Inc. | 42466 | 814923 |
|  |  | 2236293 |
| **Non-life Insurance — 3.5%** | **Non-life Insurance — 3.5%** | **Non-life Insurance — 3.5%** |
| American Financial Group, Inc. | 4863 | 615948 |
| Arch Capital Group Ltd. | 4150 | 376322 |
| Arthur J Gallagher & Co. | 4469 | 1433164 |
| Assured Guaranty Ltd. | 6780 | 594809 |
| Axis Capital Holdings Ltd. | 11591 | 1116445 |
| Brown & Brown, Inc. | 5860 | 648116 |
| CNA Financial Corp. | 225 | 10836 |
| Everest Group Ltd. | 3063 | 1099096 |
| Fidelity National Financial, Inc. | 11013 | 705383 |
| Hartford Insurance Group, Inc. (The) | 12210 | 1497801 |
| Loews Corp. | 11364 | 986736 |
| Old Republic International Corp. | 38391 | 1443502 |
| Reinsurance Group of America, Inc. | 7033 | 1317351 |
| White Mountains Insurance Group Ltd. | 103 | 182047 |
|  |  | 12027556 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 107

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-Renewable Energy — 6.9%** | **Non-Renewable Energy — 6.9%** | **Non-Renewable Energy — 6.9%** |
| Antero Midstream Corp. | 87038 | 1440479 |
| Antero Resources Corp. \* | 41364 | 1440708 |
| APA Corp. | 25492 | 396146 |
| Baker Hughes Co. | 17279 | 611677 |
| Cheniere Energy, Inc. | 6546 | 1512846 |
| Coterra Energy, Inc. | 52358 | 1285913 |
| Devon Energy Corp. | 28088 | 854156 |
| Diamondback Energy, Inc. | 9232 | 1218716 |
| DT Midstream, Inc. | 15825 | 1538190 |
| Expand Energy Corp. | 8437 | 876604 |
| Halliburton Co. | 36096 | 715423 |
| Kinder Morgan, Inc. | 55008 | 1446710 |
| ONEOK, Inc. | 15713 | 1290980 |
| Ovintiv, Inc. | 27011 | 907029 |
| Permian Resources Corp. | 112815 | 1331217 |
| Range Resources Corp. | 35390 | 1200783 |
| Targa Resources Corp. | 7909 | 1351648 |
| TechnipFMC plc (United Kingdom) | 30220 | 851297 |
| Texas Pacific Land Corp. | 1048 | 1350736 |
| Viper Energy, Inc. | 12687 | 511667 |
| Williams Cos., Inc. (The) | 26533 | 1554038 |
|  |  | 23686963 |
| **Personal Care, Drug & Grocery Stores — 4.1%** | **Personal Care, Drug & Grocery Stores — 4.1%** | **Personal Care, Drug & Grocery Stores — 4.1%** |
| Albertsons Cos., Inc., Class A | 66627 | 1464462 |
| Casey's General Stores, Inc. | 3568 | 1650521 |
| Cencora, Inc. | 5608 | 1641293 |
| Church & Dwight Co., Inc. | 12751 | 1266684 |
| Clorox Co. (The) | 7889 | 1122605 |
| Kenvue, Inc. | 54412 | 1284123 |
| Kroger Co. (The) | 21592 | 1559158 |
| Performance Food Group Co. \* | 18107 | 1460511 |
| Reynolds Consumer Products, Inc. | 37030 | 851690 |
| Spectrum Brands Holdings, Inc. | 14122 | 891098 |
| Sysco Corp. | 14174 | 1012024 |
|  |  | 14204169 |
| **Personal Goods — 0.8%** | **Personal Goods — 0.8%** | **Personal Goods — 0.8%** |
| Carter's, Inc. | 2608 | 86195 |
| Crocs, Inc. \* | 7493 | 722475 |
| Deckers Outdoor Corp. \* | 8247 | 914015 |
| Ralph Lauren Corp. | 5215 | 1173114 |
|  |  | 2895799 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.5%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.5%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.5%** |
| Biogen, Inc. \* | 952 | 115268 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** |
| Cardinal Health, Inc. | 11260 | 1590925 |
| Elanco Animal Health, Inc. \* | 42956 | 407223 |
| Exelixis, Inc. \* | 37163 | 1454931 |
| Fortrea Holdings, Inc. \* | 7152 | 44557 |
| Incyte Corp. \* | 14132 | 885511 |
| Jazz Pharmaceuticals plc \* | 10323 | 1207378 |
| Medpace Holdings, Inc. \* | 3130 | 965261 |
| Neurocrine Biosciences, Inc. \* | 7584 | 816721 |
| Organon & Co. | 32741 | 423341 |
| Perrigo Co. plc | 16083 | 413655 |
| Royalty Pharma plc, Class A | 43340 | 1422419 |
| United Therapeutics Corp. \* | 4530 | 1372998 |
| Viatris, Inc. | 111383 | 937845 |
|  |  | 12058033 |
| **Precious Metals & Mining — 0.5%** | **Precious Metals & Mining — 0.5%** | **Precious Metals & Mining — 0.5%** |
| Royal Gold, Inc. | 9265 | 1692808 |
| **Real Estate Investment & Services — 0.8%** | **Real Estate Investment & Services — 0.8%** | **Real Estate Investment & Services — 0.8%** |
| CBRE Group, Inc., Class A \* | 11039 | 1348745 |
| Jones Lang LaSalle, Inc. \* | 5717 | 1300103 |
|  |  | 2648848 |
| **Real Estate Investment Trusts — 9.7%** | **Real Estate Investment Trusts — 9.7%** | **Real Estate Investment Trusts — 9.7%** |
| American Homes 4 Rent, Class A | 26798 | 1001977 |
| AvalonBay Communities, Inc. | 6567 | 1378939 |
| Brixmor Property Group, Inc. | 52687 | 1312433 |
| Camden Property Trust | 9468 | 1077458 |
| Cousins Properties, Inc. | 32226 | 887504 |
| CubeSmart | 26507 | 1078040 |
| EastGroup Properties, Inc. | 5082 | 830500 |
| EPR Properties | 26931 | 1332815 |
| Equity Residential | 15483 | 1087836 |
| Essex Property Trust, Inc. | 3959 | 1105155 |
| Federal Realty Investment Trust | 6249 | 587531 |
| First Industrial Realty Trust, Inc. | 16631 | 791303 |
| Gaming and Leisure Properties, Inc. | 26904 | 1287626 |
| Highwoods Properties, Inc. | 34749 | 988262 |
| Host Hotels & Resorts, Inc. | 64440 | 909893 |
| Iron Mountain, Inc. | 13935 | 1249552 |
| Kilroy Realty Corp. | 29069 | 915964 |
| Kimco Realty Corp. | 56180 | 1122476 |
| Lamar Advertising Co., Class A | 11309 | 1287077 |
| Mid-America Apartment Communities, Inc. | 5931 | 946884 |
| Millrose Properties, Inc., Class A | 4351 | 108949 |
| National Storage Affiliates Trust | 13509 | 502535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

108 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| NNN REIT, Inc. | 19284 | 792765 |
| Omega Healthcare Investors, Inc. | 37761 | 1474567 |
| Park Hotels & Resorts, Inc. | 80417 | 799345 |
| Rayonier, Inc. | 18281 | 447153 |
| Regency Centers Corp. | 19040 | 1374307 |
| Rexford Industrial Realty, Inc. | 16785 | 555584 |
| Simon Property Group, Inc. | 8422 | 1325454 |
| STAG Industrial, Inc. | 28433 | 939142 |
| UDR, Inc. | 25647 | 1074096 |
| VICI Properties, Inc. | 40158 | 1285859 |
| WP Carey, Inc. | 22099 | 1379862 |
|  |  | 33238843 |
| **Retailers — 2.9%** | **Retailers — 2.9%** | **Retailers — 2.9%** |
| AutoNation, Inc. \* | 7461 | 1299333 |
| Best Buy Co., Inc. | 13456 | 897381 |
| Dick's Sporting Goods, Inc. | 6584 | 1236080 |
| Kohl's Corp. (a) | 1448 | 9702 |
| Macy's, Inc. | 33231 | 379498 |
| Penske Automotive Group, Inc. | 7764 | 1208622 |
| Ross Stores, Inc. | 8183 | 1137437 |
| Tapestry, Inc. | 18974 | 1340513 |
| Tractor Supply Co. | 21970 | 1112121 |
| Williams-Sonoma, Inc. | 7638 | 1179842 |
|  |  | 9800529 |
| **Software & Computer Services — 5.5%** | **Software & Computer Services — 5.5%** | **Software & Computer Services — 5.5%** |
| Akamai Technologies, Inc. \* | 4421 | 356244 |
| Amdocs Ltd. | 12489 | 1106276 |
| ANSYS, Inc. \* | 3806 | 1225075 |
| AppLovin Corp., Class A \* | 5196 | 1399335 |
| CACI International, Inc., Class A \* | 2553 | 1168942 |
| Concentrix Corp. | 5191 | 265052 |
| Docusign, Inc. \* | 2882 | 235603 |
| Dolby Laboratories, Inc., Class A | 10192 | 782644 |
| F5, Inc. \* | 5185 | 1372677 |
| Gartner, Inc. \* | 2662 | 1120915 |
| Gen Digital, Inc. | 50749 | 1312877 |
| GoDaddy, Inc., Class A \* | 8153 | 1535454 |
| Hewlett Packard Enterprise Co. | 90441 | 1466953 |
| Leidos Holdings, Inc. | 8486 | 1248969 |
| Manhattan Associates, Inc. \* | 852 | 151136 |
| Paycom Software, Inc. | 609 | 137872 |
| Pegasystems, Inc. | 7336 | 675499 |
| Science Applications International Corp. | 7603 | 920191 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| SS&C Technologies Holdings, Inc. | 16553 | 1251407 |
| Tyler Technologies, Inc. \* | 2389 | 1297944 |
|  |  | 19031065 |
| **Technology Hardware & Equipment — 3.2%** | **Technology Hardware & Equipment — 3.2%** | **Technology Hardware & Equipment — 3.2%** |
| Avnet, Inc. | 18314 | 860575 |
| Cirrus Logic, Inc. \* | 10253 | 984698 |
| Corning, Inc. | 14833 | 658288 |
| HP, Inc. | 30121 | 770194 |
| Jabil, Inc. | 9969 | 1461057 |
| Microchip Technology, Inc. | 13182 | 607427 |
| Monolithic Power Systems, Inc. | 1698 | 1007084 |
| NetApp, Inc. | 10582 | 949734 |
| ON Semiconductor Corp. \* | 14547 | 577516 |
| Qorvo, Inc. \* | 6457 | 462773 |
| Skyworks Solutions, Inc. | 9443 | 606996 |
| TD SYNNEX Corp. | 11083 | 1227996 |
| Teradyne, Inc. | 8809 | 653716 |
|  |  | 10828054 |
| **Telecommunications Equipment — 1.6%** | **Telecommunications Equipment — 1.6%** | **Telecommunications Equipment — 1.6%** |
| Ciena Corp. \* | 20714 | 1391152 |
| Juniper Networks, Inc. | 39742 | 1443430 |
| Lumentum Holdings, Inc. \* | 17795 | 1050617 |
| Ubiquiti, Inc. (a) | 4452 | 1453355 |
|  |  | 5338554 |
| **Telecommunications Service Providers — 1.4%** | **Telecommunications Service Providers — 1.4%** | **Telecommunications Service Providers — 1.4%** |
| Charter Communications, Inc., Class A \* | 3547 | 1389928 |
| Frontier Communications Parent, Inc. \* | 38505 | 1395806 |
| GCI Liberty, Inc. Escrow ‡ \* | 7824 |  |
| Iridium Communications, Inc. | 39523 | 953690 |
| Liberty Broadband Corp., Class C \* | 3361 | 303801 |
| Liberty Global Ltd., Class C (Belgium) \* | 67727 | 768024 |
|  |  | 4811249 |
| **Travel & Leisure — 1.7%** | **Travel & Leisure — 1.7%** | **Travel & Leisure — 1.7%** |
| Boyd Gaming Corp. | 14594 | 1009029 |
| Darden Restaurants, Inc. | 6064 | 1216681 |
| MGM Resorts International \* | 24992 | 786248 |
| Texas Roadhouse, Inc. | 7784 | 1291833 |
| Travel + Leisure Co. | 5123 | 225053 |
| United Airlines Holdings, Inc. \* | 12884 | 886677 |
| Wendy's Co. (The) | 26354 | 329425 |
|  |  | 5744946 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 109

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Waste & Disposal Services — 0.1%** | **Waste & Disposal Services — 0.1%** | **Waste & Disposal Services — 0.1%** |
| Clean Harbors, Inc. \* | 1472 | 314920 |
| Total Common Stocks <br>(Cost $327,109,352)<br>|  | 343008553 |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $1,204,618)<br>| 1204618 | 1204618 |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $896,908)<br>| 896908 | 896908 |
| Total Short-Term Investments <br>(Cost $2,101,526)<br>|  | 2101526 |
| **Total Investments — 100.5%** <br>**(Cost $329,210,878)**<br>|  | **345110079** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(1569676)**<br>|
| **NET ASSETS — 100.0%** |  | **343540403** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $884,293. 

(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 April 30, 2025.

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 285730 | &nbsp;&nbsp;&nbsp;&nbsp; 4898 |

---

&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;

110 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Moog, Inc., Class A | 3302 | 552260 |
| National Presto Industries, Inc. | 3107 | 262075 |
|  |  | 814335 |
| **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** |
| Dorman Products, Inc. \* | 3297 | 373550 |
| Gentherm, Inc. \* | 773 | 20106 |
| Phinia, Inc. | 31507 | 1265006 |
|  |  | 1658662 |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| 1st Source Corp. | 5807 | 348130 |
| Ameris Bancorp | 23178 | 1358231 |
| Axos Financial, Inc. \* | 17560 | 1114709 |
| BancFirst Corp. | 1533 | 180618 |
| Bank of NT Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 30453 | 1223602 |
| Cathay General Bancorp | 21590 | 900087 |
| City Holding Co. | 2515 | 291413 |
| Community Trust Bancorp, Inc. | 5582 | 273295 |
| First BanCorp (Puerto Rico) | 40447 | 794379 |
| First Busey Corp. | 11014 | 228981 |
| First Commonwealth Financial Corp. | 21698 | 332413 |
| First Financial Bancorp | 23667 | 547891 |
| First Financial Corp. | 3275 | 161785 |
| First Merchants Corp. | 8349 | 297558 |
| Fulton Financial Corp. | 43168 | 720042 |
| Hancock Whitney Corp. | 15681 | 816823 |
| Home BancShares, Inc. | 41356 | 1147629 |
| Hope Bancorp, Inc. | 64296 | 641031 |
| International Bancshares Corp. | 15003 | 915783 |
| NBT Bancorp, Inc. | 18065 | 764872 |
| Northwest Bancshares, Inc. | 59987 | 740839 |
| OceanFirst Financial Corp. | 26692 | 442019 |
| OFG Bancorp (Puerto Rico) | 27885 | 1097275 |
| Old National Bancorp | 62935 | 1295832 |
| Pathward Financial, Inc. | 6132 | 486697 |
| Renasant Corp. | 19103 | 612633 |
| Republic Bancorp, Inc., Class A | 3868 | 262444 |
| Simmons First National Corp., Class A | 30749 | 573776 |
| TrustCo Bank Corp. | 11050 | 336472 |
| Trustmark Corp. | 12561 | 421422 |
| UMB Financial Corp. | 5118 | 484009 |
| United Bankshares, Inc. | 36182 | 1240681 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| WaFd, Inc. | 30224 | 862291 |
| WesBanco, Inc. | 20811 | 619752 |
|  |  | 22535414 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| MGP Ingredients, Inc. | 21644 | 637849 |
| National Beverage Corp. | 25588 | 1136107 |
| Primo Brands Corp. | 38421 | 1255214 |
| Vita Coco Co., Inc. (The) \* | 39985 | 1321504 |
|  |  | 4350674 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| AdvanSix, Inc. | 23848 | 510824 |
| American Vanguard Corp. | 34947 | 147476 |
| Avient Corp. | 30923 | 1030045 |
| Balchem Corp. | 7747 | 1212793 |
| Cabot Corp. | 16041 | 1259860 |
| Ecovyst, Inc. \* | 129253 | 772933 |
| Hawkins, Inc. | 11757 | 1431768 |
| Ingevity Corp. \* | 26306 | 867572 |
| Innospec, Inc. | 11821 | 1057743 |
| Intrepid Potash, Inc. \* | 16434 | 542979 |
| LSB Industries, Inc. \* | 109171 | 696511 |
| Orion SA (Germany) | 38302 | 461156 |
| Quaker Chemical Corp. | 6466 | 685008 |
| Rayonier Advanced Materials, Inc. \* | 111319 | 474219 |
| Sensient Technologies Corp. | 15452 | 1451715 |
| Stepan Co. | 15273 | 772203 |
| Tronox Holdings plc | 87526 | 473516 |
|  |  | 13848321 |
| **Construction & Materials — 3.5%** | **Construction & Materials — 3.5%** | **Construction & Materials — 3.5%** |
| American Woodmark Corp. \* | 3405 | 200895 |
| Arcosa, Inc. | 14824 | 1186958 |
| Argan, Inc. | 6880 | 1053534 |
| Atkore, Inc. | 9385 | 599420 |
| BlueLinx Holdings, Inc. \* | 3882 | 252873 |
| Boise Cascade Co. | 10685 | 996697 |
| CSW Industrials, Inc. | 3699 | 1155864 |
| Exponent, Inc. | 5916 | 465471 |
| GMS, Inc. \* | 14776 | 1082490 |
| Granite Construction, Inc. | 14789 | 1202198 |
| Griffon Corp. | 13068 | 890061 |
| Installed Building Products, Inc. | 6015 | 997467 |
| Masterbrand, Inc. \* | 28942 | 351645 |
| Mueller Water Products, Inc., Class A | 13278 | 348415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 111

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction & Materials — continued** | **Construction & Materials — continued** | **Construction & Materials — continued** |
| Patrick Industries, Inc. | 15375 | 1183568 |
| Primoris Services Corp. | 21484 | 1288395 |
| Sterling Infrastructure, Inc. \* | 8330 | 1244752 |
| Tutor Perini Corp. \* | 18368 | 394177 |
|  |  | 14894880 |
| **Consumer Services — 2.1%** | **Consumer Services — 2.1%** | **Consumer Services — 2.1%** |
| Adtalem Global Education, Inc. \* | 9908 | 1052230 |
| Carriage Services, Inc. | 11012 | 440039 |
| Cars.com, Inc. \* | 17309 | 201477 |
| Frontdoor, Inc. \* | 7947 | 326701 |
| Graham Holdings Co., Class B | 1110 | 1021255 |
| Laureate Education, Inc., Class A \* | 69930 | 1403495 |
| OPENLANE, Inc. \* | 25072 | 464083 |
| Perdoceo Education Corp. | 53691 | 1348718 |
| PROG Holdings, Inc. | 13153 | 346713 |
| Strategic Education, Inc. | 9174 | 748415 |
| Stride, Inc. \* | 7380 | 1049805 |
| Upbound Group, Inc. | 26839 | 534096 |
|  |  | 8937027 |
| **Electricity — 1.9%** | **Electricity — 1.9%** | **Electricity — 1.9%** |
| ALLETE, Inc. | 20831 | 1364222 |
| Hawaiian Electric Industries, Inc. \* | 89810 | 943005 |
| MGE Energy, Inc. | 14842 | 1342014 |
| Northwestern Energy Group, Inc. | 24219 | 1410272 |
| NuScale Power Corp. \* (a) | 47690 | 790223 |
| Portland General Electric Co. | 30112 | 1268318 |
| TXNM Energy, Inc. | 19805 | 1053626 |
|  |  | 8171680 |
| **Electronic & Electrical Equipment — 1.0%** | **Electronic & Electrical Equipment — 1.0%** | **Electronic & Electrical Equipment — 1.0%** |
| Badger Meter, Inc. | 6404 | 1414131 |
| Belden, Inc. | 9876 | 1018315 |
| EnerSys | 6233 | 539778 |
| Watts Water Technologies, Inc., Class A | 6287 | 1306124 |
|  |  | 4278348 |
| **Finance & Credit Services — 1.6%** | **Finance & Credit Services — 1.6%** | **Finance & Credit Services — 1.6%** |
| Enact Holdings, Inc. | 17694 | 633268 |
| Enova International, Inc. \* | 14875 | 1365376 |
| Federal Agricultural Mortgage Corp., Class C | 2256 | 395545 |
| Mr. Cooper Group, Inc. \* | 12792 | 1522376 |
| Navient Corp. | 23436 | 290138 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Finance & Credit Services — continued** | **Finance & Credit Services — continued** | **Finance & Credit Services — continued** |
| PennyMac Financial Services, Inc. | 13049 | 1271495 |
| Radian Group, Inc. | 41826 | 1335922 |
|  |  | 6814120 |
| **Food Producers — 3.6%** | **Food Producers — 3.6%** | **Food Producers — 3.6%** |
| Andersons, Inc. (The) | 26797 | 1010515 |
| B&G Foods, Inc. | 126856 | 874038 |
| Cal-Maine Foods, Inc. | 15586 | 1455265 |
| Dole plc | 67826 | 1030277 |
| Fresh Del Monte Produce, Inc. | 43475 | 1478585 |
| GrowGeneration Corp. \* | 53644 | 62763 |
| Herbalife Ltd. \* | 117566 | 846475 |
| J & J Snack Foods Corp. | 7367 | 954689 |
| John B Sanfilippo & Son, Inc. | 9537 | 632017 |
| Lancaster Colony Corp. | 6179 | 1005818 |
| Medifast, Inc. \* | 42612 | 559922 |
| Nature's Sunshine Products, Inc. \* | 11544 | 142222 |
| Simply Good Foods Co. (The) \* | 33810 | 1220879 |
| SunOpta, Inc. (Canada) \* | 102628 | 443353 |
| TreeHouse Foods, Inc. \* | 22501 | 524048 |
| USANA Health Sciences, Inc. \* | 11252 | 316069 |
| Utz Brands, Inc. | 63485 | 843716 |
| Vital Farms, Inc. \* | 28634 | 980428 |
| WK Kellogg Co. (a) | 50130 | 898831 |
|  |  | 15279910 |
| **Gas, Water & Multi-utilities — 4.0%** | **Gas, Water & Multi-utilities — 4.0%** | **Gas, Water & Multi-utilities — 4.0%** |
| American States Water Co. | 11362 | 921572 |
| Aris Water Solutions, Inc., Class A | 50753 | 1266795 |
| Avista Corp. | 34264 | 1420928 |
| Black Hills Corp. | 22644 | 1379019 |
| Brookfield Infrastructure Corp., Class A (Canada) | 36482 | 1365886 |
| California Water Service Group | 18265 | 925122 |
| Chesapeake Utilities Corp. | 10445 | 1375293 |
| Consolidated Water Co. Ltd., Class D | 12133 | 281971 |
| Excelerate Energy, Inc., Class A | 39636 | 1013889 |
| Middlesex Water Co. | 5481 | 345961 |
| New Jersey Resources Corp. | 28464 | 1393028 |
| Northwest Natural Holding Co. | 30149 | 1299422 |
| ONE Gas, Inc. | 18235 | 1431630 |
| Southwest Gas Holdings, Inc. | 18710 | 1351049 |
| Spire, Inc. | 17790 | 1361647 |
|  |  | 17133212 |
| **General Industrials — 1.4%** | **General Industrials — 1.4%** | **General Industrials — 1.4%** |
| Apogee Enterprises, Inc. | 18085 | 717432 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| AZZ, Inc. | 11008 | 955054 |
| Greif, Inc., Class A | 13629 | 715250 |
| HB Fuller Co. | 17582 | 950131 |
| Kronos Worldwide, Inc. | 25888 | 199596 |
| Myers Industries, Inc. | 10709 | 112445 |
| Otter Tail Corp. | 16431 | 1304293 |
| Standex International Corp. | 5991 | 847247 |
| TriMas Corp. | 3977 | 95647 |
|  |  | 5897095 |
| **Health Care Providers — 2.7%** | **Health Care Providers — 2.7%** | **Health Care Providers — 2.7%** |
| Addus HomeCare Corp. \* | 8586 | 897666 |
| Astrana Health, Inc. \* | 20392 | 635619 |
| CorVel Corp. \* | 12520 | 1361675 |
| Ensign Group, Inc. (The) | 9457 | 1219858 |
| Healthcare Services Group, Inc. \* | 18711 | 265883 |
| HealthEquity, Inc. \* | 13507 | 1157820 |
| LifeMD, Inc. \* | 39169 | 288284 |
| National HealthCare Corp. | 4428 | 418402 |
| Option Care Health, Inc. \* | 40037 | 1293596 |
| Pediatrix Medical Group, Inc. \* | 19396 | 249821 |
| Pennant Group, Inc. (The) \* | 15060 | 385837 |
| RadNet, Inc. \* | 17738 | 929116 |
| Select Medical Holdings Corp. | 51423 | 937956 |
| Surgery Partners, Inc. \* | 35515 | 779554 |
| US Physical Therapy, Inc. | 9603 | 682869 |
|  |  | 11503956 |
| **Household Goods & Home Construction — 3.4%** | **Household Goods & Home Construction — 3.4%** | **Household Goods & Home Construction — 3.4%** |
| Central Garden & Pet Co., Class A \* | 21789 | 644301 |
| Century Communities, Inc. | 6271 | 342020 |
| CompX International, Inc. | 3262 | 88726 |
| Ethan Allen Interiors, Inc. | 41137 | 1169525 |
| Green Brick Partners, Inc. \* | 15018 | 885912 |
| HNI Corp. | 27911 | 1180635 |
| Hovnanian Enterprises, Inc., Class A \* | 3201 | 309857 |
| Interface, Inc. | 63366 | 1191281 |
| KB Home | 17544 | 947902 |
| La-Z-Boy, Inc. | 32681 | 1290900 |
| M/I Homes, Inc. \* | 8783 | 936970 |
| Meritage Homes Corp. | 14385 | 980194 |
| MillerKnoll, Inc. | 26669 | 437372 |
| Steelcase, Inc., Class A | 77396 | 767768 |
| Taylor Morrison Home Corp. \* | 22023 | 1263019 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Household Goods & Home Construction — continued** | **Household Goods & Home Construction — continued** | **Household Goods & Home Construction — continued** |
| Tri Pointe Homes, Inc. \* | 28721 | 883171 |
| Worthington Enterprises, Inc. | 23357 | 1182565 |
|  |  | 14502118 |
| **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** |
| Albany International Corp., Class A | 7985 | 525094 |
| Enpro, Inc. | 7479 | 1117362 |
| Franklin Electric Co., Inc. | 13130 | 1115525 |
| Hillenbrand, Inc. | 10582 | 214074 |
| Tennant Co. | 699 | 50440 |
|  |  | 3022495 |
| **Industrial Materials — 1.8%** | **Industrial Materials — 1.8%** | **Industrial Materials — 1.8%** |
| Clearwater Paper Corp. \* | 40321 | 1083022 |
| Koppers Holdings, Inc. | 27754 | 695515 |
| Materion Corp. | 11770 | 977028 |
| Mativ Holdings, Inc. | 61672 | 315144 |
| Minerals Technologies, Inc. | 17222 | 888483 |
| Perimeter Solutions, Inc. \* | 110463 | 1118990 |
| Sylvamo Corp. | 20298 | 1210167 |
| Tredegar Corp. \* | 16132 | 125346 |
| UFP Industries, Inc. | 11240 | 1111074 |
|  |  | 7524769 |
| **Industrial Metals & Mining — 3.0%** | **Industrial Metals & Mining — 3.0%** | **Industrial Metals & Mining — 3.0%** |
| ASP Isotopes, Inc. \* (a) | 183576 | 969281 |
| Carpenter Technology Corp. | 7551 | 1477051 |
| Century Aluminum Co. \* | 67788 | 1112401 |
| Commercial Metals Co. | 26211 | 1167438 |
| Constellium SE \* | 82208 | 831123 |
| GrafTech International Ltd. \* (a) | 395411 | 250295 |
| Kaiser Aluminum Corp. | 13645 | 879557 |
| Metallus, Inc. \* | 58283 | 737280 |
| Mueller Industries, Inc. | 16443 | 1209547 |
| Olympic Steel, Inc. | 16493 | 531899 |
| Piedmont Lithium, Inc. \* (a) | 20787 | 155487 |
| Radius Recycling, Inc. | 30250 | 887233 |
| Ryerson Holding Corp. | 56139 | 1312530 |
| Uranium Energy Corp. \* | 197974 | 1039363 |
| Worthington Steel, Inc. | 9892 | 253829 |
|  |  | 12814314 |
| **Industrial Support Services — 2.4%** | **Industrial Support Services — 2.4%** | **Industrial Support Services — 2.4%** |
| ABM Industries, Inc. | 17933 | 874054 |
| Applied Industrial Technologies, Inc. | 5921 | 1440461 |
| ASGN, Inc. \* | 8422 | 424300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 113

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Support Services — continued** | **Industrial Support Services — continued** | **Industrial Support Services — continued** |
| CoreCivic, Inc., REIT \* | 69201 | 1566711 |
| CRA International, Inc. | 6673 | 1082361 |
| Cross Country Healthcare, Inc. \* | 11197 | 151719 |
| Donnelley Financial Solutions, Inc. \* | 5934 | 286019 |
| DXP Enterprises, Inc. \* | 2323 | 205493 |
| EVERTEC, Inc. (Puerto Rico) | 16845 | 571719 |
| Heidrick & Struggles International, Inc. | 7383 | 288085 |
| Korn Ferry | 11209 | 691595 |
| Maximus, Inc. | 14375 | 962550 |
| Pitney Bowes, Inc. | 82839 | 719042 |
| Resources Connection, Inc. | 9873 | 56622 |
| Target Hospitality Corp. \* | 21880 | 148784 |
| TriNet Group, Inc. | 9648 | 755728 |
| UniFirst Corp. | 466 | 83167 |
|  |  | 10308410 |
| **Industrial Transportation — 2.8%** | **Industrial Transportation — 2.8%** | **Industrial Transportation — 2.8%** |
| ArcBest Corp. | 10806 | 632367 |
| Ardmore Shipping Corp. (Ireland) | 39484 | 376677 |
| Costamare, Inc. (Monaco) | 52518 | 489993 |
| DHT Holdings, Inc. | 111297 | 1189765 |
| Dorian LPG Ltd. | 32476 | 695636 |
| Federal Signal Corp. | 14318 | 1165915 |
| FLEX LNG Ltd. (Norway) (a) | 14724 | 347339 |
| GATX Corp. | 8726 | 1273647 |
| Genco Shipping & Trading Ltd. | 30197 | 391353 |
| Hub Group, Inc., Class A | 7886 | 249119 |
| International Seaways, Inc. | 21551 | 731872 |
| Matson, Inc. | 10222 | 1115118 |
| McGrath RentCorp | 7437 | 793305 |
| Nordic American Tankers Ltd. | 68906 | 176399 |
| Scorpio Tankers, Inc. (Monaco) | 18601 | 701072 |
| Teekay Corp. Ltd. (Bermuda) | 55588 | 400789 |
| Teekay Tankers Ltd., Class A (Canada) | 23668 | 1007547 |
| Tingo Group, Inc. \* (a) | 827098 | 24813 |
| Wabash National Corp. | 20085 | 138787 |
|  |  | 11901513 |
| **Investment Banking & Brokerage Services — 1.2%** | **Investment Banking & Brokerage Services — 1.2%** | **Investment Banking & Brokerage Services — 1.2%** |
| Acadian Asset Management, Inc. | 5567 | 149975 |
| Artisan Partners Asset Management, Inc., Class A | 16733 | 618786 |
| Cohen & Steers, Inc. | 4242 | 323750 |
| Hamilton Lane, Inc., Class A | 8216 | 1269290 |
| Moelis & Co., Class A | 22035 | 1180635 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** |
| StoneX Group, Inc. \* | 8767 | 776449 |
| Victory Capital Holdings, Inc., Class A | 13180 | 755082 |
|  |  | 5073967 |
| **Leisure Goods — 0.7%** | **Leisure Goods — 0.7%** | **Leisure Goods — 0.7%** |
| Camping World Holdings, Inc., Class A | 6805 | 82068 |
| LCI Industries | 6647 | 512351 |
| Smith & Wesson Brands, Inc. | 118246 | 1126884 |
| Sturm Ruger & Co., Inc. | 18122 | 736841 |
| Winnebago Industries, Inc. | 15790 | 502438 |
|  |  | 2960582 |
| **Life Insurance — 0.8%** | **Life Insurance — 0.8%** | **Life Insurance — 0.8%** |
| CNO Financial Group, Inc. | 34292 | 1301038 |
| Genworth Financial, Inc., Class A \* | 142723 | 979080 |
| Jackson Financial, Inc., Class A | 16134 | 1257000 |
|  |  | 3537118 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Gray Media, Inc. | 43455 | 145574 |
| Scholastic Corp. | 7360 | 132701 |
| TEGNA, Inc. | 76326 | 1238771 |
|  |  | 1517046 |
| **Medical Equipment & Services — 2.6%** | **Medical Equipment & Services — 2.6%** | **Medical Equipment & Services — 2.6%** |
| AdaptHealth Corp. \* | 32851 | 279562 |
| Anika Therapeutics, Inc. \* | 4540 | 65966 |
| Avanos Medical, Inc. \* | 12894 | 161820 |
| CONMED Corp. | 9806 | 481573 |
| Fulgent Genetics, Inc. \* (a) | 13383 | 232195 |
| Haemonetics Corp. \* | 11954 | 753341 |
| ICU Medical, Inc. \* | 6666 | 910509 |
| Integer Holdings Corp. \* | 10824 | 1367180 |
| Lantheus Holdings, Inc. \* | 12000 | 1252080 |
| LeMaitre Vascular, Inc. | 10818 | 981625 |
| Merit Medical Systems, Inc. \* | 13627 | 1287070 |
| Myriad Genetics, Inc. \* | 19793 | 146666 |
| NeoGenomics, Inc. \* | 23916 | 152943 |
| Omnicell, Inc. \* | 24286 | 759180 |
| OraSure Technologies, Inc. \* | 101480 | 303425 |
| Owens & Minor, Inc. \* | 36371 | 256779 |
| STAAR Surgical Co. \* | 6268 | 114454 |
| Surmodics, Inc. \* | 2828 | 79212 |
| UFP Technologies, Inc. \* | 4880 | 1017675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Medical Equipment & Services — continued** | **Medical Equipment & Services — continued** | **Medical Equipment & Services — continued** |
| Varex Imaging Corp. \* | 40174 | 334248 |
| Zynex, Inc. \* (a) | 31080 | 51593 |
|  |  | 10989096 |
| **Mortgage Real Estate Investment Trusts — 1.0%** | **Mortgage Real Estate Investment Trusts — 1.0%** | **Mortgage Real Estate Investment Trusts — 1.0%** |
| Ares Commercial Real Estate Corp. (a) | 65561 | 266833 |
| Ellington Financial, Inc. (a) | 96399 | 1256079 |
| Ladder Capital Corp. | 72024 | 751931 |
| MFA Financial, Inc. | 81416 | 799505 |
| PennyMac Mortgage Investment Trust | 58861 | 755775 |
| Redwood Trust, Inc. | 44968 | 279251 |
| Safehold, Inc. | 14001 | 220516 |
| TPG RE Finance Trust, Inc. | 3979 | 30400 |
|  |  | 4360290 |
| **Non-life Insurance — 1.3%** | **Non-life Insurance — 1.3%** | **Non-life Insurance — 1.3%** |
| Employers Holdings, Inc. | 16670 | 809995 |
| Enstar Group Ltd. \* | 3293 | 1101212 |
| Essent Group Ltd. | 23364 | 1330113 |
| Horace Mann Educators Corp. | 5361 | 222696 |
| NMI Holdings, Inc., Class A \* | 31607 | 1143225 |
| Safety Insurance Group, Inc. | 3123 | 238910 |
| Stewart Information Services Corp. | 11704 | 766378 |
|  |  | 5612529 |
| **Non-Renewable Energy — 6.6%** | **Non-Renewable Energy — 6.6%** | **Non-Renewable Energy — 6.6%** |
| Alpha Metallurgical Resources, Inc. \* | 5180 | 628593 |
| Archrock, Inc. | 57351 | 1349469 |
| Berry Corp. | 86211 | 213803 |
| Cactus, Inc., Class A | 25418 | 964359 |
| California Resources Corp. | 20386 | 703521 |
| ChampionX Corp. | 39074 | 942856 |
| CNX Resources Corp. \* | 39795 | 1171167 |
| Comstock Resources, Inc. \* | 75533 | 1379988 |
| Core Natural Resources, Inc. | 20198 | 1458498 |
| Crescent Energy Co., Class A | 55391 | 458637 |
| DNOW, Inc. \* | 62094 | 985432 |
| Gulfport Energy Corp. \* | 7012 | 1209570 |
| Helix Energy Solutions Group, Inc. \* | 138019 | 840536 |
| Kinetik Holdings, Inc. | 17563 | 726054 |
| Kodiak Gas Services, Inc. | 24971 | 849264 |
| Liberty Energy, Inc. | 61754 | 710171 |
| Magnolia Oil & Gas Corp., Class A | 55353 | 1136397 |
| MRC Global, Inc. \* | 69140 | 805481 |
| Murphy Oil Corp. | 30192 | 619842 |
| Northern Oil & Gas, Inc. | 23280 | 565704 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| NPK International, Inc. \* | 32545 | 188110 |
| Patterson-UTI Energy, Inc. | 96284 | 543042 |
| Peabody Energy Corp. | 50927 | 628439 |
| ProPetro Holding Corp. \* | 56279 | 280269 |
| Ramaco Resources, Inc., Class A (a) | 57346 | 578048 |
| RPC, Inc. | 140041 | 662394 |
| SandRidge Energy, Inc. | 42143 | 383923 |
| Select Water Solutions, Inc. | 106334 | 905966 |
| Sitio Royalties Corp. | 42621 | 722852 |
| SM Energy Co. | 40117 | 914266 |
| Solaris Energy Infrastructure, Inc., Class A | 56746 | 1199610 |
| SunCoke Energy, Inc. | 113235 | 1025909 |
| VAALCO Energy, Inc. | 101424 | 331656 |
| Warrior Met Coal, Inc. | 24561 | 1174507 |
| World Kinect Corp. | 35755 | 897093 |
|  |  | 28155426 |
| **Personal Care, Drug & Grocery Stores — 2.8%** | **Personal Care, Drug & Grocery Stores — 2.8%** | **Personal Care, Drug & Grocery Stores — 2.8%** |
| ACCO Brands Corp. | 101368 | 391280 |
| Chefs' Warehouse, Inc. (The) \* | 23393 | 1332699 |
| Edgewell Personal Care Co. | 33090 | 1010900 |
| Energizer Holdings, Inc. | 39295 | 1062537 |
| Honest Co., Inc. (The) \* | 132314 | 633784 |
| Ingles Markets, Inc., Class A | 14064 | 867608 |
| Natural Grocers by Vitamin Cottage, Inc. | 6944 | 348311 |
| Nu Skin Enterprises, Inc., Class A | 82689 | 523421 |
| SpartanNash Co. | 38164 | 757174 |
| Sprouts Farmers Market, Inc. \* | 9927 | 1697517 |
| United Natural Foods, Inc. \* | 50597 | 1351446 |
| WD-40 Co. | 4816 | 1099782 |
| Weis Markets, Inc. | 10281 | 884063 |
|  |  | 11960522 |
| **Personal Goods — 1.2%** | **Personal Goods — 1.2%** | **Personal Goods — 1.2%** |
| G-III Apparel Group Ltd. \* | 12181 | 307205 |
| Interparfums, Inc. | 5016 | 547747 |
| Kontoor Brands, Inc. | 22499 | 1353315 |
| Movado Group, Inc. | 23979 | 333068 |
| Oxford Industries, Inc. | 6507 | 316240 |
| Signet Jewelers Ltd. | 17057 | 1011480 |
| Steven Madden Ltd. | 24251 | 509271 |
| Wolverine World Wide, Inc. | 73847 | 963704 |
|  |  | 5342030 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 115

