# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-25-336832
**Filing Date:** 2025-12
**Character Count:** 1965031
**Document Hash:** b7e232f30e4c101bb861c7d2a5f7a584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336832.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336832

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251613711

**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 ActiveBuilders Emerging Markets Equity ETF (Series ID: S000071185)

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

### 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            |

### JPMorgan International Hedged Equity Laddered Overlay ETF (Series ID: S000090419)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000257466 | JPMorgan International Hedged Equity Laddered Overlay ETF | HOLA            |

### JPMorgan Equity and Options Total Return ETF (Series ID: S000092483)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000260514 | JPMorgan Equity and Options Total Return ETF | JOYT            |

?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:

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

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

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

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Active China ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JCHI - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Active China ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $74 | 0.65% |

---

**How did the Fund Perform?**

The JPMorgan Active China ETF returned 27.48% for the twelve months ended October 31, 2025. The MSCI China All Shares Index (net total return) returned 29.04% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and holdings in the financials sector detracted from relative performance. 

* The Fund's stock selection in the industrials sector and holdings in the communication services sector contributed positively to the Fund's overall performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Active China ETF - Net Asset Value** | March 15, 2023 | 27.48% | 8.64% |
| **MSCI China All Shares Index (net total return)** |  | 29.04 | 11.81 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active China ETF and the MSCI China All Shares Index (net total return) from March 15, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI China All Shares Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The MSCI China All Shares Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap Chinese securities represented across China A-shares, B-shares, H-shares, Redchips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $15737643 |
| **Total number of portfolio holdings** | 50 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid** | $86741 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012362.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JCHI-1025

JPMorgan Active China ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan ActiveBuilders Emerging Markets Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JEMA - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan ActiveBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $38 | 0.33% |

---

**How did the Fund Perform?**

The JPMorgan ActiveBuilders Emerging Markets Equity ETF returned 30.15% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's holdings in Taiwan and the information technology sector contributed to performance relative to the Index. 

* The Fund's stock selection in China and the discretionary sector detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012489.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan ActiveBuilders Emerging Markets Equity ETF - Net Asset Value** | March 10, 2021 | 30.15% | 2.90% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 3.79 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and the MSCI Emerging Markets Index (net total return) from March 10, 2021 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1285462942 |
| **Total number of portfolio holdings** | 533 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid** | $3748695 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012357.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JEMA-1025

JPMorgan ActiveBuilders Emerging Markets Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Active Developing Markets Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JADE - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Active Developing Markets Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $76 | 0.65% |

---

**How did the Fund Perform?**

The JPMorgan Active Developing Markets Equity ETF returned 32.74% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in Taiwan and the information technology sector contributed to performance relative to the Index. 

* The Fund's stock selection in Argentina and the consumer discretionary sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012478.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Active Developing Markets Equity ETF - Net Asset Value** | May 16, 2024 | 32.74% | 21.59% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 21.04 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Developing Markets Equity ETF and the MSCI Emerging Markets Index (net total return) from May 16, 2024 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $18882386 |
| **Total number of portfolio holdings** | 133 |
| **Portfolio turnover rate** | 30% |
| **Total advisory fees paid** | $100785 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012368.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JADE-1025

JPMorgan Active Developing Markets Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders Canada ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBCA - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Canada ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $21 | 0.19% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders Canada ETF returned 25.71% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Canada Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 25.84% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* On an absolute basis, the Fund's largest contributors to returns were its allocations to the financials and materials sectors, while its largest detractors from returns were its allocations to the real estate and industrials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012485.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders Canada ETF - Net Asset Value** | August 7, 2018 | 25.71% | 16.38% | 10.85% |
| **Morningstar<sup>®</sup> Canada Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 25.84 | 16.27 | 10.64 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar<sup>®</sup> Canada Target Market Exposure Index<sup>SM</sup> (net total return) from August 7, 2018 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Canada Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> Canada Target Market Exposure Index<sup>SM</sup> (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Canadian equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $8867282895 |
| **Total number of portfolio holdings** | 75 |
| **Portfolio turnover rate** | 2% |
| **Total advisory fees paid** | $15152143 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012349.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBCA-1025

JPMorgan BetaBuilders Canada ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBAX - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $20 | 0.19% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF returned 14.69% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 14.78% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the financials and industrials sectors, while its largest detractors from returns were its allocations to the health care and information technology sectors. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to Australia and Singapore, while its exposures to New Zealand and Hong Kong were the smallest contributors. No country detracted from the Fund's absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012496.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF - Net Asset Value** | August 7, 2018 | 14.69% | 9.25% | 5.76% |
| **Morningstar<sup>®</sup> Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 14.78 | 9.44 | 5.87 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF and Morningstar<sup>®</sup> Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup> (net total return) from August 7, 2018 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> Developed Asia Pacific ex-Japan Target Market Exposure Index<sup>SM</sup> (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5480976732 |
| **Total number of portfolio holdings** | 101 |
| **Portfolio turnover rate** | 4% |
| **Total advisory fees paid** | $9441642 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012350.jpg)

#### Material changes to the Fund during the period
The Fund removed "Materials Sector Risk" disclosure from its summary prospectus as of March 1, 2025. This disclosure was removed in light of smaller concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBAX-1025

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders Emerging Markets Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBEM - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $17 | 0.15% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders Emerging Markets Equity ETF returned 26.31% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 26.21% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and financials sectors, while its exposures to the real estate and consumer staples sectors were the smallest contributors. No sector detracted from the Fund's absolute performance. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to China and Taiwan, while its largest detractors from returns were its allocations to Indonesia and the Philippines. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012473.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders Emerging Markets Equity ETF - Net Asset Value** | May 10, 2023 | 26.31% | 17.02% |
| **Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 26.21 | 17.95 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Emerging Markets Equity ETF and Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (net total return) from May 10, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (net total return) is a rules based, float market capitalization-weighted index designed to provide exposure to large and mid-cap stocks in emerging markets representing the top 85% of the investable universe by float-adjusted market capitalization. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $749854035 |
| **Total number of portfolio holdings** | 1107 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid** | $1331483 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012361.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBEM-1025

JPMorgan BetaBuilders Emerging Markets Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders Europe ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBEU - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Europe ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $10 | 0.09% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders Europe ETF returned 23.53% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Developed Europe Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 23.62% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the financials and industrials sectors, while its detractors from returns were its allocations to the health care and real estate sectors. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to Germany and the United Kingdom, while its detractors from returns were its allocations to Denmark and Ireland. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012499.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders Europe ETF - Net Asset Value** | June 15, 2018 | 23.53% | 14.07% | 8.20% |
| **Morningstar<sup>®</sup> Developed Europe Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 23.62 | 13.83 | 8.04 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar<sup>®</sup> Developed Europe Target Market Exposure Index<sup>SM</sup> (net total return) from June 15, 2018 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Developed Europe Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. Morningstar<sup>®</sup> Developed Europe Target Market Exposure Index<sup>SM</sup> (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $8206788960 |
| **Total number of portfolio holdings** | 391 |
| **Portfolio turnover rate** | 5% |
| **Total advisory fees paid** | $4063194 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012335.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBEU-1025

JPMorgan BetaBuilders Europe ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders International Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBIN - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders International Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $8 | 0.07% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders International Equity ETF returned 23.52% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 23.14% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the financials and industrials sectors, while the sole detractor from returns was its allocation to the health care sector. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to Japan and the United Kingdom, while its largest detractors from returns were its allocations to Denmark and Ireland. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012490.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders International Equity ETF - Net Asset Value** | December 3, 2019 | 23.52% | 12.47% | 9.21% |
| **Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 23.14 | 12.35 | 9.04 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (net total return) from December 3, 2019 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $5888664616 |
| **Total number of portfolio holdings** | 690 |
| **Portfolio turnover rate** | 5% |
| **Total advisory fees paid** | $3677645 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012356.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBIN-1025

JPMorgan BetaBuilders International Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders Japan ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBJP - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Japan ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $22 | 0.19% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders Japan ETF returned 26.44% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> Japan Target Market Exposure Index<sup>SM</sup> (net total return) (the "Index") returned 24.92% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* On an absolute basis, the Fund's largest contributors to returns were its allocations to the industrials and financials sectors, while its detractors from returns were its allocations to the health care and materials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012495.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders Japan ETF - Net Asset Value** | June 15, 2018 | 26.44% | 9.80% | 6.62% |
| **Morningstar<sup>®</sup> Japan Target Market Exposure Index<sup>SM</sup> (net total return)** |  | 24.92 | 9.94 | 6.60 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar<sup>®</sup> Japan Target Market Exposure Index<sup>SM</sup> (net total return) from June 15, 2018 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> Japan Target Market Exposure Index<sup>SM</sup> (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. Morningstar<sup>®</sup> Japan Target Market Exposure Index<sup>SM</sup> (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japanese equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $14734567610 |
| **Total number of portfolio holdings** | 193 |
| **Portfolio turnover rate** | 5% |
| **Total advisory fees paid** | $23763615 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012351.jpg)

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

(a) Amount rounds to less than 0.1%.

#### Material changes to the Fund during the period
The Fund added "Financial Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBJP-1025

JPMorgan BetaBuilders Japan ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBUS - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $2 | 0.02% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders U.S. Equity ETF returned 21.67% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup> (the "Index") returned 21.70% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* On an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and communication services sectors, while its largest detractors from returns were its allocations to the health care and materials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012501.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders U.S. Equity ETF - Net Asset Value** | March 12, 2019 | 21.67% | 17.28% | 16.20% |
| **Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup>** |  | 21.70 | 17.30 | 16.24 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup> from March 12, 2019 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup> does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. Morningstar<sup>®</sup> US Target Market Exposure Index<sup>SM</sup> is a free float-adjusted market capitalization-weighted index which consists of stocks traded primarily on the U.S. stock exchanges. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6196928187 |
| **Total number of portfolio holdings** | 524 |
| **Portfolio turnover rate** | 3% |
| **Total advisory fees paid** | $919091 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012345.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBUS-1025

JPMorgan BetaBuilders U.S. Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBMC - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $7 | 0.07% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF returned 12.58% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> US Market Index<sup>SM</sup> returned 21.00% and the Morningstar<sup>®</sup> US Mid Cap Target Market Exposure Extended Index<sup>SM</sup> (the "Index") returned 12.69% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* On an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and industrials sectors, while its largest detractors from returns were its allocations to the consumer discretionary and real estate sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012479.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders U.S. Mid Cap Equity ETF - Net Asset Value** | April 14, 2020 | 12.58% | 11.70% | 15.33% |
| **Morningstar<sup>®</sup> US Market Index<sup>SM</sup>** |  | 21.00 | 16.99 | 18.75 |
| **Morningstar<sup>®</sup> US Mid Cap Target Market Exposure Extended Index<sup>SM</sup>** |  | 12.69 | 11.73 | 15.39 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, Morningstar<sup>®</sup> US Market Index<sup>SM</sup> and Morningstar<sup>®</sup> US Mid Cap Target Market Exposure Extended Index<sup>SM</sup> from April 14, 2020 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> US Market Index<sup>SM</sup> and Morningstar<sup>®</sup> US Mid Cap Target Market Exposure Extended Index<sup>SM</sup> do not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> US Market Index<sup>SM</sup> is a float market capitalization-weighted index designed to provide exposure to large- , mid- and small- cap U.S. stocks representing the top 97% of the investable universe by market capitalization. The Morningstar<sup>®</sup> US Mid Cap Target Market Exposure Extended Index<sup>SM</sup> is a free float adjusted market capitalization weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1991789617 |
| **Total number of portfolio holdings** | 556 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid** | $1287359 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012355.jpg)

#### Material changes to the Fund during the period
The Fund added "Financial Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBMC-1025

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: BBSC - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $10 | 0.09% |

---

**How did the Fund Perform?**

The JPMorgan BetaBuilders U.S. Small Cap Equity ETF returned 14.62% for the twelve months ended October 31, 2025. The Morningstar<sup>®</sup> US Market Index<sup>SM</sup> returned 21.00% and the Morningstar<sup>®</sup> US Small Cap Target Market Exposure Extended Index<sup>SM</sup> (the "Index") returned 14.73% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* On an absolute basis, the Fund's largest contributors to returns were its allocations to the industrials and information technology sectors, while its largest detractors from returns were its allocations to the real estate and consumer staples sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan BetaBuilders U.S. Small Cap Equity ETF - Net Asset Value** | November 16, 2020 | 14.62% | 9.44% |
| **Morningstar<sup>®</sup> US Market Index<sup>SM</sup>** |  | 21.00 | 14.69 |
| **Morningstar<sup>®</sup> US Small Cap Target Market Exposure Extended Index<sup>SM</sup>** |  | 14.73 | 9.45 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF, Morningstar<sup>®</sup> US Market Index<sup>SM</sup> and Morningstar<sup>®</sup> US Small Cap Target Market Exposure Extended Index<sup>SM</sup> from November 16, 2020 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar<sup>®</sup> US Market Index<sup>SM</sup> and Morningstar<sup>®</sup> US Small Cap Target Market Exposure Extended Index<sup>SM</sup> do not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Morningstar<sup>®</sup> US Market Index<sup>SM</sup> is a float market capitalization-weighted index designed to provide exposure to large- , mid- and small- cap U.S. stocks representing the top 97% of the investable universe by market capitalization. The Morningstar<sup>®</sup> US Small Cap Target Market Exposure Extended Index<sup>SM</sup> is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $593926495 |
| **Total number of portfolio holdings** | 739 |
| **Portfolio turnover rate** | 25% |
| **Total advisory fees paid** | $476350 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012353.jpg)

#### Material changes to the Fund during the period
The Fund added "Healthcare Sector Risk" and "Information Technology Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentration of portfolio securities in these sectors.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

BBSC-1025

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JPEM - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $48 | 0.44% |

---

**How did the Fund Perform?**

The JPMorgan Diversified Return Emerging Markets Equity ETF returned 16.56% for the twelve months ended October 31, 2025. The FTSE Emerging Index (net total return) returned 22.90% and the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) (the "Index") returned 16.77% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the financials and basic materials sectors, while its exposures to the consumer staples and consumer discretionary sectors were the smallest contributors. No sector detracted from the Fund's absolute performance. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to China and Brazil, while its detractors from returns were its allocations to India and Indonesia. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012486.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Diversified Return Emerging Markets Equity ETF - Net Asset Value** | January 7, 2015 | 16.56% | 9.84% | 6.74% |
| **FTSE Emerging Index (net total return)** |  | 22.90 | 7.85 | 7.93 |
| **JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)** |  | 16.77 | 10.53 | 7.42 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the FTSE Emerging Index and the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) from October 31, 2015 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the FTSE Emerging Index (net total return) and the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return). The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Emerging Index (net total return). The index is designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $357290275 |
| **Total number of portfolio holdings** | 538 |
| **Portfolio turnover rate** | 30% |
| **Total advisory fees paid** | $1446760 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012348.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JPEM-1025

JPMorgan Diversified Return Emerging Markets Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Diversified Return International Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JPIN - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return International Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $42 | 0.37% |

---

**How did the Fund Perform?**

The JPMorgan Diversified Return International Equity ETF returned 24.42% for the twelve months ended October 31, 2025. The FTSE Developed ex North America Index (net total return) returned 25.08% and the JP Morgan Diversified Factor International Equity Index (net total return) (the "Index") returned 24.57% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of differences in the Fund's net asset value calculations versus the Index's valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the industrials and financials sectors, while its exposures to the health care and energy sectors were the smallest contributors. No sector detracted from the Fund's absolute performance. 

* From a country perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to United Kingdom and Japan, while its detractors from returns were its allocations to Denmark and New Zealand. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012487.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Diversified Return International Equity ETF - Net Asset Value** | November 5, 2014 | 24.42% | 10.89% | 6.50% |
| **FTSE Developed ex North America Index (net total return)** |  | 25.08 | 12.18 | 7.61 |
| **JP Morgan Diversified Factor International Equity Index (net total return)** |  | 24.57 | 11.22 | 6.75 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the FTSE Developed ex North America Index (net total return) and the JP Morgan Diversified Factor International Equity Index (net total return) from October 31, 2015 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the FTSE Developed ex North America Index (net total return) and the JP Morgan Diversified Factor International Equity Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index (net total return). The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid-cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $364289000 |
| **Total number of portfolio holdings** | 451 |
| **Portfolio turnover rate** | 25% |
| **Total advisory fees paid** | $1239920 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012347.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JPIN-1025

JPMorgan Diversified Return International Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JPUS - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $19 | 0.18% |

---

**How did the Fund Perform?**

The JPMorgan Diversified Return U.S. Equity ETF returned 6.03% for the twelve months ended October 31, 2025. The Russell 1000 Index returned 21.14% and the JP Morgan Diversified Factor US Equity Index (the "Index") returned 6.15% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the technology and utilities sectors, while its largest detractors from returns were its allocations to the consumer staples and basic materials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012500.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Diversified Return U.S. Equity ETF - Net Asset Value** | September 29, 2015 | 6.03% | 13.00% | 10.53% |
| **Russell 1000 Index** |  | 21.14 | 17.05 | 14.39 |
| **JP Morgan Diversified Factor US Equity Index** |  | 6.15 | 13.17 | 10.76 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the Russell 1000 Index and the JP Morgan Diversified Factor US Equity Index from October 31, 2015 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index and the JP Morgan Diversified Factor US Equity Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $385753787 |
| **Total number of portfolio holdings** | 368 |
| **Portfolio turnover rate** | 25% |
| **Total advisory fees paid** | $723331 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012346.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JPUS-1025

JPMorgan Diversified Return U.S. Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JPME - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $25 | 0.24% |

---

**How did the Fund Perform?**

The JPMorgan Diversified Return U.S. Mid Cap Equity ETF returned 5.13% for the twelve months ended October 31, 2025. The Russell 3000 Index returned 20.81%, the JP Morgan Diversified Factor US Mid Cap Equity Index (the "Index") returned 5.37%, and the Russell Midcap Index returned 10.79% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the utilities and telecommunications sectors, while its largest detractors from returns were its allocations to the consumer staples and basic materials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012493.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Diversified Return U.S. Mid Cap Equity ETF - Net Asset Value** | May 11, 2016 | 5.13% | 12.44% | 10.11% |
| **Russell 3000 Index** |  | 20.81 | 16.74 | 14.94 |
| **JP Morgan Diversified Factor US Mid Cap Equity Index** |  | 5.37 | 12.70 | 10.39 |
| **Russell Midcap Index** |  | 10.79 | 12.33 | 11.20 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, the Russell 3000 Index, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 3000 Index, JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities selected from the Russell Midcap Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell Midcap Index is a market capitalization-weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $366780997 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover rate** | 25% |
| **Total advisory fees paid** | $917039 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012341.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JPME-1025

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Diversified Return U.S. Small Cap Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JPSE - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $30 | 0.29% |

---

**How did the Fund Perform?**

The JPMorgan Diversified Return U.S. Small Cap Equity ETF returned 7.89% for the twelve months ended October 31, 2025. The Russell 3000 Index returned 20.81%, the JP Morgan Diversified Factor US Small Cap Equity Index (the "Index") returned 8.07%, and the Russell 2000 Index returned 14.41% for the twelve months ended October 31, 2025.

* The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the telecommunications and basic materials sectors, while its largest detractors from returns were its allocations to the real estate and consumer staples sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012494.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Diversified Return U.S. Small Cap Equity ETF - Net Asset Value** | November 15, 2016 | 7.89% | 13.23% | 9.45% |
| **Russell 3000 Index** |  | 20.81 | 16.74 | 14.88 |
| **JP Morgan Diversified Factor US Small Cap Equity Index** |  | 8.07 | 13.45 | 9.66 |
| **Russell 2000 Index** |  | 14.41 | 11.50 | 8.91 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the Russell 3000 Index, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 3000 Index, JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. small cap equity securities selected from the Russell 2000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $504699242 |
| **Total number of portfolio holdings** | 549 |
| **Portfolio turnover rate** | 27% |
| **Total advisory fees paid** | $1431009 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012352.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JPSE-1025

JPMorgan Diversified Return U.S. Small Cap Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Dividend Leaders ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JDIV - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Dividend Leaders ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $51 | 0.47% |

---

**How did the Fund Perform?**

The JPMorgan Dividend Leaders ETF returned 15.38% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) (the "Index") returned 22.64% for the twelve months ended October 31, 2025.

* The Fund's security selection in the media and retail sectors detracted from performance relative to the Index. 

* The Fund's security selection in the pharmaceuticals/medical technology sector and an underweight allocation to the property sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012467.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Dividend Leaders ETF - Net Asset Value** | September 25, 2024 | 15.38% | 11.96% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 19.08 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Dividend Leaders ETF and the MSCI ACWI Index (net total return) from September 25, 2024 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of these securities included in the benchmark, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $8019050 |
| **Total number of portfolio holdings** | 75 |
| **Portfolio turnover rate** | 75% |
| **Total advisory fees paid** | $34784 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012367.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JDIV-1025

JPMorgan Dividend Leaders ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Equity and Options Total Return ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JOYT - Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity and Options Total Return ETF (the "Fund") for the period of August 18, 2025 (fund inception) to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Equity and Options Total Return ETF | $7 | 0.35% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Equity and Options Total Return ETF returned 5.71% for the period from Fund inception to October 31, 2025. The S&P 500 Index returned 6.31% and the ICE BofA 3-Month US Treasury Bill Index(the "Index") returned 0.84% for the period.

* The Fund captured 97% of the Index's positive return with 74% of its volatility. 

* The Fund's security selection in the communication services and information technology sectors detracted from its performance. 

* The Fund's underweight position in Advanced Micro Devices and overweight position in Meta Platforms were among the top detractors from its performance. 

* The Fund's security selection in the industrials and financials sectors contributed to its performance. 

* The Fund's overweight positions in Micron Technology and Wells Fargo were among the top contributors to its performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012470.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION\*** |
| **JPMorgan Equity and Options Total Return ETF - Net Asset Value** | August 18, 2025 | 5.71% |
| **S&P 500 Index** |  | 6.31 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 0.84 |

---

\* Not annualized.

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Options and Total Return ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from September 18, 2025 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $47557887 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 6% |
| **Total advisory fees paid** | $28171 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012376.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JOYT-1025

JPMorgan Equity and Options Total Return ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Flexible Income ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JFLI - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Flexible Income ETF (the "Fund") for the period of February 12, 2025 (fund inception) to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $16 | 0.22% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Flexible Income ETF returned 9.72% for the period from Fund inception to October 31, 2025. The MSCI World Index (net total return) returned 15.33% and the 75% MSCI World Index (net total return) / 25% Bloomberg U.S. Aggregate Index returned 13.17% for the period.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income investments was a leading detractor from its performance, as equity markets outperformed fixed income markets during the period. 

* Relative to the Bloomberg US Aggregate Bond Index, which primarily contains U.S. government bonds, the Fund's allocation to a more diversified set of corporate bonds, including high yield corporate credit, was a leading contributor to its performance. 

* Relative to the JPMorgan Flexible Income ETF Composite Benchmark, the Fund's underweight allocation to equities was a detractor from its performance. However, the Fund's allocation to developed market equities and its preference for corporate credit bonds helped its relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012468.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION\*** |
| **JPMorgan Flexible Income ETF - Net Asset Value** | February 12, 2025 | 9.72% |
| **MSCI World Index (net total return)** |  | 15.33 |
| **75% MSCI World Index (net total return) / 25% Bloomberg U.S. Aggregate Index** |  | 13.17 |

---

\* Not annualized.

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Flexible Income ETF, the MSCI World Index (net total return) and the 75% MSCI World Index (net total return) / 25% Bloomberg U.S. Aggregate Index from February 12, 2025 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index (net total return) and the 75% MSCI World Index (net total return) / 25% Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The 75% MSCI World Index (net total return) / 25% Bloomberg U.S. Aggregate Index is a customized blend of unmanaged indices that includes 75% MSCI World Index (net total return) and 25% Bloomberg U.S. Aggregate Index. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $30800316 |
| **Total number of portfolio holdings** | 476 |
| **Portfolio turnover rate** | 13% |
| **Total advisory fees paid** | $72805 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012366.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JFLI-1025

JPMorgan Flexible Income ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Select Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

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

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Select Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $50 | 0.47% |

---

**How did the Fund Perform?**

The JPMorgan Global Select Equity ETF returned 13.37% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) (the "Index") returned 22.02% for the twelve months ended October 31, 2025.

* The Fund's security selection in information technology (semiconductors & hardware) and media sectors detracted from performance relative to the Index. 

* The Fund's underweight allocation to the transportation and insurance sectors contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012474.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Global Select Equity ETF - Net Asset Value** | September 13, 2023 | 13.37% | 19.16% |
| **MSCI World Index (net total return)** |  | 22.02 | 22.09 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Select Equity ETF and the MSCI World Index (net total return) from September 13, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6992592161 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 126% |
| **Total advisory fees paid** | $31653607 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012360.jpg)

#### Material changes to the Fund during the period
The Fund added "High Portfolio Turnover Risk " disclosure to its prospectus as of March 1, 2025, as the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short- term capital gains that will generally be taxable to shareholders as ordinary income.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JGLO-1025

JPMorgan Global Select Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Healthcare Leaders ETF

![FrontCoverImage](g43117images_2647.jpg)

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

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Healthcare Leaders ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $65 | 0.65% |

---

**How did the Fund Perform?**

The JPMorgan Healthcare Leaders ETF returned -0.02% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) returned 22.02% and the MSCI World Healthcare Index (net total return) (the "Index") returned -0.34% for the twelve months ended October 31, 2025.

* The Fund's security selection in the health care providers & services sector and overweight allocation to the biotechnology sector contributed to its performance relative to the Index. 

* The Fund's security selection in the health care equipment & supplies and life sciences tools & services sectors detracted from its performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012477.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Healthcare Leaders ETF - Net Asset Value** | November 1, 2023 | (0.02)% | 9.77% |
| **MSCI World Index (net total return)** |  | 22.02 | 27.09 |
| **MSCI World Healthcare Index (net total return)** |  | (0.34) | 9.08 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Healthcare Leaders ETF, the MSCI World Index (net total return) and the MSCI World Healthcare Index (net total return) from November 1, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index (net total return) and the MSCI World Healthcare Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI World Healthcare Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap health care stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $8217889 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate** | 92% |
| **Total advisory fees paid** | $50448 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012369.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JDOC-1025

JPMorgan Healthcare Leaders ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Hedged Equity Laddered Overlay ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: HELO - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity Laddered Overlay ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $52 | 0.50% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity Laddered Overlay ETF returned 8.33% for the twelve months ended October 31, 2025. The S&P 500 Index returned 21.45% and the ICE BofA 3-Month US Treasury Bill Index (the "Index") returned 4.34% for the twelve months ended October 31, 2025.

* The Fund captured 39% of the Index's positive return with 61% of its volatility. 

* The Fund's security selection in the industrial cyclical and media sectors detracted from its performance. 

* The Fund's overweight position in NXP Semiconductors and underweight position in Palantir Technologies were among the top detractors from its performance. 

* The Fund's security selection in the financial services and REITs sectors contributed to its performance. 

* The Fund's overweight positions in Howmet Aerospace and Seagate Technology were among the top contributors to its performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012476.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity Laddered Overlay ETF - Net Asset Value** | September 28, 2023 | 8.33% | 14.56% |
| **S&P 500 Index** |  | 21.45 | 26.60 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.34 | 4.90 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Hedged Equity Laddered Overlay ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from September 28, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $3511091352 |
| **Total number of portfolio holdings** | 162 |
| **Portfolio turnover rate** | 30% |
| **Total advisory fees paid** | $14340178 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012370.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

HELO-1025

JPMorgan Hedged Equity Laddered Overlay ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Growth ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JIG - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Growth ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $60 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan International Growth ETF returned 20.56% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) returned 24.93% and the MSCI ACWI ex USA Growth Index (net total return) (the "Index") returned 21.77% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials sector and an underweight allocation to the communication services sector detracted from performance relative to the Index. 

* The Fund's security selection in the financials and consumer discretionary sectors contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012488.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan International Growth ETF - Net Asset Value** | May 20, 2020 | 20.56% | 5.11% | 8.49% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 12.35 |
| **MSCI ACWI ex USA Growth Index (net total return)** |  | 21.77 | 7.11 | 9.37 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF, the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $278725976 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 64% |
| **Total advisory fees paid** | $755345 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012358.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JIG-1025

JPMorgan International Growth ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Hedged Equity Laddered Overlay ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: HOLA - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Hedged Equity Laddered Overlay ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 Hedged Equity Laddered Overlay ETF | $61 | 0.56% |

---

**How did the Fund Perform?**

The JPMorgan International Hedged Equity Laddered Overlay ETF returned 16.14% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the ICE BofA 3-Month US Treasury Bill Index (the "Index") returned 4.34% for the twelve months ended October 31, 2025.

* The Fund captured 70% of the Index's positive return with 87% of its volatility during the period. 

* The Fund's security selection in the industrial cyclical and information technology-software sectors detracted from its performance relative to the Index. 

* The Fund's underweight position in Rheinmetall and overweight position in Atlas Copco were among the top detractors from its performance. 

* The Fund's security selection in the banks and utilities sectors contributed to its performance, relative to the Index. 

* The Fund's overweights in Prysmian and Société Générale were among the top contributors to its performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5030102.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan International Hedged Equity Laddered Overlay ETF - Net Asset Value** | March 15, 2019\* | 16.14% | 8.65% | 5.80% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 8.92 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.34 | 3.05 | 2.67 |

---

\* Inception date for Class I Shares of the Acquired Fund (as defined below).

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

JPMorgan International Hedged Equity Laddered Overlay ETF (the "Fund") acquired the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to the close of business on July 11, 2025 is the performance of the Acquired Fund's Class I Shares. Inception date for the Acquired Fund's Class I Shares is March 15, 2019. Performance for the Fund's shares has not been adjusted to reflect the Fund's shares' lower expenses than those of the Acquired Fund's Class I Shares. In addition, had the Acquired Fund been structured as an exchange-traded fund ("ETF"), its performance may have differed. Performance for the Acquired Fund is based on the net asset value ("NAV") per share of the Acquired Fund Shares rather than on market-determined prices. Prior to the Fund's listing on July 14, 2025, the NAV performance of the Fund and the Class I Shares of the Acquired Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Hedged Equity Laddered Overlay ETF, the MSCI EAFE Index (net total return) and the ICE BofA 3-Month US Treasury Bill Index from March 15, 2019 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and a sales charge. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The performance of the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and midcap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $257934973 |
| **Total number of portfolio holdings** | 221 |
| **Portfolio turnover rate** | 31% |
| **Total advisory fees paid** | $453668 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5030107.jpg)

#### Material changes to the Fund during the period
The Fund acquired the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to the close of business on July 11, 2025 is the performance of the Acquired Fund's Class I Shares. Inception date for the Acquired Fund's Class I Shares is March 15, 2019.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

HOLA-1025

JPMorgan International Hedged Equity Laddered Overlay ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Research Enhanced Equity ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JIRE - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Research Enhanced Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $27 | 0.24% |

---

**How did the Fund Perform?**

The JPMorgan International Research Enhanced Equity ETF returned 23.02% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrial cyclical and pharmaceutical/medical technology sectors detracted from performance relative to the Index. 

* The Fund's security selection in the banks and utilities sectors and overweight allocation to the banks sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012483.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Research Enhanced Equity ETF - Net Asset Value** | October 28, 1992\* | 23.02% | 13.09% | 7.49% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

\* Inception date for Class I Shares of the Acquired Fund (as defined below).

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

JPMorgan International Research Enhanced Equity ETF (the "Fund") acquired the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on June 10, 2022 is the performance of the Acquired Fund's Class R6 Shares. Inception date for the Acquired Fund's Class R6 Shares is November 1, 2017. Returns for the Acquired Fund's Class R6 Shares prior to their inception date are based on the performance of the Acquired Fund's Class I Shares. The actual returns of the Acquired Fund's Class R6 Shares would have been different than those shown because the Acquired Fund's Class R6 Shares had different expenses than the Acquired Fund's Class I Shares. Inception date for the Acquired Fund's Class I Shares is October 28, 1992.

Performance for the Fund's shares has not been adjusted to reflect the Fund's shares' lower expenses than those of the Acquired Fund's Class R6 Shares and Class I Shares. Had the Acquired Fund been structured as an exchange-traded fund ("ETF"), its performance may have differed. Performance for the Acquired Fund is based on the net asset value ("NAV") per share of the Acquired Fund Shares rather than on market-determined prices. Prior to the Fund's listing on June 13, 2022, the NAV performance of the Fund and the Class R6 Shares of the Acquired Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the MSCI EAFE Index (net total return) (the "Index") from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $9119298848 |
| **Total number of portfolio holdings** | 213 |
| **Portfolio turnover rate** | 25% |
| **Total advisory fees paid** | $14568414 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012363.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JIRE-1025

JPMorgan International Research Enhanced Equity ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Value ETF

![FrontCoverImage](g43117images_2647.jpg)

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

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Value ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $64 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan International Value ETF returned 36.57% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) returned 24.93% and the MSCI ACWI ex USA Value Index (net total return) (the "Index") returned 28.16% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and materials sectors contributed to performance relative to the Index. 

* The Fund's security selection in the information technology-hardware and equipment & consumer discretionary-distribution & retail sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012475.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan International Value ETF - Net Asset Value** | September 13, 2023 | 36.57% | 26.16% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 19.30 |
| **MSCI ACWI ex USA Value Index (net total return)** |  | 28.16 | 20.81 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Value ETF, the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Value Index (net total return) from September 13, 2023 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Value Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of these securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI ACWI ex USA Value Index (net total return) captures large- and mid- cap securities exhibiting overall value style characteristics across 22 Developed and 24 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $877174051 |
| **Total number of portfolio holdings** | 344 |
| **Portfolio turnover rate** | 46% |
| **Total advisory fees paid** | $1832409 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012359.jpg)

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JIVE-1025

JPMorgan International Value ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

![FrontCoverImage](g43117images_2647.jpg)

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

#### ANNUAL SHAREHOLDER REPORT
This 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 October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(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 | $32 | 0.50% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF returned 16.65% for the period from Fund inception to October 31, 2025. The S&P 500 Index returned 20.62%, the Nasdaq-100 Index (the "Index") returned 30.34% and the ICE BofA 3-Month US Treasury Bill Index returned 2.54% for the period.

* The Fund captured 53% of the Index's positive return with 40% of its volatility. 

* The Fund's security selection in the consumer discretionary and communication services sectors detracted from its performance. 

* The Fund's overweight positions in Chipotle and ServiceNow were among the top detractors from its performance. 

* The Fund's security selection in the information technology and industrials sectors contributed to its performance. 

* The Fund's overweight position in Seagate Technology and underweight position in Fortinet were among the top contributors to its performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012469.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION\*** |
| **JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF - Net Asset Value** | March 26, 2025 | 16.65% |
| **S&P 500 Index** |  | 20.62 |
| **Nasdaq-100 Index** |  | 30.34 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 2.54 |

---

\* Not annualized.

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, the S&P 500 Index, the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index from March 26, 2025 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index, the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Nasdaq-100 Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications,retail/wholesale trade and biotechnology. It does not contain securities of financial companies, including investment companies. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Nasdaq<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, Nasdaq 100<sup>®</sup> and NDX<sup>®</sup> are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the"Corporations") and are licensed for use by the adviser. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $27669249 |
| **Total number of portfolio holdings** | 102 |
| **Portfolio turnover rate** | 24% |
| **Total advisory fees paid** | $82458 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012365.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

HEQQ-1025

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan U.S. Momentum Factor ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JMOM - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Momentum Factor ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $13 | 0.12% |

---

**How did the Fund Perform?**

The JPMorgan U.S. Momentum Factor ETF returned 21.59% for the twelve months ended October 31, 2025. The Russell 1000 Index returned 21.14%, the JP Morgan US Momentum Factor Index (the "Index") returned 21.77%, and the Russell 1000 Growth Index returned 30.52% for the twelve months ended October 31, 2025.

* The Fund performed in line with the underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and industrials sectors, while its allocation to the health care sector was the sole detractor. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012502.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan U.S. Momentum Factor ETF - Net Asset Value** | November 8, 2017 | 21.59% | 16.50% | 14.74% |
| **Russell 1000 Index** |  | 21.14 | 17.05 | 14.54 |
| **JP Morgan US Momentum Factor Index** |  | 21.77 | 16.63 | 14.88 |
| **Russell 1000 Growth Index** |  | 30.52 | 19.24 | 18.95 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the Russell 1000 Index, the JP Morgan US Momentum Factor Index and the Russell 1000 Growth Index from November 8, 2017 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index, JP Morgan US Momentum Factor Index and Russell 1000 Growth Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The JP Morgan US Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a subset of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1725832610 |
| **Total number of portfolio holdings** | 267 |
| **Portfolio turnover rate** | 39% |
| **Total advisory fees paid** | $1730690 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012344.jpg)

#### Material changes to the Fund during the period
The Fund added "Consumer Discretionary Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JMOM-1025

JPMorgan U.S. Momentum Factor ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan U.S. Quality Factor ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JQUA - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Quality Factor ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $13 | 0.12% |

---

**How did the Fund Perform?**

The JPMorgan U.S. Quality Factor ETF returned 13.61% for the twelve months ended October 31, 2025. The Russell 1000 Index returned 21.14% and the JP Morgan US Quality Factor Index (the "Index") returned 13.78% for the twelve months ended October 31, 2025.

* The Fund performed in line with the underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and health care sectors, while its largest detractors to returns were its allocations to the real estate and consumer staples sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012491.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan U.S. Quality Factor ETF - Net Asset Value** | November 8, 2017 | 13.61% | 16.38% | 13.97% |
| **Russell 1000 Index** |  | 21.14 | 17.05 | 14.54 |
| **JP Morgan US Quality Factor Index** |  | 13.78 | 16.47 | 14.10 |

---

 ***The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.*** 

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the Russell 1000 Index and the JP Morgan US Quality Factor Index from November 8, 2017 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index and JP Morgan US Quality Factor Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Quality Factor Index. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $7456633141 |
| **Total number of portfolio holdings** | 284 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid** | $7362537 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012343.jpg)

#### Material changes to the Fund during the period
The Fund added "Consumer Discretionary Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JQUA-1025

JPMorgan U.S. Quality Factor ETF

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan U.S. Value Factor ETF

![FrontCoverImage](g43117images_2647.jpg)

Ticker: JVAL - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Value Factor ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 | $13 | 0.12% |

---

**How did the Fund Perform?**

The JPMorgan U.S. Value Factor ETF returned 14.63% for the twelve months ended October 31, 2025. The Russell 1000 Index returned 21.14%, the JP Morgan US Value Factor Index (the "Index") returned 14.76%, and the Russell 1000 Value Index returned 11.15% for the twelve months ended October 31, 2025.

* The Fund performed in line with the underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* From a sector perspective on an absolute basis, the Fund's largest contributors to returns were its allocations to the information technology and financials sectors, while its largest detractors from returns were its allocations to the health care and basic materials sectors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g43117chartimages_5012492.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan U.S. Value Factor ETF - Net Asset Value** | November 8, 2017 | 14.63% | 16.71% | 11.28% |
| **Russell 1000 Index** |  | 21.14 | 17.05 | 14.54 |
| **JP Morgan US Value Factor Index** |  | 14.76 | 16.79 | 11.48 |
| **Russell 1000 Value Index** |  | 11.15 | 14.28 | 9.47 |

---

***The performance quoted is past performance and is not a guarantee o* f future results**. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the Russell 1000 Index, the JP Morgan US Value Factor Index and the Russell 1000 Value Index from November 8, 2017 to October 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index, JP Morgan US Value Factor Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund's adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $553830621 |
| **Total number of portfolio holdings** | 382 |
| **Portfolio turnover rate** | 26% |
| **Total advisory fees paid** | $728206 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g43117chartimages_5012342.jpg)

#### Material changes to the Fund during the period
The Fund added "Consumer Discretionary Sector Risk" disclosure to its summary prospectus as of March 1, 2025. This disclosure was added in light of larger concentrations of portfolio securities in this sector.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.

**Availability of Additional Information**

![QRCode](g43117images_2646.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 

JVAL-1025

JPMorgan U.S. Value Factor ETF

------

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

**The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's board of directors has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

**The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

**The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an "interested person" of the Registrant and is also "independent" as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

#### AUDIT FEES

#### 2025 - $1,067,865

#### 2024 - $949,926
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2025 - $252,788

#### 2024 - $226,308
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### TAX FEES

#### 2025 - $405,243

#### 2024 - $336,340
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2025 and 2024, respectively.** 

#### For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### ALL OTHER FEES

#### 2025 - $0

#### 2024 - $0
(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**Pursuant to the Registrant's Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the "Pre-approval Policy"), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant's independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor's engagement for non-audit services with the Registrant's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the** 

------

 **"Pre-approval List"). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.** 

**One or more members of the Audit Committee may be appointed as the Committee's delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee's responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

#### 2025 - 0.0%

#### 2024 - 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

**The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:** 

#### 2024 - $41.2 million

#### 2023 - $35.5 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**The Registrant's Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm's independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.** 

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

#### Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

------

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

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

------

Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

October 31, 2025

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

![](g88950img954738381.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_SOI-TOC-ScheduleofInvestments-985_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_FS-TOC-FinancialStatement-985_1) | &nbsp;&nbsp; **5** |
| [Financial Highlights](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_FIHI_2-TOC-FIHI-985_1) | &nbsp;&nbsp; **8** |
| [Notes to Financial Statements](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_NTF-NTFRunningFooter-985_1) | &nbsp;&nbsp; **10** |
| [Report of Independent Registered Public Accounting Firm](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_AUD-TOC-AuditorsReport-985_1) | &nbsp;&nbsp; **20** |
| [Tax Letter](#xx_7997c0bb-8760-4c40-b935-98ed8b8f5ecd_TL-TAXLETTERCC-985_1) | &nbsp;&nbsp; **21** |

---

**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 October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Australia — 7.1%** | **Australia — 7.1%** | **Australia — 7.1%** |
| ANZ Group Holdings Ltd. | 1606319 | 38474090 |
| BHP Group Ltd. | 2825534 | 80550955 |
| Brambles Ltd. | 1207391 | 19619589 |
| Commonwealth Bank of Australia | 712848 | 79985150 |
| Glencore plc | 1167476 | 5592875 |
| Goodman Group, REIT | 942943 | 20337569 |
| Insurance Australia Group Ltd. | 4740279 | 24369021 |
| Macquarie Group Ltd. | 164936 | 23525590 |
| Medibank Pvt Ltd. | 7698060 | 24568281 |
| National Australia Bank Ltd. | 1565357 | 44628438 |
| Northern Star Resources Ltd. | 545128 | 8790103 |
| QBE Insurance Group Ltd. | 2536257 | 32906866 |
| Rio Tinto Ltd. | 895294 | 77735097 |
| Rio Tinto plc | 429136 | 30936426 |
| Santos Ltd. | 5901085 | 24372300 |
| Telstra Group Ltd. | 5776587 | 18455264 |
| Transurban Group | 2449383 | 23175311 |
| Wesfarmers Ltd. | 391624 | 21494676 |
| Westpac Banking Corp. | 729064 | 18448592 |
| Woodside Energy Group Ltd. | 679063 | 11004525 |
| Woolworths Group Ltd. | 1221455 | 22693409 |
|  |  | 651664127 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA | 370163 | 22571516 |
| KBC Group NV | 358223 | 43097629 |
|  |  | 65669145 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| BOC Hong Kong Holdings Ltd. | 1907000 | 9370464 |
| Prosus NV \* | 675180 | 46667394 |
|  |  | 56037858 |
| **Denmark — 2.4%** | **Denmark — 2.4%** | **Denmark — 2.4%** |
| Carlsberg A/S, Class B (a) | 324646 | 38171725 |
| Danske Bank A/S | 1321996 | 59084283 |
| Novo Nordisk A/S, Class B | 1711648 | 84267366 |
| Novonesis Novozymes B | 588947 | 35195239 |
|  |  | 216718613 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Nokia OYJ | 1655882 | 11295270 |
| Nordea Bank Abp | 1783128 | 30469506 |
|  |  | 41764776 |
| **France — 10.9%** | **France — 10.9%** | **France — 10.9%** |
| Air Liquide SA | 528387 | 102263448 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| Airbus SE | 224767 | 55421061 |
| AXA SA | 251853 | 10927502 |
| BNP Paribas SA | 671435 | 52008020 |
| Capgemini SE | 334393 | 51444840 |
| Cie Generale des Etablissements Michelin SCA | 870261 | 27800857 |
| Engie SA | 3842212 | 89957558 |
| EssilorLuxottica SA | 137351 | 50300518 |
| Hermes International SCA | 5056 | 12510875 |
| Legrand SA | 365059 | 63041200 |
| L'Oreal SA | 61327 | 25592457 |
| LVMH Moet Hennessy Louis Vuitton SE | 113483 | 80212416 |
| Orange SA | 2700655 | 43200695 |
| Pernod Ricard SA | 328068 | 32131171 |
| Safran SA | 352922 | 125399720 |
| Societe Generale SA | 1222400 | 77525409 |
| TotalEnergies SE | 710924 | 44386566 |
| Vinci SA | 395672 | 52907799 |
|  |  | 997032112 |
| **Germany — 11.1%** | **Germany — 11.1%** | **Germany — 11.1%** |
| adidas AG | 102690 | 19416868 |
| Allianz SE (Registered) | 310690 | 124848247 |
| BASF SE (a) | 88889 | 4385948 |
| Bayer AG (Registered) | 803059 | 24978741 |
| Daimler Truck Holding AG | 206207 | 8265325 |
| Deutsche Boerse AG | 43424 | 10996701 |
| Deutsche Post AG | 888597 | 40827815 |
| Deutsche Telekom AG (Registered) | 2394334 | 74164939 |
| E.ON SE | 2778979 | 51706748 |
| Heidelberg Materials AG | 41642 | 9769366 |
| Infineon Technologies AG | 1579668 | 62701602 |
| Mercedes-Benz Group AG | 267379 | 17348772 |
| MTU Aero Engines AG (a) | 123901 | 54147878 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered)<br>| 153775 | 95139657 |
| Rheinmetall AG | 20369 | 40041059 |
| RWE AG | 854454 | 42065227 |
| SAP SE | 459636 | 119538695 |
| Siemens AG (Registered) | 556434 | 157691910 |
| Siemens Energy AG \* | 240136 | 29917424 |
| Siemens Healthineers AG (a) (b) | 129576 | 7262732 |
| Zalando SE \* (b) | 551681 | 15459523 |
|  |  | 1010675177 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| AIA Group Ltd. | 6827200 | 66433685 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Research Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| CK Asset Holdings Ltd. | 1378844 | 6821482 |
| Hong Kong Exchanges & Clearing Ltd. | 653900 | 35639444 |
| Link, REIT | 1507000 | 7847876 |
| Prudential plc | 1030479 | 14331995 |
| Sun Hung Kai Properties Ltd. | 1356500 | 16506956 |
| Techtronic Industries Co. Ltd. | 976500 | 11389910 |
|  |  | 158971348 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group plc | 1436374 | 13238095 |
| Kingspan Group plc | 350010 | 26208159 |
|  |  | 39446254 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| Enel SpA | 1485020 | 15022107 |
| Ferrari NV | 34496 | 13814292 |
| FinecoBank Banca Fineco SpA | 570481 | 13052689 |
| Prysmian SpA | 667598 | 69606252 |
| Ryanair Holdings plc | 426475 | 12911792 |
| UniCredit SpA | 1497941 | 110917577 |
|  |  | 235324709 |
| **Japan — 22.6%** | **Japan — 22.6%** | **Japan — 22.6%** |
| Advantest Corp. | 331400 | 49625766 |
| Ajinomoto Co., Inc. | 1781300 | 50521796 |
| Asahi Group Holdings Ltd. | 757500 | 8167230 |
| Asahi Kasei Corp. | 2391200 | 18321664 |
| Asics Corp. | 315000 | 8021216 |
| Bridgestone Corp. | 712400 | 31099921 |
| Daiichi Sankyo Co. Ltd. | 2262200 | 54039712 |
| Daikin Industries Ltd. | 263683 | 30634704 |
| Denso Corp. | 2125700 | 29699830 |
| Disco Corp. | 84800 | 28160653 |
| East Japan Railway Co. | 1205800 | 29451679 |
| Fast Retailing Co. Ltd. | 122100 | 44825352 |
| Fuji Electric Co. Ltd. | 441300 | 31518247 |
| Fujitsu Ltd. | 721500 | 18802619 |
| Hitachi Ltd. | 3248200 | 110955220 |
| Honda Motor Co. Ltd. | 1081800 | 10934020 |
| Hoya Corp. | 406400 | 66012408 |
| IHI Corp. | 886300 | 18350045 |
| ITOCHU Corp. | 1213400 | 70284137 |
| Japan Exchange Group, Inc. | 1303600 | 14536658 |
| Japan Post Bank Co. Ltd. | 1285000 | 14398527 |
| Kajima Corp. | 498500 | 16070530 |
| Kao Corp. | 652600 | 27617797 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Keyence Corp. | 132100 | 49026907 |
| Kobe Bussan Co. Ltd. | 586600 | 13611537 |
| Kubota Corp. | 781800 | 10122094 |
| Mitsubishi Corp. | 816200 | 19599130 |
| Mitsubishi Heavy Industries Ltd. | 677900 | 20465588 |
| Mitsubishi UFJ Financial Group, Inc. | 2790050 | 42144488 |
| Mitsui & Co. Ltd. | 2431600 | 59797008 |
| Mitsui Fudosan Co. Ltd. | 3453100 | 35955069 |
| Murata Manufacturing Co. Ltd. | 648500 | 13982256 |
| Nintendo Co. Ltd. | 269400 | 22977098 |
| Nomura Research Institute Ltd. | 693100 | 26762730 |
| NTT, Inc. | 40274201 | 41452374 |
| Obayashi Corp. | 808500 | 13677757 |
| Obic Co. Ltd. | 583400 | 18097702 |
| ORIX Corp. | 1468000 | 35910287 |
| Otsuka Corp. | 362300 | 7162698 |
| Pan Pacific International Holdings Corp. | 5038500 | 29972063 |
| Panasonic Holdings Corp. | 1090300 | 12668451 |
| Recruit Holdings Co. Ltd. | 661400 | 32797486 |
| Renesas Electronics Corp. | 1824000 | 22525622 |
| Resona Holdings, Inc. | 3385400 | 32638895 |
| Sanrio Co. Ltd. | 182000 | 8422664 |
| Shimano, Inc. | 80000 | 8381271 |
| Shin-Etsu Chemical Co. Ltd. | 1642400 | 49368808 |
| Shionogi & Co. Ltd. | 1034100 | 17344551 |
| SoftBank Group Corp. | 237400 | 41656264 |
| Sony Financial Group, Inc. \* | 3770275 | 3801835 |
| Sony Group Corp. | 3780775 | 105293025 |
| Sumitomo Mitsui Financial Group, Inc. | 3175400 | 85970173 |
| Sumitomo Realty & Development Co. Ltd. | 564600 | 24106731 |
| Suzuki Motor Corp. | 3763800 | 56189283 |
| T&D Holdings, Inc. | 1723700 | 37017368 |
| Takeda Pharmaceutical Co. Ltd. | 1250200 | 33739784 |
| Terumo Corp. | 2119900 | 34217144 |
| Tokio Marine Holdings, Inc. | 1780600 | 66404269 |
| Tokyo Electron Ltd. | 322800 | 71167825 |
| Toyota Motor Corp. | 3596600 | 73324376 |
|  |  | 2059802342 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Sands China Ltd. | 3298000 | 8595433 |
| **Netherlands — 4.8%** | **Netherlands — 4.8%** | **Netherlands — 4.8%** |
| Adyen NV \* (b) | 14535 | 24905496 |
| Argenx SE \* | 27631 | 22615074 |
| ASML Holding NV | 235232 | 248713081 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Heineken NV | 456413 | 35341108 |
| Koninklijke Ahold Delhaize NV | 533209 | 21824565 |
| Koninklijke KPN NV | 8141300 | 37673567 |
| NN Group NV | 489100 | 33471492 |
| Wolters Kluwer NV | 94039 | 11527822 |
|  |  | 436072205 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Xero Ltd. \* | 68354 | 6466648 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Equinor ASA | 518389 | 12416094 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| DBS Group Holdings Ltd. | 1546931 | 64046867 |
| Oversea-Chinese Banking Corp. Ltd. | 928300 | 12143465 |
| Sea Ltd., ADR \* | 248748 | 38866875 |
| United Overseas Bank Ltd. | 707400 | 18815051 |
|  |  | 133872258 |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| Banco Bilbao Vizcaya Argentaria SA | 1966149 | 39610209 |
| Banco Santander SA | 13392911 | 136476305 |
| Iberdrola SA | 1999994 | 40532370 |
| Industria de Diseno Textil SA (a) | 500188 | 27620584 |
|  |  | 244239468 |
| **Sweden — 2.3%** | **Sweden — 2.3%** | **Sweden — 2.3%** |
| Assa Abloy AB, Class B (a) | 640405 | 24133385 |
| Atlas Copco AB, Class A (a) | 5530452 | 92668615 |
| Swedbank AB, Class A | 620696 | 18844830 |
| Volvo AB, Class B | 2728989 | 74760782 |
|  |  | 210407612 |
| **Switzerland — 3.3%** | **Switzerland — 3.3%** | **Switzerland — 3.3%** |
| ABB Ltd. (Registered) | 156490 | 11634648 |
| Cie Financiere Richemont SA (Registered) | 424403 | 83949337 |
| Givaudan SA (Registered) | 2582 | 10577546 |
| Lonza Group AG (Registered) | 106012 | 73204667 |
| Sandoz Group AG | 235737 | 15718197 |
| SGS SA (Registered) | 132620 | 14955540 |
| UBS Group AG (Registered) | 1331676 | 50957024 |
| Zurich Insurance Group AG | 57138 | 39737847 |
|  |  | 300734806 |
| **United Kingdom — 14.3%** | **United Kingdom — 14.3%** | **United Kingdom — 14.3%** |
| 3i Group plc | 1471763 | 85171837 |
| AstraZeneca plc | 1104798 | 182234944 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| BAE Systems plc | 1818784 | 44802993 |
| Barclays plc | 19350811 | 103790459 |
| British American Tobacco plc | 816206 | 41802438 |
| Compass Group plc | 962808 | 31868791 |
| Diageo plc | 746576 | 17172559 |
| HSBC Holdings plc | 7692332 | 107688430 |
| InterContinental Hotels Group plc | 273343 | 32972622 |
| Lloyds Banking Group plc | 17262813 | 20240468 |
| London Stock Exchange Group plc | 513177 | 63955385 |
| National Grid plc | 4587672 | 68788070 |
| NatWest Group plc | 9609626 | 73979870 |
| Next plc | 117481 | 22073534 |
| Reckitt Benckiser Group plc | 486632 | 37222035 |
| RELX plc | 2098666 | 92753474 |
| Rolls-Royce Holdings plc | 2639948 | 40625658 |
| Sage Group plc (The) | 2549506 | 38536745 |
| SSE plc | 2938207 | 74021693 |
| Standard Chartered plc | 635382 | 13042646 |
| Tesco plc | 9156489 | 55256423 |
| Unilever plc | 998982 | 60494826 |
|  |  | 1308495900 |
| **United States — 9.2%** | **United States — 9.2%** | **United States — 9.2%** |
| BP plc | 5680101 | 33278639 |
| CSL Ltd. | 199217 | 23216018 |
| Ferrovial SE | 670377 | 41137250 |
| GSK plc | 1483990 | 34745332 |
| Haleon plc | 4534260 | 21085361 |
| Nestle SA (Registered) | 1367243 | 130637964 |
| Novartis AG (Registered) | 800058 | 99016514 |
| Roche Holding AG | 309244 | 100170450 |
| Sanofi SA | 895802 | 90621880 |
| Schneider Electric SE | 219074 | 62420741 |
| Shell plc | 4579984 | 171700968 |
| Spotify Technology SA \* | 41174 | 26982146 |
|  |  | 835013263 |
| Total Common Stocks <br>(Cost $7,277,172,226)<br>|  | 9029420148 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (c) (d) <br>(Cost $47,149,820)<br>| 47127172 | 47146024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Research Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (c) <br> (d)(Cost $35,958,748)<br>| 35958748 | 35958748 |
| Total Short-Term Investments <br>(Cost $83,108,568)<br>|  | 83104772 |
| **Total Investments — 99.9%** <br>**(Cost $7,360,280,794)**<br>|  | **9112524920** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **6773928** |
| **NET ASSETS — 100.0%** |  | **9119298848** |

---

&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) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $33,901,987. 

(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 October 31, 2025.

**Summary of Investments by Industry, October 31, 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 | 15.1<br> %<br>|
| Pharmaceuticals | 8.3 |
| Insurance | 6.3 |
| Semiconductors & Semiconductor Equipment | 5.3 |
| Aerospace & Defense | 4.0 |
| Oil, Gas & Consumable Fuels | 3.3 |
| Capital Markets | 3.1 |
| Industrial Conglomerates | 3.0 |
| Electrical Equipment | 2.9 |
| Machinery | 2.6 |
| Chemicals | 2.4 |
| Diversified Telecommunication Services | 2.4 |
| Multi-Utilities | 2.3 |
| Textiles, Apparel & Luxury Goods | 2.2 |
| Metals & Mining | 2.2 |
| Food Products | 2.0 |
| Automobiles | 1.9 |
| Software | 1.8 |
| Broadline Retail | 1.7 |
| Health Care Equipment & Supplies | 1.7 |
| Beverages | 1.7 |
| Professional Services | 1.7 |
| Trading Companies & Distributors | 1.6 |
| Electric Utilities | 1.4 |
| Construction & Engineering | 1.4 |
| IT Services | 1.3 |
| Household Durables | 1.3 |
| Personal Care Products | 1.2 |
| Consumer Staples Distribution & Retail | 1.2 |
| Specialty Retail | 1.1 |
| Automobile Components | 1.0 |
| Others (each less than 1.0%) | 9.7 |
| Short-Term Investments | 0.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

&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; $9029420148 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 47146024 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 35958748 |
| Cash | &nbsp;&nbsp;&nbsp; 272528 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 4518146 |
| Segregated cash balance with Authorized Participant for deposit securities | &nbsp;&nbsp;&nbsp; 103540359 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 4036 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 21174509 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 43574 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 22056887 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 5058 |
| Total Assets | &nbsp;&nbsp;&nbsp; 9264140017 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 3420445 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 35958748 |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; 103540359 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 984034 |
| Administration fees | &nbsp;&nbsp;&nbsp; 573123 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 40807 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 137270 |
| Other | &nbsp;&nbsp;&nbsp; 186383 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 144841169 |
| Net Assets | &nbsp;&nbsp;&nbsp; $9119298848 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7714065505 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1405233343 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $9119298848 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 122677892 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $74.34 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7277172226 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 47149820 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 4519781 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 33901987 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 35958748 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

&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 affiliates | &nbsp;&nbsp;&nbsp; $20626 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 219631099 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1869346 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 317003 |
| Other | &nbsp;&nbsp;&nbsp; 8059586 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (18346900)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 211550760 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 14616959 |
| Administration fees | &nbsp;&nbsp;&nbsp; 5481326 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 855000 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 40 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 14991 |
| Professional fees | &nbsp;&nbsp;&nbsp; 156310 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 39460 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 279477 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 56101 |
| Other | &nbsp;&nbsp;&nbsp; 27792 |
| Total expenses | &nbsp;&nbsp;&nbsp; 21527456 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (48545)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (3972370)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 17506541 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 194044219 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (7619834)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 8475 |
| 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; 241730 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 434760944 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 899819875 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (10371)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1476070 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 901285574 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1336046518 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1530090737 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds October 31, 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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $194044219 | &nbsp;&nbsp;&nbsp; $166730258 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 434760944 | &nbsp;&nbsp;&nbsp; 334042122 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 901285574 | &nbsp;&nbsp;&nbsp; 594585472 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1530090737 | &nbsp;&nbsp;&nbsp; 1095357852 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (206111066)<br>| &nbsp;&nbsp;&nbsp; (167953253)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1291508684 | &nbsp;&nbsp;&nbsp; 489868855 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2615488355 | &nbsp;&nbsp;&nbsp; 1417273454 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6503810493 | &nbsp;&nbsp;&nbsp; 5086537039 |
| End of period | &nbsp;&nbsp;&nbsp; $9119298848 | &nbsp;&nbsp;&nbsp; $6503810493 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2791795687 | &nbsp;&nbsp;&nbsp; $1612123672 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1500287003)<br>| &nbsp;&nbsp;&nbsp; (1122254817)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1291508684 | &nbsp;&nbsp;&nbsp; $489868855 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42400000 | &nbsp;&nbsp;&nbsp; 26700000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (24200000)<br>| &nbsp;&nbsp;&nbsp; (18500000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 18200000 | &nbsp;&nbsp;&nbsp; 8200000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 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)(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 International Research Enhanced Equity ETF** (e) |  |  |  |  |  |
| Year Ended October 31, 2025  | $62.25 | &nbsp;&nbsp; $1.77 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $13.86 | &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> (f)<br>| 15.11 | 16.53 | &nbsp;&nbsp; (1.07)<br>|

---

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

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

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Acquired 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 Acquired Fund are used as proxy market price returns. 

(e) JPMorgan International Research Enhanced Equity ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period November 1, 2020 up through the reorganization. 

(f) 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 October 31, 2025

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &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)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74.34 | &nbsp;&nbsp;&nbsp;&nbsp; $74.31 | &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9119298848 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<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> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

&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 October 31, 2025

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $651664127 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $651664127 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65669145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65669145 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56037858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56037858 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216718613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216718613 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41764776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41764776 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 997032112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 997032112 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1010675177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1010675177 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158971348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158971348 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39446254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39446254 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235324709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235324709 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 3801835 | &nbsp;&nbsp;&nbsp;&nbsp; 2056000507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2059802342 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8595433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8595433 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 21824565 | &nbsp;&nbsp;&nbsp;&nbsp; 414247640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436072205 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6466648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6466648 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12416094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12416094 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 38866875 | &nbsp;&nbsp;&nbsp;&nbsp; 95005383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133872258 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244239468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244239468 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210407612 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210407612 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300734806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300734806 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1308495900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1308495900 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 26982146 | &nbsp;&nbsp;&nbsp;&nbsp; 808031117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 835013263 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 91475421 | &nbsp;&nbsp;&nbsp;&nbsp; 8937944727 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9029420148 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 47146024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47146024 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35958748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35958748 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 83104772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83104772 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $174580193 | &nbsp;&nbsp;&nbsp;&nbsp; $8937944727 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9112524920 |

---

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (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 Agency SLClass Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

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

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

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

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

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statement of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| &nbsp;&nbsp; $33901987 | &nbsp;&nbsp; $(33901987)<br>| &nbsp;&nbsp; $— |

---

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

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

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

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

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

------

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

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money <br> Market Fund Class IM <br> Shares, 4.10% (a) (b)<br>| $29218490 | $635189097 | $617259667 | $8475 | $(10371)<br>| $47146024 | 47127172 | $1869346 | $— |
| JPMorgan Securities <br> Lending Money Market <br> Fund Agency SL <br> Class Shares, 4.12% <br> (a) (b)<br>|  | 454401674 | 418442926 |  |  | 35958748 | 35958748 | 895,221<br> \*<br>|  |
| **Total** | $29218490 | $1089590771 | $1035702593 | $8475 | $(10371)<br>| $83104772 |  | $2764567 | $— |

---

&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 October 31, 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 year 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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

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

The table below discloses the volume of the Fund's futures contracts activity during the year ended October 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $15835501 |

---

**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 October 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $416363959 | &nbsp;&nbsp;&nbsp;&nbsp; $27482942 | &nbsp;&nbsp;&nbsp;&nbsp; $(443846901)<br>|

---

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

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

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

------

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

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

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

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

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

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

**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 year ended October 31, 2025, the effective 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 its distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

**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 year ended October 31, 2025 and the contractual expense limitation is in place until at least February 28, 2026.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

For the year ended October 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| |
|:---|
| **Contractual** <br>**Reimbursements**<br>|
| &nbsp;&nbsp; $3972370 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser and/or its affiliates 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 year ended October 31, 2025 was $48,545.

**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.

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 year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $1989698572 | $1859539551 |

---

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $2603149345 | $1471036877 |

---

During the year ended October 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $7515025652 | &nbsp;&nbsp;&nbsp;&nbsp; $1804693562 | &nbsp;&nbsp;&nbsp;&nbsp; $207194294 | &nbsp;&nbsp;&nbsp;&nbsp; $1597499268 |

---

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

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

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

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The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $206111066 | &nbsp;&nbsp;&nbsp;&nbsp; $206111066 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $167953253 | &nbsp;&nbsp;&nbsp;&nbsp; $167953253 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $267181541 | &nbsp;&nbsp;&nbsp;&nbsp; $(460538189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1598670482 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments and wash sale loss deferrals.

As of October 31, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $25745987 | &nbsp;&nbsp;&nbsp;&nbsp; $434792202 |

---

During the year ended October 31, 2025, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $30293453 |

---

**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, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**7. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended October 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

**8. Risks, Concentrations and Indemnifications**

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

As of October 31, 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; 14.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.1<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 October 31, 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 | 11.0<br> %<br>|
| Germany | 11.1 |
| Japan | 22.7 |
| United Kingdom | 14.4 |

---

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,

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

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

------

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.

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

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

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

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan International Research Enhanced Equity ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan International Research Enhanced Equity ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

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

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

------

**TAX LETTER**

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Qualified Dividend Income (QDI)**

The Fund had $197,411,684, of ordinary income distributions and foreign tax credits (if applicable) treated as qualified dividends for the fiscal year ended October 31, 2025.

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended October 31, 2025, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. The Fund had $227,956,294 and $12,661,920 in gross income and foreign tax expenses or amounts as finally determined.

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

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

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

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

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

![](g88950imgf79703df2.jpg)

------

![](g88950img3645f2a43.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. October 2025.

AN-CONV-ETF-1025

------

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

Not applicable.

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

Not applicable.

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

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

------

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

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the "Advisory Agreement"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund's performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund's objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and

received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

**Nature, Extent and Quality of Services Provided by the Adviser**

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services

------

provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

**Costs of Services Provided and Profitability to the Adviser and its Affiliates**

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser earns fees from the Fund for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.

**Fall-Out Benefits**

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund's potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.

**Economies of Scale**

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver ("Fee Cap") which allow the Fund's shareholders to share potential economies of scale from the Fund's inception, and that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Fund's distributor and principal underwriter, ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund's shareholders received the benefits of potential economies of scale through the Fee Cap and from the Adviser's reinvestment in its operations to serve the Fund and its

------

shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

**Fees Relative to Adviser's Other Clients**

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser's other clients were reasonable.