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals & Biotechnology — 0.00% ^** | **Pharmaceuticals & Biotechnology — 0.00% ^** | **Pharmaceuticals & Biotechnology — 0.00% ^** |
| OmniAb Operations, Inc. ‡ \* | 1382 |  |
| OmniAb, Inc. ‡ \* | 1382 |  |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0%** |
| ADMA Biologics, Inc. \* | 28132 | 669542 |
| Alkermes plc \* | 27597 | 793966 |
| Amphastar Pharmaceuticals, Inc. \* | 23448 | 572366 |
| ANI Pharmaceuticals, Inc. \* | 15570 | 1102667 |
| Arcellx, Inc. \* | 16503 | 1071870 |
| Arcturus Therapeutics Holdings, Inc. \* | 24107 | 308811 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 40494 | 333671 |
| Castle Biosciences, Inc. \* | 14550 | 291728 |
| Catalyst Pharmaceuticals, Inc. \* | 61834 | 1501948 |
| Collegium Pharmaceutical, Inc. \* | 37197 | 1004133 |
| Corcept Therapeutics, Inc. \* | 24459 | 1758113 |
| Dynavax Technologies Corp. \* | 73127 | 859242 |
| Harmony Biosciences Holdings, Inc. \* | 14687 | 432826 |
| Innoviva, Inc. \* | 71129 | 1329401 |
| Ironwood Pharmaceuticals, Inc. \* | 36854 | 34359 |
| Ligand Pharmaceuticals, Inc. \* | 11850 | 1301841 |
| Pacira BioSciences, Inc. \* | 6827 | 183646 |
| PDL BioPharma, Inc. ‡ \* | 22361 | 6708 |
| Prestige Consumer Healthcare, Inc. \* | 15287 | 1241763 |
| Protagonist Therapeutics, Inc. \* | 23654 | 1083826 |
| Supernus Pharmaceuticals, Inc. \* | 29776 | 967124 |
| Vanda Pharmaceuticals, Inc. \* | 28381 | 127998 |
|  |  | 16977549 |
| **Precious Metals & Mining — 0.8%** | **Precious Metals & Mining — 0.8%** | **Precious Metals & Mining — 0.8%** |
| Coeur Mining, Inc. \* | 161376 | 895637 |
| Hecla Mining Co. | 174010 | 995337 |
| SSR Mining, Inc. (Canada) \* | 137085 | 1458584 |
|  |  | 3349558 |
| **Real Estate Investment & Services — 1.7%** | **Real Estate Investment & Services — 1.7%** | **Real Estate Investment & Services — 1.7%** |
| Compass, Inc., Class A \* | 160684 | 1240481 |
| Cushman & Wakefield plc \* | 80253 | 751971 |
| DigitalBridge Group, Inc. | 2731 | 22940 |
| eXp World Holdings, Inc. (a) | 17240 | 157918 |
| GEO Group, Inc. (The), REIT \* | 56579 | 1769790 |
| HA Sustainable Infrastructure Capital, Inc., REIT | 33237 | 830260 |
| Marcus & Millichap, Inc. | 2656 | 80742 |
| Newmark Group, Inc., Class A | 102742 | 1129135 |
| St. Joe Co. (The) | 25387 | 1074378 |
|  |  | 7057615 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — 10.7%** | **Real Estate Investment Trusts — 10.7%** | **Real Estate Investment Trusts — 10.7%** |
| Acadia Realty Trust | 60414 | 1153907 |
| Alexander & Baldwin, Inc. | 40616 | 697783 |
| American Assets Trust, Inc. | 46165 | 864670 |
| American Healthcare REIT, Inc. | 36766 | 1186806 |
| Apartment Investment and Management Co., <br> Class A<br>| 15753 | 124606 |
| Apple Hospitality REIT, Inc. | 73852 | 869238 |
| Brandywine Realty Trust | 221829 | 878443 |
| Broadstone Net Lease, Inc. | 80200 | 1297636 |
| CareTrust REIT, Inc. | 46937 | 1373846 |
| Community Healthcare Trust, Inc. | 15685 | 267900 |
| COPT Defense Properties | 50118 | 1308581 |
| CTO Realty Growth, Inc. | 23396 | 427445 |
| Curbline Properties Corp. | 48311 | 1105839 |
| DiamondRock Hospitality Co. | 103957 | 763044 |
| Douglas Emmett, Inc. | 78435 | 1084756 |
| Easterly Government Properties, Inc. | 34674 | 699375 |
| Elme Communities | 42956 | 668825 |
| Empire State Realty Trust, Inc., Class A | 144722 | 1030421 |
| Essential Properties Realty Trust, Inc. | 42092 | 1354100 |
| Four Corners Property Trust, Inc. | 46422 | 1297495 |
| Getty Realty Corp. (a) | 41619 | 1164916 |
| Global Net Lease, Inc. | 39286 | 296609 |
| Independence Realty Trust, Inc. | 64819 | 1259433 |
| Innovative Industrial Properties, Inc. | 13790 | 748935 |
| InvenTrust Properties Corp. | 31038 | 864719 |
| Kite Realty Group Trust | 56473 | 1222640 |
| LTC Properties, Inc. | 37682 | 1351653 |
| LXP Industrial Trust | 107436 | 847670 |
| Macerich Co. (The) | 73123 | 1071983 |
| National Health Investors, Inc. | 18661 | 1412078 |
| Outfront Media, Inc. | 75942 | 1149002 |
| Paramount Group, Inc. | 100486 | 431085 |
| Pebblebrook Hotel Trust | 58711 | 531335 |
| Phillips Edison & Co., Inc. | 35571 | 1234314 |
| Piedmont Office Realty Trust, Inc., Class A | 137431 | 812217 |
| PotlatchDeltic Corp. | 28787 | 1105133 |
| RLJ Lodging Trust | 106022 | 743214 |
| Ryman Hospitality Properties, Inc. | 12260 | 1078267 |
| Sabra Health Care REIT, Inc. | 80570 | 1438175 |
| SITE Centers Corp. | 67931 | 804303 |
| SL Green Realty Corp. | 20920 | 1100601 |
| Summit Hotel Properties, Inc. | 86828 | 353390 |
| Sunstone Hotel Investors, Inc. | 106792 | 890645 |
| Tanger, Inc. (a) | 40429 | 1273918 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

116 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| Terreno Realty Corp. | 19726 | 1111166 |
| Uniti Group, Inc. | 64614 | 317901 |
| Urban Edge Properties | 68243 | 1233151 |
| Whitestone | 47430 | 618487 |
| Xenia Hotels & Resorts, Inc. | 62485 | 667340 |
|  |  | 45588996 |
| **Renewable Energy — 0.4%** | **Renewable Energy — 0.4%** | **Renewable Energy — 0.4%** |
| American Superconductor Corp. \* | 35115 | 697033 |
| REX American Resources Corp. \* | 22091 | 877454 |
|  |  | 1574487 |
| **Retailers — 1.8%** | **Retailers — 1.8%** | **Retailers — 1.8%** |
| Abercrombie & Fitch Co., Class A \* | 2130 | 147865 |
| Academy Sports & Outdoors, Inc. | 18274 | 688564 |
| American Eagle Outfitters, Inc. | 50177 | 528364 |
| Asbury Automotive Group, Inc. \* | 2636 | 575017 |
| Buckle, Inc. (The) | 29897 | 1039220 |
| Caleres, Inc. | 5527 | 84231 |
| Global Industrial Co. | 2989 | 76758 |
| Group 1 Automotive, Inc. | 3064 | 1236722 |
| Haverty Furniture Cos., Inc. | 30336 | 550902 |
| Liquidity Services, Inc. \* | 15007 | 476922 |
| PriceSmart, Inc. | 3649 | 370337 |
| Shoe Carnival, Inc. | 31652 | 550112 |
| Urban Outfitters, Inc. \* | 23614 | 1246347 |
| Zumiez, Inc. \* | 13659 | 159810 |
|  |  | 7731171 |
| **Software & Computer Services — 4.5%** | **Software & Computer Services — 4.5%** | **Software & Computer Services — 4.5%** |
| A10 Networks, Inc. | 64529 | 1063438 |
| Agilysys, Inc. \* | 11670 | 867664 |
| Alarm.com Holdings, Inc. \* | 9589 | 513970 |
| Blackbaud, Inc. \* | 6057 | 366691 |
| Box, Inc., Class A \* | 27867 | 870008 |
| Cargurus, Inc. \* | 35483 | 992105 |
| Clear Secure, Inc., Class A | 35428 | 874363 |
| Commvault Systems, Inc. \* | 8781 | 1467568 |
| Consensus Cloud Solutions, Inc. \* | 3330 | 66134 |
| CSG Systems International, Inc. | 13884 | 834845 |
| ePlus, Inc. \* | 12260 | 764534 |
| EverQuote, Inc., Class A \* | 15486 | 367638 |
| Grindr, Inc. (Singapore) \* | 48668 | 1069236 |
| Mitek Systems, Inc. \* | 27349 | 226450 |
| NetScout Systems, Inc. \* | 36812 | 773788 |
| OneSpan, Inc. | 22885 | 340300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| Progress Software Corp. | 20264 | 1215029 |
| Q2 Holdings, Inc. \* | 15846 | 1255795 |
| Qualys, Inc. \* | 7407 | 931134 |
| Simulations Plus, Inc. | 15150 | 520402 |
| SPS Commerce, Inc. \* | 7827 | 1123253 |
| Verint Systems, Inc. \* | 8140 | 143590 |
| Viant Technology, Inc., Class A \* | 16461 | 235557 |
| Workiva, Inc. \* | 12608 | 949004 |
| Yelp, Inc. \* | 33322 | 1168936 |
|  |  | 19001432 |
| **Technology Hardware & Equipment — 4.8%** | **Technology Hardware & Equipment — 4.8%** | **Technology Hardware & Equipment — 4.8%** |
| Adeia, Inc. | 77408 | 952892 |
| Advanced Energy Industries, Inc. | 12300 | 1198143 |
| Alpha & Omega Semiconductor Ltd. \* | 2329 | 43855 |
| Axcelis Technologies, Inc. \* | 5577 | 273161 |
| Benchmark Electronics, Inc. | 35615 | 1158556 |
| Cohu, Inc. \* | 15165 | 242640 |
| CTS Corp. | 20487 | 780145 |
| Diodes, Inc. \* | 16652 | 639437 |
| Fabrinet (Thailand) \* | 6458 | 1324277 |
| FormFactor, Inc. \* | 24898 | 700630 |
| Ichor Holdings Ltd. \* | 14077 | 278443 |
| Impinj, Inc. \* | 6516 | 600319 |
| Insight Enterprises, Inc. \* | 6523 | 902000 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 25533 | 822929 |
| Methode Electronics, Inc. | 35706 | 223877 |
| Novanta, Inc. \* | 8337 | 990936 |
| PC Connection, Inc. | 11516 | 714453 |
| Photronics, Inc. \* | 51243 | 936210 |
| Plexus Corp. \* | 10896 | 1333997 |
| Power Integrations, Inc. | 15989 | 785380 |
| Rambus, Inc. \* | 19642 | 958333 |
| Sanmina Corp. \* | 16793 | 1289534 |
| ScanSource, Inc. \* | 19906 | 656699 |
| Synaptics, Inc. \* | 3068 | 170765 |
| TTM Technologies, Inc. \* | 59363 | 1188447 |
| Ultra Clean Holdings, Inc. \* | 29247 | 547065 |
| Vishay Intertechnology, Inc. | 51617 | 670505 |
| Xerox Holdings Corp. (a) | 60222 | 265579 |
|  |  | 20649207 |
| **Telecommunications Equipment — 2.9%** | **Telecommunications Equipment — 2.9%** | **Telecommunications Equipment — 2.9%** |
| ADTRAN Holdings, Inc. \* | 49076 | 375922 |
| Applied Optoelectronics, Inc. \* | 6558 | 83877 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 117

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Telecommunications Equipment — continued** | **Telecommunications Equipment — continued** | **Telecommunications Equipment — continued** |
| Aviat Networks, Inc. \* | 9577 | 168172 |
| Calix, Inc. \* | 24213 | 990554 |
| Clearfield, Inc. \* | 29942 | 858437 |
| CommScope Holding Co., Inc. \* | 254143 | 950495 |
| Digi International, Inc. \* | 39315 | 1069368 |
| EchoStar Corp., Class A \* (a) | 48319 | 1086211 |
| Extreme Networks, Inc. \* | 78054 | 1027191 |
| Harmonic, Inc. \* | 100237 | 900128 |
| InterDigital, Inc. (a) | 6281 | 1262481 |
| NETGEAR, Inc. \* | 58421 | 1409114 |
| Powerfleet, Inc. NJ \* | 150543 | 758737 |
| Ribbon Communications, Inc. \* | 1005 | 3226 |
| Viavi Solutions, Inc. \* | 124465 | 1316840 |
|  |  | 12260753 |
| **Telecommunications Service Providers — 2.2%** | **Telecommunications Service Providers — 2.2%** | **Telecommunications Service Providers — 2.2%** |
| 8x8, Inc. \* | 314903 | 557378 |
| Anterix, Inc. \* | 5826 | 173906 |
| Cable One, Inc. | 3335 | 891345 |
| Cogent Communications Holdings, Inc. | 8020 | 435887 |
| fuboTV, Inc. \* | 27296 | 81888 |
| Globalstar, Inc. \* | 56311 | 1082297 |
| Gogo, Inc. \* (a) | 105375 | 797689 |
| IDT Corp., Class B | 31079 | 1561720 |
| Liberty Latin America Ltd., Class C (Puerto <br> Rico) \*<br>| 121394 | 667667 |
| Lumen Technologies, Inc. \* | 254368 | 900463 |
| Shenandoah Telecommunications Co. | 35456 | 394980 |
| Telephone and Data Systems, Inc. | 38361 | 1438154 |
| WideOpenWest, Inc. \* | 44119 | 193241 |
| Xperi, Inc. \* | 37873 | 279882 |
|  |  | 9456497 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Turning Point Brands, Inc. | 22211 | 1363311 |
| Universal Corp. | 18716 | 1090582 |
|  |  | 2453893 |
| **Travel & Leisure — 0.5%** | **Travel & Leisure — 0.5%** | **Travel & Leisure — 0.5%** |
| Biglari Holdings, Inc., Class B \* | 234 | 54501 |
| International Game Technology plc | 27657 | 453575 |
| Monarch Casino & Resort, Inc. | 4048 | 316513 |
| SkyWest, Inc. \* | 15438 | 1376606 |
|  |  | 2201195 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Waste & Disposal Services — 0.3%** | **Waste & Disposal Services — 0.3%** | **Waste & Disposal Services — 0.3%** |
| Casella Waste Systems, Inc., Class A \* | 12106 | 1421850 |
| Total Common Stocks <br>(Cost $445,513,517)<br>|  | 425424062 |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $425,406)<br>| 425406 | 425406 |
| **Investment of Cash Collateral from Securities Loaned — 1.8%** | **Investment of Cash Collateral from Securities Loaned — 1.8%** | **Investment of Cash Collateral from Securities Loaned — 1.8%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $7,492,149)<br>| 7492149 | 7492149 |
| Total Short-Term Investments <br>(Cost $7,917,555)<br>|  | 7917555 |
| **Total Investments — 101.7%** <br>**(Cost $453,431,072)**<br>|  | **433341617** |
| **Liabilities in Excess of Other Assets — (1.7)%** |  | **(7083391)**<br>|
| **NET ASSETS — 100.0%** |  | **426258226** |

---

&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. |
| ‡ | 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> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $5,933,849.<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 April 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**Futures contracts outstanding as of April 30, 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; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 492950 | &nbsp;&nbsp;&nbsp;&nbsp; 19609 |

---

&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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 119

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| Axon Enterprise, Inc. \* | 7369 | 4519408 |
| BWX Technologies, Inc. | 27006 | 2946895 |
| Curtiss-Wright Corp. | 9402 | 3242656 |
| GE Aerospace | 64050 | 12908637 |
| HEICO Corp. | 12411 | 3112182 |
| Howmet Aerospace, Inc. | 40622 | 5629397 |
| RTX Corp. | 82978 | 10466015 |
| TransDigm Group, Inc. | 4264 | 6025330 |
|  |  | 48850520 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Discover Financial Services | 10683 | 1951464 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Coca-Cola Co. (The) | 16120 | 1169506 |
| Coca-Cola Consolidated, Inc. | 1025 | 1389705 |
|  |  | 2559211 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Ecolab, Inc. | 20741 | 5214910 |
| International Flavors & Fragrances, Inc. | 30058 | 2358351 |
| Linde plc | 6341 | 2873931 |
|  |  | 10447192 |
| **Construction & Materials — 1.8%** | **Construction & Materials — 1.8%** | **Construction & Materials — 1.8%** |
| Acuity, Inc. | 2790 | 679672 |
| Armstrong World Industries, Inc. | 6040 | 875921 |
| AZEK Co., Inc. (The) \* | 7182 | 355940 |
| Eagle Materials, Inc. | 2876 | 651098 |
| EMCOR Group, Inc. | 8283 | 3318998 |
| Lennox International, Inc. | 5652 | 3090231 |
| Louisiana-Pacific Corp. | 14783 | 1275921 |
| Quanta Services, Inc. | 15856 | 4640892 |
| Trane Technologies plc | 17455 | 6690676 |
| Watsco, Inc. | 5072 | 2332308 |
|  |  | 23911657 |
| **Consumer Services — 1.5%** | **Consumer Services — 1.5%** | **Consumer Services — 1.5%** |
| Copart, Inc. \* | 84625 | 5164664 |
| Grand Canyon Education, Inc. \* | 11820 | 2108333 |
| H&R Block, Inc. | 24274 | 1465421 |
| Rollins, Inc. | 41512 | 2371581 |
| Uber Technologies, Inc. \* | 121580 | 9849196 |
|  |  | 20959195 |
| **Electricity — 1.6%** | **Electricity — 1.6%** | **Electricity — 1.6%** |
| Entergy Corp. | 53272 | 4430632 |
| Evergy, Inc. | 50388 | 3481811 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Electricity — continued** | **Electricity — continued** | **Electricity — continued** |
| NRG Energy, Inc. | 40260 | 4411691 |
| OGE Energy Corp. | 22798 | 1034573 |
| Public Service Enterprise Group, Inc. | 9547 | 763092 |
| Southern Co. (The) | 30076 | 2763684 |
| Vistra Corp. | 38456 | 4985051 |
|  |  | 21870534 |
| **Electronic & Electrical Equipment — 0.4%** | **Electronic & Electrical Equipment — 0.4%** | **Electronic & Electrical Equipment — 0.4%** |
| Hubbell, Inc. | 8919 | 3239202 |
| Pentair plc | 8973 | 814120 |
| Veralto Corp. | 12165 | 1166624 |
|  |  | 5219946 |
| **Finance & Credit Services — 0.2%** | **Finance & Credit Services — 0.2%** | **Finance & Credit Services — 0.2%** |
| MGIC Investment Corp. | 56835 | 1415760 |
| SLM Corp. | 64971 | 1878311 |
|  |  | 3294071 |
| **Food Producers — 1.0%** | **Food Producers — 1.0%** | **Food Producers — 1.0%** |
| BellRing Brands, Inc. \* | 26299 | 2028705 |
| Freshpet, Inc. \* | 21728 | 1597877 |
| Ingredion, Inc. | 18763 | 2492102 |
| Pilgrim's Pride Corp. | 26654 | 1454775 |
| Post Holdings, Inc. \* | 22912 | 2592951 |
| US Foods Holding Corp. \* | 51456 | 3378601 |
|  |  | 13545011 |
| **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** |
| Ameren Corp. | 39992 | 3968806 |
| MDU Resources Group, Inc. | 59750 | 1024115 |
| National Fuel Gas Co. | 16808 | 1290518 |
| NiSource, Inc. | 92144 | 3603752 |
| WEC Energy Group, Inc. | 6668 | 730280 |
|  |  | 10617471 |
| **General Industrials — 2.2%** | **General Industrials — 2.2%** | **General Industrials — 2.2%** |
| 3M Co. | 43788 | 6082591 |
| Amcor plc | 1696 | 15608 |
| Eaton Corp. plc | 26107 | 7685118 |
| GE Vernova, Inc. | 22017 | 8164344 |
| Parker-Hannifin Corp. | 10219 | 6183108 |
| RPM International, Inc. | 12952 | 1382626 |
|  |  | 29513395 |
| **Health Care Providers — 2.1%** | **Health Care Providers — 2.1%** | **Health Care Providers — 2.1%** |
| Doximity, Inc., Class A \* | 48544 | 2761183 |
| Encompass Health Corp. | 30677 | 3588902 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

120 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers — continued** | **Health Care Providers — continued** | **Health Care Providers — continued** |
| HCA Healthcare, Inc. | 7474 | 2579128 |
| Tenet Healthcare Corp. \* | 20343 | 2908032 |
| UnitedHealth Group, Inc. | 32766 | 13481243 |
| Universal Health Services, Inc., Class B | 14124 | 2500936 |
|  |  | 27819424 |
| **Household Goods & Home Construction — 0.8%** | **Household Goods & Home Construction — 0.8%** | **Household Goods & Home Construction — 0.8%** |
| PulteGroup, Inc. | 28374 | 2910605 |
| SharkNinja, Inc. \* | 33234 | 2675337 |
| Somnigroup International, Inc. (a) | 55395 | 3382419 |
| Toll Brothers, Inc. | 23370 | 2357332 |
|  |  | 11325693 |
| **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** |
| Caterpillar, Inc. | 28686 | 8871719 |
| **Industrial Materials — 0.2%** | **Industrial Materials — 0.2%** | **Industrial Materials — 0.2%** |
| International Paper Co. | 48888 | 2233204 |
| **Industrial Metals & Mining — 0.5%** | **Industrial Metals & Mining — 0.5%** | **Industrial Metals & Mining — 0.5%** |
| Reliance, Inc. | 3434 | 989782 |
| Southern Copper Corp. (Mexico) | 27369 | 2450073 |
| Steel Dynamics, Inc. | 27484 | 3564949 |
| Timken Co. (The) | 2244 | 144177 |
|  |  | 7148981 |
| **Industrial Support Services — 3.1%** | **Industrial Support Services — 3.1%** | **Industrial Support Services — 3.1%** |
| American Express Co. | 35620 | 9489524 |
| Automatic Data Processing, Inc. | 10103 | 3036962 |
| Cintas Corp. | 29210 | 6183173 |
| Core & Main, Inc., Class A \* | 64912 | 3419564 |
| Fair Isaac Corp. \* | 2581 | 5135364 |
| Fiserv, Inc. \* | 38703 | 7143413 |
| Genpact Ltd. | 41391 | 2080311 |
| Verisk Analytics, Inc. | 4772 | 1414564 |
| WW Grainger, Inc. | 4383 | 4489551 |
|  |  | 42392426 |
| **Industrial Transportation — 0.9%** | **Industrial Transportation — 0.9%** | **Industrial Transportation — 0.9%** |
| Allison Transmission Holdings, Inc. | 28830 | 2659279 |
| PACCAR, Inc. | 43916 | 3961662 |
| Ryder System, Inc. | 20047 | 2759871 |
| XPO, Inc. \* | 26846 | 2848898 |
|  |  | 12229710 |
| **Investment Banking & Brokerage Services — 7.5%** | **Investment Banking & Brokerage Services — 7.5%** | **Investment Banking & Brokerage Services — 7.5%** |
| Ameriprise Financial, Inc. | 9900 | 4663098 |
| Apollo Global Management, Inc. | 44335 | 6050841 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** |
| Ares Management Corp. | 26162 | 3990490 |
| Bank of New York Mellon Corp. (The) | 64899 | 5218529 |
| Berkshire Hathaway, Inc., Class B \* | 54889 | 29269559 |
| Equitable Holdings, Inc. | 68710 | 3397709 |
| Evercore, Inc., Class A | 12993 | 2667333 |
| Goldman Sachs Group, Inc. (The) | 18878 | 10336649 |
| Houlihan Lokey, Inc. | 8222 | 1332622 |
| Interactive Brokers Group, Inc., Class A | 19053 | 3274258 |
| Intercontinental Exchange, Inc. | 26444 | 4441799 |
| Janus Henderson Group plc | 30721 | 1020244 |
| Jefferies Financial Group, Inc. | 56701 | 2649638 |
| KKR & Co., Inc. | 54949 | 6279022 |
| Lazard, Inc. | 21862 | 850432 |
| Nasdaq, Inc. | 55593 | 4236742 |
| Robinhood Markets, Inc., Class A \* | 92478 | 4541595 |
| Stifel Financial Corp. | 14174 | 1214570 |
| TPG, Inc. | 50436 | 2342752 |
| Tradeweb Markets, Inc., Class A | 15920 | 2201736 |
| Virtu Financial, Inc., Class A | 50269 | 1968031 |
|  |  | 101947649 |
| **Life Insurance — 0.8%** | **Life Insurance — 0.8%** | **Life Insurance — 0.8%** |
| Aflac, Inc. | 48405 | 5260656 |
| Corebridge Financial, Inc. | 74405 | 2204620 |
| Primerica, Inc. | 302 | 79145 |
| Unum Group | 42782 | 3322450 |
|  |  | 10866871 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| Liberty Media Corp-Liberty Formula One, <br> Class C \*<br>| 34505 | 3059558 |
| Netflix, Inc. \* | 14547 | 16463131 |
| Spotify Technology SA \* | 11935 | 7327851 |
|  |  | 26850540 |
| **Medical Equipment & Services — 3.4%** | **Medical Equipment & Services — 3.4%** | **Medical Equipment & Services — 3.4%** |
| Boston Scientific Corp. \* | 95695 | 9844145 |
| Intuitive Surgical, Inc. \* | 21666 | 11175323 |
| Natera, Inc. \* | 24702 | 3728273 |
| Quest Diagnostics, Inc. | 20693 | 3687906 |
| Stryker Corp. | 22742 | 8503688 |
| Thermo Fisher Scientific, Inc. | 20102 | 8623758 |
|  |  | 45563093 |
| **Non-life Insurance — 2.3%** | **Non-life Insurance — 2.3%** | **Non-life Insurance — 2.3%** |
| Allstate Corp. (The) | 24885 | 4936935 |
| Axis Capital Holdings Ltd. | 30186 | 2907515 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 121

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-life Insurance — continued** | **Non-life Insurance — continued** | **Non-life Insurance — continued** |
| Brown & Brown, Inc. | 33996 | 3759957 |
| Cincinnati Financial Corp. | 11885 | 1654511 |
| Hartford Insurance Group, Inc. (The) | 36538 | 4482116 |
| Old Republic International Corp. | 76676 | 2883018 |
| Progressive Corp. (The) | 36886 | 10392262 |
| Ryan Specialty Holdings, Inc. | 9160 | 600072 |
|  |  | 31616386 |
| **Non-Renewable Energy — 3.4%** | **Non-Renewable Energy — 3.4%** | **Non-Renewable Energy — 3.4%** |
| Antero Midstream Corp. | 180501 | 2987291 |
| Cheniere Energy, Inc. | 13951 | 3224216 |
| DT Midstream, Inc. | 35435 | 3444282 |
| Kinder Morgan, Inc. | 193984 | 5101779 |
| Marathon Petroleum Corp. | 33977 | 4668780 |
| Phillips 66 | 39954 | 4157613 |
| Targa Resources Corp. | 24957 | 4265151 |
| TechnipFMC plc (United Kingdom) | 121323 | 3417669 |
| Texas Pacific Land Corp. | 2856 | 3681013 |
| Valero Energy Corp. | 27423 | 3183536 |
| Viper Energy, Inc. | 28617 | 1154124 |
| Williams Cos., Inc. (The) | 106653 | 6246666 |
|  |  | 45532120 |
| **Personal Care, Drug & Grocery Stores — 2.2%** | **Personal Care, Drug & Grocery Stores — 2.2%** | **Personal Care, Drug & Grocery Stores — 2.2%** |
| Casey's General Stores, Inc. | 7796 | 3606352 |
| Cencora, Inc. | 18136 | 5307863 |
| Colgate-Palmolive Co. | 56348 | 5194722 |
| Kroger Co. (The) | 60219 | 4348414 |
| McKesson Corp. | 10109 | 7205594 |
| Procter & Gamble Co. (The) | 16256 | 2642738 |
| Spectrum Brands Holdings, Inc. | 16495 | 1040834 |
|  |  | 29346517 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.9%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.9%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.9%** |
| AbbVie, Inc. | 86511 | 16878296 |
| Cardinal Health, Inc. | 31772 | 4489066 |
| Eli Lilly & Co. | 27291 | 24533244 |
| Exelixis, Inc. \* | 63079 | 2469543 |
| Gilead Sciences, Inc. | 80974 | 8626970 |
| Roivant Sciences Ltd. \* | 111108 | 1291075 |
| Vertex Pharmaceuticals, Inc. \* | 16513 | 8413374 |
|  |  | 66701568 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** |
| CBRE Group, Inc., Class A \* | 35008 | 4277277 |
| Jones Lang LaSalle, Inc. \* | 7205 | 1638489 |
|  |  | 5915766 |
| **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** |
| Agree Realty Corp. | 21408 | 1661475 |
| Digital Realty Trust, Inc. | 2807 | 450636 |
| EPR Properties | 15873 | 785555 |
| Essex Property Trust, Inc. | 4607 | 1286044 |
| Iron Mountain, Inc. | 39799 | 3568776 |
| Lamar Advertising Co., Class A | 9766 | 1111469 |
| Mid-America Apartment Communities, Inc. | 9202 | 1469099 |
| National Storage Affiliates Trust | 2982 | 110930 |
| Omega Healthcare Investors, Inc. | 43664 | 1705079 |
| Simon Property Group, Inc. | 30927 | 4867291 |
| Ventas, Inc. | 59434 | 4165135 |
| Welltower, Inc. | 46983 | 7169136 |
|  |  | 28350625 |
| **Retailers — 8.6%** | **Retailers — 8.6%** | **Retailers — 8.6%** |
| Amazon.com, Inc. \* | 40273 | 7427147 |
| AutoNation, Inc. \* | 16105 | 2804686 |
| AutoZone, Inc. \* | 1392 | 5237539 |
| Carvana Co. \* | 19459 | 4754807 |
| Costco Wholesale Corp. | 23423 | 23294173 |
| Dick's Sporting Goods, Inc. | 14204 | 2666659 |
| Gap, Inc. (The) | 103589 | 2268599 |
| Home Depot, Inc. (The) | 49040 | 17678429 |
| Lowe's Cos., Inc. | 17794 | 3978027 |
| O'Reilly Automotive, Inc. \* | 4550 | 6439160 |
| Penske Automotive Group, Inc. | 10664 | 1660065 |
| Tapestry, Inc. | 46985 | 3319490 |
| TJX Cos., Inc. (The) | 71948 | 9258269 |
| Tractor Supply Co. | 35200 | 1781824 |
| Walmart, Inc. | 231356 | 22499371 |
| Williams-Sonoma, Inc. | 6904 | 1066461 |
|  |  | 116134706 |
| **Software & Computer Services — 21.3%** | **Software & Computer Services — 21.3%** | **Software & Computer Services — 21.3%** |
| Alphabet, Inc., Class A | 156472 | 24847754 |
| AppLovin Corp., Class A \* | 22185 | 5974642 |
| Atlassian Corp., Class A \* | 18911 | 4317570 |
| Autodesk, Inc. \* | 19901 | 5457849 |
| Cloudflare, Inc., Class A \* | 35613 | 4301338 |
| Cognizant Technology Solutions Corp., Class A | 37667 | 2771161 |
| Crowdstrike Holdings, Inc., Class A \* | 18807 | 8065758 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| Datadog, Inc., Class A \* | 5313 | 542776 |
| Docusign, Inc. \* | 43480 | 3554490 |
| DoorDash, Inc., Class A \* | 31631 | 6101304 |
| Dropbox, Inc., Class A \* | 39389 | 1124556 |
| Dynatrace, Inc. \* | 66135 | 3106361 |
| Elastic NV \* | 3495 | 301269 |
| F5, Inc. \* | 12559 | 3324870 |
| Fortinet, Inc. \* | 56124 | 5823426 |
| Gartner, Inc. \* | 8631 | 3634342 |
| Gen Digital, Inc. | 121345 | 3139195 |
| GoDaddy, Inc., Class A \* | 22014 | 4145897 |
| Guidewire Software, Inc. \* | 19529 | 3998953 |
| Hewlett Packard Enterprise Co. | 233365 | 3785180 |
| HubSpot, Inc. \* | 6561 | 4012052 |
| International Business Machines Corp. | 53032 | 12824198 |
| Intuit, Inc. | 15426 | 9679352 |
| Kyndryl Holdings, Inc. \* | 86976 | 2819762 |
| Leidos Holdings, Inc. | 21738 | 3199399 |
| Maplebear, Inc. \* | 76146 | 3037464 |
| Meta Platforms, Inc., Class A | 43481 | 23871069 |
| Microsoft Corp. | 58022 | 22933776 |
| MicroStrategy, Inc., Class A \* | 20167 | 7665678 |
| nCino, Inc. \* (a) | 22443 | 520678 |
| Nutanix, Inc., Class A \* | 50154 | 3445580 |
| Oracle Corp. | 91812 | 12919785 |
| Palantir Technologies, Inc., Class A \* | 127703 | 15125143 |
| Palo Alto Networks, Inc. \* | 45234 | 8455592 |
| Paycom Software, Inc. | 15170 | 3434336 |
| Pegasystems, Inc. | 36312 | 3343609 |
| Procore Technologies, Inc. \* | 40523 | 2597119 |
| Roper Technologies, Inc. | 9574 | 5362206 |
| Salesforce, Inc. | 52162 | 14016451 |
| Science Applications International Corp. | 363 | 43934 |
| ServiceNow, Inc. \* | 12739 | 12165872 |
| SS&C Technologies Holdings, Inc. | 41595 | 3144582 |
| Toast, Inc., Class A \* | 100031 | 3559103 |
| Twilio, Inc., Class A \* | 32826 | 3174602 |
| Tyler Technologies, Inc. \* | 6608 | 3590126 |
| VeriSign, Inc. \* | 15190 | 4285403 |
|  |  | 287545562 |
| **Technology Hardware & Equipment — 12.2%** | **Technology Hardware & Equipment — 12.2%** | **Technology Hardware & Equipment — 12.2%** |
| Amphenol Corp., Class A | 97883 | 7532097 |
| Analog Devices, Inc. | 35005 | 6823175 |
| Apple, Inc. | 113792 | 24180800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Avnet, Inc. | 51842 | 2436056 |
| Broadcom, Inc. | 139538 | 26856879 |
| Cirrus Logic, Inc. \* | 27566 | 2647439 |
| Coherent Corp. \* | 46819 | 3011398 |
| Corning, Inc. | 94560 | 4196573 |
| Dell Technologies, Inc., Class C | 39426 | 3617730 |
| HP, Inc. | 85002 | 2173501 |
| KLA Corp. | 9332 | 6557503 |
| MACOM Technology Solutions Holdings, Inc. \* | 29467 | 3057201 |
| Marvell Technology, Inc. | 78188 | 4563834 |
| Micron Technology, Inc. | 67962 | 5229676 |
| NetApp, Inc. | 32863 | 2949454 |
| NVIDIA Corp. | 241408 | 26294159 |
| Pure Storage, Inc., Class A \* | 69718 | 3162408 |
| QUALCOMM, Inc. | 62611 | 9295229 |
| Sandisk Corp. \* | 16912 | 543044 |
| TD SYNNEX Corp. | 24481 | 2712495 |
| Teradyne, Inc. | 14555 | 1080127 |
| Texas Instruments, Inc. | 56587 | 9056749 |
| Vertiv Holdings Co., Class A | 48659 | 4154505 |
| Western Digital Corp. \* | 64920 | 2847391 |
|  |  | 164979423 |
| **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** |
| Cisco Systems, Inc. | 37631 | 2172438 |
| Motorola Solutions, Inc. | 13715 | 6039949 |
| Ubiquiti, Inc. (a) | 4956 | 1617886 |
|  |  | 9830273 |
| **Telecommunications Service Providers — 1.5%** | **Telecommunications Service Providers — 1.5%** | **Telecommunications Service Providers — 1.5%** |
| AT&T, Inc. | 433908 | 12019252 |
| GCI Liberty, Inc. Escrow ‡ \* | 3962 |  |
| T-Mobile US, Inc. | 32074 | 7920674 |
|  |  | 19939926 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| Altria Group, Inc. | 50641 | 2995415 |
| Philip Morris International, Inc. | 90263 | 15467468 |
|  |  | 18462883 |
| **Travel & Leisure — 2.3%** | **Travel & Leisure — 2.3%** | **Travel & Leisure — 2.3%** |
| Aramark | 49386 | 1650974 |
| Booking Holdings, Inc. | 2105 | 10733984 |
| Cava Group, Inc. \* | 25018 | 2312414 |
| Chipotle Mexican Grill, Inc. \* | 97809 | 4941311 |
| Hilton Worldwide Holdings, Inc. | 22114 | 4986265 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 123

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Travel & Leisure — continued** | **Travel & Leisure — continued** | **Travel & Leisure — continued** |
| Royal Caribbean Cruises Ltd. | 23713 | 5096161 |
| Texas Roadhouse, Inc. | 11091 | 1840662 |
|  |  | 31561771 |
| **Waste & Disposal Services — 0.4%** | **Waste & Disposal Services — 0.4%** | **Waste & Disposal Services — 0.4%** |
| Republic Services, Inc. | 21131 | 5298598 |
| Total Common Stocks <br>(Cost $1,276,768,958)<br>|  | 1351205101 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $4,692,188)<br>| 4692188 | 4692188 |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% (b) <br> (c)(Cost $4,461,203)<br>| 4461203 | 4461203 |
| Total Short-Term Investments <br>(Cost $9,153,391)<br>|  | 9153391 |
| **Total Investments — 100.6%** <br>**(Cost $1,285,922,349)**<br>|  | **1360358492** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(7677202)**<br>|
| **NET ASSETS — 100.0%** |  | **1352681290** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $4,358,534. 

(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 April 30, 2025.

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1117450 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |

---

&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;

124 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Lockheed Martin Corp. | 60042 | 28685066 |
| **Automobiles & Parts — 0.0% ^** | **Automobiles & Parts — 0.0% ^** | **Automobiles & Parts — 0.0% ^** |
| Gentex Corp. | 83050 | 1808829 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Commerce Bancshares, Inc. | 177156 | 10760455 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Coca-Cola Consolidated, Inc. | 4520 | 6128261 |
| Monster Beverage Corp. \* | 356913 | 21457610 |
|  |  | 27585871 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| CF Industries Holdings, Inc. | 144467 | 11321879 |
| Linde plc | 116728 | 52904631 |
|  |  | 64226510 |
| **Construction & Materials — 1.6%** | **Construction & Materials — 1.6%** | **Construction & Materials — 1.6%** |
| A O Smith Corp. | 90041 | 6110182 |
| Acuity, Inc. | 45173 | 11004595 |
| Advanced Drainage Systems, Inc. | 68363 | 7758517 |
| Builders FirstSource, Inc. \* | 68253 | 8165106 |
| Carlisle Cos., Inc. | 44258 | 16795026 |
| Eagle Materials, Inc. | 33986 | 7694091 |
| EMCOR Group, Inc. | 35252 | 14125476 |
| Louisiana-Pacific Corp. | 48800 | 4211928 |
| Watsco, Inc. | 28956 | 13315127 |
|  |  | 89180048 |
| **Consumer Services — 1.4%** | **Consumer Services — 1.4%** | **Consumer Services — 1.4%** |
| Copart, Inc. \* | 369096 | 22525929 |
| eBay, Inc. | 258146 | 17595231 |
| Grand Canyon Education, Inc. \* | 75030 | 13383101 |
| H&R Block, Inc. | 202411 | 12219552 |
| Rollins, Inc. | 253991 | 14510506 |
|  |  | 80234319 |
| **Electricity — 0.9%** | **Electricity — 0.9%** | **Electricity — 0.9%** |
| Consolidated Edison, Inc. | 134922 | 15212456 |
| Evergy, Inc. | 139202 | 9618858 |
| NRG Energy, Inc. | 115316 | 12636327 |
| OGE Energy Corp. | 266348 | 12086872 |
|  |  | 49554513 |
| **Electronic & Electrical Equipment — 0.8%** | **Electronic & Electrical Equipment — 0.8%** | **Electronic & Electrical Equipment — 0.8%** |
| Donaldson Co., Inc. | 133343 | 8764635 |
| IDEX Corp. | 55442 | 9645245 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** |
| Keysight Technologies, Inc. \* | 92223 | 13409224 |
| Mettler-Toledo International, Inc. \* | 13377 | 14321015 |
|  |  | 46140119 |
| **Finance & Credit Services — 1.3%** | **Finance & Credit Services — 1.3%** | **Finance & Credit Services — 1.3%** |
| FactSet Research Systems, Inc. | 30061 | 12992965 |
| Moody's Corp. | 57443 | 26028572 |
| S&P Global, Inc. | 66456 | 33231323 |
|  |  | 72252860 |
| **Food Producers — 0.2%** | **Food Producers — 0.2%** | **Food Producers — 0.2%** |
| Ingredion, Inc. | 100379 | 13332339 |
| **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** |
| National Fuel Gas Co. | 175595 | 13482184 |
| UGI Corp. | 401253 | 13157086 |
| WEC Energy Group, Inc. | 174339 | 19093607 |
|  |  | 45732877 |
| **General Industrials — 0.5%** | **General Industrials — 0.5%** | **General Industrials — 0.5%** |
| Illinois Tool Works, Inc. | 93609 | 22457735 |
| RPM International, Inc. | 67491 | 7204664 |
|  |  | 29662399 |
| **Health Care Providers — 0.5%** | **Health Care Providers — 0.5%** | **Health Care Providers — 0.5%** |
| Chemed Corp. | 22771 | 13241564 |
| DaVita, Inc. \* | 78601 | 11125972 |
| Premier, Inc., Class A | 327094 | 6656363 |
|  |  | 31023899 |
| **Household Goods & Home Construction — 0.3%** | **Household Goods & Home Construction — 0.3%** | **Household Goods & Home Construction — 0.3%** |
| NVR, Inc. \* | 1789 | 12747967 |
| PulteGroup, Inc. | 29738 | 3050524 |
|  |  | 15798491 |
| **Industrial Engineering — 0.6%** | **Industrial Engineering — 0.6%** | **Industrial Engineering — 0.6%** |
| Graco, Inc. | 140345 | 11453555 |
| Lincoln Electric Holdings, Inc. | 65820 | 11597484 |
| Nordson Corp. | 24526 | 4649394 |
| Snap-on, Inc. | 25910 | 8130817 |
|  |  | 35831250 |
| **Industrial Metals & Mining — 0.3%** | **Industrial Metals & Mining — 0.3%** | **Industrial Metals & Mining — 0.3%** |
| Fastenal Co. | 62260 | 5041192 |
| Reliance, Inc. | 12677 | 3653892 |
| Southern Copper Corp. (Mexico) | 121032 | 10834785 |
|  |  | 19529869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 125

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Support Services — 7.3%** | **Industrial Support Services — 7.3%** | **Industrial Support Services — 7.3%** |
| Accenture plc, Class A (Ireland) | 142874 | 42740757 |
| Automatic Data Processing, Inc. | 116043 | 34882526 |
| Cintas Corp. | 125180 | 26498102 |
| Core & Main, Inc., Class A \* | 185002 | 9745905 |
| Corpay, Inc. \* | 28140 | 9155912 |
| Jack Henry & Associates, Inc. | 44048 | 7639245 |
| Mastercard, Inc., Class A | 186070 | 101977524 |
| MSC Industrial Direct Co., Inc., Class A | 90212 | 6899414 |
| Paychex, Inc. | 140107 | 20612542 |
| Verisk Analytics, Inc. | 67694 | 20066532 |
| Visa, Inc., Class A | 341987 | 118156509 |
| WW Grainger, Inc. | 18769 | 19225274 |
|  |  | 417600242 |
| **Industrial Transportation — 1.2%** | **Industrial Transportation — 1.2%** | **Industrial Transportation — 1.2%** |
| Allison Transmission Holdings, Inc. | 123434 | 11385552 |
| Expeditors International of Washington, Inc. | 99415 | 10926703 |
| Landstar System, Inc. | 70804 | 9498357 |
| Union Pacific Corp. | 167536 | 36130814 |
| United Parcel Service, Inc., Class B | 18015 | 1716829 |
|  |  | 69658255 |
| **Investment Banking & Brokerage Services — 4.4%** | **Investment Banking & Brokerage Services — 4.4%** | **Investment Banking & Brokerage Services — 4.4%** |
| Ameriprise Financial, Inc. | 43038 | 20271759 |
| Berkshire Hathaway, Inc., Class B \* | 238273 | 127059078 |
| Blackrock, Inc. | 36125 | 33027642 |
| Broadridge Financial Solutions, Inc. | 72655 | 17611572 |
| Cboe Global Markets, Inc. | 63601 | 14106702 |
| Intercontinental Exchange, Inc. | 143814 | 24156438 |
| Nasdaq, Inc. | 24616 | 1875985 |
| SEI Investments Co. | 171364 | 13416088 |
|  |  | 251525264 |
| **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** |
| Electronic Arts, Inc. | 113390 | 16451755 |
| Pool Corp. | 37499 | 10992457 |
| YETI Holdings, Inc. \* | 147890 | 4222260 |
|  |  | 31666472 |
| **Life Insurance — 0.5%** | **Life Insurance — 0.5%** | **Life Insurance — 0.5%** |
| Aflac, Inc. | 220268 | 23938726 |
| Primerica, Inc. | 29031 | 7608154 |
|  |  | 31546880 |
| **Medical Equipment & Services — 2.8%** | **Medical Equipment & Services — 2.8%** | **Medical Equipment & Services — 2.8%** |
| Abbott Laboratories | 435065 | 56884749 |
| Agilent Technologies, Inc. | 135331 | 14561616 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Medical Equipment & Services — continued** | **Medical Equipment & Services — continued** | **Medical Equipment & Services — continued** |
| Bio-Techne Corp. | 41996 | 2114499 |
| Hologic, Inc. \* | 184220 | 10721604 |
| IDEXX Laboratories, Inc. \* | 38530 | 16670004 |
| Penumbra, Inc. \* | 48998 | 14348574 |
| QIAGEN NV \* | 106523 | 4553858 |
| ResMed, Inc. | 80096 | 18949913 |
| Solventum Corp. \* | 150671 | 9962366 |
| STERIS plc | 41153 | 9248725 |
| Waters Corp. \* | 9353 | 3252319 |
|  |  | 161268227 |
| **Non-life Insurance — 5.0%** | **Non-life Insurance — 5.0%** | **Non-life Insurance — 5.0%** |
| Allstate Corp. (The) | 75409 | 14960391 |
| American Financial Group, Inc. | 56972 | 7216073 |
| Aon plc, Class A | 67126 | 23815634 |
| Arch Capital Group Ltd. | 177714 | 16115105 |
| Arthur J Gallagher & Co. | 84782 | 27188740 |
| Brown & Brown, Inc. | 147652 | 16330311 |
| Chubb Ltd. | 99124 | 28357394 |
| Fidelity National Financial, Inc. | 188991 | 12104874 |
| Hartford Insurance Group, Inc. (The) | 114116 | 13998610 |
| Markel Group, Inc. \* | 5582 | 10151425 |
| Marsh & McLennan Cos., Inc. | 146482 | 33027297 |
| Old Republic International Corp. | 124153 | 4668153 |
| Progressive Corp. (The) | 104056 | 29316737 |
| RLI Corp. | 84758 | 6272940 |
| Travelers Cos., Inc. (The) | 90373 | 23870220 |
| WR Berkley Corp. | 248109 | 17786934 |
|  |  | 285180838 |
| **Non-Renewable Energy — 3.3%** | **Non-Renewable Energy — 3.3%** | **Non-Renewable Energy — 3.3%** |
| Antero Midstream Corp. | 140014 | 2317232 |
| Chevron Corp. | 284041 | 38646618 |
| ConocoPhillips | 240228 | 21409119 |
| Coterra Energy, Inc. | 594123 | 14591661 |
| EOG Resources, Inc. | 172706 | 19054653 |
| Exxon Mobil Corp. | 867823 | 91668144 |
|  |  | 187687427 |
| **Personal Care, Drug & Grocery Stores — 2.6%** | **Personal Care, Drug & Grocery Stores — 2.6%** | **Personal Care, Drug & Grocery Stores — 2.6%** |
| Church & Dwight Co., Inc. | 154423 | 15340381 |
| Clorox Co. (The) | 83101 | 11825272 |
| Colgate-Palmolive Co. | 285952 | 26361915 |
| Kimberly-Clark Corp. | 148404 | 19556679 |
| Procter & Gamble Co. (The) | 482511 | 78441813 |
|  |  | 151526060 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

126 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Personal Goods — 1.3%** | **Personal Goods — 1.3%** | **Personal Goods — 1.3%** |
| Carter's, Inc. | 164343 | 5431536 |
| Crocs, Inc. \* | 64549 | 6223815 |
| Deckers Outdoor Corp. \* | 98427 | 10908664 |
| Lululemon Athletica, Inc. \* | 55976 | 15156622 |
| NIKE, Inc., Class B | 384776 | 21701366 |
| Ralph Lauren Corp. | 55916 | 12578304 |
|  |  | 72000307 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.8%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.8%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.8%** |
| AbbVie, Inc. | 400609 | 78158816 |
| Amgen, Inc. | 40053 | 11652219 |
| Bristol-Myers Squibb Co. | 580012 | 29116602 |
| Gilead Sciences, Inc. | 352337 | 37537984 |
| Jazz Pharmaceuticals plc \* | 96928 | 11336699 |
| Johnson & Johnson | 541321 | 84613886 |
| Medpace Holdings, Inc. \* | 40631 | 12530194 |
| Merck & Co., Inc. | 636261 | 54209437 |
| Regeneron Pharmaceuticals, Inc. | 28740 | 17208362 |
| Royalty Pharma plc, Class A | 341814 | 11218336 |
| United Therapeutics Corp. \* | 46223 | 14009729 |
| Zoetis, Inc. | 160420 | 25089688 |
|  |  | 386681952 |
| **Precious Metals & Mining — 0.1%** | **Precious Metals & Mining — 0.1%** | **Precious Metals & Mining — 0.1%** |
| Royal Gold, Inc. | 26941 | 4922390 |
| **Real Estate Investment Trusts — 2.5%** | **Real Estate Investment Trusts — 2.5%** | **Real Estate Investment Trusts — 2.5%** |
| American Tower Corp. | 86769 | 19558600 |
| Camden Property Trust | 51027 | 5806873 |
| Crown Castle, Inc. | 67551 | 7144194 |
| CubeSmart | 62342 | 2535449 |
| Equity LifeStyle Properties, Inc. | 114195 | 7397552 |
| Equity Residential | 70122 | 4926772 |
| Extra Space Storage, Inc. | 50963 | 7467099 |
| Gaming and Leisure Properties, Inc. | 80101 | 3833634 |
| Host Hotels & Resorts, Inc. | 759102 | 10718520 |
| Lamar Advertising Co., Class A | 111932 | 12738981 |
| Mid-America Apartment Communities, Inc. | 80459 | 12845279 |
| Public Storage | 62982 | 18921682 |
| Simon Property Group, Inc. | 102846 | 16185904 |
| Weyerhaeuser Co. | 480419 | 12447656 |
|  |  | 142528195 |
| **Retailers — 6.5%** | **Retailers — 6.5%** | **Retailers — 6.5%** |
| Best Buy Co., Inc. | 111842 | 7458743 |
| Costco Wholesale Corp. | 101687 | 101127722 |
| Dick's Sporting Goods, Inc. | 23154 | 4346932 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Retailers — continued** | **Retailers — continued** | **Retailers — continued** |
| Etsy, Inc. \* | 252844 | 10993657 |
| Gap, Inc. (The) | 260158 | 5697460 |
| Home Depot, Inc. (The) | 228569 | 82396839 |
| Lowe's Cos., Inc. | 126456 | 28270503 |
| O'Reilly Automotive, Inc. \* | 20606 | 29161611 |
| Ross Stores, Inc. | 131970 | 18343830 |
| TJX Cos., Inc. (The) | 321577 | 41380528 |
| Tractor Supply Co. | 114975 | 5820035 |
| Ulta Beauty, Inc. \* | 20896 | 8267293 |
| Walmart, Inc. | 153326 | 14910954 |
| Williams-Sonoma, Inc. | 87271 | 13480751 |
|  |  | 371656858 |
| **Software & Computer Services — 24.1%** | **Software & Computer Services — 24.1%** | **Software & Computer Services — 24.1%** |
| Adobe, Inc. \* | 114083 | 42778843 |
| Akamai Technologies, Inc. \* | 164998 | 13295539 |
| Alphabet, Inc., Class A | 679277 | 107869188 |
| Amdocs Ltd. | 136903 | 12126868 |
| ANSYS, Inc. \* | 53823 | 17324547 |
| AppLovin Corp., Class A \* | 96512 | 25991647 |
| Atlassian Corp., Class A \* | 82001 | 18721648 |
| Bentley Systems, Inc., Class B | 262228 | 11273182 |
| Cadence Design Systems, Inc. \* | 88597 | 26378871 |
| CCC Intelligent Solutions Holdings, Inc. \* | 723383 | 6698527 |
| Cognizant Technology Solutions Corp., Class A | 239108 | 17591176 |
| Crowdstrike Holdings, Inc., Class A \* | 76195 | 32677750 |
| Datadog, Inc., Class A \* | 168994 | 17264427 |
| Docusign, Inc. \* | 157609 | 12884536 |
| Dolby Laboratories, Inc., Class A | 37964 | 2915256 |
| DoorDash, Inc., Class A \* | 137633 | 26548029 |
| DoubleVerify Holdings, Inc. \* | 417247 | 5532695 |
| Dropbox, Inc., Class A \* | 492005 | 14046743 |
| DXC Technology Co. \* | 313721 | 4868950 |
| Dynatrace, Inc. \* | 286407 | 13452537 |
| F5, Inc. \* | 54521 | 14433889 |
| Fortinet, Inc. \* | 243894 | 25306441 |
| Gartner, Inc. \* | 39653 | 16697085 |
| Gen Digital, Inc. | 528289 | 13666836 |
| GoDaddy, Inc., Class A \* | 95569 | 17998510 |
| Guidewire Software, Inc. \* | 56203 | 11508688 |
| Hewlett Packard Enterprise Co. | 560652 | 9093775 |
| HubSpot, Inc. \* | 28440 | 17391060 |
| International Business Machines Corp. | 189526 | 45831177 |
| Intuit, Inc. | 74489 | 46739613 |
| Leidos Holdings, Inc. | 57183 | 8416194 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 127

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| Manhattan Associates, Inc. \* | 51455 | 9127602 |
| Match Group, Inc. | 412655 | 12239347 |
| Meta Platforms, Inc., Class A | 188775 | 103637475 |
| Microsoft Corp. | 300218 | 118664167 |
| Nutanix, Inc., Class A \* | 161777 | 11114080 |
| Okta, Inc. \* | 82334 | 9234581 |
| Palantir Technologies, Inc., Class A \* | 531000 | 62891640 |
| Palo Alto Networks, Inc. \* | 196318 | 36697724 |
| Paycom Software, Inc. | 65682 | 14869748 |
| Pegasystems, Inc. | 164530 | 15149922 |
| Pinterest, Inc., Class A \* | 275775 | 6982623 |
| Procore Technologies, Inc. \* | 108754 | 6970044 |
| PTC, Inc. \* | 96451 | 14947011 |
| RingCentral, Inc., Class A \* | 433600 | 11056800 |
| Roper Technologies, Inc. | 28341 | 15873227 |
| Salesforce, Inc. | 228164 | 61309948 |
| ServiceNow, Inc. \* | 55290 | 52802503 |
| Snowflake, Inc., Class A \* | 137253 | 21890481 |
| Synopsys, Inc. \* | 57283 | 26293470 |
| Teradata Corp. \* | 492536 | 10589524 |
| Twilio, Inc., Class A \* | 139108 | 13453135 |
| Tyler Technologies, Inc. \* | 28626 | 15552506 |
| UiPath, Inc., Class A \* | 523035 | 6245038 |
| VeriSign, Inc. \* | 65872 | 18583809 |
| Workday, Inc., Class A \* | 61040 | 14954800 |
| Zoom Communications, Inc., Class A \* | 126314 | 9794388 |
| ZoomInfo Technologies, Inc. \* | 603964 | 5169932 |
| Zscaler, Inc. \* | 50522 | 11426561 |
|  |  | 1374846313 |
| **Technology Hardware & Equipment — 10.2%** | **Technology Hardware & Equipment — 10.2%** | **Technology Hardware & Equipment — 10.2%** |
| Amphenol Corp., Class A | 412864 | 31769885 |
| Analog Devices, Inc. | 152257 | 29677935 |
| Apple, Inc. | 494002 | 104975425 |
| Applied Materials, Inc. | 233780 | 35232984 |
| Avnet, Inc. | 81287 | 3819676 |
| Cirrus Logic, Inc. \* | 119120 | 11440285 |
| GLOBALFOUNDRIES, Inc. \* (a) | 165485 | 5803559 |
| HP, Inc. | 366918 | 9382093 |
| IPG Photonics Corp. \* | 98457 | 5896590 |
| Jabil, Inc. | 105906 | 15521583 |
| KLA Corp. | 43393 | 30491827 |
| Lam Research Corp. | 408784 | 29297549 |
| Lattice Semiconductor Corp. \* | 212715 | 10408145 |
| MACOM Technology Solutions Holdings, Inc. \* | 68887 | 7147026 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Marvell Technology, Inc. | 265309 | 15486086 |
| Monolithic Power Systems, Inc. | 29228 | 17335127 |
| NetApp, Inc. | 87436 | 7847381 |
| NVIDIA Corp. | 1047976 | 114145546 |
| Pure Storage, Inc., Class A \* | 260507 | 11816598 |
| Qorvo, Inc. \* | 98796 | 7080709 |
| QUALCOMM, Inc. | 298555 | 44323475 |
| Skyworks Solutions, Inc. | 195120 | 12542314 |
| Teradyne, Inc. | 104454 | 7751531 |
| Vertiv Holdings Co., Class A | 143980 | 12293013 |
|  |  | 581486342 |
| **Telecommunications Equipment — 1.3%** | **Telecommunications Equipment — 1.3%** | **Telecommunications Equipment — 1.3%** |
| Cisco Systems, Inc. | 964285 | 55668173 |
| Motorola Solutions, Inc. | 43070 | 18967597 |
|  |  | 74635770 |
| **Telecommunications Service Providers — 0.9%** | **Telecommunications Service Providers — 0.9%** | **Telecommunications Service Providers — 0.9%** |
| AT&T, Inc. | 773690 | 21431213 |
| Verizon Communications, Inc. | 643313 | 28344371 |
|  |  | 49775584 |
| **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
| Altria Group, Inc. | 519247 | 30713460 |
| Philip Morris International, Inc. | 205194 | 35162044 |
|  |  | 65875504 |
| **Travel & Leisure — 4.5%** | **Travel & Leisure — 4.5%** | **Travel & Leisure — 4.5%** |
| Airbnb, Inc., Class A \* | 128930 | 15719146 |
| Booking Holdings, Inc. | 9163 | 46724703 |
| Boyd Gaming Corp. | 91158 | 6302664 |
| Darden Restaurants, Inc. | 82415 | 16535746 |
| Expedia Group, Inc. | 88773 | 13931147 |
| Hilton Worldwide Holdings, Inc. | 70426 | 15879654 |
| Madison Square Garden Sports Corp. \* | 42309 | 8147444 |
| Marriott International, Inc., Class A | 90572 | 21608668 |
| McDonald's Corp. | 164662 | 52634208 |
| Starbucks Corp. | 339490 | 27176174 |
| Texas Roadhouse, Inc. | 34608 | 5743544 |
| Wingstop, Inc. | 23616 | 6232026 |
| Wyndham Hotels & Resorts, Inc. | 63016 | 5375265 |
| Yum! Brands, Inc. | 115999 | 17450889 |
|  |  | 259461278 |
| **Waste & Disposal Services — 1.2%** | **Waste & Disposal Services — 1.2%** | **Waste & Disposal Services — 1.2%** |
| Clean Harbors, Inc. \* | 63177 | 13516087 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

128 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Waste & Disposal Services — continued** | **Waste & Disposal Services — continued** | **Waste & Disposal Services — continued** |
| Republic Services, Inc. | 91810 | 23021358 |
| Waste Management, Inc. | 132326 | 30879595 |
|  |  | 67417040 |
| Total Common Stocks <br>(Cost $5,419,265,153)<br>|  | 5700286912 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $7,034,240)<br>| 7034240 | 7034240 |
| **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, 4.39% (b) <br> (c)(Cost $2,046,828)<br>| 2046828 | 2046828 |
| Total Short-Term Investments <br>(Cost $9,081,068)<br>|  | 9081068 |
| **Total Investments — 100.0%** <br>**(Cost $5,428,346,221)**<br>|  | **5709367980** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **1714519** |
| **NET ASSETS — 100.0%** |  | **5711082499** |

---

&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;

---

| | |
|:---|:---|
| ^ | 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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $2,027,747. 

(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 April 30, 2025. 