**Investment Performance**

The Trustees receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in the Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared

for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund's performance are summarized below:

The Trustees noted that the Fund's performance was in the fourth, second and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

**Advisory Fee and Expense Ratio**

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported the Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of the Fund's advisory fee and expense ratio are summarized below:

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

------

Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

October 31, 2025

---

| | | |
|:---|:---|:---|
| 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 Equity and Options Total Return ETF | JOYT | Cboe BZX Exchange, 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 |

---

![](g33369imgfecc8eb41.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_SOI-TOC-ScheduleofInvestments-998_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_FS-TOC-FinancialStatement-998_1) | &nbsp;&nbsp; **51** |
| [Financial Highlights](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_FIHI_2-TOC-FIHI-998_2) | &nbsp;&nbsp; **66** |
| [Notes to Financial Statements](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_NTF-NTFRunningFooter-998_1) | &nbsp;&nbsp; **72** |
| [Report of Independent Registered Public Accounting Firm](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_AUD-TOC-AuditorsReport-998_1) | &nbsp;&nbsp; **99** |
| [Tax Letter](#xx_e668e542-e6c5-4acd-9210-53e694e1358a_TL-TAXLETTERCC-998_1) | &nbsp;&nbsp; **101** |

---

**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 October 31, 2025

&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 — 2.8%** | **Automobile Components — 2.8%** | **Automobile Components — 2.8%** |
| Fuyao Glass Industry Group Co. Ltd., Class A | 27600 | 261519 |
| Minth Group Ltd. | 40000 | 177493 |
|  |  | 439012 |
| **Banks — 11.1%** | **Banks — 11.1%** | **Banks — 11.1%** |
| Bank of Chengdu Co. Ltd., Class A | 111000 | 261988 |
| China Construction Bank Corp., Class H | 606000 | 599965 |
| China Merchants Bank Co. Ltd., Class A | 103900 | 596792 |
| China Minsheng Banking Corp. Ltd., Class H | 558000 | 285872 |
|  |  | 1744617 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| Kweichow Moutai Co. Ltd., Class A | 2000 | 401721 |
| **Broadline Retail — 13.1%** | **Broadline Retail — 13.1%** | **Broadline Retail — 13.1%** |
| Alibaba Group Holding Ltd. | 72200 | 1536326 |
| PDD Holdings, Inc., ADR \* | 3858 | 520328 |
|  |  | 2056654 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| CITIC Securities Co. Ltd., Class A | 77200 | 318635 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Inner Mongolia Berun Chemical Co. Ltd., Class A | 159900 | 151669 |
| Wanhua Chemical Group Co. Ltd., Class A | 17800 | 156453 |
|  |  | 308122 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Beijing Oriental Yuhong Waterproof Technology Co. <br> Ltd., Class A<br>| 91900 | 166520 |
| **Electrical Equipment — 4.6%** | **Electrical Equipment — 4.6%** | **Electrical Equipment — 4.6%** |
| Contemporary Amperex Technology Co. Ltd., Class A | 8900 | 485911 |
| Hongfa Technology Co. Ltd., Class A | 56860 | 243198 |
|  |  | 729109 |
| **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** |
| Avary Holding Shenzhen Co. Ltd., Class A | 11700 | 86119 |
| Foxconn Industrial Internet Co. Ltd., Class A | 7331 | 73824 |
| Luxshare Precision Industry Co. Ltd., Class A | 41500 | 367142 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 12900 | 128078 |
| Xiamen Faratronic Co. Ltd., Class A | 10600 | 179105 |
|  |  | 834268 |
| **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
| NetEase, Inc. | 15000 | 420911 |
| **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** |
| ENN Energy Holdings Ltd. | 20400 | 177751 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 4500 | 135854 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Meituan \* (a) | 26100 | 343548 |
| **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** |
| China Yangtze Power Co. Ltd., Class A | 47300 | 186601 |
| **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| 227000 | 203871 |
| Ping An Insurance Group Co. of China Ltd., Class A | 22600 | 183529 |
| Ping An Insurance Group Co. of China Ltd., Class H | 50500 | 364829 |
|  |  | 752229 |
| **Interactive Media & Services — 14.2%** | **Interactive Media & Services — 14.2%** | **Interactive Media & Services — 14.2%** |
| Tencent Holdings Ltd. | 27600 | 2241886 |
| **Machinery — 6.6%** | **Machinery — 6.6%** | **Machinery — 6.6%** |
| Sany Heavy Industry Co. Ltd., Class A | 70000 | 217520 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 8700 | 93996 |
| Weichai Power Co. Ltd., Class H | 118000 | 243823 |
| XCMG Construction Machinery Co. Ltd., Class A | 172100 | 257048 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 44600 | 226663 |
|  |  | 1039050 |
| **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** |
| China Hongqiao Group Ltd. | 32500 | 123396 |
| Zijin Mining Group Co. Ltd., Class H | 64000 | 264769 |
|  |  | 388165 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |
| China Petroleum & Chemical Corp., Class H | 314000 | 167018 |
| China Shenhua Energy Co. Ltd., Class H | 41500 | 216098 |
| PetroChina Co. Ltd., Class H | 194000 | 200542 |
|  |  | 583658 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 36600 | 329249 |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |
| Kanzhun Ltd., ADR | 6121 | 135641 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| Montage Technology Co. Ltd., Class A | 15679 | 300091 |
| NAURA Technology Group Co. Ltd., Class A | 5850 | 334226 |
| OmniVision Integrated Circuits Group, Inc. | 9100 | 166956 |
| Xinyi Solar Holdings Ltd. | 176000 | 81100 |
|  |  | 882373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active China ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Pop Mart International Group Ltd. (a) | 5400 | 153604 |
| **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** |
| Huaqin Technology Co. Ltd., Class A | 12000 | 171047 |
| Xiaomi Corp., Class B \* (a) | 101200 | 561449 |
|  |  | 732496 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| Shenzhou International Group Holdings Ltd. | 22700 | 195942 |
| Total Common Stocks <br>(Cost $12,197,433)<br>|  | 15697616 |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan Prime Money Market Fund Class IM, <br> 4.10% (b) (c)(Cost $39,336)<br>| 39321 | 39336 |
| **Total Investments — 100.0%** <br>**(Cost $12,236,769)**<br>|  | **15736952** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **691** |
| **NET ASSETS — 100.0%** |  | **15737643** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | 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) | 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 October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Developing Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Argentina — 0.8%** | **Argentina — 0.8%** | **Argentina — 0.8%** |
| Vista Energy SAB de CV, ADR \* | 1908 | 92443 |
| YPF SA, ADR \* | 1547 | 56357 |
|  |  | 148800 |
| **Brazil — 7.5%** | **Brazil — 7.5%** | **Brazil — 7.5%** |
| B3 SA - Brasil Bolsa Balcao | 46434 | 109440 |
| Banco BTG Pactual SA | 13065 | 118873 |
| Banco do Brasil SA | 23404 | 95531 |
| BB Seguridade Participacoes SA | 2866 | 17580 |
| Centrais Eletricas Brasileiras SA | 10122 | 104645 |
| Embraer SA, ADR | 1295 | 83502 |
| Itau Unibanco Holding SA, ADR | 15768 | 116052 |
| Itau Unibanco Holding SA (Preference) | 3195 | 23476 |
| MercadoLibre, Inc. \* | 85 | 197817 |
| NU Holdings Ltd., Class A \* | 12859 | 207159 |
| Petroleo Brasileiro SA, ADR | 7707 | 85162 |
| Petroleo Brasileiro SA (Preference) | 24869 | 137197 |
| TIM SA | 19400 | 87481 |
| WEG SA | 4202 | 32859 |
|  |  | 1416774 |
| **China — 28.3%** | **China — 28.3%** | **China — 28.3%** |
| Advanced Micro-Fabrication Equipment, Inc., Class A | 1762 | 69125 |
| Alibaba Group Holding Ltd., ADR | 571 | 97316 |
| Alibaba Group Holding Ltd. | 13314 | 283305 |
| Beijing Huafeng Test & Control Technology Co. Ltd., <br> Class A<br>| 3042 | 85439 |
| BYD Co. Ltd., Class A | 3600 | 50978 |
| China Merchants Bank Co. Ltd., Class H | 20699 | 129752 |
| China Pacific Insurance Group Co. Ltd., Class H | 12121 | 49139 |
| China Petroleum & Chemical Corp., Class H | 113134 | 60176 |
| China Yangtze Power Co. Ltd., Class A | 13700 | 54047 |
| Contemporary Amperex Technology Co. Ltd., Class A | 6300 | 343960 |
| ENN Energy Holdings Ltd. | 11900 | 103688 |
| Full Truck Alliance Co. Ltd., ADR | 8147 | 105911 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 33059 | 294401 |
| H World Group Ltd., ADR | 5441 | 210023 |
| Haidilao International Holding Ltd. (a) | 40877 | 67362 |
| Haier Smart Home Co. Ltd., Class A | 10700 | 40291 |
| Haier Smart Home Co. Ltd., Class H | 21722 | 70638 |
| Huaming Power Equipment Co. Ltd., Class A | 14600 | 53486 |
| Huayu Automotive Systems Co. Ltd., Class A | 9600 | 27530 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 18500 | 71220 |
| JD.com, Inc., Class A | 2091 | 34522 |
| KE Holdings, Inc., ADR | 3339 | 56930 |
| Meituan \* (a) | 4800 | 63181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Midea Group Co. Ltd., Class A | 27900 | 299270 |
| Montage Technology Co. Ltd., Class A | 6749 | 129174 |
| NetEase, Inc. | 9720 | 272750 |
| PetroChina Co. Ltd., Class H | 163459 | 168971 |
| Ping An Insurance Group Co. of China Ltd., Class H | 17542 | 126729 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 10800 | 116685 |
| Shenzhou International Group Holdings Ltd. | 22483 | 194069 |
| Sieyuan Electric Co. Ltd., Class A | 6158 | 113520 |
| Tencent Holdings Ltd. | 13484 | 1095275 |
| Tencent Music Entertainment Group, ADR | 4761 | 106266 |
| Trip.com Group Ltd., ADR | 1313 | 92763 |
| Wuliangye Yibin Co. Ltd., Class A | 3200 | 53454 |
| Yum China Holdings, Inc. | 1838 | 79512 |
| Zhongji Innolight Co. Ltd., Class A | 1100 | 72536 |
|  |  | 5343394 |
| **Greece — 1.7%** | **Greece — 1.7%** | **Greece — 1.7%** |
| National Bank of Greece SA | 17461 | 256651 |
| Piraeus Financial Holdings SA | 9211 | 71940 |
|  |  | 328591 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
| Millicom International Cellular SA | 1610 | 75847 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| AIA Group Ltd. | 12556 | 122179 |
| Hong Kong Exchanges & Clearing Ltd. | 1930 | 105191 |
| Techtronic Industries Co. Ltd. | 8301 | 96823 |
|  |  | 324193 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| OTP Bank Nyrt. | 1051 | 100324 |
| **India — 9.3%** | **India — 9.3%** | **India — 9.3%** |
| Bajaj Auto Ltd. | 1135 | 113636 |
| Bajaj Finance Ltd. | 19357 | 227340 |
| Bharat Electronics Ltd. | 14266 | 68409 |
| Bharti Airtel Ltd. | 3135 | 72595 |
| Cholamandalam Investment and Finance Co. Ltd. | 6486 | 123948 |
| HDFC Asset Management Co. Ltd. (a) | 1715 | 103882 |
| HDFC Bank Ltd., ADR | 5066 | 183490 |
| HDFC Bank Ltd. | 6480 | 72050 |
| ICICI Bank Ltd., ADR | 2239 | 67842 |
| Infosys Ltd., ADR (b) | 1377 | 22817 |
| MakeMyTrip Ltd. \* | 646 | 51680 |
| Maruti Suzuki India Ltd. | 194 | 35330 |
| Max Healthcare Institute Ltd. | 6167 | 79738 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Developing Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| NTPC Ltd. | 18804 | 71323 |
| Polycab India Ltd. | 801 | 69477 |
| Power Grid Corp. of India Ltd. | 36111 | 117162 |
| Shriram Finance Ltd. | 26214 | 221063 |
| Tata Consultancy Services Ltd. | 1358 | 46738 |
|  |  | 1748520 |
| **Indonesia — 2.5%** | **Indonesia — 2.5%** | **Indonesia — 2.5%** |
| Bank Central Asia Tbk. PT | 317300 | 162455 |
| Bank Rakyat Indonesia Persero Tbk. PT | 611600 | 146307 |
| Telkom Indonesia Persero Tbk. PT | 828200 | 160203 |
|  |  | 468965 |
| **Mexico — 3.4%** | **Mexico — 3.4%** | **Mexico — 3.4%** |
| Arca Continental SAB de CV | 6171 | 59715 |
| BBB Foods, Inc., Class A \* | 1753 | 47892 |
| Grupo Financiero Banorte SAB de CV, Class O | 24275 | 227887 |
| Grupo Mexico SAB de CV | 7459 | 64362 |
| Southern Copper Corp. | 270 | 37476 |
| Wal-Mart de Mexico SAB de CV | 59339 | 196429 |
|  |  | 633761 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
| Copa Holdings SA, Class A | 475 | 59475 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | 137 | 35757 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Jeronimo Martins SGPS SA | 2518 | 64851 |
| **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** |
| Al Rajhi Bank | 4085 | 115459 |
| Saudi Arabian Oil Co. (a) | 19152 | 132331 |
| Saudi National Bank (The) | 17395 | 185092 |
|  |  | 432882 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| Grab Holdings Ltd., Class A \* | 14523 | 87283 |
| Sea Ltd., ADR \* | 714 | 111563 |
|  |  | 198846 |
| **South Africa — 2.3%** | **South Africa — 2.3%** | **South Africa — 2.3%** |
| Absa Group Ltd. | 3523 | 39365 |
| Bid Corp. Ltd. | 1016 | 25133 |
| Capitec Bank Holdings Ltd. | 428 | 94694 |
| FirstRand Ltd. | 16624 | 78896 |
| Gold Fields Ltd. | 2298 | 88602 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Africa — continued** | **South Africa — continued** | **South Africa — continued** |
| Shoprite Holdings Ltd. | 955 | 15977 |
| Standard Bank Group Ltd. | 6557 | 96420 |
|  |  | 439087 |
| **South Korea — 14.2%** | **South Korea — 14.2%** | **South Korea — 14.2%** |
| Coupang, Inc. \* | 2808 | 89772 |
| Hana Financial Group, Inc. | 1901 | 113886 |
| Hanwha Aerospace Co. Ltd. | 335 | 229785 |
| Hanwha Vision Co. Ltd. \* | 415 | 14603 |
| Hyundai Motor Co. | 492 | 99772 |
| KB Financial Group, Inc. | 792 | 64654 |
| Kia Corp. | 2303 | 193172 |
| Samsung Electronics Co. Ltd. | 8917 | 671238 |
| Samsung Electronics Co. Ltd. (Preference) | 2778 | 163944 |
| Samsung Fire & Marine Insurance Co. Ltd. | 630 | 194988 |
| Shinhan Financial Group Co. Ltd. | 3558 | 182748 |
| SK hynix, Inc. | 1705 | 663404 |
|  |  | 2681966 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| Banco Bilbao Vizcaya Argentaria SA | 7065 | 142332 |
| **Taiwan — 18.7%** | **Taiwan — 18.7%** | **Taiwan — 18.7%** |
| Accton Technology Corp. | 4514 | 156982 |
| ASE Technology Holding Co. Ltd. | 31532 | 252280 |
| Delta Electronics, Inc. | 4864 | 156445 |
| MediaTek, Inc. | 3033 | 128628 |
| Quanta Computer, Inc. | 18891 | 183209 |
| Realtek Semiconductor Corp. | 10769 | 179828 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 45669 | 2208539 |
| Wistron Corp. | 17319 | 83934 |
| Wiwynn Corp. | 1289 | 181774 |
|  |  | 3531619 |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |
| SCB X PCL, NVDR | 37500 | 151875 |
| **Turkey — 1.8%** | **Turkey — 1.8%** | **Turkey — 1.8%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 31714 | 153323 |
| BIM Birlesik Magazalar A/S | 4867 | 62327 |
| Ford Otomotiv Sanayi A/S | 20710 | 48830 |
| Turkiye Garanti Bankasi A/S | 14494 | 46292 |
| Yapi ve Kredi Bankasi A/S \* | 36695 | 29273 |
|  |  | 340045 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| ExlService Holdings, Inc. \* | 1581 | 61817 |
| Monolithic Power Systems, Inc. | 65 | 65325 |
|  |  | 127142 |
| Total Common Stocks <br>(Cost $14,313,842)<br>|  | 18795046 |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (c) (d)(Cost <br> $22,695)<br>| 22695 | 22695 |
| **Total Investments — 99.7%** <br>**(Cost $14,336,537)**<br>|  | **18817741** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **64645** |
| **NET ASSETS — 100.0%** |  | **18882386** |

---

&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. 

(b) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $22,121. 

(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 October 31, 2025.

**Summary of Investments by Industry, October 31, 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 | 20.1<br> %<br>|
| Banks | 16.8 |
| Technology Hardware, Storage & Peripherals | 6.8 |
| Interactive Media & Services | 5.8 |
| Broadline Retail | 4.3 |
| Oil, Gas & Consumable Fuels | 3.9 |
| Consumer Finance | 3.0 |
| Hotels, Restaurants & Leisure | 3.0 |
| Electrical Equipment | 3.0 |
| Automobiles | 2.9 |
| Aerospace & Defense | 2.9 |
| Insurance | 2.7 |
| Capital Markets | 2.3 |
| Consumer Staples Distribution & Retail | 2.2 |
| Household Durables | 2.2 |
| Entertainment | 2.0 |
| Automobile Components | 1.7 |
| Machinery | 1.4 |
| Wireless Telecommunication Services | 1.3 |
| Communications Equipment | 1.2 |
| Electric Utilities | 1.2 |
| Textiles, Apparel & Luxury Goods | 1.0 |
| Ground Transportation | 1.0 |
| Metals & Mining | 1.0 |
| Others (each less than 1.0%) | 6.2 |
| Short-Term Investments | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.2%** | **Common Stocks — 98.2%** | **Common Stocks — 98.2%** |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
| Vista Energy SAB de CV, ADR \* | 4077 | 197531 |
| YPF SA, ADR \* | 17471 | 636468 |
|  |  | 833999 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| Raiffeisen Bank International AG | 12948 | 482704 |
| **Brazil — 5.5%** | **Brazil — 5.5%** | **Brazil — 5.5%** |
| B3 SA - Brasil Bolsa Balcao | 1929525 | 4547696 |
| Banco BTG Pactual SA | 534297 | 4861353 |
| Banco do Brasil SA | 324769 | 1325649 |
| Banco Santander Brasil SA | 66439 | 384930 |
| Centrais Eletricas Brasileiras SA (Preference) | 333334 | 3671045 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 77418 | 1902803 |
| CPFL Energia SA | 44381 | 342182 |
| Cury Construtora e Incorporadora SA | 93251 | 605791 |
| Embraer SA | 133630 | 2162938 |
| Gerdau SA (Preference) | 71542 | 251064 |
| Itau Unibanco Holding SA (Preference) | 1136186 | 8348299 |
| Itausa SA (Preference) | 704950 | 1523912 |
| Localiza Rent a Car SA | 273741 | 1998633 |
| Lojas Renner SA | 243941 | 671071 |
| Marcopolo SA (Preference) | 364302 | 536978 |
| MercadoLibre, Inc. \* | 3789 | 8817989 |
| Motiva Infraestrutura de Mobilidade SA | 90189 | 266043 |
| NU Holdings Ltd., Class A \* | 556756 | 8969339 |
| Petroleo Brasileiro SA, ADR | 631496 | 7350613 |
| Porto Seguro SA | 120074 | 1071302 |
| Raia Drogasil SA | 388782 | 1446745 |
| Telefonica Brasil SA | 408010 | 2446566 |
| TIM SA | 373319 | 1683421 |
| TOTVS SA | 44840 | 370975 |
| Vale SA, ADR | 137665 | 1664370 |
| Vibra Energia SA | 170844 | 756420 |
| WEG SA | 365263 | 2856275 |
| XP, Inc., Class A | 21399 | 389890 |
|  |  | 71224292 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | 2933934 | 514882 |
| Banco Santander Chile | 17350044 | 1254843 |
|  |  | 1769725 |
| **China — 27.0%** | **China — 27.0%** | **China — 27.0%** |
| Advanced Micro-Fabrication Equipment, Inc., <br> Class A<br>| 12853 | 504236 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Airtac International Group | 8000 | 235960 |
| Alibaba Group Holding Ltd. | 1721186 | 36624685 |
| Anhui Expressway Co. Ltd., Class H | 172000 | 273078 |
| Anjoy Foods Group Co. Ltd., Class A | 71600 | 742570 |
| ANTA Sports Products Ltd. | 55000 | 574097 |
| Avary Holding Shenzhen Co. Ltd., Class A | 49800 | 366558 |
| Bank of Chengdu Co. Ltd., Class A | 145500 | 343417 |
| Bank of China Ltd., Class H | 1407000 | 796705 |
| Bank of Hangzhou Co. Ltd., Class A | 169400 | 373348 |
| Baoshan Iron & Steel Co. Ltd., Class A | 254300 | 263191 |
| Beijing Huafeng Test & Control Technology Co. <br> Ltd., Class A<br>| 39158 | 1099814 |
| Beijing Oriental Yuhong Waterproof <br> Technology Co. Ltd., Class A<br>| 298000 | 539968 |
| BYD Co. Ltd., Class H | 132500 | 1711899 |
| Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| 20100 | 366031 |
| China CITIC Bank Corp. Ltd., Class H | 1289000 | 1229843 |
| China Construction Bank Corp., Class H | 7118000 | 7047117 |
| China Galaxy Securities Co. Ltd., Class H | 344500 | 495599 |
| China Hongqiao Group Ltd. | 198000 | 751765 |
| China International Capital Corp. Ltd., <br> Class H (a)<br>| 140400 | 381965 |
| China Life Insurance Co. Ltd., Class H | 360000 | 1135258 |
| China Merchants Bank Co. Ltd., Class H | 1646000 | 10318011 |
| China Minsheng Banking Corp. Ltd., Class H | 5877000 | 3010873 |
| China Pacific Insurance Group Co. Ltd., Class H | 687000 | 2785135 |
| China Petroleum & Chemical Corp., Class H | 3394000 | 1805283 |
| China Resources Land Ltd. | 152500 | 550973 |
| China Resources Power Holdings Co. Ltd. | 174000 | 416086 |
| China Shenhua Energy Co. Ltd., Class H | 350000 | 1822514 |
| China Tower Corp. Ltd., Class H (a) | 317600 | 458820 |
| China Yangtze Power Co. Ltd., Class A | 841375 | 3319266 |
| China Zheshang Bank Co. Ltd., Class H | 861000 | 280483 |
| CITIC Securities Co. Ltd., Class H | 584500 | 2225245 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 207500 | 11328833 |
| ENN Energy Holdings Ltd. | 343100 | 2989523 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| 1779800 | 1934424 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class H<br>| 96300 | 396574 |
| Foxconn Industrial Internet Co. Ltd., Class A | 189500 | 1908295 |
| Full Truck Alliance Co. Ltd., ADR | 99471 | 1293123 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (a)<br>| 880400 | 7840251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Ganfeng Lithium Group Co. Ltd. (a) | 52200 | 344711 |
| Geely Automobile Holdings Ltd. | 217000 | 514791 |
| H World Group Ltd. | 1186086 | 4599213 |
| Haidilao International Holding Ltd. (a) | 895000 | 1474881 |
| Haier Smart Home Co. Ltd., Class H | 478800 | 1557003 |
| Hello Group, Inc., ADR | 34783 | 236177 |
| Hongfa Technology Co. Ltd., Class A | 328080 | 1403240 |
| Huaming Power Equipment Co. Ltd., Class A | 652100 | 2388915 |
| Huaqin Technology Co. Ltd., Class A | 24000 | 342094 |
| Huayu Automotive Systems Co. Ltd., Class A | 121700 | 348998 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 468000 | 362606 |
| Inner Mongolia Berun Chemical Co. Ltd., <br> Class A<br>| 800500 | 759292 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| 749513 | 2885426 |
| Jason Furniture Hangzhou Co. Ltd., Class A | 77300 | 334276 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| 300800 | 2705958 |
| Jinan Shengquan Group Share Holding Co. <br> Ltd., Class A<br>| 69700 | 274001 |
| Kanzhun Ltd., ADR | 93472 | 2071340 |
| KE Holdings, Inc., Class A | 316968 | 1797738 |
| Kingdee International Software Group Co. <br> Ltd. \*<br>| 212000 | 399969 |
| Kingsoft Corp. Ltd. | 68400 | 298165 |
| Kuaishou Technology (a) | 104400 | 969285 |
| Kweichow Moutai Co. Ltd., Class A | 25000 | 5021517 |
| Lenovo Group Ltd. | 1144000 | 1668924 |
| Lonking Holdings Ltd. | 914000 | 364329 |
| Luxshare Precision Industry Co. Ltd., Class A | 242200 | 2142691 |
| Luzhou Laojiao Co. Ltd., Class A | 42600 | 804238 |
| Meitu, Inc. \* (a) | 362000 | 402036 |
| Meituan \* (a) | 368128 | 4845579 |
| Midea Group Co. Ltd., Class A | 744812 | 7989235 |
| MINISO Group Holding Ltd. | 88400 | 472647 |
| Minth Group Ltd. | 548000 | 2431652 |
| Montage Technology Co. Ltd., Class A | 198538 | 3799947 |
| NARI Technology Co. Ltd., Class A | 103248 | 351297 |
| NAURA Technology Group Co. Ltd., Class A | 19975 | 1141224 |
| NetEase, Inc. | 508148 | 14259007 |
| Nongfu Spring Co. Ltd., Class H (a) | 68800 | 457352 |
| OmniVision Integrated Circuits Group, Inc. | 16200 | 297219 |
| PDD Holdings, Inc., ADR \* | 42651 | 5752340 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| 2060000 | 1850106 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| PetroChina Co. Ltd., Class H | 5760000 | 5954219 |
| PICC Property & Casualty Co. Ltd., Class H | 792000 | 1871119 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| 1403000 | 10135737 |
| Pop Mart International Group Ltd. (a) | 23400 | 665616 |
| Qfin Holdings, Inc., Class A | 16450 | 177325 |
| Sany Heavy Industry Co. Ltd., Class A | 529600 | 1645693 |
| Shanghai Baosight Software Co. Ltd., Class A | 305201 | 985272 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| 284706 | 459651 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| 11100 | 296980 |
| Shenzhen Inovance Technology Co. Ltd., <br> Class A<br>| 175500 | 1896130 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| 52500 | 1584967 |
| Shenzhou International Group Holdings Ltd. | 360100 | 3108317 |
| Sieyuan Electric Co. Ltd., Class A | 31200 | 575157 |
| Sinotruk Hong Kong Ltd. | 111500 | 372503 |
| SITC International Holdings Co. Ltd. | 168000 | 618767 |
| StarPower Semiconductor Ltd., Class A | 32200 | 473133 |
| Sunresin New Materials Co. Ltd., Class A | 85400 | 665749 |
| TCL Electronics Holdings Ltd. | 306000 | 363319 |
| Tencent Holdings Ltd. | 968800 | 78693457 |
| Tencent Music Entertainment Group, Class A | 255700 | 2856210 |
| Tianqi Lithium Corp., Class H \* | 46600 | 286454 |
| Tingyi Cayman Islands Holding Corp. | 760000 | 1042742 |
| Tongcheng Travel Holdings Ltd. (a) | 127600 | 351131 |
| Trip.com Group Ltd. | 73818 | 5194678 |
| Tsingtao Brewery Co. Ltd. | 42000 | 283858 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A \*<br>| 10402 | 232521 |
| Vipshop Holdings Ltd., ADR | 25747 | 450315 |
| Wanhua Chemical Group Co. Ltd., Class A | 142600 | 1253386 |
| Weichai Power Co. Ltd., Class H | 1088000 | 2248134 |
| Wuliangye Yibin Co. Ltd., Class A | 78000 | 1302939 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 140000 | 1389994 |
| XCMG Construction Machinery Co. Ltd., Class A | 2388600 | 3567608 |
| Xiamen Faratronic Co. Ltd., Class A | 35700 | 603211 |
| Xiaomi Corp., Class B \* (a) | 1243000 | 6896056 |
| Xinyi Solar Holdings Ltd. (b) | 3136000 | 1445060 |
| Yum China Holdings, Inc. | 83214 | 3599838 |
| Yunnan Energy New Material Co. Ltd., <br> Class A \*<br>| 59500 | 405214 |
| Yunnan Yuntianhua Co. Ltd., Class A | 88000 | 355293 |
| Yutong Bus Co. Ltd., Class A | 87800 | 398475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Zhejiang Expressway Co. Ltd., Class H | 852000 | 831728 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 59300 | 539857 |
| Zhejiang Supor Co. Ltd., Class A | 174373 | 1167900 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 533800 | 2712838 |
| Zijin Mining Group Co. Ltd., Class H | 1430000 | 5915931 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| 339000 | 327316 |
| ZTO Express Cayman, Inc. | 10450 | 192790 |
|  |  | 347054823 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA (Preference) | 50588 | 738871 |
| **Cyprus — 0.1%** | **Cyprus — 0.1%** | **Cyprus — 0.1%** |
| Bank of Cyprus Holdings plc | 78258 | 720196 |
| **Georgia — 0.0% ^** | **Georgia — 0.0% ^** | **Georgia — 0.0% ^** |
| Lion Finance Group plc | 3306 | 348035 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| Alpha Bank SA | 228473 | 895662 |
| Eurobank Ergasias Services and Holdings SA | 640852 | 2410631 |
| Hellenic Telecommunications Organization SA | 46251 | 868539 |
| JUMBO SA | 10341 | 328264 |
| National Bank of Greece SA | 331419 | 4871369 |
| OPAP SA | 46059 | 952964 |
| Optima bank SA | 108852 | 1008765 |
| Piraeus Financial Holdings SA | 332296 | 2595304 |
| Public Power Corp. SA | 20347 | 353370 |
|  |  | 14284868 |
| **Guatemala — 0.2%** | **Guatemala — 0.2%** | **Guatemala — 0.2%** |
| Millicom International Cellular SA | 43854 | 2065962 |
| **Hong Kong — 1.1%** | **Hong Kong — 1.1%** | **Hong Kong — 1.1%** |
| AIA Group Ltd. | 671800 | 6537109 |
| ASMPT Ltd. | 29200 | 307353 |
| Hong Kong Exchanges & Clearing Ltd. | 61900 | 3373729 |
| Prudential plc | 33349 | 463821 |
| Stella International Holdings Ltd. | 153000 | 325274 |
| Techtronic Industries Co. Ltd. | 241500 | 2816860 |
| WH Group Ltd. (a) | 364500 | 350619 |
|  |  | 14174765 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| MOL Hungarian Oil & Gas plc | 51421 | 452341 |
| OTP Bank Nyrt. | 37031 | 3534810 |
|  |  | 3987151 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — 12.6%** | **India — 12.6%** | **India — 12.6%** |
| Aavas Financiers Ltd. \* | 14934 | 277374 |
| ABB India Ltd. | 9673 | 568549 |
| Adani Ports & Special Economic Zone Ltd. | 30752 | 502921 |
| Asian Paints Ltd. | 13742 | 388930 |
| Axis Bank Ltd., GDR (a) | 6871 | 470506 |
| Bajaj Auto Ltd. | 35205 | 3524728 |
| Bajaj Finance Ltd. | 446546 | 5244508 |
| Bajaj Finserv Ltd. | 162278 | 3814031 |
| Bharat Electronics Ltd. | 475513 | 2280189 |
| Bharat Petroleum Corp. Ltd. | 109714 | 440140 |
| Bharti Airtel Ltd. | 162369 | 3759847 |
| Blue Star Ltd. | 84848 | 1847525 |
| Britannia Industries Ltd. | 29811 | 1960003 |
| Canara Bank | 216115 | 333238 |
| CG Power & Industrial Solutions Ltd. | 153773 | 1274947 |
| Cholamandalam Investment and Finance Co. <br> Ltd.<br>| 219358 | 4191941 |
| Coforge Ltd. | 91468 | 1830722 |
| Computer Age Management Services Ltd. | 28314 | 1255731 |
| CRISIL Ltd. | 15259 | 846465 |
| Crompton Greaves Consumer Electricals Ltd. | 390225 | 1241775 |
| Delhivery Ltd. \* | 303509 | 1592091 |
| Dr Lal PathLabs Ltd. (a) | 7336 | 259092 |
| Dr Reddy's Laboratories Ltd. | 244120 | 3284699 |
| Eicher Motors Ltd. | 14768 | 1164641 |
| Embassy Office Parks, REIT | 175225 | 846615 |
| Eternal Ltd. \* | 105275 | 375718 |
| GAIL India Ltd. | 221440 | 455573 |
| Godrej Consumer Products Ltd. | 18574 | 233929 |
| Havells India Ltd. | 89423 | 1504868 |
| HDFC Asset Management Co. Ltd. (a) | 41751 | 2528960 |
| HDFC Bank Ltd., ADR | 355100 | 12861722 |
| HDFC Bank Ltd. | 964954 | 10729178 |
| HDFC Life Insurance Co. Ltd. (a) | 315555 | 2599182 |
| Hexaware Technologies Ltd. | 116644 | 902785 |
| Hindalco Industries Ltd. | 35289 | 336580 |
| Hindustan Unilever Ltd. | 88481 | 2457316 |
| ICICI Bank Ltd., ADR | 44750 | 1355925 |
| ICICI Bank Ltd. | 736098 | 11153825 |
| Indian Hotels Co. Ltd. (The) | 36463 | 304467 |
| Info Edge India Ltd. | 147719 | 2291959 |
| Infosys Ltd. | 428063 | 7132426 |
| InterGlobe Aviation Ltd. (a) | 10461 | 662795 |
| ITC Ltd. | 417400 | 1975776 |
| Kotak Mahindra Bank Ltd. | 255862 | 6061063 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Mahanagar Gas Ltd. (a) | 22019 | 316365 |
| Mahindra & Mahindra Ltd. | 175579 | 6894650 |
| MakeMyTrip Ltd. \* | 19026 | 1522080 |
| Maruti Suzuki India Ltd. | 5518 | 1004914 |
| Max Financial Services Ltd. \* | 83216 | 1448449 |
| Max Healthcare Institute Ltd. | 190797 | 2466979 |
| Multi Commodity Exchange of India Ltd. | 19295 | 2009015 |
| Muthoot Finance Ltd. | 13626 | 488222 |
| National Aluminium Co. Ltd. | 149854 | 394572 |
| NMDC Ltd. | 473937 | 404313 |
| NTPC Ltd. | 172672 | 654944 |
| PB Fintech Ltd. \* | 106527 | 2138414 |
| Polycab India Ltd. | 10264 | 890279 |
| Power Grid Corp. of India Ltd. | 258829 | 839767 |
| Reliance Industries Ltd. | 459462 | 7688108 |
| SBI Life Insurance Co. Ltd. (a) | 71770 | 1579090 |
| Shree Cement Ltd. | 1397 | 445171 |
| Shriram Finance Ltd. | 501563 | 4229682 |
| State Bank of India | 79003 | 834071 |
| Supreme Industries Ltd. | 13278 | 569366 |
| Syngene International Ltd. (a) | 147598 | 1080825 |
| Tata Consultancy Services Ltd. | 187220 | 6443497 |
| Tata Motors Ltd. ‡ \* | 284205 | 834802 |
| Tata Motors Passenger Vehicles Ltd. | 284205 | 1311757 |
| Tata Steel Ltd. | 135715 | 279304 |
| Tech Mahindra Ltd. | 42603 | 682874 |
| Trent Ltd. | 15803 | 834751 |
| Triveni Turbine Ltd. | 77771 | 468376 |
| Tube Investments of India Ltd. | 45131 | 1535253 |
| UltraTech Cement Ltd. | 19761 | 2657272 |
| Wipro Ltd. | 104827 | 283891 |
| Zee Entertainment Enterprises Ltd. | 265427 | 300451 |
|  |  | 162656759 |
| **Indonesia — 1.4%** | **Indonesia — 1.4%** | **Indonesia — 1.4%** |
| Aneka Tambang Tbk. | 1800000 | 334814 |
| Astra International Tbk. PT | 1531600 | 566330 |
| Bank Central Asia Tbk. PT | 14797400 | 7576151 |
| Bank Mandiri Persero Tbk. PT | 1263800 | 358052 |
| Bank Negara Indonesia Persero Tbk. PT | 1504700 | 395487 |
| Bank Rakyat Indonesia Persero Tbk. PT | 19672470 | 4706053 |
| Indofood Sukses Makmur Tbk. PT | 522900 | 232698 |
| Telkom Indonesia Persero Tbk. PT | 18501000 | 3578735 |
| Unilever Indonesia Tbk. PT | 2873500 | 445557 |
|  |  | 18193877 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |
| Kaspi.KZ JSC, ADR | 19851 | 1484656 |
| NAC Kazatomprom JSC, GDR (a) | 23217 | 1359578 |
|  |  | 2844234 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| National Bank of Kuwait SAKP | 361611 | 1238428 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd. | 71000 | 353746 |
| MGM China Holdings Ltd. | 204800 | 392281 |
|  |  | 746027 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| AMMB Holdings Bhd. | 237900 | 323597 |
| CIMB Group Holdings Bhd. | 915500 | 1593248 |
| Frontken Corp. Bhd. | 225400 | 242783 |
| Gamuda Bhd. | 323200 | 388167 |
| IHH Healthcare Bhd. | 206600 | 406777 |
| Malayan Banking Bhd. | 208900 | 492332 |
| Press Metal Aluminium Holdings Bhd. | 278200 | 420239 |
| Public Bank Bhd. | 785400 | 790676 |
| Sunway Bhd. | 399600 | 515124 |
| Tenaga Nasional Bhd. | 185100 | 586443 |
|  |  | 5759386 |
| **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** |
| Arca Continental SAB de CV (b) | 86289 | 834999 |
| BBB Foods, Inc., Class A \* (b) | 23380 | 638742 |
| Bolsa Mexicana de Valores SAB de CV | 220470 | 420327 |
| Cemex SAB de CV | 2110680 | 2140389 |
| Corp. Inmobiliaria Vesta SAB de CV | 213513 | 648176 |
| Fomento Economico Mexicano SAB de CV | 148975 | 1403509 |
| Gentera SAB de CV | 532098 | 1262188 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| 35955 | 746755 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| 65727 | 1988738 |
| Grupo Financiero Banorte SAB de CV, Class O | 916982 | 8608382 |
| Grupo Mexico SAB de CV | 294203 | 2538616 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 526149 | 1019815 |
| Regional SAB de CV | 105625 | 782530 |
| Southern Copper Corp. | 2977 | 413208 |
| Wal-Mart de Mexico SAB de CV | 1629405 | 5393783 |
|  |  | 28840157 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Copa Holdings SA, Class A | 15764 | 1973810 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | 20260 | 5287860 |
| Intercorp Financial Services, Inc. | 6968 | 299833 |
|  |  | 5587693 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Ayala Land, Inc. | 822100 | 277701 |
| Bank of the Philippine Islands | 357480 | 640244 |
| BDO Unibank, Inc. | 254984 | 578426 |
| International Container Terminal Services, Inc. | 100770 | 908884 |
|  |  | 2405255 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| Bank Polska Kasa Opieki SA | 8638 | 442281 |
| Benefit Systems SA \* | 976 | 827872 |
| Budimex SA | 3303 | 524384 |
| CCC SA \* (b) | 9186 | 375978 |
| KGHM Polska Miedz SA \* | 21960 | 1151871 |
| KRUK SA | 3492 | 429262 |
| LPP SA | 158 | 766961 |
| ORLEN SA | 15997 | 433581 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 79606 | 1632183 |
| Powszechny Zaklad Ubezpieczen SA | 151154 | 2416827 |
|  |  | 9001200 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Jeronimo Martins SGPS SA | 82709 | 2130173 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Qatar Gas Transport Co. Ltd. | 575328 | 699685 |
| Qatar National Bank QPSC | 365226 | 1857536 |
|  |  | 2557221 |
| **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 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Saudi Arabia — 1.5%** | **Saudi Arabia — 1.5%** | **Saudi Arabia — 1.5%** |
| Ades Holding Co. | 92998 | 420255 |
| Al Rajhi Bank | 222212 | 6280628 |
| Aldrees Petroleum and Transport Services Co. | 17688 | 723969 |
| Arab National Bank | 75077 | 485562 |
| Arabian Centres Co. (a) | 58258 | 340419 |
| Elm Co. | 4521 | 1143715 |
| Etihad Etisalat Co. | 22589 | 407539 |
| Riyad Bank | 106037 | 769969 |
| Riyadh Cables Group Co. | 15135 | 571855 |
| Saudi Arabian Oil Co. (a) | 236106 | 1631373 |
| Saudi Awwal Bank | 71299 | 615202 |
| Saudi Ground Services Co. | 50146 | 593073 |
| Saudi National Bank (The) | 338259 | 3599264 |
| United Electronics Co. | 17213 | 407131 |
| United International Transportation Co. | 47970 | 946702 |
|  |  | 18936656 |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
| Grab Holdings Ltd., Class A \* | 76181 | 457848 |
| Sea Ltd., ADR \* | 11659 | 1821718 |
|  |  | 2279566 |
| **South Africa — 2.4%** | **South Africa — 2.4%** | **South Africa — 2.4%** |
| Absa Group Ltd. | 156495 | 1748657 |
| Bid Corp. Ltd. | 56470 | 1396938 |
| Bidvest Group Ltd. | 78386 | 1017176 |
| Capitec Bank Holdings Ltd. | 21531 | 4763681 |
| Clicks Group Ltd. | 36654 | 772849 |
| FirstRand Ltd. | 477372 | 2265558 |
| Gold Fields Ltd. | 98965 | 3815706 |
| Harmony Gold Mining Co. Ltd. | 79951 | 1330271 |
| Kumba Iron Ore Ltd. | 37333 | 743430 |
| Momentum Group Ltd. | 167438 | 322367 |
| MTN Group Ltd. | 95716 | 956252 |
| Naspers Ltd., Class N | 20625 | 1448619 |
| Nedbank Group Ltd. | 87250 | 1188462 |
| Sanlam Ltd. | 145151 | 761608 |
| Sasol Ltd. \* | 316054 | 1977417 |
| Shoprite Holdings Ltd. | 101312 | 1694913 |
| Sibanye Stillwater Ltd. \* | 283887 | 753351 |
| Standard Bank Group Ltd. | 157984 | 2323131 |
| Valterra Platinum Ltd. | 12544 | 775837 |
| Vodacom Group Ltd. | 105097 | 850788 |
|  |  | 30907011 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — 14.5%** | **South Korea — 14.5%** | **South Korea — 14.5%** |
| BGF retail Co. Ltd. | 11560 | 839949 |
| BNK Financial Group, Inc. | 61135 | 591833 |
| Coupang, Inc. \* | 64723 | 2069194 |
| Coway Co. Ltd. | 5072 | 317151 |
| Daeduck Electronics Co. Ltd. | 14561 | 385842 |
| DB Insurance Co. Ltd. | 26947 | 2395149 |
| Eugene Technology Co. Ltd. | 25345 | 1680383 |
| Hana Financial Group, Inc. | 67255 | 4029151 |
| Hanmi Pharm Co. Ltd. | 1812 | 539257 |
| Hansol Chemical Co. Ltd. | 2593 | 421377 |
| Hanwha Aerospace Co. Ltd. | 5335 | 3659408 |
| Hanwha Ocean Co. Ltd. \* | 7880 | 761037 |
| Hanwha Vision Co. Ltd. \* | 16230 | 571110 |
| HD Hyundai Electric Co. Ltd. | 3849 | 2338446 |
| HD Hyundai Heavy Industries Co. Ltd. | 928 | 390805 |
| HD Hyundai Marine Solution Co. Ltd. | 9334 | 1574326 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 3079 | 1023400 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 27135 | 366534 |
| HMM Co. Ltd. | 23416 | 337161 |
| Hugel, Inc. \* | 5573 | 1022572 |
| Hyundai Engineering & Construction Co. Ltd. | 8646 | 424801 |
| Hyundai Glovis Co. Ltd. | 12682 | 1676105 |
| Hyundai Mobis Co. Ltd. | 7853 | 1736592 |
| Hyundai Motor Co. | 12885 | 2612942 |
| Hyundai Steel Co. | 20053 | 463285 |
| JB Financial Group Co. Ltd. | 33217 | 522961 |
| JYP Entertainment Corp. | 3655 | 207233 |
| Kakao Corp. | 6766 | 308359 |
| Kangwon Land, Inc. | 22850 | 270524 |
| KB Financial Group, Inc. | 30146 | 2460926 |
| Kia Corp. | 93508 | 7843322 |
| KIWOOM Securities Co. Ltd. | 4259 | 884650 |
| Kolmar Korea Co. Ltd. \* | 5113 | 275991 |
| Korea Aerospace Industries Ltd. | 26972 | 1954176 |
| Korea Electric Power Corp. | 47714 | 1428273 |
| Korea Investment Holdings Co. Ltd. | 16754 | 2136067 |
| Korean Air Lines Co. Ltd. | 33658 | 522313 |
| Krafton, Inc. \* | 1453 | 281225 |
| KT Corp. | 19763 | 680748 |
| Kumho Petrochemical Co. Ltd. | 4526 | 367895 |
| LG Chem Ltd. | 14246 | 3962500 |
| LG Energy Solution Ltd. \* | 2217 | 733932 |
| LG Uplus Corp. | 29292 | 313325 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| LigaChem Biosciences, Inc. \* | 5775 | 592195 |
| NAVER Corp. | 13958 | 2615955 |
| NongShim Co. Ltd. | 1378 | 421351 |
| Park Systems Corp. | 1876 | 319561 |
| POSCO Holdings, Inc. | 2105 | 457826 |
| PSK, Inc. | 10213 | 269154 |
| Samsung Biologics Co. Ltd. \* (a) | 2861 | 2445993 |
| Samsung C&T Corp. | 17864 | 2827000 |
| Samsung Electro-Mechanics Co. Ltd. | 15697 | 2690790 |
| Samsung Electronics Co. Ltd. | 805007 | 60597884 |
| Samsung Fire & Marine Insurance Co. Ltd. | 11940 | 3695484 |
| Samsung Heavy Industries Co. Ltd. \* | 96872 | 2009172 |
| Samsung SDI Co. Ltd. | 6856 | 1544804 |
| Samsung Securities Co. Ltd. | 6729 | 364185 |
| SHIFT UP Corp. \* | 7511 | 201812 |
| Shinhan Financial Group Co. Ltd. | 105235 | 5405136 |
| SK hynix, Inc. | 87568 | 34072140 |
| SK Square Co. Ltd. \* | 2499 | 453608 |
| SK, Inc. | 12019 | 2087134 |
| SM Entertainment Co. Ltd. | 12190 | 1021168 |
| S-Oil Corp. \* | 31623 | 1591717 |
| SOLUM Co. Ltd. \* | 24014 | 301164 |
| SOOP Co. Ltd. | 9697 | 493704 |
| Soulbrain Co. Ltd. | 1739 | 343938 |
| Sung Kwang Bend Co. Ltd. | 14138 | 311869 |
| Tokai Carbon Korea Co. Ltd. | 6569 | 762805 |
| VT Co. Ltd. \* | 8748 | 153080 |
| YC Corp. \* | 40081 | 407307 |
|  |  | 185840166 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| Banco Bilbao Vizcaya Argentaria SA | 357186 | 7195900 |
| **Taiwan — 21.4%** | **Taiwan — 21.4%** | **Taiwan — 21.4%** |
| Accton Technology Corp. | 140113 | 4872669 |
| All Ring Tech Co. Ltd. | 61000 | 727003 |
| Arcadyan Technology Corp. | 42000 | 274476 |
| ASE Technology Holding Co. Ltd. | 1080258 | 8642886 |
| ASPEED Technology, Inc. | 8040 | 1425839 |
| Bizlink Holding, Inc. | 37000 | 1663088 |
| Cathay Financial Holding Co. Ltd. | 1634124 | 3391284 |
| China Airlines Ltd. | 440092 | 285315 |
| China Steel Corp. | 2363276 | 1426011 |
| Compeq Manufacturing Co. Ltd. | 137000 | 387196 |
| CTBC Financial Holding Co. Ltd. | 1931831 | 2623587 |
| Delta Electronics, Inc. | 409357 | 13166506 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| E.Sun Financial Holding Co. Ltd. | 3131505 | 3024864 |
| Elite Material Co. Ltd. | 59265 | 2603849 |
| Eva Airways Corp. | 233650 | 274274 |
| Formosa Chemicals & Fibre Corp. | 582000 | 550714 |
| Fortune Electric Co. Ltd. | 66400 | 1535197 |
| Fubon Financial Holding Co. Ltd. | 297000 | 878992 |
| Global PMX Co. Ltd. | 96000 | 443863 |
| Globalwafers Co. Ltd. | 74000 | 1216632 |
| Gold Circuit Electronics Ltd. | 91000 | 1366289 |
| Hon Hai Precision Industry Co. Ltd. | 1027968 | 8550006 |
| Jentech Precision Industrial Co. Ltd. | 13519 | 926948 |
| KGI Financial Holding Co. Ltd. | 35186 | 18150 |
| King Slide Works Co. Ltd. | 16000 | 2122590 |
| King Yuan Electronics Co. Ltd. | 72000 | 504823 |
| Largan Precision Co. Ltd. | 36519 | 2621122 |
| Lotes Co. Ltd. | 36000 | 1605086 |
| Marketech International Corp. | 46000 | 365848 |
| MediaTek, Inc. | 122816 | 5208559 |
| Mega Financial Holding Co. Ltd. | 1384000 | 1819538 |
| MPI Corp. | 44000 | 2983415 |
| Nan Ya Printed Circuit Board Corp. | 63000 | 590498 |
| Nanya Technology Corp. \* | 132000 | 563705 |
| Nien Made Enterprise Co. Ltd. | 79512 | 952540 |
| Parade Technologies Ltd. | 31000 | 682999 |
| Poya International Co. Ltd. | 66720 | 986037 |
| President Chain Store Corp. | 186035 | 1440652 |
| Quanta Computer, Inc. | 501248 | 4861218 |
| Realtek Semiconductor Corp. | 351078 | 5862535 |
| Shiny Chemical Industrial Co. Ltd. | 132000 | 624878 |
| Sunonwealth Electric Machine Industry Co. <br> Ltd.<br>| 79000 | 385598 |
| Taiwan Mobile Co. Ltd. | 406081 | 1445184 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3265820 | 157934029 |
| Tripod Technology Corp. | 38000 | 420249 |
| Uni-President Enterprises Corp. | 797035 | 2036362 |
| Universal Microwave Technology, Inc. | 61000 | 869576 |
| Vanguard International Semiconductor Corp. | 312060 | 976896 |
| Wistron Corp. | 910074 | 4410512 |
| Wiwynn Corp. | 59343 | 8368528 |
| Wowprime Corp. | 47000 | 329479 |
| Yuanta Financial Holding Co. Ltd. | 1907302 | 2135502 |
| Zhen Ding Technology Holding Ltd. | 291000 | 1536631 |
|  |  | 274920227 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Advanced Info Service PCL, NVDR | 59400 | 554864 |
| Airports of Thailand PCL, NVDR | 374500 | 477628 |
| Bumrungrad Hospital PCL, NVDR | 101500 | 538757 |
| Central Pattana PCL, NVDR | 262900 | 436005 |
| CP ALL PCL | 353400 | 502749 |
| Delta Electronics Thailand PCL, NVDR | 205800 | 1376557 |
| Gulf Development PCL, NVDR \* | 403200 | 550728 |
| Krung Thai Bank PCL, NVDR | 1231100 | 1036601 |
| Minor International PCL, NVDR | 276800 | 196833 |
| PTT PCL, NVDR | 788800 | 750155 |
| SCB X PCL | 564900 | 2288601 |
|  |  | 8709478 |
| **Turkey — 0.8%** | **Turkey — 0.8%** | **Turkey — 0.8%** |
| Akbank TAS | 844459 | 1219303 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 151494 | 732404 |
| BIM Birlesik Magazalar A/S | 162442 | 2080232 |
| Ford Otomotiv Sanayi A/S | 471122 | 1110811 |
| Turk Hava Yollari AO | 185195 | 1282412 |
| Turkiye Garanti Bankasi A/S | 474312 | 1514911 |
| Turkiye Petrol Rafinerileri A/S | 215172 | 1010027 |
| Turkiye Sigorta A/S | 2042464 | 599811 |
| Yapi ve Kredi Bankasi A/S \* | 375746 | 299750 |
|  |  | 9849661 |
| **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |
| Abu Dhabi Commercial Bank PJSC | 142261 | 558133 |
| Abu Dhabi Islamic Bank PJSC | 228549 | 1313272 |
| ADNOC Drilling Co. PJSC | 355478 | 540047 |
| ADNOC Logistics & Services | 331773 | 518253 |
| Aldar Properties PJSC | 609789 | 1494055 |
| Dubai Islamic Bank PJSC | 632535 | 1636251 |
| Emaar Development PJSC | 181483 | 737195 |
| Emaar Properties PJSC | 1006959 | 3896573 |
| Emirates Integrated Telecommunications Co. <br> PJSC<br>| 247177 | 635280 |
| Emirates NBD Bank PJSC | 155156 | 1187025 |
| Parkin Co. PJSC | 311114 | 469261 |
|  |  | 12985345 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals plc \* | 35811 | 1822404 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| EPAM Systems, Inc. \* | 5821 | 951966 |
| ExlService Holdings, Inc. \* | 44406 | 1736275 |
| Freshworks, Inc., Class A \* | 15915 | 176657 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Genpact Ltd. | 51436 | 1962283 |
| Kolon TissueGene, Inc., Receipts \* | 7886 | 247432 |
| Monolithic Power Systems, Inc. | 996 | 1000980 |
|  |  | 6075593 |
| **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** |
| FPT Corp. | 80500 | 317626 |
| Hoa Phat Group JSC \* | 249500 | 253422 |
| Mobile World Investment Corp. | 107100 | 335796 |
|  |  | 906844 |
| Total Common Stocks <br>(Cost $913,824,498)<br>|  | 1262048462 |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (c) (d) <br>(Cost $24,901,111)<br>| 24888727 | 24898682 |
| **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, 4.12% (c) <br> (d)(Cost $1,509,398)<br>| 1509398 | 1509398 |
| Total Short-Term Investments <br>(Cost $26,410,509)<br>|  | 26408080 |
| **Total Investments — 100.2%** <br>**(Cost $940,235,007)**<br>|  | **1288456542** |
| **Liabilities in Excess of Other Assets —** <br> **(0.2)%**<br>|  | **(2993600)**<br>|
| **NET ASSETS — 100.0%** |  | **1285462942** |

---

&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 <br> 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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $1,422,161.<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 October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan ActiveBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 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 | 18.2<br> %<br>|
| Banks | 16.0 |
| Technology Hardware, Storage & Peripherals | 6.9 |
| Interactive Media & Services | 6.7 |
| Broadline Retail | 4.5 |
| Insurance | 3.7 |
| Electronic Equipment, Instruments & Components | 3.7 |
| Oil, Gas & Consumable Fuels | 2.7 |
| Electrical Equipment | 2.2 |
| Automobiles | 2.1 |
| Machinery | 2.1 |
| Capital Markets | 2.0 |
| Metals & Mining | 2.0 |
| Hotels, Restaurants & Leisure | 1.9 |
| IT Services | 1.5 |
| Entertainment | 1.5 |
| Consumer Staples Distribution & Retail | 1.4 |
| Consumer Finance | 1.4 |
| Automobile Components | 1.1 |
| Household Durables | 1.1 |
| Chemicals | 1.1 |
| Others (each less than 1.0%) | 14.2 |
| Short-Term Investments | 2.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Dividend Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| B3 SA - Brasil Bolsa Balcao | 19918 | 46945 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| TC Energy Corp. | 1243 | 62374 |
| **China — 3.1%** | **China — 3.1%** | **China — 3.1%** |
| Tencent Holdings Ltd. | 2300 | 186824 |
| Yum China Holdings, Inc. | 1334 | 57709 |
|  |  | 244533 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Nordea Bank Abp | 5077 | 86851 |
| **France — 3.9%** | **France — 3.9%** | **France — 3.9%** |
| Cie Generale des Etablissements Michelin SCA | 1384 | 44212 |
| Engie SA | 2707 | 63379 |
| LVMH Moet Hennessy Louis Vuitton SE | 114 | 80578 |
| Safran SA | 354 | 125783 |
|  |  | 313952 |
| **Germany — 4.5%** | **Germany — 4.5%** | **Germany — 4.5%** |
| Allianz SE (Registered) | 124 | 49829 |
| E.ON SE | 3036 | 56489 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 248 | 153436 |
| Siemens AG (Registered) | 368 | 104290 |
|  |  | 364044 |
| **Hong Kong — 0.8%** | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** |
| Hong Kong Exchanges & Clearing Ltd. | 1200 | 65403 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Bank Central Asia Tbk. PT | 79700 | 40806 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| Ryanair Holdings plc | 1937 | 58644 |
| **Japan — 4.8%** | **Japan — 4.8%** | **Japan — 4.8%** |
| Hitachi Ltd. | 1200 | 40991 |
| Japan Exchange Group, Inc. | 6000 | 66907 |
| Mitsubishi UFJ Financial Group, Inc. | 6500 | 98184 |
| Shin-Etsu Chemical Co. Ltd. | 1000 | 30059 |
| Sony Group Corp. | 3800 | 105828 |
| Suzuki Motor Corp. | 3000 | 44787 |
|  |  | 386756 |
| **Netherlands — 2.6%** | **Netherlands — 2.6%** | **Netherlands — 2.6%** |
| ASML Holding NV | 151 | 159654 |
| NXP Semiconductors NV | 235 | 49143 |
|  |  | 208797 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| DBS Group Holdings Ltd. | 2900 | 120067 |
| Singapore Exchange Ltd. | 6400 | 83044 |
|  |  | 203111 |
| **Sweden — 1.4%** | **Sweden — 1.4%** | **Sweden — 1.4%** |
| Volvo AB, Class B | 4102 | 112375 |
| **Taiwan — 5.9%** | **Taiwan — 5.9%** | **Taiwan — 5.9%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 121 | 36352 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9000 | 435237 |
|  |  | 471589 |
| **United Kingdom — 4.4%** | **United Kingdom — 4.4%** | **United Kingdom — 4.4%** |
| AstraZeneca plc | 746 | 123052 |
| NatWest Group plc | 7757 | 59717 |
| RELX plc | 3927 | 173559 |
|  |  | 356328 |
| **United States — 61.0%** | **United States — 61.0%** | **United States — 61.0%** |
| 3M Co. | 586 | 97569 |
| Abbott Laboratories | 480 | 59338 |
| AbbVie, Inc. | 610 | 133004 |
| Accenture plc, Class A | 194 | 48519 |
| American Tower Corp., REIT | 207 | 37049 |
| Analog Devices, Inc. | 635 | 148673 |
| Apple, Inc. | 507 | 137078 |
| AT&T, Inc. | 1738 | 43015 |
| Baker Hughes Co., Class A | 2728 | 132062 |
| Bank of America Corp. | 3177 | 169811 |
| Bristol-Myers Squibb Co. | 1390 | 64037 |
| Broadcom, Inc. | 587 | 216973 |
| CME Group, Inc. | 422 | 112037 |
| CMS Energy Corp. | 791 | 58178 |
| Coca-Cola Co. (The) | 1068 | 73585 |
| Eaton Corp. plc | 239 | 91193 |
| Emerson Electric Co. | 741 | 103421 |
| Expedia Group, Inc. | 251 | 55220 |
| Exxon Mobil Corp. | 1009 | 115389 |
| Fidelity National Information Services, Inc. | 2852 | 178307 |
| Johnson & Johnson | 1008 | 190381 |
| Lowe's Cos., Inc. | 564 | 134305 |
| Marsh & McLennan Cos., Inc. | 395 | 70369 |
| McDonald's Corp. | 662 | 197561 |
| Medtronic plc | 760 | 68932 |
| Merck & Co., Inc. | 528 | 45397 |
| Meta Platforms, Inc., Class A | 91 | 59000 |
| Microsoft Corp. | 1109 | 574251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Dividend Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Mondelez International, Inc., Class A | 1094 | 62861 |
| Morgan Stanley | 968 | 158752 |
| NextEra Energy, Inc. | 1612 | 131217 |
| Omnicom Group, Inc. | 835 | 62642 |
| Oracle Corp. | 247 | 64865 |
| PACCAR, Inc. | 421 | 41426 |
| Procter & Gamble Co. (The) | 530 | 79696 |
| Regions Financial Corp. | 1589 | 38454 |
| Shell plc | 3131 | 117379 |
| Southern Co. (The) | 2013 | 189303 |
| Trane Technologies plc | 303 | 135941 |
| US Bancorp | 947 | 44206 |
| Walt Disney Co. (The) | 1858 | 209248 |
| Wells Fargo & Co. | 580 | 50443 |
| Yum! Brands, Inc. | 623 | 86105 |
|  |  | 4887192 |
| Total Common Stocks <br>(Cost $7,189,854)<br>|  | 7909700 |
| **Total Investments — 98.6%** <br>**(Cost $7,189,854)**<br>|  | **7909700** |
| **Other Assets in Excess of Liabilities — 1.4%** |  | **109350** |
| **NET ASSETS — 100.0%** |  | **8019050** |

---

&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 |

---

**Summary of Investments by Industry, October 31, 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 | 13.2<br> %<br>|
| Banks | 9.0 |
| Software | 8.1 |
| Capital Markets | 6.7 |
| Pharmaceuticals | 5.3 |
| Hotels, Restaurants & Leisure | 5.0 |
| Electric Utilities | 4.1 |
| Oil, Gas & Consumable Fuels | 3.7 |
| Insurance | 3.5 |
| Interactive Media & Services | 3.1 |
| Industrial Conglomerates | 3.1 |
| Entertainment | 2.6 |
| Electrical Equipment | 2.5 |
| Financial Services | 2.3 |
| Multi-Utilities | 2.3 |
| Professional Services | 2.2 |
| Machinery | 1.9 |
| Technology Hardware, Storage & Peripherals | 1.7 |
| Building Products | 1.7 |
| Specialty Retail | 1.7 |
| Biotechnology | 1.7 |
| Energy Equipment & Services | 1.7 |
| Health Care Equipment & Supplies | 1.6 |
| Aerospace & Defense | 1.6 |
| Household Durables | 1.3 |
| Textiles, Apparel & Luxury Goods | 1.0 |
| Household Products | 1.0 |
| Others (each less than 1.0%) | 6.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity and Options Total Return ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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 — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| Howmet Aerospace, Inc. | 2338 | 481511 |
| Northrop Grumman Corp. | 684 | 399080 |
| RTX Corp. | 2633 | 469990 |
| Textron, Inc. | 1550 | 125256 |
|  |  | 1475837 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| United Parcel Service, Inc., Class B | 1577 | 152054 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 858 | 69584 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| Tesla, Inc. \* | 1911 | 872486 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Bank of America Corp. | 11814 | 631458 |
| First Citizens BancShares, Inc., Class A | 75 | 136862 |
| Wells Fargo & Co. | 13535 | 1177139 |
|  |  | 1945459 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Co. (The) | 2813 | 193816 |
| PepsiCo, Inc. | 1422 | 207740 |
|  |  | 401556 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| AbbVie, Inc. | 3021 | 658699 |
| Regeneron Pharmaceuticals, Inc. | 436 | 284184 |
| Vertex Pharmaceuticals, Inc. \* | 398 | 169377 |
|  |  | 1112260 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* (a) | 9037 | 2207016 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| Trane Technologies plc | 998 | 447753 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
| Ameriprise Financial, Inc. | 724 | 327806 |
| Blackstone, Inc. | 1408 | 206469 |
| Charles Schwab Corp. (The) | 3818 | 360877 |
| CME Group, Inc. | 1109 | 294428 |
| Morgan Stanley | 2056 | 337184 |
| State Street Corp. | 1433 | 165741 |
|  |  | 1692505 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Axalta Coating Systems Ltd. \* | 5877 | 167318 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| DuPont de Nemours, Inc. | 1880 | 153502 |
| Linde plc | 116 | 48523 |
|  |  | 369343 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 695 | 109595 |
| Motorola Solutions, Inc. | 181 | 73614 |
|  |  | 183209 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 197 | 120781 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| American Express Co. | 1652 | 595926 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| BJ's Wholesale Club Holdings, Inc. \* | 1726 | 152337 |
| Costco Wholesale Corp. | 150 | 136717 |
| Performance Food Group Co. \* | 2336 | 225985 |
| Walmart, Inc. | 1977 | 200033 |
|  |  | 715072 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 9983 | 247079 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Entergy Corp. | 2660 | 255600 |
| NextEra Energy, Inc. | 3992 | 324949 |
| Southern Co. (The) | 4109 | 386410 |
|  |  | 966959 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 824 | 314405 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 2342 | 326334 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 172 | 192444 |
| Spotify Technology SA \* | 199 | 130409 |
| Walt Disney Co. (The) | 3170 | 357005 |
|  |  | 679858 |
| **Financial Services — 3.0%** | **Financial Services — 3.0%** | **Financial Services — 3.0%** |
| Berkshire Hathaway, Inc., Class B \* | 758 | 361975 |
| Corpay, Inc. \* | 359 | 93466 |
| Fidelity National Information Services, Inc. | 2126 | 132917 |
| Mastercard, Inc., Class A (a) | 1545 | 852825 |
|  |  | 1441183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity and Options Total Return ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 5871 | 337348 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 13173 | 474491 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Edwards Lifesciences Corp. \* | 2146 | 176938 |
| Medtronic plc | 3431 | 311192 |
| Stryker Corp. | 1127 | 401482 |
|  |  | 889612 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Cigna Group (The) | 716 | 174997 |
| UnitedHealth Group, Inc. | 1269 | 433440 |
|  |  | 608437 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 2174 | 160419 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Chipotle Mexican Grill, Inc., Class A \* | 3890 | 123274 |
| Hilton Worldwide Holdings, Inc. | 969 | 248994 |
| McDonald's Corp. | 1253 | 373933 |
|  |  | 746201 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Procter & Gamble Co. (The) | 862 | 129619 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 260 | 48958 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 2157 | 359140 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Prologis, Inc. | 2205 | 273618 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Arthur J Gallagher & Co. | 540 | 134725 |
| MetLife, Inc. | 2493 | 198991 |
| Progressive Corp. (The) | 1658 | 341548 |
|  |  | 675264 |
| **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** |
| Alphabet, Inc., Class A (a) | 7357 | 2068715 |
| Meta Platforms, Inc., Class A (a) | 2300 | 1491205 |
|  |  | 3559920 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Cognizant Technology Solutions Corp., Class A | 2630 | 191674 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Thermo Fisher Scientific, Inc. | 727 | 412493 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co. | 551 | 254358 |
| Dover Corp. | 1476 | 267835 |
|  |  | 522193 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Comcast Corp., Class A | 9568 | 266325 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| CMS Energy Corp. | 3573 | 262794 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 3750 | 333225 |
| EOG Resources, Inc. | 3199 | 338582 |
| Exxon Mobil Corp. | 6199 | 708918 |
|  |  | 1380725 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 8253 | 380216 |
| Elanco Animal Health, Inc. \* | 6875 | 152281 |
| Eli Lilly & Co. | 641 | 553093 |
| Johnson & Johnson | 729 | 137686 |
|  |  | 1223276 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 929 | 176947 |
| **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** |
| Advanced Micro Devices, Inc. \* | 600 | 153672 |
| Analog Devices, Inc. | 859 | 201118 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 162 | 171595 |
| Broadcom, Inc. (a) | 3574 | 1321058 |
| Lam Research Corp. | 2099 | 330508 |
| Micron Technology, Inc. | 2380 | 532573 |
| NVIDIA Corp. (a) | 21468 | 4347055 |
| NXP Semiconductors NV (Netherlands) | 1456 | 304479 |
|  |  | 7362058 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| AppLovin Corp., Class A \* | 116 | 73930 |
| Autodesk, Inc. \* | 357 | 107578 |
| Cadence Design Systems, Inc. \* | 338 | 114477 |
| Intuit, Inc. | 540 | 360477 |
| Microsoft Corp. (a) | 7154 | 3704414 |
| Oracle Corp. | 869 | 228208 |
| Palantir Technologies, Inc., Class A \* | 821 | 164586 |
| Salesforce, Inc. | 1618 | 421344 |
| ServiceNow, Inc. \* | 289 | 265672 |
|  |  | 5440686 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Digital Realty Trust, Inc. | 1586 | 270270 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| AutoZone, Inc. \* | 71 | 260885 |
| Lowe's Cos., Inc. | 2045 | 486976 |
| TJX Cos., Inc. (The) | 1844 | 258418 |
|  |  | 1006279 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
| Apple, Inc. (a) | 12015 | 3248496 |
| Hewlett Packard Enterprise Co. | 9537 | 232893 |
| Seagate Technology Holdings plc | 1303 | 333412 |
|  |  | 3814801 |
| **Tobacco — 1.1%** | **Tobacco — 1.1%** | **Tobacco — 1.1%** |
| Philip Morris International, Inc. | 3515 | 507320 |
| Total Common Stocks <br>(Cost $45,299,751)<br>|  | 47437527 |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c) <br>(Cost $764,872)<br>| 764872 | 764872 |
| **Total Investments — 101.4%** <br>**(Cost $46,064,623)**<br>|  | **48202399** |
| **Liabilities in Excess of Other Assets — (1.4)%** |  | **(644512)**<br>|
| **NET ASSETS — 100.0%** |  | **47557887** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $6,003,771. 