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7542788 | &nbsp;&nbsp;&nbsp;&nbsp; (83)<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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 129

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| General Dynamics Corp. | 6599 | 1795720 |
| Huntington Ingalls Industries, Inc. | 4165 | 959366 |
| L3Harris Technologies, Inc. | 6593 | 1450592 |
| RTX Corp. | 23123 | 2916504 |
| Textron, Inc. | 12125 | 853236 |
|  |  | 7975418 |
| **Automobiles & Parts — 1.6%** | **Automobiles & Parts — 1.6%** | **Automobiles & Parts — 1.6%** |
| Aptiv plc \* | 13389 | 763977 |
| BorgWarner, Inc. | 25577 | 725875 |
| Ford Motor Co. | 170734 | 1709047 |
| General Motors Co. | 40934 | 1851854 |
| Gentex Corp. | 31601 | 688270 |
| Genuine Parts Co. | 8499 | 999058 |
| Lear Corp. | 6928 | 594076 |
| LKQ Corp. | 22792 | 870882 |
|  |  | 8203039 |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| Bank of America Corp. | 62790 | 2504065 |
| Bank OZK | 16819 | 716489 |
| BOK Financial Corp. | 4686 | 436595 |
| Citigroup, Inc. | 50466 | 3450865 |
| Citizens Financial Group, Inc. | 33927 | 1251567 |
| Columbia Banking System, Inc. | 36471 | 817680 |
| Comerica, Inc. | 20400 | 1096500 |
| Fifth Third Bancorp | 38972 | 1400654 |
| First Hawaiian, Inc. | 28507 | 651670 |
| First Horizon Corp. | 60359 | 1091291 |
| FNB Corp. | 78961 | 1033600 |
| Huntington Bancshares, Inc. | 97317 | 1414016 |
| KeyCorp | 73397 | 1089211 |
| M&T Bank Corp. | 7768 | 1318696 |
| PNC Financial Services Group, Inc. (The) | 3675 | 590536 |
| Popular, Inc. (Puerto Rico) | 12729 | 1214601 |
| Prosperity Bancshares, Inc. | 10808 | 733863 |
| Regions Financial Corp. | 62394 | 1273462 |
| Synovus Financial Corp. | 25103 | 1087462 |
| Truist Financial Corp. | 50730 | 1944988 |
| US Bancorp | 48969 | 1975409 |
| Webster Financial Corp. | 17688 | 836642 |
| Western Alliance Bancorp | 14965 | 1043210 |
| Zions Bancorp NA | 19282 | 867112 |
|  |  | 29840184 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Molson Coors Beverage Co., Class B | 20541 | 1181724 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Celanese Corp. | 2701 | 120221 |
| CF Industries Holdings, Inc. | 4413 | 345847 |
| Eastman Chemical Co. | 9447 | 727419 |
| FMC Corp. | 28373 | 1189396 |
| LyondellBasell Industries NV, Class A | 18698 | 1088411 |
| Mosaic Co. (The) | 44642 | 1357117 |
|  |  | 4828411 |
| **Construction & Materials — 1.5%** | **Construction & Materials — 1.5%** | **Construction & Materials — 1.5%** |
| A O Smith Corp. | 9737 | 660753 |
| Acuity, Inc. | 3457 | 842160 |
| Builders FirstSource, Inc. \* | 8445 | 1010275 |
| CRH plc | 18361 | 1752007 |
| Everus Construction Group, Inc. \* | 9703 | 390449 |
| Fortune Brands Innovations, Inc. | 10510 | 565648 |
| Louisiana-Pacific Corp. | 6330 | 546342 |
| Mohawk Industries, Inc. \* | 5470 | 581734 |
| Owens Corning | 7549 | 1097700 |
|  |  | 7447068 |
| **Consumer Services — 0.9%** | **Consumer Services — 0.9%** | **Consumer Services — 0.9%** |
| eBay, Inc. | 24069 | 1640543 |
| H&R Block, Inc. | 18989 | 1146366 |
| Service Corp. International | 15492 | 1237811 |
| U-Haul Holding Co. \* | 4183 | 256794 |
|  |  | 4281514 |
| **Electricity — 2.2%** | **Electricity — 2.2%** | **Electricity — 2.2%** |
| Brookfield Renewable Corp. (Canada) | 22537 | 641403 |
| Clearway Energy, Inc., Class C | 29687 | 871016 |
| Consolidated Edison, Inc. | 16785 | 1892509 |
| Dominion Energy, Inc. | 9602 | 522157 |
| Edison International | 26085 | 1395808 |
| Evergy, Inc. | 20481 | 1415237 |
| Exelon Corp. | 34782 | 1631276 |
| OGE Energy Corp. | 28202 | 1279807 |
| Pinnacle West Capital Corp. | 13779 | 1311485 |
| PPL Corp. | 4788 | 174762 |
|  |  | 11135460 |
| **Electronic & Electrical Equipment — 1.2%** | **Electronic & Electrical Equipment — 1.2%** | **Electronic & Electrical Equipment — 1.2%** |
| Crane NXT Co. | 14044 | 658945 |
| Johnson Controls International plc | 25884 | 2171668 |
| nVent Electric plc | 2818 | 154736 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

130 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** |
| Pentair plc | 14214 | 1289636 |
| Sensata Technologies Holding plc | 32301 | 691241 |
| WESCO International, Inc. | 6711 | 1093625 |
|  |  | 6059851 |
| **Finance & Credit Services — 0.7%** | **Finance & Credit Services — 0.7%** | **Finance & Credit Services — 0.7%** |
| Ally Financial, Inc. | 34114 | 1114163 |
| MGIC Investment Corp. | 48442 | 1206690 |
| OneMain Holdings, Inc. | 23564 | 1109158 |
|  |  | 3430011 |
| **Food Producers — 2.6%** | **Food Producers — 2.6%** | **Food Producers — 2.6%** |
| Archer-Daniels-Midland Co. | 30577 | 1460052 |
| Bunge Global SA | 16707 | 1315175 |
| Conagra Brands, Inc. | 48303 | 1193567 |
| Flowers Foods, Inc. | 17177 | 302143 |
| General Mills, Inc. | 26865 | 1524320 |
| Hershey Co. (The) | 3524 | 589178 |
| Hormel Foods Corp. | 22860 | 683514 |
| Ingredion, Inc. | 7929 | 1053130 |
| J M Smucker Co. (The) | 6676 | 776218 |
| Kraft Heinz Co. (The) | 49799 | 1449151 |
| Pilgrim's Pride Corp. | 10548 | 575710 |
| Post Holdings, Inc. \* | 6199 | 701541 |
| The Campbell's Co. | 22165 | 808136 |
| Tyson Foods, Inc., Class A | 13516 | 827720 |
|  |  | 13259555 |
| **Gas, Water & Multi-utilities — 0.7%** | **Gas, Water & Multi-utilities — 0.7%** | **Gas, Water & Multi-utilities — 0.7%** |
| Duke Energy Corp. | 2420 | 295288 |
| MDU Resources Group, Inc. | 58194 | 997445 |
| National Fuel Gas Co. | 12452 | 956065 |
| UGI Corp. | 36585 | 1199622 |
|  |  | 3448420 |
| **General Industrials — 2.3%** | **General Industrials — 2.3%** | **General Industrials — 2.3%** |
| Amcor plc (a) | 238417 | 2193434 |
| Crown Holdings, Inc. | 13481 | 1298625 |
| Dover Corp. | 8353 | 1425439 |
| Dow, Inc. | 29342 | 897572 |
| DuPont de Nemours, Inc. | 21491 | 1418191 |
| Graphic Packaging Holding Co. | 39577 | 1001694 |
| Packaging Corp. of America | 6447 | 1196628 |
| Sealed Air Corp. | 18987 | 523282 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| Silgan Holdings, Inc. | 21821 | 1127054 |
| Sonoco Products Co. | 13348 | 547268 |
|  |  | 11629187 |
| **Health Care Providers — 3.2%** | **Health Care Providers — 3.2%** | **Health Care Providers — 3.2%** |
| Centene Corp. \* | 19533 | 1169050 |
| Cigna Group (The) | 8114 | 2759084 |
| Elevance Health, Inc. | 6203 | 2608858 |
| Encompass Health Corp. | 8471 | 991022 |
| Humana, Inc. | 4128 | 1082527 |
| Premier, Inc., Class A | 31168 | 634269 |
| Tenet Healthcare Corp. \* | 7209 | 1030526 |
| UnitedHealth Group, Inc. | 11406 | 4692885 |
| Universal Health Services, Inc., Class B | 5930 | 1050025 |
|  |  | 16018246 |
| **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** | **Household Goods & Home Construction — 1.4%** |
| DR Horton, Inc. | 11059 | 1397194 |
| Leggett & Platt, Inc. | 55823 | 537017 |
| Lennar Corp., Class A | 10228 | 1110863 |
| Newell Brands, Inc. | 65169 | 311508 |
| NVR, Inc. \* | 123 | 876467 |
| PulteGroup, Inc. | 11847 | 1215265 |
| Toll Brothers, Inc. | 9223 | 930324 |
| Whirlpool Corp. | 10141 | 773556 |
|  |  | 7152194 |
| **Industrial Engineering — 1.9%** | **Industrial Engineering — 1.9%** | **Industrial Engineering — 1.9%** |
| AGCO Corp. | 10298 | 873579 |
| Brunswick Corp. | 15174 | 698763 |
| Caterpillar, Inc. | 11444 | 3539286 |
| CNH Industrial NV | 96494 | 1116436 |
| Cummins, Inc. | 5672 | 1666660 |
| Snap-on, Inc. | 4048 | 1270303 |
| Stanley Black & Decker, Inc. | 8055 | 483461 |
|  |  | 9648488 |
| **Industrial Metals & Mining — 0.6%** | **Industrial Metals & Mining — 0.6%** | **Industrial Metals & Mining — 0.6%** |
| Nucor Corp. | 12500 | 1492125 |
| Reliance, Inc. | 4737 | 1365346 |
|  |  | 2857471 |
| **Industrial Support Services — 2.2%** | **Industrial Support Services — 2.2%** | **Industrial Support Services — 2.2%** |
| ADT, Inc. | 144931 | 1162347 |
| Capital One Financial Corp. | 13250 | 2388445 |
| Fidelity National Information Services, Inc. | 8694 | 685783 |
| Gates Industrial Corp. plc \* | 36889 | 697940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 131

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Support Services — continued** | **Industrial Support Services — continued** | **Industrial Support Services — continued** |
| Genpact Ltd. | 17264 | 867689 |
| Global Payments, Inc. | 9654 | 736697 |
| ManpowerGroup, Inc. | 18021 | 776164 |
| MSC Industrial Direct Co., Inc., Class A | 12313 | 941698 |
| Robert Half, Inc. | 15018 | 665297 |
| Synchrony Financial | 26839 | 1394286 |
| Western Union Co. (The) | 82562 | 818189 |
|  |  | 11134535 |
| **Industrial Transportation — 1.7%** | **Industrial Transportation — 1.7%** | **Industrial Transportation — 1.7%** |
| Air Lease Corp. | 6635 | 310253 |
| Allison Transmission Holdings, Inc. | 11465 | 1057532 |
| FedEx Corp. | 8374 | 1761303 |
| Oshkosh Corp. | 12134 | 1016344 |
| PACCAR, Inc. | 18026 | 1626125 |
| Ryder System, Inc. | 7934 | 1092274 |
| Schneider National, Inc., Class B | 20771 | 446369 |
| United Parcel Service, Inc., Class B | 14295 | 1362313 |
|  |  | 8672513 |
| **Investment Banking & Brokerage Services — 1.6%** | **Investment Banking & Brokerage Services — 1.6%** | **Investment Banking & Brokerage Services — 1.6%** |
| Bank of New York Mellon Corp. (The) | 25787 | 2073532 |
| Franklin Resources, Inc. | 37517 | 703819 |
| Invesco Ltd. | 64225 | 894654 |
| Janus Henderson Group plc | 28300 | 939843 |
| Jefferies Financial Group, Inc. | 9201 | 429963 |
| Principal Financial Group, Inc. | 16898 | 1252987 |
| State Street Corp. | 17404 | 1533292 |
| Voya Financial, Inc. | 7094 | 419965 |
|  |  | 8248055 |
| **Leisure Goods — 1.0%** | **Leisure Goods — 1.0%** | **Leisure Goods — 1.0%** |
| Garmin Ltd. | 7879 | 1472349 |
| Harley-Davidson, Inc. | 30179 | 676613 |
| Hasbro, Inc. | 10962 | 678548 |
| Mattel, Inc. \* | 29668 | 471425 |
| Polaris, Inc. | 9118 | 309647 |
| Pool Corp. | 1966 | 576313 |
| Thor Industries, Inc. | 11506 | 833264 |
|  |  | 5018159 |
| **Life Insurance — 0.7%** | **Life Insurance — 0.7%** | **Life Insurance — 0.7%** |
| Lincoln National Corp. | 18035 | 574775 |
| Prudential Financial, Inc. | 15930 | 1636170 |
| Unum Group | 16992 | 1319599 |
|  |  | 3530544 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| Fox Corp., Class A | 23411 | 1165634 |
| Interpublic Group of Cos., Inc. (The) | 32572 | 818209 |
| News Corp., Class A | 46053 | 1248957 |
| Nexstar Media Group, Inc. | 6531 | 977429 |
| Omnicom Group, Inc. | 13398 | 1020392 |
| Paramount Global, Class B | 56849 | 667407 |
| Sirius XM Holdings, Inc. (a) | 22325 | 478202 |
| Walt Disney Co. (The) | 28271 | 2571247 |
| Warner Bros Discovery, Inc. \* | 95920 | 831626 |
|  |  | 9779103 |
| **Medical Equipment & Services — 1.7%** | **Medical Equipment & Services — 1.7%** | **Medical Equipment & Services — 1.7%** |
| Baxter International, Inc. | 21649 | 674799 |
| Becton Dickinson & Co. | 1486 | 307736 |
| Henry Schein, Inc. \* | 5388 | 350058 |
| Labcorp Holdings, Inc. | 3709 | 893906 |
| Medtronic plc | 32579 | 2761396 |
| Quest Diagnostics, Inc. | 8218 | 1464612 |
| Revvity, Inc. | 6065 | 566653 |
| Solventum Corp. \* | 3914 | 258794 |
| Teleflex, Inc. | 1912 | 262040 |
| Zimmer Biomet Holdings, Inc. | 8662 | 892619 |
|  |  | 8432613 |
| **Mortgage Real Estate Investment Trusts — 0.7%** | **Mortgage Real Estate Investment Trusts — 0.7%** | **Mortgage Real Estate Investment Trusts — 0.7%** |
| AGNC Investment Corp. (a) | 66445 | 586709 |
| Annaly Capital Management, Inc. | 47976 | 940330 |
| Rithm Capital Corp. | 99695 | 1114590 |
| Starwood Property Trust, Inc. | 48696 | 934476 |
|  |  | 3576105 |
| **Non-life Insurance — 1.4%** | **Non-life Insurance — 1.4%** | **Non-life Insurance — 1.4%** |
| American International Group, Inc. | 23171 | 1888900 |
| Assured Guaranty Ltd. | 12558 | 1101713 |
| Axis Capital Holdings Ltd. | 10861 | 1046131 |
| Everest Group Ltd. | 1001 | 359189 |
| First American Financial Corp. | 16981 | 1032615 |
| Old Republic International Corp. | 33163 | 1246929 |
| Reinsurance Group of America, Inc. | 2426 | 454414 |
|  |  | 7129891 |
| **Non-Renewable Energy — 3.3%** | **Non-Renewable Energy — 3.3%** | **Non-Renewable Energy — 3.3%** |
| APA Corp. | 44731 | 695120 |
| Chevron Corp. | 27344 | 3720425 |
| Civitas Resources, Inc. | 28346 | 772429 |
| Coterra Energy, Inc. | 54721 | 1343948 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

132 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| Devon Energy Corp. | 20789 | 632193 |
| Diamondback Energy, Inc. | 3421 | 451606 |
| HF Sinclair Corp. | 24347 | 732114 |
| Kinder Morgan, Inc. | 77179 | 2029808 |
| Marathon Petroleum Corp. | 13920 | 1912747 |
| Ovintiv, Inc. | 30644 | 1029026 |
| Permian Resources Corp. | 58615 | 691657 |
| Phillips 66 | 13451 | 1399711 |
| Valero Energy Corp. | 10205 | 1184698 |
|  |  | 16595482 |
| **Personal Care, Drug & Grocery Stores — 1.2%** | **Personal Care, Drug & Grocery Stores — 1.2%** | **Personal Care, Drug & Grocery Stores — 1.2%** |
| Albertsons Cos., Inc., Class A | 49709 | 1092604 |
| CVS Health Corp. | 39820 | 2656392 |
| Kroger Co. (The) | 28373 | 2048814 |
| Spectrum Brands Holdings, Inc. | 5951 | 375508 |
|  |  | 6173318 |
| **Personal Goods — 1.2%** | **Personal Goods — 1.2%** | **Personal Goods — 1.2%** |
| Carter's, Inc. | 15422 | 509697 |
| Columbia Sportswear Co. | 7147 | 444329 |
| Crocs, Inc. \* | 6009 | 579388 |
| Estee Lauder Cos., Inc. (The), Class A | 10658 | 639054 |
| NIKE, Inc., Class B | 27291 | 1539212 |
| PVH Corp. | 9218 | 635858 |
| Ralph Lauren Corp. | 5376 | 1209331 |
| Skechers U.S.A., Inc., Class A \* | 10545 | 506371 |
|  |  | 6063240 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%** |
| Amgen, Inc. | 11688 | 3400273 |
| Biogen, Inc. \* | 3653 | 442305 |
| Bristol-Myers Squibb Co. | 47215 | 2370193 |
| Fortrea Holdings, Inc. \* | 22516 | 140275 |
| Gilead Sciences, Inc. | 30248 | 3222622 |
| Jazz Pharmaceuticals plc \* | 6023 | 704450 |
| Johnson & Johnson | 45368 | 7091472 |
| Merck & Co., Inc. | 48696 | 4148899 |
| Organon & Co. | 39184 | 506649 |
| Perrigo Co. plc | 22879 | 588448 |
| Pfizer, Inc. | 136934 | 3342559 |
| Royalty Pharma plc, Class A | 25575 | 839371 |
| United Therapeutics Corp. \* | 3579 | 1084759 |
| Viatris, Inc. | 101956 | 858470 |
|  |  | 28740745 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |
| Cousins Properties, Inc. | 22072 | 607863 |
| EPR Properties | 21607 | 1069330 |
| Gaming and Leisure Properties, Inc. | 14491 | 693539 |
| Highwoods Properties, Inc. | 34617 | 984508 |
| Host Hotels & Resorts, Inc. | 44733 | 631630 |
| Kilroy Realty Corp. | 22225 | 700310 |
| Kimco Realty Corp. | 53493 | 1068790 |
| Medical Properties Trust, Inc. (a) | 117309 | 647546 |
| NNN REIT, Inc. | 13961 | 573937 |
| Omega Healthcare Investors, Inc. | 31125 | 1215431 |
| Park Hotels & Resorts, Inc. | 60544 | 601807 |
| Regency Centers Corp. | 1923 | 138802 |
| Simon Property Group, Inc. | 10877 | 1711822 |
| VICI Properties, Inc. | 50045 | 1602441 |
| WP Carey, Inc. | 12051 | 752465 |
|  |  | 13000221 |
| **Retailers — 3.9%** | **Retailers — 3.9%** | **Retailers — 3.9%** |
| Advance Auto Parts, Inc. | 14009 | 458375 |
| AutoNation, Inc. \* | 5668 | 987082 |
| Bath & Body Works, Inc. | 23695 | 722934 |
| Best Buy Co., Inc. | 16533 | 1102586 |
| Capri Holdings Ltd. \* | 4561 | 68597 |
| Dick's Sporting Goods, Inc. | 5947 | 1116490 |
| Dillard's, Inc., Class A | 1590 | 551189 |
| Dollar General Corp. | 9469 | 887151 |
| Gap, Inc. (The) | 42465 | 929984 |
| Home Depot, Inc. (The) | 11673 | 4208000 |
| Kohl's Corp. (a) | 48390 | 324213 |
| Lithia Motors, Inc., Class A | 3900 | 1141764 |
| Macy's, Inc. | 67667 | 772757 |
| Murphy USA, Inc. | 1813 | 903907 |
| Nordstrom, Inc. | 36103 | 871526 |
| Penske Automotive Group, Inc. | 6301 | 980877 |
| Tapestry, Inc. | 18652 | 1317764 |
| Target Corp. | 13177 | 1274216 |
| Williams-Sonoma, Inc. | 7962 | 1229890 |
|  |  | 19849302 |
| **Software & Computer Services — 19.7%** | **Software & Computer Services — 19.7%** | **Software & Computer Services — 19.7%** |
| Adobe, Inc. \* | 8573 | 3214704 |
| Akamai Technologies, Inc. \* | 15024 | 1210634 |
| Alphabet, Inc., Class A | 62284 | 9890699 |
| Amdocs Ltd. | 13973 | 1237728 |
| Angi, Inc. \* | 12459 | 142780 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 133

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| ANSYS, Inc. \* | 3176 | 1022291 |
| Bentley Systems, Inc., Class B | 14886 | 639949 |
| CACI International, Inc., Class A \* | 3209 | 1469305 |
| CCC Intelligent Solutions Holdings, Inc. \* | 66116 | 612234 |
| Clarivate plc \* | 223431 | 962988 |
| Cognizant Technology Solutions Corp., Class A | 22421 | 1649513 |
| Concentrix Corp. | 23732 | 1211756 |
| Docusign, Inc. \* | 17193 | 1405528 |
| Dolby Laboratories, Inc., Class A | 14005 | 1075444 |
| DoubleVerify Holdings, Inc. \* | 49144 | 651649 |
| Dropbox, Inc., Class A \* | 41987 | 1198729 |
| Dun & Bradstreet Holdings, Inc. | 127847 | 1146788 |
| DXC Technology Co. \* | 44953 | 697671 |
| Dynatrace, Inc. \* | 15832 | 743629 |
| EPAM Systems, Inc. \* | 6452 | 1012383 |
| F5, Inc. \* | 5045 | 1335613 |
| Gen Digital, Inc. | 48196 | 1246830 |
| Globant SA \* | 4549 | 534826 |
| GoDaddy, Inc., Class A \* | 8187 | 1541858 |
| Hewlett Packard Enterprise Co. | 92292 | 1496976 |
| IAC, Inc. \* | 23679 | 827344 |
| Informatica, Inc., Class A \* | 48076 | 905271 |
| International Business Machines Corp. | 21047 | 5089585 |
| Intuit, Inc. | 6347 | 3982552 |
| KBR, Inc. | 23238 | 1227199 |
| Leidos Holdings, Inc. | 10213 | 1503149 |
| Maplebear, Inc. \* | 30075 | 1199692 |
| Match Group, Inc. | 37646 | 1116580 |
| Meta Platforms, Inc., Class A | 17290 | 9492210 |
| Microsoft Corp. | 26169 | 10343559 |
| Okta, Inc. \* | 7507 | 841985 |
| Oracle Corp. | 36476 | 5132903 |
| Parsons Corp. \* | 18771 | 1255029 |
| Paycom Software, Inc. | 6090 | 1378715 |
| Pegasystems, Inc. | 12764 | 1175309 |
| Pinterest, Inc., Class A \* | 42257 | 1069947 |
| PTC, Inc. \* | 5311 | 823046 |
| Roper Technologies, Inc. | 3799 | 2127744 |
| Salesforce, Inc. | 20873 | 5608784 |
| Science Applications International Corp. | 10736 | 1299378 |
| SS&C Technologies Holdings, Inc. | 16508 | 1248005 |
| Teradata Corp. \* | 34092 | 732978 |
| Twilio, Inc., Class A \* | 13005 | 1257714 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| Zoom Communications, Inc., Class A \* | 19030 | 1475586 |
| ZoomInfo Technologies, Inc. \* | 98809 | 845805 |
|  |  | 99312574 |
| **Technology Hardware & Equipment — 14.8%** | **Technology Hardware & Equipment — 14.8%** | **Technology Hardware & Equipment — 14.8%** |
| Amkor Technology, Inc. | 42233 | 736966 |
| Amphenol Corp., Class A | 39194 | 3015978 |
| Analog Devices, Inc. | 14027 | 2734143 |
| Apple, Inc. | 45294 | 9624975 |
| Applied Materials, Inc. | 21963 | 3310044 |
| Arrow Electronics, Inc. \* | 10810 | 1203802 |
| Avnet, Inc. | 23006 | 1081052 |
| Broadcom, Inc. | 42171 | 8116652 |
| CDW Corp. | 8902 | 1429305 |
| Cirrus Logic, Inc. \* | 10872 | 1044147 |
| Coherent Corp. \* | 7405 | 476290 |
| Corning, Inc. | 37845 | 1679561 |
| Dell Technologies, Inc., Class C | 16823 | 1543678 |
| Entegris, Inc. | 7706 | 609699 |
| GLOBALFOUNDRIES, Inc. \* (a) | 25858 | 906840 |
| HP, Inc. | 52540 | 1343448 |
| Intel Corp. | 133215 | 2677621 |
| IPG Photonics Corp. \* | 9594 | 574585 |
| Jabil, Inc. | 9683 | 1419140 |
| KLA Corp. | 3976 | 2793895 |
| Lam Research Corp. | 37645 | 2698017 |
| Microchip Technology, Inc. | 27791 | 1280609 |
| Micron Technology, Inc. | 32218 | 2479175 |
| Monolithic Power Systems, Inc. | 2672 | 1584763 |
| NetApp, Inc. | 15250 | 1368687 |
| ON Semiconductor Corp. \* | 31553 | 1252654 |
| Onto Innovation, Inc. \* | 4908 | 598629 |
| Qorvo, Inc. \* | 15749 | 1128731 |
| QUALCOMM, Inc. | 27345 | 4059639 |
| Sandisk Corp. \* | 12151 | 390169 |
| Skyworks Solutions, Inc. | 17793 | 1143734 |
| Super Micro Computer, Inc. \* (a) | 22645 | 721470 |
| TD SYNNEX Corp. | 9704 | 1075203 |
| Teradyne, Inc. | 12780 | 948404 |
| Texas Instruments, Inc. | 22533 | 3606407 |
| Universal Display Corp. | 7613 | 956421 |
| Vertiv Holdings Co., Class A | 16532 | 1411502 |
| Western Digital Corp. \* | 32165 | 1410757 |
|  |  | 74436792 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

134 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Telecommunications Equipment — 0.8%** | **Telecommunications Equipment — 0.8%** | **Telecommunications Equipment — 0.8%** |
| Cisco Systems, Inc. | 66398 | 3833157 |
| **Telecommunications Service Providers — 1.5%** | **Telecommunications Service Providers — 1.5%** | **Telecommunications Service Providers — 1.5%** |
| AT&T, Inc. | 159134 | 4408012 |
| Comcast Corp., Class A | 58264 | 1992629 |
| Verizon Communications, Inc. | 25900 | 1141154 |
|  |  | 7541795 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 48761 | 2884213 |
| **Travel & Leisure — 2.2%** | **Travel & Leisure — 2.2%** | **Travel & Leisure — 2.2%** |
| Aramark | 18885 | 631325 |
| Boyd Gaming Corp. | 14492 | 1001977 |
| Darden Restaurants, Inc. | 7709 | 1546734 |
| Delta Air Lines, Inc. | 26360 | 1097367 |
| Hyatt Hotels Corp., Class A (a) | 4341 | 489144 |
| Las Vegas Sands Corp. | 16049 | 588517 |
| Marriott Vacations Worldwide Corp. | 12526 | 686550 |
| MGM Resorts International \* | 29417 | 925459 |
| Travel + Leisure Co. | 20323 | 892789 |
| United Airlines Holdings, Inc. \* | 18468 | 1270968 |
| Vail Resorts, Inc. | 3633 | 505714 |
| Wendy's Co. (The) | 44189 | 552362 |
| Wynn Resorts Ltd. | 7725 | 620395 |
|  |  | 10809301 |
| Total Common Stocks <br>(Cost $536,897,253)<br>|  | 503157899 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (b) (c)(Cost <br> $862,399)<br>| 862399 | 862399 |
| **Investment of Cash Collateral from Securities Loaned — 1.0%** | **Investment of Cash Collateral from Securities Loaned — 1.0%** | **Investment of Cash Collateral from Securities Loaned — 1.0%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $5,251,406)<br>| 5251406 | 5251406 |
| Total Short-Term Investments <br>(Cost $6,113,805)<br>|  | 6113805 |
| **Total Investments — 101.1%** <br>**(Cost $543,011,058)**<br>|  | **509271704** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(5302368)**<br>|
| **NET ASSETS — 100.0%** |  | **503969336** |

---

&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;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $4,979,971. 

(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 April 30, 2025.

**Futures contracts outstanding as of April 30, 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 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 558725 | &nbsp;&nbsp;&nbsp;&nbsp; 15046 |

---

&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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 135

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Canada ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Developed Asia** <br>**Pacific ex-Japan ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Emerging Markets** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Europe ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $7713002856 | &nbsp;&nbsp;&nbsp; $4771141651 | &nbsp;&nbsp;&nbsp; $924866571 | &nbsp;&nbsp;&nbsp; $4275491104 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10485292 | &nbsp;&nbsp;&nbsp; — |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 279610467 | &nbsp;&nbsp;&nbsp; 11764588 | &nbsp;&nbsp;&nbsp; 708766 | &nbsp;&nbsp;&nbsp; 111055804 |
| Cash | &nbsp;&nbsp;&nbsp; 541465 | &nbsp;&nbsp;&nbsp; 26003 | &nbsp;&nbsp;&nbsp; 572168 | &nbsp;&nbsp;&nbsp; 201489 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 39832926 | &nbsp;&nbsp;&nbsp; 15686674 | &nbsp;&nbsp;&nbsp; 320880 | &nbsp;&nbsp;&nbsp; 20387165 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 4063440 | &nbsp;&nbsp;&nbsp; 2368030 | &nbsp;&nbsp;&nbsp; 444125 | &nbsp;&nbsp;&nbsp; 4701252 |
| Segregated cash balance with Authorized Participant for <br> deposit securities<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 342232 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 21086340 | &nbsp;&nbsp;&nbsp; 9733908 | &nbsp;&nbsp;&nbsp; 1222568 | &nbsp;&nbsp;&nbsp; 9695274 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 5781 | &nbsp;&nbsp;&nbsp; 72979 | &nbsp;&nbsp;&nbsp; 53471 | &nbsp;&nbsp;&nbsp; 26225816 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 386090 | &nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp; 2543 | &nbsp;&nbsp;&nbsp; 144285 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 342205 | &nbsp;&nbsp;&nbsp; 14322 | &nbsp;&nbsp;&nbsp; 48101 |
| Total Assets | &nbsp;&nbsp;&nbsp; 8058529365 | &nbsp;&nbsp;&nbsp; 4811137021 | &nbsp;&nbsp;&nbsp; 938691938 | &nbsp;&nbsp;&nbsp; 4448292522 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 279610467 | &nbsp;&nbsp;&nbsp; 11764588 | &nbsp;&nbsp;&nbsp; 708766 | &nbsp;&nbsp;&nbsp; 111055804 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 251785 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 172403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 342232 |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 1184447 | &nbsp;&nbsp;&nbsp; 735969 | &nbsp;&nbsp;&nbsp; 109157 | &nbsp;&nbsp;&nbsp; 352187 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4122822 | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 281219102 | &nbsp;&nbsp;&nbsp; 12500557 | &nbsp;&nbsp;&nbsp; 4940745 | &nbsp;&nbsp;&nbsp; 111750223 |
| Net Assets | &nbsp;&nbsp;&nbsp; $7777310263 | &nbsp;&nbsp;&nbsp; $4798636464 | &nbsp;&nbsp;&nbsp; $933751193 | &nbsp;&nbsp;&nbsp; $4336542299 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5976972470 | &nbsp;&nbsp;&nbsp; $5181103886 | &nbsp;&nbsp;&nbsp; $875537668 | &nbsp;&nbsp;&nbsp; $4339441429 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1800337793 | &nbsp;&nbsp;&nbsp; (382467422)<br>| &nbsp;&nbsp;&nbsp; 58213525 | &nbsp;&nbsp;&nbsp; (2899130)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $7777310263 | &nbsp;&nbsp;&nbsp; $4798636464 | &nbsp;&nbsp;&nbsp; $933751193 | &nbsp;&nbsp;&nbsp; $4336542299 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 104198911 | &nbsp;&nbsp;&nbsp; 95598641 | &nbsp;&nbsp;&nbsp; 17600000 | &nbsp;&nbsp;&nbsp; 67599596 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $74.64 | &nbsp;&nbsp;&nbsp; $50.20 | &nbsp;&nbsp;&nbsp; $53.05 | &nbsp;&nbsp;&nbsp; $64.15 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $5812266466 | &nbsp;&nbsp;&nbsp; $4708752809 | &nbsp;&nbsp;&nbsp; $853346764 | &nbsp;&nbsp;&nbsp; $4061887687 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10485292 | &nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 38126113 | &nbsp;&nbsp;&nbsp; 15233654 | &nbsp;&nbsp;&nbsp; 319105 | &nbsp;&nbsp;&nbsp; 19497373 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 269013920 | &nbsp;&nbsp;&nbsp; 7621838 | &nbsp;&nbsp;&nbsp; 675364 | &nbsp;&nbsp;&nbsp; 101987604 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 279610467 | &nbsp;&nbsp;&nbsp; 11764588 | &nbsp;&nbsp;&nbsp; 708766 | &nbsp;&nbsp;&nbsp; 111055804 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

136 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**International** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Japan ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders U.S.** <br>**Mid Cap Equity** <br>**ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5112759892 | &nbsp;&nbsp;&nbsp; $12144763354 | &nbsp;&nbsp;&nbsp; $4203832442 | &nbsp;&nbsp;&nbsp; $1690173986 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 15710102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78724412 | &nbsp;&nbsp;&nbsp; 21072047 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 69191231 | &nbsp;&nbsp;&nbsp; 58279014 | &nbsp;&nbsp;&nbsp; 1677204 | &nbsp;&nbsp;&nbsp; 34778455 |
| Cash | &nbsp;&nbsp;&nbsp; 30498 | &nbsp;&nbsp;&nbsp; 1477559 | &nbsp;&nbsp;&nbsp; 61877 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 1293115 | &nbsp;&nbsp;&nbsp; 27854340 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 2289975 | &nbsp;&nbsp;&nbsp; 12572532 | &nbsp;&nbsp;&nbsp; 1746000 | &nbsp;&nbsp;&nbsp; 2086000 |
| Segregated cash balance with Authorized Participant for <br> deposit securities<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42173343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7570197 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5301 | &nbsp;&nbsp;&nbsp; 635881 | &nbsp;&nbsp;&nbsp; 394203 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 21630035 | &nbsp;&nbsp;&nbsp; 125461296 | &nbsp;&nbsp;&nbsp; 2338681 | &nbsp;&nbsp;&nbsp; 496867 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 2476 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 8638322 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 116436 | &nbsp;&nbsp;&nbsp; 20112 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 14785 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp; 907470 | &nbsp;&nbsp;&nbsp; 13790 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 5231675045 | &nbsp;&nbsp;&nbsp; 12413514321 | &nbsp;&nbsp;&nbsp; 4289037875 | &nbsp;&nbsp;&nbsp; 1756589016 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3731161 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254718 | &nbsp;&nbsp;&nbsp; 119585 | &nbsp;&nbsp;&nbsp; 245321 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 69191231 | &nbsp;&nbsp;&nbsp; 58279014 | &nbsp;&nbsp;&nbsp; 1677204 | &nbsp;&nbsp;&nbsp; 34778455 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61099 |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42173343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 271418 | &nbsp;&nbsp;&nbsp; 1810887 | &nbsp;&nbsp;&nbsp; 63761 | &nbsp;&nbsp;&nbsp; 90330 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 69462649 | &nbsp;&nbsp;&nbsp; 102517962 | &nbsp;&nbsp;&nbsp; 1860550 | &nbsp;&nbsp;&nbsp; 38906366 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5162212396 | &nbsp;&nbsp;&nbsp; $12310996359 | &nbsp;&nbsp;&nbsp; $4287177325 | &nbsp;&nbsp;&nbsp; $1717682650 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4394198148 | &nbsp;&nbsp;&nbsp; $11661686409 | &nbsp;&nbsp;&nbsp; $3609270151 | &nbsp;&nbsp;&nbsp; $1939568273 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 768014248 | &nbsp;&nbsp;&nbsp; 649309950 | &nbsp;&nbsp;&nbsp; 677907174 | &nbsp;&nbsp;&nbsp; (221885623)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5162212396 | &nbsp;&nbsp;&nbsp; $12310996359 | &nbsp;&nbsp;&nbsp; $4287177325 | &nbsp;&nbsp;&nbsp; $1717682650 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 80800000 | &nbsp;&nbsp;&nbsp; 210097548 | &nbsp;&nbsp;&nbsp; 42700000 | &nbsp;&nbsp;&nbsp; 19425000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $63.89 | &nbsp;&nbsp;&nbsp; $58.60 | &nbsp;&nbsp;&nbsp; $100.40 | &nbsp;&nbsp;&nbsp; $88.43 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4255104802 | &nbsp;&nbsp;&nbsp; $10969349470 | &nbsp;&nbsp;&nbsp; $3541090626 | &nbsp;&nbsp;&nbsp; $1683395151 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 15710102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58989023 | &nbsp;&nbsp;&nbsp; 21072047 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 1298963 | &nbsp;&nbsp;&nbsp; 27922320 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 64574591 | &nbsp;&nbsp;&nbsp; 55363340 | &nbsp;&nbsp;&nbsp; 1470761 | &nbsp;&nbsp;&nbsp; 33640148 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 69191231 | &nbsp;&nbsp;&nbsp; 58279014 | &nbsp;&nbsp;&nbsp; 1677204 | &nbsp;&nbsp;&nbsp; 34778455 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 137