(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 October 31, 2025.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 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 | 174 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 11,867,844<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 672.00<br>| 11/07/2025 | &nbsp;&nbsp; (216282)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 174 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 11,867,844<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 681.00<br>| 11/14/2025 | &nbsp;&nbsp; (148596)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 174 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 11,867,844<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 686.00<br>| 11/21/2025 | &nbsp;&nbsp; (142506)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 174 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 11,867,844<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 688.00<br>| 11/28/2025 | &nbsp;&nbsp; (152250)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (659634)<br>|
| Total Written Options Contracts (Premiums Received $(339670)) | Total Written Options Contracts (Premiums Received $(339670)) | Total Written Options Contracts (Premiums Received $(339670)) | Total Written Options Contracts (Premiums Received $(339670)) | Total Written Options Contracts (Premiums Received $(339670)) | Total Written Options Contracts (Premiums Received $(339670)) | &nbsp;&nbsp; (659634)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity and Options Total Return ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

SPDR Standard & Poor's Depositary Receipt <br> USD United States Dollar

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Exchange-Traded Funds — 66.0%** | **Exchange-Traded Funds — 66.0%** | **Exchange-Traded Funds — 66.0%** |
| **United States — 66.0%** | **United States — 66.0%** | **United States — 66.0%** |
| JPMorgan BetaBuilders USD High Yield Corporate <br> Bond ETF (a)<br>| 231052 | 10800526 |
| JPMorgan Equity Premium Income ETF (a) | 24830 | 1412330 |
| JPMorgan Income ETF (a) | 12837 | 595765 |
| JPMorgan Nasdaq Equity Premium Income ETF (a) | 127514 | 7536077 |
| Total Exchange-Traded Funds <br>(Cost $20,183,082)<br>|  | 20344698 |
| **Common Stocks — 29.7%** | **Common Stocks — 29.7%** | **Common Stocks — 29.7%** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| AGL Energy Ltd. | 2550 | 15447 |
| Atlas Arteria Ltd. | 1211 | 3847 |
| Bendigo & Adelaide Bank Ltd. | 660 | 5460 |
| BHP Group Ltd. | 255 | 7270 |
| Dexus, REIT | 430 | 2050 |
| Endeavour Group Ltd. | 1253 | 2998 |
| Fortescue Ltd. | 207 | 2879 |
| Glencore plc | 1309 | 6271 |
| Insignia Financial Ltd. \* | 1198 | 3551 |
| JB Hi-Fi Ltd. | 24 | 1642 |
| Magellan Financial Group Ltd. | 264 | 1659 |
| Metcash Ltd. | 2555 | 6364 |
| New Hope Corp. Ltd. | 1456 | 3952 |
| Region Group, REIT | 1118 | 1786 |
| Rio Tinto Ltd. | 242 | 21012 |
| Rio Tinto plc | 624 | 44984 |
| Sonic Healthcare Ltd. | 725 | 10034 |
| Woodside Energy Group Ltd. | 740 | 11992 |
| Woolworths Group Ltd. | 531 | 9865 |
| Yancoal Australia Ltd. | 635 | 2310 |
|  |  | 165373 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ANDRITZ AG | 46 | 3478 |
| BAWAG Group AG (b) | 26 | 3360 |
| Erste Group Bank AG | 60 | 6216 |
| OMV AG | 259 | 14179 |
| Strabag SE | 20 | 1565 |
|  |  | 28798 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Ageas SA | 62 | 4103 |
| KBC Group NV | 32 | 3850 |
| Proximus SADP | 545 | 4682 |
| Umicore SA | 215 | 4094 |
|  |  | 16729 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Canada — 1.8%** | **Canada — 1.8%** | **Canada — 1.8%** |
| Agnico Eagle Mines Ltd. | 73 | 11741 |
| Bank of Nova Scotia (The) | 526 | 34499 |
| Barrick Mining Corp. | 800 | 26261 |
| BCE, Inc. | 1256 | 28710 |
| Canadian Natural Resources Ltd. | 914 | 29241 |
| Canadian Tire Corp. Ltd., Class A | 59 | 6766 |
| Enbridge, Inc. | 682 | 31801 |
| Fortis, Inc. | 647 | 32522 |
| Great-West Lifeco, Inc. | 824 | 34933 |
| Hydro One Ltd. (b) | 76 | 2803 |
| Magna International, Inc. | 723 | 34156 |
| Nutrien Ltd. | 562 | 30609 |
| Pembina Pipeline Corp. | 785 | 29698 |
| Power Corp. of Canada | 795 | 37240 |
| Restaurant Brands International, Inc. | 458 | 30082 |
| Suncor Energy, Inc. | 774 | 30821 |
| TC Energy Corp. | 955 | 47922 |
| TELUS Corp. | 1864 | 27258 |
| Tourmaline Oil Corp. | 617 | 27138 |
| Whitecap Resources, Inc. | 457 | 3402 |
|  |  | 537603 |
| **China — 0.0% ^** | **China — 0.0% ^** | **China — 0.0% ^** |
| Lenovo Group Ltd. | 4000 | 5835 |
| Wilmar International Ltd. | 1100 | 2644 |
|  |  | 8479 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Carlsberg A/S, Class B | 35 | 4115 |
| Danske Bank A/S | 885 | 39553 |
| Novo Nordisk A/S, Class B | 173 | 8517 |
| Sydbank A/S | 42 | 3586 |
|  |  | 55771 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | 497 | 11083 |
| Kemira OYJ | 179 | 3940 |
| Kone OYJ, Class B | 105 | 7015 |
| Konecranes OYJ | 63 | 6219 |
| Mandatum OYJ | 357 | 2561 |
| Nordea Bank Abp | 3890 | 66545 |
| Orion OYJ, Class B | 231 | 16131 |
| UPM-Kymmene OYJ | 192 | 5152 |
| Valmet OYJ | 136 | 4425 |
| Wartsila OYJ Abp | 429 | 14036 |
|  |  | 137107 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — 1.3%** | **France — 1.3%** | **France — 1.3%** |
| Airbus SE | 26 | 6411 |
| Amundi SA (b) | 37 | 2743 |
| Arkema SA | 53 | 3146 |
| AXA SA | 216 | 9372 |
| Ayvens SA (b) | 195 | 2602 |
| Bouygues SA | 98 | 4424 |
| Capgemini SE | 65 | 10000 |
| Carrefour SA | 923 | 13901 |
| Cie Generale des Etablissements Michelin SCA | 519 | 16580 |
| Coface SA | 163 | 2871 |
| Covivio SA, REIT | 117 | 7506 |
| Danone SA | 159 | 14042 |
| Eiffage SA | 32 | 3938 |
| Engie SA | 2884 | 67523 |
| Gaztransport Et Technigaz SA | 23 | 4555 |
| Klepierre SA, REIT | 819 | 31299 |
| LVMH Moet Hennessy Louis Vuitton SE | 48 | 33927 |
| Orange SA | 1061 | 16972 |
| Pernod Ricard SA | 45 | 4407 |
| Rubis SCA | 130 | 4721 |
| Safran SA | 228 | 81013 |
| TotalEnergies SE | 226 | 14110 |
| Unibail-Rodamco-Westfield, REIT | 38 | 3929 |
| Vallourec SACA | 158 | 2946 |
| Vinci SA | 254 | 33964 |
|  |  | 396902 |
| **Germany — 1.0%** | **Germany — 1.0%** | **Germany — 1.0%** |
| Allianz SE (Registered) | 112 | 45006 |
| BASF SE | 230 | 11349 |
| Bayerische Motoren Werke AG | 24 | 2238 |
| Bilfinger SE | 51 | 5502 |
| Commerzbank AG | 154 | 5615 |
| Continental AG | 70 | 5349 |
| Deutsche Telekom AG (Registered) | 398 | 12328 |
| E.ON SE | 1901 | 35371 |
| Evonik Industries AG | 326 | 5463 |
| Freenet AG | 143 | 4447 |
| HOCHTIEF AG | 15 | 4306 |
| Mercedes-Benz Group AG | 312 | 20244 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 115 | 71150 |
| RWE AG | 129 | 6351 |
| SAP SE | 47 | 12223 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Siemens AG (Registered) | 171 | 48461 |
| Vonovia SE | 308 | 9257 |
|  |  | 304660 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Millicom International Cellular SA | 110 | 5182 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |
| Cathay Pacific Airways Ltd. | 2000 | 2847 |
| Hang Lung Properties Ltd. | 7000 | 7795 |
| Henderson Land Development Co. Ltd. | 1000 | 3518 |
| Hysan Development Co. Ltd. | 1000 | 2072 |
| Man Wah Holdings Ltd. | 2800 | 1709 |
| Orient Overseas International Ltd. | 500 | 8653 |
| PCCW Ltd. | 2000 | 1429 |
| Power Assets Holdings Ltd. | 2000 | 12705 |
| Prudential plc | 482 | 6704 |
| United Energy Group Ltd. | 30000 | 1914 |
| VTech Holdings Ltd. | 400 | 3262 |
| Yue Yuen Industrial Holdings Ltd. | 3500 | 6419 |
|  |  | 59027 |
| **Ireland — 0.0% ^** | **Ireland — 0.0% ^** | **Ireland — 0.0% ^** |
| AIB Group plc | 556 | 5124 |
| Bank of Ireland Group plc | 252 | 4126 |
| Cairn Homes plc | 1655 | 3678 |
|  |  | 12928 |
| **Israel — 0.0% ^** | **Israel — 0.0% ^** | **Israel — 0.0% ^** |
| Delek Group Ltd. | 26 | 6836 |
| Plus500 Ltd. | 64 | 2663 |
|  |  | 9499 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| Azimut Holding SpA | 99 | 3874 |
| Banca Generali SpA | 56 | 3172 |
| Banca Mediolanum SpA | 823 | 16546 |
| Banca Monte dei Paschi di Siena SpA | 714 | 6262 |
| Banco BPM SpA | 317 | 4618 |
| BFF Bank SpA \* (b) | 243 | 2933 |
| BPER Banca SpA | 446 | 5344 |
| Enel SpA | 3698 | 37408 |
| Eni SpA | 1549 | 28563 |
| FinecoBank Banca Fineco SpA | 147 | 3363 |
| Generali | 157 | 6044 |
| Intesa Sanpaolo SpA | 6293 | 40561 |
| Maire SpA | 345 | 5238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Poste Italiane SpA (b) | 178 | 4292 |
| Ryanair Holdings plc | 783 | 23706 |
| Snam SpA | 676 | 4169 |
| Technogym SpA (b) | 292 | 5289 |
| UniCredit SpA | 159 | 11773 |
| Unipol Assicurazioni SpA | 201 | 4401 |
|  |  | 217556 |
| **Ivory Coast — 0.0% ^** | **Ivory Coast — 0.0% ^** | **Ivory Coast — 0.0% ^** |
| Endeavour Mining plc | 158 | 6395 |
| **Japan — 1.6%** | **Japan — 1.6%** | **Japan — 1.6%** |
| Activia Properties, Inc., REIT | 3 | 2745 |
| AEON REIT Investment Corp., REIT | 4 | 3387 |
| Aozora Bank Ltd. | 1000 | 14318 |
| Astellas Pharma, Inc. | 200 | 2094 |
| Canon, Inc. | 500 | 14359 |
| Chubu Electric Power Co., Inc. | 300 | 4172 |
| Chugoku Electric Power Co., Inc. (The) | 1000 | 5563 |
| Cosmo Energy Holdings Co. Ltd. | 200 | 4567 |
| Dai Nippon Printing Co. Ltd. | 600 | 10014 |
| Dai-ichi Life Holdings, Inc. | 800 | 5615 |
| Electric Power Development Co. Ltd. | 700 | 13304 |
| ENEOS Holdings, Inc. | 500 | 3154 |
| FANUC Corp. | 400 | 13349 |
| Frontier Real Estate Investment Corp., REIT | 4 | 2350 |
| Hitachi Ltd. | 600 | 20495 |
| Idemitsu Kosan Co. Ltd. | 2000 | 13908 |
| Industrial & Infrastructure Fund Investment Corp., <br> REIT<br>| 5 | 4646 |
| Inpex Corp. | 300 | 5536 |
| Isuzu Motors Ltd. | 100 | 1227 |
| Japan Exchange Group, Inc. | 1200 | 13381 |
| Japan Metropolitan Fund Invest, REIT | 22 | 17019 |
| Japan Post Holdings Co. Ltd. | 700 | 6560 |
| Japan Tobacco, Inc. | 300 | 10450 |
| Kansai Electric Power Co., Inc. (The) | 300 | 4680 |
| KDX Realty Investment Corp., REIT | 5 | 5536 |
| Kirin Holdings Co. Ltd. | 600 | 8438 |
| Kobe Steel Ltd. | 600 | 7062 |
| Kyushu Electric Power Co., Inc. | 300 | 2944 |
| Kyushu Railway Co. | 600 | 15216 |
| Lixil Corp. | 300 | 3325 |
| Mazda Motor Corp. | 300 | 2067 |
| Mitsubishi Chemical Group Corp. | 1300 | 6791 |
| Mitsubishi UFJ Financial Group, Inc. | 2400 | 36253 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Nippon Building Fund, Inc., REIT | 1 | 923 |
| Nippon Shokubai Co. Ltd. | 200 | 2317 |
| Nippon Steel Corp. | 4000 | 16488 |
| Nomura Holdings, Inc. | 700 | 4995 |
| Ono Pharmaceutical Co. Ltd. | 100 | 1220 |
| Pola Orbis Holdings, Inc. | 200 | 1723 |
| Sekisui House REIT, Inc., REIT | 8 | 4117 |
| Shin-Etsu Chemical Co. Ltd. | 400 | 12024 |
| SoftBank Corp. | 16700 | 23731 |
| Sony Group Corp. | 2000 | 55699 |
| Sumitomo Rubber Industries Ltd. | 200 | 2342 |
| Suzuki Motor Corp. | 1500 | 22393 |
| Takeda Pharmaceutical Co. Ltd. | 600 | 16192 |
| Tokio Marine Holdings, Inc. | 400 | 14917 |
| Toyo Tire Corp. | 200 | 5466 |
| United Urban Investment Corp., REIT | 9 | 10892 |
|  |  | 479964 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| ArcelorMittal SA | 127 | 4848 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| ABN AMRO Bank NV, CVA (b) | 143 | 4273 |
| ASML Holding NV | 103 | 108903 |
| ASR Nederland NV | 63 | 4204 |
| BE Semiconductor Industries NV | 86 | 14663 |
| ING Groep NV | 331 | 8265 |
| Koninklijke Ahold Delhaize NV | 199 | 8145 |
| Koninklijke BAM Groep NV | 669 | 6210 |
| Koninklijke Heijmans N.V., CVA | 90 | 6376 |
| Koninklijke KPN NV | 5413 | 25048 |
| NN Group NV | 71 | 4859 |
| NXP Semiconductors NV | 85 | 17775 |
| OCI NV | 575 | 2256 |
| Randstad NV | 99 | 3880 |
| SBM Offshore NV | 231 | 5973 |
|  |  | 220830 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Spark New Zealand Ltd. | 2964 | 4155 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Aker BP ASA | 376 | 9745 |
| Aker Solutions ASA | 1162 | 3193 |
| DNB Bank ASA | 177 | 4518 |
| DOF Group ASA | 433 | 3882 |
| Equinor ASA | 1236 | 29604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Norway — continued** | **Norway — continued** | **Norway — continued** |
| Gjensidige Forsikring ASA | 98 | 2637 |
| Norsk Hydro ASA | 906 | 6125 |
| Orkla ASA | 488 | 4956 |
| Salmar ASA | 88 | 4941 |
| Telenor ASA | 1885 | 28033 |
| Var Energi ASA | 1456 | 4892 |
| Vend Marketplaces ASA, Class B | 131 | 4514 |
|  |  | 107040 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | 34 | 8874 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| Santander Bank Polska SA | 16 | 2107 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| Banco Comercial Portugues SA, Class R | 3724 | 3287 |
| NOS SGPS SA | 934 | 4047 |
|  |  | 7334 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| CapitaLand Ascendas, REIT | 3200 | 6928 |
| DBS Group Holdings Ltd. | 1400 | 57964 |
| Singapore Telecommunications Ltd. | 6300 | 20563 |
| Venture Corp. Ltd. | 400 | 4578 |
|  |  | 90033 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Cheil Worldwide, Inc. | 63 | 899 |
| Hana Financial Group, Inc. | 72 | 4314 |
| Kia Corp. | 63 | 5284 |
| KT&G Corp. | 46 | 4329 |
| Woori Financial Group, Inc. | 147 | 2617 |
|  |  | 17443 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
| ACS Actividades de Construccion y Servicios SA | 78 | 6405 |
| Banco Bilbao Vizcaya Argentaria SA | 654 | 13176 |
| Banco de Sabadell SA | 867 | 3250 |
| Banco Santander SA | 1524 | 15530 |
| Bankinter SA | 155 | 2336 |
| CaixaBank SA | 669 | 7071 |
| Enagas SA | 72 | 1142 |
| Endesa SA | 1168 | 41856 |
| Iberdrola SA | 240 | 4864 |
| Logista Integral SA | 128 | 4266 |
| Mapfre SA | 727 | 3211 |
| Naturgy Energy Group SA | 132 | 3998 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Repsol SA | 286 | 5248 |
| Unicaja Banco SA (b) | 934 | 2522 |
|  |  | 114875 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Betsson AB, Class B | 252 | 3927 |
| Loomis AB | 102 | 4109 |
| NCC AB, Class B | 211 | 4810 |
| SKF AB, Class B | 156 | 3999 |
| SSAB AB, Class B | 1055 | 6533 |
| Svenska Handelsbanken AB, Class A | 351 | 4580 |
| Swedbank AB, Class A | 141 | 4281 |
| Tele2 AB, Class B | 2200 | 34949 |
| Telia Co. AB | 1437 | 5657 |
| Volvo AB, Class B | 2980 | 81637 |
|  |  | 154482 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| ABB Ltd. (Registered) | 166 | 12341 |
| Adecco Group AG (Registered) | 206 | 5744 |
| Cembra Money Bank AG | 25 | 2859 |
| Temenos AG (Registered) | 62 | 5854 |
| UBS Group AG (Registered) | 139 | 5319 |
| Zurich Insurance Group AG | 13 | 9041 |
|  |  | 41158 |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** | **Taiwan — 0.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3000 | 145079 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |
| Admiral Group plc | 94 | 4047 |
| AstraZeneca plc | 418 | 68949 |
| Aviva plc | 579 | 5089 |
| Balfour Beatty plc | 723 | 6390 |
| Barclays plc | 1552 | 8324 |
| Barratt Redrow plc | 3512 | 17379 |
| Beazley plc | 251 | 3071 |
| British American Tobacco plc | 644 | 32983 |
| British Land Co. plc (The), REIT | 1975 | 9864 |
| Centrica plc | 2810 | 6623 |
| Diageo plc | 303 | 6970 |
| Drax Group plc | 584 | 5535 |
| Dunelm Group plc | 262 | 3848 |
| HSBC Holdings plc | 1506 | 21083 |
| IG Group Holdings plc | 108 | 1581 |
| Imperial Brands plc | 46 | 1828 |
| International Consolidated Airlines Group SA | 947 | 5206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Investec plc | 431 | 3245 |
| ITV plc | 3698 | 3385 |
| J Sainsbury plc | 1475 | 6619 |
| JET2 plc | 4 | 70 |
| Johnson Matthey plc | 219 | 6133 |
| Lancashire Holdings Ltd. | 398 | 3495 |
| Land Securities Group plc, REIT | 1090 | 8908 |
| Lloyds Banking Group plc | 7732 | 9066 |
| M&G plc | 1734 | 6003 |
| Man Group plc | 998 | 2757 |
| Mitie Group plc | 2679 | 5800 |
| Morgan Sindall Group plc | 71 | 4337 |
| National Grid plc | 391 | 5863 |
| NatWest Group plc | 4658 | 35860 |
| Next plc | 31 | 5825 |
| Persimmon plc | 436 | 6929 |
| Phoenix Group Holdings plc | 1070 | 9479 |
| Reckitt Benckiser Group plc | 100 | 7649 |
| RELX plc | 1506 | 66560 |
| Rolls-Royce Holdings plc | 699 | 10757 |
| Sage Group plc (The) | 460 | 6953 |
| SSE plc | 304 | 7659 |
| Telecom Plus plc | 189 | 4408 |
| Tesco plc | 4785 | 28876 |
| TP ICAP Group plc | 867 | 2990 |
| Unilever plc | 68 | 4080 |
| Vodafone Group plc | 29046 | 35162 |
| WPP plc | 2363 | 8929 |
|  |  | 516567 |
| **United States — 17.1%** | **United States — 17.1%** | **United States — 17.1%** |
| 3M Co. | 276 | 45954 |
| Abbott Laboratories | 253 | 31276 |
| AbbVie, Inc. | 406 | 88524 |
| Accenture plc, Class A | 99 | 24760 |
| Alexandria Real Estate Equities, Inc., REIT | 353 | 20552 |
| Alliant Energy Corp. | 258 | 17240 |
| Altria Group, Inc. | 515 | 29036 |
| Amcor plc | 746 | 5893 |
| American Electric Power Co., Inc. | 290 | 34875 |
| American Tower Corp., REIT | 187 | 33469 |
| Amgen, Inc. | 106 | 31634 |
| Analog Devices, Inc. | 234 | 54786 |
| Apple, Inc. | 174 | 47044 |
| Arch Capital Group Ltd. | 17 | 1467 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Archer-Daniels-Midland Co. | 574 | 34744 |
| AT&T, Inc. | 2261 | 55960 |
| Avery Dennison Corp. | 150 | 26234 |
| Baker Hughes Co., Class A | 1134 | 54897 |
| Bank of America Corp. | 1289 | 68897 |
| Baxter International, Inc. | 1290 | 23826 |
| Best Buy Co., Inc. | 388 | 31870 |
| Blackrock, Inc. | 20 | 21656 |
| BP plc | 5641 | 33050 |
| Bristol-Myers Squibb Co. | 1164 | 53625 |
| Broadcom, Inc. | 251 | 92777 |
| Brown-Forman Corp., Class B | 976 | 26576 |
| Cardinal Health, Inc. | 157 | 29951 |
| CF Industries Holdings, Inc. | 360 | 29984 |
| Chevron Corp. | 289 | 45581 |
| Cisco Systems, Inc. | 471 | 34435 |
| Clorox Co. (The) | 233 | 26203 |
| CME Group, Inc. | 206 | 54691 |
| Coca-Cola Co. (The) | 1021 | 70347 |
| Comcast Corp., Class A | 940 | 26165 |
| Consolidated Edison, Inc. | 280 | 27275 |
| Constellation Brands, Inc., Class A | 218 | 28641 |
| Crown Castle, Inc., REIT | 309 | 27878 |
| Cummins, Inc. | 82 | 35890 |
| Darden Restaurants, Inc. | 155 | 27923 |
| Devon Energy Corp. | 741 | 24075 |
| Diamondback Energy, Inc. | 168 | 24056 |
| Digital Realty Trust, Inc., REIT | 140 | 23857 |
| Dominion Energy, Inc. | 530 | 31106 |
| Dow, Inc. | 1281 | 30552 |
| DTE Energy Co. | 211 | 28599 |
| Duke Energy Corp. | 264 | 32815 |
| Eaton Corp. plc | 93 | 35485 |
| Edison International | 543 | 30071 |
| Emerson Electric Co. | 624 | 87092 |
| Entergy Corp. | 366 | 35169 |
| EOG Resources, Inc. | 199 | 21062 |
| Evergy, Inc. | 450 | 34565 |
| Eversource Energy | 465 | 34322 |
| Exelon Corp. | 706 | 32561 |
| Expedia Group, Inc. | 120 | 26400 |
| Extra Space Storage, Inc., REIT | 209 | 27910 |
| Exxon Mobil Corp. | 440 | 50318 |
| Fastenal Co. | 700 | 28805 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Fidelity National Information Services, Inc. | 1439 | 89966 |
| Ford Motor Co. | 2768 | 36344 |
| Franklin Resources, Inc. | 1270 | 28715 |
| General Dynamics Corp. | 22 | 7588 |
| General Mills, Inc. | 583 | 27174 |
| Gilead Sciences, Inc. | 288 | 34500 |
| GQG Partners, Inc., CHDI | 1013 | 1037 |
| GSK plc | 1825 | 42730 |
| Hershey Co. (The) | 91 | 15436 |
| Hewlett Packard Enterprise Co. | 1420 | 34676 |
| Hormel Foods Corp. | 1187 | 25627 |
| HP, Inc. | 1079 | 29856 |
| International Business Machines Corp. | 116 | 35660 |
| International Flavors & Fragrances, Inc. | 346 | 21788 |
| International Paper Co. | 575 | 22218 |
| Iron Mountain, Inc., REIT | 281 | 28929 |
| Johnson & Johnson | 469 | 88580 |
| Kellanova | 382 | 31729 |
| Kenvue, Inc. | 1811 | 26024 |
| Keurig Dr Pepper, Inc. | 1152 | 31288 |
| KeyCorp | 1803 | 31715 |
| Kimberly-Clark Corp. | 237 | 28371 |
| Kimco Realty Corp., REIT | 1331 | 27498 |
| Kinder Morgan, Inc. | 1129 | 29569 |
| Kraft Heinz Co. (The) | 1144 | 28291 |
| Lockheed Martin Corp. | 58 | 28529 |
| Lowe's Cos., Inc. | 204 | 48579 |
| LyondellBasell Industries NV, Class A | 381 | 17686 |
| Marsh & McLennan Cos., Inc. | 96 | 17102 |
| McDonald's Corp. | 330 | 98482 |
| Medtronic plc | 378 | 34285 |
| Merck & Co., Inc. | 652 | 56059 |
| Meta Platforms, Inc., Class A | 44 | 28527 |
| Microchip Technology, Inc. | 72 | 4494 |
| Microsoft Corp. | 460 | 238193 |
| Mid-America Apartment Communities, Inc., REIT | 11 | 1411 |
| Mondelez International, Inc., Class A | 828 | 47577 |
| Morgan Stanley | 288 | 47232 |
| Motorola Solutions, Inc. | 64 | 26029 |
| Nestle SA (Registered) | 215 | 20543 |
| NetApp, Inc. | 235 | 27678 |
| NextEra Energy, Inc. | 947 | 77086 |
| Novartis AG (Registered) | 211 | 26114 |
| Omnicom Group, Inc. | 835 | 62642 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| ONEOK, Inc. | 310 | 20770 |
| Oracle Corp. | 167 | 43856 |
| PACCAR, Inc. | 484 | 47626 |
| PepsiCo, Inc. | 212 | 30971 |
| Pfizer, Inc. | 1155 | 28471 |
| Philip Morris International, Inc. | 179 | 25835 |
| Phillips 66 | 193 | 26275 |
| PPL Corp. | 238 | 8692 |
| Procter & Gamble Co. (The) | 161 | 24210 |
| Prudential Financial, Inc. | 258 | 26832 |
| Public Storage, REIT | 88 | 24513 |
| Realty Income Corp., REIT | 498 | 28874 |
| Regency Centers Corp., REIT | 396 | 27304 |
| Regions Financial Corp. | 966 | 23377 |
| Roche Holding AG | 68 | 22027 |
| RTX Corp. | 207 | 36950 |
| Salesforce, Inc. | 111 | 28906 |
| Sanofi SA | 181 | 18310 |
| Seagate Technology Holdings plc | 146 | 37358 |
| Sempra | 335 | 30800 |
| Shell plc | 558 | 20919 |
| Simon Property Group, Inc., REIT | 182 | 31988 |
| Smurfit WestRock plc | 172 | 6350 |
| Southern Co. (The) | 876 | 82379 |
| Stellantis NV | 201 | 2044 |
| Sun Communities, Inc., REIT | 209 | 26459 |
| Swiss Re AG | 35 | 6391 |
| T. Rowe Price Group, Inc. | 229 | 23479 |
| Target Corp. | 328 | 30412 |
| Texas Instruments, Inc. | 138 | 22281 |
| T-Mobile US, Inc. | 121 | 25416 |
| Trane Technologies plc | 123 | 55184 |
| TransDigm Group, Inc. | 22 | 28787 |
| Truist Financial Corp. | 716 | 31955 |
| Tyson Foods, Inc., Class A | 541 | 27813 |
| Ubiquiti, Inc. | 13 | 10233 |
| United Parcel Service, Inc., Class B | 353 | 34036 |
| US Bancorp | 424 | 19792 |
| Valero Energy Corp. | 182 | 30860 |
| Ventas, Inc., REIT | 470 | 34681 |
| Verizon Communications, Inc. | 732 | 29090 |
| VICI Properties, Inc., REIT, Class A | 911 | 27321 |
| Walt Disney Co. (The) | 847 | 95389 |
| Warner Music Group Corp., Class A | 484 | 15469 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| WEC Energy Group, Inc. | 269 | 30055 |
| Wells Fargo & Co. | 303 | 26352 |
| Weyerhaeuser Co., REIT | 826 | 18998 |
| Williams Cos., Inc. (The) | 523 | 30266 |
| WP Carey, Inc., REIT | 489 | 32274 |
| Xcel Energy, Inc. | 411 | 33361 |
|  |  | 5259954 |
| Total Common Stocks <br>(Cost $8,477,655)<br>|  | 9136752 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **U.S. Treasury Obligations — 1.1%** | **U.S. Treasury Obligations — 1.1%** | **U.S. Treasury Obligations — 1.1%** |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
| U.S. Treasury Notes, 4.25%, 1/31/2026 (c) <br>(Cost $339,959)<br>| 340000 | 340268 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Vend Marketplaces ASA\*(Cost $—) | 131 | 292 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (a) (d) <br>(Cost $454,129)<br>| 454034 | 454217 |
| **Total Investments — 98.3%** <br>**(Cost $29,454,825)**<br>|  | **30276227** |
| **Other Assets in Excess of Liabilities — 1.7%** |  | **524089** |
| **NET ASSETS — 100.0%** |  | **30800316** |

---

&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** |  |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|

---

---

| | |
|:---|:---|
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| ETF | Exchange Traded Fund |
| OYJ | Public Limited Company |
| 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 October 31, <br> 2025.<br>|

---

**Summary of Investments by Industry, October 31, 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 | 37.6<br> %<br>|
| U.S. Equity | 29.6 |
| Banks | 2.4 |
| Oil, Gas & Consumable Fuels | 2.4 |
| Electric Utilities | 2.1 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Pharmaceuticals | 1.5 |
| Insurance | 1.2 |
| U.S. Treasury Notes | 1.1 |
| Software | 1.1 |
| Others (each less than 1.0%) | 18.0 |
| Short-Term Investments | 1.5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Flexible Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 632925 | &nbsp;&nbsp;&nbsp;&nbsp; 14337 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2078860 | &nbsp;&nbsp;&nbsp;&nbsp; 130477 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 343538 | &nbsp;&nbsp;&nbsp;&nbsp; 11243 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1014609 | &nbsp;&nbsp;&nbsp;&nbsp; 7423 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4589156 | &nbsp;&nbsp;&nbsp;&nbsp; (3960)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159520 |

---

&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;

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

------

JPMorgan Global Select Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **China — 2.9%** | **China — 2.9%** | **China — 2.9%** |
| Tencent Holdings Ltd. | 1814900 | 147420267 |
| Yum China Holdings, Inc. | 1217986 | 52690074 |
|  |  | 200110341 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| Novo Nordisk A/S, Class B | 771777 | 37995905 |
| **France — 4.5%** | **France — 4.5%** | **France — 4.5%** |
| Cie Generale des Etablissements Michelin SCA | 1040539 | 33240461 |
| LVMH Moet Hennessy Louis Vuitton SE | 203368 | 143745218 |
| Pernod Ricard SA | 162203 | 15886256 |
| Safran SA | 351500 | 124894457 |
|  |  | 317766392 |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| Deutsche Boerse AG | 226530 | 57366497 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered)<br>| 47837 | 29596461 |
| Siemens AG (Registered) | 237121 | 67199458 |
|  |  | 154162416 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| Hong Kong Exchanges & Clearing Ltd. | 453200 | 24700713 |
| **Japan — 4.3%** | **Japan — 4.3%** | **Japan — 4.3%** |
| Japan Exchange Group, Inc. | 5404700 | 60268697 |
| Keyence Corp. | 183800 | 68214576 |
| Mitsubishi UFJ Financial Group, Inc. | 3607100 | 54486258 |
| Shin-Etsu Chemical Co. Ltd. | 1096800 | 32968649 |
| Sony Group Corp. | 2929900 | 81596507 |
|  |  | 297534687 |
| **Netherlands — 2.3%** | **Netherlands — 2.3%** | **Netherlands — 2.3%** |
| ASML Holding NV | 95839 | 101331507 |
| Heineken NV | 426196 | 33001336 |
| NXP Semiconductors NV | 130294 | 27247081 |
|  |  | 161579924 |
| **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
| DBS Group Holdings Ltd. | 1226520 | 50781039 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Atlas Copco AB, Class A | 4097999 | 68666339 |
| Volvo AB, Class B | 3171676 | 86888213 |
|  |  | 155554552 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** | **Switzerland — 0.6%** |
| UBS Group AG (Registered) | 1041749 | 39862871 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Taiwan — 2.6%** | **Taiwan — 2.6%** | **Taiwan — 2.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 248016 | 74511447 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2240000 | 108325696 |
|  |  | 182837143 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |
| AstraZeneca plc | 367383 | 60599332 |
| RELX plc | 1323010 | 58472274 |
|  |  | 119071606 |
| **United States — 74.8%** | **United States — 74.8%** | **United States — 74.8%** |
| 3M Co. | 311422 | 51851763 |
| AbbVie, Inc. | 324151 | 70677884 |
| Amazon.com, Inc. \* | 1121711 | 273944260 |
| American Express Co. | 300560 | 108421009 |
| American Tower Corp., REIT | 286373 | 51255039 |
| Analog Devices, Inc. | 159221 | 37278413 |
| Apple, Inc. | 1511364 | 408627485 |
| Arthur J Gallagher & Co. | 123068 | 30704235 |
| AT&T, Inc. | 1766657 | 43724761 |
| Baker Hughes Co., Class A | 1236895 | 59878087 |
| Bank of America Corp. | 1885612 | 100785961 |
| Bristol-Myers Squibb Co. | 1115781 | 51404031 |
| Burlington Stores, Inc. \* | 141249 | 38644314 |
| Charles Schwab Corp. (The) | 1161668 | 109800859 |
| Chipotle Mexican Grill, Inc., Class A \* | 71710 | 2272490 |
| CME Group, Inc. | 198729 | 52760562 |
| Coca-Cola Co. (The) | 2117634 | 145904983 |
| Danaher Corp. | 255744 | 55082143 |
| Dominion Energy, Inc. | 958693 | 56265692 |
| Eaton Corp. plc | 198939 | 75907165 |
| Emerson Electric Co. | 550073 | 76773689 |
| Expedia Group, Inc. | 221479 | 48725380 |
| Exxon Mobil Corp. | 1579282 | 180606689 |
| Fidelity National Information Services, Inc. | 624060 | 39016231 |
| Howmet Aerospace, Inc. | 303069 | 62417060 |
| Johnson & Johnson | 1017553 | 192185235 |
| Linde plc | 186766 | 78124218 |
| Lowe's Cos., Inc. | 529884 | 126181277 |
| Marriott International, Inc., Class A | 193362 | 50386270 |
| Mastercard, Inc., Class A | 264418 | 145956092 |
| McDonald's Corp. | 413850 | 123505255 |
| Medtronic plc | 765163 | 69400284 |
| Meta Platforms, Inc., Class A | 294903 | 191200360 |
| Microsoft Corp. | 1011437 | 523732193 |
| Morgan Stanley | 282961 | 46405604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Global Select Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| NextEra Energy, Inc. | 762663 | 62080768 |
| NVIDIA Corp. | 2751581 | 557167637 |
| Southern Co. (The) | 1752192 | 164776136 |
| Tesla, Inc. \* | 138493 | 63230364 |
| Trane Technologies plc | 239052 | 107250680 |
| UnitedHealth Group, Inc. | 201903 | 68961989 |
| US Bancorp | 912809 | 42609924 |
| Walmart, Inc. | 937259 | 94831866 |
| Walt Disney Co. (The) | 1492942 | 168135128 |
| Wells Fargo & Co. | 740871 | 64433551 |
| Yum! Brands, Inc. | 389817 | 53876608 |
|  |  | 5227161624 |
| Total Common Stocks <br>(Cost $6,048,969,507)<br>|  | 6969119213 |
| **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 Prime Money Market Fund Class IM <br> Shares, 4.10% (a) (b) <br>(Cost $6,415,528)<br>| 6412322 | 6414887 |
| **Total Investments — 99.8%** <br>**(Cost $6,055,385,035)**<br>|  | **6975534100** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **17058061** |
| **NET ASSETS — 100.0%** |  | **6992592161** |

---

&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 October 31, 2025.

**Summary of Investments by Industry, October 31, 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 | 13.0<br> %<br>|
| Software | 7.5 |
| Technology Hardware, Storage & Peripherals | 5.9 |
| Capital Markets | 5.6 |
| Pharmaceuticals | 4.9 |
| Interactive Media & Services | 4.9 |
| Hotels, Restaurants & Leisure | 4.7 |
| Banks | 4.5 |
| Broadline Retail | 3.9 |
| Electric Utilities | 3.2 |
| Beverages | 2.8 |
| Aerospace & Defense | 2.7 |
| Financial Services | 2.6 |
| Oil, Gas & Consumable Fuels | 2.6 |
| Entertainment | 2.4 |
| Specialty Retail | 2.4 |
| Machinery | 2.2 |
| Electrical Equipment | 2.2 |
| Textiles, Apparel & Luxury Goods | 2.1 |
| Industrial Conglomerates | 1.7 |
| Chemicals | 1.6 |
| Consumer Finance | 1.5 |
| Building Products | 1.5 |
| Consumer Staples Distribution & Retail | 1.4 |
| Household Durables | 1.2 |
| Biotechnology | 1.0 |
| Health Care Equipment & Supplies | 1.0 |
| Health Care Providers & Services | 1.0 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Others (each less than 1.0%) | 6.9 |
| Short-Term Investments | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Healthcare Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Belgium — 1.9%** | **Belgium — 1.9%** | **Belgium — 1.9%** |
| UCB SA | 589 | 151457 |
| **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** |
| Xenon Pharmaceuticals, Inc. \* | 796 | 33368 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| Ascendis Pharma A/S, ADR \* | 301 | 60682 |
| Genmab A/S, ADR \* | 754 | 21572 |
| Genmab A/S \* | 158 | 45066 |
| Novo Nordisk A/S, Class B | 1313 | 64641 |
|  |  | 191961 |
| **France — 2.5%** | **France — 2.5%** | **France — 2.5%** |
| EssilorLuxottica SA | 557 | 203984 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| Fresenius SE & Co. KGaA | 1822 | 104843 |
| Sartorius AG (Preference) | 331 | 91068 |
|  |  | 195911 |
| **Japan — 2.9%** | **Japan — 2.9%** | **Japan — 2.9%** |
| Daiichi Sankyo Co. Ltd. | 3300 | 78831 |
| Hoya Corp. | 1000 | 162432 |
|  |  | 241263 |
| **Netherlands — 2.8%** | **Netherlands — 2.8%** | **Netherlands — 2.8%** |
| Argenx SE \* | 281 | 229989 |
| **Switzerland — 2.0%** | **Switzerland — 2.0%** | **Switzerland — 2.0%** |
| Lonza Group AG (Registered) | 242 | 167109 |
| **United Kingdom — 5.2%** | **United Kingdom — 5.2%** | **United Kingdom — 5.2%** |
| AstraZeneca plc | 2268 | 374103 |
| Convatec Group plc (a) | 16451 | 52834 |
|  |  | 426937 |
| **United States — 76.7%** | **United States — 76.7%** | **United States — 76.7%** |
| AbbVie, Inc. | 2445 | 533108 |
| Align Technology, Inc. \* | 230 | 31712 |
| Alnylam Pharmaceuticals, Inc. \* | 119 | 54269 |
| Apogee Therapeutics, Inc. \* | 1129 | 63890 |
| Avidity Biosciences, Inc. \* | 783 | 54693 |
| Axsome Therapeutics, Inc. \* | 409 | 55211 |
| Biogen, Inc. \* | 430 | 66336 |
| Bio-Techne Corp. | 388 | 24277 |
| Boston Scientific Corp. \* | 2100 | 211512 |
| Bristol-Myers Squibb Co. | 1400 | 64498 |
| Cardinal Health, Inc. | 728 | 138881 |
| CG oncology, Inc. \* | 859 | 37169 |
| Cigna Group (The) | 176 | 43016 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Cooper Cos., Inc. (The) \* | 969 | 67743 |
| CVS Health Corp. | 2969 | 232027 |
| Cytokinetics, Inc. \* | 687 | 43686 |
| Danaher Corp. | 1224 | 263625 |
| Disc Medicine, Inc. \* | 295 | 25435 |
| Dyne Therapeutics, Inc. \* | 2574 | 58121 |
| Edwards Lifesciences Corp. \* | 1913 | 157727 |
| Eli Lilly & Co. | 692 | 597099 |
| Exact Sciences Corp. \* | 741 | 47935 |
| Halozyme Therapeutics, Inc. \* | 651 | 42439 |
| HCA Healthcare, Inc. | 42 | 19307 |
| Intuitive Surgical, Inc. \* | 237 | 126624 |
| Ionis Pharmaceuticals, Inc. \* | 898 | 66721 |
| IQVIA Holdings, Inc. \* | 550 | 119053 |
| Johnson & Johnson | 3446 | 650846 |
| McKesson Corp. | 249 | 202024 |
| Medtronic plc | 2759 | 250241 |
| Merck & Co., Inc. | 2413 | 207470 |
| Natera, Inc. \* | 174 | 34614 |
| Neurocrine Biosciences, Inc. \* | 504 | 72178 |
| Novartis AG (Registered) | 680 | 84158 |
| Penumbra, Inc. \* | 245 | 55706 |
| Regeneron Pharmaceuticals, Inc. | 173 | 112761 |
| Revolution Medicines, Inc. \* | 895 | 52662 |
| Roche Holding AG | 437 | 141553 |
| Sanofi SA | 1701 | 172078 |
| Scholar Rock Holding Corp. \* | 1021 | 30242 |
| Soleno Therapeutics, Inc. \* | 825 | 55407 |
| Stryker Corp. | 410 | 146058 |
| Thermo Fisher Scientific, Inc. | 199 | 112911 |
| Ultragenyx Pharmaceutical, Inc. \* | 1087 | 37610 |
| UnitedHealth Group, Inc. | 769 | 262660 |
| Veeva Systems, Inc., Class A \* | 642 | 186950 |
| Vertex Pharmaceuticals, Inc. \* | 348 | 148098 |
| Waters Corp. \* | 118 | 41253 |
|  |  | 6303594 |
| Total Common Stocks <br>(Cost $6,998,330)<br>|  | 8145573 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Healthcare Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 99.1%** <br>**(Cost $6,998,330)**<br>|  | **8145573** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **72316** |
| **NET ASSETS — 100.0%** |  | **8217889** |

---

&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 |
| 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. 

**Summary of Investments by Industry, October 31, 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 | 32.4<br> %<br>|
| Biotechnology | 24.9 |
| Health Care Equipment & Supplies | 18.0 |
| Health Care Providers & Services | 12.3 |
| Life Sciences Tools & Services | 10.1 |
| Health Care Technology | 2.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 100.1%** | **Common Stocks — 100.1%** | **Common Stocks — 100.1%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Howmet Aerospace, Inc. | 161925 | 33348454 |
| RTX Corp. | 154219 | 27528091 |
| Textron, Inc. | 84976 | 6866911 |
| TransDigm Group, Inc. | 11830 | 15479673 |
|  |  | 83223129 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 35444 | 8996396 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 30236 | 2452140 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc. \* (a) | 161166 | 73581949 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp. | 851044 | 45488302 |
| Citigroup, Inc. | 77210 | 7815968 |
| Fifth Third Bancorp | 250334 | 10418901 |
| Regions Financial Corp. | 202242 | 4894256 |
| Truist Financial Corp. | 179882 | 8028134 |
| US Bancorp | 238123 | 11115582 |
| Wells Fargo & Co. (a) | 440103 | 38275758 |
|  |  | 126036901 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Coca-Cola Co. (The) | 181348 | 12494877 |
| Keurig Dr Pepper, Inc. | 519549 | 14110951 |
| PepsiCo, Inc. (a) | 176303 | 25756105 |
|  |  | 52361933 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. (a) | 180821 | 39426211 |
| Neurocrine Biosciences, Inc. \* | 18848 | 2699222 |
| Regeneron Pharmaceuticals, Inc. | 20419 | 13309104 |
| Vertex Pharmaceuticals, Inc. \* | 26912 | 11452940 |
|  |  | 66887477 |
| **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** |
| Amazon.com, Inc. \* (a) | 645118 | 157550718 |
| **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
| Carrier Global Corp. | 213401 | 12695226 |
| Masco Corp. | 105324 | 6820782 |
| Trane Technologies plc | 65526 | 29398240 |
|  |  | 48914248 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| Ameriprise Financial, Inc. | 19758 | 8945830 |
| Charles Schwab Corp. (The) | 320705 | 30313036 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| CME Group, Inc. | 54941 | 14586286 |
| LPL Financial Holdings, Inc. | 5452 | 2057094 |
| Raymond James Financial, Inc. | 29622 | 4700123 |
| Robinhood Markets, Inc., Class A \* | 12988 | 1906379 |
| State Street Corp. | 63935 | 7394722 |
|  |  | 69903470 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ecolab, Inc. | 44590 | 11432876 |
| Linde plc | 52303 | 21878345 |
| PPG Industries, Inc. | 68370 | 6683167 |
| Sherwin-Williams Co. (The) | 14318 | 4938851 |
|  |  | 44933239 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 76607 | 12080158 |
| Motorola Solutions, Inc. | 10119 | 4115498 |
|  |  | 16195656 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Martin Marietta Materials, Inc. | 9512 | 5831807 |
| Vulcan Materials Co. | 25428 | 7361406 |
|  |  | 13193213 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | 38129 | 13754274 |
| Capital One Financial Corp. | 71638 | 15759644 |
|  |  | 29513918 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Walmart, Inc. | 264306 | 26742481 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 679398 | 16815100 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 26351 | 2532068 |
| NextEra Energy, Inc. | 348288 | 28350643 |
| NRG Energy, Inc. | 12130 | 2084662 |
| PG&E Corp. | 216339 | 3452770 |
| Southern Co. (The) | 294118 | 27658857 |
|  |  | 64079000 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. plc | 38471 | 14678995 |
| Emerson Electric Co. | 65183 | 9097591 |
| GE Vernova, Inc. | 16627 | 9729123 |
|  |  | 33505709 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co., Class A | 262690 | 12716823 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Netflix, Inc. \* | 25590 | 28631628 |
| Walt Disney Co. (The) | 178437 | 20095575 |
| Warner Music Group Corp., Class A | 93392 | 2984808 |
|  |  | 51712011 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Apollo Global Management, Inc. | 90933 | 11303881 |
| Berkshire Hathaway, Inc., Class B \* (a) | 98791 | 47176654 |
| Corpay, Inc. \* | 43232 | 11255451 |
| Fidelity National Information Services, Inc. | 195427 | 12218096 |
| Klarna Group plc (United Kingdom) \* | 8704 | 327009 |
| Mastercard, Inc., Class A (a) | 99694 | 55030091 |
| Toast, Inc., Class A \* | 115609 | 4178109 |
| Visa, Inc., Class A (a) | 129917 | 44267919 |
| WEX, Inc. \* | 8371 | 1221162 |
|  |  | 186978372 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A (a) | 378553 | 21751655 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Union Pacific Corp. | 37228 | 8203934 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Boston Scientific Corp. \* | 79334 | 7990520 |
| Edwards Lifesciences Corp. \* | 189791 | 15648268 |
| Medtronic plc | 276794 | 25105216 |
| Stryker Corp. | 64642 | 23028066 |
|  |  | 71772070 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 44884 | 10970098 |
| HCA Healthcare, Inc. | 9940 | 4569219 |
| Humana, Inc. | 36350 | 10112207 |
| McKesson Corp. | 8037 | 6520740 |
| UnitedHealth Group, Inc. (a) | 68698 | 23464489 |
|  |  | 55636753 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 222779 | 16438862 |
| Welltower, Inc. | 63143 | 11431409 |
|  |  | 27870271 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Booking Holdings, Inc. | 1847 | 9378586 |
| Carnival Corp. \* | 356291 | 10271869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Chipotle Mexican Grill, Inc., Class A \* | 402309 | 12749172 |
| DoorDash, Inc., Class A \* | 20713 | 5268766 |
| Expedia Group, Inc. | 34979 | 7695380 |
| Hilton Worldwide Holdings, Inc. | 67448 | 17331438 |
| McDonald's Corp. (a) | 93723 | 27969755 |
| Yum! Brands, Inc. | 116403 | 16088059 |
|  |  | 106753025 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 30208 | 3738844 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 51382 | 4505688 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 21218 | 3995349 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| 3M Co. | 183457 | 30545590 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 66682 | 8274569 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Aon plc, Class A | 29400 | 10015992 |
| Arch Capital Group Ltd. | 43858 | 3785384 |
| Arthur J Gallagher & Co. | 85895 | 21429944 |
| Chubb Ltd. | 22349 | 6189332 |
| Progressive Corp. (The) | 35199 | 7250994 |
|  |  | 48671646 |
| **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** |
| Alphabet, Inc., Class A (a) | 359318 | 101036629 |
| Alphabet, Inc., Class C (a) | 235927 | 66488947 |
| Meta Platforms, Inc., Class A (a) | 154209 | 99981405 |
|  |  | 267506981 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 221316 | 16129510 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Danaher Corp. | 106958 | 23036614 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co. (a) | 40012 | 18470740 |
| Ingersoll Rand, Inc. | 67555 | 5156473 |
| Otis Worldwide Corp. | 101195 | 9386848 |
| PACCAR, Inc. | 48714 | 4793458 |
|  |  | 37807519 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications, Inc., Class A \* | 28456 | 6654151 |
| Comcast Corp., Class A (a) | 327291 | 9110145 |
| Omnicom Group, Inc. | 51483 | 3862255 |
|  |  | 19626551 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp. | 47183 | 4813610 |
| Sempra | 112343 | 10328815 |
|  |  | 15142425 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| Diamondback Energy, Inc. | 54488 | 7802137 |
| EOG Resources, Inc. (a) | 191864 | 20306886 |
| EQT Corp. | 88501 | 4741883 |
| Exxon Mobil Corp. (a) | 451005 | 51576932 |
|  |  | 84427838 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 85716 | 4918384 |
| United Airlines Holdings, Inc. \* | 18754 | 1763626 |
|  |  | 6682010 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 182088 | 2616605 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. | 365061 | 16818360 |
| Eli Lilly & Co. (a) | 39974 | 34491966 |
| Johnson & Johnson (a) | 208913 | 39457398 |
| Merck & Co., Inc. | 53839 | 4629077 |
|  |  | 95396801 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 74249 | 14142207 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 77582 | 4736381 |
| **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** |
| Advanced Micro Devices, Inc. \* | 38495 | 9859339 |
| Analog Devices, Inc. (a) | 109766 | 25699514 |
| Broadcom, Inc. (a) | 280560 | 103703393 |
| Lam Research Corp. | 154759 | 24368352 |
| Micron Technology, Inc. | 122118 | 27326345 |
| NVIDIA Corp. (a) | 1562439 | 316378273 |
| NXP Semiconductors NV (Netherlands) (a) | 87442 | 18285871 |
| Texas Instruments, Inc. (a) | 111563 | 18012962 |
|  |  | 543634049 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — 11.5%** | **Software — 11.5%** | **Software — 11.5%** |
| AppLovin Corp., Class A \* | 9343 | 5954574 |
| Cadence Design Systems, Inc. \* | 29836 | 10105155 |
| Intuit, Inc. | 31299 | 20893648 |
| Microsoft Corp. (a) | 492330 | 254933397 |
| Oracle Corp. | 160876 | 42247646 |
| Palantir Technologies, Inc., Class A \* | 101091 | 20265713 |
| Salesforce, Inc. (a) | 57239 | 14905608 |
| ServiceNow, Inc. \* | 38053 | 34981362 |
|  |  | 404287103 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Equinix, Inc. | 14253 | 12058181 |
| SBA Communications Corp. | 50461 | 9662272 |
|  |  | 21720453 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 1542 | 5665971 |
| Burlington Stores, Inc. \* | 37442 | 10243757 |
| Lowe's Cos., Inc. (a) | 130957 | 31184790 |
| Ross Stores, Inc. | 106766 | 16967253 |
|  |  | 64061771 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
| Apple, Inc. (a) | 927926 | 250883353 |
| Seagate Technology Holdings plc | 83456 | 21354721 |
| Western Digital Corp. | 56396 | 8471243 |
|  |  | 280709317 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 120891 | 7808350 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 103271 | 5822419 |
| Philip Morris International, Inc. | 94779 | 13679453 |
|  |  | 19501872 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 5886 | 5127765 |
| Total Common Stocks <br>(Cost $2,981,970,267)<br>|  | 3512115399 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** |
| **Options Purchased — 0.8%** | **Options Purchased — 0.8%** | **Options Purchased — 0.8%** |
| **Put Options Purchased — 0.8%** | **Put Options Purchased — 0.8%** | **Put Options Purchased — 0.8%** |
| SPDR S&P 500 ETF Trust |  |  |
| 11/28/2025 at USD 610.00, American <br> Style<br>|  |  |
| Notional Amount: USD 1,171,097,020 |  |  |
| Counterparty: Exchange-Traded \* | 17170 | 1648320 |
| SPDR S&P 500 ETF Trust |  |  |
| 12/31/2025 at USD 631.00, American <br> Style<br>|  |  |
| Notional Amount: USD 1,171,097,020 |  |  |
| Counterparty: Exchange-Traded \* | 17170 | 9151610 |
| SPDR S&P 500 ETF Trust |  |  |
| 1/30/2026 at USD 646.00, American <br> Style<br>|  |  |
| Notional Amount: USD 1,171,097,020 |  |  |
| Counterparty: Exchange-Traded \* | 17170 | 17976990 |
| Total Put Options Purchased <br>(Cost $46,733,945)<br>|  | 28776920 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (b) (c) <br>(Cost $21,922,663)<br>| 21922663 | 21922663 |
| **Total Investments — 101.5%** <br>**(Cost $3,050,626,875)**<br>|  | **3562814982** |
| **Liabilities in Excess of Other Assets —** <br> **(1.5)%**<br>|  | **(51723630)**<br>|
| **NET ASSETS — 100.0%** |  | **3511091352** |

---

&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 |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $814,162,762. 

(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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 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 ($)** |
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 674.00<br>| 11/28/2025 | &nbsp;&nbsp; (30322220)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 696.00<br>| 12/31/2025 | &nbsp;&nbsp; (19161720)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 718.00<br>| 1/30/2026 | &nbsp;&nbsp; (13624395)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (63108335)<br>|
| **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 515.00<br>| 11/28/2025 | &nbsp;&nbsp; (309060)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 530.00<br>| 12/31/2025 | &nbsp;&nbsp; (1699830)<br>|
| SPDR S&P 500 ETF Trust | Exchange-Traded | 17170 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,171,097,020<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 545.00<br>| 1/30/2026 | &nbsp;&nbsp; (4069290)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (6078180)<br>|
| Total Written Options Contracts (Premiums Received $46,401,615) | Total Written Options Contracts (Premiums Received $46,401,615) | Total Written Options Contracts (Premiums Received $46,401,615) | Total Written Options Contracts (Premiums Received $46,401,615) | Total Written Options Contracts (Premiums Received $46,401,615) | Total Written Options Contracts (Premiums Received $46,401,615) | &nbsp;&nbsp; (69186515)<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;

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

------

JPMorgan International Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| Telstra Group Ltd. | 725192 | 2316871 |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| MercadoLibre, Inc. \* | 1043 | 2427332 |
| Wheaton Precious Metals Corp. | 27216 | 2628361 |
|  |  | 5055693 |
| **Canada — 6.8%** | **Canada — 6.8%** | **Canada — 6.8%** |
| Brookfield Corp. | 61615 | 2837484 |
| Canadian Pacific Kansas City Ltd. | 36460 | 2623727 |
| OR Royalties, Inc. | 38535 | 1236373 |
| Royal Bank of Canada | 21565 | 3159217 |
| Shopify, Inc., Class A \* | 37434 | 6508613 |
| WSP Global, Inc. | 13664 | 2612288 |
|  |  | 18977702 |
| **China — 9.5%** | **China — 9.5%** | **China — 9.5%** |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 56000 | 3057420 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 344000 | 3063433 |
| Nongfu Spring Co. Ltd., Class H (a) | 496400 | 3299846 |
| Tencent Holdings Ltd. | 169700 | 13784351 |
| Xiaomi Corp., Class B \* (a) | 581400 | 3225557 |
|  |  | 26430607 |
| **Denmark — 2.6%** | **Denmark — 2.6%** | **Denmark — 2.6%** |
| DSV A/S | 13716 | 2927110 |
| Novo Nordisk A/S, Class B | 38543 | 1897538 |
| Novonesis Novozymes B | 40902 | 2444287 |
|  |  | 7268935 |
| **France — 9.6%** | **France — 9.6%** | **France — 9.6%** |
| Air Liquide SA | 26940 | 5213939 |
| EssilorLuxottica SA | 11856 | 4341890 |
| Kering SA | 3642 | 1293336 |
| Legrand SA | 26458 | 4568971 |
| Safran SA | 26918 | 9564464 |
| SPIE SA | 37455 | 1906173 |
|  |  | 26888773 |
| **Germany — 2.3%** | **Germany — 2.3%** | **Germany — 2.3%** |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 3572 | 2209975 |
| SAP SE | 10206 | 2654300 |
| Scout24 SE (a) | 13024 | 1506177 |
|  |  | 6370452 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Greece — 0.8%** | **Greece — 0.8%** | **Greece — 0.8%** |
| Piraeus Financial Holdings SA | 269519 | 2105002 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| Hong Kong Exchanges & Clearing Ltd. | 85900 | 4681799 |
| **Hungary — 0.9%** | **Hungary — 0.9%** | **Hungary — 0.9%** |
| OTP Bank Nyrt. | 27712 | 2645261 |
| **India — 4.3%** | **India — 4.3%** | **India — 4.3%** |
| Bajaj Finance Ltd. | 132868 | 1560483 |
| Blue Star Ltd. | 82077 | 1787188 |
| Cholamandalam Investment and Finance Co. Ltd. | 68205 | 1303401 |
| Computer Age Management Services Ltd. | 41035 | 1819909 |
| ICICI Bank Ltd. | 232308 | 3520078 |
| UltraTech Cement Ltd. | 15413 | 2072594 |
|  |  | 12063653 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Bank Central Asia Tbk. PT | 5325999 | 2726869 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Prysmian SpA | 20186 | 2104668 |
| Ryanair Holdings plc, ADR | 53869 | 3365735 |
|  |  | 5470403 |
| **Japan — 13.3%** | **Japan — 13.3%** | **Japan — 13.3%** |
| Advantest Corp. | 29100 | 4357604 |
| Ajinomoto Co., Inc. | 55700 | 1579781 |
| Azbil Corp. | 303100 | 2987776 |
| Cosmos Pharmaceutical Corp. | 15200 | 680069 |
| IHI Corp. | 190000 | 3933779 |
| Kao Corp. | 61600 | 2606890 |
| Nintendo Co. Ltd. | 46300 | 3948922 |
| Obic Co. Ltd. | 27800 | 862386 |
| Rakuten Bank Ltd. \* | 60800 | 3337151 |
| Recruit Holdings Co. Ltd. | 43900 | 2176912 |
| Sanrio Co. Ltd. | 27700 | 1281911 |
| Sony Group Corp. | 230800 | 6427685 |
| Terumo Corp. | 175400 | 2831118 |
|  |  | 37011984 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| Argenx SE \* | 1717 | 1405308 |
| ASML Holding NV | 3471 | 3669922 |
| Nebius Group NV \* | 14778 | 1933258 |
|  |  | 7008488 |
| **Saudi Arabia — 1.4%** | **Saudi Arabia — 1.4%** | **Saudi Arabia — 1.4%** |
| Al Rajhi Bank | 138059 | 3902117 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
| DBS Group Holdings Ltd. | 75550 | 3127962 |
| Sea Ltd., ADR \* | 18876 | 2949375 |
|  |  | 6077337 |
| **South Korea — 6.5%** | **South Korea — 6.5%** | **South Korea — 6.5%** |
| Hanwha Aerospace Co. Ltd. | 5651 | 3876160 |
| KIWOOM Securities Co. Ltd. | 15602 | 3240740 |
| Samsung C&T Corp. | 19030 | 3011521 |
| Samsung Electronics Co. Ltd. | 53364 | 4017040 |
| SK Square Co. Ltd. \* | 22031 | 3998973 |
|  |  | 18144434 |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| Indra Sistemas SA | 96682 | 5348201 |
| Industria de Diseno Textil SA (b) | 37597 | 2076122 |
|  |  | 7424323 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Atlas Copco AB, Class A | 155187 | 2600323 |
| **Switzerland — 2.6%** | **Switzerland — 2.6%** | **Switzerland — 2.6%** |
| Cie Financiere Richemont SA (Registered) | 26919 | 5324732 |
| VAT Group AG (a) | 4212 | 1840715 |
|  |  | 7165447 |
| **Taiwan — 9.5%** | **Taiwan — 9.5%** | **Taiwan — 9.5%** |
| eMemory Technology, Inc. | 12000 | 772775 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 30373 | 9124960 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 342000 | 16539013 |
|  |  | 26436748 |
| **United Kingdom — 9.5%** | **United Kingdom — 9.5%** | **United Kingdom — 9.5%** |
| 3i Group plc | 87508 | 5064142 |
| AstraZeneca plc | 14799 | 2441075 |
| Compass Group plc | 137008 | 4534943 |
| InterContinental Hotels Group plc | 24363 | 2938843 |
| RELX plc | 95177 | 4191947 |
| Rolls-Royce Holdings plc | 370822 | 5706509 |
| Sage Group plc (The) | 107857 | 1630299 |
|  |  | 26507758 |
| **United States — 3.7%** | **United States — 3.7%** | **United States — 3.7%** |
| Ferrovial SE | 51871 | 3183030 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Haleon plc | 522812 | 2431197 |
| Schneider Electric SE | 16419 | 4678265 |
|  |  | 10292492 |
| Total Common Stocks <br>(Cost $236,872,472)<br>|  | 275573471 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (c) (d) <br>(Cost $2,537,967)<br>| 2536769 | 2537783 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (c) (d)(Cost <br> $1,075,405)<br>| 1075405 | 1075405 |
| Total Short-Term Investments <br>(Cost $3,613,372)<br>|  | 3613188 |
| **Total Investments — 100.2%** <br>**(Cost $240,485,844)**<br>|  | **279186659** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(460683)**<br>|
| **NET ASSETS — 100.0%** |  | **278725976** |

---

&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 |

---

&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 October 31, 2025. The total value of securities on loan at October 31, 2025 is $1,021,577. 

(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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 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 | 12.3<br> %<br>|
| Banks | 8.8 |
| Aerospace & Defense | 6.9 |
| Capital Markets | 5.7 |
| Interactive Media & Services | 5.5 |
| Electrical Equipment | 5.2 |
| IT Services | 4.6 |
| Machinery | 3.0 |
| Professional Services | 2.9 |
| Chemicals | 2.7 |
| Hotels, Restaurants & Leisure | 2.7 |
| Technology Hardware, Storage & Peripherals | 2.6 |
| Health Care Equipment & Supplies | 2.6 |
| Industrial Conglomerates | 2.5 |
| Pharmaceuticals | 2.4 |
| Textiles, Apparel & Luxury Goods | 2.4 |
| Household Durables | 2.3 |
| Software | 2.2 |
| Construction & Engineering | 2.1 |
| Broadline Retail | 1.9 |
| Entertainment | 1.4 |
| Metals & Mining | 1.4 |
| Passenger Airlines | 1.2 |
| Specialty Retail | 1.2 |
| Beverages | 1.2 |
| Automobile Components | 1.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Air Freight & Logistics | 1.1 |
| Consumer Finance | 1.0 |
| Others (each less than 1.0%) | 6.7 |
| Short-Term Investments | 1.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 97.8%** | **Common Stocks — 97.8%** | **Common Stocks — 97.8%** |
| **Australia — 2.8%** | **Australia — 2.8%** | **Australia — 2.8%** |
| BHP Group Ltd. | 312101 | 8897445 |
| Fortescue Ltd. | 162824 | 2264431 |
| Perseus Mining Ltd. | 789849 | 2506958 |
| QBE Insurance Group Ltd. | 140386 | 1821449 |
| Rio Tinto plc | 103233 | 7442070 |
| Ventia Services Group Pty. Ltd. | 537740 | 2014139 |
|  |  | 24946492 |
| **Austria — 1.1%** | **Austria — 1.1%** | **Austria — 1.1%** |
| BAWAG Group AG (a) | 11734 | 1516400 |
| Erste Group Bank AG | 29148 | 3019410 |
| OMV AG | 35419 | 1939055 |
| Telekom Austria AG | 144892 | 1541500 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| 34047 | 1746337 |
|  |  | 9762702 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Ageas SA | 30817 | 2039458 |
| Deme Group NV | 7165 | 1082537 |
| KBC Group NV | 23687 | 2849771 |
| Proximus SADP | 135898 | 1167333 |
| Umicore SA | 85621 | 1630443 |
|  |  | 8769542 |
| **Brazil — 1.9%** | **Brazil — 1.9%** | **Brazil — 1.9%** |
| Banco do Brasil SA | 372194 | 1519230 |
| Cia Energetica de Minas Gerais (Preference) | 848706 | 1785770 |
| Gerdau SA (Preference) | 430551 | 1510944 |
| Lojas Renner SA | 493283 | 1356999 |
| Marcopolo SA (Preference) | 939343 | 1384583 |
| Petroleo Brasileiro SA (Preference) | 738495 | 4074114 |
| TIM SA | 376930 | 1699704 |
| Vale SA | 307929 | 3720939 |
|  |  | 17052283 |
| **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** |
| IAMGOLD Corp. \* | 189833 | 2198059 |
| **Canada — 4.3%** | **Canada — 4.3%** | **Canada — 4.3%** |
| Air Canada \* | 109490 | 1439518 |
| Bank of Nova Scotia (The) | 79799 | 5233831 |
| Barrick Mining Corp. | 170493 | 5596590 |
| Canadian Imperial Bank of Commerce | 63280 | 5243142 |
| Canadian Natural Resources Ltd. | 152192 | 4868885 |
| DPM Metals, Inc. | 125807 | 2690963 |
| Fairfax Financial Holdings Ltd. | 1352 | 2195020 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| First Capital, REIT | 74521 | 999422 |
| NuVista Energy Ltd. \* | 163761 | 1947548 |
| Russel Metals, Inc. | 49222 | 1523459 |
| Suncor Energy, Inc. | 96177 | 3829800 |
| Whitecap Resources, Inc. | 229092 | 1705266 |
|  |  | 37273444 |
| **China — 8.6%** | **China — 8.6%** | **China — 8.6%** |
| Agricultural Bank of China Ltd., Class H | 3405000 | 2597598 |
| Alibaba Group Holding Ltd. | 555100 | 11811834 |
| BOC Hong Kong Holdings Ltd. | 461500 | 2267682 |
| Brilliance China Automotive Holdings Ltd. | 2356000 | 1159234 |
| China Coal Energy Co. Ltd., Class H | 1427000 | 2010135 |
| China Communications Services Corp. Ltd., <br> Class H<br>| 2750000 | 1648113 |
| China Construction Bank Corp., Class H | 4099000 | 4058181 |
| China Feihe Ltd. (a) | 2147000 | 1145879 |
| China Hongqiao Group Ltd. | 902500 | 3426607 |
| China Merchants Bank Co. Ltd., Class H | 315500 | 1977723 |
| China Oilfield Services Ltd., Class H | 1568000 | 1530763 |
| China Pacific Insurance Group Co. Ltd., Class H | 692200 | 2806216 |
| Geely Automobile Holdings Ltd. | 912000 | 2163547 |
| Great Wall Motor Co. Ltd., Class H | 661500 | 1288003 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 298700 | 1667843 |
| Hello Group, Inc., ADR | 146487 | 994647 |
| Hisense Home Appliances Group Co. Ltd. | 432000 | 1274253 |
| Huayu Automotive Systems Co. Ltd., Class A | 602200 | 1726926 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| 3061000 | 2371660 |
| JOYY, Inc., ADR | 21924 | 1300312 |
| Kunlun Energy Co. Ltd. | 1828000 | 1680272 |
| Lenovo Group Ltd. | 1344000 | 1960694 |
| Livzon Pharmaceutical Group, Inc., Class H | 415600 | 1671909 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| 3253000 | 2921551 |
| PetroChina Co. Ltd., Class H | 2852000 | 2948166 |
| PICC Property & Casualty Co. Ltd., Class H | 924000 | 2182973 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| 472500 | 3413497 |
| Sinotruk Hong Kong Ltd. | 594000 | 1984456 |
| Vipshop Holdings Ltd., ADR | 121670 | 2128008 |
| Weichai Power Co. Ltd., Class H | 826000 | 1706764 |
| Xtep International Holdings Ltd. | 1645500 | 1191532 |
| Yangzijiang Shipbuilding Holdings Ltd. | 921000 | 2487398 |
|  |  | 75504376 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA (Preference) | 112997 | 1650396 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| Danske Bank A/S | 66863 | 2988324 |
| H Lundbeck A/S | 348883 | 2544453 |
| ISS A/S | 50606 | 1595046 |
| Novo Nordisk A/S, Class B | 31945 | 1572707 |
| Orsted A/S \* (a) | 132648 | 2375626 |
| Sydbank A/S | 18577 | 1585943 |
|  |  | 12662099 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Nordea Bank Abp | 259439 | 4438175 |
| **France — 4.9%** | **France — 4.9%** | **France — 4.9%** |
| AXA SA | 118035 | 5121351 |
| Ayvens SA (a) | 112691 | 1503444 |
| BNP Paribas SA | 66885 | 5180779 |
| Capgemini SE | 11909 | 1832145 |
| Covivio SA, REIT | 21421 | 1374326 |
| Credit Agricole SA | 119369 | 2154775 |
| Eiffage SA | 15872 | 1953047 |
| Engie SA | 157322 | 3683374 |
| Forvia SE \* | 97935 | 1254114 |
| Orange SA | 176217 | 2818834 |
| Societe Generale SA | 57490 | 3646053 |
| TotalEnergies SE | 125589 | 7841154 |
| Valeo SE | 102382 | 1415457 |
| Vallourec SACA | 65538 | 1221929 |
| Vicat SACA | 25746 | 1930138 |
|  |  | 42930920 |
| **Georgia — 0.2%** | **Georgia — 0.2%** | **Georgia — 0.2%** |
| Lion Finance Group plc | 13813 | 1454148 |
| **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** |
| Allianz SE (Registered) | 23419 | 9410734 |
| Aumovio SE \* | 18113 | 778748 |
| Bayer AG (Registered) | 87809 | 2731254 |
| Bayerische Motoren Werke AG | 29837 | 2782147 |
| Commerzbank AG | 81018 | 2954152 |
| Continental AG | 36606 | 2797135 |
| Deutsche Bank AG (Registered) | 136578 | 4889520 |
| Deutsche Telekom AG (Registered) | 186963 | 5791214 |
| Freenet AG | 36566 | 1137125 |
| Hornbach Holding AG & Co. KGaA | 11731 | 1173772 |
| Mercedes-Benz Group AG | 57088 | 3704130 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered)<br>| 8741 | 5408003 |
| ProSiebenSat.1 Media SE (b) | 151113 | 920572 |
| SAF-Holland SE | 59780 | 972432 |
| Vonovia SE | 61223 | 1840104 |
|  |  | 47291042 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| Eurobank Ergasias Services and Holdings SA | 360423 | 1355769 |
| Hellenic Telecommunications Organization SA | 83945 | 1576387 |
| National Bank of Greece SA | 121643 | 1787972 |
|  |  | 4720128 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| Millicom International Cellular SA | 48986 | 2307731 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| Cathay Pacific Airways Ltd. | 920000 | 1309643 |
| CK Asset Holdings Ltd. | 351500 | 1738957 |
| Hang Lung Properties Ltd. | 1173000 | 1306186 |
| Hysan Development Co. Ltd. | 643000 | 1332140 |
| Kerry Properties Ltd. | 666000 | 1678631 |
| Prudential plc | 233286 | 3244563 |
| Swire Properties Ltd. | 503200 | 1370855 |
| WH Group Ltd. (a) | 1606500 | 1545320 |
| Wharf Real Estate Investment Co. Ltd. | 498000 | 1417418 |
|  |  | 14943713 |
| **Hungary — 0.8%** | **Hungary — 0.8%** | **Hungary — 0.8%** |
| MOL Hungarian Oil & Gas plc | 207214 | 1822824 |
| OTP Bank Nyrt. | 32686 | 3120056 |
| Richter Gedeon Nyrt. | 57559 | 1773051 |
|  |  | 6715931 |
| **India — 2.1%** | **India — 2.1%** | **India — 2.1%** |
| Bank of Baroda | 524009 | 1642167 |
| Bharat Petroleum Corp. Ltd. | 493835 | 1981120 |
| Canara Bank | 1121521 | 1729328 |
| Coal India Ltd. | 423899 | 1854354 |
| GAIL India Ltd. | 579138 | 1191471 |
| Mahanagar Gas Ltd. (a) | 69646 | 1000662 |
| National Aluminium Co. Ltd. | 706968 | 1861476 |
| NMDC Ltd. | 1833315 | 1563990 |
| Petronet LNG Ltd. | 376343 | 1191674 |
| Sun TV Network Ltd. | 140095 | 886634 |
| Tata Motors Ltd. ‡ \* | 202962 | 596165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Tata Motors Passenger Vehicles Ltd. | 219163 | 1011554 |
| Vedanta Ltd. | 299071 | 1660306 |
|  |  | 18170901 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| Astra International Tbk. PT | 6370500 | 2355578 |
| Bank Mandiri Persero Tbk. PT | 5151500 | 1459490 |
| First Pacific Co. Ltd. | 1434000 | 1157826 |
| Indofood Sukses Makmur Tbk. PT | 3202000 | 1424939 |
| Telkom Indonesia Persero Tbk. PT | 9383400 | 1815075 |
| United Tractors Tbk. PT | 1220700 | 1973723 |
|  |  | 10186631 |
| **Ireland — 1.6%** | **Ireland — 1.6%** | **Ireland — 1.6%** |
| AerCap Holdings NV | 20292 | 2642830 |
| AIB Group plc | 265466 | 2446622 |
| Bank of Ireland Group plc | 134766 | 2206520 |
| Cairn Homes plc | 540795 | 1201814 |
| Glanbia plc | 125606 | 2126002 |
| Glenveagh Properties plc \* (a) | 665851 | 1464377 |
| Greencore Group plc | 519260 | 1626932 |
|  |  | 13715097 |
| **Italy — 3.3%** | **Italy — 3.3%** | **Italy — 3.3%** |
| Azimut Holding SpA | 40020 | 1566255 |
| Banca Monte dei Paschi di Siena SpA | 160069 | 1403883 |
| Banco BPM SpA | 158693 | 2312069 |
| BPER Banca SpA | 205557 | 2462964 |
| Danieli & C Officine Meccaniche SpA | 42075 | 1613308 |
| doValue SpA \* (a) | 531059 | 1658786 |
| Enel SpA | 528081 | 5341941 |
| Intesa Sanpaolo SpA | 986265 | 6356818 |
| UniCredit SpA | 58002 | 4294856 |
| Unipol Assicurazioni SpA | 104640 | 2290918 |
|  |  | 29301798 |
| **Japan — 15.5%** | **Japan — 15.5%** | **Japan — 15.5%** |
| Asahi Kasei Corp. | 231400 | 1773015 |
| Cosmo Energy Holdings Co. Ltd. | 48200 | 1100666 |
| Credit Saison Co. Ltd. | 46000 | 1120584 |
| Dai-ichi Life Holdings, Inc. | 320000 | 2246080 |
| ENEOS Holdings, Inc. | 344900 | 2175877 |
| Fuji Media Holdings, Inc. | 93400 | 2080606 |
| Inpex Corp. | 157700 | 2909902 |
| Isuzu Motors Ltd. | 138000 | 1693299 |
| Japan Airlines Co. Ltd. | 74400 | 1340346 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Japan Airport Terminal Co. Ltd. | 41100 | 1277036 |
| Japan Petroleum Exploration Co. Ltd. | 163700 | 1368125 |
| Kamigumi Co. Ltd. | 47700 | 1431870 |
| Kandenko Co. Ltd. | 69200 | 2114901 |
| Kanematsu Corp. | 54600 | 1105424 |
| Kansai Paint Co. Ltd. | 86400 | 1386755 |
| KDX Realty Investment Corp., REIT | 1087 | 1203478 |
| Kioxia Holdings Corp. \* | 46500 | 3243092 |
| Kyocera Corp. | 186400 | 2473417 |
| Marubeni Corp. | 138100 | 3393949 |
| Mitsubishi UFJ Financial Group, Inc. | 698500 | 10551038 |
| Mitsui & Co. Ltd. | 182400 | 4485513 |
| Mitsui Fudosan Co. Ltd. | 316200 | 3292402 |
| Mizuho Financial Group, Inc. | 177400 | 5942098 |
| Modec, Inc. | 30200 | 1959048 |
| MS&AD Insurance Group Holdings, Inc. | 120500 | 2484043 |
| Namura Shipbuilding Co. Ltd. | 60100 | 2038357 |
| Nippon Yusen KK | 62000 | 2141067 |
| Niterra Co. Ltd. | 46100 | 1891165 |
| Nomura Holdings, Inc. | 395800 | 2824470 |
| Nomura Real Estate Holdings, Inc. | 229000 | 1307790 |
| Obayashi Corp. | 115100 | 1947198 |
| Open House Group Co. Ltd. | 29100 | 1400377 |
| ORIX Corp. | 134200 | 3282807 |
| Osaka Gas Co. Ltd. | 47900 | 1507167 |
| Panasonic Holdings Corp. | 229900 | 2671262 |
| Sankyo Co. Ltd. | 116600 | 2022703 |
| SBI Holdings, Inc. | 51800 | 2314789 |
| Shionogi & Co. Ltd. | 117000 | 1962395 |
| Sojitz Corp. | 46400 | 1231013 |
| Sompo Holdings, Inc. | 68100 | 2075380 |
| Sumitomo Corp. | 99000 | 2880004 |
| Sumitomo Electric Industries Ltd. | 98300 | 3583764 |
| Sumitomo Mitsui Financial Group, Inc. | 247400 | 6698060 |
| Sumitomo Mitsui Trust Group, Inc. | 75100 | 2062739 |
| Sumitomo Realty & Development Co. Ltd. | 68000 | 2903396 |
| T&D Holdings, Inc. | 70900 | 1522615 |
| TBS Holdings, Inc. | 44000 | 1519214 |
| Tokai Rika Co. Ltd. | 75600 | 1358110 |
| Tokyo Century Corp. | 94600 | 1116455 |
| Tokyo Gas Co. Ltd. | 28800 | 1010713 |
| Tokyo Tatemono Co. Ltd. | 87800 | 1639247 |
| Tokyu Fudosan Holdings Corp. | 205100 | 1652838 |
| Toyo Tire Corp. | 67400 | 1842047 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Toyota Motor Corp. | 204800 | 4175285 |
| Toyota Tsusho Corp. | 97300 | 2974096 |
| Tsubakimoto Chain Co. | 115000 | 1609557 |
| UACJ Corp. | 182800 | 2360471 |
|  |  | 135679115 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| ArcelorMittal SA | 71776 | 2740126 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Grupo Financiero Banorte SAB de CV, Class O | 268828 | 2523685 |
| Grupo Mexico SAB de CV | 335572 | 2895581 |
|  |  | 5419266 |
| **Netherlands — 2.4%** | **Netherlands — 2.4%** | **Netherlands — 2.4%** |
| ABN AMRO Bank NV, CVA (a) | 74069 | 2213084 |
| ASR Nederland NV | 25299 | 1688421 |
| Eurocommercial Properties NV, REIT | 36345 | 1085265 |
| Havas NV | 733458 | 1280013 |
| Heineken Holding NV | 29724 | 2007294 |
| ING Groep NV | 212307 | 5301237 |
| Koninklijke BAM Groep NV | 199629 | 1853135 |
| Koninklijke Heijmans N.V., CVA | 25505 | 1806877 |
| NN Group NV | 39310 | 2690174 |
| SBM Offshore NV | 54731 | 1415291 |
|  |  | 21340791 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Aker Solutions ASA | 436310 | 1198797 |
| DNB Bank ASA | 94139 | 2402939 |
| Equinor ASA | 104930 | 2513210 |
| Telenor ASA | 130866 | 1946179 |
|  |  | 8061125 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Hochschild Mining plc | 338827 | 1472875 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| ORLEN SA | 100731 | 2730200 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | 1680395 | 1483290 |
| NOS SGPS SA | 284074 | 1230933 |
|  |  | 2714223 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Ooredoo QPSC | 439555 | 1635806 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| Oversea-Chinese Banking Corp. Ltd. | 276400 | 3615699 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Africa — 1.4%** | **South Africa — 1.4%** | **South Africa — 1.4%** |
| Absa Group Ltd. | 164629 | 1839545 |
| Anglo American plc | 96811 | 3662618 |
| Exxaro Resources Ltd. | 117562 | 1199183 |
| Kumba Iron Ore Ltd. | 68724 | 1368534 |
| MTN Group Ltd. | 237930 | 2377044 |
| Nedbank Group Ltd. | 119224 | 1623991 |
|  |  | 12070915 |
| **South Korea — 6.1%** | **South Korea — 6.1%** | **South Korea — 6.1%** |
| BGF retail Co. Ltd. | 16388 | 1190751 |
| DB Insurance Co. Ltd. | 22286 | 1980862 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 6234 | 2072060 |
| Hyundai Glovis Co. Ltd. | 20005 | 2643943 |
| Hyundai Mobis Co. Ltd. | 11447 | 2531360 |
| Industrial Bank of Korea | 92934 | 1259439 |
| JB Financial Group Co. Ltd. | 99826 | 1571637 |
| KB Financial Group, Inc. | 34077 | 2781828 |
| Kia Corp. | 29441 | 2469471 |
| Korean Air Lines Co. Ltd. | 98211 | 1524062 |
| KT Corp. | 21463 | 739306 |
| LG Uplus Corp. | 167665 | 1793448 |
| Samsung Electronics Co. Ltd. | 231649 | 17437661 |
| Samsung Fire & Marine Insurance Co. Ltd. | 7813 | 2418159 |
| Samsung Securities Co. Ltd. | 31953 | 1729352 |
| SK hynix, Inc. | 19338 | 7524290 |
| SK Telecom Co. Ltd. | 42088 | 1540921 |
|  |  | 53208550 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| Banco Bilbao Vizcaya Argentaria SA | 386183 | 7780076 |
| Banco de Sabadell SA | 684727 | 2566971 |
| Banco Santander SA | 692755 | 7059305 |
| CaixaBank SA | 339497 | 3588398 |
| Mapfre SA | 264279 | 1167146 |
| Repsol SA | 136084 | 2497054 |
| Tecnicas Reunidas SA \* | 48612 | 1739917 |
| Unicaja Banco SA (a) | 448738 | 1211508 |
|  |  | 27610375 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Ambea AB (a) | 137537 | 1854420 |
| Betsson AB, Class B | 89721 | 1398267 |
| Dometic Group AB (c) | 249572 | 1219912 |
| Loomis AB | 30578 | 1231848 |
| Modern Times Group MTG AB, Class B \* | 105350 | 1416161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| NCC AB, Class B | 69460 | 1583403 |
| Skandinaviska Enskilda Banken AB, Class A | 157103 | 2999030 |
| Svenska Handelsbanken AB, Class A | 176140 | 2298510 |
| Swedbank AB, Class A | 97068 | 2947063 |
| Telia Co. AB | 594391 | 2339921 |
|  |  | 19288535 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
| Aryzta AG \* | 11929 | 764857 |
| Avolta AG | 24149 | 1272991 |
| Implenia AG (Registered) | 23719 | 1882109 |
|  |  | 3919957 |
| **Taiwan — 1.6%** | **Taiwan — 1.6%** | **Taiwan — 1.6%** |
| Arcadyan Technology Corp. | 225000 | 1470410 |
| ASE Technology Holding Co. Ltd. | 444000 | 3552338 |
| Compal Electronics, Inc. | 1823000 | 1947971 |
| Compeq Manufacturing Co. Ltd. | 717000 | 2026417 |
| Eva Airways Corp. | 1151000 | 1351121 |
| Genius Electronic Optical Co. Ltd. | 87000 | 1182171 |
| Largan Precision Co. Ltd. | 17000 | 1220161 |
| Zhen Ding Technology Holding Ltd. | 299000 | 1578875 |
|  |  | 14329464 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| Krung Thai Bank PCL, NVDR | 3035100 | 2555590 |
| PTT Exploration & Production PCL, NVDR | 575300 | 1906314 |
|  |  | 4461904 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Ford Otomotiv Sanayi A/S | 668666 | 1576581 |
| Turk Hava Yollari AO | 151429 | 1048593 |
| Turkiye Garanti Bankasi A/S | 405968 | 1296627 |
|  |  | 3921801 |
| **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** |
| Dubai Islamic Bank PJSC | 342296 | 885457 |
| Emaar Properties PJSC | 845711 | 3272601 |
| Emirates NBD Bank PJSC | 245951 | 1881654 |
|  |  | 6039712 |
| **United Kingdom — 9.2%** | **United Kingdom — 9.2%** | **United Kingdom — 9.2%** |
| 3i Group plc | 46447 | 2687917 |
| Balfour Beatty plc | 210909 | 1864030 |
| Barclays plc | 985764 | 5287267 |
| Beazley plc | 120520 | 1474418 |
| British American Tobacco plc | 127825 | 6546627 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Centrica plc | 874229 | 2060385 |
| CK Hutchison Holdings Ltd. | 333000 | 2208281 |
| Currys plc | 924167 | 1705780 |
| Drax Group plc | 160302 | 1519292 |
| easyJet plc | 177832 | 1132221 |
| HSBC Holdings plc | 1037963 | 14530913 |
| Imperial Brands plc | 78888 | 3134562 |
| International Consolidated Airlines Group SA | 343834 | 1890261 |
| Investec plc | 206536 | 1555142 |
| ITV plc | 1173232 | 1073926 |
| JD Sports Fashion plc | 1490549 | 1826499 |
| JET2 plc | 51979 | 907704 |
| Johnson Matthey plc | 47331 | 1325566 |
| Keller Group plc | 44855 | 935672 |
| Kier Group plc | 608580 | 1731686 |
| Lancashire Holdings Ltd. | 163522 | 1435924 |
| Lloyds Banking Group plc | 4409327 | 5169890 |
| Marks & Spencer Group plc | 258058 | 1348565 |
| Mitie Group plc | 926245 | 2005300 |
| Morgan Sindall Group plc | 25081 | 1532124 |
| NatWest Group plc | 615746 | 4740331 |
| Paragon Banking Group plc | 132238 | 1440148 |
| Serco Group plc | 506239 | 1687887 |
| SSE plc | 47637 | 1200110 |
| Standard Chartered plc | 177535 | 3644305 |
| TP ICAP Group plc | 358799 | 1237486 |
|  |  | 80840219 |
| **United States — 7.0%** | **United States — 7.0%** | **United States — 7.0%** |
| Aegon Ltd. | 218501 | 1665137 |
| BP plc | 1083926 | 6350518 |
| Buzzi SpA | 24380 | 1468729 |
| Carnival plc \* | 45515 | 1182473 |
| GSK plc | 293919 | 6881659 |
| Nestle SA (Registered) | 45039 | 4303407 |
| Novartis AG (Registered) | 60506 | 7488324 |
| Roche Holding AG | 43794 | 14185771 |
| Shell plc | 357678 | 13409143 |
| Swiss Re AG | 22540 | 4115848 |
|  |  | 61051009 |
| Total Common Stocks <br>(Cost $759,732,780)<br>|  | 858147275 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (d) (e) <br>(Cost $22,389,478)<br>| 22378790 | 22387742 |
| **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, 4.12% (d) <br> (e)(Cost $419,283)<br>| 419283 | 419283 |
| Total Short-Term Investments <br>(Cost $22,808,761)<br>|  | 22807025 |
| **Total Investments — 100.4%** <br>**(Cost $782,541,541)**<br>|  | **880954300** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(3780249)**<br>|
| **NET ASSETS — 100.0%** |  | **877174051** |

---

&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 |
| 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 |
| 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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $392,961.<br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

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

**Summary of Investments by Industry, October 31, 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 | 24.3<br> %<br>|
| Oil, Gas & Consumable Fuels | 8.9 |
| Insurance | 8.1 |
| Metals & Mining | 6.8 |
| Pharmaceuticals | 4.6 |
| Real Estate Management & Development | 2.8 |
| Diversified Telecommunication Services | 2.8 |
| Construction & Engineering | 2.7 |
| Automobiles | 2.5 |
| Automobile Components | 2.4 |
| Technology Hardware, Storage & Peripherals | 2.4 |
| Trading Companies & Distributors | 2.3 |
| Capital Markets | 2.1 |
| Machinery | 1.8 |
| Semiconductors & Semiconductor Equipment | 1.6 |
| Food Products | 1.6 |
| Broadline Retail | 1.6 |
| Passenger Airlines | 1.4 |
| Tobacco | 1.1 |
| Household Durables | 1.1 |
| Energy Equipment & Services | 1.0 |
| Wireless Telecommunication Services | 1.0 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Electric Utilities | 1.0 |
| Others (each less than 1.0%) | 10.5 |
| Short-Term Investments | 2.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 101.4%** | **Common Stocks — 101.4%** | **Common Stocks — 101.4%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| TransDigm Group, Inc. | 65 | 85053 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| United Parcel Service, Inc., Class B | 224 | 21598 |
| **Automobiles — 3.5%** | **Automobiles — 3.5%** | **Automobiles — 3.5%** |
| Tesla, Inc. \* (a) | 2127 | 971103 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Keurig Dr Pepper, Inc. | 4675 | 126973 |
| PepsiCo, Inc. | 2852 | 416649 |
|  |  | 543622 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. | 850 | 185334 |
| Alnylam Pharmaceuticals, Inc. \* | 62 | 28274 |
| Natera, Inc. \* | 141 | 28049 |
| Neurocrine Biosciences, Inc. \* | 190 | 27210 |
| Regeneron Pharmaceuticals, Inc. | 405 | 263979 |
|  |  | 532846 |
| **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** |
| Alibaba Group Holding Ltd., ADR | 326 | 55560 |
| Amazon.com, Inc. \* (a) | 6612 | 1614783 |
| MercadoLibre, Inc. \* | 87 | 202471 |
|  |  | 1872814 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Trane Technologies plc | 121 | 54287 |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |
| Robinhood Markets, Inc., Class A \* | 682 | 100104 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Products and Chemicals, Inc. | 380 | 92184 |
| PPG Industries, Inc. | 402 | 39296 |
|  |  | 131480 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| Copart, Inc. \* | 2816 | 121116 |
| Republic Services, Inc., Class A | 418 | 87044 |
|  |  | 208160 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 103 | 16242 |
| Motorola Solutions, Inc. | 299 | 121606 |
|  |  | 137848 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Vulcan Materials Co. | 205 | 59347 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Walmart, Inc. | 3186 | 322359 |
| **Diversified Telecommunication Services — 0.4%**  | **Diversified Telecommunication Services — 0.4%**  | **Diversified Telecommunication Services — 0.4%**  |
| AT&T, Inc. | 4700 | 116325 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| Entergy Corp. | 1200 | 115308 |
| NextEra Energy, Inc. | 1200 | 97680 |
| Southern Co. (The) | 1566 | 147267 |
|  |  | 360255 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. plc | 221 | 84325 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Keysight Technologies, Inc. \* | 234 | 42813 |
| **Entertainment — 3.8%** | **Entertainment — 3.8%** | **Entertainment — 3.8%** |
| Netflix, Inc. \* (a) | 694 | 776489 |
| Take-Two Interactive Software, Inc. \* | 570 | 146131 |
| Walt Disney Co. (The) | 1140 | 128387 |
|  |  | 1051007 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Corpay, Inc. \* | 181 | 47124 |
| Mastercard, Inc., Class A | 267 | 147381 |
|  |  | 194505 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 3604 | 207086 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| Norfolk Southern Corp. | 763 | 216219 |
| Uber Technologies, Inc. \* | 944 | 91096 |
|  |  | 307315 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| Abbott Laboratories | 526 | 65024 |
| Boston Scientific Corp. \* | 611 | 61540 |
| Stryker Corp. | 144 | 51299 |
|  |  | 177863 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| UnitedHealth Group, Inc. | 149 | 50892 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Veeva Systems, Inc., Class A \* | 184 | 53581 |
| **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
| Booking Holdings, Inc. | 65 | 330053 |
| Chipotle Mexican Grill, Inc., Class A \* | 1723 | 54602 |
| DoorDash, Inc., Class A \* | 832 | 211636 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| Hilton Worldwide Holdings, Inc. | 420 | 107923 |
| McDonald's Corp. | 178 | 53121 |
|  |  | 757335 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 214 | 40296 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| 3M Co. | 576 | 95904 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 480 | 59563 |
| **Interactive Media & Services — 9.9%** | **Interactive Media & Services — 9.9%** | **Interactive Media & Services — 9.9%** |
| Alphabet, Inc., Class C (a) | 6385 | 1799421 |
| Meta Platforms, Inc., Class A | 1433 | 929085 |
|  |  | 2728506 |
| **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
| International Business Machines Corp. | 467 | 143560 |
| Shopify, Inc., Class A \* | 1414 | 245838 |
|  |  | 389398 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Thermo Fisher Scientific, Inc. | 171 | 97024 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Deere & Co. | 159 | 73399 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications, Inc., Class A \* | 345 | 80675 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| CMS Energy Corp. | 611 | 44939 |
| Public Service Enterprise Group, Inc. | 549 | 44227 |
|  |  | 89166 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Cheniere Energy, Inc. | 196 | 41552 |
| ConocoPhillips | 312 | 27724 |
| Exxon Mobil Corp. | 763 | 87257 |
|  |  | 156533 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Bristol-Myers Squibb Co. | 1492 | 68737 |
| Johnson & Johnson | 1377 | 260074 |
| Merck & Co., Inc. | 629 | 54081 |
|  |  | 382892 |
| **Semiconductors & Semiconductor Equipment — 27.9%** | **Semiconductors & Semiconductor Equipment — 27.9%** | **Semiconductors & Semiconductor Equipment — 27.9%** |
| Advanced Micro Devices, Inc. \* | 2744 | 702793 |
| Analog Devices, Inc. | 1847 | 432438 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| ASML Holding NV (Registered), NYRS | 240 | 254215 |
| Broadcom, Inc. (a) | 4703 | 1738370 |
| Intel Corp. \* | 8138 | 325439 |
| Lam Research Corp. | 3171 | 499306 |
| Micron Technology, Inc. | 1928 | 431429 |
| NVIDIA Corp. (a) | 14962 | 3029655 |
| NXP Semiconductors NV | 1137 | 237769 |
| Teradyne, Inc. | 414 | 75249 |
|  |  | 7726663 |
| **Software — 16.8%** | **Software — 16.8%** | **Software — 16.8%** |
| AppLovin Corp., Class A \* | 405 | 258119 |
| HubSpot, Inc. \* | 128 | 62966 |
| Intuit, Inc. | 570 | 380503 |
| Microsoft Corp. (a) | 4893 | 2533644 |
| Oracle Corp. | 477 | 125265 |
| Palantir Technologies, Inc., Class A \* | 2582 | 517614 |
| Palo Alto Networks, Inc. \* | 1405 | 309437 |
| Salesforce, Inc. | 230 | 59894 |
| ServiceNow, Inc. \* | 140 | 128699 |
| Synopsys, Inc. \* | 436 | 197866 |
| Zoom Communications, Inc., Class A \* | 816 | 71180 |
|  |  | 4645187 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. \* | 13 | 47768 |
| Lowe's Cos., Inc. | 414 | 98586 |
| TJX Cos., Inc. (The) | 601 | 84224 |
|  |  | 230578 |
| **Technology Hardware, Storage & Peripherals — 10.2%** | **Technology Hardware, Storage & Peripherals — 10.2%** | **Technology Hardware, Storage & Peripherals — 10.2%** |
| Apple, Inc. (a) | 9069 | 2451986 |
| Seagate Technology Holdings plc | 1174 | 300403 |
| Western Digital Corp. | 402 | 60384 |
|  |  | 2812773 |
| Total Common Stocks <br>(Cost $21,339,402)<br>|  | 28052480 |
|  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** |
| **Options Purchased — 1.1%** | **Options Purchased — 1.1%** | **Options Purchased — 1.1%** |
| **Put Options Purchased — 1.1%** | **Put Options Purchased — 1.1%** | **Put Options Purchased — 1.1%** |
| **Exchange-Traded Fund — 1.1%** | **Exchange-Traded Fund — 1.1%** | **Exchange-Traded Fund — 1.1%** |
| Invesco QQQ Trust 1 |  |  |
| 11/28/2025 at USD 540.00, American Style |  |  |
| Notional Amount: USD 9,373,143 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** |
| **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** |
| Counterparty: Exchange-Traded \* | 149 | 13261 |
| Invesco QQQ Trust 1 |  |  |
| 12/31/2025 at USD 569.00, American Style |  |  |
| Notional Amount: USD 9,373,143 |  |  |
| Counterparty: Exchange-Traded \* | 149 | 82695 |
| Invesco QQQ Trust 1 |  |  |
| 1/30/2026 at USD 597.00, American Style |  |  |
| Notional Amount: USD 9,373,143 |  |  |
| Counterparty: Exchange-Traded \* | 149 | 206812 |
|  |  | 302768 |
| Total Options Purchased <br>(Cost $532,772)<br>|  | 302768 |
|  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM, 4.00% (b) (c)(Cost $237,113)<br>| 237113 | 237113 |
| **Total Investments — 103.3%** <br>**(Cost $22,109,287)**<br>|  | **28592361** |
| **Liabilities in Excess of Other Assets — (3.3)%** |  | **(923112)**<br>|
| **NET ASSETS — 100.0%** |  | **27669249** |

---

&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. 

(a) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $7,009,729. 

(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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 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 ($)** |
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 601.00<br>| 11/28/2025 | &nbsp;&nbsp; (525374)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 635.00<br>| 12/31/2025 | &nbsp;&nbsp; (287868)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 671.00<br>| 1/30/2026 | &nbsp;&nbsp; (159132)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (972374)<br>|
| **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 445.00<br>| 11/28/2025 | &nbsp;&nbsp; (2533)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 480.00<br>| 12/31/2025 | &nbsp;&nbsp; (17880)<br>|
| Invesco QQQ Trust 1 | Exchange-Traded | 149 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 9,373,143<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 500.00<br>| 1/30/2026 | &nbsp;&nbsp; (44551)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (64964)<br>|
| Total Written Options Contracts (Premiums Received $523,530) | Total Written Options Contracts (Premiums Received $523,530) | Total Written Options Contracts (Premiums Received $523,530) | Total Written Options Contracts (Premiums Received $523,530) | Total Written Options Contracts (Premiums Received $523,530) | Total Written Options Contracts (Premiums Received $523,530) | &nbsp;&nbsp; (1037338)<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;

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

&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; $15697616 | &nbsp;&nbsp;&nbsp; $18795046 | &nbsp;&nbsp;&nbsp; $1262048462 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 39336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24898682 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22695 | &nbsp;&nbsp;&nbsp; 1509398 |
| Cash | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 135537 | &nbsp;&nbsp;&nbsp; 754616 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 67199 |
| Receivables: |  |  |  |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 6698 | &nbsp;&nbsp;&nbsp; 14834 | &nbsp;&nbsp;&nbsp; 861360 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24933 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96830 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 424 |
| Total Assets | &nbsp;&nbsp;&nbsp; 15746444 | &nbsp;&nbsp;&nbsp; 18969857 | &nbsp;&nbsp;&nbsp; 1290261904 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5197 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22695 | &nbsp;&nbsp;&nbsp; 1509398 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 8801 | &nbsp;&nbsp;&nbsp; 10162 | &nbsp;&nbsp;&nbsp; 356970 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49417 | &nbsp;&nbsp;&nbsp; 2930190 |
| Other | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2404 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 8801 | &nbsp;&nbsp;&nbsp; 87471 | &nbsp;&nbsp;&nbsp; 4798962 |
| Net Assets | &nbsp;&nbsp;&nbsp; $15737643 | &nbsp;&nbsp;&nbsp; $18882386 | &nbsp;&nbsp;&nbsp; $1285462942 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $13355518 | &nbsp;&nbsp;&nbsp; $14294583 | &nbsp;&nbsp;&nbsp; $1118880065 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 2382125 | &nbsp;&nbsp;&nbsp; 4587803 | &nbsp;&nbsp;&nbsp; 166582877 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $15737643 | &nbsp;&nbsp;&nbsp; $18882386 | &nbsp;&nbsp;&nbsp; $1285462942 |
| 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; 25800000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $57.23 | &nbsp;&nbsp;&nbsp; $62.94 | &nbsp;&nbsp;&nbsp; $49.82 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $12197433 | &nbsp;&nbsp;&nbsp; $14313842 | &nbsp;&nbsp;&nbsp; $913824498 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 39336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24901111 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp; 1607 | &nbsp;&nbsp;&nbsp; 67232 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22121 | &nbsp;&nbsp;&nbsp; 1422161 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22695 | &nbsp;&nbsp;&nbsp; 1509398 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Dividend** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity and Options** <br>**Total Return ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Flexible Income** <br>**ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $7909700 | &nbsp;&nbsp;&nbsp; $47437527 | &nbsp;&nbsp;&nbsp; $9477312 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 764872 | &nbsp;&nbsp;&nbsp; 20798915 |
| Cash | &nbsp;&nbsp;&nbsp; 148994 | &nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp; 526993 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 2571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16985 |
| Receivables: |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 26806 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 39697 | &nbsp;&nbsp;&nbsp; 364709 | &nbsp;&nbsp;&nbsp; 38346 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3652 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 9742 | &nbsp;&nbsp;&nbsp; 22561 | &nbsp;&nbsp;&nbsp; 13935 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp; 1807 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 3452 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2666 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9601 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3474 |
| Total Assets | &nbsp;&nbsp;&nbsp; 8140962 | &nbsp;&nbsp;&nbsp; 48592832 | &nbsp;&nbsp;&nbsp; 30893686 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 118695 | &nbsp;&nbsp;&nbsp; 362199 | &nbsp;&nbsp;&nbsp; 84260 |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 659634 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3217 | &nbsp;&nbsp;&nbsp; 13112 | &nbsp;&nbsp;&nbsp; 9110 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 121912 | &nbsp;&nbsp;&nbsp; 1034945 | &nbsp;&nbsp;&nbsp; 93370 |
| Net Assets | &nbsp;&nbsp;&nbsp; $8019050 | &nbsp;&nbsp;&nbsp; $47557887 | &nbsp;&nbsp;&nbsp; $30800316 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7194839 | &nbsp;&nbsp;&nbsp; $45771814 | &nbsp;&nbsp;&nbsp; $29520837 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 824211 | &nbsp;&nbsp;&nbsp; 1786073 | &nbsp;&nbsp;&nbsp; 1279479 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $8019050 | &nbsp;&nbsp;&nbsp; $47557887 | &nbsp;&nbsp;&nbsp; $30800316 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 600000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $53.46 | &nbsp;&nbsp;&nbsp; $52.84 | &nbsp;&nbsp;&nbsp; $51.33 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7189854 | &nbsp;&nbsp;&nbsp; $45299751 | &nbsp;&nbsp;&nbsp; $8817614 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 764872 | &nbsp;&nbsp;&nbsp; 20637211 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 2584 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17015 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 339670 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global Select** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Healthcare** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged Equity** <br>**Laddered Overlay ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $6969119213 | &nbsp;&nbsp;&nbsp; $8145573 | &nbsp;&nbsp;&nbsp; $3512115399 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 6414887 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21922663 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28776920 |
| Restricted cash for exchange-traded options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1020 |
| Cash | &nbsp;&nbsp;&nbsp; 406401 | &nbsp;&nbsp;&nbsp; 64449 | &nbsp;&nbsp;&nbsp; 85010 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 708641 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 61943640 | &nbsp;&nbsp;&nbsp; 39999 | &nbsp;&nbsp;&nbsp; 28827388 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60839305 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 5942546 | &nbsp;&nbsp;&nbsp; 10674 | &nbsp;&nbsp;&nbsp; 1245803 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 28795 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73394 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 3181679 | &nbsp;&nbsp;&nbsp; 4232 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 7047745802 | &nbsp;&nbsp;&nbsp; 8265229 | &nbsp;&nbsp;&nbsp; 3653886902 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 21449367 | &nbsp;&nbsp;&nbsp; 42699 | &nbsp;&nbsp;&nbsp; 69058808 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 30814769 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3087965 |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69186515 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 2889505 | &nbsp;&nbsp;&nbsp; 4641 | &nbsp;&nbsp;&nbsp; 1462262 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 55153641 | &nbsp;&nbsp;&nbsp; 47340 | &nbsp;&nbsp;&nbsp; 142795550 |
| Net Assets | &nbsp;&nbsp;&nbsp; $6992592161 | &nbsp;&nbsp;&nbsp; $8217889 | &nbsp;&nbsp;&nbsp; $3511091352 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $6118905730 | &nbsp;&nbsp;&nbsp; $7578880 | &nbsp;&nbsp;&nbsp; $3356698469 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 873686431 | &nbsp;&nbsp;&nbsp; 639009 | &nbsp;&nbsp;&nbsp; 154392883 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $6992592161 | &nbsp;&nbsp;&nbsp; $8217889 | &nbsp;&nbsp;&nbsp; $3511091352 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 102550000 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 53550000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $68.19 | &nbsp;&nbsp;&nbsp; $54.79 | &nbsp;&nbsp;&nbsp; $65.57 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6048969507 | &nbsp;&nbsp;&nbsp; $6998330 | &nbsp;&nbsp;&nbsp; $2981970267 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 6415528 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21922663 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46733945 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 713267 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46401615 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Growth ETF** <br>| &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; $275573471 | &nbsp;&nbsp;&nbsp; $858147275 | &nbsp;&nbsp;&nbsp; $28052480 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 2537783 | &nbsp;&nbsp;&nbsp; 22387742 | &nbsp;&nbsp;&nbsp; 237113 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 1075405 | &nbsp;&nbsp;&nbsp; 419283 | &nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 302768 |
| Cash | &nbsp;&nbsp;&nbsp; 85935 | &nbsp;&nbsp;&nbsp; 242114 | &nbsp;&nbsp;&nbsp; 19 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 604934 | &nbsp;&nbsp;&nbsp; — |
| Segregated cash balance with Authorized Participant for deposit securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16401743 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 508233 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 882641 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20758 | &nbsp;&nbsp;&nbsp; 77645 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 239857 | &nbsp;&nbsp;&nbsp; 1967769 | &nbsp;&nbsp;&nbsp; 6729 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp; 40403 | &nbsp;&nbsp;&nbsp; 835 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 103027 | &nbsp;&nbsp;&nbsp; 410374 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 6244 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 280128300 | &nbsp;&nbsp;&nbsp; 900648639 | &nbsp;&nbsp;&nbsp; 29560230 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6020505 | &nbsp;&nbsp;&nbsp; 840879 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1075405 | &nbsp;&nbsp;&nbsp; 419283 | &nbsp;&nbsp;&nbsp; — |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16401743 | &nbsp;&nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1037338 |
| Accrued liabilities: |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 130384 | &nbsp;&nbsp;&nbsp; 369094 | &nbsp;&nbsp;&nbsp; 12764 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; 196535 | &nbsp;&nbsp;&nbsp; 263963 | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1402324 | &nbsp;&nbsp;&nbsp; 23474588 | &nbsp;&nbsp;&nbsp; 1890981 |
| Net Assets | &nbsp;&nbsp;&nbsp; $278725976 | &nbsp;&nbsp;&nbsp; $877174051 | &nbsp;&nbsp;&nbsp; $27669249 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $255667356 | &nbsp;&nbsp;&nbsp; $760593139 | &nbsp;&nbsp;&nbsp; $24560794 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 23058620 | &nbsp;&nbsp;&nbsp; 116580912 | &nbsp;&nbsp;&nbsp; 3108455 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $278725976 | &nbsp;&nbsp;&nbsp; $877174051 | &nbsp;&nbsp;&nbsp; $27669249 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp; 475000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $76.36 | &nbsp;&nbsp;&nbsp; $76.28 | &nbsp;&nbsp;&nbsp; $58.25 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $236872472 | &nbsp;&nbsp;&nbsp; $759732780 | &nbsp;&nbsp;&nbsp; $21339402 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 2537967 | &nbsp;&nbsp;&nbsp; 22389478 | &nbsp;&nbsp;&nbsp; 237113 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 532772 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 604814 | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1021577 | &nbsp;&nbsp;&nbsp; 392961 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1075405 | &nbsp;&nbsp;&nbsp; 419283 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 523530 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

&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; $921 | &nbsp;&nbsp;&nbsp; $928 | &nbsp;&nbsp;&nbsp; $922 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 16919 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 366496 | &nbsp;&nbsp;&nbsp; 478820 | &nbsp;&nbsp;&nbsp; 32920058 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 480351 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 23888 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (30018)<br>| &nbsp;&nbsp;&nbsp; (55396)<br>| &nbsp;&nbsp;&nbsp; (3838842)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 339554 | &nbsp;&nbsp;&nbsp; 426157 | &nbsp;&nbsp;&nbsp; 29603296 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 86741 | &nbsp;&nbsp;&nbsp; 100785 | &nbsp;&nbsp;&nbsp; 3748695 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24559 |
| Total expenses | &nbsp;&nbsp;&nbsp; 86741 | &nbsp;&nbsp;&nbsp; 100785 | &nbsp;&nbsp;&nbsp; 3773254 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 252813 | &nbsp;&nbsp;&nbsp; 325372 | &nbsp;&nbsp;&nbsp; 25830042 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 167900 | &nbsp;&nbsp;&nbsp; (82,175)(a)<br>| &nbsp;&nbsp;&nbsp; 14,716,744<br> (b)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9666 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14236850 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; (4232)<br>| &nbsp;&nbsp;&nbsp; (372315)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 168388 | &nbsp;&nbsp;&nbsp; (86407)<br>| &nbsp;&nbsp;&nbsp; 28590945 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 2993196 | &nbsp;&nbsp;&nbsp; 4,416,962<br> (c)<br>| &nbsp;&nbsp;&nbsp; 259,990,651<br> (d)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2429)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 34514 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 2993191 | &nbsp;&nbsp;&nbsp; 4417377 | &nbsp;&nbsp;&nbsp; 260022736 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 3161579 | &nbsp;&nbsp;&nbsp; 4330970 | &nbsp;&nbsp;&nbsp; 288613681 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3414392 | &nbsp;&nbsp;&nbsp; $4656342 | &nbsp;&nbsp;&nbsp; $314443723 |

---

------

(a) Net of foreign capital gains tax of $(5,370).

(b) Net of foreign capital gains tax of $(1,492,414).

(c) Net of change in foreign capital gains tax of $(36,036).

(d) Net of change in foreign capital gains tax of $1,285,876.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Dividend** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity and Options** <br>**Total Return ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Flexible Income** <br>**ETF (b)** |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $927 | &nbsp;&nbsp;&nbsp; $744 | &nbsp;&nbsp;&nbsp; $11237 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 1506 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 179321 | &nbsp;&nbsp;&nbsp; 79884 | &nbsp;&nbsp;&nbsp; 254984 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 5066 | &nbsp;&nbsp;&nbsp; 1173268 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (8935)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21492)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 172006 | &nbsp;&nbsp;&nbsp; 85724 | &nbsp;&nbsp;&nbsp; 1419563 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 34784 | &nbsp;&nbsp;&nbsp; 28171 | &nbsp;&nbsp;&nbsp; 72805 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 34784 | &nbsp;&nbsp;&nbsp; 28213 | &nbsp;&nbsp;&nbsp; 72805 |
| Less fees waived | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27831)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 34784 | &nbsp;&nbsp;&nbsp; 28213 | &nbsp;&nbsp;&nbsp; 44974 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 137222 | &nbsp;&nbsp;&nbsp; 57511 | &nbsp;&nbsp;&nbsp; 1374589 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 95916 | &nbsp;&nbsp;&nbsp; (161431)<br>| &nbsp;&nbsp;&nbsp; 76975 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8338)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 533477 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 194260 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (507)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 947 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82358 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 95409 | &nbsp;&nbsp;&nbsp; 454404 | &nbsp;&nbsp;&nbsp; 263844 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 840059 | &nbsp;&nbsp;&nbsp; 2137776 | &nbsp;&nbsp;&nbsp; 659698 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 161704 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159520 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (106)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (319964)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 840267 | &nbsp;&nbsp;&nbsp; 1817812 | &nbsp;&nbsp;&nbsp; 980816 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 935676 | &nbsp;&nbsp;&nbsp; 2272216 | &nbsp;&nbsp;&nbsp; 1244660 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1072898 | &nbsp;&nbsp;&nbsp; $2329727 | &nbsp;&nbsp;&nbsp; $2619249 |

---

------

(a) Commencement of operations was August 18, 2025.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global Select** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Healthcare** <br>**Leaders ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged Equity** <br>**Laddered Overlay ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $6092 | &nbsp;&nbsp;&nbsp; $919 | &nbsp;&nbsp;&nbsp; $2221 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 40501 | &nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp; 788 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 116650144 | &nbsp;&nbsp;&nbsp; 118100 | &nbsp;&nbsp;&nbsp; 35254504 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2765155 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp; 567677 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 191403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (5587271)<br>| &nbsp;&nbsp;&nbsp; (4646)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 114066024 | &nbsp;&nbsp;&nbsp; 116074 | &nbsp;&nbsp;&nbsp; 35825190 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 31653607 | &nbsp;&nbsp;&nbsp; 50448 | &nbsp;&nbsp;&nbsp; 14340178 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 185 |
| Total expenses | &nbsp;&nbsp;&nbsp; 31655858 | &nbsp;&nbsp;&nbsp; 50450 | &nbsp;&nbsp;&nbsp; 14340363 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 82410166 | &nbsp;&nbsp;&nbsp; 65624 | &nbsp;&nbsp;&nbsp; 21484827 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (113833512)<br>| &nbsp;&nbsp;&nbsp; (570378)<br>| &nbsp;&nbsp;&nbsp; (40190761)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 278624393 | &nbsp;&nbsp;&nbsp; 207771 | &nbsp;&nbsp;&nbsp; 169636657 |
| In-kind redemptions of options purchased (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13758704 |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (143346439)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (930685)<br>| &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (123951082)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 163860323 | &nbsp;&nbsp;&nbsp; (362407)<br>| &nbsp;&nbsp;&nbsp; (124092921)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 569767762 | &nbsp;&nbsp;&nbsp; 354690 | &nbsp;&nbsp;&nbsp; 389759806 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (3021)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15385766)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 110521 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27260016)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 569875262 | &nbsp;&nbsp;&nbsp; 354915 | &nbsp;&nbsp;&nbsp; 347114024 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 733735585 | &nbsp;&nbsp;&nbsp; (7492)<br>| &nbsp;&nbsp;&nbsp; 223021103 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $816145751 | &nbsp;&nbsp;&nbsp; $58132 | &nbsp;&nbsp;&nbsp; $244505930 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Growth ETF** <br>| &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; $5625 | &nbsp;&nbsp;&nbsp; $3436 | &nbsp;&nbsp;&nbsp; $930 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3827 | &nbsp;&nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 93 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 2168977 | &nbsp;&nbsp;&nbsp; 15133893 | &nbsp;&nbsp;&nbsp; 112534 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 108880 | &nbsp;&nbsp;&nbsp; 267050 | &nbsp;&nbsp;&nbsp; 7115 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 3703 | &nbsp;&nbsp;&nbsp; 19693 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (201794)<br>| &nbsp;&nbsp;&nbsp; (1507590)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 2089218 | &nbsp;&nbsp;&nbsp; 13927282 | &nbsp;&nbsp;&nbsp; 120672 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 755345 | &nbsp;&nbsp;&nbsp; 1832409 | &nbsp;&nbsp;&nbsp; 82458 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 18 |
| Total expenses | &nbsp;&nbsp;&nbsp; 755397 | &nbsp;&nbsp;&nbsp; 1833385 | &nbsp;&nbsp;&nbsp; 82476 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1333821 | &nbsp;&nbsp;&nbsp; 12093897 | &nbsp;&nbsp;&nbsp; 38196 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 384,741<br> (b)<br>| &nbsp;&nbsp;&nbsp; 7063019 | &nbsp;&nbsp;&nbsp; 47712 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1218 | &nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 4095631 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1233476 |
| In-kind redemptions of options purchased (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (76918)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1180470)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (268493)<br>| &nbsp;&nbsp;&nbsp; 412423 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (20844)<br>| &nbsp;&nbsp;&nbsp; (225882)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1747641)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 4192253 | &nbsp;&nbsp;&nbsp; 7252123 | &nbsp;&nbsp;&nbsp; (1723841)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 23,051,264<br> (c)<br>| &nbsp;&nbsp;&nbsp; 93,415,283<br> (d)<br>| &nbsp;&nbsp;&nbsp; 6713078 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (937)<br>| &nbsp;&nbsp;&nbsp; (1740)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (230004)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp; (34028)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (513808)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 23056837 | &nbsp;&nbsp;&nbsp; 93379515 | &nbsp;&nbsp;&nbsp; 5969266 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 27249090 | &nbsp;&nbsp;&nbsp; 100631638 | &nbsp;&nbsp;&nbsp; 4245425 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $28582911 | &nbsp;&nbsp;&nbsp; $112725535 | &nbsp;&nbsp;&nbsp; $4283621 |

---

------

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

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

(c) Net of change in foreign capital gains tax of $(185,821).

(d) Net of change in foreign capital gains tax of $(263,963).

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Exchange-Traded Funds October 31, 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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Period Ended** <br>**October 31, 2024 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $252813 | &nbsp;&nbsp;&nbsp; $249104 | &nbsp;&nbsp;&nbsp; $325372 | &nbsp;&nbsp;&nbsp; $160082 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 168388 | &nbsp;&nbsp;&nbsp; (1279343)<br>| &nbsp;&nbsp;&nbsp; (86407)<br>| &nbsp;&nbsp;&nbsp; (36037)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 2993191 | &nbsp;&nbsp;&nbsp; 2604187 | &nbsp;&nbsp;&nbsp; 4417377 | &nbsp;&nbsp;&nbsp; 14504 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3414392 | &nbsp;&nbsp;&nbsp; 1573948 | &nbsp;&nbsp;&nbsp; 4656342 | &nbsp;&nbsp;&nbsp; 138549 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (253868)<br>| &nbsp;&nbsp;&nbsp; (216655)<br>| &nbsp;&nbsp;&nbsp; (207088)<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; 3821381 | &nbsp;&nbsp;&nbsp; 1357293 | &nbsp;&nbsp;&nbsp; 4449254 | &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; $15737643 | &nbsp;&nbsp;&nbsp; $11916262 | &nbsp;&nbsp;&nbsp; $18882386 | &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;

October 31, 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 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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Period Ended** <br>**October 31, 2024 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $25830042 | &nbsp;&nbsp;&nbsp; $23837173 | &nbsp;&nbsp;&nbsp; $137222 | &nbsp;&nbsp;&nbsp; $3940 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 28590945 | &nbsp;&nbsp;&nbsp; (56228549)<br>| &nbsp;&nbsp;&nbsp; 95409 | &nbsp;&nbsp;&nbsp; (12869)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 260022736 | &nbsp;&nbsp;&nbsp; 214324026 | &nbsp;&nbsp;&nbsp; 840267 | &nbsp;&nbsp;&nbsp; (120406)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 314443723 | &nbsp;&nbsp;&nbsp; 181932650 | &nbsp;&nbsp;&nbsp; 1072898 | &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; (121676)<br>| &nbsp;&nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (54356189)<br>| &nbsp;&nbsp;&nbsp; (3083232)<br>| &nbsp;&nbsp;&nbsp; 1180346 | &nbsp;&nbsp;&nbsp; 6016817 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 234819594 | &nbsp;&nbsp;&nbsp; 153693373 | &nbsp;&nbsp;&nbsp; 2131568 | &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; $1285462942 | &nbsp;&nbsp;&nbsp; $1050643348 | &nbsp;&nbsp;&nbsp; $8019050 | &nbsp;&nbsp;&nbsp; $5887482 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $62706050 | &nbsp;&nbsp;&nbsp; $206681932 | &nbsp;&nbsp;&nbsp; $1180346 | &nbsp;&nbsp;&nbsp; $6016817 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (117062239)<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; $(54356189)<br>| &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; (2600000)<br>| &nbsp;&nbsp;&nbsp; (5700000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (1000000)<br>| &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;

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

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Equity and Options Total Return ETF**  | **JPMorgan** <br>**Flexible Income** <br>**ETF** <br>|
|  | &nbsp;&nbsp; **Period Ended** <br>**October 31, 2025 (a)**<br>| **Period Ended** <br>**October 31, 2025 (b)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $57511 | &nbsp;&nbsp;&nbsp; $1374589 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 454404 | &nbsp;&nbsp;&nbsp; 263844 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1817812 | &nbsp;&nbsp;&nbsp; 980816 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 2329727 | &nbsp;&nbsp;&nbsp; 2619249 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (10253)<br>| &nbsp;&nbsp;&nbsp; (1339770)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 45238413 | &nbsp;&nbsp;&nbsp; 29520837 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 47557887 | &nbsp;&nbsp;&nbsp; 30800316 |
| Beginning of period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $47557887 | &nbsp;&nbsp;&nbsp; $30800316 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $50534228 | &nbsp;&nbsp;&nbsp; $29522575 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5295815)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $45238413 | &nbsp;&nbsp;&nbsp; $29520837 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 600001 |
| Redeemed | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 600000 |

---

------

(a) Commencement of operations was August 18, 2025.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Global Select** <br>**Equity ETF**  | **JPMorgan** <br>**Global Select** <br>**Equity ETF**  | **JPMorgan** <br>**Healthcare Leaders ETF**  | **JPMorgan** <br>**Healthcare Leaders ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Period Ended** <br>**October 31, 2024 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $82410166 | &nbsp;&nbsp;&nbsp; $29280890 | &nbsp;&nbsp;&nbsp; $65624 | &nbsp;&nbsp;&nbsp; $51816 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 163860323 | &nbsp;&nbsp;&nbsp; 96682544 | &nbsp;&nbsp;&nbsp; (362407)<br>| &nbsp;&nbsp;&nbsp; 1067987 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 569875262 | &nbsp;&nbsp;&nbsp; 353488930 | &nbsp;&nbsp;&nbsp; 354915 | &nbsp;&nbsp;&nbsp; 792538 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 816145751 | &nbsp;&nbsp;&nbsp; 479452364 | &nbsp;&nbsp;&nbsp; 58132 | &nbsp;&nbsp;&nbsp; 1912341 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (128903785)<br>| &nbsp;&nbsp;&nbsp; (3187995)<br>| &nbsp;&nbsp;&nbsp; (422493)<br>| &nbsp;&nbsp;&nbsp; (15930)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1447452986 | &nbsp;&nbsp;&nbsp; 3539956807 | &nbsp;&nbsp;&nbsp; 1361415 | &nbsp;&nbsp;&nbsp; 5324424 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2134694952 | &nbsp;&nbsp;&nbsp; 4016221176 | &nbsp;&nbsp;&nbsp; 997054 | &nbsp;&nbsp;&nbsp; 7220835 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4857897209 | &nbsp;&nbsp;&nbsp; 841676033 | &nbsp;&nbsp;&nbsp; 7220835 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $6992592161 | &nbsp;&nbsp;&nbsp; $4857897209 | &nbsp;&nbsp;&nbsp; $8217889 | &nbsp;&nbsp;&nbsp; $7220835 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2769682852 | &nbsp;&nbsp;&nbsp; $3659582414 | &nbsp;&nbsp;&nbsp; $2714199 | &nbsp;&nbsp;&nbsp; $9600000 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1322229866)<br>| &nbsp;&nbsp;&nbsp; (119625607)<br>| &nbsp;&nbsp;&nbsp; (1352784)<br>| &nbsp;&nbsp;&nbsp; (4275576)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1447452986 | &nbsp;&nbsp;&nbsp; $3539956807 | &nbsp;&nbsp;&nbsp; $1361415 | &nbsp;&nbsp;&nbsp; $5324424 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 44250000 | &nbsp;&nbsp;&nbsp; 63150000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 200000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (20925000)<br>| &nbsp;&nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (75000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 23325000 | &nbsp;&nbsp;&nbsp; 60950000 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 125000 |

---

------

(a) Commencement of operations was November 1, 2023.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity** <br>**Laddered Overlay ETF**  | **JPMorgan Hedged Equity** <br>**Laddered Overlay ETF**  | **JPMorgan** <br>**International Growth ETF**  | **JPMorgan** <br>**International Growth ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $21484827 | &nbsp;&nbsp;&nbsp; $5715262 | &nbsp;&nbsp;&nbsp; $1333821 | &nbsp;&nbsp;&nbsp; $999866 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (124092921)<br>| &nbsp;&nbsp;&nbsp; (26464636)<br>| &nbsp;&nbsp;&nbsp; 4192253 | &nbsp;&nbsp;&nbsp; 1388998 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 347114024 | &nbsp;&nbsp;&nbsp; 142824797 | &nbsp;&nbsp;&nbsp; 23056837 | &nbsp;&nbsp;&nbsp; 16005824 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 244505930 | &nbsp;&nbsp;&nbsp; 122075423 | &nbsp;&nbsp;&nbsp; 28582911 | &nbsp;&nbsp;&nbsp; 18394688 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (21391714)<br>| &nbsp;&nbsp;&nbsp; (4110810)<br>| &nbsp;&nbsp;&nbsp; (1959169)<br>| &nbsp;&nbsp;&nbsp; (1328751)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1445095343 | &nbsp;&nbsp;&nbsp; 1663323365 | &nbsp;&nbsp;&nbsp; 144238781 | &nbsp;&nbsp;&nbsp; 8692489 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1668209559 | &nbsp;&nbsp;&nbsp; 1781287978 | &nbsp;&nbsp;&nbsp; 170862523 | &nbsp;&nbsp;&nbsp; 25758426 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1842881793 | &nbsp;&nbsp;&nbsp; 61593815 | &nbsp;&nbsp;&nbsp; 107863453 | &nbsp;&nbsp;&nbsp; 82105027 |
| End of period | &nbsp;&nbsp;&nbsp; $3511091352 | &nbsp;&nbsp;&nbsp; $1842881793 | &nbsp;&nbsp;&nbsp; $278725976 | &nbsp;&nbsp;&nbsp; $107863453 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2281962581 | &nbsp;&nbsp;&nbsp; $1685800449 | &nbsp;&nbsp;&nbsp; $164226972 | &nbsp;&nbsp;&nbsp; $22350331 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (836867238)<br>| &nbsp;&nbsp;&nbsp; (22477084)<br>| &nbsp;&nbsp;&nbsp; (19988191)<br>| &nbsp;&nbsp;&nbsp; (13657842)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1445095343 | &nbsp;&nbsp;&nbsp; $1663323365 | &nbsp;&nbsp;&nbsp; $144238781 | &nbsp;&nbsp;&nbsp; $8692489 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36850000 | &nbsp;&nbsp;&nbsp; 29375000 | &nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 350000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13525000)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 23325000 | &nbsp;&nbsp;&nbsp; 28975000 | &nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp; 100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**International** <br>**Value ETF**  | **JPMorgan** <br>**International** <br>**Value ETF**  | **JPMorgan** <br>**Nasdaq Hedged Equity** <br>**Laddered Overlay ETF** <br>|
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| **Period Ended** <br>**October 31, 2025 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $12093897 | &nbsp;&nbsp;&nbsp; $1331121 | &nbsp;&nbsp;&nbsp; $38196 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 7252123 | &nbsp;&nbsp;&nbsp; 451681 | &nbsp;&nbsp;&nbsp; (1723841)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 93379515 | &nbsp;&nbsp;&nbsp; 5244557 | &nbsp;&nbsp;&nbsp; 5969266 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 112725535 | &nbsp;&nbsp;&nbsp; 7027359 | &nbsp;&nbsp;&nbsp; 4283621 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (2531502)<br>| &nbsp;&nbsp;&nbsp; (93948)<br>| &nbsp;&nbsp;&nbsp; (31473)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 663941117 | &nbsp;&nbsp;&nbsp; 84602925 | &nbsp;&nbsp;&nbsp; 23417101 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 774135150 | &nbsp;&nbsp;&nbsp; 91536336 | &nbsp;&nbsp;&nbsp; 27669249 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 103038901 | &nbsp;&nbsp;&nbsp; 11502565 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $877174051 | &nbsp;&nbsp;&nbsp; $103038901 | &nbsp;&nbsp;&nbsp; $27669249 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $664063318 | &nbsp;&nbsp;&nbsp; $84633896 | &nbsp;&nbsp;&nbsp; $29024871 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (122201)<br>| &nbsp;&nbsp;&nbsp; (30971)<br>| &nbsp;&nbsp;&nbsp; (5607770)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $663941117 | &nbsp;&nbsp;&nbsp; $84602925 | &nbsp;&nbsp;&nbsp; $23417101 |
| **SHARE TRANSACTIONS:** |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 575000 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 475000 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

65 <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** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | $45.83 | &nbsp;&nbsp; $0.92 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $12.32 | &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** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 48.11 | 1.08 | 14.44 | 15.52 | &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** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 39.20 | 0.94 | 10.59 | 11.53 | &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** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 47.10 | 0.92 | 6.25 | 7.17 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<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;

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (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; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp; Net <br>expenses(f)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57.23 | &nbsp;&nbsp;&nbsp; $57.67 | &nbsp;&nbsp;&nbsp;&nbsp; 27.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.43<br> %<br>| &nbsp;&nbsp;&nbsp; $15737643 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp; 67<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; 11916262 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &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; (15.40)<br>| &nbsp;&nbsp;&nbsp; (15.06)(h)<br>| &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; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.94 | &nbsp;&nbsp;&nbsp;&nbsp;63.31 | &nbsp;&nbsp;&nbsp;&nbsp;32.74 | &nbsp;&nbsp;&nbsp;&nbsp;32.83 | &nbsp;&nbsp;&nbsp; 18882386 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; 30 |
| &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; 14433132 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.82 | &nbsp;&nbsp;&nbsp;&nbsp;49.80 | &nbsp;&nbsp;&nbsp;&nbsp;30.15 | &nbsp;&nbsp;&nbsp;&nbsp;29.46 | &nbsp;&nbsp;&nbsp; 1285462942 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp; 42 |
| &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; 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; 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; 896949975 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &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; (34.15)<br>| &nbsp;&nbsp;&nbsp; (34.32)<br>| &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; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.92 | &nbsp;&nbsp;&nbsp;&nbsp;48.17 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (h)<br>| &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; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.46 | &nbsp;&nbsp;&nbsp;&nbsp;53.51 | &nbsp;&nbsp;&nbsp;&nbsp;15.36 | &nbsp;&nbsp;&nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp; 8019050 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.10 | &nbsp;&nbsp;&nbsp;&nbsp;47.27 | &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (1.52)(h)<br>| &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; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**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 Equity and Options Total Return ETF** |  |  |  |  |  |  |  |
| August 18, 2025 (g) through October 31, 2025  | $50.00 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $2.78 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.01)<br>|
| **JPMorgan Flexible Income ETF** |  |  |  |  |  |  |  |
| February 12, 2025 (g) through October 31, 2025  | 49.00 | 2.32 | 2.24 | 4.56 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.23)<br>|
| **JPMorgan Global Select Equity ETF** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 61.32 | 0.77 | 7.30 | 8.07 | &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** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 57.77 | 0.44 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.16)<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>|

---

&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;

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses(f)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses without <br>waivers<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.84 | &nbsp;&nbsp;&nbsp;&nbsp; $52.93 | &nbsp;&nbsp;&nbsp;&nbsp; 5.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.89<br> %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47557887 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.33 | &nbsp;&nbsp;&nbsp;&nbsp;51.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30800316 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.19 | &nbsp;&nbsp;&nbsp;&nbsp;68.21 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6992592161 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &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;54.79 | &nbsp;&nbsp;&nbsp;&nbsp;54.83 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8217889 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &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 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**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 Hedged Equity Laddered Overlay ETF** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | $60.97 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $4.60 | &nbsp;&nbsp; $5.07 | &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.47)<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; — |
| **JPMorgan International Growth ETF** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 64.40 | 0.67 | 12.35 | 13.02 | &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>|
| **JPMorgan International Value ETF** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025  | 57.24 | 2.47 | 17.93 | 20.40 | &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 October 31, 2025  | 50.00 | 0.07 | 8.24 | 8.31 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<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 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp; Net <br>expenses(f)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65.57 | &nbsp;&nbsp;&nbsp; $65.60 | &nbsp;&nbsp;&nbsp;&nbsp; 8.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.15<br> %<br>| &nbsp;&nbsp;&nbsp; $3511091352 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>|
| &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; 1842881793 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &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; (1.44)<br>| &nbsp;&nbsp;&nbsp; (1.44)(h)<br>| &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; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.36 | &nbsp;&nbsp;&nbsp;&nbsp;76.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;&nbsp;20.36 | &nbsp;&nbsp;&nbsp; 278725976 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; 64 |
| &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; 107863453 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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; 82105027 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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; (38.72)<br>| &nbsp;&nbsp;&nbsp; (38.97)<br>| &nbsp;&nbsp;&nbsp; 54982105 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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; 61291950 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.28 | &nbsp;&nbsp;&nbsp;&nbsp;76.45 | &nbsp;&nbsp;&nbsp;&nbsp;36.57 | &nbsp;&nbsp;&nbsp;&nbsp;36.04 | &nbsp;&nbsp;&nbsp; 877174051 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; 46 |
| &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; 103038901 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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; (4.15)<br>| &nbsp;&nbsp;&nbsp; (3.71)(h)<br>| &nbsp;&nbsp;&nbsp; 11502565 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.25 | &nbsp;&nbsp;&nbsp;&nbsp;58.36 | &nbsp;&nbsp;&nbsp;&nbsp;16.63 | &nbsp;&nbsp;&nbsp;&nbsp; 16.85<br> (h)<br>| &nbsp;&nbsp;&nbsp; 27669249 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

&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 12 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 Equity and Options Total Return ETF<sup>(1)</sup> <br>| Non-Diversified |
| JPMorgan Flexible Income ETF<sup>(2)</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>(3)</sup> <br>| Non-Diversified |

---

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

<sup>(1)</sup> Commencement of operations was August 18, 2025.

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

<sup>(3)</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 Equity and Options Total Return ETF ("Equity and Options Total Return ETF") is to seek to provide total return.

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.

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

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

------

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. |
| Equity and Options Total Return ETF | Cboe BZX Exchange, 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 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.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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.