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders U.S.** <br>**Small Cap** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Carbon** <br>**Transition U.S.** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return** <br>**Emerging** <br>**Markets Equity** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified Return** <br>**International** <br>**Equity ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $492812365 | &nbsp;&nbsp;&nbsp; $5646374 | &nbsp;&nbsp;&nbsp; $321942243 | &nbsp;&nbsp;&nbsp; $321912845 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 4627520 | &nbsp;&nbsp;&nbsp; 3665 | &nbsp;&nbsp;&nbsp; 544586 | &nbsp;&nbsp;&nbsp; 188082 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 26681373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6316151 |
| Cash | &nbsp;&nbsp;&nbsp; 10922 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 161855 | &nbsp;&nbsp;&nbsp; 196549 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198902 | &nbsp;&nbsp;&nbsp; 74332 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 487000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp; 214180 |
| Receivables: |  |  |  |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 171138 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 163824 | &nbsp;&nbsp;&nbsp; 2369 | &nbsp;&nbsp;&nbsp; 1187492 | &nbsp;&nbsp;&nbsp; 1936162 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 23 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 608205 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 17017 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2019 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 524971703 | &nbsp;&nbsp;&nbsp; 5652505 | &nbsp;&nbsp;&nbsp; 324063965 | &nbsp;&nbsp;&nbsp; 331448548 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 15720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 46 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 26681373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6316151 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 30076 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4410 |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 33875 | &nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp; 113168 | &nbsp;&nbsp;&nbsp; 95458 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1236840 | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 26761044 | &nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp; 1350031 | &nbsp;&nbsp;&nbsp; 6416065 |
| Net Assets | &nbsp;&nbsp;&nbsp; $498210659 | &nbsp;&nbsp;&nbsp; $5651838 | &nbsp;&nbsp;&nbsp; $322713934 | &nbsp;&nbsp;&nbsp; $325032483 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $697065209 | &nbsp;&nbsp;&nbsp; $8356728 | &nbsp;&nbsp;&nbsp; $336073315 | &nbsp;&nbsp;&nbsp; $464950357 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (198854550)<br>| &nbsp;&nbsp;&nbsp; (2704890)<br>| &nbsp;&nbsp;&nbsp; (13359381)<br>| &nbsp;&nbsp;&nbsp; (139917874)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $498210659 | &nbsp;&nbsp;&nbsp; $5651838 | &nbsp;&nbsp;&nbsp; $322713934 | &nbsp;&nbsp;&nbsp; $325032483 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 8450000 | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5400000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $58.96 | &nbsp;&nbsp;&nbsp; $75.36 | &nbsp;&nbsp;&nbsp; $53.79 | &nbsp;&nbsp;&nbsp; $60.19 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $531788006 | &nbsp;&nbsp;&nbsp; $5978528 | &nbsp;&nbsp;&nbsp; $288407397 | &nbsp;&nbsp;&nbsp; $293248865 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 4627520 | &nbsp;&nbsp;&nbsp; 3665 | &nbsp;&nbsp;&nbsp; 544586 | &nbsp;&nbsp;&nbsp; 188082 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198597 | &nbsp;&nbsp;&nbsp; 74248 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 25232916 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5721627 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 26681373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6316151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

138 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S.** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S. Mid** <br>**Cap Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S. Small** <br>**Cap Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Momentum** <br>**Factor ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $351715494 | &nbsp;&nbsp;&nbsp; $343008553 | &nbsp;&nbsp;&nbsp; $425424062 | &nbsp;&nbsp;&nbsp; $1351205101 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1685031 | &nbsp;&nbsp;&nbsp; 1204618 | &nbsp;&nbsp;&nbsp; 425406 | &nbsp;&nbsp;&nbsp; 4692188 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 182305 | &nbsp;&nbsp;&nbsp; 896908 | &nbsp;&nbsp;&nbsp; 7492149 | &nbsp;&nbsp;&nbsp; 4461203 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp; 199300 | &nbsp;&nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp; 263140 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 667875 | &nbsp;&nbsp;&nbsp; 984478 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2488294 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 6875 | &nbsp;&nbsp;&nbsp; 7010 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 315296 | &nbsp;&nbsp;&nbsp; 212355 | &nbsp;&nbsp;&nbsp; 241752 | &nbsp;&nbsp;&nbsp; 718878 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 551 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 4608 | &nbsp;&nbsp;&nbsp; 12658 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 18696 | &nbsp;&nbsp;&nbsp; 696 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122 |
| Total Assets | &nbsp;&nbsp;&nbsp; 354767011 | &nbsp;&nbsp;&nbsp; 346518088 | &nbsp;&nbsp;&nbsp; 433854780 | &nbsp;&nbsp;&nbsp; 1363830173 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 665451 | &nbsp;&nbsp;&nbsp; 983072 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2482883 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1225602 | &nbsp;&nbsp;&nbsp; 1028992 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4080249 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 182305 | &nbsp;&nbsp;&nbsp; 896908 | &nbsp;&nbsp;&nbsp; 7492149 | &nbsp;&nbsp;&nbsp; 4461203 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp; 2972 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 54776 | &nbsp;&nbsp;&nbsp; 68095 | &nbsp;&nbsp;&nbsp; 101433 | &nbsp;&nbsp;&nbsp; 124548 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2128244 | &nbsp;&nbsp;&nbsp; 2977685 | &nbsp;&nbsp;&nbsp; 7596554 | &nbsp;&nbsp;&nbsp; 11148883 |
| Net Assets | &nbsp;&nbsp;&nbsp; $352638767 | &nbsp;&nbsp;&nbsp; $343540403 | &nbsp;&nbsp;&nbsp; $426258226 | &nbsp;&nbsp;&nbsp; $1352681290 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $338783757 | &nbsp;&nbsp;&nbsp; $347754743 | &nbsp;&nbsp;&nbsp; $490028338 | &nbsp;&nbsp;&nbsp; $1283001417 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 13855010 | &nbsp;&nbsp;&nbsp; (4214340)<br>| &nbsp;&nbsp;&nbsp; (63770112)<br>| &nbsp;&nbsp;&nbsp; 69679873 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $352638767 | &nbsp;&nbsp;&nbsp; $343540403 | &nbsp;&nbsp;&nbsp; $426258226 | &nbsp;&nbsp;&nbsp; $1352681290 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 10175000 | &nbsp;&nbsp;&nbsp; 23625000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $112.84 | &nbsp;&nbsp;&nbsp; $98.15 | &nbsp;&nbsp;&nbsp; $41.89 | &nbsp;&nbsp;&nbsp; $57.26 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $306935401 | &nbsp;&nbsp;&nbsp; $327109352 | &nbsp;&nbsp;&nbsp; $445513517 | &nbsp;&nbsp;&nbsp; $1276768958 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 1685031 | &nbsp;&nbsp;&nbsp; 1204618 | &nbsp;&nbsp;&nbsp; 425406 | &nbsp;&nbsp;&nbsp; 4692188 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 179503 | &nbsp;&nbsp;&nbsp; 884293 | &nbsp;&nbsp;&nbsp; 5933849 | &nbsp;&nbsp;&nbsp; 4358534 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 182305 | &nbsp;&nbsp;&nbsp; 896908 | &nbsp;&nbsp;&nbsp; 7492149 | &nbsp;&nbsp;&nbsp; 4461203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 139

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Quality Factor** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Value Factor** <br>**ETF** <br>|
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5700286912 | &nbsp;&nbsp;&nbsp; $503157899 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 7034240 | &nbsp;&nbsp;&nbsp; 862399 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 2046828 | &nbsp;&nbsp;&nbsp; 5251406 |
| Cash | &nbsp;&nbsp;&nbsp; 16839 | &nbsp;&nbsp;&nbsp; 2038 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 604400 | &nbsp;&nbsp;&nbsp; 247800 |
| Receivables: |  |  |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp; 13276 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 3665126 | &nbsp;&nbsp;&nbsp; 416933 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; 101 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1860 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 1185 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 4731 | &nbsp;&nbsp;&nbsp; 75 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5713661553 | &nbsp;&nbsp;&nbsp; 509954972 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 679922 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2046828 | &nbsp;&nbsp;&nbsp; 5251406 |
| Accrued liabilities: |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 532226 | &nbsp;&nbsp;&nbsp; 54308 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2579054 | &nbsp;&nbsp;&nbsp; 5985636 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5711082499 | &nbsp;&nbsp;&nbsp; $503969336 |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5281124149 | &nbsp;&nbsp;&nbsp; $604200025 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 429958350 | &nbsp;&nbsp;&nbsp; (100230689)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5711082499 | &nbsp;&nbsp;&nbsp; $503969336 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 101800000 | &nbsp;&nbsp;&nbsp; 12600000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $56.10 | &nbsp;&nbsp;&nbsp; $40.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $5419265153 | &nbsp;&nbsp;&nbsp; $536897253 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 7034240 | &nbsp;&nbsp;&nbsp; 862399 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2027747 | &nbsp;&nbsp;&nbsp; 4979971 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2046828 | &nbsp;&nbsp;&nbsp; 5251406 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

140 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Canada ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Developed Asia** <br>**Pacific ex-Japan ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Emerging Markets** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Europe ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $46783 | &nbsp;&nbsp;&nbsp; $51047 | &nbsp;&nbsp;&nbsp; $7089 | &nbsp;&nbsp;&nbsp; $47002 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp; 90525 | &nbsp;&nbsp;&nbsp; 4679 | &nbsp;&nbsp;&nbsp; 53828 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 105377297 | &nbsp;&nbsp;&nbsp; 88959360 | &nbsp;&nbsp;&nbsp; 10070255 | &nbsp;&nbsp;&nbsp; 74392651 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 311020 | &nbsp;&nbsp;&nbsp; — |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2339752 | &nbsp;&nbsp;&nbsp; 72322 | &nbsp;&nbsp;&nbsp; 7667 | &nbsp;&nbsp;&nbsp; 391393 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (15113217)<br>| &nbsp;&nbsp;&nbsp; (634111)<br>| &nbsp;&nbsp;&nbsp; (1036085)<br>| &nbsp;&nbsp;&nbsp; (7742139)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 92652786 | &nbsp;&nbsp;&nbsp; 88539143 | &nbsp;&nbsp;&nbsp; 9364625 | &nbsp;&nbsp;&nbsp; 67142735 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 7065047 | &nbsp;&nbsp;&nbsp; 4380487 | &nbsp;&nbsp;&nbsp; 613531 | &nbsp;&nbsp;&nbsp; 1982924 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1434 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 2974 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 1043 | &nbsp;&nbsp;&nbsp; 288 |
| Total expenses | &nbsp;&nbsp;&nbsp; 7065955 | &nbsp;&nbsp;&nbsp; 4382352 | &nbsp;&nbsp;&nbsp; 614958 | &nbsp;&nbsp;&nbsp; 1986186 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 85586831 | &nbsp;&nbsp;&nbsp; 84156791 | &nbsp;&nbsp;&nbsp; 8749667 | &nbsp;&nbsp;&nbsp; 65156549 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (3966893)<br>| &nbsp;&nbsp;&nbsp; (38391557)<br>| &nbsp;&nbsp;&nbsp; (3,218,644)(a)<br>| &nbsp;&nbsp;&nbsp; (31167486)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 121460074 | &nbsp;&nbsp;&nbsp; 4822692 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 255073518 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2170463 | &nbsp;&nbsp;&nbsp; (1413779)<br>| &nbsp;&nbsp;&nbsp; 314645 | &nbsp;&nbsp;&nbsp; 2759178 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (3415396)<br>| &nbsp;&nbsp;&nbsp; (3032496)<br>| &nbsp;&nbsp;&nbsp; (114713)<br>| &nbsp;&nbsp;&nbsp; 455389 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 116248248 | &nbsp;&nbsp;&nbsp; (38015140)<br>| &nbsp;&nbsp;&nbsp; (3018712)<br>| &nbsp;&nbsp;&nbsp; 227120599 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 275950296 | &nbsp;&nbsp;&nbsp; (22278332)<br>| &nbsp;&nbsp;&nbsp; 1,968,108<br> (b)<br>| &nbsp;&nbsp;&nbsp; 74659178 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 422261 | &nbsp;&nbsp;&nbsp; 875917 | &nbsp;&nbsp;&nbsp; (62076)<br>| &nbsp;&nbsp;&nbsp; 718931 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 2722517 | &nbsp;&nbsp;&nbsp; 1126001 | &nbsp;&nbsp;&nbsp; 35119 | &nbsp;&nbsp;&nbsp; 1589877 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 279095074 | &nbsp;&nbsp;&nbsp; (20276414)<br>| &nbsp;&nbsp;&nbsp; 1941151 | &nbsp;&nbsp;&nbsp; 76967986 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 395343322 | &nbsp;&nbsp;&nbsp; (58291554)<br>| &nbsp;&nbsp;&nbsp; (1077561)<br>| &nbsp;&nbsp;&nbsp; 304088585 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $480930153 | &nbsp;&nbsp;&nbsp; $25865237 | &nbsp;&nbsp;&nbsp; $7672106 | &nbsp;&nbsp;&nbsp; $369245134 |

---

------

(a) Net of foreign capital gains tax of $(72,366).

(b) Net of change in foreign capital gains tax of $776,173.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 141

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**International** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**Japan ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders** <br>**U.S. Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders U.S.** <br>**Mid Cap Equity** <br>**ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $25248 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31365 | &nbsp;&nbsp;&nbsp; $22861 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3988 | &nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 23 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 82420876 | &nbsp;&nbsp;&nbsp; 152304285 | &nbsp;&nbsp;&nbsp; 26707066 | &nbsp;&nbsp;&nbsp; 11633602 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 507672 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1157120 | &nbsp;&nbsp;&nbsp; 375392 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 285165 | &nbsp;&nbsp;&nbsp; 222797 | &nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp; 252283 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (7655535)<br>| &nbsp;&nbsp;&nbsp; (15226806)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 75587414 | &nbsp;&nbsp;&nbsp; 137301210 | &nbsp;&nbsp;&nbsp; 27897618 | &nbsp;&nbsp;&nbsp; 12284161 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 1699971 | &nbsp;&nbsp;&nbsp; 10875262 | &nbsp;&nbsp;&nbsp; 408720 | &nbsp;&nbsp;&nbsp; 629341 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7734 | &nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp; 1787 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2586 | &nbsp;&nbsp;&nbsp; 3426 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 168 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1702557 | &nbsp;&nbsp;&nbsp; 10886422 | &nbsp;&nbsp;&nbsp; 411209 | &nbsp;&nbsp;&nbsp; 631296 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 73884857 | &nbsp;&nbsp;&nbsp; 126414788 | &nbsp;&nbsp;&nbsp; 27486409 | &nbsp;&nbsp;&nbsp; 11652865 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (29151396)<br>| &nbsp;&nbsp;&nbsp; (157626425)<br>| &nbsp;&nbsp;&nbsp; (11488643)<br>| &nbsp;&nbsp;&nbsp; (39168393)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54525)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 78248756 | &nbsp;&nbsp;&nbsp; 242594604 | &nbsp;&nbsp;&nbsp; 54366989 | &nbsp;&nbsp;&nbsp; 166314241 |
| In-kind redemptions of investments in affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1003455 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1463342)<br>| &nbsp;&nbsp;&nbsp; 4095596 | &nbsp;&nbsp;&nbsp; (826266)<br>| &nbsp;&nbsp;&nbsp; (1964164)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (440058)<br>| &nbsp;&nbsp;&nbsp; (7814247)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 47193960 | &nbsp;&nbsp;&nbsp; 81249528 | &nbsp;&nbsp;&nbsp; 43001010 | &nbsp;&nbsp;&nbsp; 125181684 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 306580852 | &nbsp;&nbsp;&nbsp; 639802296 | &nbsp;&nbsp;&nbsp; (156816129)<br>| &nbsp;&nbsp;&nbsp; (231186943)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4193288 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 3114229 | &nbsp;&nbsp;&nbsp; (2472612)<br>| &nbsp;&nbsp;&nbsp; (330481)<br>| &nbsp;&nbsp;&nbsp; (730752)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1566469 | &nbsp;&nbsp;&nbsp; 11821125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 311261550 | &nbsp;&nbsp;&nbsp; 649150809 | &nbsp;&nbsp;&nbsp; (152953322)<br>| &nbsp;&nbsp;&nbsp; (231917695)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 358455510 | &nbsp;&nbsp;&nbsp; 730400337 | &nbsp;&nbsp;&nbsp; (109952312)<br>| &nbsp;&nbsp;&nbsp; (106736011)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $432340367 | &nbsp;&nbsp;&nbsp; $856815125 | &nbsp;&nbsp;&nbsp; $(82465903)<br>| &nbsp;&nbsp;&nbsp; $(95083146)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

142 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**BetaBuilders U.S.** <br>**Small Cap** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Carbon** <br>**Transition U.S.** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return** <br>**Emerging** <br>**Markets Equity** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified Return** <br>**International** <br>**Equity ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $9063 | &nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp; $2688 | &nbsp;&nbsp;&nbsp; $4131 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7497 | &nbsp;&nbsp;&nbsp; 1004 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 3082039 | &nbsp;&nbsp;&nbsp; 44069 | &nbsp;&nbsp;&nbsp; 7071294 | &nbsp;&nbsp;&nbsp; 5833500 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 107230 | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 16331 | &nbsp;&nbsp;&nbsp; 7502 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 103331 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 16809 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (573494)<br>| &nbsp;&nbsp;&nbsp; (498619)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 3301695 | &nbsp;&nbsp;&nbsp; 44329 | &nbsp;&nbsp;&nbsp; 6524476 | &nbsp;&nbsp;&nbsp; 5364327 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 224449 | &nbsp;&nbsp;&nbsp; 5577 | &nbsp;&nbsp;&nbsp; 692218 | &nbsp;&nbsp;&nbsp; 588182 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 1207 |
| Total expenses | &nbsp;&nbsp;&nbsp; 225209 | &nbsp;&nbsp;&nbsp; 5577 | &nbsp;&nbsp;&nbsp; 692358 | &nbsp;&nbsp;&nbsp; 589389 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3076486 | &nbsp;&nbsp;&nbsp; 38752 | &nbsp;&nbsp;&nbsp; 5832118 | &nbsp;&nbsp;&nbsp; 4774938 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (11996703)<br>| &nbsp;&nbsp;&nbsp; (123451)<br>| &nbsp;&nbsp;&nbsp; (925,089)(a)<br>| &nbsp;&nbsp;&nbsp; (1282723)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 32397406 | &nbsp;&nbsp;&nbsp; 657356 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3853919 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (876195)<br>| &nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp; 44294 | &nbsp;&nbsp;&nbsp; 31950 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6992 | &nbsp;&nbsp;&nbsp; (59971)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 19524508 | &nbsp;&nbsp;&nbsp; 534941 | &nbsp;&nbsp;&nbsp; (873803)<br>| &nbsp;&nbsp;&nbsp; 2543149 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (74518906)<br>| &nbsp;&nbsp;&nbsp; (640311)<br>| &nbsp;&nbsp;&nbsp; 2,776,796<br> (b)<br>| &nbsp;&nbsp;&nbsp; 18122932 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 76034 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4846 | &nbsp;&nbsp;&nbsp; 118982 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27723 | &nbsp;&nbsp;&nbsp; 147366 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (74442872)<br>| &nbsp;&nbsp;&nbsp; (640311)<br>| &nbsp;&nbsp;&nbsp; 2809365 | &nbsp;&nbsp;&nbsp; 18389302 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (54918364)<br>| &nbsp;&nbsp;&nbsp; (105370)<br>| &nbsp;&nbsp;&nbsp; 1935562 | &nbsp;&nbsp;&nbsp; 20932451 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(51841878)<br>| &nbsp;&nbsp;&nbsp; $(66618)<br>| &nbsp;&nbsp;&nbsp; $7767680 | &nbsp;&nbsp;&nbsp; $25707389 |

---

------

(a) Net of foreign capital gains tax of $(92,119).

(b) Net of change in foreign capital gains tax of $585,749.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 143

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S.** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S. Mid** <br>**Cap Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S. Small** <br>**Cap Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Momentum** <br>**Factor ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $5613 | &nbsp;&nbsp;&nbsp; $5618 | &nbsp;&nbsp;&nbsp; $4991 | &nbsp;&nbsp;&nbsp; $5213 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 6590 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 5427145 | &nbsp;&nbsp;&nbsp; 4705362 | &nbsp;&nbsp;&nbsp; 4400976 | &nbsp;&nbsp;&nbsp; 7138587 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 21309 | &nbsp;&nbsp;&nbsp; 14276 | &nbsp;&nbsp;&nbsp; 24158 | &nbsp;&nbsp;&nbsp; 43338 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp; 83046 | &nbsp;&nbsp;&nbsp; 3503 |
| Total investment income | &nbsp;&nbsp;&nbsp; 5454301 | &nbsp;&nbsp;&nbsp; 4725894 | &nbsp;&nbsp;&nbsp; 4513239 | &nbsp;&nbsp;&nbsp; 7197231 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 381724 | &nbsp;&nbsp;&nbsp; 479317 | &nbsp;&nbsp;&nbsp; 723770 | &nbsp;&nbsp;&nbsp; 775325 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 381931 | &nbsp;&nbsp;&nbsp; 479317 | &nbsp;&nbsp;&nbsp; 723890 | &nbsp;&nbsp;&nbsp; 775325 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5072370 | &nbsp;&nbsp;&nbsp; 4246577 | &nbsp;&nbsp;&nbsp; 3789349 | &nbsp;&nbsp;&nbsp; 6421906 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 4010898 | &nbsp;&nbsp;&nbsp; 311191 | &nbsp;&nbsp;&nbsp; (10290009)<br>| &nbsp;&nbsp;&nbsp; (37939740)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 18390861 | &nbsp;&nbsp;&nbsp; 18959871 | &nbsp;&nbsp;&nbsp; 14372568 | &nbsp;&nbsp;&nbsp; 95129979 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (11150)<br>| &nbsp;&nbsp;&nbsp; 33329 | &nbsp;&nbsp;&nbsp; (197628)<br>| &nbsp;&nbsp;&nbsp; 5160 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 22390609 | &nbsp;&nbsp;&nbsp; 19304391 | &nbsp;&nbsp;&nbsp; 3884931 | &nbsp;&nbsp;&nbsp; 57195399 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (40151601)<br>| &nbsp;&nbsp;&nbsp; (42588208)<br>| &nbsp;&nbsp;&nbsp; (59230914)<br>| &nbsp;&nbsp;&nbsp; (60250735)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 18536 | &nbsp;&nbsp;&nbsp; 6997 | &nbsp;&nbsp;&nbsp; 22071 | &nbsp;&nbsp;&nbsp; 11629 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (40133065)<br>| &nbsp;&nbsp;&nbsp; (42581211)<br>| &nbsp;&nbsp;&nbsp; (59208843)<br>| &nbsp;&nbsp;&nbsp; (60239106)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (17742456)<br>| &nbsp;&nbsp;&nbsp; (23276820)<br>| &nbsp;&nbsp;&nbsp; (55323912)<br>| &nbsp;&nbsp;&nbsp; (3043707)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(12670086)<br>| &nbsp;&nbsp;&nbsp; $(19030243)<br>| &nbsp;&nbsp;&nbsp; $(51534563)<br>| &nbsp;&nbsp;&nbsp; $3378199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

144 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Quality Factor** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Value Factor** <br>**ETF** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $13344 | &nbsp;&nbsp;&nbsp; $7057 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 41062060 | &nbsp;&nbsp;&nbsp; 8213652 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 190787 | &nbsp;&nbsp;&nbsp; 26469 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9518 | &nbsp;&nbsp;&nbsp; 11719 |
| Total investment income | &nbsp;&nbsp;&nbsp; 41275778 | &nbsp;&nbsp;&nbsp; 8258898 |
| **EXPENSES:** |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3270646 | &nbsp;&nbsp;&nbsp; 405075 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2486 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 3273132 | &nbsp;&nbsp;&nbsp; 405075 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 38002646 | &nbsp;&nbsp;&nbsp; 7853823 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (61395798)<br>| &nbsp;&nbsp;&nbsp; 9629829 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 327266377 | &nbsp;&nbsp;&nbsp; 11487785 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (281417)<br>| &nbsp;&nbsp;&nbsp; (1817)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 265589162 | &nbsp;&nbsp;&nbsp; 21115797 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (258468375)<br>| &nbsp;&nbsp;&nbsp; (76865128)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 47541 | &nbsp;&nbsp;&nbsp; 10469 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (258420834)<br>| &nbsp;&nbsp;&nbsp; (76854659)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 7168328 | &nbsp;&nbsp;&nbsp; (55738862)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $45170974 | &nbsp;&nbsp;&nbsp; $(47885039)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 145

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders** <br>**Canada ETF**  | **JPMorgan BetaBuilders** <br>**Canada ETF**  | **JPMorgan BetaBuilders Developed** <br>**Asia Pacific ex-Japan ETF**  | **JPMorgan BetaBuilders Developed** <br>**Asia Pacific ex-Japan ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $85586831 | &nbsp;&nbsp;&nbsp; $173333274 | &nbsp;&nbsp;&nbsp; $84156791 | &nbsp;&nbsp;&nbsp; $179080777 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 116248248 | &nbsp;&nbsp;&nbsp; 218718086 | &nbsp;&nbsp;&nbsp; (38015140)<br>| &nbsp;&nbsp;&nbsp; 11114372 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 279095074 | &nbsp;&nbsp;&nbsp; 1399650742 | &nbsp;&nbsp;&nbsp; (20276414)<br>| &nbsp;&nbsp;&nbsp; 679218837 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 480930153 | &nbsp;&nbsp;&nbsp; 1791702102 | &nbsp;&nbsp;&nbsp; 25865237 | &nbsp;&nbsp;&nbsp; 869413986 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (81562663)<br>| &nbsp;&nbsp;&nbsp; (173065727)<br>| &nbsp;&nbsp;&nbsp; (78672116)<br>| &nbsp;&nbsp;&nbsp; (205686432)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 200268642 | &nbsp;&nbsp;&nbsp; (127936956)<br>| &nbsp;&nbsp;&nbsp; 201441584 | &nbsp;&nbsp;&nbsp; 176371689 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 599636132 | &nbsp;&nbsp;&nbsp; 1490699419 | &nbsp;&nbsp;&nbsp; 148634705 | &nbsp;&nbsp;&nbsp; 840099243 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 7177674131 | &nbsp;&nbsp;&nbsp; 5686974712 | &nbsp;&nbsp;&nbsp; 4650001759 | &nbsp;&nbsp;&nbsp; 3809902516 |
| End of period | &nbsp;&nbsp;&nbsp; $7777310263 | &nbsp;&nbsp;&nbsp; $7177674131 | &nbsp;&nbsp;&nbsp; $4798636464 | &nbsp;&nbsp;&nbsp; $4650001759 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $501940123 | &nbsp;&nbsp;&nbsp; $583887773 | &nbsp;&nbsp;&nbsp; $223233073 | &nbsp;&nbsp;&nbsp; $504075894 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (301671481)<br>| &nbsp;&nbsp;&nbsp; (711824729)<br>| &nbsp;&nbsp;&nbsp; (21791489)<br>| &nbsp;&nbsp;&nbsp; (327704205)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $200268642 | &nbsp;&nbsp;&nbsp; $(127936956)<br>| &nbsp;&nbsp;&nbsp; $201441584 | &nbsp;&nbsp;&nbsp; $176371689 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6950000 | &nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 10600000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4200000)<br>| &nbsp;&nbsp;&nbsp; (10550000)<br>| &nbsp;&nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; (6500000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp; 4100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

146 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders** <br>**Emerging Markets Equity ETF**  | **JPMorgan BetaBuilders** <br>**Emerging Markets Equity ETF**  | **JPMorgan BetaBuilders** <br>**Europe ETF**  | **JPMorgan BetaBuilders** <br>**Europe ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $8749667 | &nbsp;&nbsp;&nbsp; $14477904 | &nbsp;&nbsp;&nbsp; $65156549 | &nbsp;&nbsp;&nbsp; $223161508 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (3018712)<br>| &nbsp;&nbsp;&nbsp; (2194870)<br>| &nbsp;&nbsp;&nbsp; 227120599 | &nbsp;&nbsp;&nbsp; 128974451 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1941151 | &nbsp;&nbsp;&nbsp; 102817938 | &nbsp;&nbsp;&nbsp; 76967986 | &nbsp;&nbsp;&nbsp; 966888150 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 7672106 | &nbsp;&nbsp;&nbsp; 115100972 | &nbsp;&nbsp;&nbsp; 369245134 | &nbsp;&nbsp;&nbsp; 1319024109 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (9850191)<br>| &nbsp;&nbsp;&nbsp; (15449955)<br>| &nbsp;&nbsp;&nbsp; (64590619)<br>| &nbsp;&nbsp;&nbsp; (226908416)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 324993897 | &nbsp;&nbsp;&nbsp; 27878750 | &nbsp;&nbsp;&nbsp; (2644938627)<br>| &nbsp;&nbsp;&nbsp; 441350143 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 322815812 | &nbsp;&nbsp;&nbsp; 127529767 | &nbsp;&nbsp;&nbsp; (2340284112)<br>| &nbsp;&nbsp;&nbsp; 1533465836 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 610935381 | &nbsp;&nbsp;&nbsp; 483405614 | &nbsp;&nbsp;&nbsp; 6676826411 | &nbsp;&nbsp;&nbsp; 5143360575 |
| End of period | &nbsp;&nbsp;&nbsp; $933751193 | &nbsp;&nbsp;&nbsp; $610935381 | &nbsp;&nbsp;&nbsp; $4336542299 | &nbsp;&nbsp;&nbsp; $6676826411 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $326117035 | &nbsp;&nbsp;&nbsp; $49984032 | &nbsp;&nbsp;&nbsp; $237431382 | &nbsp;&nbsp;&nbsp; $1780131365 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1123138)<br>| &nbsp;&nbsp;&nbsp; (22105282)<br>| &nbsp;&nbsp;&nbsp; (2882370009)<br>| &nbsp;&nbsp;&nbsp; (1338781222)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $324993897 | &nbsp;&nbsp;&nbsp; $27878750 | &nbsp;&nbsp;&nbsp; $(2644938627)<br>| &nbsp;&nbsp;&nbsp; $441350143 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; 31300000 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (49600000)<br>| &nbsp;&nbsp;&nbsp; (22150000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; (45750000)<br>| &nbsp;&nbsp;&nbsp; 9150000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 147

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders** <br>**International Equity ETF**  | **JPMorgan BetaBuilders** <br>**International Equity ETF**  | **JPMorgan BetaBuilders** <br>**Japan ETF**  | **JPMorgan BetaBuilders** <br>**Japan ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $73884857 | &nbsp;&nbsp;&nbsp; $119663174 | &nbsp;&nbsp;&nbsp; $126414788 | &nbsp;&nbsp;&nbsp; $220096725 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 47193960 | &nbsp;&nbsp;&nbsp; 57760571 | &nbsp;&nbsp;&nbsp; 81249528 | &nbsp;&nbsp;&nbsp; 216325269 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 311261550 | &nbsp;&nbsp;&nbsp; 572199460 | &nbsp;&nbsp;&nbsp; 649150809 | &nbsp;&nbsp;&nbsp; 1218227082 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 432340367 | &nbsp;&nbsp;&nbsp; 749623205 | &nbsp;&nbsp;&nbsp; 856815125 | &nbsp;&nbsp;&nbsp; 1654649076 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (67160862)<br>| &nbsp;&nbsp;&nbsp; (137365224)<br>| &nbsp;&nbsp;&nbsp; (307085705)<br>| &nbsp;&nbsp;&nbsp; (294824859)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 29015351 | &nbsp;&nbsp;&nbsp; 595462882 | &nbsp;&nbsp;&nbsp; (13655546)<br>| &nbsp;&nbsp;&nbsp; 1617788334 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 394194856 | &nbsp;&nbsp;&nbsp; 1207720863 | &nbsp;&nbsp;&nbsp; 536073874 | &nbsp;&nbsp;&nbsp; 2977612551 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4768017540 | &nbsp;&nbsp;&nbsp; 3560296677 | &nbsp;&nbsp;&nbsp; 11774922485 | &nbsp;&nbsp;&nbsp; 8797309934 |
| End of period | &nbsp;&nbsp;&nbsp; $5162212396 | &nbsp;&nbsp;&nbsp; $4768017540 | &nbsp;&nbsp;&nbsp; $12310996359 | &nbsp;&nbsp;&nbsp; $11774922485 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $251415970 | &nbsp;&nbsp;&nbsp; $956731978 | &nbsp;&nbsp;&nbsp; $905923856 | &nbsp;&nbsp;&nbsp; $3128983059 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (222400619)<br>| &nbsp;&nbsp;&nbsp; (361269096)<br>| &nbsp;&nbsp;&nbsp; (919579402)<br>| &nbsp;&nbsp;&nbsp; (1511194725)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $29015351 | &nbsp;&nbsp;&nbsp; $595462882 | &nbsp;&nbsp;&nbsp; $(13655546)<br>| &nbsp;&nbsp;&nbsp; $1617788334 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 15800000 | &nbsp;&nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp; 55900000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp; (6200000)<br>| &nbsp;&nbsp;&nbsp; (16100000)<br>| &nbsp;&nbsp;&nbsp; (26600000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 29300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