• 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**  | **Active China ETF**  | **Active China ETF**  | **Active China ETF**  | **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; $439012 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $439012 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1744617 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1744617 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401721 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; 520328 | &nbsp;&nbsp;&nbsp;&nbsp; 1536326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2056654 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 318635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 318635 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 308122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 308122 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166520 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 729109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 729109 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834268 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 420911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 420911 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177751 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135854 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343548 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186601 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 752229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 752229 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2241886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2241886 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1039050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1039050 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388165 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 583658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 583658 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active China ETF** (continued) | **Active China ETF** (continued) | **Active China ETF** (continued) | **Active China ETF** (continued) | **Active China 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** |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $329249 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $329249 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; 135641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135641 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 882373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 882373 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153604 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 732496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 732496 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195942 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 655969 | &nbsp;&nbsp;&nbsp;&nbsp; 15041647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15697616 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 39336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39336 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $695305 | &nbsp;&nbsp;&nbsp;&nbsp; $15041647 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15736952 |

---

&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; $148800 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $148800 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 1416774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1416774 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 748721 | &nbsp;&nbsp;&nbsp;&nbsp; 4594673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5343394 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 328591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 328591 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 75847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75847 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324193 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100324 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 405567 | &nbsp;&nbsp;&nbsp;&nbsp; 1342953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1748520 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468965 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 633761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 633761 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 59475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59475 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 35757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35757 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64851 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64851 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 432882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 432882 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 198846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198846 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 41110 | &nbsp;&nbsp;&nbsp;&nbsp; 397977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439087 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 89772 | &nbsp;&nbsp;&nbsp;&nbsp; 2592194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2681966 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142332 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3531619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3531619 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151875 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340045 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 127142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127142 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3981572 | &nbsp;&nbsp;&nbsp;&nbsp; 14813474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18795046 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 22695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22695 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4004267 | &nbsp;&nbsp;&nbsp;&nbsp; $14813474 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18817741 |

---

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $833999 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $833999 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482704 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 71224292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71224292 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 1769725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1769725 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 15190297 | &nbsp;&nbsp;&nbsp;&nbsp; 331864526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 347054823 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 738871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 738871 |
| Cyprus | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720196 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348035 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; 2289993 | &nbsp;&nbsp;&nbsp;&nbsp; 11994875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14284868 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 2065962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2065962 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 325274 | &nbsp;&nbsp;&nbsp;&nbsp; 13849491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14174765 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3987151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3987151 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 21671577 | &nbsp;&nbsp;&nbsp;&nbsp; 140150380 | &nbsp;&nbsp;&nbsp;&nbsp; 834802 | &nbsp;&nbsp;&nbsp;&nbsp; 162656759 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18193877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18193877 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 1484656 | &nbsp;&nbsp;&nbsp;&nbsp; 1359578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2844234 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1238428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1238428 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 746027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 746027 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5759386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5759386 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 28840157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28840157 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 1973810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1973810 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 5587693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5587693 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 1218670 | &nbsp;&nbsp;&nbsp;&nbsp; 1186585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2405255 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9001200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9001200 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2130173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2130173 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 699685 | &nbsp;&nbsp;&nbsp;&nbsp; 1857536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2557221 |
| 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; 571855 | &nbsp;&nbsp;&nbsp;&nbsp; 18364801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18936656 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 2279566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279566 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 6802527 | &nbsp;&nbsp;&nbsp;&nbsp; 24104484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30907011 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 5543533 | &nbsp;&nbsp;&nbsp;&nbsp; 180296633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185840166 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7195900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7195900 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 329479 | &nbsp;&nbsp;&nbsp;&nbsp; 274590748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274920227 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 2791350 | &nbsp;&nbsp;&nbsp;&nbsp; 5918128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8709478 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 599811 | &nbsp;&nbsp;&nbsp;&nbsp; 9249850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9849661 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 2831613 | &nbsp;&nbsp;&nbsp;&nbsp; 10153732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12985345 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 1822404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1822404 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5828161 | &nbsp;&nbsp;&nbsp;&nbsp; 247432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6075593 |
| Vietnam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 906844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 906844 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 185314960 | &nbsp;&nbsp;&nbsp;&nbsp; 1075898700 | &nbsp;&nbsp;&nbsp;&nbsp; 834802 | &nbsp;&nbsp;&nbsp;&nbsp; 1262048462 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 24898682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24898682 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1509398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1509398 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 26408080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26408080 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $211723040 | &nbsp;&nbsp;&nbsp;&nbsp; $1075898700 | &nbsp;&nbsp;&nbsp;&nbsp; $834802 | &nbsp;&nbsp;&nbsp;&nbsp; $1288456542 |

---

&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 |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $46945 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46945 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 62374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62374 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 57709 | &nbsp;&nbsp;&nbsp;&nbsp; 186824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244533 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86851 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86851 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 313952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 313952 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364044 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65403 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40806 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58644 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 386756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 386756 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 49143 | &nbsp;&nbsp;&nbsp;&nbsp; 159654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 208797 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203111 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112375 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 36352 | &nbsp;&nbsp;&nbsp;&nbsp; 435237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 471589 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 356328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 356328 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 4769813 | &nbsp;&nbsp;&nbsp;&nbsp; 117379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4887192 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5022336 | &nbsp;&nbsp;&nbsp;&nbsp; 2887364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7909700 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5022336 | &nbsp;&nbsp;&nbsp;&nbsp; $2887364 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7909700 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return 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; $48202399 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48202399 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(659634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(659634)<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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $165373 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $165373 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 27233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28798 |

---

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (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** |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16729 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16729 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 537603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 537603 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8479 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55771 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137107 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396902 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304660 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5182 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59027 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 3678 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12928 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9499 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217556 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6395 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp; 479041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479964 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4848 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 25920 | &nbsp;&nbsp;&nbsp;&nbsp; 194910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220830 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4155 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 4514 | &nbsp;&nbsp;&nbsp;&nbsp; 102526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107040 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 8874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8874 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7334 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90033 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17443 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 46996 | &nbsp;&nbsp;&nbsp;&nbsp; 67879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114875 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154482 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41158 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145079 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 20604 | &nbsp;&nbsp;&nbsp;&nbsp; 495963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516567 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5066789 | &nbsp;&nbsp;&nbsp;&nbsp; 193165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5259954 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5722648 | &nbsp;&nbsp;&nbsp;&nbsp; 3414104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9136752 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 20344698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20344698 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340268 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 454217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454217 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $26521563 | &nbsp;&nbsp;&nbsp;&nbsp; $3754664 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30276227 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $163480 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $163480 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3960)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $159520 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $159520 |

---

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

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $52690074 | &nbsp;&nbsp;&nbsp;&nbsp; $147420267 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $200110341 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37995905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37995905 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317766392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317766392 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154162416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154162416 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24700713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24700713 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297534687 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297534687 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 27247081 | &nbsp;&nbsp;&nbsp;&nbsp; 134332843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161579924 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50781039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50781039 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155554552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155554552 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39862871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39862871 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 74511447 | &nbsp;&nbsp;&nbsp;&nbsp; 108325696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182837143 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119071606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119071606 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5227161624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5227161624 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5381610226 | &nbsp;&nbsp;&nbsp;&nbsp; 1587508987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6969119213 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 6414887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6414887 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5388025113 | &nbsp;&nbsp;&nbsp;&nbsp; $1587508987 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6975534100 |

---

&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; $151457 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $151457 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 33368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33368 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; 82254 | &nbsp;&nbsp;&nbsp;&nbsp; 109707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191961 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203984 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195911 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241263 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241263 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229989 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167109 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 426937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 426937 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5905805 | &nbsp;&nbsp;&nbsp;&nbsp; 397789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6303594 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 6021427 | &nbsp;&nbsp;&nbsp;&nbsp; 2124146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8145573 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $6021427 | &nbsp;&nbsp;&nbsp;&nbsp; $2124146 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8145573 |

---

&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**  |
|  | &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; $3562814982 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3562814982 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(63108335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(63108335)<br>|

---

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Laddered Overlay ETF** (continued) | **Hedged Equity Laddered Overlay ETF** (continued) | **Hedged Equity Laddered Overlay ETF** (continued) | **Hedged Equity Laddered Overlay ETF** (continued) | **Hedged Equity Laddered Overlay 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** |
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(6078180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6078180)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(69186515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(69186515)<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; $2316871 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2316871 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 5055693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5055693 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 18977702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18977702 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26430607 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26430607 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7268935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7268935 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26888773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26888773 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6370452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6370452 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2105002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2105002 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4681799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4681799 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2645261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2645261 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12063653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12063653 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2726869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2726869 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; 3365735 | &nbsp;&nbsp;&nbsp;&nbsp; 2104668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5470403 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37011984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37011984 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 1933258 | &nbsp;&nbsp;&nbsp;&nbsp; 5075230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7008488 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3902117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3902117 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 2949375 | &nbsp;&nbsp;&nbsp;&nbsp; 3127962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6077337 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18144434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18144434 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7424323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7424323 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2600323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2600323 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7165447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7165447 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 9124960 | &nbsp;&nbsp;&nbsp;&nbsp; 17311788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26436748 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26507758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26507758 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10292492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10292492 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 41406723 | &nbsp;&nbsp;&nbsp;&nbsp; 234166748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275573471 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2537783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2537783 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 1075405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1075405 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3613188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3613188 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $45019911 | &nbsp;&nbsp;&nbsp;&nbsp; $234166748 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $279186659 |

---

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

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $24946492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24946492 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 1541500 | &nbsp;&nbsp;&nbsp;&nbsp; 8221202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9762702 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8769542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8769542 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 17052283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17052283 |
| Burkina Faso | &nbsp;&nbsp;&nbsp;&nbsp; 2198059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2198059 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 37273444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37273444 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 7382879 | &nbsp;&nbsp;&nbsp;&nbsp; 68121497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75504376 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 1650396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1650396 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12662099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12662099 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4438175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4438175 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42930920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42930920 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1454148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1454148 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 778748 | &nbsp;&nbsp;&nbsp;&nbsp; 46512294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47291042 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4720128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4720128 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 2307731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2307731 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14943713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14943713 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6715931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6715931 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17574736 | &nbsp;&nbsp;&nbsp;&nbsp; 596165 | &nbsp;&nbsp;&nbsp;&nbsp; 18170901 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10186631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10186631 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 6935953 | &nbsp;&nbsp;&nbsp;&nbsp; 6779144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13715097 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29301798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29301798 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 2080606 | &nbsp;&nbsp;&nbsp;&nbsp; 133598509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135679115 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2740126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2740126 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 5419266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5419266 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21340791 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21340791 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8061125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8061125 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472875 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2730200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2730200 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714223 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 1635806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1635806 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3615699 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3615699 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 4191708 | &nbsp;&nbsp;&nbsp;&nbsp; 7879207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12070915 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 1793448 | &nbsp;&nbsp;&nbsp;&nbsp; 51415102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53208550 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27610375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27610375 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19288535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19288535 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3919957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3919957 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14329464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14329464 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4461904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4461904 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3921801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3921801 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 1881654 | &nbsp;&nbsp;&nbsp;&nbsp; 4158058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6039712 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 8371239 | &nbsp;&nbsp;&nbsp;&nbsp; 72468980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80840219 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61051009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61051009 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 102494720 | &nbsp;&nbsp;&nbsp;&nbsp; 755056390 | &nbsp;&nbsp;&nbsp;&nbsp; 596165 | &nbsp;&nbsp;&nbsp;&nbsp; 858147275 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 22387742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22387742 |

---

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; $419283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $419283 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 22807025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22807025 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $125301745 | &nbsp;&nbsp;&nbsp;&nbsp; $755056390 | &nbsp;&nbsp;&nbsp;&nbsp; $596165 | &nbsp;&nbsp;&nbsp;&nbsp; $880954300 |

---

&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**  |
|  | &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; $28592361 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28592361 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(972374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(972374)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (64964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64964)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(1037338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1037338)<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 October 31, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

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

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

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

------

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Active Developing Markets Equity ETF | &nbsp;&nbsp; $22121 | &nbsp;&nbsp; $(22121)<br>| &nbsp;&nbsp; $— |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; 1422161 | &nbsp;&nbsp; (1422161)<br>| &nbsp;&nbsp; — |
| International Growth ETF | &nbsp;&nbsp; 1021577 | &nbsp;&nbsp; (1021577)<br>| &nbsp;&nbsp; — |
| International Value ETF | &nbsp;&nbsp; 392961 | &nbsp;&nbsp; (392961)<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.

Global Select Equity ETF and Flexible Income ETF did not have any securities out on loan at October 31, 2025. Active China ETF, Dividend Leaders ETF, Equity and Options Total Return ETF, Healthcare Leaders ETF, Hedged Equity Laddered Overlay ETF and Nasdaq Hedged Equity Laddered Overlay ETF did not lend out any securities during the year ended October 31, 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (a) (b)<br>| $8860 | $3086367 | $3055921 | $30 | $— | $39336 | 39321 | $2155 | $— |

---

&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 October 31, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| $— | $590494 | $567799 | $— | $— | $22695 | 22695 | $2,691<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 October 31, 2025.

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

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.10% <br> (a) (b)<br>| $7607812 | $273485704 | $256202071 | $9666 | $(2429)<br>| $24898682 | 24888727 | $480351 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| 1234130 | 46373140 | 46097872 |  |  | 1509398 | 1509398 | 68,885<br> \*<br>|  |
| **Total** | $8841942 | $319858844 | $302299943 | $9666 | $(2429)<br>| $26408080 |  | $549236 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  | **Equity and Options Total Return ETF**  |
| **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** |
| **Security Description** | **Value at** <br>**August 18,** <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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)<br>| $— | $1684959 | $920087 | $— | $— | $764872 | 764872 | $5066 | $— |

---

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

(a) Commencement of operations was August 18, 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 October 31, 2025.

&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 October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <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>| $61501 | $10800526 | 231052 | $536160 | $— |
| JPMorgan Equity Premium Income ETF <br> (b)<br>|  | 1471590 |  |  | (59260)<br>| 1412330 | 24830 | 80699 |  |
| JPMorgan Income ETF (b) |  | 588020 |  |  | 7745 | 595765 | 12837 | 22413 |  |
| JPMorgan Nasdaq Equity Premium <br> Income ETF (b)<br>|  | 7384446 |  |  | 151631 | 7536077 | 127514 | 518685 |  |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.10% (b) (c)<br>|  | 3251780 | 2797783 | 133 | 87 | 454217 | 454034 | 15311 |  |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.12% (b) (c)<br>|  | 15827 | 15827 |  |  |  |  | 20<br> \*<br>|  |
| **Total** | $— | $23589922 | $2944373 | $(8338)<br>| $161704 | $20798915 |  | $1173288 | $— |

---

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

 <br> (a) Commencement of operations was February 12, 2025. <br> (b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

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

84 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

(c) The rate shown is the current yield as of October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money <br> Market Fund Class IM <br> Shares, 4.10% (a) (b)<br>| $58736568 | $1447993226 | $1500312013 | $127 | $(3021)<br>| $6414887 | 6412322 | $2765155 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>|  | 135621126 | 135621126 |  |  |  |  | 202,563<br> \*<br>|  |
| **Total** | $58736568 | $1583614352 | $1635933139 | $127 | $(3021)<br>| $6414887 |  | $2967718 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (a) (b)<br>| $— | $1297489 | $1297489 | $— | $— | $— |  | $1095 | $— |

---

&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 October 31, 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.00% (a) (b)<br>| $3197539 | $185784286 | $167059162 | $— | $— | $21922663 | 21922663 | $567677 | $— |

---

&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 October 31, 2025.

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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.10% (a) (b)<br>| $4281365 | $72524223 | $74268086 | $1218 | $(937)<br>| $2537783 | 2536769 | $108880 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.12% (a) (b)<br>|  | 8581823 | 7506418 |  |  | 1075405 | 1075405 | 12,469<br> \*<br>|  |
| **Total** | $4281365 | $81106046 | $81774504 | $1218 | $(937)<br>| $3613188 |  | $121349 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.10% <br> (a) (b)<br>| $1798145 | $161444154 | $140855380 | $2563 | $(1740)<br>| $22387742 | 22378790 | $267050 | $— |
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>|  | 26699534 | 26280251 |  |  | 419283 | 419283 | 41,273<br> \*<br>|  |
| **Total** | $1798145 | $188143688 | $167135631 | $2563 | $(1740)<br>| $22807025 |  | $308323 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 2025** | **For the period ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)<br>| $— | $1679341 | $1442228 | $— | $— | $237113 | 237113 | $7115 | $— |

---

&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 October 31, 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;

86 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Options**— Equity and Options Total Return ETF, 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 Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of cash or securities for options written. Cash collateral deposited at the Funds' custodian for the benefit of the broker is recorded as Restricted cash for exchange-traded options on the Statements of Assets and Liabilities. Securities designated as collateral are denoted on the SOIs, if any.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are 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 Funds' 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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 87

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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 October 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity and Options** <br>**Total Return ETF**<br>| **Flexible Income ETF** | **Hedged Equity** <br>**Laddered Overlay ETF**<br>|
| **Equity Risk Exposure:** |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | $— | &nbsp;&nbsp; $156057 | &nbsp;&nbsp; $— |
| Purchased Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 28776920 |
| Written Options at Market Value | (659634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69186515)<br>|
| **Interest Rate Risk Exposure:** |  |  |  |
| Unrealized Appreciation on Futures Contracts \* |  | &nbsp;&nbsp; 7423 | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* |  | &nbsp;&nbsp; (3960)<br>| &nbsp;&nbsp; — |
| **Net Fair Value of Derivative Contracts:** |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* |  | &nbsp;&nbsp; 159520 | &nbsp;&nbsp; — |
| Purchased Options at Market Value  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 28776920 |
| Written Options at Market Value | (659634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69186515)<br>|

---

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

---

| | |
|:---|:---|
|  | **Nasdaq Hedged Equity** <br>**Laddered Overlay ETF**<br>|
| **Equity Risk Exposure:** |  |
| Purchased Options at Market Value | $302768 |
| Written Options at Market Value | (1037338)<br>|
| **Net Fair Value of Derivative Contracts:** |  |
| Purchased Options at Market Value  | 302768 |
| Written Options at Market Value | (1037338)<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 year ended October 31, 2025, by primary underlying risk exposure:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity and Options** <br>**Total Return ETF**<br>| **Flexible Income ETF** | **Hedged Equity** <br>**Laddered Overlay ETF**<br>| **International** <br>**Growth ETF**<br>| **International** <br>**Value 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 | $— | &nbsp;&nbsp; $79981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(268493)<br>| &nbsp;&nbsp; $412423 |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (143346439)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written Options | 82358 | &nbsp;&nbsp; — | &nbsp;&nbsp; (123951082)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **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 |  | &nbsp;&nbsp; 114279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

88 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity and Options**<br> **Total Return ETF**<br>| **Flexible Income ETF** | **Hedged Equity**<br> **Laddered Overlay ETF**<br>| **International**<br> **Growth ETF**<br>| **International**<br> **Value ETF**<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **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 | $— | &nbsp;&nbsp; $156057 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3690 | &nbsp;&nbsp; $— |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (15385766)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written Options | (319964)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27260016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **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 |  | &nbsp;&nbsp; 3463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

---

| | |
|:---|:---|
|  | **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:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $— |
| Purchased Options | (1180470)<br>|
| Written Options | (1747641)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts |  |
| **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:** |
| Purchased Options | $(230004)<br>|
| Written Options | (513808)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts |  |

---

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity and Options** <br>**Total Return ETF**<br>| **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 <br> Balance Long<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6635393 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $990260 | &nbsp;&nbsp; $795537 | &nbsp;&nbsp; $— |
| Ending Notional Balance <br> Long<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8659088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Exchange-Traded** <br> **Options:**<br>|  |  |  |  |  |  |
| Average Number of <br> Contracts Purchased<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 447 |
| Average Number of <br> Contracts Written<br>| &nbsp;&nbsp; (463)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (840)<br>|
| Ending Number of <br> Contracts Purchased<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 447 |
| Ending Number of <br> Contracts Written<br>| &nbsp;&nbsp; (696)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (103020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (894)<br>|

---

The Funds' derivatives contracts held at October 31, 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.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 89

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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 October 31, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

Since each of the following respective Funds' commencement of operations through October 31, 2025, Equity and Options Total Return ETF, Flexible Income ETF and Nasdaq Hedged Equity Laddered Overlay ETF did not pay any significant foreign, federal or state and local income taxes.

**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, Equity and Options Total Return 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.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1834 | &nbsp;&nbsp;&nbsp;&nbsp; $(1834)<br>|
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp;&nbsp; (1722)<br>|
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 12677964 | &nbsp;&nbsp;&nbsp;&nbsp; 2231174 | &nbsp;&nbsp;&nbsp;&nbsp; (14909138)<br>|
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3605 | &nbsp;&nbsp;&nbsp;&nbsp; (3605)<br>|
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 533401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (533401)<br>|
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2959 | &nbsp;&nbsp;&nbsp;&nbsp; (2959)<br>|
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 268284001 | &nbsp;&nbsp;&nbsp;&nbsp; 2704478 | &nbsp;&nbsp;&nbsp;&nbsp; (270988479)<br>|
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 194444 | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; (194733)<br>|
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 181324848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (181324848)<br>|
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3876278 | &nbsp;&nbsp;&nbsp;&nbsp; 814659 | &nbsp;&nbsp;&nbsp;&nbsp; (4690937)<br>|
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1988179 | &nbsp;&nbsp;&nbsp;&nbsp; (1988179)<br>|
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1143693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1143693)<br>|

---

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

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

90 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

**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.

**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, with the exception of Equity and Options Total Return ETF, Flexible Income ETF and Nasdaq Hedged Equity Laddered Overlay ETF. For Equity and Options Total Return ETF, Flexible Income ETF and Nasdaq Hedged Equity Laddered Overlay ETF, management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operation.

**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 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| 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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 91

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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 its distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

**E. Waivers and Reimbursements**— The 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 October 31, 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 October 31, 2025, the Adviser waived fees as follows:

---

| | |
|:---|:---|
|  | **Contractual Waivers** |
|  | **Management** <br>**Fees**<br>|
| Flexible Income ETF | &nbsp;&nbsp; $27831 |

---

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

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

During the year ended October 31, 2025, Healthcare Leaders ETF and Hedged Equity Laddered Overlay ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Active China ETF | $9549587 | $8920737 |
| Active Developing Markets Equity ETF | 4656203 | 4602255 |

---

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

92 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Purchases**<br> **(excluding**<br> **U.S. Government)**<br>| **Sales**<br> **(excluding**<br> **U.S. Government)**<br>|
| ActiveBuilders Emerging Markets Equity ETF | $472170748 | $510841816 |
| Dividend Leaders ETF | 5483616 | 5419233 |
| Equity and Options Total Return ETF | 26868720 | 2414510 |
| Flexible Income ETF | 22796012 | 3625821 |
| Global Select Equity ETF | 8389838770 | 8337824794 |
| Healthcare Leaders ETF | 7019430 | 7375159 |
| Hedged Equity Laddered Overlay ETF | 868666443 | 965991762 |
| International Growth ETF | 131387761 | 91952292 |
| International Value ETF | 307310449 | 154605344 |
| Nasdaq Hedged Equity Laddered Overlay ETF | 27118806 | 6657619 |

---

During the year ended October 31, 2025, there were no purchases or sales of U.S. Government securities.

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| ActiveBuilders Emerging Markets Equity ETF | $10621996 | $43811436 |
| Dividend Leaders ETF | 1070128 |  |
| Equity and Options Total Return ETF | 24384072 | 3909722 |
| Flexible Income ETF | 9425293 |  |
| Global Select Equity ETF | 2567968102 | 1192664485 |
| Healthcare Leaders ETF | 2692411 | 1335416 |
| Hedged Equity Laddered Overlay ETF | 1966326424 | 711666349 |
| International Growth ETF | 120216540 | 14727572 |
| International Value ETF | 504788707 |  |
| Nasdaq Hedged Equity Laddered Overlay ETF | 4088871 | 4486124 |

---

During the year ended October 31, 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 October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $12247785 | &nbsp;&nbsp;&nbsp;&nbsp; $3886754 | &nbsp;&nbsp;&nbsp;&nbsp; $397587 | &nbsp;&nbsp;&nbsp;&nbsp; $3489167 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14449690 | &nbsp;&nbsp;&nbsp;&nbsp; 4713591 | &nbsp;&nbsp;&nbsp;&nbsp; 345540 | &nbsp;&nbsp;&nbsp;&nbsp; 4368051 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 979980817 | &nbsp;&nbsp;&nbsp;&nbsp; 356840018 | &nbsp;&nbsp;&nbsp;&nbsp; 48364293 | &nbsp;&nbsp;&nbsp;&nbsp; 308475725 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7202542 | &nbsp;&nbsp;&nbsp;&nbsp; 953413 | &nbsp;&nbsp;&nbsp;&nbsp; 246255 | &nbsp;&nbsp;&nbsp;&nbsp; 707158 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 45733466 | &nbsp;&nbsp;&nbsp;&nbsp; 3197194 | &nbsp;&nbsp;&nbsp;&nbsp; 1387895 | &nbsp;&nbsp;&nbsp;&nbsp; 1809299 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29639538 | &nbsp;&nbsp;&nbsp;&nbsp; 1189095 | &nbsp;&nbsp;&nbsp;&nbsp; 392886 | &nbsp;&nbsp;&nbsp;&nbsp; 796209 |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6110329112 | &nbsp;&nbsp;&nbsp;&nbsp; 1000966926 | &nbsp;&nbsp;&nbsp;&nbsp; 135761938 | &nbsp;&nbsp;&nbsp;&nbsp; 865204988 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7084342 | &nbsp;&nbsp;&nbsp;&nbsp; 1307427 | &nbsp;&nbsp;&nbsp;&nbsp; 246196 | &nbsp;&nbsp;&nbsp;&nbsp; 1061231 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3011692540 | &nbsp;&nbsp;&nbsp;&nbsp; 608992941 | &nbsp;&nbsp;&nbsp;&nbsp; 127057014 | &nbsp;&nbsp;&nbsp;&nbsp; 481935927 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 246384378 | &nbsp;&nbsp;&nbsp;&nbsp; 36264512 | &nbsp;&nbsp;&nbsp;&nbsp; 3462231 | &nbsp;&nbsp;&nbsp;&nbsp; 32802281 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 790977850 | &nbsp;&nbsp;&nbsp;&nbsp; 98247414 | &nbsp;&nbsp;&nbsp;&nbsp; 8270964 | &nbsp;&nbsp;&nbsp;&nbsp; 89976450 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21586998 | &nbsp;&nbsp;&nbsp;&nbsp; 7124256 | &nbsp;&nbsp;&nbsp;&nbsp; 1156231 | &nbsp;&nbsp;&nbsp;&nbsp; 5968025 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 93

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $253868 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $253868 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 207088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207088 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25267940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25267940 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 121676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121676 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10253 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1339770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1339770 |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 125786935 | &nbsp;&nbsp;&nbsp;&nbsp; 3116850 | &nbsp;&nbsp;&nbsp;&nbsp; 128903785 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 422493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422493 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21391714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21391714 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1959169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1959169 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2531113 | &nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 2531502 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 31473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31473 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $216655 | &nbsp;&nbsp;&nbsp;&nbsp; $216655 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25156045 | &nbsp;&nbsp;&nbsp;&nbsp; 25156045 |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3187995 | &nbsp;&nbsp;&nbsp;&nbsp; 3187995 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 15930 | &nbsp;&nbsp;&nbsp;&nbsp; 15930 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4110810 | &nbsp;&nbsp;&nbsp;&nbsp; 4110810 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1328751 | &nbsp;&nbsp;&nbsp;&nbsp; 1328751 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 93948 | &nbsp;&nbsp;&nbsp;&nbsp; 93948 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

94 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $251383 | &nbsp;&nbsp;&nbsp;&nbsp; $(1341732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3489165 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 381162 | &nbsp;&nbsp;&nbsp;&nbsp; (102689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4318728 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 33471428 | &nbsp;&nbsp;&nbsp;&nbsp; (172437571)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 305575188 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 86076 | &nbsp;&nbsp;&nbsp;&nbsp; 37763 | &nbsp;&nbsp;&nbsp;&nbsp; 707173 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 48451 | &nbsp;&nbsp;&nbsp;&nbsp; (70484)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1809299 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 274333 | &nbsp;&nbsp;&nbsp;&nbsp; 213669 | &nbsp;&nbsp;&nbsp;&nbsp; 796103 |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 70818923 | &nbsp;&nbsp;&nbsp;&nbsp; (62330644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 865216225 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 73338 | &nbsp;&nbsp;&nbsp;&nbsp; (483326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1061440 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1741001 | &nbsp;&nbsp;&nbsp;&nbsp; (329269408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 481935927 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6224029 | &nbsp;&nbsp;&nbsp;&nbsp; (15749487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32608242 |
| International Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 24696712 | &nbsp;&nbsp;&nbsp;&nbsp; 2234071 | &nbsp;&nbsp;&nbsp;&nbsp; 89663801 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10214 | &nbsp;&nbsp;&nbsp;&nbsp; (2866292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5968025 |

---

The cumulative timing differences primarily consist of certain derivatives, tax adjustments on certain investments and wash sale loss deferrals.

As of October 31, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1060706 | &nbsp;&nbsp;&nbsp;&nbsp; $281026 |
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 82883 | &nbsp;&nbsp;&nbsp;&nbsp; 19806 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 76258468 | &nbsp;&nbsp;&nbsp;&nbsp; 96179103 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 70484 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 62330644 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 440568 | &nbsp;&nbsp;&nbsp;&nbsp; 42758 |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 318947481 | &nbsp;&nbsp;&nbsp;&nbsp; 10321927 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11684971 | &nbsp;&nbsp;&nbsp;&nbsp; 4064516 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2866292 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended October 31, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Active China ETF | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $219830 |
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9837985 | &nbsp;&nbsp;&nbsp;&nbsp; 1141977 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2551412 |
| International Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2333318 |

---

**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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 95

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**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF and Dividend Leaders ETF of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Funds' custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statements of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**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 October 31, 2025. Average borrowings from the Facility during the year ended October 31, 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>|
| ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; $3500885 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; $972 |
| Global Select Equity ETF | &nbsp;&nbsp; 3872536 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &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 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

**8. Risks, Concentrations and Indemnifications**

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

As of October 31, 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; 53.2<br> %<br>|
| Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;28.3 |

---

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

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

96 J.P. Morgan Exchange-Traded Funds October 31, 2025

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As of October 31, 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; 44<br> %<br>|
| Active Developing Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| Dividend Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Equity and Options Total Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| Healthcare Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Nasdaq Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp;&nbsp;&nbsp; 84 |

---

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 October 31, 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 | 99.8<br> %<br>| 28.4<br> %<br>| 27.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| India |  | &nbsp;&nbsp; — | 12.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Japan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 13.3 | 15.4 |
| South Korea |  | 14.3 | 14.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Taiwan |  | 18.8 | 21.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of October 31, 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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 97

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

98 J.P. Morgan Exchange-Traded Funds October 31, 2025

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the twelve funds listed in the table below

***Opinions on the Financial Statements*** 

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (twelve of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Fund** 

---

| |
|:---|
| JPMorgan Active China ETF (1) |
| JPMorgan Active Developing Markets Equity ETF (2) |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF (1) |
| JPMorgan Dividend Leaders ETF (3) |
| JPMorgan Equity and Options Total Return ETF (4) |
| JPMorgan Flexible Income ETF (5) |
| JPMorgan Global Select Equity ETF (1) |
| JPMorgan Healthcare Leaders ETF (6) |
| JPMorgan Hedged Equity Laddered Overlay ETF (1) |
| JPMorgan International Growth ETF (1) |
| JPMorgan International Value ETF (1) |
| JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (7) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(1) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the years ended October 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;(2) Statement of operations for the year ended October 31, 2025, and statement of changes in net assets for the year ended October 31, 2025 and the period May 16, 2024 (commencement of operations) through October 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;(3) Statement of operations for the year ended October 31, 2025, and statement of changes in net assets for the year ended October 31, 2025 and the period September 25, 2024 (commencement of operations) through October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(4) Statement of operations and statement of changes in net assets for the period August 18, 2025 (commencement of operations) through October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(5) Statement of operations and statement of changes in net assets for the period February 12, 2025 (commencement of operations) through October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(6) Statement of operations for the year ended October 31, 2025, and statement of changes in net assets for the year ended October 31, 2025 and the period November 1, 2023 (commencement of operations) through October 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;(7) Statement of operations and statement of changes in net assets for the period March 26, 2025 (commencement of operations) through October 31, 2025

***Basis for Opinions*** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 99

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

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

100 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

**TAX LETTER**

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Dividend Leaders ETF | 75.27<br> %<br>|
| JPMorgan Equity and Options Total Return ETF | 100.00 |
| JPMorgan Flexible Income ETF | 9.55 |
| JPMorgan Global Select Equity ETF | 52.75 |
| JPMorgan Healthcare Leaders ETF | 16.96 |
| JPMorgan Hedged Equity Laddered Overlay ETF | 100.00 |
| JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF | 100.00 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Global Select Equity ETF | &nbsp;&nbsp; $3116850 |
| JPMorgan International Value ETF | &nbsp;&nbsp; 389 |

---

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions and foreign tax credits (if applicable) treated as qualified dividends for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Active China ETF | &nbsp;&nbsp; $283756 |
| JPMorgan Active Developing Markets Equity ETF | &nbsp;&nbsp; 266065 |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF<br>| &nbsp;&nbsp; 18192620 |
| JPMorgan Dividend Leaders ETF | &nbsp;&nbsp; 121676 |
| JPMorgan Equity and Options Total Return ETF | &nbsp;&nbsp; 10253 |
| JPMorgan Flexible Income ETF | &nbsp;&nbsp; 267285 |
| JPMorgan Global Select Equity ETF | &nbsp;&nbsp; 102211930 |
| JPMorgan Healthcare Leaders ETF | &nbsp;&nbsp; 115563 |
| JPMorgan Hedged Equity Laddered Overlay ETF | &nbsp;&nbsp; 21391714 |
| JPMorgan International Growth ETF | &nbsp;&nbsp; 1724849 |
| JPMorgan International Value ETF | &nbsp;&nbsp; 3975611 |
| JPMorgan Nasdaq Hedged Equity Laddered Overlay <br> ETF<br>| &nbsp;&nbsp; 31473 |

---

**Qualified Interest Income (QII)**

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Interest** <br>**Income**<br>|
| JPMorgan Flexible Income ETF | &nbsp;&nbsp; $456733 |

---

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended October 31, 2025, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

---

| | | |
|:---|:---|:---|
|  | **Total Foreign** <br>**Source Income**<br>| **Total Foreign Tax** <br>**Credit**<br>|
| JPMorgan Active China ETF | &nbsp;&nbsp; $366496 | &nbsp;&nbsp; $29888 |
| JPMorgan Active Developing <br> Markets Equity ETF<br>| &nbsp;&nbsp; 478623 | &nbsp;&nbsp; 58978 |
| JPMorgan ActiveBuilders <br> Emerging Markets Equity ETF<br>| &nbsp;&nbsp; 33939213 | &nbsp;&nbsp; 5880008 |
| JPMorgan International Growth <br> ETF<br>| &nbsp;&nbsp; 2428993 | &nbsp;&nbsp; 210295 |
| JPMorgan International Value ETF | &nbsp;&nbsp; 15958697 | &nbsp;&nbsp; 1444498 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 101

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

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

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

![](g33369img1f5df7282.jpg)

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![](g33369img8521c92e3.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. October 2025.

AN-ACT-ETF-1025

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

Not applicable.

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

Not applicable.

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

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement, Management Agreements, and Initial Management Agreement**

**BOARD APPROVAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT**

***JPMorgan Active China ETF*** 

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreement (the "Management Agreement") and sub-advisory agreement (the "Sub-Advisory Agreement") (each an "Agreement" and together the "Agreements") for the JPMorgan Active China ETF (the "Fund") whose annual report is contained herein. At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Agreement or any of their affiliates, approved the continuation of each Agreement on August 14, 2025.

As part of their review of the Agreements, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's performance as compared to the performance of its peers and benchmarks, and analyses by the Adviser of the Fund's performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). Such materials also included information relating to JPMorgan Asset Management (Asia Pacific) Limited, an affiliate of the

Adviser and the sub-adviser for the Fund (the "Sub-Adviser"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain J.P. Morgan Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Agreements, the Trustees reviewed the Agreements with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Agreements. The Trustees also discussed the Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser or Sub-Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under its Management Agreement and by the Sub-Adviser from the Adviser under the Sub-Advisory Agreement, was fair and reasonable under the circumstances, and determined that the continuance of each Agreement was in the best interests of the Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the applicable Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's and Sub-Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the

------

portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser, Sub-Adviser and their affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser, Sub-Adviser and their affiliates;

• The commitment of the Adviser and Sub-Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's and Sub-Adviser's integrity; and

• The Adviser's and Sub-Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser and Sub-Adviser.

***Costs of Services Provided and Profitability to the Adviser and its Affiliates***

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-

traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Management Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser and Sub-Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser, Sub-Adviser and their affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund's potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser, Sub-Adviser and their affiliates from allocating client assets to the Fund.

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of the Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the

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Fund's distributor and principal underwriter, ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Fund's website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that the Fund benefited from the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for the one-year period. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in the Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum.

As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain J.P. Morgan Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund's performance are summarized below:

The Trustees noted that the Fund's performance was in the third quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

***Management Fees and Expense Ratios***

The Trustees considered the contractual and net management fee rates paid by the Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees reviewed a description of Broadridge's methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees considered the fees paid by the Adviser to the Sub-Adviser out of the management fee. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of the Fund's management fees and expense ratios are summarized below:

The Trustees noted that while Broadridge provided data for funds in the Peer Group and Universe for the Fund, Broadridge did not calculate quintile rankings due to the limited number of funds in both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee paid by the Fund to the Adviser and by the Adviser to the Sub-Adviser were fair and reasonable in light of the services provided to the Fund.

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**BOARD APPROVAL OF MANAGEMENT AGREEMENTS**

***JPMorgan Active Developing Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Global Select Equity ETF, JPMorgan Healthcare Leaders ETF, JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF and JPMorgan International Value ETF*** 

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreements for the JPMorgan Active Developing Markets Equity ETF, JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Dividend Leaders ETF, JPMorgan Global Select Equity ETF, JPMorgan Healthcare Leaders ETF, JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF and JPMorgan International Value ETF (each a "Fund," and collectively, the "Funds") whose annual report is contained herein (each a "Management Agreement" and collectively, the "Management Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 14, 2025.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including

performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel

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changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

***Costs of Services Provided and Profitability to the Adviser and its Affiliates***

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-

traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds' potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreements in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Funds' distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the

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Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Funds' shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year.

For the JPMorgan Active Developing Markets Equity ETF and JPMorgan Dividend Leaders ETF, each of which launched in 2024 and therefore were not included in the Broadridge comparison discussed below, the Trustees discussed each Fund's performance (on both a relative and absolute basis). The Trustees also considered each Fund's investment strategy and processes, portfolio management teams and competitive positioning against peer funds. The Trustees also discussed the performance and the investment strategy of each of these Funds with the Adviser. Based on these discussions and various other factors, the Trustees concluded each Fund's performance was satisfactory.

For the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Global Select Equity ETF, JPMorgan Healthcare Leaders ETF, JPMorgan Hedged Equity Laddered Overlay ETF, JPMorgan International Growth ETF and JPMorgan International Value ETF, the Trustees received and considered absolute and/or relative performance information for the Funds with at least one-year of performance history in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in each Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance are summarized below:

The Trustees noted that the JPMorgan ActiveBuilders Emerging Markets Equity ETF's performance was in the third and fifth quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the JPMorgan Global Select Equity ETF's performance was in the second quintile of the Universe for the one-period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan Healthcare Leaders ETF's performance was in the fourth quintile of the Universe for the one-period ended December 31, 2024. The Trustees discussed

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the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the JPMorgan Hedged Equity Laddered Overlay ETF's performance was in the third quintile of the Universe for the one-period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the JPMorgan International Growth ETF's performance was in the second and fourth quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the JPMorgan International Value ETF's performance was in the first quintile of the Universe for the one-period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

***Management Fees and Expense Ratios***

The Trustees considered the contractual and net management fee rates paid by each Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees reviewed a description of Broadridge's methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations

in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's management fees and expense ratios are summarized below:

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

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

The Trustees noted that the JPMorgan Dividend Leaders ETF's net management fee and actual total expenses were in the second and first quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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

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

The Trustees noted that the JPMorgan Hedged Equity Laddered Overlay ETF's net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light

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of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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

The Trustees noted that the JPMorgan International Value ETF's net management fee and actual total expenses were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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**BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT**

***JPMorgan Equity and Options Total Return ETF*** 

On February 11-13, 2025, the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial management agreement (the "Management Agreement") for the JPMorgan Equity and Options Total Return ETF (the "Fund"). The Management Agreement was approved by a majority of the Trustees who are not "Interested Persons" (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of its affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

***Nature, Extent and Quality of Services Provided by the Adviser***

In connection with the approval of the Fund's initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information

furnished for the Trustees, regarding the nature, extent, and quality of services provided by the Adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;

• Information about the structure and distribution strategy of the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services to be provided by the Adviser under the Management Agreement;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

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***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the proposed unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for management styles substantially similar to that of the Fund. The Trustees considered the Adviser's view that it does not currently manage

other vehicles with substantially similar investment strategies as that of the Fund.

***Investment Performance***

The Trustees considered the Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

***Management Fee***

The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. ("Broadridge"), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB for custody, fund accounting, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund's proposed management fee was fair and reasonable.

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Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

October 31, 2025

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| | | |
|:---|:---|:---|
| 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 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. |

---

![](g20050imgc58374681.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_SOI-TOC-ScheduleofInvestments-919_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_FS-TOC-FinancialStatement-919_1) | &nbsp;&nbsp; **132** |
| [Financial Highlights](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_FIHI_2-TOC-FIHI-919_2) | &nbsp;&nbsp; **152** |
| [Notes to Financial Statements](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_NTF-NTFRunningFooter-919_1) | &nbsp;&nbsp; **162** |
| [Report of Independent Registered Public Accounting Firm](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_AUD-TOC-AuditorsReport-919_1) | &nbsp;&nbsp; **194** |
| [Tax Letter](#xx_e65e4408-aabf-4195-b2be-965bab64ad29_TL-TAXLETTERCC-919_1) | &nbsp;&nbsp; **195** |

---

**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 October 31, 2025

&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 — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| CAE, Inc. \* | 1108611 | 31126948 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Magna International, Inc. | 918532 | 43393769 |
| **Banks — 25.2%** | **Banks — 25.2%** | **Banks — 25.2%** |
| Bank of Montreal (a) | 2515104 | 312435614 |
| Bank of Nova Scotia (The) (a) | 4338404 | 284545851 |
| Canadian Imperial Bank of Commerce | 3253968 | 269611508 |
| National Bank of Canada | 1362522 | 152227869 |
| Royal Bank of Canada | 4912356 | 719647633 |
| Toronto-Dominion Bank (The) (a) | 5999717 | 492622302 |
|  |  | 2231090777 |
| **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** |
| Canadian Tire Corp. Ltd., Class A (a) | 179087 | 20538408 |
| Dollarama, Inc. | 969031 | 125959175 |
|  |  | 146497583 |
| **Capital Markets — 4.7%** | **Capital Markets — 4.7%** | **Capital Markets — 4.7%** |
| Brookfield Asset Management Ltd., Class A | 1336925 | 72320060 |
| Brookfield Corp. | 6538782 | 301122904 |
| IGM Financial, Inc. | 281187 | 10816041 |
| TMX Group Ltd. | 956237 | 35268718 |
|  |  | 419527723 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Nutrien Ltd. | 1701741 | 92685462 |
| **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** |
| GFL Environmental, Inc. (a) | 941961 | 41182880 |
| RB Global, Inc. | 621607 | 61675398 |
| Waste Connections, Inc. | 896523 | 150354811 |
|  |  | 253213089 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| Stantec, Inc. | 382214 | 42326818 |
| WSP Global, Inc. | 452668 | 86541227 |
|  |  | 128868045 |
| **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** |
| Alimentation Couche-Tard, Inc. | 2476506 | 125860289 |
| George Weston Ltd. | 555135 | 33754171 |
| Loblaw Cos. Ltd. | 1994599 | 79269151 |
| Metro, Inc. | 764533 | 50961599 |
|  |  | 289845210 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| CCL Industries, Inc., Class B | 508820 | 28384070 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| BCE, Inc. (a) | 1069224 | 24440712 |
| Quebecor, Inc., Class B | 536356 | 17109242 |
| TELUS Corp. | 1764686 | 25805647 |
|  |  | 67355601 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Emera, Inc. (a) | 1037075 | 49304596 |
| Fortis, Inc. (a) | 1747145 | 87821270 |
| Hydro One Ltd. (b) | 1101774 | 40636533 |
|  |  | 177762399 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Saputo, Inc. | 886316 | 21416170 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| AltaGas Ltd. | 1029639 | 30223691 |
| **Ground Transportation — 4.9%** | **Ground Transportation — 4.9%** | **Ground Transportation — 4.9%** |
| Canadian National Railway Co. | 1885689 | 180818020 |
| Canadian Pacific Kansas City Ltd. | 3197477 | 230096149 |
| TFI International, Inc. | 265071 | 23820576 |
|  |  | 434734745 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Restaurant Brands International, Inc. | 1053368 | 69185598 |
| **Insurance — 8.0%** | **Insurance — 8.0%** | **Insurance — 8.0%** |
| Fairfax Financial Holdings Ltd. | 69558 | 112929896 |
| Great-West Lifeco, Inc. | 953693 | 40431062 |
| iA Financial Corp., Inc. | 324690 | 38327102 |
| Intact Financial Corp. | 620506 | 115748447 |
| Manulife Financial Corp. | 5943413 | 192343600 |
| Power Corp. of Canada | 1880513 | 88089340 |
| Sun Life Financial, Inc. | 1961584 | 119313202 |
|  |  | 707182649 |
| **IT Services — 8.9%** | **IT Services — 8.9%** | **IT Services — 8.9%** |
| CGI, Inc. | 697416 | 60694162 |
| Shopify, Inc., Class A \* | 4215933 | 733020157 |
|  |  | 793714319 |
| **Metals & Mining — 11.6%** | **Metals & Mining — 11.6%** | **Metals & Mining — 11.6%** |
| Agnico Eagle Mines Ltd. | 1747596 | 281075688 |
| Barrick Mining Corp. | 5972615 | 196056607 |
| First Quantum Minerals Ltd. \* | 2366220 | 49127893 |
| Franco-Nevada Corp. | 635728 | 118751117 |
| Ivanhoe Mines Ltd., Class A \* | 2500643 | 25014453 |
| Kinross Gold Corp. | 4263479 | 99158451 |
| Lundin Mining Corp. | 2399951 | 38603183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Canada ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Teck Resources Ltd., Class B | 1612492 | 69176602 |
| Wheaton Precious Metals Corp. | 1577864 | 152380791 |
|  |  | 1029344785 |
| **Oil, Gas & Consumable Fuels — 15.8%** | **Oil, Gas & Consumable Fuels — 15.8%** | **Oil, Gas & Consumable Fuels — 15.8%** |
| ARC Resources Ltd. | 2043360 | 37689725 |
| Cameco Corp. | 1452294 | 148423815 |
| Canadian Natural Resources Ltd. | 7123573 | 227895419 |
| Cenovus Energy, Inc. | 4428272 | 74828025 |
| Enbridge, Inc. | 7586230 | 353741002 |
| Imperial Oil Ltd. (a) | 539017 | 47673922 |
| Keyera Corp. | 797391 | 23542805 |
| Pembina Pipeline Corp. | 2016407 | 76282882 |
| Suncor Energy, Inc. | 4309182 | 171593037 |
| TC Energy Corp. | 3608459 | 181072578 |
| Tourmaline Oil Corp. | 1277394 | 56185117 |
|  |  | 1398928327 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Thomson Reuters Corp. (a) | 477490 | 73141030 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| FirstService Corp. | 146098 | 23256097 |
| **Software — 2.5%** | **Software — 2.5%** | **Software — 2.5%** |
| Constellation Software, Inc. | 72347 | 190395041 |
| Open Text Corp. | 917729 | 35209438 |
|  |  | 225604479 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Gildan Activewear, Inc. (a) | 524580 | 30590994 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| Rogers Communications, Inc., Class B (a) | 1326356 | 51908082 |
| Total Common Stocks <br>(Cost $5,816,661,969)<br>|  | 8798981642 |
|  | **NO. OF** <br> **WARRANTS**<br>| **VALUE ($)** |
| **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 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment of Cash Collateral from Securities Loaned — 4.3%** | **Investment of Cash Collateral from Securities Loaned — 4.3%** | **Investment of Cash Collateral from Securities Loaned — 4.3%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (c) <br> (d)(Cost $380,456,486)<br>| 380456486 | 380456486 |
| **Total Investments — 103.5%** <br>**(Cost $6,197,118,455)**<br>|  | **9179438128** |
| **Liabilities in Excess of Other Assets —** <br> **(3.5)%**<br>|  | **(312155233)**<br>|
| **NET ASSETS — 100.0%** |  | **8867282895** |

---

&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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $361,114,412.<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 October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**Futures contracts outstanding as of October 31, 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; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/2025<br> &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 64801326 | &nbsp;&nbsp;&nbsp;&nbsp; 1439053 |

---

&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;

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

------

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Australia — 62.4%** | **Australia — 62.4%** | **Australia — 62.4%** |
| ANZ Group Holdings Ltd. | 8232785 | 197189297 |
| APA Group | 3580742 | 21505709 |
| Aristocrat Leisure Ltd. | 1715194 | 70966381 |
| ASX Ltd. | 531369 | 19605867 |
| Atlas Arteria Ltd. | 2787710 | 8855978 |
| BHP Group Ltd. | 13262003 | 378076146 |
| BlueScope Steel Ltd. | 1202746 | 17994466 |
| Brambles Ltd. | 3768080 | 61229693 |
| Cochlear Ltd. | 170802 | 32066338 |
| Coles Group Ltd. | 3673791 | 52985454 |
| Commonwealth Bank of Australia | 4596439 | 515743695 |
| Computershare Ltd. | 1520605 | 36326595 |
| Dexus, REIT | 2952350 | 14076132 |
| Fortescue Ltd. | 4352540 | 60531779 |
| Goodman Group, REIT | 5274913 | 113770299 |
| GPT Group (The), REIT | 5252874 | 18450742 |
| Insurance Australia Group Ltd. | 6554677 | 33696553 |
| Lottery Corp. Ltd. (The) | 6109591 | 21976302 |
| Macquarie Group Ltd. | 997336 | 142254679 |
| Medibank Pvt Ltd. | 7559558 | 24126254 |
| Mirvac Group, REIT | 10831114 | 16305462 |
| National Australia Bank Ltd. | 8438024 | 240568658 |
| Northern Star Resources Ltd. | 3937400 | 63489953 |
| Orica Ltd. | 1337766 | 19451580 |
| Origin Energy Ltd. | 4728831 | 37896010 |
| Pro Medicus Ltd. | 151095 | 25943754 |
| Qantas Airways Ltd. | 2035277 | 13559313 |
| QBE Insurance Group Ltd. | 4144886 | 53778149 |
| Ramsay Health Care Ltd. (a) | 508236 | 10662802 |
| REA Group Ltd. | 139993 | 19506202 |
| Reece Ltd. (a) | 950422 | 7255377 |
| Rio Tinto Ltd. | 1018958 | 88472389 |
| Santos Ltd. | 8451344 | 34905223 |
| Scentre Group, REIT | 14247247 | 37952327 |
| SEEK Ltd. | 890784 | 15764291 |
| SGH Ltd. | 547419 | 17345197 |
| Sigma Healthcare Ltd. | 15272976 | 31050941 |
| Sonic Healthcare Ltd. | 1276481 | 17667271 |
| South32 Ltd. | 12432502 | 25711506 |
| Stockland, REIT | 6546064 | 27063941 |
| Suncorp Group Ltd. | 2967605 | 38094872 |
| Telstra Group Ltd. | 10937902 | 34944834 |
| TPG Telecom Ltd. | 1168767 | 4227791 |
| Transurban Group | 8477055 | 80207297 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Vicinity Ltd., REIT | 9946573 | 16432424 |
| Washington H Soul Pattinson & Co. Ltd. (a) | 878271 | 21580255 |
| Wesfarmers Ltd. | 3114890 | 170963859 |
| Westpac Banking Corp. | 9437679 | 238815641 |
| WiseTech Global Ltd. | 473922 | 21374828 |
| Woodside Energy Group Ltd. | 5211942 | 84461889 |
| Woolworths Group Ltd. | 3353161 | 62298368 |
|  |  | 3419180763 |
| **China — 1.2%** | **China — 1.2%** | **China — 1.2%** |
| Budweiser Brewing Co. APAC Ltd. (b) | 4653400 | 4720146 |
| Wharf Holdings Ltd. (The) | 2617000 | 6877137 |
| Wilmar International Ltd. | 4951500 | 11898986 |
| Wuxi Biologics Cayman, Inc. \* (b) | 9601000 | 44779983 |
|  |  | 68276252 |
| **Hong Kong — 15.9%** | **Hong Kong — 15.9%** | **Hong Kong — 15.9%** |
| AIA Group Ltd. | 28725400 | 279519302 |
| CK Asset Holdings Ltd. | 5144000 | 25448638 |
| CK Infrastructure Holdings Ltd. | 1684000 | 10953341 |
| CLP Holdings Ltd. | 4964500 | 42344070 |
| Hang Seng Bank Ltd. | 1896900 | 36979989 |
| Henderson Land Development Co. Ltd. | 3657700 | 12866882 |
| HKT Trust & HKT Ltd. | 9799000 | 14308232 |
| Hong Kong & China Gas Co. Ltd. | 29955789 | 27878430 |
| Hong Kong Exchanges & Clearing Ltd. | 3275400 | 178518787 |
| Link, REIT | 7032400 | 36622033 |
| MTR Corp. Ltd. | 4329500 | 15883597 |
| Power Assets Holdings Ltd. | 3746000 | 23797388 |
| Sino Land Co. Ltd. | 9992000 | 12411420 |
| Sun Hung Kai Properties Ltd. | 4664500 | 56761293 |
| Swire Pacific Ltd., Class A (a) | 932500 | 7701821 |
| Swire Pacific Ltd., Class B | 1995000 | 2957628 |
| Swire Properties Ltd. | 2845800 | 7752743 |
| Techtronic Industries Co. Ltd. | 4021500 | 46906834 |
| WH Group Ltd. (b) | 21413691 | 20598199 |
| Wharf Real Estate Investment Co. Ltd. | 3900000 | 11100261 |
|  |  | 871310888 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| Jardine Matheson Holdings Ltd. | 540800 | 31752845 |
| **Macau — 0.8%** | **Macau — 0.8%** | **Macau — 0.8%** |
| Galaxy Entertainment Group Ltd. | 6179000 | 30785831 |
| Sands China Ltd. | 6132979 | 15984115 |
|  |  | 46769946 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **New Zealand — 1.2%** | **New Zealand — 1.2%** | **New Zealand — 1.2%** |
| Auckland International Airport Ltd. | 4168316 | 19400205 |
| Fisher & Paykel Healthcare Corp. Ltd. | 1514568 | 32154998 |
| Meridian Energy Ltd. | 3532215 | 11957866 |
|  |  | 63513069 |
| **Singapore — 12.9%** | **Singapore — 12.9%** | **Singapore — 12.9%** |
| CapitaLand Ascendas, REIT | 9977328 | 21601248 |
| CapitaLand Integrated Commercial Trust, REIT | 13434077 | 24423031 |
| CapitaLand Investment Ltd. | 6039200 | 12235661 |
| DBS Group Holdings Ltd. | 5592400 | 231539546 |
| Genting Singapore Ltd. | 15640600 | 8767330 |
| Jardine Cycle & Carriage Ltd. | 163100 | 4072539 |
| Keppel Ltd. | 3886900 | 30396930 |
| Mapletree Pan Asia Commercial Trust, REIT | 6168700 | 6824827 |
| Oversea-Chinese Banking Corp. Ltd. | 8944500 | 117006597 |
| Singapore Airlines Ltd. | 3795400 | 19320547 |
| Singapore Exchange Ltd. | 2248900 | 29180722 |
| Singapore Technologies Engineering Ltd. | 4286100 | 27924205 |
| Singapore Telecommunications Ltd. | 22524200 | 73520143 |
| United Overseas Bank Ltd. | 3683400 | 97969122 |
|  |  | 704782448 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| CK Hutchison Holdings Ltd. | 7311500 | 48486031 |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| CSL Ltd. | 1325975 | 154524261 |
| James Hardie Industries plc, CHDI \* (a) | 1589843 | 33483279 |
|  |  | 188007540 |
| Total Common Stocks <br>(Cost $4,757,948,776)<br>|  | 5442079782 |
| **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, 4.12% (c) <br> (d)(Cost $19,372,222)<br>| 19372222 | 19372222 |
| **Total Investments — 99.6%** <br>**(Cost $4,777,320,998)**<br>|  | **5461452004** |
| **Other Assets in Excess of Liabilities — 0.4%** |  | **19524728** |
| **NET ASSETS — 100.0%** |  | **5480976732** |

---

&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 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 October 31, 2025. The total value of securities on loan at October 31, 2025 is $16,698,644. 

(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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 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 | 30.7<br> %<br>|
| Metals & Mining | 11.6 |
| Insurance | 7.9 |
| Capital Markets | 6.8 |
| Broadline Retail | 3.1 |
| Biotechnology | 2.8 |
| Hotels, Restaurants & Leisure | 2.7 |
| Real Estate Management & Development | 2.7 |
| Industrial REITs | 2.5 |
| Diversified Telecommunication Services | 2.3 |
| Industrial Conglomerates | 2.3 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Consumer Staples Distribution & Retail | 2.1 |
| Electric Utilities | 2.1 |
| Transportation Infrastructure | 2.0 |
| Diversified REITs | 1.7 |
| Retail REITs | 1.7 |
| Health Care Equipment & Supplies | 1.2 |
| Commercial Services & Supplies | 1.1 |
| Health Care Providers & Services | 1.1 |
| Others (each less than 1.0%) | 9.0 |
| Short-Term Investments | 0.4 |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp; 15733163 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 |
| SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 22241473 | &nbsp;&nbsp;&nbsp;&nbsp; 143588 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 147963 |