148 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders** <br>**U.S. Equity ETF**  | **JPMorgan BetaBuilders** <br>**U.S. Equity ETF**  | **JPMorgan BetaBuilders U.S.** <br>**Mid Cap Equity ETF**  | **JPMorgan BetaBuilders U.S.** <br>**Mid Cap Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $27486409 | &nbsp;&nbsp;&nbsp; $45294146 | &nbsp;&nbsp;&nbsp; $11652865 | &nbsp;&nbsp;&nbsp; $21118653 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 43001010 | &nbsp;&nbsp;&nbsp; 43485975 | &nbsp;&nbsp;&nbsp; 125181684 | &nbsp;&nbsp;&nbsp; 103456500 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (152953322)<br>| &nbsp;&nbsp;&nbsp; 837542784 | &nbsp;&nbsp;&nbsp; (231917695)<br>| &nbsp;&nbsp;&nbsp; 352856220 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (82465903)<br>| &nbsp;&nbsp;&nbsp; 926322905 | &nbsp;&nbsp;&nbsp; (95083146)<br>| &nbsp;&nbsp;&nbsp; 477431373 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (27647049)<br>| &nbsp;&nbsp;&nbsp; (43394093)<br>| &nbsp;&nbsp;&nbsp; (13976471)<br>| &nbsp;&nbsp;&nbsp; (21955852)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 383037556 | &nbsp;&nbsp;&nbsp; 958285410 | &nbsp;&nbsp;&nbsp; 63492464 | &nbsp;&nbsp;&nbsp; (106388209)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 272924604 | &nbsp;&nbsp;&nbsp; 1841214222 | &nbsp;&nbsp;&nbsp; (45567153)<br>| &nbsp;&nbsp;&nbsp; 349087312 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4014252721 | &nbsp;&nbsp;&nbsp; 2173038499 | &nbsp;&nbsp;&nbsp; 1763249803 | &nbsp;&nbsp;&nbsp; 1414162491 |
| End of period | &nbsp;&nbsp;&nbsp; $4287177325 | &nbsp;&nbsp;&nbsp; $4014252721 | &nbsp;&nbsp;&nbsp; $1717682650 | &nbsp;&nbsp;&nbsp; $1763249803 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $520748121 | &nbsp;&nbsp;&nbsp; $1090914484 | &nbsp;&nbsp;&nbsp; $501279021 | &nbsp;&nbsp;&nbsp; $381818755 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (137710565)<br>| &nbsp;&nbsp;&nbsp; (132629074)<br>| &nbsp;&nbsp;&nbsp; (437786557)<br>| &nbsp;&nbsp;&nbsp; (488206964)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $383037556 | &nbsp;&nbsp;&nbsp; $958285410 | &nbsp;&nbsp;&nbsp; $63492464 | &nbsp;&nbsp;&nbsp; $(106388209)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp; 11600000 | &nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 4400000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (4475000)<br>| &nbsp;&nbsp;&nbsp; (5600000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; (1200000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 149

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan BetaBuilders U.S. Small** <br>**Cap Equity ETF**  | **JPMorgan BetaBuilders U.S. Small** <br>**Cap Equity ETF**  | **JPMorgan Carbon Transition** <br>**U.S. Equity ETF**  | **JPMorgan Carbon Transition** <br>**U.S. Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3076486 | &nbsp;&nbsp;&nbsp; $8170908 | &nbsp;&nbsp;&nbsp; $38752 | &nbsp;&nbsp;&nbsp; $59679 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 19524508 | &nbsp;&nbsp;&nbsp; 10863064 | &nbsp;&nbsp;&nbsp; 534941 | &nbsp;&nbsp;&nbsp; 1130765 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (74442872)<br>| &nbsp;&nbsp;&nbsp; 183070964 | &nbsp;&nbsp;&nbsp; (640311)<br>| &nbsp;&nbsp;&nbsp; 518194 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (51841878)<br>| &nbsp;&nbsp;&nbsp; 202104936 | &nbsp;&nbsp;&nbsp; (66618)<br>| &nbsp;&nbsp;&nbsp; 1708638 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (3395957)<br>| &nbsp;&nbsp;&nbsp; (9286017)<br>| &nbsp;&nbsp;&nbsp; (44962)<br>| &nbsp;&nbsp;&nbsp; (91665)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 42021657 | &nbsp;&nbsp;&nbsp; (305114969)<br>| &nbsp;&nbsp;&nbsp; (1910364)<br>| &nbsp;&nbsp;&nbsp; 383670 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (13216178)<br>| &nbsp;&nbsp;&nbsp; (112296050)<br>| &nbsp;&nbsp;&nbsp; (2021944)<br>| &nbsp;&nbsp;&nbsp; 2000643 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 511426837 | &nbsp;&nbsp;&nbsp; 623722887 | &nbsp;&nbsp;&nbsp; 7673782 | &nbsp;&nbsp;&nbsp; 5673139 |
| End of period | &nbsp;&nbsp;&nbsp; $498210659 | &nbsp;&nbsp;&nbsp; $511426837 | &nbsp;&nbsp;&nbsp; $5651838 | &nbsp;&nbsp;&nbsp; $7673782 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $127639371 | &nbsp;&nbsp;&nbsp; $264828166 | &nbsp;&nbsp;&nbsp; $3909678 | &nbsp;&nbsp;&nbsp; $7403123 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (85617714)<br>| &nbsp;&nbsp;&nbsp; (569943135)<br>| &nbsp;&nbsp;&nbsp; (5820042)<br>| &nbsp;&nbsp;&nbsp; (7019453)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $42021657 | &nbsp;&nbsp;&nbsp; $(305114969)<br>| &nbsp;&nbsp;&nbsp; $(1910364)<br>| &nbsp;&nbsp;&nbsp; $383670 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 4525000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 100000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (9450000)<br>| &nbsp;&nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; (4925000)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

150 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Diversified Return** <br>**Emerging Markets Equity ETF**  | **JPMorgan Diversified Return** <br>**Emerging Markets Equity ETF**  | **JPMorgan Diversified Return** <br>**International Equity ETF**  | **JPMorgan Diversified Return** <br>**International Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5832118 | &nbsp;&nbsp;&nbsp; $12012141 | &nbsp;&nbsp;&nbsp; $4774938 | &nbsp;&nbsp;&nbsp; $12108909 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (873803)<br>| &nbsp;&nbsp;&nbsp; 1117510 | &nbsp;&nbsp;&nbsp; 2543149 | &nbsp;&nbsp;&nbsp; 7526740 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 2809365 | &nbsp;&nbsp;&nbsp; 32252782 | &nbsp;&nbsp;&nbsp; 18389302 | &nbsp;&nbsp;&nbsp; 50483178 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 7767680 | &nbsp;&nbsp;&nbsp; 45382433 | &nbsp;&nbsp;&nbsp; 25707389 | &nbsp;&nbsp;&nbsp; 70118827 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (7473661)<br>| &nbsp;&nbsp;&nbsp; (14003945)<br>| &nbsp;&nbsp;&nbsp; (6866576)<br>| &nbsp;&nbsp;&nbsp; (17692014)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21542525 | &nbsp;&nbsp;&nbsp; (33208315)<br>| &nbsp;&nbsp;&nbsp; (66202207)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 294019 | &nbsp;&nbsp;&nbsp; 52921013 | &nbsp;&nbsp;&nbsp; (14367502)<br>| &nbsp;&nbsp;&nbsp; (13775394)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 322419915 | &nbsp;&nbsp;&nbsp; 269498902 | &nbsp;&nbsp;&nbsp; 339399985 | &nbsp;&nbsp;&nbsp; 353175379 |
| End of period | &nbsp;&nbsp;&nbsp; $322713934 | &nbsp;&nbsp;&nbsp; $322419915 | &nbsp;&nbsp;&nbsp; $325032483 | &nbsp;&nbsp;&nbsp; $339399985 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $32606560 | &nbsp;&nbsp;&nbsp; $8319 | &nbsp;&nbsp;&nbsp; $30329 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11064035)<br>| &nbsp;&nbsp;&nbsp; (33216634)<br>| &nbsp;&nbsp;&nbsp; (66232536)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21542525 | &nbsp;&nbsp;&nbsp; $(33208315)<br>| &nbsp;&nbsp;&nbsp; $(66202207)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 151

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Diversified Return** <br>**U.S. Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Mid Cap Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Mid Cap Equity ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5072370 | &nbsp;&nbsp;&nbsp; $9371786 | &nbsp;&nbsp;&nbsp; $4246577 | &nbsp;&nbsp;&nbsp; $7018971 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 22390609 | &nbsp;&nbsp;&nbsp; 28805387 | &nbsp;&nbsp;&nbsp; 19304391 | &nbsp;&nbsp;&nbsp; 12600081 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (40133065)<br>| &nbsp;&nbsp;&nbsp; 79310176 | &nbsp;&nbsp;&nbsp; (42581211)<br>| &nbsp;&nbsp;&nbsp; 77033350 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (12670086)<br>| &nbsp;&nbsp;&nbsp; 117487349 | &nbsp;&nbsp;&nbsp; (19030243)<br>| &nbsp;&nbsp;&nbsp; 96652402 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (5042885)<br>| &nbsp;&nbsp;&nbsp; (9649355)<br>| &nbsp;&nbsp;&nbsp; (4077964)<br>| &nbsp;&nbsp;&nbsp; (7087097)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (66468937)<br>| &nbsp;&nbsp;&nbsp; (91183360)<br>| &nbsp;&nbsp;&nbsp; (41042490)<br>| &nbsp;&nbsp;&nbsp; 8061848 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (84181908)<br>| &nbsp;&nbsp;&nbsp; 16654634 | &nbsp;&nbsp;&nbsp; (64150697)<br>| &nbsp;&nbsp;&nbsp; 97627153 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 436820675 | &nbsp;&nbsp;&nbsp; 420166041 | &nbsp;&nbsp;&nbsp; 407691100 | &nbsp;&nbsp;&nbsp; 310063947 |
| End of period | &nbsp;&nbsp;&nbsp; $352638767 | &nbsp;&nbsp;&nbsp; $436820675 | &nbsp;&nbsp;&nbsp; $343540403 | &nbsp;&nbsp;&nbsp; $407691100 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $12204541 | &nbsp;&nbsp;&nbsp; $10863233 | &nbsp;&nbsp;&nbsp; $55732402 | &nbsp;&nbsp;&nbsp; $82491746 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (78673478)<br>| &nbsp;&nbsp;&nbsp; (102046593)<br>| &nbsp;&nbsp;&nbsp; (96774892)<br>| &nbsp;&nbsp;&nbsp; (74429898)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(66468937)<br>| &nbsp;&nbsp;&nbsp; $(91183360)<br>| &nbsp;&nbsp;&nbsp; $(41042490)<br>| &nbsp;&nbsp;&nbsp; $8061848 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 875000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (975000)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (775000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (875000)<br>| &nbsp;&nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; 100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

152 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Diversified Return** <br>**U.S. Small Cap Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Small Cap Equity ETF**  | **JPMorgan** <br>**U.S. Momentum Factor ETF**  | **JPMorgan** <br>**U.S. Momentum Factor ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3789349 | &nbsp;&nbsp;&nbsp; $8539215 | &nbsp;&nbsp;&nbsp; $6421906 | &nbsp;&nbsp;&nbsp; $7378426 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 3884931 | &nbsp;&nbsp;&nbsp; 27586998 | &nbsp;&nbsp;&nbsp; 57195399 | &nbsp;&nbsp;&nbsp; 86840314 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (59208843)<br>| &nbsp;&nbsp;&nbsp; 71858972 | &nbsp;&nbsp;&nbsp; (60239106)<br>| &nbsp;&nbsp;&nbsp; 121291731 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (51534563)<br>| &nbsp;&nbsp;&nbsp; 107985185 | &nbsp;&nbsp;&nbsp; 3378199 | &nbsp;&nbsp;&nbsp; 215510471 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (4292059)<br>| &nbsp;&nbsp;&nbsp; (8638889)<br>| &nbsp;&nbsp;&nbsp; (6310920)<br>| &nbsp;&nbsp;&nbsp; (6298065)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (15720450)<br>| &nbsp;&nbsp;&nbsp; 12250696 | &nbsp;&nbsp;&nbsp; 196443168 | &nbsp;&nbsp;&nbsp; 648031851 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (71547072)<br>| &nbsp;&nbsp;&nbsp; 111596992 | &nbsp;&nbsp;&nbsp; 193510447 | &nbsp;&nbsp;&nbsp; 857244257 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 497805298 | &nbsp;&nbsp;&nbsp; 386208306 | &nbsp;&nbsp;&nbsp; 1159170843 | &nbsp;&nbsp;&nbsp; 301926586 |
| End of period | &nbsp;&nbsp;&nbsp; $426258226 | &nbsp;&nbsp;&nbsp; $497805298 | &nbsp;&nbsp;&nbsp; $1352681290 | &nbsp;&nbsp;&nbsp; $1159170843 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $48310266 | &nbsp;&nbsp;&nbsp; $105671103 | &nbsp;&nbsp;&nbsp; $508956516 | &nbsp;&nbsp;&nbsp; $941475520 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (64030716)<br>| &nbsp;&nbsp;&nbsp; (93420407)<br>| &nbsp;&nbsp;&nbsp; (312513348)<br>| &nbsp;&nbsp;&nbsp; (293443669)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(15720450)<br>| &nbsp;&nbsp;&nbsp; $12250696 | &nbsp;&nbsp;&nbsp; $196443168 | &nbsp;&nbsp;&nbsp; $648031851 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp; 8750000 | &nbsp;&nbsp;&nbsp; 18200000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (2125000)<br>| &nbsp;&nbsp;&nbsp; (5450000)<br>| &nbsp;&nbsp;&nbsp; (5425000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (475000)<br>| &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 12775000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 153

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Quality Factor ETF**  | **JPMorgan** <br>**U.S. Quality Factor ETF**  | **JPMorgan** <br>**U.S. Value Factor ETF**  | **JPMorgan** <br>**U.S. Value Factor ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $38002646 | &nbsp;&nbsp;&nbsp; $57090425 | &nbsp;&nbsp;&nbsp; $7853823 | &nbsp;&nbsp;&nbsp; $18007511 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 265589162 | &nbsp;&nbsp;&nbsp; 408186195 | &nbsp;&nbsp;&nbsp; 21115797 | &nbsp;&nbsp;&nbsp; 83998494 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (258420834)<br>| &nbsp;&nbsp;&nbsp; 548587703 | &nbsp;&nbsp;&nbsp; (76854659)<br>| &nbsp;&nbsp;&nbsp; 106707971 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 45170974 | &nbsp;&nbsp;&nbsp; 1013864323 | &nbsp;&nbsp;&nbsp; (47885039)<br>| &nbsp;&nbsp;&nbsp; 208713976 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (37391137)<br>| &nbsp;&nbsp;&nbsp; (53090759)<br>| &nbsp;&nbsp;&nbsp; (7708484)<br>| &nbsp;&nbsp;&nbsp; (18627808)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 678781019 | &nbsp;&nbsp;&nbsp; 1661524473 | &nbsp;&nbsp;&nbsp; (117254184)<br>| &nbsp;&nbsp;&nbsp; (196914746)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 686560856 | &nbsp;&nbsp;&nbsp; 2622298037 | &nbsp;&nbsp;&nbsp; (172847707)<br>| &nbsp;&nbsp;&nbsp; (6828578)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 5024521643 | &nbsp;&nbsp;&nbsp; 2402223606 | &nbsp;&nbsp;&nbsp; 676817043 | &nbsp;&nbsp;&nbsp; 683645621 |
| End of period | &nbsp;&nbsp;&nbsp; $5711082499 | &nbsp;&nbsp;&nbsp; $5024521643 | &nbsp;&nbsp;&nbsp; $503969336 | &nbsp;&nbsp;&nbsp; $676817043 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1816562364 | &nbsp;&nbsp;&nbsp; $3198913560 | &nbsp;&nbsp;&nbsp; $57533626 | &nbsp;&nbsp;&nbsp; $267657833 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1137781345)<br>| &nbsp;&nbsp;&nbsp; (1537389087)<br>| &nbsp;&nbsp;&nbsp; (174787810)<br>| &nbsp;&nbsp;&nbsp; (464572579)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $678781019 | &nbsp;&nbsp;&nbsp; $1661524473 | &nbsp;&nbsp;&nbsp; $(117254184)<br>| &nbsp;&nbsp;&nbsp; $(196914746)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31700000 | &nbsp;&nbsp;&nbsp; 62400000 | &nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 6650000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19800000)<br>| &nbsp;&nbsp;&nbsp; (29450000)<br>| &nbsp;&nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; (11400000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp; 32950000 | &nbsp;&nbsp;&nbsp; (3150000)<br>| &nbsp;&nbsp;&nbsp; (4750000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

154 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

155 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan BetaBuilders Canada ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $70.75 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $3.85 | &nbsp;&nbsp; $4.67 | &nbsp;&nbsp; $(0.78)<br>|
| Year Ended October 31, 2024  | 55.16 | 1.66 | 15.59 | 17.25 | &nbsp;&nbsp; (1.66)<br>|
| Year Ended October 31, 2023  | 57.30 | 1.63 | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.56)<br>|
| Year Ended October 31, 2022  | 67.80 | 1.59 | &nbsp;&nbsp; (10.53)<br>| &nbsp;&nbsp; (8.94)<br>| &nbsp;&nbsp; (1.56)<br>|
| Year Ended October 31, 2021 (f) | 45.99 | 1.38 | 21.78 | 23.16 | &nbsp;&nbsp; (1.35)<br>|
| Year Ended October 31, 2020 (f) | 49.78 | 1.29 | &nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (1.26)<br>|
| **JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 50.79 | 0.90 | &nbsp;&nbsp; (0.65)<br>| 0.25 | &nbsp;&nbsp; (0.84)<br>|
| Year Ended October 31, 2024  | 43.57 | 1.95 | 7.51 | 9.46 | &nbsp;&nbsp; (2.24)<br>|
| Year Ended October 31, 2023  | 42.76 | 2.00 | 0.51 | 2.51 | &nbsp;&nbsp; (1.70)<br>|
| Year Ended October 31, 2022  | 56.89 | 2.12 | &nbsp;&nbsp; (12.86)<br>| &nbsp;&nbsp; (10.74)<br>| &nbsp;&nbsp; (3.39)<br>|
| Year Ended October 31, 2021 (f) | 44.97 | 2.44 | 11.48 | 13.92 | &nbsp;&nbsp; (2.00)<br>|
| Year Ended October 31, 2020 (f) | 50.63 | 1.58 | &nbsp;&nbsp; (5.65)<br>| &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (1.59)<br>|
| **JPMorgan BetaBuilders Emerging Markets Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 53.59 | 0.55 | &nbsp;&nbsp; (0.53)<br>| 0.02 | &nbsp;&nbsp; (0.56)<br>|
| Year Ended October 31, 2024  | 44.76 | 1.27 | 8.90 | 10.17 | &nbsp;&nbsp; (1.34)<br>|
| May 10, 2023 (g) through October 31, 2023  | 47.67 | 0.80 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (0.62)<br>|
| **JPMorgan BetaBuilders Europe ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 58.90 | 0.87 | 5.36 | 6.23 | &nbsp;&nbsp; (0.98)<br>|
| Year Ended October 31, 2024  | 49.36 | 1.85 | 9.46 | 11.31 | &nbsp;&nbsp; (1.77)<br>|
| Year Ended October 31, 2023  | 43.61 | 1.92 | 5.46 | 7.38 | &nbsp;&nbsp; (1.63)<br>|
| Year Ended October 31, 2022  | 59.74 | 1.78 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; (13.53)<br>| &nbsp;&nbsp; (2.60)<br>|
| Year Ended October 31, 2021 (f) | 43.29 | 1.67 | 16.19 | 17.86 | &nbsp;&nbsp; (1.41)<br>|
| Year Ended October 31, 2020 (f) | 48.71 | 1.08 | &nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (1.07)<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) Prior to December 9, 2019, the 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 price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for the market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. 

(f) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.

(g) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

156 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $74.64 | &nbsp;&nbsp;&nbsp;&nbsp; $74.51 | &nbsp;&nbsp;&nbsp;&nbsp; 6.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7777310263 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.75 | &nbsp;&nbsp;&nbsp;&nbsp;70.80 | &nbsp;&nbsp;&nbsp;&nbsp;31.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp; 7177674131 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.16 | &nbsp;&nbsp;&nbsp;&nbsp;55.17 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5686974712 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.30 | &nbsp;&nbsp;&nbsp;&nbsp;57.35 | &nbsp;&nbsp;&nbsp;&nbsp; (13.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5644273295 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.80 | &nbsp;&nbsp;&nbsp;&nbsp;67.98 | &nbsp;&nbsp;&nbsp;&nbsp;50.77 | &nbsp;&nbsp;&nbsp;&nbsp;50.84 | &nbsp;&nbsp;&nbsp;&nbsp; 6071268619 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.99 | &nbsp;&nbsp;&nbsp;&nbsp;46.10 | &nbsp;&nbsp;&nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3640211260 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.20 | &nbsp;&nbsp;&nbsp;&nbsp;50.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4798636464 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;50.77 | &nbsp;&nbsp;&nbsp;&nbsp;21.92 | &nbsp;&nbsp;&nbsp;&nbsp;21.89 | &nbsp;&nbsp;&nbsp;&nbsp; 4650001759 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.57 | &nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp; 3809902516 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.76 | &nbsp;&nbsp;&nbsp;&nbsp;42.79 | &nbsp;&nbsp;&nbsp;&nbsp; (19.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3412010904 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.89 | &nbsp;&nbsp;&nbsp;&nbsp;57.12 | &nbsp;&nbsp;&nbsp;&nbsp;31.14 | &nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp; 4113118547 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.97 | &nbsp;&nbsp;&nbsp;&nbsp;45.10 | &nbsp;&nbsp;&nbsp;&nbsp; (7.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1465970894 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.05 | &nbsp;&nbsp;&nbsp;&nbsp;53.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 933751193 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.59 | &nbsp;&nbsp;&nbsp;&nbsp;53.72 | &nbsp;&nbsp;&nbsp;&nbsp;22.84 | &nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp; 610935381 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.76 | &nbsp;&nbsp;&nbsp;&nbsp;44.86 | &nbsp;&nbsp;&nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 483405614 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.15 | &nbsp;&nbsp;&nbsp;&nbsp;64.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp; 4336542299 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.90 | &nbsp;&nbsp;&nbsp;&nbsp;58.98 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;22.99 | &nbsp;&nbsp;&nbsp;&nbsp; 6676826411 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.36 | &nbsp;&nbsp;&nbsp;&nbsp;49.40 | &nbsp;&nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp; 5143360575 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.61 | &nbsp;&nbsp;&nbsp;&nbsp;43.62 | &nbsp;&nbsp;&nbsp;&nbsp; (23.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3527687759 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.74 | &nbsp;&nbsp;&nbsp;&nbsp;59.92 | &nbsp;&nbsp;&nbsp;&nbsp;41.54 | &nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp;&nbsp;&nbsp; 9427453378 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.29 | &nbsp;&nbsp;&nbsp;&nbsp;43.34 | &nbsp;&nbsp;&nbsp;&nbsp; (8.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3701005509 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 157

------

**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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan BetaBuilders International Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $59.45 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $4.35 | &nbsp;&nbsp; $5.25 | &nbsp;&nbsp; $(0.81)<br>|
| Year Ended October 31, 2024  | 50.43 | 1.68 | 9.31 | 10.99 | &nbsp;&nbsp; (1.97)<br>|
| Year Ended October 31, 2023  | 44.72 | 1.60 | 5.49 | 7.09 | &nbsp;&nbsp; (1.38)<br>|
| Year Ended October 31, 2022  | 60.53 | 1.51 | &nbsp;&nbsp; (15.16)<br>| &nbsp;&nbsp; (13.65)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended October 31, 2021  | 46.20 | 1.67 | 14.10 | 15.77 | &nbsp;&nbsp; (1.44)<br>|
| December 3, 2019 (f) through October 31, 2020  | 49.79 | 1.05 | &nbsp;&nbsp; (4.26)(g)<br>| &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp; (0.38)<br>|
| **JPMorgan BetaBuilders Japan ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 56.07 | 0.61 | 3.45 | 4.06 | &nbsp;&nbsp; (1.53)<br>|
| Year Ended October 31, 2024  | 48.69 | 1.10 | 7.88 | 8.98 | &nbsp;&nbsp; (1.60)<br>|
| Year Ended October 31, 2023  | 41.69 | 1.03 | 6.65 | 7.68 | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022  | 57.16 | 1.03 | &nbsp;&nbsp; (14.91)<br>| &nbsp;&nbsp; (13.88)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended October 31, 2021 (i) | 48.39 | 1.04 | 8.36 | 9.40 | &nbsp;&nbsp; (0.63)<br>|
| Year Ended October 31, 2020 (i) | 49.07 | 0.84 | &nbsp;&nbsp; (0.39)<br>| 0.45 | &nbsp;&nbsp; (1.13)<br>|
| **JPMorgan BetaBuilders U.S. Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 102.80 | 0.68 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended October 31, 2024  | 75.32 | 1.34 | 27.42 | 28.76 | &nbsp;&nbsp; (1.28)<br>|
| Year Ended October 31, 2023  | 69.38 | 1.19 | 5.89 | 7.08 | &nbsp;&nbsp; (1.14)<br>|
| Year Ended October 31, 2022  | 84.15 | 1.11 | &nbsp;&nbsp; (14.86)<br>| &nbsp;&nbsp; (13.75)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended October 31, 2021  | 59.59 | 1.02 | 24.48 | 25.50 | &nbsp;&nbsp; (0.94)<br>|
| Year Ended October 31, 2020  | 54.60 | 1.14 | 4.83 | 5.97 | &nbsp;&nbsp; (0.98)<br>|
| **JPMorgan BetaBuilders U.S. Mid Cap Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 94.29 | 0.61 | &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended October 31, 2024  | 71.06 | 1.11 | 23.27 | 24.38 | &nbsp;&nbsp; (1.15)<br>|
| Year Ended October 31, 2023  | 74.06 | 1.14 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (1.14)<br>|
| Year Ended October 31, 2022  | 93.59 | 1.03 | &nbsp;&nbsp; (19.57)<br>| &nbsp;&nbsp; (18.54)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended October 31, 2021  | 64.16 | 0.90 | 29.27 | 30.17 | &nbsp;&nbsp; (0.74)<br>|
| April 14, 2020 (f) through October 31, 2020  | 50.78 | 0.33 | 13.32<br> (g)<br>| 13.65 | &nbsp;&nbsp; (0.27)<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) Prior to December 9, 2019, the 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 price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for the market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. 

(f) Commencement of operations.

(g) Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund's net realized and unrealized gains (losses) presented in the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments. 

(h) Since the shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns. 

(i) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

158 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $63.89 | &nbsp;&nbsp;&nbsp;&nbsp; $63.82 | &nbsp;&nbsp;&nbsp;&nbsp; 8.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5162212396 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.45 | &nbsp;&nbsp;&nbsp;&nbsp;59.53 | &nbsp;&nbsp;&nbsp;&nbsp;21.88 | &nbsp;&nbsp;&nbsp;&nbsp;21.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4768017540 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.43 | &nbsp;&nbsp;&nbsp;&nbsp;50.62 | &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp;&nbsp;&nbsp; 3560296677 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.72 | &nbsp;&nbsp;&nbsp;&nbsp;44.75 | &nbsp;&nbsp;&nbsp;&nbsp; (23.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2710097518 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.53 | &nbsp;&nbsp;&nbsp;&nbsp;60.64 | &nbsp;&nbsp;&nbsp;&nbsp;34.26 | &nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp; 3680140678 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp;&nbsp;46.29 | &nbsp;&nbsp;&nbsp;&nbsp; (6.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.27)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1866670302 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.60 | &nbsp;&nbsp;&nbsp;&nbsp;58.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp; 12310996359 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.07 | &nbsp;&nbsp;&nbsp;&nbsp;56.33 | &nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;18.11 | &nbsp;&nbsp;&nbsp;&nbsp; 11774922485 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.69 | &nbsp;&nbsp;&nbsp;&nbsp;49.19 | &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp; 8797309934 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.69 | &nbsp;&nbsp;&nbsp;&nbsp;41.73 | &nbsp;&nbsp;&nbsp;&nbsp; (24.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6211237563 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.16 | &nbsp;&nbsp;&nbsp;&nbsp;57.21 | &nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;18.98 | &nbsp;&nbsp;&nbsp;&nbsp; 7864537853 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.39 | &nbsp;&nbsp;&nbsp;&nbsp;48.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 5323035447 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.40 | &nbsp;&nbsp;&nbsp;&nbsp;100.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4287177325 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.80 | &nbsp;&nbsp;&nbsp;&nbsp;102.76 | &nbsp;&nbsp;&nbsp;&nbsp;38.35 | &nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;&nbsp;&nbsp; 4014252721 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.32 | &nbsp;&nbsp;&nbsp;&nbsp;75.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2173038499 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.38 | &nbsp;&nbsp;&nbsp;&nbsp;69.42 | &nbsp;&nbsp;&nbsp;&nbsp; (16.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1276523608 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.15 | &nbsp;&nbsp;&nbsp;&nbsp;84.11 | &nbsp;&nbsp;&nbsp;&nbsp;43.02 | &nbsp;&nbsp;&nbsp;&nbsp;42.97 | &nbsp;&nbsp;&nbsp;&nbsp; 782605972 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.59 | &nbsp;&nbsp;&nbsp;&nbsp;59.58 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp; 238372575 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.43 | &nbsp;&nbsp;&nbsp;&nbsp;88.38 | &nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1717682650 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.29 | &nbsp;&nbsp;&nbsp;&nbsp;94.42 | &nbsp;&nbsp;&nbsp;&nbsp;34.43 | &nbsp;&nbsp;&nbsp;&nbsp;34.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1763249803 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.06 | &nbsp;&nbsp;&nbsp;&nbsp;71.06 | &nbsp;&nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1414162491 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.06 | &nbsp;&nbsp;&nbsp;&nbsp;73.92 | &nbsp;&nbsp;&nbsp;&nbsp; (19.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1390564346 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.59 | &nbsp;&nbsp;&nbsp;&nbsp;93.68 | &nbsp;&nbsp;&nbsp;&nbsp;47.15 | &nbsp;&nbsp;&nbsp;&nbsp;47.52 | &nbsp;&nbsp;&nbsp;&nbsp; 1698624114 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.16 | &nbsp;&nbsp;&nbsp;&nbsp;64.06 | &nbsp;&nbsp;&nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp; 26.71<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 988131953 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 159

------

**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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan BetaBuilders U.S. Small Cap Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $66.42 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(7.00)<br>| &nbsp;&nbsp; $(0.46)<br>|
| Year Ended October 31, 2024  | 49.40 | 0.85 | 17.07 | 17.92 | &nbsp;&nbsp; (0.90)<br>|
| Year Ended October 31, 2023  | 54.67 | 0.92 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended October 31, 2022  | 67.49 | 0.77 | &nbsp;&nbsp; (12.79)<br>| &nbsp;&nbsp; (12.02)<br>| &nbsp;&nbsp; (0.80)<br>|
| November 16, 2020 (f) through October 31, 2021  | 51.27 | 0.62 | 16.04 | 16.66 | &nbsp;&nbsp; (0.44)<br>|
| **JPMorgan Carbon Transition U.S. Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 76.74 | 0.41 | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2024  | 56.73 | 0.78 | 20.45 | 21.23 | &nbsp;&nbsp; (1.22)<br>|
| Year Ended October 31, 2023  | 52.37 | 0.77 | 4.37 | 5.14 | &nbsp;&nbsp; (0.78)<br>|
| Year Ended October 31, 2022  | 62.33 | 0.77 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp; (0.79)<br>|
| December 9, 2020 (f) through October 31, 2021  | 49.29 | 0.63 | 12.95 | 13.58 | &nbsp;&nbsp; (0.54)<br>|
| **JPMorgan Diversified Return Emerging Markets Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 53.74 | 0.97 | 0.33 | 1.30 | &nbsp;&nbsp; (1.25)<br>|
| Year Ended October 31, 2024  | 48.12 | 2.06 | 5.95 | 8.01 | &nbsp;&nbsp; (2.39)<br>|
| Year Ended October 31, 2023  | 45.54 | 2.11 | 2.38 | 4.49 | &nbsp;&nbsp; (1.91)<br>|
| Year Ended October 31, 2022  | 56.99 | 2.21 | &nbsp;&nbsp; (10.86)<br>| &nbsp;&nbsp; (8.65)<br>| &nbsp;&nbsp; (2.80)<br>|
| Year Ended October 31, 2021  | 46.47 | 1.81 | 10.70 | 12.51 | &nbsp;&nbsp; (1.99)<br>|
| Year Ended October 31, 2020  | 54.43 | 1.46 | &nbsp;&nbsp; (7.48)<br>| &nbsp;&nbsp; (6.02)<br>| &nbsp;&nbsp; (1.94)<br>|
| **JPMorgan Diversified Return International Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 56.57 | 0.84 | 3.97 | 4.81 | &nbsp;&nbsp; (1.19)<br>|
| Year Ended October 31, 2024  | 49.05 | 1.83 | 8.33 | 10.16 | &nbsp;&nbsp; (2.64)<br>|
| Year Ended October 31, 2023  | 44.44 | 1.84 | 5.02 | 6.86 | &nbsp;&nbsp; (2.25)<br>|
| Year Ended October 31, 2022  | 61.02 | 1.91 | &nbsp;&nbsp; (15.62)<br>| &nbsp;&nbsp; (13.71)<br>| &nbsp;&nbsp; (2.87)<br>|
| Year Ended October 31, 2021  | 49.84 | 1.91 | 11.03 | 12.94 | &nbsp;&nbsp; (1.76)<br>|
| Year Ended October 31, 2020  | 55.06 | 1.35 | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (1.56)<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) Prior to December 9, 2019, the 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 price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for the market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. 