---

&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 October 31, 2025

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
| **Australia — 0.0% ^** | **Australia — 0.0% ^** | **Australia — 0.0% ^** |
| Yancoal Australia Ltd. (a) | &nbsp;&nbsp; 22600 | &nbsp;&nbsp; 81716 |
| **Brazil — 3.4%** | **Brazil — 3.4%** | **Brazil — 3.4%** |
| Ambev SA | &nbsp;&nbsp; 311349 | &nbsp;&nbsp; 737869 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 372682 | &nbsp;&nbsp; 878374 |
| Banco Bradesco SA | &nbsp;&nbsp; 113747 | &nbsp;&nbsp; 328347 |
| Banco Bradesco SA (Preference) | &nbsp;&nbsp; 379822 | &nbsp;&nbsp; 1284206 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 85135 | &nbsp;&nbsp; 774609 |
| Banco do Brasil SA | &nbsp;&nbsp; 124523 | &nbsp;&nbsp; 508281 |
| Banco Santander Brasil SA | &nbsp;&nbsp; 28047 | &nbsp;&nbsp; 162497 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 48779 | &nbsp;&nbsp; 299205 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 71222 | &nbsp;&nbsp; 736321 |
| Centrais Eletricas Brasileiras SA <br> (Preference)<br>| &nbsp;&nbsp; 16746 | &nbsp;&nbsp; 184426 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 32350 | &nbsp;&nbsp; 795108 |
| Cia Energetica de Minas Gerais (Preference) | &nbsp;&nbsp; 151460 | &nbsp;&nbsp; 318688 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 57231 | &nbsp;&nbsp; 139356 |
| Cia Paranaense de Energia - Copel <br> (Preference)<br>| &nbsp;&nbsp; 75615 | &nbsp;&nbsp; 195645 |
| Embraer SA | &nbsp;&nbsp; 49686 | &nbsp;&nbsp; 804219 |
| Energisa SA | &nbsp;&nbsp; 36180 | &nbsp;&nbsp; 347748 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 20064 | &nbsp;&nbsp; 148803 |
| Equatorial Energia SA | &nbsp;&nbsp; 89071 | &nbsp;&nbsp; 605457 |
| Gerdau SA (Preference) | &nbsp;&nbsp; 86164 | &nbsp;&nbsp; 302378 |
| Hapvida Participacoes e Investimentos SA \* <br> (a)<br>| &nbsp;&nbsp; 26385 | &nbsp;&nbsp; 153799 |
| Itau Unibanco Holding SA (Preference) | &nbsp;&nbsp; 376536 | &nbsp;&nbsp; 2766655 |
| Itausa SA | &nbsp;&nbsp; 80070 | &nbsp;&nbsp; 173239 |
| Itausa SA (Preference) | &nbsp;&nbsp; 438619 | &nbsp;&nbsp; 948176 |
| Klabin SA | &nbsp;&nbsp; 70579 | &nbsp;&nbsp; 235747 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 69773 | &nbsp;&nbsp; 509425 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 88350 | &nbsp;&nbsp; 260618 |
| Neoenergia SA | &nbsp;&nbsp; 42143 | &nbsp;&nbsp; 228107 |
| Petroleo Brasileiro SA | &nbsp;&nbsp; 261303 | &nbsp;&nbsp; 1525577 |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 324040 | &nbsp;&nbsp; 1787657 |
| Porto Seguro SA | &nbsp;&nbsp; 13191 | &nbsp;&nbsp; 117690 |
| PRIO SA \* | &nbsp;&nbsp; 58030 | &nbsp;&nbsp; 387014 |
| Raia Drogasil SA | &nbsp;&nbsp; 96773 | &nbsp;&nbsp; 360114 |
| Rede D'Or Sao Luiz SA (a) | &nbsp;&nbsp; 90498 | &nbsp;&nbsp; 726346 |
| Rumo SA | &nbsp;&nbsp; 87440 | &nbsp;&nbsp; 260047 |
| Suzano SA | &nbsp;&nbsp; 47714 | &nbsp;&nbsp; 432711 |
| Telefonica Brasil SA | &nbsp;&nbsp; 60420 | &nbsp;&nbsp; 362299 |
| TIM SA | &nbsp;&nbsp; 61072 | &nbsp;&nbsp; 275394 |
| Vale SA | &nbsp;&nbsp; 255950 | &nbsp;&nbsp; 3092837 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Vibra Energia SA | &nbsp;&nbsp; 79139 | &nbsp;&nbsp; 350392 |
| WEG SA | &nbsp;&nbsp; 112324 | &nbsp;&nbsp; 878348 |
|  |  | &nbsp;&nbsp; 25383729 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| Banco de Chile | &nbsp;&nbsp; 3219818 | &nbsp;&nbsp; 565052 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 8240 | &nbsp;&nbsp; 423562 |
| Banco Santander Chile | &nbsp;&nbsp; 5244456 | &nbsp;&nbsp; 379306 |
| Cencosud SA | &nbsp;&nbsp; 95673 | &nbsp;&nbsp; 296697 |
| Empresas CMPC SA | &nbsp;&nbsp; 86183 | &nbsp;&nbsp; 124353 |
| Empresas Copec SA | &nbsp;&nbsp; 31831 | &nbsp;&nbsp; 227584 |
| Enel Chile SA | &nbsp;&nbsp; 1715095 | &nbsp;&nbsp; 131013 |
| Falabella SA | &nbsp;&nbsp; 86832 | &nbsp;&nbsp; 544917 |
| Latam Airlines Group SA | &nbsp;&nbsp; 15991039 | &nbsp;&nbsp; 364424 |
| Plaza SA | &nbsp;&nbsp; 56225 | &nbsp;&nbsp; 158376 |
| Quinenco SA | &nbsp;&nbsp; 20093 | &nbsp;&nbsp; 91879 |
| Sociedad Quimica y Minera de Chile SA <br> (Preference), Class B \*<br>| &nbsp;&nbsp; 10120 | &nbsp;&nbsp; 487656 |
|  |  | &nbsp;&nbsp; 3794819 |
| **China — 28.2%** | **China — 28.2%** | **China — 28.2%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 76636 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 269871 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 94912 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 868000 | &nbsp;&nbsp; 969914 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 1998000 | &nbsp;&nbsp; 1524230 |
| Airtac International Group | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 324445 |
| Akeso, Inc. \* (a) | &nbsp;&nbsp; 38000 | &nbsp;&nbsp; 553314 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1283100 | &nbsp;&nbsp; 27302763 |
| Alibaba Health Information Technology <br> Ltd. \*<br>| &nbsp;&nbsp; 384000 | &nbsp;&nbsp; 286420 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 81100 | &nbsp;&nbsp; 113617 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 274000 | &nbsp;&nbsp; 348396 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 21100 | &nbsp;&nbsp; 68696 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 94000 | &nbsp;&nbsp; 280258 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 67820 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 113968 |
| Anhui Jianghuai Automobile Group Corp. <br> Ltd., Class A \*<br>| &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 86718 |
| Anhui Kouzi Distillery Co. Ltd., Class A | &nbsp;&nbsp; 82000 | &nbsp;&nbsp; 373064 |
| Anjoy Foods Group Co. Ltd., Class A | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 63264 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 94800 | &nbsp;&nbsp; 989535 |
| APT Medical, Inc., Class A | &nbsp;&nbsp; 1578 | &nbsp;&nbsp; 61162 |
| ASR Microelectronics Co. Ltd., Class A \* | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 29766 |
| Asymchem Laboratories Tianjin Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 83981 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 5992 | &nbsp;&nbsp; 233448 |
| Autobio Diagnostics Co. Ltd., Class A | &nbsp;&nbsp; 15700 | &nbsp;&nbsp; 84725 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 10900 | &nbsp;&nbsp; 80231 |
| AviChina Industry & Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 167000 | &nbsp;&nbsp; 85069 |
| BAIC BluePark New Energy Technology Co. <br> Ltd., Class A \*<br>| &nbsp;&nbsp; 31300 | &nbsp;&nbsp; 36689 |
| Baidu, Inc., Class A \* | &nbsp;&nbsp; 151300 | &nbsp;&nbsp; 2290113 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 132944 | &nbsp;&nbsp; 104323 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 22600 | &nbsp;&nbsp; 53342 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 5613000 | &nbsp;&nbsp; 3178327 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 109100 | &nbsp;&nbsp; 110039 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 521000 | &nbsp;&nbsp; 462805 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 84631 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 103100 | &nbsp;&nbsp; 156019 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 65800 | &nbsp;&nbsp; 104469 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 45700 | &nbsp;&nbsp; 181896 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 78400 | &nbsp;&nbsp; 104444 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 140300 | &nbsp;&nbsp; 145205 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 38000 | &nbsp;&nbsp; 166739 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 314000 | &nbsp;&nbsp; 100923 |
| Beijing Kingsoft Office Software, Inc., <br> Class A<br>| &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 150128 |
| Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A \*<br>| &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 49107 |
| Beijing-Shanghai High Speed Railway Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 263900 | &nbsp;&nbsp; 192164 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 30702 |
| Bilibili, Inc., Class Z \* | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 516471 |
| Bloks Group Ltd. \* | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 72137 |
| BOC Aviation Ltd. (a) | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; 150770 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 250500 | &nbsp;&nbsp; 1230887 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 204300 | &nbsp;&nbsp; 116452 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 212946 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 32300 | &nbsp;&nbsp; 457385 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 259600 | &nbsp;&nbsp; 3354030 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 276983 |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 133507 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 500500 | &nbsp;&nbsp; 604284 |
| Cambricon Technologies Corp. Ltd., Class A \* | &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 425946 |
| CGN Power Co. Ltd., Class H (a) | &nbsp;&nbsp; 753000 | &nbsp;&nbsp; 298332 |
| Changchun High-Tech Industry Group Co. <br> Ltd.<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 94576 |
| Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 109263 |
| Chifeng Jilong Gold Mining Co. Ltd., Class H | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 51513 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 569000 | &nbsp;&nbsp; 542886 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 153000 | &nbsp;&nbsp; 215523 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 112200 | &nbsp;&nbsp; 143886 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 6913000 | &nbsp;&nbsp; 6844158 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 28600 | &nbsp;&nbsp; 144260 |
| China Eastern Airlines Corp. Ltd., Class A \* | &nbsp;&nbsp; 161800 | &nbsp;&nbsp; 109077 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 171900 | &nbsp;&nbsp; 58154 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 292000 | &nbsp;&nbsp; 136908 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 279000 | &nbsp;&nbsp; 172628 |
| China Feihe Ltd. (a) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 152108 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 94778 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 249000 | &nbsp;&nbsp; 358212 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 235800 | &nbsp;&nbsp; 242531 |
| China Greatwall Technology Group Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 41583 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 197500 | &nbsp;&nbsp; 749867 |
| China International Capital Corp. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 299260 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 38500 | &nbsp;&nbsp; 88570 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 526000 | &nbsp;&nbsp; 1658737 |
| China Literature Ltd. \* (a) | &nbsp;&nbsp; 27400 | &nbsp;&nbsp; 147609 |
| China Longyuan Power Group Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 242000 | &nbsp;&nbsp; 224118 |
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 101000 | &nbsp;&nbsp; 174186 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 400345 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 126500 | &nbsp;&nbsp; 726604 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 267500 | &nbsp;&nbsp; 1676833 |
| China Merchants Energy Shipping Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 51200 | &nbsp;&nbsp; 66409 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 37700 | &nbsp;&nbsp; 54299 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 228391 |
| China Merchants Securities Co. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 32600 | &nbsp;&nbsp; 65452 |
| China Merchants Shekou Industrial Zone <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 51300 | &nbsp;&nbsp; 68037 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 228000 | &nbsp;&nbsp; 125135 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 513000 | &nbsp;&nbsp; 262817 |
| China National Nuclear Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 118900 | &nbsp;&nbsp; 149871 |
| China Northern Rare Earth Group High-Tech <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 162624 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 148000 | &nbsp;&nbsp; 144485 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 282000 | &nbsp;&nbsp; 473251 |
| China Pacific Insurance Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 38600 | &nbsp;&nbsp; 192367 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| China Pacific Insurance Group Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 180800 | &nbsp;&nbsp; 732973 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 219700 | &nbsp;&nbsp; 168757 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 1634000 | &nbsp;&nbsp; 869132 |
| China Power International Development Ltd. | &nbsp;&nbsp; 391000 | &nbsp;&nbsp; 168559 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 131100 | &nbsp;&nbsp; 103428 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 286000 | &nbsp;&nbsp; 145082 |
| China Rare Earth Resources And Technology <br> Co. Ltd., Class A \*<br>| &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 42173 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 109500 | &nbsp;&nbsp; 374548 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 195237 |
| China Resources Land Ltd. | &nbsp;&nbsp; 203500 | &nbsp;&nbsp; 735233 |
| China Resources Mixc Lifestyle Services <br> Ltd. (a)<br>| &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 255328 |
| China Resources Pharmaceutical Group <br> Ltd. (a)<br>| &nbsp;&nbsp; 148000 | &nbsp;&nbsp; 94845 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; 377825 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 272097 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 239000 | &nbsp;&nbsp; 1244517 |
| China Southern Airlines Co. Ltd., Class A \* | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 85415 |
| China Southern Airlines Co. Ltd., Class H \* | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 78394 |
| China Suntien Green Energy Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 127600 | &nbsp;&nbsp; 141332 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 106000 | &nbsp;&nbsp; 241115 |
| China Three Gorges Renewables Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 108811 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 182662 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 8800 | &nbsp;&nbsp; 75621 |
| China Tower Corp. Ltd., Class H (a) | &nbsp;&nbsp; 327500 | &nbsp;&nbsp; 473122 |
| China Vanke Co. Ltd., Class A \* | &nbsp;&nbsp; 52700 | &nbsp;&nbsp; 46399 |
| China Vanke Co. Ltd., Class H \* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 10198 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 134000 | &nbsp;&nbsp; 528637 |
| Chongqing Changan Automobile Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 99147 |
| Chongqing Qianli Technology Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 24100 | &nbsp;&nbsp; 40342 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 166000 | &nbsp;&nbsp; 136508 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 130800 | &nbsp;&nbsp; 256005 |
| CITIC Ltd. | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 556427 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 65800 | &nbsp;&nbsp; 271582 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 112000 | &nbsp;&nbsp; 426394 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 110200 | &nbsp;&nbsp; 263875 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 258000 | &nbsp;&nbsp; 558560 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 47500 | &nbsp;&nbsp; 69667 |
| COSCO SHIPPING Energy Transportation Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 166833 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | &nbsp;&nbsp; 70500 | &nbsp;&nbsp; 148533 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | &nbsp;&nbsp; 185500 | &nbsp;&nbsp; 321700 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 138353 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 561446 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 106500 | &nbsp;&nbsp; 85661 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 111999 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 38922 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 59600 | &nbsp;&nbsp; 519311 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 53434 |
| Everdisplay Optronics Shanghai Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 726668 | &nbsp;&nbsp; 277414 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 101000 | &nbsp;&nbsp; 90725 |
| Flat Glass Group Co. Ltd., Class H | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 61321 |
| Focus Media Information Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 104300 | &nbsp;&nbsp; 113361 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 27960 | &nbsp;&nbsp; 149635 |
| Fosun International Ltd. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 102128 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 614280 |
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 56874 | &nbsp;&nbsp; 739362 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 11300 | &nbsp;&nbsp; 107071 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 41200 | &nbsp;&nbsp; 366900 |
| Ganfeng Lithium Group Co. Ltd. (a) | &nbsp;&nbsp; 32600 | &nbsp;&nbsp; 215279 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 113407 |
| GCL Technology Holdings Ltd. \* | &nbsp;&nbsp; 1576000 | &nbsp;&nbsp; 275500 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 112300 | &nbsp;&nbsp; 83394 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 972647 |
| Genscript Biotech Corp. \* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp; 170203 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 172489 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 67400 | &nbsp;&nbsp; 162718 |
| Giant Biogene Holding Co. Ltd. (a) (b) | &nbsp;&nbsp; 31600 | &nbsp;&nbsp; 151436 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 50243 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 148266 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 19400 | &nbsp;&nbsp; 89337 |
| Goldwind Science & Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 51400 | &nbsp;&nbsp; 87244 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 60737 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 338795 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> Class A<br>| &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 223347 |
| Guangdong Electric Power Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 148600 | &nbsp;&nbsp; 99096 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 88524 |
| Guangdong HEC Technology Holding Co. <br> Ltd., Class A \*<br>| &nbsp;&nbsp; 15900 | &nbsp;&nbsp; 48006 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 234000 | &nbsp;&nbsp; 222296 |
| Guangzhou Automobile Group Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 198000 | &nbsp;&nbsp; 83021 |
| Guangzhou Baiyun International Airport Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 264523 | &nbsp;&nbsp; 363026 |
| Guangzhou Tinci Materials Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 57088 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 102526 |
| Guotai Haitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 75006 | &nbsp;&nbsp; 204175 |
| Guotai Haitong Securities Co. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 170456 | &nbsp;&nbsp; 326616 |
| H World Group Ltd. | &nbsp;&nbsp; 115500 | &nbsp;&nbsp; 447867 |
| Haidilao International Holding Ltd. (a) | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; 202693 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 150243 |
| Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp; 174800 | &nbsp;&nbsp; 568430 |
| Hainan Airlines Holding Co. Ltd., Class A \* | &nbsp;&nbsp; 290500 | &nbsp;&nbsp; 72199 |
| Haisco Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 37392 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 237731 |
| Hangzhou First Applied Material Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 44743 |
| Hansoh Pharmaceutical Group Co. Ltd. (a) | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 348894 |
| Henan Shenhuo Coal Industry & Electricity <br> Power Co. Ltd., Class A<br>| &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 41632 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 164608 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 109383 |
| Hisense Home Appliances Group Co. Ltd. | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 91439 |
| Horizon Robotics \* | &nbsp;&nbsp; 565800 | &nbsp;&nbsp; 640775 |
| Hua Hong Semiconductor Ltd., Class H \* (a) | &nbsp;&nbsp; 46000 | &nbsp;&nbsp; 471509 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 11300 | &nbsp;&nbsp; 65896 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 60506 |
| Hualan Biological Engineering, Inc., Class A | &nbsp;&nbsp; 62900 | &nbsp;&nbsp; 142338 |
| Huaneng Power International, Inc., Class A | &nbsp;&nbsp; 74100 | &nbsp;&nbsp; 84583 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 239572 |
| Huatai Securities Co. Ltd., Class H (a) | &nbsp;&nbsp; 89600 | &nbsp;&nbsp; 225262 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 100400 | &nbsp;&nbsp; 95980 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 53700 | &nbsp;&nbsp; 153995 |
| Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 98293 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 75540 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 9700 | &nbsp;&nbsp; 88727 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; 134305 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 617700 | &nbsp;&nbsp; 674966 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 5268000 | &nbsp;&nbsp; 4081642 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 388676 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 240700 | &nbsp;&nbsp; 85837 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 175548 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 148233 |
| Innovent Biologics, Inc. \* (a) | &nbsp;&nbsp; 103500 | &nbsp;&nbsp; 1161021 |
| JA Solar Technology Co. Ltd., Class A \* | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 45049 |
| JD Health International, Inc. \* (a) | &nbsp;&nbsp; 72850 | &nbsp;&nbsp; 568663 |
| JD Logistics, Inc. \* (a) | &nbsp;&nbsp; 176800 | &nbsp;&nbsp; 288220 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 181050 | &nbsp;&nbsp; 2989133 |
| Jiangsu Eastern Shenghong Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 40600 | &nbsp;&nbsp; 52711 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 119307 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 8700 | &nbsp;&nbsp; 117336 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 35300 | &nbsp;&nbsp; 317554 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 134170 |
| Jiangsu Yuyue Medical Equipment & Supply <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 20100 | &nbsp;&nbsp; 101643 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 400554 |
| Jinko Solar Co. Ltd., Class A \* | &nbsp;&nbsp; 56181 | &nbsp;&nbsp; 45818 |
| Jointown Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 179891 | &nbsp;&nbsp; 128769 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 163300 | &nbsp;&nbsp; 926184 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 204221 |
| Kingdee International Software Group Co. <br> Ltd. \*<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 377329 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 38440 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 75400 | &nbsp;&nbsp; 328679 |
| Kuaishou Technology (a) | &nbsp;&nbsp; 203200 | &nbsp;&nbsp; 1886577 |
| Kuang-Chi Technologies Co. Ltd., Class A \* | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 74829 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 304000 | &nbsp;&nbsp; 279433 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 1365853 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 237670 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 43800 | &nbsp;&nbsp; 113246 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 426000 | &nbsp;&nbsp; 621470 |
| Li Auto, Inc., Class A \* | &nbsp;&nbsp; 76700 | &nbsp;&nbsp; 795921 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 19568 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 38700 | &nbsp;&nbsp; 84866 |
| Longfor Group Holdings Ltd. (a) | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; 195167 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| LONGi Green Energy Technology Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 51300 | &nbsp;&nbsp; 151964 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 39500 | &nbsp;&nbsp; 349448 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 179349 |
| Mao Geping Cosmetics Co. Ltd., Class H | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 102795 |
| Meituan \* (a) | &nbsp;&nbsp; 378400 | &nbsp;&nbsp; 4980787 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 37300 | &nbsp;&nbsp; 400099 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 31800 | &nbsp;&nbsp; 170024 |
| Mixue Group, Class H \* | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 164955 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 7669 | &nbsp;&nbsp; 146782 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 30400 | &nbsp;&nbsp; 214833 |
| Nanjing Securities Co. Ltd., Class A | &nbsp;&nbsp; 484600 | &nbsp;&nbsp; 576248 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 54880 | &nbsp;&nbsp; 186727 |
| National Silicon Industry Group Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 14558 | &nbsp;&nbsp; 46720 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 3745 | &nbsp;&nbsp; 213962 |
| NetEase, Inc. | &nbsp;&nbsp; 122900 | &nbsp;&nbsp; 3448664 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 126582 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 436053 |
| New Oriental Education & Technology <br> Group, Inc. \*<br>| &nbsp;&nbsp; 101700 | &nbsp;&nbsp; 608141 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 6162 | &nbsp;&nbsp; 64421 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 10530 | &nbsp;&nbsp; 109692 |
| Ningxia Baofeng Energy Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 45100 | &nbsp;&nbsp; 116791 |
| NIO, Inc., Class A \* | &nbsp;&nbsp; 123670 | &nbsp;&nbsp; 894200 |
| Nongfu Spring Co. Ltd., Class H (a) | &nbsp;&nbsp; 126800 | &nbsp;&nbsp; 842910 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 179799 |
| Oriental Pearl Group Co. Ltd., Class A | &nbsp;&nbsp; 61400 | &nbsp;&nbsp; 83702 |
| Pangang Group Vanadium Titanium & <br> Resources Co. Ltd., Class A \*<br>| &nbsp;&nbsp; 619100 | &nbsp;&nbsp; 262591 |
| PDD Holdings, Inc., ADR \* | &nbsp;&nbsp; 53658 | &nbsp;&nbsp; 7236854 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| &nbsp;&nbsp; 587000 | &nbsp;&nbsp; 527190 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1540241 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 462000 | &nbsp;&nbsp; 1091486 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 199261 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 62300 | &nbsp;&nbsp; 505923 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 439500 | &nbsp;&nbsp; 3175094 |
| Poly Developments and Holdings Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 82088 |
| Pop Mart International Group Ltd. (a) | &nbsp;&nbsp; 45800 | &nbsp;&nbsp; 1302787 |
| Postal Savings Bank of China Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 538500 | &nbsp;&nbsp; 434741 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Postal Savings Bank of China Co. Ltd., <br> Class H (a)<br>| &nbsp;&nbsp; 633000 | &nbsp;&nbsp; 446019 |
| Power Construction Corp. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 90243 |
| Qinghai Salt Lake Industry Co. Ltd., Class A \* | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 138795 |
| Rockchip Electronics Co. Ltd. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 63688 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 69800 | &nbsp;&nbsp; 99844 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 103500 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 66900 | &nbsp;&nbsp; 130358 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 177123 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 46778 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 89056 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 10100 | &nbsp;&nbsp; 220247 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 34300 | &nbsp;&nbsp; 194157 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 62700 | &nbsp;&nbsp; 199783 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 22900 | &nbsp;&nbsp; 115449 |
| Shandong Gold Mining Co. Ltd., Class H (a) | &nbsp;&nbsp; 52750 | &nbsp;&nbsp; 221134 |
| Shandong Hi-Speed Holdings Group Ltd. \* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 14581 |
| Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 138800 | &nbsp;&nbsp; 89798 |
| Shandong Weigao Group Medical Polymer <br> Co. Ltd., Class H<br>| &nbsp;&nbsp; 18400 | &nbsp;&nbsp; 12880 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 13920 | &nbsp;&nbsp; 44938 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 57264 | &nbsp;&nbsp; 64249 |
| Shanghai Electric Group Co. Ltd., Class A \* | &nbsp;&nbsp; 68300 | &nbsp;&nbsp; 89263 |
| Shanghai Electric Group Co. Ltd., Class H \* | &nbsp;&nbsp; 184000 | &nbsp;&nbsp; 107287 |
| Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 14800 | &nbsp;&nbsp; 61684 |
| Shanghai Fosun Pharmaceutical Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 73900 | &nbsp;&nbsp; 302731 |
| Shanghai Fosun Pharmaceutical Group Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 33500 | &nbsp;&nbsp; 102613 |
| Shanghai Fudan Microelectronics Group Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 125104 |
| Shanghai International Airport Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17400 | &nbsp;&nbsp; 78860 |
| Shanghai Junshi Biosciences Co. Ltd., <br> Class H \* (a)<br>| &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 44375 |
| Shanghai Pudong Development Bank Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 176100 | &nbsp;&nbsp; 284309 |
| Shanghai Putailai New Energy Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 46773 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 53300 | &nbsp;&nbsp; 63823 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 44564 |
| Shanxi Xinghuacun Fen Wine Factory Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 206013 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 122449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 3450 | &nbsp;&nbsp; 103707 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 52716 |
| Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 87592 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 62800 | &nbsp;&nbsp; 542078 |
| Shijiazhuang Changshan BeiMing <br> Technology Co. Ltd., Class A \*<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 32391 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 37207 |
| Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 48624 |
| Sichuan Kelun-Biotech Biopharmaceutical <br> Co. Ltd., Class H \*<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 137966 |
| Sichuan Road and Bridge Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 37800 | &nbsp;&nbsp; 50305 |
| Silergy Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 194259 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 667000 | &nbsp;&nbsp; 607592 |
| Sinoma Science & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8800 | &nbsp;&nbsp; 42796 |
| Sinopec Oilfield Service Corp., Class A \* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 119584 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 106800 | &nbsp;&nbsp; 266206 |
| Sinotrans Ltd., Class H | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 97878 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 175394 |
| Smoore International Holdings Ltd. (a) | &nbsp;&nbsp; 129000 | &nbsp;&nbsp; 217252 |
| StarPower Semiconductor Ltd., Class A | &nbsp;&nbsp; 7940 | &nbsp;&nbsp; 116667 |
| State Grid Yingda Co. Ltd., Class A | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 258167 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 47700 | &nbsp;&nbsp; 460959 |
| Suzhou Dongshan Precision Manufacturing <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 92282 |
| TAL Education Group, ADR \* | &nbsp;&nbsp; 31363 | &nbsp;&nbsp; 384510 |
| Talkweb Information System Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 7300 | &nbsp;&nbsp; 35149 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 26700 | &nbsp;&nbsp; 73396 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 66842 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 429300 | &nbsp;&nbsp; 34871079 |
| Tencent Music Entertainment Group, Class A | &nbsp;&nbsp; 80100 | &nbsp;&nbsp; 894730 |
| Tianqi Lithium Corp., Class A \* | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 87752 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 46508 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 156000 | &nbsp;&nbsp; 214037 |
| Tongcheng Travel Holdings Ltd. (a) | &nbsp;&nbsp; 90800 | &nbsp;&nbsp; 249864 |
| Tongling Nonferrous Metals Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 67800 | &nbsp;&nbsp; 50300 |
| Tongwei Co. Ltd., Class A \* | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 118923 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 40800 | &nbsp;&nbsp; 2871154 |
| Tsingtao Brewery Co. Ltd. | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 297375 |
| UBTech Robotics Corp. Ltd., Class H \* | &nbsp;&nbsp; 15900 | &nbsp;&nbsp; 281353 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Unigroup Guoxin Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 69971 |
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 97000 | &nbsp;&nbsp; 104982 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 86691 |
| Verisilicon Microelectronics Shanghai Co. <br> Ltd., Class A \*<br>| &nbsp;&nbsp; 2894 | &nbsp;&nbsp; 64691 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 25238 | &nbsp;&nbsp; 441413 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 194249 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 230703 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 38100 | &nbsp;&nbsp; 80033 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 320276 |
| Wingtech Technology Co. Ltd., Class A \* | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 42914 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 369166 |
| WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 12300 | &nbsp;&nbsp; 122121 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 186895 |
| WuXi AppTec Co. Ltd., Class H (a) | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 346533 |
| XCMG Construction Machinery Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 111124 |
| Xiamen Faratronic Co. Ltd., Class A | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 101380 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 8700 | &nbsp;&nbsp; 43619 |
| Xiaomi Corp., Class B \* (a) | &nbsp;&nbsp; 1190200 | &nbsp;&nbsp; 6603126 |
| Xinjiang Daqo New Energy Co. Ltd., Class A \* | &nbsp;&nbsp; 11941 | &nbsp;&nbsp; 50231 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 140343 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 23040 |
| XPeng, Inc., Class A \* | &nbsp;&nbsp; 89300 | &nbsp;&nbsp; 1040360 |
| XtalPi Holdings Ltd. \* | &nbsp;&nbsp; 157000 | &nbsp;&nbsp; 228593 |
| Yadea Group Holdings Ltd. (a) | &nbsp;&nbsp; 112000 | &nbsp;&nbsp; 175103 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 190100 | &nbsp;&nbsp; 513414 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 322619 |
| Yonghui Superstores Co. Ltd., Class A \* | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 32022 |
| Yonyou Network Technology Co. Ltd., <br> Class A \*<br>| &nbsp;&nbsp; 19400 | &nbsp;&nbsp; 42511 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 18400 | &nbsp;&nbsp; 44180 |
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 128000 | &nbsp;&nbsp; 73695 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 26009 | &nbsp;&nbsp; 1125149 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 18500 | &nbsp;&nbsp; 59671 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 54461 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 79371 |
| ZEEKR Intelligent Technology Holding Ltd., <br> ADR \*<br>| &nbsp;&nbsp; 3737 | &nbsp;&nbsp; 106617 |
| Zhangzhou Pientzehuang Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 80005 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 431931 |
| Zhejiang China Commodities City Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 34600 | &nbsp;&nbsp; 89557 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 81024 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 74377 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H \* (a)<br>| &nbsp;&nbsp; 48700 | &nbsp;&nbsp; 364797 |
| Zhejiang Provincial New Energy Investment <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 253800 | &nbsp;&nbsp; 281026 |
| Zhejiang Sanhua Intelligent Controls Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 22700 | &nbsp;&nbsp; 159175 |
| Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 39517 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 25100 | &nbsp;&nbsp; 77852 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 9472 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 496500 | &nbsp;&nbsp; 486557 |
| Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 41800 | &nbsp;&nbsp; 212433 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 109200 | &nbsp;&nbsp; 466565 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 398000 | &nbsp;&nbsp; 1646532 |
| ZJLD Group, Inc. (a) (b) | &nbsp;&nbsp; 50200 | &nbsp;&nbsp; 56334 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| &nbsp;&nbsp; 118400 | &nbsp;&nbsp; 114319 |
| ZTE Corp., Class A | &nbsp;&nbsp; 27700 | &nbsp;&nbsp; 168855 |
| ZTE Corp., Class H | &nbsp;&nbsp; 53400 | &nbsp;&nbsp; 225564 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 31700 | &nbsp;&nbsp; 584827 |
|  |  | &nbsp;&nbsp; 211509271 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Ecopetrol SA | &nbsp;&nbsp; 334044 | &nbsp;&nbsp; 154254 |
| Grupo Cibest SA | &nbsp;&nbsp; 20885 | &nbsp;&nbsp; 338631 |
| Grupo Cibest SA (Preference) | &nbsp;&nbsp; 31942 | &nbsp;&nbsp; 466534 |
| Grupo de Inversiones Suramericana SA <br> (Preference)<br>| &nbsp;&nbsp; 8153 | &nbsp;&nbsp; 86508 |
| Grupo Energia Bogota SA ESP | &nbsp;&nbsp; 222472 | &nbsp;&nbsp; 181802 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 33980 | &nbsp;&nbsp; 220382 |
|  |  | &nbsp;&nbsp; 1448111 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| CEZ A/S | &nbsp;&nbsp; 11398 | &nbsp;&nbsp; 698118 |
| Komercni Banka A/S | &nbsp;&nbsp; 5416 | &nbsp;&nbsp; 277061 |
|  |  | &nbsp;&nbsp; 975179 |
| **Egypt — 0.0% ^** | **Egypt — 0.0% ^** | **Egypt — 0.0% ^** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 141286 | &nbsp;&nbsp; 315494 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| Alpha Bank SA | &nbsp;&nbsp; 147813 | &nbsp;&nbsp; 579458 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 173484 | &nbsp;&nbsp; 652578 |
| Hellenic Telecommunications Organization <br> SA<br>| &nbsp;&nbsp; 13882 | &nbsp;&nbsp; 260687 |
| JUMBO SA | &nbsp;&nbsp; 8458 | &nbsp;&nbsp; 268491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Greece — continued** | **Greece — continued** | **Greece — continued** |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 4825 | &nbsp;&nbsp; 144594 |
| National Bank of Greece SA | &nbsp;&nbsp; 59184 | &nbsp;&nbsp; 869917 |
| OPAP SA | &nbsp;&nbsp; 10890 | &nbsp;&nbsp; 225315 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 49815 | &nbsp;&nbsp; 389066 |
| Public Power Corp. SA | &nbsp;&nbsp; 13368 | &nbsp;&nbsp; 232164 |
|  |  | &nbsp;&nbsp; 3622270 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |
| Central New Energy Holding Group Ltd. \* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 113481 |
| Guming Holdings Ltd. \* | &nbsp;&nbsp; 46800 | &nbsp;&nbsp; 136848 |
| J&T Global Express Ltd. \* | &nbsp;&nbsp; 443600 | &nbsp;&nbsp; 569194 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 58500 | &nbsp;&nbsp; 97942 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 190365 |
|  |  | &nbsp;&nbsp; 1107830 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| MOL Hungarian Oil & Gas plc | &nbsp;&nbsp; 26149 | &nbsp;&nbsp; 230028 |
| OTP Bank Nyrt. | &nbsp;&nbsp; 14984 | &nbsp;&nbsp; 1430304 |
| Richter Gedeon Nyrt. | &nbsp;&nbsp; 9771 | &nbsp;&nbsp; 300987 |
|  |  | &nbsp;&nbsp; 1961319 |
| **India — 16.5%** | **India — 16.5%** | **India — 16.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 3850 | &nbsp;&nbsp; 226291 |
| ACC Ltd. | &nbsp;&nbsp; 6083 | &nbsp;&nbsp; 128815 |
| Adani Energy Solutions Ltd. \* | &nbsp;&nbsp; 23861 | &nbsp;&nbsp; 264817 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 29273 | &nbsp;&nbsp; 817237 |
| Adani Green Energy Ltd. \* | &nbsp;&nbsp; 28568 | &nbsp;&nbsp; 366462 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 64095 | &nbsp;&nbsp; 1048216 |
| Adani Power Ltd. \* | &nbsp;&nbsp; 383569 | &nbsp;&nbsp; 681249 |
| Adani Total Gas Ltd. | &nbsp;&nbsp; 16414 | &nbsp;&nbsp; 116689 |
| Aditya Birla Capital Ltd. \* | &nbsp;&nbsp; 57428 | &nbsp;&nbsp; 209437 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 4631 | &nbsp;&nbsp; 287004 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 54072 | &nbsp;&nbsp; 343843 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 7660 | &nbsp;&nbsp; 662910 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 212244 | &nbsp;&nbsp; 337997 |
| Asian Paints Ltd. | &nbsp;&nbsp; 52021 | &nbsp;&nbsp; 1472312 |
| Astral Ltd. | &nbsp;&nbsp; 8877 | &nbsp;&nbsp; 144928 |
| AU Small Finance Bank Ltd. (a) | &nbsp;&nbsp; 39297 | &nbsp;&nbsp; 388268 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 21863 | &nbsp;&nbsp; 280455 |
| Avenue Supermarts Ltd. \* (a) | &nbsp;&nbsp; 11311 | &nbsp;&nbsp; 528872 |
| Axis Bank Ltd. | &nbsp;&nbsp; 161159 | &nbsp;&nbsp; 2236485 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 4733 | &nbsp;&nbsp; 473868 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 198220 | &nbsp;&nbsp; 2328016 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 26986 | &nbsp;&nbsp; 634254 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 261492 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 6177 | &nbsp;&nbsp; 158477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Bandhan Bank Ltd. (a) | &nbsp;&nbsp; 60249 | &nbsp;&nbsp; 106075 |
| Bank of Baroda | &nbsp;&nbsp; 74940 | &nbsp;&nbsp; 234851 |
| Berger Paints India Ltd. | &nbsp;&nbsp; 20266 | &nbsp;&nbsp; 123567 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 252521 | &nbsp;&nbsp; 1210894 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 19879 | &nbsp;&nbsp; 296405 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 91634 | &nbsp;&nbsp; 273755 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 141156 | &nbsp;&nbsp; 566276 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 201673 | &nbsp;&nbsp; 4669978 |
| Bharti Hexacom Ltd. | &nbsp;&nbsp; 5394 | &nbsp;&nbsp; 112896 |
| Biocon Ltd. | &nbsp;&nbsp; 43295 | &nbsp;&nbsp; 181467 |
| Bosch Ltd. | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 268602 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 9392 | &nbsp;&nbsp; 617502 |
| Canara Bank | &nbsp;&nbsp; 135830 | &nbsp;&nbsp; 209443 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 45316 | &nbsp;&nbsp; 375720 |
| Cholamandalam Investment and Finance Co. <br> Ltd.<br>| &nbsp;&nbsp; 30013 | &nbsp;&nbsp; 573550 |
| Cipla Ltd. | &nbsp;&nbsp; 38916 | &nbsp;&nbsp; 658063 |
| Coal India Ltd. | &nbsp;&nbsp; 160652 | &nbsp;&nbsp; 702775 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 9667 | &nbsp;&nbsp; 244198 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 25340 | &nbsp;&nbsp; 155599 |
| Coromandel International Ltd. | &nbsp;&nbsp; 9213 | &nbsp;&nbsp; 220307 |
| CRISIL Ltd. | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 81379 |
| Cummins India Ltd. | &nbsp;&nbsp; 9597 | &nbsp;&nbsp; 469191 |
| Dabur India Ltd. | &nbsp;&nbsp; 50231 | &nbsp;&nbsp; 275762 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 9563 | &nbsp;&nbsp; 726012 |
| Dixon Technologies India Ltd. (a) | &nbsp;&nbsp; 2424 | &nbsp;&nbsp; 422743 |
| DLF Ltd. | &nbsp;&nbsp; 58405 | &nbsp;&nbsp; 497190 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 41583 | &nbsp;&nbsp; 559510 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 11058 | &nbsp;&nbsp; 872061 |
| Eternal Ltd. \* | &nbsp;&nbsp; 316999 | &nbsp;&nbsp; 1131344 |
| FSN E-Commerce Ventures Ltd. \* | &nbsp;&nbsp; 89796 | &nbsp;&nbsp; 250586 |
| GAIL India Ltd. | &nbsp;&nbsp; 202057 | &nbsp;&nbsp; 415696 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 9037 | &nbsp;&nbsp; 309210 |
| GMR Airports Ltd. \* | &nbsp;&nbsp; 205814 | &nbsp;&nbsp; 217514 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 29460 | &nbsp;&nbsp; 371033 |
| Godrej Properties Ltd. \* | &nbsp;&nbsp; 9656 | &nbsp;&nbsp; 248624 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 27031 | &nbsp;&nbsp; 879814 |
| Havells India Ltd. | &nbsp;&nbsp; 16040 | &nbsp;&nbsp; 269931 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 75374 | &nbsp;&nbsp; 1307826 |
| HDFC Asset Management Co. Ltd. (a) | &nbsp;&nbsp; 7163 | &nbsp;&nbsp; 433880 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 799866 | &nbsp;&nbsp; 8893589 |
| HDFC Life Insurance Co. Ltd. (a) | &nbsp;&nbsp; 69274 | &nbsp;&nbsp; 570600 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 9593 | &nbsp;&nbsp; 598798 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 8354 | &nbsp;&nbsp; 64657 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 102232 | &nbsp;&nbsp; 975070 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Hindustan Aeronautics Ltd. (a) | &nbsp;&nbsp; 13419 | &nbsp;&nbsp; 706899 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 69537 | &nbsp;&nbsp; 372014 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 64008 | &nbsp;&nbsp; 1777646 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 183489 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 10047 | &nbsp;&nbsp; 275864 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 372508 | &nbsp;&nbsp; 5644478 |
| ICICI Lombard General Insurance Co. Ltd. (a) | &nbsp;&nbsp; 16504 | &nbsp;&nbsp; 370537 |
| ICICI Prudential Life Insurance Co. Ltd. (a) | &nbsp;&nbsp; 28333 | &nbsp;&nbsp; 188557 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 429599 | &nbsp;&nbsp; 395561 |
| Indian Bank | &nbsp;&nbsp; 20171 | &nbsp;&nbsp; 194942 |
| Indian Hotels Co. Ltd. (The) | &nbsp;&nbsp; 64521 | &nbsp;&nbsp; 538753 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 275650 | &nbsp;&nbsp; 514396 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 21923 | &nbsp;&nbsp; 177407 |
| Indian Railway Finance Corp. Ltd. (a) | &nbsp;&nbsp; 127096 | &nbsp;&nbsp; 176432 |
| Indian Renewable Energy Development <br> Agency Ltd. \*<br>| &nbsp;&nbsp; 48043 | &nbsp;&nbsp; 82156 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 55632 | &nbsp;&nbsp; 132643 |
| Indus Towers Ltd. \* | &nbsp;&nbsp; 94289 | &nbsp;&nbsp; 386389 |
| IndusInd Bank Ltd. \* | &nbsp;&nbsp; 41698 | &nbsp;&nbsp; 373309 |
| Infosys Ltd. | &nbsp;&nbsp; 289470 | &nbsp;&nbsp; 4823176 |
| InterGlobe Aviation Ltd. (a) | &nbsp;&nbsp; 12009 | &nbsp;&nbsp; 760874 |
| ITC Hotels Ltd. \* | &nbsp;&nbsp; 71293 | &nbsp;&nbsp; 174033 |
| ITC Ltd. | &nbsp;&nbsp; 211478 | &nbsp;&nbsp; 1001038 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 29261 | &nbsp;&nbsp; 248296 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 26699 | &nbsp;&nbsp; 320546 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 219929 | &nbsp;&nbsp; 760125 |
| JSW Energy Ltd. | &nbsp;&nbsp; 42790 | &nbsp;&nbsp; 254091 |
| JSW Steel Ltd. | &nbsp;&nbsp; 90757 | &nbsp;&nbsp; 1232381 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 27025 | &nbsp;&nbsp; 181897 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 30652 | &nbsp;&nbsp; 175806 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 77216 | &nbsp;&nbsp; 1829154 |
| L&T Technology Services Ltd. (a) | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 91344 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 47580 | &nbsp;&nbsp; 2158917 |
| Linde India Ltd. | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 107948 |
| Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 10327 | &nbsp;&nbsp; 151739 |
| Lodha Developers Ltd. (a) | &nbsp;&nbsp; 19183 | &nbsp;&nbsp; 259129 |
| LTIMindtree Ltd. (a) | &nbsp;&nbsp; 6525 | &nbsp;&nbsp; 417384 |
| Lupin Ltd. | &nbsp;&nbsp; 17241 | &nbsp;&nbsp; 381675 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 69270 | &nbsp;&nbsp; 2720100 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 8295 | &nbsp;&nbsp; 222660 |
| Marico Ltd. | &nbsp;&nbsp; 45606 | &nbsp;&nbsp; 369692 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 9283 | &nbsp;&nbsp; 1690579 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 46412 | &nbsp;&nbsp; 600101 |
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 5427 | &nbsp;&nbsp; 166833 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 13423 | &nbsp;&nbsp; 147875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Mphasis Ltd. | &nbsp;&nbsp; 8064 | &nbsp;&nbsp; 250653 |
| MRF Ltd. | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 388407 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 7730 | &nbsp;&nbsp; 276967 |
| Nestle India Ltd. | &nbsp;&nbsp; 50676 | &nbsp;&nbsp; 726314 |
| NHPC Ltd. | &nbsp;&nbsp; 230633 | &nbsp;&nbsp; 220177 |
| NMDC Ltd. | &nbsp;&nbsp; 243473 | &nbsp;&nbsp; 207705 |
| NTPC Ltd. | &nbsp;&nbsp; 334976 | &nbsp;&nbsp; 1270563 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 8645 | &nbsp;&nbsp; 173081 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 295950 | &nbsp;&nbsp; 851670 |
| Oil India Ltd. | &nbsp;&nbsp; 44142 | &nbsp;&nbsp; 215543 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 161585 |
| Page Industries Ltd. | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 212457 |
| Patanjali Foods Ltd. | &nbsp;&nbsp; 22212 | &nbsp;&nbsp; 150709 |
| PB Fintech Ltd. \* | &nbsp;&nbsp; 25086 | &nbsp;&nbsp; 503574 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 503104 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 54356 | &nbsp;&nbsp; 172116 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 15070 | &nbsp;&nbsp; 285620 |
| PI Industries Ltd. | &nbsp;&nbsp; 7143 | &nbsp;&nbsp; 287801 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 36434 | &nbsp;&nbsp; 592965 |
| Polycab India Ltd. | &nbsp;&nbsp; 4632 | &nbsp;&nbsp; 401770 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 94383 | &nbsp;&nbsp; 428556 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 319980 | &nbsp;&nbsp; 1038170 |
| Premier Energies Ltd. (a) | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 93822 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 12764 | &nbsp;&nbsp; 250684 |
| Procter & Gamble Hygiene & Health Care <br> Ltd.<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; 114456 |
| Punjab National Bank | &nbsp;&nbsp; 166563 | &nbsp;&nbsp; 230428 |
| Rail Vikas Nigam Ltd. (a) | &nbsp;&nbsp; 41748 | &nbsp;&nbsp; 154389 |
| REC Ltd. | &nbsp;&nbsp; 83953 | &nbsp;&nbsp; 354284 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 513369 | &nbsp;&nbsp; 8590125 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 347982 | &nbsp;&nbsp; 412702 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 21065 | &nbsp;&nbsp; 208500 |
| SBI Life Insurance Co. Ltd. (a) | &nbsp;&nbsp; 28930 | &nbsp;&nbsp; 636520 |
| Schaeffler India Ltd. | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 135045 |
| Shree Cement Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 382395 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 91435 | &nbsp;&nbsp; 771072 |
| Siemens Ltd. | &nbsp;&nbsp; 6456 | &nbsp;&nbsp; 224925 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 291858 |
| Sona Blw Precision Forgings Ltd. (a) | &nbsp;&nbsp; 28716 | &nbsp;&nbsp; 152885 |
| SRF Ltd. | &nbsp;&nbsp; 8810 | &nbsp;&nbsp; 290791 |
| State Bank of India | &nbsp;&nbsp; 130420 | &nbsp;&nbsp; 1376904 |
| Steel Authority of India Ltd. | &nbsp;&nbsp; 78132 | &nbsp;&nbsp; 120378 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 81023 | &nbsp;&nbsp; 1544530 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 7547 | &nbsp;&nbsp; 390951 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 4521 | &nbsp;&nbsp; 193862 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Suzlon Energy Ltd. \* | &nbsp;&nbsp; 874696 | &nbsp;&nbsp; 584099 |
| Swiggy Ltd. \* | &nbsp;&nbsp; 22217 | &nbsp;&nbsp; 102482 |
| Tata Communications Ltd. | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 184950 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 70802 | &nbsp;&nbsp; 2436772 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 47650 | &nbsp;&nbsp; 625100 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 168048 |
| Tata Motors Ltd. ‡ \* | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 445886 |
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 700638 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 123253 | &nbsp;&nbsp; 561747 |
| Tata Steel Ltd. | &nbsp;&nbsp; 589411 | &nbsp;&nbsp; 1213018 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 11265 | &nbsp;&nbsp; 87793 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 46050 | &nbsp;&nbsp; 738125 |
| Thermax Ltd. | &nbsp;&nbsp; 2587 | &nbsp;&nbsp; 93778 |
| Titan Co. Ltd. | &nbsp;&nbsp; 28545 | &nbsp;&nbsp; 1204538 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 7061 | &nbsp;&nbsp; 283170 |
| Torrent Power Ltd. | &nbsp;&nbsp; 13594 | &nbsp;&nbsp; 201401 |
| Trent Ltd. | &nbsp;&nbsp; 12806 | &nbsp;&nbsp; 676442 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 9157 | &nbsp;&nbsp; 311500 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 16680 | &nbsp;&nbsp; 658773 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 8852 | &nbsp;&nbsp; 1190333 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 112501 | &nbsp;&nbsp; 188363 |
| United Spirits Ltd. | &nbsp;&nbsp; 22385 | &nbsp;&nbsp; 360949 |
| UNO Minda Ltd. | &nbsp;&nbsp; 17384 | &nbsp;&nbsp; 241981 |
| UPL Ltd. | &nbsp;&nbsp; 40816 | &nbsp;&nbsp; 331027 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 102037 | &nbsp;&nbsp; 539203 |
| Vedanta Ltd. | &nbsp;&nbsp; 120078 | &nbsp;&nbsp; 666618 |
| Vishal Mega Mart Ltd. \* | &nbsp;&nbsp; 80859 | &nbsp;&nbsp; 131618 |
| Vodafone Idea Ltd. \* | &nbsp;&nbsp; 2229055 | &nbsp;&nbsp; 219262 |
| Voltas Ltd. | &nbsp;&nbsp; 17571 | &nbsp;&nbsp; 273625 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 2409 | &nbsp;&nbsp; 92923 |
| Wipro Ltd. | &nbsp;&nbsp; 206597 | &nbsp;&nbsp; 559503 |
| Yes Bank Ltd. \* | &nbsp;&nbsp; 1513687 | &nbsp;&nbsp; 387776 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 17875 | &nbsp;&nbsp; 196369 |
|  |  | &nbsp;&nbsp; 123680025 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| Alamtri Resources Indonesia Tbk. PT | &nbsp;&nbsp; 1117200 | &nbsp;&nbsp; 126474 |
| Amman Mineral Internasional PT \* | &nbsp;&nbsp; 554700 | &nbsp;&nbsp; 236608 |
| Aneka Tambang Tbk. | &nbsp;&nbsp; 627600 | &nbsp;&nbsp; 116738 |
| Astra International Tbk. PT | &nbsp;&nbsp; 1320900 | &nbsp;&nbsp; 488421 |
| Bank Central Asia Tbk. PT | &nbsp;&nbsp; 3919000 | &nbsp;&nbsp; 2006497 |
| Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp; 2665700 | &nbsp;&nbsp; 755229 |
| Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp; 1185600 | &nbsp;&nbsp; 311617 |
| Bank Permata Tbk. PT | &nbsp;&nbsp; 278500 | &nbsp;&nbsp; 88340 |
| Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp; 4571900 | &nbsp;&nbsp; 1093691 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| Barito Pacific Tbk. PT \* | &nbsp;&nbsp; 2157679 | &nbsp;&nbsp; 447166 |
| Barito Renewables Energy Tbk. PT | &nbsp;&nbsp; 1105900 | &nbsp;&nbsp; 576576 |
| Chandra Asri Pacific Tbk. PT | &nbsp;&nbsp; 669100 | &nbsp;&nbsp; 279519 |
| Charoen Pokphand Indonesia Tbk. PT | &nbsp;&nbsp; 538600 | &nbsp;&nbsp; 151148 |
| Dian Swastatika Sentosa Tbk. PT \* | &nbsp;&nbsp; 111200 | &nbsp;&nbsp; 565529 |
| GoTo Gojek Tokopedia Tbk. PT \* | &nbsp;&nbsp; 61354500 | &nbsp;&nbsp; 220414 |
| Indofood Sukses Makmur Tbk. PT | &nbsp;&nbsp; 353400 | &nbsp;&nbsp; 157268 |
| Kalbe Farma Tbk. PT | &nbsp;&nbsp; 1511100 | &nbsp;&nbsp; 115904 |
| Merdeka Copper Gold Tbk. PT \* | &nbsp;&nbsp; 1094400 | &nbsp;&nbsp; 160138 |
| Multipolar Technology Tbk. PT | &nbsp;&nbsp; 19300 | &nbsp;&nbsp; 92844 |
| Pantai Indah Kapuk Dua Tbk. PT | &nbsp;&nbsp; 136900 | &nbsp;&nbsp; 115887 |
| Petrindo Jaya Kreasi Tbk. PT | &nbsp;&nbsp; 1253000 | &nbsp;&nbsp; 151278 |
| Sumber Alfaria Trijaya Tbk. PT | &nbsp;&nbsp; 1361500 | &nbsp;&nbsp; 164404 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 3352300 | &nbsp;&nbsp; 648451 |
| Trimegah Bangun Persada Tbk. PT | &nbsp;&nbsp; 601700 | &nbsp;&nbsp; 45221 |
| United Tractors Tbk. PT | &nbsp;&nbsp; 129600 | &nbsp;&nbsp; 209547 |
|  |  | &nbsp;&nbsp; 9324909 |
| **Kuwait — 0.7%** | **Kuwait — 0.7%** | **Kuwait — 0.7%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 132388 | &nbsp;&nbsp; 309013 |
| Gulf Bank KSCP | &nbsp;&nbsp; 326700 | &nbsp;&nbsp; 373828 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 841773 | &nbsp;&nbsp; 2203566 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 55834 | &nbsp;&nbsp; 183292 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 182770 | &nbsp;&nbsp; 315865 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 619217 | &nbsp;&nbsp; 2120664 |
|  |  | &nbsp;&nbsp; 5506228 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| Reinet Investments SCA | &nbsp;&nbsp; 9513 | &nbsp;&nbsp; 304246 |
| **Malaysia — 1.4%** | **Malaysia — 1.4%** | **Malaysia — 1.4%** |
| AMMB Holdings Bhd. | &nbsp;&nbsp; 207600 | &nbsp;&nbsp; 282382 |
| Axiata Group Bhd. | &nbsp;&nbsp; 325300 | &nbsp;&nbsp; 195070 |
| CELCOMDIGI Bhd. | &nbsp;&nbsp; 296500 | &nbsp;&nbsp; 254871 |
| CIMB Group Holdings Bhd. | &nbsp;&nbsp; 587700 | &nbsp;&nbsp; 1022776 |
| Gamuda Bhd. | &nbsp;&nbsp; 374200 | &nbsp;&nbsp; 449418 |
| Genting Bhd. | &nbsp;&nbsp; 162100 | &nbsp;&nbsp; 130719 |
| Hong Leong Bank Bhd. | &nbsp;&nbsp; 50900 | &nbsp;&nbsp; 249774 |
| IHH Healthcare Bhd. | &nbsp;&nbsp; 144500 | &nbsp;&nbsp; 284507 |
| IOI Corp. Bhd. | &nbsp;&nbsp; 216400 | &nbsp;&nbsp; 207675 |
| KLCCP Stapled Group, REIT | &nbsp;&nbsp; 54600 | &nbsp;&nbsp; 113424 |
| Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp; 41100 | &nbsp;&nbsp; 201015 |
| Malayan Banking Bhd. | &nbsp;&nbsp; 474000 | &nbsp;&nbsp; 1117115 |
| Maxis Bhd. | &nbsp;&nbsp; 276900 | &nbsp;&nbsp; 251269 |
| MISC Bhd. | &nbsp;&nbsp; 151900 | &nbsp;&nbsp; 282492 |
| MR DIY Group M Bhd. (a) | &nbsp;&nbsp; 258200 | &nbsp;&nbsp; 98502 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Malaysia — continued** | **Malaysia — continued** | **Malaysia — continued** |
| Nestle Malaysia Bhd. | &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 126800 |
| Petronas Chemicals Group Bhd. | &nbsp;&nbsp; 220700 | &nbsp;&nbsp; 205286 |
| Petronas Dagangan Bhd. | &nbsp;&nbsp; 28700 | &nbsp;&nbsp; 155396 |
| Petronas Gas Bhd. | &nbsp;&nbsp; 68600 | &nbsp;&nbsp; 303032 |
| PPB Group Bhd. | &nbsp;&nbsp; 56100 | &nbsp;&nbsp; 149148 |
| Press Metal Aluminium Holdings Bhd. | &nbsp;&nbsp; 300100 | &nbsp;&nbsp; 453321 |
| Public Bank Bhd. | &nbsp;&nbsp; 1074900 | &nbsp;&nbsp; 1082121 |
| QL Resources Bhd. | &nbsp;&nbsp; 168600 | &nbsp;&nbsp; 167013 |
| RHB Bank Bhd. | &nbsp;&nbsp; 288300 | &nbsp;&nbsp; 466086 |
| SD Guthrie Bhd. | &nbsp;&nbsp; 159200 | &nbsp;&nbsp; 200711 |
| Sime Darby Bhd. | &nbsp;&nbsp; 267000 | &nbsp;&nbsp; 130526 |
| Sunway Bhd. | &nbsp;&nbsp; 180500 | &nbsp;&nbsp; 232682 |
| Telekom Malaysia Bhd. | &nbsp;&nbsp; 181100 | &nbsp;&nbsp; 315612 |
| Tenaga Nasional Bhd. | &nbsp;&nbsp; 325400 | &nbsp;&nbsp; 1030949 |
| Westports Holdings Bhd. | &nbsp;&nbsp; 76100 | &nbsp;&nbsp; 93496 |
| YTL Corp. Bhd. | &nbsp;&nbsp; 352490 | &nbsp;&nbsp; 218356 |
| YTL Power International Bhd. | &nbsp;&nbsp; 196420 | &nbsp;&nbsp; 186701 |
|  |  | &nbsp;&nbsp; 10658245 |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| America Movil SAB de CV | &nbsp;&nbsp; 1232955 | &nbsp;&nbsp; 1402948 |
| Arca Continental SAB de CV (b) | &nbsp;&nbsp; 34070 | &nbsp;&nbsp; 329688 |
| Cemex SAB de CV | &nbsp;&nbsp; 1023497 | &nbsp;&nbsp; 1037903 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 37104 | &nbsp;&nbsp; 318645 |
| Fibra Uno Administracion SA de CV, REIT | &nbsp;&nbsp; 221874 | &nbsp;&nbsp; 323284 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 144993 | &nbsp;&nbsp; 1365994 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 12287 | &nbsp;&nbsp; 208096 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 27461 | &nbsp;&nbsp; 570342 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 12821 | &nbsp;&nbsp; 387932 |
| Grupo Bimbo SAB de CV (b) | &nbsp;&nbsp; 93797 | &nbsp;&nbsp; 323924 |
| Grupo Carso SAB de CV | &nbsp;&nbsp; 40376 | &nbsp;&nbsp; 286806 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 21982 | &nbsp;&nbsp; 159660 |
| Grupo Financiero Banorte SAB de CV, <br> Class O<br>| &nbsp;&nbsp; 198667 | &nbsp;&nbsp; 1865033 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 171596 | &nbsp;&nbsp; 415724 |
| Grupo Mexico SAB de CV | &nbsp;&nbsp; 221642 | &nbsp;&nbsp; 1912503 |
| Industrias Penoles SAB de CV \* | &nbsp;&nbsp; 13426 | &nbsp;&nbsp; 567211 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 112005 | &nbsp;&nbsp; 217095 |
| Promotora y Operadora de Infraestructura <br> SAB de CV<br>| &nbsp;&nbsp; 11953 | &nbsp;&nbsp; 154417 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 350841 | &nbsp;&nbsp; 1161381 |
|  |  | &nbsp;&nbsp; 13008586 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | &nbsp;&nbsp; 4594 | &nbsp;&nbsp; 1199034 |
| InRetail Peru Corp. (a) | &nbsp;&nbsp; 2509 | &nbsp;&nbsp; 63754 |
|  |  | &nbsp;&nbsp; 1262788 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| Aboitiz Equity Ventures, Inc. | &nbsp;&nbsp; 178820 | &nbsp;&nbsp; 86599 |
| Ayala Corp. | &nbsp;&nbsp; 18090 | &nbsp;&nbsp; 143859 |
| Ayala Land, Inc. | &nbsp;&nbsp; 478800 | &nbsp;&nbsp; 161736 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 151370 | &nbsp;&nbsp; 271103 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 153889 | &nbsp;&nbsp; 349094 |
| International Container Terminal Services, <br> Inc.<br>| &nbsp;&nbsp; 57400 | &nbsp;&nbsp; 517713 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 35340 | &nbsp;&nbsp; 130070 |
| Manila Electric Co. | &nbsp;&nbsp; 22230 | &nbsp;&nbsp; 220978 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 151450 | &nbsp;&nbsp; 177571 |
| Monde Nissin Corp. (a) | &nbsp;&nbsp; 575700 | &nbsp;&nbsp; 66011 |
| PLDT, Inc. | &nbsp;&nbsp; 7015 | &nbsp;&nbsp; 133323 |
| SM Investments Corp. | &nbsp;&nbsp; 34520 | &nbsp;&nbsp; 427614 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 837400 | &nbsp;&nbsp; 318739 |
| Universal Robina Corp. | &nbsp;&nbsp; 69540 | &nbsp;&nbsp; 86189 |
|  |  | &nbsp;&nbsp; 3090599 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Al Rayan Bank | &nbsp;&nbsp; 478119 | &nbsp;&nbsp; 307361 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 254277 | &nbsp;&nbsp; 289126 |
| Dukhan Bank | &nbsp;&nbsp; 188793 | &nbsp;&nbsp; 180289 |
| Industries Qatar QSC | &nbsp;&nbsp; 209429 | &nbsp;&nbsp; 730499 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 376549 | &nbsp;&nbsp; 129132 |
| Ooredoo QPSC | &nbsp;&nbsp; 83736 | &nbsp;&nbsp; 311624 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 40444 | &nbsp;&nbsp; 170618 |
| Qatar Fuel QSC | &nbsp;&nbsp; 58648 | &nbsp;&nbsp; 241615 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 249709 | &nbsp;&nbsp; 303684 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 86549 | &nbsp;&nbsp; 264944 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 127370 | &nbsp;&nbsp; 858687 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 299822 | &nbsp;&nbsp; 1524892 |
|  |  | &nbsp;&nbsp; 5312471 |
| **Saudi Arabia — 3.0%** | **Saudi Arabia — 3.0%** | **Saudi Arabia — 3.0%** |
| ACWA Power Co. \* | &nbsp;&nbsp; 9909 | &nbsp;&nbsp; 640132 |
| Ades Holding Co. | &nbsp;&nbsp; 30716 | &nbsp;&nbsp; 138805 |
| Al Rajhi Bank | &nbsp;&nbsp; 138466 | &nbsp;&nbsp; 3913620 |
| Alinma Bank | &nbsp;&nbsp; 88203 | &nbsp;&nbsp; 610729 |
| Almarai Co. JSC | &nbsp;&nbsp; 34232 | &nbsp;&nbsp; 453855 |
| Arab National Bank | &nbsp;&nbsp; 64180 | &nbsp;&nbsp; 415085 |
| Arabian Internet & Communications <br> Services Co.<br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 137818 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| Bank Al-Jazira \* | &nbsp;&nbsp; 49875 | &nbsp;&nbsp; 167733 |
| Banque Saudi Fransi | &nbsp;&nbsp; 97416 | &nbsp;&nbsp; 463607 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 5718 | &nbsp;&nbsp; 250344 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 5413 | &nbsp;&nbsp; 196584 |
| Dar Al Arkan Real Estate Development Co. \* | &nbsp;&nbsp; 37834 | &nbsp;&nbsp; 174241 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 7314 | &nbsp;&nbsp; 530856 |
| Elm Co. | &nbsp;&nbsp; 1839 | &nbsp;&nbsp; 465227 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 28274 | &nbsp;&nbsp; 510105 |
| Jabal Omar Development Co. \* | &nbsp;&nbsp; 41353 | &nbsp;&nbsp; 194798 |
| Jarir Marketing Co. | &nbsp;&nbsp; 50266 | &nbsp;&nbsp; 190376 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 7006 | &nbsp;&nbsp; 166356 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 7396 | &nbsp;&nbsp; 151594 |
| Nahdi Medical Co. | &nbsp;&nbsp; 4653 | &nbsp;&nbsp; 144043 |
| Riyad Bank | &nbsp;&nbsp; 106346 | &nbsp;&nbsp; 772213 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 16912 | &nbsp;&nbsp; 552177 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 28557 | &nbsp;&nbsp; 143925 |
| Saudi Arabian Mining Co. \* | &nbsp;&nbsp; 89028 | &nbsp;&nbsp; 1530548 |
| Saudi Arabian Oil Co. (a) | &nbsp;&nbsp; 410041 | &nbsp;&nbsp; 2833176 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 4388 | &nbsp;&nbsp; 112760 |
| Saudi Awwal Bank | &nbsp;&nbsp; 73785 | &nbsp;&nbsp; 636652 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 63582 | &nbsp;&nbsp; 1035032 |
| Saudi Electricity Co. | &nbsp;&nbsp; 57961 | &nbsp;&nbsp; 247744 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 26479 | &nbsp;&nbsp; 114670 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 62781 | &nbsp;&nbsp; 230114 |
| Saudi National Bank (The) | &nbsp;&nbsp; 205760 | &nbsp;&nbsp; 2189401 |
| Saudi Research & Media Group \* | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 105945 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 3819 | &nbsp;&nbsp; 202645 |
| Saudi Telecom Co. | &nbsp;&nbsp; 133241 | &nbsp;&nbsp; 1605105 |
| Savola Group (The) \* | &nbsp;&nbsp; 10844 | &nbsp;&nbsp; 71163 |
| Umm Al Qura for Development & <br> Construction Co. \*<br>| &nbsp;&nbsp; 34254 | &nbsp;&nbsp; 221437 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 21888 | &nbsp;&nbsp; 201261 |
|  |  | &nbsp;&nbsp; 22721876 |
| **South Africa — 2.9%** | **South Africa — 2.9%** | **South Africa — 2.9%** |
| Absa Group Ltd. | &nbsp;&nbsp; 58512 | &nbsp;&nbsp; 653806 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 27110 | &nbsp;&nbsp; 153427 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 23621 | &nbsp;&nbsp; 584329 |
| Bidvest Group Ltd. | &nbsp;&nbsp; 23407 | &nbsp;&nbsp; 303741 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 6789 | &nbsp;&nbsp; 1502050 |
| Clicks Group Ltd. | &nbsp;&nbsp; 16818 | &nbsp;&nbsp; 354607 |
| Discovery Ltd. | &nbsp;&nbsp; 36820 | &nbsp;&nbsp; 462525 |
| FirstRand Ltd. | &nbsp;&nbsp; 396079 | &nbsp;&nbsp; 1879750 |
| Gold Fields Ltd. | &nbsp;&nbsp; 63126 | &nbsp;&nbsp; 2433893 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Africa — continued** | **South Africa — continued** | **South Africa — continued** |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 38635 | &nbsp;&nbsp; 642831 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 61752 | &nbsp;&nbsp; 661795 |
| Mr Price Group Ltd. | &nbsp;&nbsp; 18153 | &nbsp;&nbsp; 216889 |
| MTN Group Ltd. | &nbsp;&nbsp; 119515 | &nbsp;&nbsp; 1194017 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 55458 | &nbsp;&nbsp; 3895151 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 32854 | &nbsp;&nbsp; 447516 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 25458 | &nbsp;&nbsp; 425166 |
| Old Mutual Ltd. | &nbsp;&nbsp; 320048 | &nbsp;&nbsp; 250263 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 61328 | &nbsp;&nbsp; 258223 |
| Pepkor Holdings Ltd. (a) | &nbsp;&nbsp; 141446 | &nbsp;&nbsp; 215666 |
| Remgro Ltd. | &nbsp;&nbsp; 37658 | &nbsp;&nbsp; 373505 |
| Sanlam Ltd. | &nbsp;&nbsp; 128173 | &nbsp;&nbsp; 672525 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 34082 | &nbsp;&nbsp; 570179 |
| Sibanye Stillwater Ltd. \* | &nbsp;&nbsp; 199968 | &nbsp;&nbsp; 530655 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 93398 | &nbsp;&nbsp; 1373404 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 12766 | &nbsp;&nbsp; 789568 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 40747 | &nbsp;&nbsp; 329858 |
| Woolworths Holdings Ltd. | &nbsp;&nbsp; 66577 | &nbsp;&nbsp; 201065 |
|  |  | &nbsp;&nbsp; 21376404 |
| **South Korea — 12.4%** | **South Korea — 12.4%** | **South Korea — 12.4%** |
| Alteogen, Inc. \* | &nbsp;&nbsp; 2855 | &nbsp;&nbsp; 976253 |
| Amorepacific Corp. | &nbsp;&nbsp; 2157 | &nbsp;&nbsp; 182693 |
| Celltrion, Inc. | &nbsp;&nbsp; 11309 | &nbsp;&nbsp; 1391977 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 103730 |
| CJ Corp. | &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 139846 |
| Coway Co. Ltd. | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 271817 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 276428 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp; 4156 | &nbsp;&nbsp; 175438 |
| Doosan Enerbility Co. Ltd. \* | &nbsp;&nbsp; 31494 | &nbsp;&nbsp; 1949196 |
| Ecopro BM Co. Ltd. \* | &nbsp;&nbsp; 3627 | &nbsp;&nbsp; 405833 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 7612 | &nbsp;&nbsp; 468761 |
| Ecopro Materials Co. Ltd. \* | &nbsp;&nbsp; 1896 | &nbsp;&nbsp; 83587 |
| GS Holdings Corp. | &nbsp;&nbsp; 5577 | &nbsp;&nbsp; 187452 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 19809 | &nbsp;&nbsp; 1186729 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 127340 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 5571 | &nbsp;&nbsp; 180877 |
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 138386 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 3396 | &nbsp;&nbsp; 339608 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; 1690804 |
| Hanwha Ocean Co. Ltd. \* | &nbsp;&nbsp; 8432 | &nbsp;&nbsp; 814349 |
| Hanwha Solutions Corp. | &nbsp;&nbsp; 8678 | &nbsp;&nbsp; 185548 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 2996 | &nbsp;&nbsp; 430325 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 986655 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 660326 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 108115 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| &nbsp;&nbsp; 3241 | &nbsp;&nbsp; 1077245 |
| HLB, Inc. \* | &nbsp;&nbsp; 8695 | &nbsp;&nbsp; 295942 |
| HMM Co. Ltd. | &nbsp;&nbsp; 20478 | &nbsp;&nbsp; 294858 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 365482 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 2453 | &nbsp;&nbsp; 324199 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 4328 | &nbsp;&nbsp; 957083 |
| Hyundai Motor Co. | &nbsp;&nbsp; 10165 | &nbsp;&nbsp; 2061355 |
| Hyundai Motor Co. (Preference) | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 373787 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 5159 | &nbsp;&nbsp; 834637 |
| Industrial Bank of Korea | &nbsp;&nbsp; 19265 | &nbsp;&nbsp; 261079 |
| Kakao Corp. | &nbsp;&nbsp; 21681 | &nbsp;&nbsp; 988106 |
| KakaoBank Corp. | &nbsp;&nbsp; 25442 | &nbsp;&nbsp; 412383 |
| Kakaopay Corp. \* | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 74507 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 25941 | &nbsp;&nbsp; 2117657 |
| Kia Corp. | &nbsp;&nbsp; 17144 | &nbsp;&nbsp; 1438015 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 371679 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 18141 | &nbsp;&nbsp; 543034 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; 374583 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 545444 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 14196 | &nbsp;&nbsp; 220297 |
| Krafton, Inc. \* | &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 420386 |
| KT&G Corp. | &nbsp;&nbsp; 7619 | &nbsp;&nbsp; 717039 |
| LG Chem Ltd. | &nbsp;&nbsp; 3246 | &nbsp;&nbsp; 902869 |
| LG CNS Co. Ltd. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 107396 |
| LG Corp. | &nbsp;&nbsp; 7384 | &nbsp;&nbsp; 415283 |
| LG Display Co. Ltd. \* | &nbsp;&nbsp; 20345 | &nbsp;&nbsp; 208000 |
| LG Electronics, Inc. | &nbsp;&nbsp; 8073 | &nbsp;&nbsp; 495143 |
| LG Energy Solution Ltd. \* | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 995790 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 133785 |
| LG Uplus Corp. | &nbsp;&nbsp; 15150 | &nbsp;&nbsp; 162054 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 5631 | &nbsp;&nbsp; 436369 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 13912 | &nbsp;&nbsp; 255788 |
| NAVER Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 1911645 |
| Netmarble Corp. (a) | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 79011 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 10063 | &nbsp;&nbsp; 143459 |
| Orion Corp. | &nbsp;&nbsp; 1709 | &nbsp;&nbsp; 119006 |
| Posco DX Co. Ltd. | &nbsp;&nbsp; 3917 | &nbsp;&nbsp; 72025 |
| POSCO Future M Co. Ltd. \* | &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 376064 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 5019 | &nbsp;&nbsp; 1091605 |
| Posco International Corp. | &nbsp;&nbsp; 3369 | &nbsp;&nbsp; 129781 |
| Samsung Biologics Co. Ltd. \* (a) | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1103732 |
| Samsung C&T Corp. | &nbsp;&nbsp; 5751 | &nbsp;&nbsp; 910103 |
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 12186 | &nbsp;&nbsp; 221545 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 3888 | &nbsp;&nbsp; 666483 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 340411 | &nbsp;&nbsp; 25624853 |
| Samsung Electronics Co. Ltd. (Preference) | &nbsp;&nbsp; 58132 | &nbsp;&nbsp; 3430658 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; 651507 |
| Samsung Heavy Industries Co. Ltd. \* | &nbsp;&nbsp; 47058 | &nbsp;&nbsp; 976006 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 7002 | &nbsp;&nbsp; 756701 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 4192 | &nbsp;&nbsp; 944548 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 2818 | &nbsp;&nbsp; 361453 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; 264168 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 31374 | &nbsp;&nbsp; 1611448 |
| SK Biopharmaceuticals Co. Ltd. \* | &nbsp;&nbsp; 1992 | &nbsp;&nbsp; 161067 |
| SK hynix, Inc. | &nbsp;&nbsp; 38308 | &nbsp;&nbsp; 14905394 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 445656 |
| SK Square Co. Ltd. \* | &nbsp;&nbsp; 5841 | &nbsp;&nbsp; 1060233 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 7601 | &nbsp;&nbsp; 278287 |
| SK, Inc. | &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 456533 |
| SKC Co. Ltd. \* | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 142212 |
| S-Oil Corp. \* | &nbsp;&nbsp; 2911 | &nbsp;&nbsp; 146523 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 46024 | &nbsp;&nbsp; 819306 |
| Yuhan Corp. | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 323312 |
|  |  | &nbsp;&nbsp; 92827671 |
| **Taiwan — 19.9%** | **Taiwan — 19.9%** | **Taiwan — 19.9%** |
| Accton Technology Corp. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 1182408 |
| Acer, Inc. | &nbsp;&nbsp; 222000 | &nbsp;&nbsp; 216300 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 32196 | &nbsp;&nbsp; 327027 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 675954 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 238000 | &nbsp;&nbsp; 1904181 |
| Asia Cement Corp. | &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 210978 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 1098736 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 1084392 |
| AUO Corp. | &nbsp;&nbsp; 493000 | &nbsp;&nbsp; 193870 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 283723 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 1369693 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 117279 | &nbsp;&nbsp; 392014 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 480700 | &nbsp;&nbsp; 309155 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 174162 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 51000 | &nbsp;&nbsp; 215074 |
| China Airlines Ltd. | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 149111 |
| China Steel Corp. | &nbsp;&nbsp; 863000 | &nbsp;&nbsp; 520738 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 894801 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 313000 | &nbsp;&nbsp; 334457 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 1342000 | &nbsp;&nbsp; 1822547 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 137000 | &nbsp;&nbsp; 4406451 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 432805 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 1093995 | &nbsp;&nbsp; 1056740 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 252520 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 966585 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 321990 |
| Eva Airways Corp. | &nbsp;&nbsp; 206000 | &nbsp;&nbsp; 241817 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 77000 | &nbsp;&nbsp; 483030 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 259000 | &nbsp;&nbsp; 222880 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 375394 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 62360 | &nbsp;&nbsp; 246831 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 797780 | &nbsp;&nbsp; 739989 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 316992 |
| Formosa Petrochemical Corp. | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 142487 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 432511 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 19570 | &nbsp;&nbsp; 452467 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 226532 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 646952 | &nbsp;&nbsp; 1914698 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 353548 |
| Global Unichip Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 346080 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 312378 |
| Highwealth Construction Corp. | &nbsp;&nbsp; 113548 | &nbsp;&nbsp; 143811 |
| Hiwin Technologies Corp. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 166063 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 853000 | &nbsp;&nbsp; 7094730 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 31520 | &nbsp;&nbsp; 577870 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 716977 | &nbsp;&nbsp; 680251 |
| Innolux Corp. | &nbsp;&nbsp; 555324 | &nbsp;&nbsp; 239170 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 420609 |
| Inventec Corp. | &nbsp;&nbsp; 228000 | &nbsp;&nbsp; 338387 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 479964 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 1121370 | &nbsp;&nbsp; 578449 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 502419 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 153000 | &nbsp;&nbsp; 887628 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 312100 |
| MediaTek, Inc. | &nbsp;&nbsp; 108000 | &nbsp;&nbsp; 4580221 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 829930 | &nbsp;&nbsp; 1091105 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 191425 |
| momo.com, Inc. | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 5288 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 396000 | &nbsp;&nbsp; 532859 |
| Nanya Technology Corp. \* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 397156 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 167718 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; 522387 |
| Pegatron Corp. | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 348839 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 23730 | &nbsp;&nbsp; 383381 |
| Phison Electronics Corp. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 517144 |
| Pou Chen Corp. | &nbsp;&nbsp; 241000 | &nbsp;&nbsp; 229310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Powertech Technology, Inc. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 312825 |
| President Chain Store Corp. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 278783 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 196000 | &nbsp;&nbsp; 1900853 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 32000 | &nbsp;&nbsp; 534357 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 157900 | &nbsp;&nbsp; 152945 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| &nbsp;&nbsp; 299000 | &nbsp;&nbsp; 384905 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 947272 | &nbsp;&nbsp; 788503 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 167765 |
| Taiwan Business Bank | &nbsp;&nbsp; 524070 | &nbsp;&nbsp; 261043 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| &nbsp;&nbsp; 809336 | &nbsp;&nbsp; 625492 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 330974 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 1712000 | &nbsp;&nbsp; 82791783 |
| Tatung Co. Ltd. | &nbsp;&nbsp; 132750 | &nbsp;&nbsp; 155598 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 503000 | &nbsp;&nbsp; 360890 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 109000 | &nbsp;&nbsp; 410224 |
| Tripod Technology Corp. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 376012 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 1684060 | &nbsp;&nbsp; 1023076 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 484890 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 881448 |
| United Microelectronics Corp. | &nbsp;&nbsp; 852000 | &nbsp;&nbsp; 1286714 |
| Vanguard International Semiconductor <br> Corp.<br>| &nbsp;&nbsp; 88000 | &nbsp;&nbsp; 275482 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 274231 |
| Walsin Lihwa Corp. | &nbsp;&nbsp; 243000 | &nbsp;&nbsp; 235371 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 264146 |
| Wistron Corp. | &nbsp;&nbsp; 218000 | &nbsp;&nbsp; 1056498 |
| Wiwynn Corp. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 1269177 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 226870 |
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 241074 |
| Yageo Corp. | &nbsp;&nbsp; 137380 | &nbsp;&nbsp; 1105754 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 127000 | &nbsp;&nbsp; 236939 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 897359 | &nbsp;&nbsp; 1004724 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 237623 |
|  |  | &nbsp;&nbsp; 148929299 |
| **Thailand — 1.1%** | **Thailand — 1.1%** | **Thailand — 1.1%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 793997 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 311600 | &nbsp;&nbsp; 397407 |
| Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 40400 | &nbsp;&nbsp; 197970 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 336800 | &nbsp;&nbsp; 196539 |
| Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 551900 | &nbsp;&nbsp; 88050 |
| BTS Group Holdings PCL, NVDR \* | &nbsp;&nbsp; 567400 | &nbsp;&nbsp; 51647 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 30700 | &nbsp;&nbsp; 162954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Thailand — continued** | **Thailand — continued** | **Thailand — continued** |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 121300 | &nbsp;&nbsp; 201169 |
| Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 239400 | &nbsp;&nbsp; 151534 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 219700 | &nbsp;&nbsp; 143242 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 316100 | &nbsp;&nbsp; 449444 |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 119785 | &nbsp;&nbsp; 72554 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 318900 | &nbsp;&nbsp; 2133061 |
| Gulf Development PCL, NVDR \* | &nbsp;&nbsp; 517092 | &nbsp;&nbsp; 706293 |
| Home Product Center PCL, NVDR | &nbsp;&nbsp; 313500 | &nbsp;&nbsp; 63436 |
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 137800 | &nbsp;&nbsp; 81309 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 82100 | &nbsp;&nbsp; 473232 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 246900 | &nbsp;&nbsp; 207893 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 196400 | &nbsp;&nbsp; 139661 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 48400 | &nbsp;&nbsp; 60507 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 101400 | &nbsp;&nbsp; 335999 |
| PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp; 225100 | &nbsp;&nbsp; 102183 |
| PTT PCL, NVDR | &nbsp;&nbsp; 605400 | &nbsp;&nbsp; 575740 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 59700 | &nbsp;&nbsp; 241785 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 132493 |
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 195900 | &nbsp;&nbsp; 62360 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 2966300 | &nbsp;&nbsp; 169754 |
|  |  | &nbsp;&nbsp; 8392213 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| Akbank TAS | &nbsp;&nbsp; 217476 | &nbsp;&nbsp; 314010 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | &nbsp;&nbsp; 85243 | &nbsp;&nbsp; 412111 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 32213 | &nbsp;&nbsp; 412520 |
| Enka Insaat ve Sanayi A/S | &nbsp;&nbsp; 62885 | &nbsp;&nbsp; 116008 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 237206 | &nbsp;&nbsp; 154866 |
| Ford Otomotiv Sanayi A/S | &nbsp;&nbsp; 55290 | &nbsp;&nbsp; 130363 |
| Haci Omer Sabanci Holding A/S | &nbsp;&nbsp; 101800 | &nbsp;&nbsp; 197071 |
| KOC Holding A/S | &nbsp;&nbsp; 56544 | &nbsp;&nbsp; 230269 |
| Petrokent Turizm A/S \* | &nbsp;&nbsp; 11865 | &nbsp;&nbsp; 64891 |
| Sasa Polyester Sanayi A/S \* | &nbsp;&nbsp; 752918 | &nbsp;&nbsp; 54936 |
| Tofas Turk Otomobil Fabrikasi A/S | &nbsp;&nbsp; 8804 | &nbsp;&nbsp; 55207 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 49621 | &nbsp;&nbsp; 343608 |
| Turkcell Iletisim Hizmetleri A/S | &nbsp;&nbsp; 94449 | &nbsp;&nbsp; 223622 |
| Turkiye Garanti Bankasi A/S | &nbsp;&nbsp; 41538 | &nbsp;&nbsp; 132669 |
| Turkiye Is Bankasi A/S, Class C | &nbsp;&nbsp; 586353 | &nbsp;&nbsp; 175996 |
| Turkiye Petrol Rafinerileri A/S | &nbsp;&nbsp; 65905 | &nbsp;&nbsp; 309361 |
| Turkiye Sise ve Cam Fabrikalari A/S | &nbsp;&nbsp; 108344 | &nbsp;&nbsp; 94585 |
| Turkiye Vakiflar Bankasi TAO, Class D \* | &nbsp;&nbsp; 100873 | &nbsp;&nbsp; 58536 |
| Yapi ve Kredi Bankasi A/S \* | &nbsp;&nbsp; 237209 | &nbsp;&nbsp; 189233 |
|  |  | &nbsp;&nbsp; 3669862 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 205813 | &nbsp;&nbsp; 807466 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 103890 | &nbsp;&nbsp; 596965 |
| Abu Dhabi National Oil Co. for Distribution <br> PJSC<br>| &nbsp;&nbsp; 206997 | &nbsp;&nbsp; 202322 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 188759 | &nbsp;&nbsp; 286765 |
| ADNOC Logistics & Services | &nbsp;&nbsp; 100523 | &nbsp;&nbsp; 157024 |
| Aldar Properties PJSC | &nbsp;&nbsp; 264926 | &nbsp;&nbsp; 649100 |
| Alpha Dhabi Holding PJSC | &nbsp;&nbsp; 113680 | &nbsp;&nbsp; 309869 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 635810 | &nbsp;&nbsp; 481033 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 208784 | &nbsp;&nbsp; 540086 |
| Emaar Development PJSC | &nbsp;&nbsp; 59343 | &nbsp;&nbsp; 241055 |
| Emaar Properties PJSC | &nbsp;&nbsp; 438968 | &nbsp;&nbsp; 1698650 |
| Emirates Integrated Telecommunications Co. <br> PJSC<br>| &nbsp;&nbsp; 65541 | &nbsp;&nbsp; 168450 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 173588 | &nbsp;&nbsp; 1328040 |
| Emirates Telecommunications Group Co. <br> PJSC<br>| &nbsp;&nbsp; 245757 | &nbsp;&nbsp; 1297544 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 312000 | &nbsp;&nbsp; 1481067 |
| International Holding Co. PJSC \* | &nbsp;&nbsp; 52058 | &nbsp;&nbsp; 5669339 |
| Modon Holding PSC \* | &nbsp;&nbsp; 237452 | &nbsp;&nbsp; 235919 |
| Multiply Group PJSC \* | &nbsp;&nbsp; 251209 | &nbsp;&nbsp; 204114 |
| Pure Health Holding PJSC | &nbsp;&nbsp; 230401 | &nbsp;&nbsp; 176269 |
| Salik Co. PJSC | &nbsp;&nbsp; 143925 | &nbsp;&nbsp; 234327 |
| Talabat Holding plc | &nbsp;&nbsp; 333027 | &nbsp;&nbsp; 86687 |
|  |  | &nbsp;&nbsp; 16852091 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals plc \* | &nbsp;&nbsp; 7659 | &nbsp;&nbsp; 388438 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| BeOne Medicines Ltd., Class H \* | &nbsp;&nbsp; 53500 | &nbsp;&nbsp; 1286264 |
| Total Common Stocks <br>(Cost $530,683,327)<br>|  | &nbsp;&nbsp; 738791953 |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **India — 0.0% ^** | **India — 0.0% ^** | **India — 0.0% ^** |
| TVS Motor Co. Ltd. 6.00%, 9/1/2026 <br> ($100 par value) <br>(Cost $6,586)<br>| &nbsp;&nbsp; 104892 | &nbsp;&nbsp; 11816 |
|  | **NO. OF** <br> **WARRANTS**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Malaysia — 0.0% ^** | **Malaysia — 0.0% ^** | **Malaysia — 0.0% ^** |
| YTL Corp. Bhd. expiring 6/2/2028, price <br> 1.50 MYR \*(Cost $—)<br>| &nbsp;&nbsp; 630 | &nbsp;&nbsp; 165 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (c) (d) <br>(Cost $7,467,059)<br>| &nbsp;&nbsp; 7467059 | &nbsp;&nbsp; 7467059 |
| **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, 4.12% (c) <br> (d)(Cost $581,524)<br>| &nbsp;&nbsp; 581524 | &nbsp;&nbsp; 581524 |
| Total Short-Term Investments <br>(Cost $8,048,583)<br>|  | &nbsp;&nbsp; 8048583 |
| **Total Investments — 99.6%** <br>**(Cost $538,738,496)**<br>|  | &nbsp;&nbsp; **746852517** |
| **Other Assets in Excess of Liabilities —** <br> **0.4%**<br>|  | &nbsp;&nbsp; **3001518** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **749854035** |

---

&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 |
| MYR | Malaysian Ringgit |
| 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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $550,640.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 31, 2025.