(f) 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

160 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $58.96 | &nbsp;&nbsp;&nbsp;&nbsp; $58.98 | &nbsp;&nbsp;&nbsp;&nbsp; (10.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $498210659 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.42 | &nbsp;&nbsp;&nbsp;&nbsp;66.57 | &nbsp;&nbsp;&nbsp;&nbsp;36.40 | &nbsp;&nbsp;&nbsp;&nbsp;36.93 | &nbsp;&nbsp;&nbsp;&nbsp; 511426837 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.40 | &nbsp;&nbsp;&nbsp;&nbsp;49.32 | &nbsp;&nbsp;&nbsp;&nbsp; (8.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 623722887 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.67 | &nbsp;&nbsp;&nbsp;&nbsp;54.38 | &nbsp;&nbsp;&nbsp;&nbsp; (17.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 494762260 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.49 | &nbsp;&nbsp;&nbsp;&nbsp;67.56 | &nbsp;&nbsp;&nbsp;&nbsp;32.56 | &nbsp;&nbsp;&nbsp;&nbsp; 32.70<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 442061490 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.36 | &nbsp;&nbsp;&nbsp;&nbsp;75.41 | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5651838 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.74 | &nbsp;&nbsp;&nbsp;&nbsp;76.86 | &nbsp;&nbsp;&nbsp;&nbsp;37.71 | &nbsp;&nbsp;&nbsp;&nbsp;37.90 | &nbsp;&nbsp;&nbsp;&nbsp; 7673782 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.73 | &nbsp;&nbsp;&nbsp;&nbsp;56.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp; 5673139 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.37 | &nbsp;&nbsp;&nbsp;&nbsp;52.38 | &nbsp;&nbsp;&nbsp;&nbsp; (14.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20947681 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.33 | &nbsp;&nbsp;&nbsp;&nbsp;62.34 | &nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;&nbsp;&nbsp; 27.70<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24933394 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.79 | &nbsp;&nbsp;&nbsp;&nbsp;53.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp; 322713934 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.74 | &nbsp;&nbsp;&nbsp;&nbsp;53.87 | &nbsp;&nbsp;&nbsp;&nbsp;16.71 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp;&nbsp;&nbsp; 322419915 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.12 | &nbsp;&nbsp;&nbsp;&nbsp;47.99 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp; 269498902 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.54 | &nbsp;&nbsp;&nbsp;&nbsp;45.81 | &nbsp;&nbsp;&nbsp;&nbsp; (15.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 163926226 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.99 | &nbsp;&nbsp;&nbsp;&nbsp;57.05 | &nbsp;&nbsp;&nbsp;&nbsp;26.93 | &nbsp;&nbsp;&nbsp;&nbsp;27.80 | &nbsp;&nbsp;&nbsp;&nbsp; 153882748 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.47 | &nbsp;&nbsp;&nbsp;&nbsp;46.21 | &nbsp;&nbsp;&nbsp;&nbsp; (11.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 213760142 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.19 | &nbsp;&nbsp;&nbsp;&nbsp;60.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp; 325032483 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.57 | &nbsp;&nbsp;&nbsp;&nbsp;56.56 | &nbsp;&nbsp;&nbsp;&nbsp;20.93 | &nbsp;&nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp;&nbsp; 339399985 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.05 | &nbsp;&nbsp;&nbsp;&nbsp;49.17 | &nbsp;&nbsp;&nbsp;&nbsp;15.22 | &nbsp;&nbsp;&nbsp;&nbsp;15.26 | &nbsp;&nbsp;&nbsp;&nbsp; 353175379 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.44 | &nbsp;&nbsp;&nbsp;&nbsp;44.54 | &nbsp;&nbsp;&nbsp;&nbsp; (23.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 671062140 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.02 | &nbsp;&nbsp;&nbsp;&nbsp;61.08 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;26.08 | &nbsp;&nbsp;&nbsp;&nbsp; 842016222 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.84 | &nbsp;&nbsp;&nbsp;&nbsp;49.86 | &nbsp;&nbsp;&nbsp;&nbsp; (6.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 867200124 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 161

------

**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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan Diversified Return U.S. Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $117.27 | &nbsp;&nbsp; $1.38 | &nbsp;&nbsp; $(4.45)<br>| &nbsp;&nbsp; $(3.07)<br>| &nbsp;&nbsp; $(1.36)<br>|
| Year Ended October 31, 2024  | 91.34 | 2.34 | 25.99 | 28.33 | &nbsp;&nbsp; (2.40)<br>|
| Year Ended October 31, 2023  | 93.94 | 2.24 | &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended October 31, 2022  | 101.43 | 2.16 | &nbsp;&nbsp; (7.56)<br>| &nbsp;&nbsp; (5.40)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended October 31, 2021  | 73.52 | 1.71 | 27.76 | 29.47 | &nbsp;&nbsp; (1.56)<br>|
| Year Ended October 31, 2020  | 76.44 | 1.65 | &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.75)<br>|
| **JPMorgan Diversified Return U.S. Mid Cap Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 103.21 | 1.09 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended October 31, 2024  | 80.54 | 1.79 | 22.70 | 24.49 | &nbsp;&nbsp; (1.82)<br>|
| Year Ended October 31, 2023  | 83.60 | 1.62 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended October 31, 2022  | 92.23 | 1.60 | &nbsp;&nbsp; (8.73)<br>| &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; (1.50)<br>|
| Year Ended October 31, 2021  | 64.77 | 1.30 | 27.36 | 28.66 | &nbsp;&nbsp; (1.20)<br>|
| Year Ended October 31, 2020  | 67.13 | 1.18 | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.16)<br>|
| **JPMorgan Diversified Return U.S. Small Cap Equity ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 46.74 | 0.35 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2024  | 37.31 | 0.80 | 9.44 | 10.24 | &nbsp;&nbsp; (0.81)<br>|
| Year Ended October 31, 2023  | 39.85 | 0.81 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended October 31, 2022  | 45.20 | 0.64 | &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended October 31, 2021  | 28.87 | 0.46 | 16.35 | 16.81 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2020  | 30.84 | 0.44 | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.40)<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) Prior to December 9, 2019, the 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 price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for the market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

162 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $112.84 | &nbsp;&nbsp;&nbsp;&nbsp; $112.90 | &nbsp;&nbsp;&nbsp;&nbsp; (2.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $352638767 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.27 | &nbsp;&nbsp;&nbsp;&nbsp;117.42 | &nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;31.40 | &nbsp;&nbsp;&nbsp;&nbsp; 436820675 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.34 | &nbsp;&nbsp;&nbsp;&nbsp;91.34 | &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420166041 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.94 | &nbsp;&nbsp;&nbsp;&nbsp;94.05 | &nbsp;&nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 507282453 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.43 | &nbsp;&nbsp;&nbsp;&nbsp;101.46 | &nbsp;&nbsp;&nbsp;&nbsp;40.36 | &nbsp;&nbsp;&nbsp;&nbsp;40.44 | &nbsp;&nbsp;&nbsp;&nbsp; 710012574 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.52 | &nbsp;&nbsp;&nbsp;&nbsp;73.50 | &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 536709641 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.15 | &nbsp;&nbsp;&nbsp;&nbsp;98.20 | &nbsp;&nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 343540403 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.21 | &nbsp;&nbsp;&nbsp;&nbsp;103.35 | &nbsp;&nbsp;&nbsp;&nbsp;30.59 | &nbsp;&nbsp;&nbsp;&nbsp;30.92 | &nbsp;&nbsp;&nbsp;&nbsp; 407691100 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.54 | &nbsp;&nbsp;&nbsp;&nbsp;80.44 | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 310063947 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.60 | &nbsp;&nbsp;&nbsp;&nbsp;83.55 | &nbsp;&nbsp;&nbsp;&nbsp; (7.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 267520530 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.23 | &nbsp;&nbsp;&nbsp;&nbsp;92.30 | &nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;44.73 | &nbsp;&nbsp;&nbsp;&nbsp; 239808712 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.77 | &nbsp;&nbsp;&nbsp;&nbsp;64.72 | &nbsp;&nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220207846 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.89 | &nbsp;&nbsp;&nbsp;&nbsp;41.80 | &nbsp;&nbsp;&nbsp;&nbsp; (9.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 426258226 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.74 | &nbsp;&nbsp;&nbsp;&nbsp;46.77 | &nbsp;&nbsp;&nbsp;&nbsp;27.56 | &nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;&nbsp;&nbsp; 497805298 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.31 | &nbsp;&nbsp;&nbsp;&nbsp;37.30 | &nbsp;&nbsp;&nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 386208306 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.85 | &nbsp;&nbsp;&nbsp;&nbsp;39.93 | &nbsp;&nbsp;&nbsp;&nbsp; (10.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 286932997 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.20 | &nbsp;&nbsp;&nbsp;&nbsp;45.24 | &nbsp;&nbsp;&nbsp;&nbsp;58.49 | &nbsp;&nbsp;&nbsp;&nbsp;58.25 | &nbsp;&nbsp;&nbsp;&nbsp; 176262186 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.87 | &nbsp;&nbsp;&nbsp;&nbsp;28.94 | &nbsp;&nbsp;&nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 148672825 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 163

------

**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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Momentum Factor ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $57.03 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $(0.29)<br>|
| Year Ended October 31, 2024  | 39.99 | 0.49 | 16.99 | 17.48 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended October 31, 2023  | 38.22 | 0.55 | 1.77 | 2.32 | &nbsp;&nbsp; (0.55)<br>|
| Year Ended October 31, 2022  | 47.71 | 0.50 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; (9.03)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2021  | 33.68 | 0.34 | 14.00 | 14.34 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended October 31, 2020  | 29.04 | 0.35 | 4.63 | 4.98 | &nbsp;&nbsp; (0.34)<br>|
| **JPMorgan U.S. Quality Factor ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 55.89 | 0.40 | 0.21 | 0.61 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended October 31, 2024  | 42.18 | 0.74 | 13.64 | 14.38 | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2023  | 38.14 | 0.65 | 3.97 | 4.62 | &nbsp;&nbsp; (0.58)<br>|
| Year Ended October 31, 2022  | 43.45 | 0.66 | &nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended October 31, 2021  | 31.53 | 0.60 | 11.91 | 12.51 | &nbsp;&nbsp; (0.59)<br>|
| Year Ended October 31, 2020  | 29.74 | 0.56 | 1.70 | 2.26 | &nbsp;&nbsp; (0.47)<br>|
| **JPMorgan U.S. Value Factor ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 42.97 | 0.50 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2024  | 33.35 | 0.97 | 9.64 | 10.61 | &nbsp;&nbsp; (0.99)<br>|
| Year Ended October 31, 2023  | 32.90 | 0.87 | 0.49 | 1.36 | &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2022  | 37.09 | 0.80 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended October 31, 2021  | 24.99 | 0.72 | 12.03 | 12.75 | &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2020  | 27.29 | 0.77 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.78)<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) Prior to December 9, 2019, the 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 price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for the market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

164 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $57.26 | &nbsp;&nbsp;&nbsp;&nbsp; $57.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1352681290 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.03 | &nbsp;&nbsp;&nbsp;&nbsp;57.09 | &nbsp;&nbsp;&nbsp;&nbsp;43.86 | &nbsp;&nbsp;&nbsp;&nbsp;44.01 | &nbsp;&nbsp;&nbsp;&nbsp; 1159170843 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.99 | &nbsp;&nbsp;&nbsp;&nbsp;39.99 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp; 301926586 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.22 | &nbsp;&nbsp;&nbsp;&nbsp;38.25 | &nbsp;&nbsp;&nbsp;&nbsp; (18.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 229323118 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.71 | &nbsp;&nbsp;&nbsp;&nbsp;47.68 | &nbsp;&nbsp;&nbsp;&nbsp;42.72 | &nbsp;&nbsp;&nbsp;&nbsp;42.38 | &nbsp;&nbsp;&nbsp;&nbsp; 221858171 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.68 | &nbsp;&nbsp;&nbsp;&nbsp;33.74 | &nbsp;&nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp; 134743086 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.10 | &nbsp;&nbsp;&nbsp;&nbsp;56.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 5711082499 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.89 | &nbsp;&nbsp;&nbsp;&nbsp;55.86 | &nbsp;&nbsp;&nbsp;&nbsp;34.23 | &nbsp;&nbsp;&nbsp;&nbsp;34.10 | &nbsp;&nbsp;&nbsp;&nbsp; 5024521643 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.18 | &nbsp;&nbsp;&nbsp;&nbsp;42.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp; 2402223606 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.14 | &nbsp;&nbsp;&nbsp;&nbsp;38.16 | &nbsp;&nbsp;&nbsp;&nbsp; (10.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 579728107 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.45 | &nbsp;&nbsp;&nbsp;&nbsp;43.48 | &nbsp;&nbsp;&nbsp;&nbsp;39.97 | &nbsp;&nbsp;&nbsp;&nbsp;40.02 | &nbsp;&nbsp;&nbsp;&nbsp; 393204091 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.53 | &nbsp;&nbsp;&nbsp;&nbsp;31.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp; 384671209 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp; (5.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 503969336 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.97 | &nbsp;&nbsp;&nbsp;&nbsp;43.00 | &nbsp;&nbsp;&nbsp;&nbsp;32.01 | &nbsp;&nbsp;&nbsp;&nbsp;32.18 | &nbsp;&nbsp;&nbsp;&nbsp; 676817043 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.35 | &nbsp;&nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp; 683645621 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.90 | &nbsp;&nbsp;&nbsp;&nbsp;32.88 | &nbsp;&nbsp;&nbsp;&nbsp; (9.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 444083720 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.09 | &nbsp;&nbsp;&nbsp;&nbsp;37.08 | &nbsp;&nbsp;&nbsp;&nbsp;51.38 | &nbsp;&nbsp;&nbsp;&nbsp;51.88 | &nbsp;&nbsp;&nbsp;&nbsp; 400579487 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.99 | &nbsp;&nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;&nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62468155 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 18 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan BetaBuilders Canada ETF | Diversified |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | Diversified |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | Diversified |
| JPMorgan BetaBuilders Europe ETF | Diversified |
| JPMorgan BetaBuilders International Equity ETF | Diversified |
| JPMorgan BetaBuilders Japan ETF | Diversified |
| JPMorgan BetaBuilders U.S. Equity ETF | Diversified |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | Diversified |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | Diversified |
| JPMorgan Carbon Transition U.S. Equity ETF | Diversified |
| JPMorgan Diversified Return Emerging Markets Equity ETF | Diversified |
| JPMorgan Diversified Return International Equity ETF | Diversified |
| JPMorgan Diversified Return U.S. Equity ETF | Diversified |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | Diversified |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | Diversified |
| JPMorgan U.S. Momentum Factor ETF | Diversified |
| JPMorgan U.S. Quality Factor ETF | Diversified |
| JPMorgan U.S. Value Factor ETF | Diversified |

---

The investment objective of JPMorgan BetaBuilders Canada ETF ("BetaBuilders Canada ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF ("BetaBuilders Developed Asia Pacific ex-Japan ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders Emerging Markets Equity ETF ("BetaBuilders Emerging Markets Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Emerging Markets Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders Europe ETF ("BetaBuilders Europe ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders International Equity ETF ("BetaBuilders International Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders Japan ETF ("BetaBuilders Japan ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders U.S. Equity ETF ("BetaBuilders U.S. Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF ("BetaBuilders U.S. Mid Cap Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended Index<sup>SM</sup>.

The investment objective of JPMorgan BetaBuilders U.S. Small Cap Equity ETF ("BetaBuilders U.S. Small Cap Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended Index<sup>SM</sup>.

The investment objective of JPMorgan Carbon Transition U.S. Equity ETF ("Carbon Transition U.S. Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.

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

166 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF ("Emerging Markets Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.

The investment objective of JPMorgan Diversified Return International Equity ETF ("International Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Equity ETF ("U.S. Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF ("U.S. Mid Cap Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF ("U.S. Small Cap Equity ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.

The investment objective of JPMorgan U.S. Momentum Factor ETF ("U.S. Momentum Factor ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

The investment objective of JPMorgan U.S. Quality Factor ETF ("U.S. Quality Factor ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

The investment objective of JPMorgan U.S. Value Factor ETF ("U.S. Value Factor ETF") is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

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

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

---

| | |
|:---|:---|
|  | **Listing Exchange** |
| BetaBuilders Canada ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders Emerging Markets Equity ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders Europe ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders International Equity ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders Japan ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders U.S. Equity ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders U.S. Mid Cap Equity ETF | NYSE Arca, Inc. |
| BetaBuilders U.S. Small Cap Equity ETF | NYSE Arca, Inc. |
| Carbon Transition U.S. Equity ETF | NYSE Arca, Inc. |
| Emerging Markets Equity ETF | NYSE Arca, Inc. |
| International Equity ETF | NYSE Arca, Inc. |
| U.S. Equity ETF | NYSE Arca, Inc. |
| U.S. Mid Cap Equity ETF | NYSE Arca, Inc. |
| U.S. Small Cap Equity ETF | NYSE Arca, Inc. |
| U.S. Momentum Factor ETF | NYSE Arca, Inc. |
| U.S. Quality Factor ETF | NYSE Arca, Inc. |
| U.S. Value Factor ETF | NYSE Arca, Inc. |

---

Market prices for the Funds' shares may be different from their net asset value ("NAV").

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

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 167

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

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

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

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

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

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

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

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

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

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

168 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Canada 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; $7713002856 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7713002856 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 279610467 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279610467 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $7992613323 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7992613323 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1056471 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1056471 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan 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 |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3001691873 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3001691873 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50532336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50532336 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 739380120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 739380120 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33019117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33019117 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 28908598 | &nbsp;&nbsp;&nbsp;&nbsp; 35414461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64323059 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606667246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606667246 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40282764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40282764 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235245136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235245136 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 28908598 | &nbsp;&nbsp;&nbsp;&nbsp; 4742233053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4771141651 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11764588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11764588 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $40673186 | &nbsp;&nbsp;&nbsp;&nbsp; $4742233053 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4782906239 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $563684 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $563684 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $111866 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $111866 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 34736557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34736557 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 4755610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4755610 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 12401447 | &nbsp;&nbsp;&nbsp;&nbsp; 253414268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 265815715 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 1751979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1751979 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313098 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 371798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 371798 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Emerging Markets Equity ETF** (continued) | **BetaBuilders Emerging Markets Equity ETF** (continued) | **BetaBuilders Emerging Markets Equity 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** |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; $410861 | &nbsp;&nbsp;&nbsp;&nbsp; $3978025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4388886 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1411852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1411852 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683085 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 393572 | &nbsp;&nbsp;&nbsp;&nbsp; 190716662 | &nbsp;&nbsp;&nbsp;&nbsp; 292126 | &nbsp;&nbsp;&nbsp;&nbsp; 191402360 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 657923 | &nbsp;&nbsp;&nbsp;&nbsp; 12180170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12838093 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; 675868 | &nbsp;&nbsp;&nbsp;&nbsp; 7113360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7789228 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; 390939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 390939 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; 1065659 | &nbsp;&nbsp;&nbsp;&nbsp; 14581628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15647287 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 18484981 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18484981 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 1574719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1574719 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 688065 | &nbsp;&nbsp;&nbsp;&nbsp; 5096279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5784344 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 2238539 | &nbsp;&nbsp;&nbsp;&nbsp; 5739318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7977857 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; 3196368 | &nbsp;&nbsp;&nbsp;&nbsp; 30823675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34020043 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 3849567 | &nbsp;&nbsp;&nbsp;&nbsp; 22400207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26249774 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86271730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86271730 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157432939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157432939 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 1200602 | &nbsp;&nbsp;&nbsp;&nbsp; 10700263 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11900865 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5056528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5056528 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 11288519 | &nbsp;&nbsp;&nbsp;&nbsp; 12793326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24081845 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 602332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 602332 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 100735905 | &nbsp;&nbsp;&nbsp;&nbsp; 823818279 | &nbsp;&nbsp;&nbsp;&nbsp; 292126 | &nbsp;&nbsp;&nbsp;&nbsp; 924846310 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; 20261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20261 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 10485292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10485292 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 708766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708766 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 11194058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11194058 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $111950224 | &nbsp;&nbsp;&nbsp;&nbsp; $823818279 | &nbsp;&nbsp;&nbsp;&nbsp; $292126 | &nbsp;&nbsp;&nbsp;&nbsp; $936060629 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(8662)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(8662)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe 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 |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35316677 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35316677 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 543365 | &nbsp;&nbsp;&nbsp;&nbsp; 21989839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22533204 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61719588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61719588 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1984081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1984081 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2710273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2710273 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22908804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22908804 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; 2835398 | &nbsp;&nbsp;&nbsp;&nbsp; 144714913 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147550311 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69656094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69656094 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599025407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599025407 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 634896344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 634896344 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10706294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10706294 |

---

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

170 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Europe ETF** (continued) | **BetaBuilders Europe ETF** (continued) | **BetaBuilders Europe 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** |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10767045 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10767045 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202555136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202555136 |
| Jordan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1531834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1531834 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10533430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10533430 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865738 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250534041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250534041 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 1022964 | &nbsp;&nbsp;&nbsp;&nbsp; 40929753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41952717 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28361778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28361778 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9261813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9261813 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5577566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5577566 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12450214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12450214 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198665746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198665746 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 380219 | &nbsp;&nbsp;&nbsp;&nbsp; 220543900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220924119 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 291265918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 291265918 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 6988795 | &nbsp;&nbsp;&nbsp;&nbsp; 770852716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 777841511 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 603395420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 603395420 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 11770741 | &nbsp;&nbsp;&nbsp;&nbsp; 4263720362 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4275491104 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111055804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111055804 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $122826545 | &nbsp;&nbsp;&nbsp;&nbsp; $4263720362 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $4386546908 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $14504 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14504 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(53651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(53651)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(39147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(39147)<br>|

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $357295799 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $357295799 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 423340 | &nbsp;&nbsp;&nbsp;&nbsp; 17181439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17604779 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48271295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48271295 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1545795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1545795 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120289 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120289 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23469422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23469422 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; 2218097 | &nbsp;&nbsp;&nbsp;&nbsp; 113197734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115415831 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54466463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54466463 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468600743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468600743 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders International Equity ETF** (continued) | **BetaBuilders International Equity ETF** (continued) | **BetaBuilders International Equity 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** |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $496667089 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $496667089 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89573804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89573804 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8422904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8422904 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29693593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29693593 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158410605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158410605 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1214736476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1214736476 |
| Jordan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1198284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1198284 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8240295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8240295 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3621648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3621648 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 674350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 674350 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195989374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195989374 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 3175840 | &nbsp;&nbsp;&nbsp;&nbsp; 3886355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7062195 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 795396 | &nbsp;&nbsp;&nbsp;&nbsp; 32004610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32800006 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22176232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22176232 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7245346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7245346 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70984196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70984196 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9739758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9739758 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155404873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155404873 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 296243 | &nbsp;&nbsp;&nbsp;&nbsp; 172470737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172766980 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227853756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227853756 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 5467266 | &nbsp;&nbsp;&nbsp;&nbsp; 607365779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 612833045 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 497874667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 497874667 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 12376182 | &nbsp;&nbsp;&nbsp;&nbsp; 5100383710 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5112759892 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 15710102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15710102 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69191231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69191231 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 84901333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84901333 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $97277515 | &nbsp;&nbsp;&nbsp;&nbsp; $5100383710 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5197661225 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1291331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1291331 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Japan 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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12144763354 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12144763354 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58279014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58279014 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $58279014 | &nbsp;&nbsp;&nbsp;&nbsp; $12144763354 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12203042368 |

---

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

172 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Japan ETF** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3910160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3910160)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $4263959742 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4263959742 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1764 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18595348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18595348 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1677204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1677204 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 20272552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20272552 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4284232294 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1764 | &nbsp;&nbsp;&nbsp;&nbsp; $4284234058 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(262071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(262071)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Mid Cap 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; $1746024488 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1746024488 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(635520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(635520)<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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Small Cap 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $492783299 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $492783299 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29066 | &nbsp;&nbsp;&nbsp;&nbsp; 29066 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 4627520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4627520 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 26681373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26681373 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 31308893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31308893 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $524092192 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29066 | &nbsp;&nbsp;&nbsp;&nbsp; $524121258 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $32336 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32336 |

---

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

 <br> (a) Value is zero.

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Carbon Transition U.S. 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; $5650039 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5650039 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $36796500 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $36796500 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 6922927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6922927 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 245822 | &nbsp;&nbsp;&nbsp;&nbsp; 62037194 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62283016 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 893047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 893047 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1676669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1676669 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 521797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 521797 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; 852805 | &nbsp;&nbsp;&nbsp;&nbsp; 7039485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7892290 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2299528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2299528 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 22623 | &nbsp;&nbsp;&nbsp;&nbsp; 35831170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35853793 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 922876 | &nbsp;&nbsp;&nbsp;&nbsp; 6033647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6956523 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; 82460 | &nbsp;&nbsp;&nbsp;&nbsp; 2337102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2419562 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; 1289290 | &nbsp;&nbsp;&nbsp;&nbsp; 10348959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11638249 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 20998676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20998676 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 835008 | &nbsp;&nbsp;&nbsp;&nbsp; 442434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1277442 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 1918766 | &nbsp;&nbsp;&nbsp;&nbsp; 2464029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4382795 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp; 1040278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1040278 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; 2078735 | &nbsp;&nbsp;&nbsp;&nbsp; 11807565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13886300 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 5152679 | &nbsp;&nbsp;&nbsp;&nbsp; 12274793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17427472 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35948691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35948691 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 2177644 | &nbsp;&nbsp;&nbsp;&nbsp; 11690438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13868082 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 2422890 | &nbsp;&nbsp;&nbsp;&nbsp; 18155606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20578496 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 1755430 | &nbsp;&nbsp;&nbsp;&nbsp; 11531973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13287403 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 986221 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 986221 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1901398 | &nbsp;&nbsp;&nbsp;&nbsp; 204910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2106308 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 88831651 | &nbsp;&nbsp;&nbsp;&nbsp; 233110414 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 321942243 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 544586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 544586 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $89376237 | &nbsp;&nbsp;&nbsp;&nbsp; $233110414 | &nbsp;&nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp;&nbsp; $322486829 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2781 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2781 |

---

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

 <br> (a) Value is zero.

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

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

174 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity ETF**  | **International Equity ETF**  | **International 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $212904 | &nbsp;&nbsp;&nbsp;&nbsp; $36410831 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $36623735 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1449441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1449441 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730486 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 891384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 891384 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 469947 | &nbsp;&nbsp;&nbsp;&nbsp; 3016633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3486580 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1523630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1523630 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2574994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2574994 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17410253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17410253 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 320778 | &nbsp;&nbsp;&nbsp;&nbsp; 7850182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8170960 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10163630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10163630 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209935 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9747511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9747511 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 837832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 837832 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87853494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87853494 |
| Jordan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1086429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1086429 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302576 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238967 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 570078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 570078 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6592290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6592290 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 82628 | &nbsp;&nbsp;&nbsp;&nbsp; 865382 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 948010 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4274430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4274430 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14826 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1460531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1460531 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10144731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10144731 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1103018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1103018 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24922373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24922373 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8224405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8224405 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7882444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7882444 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4566859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4566859 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 488413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 488413 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55548723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55548723 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11869877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11869877 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1086257 | &nbsp;&nbsp;&nbsp;&nbsp; 320826588 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321912845 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 188082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188082 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 6316151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6316151 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 6504233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6504233 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $7590490 | &nbsp;&nbsp;&nbsp;&nbsp; $320826588 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $328417078 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $60113 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $60113 |

---

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

 <br> (a) Value is zero.

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. 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; $353582830 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $353582830 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $13298 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13298 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap 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; $345110079 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $345110079 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4898 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4898 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $814335 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814335 |
| Automobiles & Parts | &nbsp;&nbsp;&nbsp;&nbsp; 1658662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1658662 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; 22535414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22535414 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; 4350674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4350674 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; 13848321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13848321 |
| Construction & Materials | &nbsp;&nbsp;&nbsp;&nbsp; 14894880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14894880 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; 8937027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8937027 |
| Electricity | &nbsp;&nbsp;&nbsp;&nbsp; 8171680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8171680 |
| Electronic & Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 4278348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4278348 |
| Finance & Credit Services | &nbsp;&nbsp;&nbsp;&nbsp; 6814120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6814120 |
| Food Producers | &nbsp;&nbsp;&nbsp;&nbsp; 15279910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15279910 |
| Gas, Water & Multi-utilities | &nbsp;&nbsp;&nbsp;&nbsp; 17133212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17133212 |
| General Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 5897095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5897095 |
| Health Care Providers | &nbsp;&nbsp;&nbsp;&nbsp; 11503956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11503956 |
| Household Goods & Home Construction | &nbsp;&nbsp;&nbsp;&nbsp; 14502118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14502118 |
| Industrial Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 3022495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3022495 |
| Industrial Materials | &nbsp;&nbsp;&nbsp;&nbsp; 7524769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7524769 |
| Industrial Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 12814314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12814314 |
| Industrial Support Services | &nbsp;&nbsp;&nbsp;&nbsp; 10308410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10308410 |
| Industrial Transportation | &nbsp;&nbsp;&nbsp;&nbsp; 11901513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11901513 |
| Investment Banking & Brokerage Services | &nbsp;&nbsp;&nbsp;&nbsp; 5073967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5073967 |
| Leisure Goods | &nbsp;&nbsp;&nbsp;&nbsp; 2960582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2960582 |
| Life Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 3537118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3537118 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 1517046 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1517046 |

---

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

176 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Cap Equity ETF** (continued) | **U.S. Small Cap Equity ETF** (continued) | **U.S. Small Cap Equity 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** |
| Medical Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; $10989096 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10989096 |
| Mortgage Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp; 4360290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4360290 |
| Non-life Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 5612529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5612529 |
| Non-Renewable Energy | &nbsp;&nbsp;&nbsp;&nbsp; 28155426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28155426 |
| Personal Care, Drug & Grocery Stores | &nbsp;&nbsp;&nbsp;&nbsp; 11960522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11960522 |
| Personal Goods | &nbsp;&nbsp;&nbsp;&nbsp; 5342030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5342030 |
| Pharmaceuticals & Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Pharmaceuticals, Biotechnology & Marijuana <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16970841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6708 | &nbsp;&nbsp;&nbsp;&nbsp; 16977549 |
| Precious Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 3349558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3349558 |
| Real Estate Investment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 7057615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7057615 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp; 45588996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45588996 |
| Renewable Energy | &nbsp;&nbsp;&nbsp;&nbsp; 1574487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1574487 |
| Retailers | &nbsp;&nbsp;&nbsp;&nbsp; 7731171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7731171 |
| Software & Computer Services | &nbsp;&nbsp;&nbsp;&nbsp; 19001432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19001432 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 20649207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20649207 |
| Telecommunications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 12260753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12260753 |
| Telecommunications Service Providers | &nbsp;&nbsp;&nbsp;&nbsp; 9456497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9456497 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; 2453893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2453893 |
| Travel & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 2201195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2201195 |
| Waste & Disposal Services | &nbsp;&nbsp;&nbsp;&nbsp; 1421850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1421850 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 425417354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6708 | &nbsp;&nbsp;&nbsp;&nbsp; 425424062 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 425406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425406 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 7492149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7492149 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 7917555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7917555 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $433334909 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6708 | &nbsp;&nbsp;&nbsp;&nbsp; $433341617 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $19609 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $19609 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor 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; $1360358492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1360358492 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4554 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4554 |

---

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

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

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 177

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor 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; $5709367980 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5709367980 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(83)<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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor 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; $509271704 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $509271704 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $15046 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15046 |

---

&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 April 30, 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.

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 April 30, 2025.

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

178 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp; $269013920 | &nbsp;&nbsp; $(269013920)<br>| &nbsp;&nbsp; $— |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp; 7621838 | &nbsp;&nbsp; (7621838)<br>| &nbsp;&nbsp; — |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; 675364 | &nbsp;&nbsp; (675364)<br>| &nbsp;&nbsp; — |
| BetaBuilders Europe ETF | &nbsp;&nbsp; 101987604 | &nbsp;&nbsp; (101987604)<br>| &nbsp;&nbsp; — |
| BetaBuilders International Equity ETF | &nbsp;&nbsp; 64574591 | &nbsp;&nbsp; (64574591)<br>| &nbsp;&nbsp; — |
| BetaBuilders Japan ETF | &nbsp;&nbsp; 55363340 | &nbsp;&nbsp; (55363340)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp; 1470761 | &nbsp;&nbsp; (1470761)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 33640148 | &nbsp;&nbsp; (33640148)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp; 25232916 | &nbsp;&nbsp; (25232916)<br>| &nbsp;&nbsp; — |
| International Equity ETF | &nbsp;&nbsp; 5721627 | &nbsp;&nbsp; (5721627)<br>| &nbsp;&nbsp; — |
| U.S. Equity ETF | &nbsp;&nbsp; 179503 | &nbsp;&nbsp; (179503)<br>| &nbsp;&nbsp; — |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 884293 | &nbsp;&nbsp; (884293)<br>| &nbsp;&nbsp; — |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp; 5933849 | &nbsp;&nbsp; (5933849)<br>| &nbsp;&nbsp; — |
| U.S. Momentum Factor ETF | &nbsp;&nbsp; 4358534 | &nbsp;&nbsp; (4358534)<br>| &nbsp;&nbsp; — |
| U.S. Quality Factor ETF | &nbsp;&nbsp; 2027747 | &nbsp;&nbsp; (2027747)<br>| &nbsp;&nbsp; — |
| U.S. Value Factor ETF | &nbsp;&nbsp; 4979971 | &nbsp;&nbsp; (4979971)<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.

Carbon Transition U.S. Equity ETF did not lend out any securities during the six months ended April 30, 2025. Emerging Markets Equity ETF did not have any securities out on loan at April 30, 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  | **BetaBuilders Canada ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <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> 4.39% (a) (b)<br>| $227654452 | $5359054379 | $5307098364 | $— | $— | $279610467 | 279610467 | $6,379,547<br> \*<br>| $— |

---

&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 April 30, 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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 179

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  | **BetaBuilders Developed Asia Pacific ex-Japan ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| $35199421 | $201887867 | $225322700 | $— | $— | $11764588 | 11764588 | $835,332<br> \*<br>| $— |

---

&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 April 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  | **BetaBuilders Emerging Markets Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| $47125 | $2886275 | $2224634 | $— | $— | $708766 | 708766 | $5,358<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.29% (a) (b)<br>| 9314174 | 143016403 | 141845285 |  |  | 10485292 | 10485292 | 311020 |  |
| **Total** | $9361299 | $145902678 | $144069919 | $— | $— | $11194058 |  | $316378 | $— |

---

&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 April 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  | **BetaBuilders Europe ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <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> 4.39% (a) (b)<br>| $75600705 | $322623418 | $287168319 | $— | $— | $111055804 | 111055804 | $1,203,070<br> \*<br>| $— |

---

&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 April 30, 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;

180 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  | **BetaBuilders International Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (a) (b)<br>| $15951317 | $267086443 | $213846529 | $— | $— | $69191231 | 69191231 | $758,373<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.29% (a) (b)<br>| 19826097 | 99815229 | 103931224 |  |  | 15710102 | 15710102 | 507672 |  |
| **Total** | $35777414 | $366901672 | $317777753 | $— | $— | $84901333 |  | $1266045 | $— |

---

&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 April 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (a) (b)<br>| $63807415 | $486840928 | $492369329 | $— | $— | $58279014 | 58279014 | $2,136,565<br> \*<br>| $— |

---

&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 April 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  | **BetaBuilders U.S. Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $50972583 | $7132219 | $3117956 | $948930 | $4193288 | $60129064 | 245806 | $636441 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (b) (c)<br>| 2976209 | 65899578 | 67198583 |  |  | 1677204 | 1677204 | 59,880<br> \*<br>|  |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.29% (b) (c)<br>| 19442351 | 44817246 | 45664249 |  |  | 18595348 | 18595348 | 520679 |  |
| **Total** | $73391143 | $117849043 | $115980788 | $948930 | $4193288 | $80401616 |  | $1217000 | $— |

---

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

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(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 April 30, 2025.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 181

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  | **BetaBuilders U.S. Mid Cap Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.39% <br> (a) (b)<br>| $46831039 | $160573589 | $172626173 | $— | $— | $34778455 | 34778455 | $851,476<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.29% (a) (b)<br>| 8076683 | 54741367 | 41746003 |  |  | 21072047 | 21072047 | 375392 |  |
| **Total** | $54907722 | $215314956 | $214372176 | $— | $— | $55850502 |  | $1226868 | $— |

---

&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 April 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  | **BetaBuilders U.S. Small Cap Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| $19349471 | $87989073 | $80657171 | $— | $— | $26681373 | 26681373 | $466,034<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.29% (a) (b)<br>| 4153660 | 16965686 | 16491826 |  |  | 4627520 | 4627520 | 107230 |  |
| **Total** | $23503131 | $104954759 | $97148997 | $— | $— | $31308893 |  | $573264 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  | **Carbon Transition U.S. Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.29% (a) (b)<br>| $3215 | $76058 | $75608 | $— | $— | $3665 | 3665 | $244 | $— |

---

&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 April 30, 2025.