**Summary of Investments by Industry, October 31, 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>|
| Semiconductors & Semiconductor Equipment | 15.3 |
| Technology Hardware, Storage & Peripherals | 6.2 |
| Broadline Retail | 5.8 |
| Interactive Media & Services | 5.7 |
| Oil, Gas & Consumable Fuels | 3.8 |
| Metals & Mining | 3.7 |
| Electronic Equipment, Instruments & Components | 3.3 |
| Automobiles | 2.8 |
| Insurance | 2.6 |
| Industrial Conglomerates | 1.9 |
| Hotels, Restaurants & Leisure | 1.8 |
| IT Services | 1.7 |
| Wireless Telecommunication Services | 1.6 |
| Chemicals | 1.6 |
| Electrical Equipment | 1.5 |
| Real Estate Management & Development | 1.3 |
| Machinery | 1.2 |
| Pharmaceuticals | 1.1 |
| Capital Markets | 1.1 |
| Electric Utilities | 1.1 |
| Beverages | 1.1 |
| Food Products | 1.1 |
| Independent Power and Renewable Electricity Producers | 1.0 |
| Financial Services | 1.0 |
| Others (each less than 1.0%) | 13.8 |
| Short-Term Investments | 1.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10830050 | &nbsp;&nbsp;&nbsp;&nbsp; 455135 |

---

&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;

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

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** |
| Glencore plc | 6428375 | 30795577 |
| Rio Tinto plc | 702518 | 50644542 |
|  |  | 81440119 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| ANDRITZ AG | 42563 | 3218011 |
| BAWAG Group AG (a) | 49696 | 6422278 |
| Erste Group Bank AG | 196523 | 20357605 |
| Mondi plc | 290237 | 3244226 |
| OMV AG | 93754 | 5132672 |
| Raiffeisen Bank International AG | 96427 | 3594815 |
| Telekom Austria AG | 57018 | 606612 |
| Verbund AG | 44995 | 3472723 |
|  |  | 46048942 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ackermans & van Haaren NV | 14329 | 3568605 |
| Ageas SA | 111849 | 7402125 |
| Anheuser-Busch InBev SA | 642830 | 39197995 |
| Colruyt Group NV | 20618 | 770000 |
| D'ieteren Group | 13458 | 2458410 |
| Elia Group SA/NV (b) | 28086 | 3385160 |
| Groupe Bruxelles Lambert NV | 53239 | 4679207 |
| KBC Group NV | 164409 | 19779964 |
| Lotus Bakeries NV | 265 | 2312034 |
| Sofina SA (b) | 9840 | 2704570 |
| Syensqo SA | 46700 | 3854912 |
| UCB SA | 79176 | 20359475 |
| Warehouses De Pauw CVA, REIT | 116897 | 2968564 |
|  |  | 113441021 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Yara International ASA (b) | 107001 | 3898271 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta plc | 227439 | 8347551 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| Prosus NV \* | 859790 | 59427351 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| Carlsberg A/S, Class B (b) | 60747 | 7142604 |
| Coloplast A/S, Class B (b) | 94517 | 8548537 |
| Danske Bank A/S | 428710 | 19160438 |
| DSV A/S (b) | 125789 | 26844429 |
| Genmab A/S \* | 40912 | 11669245 |
| Novo Nordisk A/S, Class B | 2087966 | 102794147 |
| Novonesis Novozymes B (b) | 227277 | 13581983 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Denmark — continued** | **Denmark — continued** | **Denmark — continued** |
| Orsted A/S \* (a) | 302246 | 5412999 |
| Pandora A/S | 51402 | 6878034 |
| Tryg A/S (b) | 203118 | 5006655 |
| Vestas Wind Systems A/S | 659318 | 13484443 |
|  |  | 220523514 |
| **Finland — 1.8%** | **Finland — 1.8%** | **Finland — 1.8%** |
| Elisa OYJ | 94250 | 4153053 |
| Fortum OYJ | 287418 | 6409403 |
| Kesko OYJ, Class A | 57067 | 1219805 |
| Kesko OYJ, Class B | 177598 | 3746361 |
| Kone OYJ, Class B | 232893 | 15560301 |
| Metso OYJ (b) | 461698 | 7571382 |
| Neste OYJ | 281261 | 5827916 |
| Nokia OYJ | 3317461 | 22629401 |
| Nordea Bank Abp | 1985003 | 33919079 |
| Orion OYJ, Class A | 17955 | 1257188 |
| Orion OYJ, Class B | 70226 | 4904089 |
| Sampo OYJ, Class A | 1661332 | 18517751 |
| Stora Enso OYJ, Class R (b) | 388230 | 4520613 |
| UPM-Kymmene OYJ (b) | 346670 | 9301952 |
| Wartsila OYJ Abp | 318350 | 10415492 |
|  |  | 149953786 |
| **France — 13.8%** | **France — 13.8%** | **France — 13.8%** |
| Aeroports de Paris SA (b) | 23520 | 3226496 |
| Air Liquide SA | 377646 | 73089198 |
| Airbus SE | 384842 | 94890940 |
| Amundi SA (a) | 40714 | 3018225 |
| AXA SA | 1122005 | 48682015 |
| BioMerieux | 29741 | 3829175 |
| BNP Paribas SA | 672995 | 52128855 |
| Bollore SE | 456639 | 2542741 |
| Bouygues SA | 122248 | 5518047 |
| Bureau Veritas SA | 205322 | 6747385 |
| Capgemini SE | 111761 | 17193921 |
| Cie de Saint-Gobain SA | 297892 | 28914013 |
| Cie Generale des Etablissements Michelin <br> SCA<br>| 444563 | 14201754 |
| Credit Agricole SA | 742179 | 13397353 |
| Danone SA | 421909 | 37261586 |
| Dassault Aviation SA | 11807 | 3804749 |
| Dassault Systemes SE | 437517 | 12450749 |
| Engie SA | 1152510 | 26983671 |
| EssilorLuxottica SA | 205401 | 75221708 |
| Hermes International SCA | 22306 | 55195328 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Kering SA | 46362 | 16463938 |
| Legrand SA | 171489 | 29614041 |
| L'Oreal SA | 158989 | 66347924 |
| LVMH Moet Hennessy Louis Vuitton SE | 168343 | 118988736 |
| Orange SA | 1202740 | 19239482 |
| Pernod Ricard SA | 129320 | 12665676 |
| Publicis Groupe SA | 149465 | 14980744 |
| Safran SA | 228515 | 81195610 |
| Sartorius Stedim Biotech | 16799 | 4017808 |
| Societe Generale SA | 459777 | 29159358 |
| Thales SA | 59181 | 16875635 |
| TotalEnergies SE | 1331757 | 83148297 |
| Veolia Environnement SA | 417616 | 13801010 |
| Vinci SA | 330276 | 44163288 |
|  |  | 1128959456 |
| **Germany — 14.0%** | **Germany — 14.0%** | **Germany — 14.0%** |
| adidas AG | 117334 | 22185791 |
| Allianz SE (Registered) | 253853 | 102008761 |
| BASF SE (b) | 586548 | 28941366 |
| Bayer AG (Registered) | 602479 | 18739802 |
| Bayerische Motoren Werke AG | 185134 | 17262792 |
| Bayerische Motoren Werke AG (Preference) | 36840 | 3191663 |
| Beiersdorf AG (b) | 63246 | 6704963 |
| BioNTech SE, ADR \* (b) | 61634 | 6404389 |
| Commerzbank AG | 572716 | 20882894 |
| Continental AG | 70872 | 5415465 |
| Daimler Truck Holding AG | 306831 | 12298603 |
| Deutsche Bank AG (Registered) | 1163789 | 41663878 |
| Deutsche Boerse AG | 120972 | 30634970 |
| Deutsche Post AG | 623792 | 28660984 |
| Deutsche Telekom AG (Registered) | 2187524 | 67758961 |
| Dr Ing hc F Porsche AG (Preference) (a) (b) | 72493 | 3792902 |
| E.ON SE | 1455136 | 27074818 |
| Fresenius SE & Co. KGaA | 270138 | 15544546 |
| Hannover Rueck SE | 39543 | 11288675 |
| Heidelberg Materials AG | 84145 | 19740727 |
| Henkel AG & Co. KGaA | 63314 | 4727880 |
| Henkel AG & Co. KGaA (Preference) | 107167 | 8681909 |
| Infineon Technologies AG | 831416 | 33001311 |
| Mercedes-Benz Group AG | 458972 | 29780201 |
| Merck KGaA | 84851 | 11114940 |
| MTU Aero Engines AG | 33084 | 14458547 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG (Registered)<br>| 86438 | 53478665 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Rheinmetall AG | 29334 | 57664315 |
| RWE AG | 444587 | 21887256 |
| SAP SE | 675434 | 175661825 |
| Sartorius AG (Preference) (b) | 16461 | 4528882 |
| Siemens AG (Registered) | 483318 | 136971031 |
| Siemens Energy AG \* | 442254 | 55098362 |
| Siemens Healthineers AG (a) (b) | 177472 | 9947301 |
| Symrise AG | 82421 | 6816136 |
| Talanx AG | 39602 | 4822387 |
| Volkswagen AG (Preference) | 135614 | 14122406 |
| Vonovia SE | 540978 | 16259507 |
|  |  | 1149219811 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Prudential plc | 1615828 | 22473082 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Kerry Group plc, Class A | 96388 | 8792780 |
| Kingspan Group plc | 101736 | 7617820 |
|  |  | 16410600 |
| **Italy — 4.9%** | **Italy — 4.9%** | **Italy — 4.9%** |
| A2A SpA | 1021515 | 2976307 |
| Banca Mediolanum SpA | 136318 | 2740602 |
| Banco BPM SpA | 862514 | 12566351 |
| Coca-Cola HBC AG | 132735 | 6023257 |
| Davide Campari-Milano NV (b) | 374370 | 2606317 |
| DiaSorin SpA (b) | 14646 | 1297241 |
| Enel SpA | 5102262 | 51613261 |
| Eni SpA | 1270281 | 23423326 |
| Ferrari NV | 80243 | 32134167 |
| FinecoBank Banca Fineco SpA | 401229 | 9180178 |
| Generali | 595093 | 22908639 |
| Hera SpA | 592744 | 2660345 |
| Infrastrutture Wireless Italiane SpA (a) (b) | 207765 | 2282996 |
| Intesa Sanpaolo SpA | 10180534 | 65617058 |
| Leonardo SpA | 263078 | 15478112 |
| Mediobanca Banca di Credito Finanziario <br> SpA (b)<br>| 377239 | 7209885 |
| Moncler SpA | 140779 | 8445244 |
| Nexi SpA (a) | 325745 | 1717529 |
| Pirelli & C SpA (a) | 240729 | 1689929 |
| Poste Italiane SpA (a) | 301601 | 7271571 |
| Prysmian SpA | 187093 | 19507013 |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 63781 | 3796358 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Snam SpA | 1410556 | 8699768 |
| Telecom Italia SpA \* | 8156516 | 4809434 |
| Telecom Italia SpA \* | 3962428 | 2634561 |
| Terna - Rete Elettrica Nazionale | 924095 | 9475740 |
| UniCredit SpA | 1017482 | 75341177 |
|  |  | 404106366 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | 276770 | 10565993 |
| CVC Capital Partners plc (a) | 510801 | 8531198 |
|  |  | 19097191 |
| **Mexico — 0.0% ^** | **Mexico — 0.0% ^** | **Mexico — 0.0% ^** |
| Fresnillo plc | 121234 | 3545268 |
| **Netherlands — 6.6%** | **Netherlands — 6.6%** | **Netherlands — 6.6%** |
| Adyen NV \* (a) | 19121 | 32763536 |
| Akzo Nobel NV | 108141 | 7146515 |
| Argenx SE \* | 38704 | 31677964 |
| ASM International NV | 28937 | 18775622 |
| ASML Holding NV | 258603 | 273423467 |
| EXOR NV | 56394 | 4887103 |
| HAL Trust | 23504 | 3689038 |
| Heineken Holding NV | 86049 | 5810982 |
| Heineken NV | 184876 | 14315374 |
| ING Groep NV | 1947776 | 48635337 |
| JDE Peet's NV | 102360 | 3725303 |
| Koninklijke Ahold Delhaize NV | 581792 | 23813097 |
| Koninklijke KPN NV | 2552069 | 11809606 |
| Koninklijke Philips NV | 520624 | 14262597 |
| NN Group NV | 175787 | 12029959 |
| Universal Music Group NV (b) | 622482 | 16696202 |
| Wolters Kluwer NV | 150833 | 18489945 |
|  |  | 541951647 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Aker BP ASA | 201654 | 5226253 |
| DNB Bank ASA | 488011 | 12456693 |
| Equinor ASA | 439011 | 10514887 |
| Gjensidige Forsikring ASA (b) | 123953 | 3335856 |
| Kongsberg Gruppen ASA | 287503 | 7329398 |
| Mowi ASA (b) | 291184 | 6401104 |
| Norsk Hydro ASA | 842715 | 5697229 |
| Orkla ASA (b) | 442694 | 4496138 |
| Salmar ASA (b) | 47409 | 2662210 |
| Storebrand ASA | 271872 | 4213205 |
| Telenor ASA | 408602 | 6076541 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Norway — continued** | **Norway — continued** | **Norway — continued** |
| Var Energi ASA | 534850 | 1797037 |
| Vend Marketplaces ASA, Class B (b) | 115399 | 3976035 |
|  |  | 74182586 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| Allegro.eu SA \* (a) | 410489 | 3833080 |
| Bank Polska Kasa Opieki SA | 138069 | 7069379 |
| Dino Polska SA \* (a) | 314413 | 3755445 |
| ING Bank Slaski SA | 21325 | 1819430 |
| KGHM Polska Miedz SA \* | 89553 | 4697338 |
| LPP SA | 839 | 4072660 |
| ORLEN SA | 382272 | 10361053 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 563870 | 11561177 |
| Powszechny Zaklad Ubezpieczen SA | 373344 | 5969461 |
| Santander Bank Polska SA | 25460 | 3352992 |
|  |  | 56492015 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | 1826817 | 9081372 |
| Galp Energia SGPS SA | 272518 | 5475181 |
| Jeronimo Martins SGPS SA | 180850 | 4657797 |
|  |  | 19214350 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Evraz plc ‡ \* | 453755 |  |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| STMicroelectronics NV (b) | 423817 | 10407201 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Anglo American plc | 702083 | 26561669 |
| **Spain — 5.2%** | **Spain — 5.2%** | **Spain — 5.2%** |
| ACS Actividades de Construccion y Servicios <br> SA<br>| 133051 | 10924776 |
| Aena SME SA (a) | 483079 | 13120999 |
| Amadeus IT Group SA | 286247 | 21880923 |
| Banco Bilbao Vizcaya Argentaria SA | 3784688 | 76246654 |
| Banco Santander SA | 9770609 | 99564360 |
| CaixaBank SA | 2340437 | 24737829 |
| Cellnex Telecom SA (a) | 376555 | 11722814 |
| EDP Renovaveis SA | 167276 | 2445690 |
| Endesa SA | 208137 | 7458774 |
| Iberdrola SA | 4019151 | 81453103 |
| Industria de Diseno Textil SA (b) | 728561 | 40231433 |
| Naturgy Energy Group SA | 69607 | 2108510 |
| Redeia Corp. SA | 265803 | 4784951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Repsol SA | 750632 | 13773613 |
| Telefonica SA (b) | 2961945 | 15020540 |
|  |  | 425474969 |
| **Sweden — 5.3%** | **Sweden — 5.3%** | **Sweden — 5.3%** |
| Alfa Laval AB | 178658 | 8491204 |
| Assa Abloy AB, Class B (b) | 692167 | 26084013 |
| Atlas Copco AB, Class A | 1663560 | 27874720 |
| Atlas Copco AB, Class B | 1026108 | 15349725 |
| Axfood AB | 70468 | 1920193 |
| Beijer Ref AB (b) | 246530 | 3895683 |
| Boliden AB \* | 186873 | 8379845 |
| Castellum AB (b) | 255477 | 2905341 |
| Epiroc AB, Class A | 409337 | 8631265 |
| Epiroc AB, Class B | 256185 | 4781074 |
| EQT AB (b) | 460785 | 15923618 |
| Essity AB, Class A | 14006 | 384981 |
| Essity AB, Class B | 393454 | 10807250 |
| Evolution AB (a) | 119490 | 7961329 |
| Fastighets AB Balder, Class B \* | 459669 | 3371614 |
| H & M Hennes & Mauritz AB, Class B (b) | 325418 | 6145883 |
| Hexagon AB, Class B | 1385676 | 16890864 |
| Holmen AB, Class B (b) | 52064 | 1967290 |
| Industrivarden AB, Class A | 75432 | 3136465 |
| Industrivarden AB, Class C (b) | 105248 | 4365812 |
| Indutrade AB | 175779 | 4698973 |
| Investment AB Latour, Class B | 95432 | 2431553 |
| Investor AB, Class A | 373520 | 12286689 |
| Investor AB, Class B | 1193522 | 39298921 |
| L E Lundbergforetagen AB, Class B | 49169 | 2631669 |
| Lifco AB, Class B | 148345 | 5727512 |
| Nibe Industrier AB, Class B (b) | 1078201 | 4195607 |
| Nordnet AB publ | 104776 | 3025437 |
| Saab AB, Class B | 242386 | 13337651 |
| Sagax AB, Class B | 140939 | 3162768 |
| Sagax AB, Class D | 72422 | 256520 |
| Sandvik AB | 639846 | 19348608 |
| Securitas AB, Class B (b) | 347014 | 5111815 |
| Skandinaviska Enskilda Banken AB, Class A | 881873 | 16834583 |
| Skandinaviska Enskilda Banken AB, Class C | 13387 | 260651 |
| Skanska AB, Class B | 215077 | 5856979 |
| SKF AB, Class B | 236391 | 6059182 |
| SSAB AB, Class A | 140972 | 891727 |
| SSAB AB, Class B | 383775 | 2376294 |
| Svenska Cellulosa AB SCA, Class B | 318285 | 4239602 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| Svenska Handelsbanken AB, Class A | 911514 | 11894652 |
| Svenska Handelsbanken AB, Class B (b) | 23219 | 508505 |
| Swedbank AB, Class A | 649170 | 19709324 |
| Swedish Orphan Biovitrum AB \* | 106969 | 3685431 |
| Tele2 AB, Class B (b) | 363400 | 5772927 |
| Telefonaktiebolaget LM Ericsson, Class A | 35987 | 365673 |
| Telefonaktiebolaget LM Ericsson, Class B | 1699263 | 17240497 |
| Telia Co. AB | 1522570 | 5993856 |
| Trelleborg AB, Class B | 131796 | 5500143 |
| Volvo AB, Class A | 124537 | 3403264 |
| Volvo AB, Class B | 1010629 | 27686229 |
|  |  | 433061411 |
| **Switzerland — 6.7%** | **Switzerland — 6.7%** | **Switzerland — 6.7%** |
| ABB Ltd. (Registered) | 1036086 | 77030452 |
| Chocoladefabriken Lindt & Spruengli AG | 641 | 9853676 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Registered)<br>| 69 | 10569792 |
| Cie Financiere Richemont SA (Registered) | 350885 | 69407057 |
| DSM-Firmenich AG | 160276 | 13063932 |
| EMS-Chemie Holding AG (Registered) (b) | 4512 | 3090406 |
| Galderma Group AG | 80641 | 14976011 |
| Geberit AG (Registered) | 21652 | 15828135 |
| Givaudan SA (Registered) | 5332 | 21843329 |
| Julius Baer Group Ltd. | 129590 | 8748435 |
| Kuehne + Nagel International AG <br> (Registered)<br>| 30803 | 5909453 |
| Lonza Group AG (Registered) | 46290 | 31964721 |
| Partners Group Holding AG | 14148 | 17325880 |
| Sandoz Group AG | 271726 | 18117830 |
| Schindler Holding AG | 26766 | 9534057 |
| Schindler Holding AG (Registered) | 13684 | 4625741 |
| SGS SA (Registered) | 100373 | 11319050 |
| Sika AG (Registered) | 105397 | 20656532 |
| Sonova Holding AG (Registered) | 32194 | 8781564 |
| Straumann Holding AG (Registered) | 70635 | 8878944 |
| Swiss Life Holding AG (Registered) | 18691 | 20288201 |
| Swisscom AG (Registered) (b) | 16635 | 12185520 |
| UBS Group AG (Registered) | 1872766 | 71662013 |
| Zurich Insurance Group AG | 93414 | 64966769 |
|  |  | 550627500 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health plc ‡ \* | 23176 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — 18.1%** | **United Kingdom — 18.1%** | **United Kingdom — 18.1%** |
| 3i Group plc | 639815 | 37026491 |
| Admiral Group plc | 151719 | 6532599 |
| Ashtead Group plc | 282855 | 18893254 |
| Associated British Foods plc | 196169 | 5919705 |
| AstraZeneca plc | 1018934 | 168071793 |
| Auto Trader Group plc (a) | 577058 | 5920090 |
| Aviva plc | 1993301 | 17519713 |
| BAE Systems plc | 1925589 | 47433973 |
| Barclays plc | 9274165 | 49743127 |
| Barratt Redrow plc | 846394 | 4188366 |
| Berkeley Group Holdings plc | 65208 | 3454376 |
| British American Tobacco plc | 1287172 | 65923221 |
| BT Group plc | 4077802 | 9952180 |
| Bunzl plc | 205641 | 6251018 |
| Centrica plc | 3244626 | 7646941 |
| Coca-Cola Europacific Partners plc | 141108 | 12534624 |
| Compass Group plc | 1123180 | 37177079 |
| Convatec Group plc (a) | 1087369 | 3492178 |
| Croda International plc | 82807 | 3143445 |
| DCC plc | 65049 | 4285368 |
| Diageo plc | 1461725 | 33622241 |
| Entain plc | 419826 | 4372785 |
| Halma plc | 249353 | 11619465 |
| Hikma Pharmaceuticals plc | 103527 | 2504267 |
| Hiscox Ltd. | 222030 | 4013921 |
| Howden Joinery Group plc | 347533 | 3947236 |
| HSBC Holdings plc | 11445767 | 160234462 |
| ICG plc | 190661 | 4843532 |
| Imperial Brands plc | 540561 | 21478831 |
| Informa plc | 796385 | 10140628 |
| InterContinental Hotels Group plc | 101321 | 12222077 |
| International Consolidated Airlines Group SA | 2288938 | 12583660 |
| Intertek Group plc | 104942 | 6989987 |
| J Sainsbury plc | 1126468 | 5055137 |
| JD Sports Fashion plc | 1645544 | 2016428 |
| Kingfisher plc | 1122626 | 4552904 |
| Land Securities Group plc, REIT | 489649 | 4001704 |
| Legal & General Group plc | 3800658 | 11876749 |
| Lloyds Banking Group plc | 39462794 | 46269713 |
| London Stock Exchange Group plc | 311733 | 38850151 |
| M&G plc | 1468547 | 5084361 |
| Melrose Industries plc | 780921 | 6433269 |
| National Grid plc | 3261370 | 48901349 |
| NatWest Group plc | 5061730 | 38967815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Next plc | 76695 | 14410242 |
| Pearson plc | 435077 | 6055414 |
| Persimmon plc | 201565 | 3203497 |
| Phoenix Group Holdings plc | 492390 | 4362004 |
| Reckitt Benckiser Group plc | 447803 | 34252040 |
| RELX plc | 1202301 | 53137371 |
| Rentokil Initial plc | 1560421 | 8709416 |
| Rightmove plc | 509449 | 4473196 |
| Rolls-Royce Holdings plc | 5501061 | 84654781 |
| Sage Group plc (The) | 638314 | 9648357 |
| Schroders plc | 563853 | 2813697 |
| Segro plc, REIT | 813872 | 7468392 |
| Severn Trent plc | 173566 | 6344706 |
| Smith & Nephew plc | 573657 | 10593166 |
| Smiths Group plc | 219465 | 7267378 |
| Spirax Group plc | 47006 | 4384382 |
| SSE plc | 718549 | 18102269 |
| Standard Chartered plc | 1229652 | 25241375 |
| Taylor Wimpey plc | 2322128 | 3212064 |
| Tesco plc | 4283089 | 25847045 |
| Unilever plc | 1611781 | 96713913 |
| United Utilities Group plc | 448124 | 7069829 |
| Vodafone Group plc | 13413680 | 16238266 |
| Weir Group plc (The) | 170589 | 6640675 |
| Whitbread plc | 107207 | 4081394 |
| Wise plc, Class A \* | 448508 | 5703247 |
| WPP plc | 706752 | 2670585 |
|  |  | 1488990914 |
| **United States — 13.4%** | **United States — 13.4%** | **United States — 13.4%** |
| Alcon AG (b) | 323303 | 24097392 |
| AP Moller - Maersk A/S, Class A | 1860 | 3833750 |
| AP Moller - Maersk A/S, Class B | 2631 | 5409147 |
| BP plc | 10176439 | 59621834 |
| Buzzi SpA | 51824 | 3122043 |
| Experian plc | 604050 | 28176033 |
| Ferrovial SE | 297886 | 18279581 |
| GSK plc | 2667918 | 62465175 |
| Haleon plc | 5928172 | 27567375 |
| Holcim AG | 323935 | 28798222 |
| Nestle SA (Registered) | 1688742 | 161356698 |
| Novartis AG (Registered) | 1216486 | 150554339 |
| Roche Holding AG | 453811 | 146998655 |
| Roche Holding AG | 19018 | 6452118 |
| Sanofi SA | 728797 | 73727179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Schneider Electric SE | 356173 | 101484351 |
| Shell plc | 3845495 | 144165398 |
| Stellantis NV (b) | 1307293 | 13294971 |
| Swiss Re AG | 192944 | 35231955 |
| Tenaris SA | 243943 | 4848337 |
|  |  | 1099484553 |
| Total Common Stocks <br>(Cost $7,680,220,076)<br>|  | 8153341144 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Vend Marketplaces ASA\* (b)(Cost $—) | 41022 | 91316 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment of Cash Collateral from Securities Loaned — 1.5%** | **Investment of Cash Collateral from Securities Loaned — 1.5%** | **Investment of Cash Collateral from Securities Loaned — 1.5%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (c) <br> (d)(Cost $121,277,733)<br>| 121277733 | 121277733 |
| **Total Investments — 100.8%** <br>**(Cost $7,801,497,809)**<br>|  | **8274710193** |
| **Liabilities in Excess of Other Assets —** <br> **(0.8)%**<br>|  | **(67921233)**<br>|
| **NET ASSETS — 100.0%** |  | **8206788960** |

---

&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) |
| 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 October 31, 2025. The total value of securities on loan at October 31, 2025 is $114,806,327.

&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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Europe ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 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 | 12.6<br> %<br>|
| Pharmaceuticals | 10.1 |
| Insurance | 5.9 |
| Aerospace & Defense | 5.4 |
| Oil, Gas & Consumable Fuels | 4.4 |
| Semiconductors & Semiconductor Equipment | 4.1 |
| Textiles, Apparel & Luxury Goods | 3.6 |
| Electrical Equipment | 3.6 |
| Capital Markets | 3.4 |
| Food Products | 3.1 |
| Machinery | 2.5 |
| Chemicals | 2.4 |
| Software | 2.4 |
| Electric Utilities | 2.4 |
| Diversified Telecommunication Services | 2.1 |
| Personal Care Products | 2.0 |
| Health Care Equipment & Supplies | 2.0 |
| Industrial Conglomerates | 1.9 |
| Metals & Mining | 1.8 |
| Beverages | 1.6 |
| Financial Services | 1.6 |
| Multi-Utilities | 1.6 |
| Professional Services | 1.5 |
| Automobiles | 1.4 |
| Construction & Engineering | 1.1 |
| Hotels, Restaurants & Leisure | 1.1 |
| Tobacco | 1.1 |
| Building Products | 1.0 |
| Others (each less than 1.0%) | 10.8 |
| Short-Term Investments | 1.5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 35578340 | &nbsp;&nbsp;&nbsp;&nbsp; 1071619 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 17435742 | &nbsp;&nbsp;&nbsp;&nbsp; 592147 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1663766 |

---

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

---

| | |
|:---|:---|
| **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;

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Australia — 7.0%** | **Australia — 7.0%** | **Australia — 7.0%** |
| ANZ Group Holdings Ltd. | 908983 | 21771699 |
| APA Group | 394961 | 2372111 |
| Aristocrat Leisure Ltd. | 189190 | 7827761 |
| ASX Ltd. | 58611 | 2162564 |
| Atlas Arteria Ltd. | 305948 | 971933 |
| BHP Group Ltd. | 1464263 | 41743537 |
| BlueScope Steel Ltd. | 132665 | 1984821 |
| Brambles Ltd. | 415627 | 6753761 |
| Cochlear Ltd. | 18840 | 3537018 |
| Coles Group Ltd. | 405226 | 5844394 |
| Commonwealth Bank of Australia | 507494 | 56943393 |
| Computershare Ltd. | 167725 | 4006878 |
| Dexus, REIT | 324020 | 1544853 |
| Fortescue Ltd. | 480094 | 6676778 |
| Glencore plc | 2963598 | 14197322 |
| Goodman Group, REIT | 582404 | 12561397 |
| GPT Group (The), REIT | 579971 | 2037151 |
| Insurance Australia Group Ltd. | 722991 | 3716782 |
| Lottery Corp. Ltd. (The) | 673899 | 2424026 |
| Macquarie Group Ltd. | 110117 | 15706501 |
| Medibank Pvt Ltd. | 833832 | 2661166 |
| Mirvac Group, REIT | 1195865 | 1800289 |
| National Australia Bank Ltd. | 931651 | 26561436 |
| Northern Star Resources Ltd. | 434302 | 7003051 |
| Orica Ltd. | 147558 | 2145544 |
| Origin Energy Ltd. | 521598 | 4179994 |
| Pro Medicus Ltd. | 16667 | 2861806 |
| Qantas Airways Ltd. | 224714 | 1497077 |
| QBE Insurance Group Ltd. | 457188 | 5931822 |
| Ramsay Health Care Ltd. | 56059 | 1176119 |
| REA Group Ltd. | 15440 | 2151363 |
| Reece Ltd. (a) | 105056 | 801982 |
| Rio Tinto Ltd. | 112393 | 9758672 |
| Rio Tinto plc | 323847 | 23346139 |
| Santos Ltd. | 932198 | 3850107 |
| Scentre Group, REIT | 1571495 | 4186205 |
| SEEK Ltd. | 98346 | 1740439 |
| SGH Ltd. | 60381 | 1913197 |
| Sigma Healthcare Ltd. | 1684636 | 3424973 |
| Sonic Healthcare Ltd. | 140798 | 1948730 |
| South32 Ltd. | 1371327 | 2836025 |
| Stockland, REIT | 722043 | 2985203 |
| Suncorp Group Ltd. | 327332 | 4201931 |
| Telstra Group Ltd. | 1207660 | 3858279 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| TPG Telecom Ltd. | 127883 | 462592 |
| Transurban Group | 935034 | 8847005 |
| Vicinity Ltd., REIT | 1098202 | 1814305 |
| Washington H Soul Pattinson & Co. Ltd. | 96873 | 2380295 |
| Wesfarmers Ltd. | 343914 | 18876065 |
| Westpac Banking Corp. | 1042020 | 26367783 |
| WiseTech Global Ltd. | 52275 | 2357707 |
| Woodside Energy Group Ltd. | 574886 | 9316289 |
| Woolworths Group Ltd. | 369860 | 6871628 |
|  |  | 414899898 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| ANDRITZ AG | 19542 | 1477489 |
| BAWAG Group AG (b) | 22938 | 2964308 |
| Erste Group Bank AG | 90486 | 9373347 |
| Mondi plc | 133647 | 1493886 |
| OMV AG | 43184 | 2364158 |
| Raiffeisen Bank International AG | 44547 | 1660720 |
| Telekom Austria AG | 26205 | 278794 |
| Verbund AG | 20668 | 1595160 |
|  |  | 21207862 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ackermans & van Haaren NV | 6633 | 1651934 |
| Ageas SA | 51453 | 3405141 |
| Anheuser-Busch InBev SA | 296449 | 18076640 |
| Colruyt Group NV | 9404 | 351202 |
| D'ieteren Group | 6154 | 1124168 |
| Elia Group SA/NV | 12867 | 1550839 |
| Groupe Bruxelles Lambert NV | 24456 | 2149452 |
| KBC Group NV | 75763 | 9115008 |
| Lotus Bakeries NV | 126 | 1099307 |
| Sofina SA | 4278 | 1175828 |
| Syensqo SA | 21514 | 1775901 |
| UCB SA | 36418 | 9364597 |
| Warehouses De Pauw CVA, REIT | 53542 | 1359683 |
|  |  | 52199700 |
| **Brazil — 0.0% ^** | **Brazil — 0.0% ^** | **Brazil — 0.0% ^** |
| Yara International ASA | 49253 | 1794390 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta plc | 104769 | 3845271 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| Budweiser Brewing Co. APAC Ltd. (b) | 513700 | 521068 |
| Prosus NV \* | 396385 | 27397516 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Wharf Holdings Ltd. (The) | 287000 | 754199 |
| Wilmar International Ltd. | 547100 | 1314740 |
| Wuxi Biologics Cayman, Inc. \* (b) | 1060500 | 4946274 |
|  |  | 34933797 |
| **Denmark — 1.7%** | **Denmark — 1.7%** | **Denmark — 1.7%** |
| Carlsberg A/S, Class B | 27961 | 3287641 |
| Coloplast A/S, Class B | 43611 | 3944372 |
| Danske Bank A/S | 197448 | 8824591 |
| DSV A/S | 57918 | 12360188 |
| Genmab A/S \* | 18843 | 5374550 |
| Novo Nordisk A/S, Class B | 962653 | 47393058 |
| Novonesis Novozymes B | 104679 | 6255575 |
| Orsted A/S \* (b) | 139340 | 2495475 |
| Pandora A/S | 23660 | 3165913 |
| Tryg A/S | 93479 | 2304164 |
| Vestas Wind Systems A/S | 303760 | 6212532 |
|  |  | 101618059 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Elisa OYJ | 43462 | 1915119 |
| Fortum OYJ | 132301 | 2950304 |
| Kesko OYJ, Class A | 26232 | 560708 |
| Kesko OYJ, Class B | 81828 | 1726130 |
| Kone OYJ, Class B | 107358 | 7172919 |
| Metso OYJ (a) | 212660 | 3487410 |
| Neste OYJ | 129682 | 2687098 |
| Nokia OYJ | 1527920 | 10422403 |
| Nordea Bank Abp | 915190 | 15638466 |
| Orion OYJ, Class A | 8152 | 570793 |
| Orion OYJ, Class B | 32338 | 2258258 |
| Sampo OYJ, Class A | 765183 | 8528980 |
| Stora Enso OYJ, Class R | 178917 | 2083339 |
| UPM-Kymmene OYJ (a) | 159659 | 4284018 |
| Wartsila OYJ Abp | 146595 | 4796165 |
|  |  | 69082110 |
| **France — 8.8%** | **France — 8.8%** | **France — 8.8%** |
| Aeroports de Paris SA (a) | 10861 | 1489922 |
| Air Liquide SA | 174145 | 33703835 |
| Airbus SE | 177479 | 43761204 |
| Amundi SA (b) | 18743 | 1389463 |
| AXA SA | 517253 | 22442786 |
| BioMerieux | 13639 | 1756031 |
| BNP Paribas SA | 310322 | 24036925 |
| Bollore SE | 209235 | 1165101 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| Bouygues SA | 56345 | 2543309 |
| Bureau Veritas SA | 94480 | 3104845 |
| Capgemini SE | 51404 | 7908271 |
| Cie de Saint-Gobain SA | 137368 | 13333222 |
| Cie Generale des Etablissements Michelin SCA | 204694 | 6539037 |
| Credit Agricole SA | 341774 | 6169491 |
| Danone SA | 194528 | 17180060 |
| Dassault Aviation SA | 5454 | 1757525 |
| Dassault Systemes SE | 201448 | 5732757 |
| Engie SA | 531321 | 12439798 |
| EssilorLuxottica SA | 94622 | 34652355 |
| Hermes International SCA | 10282 | 25442408 |
| Kering SA | 21303 | 7565059 |
| Legrand SA | 79107 | 13660806 |
| L'Oreal SA | 73265 | 30574320 |
| LVMH Moet Hennessy Louis Vuitton SE | 77580 | 54835343 |
| Orange SA | 554030 | 8862473 |
| Pernod Ricard SA | 59607 | 5837944 |
| Publicis Groupe SA | 68791 | 6894861 |
| Safran SA | 105359 | 37436003 |
| Sartorius Stedim Biotech | 7740 | 1851172 |
| Societe Generale SA | 212027 | 13446891 |
| Thales SA | 27318 | 7789807 |
| TotalEnergies SE | 614076 | 38339857 |
| Veolia Environnement SA | 192400 | 6358268 |
| Vinci SA | 152256 | 20359110 |
|  |  | 520360259 |
| **Germany — 9.0%** | **Germany — 9.0%** | **Germany — 9.0%** |
| adidas AG | 54110 | 10231247 |
| Allianz SE (Registered) | 117032 | 47028356 |
| BASF SE | 270500 | 13346971 |
| Bayer AG (Registered) | 277520 | 8632118 |
| Bayerische Motoren Werke AG | 85272 | 7951175 |
| Bayerische Motoren Werke AG (Preference) | 16821 | 1457301 |
| Beiersdorf AG (a) | 29128 | 3087976 |
| BioNTech SE, ADR \* (a) | 28459 | 2957175 |
| Commerzbank AG | 263881 | 9621870 |
| Continental AG | 32700 | 2498670 |
| Daimler Truck Holding AG | 141309 | 5664041 |
| Deutsche Bank AG (Registered) | 536472 | 19205804 |
| Deutsche Boerse AG | 55691 | 14103198 |
| Deutsche Post AG | 287640 | 13216017 |
| Deutsche Telekom AG (Registered) | 1008429 | 31236275 |
| Dr Ing hc F Porsche AG (Preference) (a) (b) | 33404 | 1747729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| E.ON SE | 670880 | 12482650 |
| Fresenius SE & Co. KGaA | 124488 | 7163410 |
| Hannover Rueck SE | 18184 | 5191140 |
| Heidelberg Materials AG | 38735 | 9087374 |
| Henkel AG & Co. KGaA | 29166 | 2177928 |
| Henkel AG & Co. KGaA (Preference) | 49298 | 3993774 |
| Infineon Technologies AG | 383271 | 15213137 |
| Mercedes-Benz Group AG | 211575 | 13727953 |
| Merck KGaA | 39130 | 5125781 |
| MTU Aero Engines AG | 15266 | 6671629 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered)<br>| 39827 | 24640723 |
| Rheinmetall AG | 13520 | 26577403 |
| RWE AG | 204707 | 10077835 |
| SAP SE | 311464 | 81003229 |
| Sartorius AG (Preference) | 7599 | 2090698 |
| Siemens AG (Registered) | 222894 | 63167564 |
| Siemens Energy AG \* | 203839 | 25395350 |
| Siemens Healthineers AG (b) | 81679 | 4578106 |
| Symrise AG | 38003 | 3142811 |
| Talanx AG | 18217 | 2218308 |
| Volkswagen AG (Preference) | 62433 | 6501572 |
| Vonovia SE | 249136 | 7487973 |
|  |  | 529702271 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd. | 3172600 | 30871735 |
| CK Asset Holdings Ltd. | 566000 | 2800142 |
| CK Infrastructure Holdings Ltd. | 185000 | 1203307 |
| CLP Holdings Ltd. | 546500 | 4661302 |
| Hang Seng Bank Ltd. | 209100 | 4076396 |
| Henderson Land Development Co. Ltd. | 401000 | 1410619 |
| HKT Trust & HKT Ltd. | 1079000 | 1575526 |
| Hong Kong & China Gas Co. Ltd. | 3305100 | 3075900 |
| Hong Kong Exchanges & Clearing Ltd. | 361200 | 19686446 |
| Link, REIT | 775700 | 4039547 |
| MTR Corp. Ltd. | 480500 | 1762806 |
| Power Assets Holdings Ltd. | 413000 | 2623684 |
| Prudential plc | 744864 | 10359636 |
| Sino Land Co. Ltd. | 1108000 | 1376286 |
| Sun Hung Kai Properties Ltd. | 517500 | 6297346 |
| Swire Pacific Ltd., Class A | 102000 | 842451 |
| Swire Pacific Ltd., Class B | 217500 | 322448 |
| Swire Properties Ltd. | 312800 | 852153 |
| Techtronic Industries Co. Ltd. | 445000 | 5190486 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| WH Group Ltd. (b) | 2361424 | 2271495 |
| Wharf Real Estate Investment Co. Ltd. | 428000 | 1218183 |
|  |  | 106517894 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Jardine Matheson Holdings Ltd. | 60100 | 3528746 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Kerry Group plc, Class A | 44426 | 4052663 |
| Kingspan Group plc | 46955 | 3515911 |
|  |  | 7568574 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Azrieli Group Ltd. | 10375 | 1094585 |
| Bank Hapoalim BM | 399251 | 8097879 |
| Bank Leumi Le-Israel BM | 453748 | 9209262 |
| Elbit Systems Ltd. | 7265 | 3441276 |
| ICL Group Ltd. | 217526 | 1424902 |
| Israel Discount Bank Ltd., Class A | 374532 | 3742994 |
| Mizrahi Tefahot Bank Ltd. | 42395 | 2756421 |
| Nice Ltd. \* | 19174 | 2615486 |
| Teva Pharmaceutical Industries Ltd. \* | 346919 | 7103652 |
|  |  | 39486457 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| A2A SpA | 471468 | 1373679 |
| Banca Mediolanum SpA | 62957 | 1265717 |
| Banco BPM SpA | 397282 | 5788178 |
| Coca-Cola HBC AG | 61053 | 2770467 |
| Davide Campari-Milano NV (a) | 172732 | 1202538 |
| DiaSorin SpA | 6767 | 599374 |
| Enel SpA | 2352214 | 23794434 |
| Eni SpA | 585672 | 10799489 |
| Ferrari NV | 37058 | 14840272 |
| FinecoBank Banca Fineco SpA | 184853 | 4229464 |
| Generali | 274350 | 10561350 |
| Hera SpA | 273574 | 1227851 |
| Infrastrutture Wireless Italiane SpA (b) | 95138 | 1045410 |
| Intesa Sanpaolo SpA | 4693554 | 30251577 |
| Leonardo SpA | 121234 | 7132765 |
| Mediobanca Banca di Credito Finanziario <br> SpA (a)<br>| 173749 | 3320734 |
| Moncler SpA | 64859 | 3890851 |
| Nexi SpA (b) | 149288 | 787139 |
| Pirelli & C SpA (b) | 110256 | 774002 |
| Poste Italiane SpA (b) | 138845 | 3347539 |
| Prysmian SpA | 86136 | 8980860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 29458 | 1753392 |
| Snam SpA | 649674 | 4006940 |
| Telecom Italia SpA \* | 3760455 | 2217327 |
| Telecom Italia SpA \* | 1828846 | 1215973 |
| Terna - Rete Elettrica Nazionale | 425711 | 4365273 |
| UniCredit SpA | 469154 | 34739302 |
|  |  | 186281897 |
| **Japan — 24.5%** | **Japan — 24.5%** | **Japan — 24.5%** |
| Advantest Corp. | 223700 | 33498141 |
| Aeon Co. Ltd. | 801200 | 12672349 |
| AGC, Inc. | 63900 | 1996429 |
| Aisin Corp. | 173600 | 3119626 |
| Ajinomoto Co., Inc. | 297100 | 8426444 |
| ANA Holdings, Inc. | 47200 | 884632 |
| Asahi Group Holdings Ltd. | 455000 | 4905729 |
| Asahi Kasei Corp. | 411200 | 3150664 |
| Asics Corp. | 216400 | 5510448 |
| Astellas Pharma, Inc. | 544000 | 5694389 |
| Bandai Namco Holdings, Inc. | 197100 | 6134226 |
| Bridgestone Corp. | 165800 | 7238022 |
| Canon, Inc. | 272800 | 7834227 |
| Capcom Co. Ltd. | 101100 | 2640036 |
| Central Japan Railway Co. | 298400 | 7305348 |
| Chiba Bank Ltd. (The) | 214200 | 2090108 |
| Chubu Electric Power Co., Inc. | 229600 | 3192764 |
| Chugai Pharmaceutical Co. Ltd. | 199700 | 9139818 |
| Concordia Financial Group Ltd. | 345600 | 2510521 |
| Dai Nippon Printing Co. Ltd. | 136700 | 2281576 |
| Daifuku Co. Ltd. | 108300 | 3452258 |
| Dai-ichi Life Holdings, Inc. | 1114500 | 7822674 |
| Daiichi Sankyo Co. Ltd. | 566000 | 13520678 |
| Daikin Industries Ltd. | 88900 | 10328406 |
| Daito Trust Construction Co. Ltd. | 95100 | 1777996 |
| Daiwa House Industry Co. Ltd. | 188100 | 6381866 |
| Daiwa Securities Group, Inc. | 424200 | 3264624 |
| Denso Corp. | 562000 | 7852145 |
| Dentsu Group, Inc. | 68200 | 1350691 |
| Disco Corp. | 27300 | 9065871 |
| East Japan Railway Co. | 330100 | 8062696 |
| Eisai Co. Ltd. | 82000 | 2435450 |
| ENEOS Holdings, Inc. | 814400 | 5137821 |
| FANUC Corp. | 282600 | 9430771 |
| Fast Retailing Co. Ltd. | 56100 | 20595432 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Fuji Electric Co. Ltd. | 41400 | 2956844 |
| FUJIFILM Holdings Corp. | 364300 | 8443269 |
| Fujikura Ltd. | 78000 | 10621581 |
| Fujitsu Ltd. | 543000 | 14150827 |
| Hankyu Hanshin Holdings, Inc. | 72100 | 1936173 |
| Hikari Tsushin, Inc. | 3900 | 1033057 |
| Hitachi Construction Machinery Co. Ltd. | 26800 | 872259 |
| Hitachi Ltd. | 1384700 | 47299949 |
| Honda Motor Co. Ltd. | 1238100 | 12513783 |
| Hoshizaki Corp. | 34200 | 1203335 |
| Hoya Corp. | 105300 | 17104101 |
| Hulic Co. Ltd. | 172700 | 1784227 |
| Idemitsu Kosan Co. Ltd. | 261600 | 1819102 |
| IHI Corp. | 321800 | 6662580 |
| Inpex Corp. | 263200 | 4856602 |
| Isuzu Motors Ltd. | 172400 | 2115397 |
| ITOCHU Corp. | 429700 | 24889644 |
| Japan Airlines Co. Ltd. | 43700 | 787273 |
| Japan Exchange Group, Inc. | 315200 | 3514847 |
| Japan Post Bank Co. Ltd. | 547300 | 6132540 |
| Japan Post Holdings Co. Ltd. | 522800 | 4899189 |
| Japan Post Insurance Co. Ltd. | 58700 | 1518119 |
| Japan Real Estate Investment Corp., REIT | 2158 | 1779861 |
| Japan Tobacco, Inc. | 335800 | 11696889 |
| JFE Holdings, Inc. | 191900 | 2199216 |
| Kajima Corp. | 138300 | 4458484 |
| Kansai Electric Power Co., Inc. (The) | 312700 | 4878170 |
| Kao Corp. | 141300 | 5979765 |
| Kawasaki Heavy Industries Ltd. | 51000 | 4083910 |
| Kawasaki Kisen Kaisha Ltd. | 112100 | 1606119 |
| KDDI Corp. | 878100 | 13997233 |
| Keyence Corp. | 57200 | 21228910 |
| Kikkoman Corp. | 264500 | 2106223 |
| Kirin Holdings Co. Ltd. | 245800 | 3456617 |
| Kobe Bussan Co. Ltd. | 44400 | 1030263 |
| Komatsu Ltd. | 279400 | 9346202 |
| Konami Group Corp. | 27000 | 4496450 |
| Kubota Corp. | 348800 | 4515971 |
| Kyocera Corp. | 427300 | 5670017 |
| Kyowa Kirin Co. Ltd. | 71300 | 1104012 |
| Lasertec Corp. | 24400 | 4953990 |
| LY Corp. | 838000 | 2462478 |
| M3, Inc. | 135900 | 1904619 |
| Makita Corp. | 74800 | 2261304 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Marubeni Corp. | 502900 | 12359282 |
| MatsukiyoCocokara & Co. | 115900 | 2100128 |
| McDonald's Holdings Co. Japan Ltd. | 25700 | 1005383 |
| MEIJI Holdings Co. Ltd. | 75200 | 1447596 |
| MINEBEA MITSUMI, Inc. | 112800 | 2229352 |
| Mitsubishi Chemical Group Corp. | 430500 | 2248752 |
| Mitsubishi Corp. | 1163500 | 27938725 |
| Mitsubishi Electric Corp. | 629200 | 17864629 |
| Mitsubishi Estate Co. Ltd. | 377800 | 8006295 |
| Mitsubishi HC Capital, Inc. | 254500 | 1990870 |
| Mitsubishi Heavy Industries Ltd. | 1017000 | 30702910 |
| Mitsubishi UFJ Financial Group, Inc. | 3460600 | 52273334 |
| Mitsui & Co. Ltd. | 784700 | 19297052 |
| Mitsui Fudosan Co. Ltd. | 840500 | 8751625 |
| Mitsui OSK Lines Ltd. | 101400 | 3012759 |
| Mizuho Financial Group, Inc. | 760900 | 25486710 |
| MonotaRO Co. Ltd. | 75100 | 1047803 |
| MS&AD Insurance Group Holdings, Inc. | 426300 | 8787945 |
| Murata Manufacturing Co. Ltd. | 560900 | 12093520 |
| NEC Corp. | 385200 | 13990484 |
| Nexon Co. Ltd. | 125300 | 2555430 |
| NIDEC Corp. | 306800 | 3732768 |
| Nintendo Co. Ltd. | 353400 | 30141449 |
| Nippon Building Fund, Inc., REIT | 2488 | 2295721 |
| Nippon Paint Holdings Co. Ltd. | 293600 | 1867597 |
| Nippon Sanso Holdings Corp. | 60000 | 1992710 |
| Nippon Steel Corp. | 1582900 | 6524763 |
| Nippon Yusen KK | 131500 | 4541133 |
| Nissan Motor Co. Ltd. \* | 652500 | 1491441 |
| Nissin Foods Holdings Co. Ltd. | 69000 | 1245579 |
| Niterra Co. Ltd. | 60600 | 2486000 |
| Nitori Holdings Co. Ltd. | 120900 | 1958845 |
| Nitto Denko Corp. | 210400 | 5239982 |
| Nomura Holdings, Inc. | 890000 | 6351133 |
| Nomura Research Institute Ltd. | 127200 | 4911585 |
| NTT, Inc. | 8292600 | 8535190 |
| Obayashi Corp. | 211800 | 3583116 |
| Obic Co. Ltd. | 99100 | 3074190 |
| Olympus Corp. | 341400 | 4201601 |
| Omron Corp. | 58100 | 1620104 |
| Ono Pharmaceutical Co. Ltd. | 132500 | 1616952 |
| Oracle Corp. | 10200 | 940336 |
| Oriental Land Co. Ltd. | 339800 | 6876759 |
| ORIX Corp. | 344700 | 8432068 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Osaka Gas Co. Ltd. | 120200 | 3782077 |
| Otsuka Corp. | 73300 | 1449146 |
| Otsuka Holdings Co. Ltd. | 140900 | 7668343 |
| Pan Pacific International Holdings Corp. | 803200 | 4777922 |
| Panasonic Holdings Corp. | 673100 | 7820907 |
| Rakuten Group, Inc. \* | 446600 | 2921750 |
| Recruit Holdings Co. Ltd. | 433600 | 21501345 |
| Renesas Electronics Corp. | 479300 | 5919151 |
| Resona Holdings, Inc. | 673700 | 6495192 |
| Ricoh Co. Ltd. | 172500 | 1479841 |
| SBI Holdings, Inc. | 91200 | 4075460 |
| SCREEN Holdings Co. Ltd. | 28700 | 2720694 |
| SCSK Corp. | 46600 | 1712394 |
| Secom Co. Ltd. | 125600 | 4245884 |
| Sekisui Chemical Co. Ltd. | 127600 | 2210580 |
| Sekisui House Ltd. | 190000 | 4076502 |
| Seven & i Holdings Co. Ltd. | 671700 | 8543894 |
| SG Holdings Co. Ltd. | 117900 | 1083676 |
| Shimadzu Corp. | 87500 | 2352478 |
| Shimano, Inc. | 24000 | 2514381 |
| Shimizu Corp. | 169600 | 2276568 |
| Shin-Etsu Chemical Co. Ltd. | 567300 | 17052438 |
| Shionogi & Co. Ltd. | 257500 | 4318946 |
| Shiseido Co. Ltd. | 112900 | 1901671 |
| SMC Corp. | 17100 | 5853715 |
| SoftBank Corp. | 8554699 | 12156220 |
| SoftBank Group Corp. | 283900 | 49815557 |
| Sompo Holdings, Inc. | 284500 | 8670272 |
| Sony Group Corp. | 1824400 | 50808788 |
| Square Enix Holdings Co. Ltd. | 69200 | 1338660 |
| Subaru Corp. | 173500 | 3690887 |
| Sumitomo Corp. | 369900 | 10760741 |
| Sumitomo Electric Industries Ltd. | 236200 | 8611242 |
| Sumitomo Metal Mining Co. Ltd. | 79900 | 2613724 |
| Sumitomo Mitsui Financial Group, Inc. | 1174800 | 31806311 |
| Sumitomo Mitsui Trust Group, Inc. | 215700 | 5924539 |
| Sumitomo Realty & Development Co. Ltd. | 144200 | 6156909 |
| Suntory Beverage & Food Ltd. | 38100 | 1153275 |
| Suzuki Motor Corp. | 556600 | 8309409 |
| Sysmex Corp. | 166700 | 1858299 |
| T&D Holdings, Inc. | 146700 | 3150460 |
| Taisei Corp. | 50600 | 3681724 |
| Takeda Pharmaceutical Co. Ltd. | 476000 | 12846055 |
| TDK Corp. | 574200 | 10032548 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Terumo Corp. | 451000 | 7279557 |
| TIS, Inc. | 70800 | 2439120 |
| Toho Co. Ltd. | 34300 | 2010560 |
| Tokio Marine Holdings, Inc. | 579700 | 21618867 |
| Tokyo Century Corp. | 51000 | 601895 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 470900 | 2353304 |
| Tokyo Electron Ltd. | 134200 | 29587119 |
| Tokyo Gas Co. Ltd. | 111600 | 3916512 |
| Tokyu Corp. | 173900 | 1935161 |
| TOPPAN Holdings, Inc. | 85000 | 2078917 |
| Toray Industries, Inc. | 449800 | 2753869 |
| Toyo Suisan Kaisha Ltd. | 29000 | 2102064 |
| Toyota Industries Corp. | 55300 | 6011231 |
| Toyota Motor Corp. | 3471900 | 70782100 |
| Toyota Tsusho Corp. | 214900 | 6568686 |
| Trend Micro, Inc. | 38000 | 1939233 |
| Unicharm Corp. | 348000 | 2153124 |
| West Japan Railway Co. | 143100 | 2941011 |
| Yakult Honsha Co. Ltd. | 86600 | 1296473 |
| Yamaha Motor Co. Ltd. (a) | 293500 | 2114598 |
| Yaskawa Electric Corp. | 76500 | 2098266 |
| Yokogawa Electric Corp. | 75200 | 2249567 |
| Zensho Holdings Co. Ltd. | 29200 | 1818168 |
| ZOZO, Inc. | 123200 | 1065004 |
|  |  | 1443742864 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | 127503 | 4867564 |
| CVC Capital Partners plc (b) | 235265 | 3929304 |
|  |  | 8796868 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd. | 679000 | 3383003 |
| Sands China Ltd. | 677200 | 1764957 |
|  |  | 5147960 |
| **Mexico — 0.0% ^** | **Mexico — 0.0% ^** | **Mexico — 0.0% ^** |
| Fresnillo plc | 55831 | 1632676 |
| **Netherlands — 4.2%** | **Netherlands — 4.2%** | **Netherlands — 4.2%** |
| Adyen NV \* (b) | 8830 | 15130068 |
| Akzo Nobel NV | 49843 | 3293883 |
| Argenx SE \* | 17845 | 14605552 |
| ASM International NV | 13336 | 8652994 |
| ASML Holding NV | 119234 | 126067267 |
| EXOR NV | 26014 | 2254373 |
| HAL Trust | 10846 | 1702319 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Heineken Holding NV | 39569 | 2672137 |
| Heineken NV | 85128 | 6591657 |
| ING Groep NV | 898060 | 22424268 |
| JDE Peet's NV | 47116 | 1714746 |
| Koninklijke Ahold Delhaize NV | 268297 | 10981558 |
| Koninklijke KPN NV | 1175475 | 5439467 |
| Koninklijke Philips NV | 239834 | 6570299 |
| NN Group NV | 80970 | 5541171 |
| Universal Music Group NV | 286624 | 7687824 |
| Wolters Kluwer NV | 69628 | 8535386 |
|  |  | 249864969 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport Ltd. | 459773 | 2139878 |
| Fisher & Paykel Healthcare Corp. Ltd. | 167058 | 3546721 |
| Meridian Energy Ltd. | 387653 | 1312350 |
|  |  | 6998949 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | 92892 | 2407476 |
| DNB Bank ASA | 224832 | 5738935 |
| Equinor ASA | 202485 | 4849780 |
| Gjensidige Forsikring ASA | 57123 | 1537309 |
| Kongsberg Gruppen ASA | 132349 | 3374012 |
| Mowi ASA | 134177 | 2949616 |
| Norsk Hydro ASA | 388057 | 2623484 |
| Orkla ASA | 203880 | 2070669 |
| Salmar ASA | 21784 | 1223261 |
| Storebrand ASA | 125347 | 1942504 |
| Telenor ASA | 188284 | 2800073 |
| Var Energi ASA | 246912 | 829597 |
| Vend Marketplaces ASA, Class B | 51789 | 1784373 |
|  |  | 34131089 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| Allegro.eu SA \* (b) | 189297 | 1767625 |
| Bank Polska Kasa Opieki SA | 63575 | 3255153 |
| Dino Polska SA \* (b) | 145002 | 1731948 |
| ING Bank Slaski SA | 9869 | 842014 |
| KGHM Polska Miedz SA \* | 41385 | 2170774 |
| LPP SA | 385 | 1868861 |
| ORLEN SA | 176101 | 4773020 |
| Powszechna Kasa Oszczednosci Bank Polski <br> SA<br>| 259626 | 5323181 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Poland — continued** | **Poland — continued** | **Poland — continued** |
| Powszechny Zaklad Ubezpieczen SA | 172033 | 2750665 |
| Santander Bank Polska SA | 11710 | 1542166 |
|  |  | 26025407 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | 841315 | 4182299 |
| Galp Energia SGPS SA | 125587 | 2523179 |
| Jeronimo Martins SGPS SA | 83339 | 2146398 |
|  |  | 8851876 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Evraz plc ‡ \* | 96418 |  |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| CapitaLand Ascendas, REIT | 1100600 | 2382836 |
| CapitaLand Integrated Commercial Trust, REIT | 1481758 | 2693823 |
| CapitaLand Investment Ltd. | 662800 | 1342859 |
| DBS Group Holdings Ltd. | 617250 | 25555716 |
| Genting Singapore Ltd. | 1729100 | 969246 |
| Jardine Cycle & Carriage Ltd. | 17500 | 436968 |
| Keppel Ltd. | 428700 | 3352585 |
| Mapletree Pan Asia Commercial Trust, REIT | 676600 | 748566 |
| Oversea-Chinese Banking Corp. Ltd. | 987300 | 12915268 |
| Singapore Airlines Ltd. | 418750 | 2131654 |
| Singapore Exchange Ltd. | 248200 | 3220532 |
| Singapore Technologies Engineering Ltd. | 472700 | 3079670 |
| Singapore Telecommunications Ltd. | 2484500 | 8109535 |
| STMicroelectronics NV | 195173 | 4792645 |
| United Overseas Bank Ltd. | 406300 | 10806552 |
|  |  | 82538455 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American plc | 323596 | 12242498 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| ACS Actividades de Construccion y Servicios <br> SA<br>| 61230 | 5027576 |
| Aena SME SA (b) | 222848 | 6052816 |
| Amadeus IT Group SA | 132007 | 10090708 |
| Banco Bilbao Vizcaya Argentaria SA | 1744927 | 35153451 |
| Banco Santander SA | 4504571 | 45902434 |
| CaixaBank SA | 1078993 | 11404684 |
| Cellnex Telecom SA (b) | 173366 | 5397186 |
| EDP Renovaveis SA | 77135 | 1127767 |
| Endesa SA | 95824 | 3433938 |
| Iberdrola SA | 1853039 | 37554144 |
| Industria de Diseno Textil SA (a) | 335881 | 18547485 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Naturgy Energy Group SA | 31832 | 964244 |
| Redeia Corp. SA | 122527 | 2205715 |
| Repsol SA | 345810 | 6345390 |
| Telefonica SA | 1364239 | 6918294 |
|  |  | 196125832 |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| Alfa Laval AB | 82344 | 3913621 |
| Assa Abloy AB, Class B (a) | 319208 | 12029215 |
| Atlas Copco AB, Class A | 766959 | 12851215 |
| Atlas Copco AB, Class B | 472587 | 7069510 |
| Axfood AB | 32547 | 886878 |
| Beijer Ref AB | 113705 | 1796773 |
| Boliden AB \* | 86013 | 3857035 |
| Castellum AB | 117087 | 1331539 |
| Epiroc AB, Class A | 188462 | 3973903 |
| Epiroc AB, Class B | 118072 | 2203528 |
| EQT AB (a) | 212147 | 7331289 |
| Essity AB, Class A | 6630 | 182238 |
| Essity AB, Class B | 181199 | 4977108 |
| Evolution AB (b) | 55034 | 3666782 |
| Fastighets AB Balder, Class B \* | 210695 | 1545421 |
| H & M Hennes & Mauritz AB, Class B (a) | 149854 | 2830161 |
| Hexagon AB, Class B | 638305 | 7780696 |
| Holmen AB, Class B | 24056 | 908980 |
| Industrivarden AB, Class A | 34616 | 1439335 |
| Industrivarden AB, Class C (a) | 48506 | 2012086 |
| Indutrade AB | 80965 | 2164379 |
| Investment AB Latour, Class B | 43979 | 1120560 |
| Investor AB, Class A (a) | 172133 | 5662199 |
| Investor AB, Class B | 550346 | 18121161 |
| L E Lundbergforetagen AB, Class B | 22692 | 1214542 |
| Lifco AB, Class B | 68397 | 2640767 |
| Nibe Industrier AB, Class B | 496636 | 1932561 |
| Nordnet AB publ | 47952 | 1384628 |
| Saab AB, Class B | 111742 | 6148770 |
| Sagax AB, Class B | 65081 | 1460462 |
| Sagax AB, Class D | 33068 | 117127 |
| Sandvik AB | 294718 | 8912118 |
| Securitas AB, Class B | 159851 | 2354743 |
| Skandinaviska Enskilda Banken AB, Class A | 406259 | 7755313 |
| Skandinaviska Enskilda Banken AB, Class C | 6052 | 117835 |
| Skanska AB, Class B | 99011 | 2696268 |
| SKF AB, Class B | 108851 | 2790072 |
| SSAB AB, Class A | 64640 | 408884 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| SSAB AB, Class B | 175827 | 1088702 |
| Svenska Cellulosa AB SCA, Class B | 146707 | 1954158 |
| Svenska Handelsbanken AB, Class A | 419830 | 5478503 |
| Svenska Handelsbanken AB, Class B (a) | 10590 | 231925 |
| Swedbank AB, Class A | 299007 | 9078093 |
| Swedish Orphan Biovitrum AB \* | 49187 | 1694653 |
| Tele2 AB, Class B | 167397 | 2659248 |
| Telefonaktiebolaget LM Ericsson, Class A | 16525 | 167915 |
| Telefonaktiebolaget LM Ericsson, Class B | 782699 | 7941160 |
| Telia Co. AB | 701221 | 2760476 |
| Trelleborg AB, Class B | 60761 | 2535693 |
| Volvo AB, Class A | 57449 | 1569928 |
| Volvo AB, Class B | 466006 | 12766256 |
|  |  | 199516412 |
| **Switzerland — 4.3%** | **Switzerland — 4.3%** | **Switzerland — 4.3%** |
| ABB Ltd. (Registered) | 477714 | 35516864 |
| Chocoladefabriken Lindt & Spruengli AG | 292 | 4488726 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Registered)<br>| 33 | 5055118 |
| Cie Financiere Richemont SA (Registered) | 161708 | 31986766 |
| DSM-Firmenich AG | 73984 | 6030360 |
| EMS-Chemie Holding AG (Registered) | 2051 | 1404792 |
| Galderma Group AG | 37239 | 6915734 |
| Geberit AG (Registered) | 9972 | 7289773 |
| Givaudan SA (Registered) | 2456 | 10061368 |
| Julius Baer Group Ltd. | 59758 | 4034177 |
| Kuehne + Nagel International AG (Registered) | 14221 | 2728252 |
| Lonza Group AG (Registered) | 21289 | 14700733 |
| Partners Group Holding AG | 6525 | 7990625 |
| Sandoz Group AG | 125144 | 8344206 |
| Schindler Holding AG | 12328 | 4391237 |
| Schindler Holding AG (Registered) | 6265 | 2117821 |
| SGS SA (Registered) | 46192 | 5209066 |
| Sika AG (Registered) | 48592 | 9523442 |
| Sonova Holding AG (Registered) | 14768 | 4028270 |
| Straumann Holding AG (Registered) | 32568 | 4093855 |
| Swiss Life Holding AG (Registered) | 8603 | 9338152 |
| Swisscom AG (Registered) | 7686 | 5630172 |
| UBS Group AG (Registered) | 863469 | 33040928 |
| Zurich Insurance Group AG | 43035 | 29929613 |
|  |  | 253850050 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health plc ‡ \* | 300 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — 11.7%** | **United Kingdom — 11.7%** | **United Kingdom — 11.7%** |
| 3i Group plc | 294996 | 17071601 |
| Admiral Group plc | 69821 | 3006298 |
| Ashtead Group plc | 130338 | 8705906 |
| Associated British Foods plc | 90286 | 2724521 |
| AstraZeneca plc | 469728 | 77481002 |
| Auto Trader Group plc (b) | 265847 | 2727348 |
| Aviva plc | 918007 | 8068636 |
| BAE Systems plc | 887722 | 21867689 |
| Barclays plc | 4275725 | 22933378 |
| Barratt Redrow plc | 390267 | 1931229 |
| Berkeley Group Holdings plc | 29843 | 1580925 |
| British American Tobacco plc | 593507 | 30396787 |
| BT Group plc | 1878235 | 4583972 |
| Bunzl plc | 94659 | 2877418 |
| Centrica plc | 1494353 | 3521894 |
| CK Hutchison Holdings Ltd. | 807000 | 5351601 |
| Coca-Cola Europacific Partners plc | 65044 | 5777859 |
| Compass Group plc | 517908 | 17142672 |
| Convatec Group plc (b) | 498330 | 1600429 |
| Croda International plc | 38028 | 1443585 |
| DCC plc | 29938 | 1972288 |
| Diageo plc | 673865 | 15500078 |
| Entain plc | 193404 | 2014440 |
| Halma plc | 114946 | 5356306 |
| Hikma Pharmaceuticals plc | 47489 | 1148736 |
| Hiscox Ltd. | 102308 | 1849553 |
| Howden Joinery Group plc | 160302 | 1820690 |
| HSBC Holdings plc | 5276865 | 73873216 |
| ICG plc | 87901 | 2233028 |
| Imperial Brands plc | 249146 | 9899651 |
| Informa plc | 366772 | 4670227 |
| InterContinental Hotels Group plc | 46723 | 5636068 |
| International Consolidated Airlines Group SA | 1054212 | 5795633 |
| Intertek Group plc | 48285 | 3216172 |
| J Sainsbury plc | 518772 | 2328041 |
| JD Sports Fashion plc | 759561 | 930756 |
| Kingfisher plc | 517600 | 2099170 |
| Land Securities Group plc, REIT | 225742 | 1844898 |
| Legal & General Group plc | 1750522 | 5470240 |
| Lloyds Banking Group plc | 18193499 | 21331687 |
| London Stock Exchange Group plc | 143731 | 17912672 |
| M&G plc | 676326 | 2341556 |
| Melrose Industries plc | 359743 | 2963582 |
| National Grid plc | 1503579 | 22544833 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| NatWest Group plc | 2333694 | 17965983 |
| Next plc | 35262 | 6625386 |
| Pearson plc | 200314 | 2787976 |
| Persimmon plc | 92377 | 1468159 |
| Phoenix Group Holdings plc | 227047 | 2011373 |
| Reckitt Benckiser Group plc | 206477 | 15793236 |
| RELX plc | 554331 | 24499433 |
| Rentokil Initial plc | 718690 | 4011334 |
| Rightmove plc | 234742 | 2061143 |
| Rolls-Royce Holdings plc | 2536123 | 39027914 |
| Sage Group plc (The) | 294093 | 4445327 |
| Schroders plc | 258315 | 1289024 |
| Segro plc, REIT | 374935 | 3440543 |
| Severn Trent plc | 79959 | 2922902 |
| Smith & Nephew plc | 264175 | 4878263 |
| Smiths Group plc | 101003 | 3344620 |
| Spirax Group plc | 21690 | 2023087 |
| SSE plc | 330871 | 8335570 |
| Standard Chartered plc | 566867 | 11636221 |
| Taylor Wimpey plc | 1064173 | 1472008 |
| Tesco plc | 1974638 | 11916296 |
| Unilever plc | 743058 | 44586732 |
| United Utilities Group plc | 206456 | 3257154 |
| Vodafone Group plc | 6184117 | 7486337 |
| Weir Group plc (The) | 78525 | 3056815 |
| Whitbread plc | 49320 | 1877623 |
| Wise plc, Class A \* | 206671 | 2628037 |
| WPP plc | 325749 | 1230899 |
|  |  | 691627666 |
| **United States — 9.0%** | **United States — 9.0%** | **United States — 9.0%** |
| Alcon AG | 149050 | 11109443 |
| AP Moller - Maersk A/S, Class A | 805 | 1659231 |
| AP Moller - Maersk A/S, Class B | 1215 | 2497953 |
| BP plc | 4691721 | 27487907 |
| Buzzi SpA | 23774 | 1432222 |
| CSL Ltd. | 146398 | 17060686 |
| Experian plc | 278436 | 12987703 |
| Ferrovial SE | 137231 | 8421091 |
| GSK plc | 1229913 | 28796511 |
| Haleon plc | 2733101 | 12709554 |
| Holcim AG | 149402 | 13282022 |
| James Hardie Industries plc, CHDI \* | 175536 | 3696919 |
| Nestle SA (Registered) | 778510 | 74385432 |
| Novartis AG (Registered) | 560881 | 69415569 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Roche Holding AG | 209150 | 67747958 |
| Roche Holding AG | 8786 | 2980771 |
| Sanofi SA | 336005 | 33991222 |
| Schneider Electric SE | 164207 | 46787490 |
| Shell plc | 1772958 | 66467177 |
| Stellantis NV | 602097 | 6123235 |
| Swiss Re AG | 89035 | 16257967 |
| Tenaris SA | 112381 | 2233559 |
|  |  | 527531622 |
| Total Common Stocks <br>(Cost $4,478,868,954)<br>|  | 5841652378 |
|  | **NO. OF** <br> **RIGHTS**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Vend Marketplaces ASA\*(Cost $—) | 19889 | 44273 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (c) (d) <br>(Cost $22,645,557)<br>| 22645557 | 22645557 |
| **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, 4.12% (c) <br> (d)(Cost $32,600,781)<br>| 32600781 | 32600781 |
| Total Short-Term Investments <br>(Cost $55,246,338)<br>|  | 55246338 |
| **Total Investments — 100.1%** <br>**(Cost $4,534,115,292)**<br>|  | **5896942989** |
| **Liabilities in Excess of Other Assets —** <br> **(0.1)%**<br>|  | **(8278373)**<br>|
| **NET ASSETS — 100.0%** |  | **5888664616** |