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

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

182 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  | **Emerging Markets Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% <br> (a) (b)<br>| $— | $344308 | $344308 | $— | $— | $— |  | $662<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (a) (b)<br>| 1185453 | 14315542 | 14956409 |  |  | 544586 | 544586 | 16331 |  |
| **Total** | $1185453 | $14659850 | $15300717 | $— | $— | $544586 |  | $16993 | $— |

---

&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 April 30, 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  | **International Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.40% (a) (b)<br>| $476589 | $11321479 | $11609982 | $(26)<br>| $22 | $188082 | 188044 | $7502 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (a) (b)<br>| 3907539 | 23793094 | 21384482 |  |  | 6316151 | 6316151 | 126,402<br> \*<br>|  |
| **Total** | $4384128 | $35114573 | $32994464 | $(26)<br>| $22 | $6504233 |  | $133904 | $— |

---

&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 April 30, 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. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  | **U.S. Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% <br> (a) (b)<br>| $182000 | $2036583 | $2036278 | $— | $— | $182305 | 182305 | $1,855<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (a) (b)<br>| 712498 | 9918508 | 8945975 |  |  | 1685031 | 1685031 | 21309 |  |
| **Total** | $894498 | $11955091 | $10982253 | $— | $— | $1867336 |  | $23164 | $— |

---

&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 April 30, 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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 183

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  | **U.S. Mid Cap Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% <br> (a) (b)<br>| $167244 | $12895246 | $12165582 | $— | $— | $896908 | 896908 | $23,283<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.29% (a) (b)<br>| 515360 | 12429742 | 11740484 |  |  | 1204618 | 1204618 | 14276 |  |
| **Total** | $682604 | $25324988 | $23906066 | $— | $— | $2101526 |  | $37559 | $— |

---

&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 April 30, 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. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  | **U.S. Small Cap Equity ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| $12534155 | $56656480 | $61698486 | $— | $— | $7492149 | 7492149 | $248,109<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.29% (a) (b)<br>| 773904 | 16324660 | 16673158 |  |  | 425406 | 425406 | 24158 |  |
| **Total** | $13308059 | $72981140 | $78371644 | $— | $— | $7917555 |  | $272267 | $— |

---

&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 April 30, 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. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  | **U.S. Momentum Factor ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (a) (b)<br>| $1591982 | $72711624 | $69842403 | $— | $— | $4461203 | 4461203 | $96,262<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, 4.29% <br> (a) (b)<br>| 2150007 | 21508872 | 18966691 |  |  | 4692188 | 4692188 | 43338 |  |
| **Total** | $3741989 | $94220496 | $88809094 | $— | $— | $9153391 |  | $139600 | $— |

---

&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 April 30, 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;

184 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  | **U.S. Quality Factor ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.39% (a) (b)<br>| $6177185 | $63430911 | $67561268 | $— | $— | $2046828 | 2046828 | $128,216<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.29% (a) (b)<br>| 4594496 | 77320933 | 74881189 |  |  | 7034240 | 7034240 | 190787 |  |
| **Total** | $10771681 | $140751844 | $142442457 | $— | $— | $9081068 |  | $319003 | $— |

---

&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 April 30, 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. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  | **U.S. Value Factor ETF**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (a) (b)<br>| $5014297 | $40115382 | $39878273 | $— | $— | $5251406 | 5251406 | $143,294<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, 4.29% <br> (a) (b)<br>| 407337 | 16341484 | 15886422 |  |  | 862399 | 862399 | 26469 |  |
| **Total** | $5421634 | $56456866 | $55764695 | $— | $— | $6113805 |  | $169763 | $— |

---

&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 April 30, 2025.

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

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Futures Contracts**— The Funds used index futures contracts to obtain long exposure to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 185

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

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

**Derivatives Volume**

The table below discloses the volume of the Funds' futures contracts activity during the six months ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BetaBuilders** <br>**Canada ETF**<br>| **BetaBuilders** <br>**Developed** <br>**Asia Pacific** <br>**ex-Japan** <br>**ETF**<br>| **BetaBuilders** <br>**Emerging Markets** <br>**Equity ETF**<br>| **BetaBuilders** <br>**Europe ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $52468873 | &nbsp;&nbsp; $33476811 | &nbsp;&nbsp; $9441541 | &nbsp;&nbsp; $56928824 |
| Ending Notional Balance Long | &nbsp;&nbsp; 61296823 | &nbsp;&nbsp; 26474892 | &nbsp;&nbsp; 8820525 | &nbsp;&nbsp; 60075336 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BetaBuilders** <br>**International** <br>**Equity ETF**<br>| **BetaBuilders** <br>**Japan ETF**<br>| **BetaBuilders** <br>**U.S. Equity ETF**<br>| **BetaBuilders U.S.** <br>**Mid Cap Equity** <br>**ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $39025916 | &nbsp;&nbsp; $111097395 | &nbsp;&nbsp; $24552245 | &nbsp;&nbsp; $17626547 |
| Ending Notional Balance Long | &nbsp;&nbsp; 48270510 | &nbsp;&nbsp; 161438838 | &nbsp;&nbsp; 22069638 | &nbsp;&nbsp; 26858620 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BetaBuilders U.S.** <br>**Small Cap** <br>**Equity ETF**<br>| **Carbon** <br>**Transition U.S.** <br>**Equity ETF**<br>| **Emerging** <br>**Markets** <br>**Equity ETF**<br>| **International** <br>**Equity ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $4792481 | &nbsp;&nbsp; $8369 | &nbsp;&nbsp; $212811 | &nbsp;&nbsp; $1876285 |
| Ending Notional Balance Long | &nbsp;&nbsp; 5028090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 499275 | &nbsp;&nbsp; 2245140 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Equity ETF**<br>| **U.S.** <br>**Mid Cap** <br>**Equity ETF**<br>| **U.S.** <br>**Small Cap** <br>**Equity ETF**<br>| **U.S. Momentum** <br>**Factor ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $671364 | &nbsp;&nbsp; $530331 | &nbsp;&nbsp; $715859 | &nbsp;&nbsp; $1635307 |
| Ending Notional Balance Long | &nbsp;&nbsp; 279363 | &nbsp;&nbsp; 285730 | &nbsp;&nbsp; 492950 | &nbsp;&nbsp; 1117450 |

---

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

---

| | | |
|:---|:---|:---|
|  | **U.S. Quality** <br>**Factor ETF**<br>| **U.S. Value** <br>**Factor ETF**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $9205652 | &nbsp;&nbsp; $969234 |
| Ending Notional Balance Long | &nbsp;&nbsp; 7542788 | &nbsp;&nbsp; 558725 |

---

**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.

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

186 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

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

**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 April 30, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

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

**K. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

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

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

---

| | |
|:---|:---|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Carbon Transition U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 187

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |

---

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

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

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

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

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

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

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

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

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

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

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

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

**4. Investment Transactions** 

During the six months ended April 30, 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>|
| BetaBuilders Canada ETF | $85108171 | $76161213 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 116316182 | 80182353 |
| BetaBuilders Emerging Markets Equity ETF | 314974842 | 28617639 |

---

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

188 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Purchases**<br> **(excluding**<br> **U.S. Government)**<br>| **Sales**<br> **(excluding**<br> **U.S. Government)**<br>|
| BetaBuilders Europe ETF | $73728946 | $113684037 |
| BetaBuilders International Equity ETF | 118469288 | 112361847 |
| BetaBuilders Japan ETF | 166532013 | 357405887 |
| BetaBuilders U.S. Equity ETF | 60098368 | 56397016 |
| BetaBuilders U.S. Mid Cap Equity ETF | 131236922 | 148826036 |
| BetaBuilders U.S. Small Cap Equity ETF | 60017680 | 60003509 |
| Carbon Transition U.S. Equity ETF | 867139 | 1109887 |
| Emerging Markets Equity ETF | 40925492 | 42425442 |
| International Equity ETF | 39154247 | 44976159 |
| U.S. Equity ETF | 52330552 | 52845984 |
| U.S. Mid Cap Equity ETF | 47908385 | 48423472 |
| U.S. Small Cap Equity ETF | 66688569 | 66630512 |
| U.S. Momentum Factor ETF | 247735362 | 255520457 |
| U.S. Quality Factor ETF | 489026612 | 507307992 |
| U.S. Value Factor ETF | 87045581 | 88361578 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| BetaBuilders Canada ETF | $497719309 | $299548472 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 182661825 | 17646994 |
| BetaBuilders Emerging Markets Equity ETF | 35655182 |  |
| BetaBuilders Europe ETF | 231361441 | 2828717294 |
| BetaBuilders International Equity ETF | 244258299 | 218379023 |
| BetaBuilders Japan ETF | 891165788 | 903053302 |
| BetaBuilders U.S. Equity ETF | 513877529 | 136073918 |
| BetaBuilders U.S. Mid Cap Equity ETF | 494712376 | 436124126 |
| BetaBuilders U.S. Small Cap Equity ETF | 125653427 | 85116698 |
| Carbon Transition U.S. Equity ETF | 3887370 | 5552902 |
| International Equity ETF |  | 29971539 |
| U.S. Equity ETF | 12004767 | 77201802 |
| U.S. Mid Cap Equity ETF | 54509091 | 94123039 |
| U.S. Small Cap Equity ETF | 47814949 | 63259202 |
| U.S. Momentum Factor ETF | 504680772 | 298661796 |
| U.S. Quality Factor ETF | 1805034526 | 1110559352 |
| U.S. Value Factor ETF | 56650226 | 171974357 |

---

During the six months ended April 30, 2025, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2025 were as follows:

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 189

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $6091876933 | &nbsp;&nbsp;&nbsp;&nbsp; $2053869052 | &nbsp;&nbsp;&nbsp;&nbsp; $152076191 | &nbsp;&nbsp;&nbsp;&nbsp; $1901792861 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4720517397 | &nbsp;&nbsp;&nbsp;&nbsp; 673404376 | &nbsp;&nbsp;&nbsp;&nbsp; 610451850 | &nbsp;&nbsp;&nbsp;&nbsp; 62952526 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 864540822 | &nbsp;&nbsp;&nbsp;&nbsp; 125605748 | &nbsp;&nbsp;&nbsp;&nbsp; 54094603 | &nbsp;&nbsp;&nbsp;&nbsp; 71511145 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4172943491 | &nbsp;&nbsp;&nbsp;&nbsp; 683975056 | &nbsp;&nbsp;&nbsp;&nbsp; 470410786 | &nbsp;&nbsp;&nbsp;&nbsp; 213564270 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4340006135 | &nbsp;&nbsp;&nbsp;&nbsp; 1133430981 | &nbsp;&nbsp;&nbsp;&nbsp; 274484560 | &nbsp;&nbsp;&nbsp;&nbsp; 858946421 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11027628484 | &nbsp;&nbsp;&nbsp;&nbsp; 2126533935 | &nbsp;&nbsp;&nbsp;&nbsp; 955030211 | &nbsp;&nbsp;&nbsp;&nbsp; 1171503724 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3601756853 | &nbsp;&nbsp;&nbsp;&nbsp; 850464280 | &nbsp;&nbsp;&nbsp;&nbsp; 168249146 | &nbsp;&nbsp;&nbsp;&nbsp; 682215134 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1739245653 | &nbsp;&nbsp;&nbsp;&nbsp; 198725489 | &nbsp;&nbsp;&nbsp;&nbsp; 192582174 | &nbsp;&nbsp;&nbsp;&nbsp; 6143315 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 563096899 | &nbsp;&nbsp;&nbsp;&nbsp; 51772424 | &nbsp;&nbsp;&nbsp;&nbsp; 90715729 | &nbsp;&nbsp;&nbsp;&nbsp; (38943305)<br>|
| Carbon Transition U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5982193 | &nbsp;&nbsp;&nbsp;&nbsp; 156769 | &nbsp;&nbsp;&nbsp;&nbsp; 488923 | &nbsp;&nbsp;&nbsp;&nbsp; (332154)<br>|
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 288951983 | &nbsp;&nbsp;&nbsp;&nbsp; 60860539 | &nbsp;&nbsp;&nbsp;&nbsp; 27322912 | &nbsp;&nbsp;&nbsp;&nbsp; 33537627 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 299753098 | &nbsp;&nbsp;&nbsp;&nbsp; 59334609 | &nbsp;&nbsp;&nbsp;&nbsp; 30610516 | &nbsp;&nbsp;&nbsp;&nbsp; 28724093 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 308802737 | &nbsp;&nbsp;&nbsp;&nbsp; 63456983 | &nbsp;&nbsp;&nbsp;&nbsp; 18663592 | &nbsp;&nbsp;&nbsp;&nbsp; 44793391 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 329210878 | &nbsp;&nbsp;&nbsp;&nbsp; 40185288 | &nbsp;&nbsp;&nbsp;&nbsp; 24281189 | &nbsp;&nbsp;&nbsp;&nbsp; 15904099 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 453431072 | &nbsp;&nbsp;&nbsp;&nbsp; 45532974 | &nbsp;&nbsp;&nbsp;&nbsp; 65602820 | &nbsp;&nbsp;&nbsp;&nbsp; (20069846)<br>|
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1285922349 | &nbsp;&nbsp;&nbsp;&nbsp; 120754841 | &nbsp;&nbsp;&nbsp;&nbsp; 46314144 | &nbsp;&nbsp;&nbsp;&nbsp; 74440697 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5428346221 | &nbsp;&nbsp;&nbsp;&nbsp; 509046488 | &nbsp;&nbsp;&nbsp;&nbsp; 228024812 | &nbsp;&nbsp;&nbsp;&nbsp; 281021676 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 543011058 | &nbsp;&nbsp;&nbsp;&nbsp; 41060870 | &nbsp;&nbsp;&nbsp;&nbsp; 74785178 | &nbsp;&nbsp;&nbsp;&nbsp; (33724308)<br>|

---

At October 31, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $57170418 | &nbsp;&nbsp;&nbsp;&nbsp; $191742217 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 96343504 | &nbsp;&nbsp;&nbsp;&nbsp; 197711620 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 136784 | &nbsp;&nbsp;&nbsp;&nbsp; 2166939 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 132359431 | &nbsp;&nbsp;&nbsp;&nbsp; 319142619 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 30396198 | &nbsp;&nbsp;&nbsp;&nbsp; 101238823 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 83531908 | &nbsp;&nbsp;&nbsp;&nbsp; 418082943 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29641655 | &nbsp;&nbsp;&nbsp;&nbsp; 20775450 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 165369980 | &nbsp;&nbsp;&nbsp;&nbsp; 186072340 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 72481715 | &nbsp;&nbsp;&nbsp;&nbsp; 106671421 |
| Carbon Transition U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1,530,026<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1,350,472<br> \*<br>|
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 28281683 | &nbsp;&nbsp;&nbsp;&nbsp; 9258545 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 52421265 | &nbsp;&nbsp;&nbsp;&nbsp; 114179388 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 33099918 | &nbsp;&nbsp;&nbsp;&nbsp; 19698682 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22374080 | &nbsp;&nbsp;&nbsp;&nbsp; 17507163 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 27204732 | &nbsp;&nbsp;&nbsp;&nbsp; 19351898 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 48750631 | &nbsp;&nbsp;&nbsp;&nbsp; 14538327 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 88480552 | &nbsp;&nbsp;&nbsp;&nbsp; 34889523 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 49858577 | &nbsp;&nbsp;&nbsp;&nbsp; 37431372 |

---

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

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

As of October 31, 2024, the following Funds utilized net capital loss carryforwards as follows:

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

190 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $7100296 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6789652 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 398401 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 889148 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1263366 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1457261 | &nbsp;&nbsp;&nbsp;&nbsp; 3221013 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3146118 | &nbsp;&nbsp;&nbsp;&nbsp; 2444721 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3866298 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**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 BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**7. Borrowings** 

The 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 at April 30, 2025. Average borrowings from the Facility during the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate Paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| BetaBuilders Japan ETF | &nbsp;&nbsp; $3189581 | &nbsp;&nbsp;&nbsp;&nbsp; 5.31<br> %<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $1411 |

---

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the period ended April 30, 2025.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 191

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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

**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.

As of April 30, 2025, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.4<br> %<br>|
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;65.5 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;50.1 | &nbsp;&nbsp;&nbsp;&nbsp;42.9 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;73.5 |

---

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

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

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

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2025, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BetaBuilders** <br>**Canada ETF**<br>| **BetaBuilders** <br>**Developed** <br>**Asia Pacific** <br>**ex-Japan** <br>**ETF**<br>| **BetaBuilders** <br>**Emerging Markets** <br>**Equity ETF**<br>| **BetaBuilders** <br>**Europe ETF**<br>| **BetaBuilders** <br>**International** <br>**Equity ETF**<br>| **BetaBuilders** <br>**Japan ETF**<br>| **Emerging** <br>**Markets** <br>**Equity ETF**<br>| **International** <br>**Equity ETF**<br>|
| Australia | —<br> %<br>| 62.9<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 11.4<br> %<br>|
| Brazil |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.4 | &nbsp;&nbsp; — |
| Canada | 94.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| China |  | &nbsp;&nbsp; — | 28.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 19.3 | &nbsp;&nbsp; — |
| France |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong |  | 15.5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| India |  | &nbsp;&nbsp; — | 20.5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.1 | &nbsp;&nbsp; — |
| Japan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 23.7 | 100.0 | &nbsp;&nbsp; — | 27.3 |
| Singapore |  | 12.7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Taiwan |  | &nbsp;&nbsp; — | 16.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.1 | &nbsp;&nbsp; — |
| United Kingdom |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.2 | 11.9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 17.2 |

---

As of April 30, 2025, a significant portion of the investments of the BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the

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

192 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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.

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

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

BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Emerging Markets Equity ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Emerging Markets Equity ETF invests a substantial portion of its assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.

Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 193

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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

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

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

![](g937147imgf48f1f062.jpg)

------

![](g937147imga363e9e93.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. April 2025.

SAN-ETF-425

------

**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.

**Statement Regarding Basis for Approval of Management Agreements**

Not applicable.

------

Semi-Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

April 30, 2025 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan Climate Change Solutions ETF TEMP NYSE Arca, Inc.

![](g942113imgacd688ce1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_993fa5b0-1490-47f6-8c43-61598e35f321_SOI-TOC-ScheduleofInvestments-978_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_993fa5b0-1490-47f6-8c43-61598e35f321_FS-TOC-FinancialStatement-978_1) | &nbsp;&nbsp; **3** |
| [Financial Highlights](#xx_993fa5b0-1490-47f6-8c43-61598e35f321_FIHI_2-TOC-FIHI-978_1) | &nbsp;&nbsp; **6** |
| [Notes to Financial Statements](#xx_993fa5b0-1490-47f6-8c43-61598e35f321_NTF-NTFRunningFooter-978_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 Climate Change Solutions ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 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%** |
| **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** |
| Brambles Ltd. | 9484 | 124635 |
| **Austria — 0.9%** | **Austria — 0.9%** | **Austria — 0.9%** |
| ANDRITZ AG | 782 | 56194 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Deme Group NV | 155 | 23234 |
| **Canada — 1.4%** | **Canada — 1.4%** | **Canada — 1.4%** |
| West Fraser Timber Co. Ltd. | 792 | 58639 |
| WSP Global, Inc. | 187 | 33146 |
|  |  | 91785 |
| **China — 2.8%** | **China — 2.8%** | **China — 2.8%** |
| BYD Co. Ltd., Class H | 1000 | 47496 |
| Contemporary Amperex Technology Co. Ltd., Class A | 2620 | 83700 |
| NARI Technology Co. Ltd., Class A | 16220 | 49447 |
|  |  | 180643 |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| NKT A/S \* | 395 | 32162 |
| Novonesis Novozymes B | 1504 | 97696 |
|  |  | 129858 |
| **France — 6.7%** | **France — 6.7%** | **France — 6.7%** |
| Dassault Systemes SE | 1034 | 38750 |
| Nexans SA | 1705 | 187309 |
| SPIE SA | 4280 | 209774 |
|  |  | 435833 |
| **Germany — 3.5%** | **Germany — 3.5%** | **Germany — 3.5%** |
| Infineon Technologies AG | 1342 | 44451 |
| Mercedes-Benz Group AG | 604 | 36112 |
| Nemetschek SE | 353 | 46908 |
| Siemens AG (Registered) | 431 | 99243 |
|  |  | 226714 |
| **Ireland — 1.5%** | **Ireland — 1.5%** | **Ireland — 1.5%** |
| Kingspan Group plc | 1159 | 97802 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| Enel SpA | 7398 | 64133 |
| Prysmian SpA | 2564 | 140846 |
|  |  | 204979 |
| **Japan — 7.4%** | **Japan — 7.4%** | **Japan — 7.4%** |
| Hitachi Ltd. | 11000 | 271870 |
| Keyence Corp. | 400 | 167237 |
| Kurita Water Industries Ltd. | 1300 | 43040 |
|  |  | 482147 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| Arcadis NV | 1973 | 95673 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | 3426 | 13504 |
| **Spain — 4.1%** | **Spain — 4.1%** | **Spain — 4.1%** |
| Iberdrola SA | 14875 | 268135 |
| **Sweden — 3.9%** | **Sweden — 3.9%** | **Sweden — 3.9%** |
| Atlas Copco AB, Class A | 6167 | 95457 |
| Boliden AB \* | 2804 | 85915 |
| Volvo AB, Class B | 2748 | 74700 |
|  |  | 256072 |
| **Switzerland — 1.2%** | **Switzerland — 1.2%** | **Switzerland — 1.2%** |
| TE Connectivity plc | 520 | 76118 |
| **Taiwan — 1.6%** | **Taiwan — 1.6%** | **Taiwan — 1.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 637 | 106182 |
| **United Kingdom — 6.4%** | **United Kingdom — 6.4%** | **United Kingdom — 6.4%** |
| Severn Trent plc | 3797 | 141238 |
| SSE plc | 12409 | 279774 |
|  |  | 421012 |
| **United States — 47.4%** | **United States — 47.4%** | **United States — 47.4%** |
| Acuity, Inc. | 120 | 29233 |
| AGCO Corp. | 1386 | 117574 |
| Autodesk, Inc. \* | 413 | 113265 |
| Badger Meter, Inc. | 62 | 13691 |
| Carlisle Cos., Inc. | 193 | 73240 |
| Carrier Global Corp. | 1336 | 83553 |
| CNH Industrial NV | 6751 | 78109 |
| Crown Holdings, Inc. | 721 | 69454 |
| Deere & Co. | 323 | 149730 |
| Generac Holdings, Inc. \* | 1042 | 119184 |
| Gibraltar Industries, Inc. \* | 1220 | 64599 |
| Hubbell, Inc. | 364 | 132198 |
| Itron, Inc. \* | 604 | 67219 |
| NextEra Energy, Inc. | 2730 | 182582 |
| NVIDIA Corp. | 566 | 61649 |
| Owens Corning | 1196 | 173910 |
| Pentair plc | 902 | 81839 |
| Public Service Enterprise Group, Inc. | 1156 | 92399 |
| Quanta Services, Inc. | 955 | 279519 |
| Schneider Electric SE | 202 | 47197 |
| Steel Dynamics, Inc. | 281 | 36449 |
| Tetra Tech, Inc. | 5119 | 159662 |
| Trane Technologies plc | 727 | 278666 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan Climate Change Solutions ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Valmont Industries, Inc. | 218 | 63922 |
| Veralto Corp. | 1718 | 164756 |
| Watts Water Technologies, Inc., Class A | 188 | 39057 |
| Westinghouse Air Brake Technologies Corp. | 516 | 95326 |
| Xylem, Inc. | 1211 | 146010 |
| Zoom Communications, Inc., Class A \* | 1080 | 83743 |
|  |  | 3097735 |
| Total Common Stocks <br>(Cost $6,072,101)<br>|  | 6388255 |
| **Total Investments — 97.8%** <br>**(Cost $6,072,101)**<br>|  | **6388255** |
| **Other Assets in Excess of Liabilities — 2.2%** |  | **143156** |
| **NET ASSETS — 100.0%** |  | **6531411** |

---

&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.

**Summary of Investments by Industry, April 30, 2025**

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Machinery | 15.3<br> %<br>|
| Electrical Equipment | 12.9 |
| Electric Utilities | 12.7 |
| Building Products | 12.1 |
| Commercial Services & Supplies | 10.3 |
| Construction & Engineering | 6.3 |
| Industrial Conglomerates | 5.8 |
| Electronic Equipment, Instruments & Components | 5.1 |
| Software | 4.4 |
| Semiconductors & Semiconductor Equipment | 3.3 |
| Water Utilities | 2.2 |
| Metals & Mining | 1.9 |
| Chemicals | 1.5 |
| Professional Services | 1.5 |
| Multi-Utilities | 1.4 |
| Automobiles | 1.3 |
| Containers & Packaging | 1.1 |
| Paper & Forest Products | 0.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Climate Change** <br>**Solutions ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $6388255 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 35 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 136207 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 36202 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 3440 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 21367 |
| Total Assets | &nbsp;&nbsp;&nbsp; 6585506 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 25015 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 26992 |
| Accrued liabilities: |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 2088 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 54095 |
| Net Assets | &nbsp;&nbsp;&nbsp; $6531411 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $10200613 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (3669202)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $6531411 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 150000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $43.54 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6072101 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 34 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 3

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Climate Change** <br>**Solutions ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $41 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 386 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 49477 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1105 |
| Non-cash dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 9030 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (3819)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 56220 |
| **EXPENSES:** |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 22933 |
| Total expenses | &nbsp;&nbsp;&nbsp; 22933 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 33287 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 18466 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (6)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 1170285 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (1504)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1187241 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (2008547)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1091 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (2007456)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (820215)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(786928)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Climate Change Solutions ETF**  | **JPMorgan** <br>**Climate Change Solutions ETF**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $33287 | &nbsp;&nbsp;&nbsp; $220217 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1187241 | &nbsp;&nbsp;&nbsp; 1537859 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (2007456)<br>| &nbsp;&nbsp;&nbsp; 4890336 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (786928)<br>| &nbsp;&nbsp;&nbsp; 6648412 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (217006)<br>| &nbsp;&nbsp;&nbsp; (249706)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (7817955)<br>| &nbsp;&nbsp;&nbsp; (9857919)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (8821889)<br>| &nbsp;&nbsp;&nbsp; (3459213)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 15353300 | &nbsp;&nbsp;&nbsp; 18812513 |
| End of period | &nbsp;&nbsp;&nbsp; $6531411 | &nbsp;&nbsp;&nbsp; $15353300 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1088866 | &nbsp;&nbsp;&nbsp; $72 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8906821)<br>| &nbsp;&nbsp;&nbsp; (9857991)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(7817955)<br>| &nbsp;&nbsp;&nbsp; $(9857919)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (225000)<br>|
| Net decrease in shares from share transactions | &nbsp;&nbsp;&nbsp; (175000)<br>| &nbsp;&nbsp;&nbsp; (225000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 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** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>|
| **JPMorgan Climate Change Solutions ETF** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $47.24 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $(3.19)<br>| &nbsp;&nbsp; $(3.03)<br>| &nbsp;&nbsp; $(0.67)<br>|
| Year Ended October 31, 2024  | 34.20 | 0.44 | 13.05 | 13.49 | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023  | 35.56 | 0.44 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.40)<br>|
| December 13, 2021 (f) through October 31, 2022  | 48.00 | 0.43 | &nbsp;&nbsp; (12.84)<br>| &nbsp;&nbsp; (12.41)<br>| &nbsp;&nbsp; (0.03)<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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(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; $43.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6531411 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.24 | &nbsp;&nbsp;&nbsp;&nbsp;47.21 | &nbsp;&nbsp;&nbsp;&nbsp;39.69 | &nbsp;&nbsp;&nbsp;&nbsp;39.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15353300 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.20 | &nbsp;&nbsp;&nbsp;&nbsp;34.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18812513 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.56 | &nbsp;&nbsp;&nbsp;&nbsp;35.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.56)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19560686 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 7

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 Climate Change Solutions ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

The investment objective of the Fund is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.

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 NYSE Arca, Inc. Market prices for the Fund's shares may be different from its net asset value ("NAV"). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the "Distributor" or "JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as "Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an "Authorized Participant").

**2. Significant Accounting Policies**

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

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

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

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

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

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

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

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

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

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

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

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

8 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $124635 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $124635 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56194 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23234 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 91785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91785 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180643 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129858 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 435833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 435833 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226714 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97802 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204979 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482147 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95673 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13504 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268135 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256072 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; 76118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76118 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 106182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106182 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 421012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 421012 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 3050538 | &nbsp;&nbsp;&nbsp;&nbsp; 47197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3097735 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3324623 | &nbsp;&nbsp;&nbsp;&nbsp; 3063632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6388255 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3324623 | &nbsp;&nbsp;&nbsp;&nbsp; $3063632 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6388255 |

---

**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 April 30, 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;

April 30, 2025 J.P. Morgan Exchange-Traded Funds 9

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 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 April 30, 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 such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.40% (a) (b)<br>| $— | $826934 | $826928 | $(6)<br>| $— | $— |  | $1105 | $— |

---

&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 April 30, 2025.

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

**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 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

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

10 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**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 April 30, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

**I. 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.

**J. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the 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.

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

**A. Management Fee**— JPMIM manages the investments of the Fund pursuant to the Management Agreement. For such services, JPMIM is paid a fee, which is accrued daily and paid no more frequently than monthly at an annual rate of 0.49% of the Fund's average daily net assets.

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

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

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

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

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

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 11

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

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 their distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

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

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

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

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

**4. Investment Transactions** 

During the six months ended April 30, 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>|
| $2738558 | $3140135 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities.

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $1052571 | $8626603 |

---

During the six months ended April 30, 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 April 30, 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; $6072101 | &nbsp;&nbsp;&nbsp;&nbsp; $626032 | &nbsp;&nbsp;&nbsp;&nbsp; $309878 | &nbsp;&nbsp;&nbsp;&nbsp; $316154 |

---

At October 31, 2024, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $3780957 | &nbsp;&nbsp;&nbsp;&nbsp; $1396057 |

---

During the year ended October 31, 2024, the Fund utilized capital loss carryforwards as follows:

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

12 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $172755 |

---

**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 105% for the Fund of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**7. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 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.

Significant shareholder transactions by the Adviser may impact the Fund's performance.

The Fund's investment strategy may result in the Fund investing in securities or industry sectors that underperform the market. The Fund's focus on securities of issuers that, in the Adviser's opinion, are developing solutions to address climate change and benefit from growing demand for such solutions will result in exposure to certain market segments including transportation, construction, food and water, renewable energy and electrification and recycling and reuse. The Fund will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of the funds that are more diversified. The Fund is particularly exposed to, and may be negatively impacted by changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. Companies involved in renewable energy and electrification also may be adversely affected by the increased use of, or decreases in prices for, oil or other fossil fuels. In addition, scientific developments, such as breakthroughs in the remediation of climate change, and changes in governmental policies relating to the effects of pollution may affect investments in pollution control, which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, pollution control and mitigation of climate change. Because society's focus on climate change issues is relatively new, the emphasis and direction of governmental policies is subject to significant change, and rapid technological change could render even new approaches and products obsolete. The Adviser may consider certain factors related to climate change that may

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

April 30, 2025 J.P. Morgan Exchange-Traded Funds 13

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

cause it to perform differently compared to the funds that do not have such considerations. The consideration of these factors may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for climate change reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies identified by the Adviser do not operate as expected when addressing climate changes issues. There are significant differences in interpretations of what it means for a company to have solutions that address climate change.

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

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

The Fund invests in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. The Fund invests a substantial portion of its assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

14 J.P. Morgan Exchange-Traded Funds April 30, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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

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

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

![](g942113imgd2f650962.jpg)

------

![](g942113img30336b1d3.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. April 2025.

SAN-SUS-ETF-425

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Management Agreement**

Not applicable.

------

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:](d934741dex99cert.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.](d934741dex99906cert.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/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | June 25, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | June 25, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | June 25, 2025 |

---

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active China
ETF, JPMorgan Active Developing Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan
BetaBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF,
JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Climate Change Solutions ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF,
JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Flexible Income ETF, JPMorgan Global Select Equity ETF,
JPMorgan Healthcare Leaders ETF, JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan International Value ETF, JPMorgan Nasdaq Hedged Equity Laddered Overlay
ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the "Funds"), a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: June 25, 2025

---

| |
|:---|
| /s/ Brian S. Shlissel |
| Brian S. Shlissel |
| 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 China
ETF, JPMorgan Active Developing Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan
BetaBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF,
JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Climate Change Solutions ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF,
JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Flexible Income ETF, JPMorgan Global Select Equity ETF,
JPMorgan Healthcare Leaders ETF, JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan International Value ETF, JPMorgan Nasdaq Hedged Equity Laddered Overlay
ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the "Funds"), each a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 25, 2025 | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

6. This certification is provided pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active China ETF, JPMorgan Active Developing
Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Emerging Markets
Equity ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap
Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Climate Change Solutions ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity
ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Flexible Income ETF, JPMorgan Global Select Equity ETF, JPMorgan Healthcare Leaders ETF,
JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan International Value ETF, JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, JPMorgan U.S. Momentum Factor
ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the "Funds"), each a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Brian S. Shlissel, 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/ ****Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |
| June 25, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

7. This certification is provided pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active China ETF, JPMorgan Active Developing
Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Emerging Markets
Equity ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap
Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Climate Change Solutions ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity
ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Flexible Income ETF, JPMorgan Global Select Equity ETF, JPMorgan Healthcare Leaders ETF,
JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan International Value ETF, JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, JPMorgan U.S. Momentum Factor
ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor 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 |
| June 25, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.