---

&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 |
| APAC | Asia Pacific |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| OYJ | Public Limited Company |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | |
|:---|:---|
| 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) | The security or a portion of this security is on loan at <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $30,818,216.<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 October 31, <br> 2025.<br>|

---

**Summary of Investments by Industry, October 31, 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 | 14.0<br> %<br>|
| Pharmaceuticals | 7.6 |
| Insurance | 5.6 |
| Semiconductors & Semiconductor Equipment | 4.1 |
| Aerospace & Defense | 3.6 |
| Oil, Gas & Consumable Fuels | 3.3 |
| Capital Markets | 3.2 |
| Machinery | 3.2 |
| Electrical Equipment | 2.9 |
| Automobiles | 2.6 |
| Metals & Mining | 2.6 |
| Textiles, Apparel & Luxury Goods | 2.4 |
| Food Products | 2.3 |
| Industrial Conglomerates | 2.3 |
| Chemicals | 2.2 |
| Trading Companies & Distributors | 2.0 |
| Health Care Equipment & Supplies | 2.0 |
| Electric Utilities | 1.9 |
| Diversified Telecommunication Services | 1.7 |
| Software | 1.7 |
| Personal Care Products | 1.5 |
| Wireless Telecommunication Services | 1.5 |
| Professional Services | 1.4 |
| Financial Services | 1.3 |
| Beverages | 1.2 |
| Consumer Staples Distribution & Retail | 1.2 |
| Household Durables | 1.2 |
| Electronic Equipment, Instruments & Components | 1.2 |
| Hotels, Restaurants & Leisure | 1.1 |
| Broadline Retail | 1.1 |
| Real Estate Management & Development | 1.0 |
| Multi-Utilities | 1.0 |
| Others (each less than 1.0%) | 13.2 |
| Short-Term Investments | 0.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45881370 | &nbsp;&nbsp;&nbsp;&nbsp; 304514 |

---

&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 October 31, 2025

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| SG Holdings Co. Ltd. | 1191700 | 10953495 |
| **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** |
| Aisin Corp. | 1752900 | 31499960 |
| Bridgestone Corp. | 1672000 | 72991393 |
| Denso Corp. | 5670500 | 79227025 |
| Niterra Co. Ltd. | 606700 | 24888716 |
| Sumitomo Electric Industries Ltd. | 2383600 | 86899901 |
|  |  | 295506995 |
| **Automobiles — 6.9%** | **Automobiles — 6.9%** | **Automobiles — 6.9%** |
| Honda Motor Co. Ltd. | 12487000 | 126209196 |
| Isuzu Motors Ltd. | 1740900 | 21361338 |
| Nissan Motor Co. Ltd. \* | 6618300 | 15127672 |
| Subaru Corp. | 1751600 | 37262008 |
| Suzuki Motor Corp. | 5608500 | 83728571 |
| Toyota Motor Corp. | 35018100 | 713918788 |
| Yamaha Motor Co. Ltd. (a) | 2963400 | 21350597 |
|  |  | 1018958170 |
| **Banks — 9.1%** | **Banks — 9.1%** | **Banks — 9.1%** |
| Chiba Bank Ltd. (The) | 2162100 | 21097210 |
| Concordia Financial Group Ltd. | 3488700 | 25342752 |
| Japan Post Bank Co. Ltd. | 5517900 | 61828507 |
| Mitsubishi UFJ Financial Group, Inc. | 34906200 | 527267949 |
| Mizuho Financial Group, Inc. | 7670600 | 256930425 |
| Resona Holdings, Inc. | 6792100 | 65483146 |
| Sumitomo Mitsui Financial Group, Inc. | 11843500 | 320648656 |
| Sumitomo Mitsui Trust Group, Inc. | 2172900 | 59682103 |
|  |  | 1338280748 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Asahi Group Holdings Ltd. | 4593100 | 49521984 |
| Kirin Holdings Co. Ltd. | 2481800 | 34900866 |
| Suntory Beverage & Food Ltd. | 382800 | 11587231 |
|  |  | 96010081 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Pan Pacific International Holdings Corp. | 8103700 | 48205737 |
| Rakuten Group, Inc. \* | 4508300 | 29494233 |
|  |  | 77699970 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| AGC, Inc. | 647300 | 20223611 |
| Daikin Industries Ltd. | 894500 | 103923054 |
|  |  | 124146665 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| Daiwa Securities Group, Inc. | 4283200 | 32963313 |
| Japan Exchange Group, Inc. | 3181700 | 35479659 |
| Nomura Holdings, Inc. | 8971100 | 64018702 |
| SBI Holdings, Inc. | 919500 | 41089748 |
|  |  | 173551422 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Asahi Kasei Corp. | 4150600 | 31802400 |
| Mitsubishi Chemical Group Corp. | 4346400 | 22703772 |
| Nippon Paint Holdings Co. Ltd. | 2964800 | 18859167 |
| Nippon Sanso Holdings Corp. | 600900 | 19956993 |
| Nitto Denko Corp. | 2124200 | 52902893 |
| Shin-Etsu Chemical Co. Ltd. | 5724700 | 172078430 |
| Toray Industries, Inc. | 4540400 | 27798280 |
|  |  | 346101935 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Dai Nippon Printing Co. Ltd. | 1380000 | 23032733 |
| Secom Co. Ltd. | 1267800 | 42857740 |
| TOPPAN Holdings, Inc. | 857800 | 20979938 |
|  |  | 86870411 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| Kajima Corp. | 1390800 | 44836296 |
| Obayashi Corp. | 2138800 | 36183038 |
| Shimizu Corp. | 1712300 | 22984477 |
| Taisei Corp. | 507900 | 36955485 |
|  |  | 140959296 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Aeon Co. Ltd. | 8076800 | 127748408 |
| Kobe Bussan Co. Ltd. (a) | 448600 | 10409369 |
| MatsukiyoCocokara & Co. | 1168800 | 21178859 |
| Seven & i Holdings Co. Ltd. | 6772600 | 86146156 |
|  |  | 245482792 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| NTT, Inc. | 83718900 | 86167998 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| Chubu Electric Power Co., Inc. | 2311500 | 32143181 |
| Kansai Electric Power Co., Inc. (The) | 3150200 | 49143627 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 4745100 | 23713452 |
|  |  | 105000260 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Fuji Electric Co. Ltd. | 417900 | 29846987 |
| Fujikura Ltd. | 787800 | 107277971 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Mitsubishi Electric Corp. | 6343900 | 180119861 |
| NIDEC Corp. | 3089600 | 37590484 |
|  |  | 354835303 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| Keyence Corp. | 572700 | 212548899 |
| Kyocera Corp. | 4305500 | 57131428 |
| Murata Manufacturing Co. Ltd. | 5652200 | 121866630 |
| Omron Corp. | 582100 | 16231717 |
| Shimadzu Corp. | 882900 | 23737177 |
| TDK Corp. | 5796500 | 101277715 |
| Yokogawa Electric Corp. | 762400 | 22806785 |
|  |  | 555600351 |
| **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
| Capcom Co. Ltd. | 1015300 | 26512648 |
| Konami Group Corp. | 276000 | 45963714 |
| Nexon Co. Ltd. | 1265000 | 25799034 |
| Nintendo Co. Ltd. | 3559000 | 303546740 |
| Square Enix Holdings Co. Ltd. | 711000 | 13754156 |
| Toho Co. Ltd. | 348600 | 20433850 |
|  |  | 436010142 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Mitsubishi HC Capital, Inc. | 2564700 | 20062811 |
| ORIX Corp. | 3472500 | 84944464 |
| Tokyo Century Corp. | 511300 | 6034287 |
|  |  | 111041562 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Ajinomoto Co., Inc. | 2994700 | 84936631 |
| Kikkoman Corp. | 2670100 | 21262106 |
| MEIJI Holdings Co. Ltd. | 762300 | 14674239 |
| Nissin Foods Holdings Co. Ltd. | 696600 | 12574928 |
| Toyo Suisan Kaisha Ltd. | 294900 | 21375811 |
| Yakult Honsha Co. Ltd. | 872200 | 13057546 |
|  |  | 167881261 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Osaka Gas Co. Ltd. | 1213800 | 38192059 |
| Tokyo Gas Co. Ltd. | 1129200 | 39628368 |
|  |  | 77820427 |
| **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** |
| Central Japan Railway Co. | 3007600 | 73631250 |
| East Japan Railway Co. | 3333400 | 81418333 |
| Hankyu Hanshin Holdings, Inc. | 729000 | 19576558 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Tokyu Corp. | 1755800 | 19538564 |
| West Japan Railway Co. | 1438400 | 29562196 |
|  |  | 223726901 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Hoya Corp. | 1056100 | 171544547 |
| Olympus Corp. | 3447000 | 42422135 |
| Sysmex Corp. | 1683400 | 18765809 |
| Terumo Corp. | 4552300 | 73478326 |
|  |  | 306210817 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| M3, Inc. | 1371300 | 19218576 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| McDonald's Holdings Co. Japan Ltd. | 262700 | 10276817 |
| Oriental Land Co. Ltd. | 3424800 | 69309962 |
| Zensho Holdings Co. Ltd. | 297400 | 18517919 |
|  |  | 98104698 |
| **Household Durables — 4.3%** | **Household Durables — 4.3%** | **Household Durables — 4.3%** |
| Panasonic Holdings Corp. | 6785800 | 78845800 |
| Sekisui House Ltd. | 1917700 | 41144778 |
| Sony Group Corp. | 18399000 | 512404566 |
|  |  | 632395144 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Unicharm Corp. | 3513500 | 21738513 |
| **Industrial Conglomerates — 3.5%** | **Industrial Conglomerates — 3.5%** | **Industrial Conglomerates — 3.5%** |
| Hikari Tsushin, Inc. | 38700 | 10251099 |
| Hitachi Ltd. | 13960000 | 476859451 |
| Sekisui Chemical Co. Ltd. | 1288000 | 22313690 |
|  |  | 509424240 |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| Dai-ichi Life Holdings, Inc. | 11252000 | 78977775 |
| Japan Post Holdings Co. Ltd. | 5278000 | 49460439 |
| Japan Post Insurance Co. Ltd. | 587500 | 15194117 |
| MS&AD Insurance Group Holdings, Inc. | 4295900 | 88557667 |
| Sompo Holdings, Inc. | 2872000 | 87525557 |
| T&D Holdings, Inc. | 1482400 | 31835323 |
| Tokio Marine Holdings, Inc. | 5845700 | 218004850 |
|  |  | 569555728 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| LY Corp. | 8448600 | 24826360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — 2.9%** | **IT Services — 2.9%** | **IT Services — 2.9%** |
| Fujitsu Ltd. | 5475600 | 142696631 |
| NEC Corp. | 3881500 | 140976278 |
| Nomura Research Institute Ltd. | 1284200 | 49586925 |
| Obic Co. Ltd. | 995200 | 30872185 |
| Otsuka Corp. | 741200 | 14653579 |
| SCSK Corp. | 471500 | 17326041 |
| TIS, Inc. | 715800 | 24659916 |
|  |  | 420771555 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| Bandai Namco Holdings, Inc. | 1989600 | 61921134 |
| Shimano, Inc. | 246200 | 25793362 |
|  |  | 87714496 |
| **Machinery — 6.1%** | **Machinery — 6.1%** | **Machinery — 6.1%** |
| Daifuku Co. Ltd. | 1095400 | 34917849 |
| FANUC Corp. | 2852200 | 95182039 |
| Hitachi Construction Machinery Co. Ltd. | 274000 | 8917872 |
| Hoshizaki Corp. | 346100 | 12177607 |
| IHI Corp. | 3238300 | 67046092 |
| Kawasaki Heavy Industries Ltd. | 511500 | 40959211 |
| Komatsu Ltd. | 2820600 | 94351819 |
| Kubota Corp. | 3512800 | 45480803 |
| Makita Corp. | 755500 | 22839775 |
| MINEBEA MITSUMI, Inc. | 1142000 | 22570216 |
| Mitsubishi Heavy Industries Ltd. | 10261300 | 309785416 |
| SMC Corp. | 172800 | 59153333 |
| Toyota Industries Corp. | 554500 | 60275362 |
| Yaskawa Electric Corp. | 775700 | 21276139 |
|  |  | 894933533 |
| **Marine Transportation — 0.6%** | **Marine Transportation — 0.6%** | **Marine Transportation — 0.6%** |
| Kawasaki Kisen Kaisha Ltd. | 1134900 | 16260343 |
| Mitsui OSK Lines Ltd. | 1018200 | 30252381 |
| Nippon Yusen KK | 1324500 | 45739400 |
|  |  | 92252124 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Dentsu Group, Inc. | 688400 | 13633658 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| JFE Holdings, Inc. | 1943800 | 22276368 |
| Nippon Steel Corp. | 15974500 | 65847381 |
| Sumitomo Metal Mining Co. Ltd. | 806500 | 26382586 |
|  |  | 114506335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Japan Real Estate Investment Corp. | 21743 | 17933047 |
| Nippon Building Fund, Inc. | 25116 | 23174974 |
|  |  | 41108021 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| ENEOS Holdings, Inc. | 8220900 | 51863346 |
| Idemitsu Kosan Co. Ltd. | 2634860 | 18322170 |
| Inpex Corp. | 2649800 | 48894469 |
|  |  | 119079985 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings, Inc. | 474300 | 8889425 |
| Japan Airlines Co. Ltd. | 440700 | 7939386 |
|  |  | 16828811 |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| Kao Corp. | 1421300 | 60148904 |
| Shiseido Co. Ltd. | 1142700 | 19247475 |
|  |  | 79396379 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| Astellas Pharma, Inc. | 5492400 | 57492395 |
| Chugai Pharmaceutical Co. Ltd. | 2014900 | 92217424 |
| Daiichi Sankyo Co. Ltd. | 5713800 | 136491958 |
| Eisai Co. Ltd. | 828000 | 24592104 |
| Kyowa Kirin Co. Ltd. | 721000 | 11163990 |
| Ono Pharmaceutical Co. Ltd. | 1337600 | 16323283 |
| Otsuka Holdings Co. Ltd. | 1417200 | 77129710 |
| Shionogi & Co. Ltd. | 2599400 | 43598709 |
| Takeda Pharmaceutical Co. Ltd. | 4795000 | 129405108 |
|  |  | 588414681 |
| **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** |
| Recruit Holdings Co. Ltd. | 4367300 | 216565556 |
| **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** |
| Daito Trust Construction Co. Ltd. | 954600 | 17847270 |
| Daiwa House Industry Co. Ltd. | 1891000 | 64157937 |
| Hulic Co. Ltd. | 1739900 | 17975546 |
| Mitsubishi Estate Co. Ltd. | 3808700 | 80713540 |
| Mitsui Fudosan Co. Ltd. | 8474500 | 88239910 |
| Sumitomo Realty & Development Co. Ltd. | 1448900 | 61863695 |
|  |  | 330797898 |
| **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** |
| Advantest Corp. | 2255500 | 337751708 |
| Disco Corp. | 278400 | 92451955 |
| Lasertec Corp. | 250100 | 50778402 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders Japan ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **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. | 4839000 | 59759587 |
| SCREEN Holdings Co. Ltd. | 291900 | 27671452 |
| Tokyo Electron Ltd. | 1350800 | 297811332 |
|  |  | 866224436 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Oracle Corp. | 101800 | 9384926 |
| Trend Micro, Inc. | 385100 | 19652598 |
|  |  | 29037524 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Fast Retailing Co. Ltd. | 561900 | 206284726 |
| Nitori Holdings Co. Ltd. | 1240400 | 20097201 |
| ZOZO, Inc. | 1250000 | 10805640 |
|  |  | 237187567 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| Canon, Inc. | 2755800 | 79140625 |
| FUJIFILM Holdings Corp. | 3677800 | 85239236 |
| Ricoh Co. Ltd. | 1740100 | 14927944 |
|  |  | 179307805 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Asics Corp. | 2179500 | 55499177 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Japan Tobacco, Inc. | 3385400 | 117923313 |
| **Trading Companies & Distributors — 7.0%** | **Trading Companies & Distributors — 7.0%** | **Trading Companies & Distributors — 7.0%** |
| ITOCHU Corp. | 4329000 | 250749984 |
| Marubeni Corp. | 5070500 | 124612727 |
| Mitsubishi Corp. | 11733600 | 281754901 |
| Mitsui & Co. Ltd. | 7914100 | 194620620 |
| MonotaRO Co. Ltd. | 761500 | 10624528 |
| Sumitomo Corp. | 3734100 | 108628501 |
| Toyota Tsusho Corp. | 2164900 | 66172865 |
|  |  | 1037164126 |
| **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** |
| KDDI Corp. | 8853500 | 141128005 |
| SoftBank Corp. | 86283800 | 122609190 |
| SoftBank Group Corp. | 2864500 | 502630025 |
|  |  | 766367220 |
| Total Common Stocks <br>(Cost $11,535,017,366)<br>|  | 14558794461 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.0% ^** | **Short-Term Investments — 0.0% ^** | **Short-Term Investments — 0.0% ^** |
| **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, 4.12% (b) <br> (c)(Cost $4,295,527)<br>| 4295527 | 4295527 |
| **Total Investments — 98.8%** <br>**(Cost $11,539,312,893)**<br>|  | **14563089988** |
| **Other Assets in Excess of Liabilities —** <br> **1.2%**<br>|  | **171477622** |
| **NET ASSETS — 100.0%** |  | **14734567610** |

---

&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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $4,085,585.<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 October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp;&nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 171939459 | &nbsp;&nbsp;&nbsp;&nbsp; 10332715 |

---

&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;

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

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. \* | 7746 | 5671854 |
| Boeing Co. (The) \* | 78666 | 15813439 |
| GE Aerospace | 110270 | 34067916 |
| General Dynamics Corp. | 25277 | 8718037 |
| HEICO Corp. | 4379 | 1391515 |
| HEICO Corp., Class A | 8019 | 1986547 |
| Howmet Aerospace, Inc. | 40401 | 8320586 |
| L3Harris Technologies, Inc. | 19390 | 5605649 |
| Lockheed Martin Corp. | 20730 | 10196672 |
| Northrop Grumman Corp. | 14340 | 8366673 |
| RTX Corp. | 139457 | 24893074 |
| Textron, Inc. | 18813 | 1520279 |
| TransDigm Group, Inc. | 5605 | 7334199 |
|  |  | 133886440 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| Expeditors International of Washington, Inc. | 13905 | 1695020 |
| FedEx Corp. | 22988 | 5834814 |
| United Parcel Service, Inc., Class B | 76014 | 7329270 |
|  |  | 14859104 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv plc \* | 21718 | 1761330 |
| **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| Ford Motor Co. | 409264 | 5373636 |
| General Motors Co. | 99113 | 6847717 |
| Tesla, Inc. \* | 292328 | 133465272 |
|  |  | 145686625 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 708972 | 37894553 |
| Citigroup, Inc. | 191606 | 19396275 |
| Citizens Financial Group, Inc. | 45793 | 2329490 |
| East West Bancorp, Inc. | 14433 | 1466393 |
| Fifth Third Bancorp | 69305 | 2884474 |
| First Citizens BancShares, Inc., Class A | 1070 | 1952557 |
| Huntington Bancshares, Inc. | 159811 | 2467482 |
| JPMorgan Chase & Co. (a) | 286171 | 89033521 |
| KeyCorp | 98106 | 1725685 |
| M&T Bank Corp. | 16272 | 2991933 |
| PNC Financial Services Group, Inc. (The) | 40980 | 7480899 |
| Regions Financial Corp. | 89350 | 2162270 |
| Truist Financial Corp. | 134226 | 5990506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| US Bancorp | 161865 | 7555858 |
| Wells Fargo & Co. | 335483 | 29176957 |
|  |  | 214508853 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Brown-Forman Corp., Class A | 4620 | 125294 |
| Brown-Forman Corp., Class B | 30414 | 828173 |
| Coca-Cola Co. (The) | 407105 | 28049535 |
| Constellation Brands, Inc., Class A | 15855 | 2083030 |
| Keurig Dr Pepper, Inc. | 126547 | 3437017 |
| Molson Coors Beverage Co., Class B | 17524 | 766149 |
| Monster Beverage Corp. \* | 71323 | 4766516 |
| PepsiCo, Inc. | 142625 | 20836086 |
|  |  | 60891800 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| AbbVie, Inc. | 183916 | 40101045 |
| Alnylam Pharmaceuticals, Inc. \* | 13066 | 5958619 |
| Amgen, Inc. | 56018 | 16717452 |
| Biogen, Inc. \* | 14758 | 2276717 |
| BioMarin Pharmaceutical, Inc. \* | 19858 | 1063793 |
| Gilead Sciences, Inc. | 129788 | 15547304 |
| Incyte Corp. \* | 16854 | 1575512 |
| Moderna, Inc. \* (b) | 35946 | 976293 |
| Regeneron Pharmaceuticals, Inc. | 10803 | 7041395 |
| Vertex Pharmaceuticals, Inc. \* | 26842 | 11423150 |
|  |  | 102681280 |
| **Broadline Retail — 4.3%** | **Broadline Retail — 4.3%** | **Broadline Retail — 4.3%** |
| Amazon.com, Inc. \* | 1015128 | 247914560 |
| Coupang, Inc. (South Korea) \* | 127653 | 4081067 |
| eBay, Inc. | 48519 | 3945080 |
| MercadoLibre, Inc. (Brazil) \* | 4909 | 11424519 |
|  |  | 267365226 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Allegion plc | 8962 | 1485631 |
| Builders FirstSource, Inc. \* | 11822 | 1373362 |
| Carrier Global Corp. | 82848 | 4928628 |
| Johnson Controls International plc | 68811 | 7871290 |
| Lennox International, Inc. | 3371 | 1702355 |
| Masco Corp. | 21965 | 1422453 |
| Owens Corning | 8905 | 1133696 |
| Trane Technologies plc | 23216 | 10415858 |
|  |  | 30333273 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Ameriprise Financial, Inc. | 9842 | 4456162 |
| Ares Management Corp. | 21138 | 3143432 |
| Bank of New York Mellon Corp. (The) | 70647 | 7624931 |
| Blackrock, Inc. | 14442 | 15637942 |
| Blackstone, Inc. | 76949 | 11283801 |
| Carlyle Group, Inc. (The) | 22411 | 1194954 |
| Charles Schwab Corp. (The) | 177371 | 16765107 |
| CME Group, Inc. | 37440 | 9939946 |
| Coinbase Global, Inc., Class A \* | 21807 | 7496810 |
| FactSet Research Systems, Inc. | 3962 | 1057062 |
| Goldman Sachs Group, Inc. (The) | 31980 | 25244053 |
| Intercontinental Exchange, Inc. | 59542 | 8710399 |
| KKR & Co., Inc. | 69306 | 8200979 |
| LPL Financial Holdings, Inc. | 8305 | 3133560 |
| Moody's Corp. | 16155 | 7759246 |
| Morgan Stanley | 128543 | 21081052 |
| MSCI, Inc. | 7814 | 4598930 |
| Nasdaq, Inc. | 40318 | 3446786 |
| Northern Trust Corp. | 19826 | 2551011 |
| Raymond James Financial, Inc. | 17834 | 2829721 |
| Robinhood Markets, Inc., Class A \* | 75943 | 11146914 |
| S&P Global, Inc. | 31965 | 15573668 |
| State Street Corp. | 30023 | 3472460 |
| T. Rowe Price Group, Inc. | 23116 | 2370083 |
|  |  | 198719009 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Air Products and Chemicals, Inc. | 23145 | 5614745 |
| CF Industries Holdings, Inc. | 17209 | 1433338 |
| Corteva, Inc. | 71348 | 4383621 |
| Dow, Inc. | 73022 | 1741575 |
| DuPont de Nemours, Inc. | 43486 | 3550632 |
| Ecolab, Inc. | 26438 | 6778703 |
| International Flavors & Fragrances, Inc. | 26555 | 1672168 |
| Linde plc | 49017 | 20503811 |
| LyondellBasell Industries NV, Class A | 26947 | 1250880 |
| PPG Industries, Inc. | 23683 | 2315013 |
| Sherwin-Williams Co. (The) | 23985 | 8273386 |
| Solstice Advanced Materials, Inc. \* |  | 34 |
| Westlake Corp. | 3495 | 240491 |
|  |  | 57758397 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Cintas Corp. | 36077 | 6611832 |
| Copart, Inc. \* | 87517 | 3764106 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Republic Services, Inc., Class A | 21167 | 4407816 |
| Rollins, Inc. | 30694 | 1768281 |
| Veralto Corp. | 24667 | 2434140 |
| Waste Management, Inc. | 38259 | 7643000 |
|  |  | 26629175 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. \* | 107058 | 16881976 |
| Cisco Systems, Inc. | 412556 | 30161969 |
| F5, Inc. \* | 6017 | 1522602 |
| Motorola Solutions, Inc. | 17381 | 7069027 |
|  |  | 55635574 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 15150 | 6804320 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Amrize Ltd. \* | 51381 | 2663591 |
| CRH plc | 70075 | 8345932 |
| Martin Marietta Materials, Inc. | 6284 | 3852720 |
| Vulcan Materials Co. | 13847 | 4008707 |
|  |  | 18870950 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 56869 | 20514354 |
| Capital One Financial Corp. | 66497 | 14628675 |
| Synchrony Financial | 38758 | 2882820 |
|  |  | 38025849 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Costco Wholesale Corp. | 46240 | 42145448 |
| Dollar General Corp. | 22862 | 2255565 |
| Dollar Tree, Inc. \* | 20528 | 2034735 |
| Kroger Co. (The) | 63987 | 4071493 |
| Sysco Corp. | 49779 | 3697584 |
| Target Corp. | 47280 | 4383802 |
| Walmart, Inc. | 448174 | 45346245 |
|  |  | 103934872 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor plc | 237682 | 1877688 |
| Avery Dennison Corp. | 8173 | 1429376 |
| Ball Corp. | 27880 | 1310360 |
| Crown Holdings, Inc. | 12152 | 1180931 |
| International Paper Co. | 54223 | 2095177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Packaging Corp. of America | 9261 | 1812933 |
| Smurfit WestRock plc | 53823 | 1987145 |
|  |  | 11693610 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| Genuine Parts Co. | 14413 | 1834919 |
| Pool Corp. | 3846 | 1027113 |
|  |  | 2862032 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| WP Carey, Inc. | 22657 | 1495362 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc. | 745010 | 18438997 |
| Verizon Communications, Inc. | 439293 | 17457504 |
|  |  | 35896501 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. | 26521 | 1772133 |
| American Electric Power Co., Inc. | 53625 | 6448942 |
| Constellation Energy Corp. | 32487 | 12247599 |
| Duke Energy Corp. | 81003 | 10068673 |
| Edison International | 39976 | 2213871 |
| Entergy Corp. | 46350 | 4453771 |
| Evergy, Inc. | 23924 | 1837602 |
| Eversource Energy | 36534 | 2696575 |
| Exelon Corp. | 105193 | 4851501 |
| FirstEnergy Corp. | 53778 | 2464646 |
| NextEra Energy, Inc. | 214362 | 17449067 |
| NRG Energy, Inc. | 20083 | 3451464 |
| PG&E Corp. | 228055 | 3639758 |
| PPL Corp. | 73475 | 2683307 |
| Southern Co. (The) | 114590 | 10776044 |
| Xcel Energy, Inc. | 59858 | 4858674 |
|  |  | 91913627 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| AMETEK, Inc. | 24005 | 4851651 |
| Eaton Corp. plc | 40798 | 15566885 |
| Emerson Electric Co. | 58651 | 8185920 |
| GE Vernova, Inc. | 28408 | 16622657 |
| Hubbell, Inc. | 5607 | 2635290 |
| Rockwell Automation, Inc. | 11802 | 4347385 |
| Vertiv Holdings Co., Class A | 39039 | 7529061 |
|  |  | 59738849 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 127101 | 17710253 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| CDW Corp. | 13742 | 2190063 |
| Corning, Inc. | 78470 | 6990108 |
| Flex Ltd. \* | 38118 | 2383137 |
| Keysight Technologies, Inc. \* | 17943 | 3282851 |
| TE Connectivity plc (Switzerland) | 30885 | 7628904 |
| Teledyne Technologies, Inc. \* | 4897 | 2579837 |
| Trimble, Inc. \* | 24853 | 1982027 |
| Zebra Technologies Corp., Class A \* | 5299 | 1426756 |
|  |  | 46173936 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 103115 | 4991797 |
| Halliburton Co. | 89465 | 2401241 |
| SLB Ltd. | 154534 | 5572496 |
|  |  | 12965534 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Electronic Arts, Inc. | 23772 | 4755826 |
| Liberty Media Corp-Liberty Formula One, <br> Class A \*<br>| 2399 | 218261 |
| Liberty Media Corp-Liberty Formula One, <br> Class C \*<br>| 22100 | 2206685 |
| Live Nation Entertainment, Inc. \* | 14959 | 2236819 |
| Netflix, Inc. \* | 44261 | 49521863 |
| ROBLOX Corp., Class A \* | 64359 | 7318906 |
| Take-Two Interactive Software, Inc. \* | 17730 | 4545440 |
| Walt Disney Co. (The) | 187344 | 21098681 |
| Warner Bros Discovery, Inc. \* | 236063 | 5299614 |
|  |  | 97202095 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| Apollo Global Management, Inc. | 46557 | 5787501 |
| Berkshire Hathaway, Inc., Class B \* | 191649 | 91520063 |
| Block, Inc. \* | 58240 | 4422746 |
| Corebridge Financial, Inc. | 25062 | 816019 |
| Corpay, Inc. \* | 7027 | 1829479 |
| Equitable Holdings, Inc. | 32154 | 1588408 |
| Fidelity National Information Services, Inc. | 54762 | 3423720 |
| Fiserv, Inc. \* | 56234 | 3750245 |
| Global Payments, Inc. | 25385 | 1973938 |
| Jack Henry & Associates, Inc. | 7624 | 1135519 |
| Mastercard, Inc., Class A | 85753 | 47334798 |
| PayPal Holdings, Inc. \* | 99428 | 6887377 |
| Visa, Inc., Class A | 176947 | 60292921 |
|  |  | 230762734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Archer-Daniels-Midland Co. | 47220 | 2858227 |
| Campbell's Co. (The) | 20742 | 624956 |
| Conagra Brands, Inc. | 49733 | 854910 |
| General Mills, Inc. | 57011 | 2657283 |
| Hershey Co. (The) | 15338 | 2601785 |
| Hormel Foods Corp. | 30170 | 651370 |
| J M Smucker Co. (The) | 10933 | 1132112 |
| Kellanova | 28380 | 2357243 |
| Kraft Heinz Co. (The) | 90612 | 2240835 |
| McCormick & Co., Inc. (Non-Voting) | 26173 | 1679260 |
| Mondelez International, Inc., Class A | 135012 | 7757789 |
| Tyson Foods, Inc., Class A | 28302 | 1455006 |
|  |  | 26870776 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. | 16467 | 2827713 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 194262 | 6997317 |
| JB Hunt Transport Services, Inc. | 8305 | 1402382 |
| Norfolk Southern Corp. | 23521 | 6665381 |
| Old Dominion Freight Line, Inc. | 18514 | 2599736 |
| Uber Technologies, Inc. \* | 209800 | 20245700 |
| Union Pacific Corp. | 61682 | 13592863 |
|  |  | 51503379 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Abbott Laboratories | 181184 | 22397966 |
| Align Technology, Inc. \* | 7361 | 1014935 |
| Baxter International, Inc. | 53369 | 985725 |
| Becton Dickinson & Co. | 29930 | 5348790 |
| Boston Scientific Corp. \* | 153944 | 15505240 |
| Cooper Cos., Inc. (The) \* | 20652 | 1443781 |
| Dexcom, Inc. \* | 40584 | 2362801 |
| Edwards Lifesciences Corp. \* | 60977 | 5027554 |
| GE HealthCare Technologies, Inc. | 47320 | 3546634 |
| Hologic, Inc. \* | 23311 | 1722916 |
| IDEXX Laboratories, Inc. \* | 8349 | 5255779 |
| Insulet Corp. \* | 7248 | 2268697 |
| Intuitive Surgical, Inc. \* | 37158 | 19852776 |
| Medtronic plc | 133603 | 12117792 |
| ResMed, Inc. | 15288 | 3774301 |
| STERIS plc | 9923 | 2338851 |
| Stryker Corp. | 37605 | 13396405 |
| Zimmer Biomet Holdings, Inc. | 20768 | 2088430 |
|  |  | 120449373 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cardinal Health, Inc. | 24862 | 4742924 |
| Cencora, Inc. | 19071 | 6442374 |
| Centene Corp. \* | 48863 | 1728284 |
| Cigna Group (The) | 26880 | 6569741 |
| CVS Health Corp. | 131646 | 10288135 |
| Elevance Health, Inc. | 23458 | 7440878 |
| HCA Healthcare, Inc. | 17817 | 8190119 |
| Humana, Inc. | 12489 | 3474315 |
| Labcorp Holdings, Inc. | 8747 | 2221388 |
| McKesson Corp. | 13056 | 10592855 |
| Molina Healthcare, Inc. \* | 5620 | 860197 |
| Quest Diagnostics, Inc. | 11509 | 2025009 |
| UnitedHealth Group, Inc. | 94408 | 32245996 |
|  |  | 96822215 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 15445 | 899208 |
| Healthpeak Properties, Inc. | 72613 | 1303403 |
| Ventas, Inc. | 45037 | 3323280 |
| Welltower, Inc. | 69645 | 12608531 |
|  |  | 18134422 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Veeva Systems, Inc., Class A \* | 15550 | 4528160 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Airbnb, Inc., Class A \* | 43449 | 5498036 |
| Booking Holdings, Inc. | 3340 | 16959652 |
| Carnival Corp. \* | 112535 | 3244384 |
| Chipotle Mexican Grill, Inc., Class A \* | 139399 | 4417554 |
| Darden Restaurants, Inc. | 12192 | 2196389 |
| Domino's Pizza, Inc. | 3279 | 1306550 |
| DoorDash, Inc., Class A \* | 38054 | 9679796 |
| Expedia Group, Inc. | 12707 | 2795540 |
| Flutter Entertainment plc (United Kingdom) \* | 17258 | 4014038 |
| Hilton Worldwide Holdings, Inc. | 22992 | 5908024 |
| Las Vegas Sands Corp. | 32850 | 1949648 |
| Marriott International, Inc., Class A | 23675 | 6169232 |
| McDonald's Corp. | 74628 | 22271234 |
| Royal Caribbean Cruises Ltd. | 26300 | 7543629 |
| Starbucks Corp. | 118316 | 9568215 |
| Yum! Brands, Inc. | 29195 | 4035041 |
|  |  | 107556962 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| DR Horton, Inc. | 27880 | 4156350 |
| Garmin Ltd. | 16862 | 3607456 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Lennar Corp., Class A | 22207 | 2748560 |
| Lennar Corp., Class B | 989 | 116752 |
| NVR, Inc. \* | 253 | 1824338 |
| PulteGroup, Inc. | 20859 | 2500368 |
|  |  | 14953824 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Church & Dwight Co., Inc. | 25704 | 2253984 |
| Clorox Co. (The) | 12923 | 1453321 |
| Colgate-Palmolive Co. | 84422 | 6504715 |
| Kimberly-Clark Corp. | 34708 | 4154895 |
| Procter & Gamble Co. (The) | 244339 | 36741255 |
|  |  | 51108170 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 35173 | 6623076 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 55467 | 9235256 |
| Honeywell International, Inc. | 66153 | 13318583 |
|  |  | 22553839 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Lineage, Inc. | 6174 | 243256 |
| Prologis, Inc. | 96269 | 11946020 |
|  |  | 12189276 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Aflac, Inc. | 50600 | 5423814 |
| Allstate Corp. (The) | 27523 | 5271205 |
| American International Group, Inc. | 55899 | 4413785 |
| Aon plc, Class A | 22371 | 7621352 |
| Arch Capital Group Ltd. | 38828 | 3351245 |
| Arthur J Gallagher & Co. | 26470 | 6604000 |
| Brown & Brown, Inc. | 29240 | 2331598 |
| Chubb Ltd. | 38589 | 10686838 |
| Cincinnati Financial Corp. | 16128 | 2493227 |
| Everest Group Ltd. | 4401 | 1384203 |
| Fidelity National Financial, Inc. | 26847 | 1483028 |
| Hartford Insurance Group, Inc. (The) | 29422 | 3653624 |
| Loews Corp. | 18199 | 1811892 |
| Markel Group, Inc. \* | 1220 | 2408927 |
| Marsh & McLennan Cos., Inc. | 51355 | 9148893 |
| MetLife, Inc. | 58640 | 4680645 |
| Principal Financial Group, Inc. | 23302 | 1958300 |
| Progressive Corp. (The) | 60913 | 12548078 |
| Prudential Financial, Inc. | 37052 | 3853408 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Reinsurance Group of America, Inc. | 6867 | 1252953 |
| Travelers Cos., Inc. (The) | 23382 | 6280873 |
| Willis Towers Watson plc | 9917 | 3105013 |
| WR Berkley Corp. | 29925 | 2134849 |
|  |  | 103901750 |
| **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** |
| Alphabet, Inc., Class A | 606046 | 170414075 |
| Alphabet, Inc., Class C | 527296 | 148602559 |
| Meta Platforms, Inc., Class A | 226166 | 146634726 |
| Pinterest, Inc., Class A \* | 62023 | 2052961 |
| Snap, Inc., Class A \* | 110158 | 859232 |
|  |  | 468563553 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Accenture plc, Class A | 64856 | 16220486 |
| Akamai Technologies, Inc. \* | 14493 | 1088424 |
| Cloudflare, Inc., Class A \* | 31800 | 8054940 |
| Cognizant Technology Solutions Corp., Class A | 51342 | 3741805 |
| Gartner, Inc. \* | 7903 | 1962631 |
| GoDaddy, Inc., Class A \* | 14816 | 1972454 |
| International Business Machines Corp. | 97073 | 29841211 |
| MongoDB, Inc., Class A \* | 8167 | 2938650 |
| Okta, Inc. \* | 17242 | 1578160 |
| Snowflake, Inc., Class A \* | 33953 | 9333001 |
| Twilio, Inc., Class A \* | 15185 | 2048153 |
| VeriSign, Inc. | 8283 | 1986263 |
|  |  | 80766178 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc. | 29717 | 4349380 |
| Danaher Corp. | 68053 | 14657255 |
| Illumina, Inc. \* | 16110 | 1990229 |
| IQVIA Holdings, Inc. \* | 17512 | 3790648 |
| Mettler-Toledo International, Inc. \* | 2158 | 3056354 |
| Revvity, Inc. (b) | 12479 | 1167910 |
| Thermo Fisher Scientific, Inc. | 39313 | 22305803 |
| Waters Corp. \* | 6149 | 2149690 |
| West Pharmaceutical Services, Inc. | 7447 | 2100575 |
|  |  | 55567844 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 49013 | 28293244 |
| CNH Industrial NV | 91675 | 961671 |
| Cummins, Inc. | 14300 | 6258824 |
| Deere & Co. | 25995 | 12000072 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Dover Corp. | 14283 | 2591793 |
| Fortive Corp. | 35354 | 1779720 |
| IDEX Corp. | 7440 | 1275663 |
| Illinois Tool Works, Inc. | 30709 | 7490539 |
| Ingersoll Rand, Inc. | 42094 | 3213035 |
| Otis Worldwide Corp. | 41121 | 3814384 |
| PACCAR, Inc. | 53538 | 5268139 |
| Parker-Hannifin Corp. | 12802 | 9893770 |
| Pentair plc | 17192 | 1828369 |
| Snap-on, Inc. | 5278 | 1771033 |
| Westinghouse Air Brake Technologies Corp. | 17822 | 3643530 |
| Xylem, Inc. | 25091 | 3784977 |
|  |  | 93868763 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications, Inc., Class A \* | 9758 | 2281811 |
| Comcast Corp., Class A | 388034 | 10800926 |
| Fox Corp., Class A | 21895 | 1415512 |
| Fox Corp., Class B | 13905 | 812191 |
| News Corp., Class A | 39403 | 1044180 |
| News Corp., Class B (b) | 10771 | 328192 |
| Omnicom Group, Inc. | 20338 | 1525757 |
| Trade Desk, Inc. (The), Class A \* | 46415 | 2333746 |
|  |  | 20542315 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Freeport-McMoRan, Inc. | 145829 | 6081069 |
| Newmont Corp. | 114333 | 9257543 |
| Nucor Corp. | 24173 | 3627159 |
| Southern Copper Corp. (Mexico) | 9363 | 1299584 |
| Steel Dynamics, Inc. | 14542 | 2280186 |
|  |  | 22545541 |
| **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. | 66796 | 1414071 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. | 28091 | 2865844 |
| CenterPoint Energy, Inc. | 67961 | 2598829 |
| CMS Energy Corp. | 31056 | 2284169 |
| Consolidated Edison, Inc. | 37504 | 3653265 |
| Dominion Energy, Inc. | 88748 | 5208620 |
| DTE Energy Co. | 21435 | 2905300 |
| NiSource, Inc. | 48549 | 2044398 |
| Public Service Enterprise Group, Inc. | 51890 | 4180258 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Sempra | 67945 | 6246863 |
| WEC Energy Group, Inc. | 32083 | 3584634 |
|  |  | 35572180 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| Cheniere Energy, Inc. | 23062 | 4889144 |
| Chevron Corp. | 197582 | 31162633 |
| ConocoPhillips | 130025 | 11554021 |
| Coterra Energy, Inc. | 78919 | 1867224 |
| Devon Energy Corp. | 63777 | 2072115 |
| Diamondback Energy, Inc. | 19789 | 2833587 |
| EOG Resources, Inc. | 56782 | 6009807 |
| EQT Corp. | 64474 | 3454517 |
| Expand Energy Corp. | 23734 | 2451959 |
| Exxon Mobil Corp. | 443702 | 50741761 |
| Kinder Morgan, Inc. | 204715 | 5361486 |
| Marathon Petroleum Corp. | 30787 | 6000694 |
| Occidental Petroleum Corp. | 68221 | 2810705 |
| ONEOK, Inc. | 64637 | 4330679 |
| Phillips 66 | 42346 | 5764984 |
| Targa Resources Corp. | 22499 | 3465746 |
| Texas Pacific Land Corp. | 1981 | 1868836 |
| Valero Energy Corp. | 32255 | 5469158 |
| Williams Cos., Inc. (The) | 126531 | 7322349 |
|  |  | 159431405 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 67854 | 3893462 |
| Southwest Airlines Co. | 47800 | 1448340 |
| United Airlines Holdings, Inc. \* | 34044 | 3201498 |
|  |  | 8543300 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 24148 | 2334870 |
| Kenvue, Inc. | 180556 | 2594590 |
|  |  | 4929460 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 211969 | 9765412 |
| Eli Lilly & Co. | 83246 | 71829644 |
| Johnson & Johnson | 250807 | 47369918 |
| Merck & Co., Inc. | 253528 | 21798338 |
| Pfizer, Inc. | 590465 | 14554962 |
| Royalty Pharma plc, Class A | 36541 | 1371749 |
| Zoetis, Inc. | 46458 | 6694133 |
|  |  | 173384156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Automatic Data Processing, Inc. | 42181 | 10979714 |
| Booz Allen Hamilton Holding Corp. | 12732 | 1109721 |
| Broadridge Financial Solutions, Inc. | 12194 | 2687558 |
| Equifax, Inc. | 12842 | 2710946 |
| Jacobs Solutions, Inc. | 12778 | 1990940 |
| Leidos Holdings, Inc. | 12633 | 2406207 |
| Paychex, Inc. | 33753 | 3950114 |
| Paycom Software, Inc. | 5227 | 977919 |
| SS&C Technologies Holdings, Inc. | 22406 | 1902718 |
| TransUnion | 20153 | 1636021 |
| Verisk Analytics, Inc., Class A | 14650 | 3204834 |
|  |  | 33556692 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A \* | 30976 | 4721672 |
| CoStar Group, Inc. \* | 41452 | 2852312 |
| Zillow Group, Inc., Class A \* | 5239 | 374746 |
| Zillow Group, Inc., Class C \* | 17483 | 1310875 |
|  |  | 9259605 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. | 14232 | 2475229 |
| Camden Property Trust | 11280 | 1122134 |
| Equity LifeStyle Properties, Inc. | 19927 | 1216543 |
| Equity Residential | 35793 | 2127536 |
| Essex Property Trust, Inc. | 6356 | 1600250 |
| Invitation Homes, Inc. | 58092 | 1635290 |
| Mid-America Apartment Communities, Inc. | 12125 | 1554789 |
| Sun Communities, Inc. | 12348 | 1563257 |
| UDR, Inc. | 31179 | 1050421 |
|  |  | 14345449 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Kimco Realty Corp. | 70807 | 1462873 |
| Realty Income Corp. | 91096 | 5281746 |
| Regency Centers Corp. | 17094 | 1178631 |
| Simon Property Group, Inc. | 33844 | 5948421 |
|  |  | 13871671 |
| **Semiconductors & Semiconductor Equipment — 14.5%** | **Semiconductors & Semiconductor Equipment — 14.5%** | **Semiconductors & Semiconductor Equipment — 14.5%** |
| Advanced Micro Devices, Inc. \* | 168721 | 43212823 |
| Analog Devices, Inc. | 51739 | 12113652 |
| Applied Materials, Inc. | 83505 | 19465015 |
| Broadcom, Inc. | 480711 | 177685207 |
| Entegris, Inc. | 15649 | 1432979 |
| First Solar, Inc. \* | 10633 | 2838373 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Intel Corp. \* | 454459 | 18173815 |
| KLA Corp. | 13800 | 16680612 |
| Lam Research Corp. | 132081 | 20797474 |
| Marvell Technology, Inc. | 89595 | 8398635 |
| Microchip Technology, Inc. | 56354 | 3517617 |
| Micron Technology, Inc. | 116473 | 26063163 |
| Monolithic Power Systems, Inc. | 4783 | 4806915 |
| NVIDIA Corp. | 2449429 | 495984878 |
| NXP Semiconductors NV (Netherlands) | 25205 | 5270870 |
| ON Semiconductor Corp. \* | 43945 | 2200766 |
| QUALCOMM, Inc. | 112413 | 20335512 |
| Teradyne, Inc. | 16766 | 3047388 |
| Texas Instruments, Inc. | 94599 | 15273955 |
|  |  | 897299649 |
| **Software — 11.2%** | **Software — 11.2%** | **Software — 11.2%** |
| Adobe, Inc. \* | 44192 | 15038979 |
| AppLovin Corp., Class A \* | 22175 | 14132793 |
| Atlassian Corp., Class A \* | 16942 | 2870314 |
| Autodesk, Inc. \* | 22162 | 6678297 |
| Bentley Systems, Inc., Class B | 13953 | 709231 |
| Cadence Design Systems, Inc. \* | 28313 | 9589330 |
| Crowdstrike Holdings, Inc., Class A \* | 25085 | 13621406 |
| Datadog, Inc., Class A \* | 31122 | 5066973 |
| Docusign, Inc. \* | 21143 | 1546399 |
| Dynatrace, Inc. \* | 30981 | 1566709 |
| Fair Isaac Corp. \* | 2396 | 3976234 |
| Fortinet, Inc. \* | 67799 | 5859867 |
| Gen Digital, Inc. | 59142 | 1558983 |
| HubSpot, Inc. \* | 5174 | 2545194 |
| Intuit, Inc. | 28369 | 18937726 |
| Microsoft Corp. | 774606 | 401098733 |
| Oracle Corp. | 169718 | 44569644 |
| Palantir Technologies, Inc., Class A \* | 227311 | 45569036 |
| Palo Alto Networks, Inc. \* | 69324 | 15267918 |
| PTC, Inc. \* | 12381 | 2458124 |
| Roper Technologies, Inc. | 11081 | 4943788 |
| Salesforce, Inc. | 96407 | 25105347 |
| ServiceNow, Inc. \* | 21658 | 19909766 |
| Strategy, Inc., Class A \* | 27463 | 7401553 |
| Synopsys, Inc. \* | 19218 | 8721513 |
| Tyler Technologies, Inc. \* | 4437 | 2113165 |
| Workday, Inc., Class A \* | 22467 | 5390283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Zoom Communications, Inc., Class A \* | 24977 | 2178744 |
| Zscaler, Inc. \* | 10115 | 3349481 |
|  |  | 691775530 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| American Tower Corp. | 48534 | 8686615 |
| Crown Castle, Inc. | 43026 | 3881806 |
| Digital Realty Trust, Inc. | 33153 | 5649603 |
| Equinix, Inc. | 10178 | 8610690 |
| Extra Space Storage, Inc. | 21288 | 2842799 |
| Iron Mountain, Inc. | 30762 | 3166948 |
| Public Storage | 16452 | 4582869 |
| SBA Communications Corp. | 11213 | 2147065 |
| VICI Properties, Inc., Class A | 109792 | 3292662 |
| Weyerhaeuser Co. | 72112 | 1658576 |
|  |  | 44519633 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. \* | 1763 | 6478020 |
| Best Buy Co., Inc. | 20305 | 1667853 |
| Burlington Stores, Inc. \* | 6488 | 1775052 |
| Carvana Co. \* | 14306 | 4385361 |
| Home Depot, Inc. (The) | 103536 | 39301230 |
| Lowe's Cos., Inc. | 58332 | 13890599 |
| O'Reilly Automotive, Inc. \* | 87614 | 8274266 |
| Ross Stores, Inc. | 33721 | 5358942 |
| TJX Cos., Inc. (The) | 116137 | 16275439 |
| Tractor Supply Co. | 53019 | 2868858 |
| Ulta Beauty, Inc. \* | 4721 | 2454354 |
|  |  | 102729974 |
| **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** |
| Apple, Inc. | 1546378 | 418094220 |
| Dell Technologies, Inc., Class C | 32055 | 5193230 |
| Hewlett Packard Enterprise Co. | 136823 | 3341217 |
| HP, Inc. | 98072 | 2713652 |
| NetApp, Inc. | 20056 | 2362196 |
| Seagate Technology Holdings plc | 21227 | 5431565 |
| Super Micro Computer, Inc. \* | 54980 | 2856761 |
| Western Digital Corp. | 35894 | 5391638 |
|  |  | 445384479 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Deckers Outdoor Corp. \* | 15789 | 1286803 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| Lululemon Athletica, Inc. \* | 10981 | 1872700 |
| NIKE, Inc., Class B | 117456 | 7586483 |
|  |  | 10745986 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Altria Group, Inc. | 174985 | 9865654 |
| Philip Morris International, Inc. | 161973 | 23377563 |
|  |  | 33243217 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Fastenal Co. | 119017 | 4897550 |
| Ferguson Enterprises, Inc. | 20903 | 5194395 |
| United Rentals, Inc. | 6717 | 5851716 |
| Watsco, Inc. | 3652 | 1343973 |
| WW Grainger, Inc. | 4737 | 4637523 |
|  |  | 21925157 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Works Co., Inc. | 20268 | 2603019 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile US, Inc. | 43769 | 9193679 |
| Total Common Stocks <br>(Cost $4,450,512,117)<br>|  | 6164661798 |
|  | **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 $1,764)<br>| 1730 |  |
|  | **SHARES** |  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (c) (d) <br>(Cost $26,832,675)<br>| 26832675 | 26832675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.12% (c) (d) <br>(Cost $2,278,524)<br>| 2278524 | 2278524 |
| Total Short-Term Investments <br>(Cost $29,111,199)<br>|  | 29111199 |
| **Total Investments — 99.9%** <br>**(Cost $4,479,625,080)**<br>|  | **6193772997** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **3155190** |
| **NET ASSETS — 100.0%** |  | **6196928187** |

---

&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) | Investment in affiliate. This security is included in an <br> index in which the Fund, as an index fund, tracks.<br>|
| (b) | The security or a portion of this security is on loan at <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $2,225,887.<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 October 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30918375 | &nbsp;&nbsp;&nbsp;&nbsp; 830947 |

---

&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;

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

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| Archer Aviation, Inc., Class A \* | 235579 | 2643196 |
| ATI, Inc. \* | 65546 | 6487088 |
| BWX Technologies, Inc. | 42989 | 9182880 |
| Carpenter Technology Corp. | 22326 | 7052783 |
| Curtiss-Wright Corp. | 17693 | 10540251 |
| Hexcel Corp. | 37787 | 2697992 |
| Huntington Ingalls Industries, Inc. | 18413 | 5929354 |
| Karman Holdings, Inc. \* | 16662 | 1403607 |
| Leonardo DRS, Inc. | 34674 | 1267681 |
| Loar Holdings, Inc. \* | 10821 | 856266 |
| Rocket Lab Corp. \* (a) | 196820 | 12395724 |
| Spirit AeroSystems Holdings, Inc., Class A \* | 52691 | 1933233 |
| StandardAero, Inc. \* | 52386 | 1513431 |
| Woodward, Inc. | 27716 | 7264641 |
|  |  | 71168127 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| CH Robinson Worldwide, Inc. | 55387 | 8529044 |
| GXO Logistics, Inc. \* | 54890 | 3085367 |
|  |  | 11614411 |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| Autoliv, Inc. (Sweden) | 31888 | 3724518 |
| BorgWarner, Inc. | 97956 | 4208190 |
| Gentex Corp. | 99071 | 2323215 |
| Lear Corp. | 25156 | 2632575 |
|  |  | 12888498 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| Lucid Group, Inc. \* (a) | 57929 | 1028240 |
| Rivian Automotive, Inc., Class A \* (a) | 354319 | 4808109 |
| Thor Industries, Inc. | 24062 | 2510869 |
|  |  | 8347218 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Bank OZK | 47562 | 2139814 |
| BOK Financial Corp. | 9566 | 1000412 |
| Cadence Bank | 84704 | 3196729 |
| Columbia Banking System, Inc. | 133377 | 3574504 |
| Comerica, Inc. | 59538 | 4554657 |
| Commerce Bancshares, Inc. | 61362 | 3229482 |
| Cullen/Frost Bankers, Inc. | 28283 | 3482769 |
| First Financial Bankshares, Inc. | 56576 | 1747633 |
| First Horizon Corp. | 230931 | 4932686 |
| FNB Corp. | 151897 | 2387821 |
| Glacier Bancorp, Inc. | 57460 | 2347241 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Hancock Whitney Corp. | 38166 | 2179660 |
| Home BancShares, Inc. | 86606 | 2313246 |
| Old National Bancorp | 162559 | 3321080 |
| Pinnacle Financial Partners, Inc. | 35052 | 2986781 |
| Popular, Inc. (Puerto Rico) | 30243 | 3371187 |
| Prosperity Bancshares, Inc. | 42491 | 2796758 |
| SouthState Bank Corp. | 45720 | 4053078 |
| Synovus Financial Corp. | 65347 | 2917090 |
| TFS Financial Corp. | 24794 | 329760 |
| UMB Financial Corp. | 33701 | 3601963 |
| United Bankshares, Inc. | 65945 | 2360172 |
| Valley National Bancorp | 210585 | 2289059 |
| Webster Financial Corp. | 76147 | 4343425 |
| Western Alliance Bancorp | 51867 | 4011913 |
| Wintrust Financial Corp. | 29649 | 3854963 |
| Zions Bancorp NA | 66467 | 3463595 |
|  |  | 80787478 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Celsius Holdings, Inc. \* | 76853 | 4628856 |
| Coca-Cola Consolidated, Inc. | 24554 | 3201351 |
| National Beverage Corp. \* | 12506 | 428581 |
| Primo Brands Corp. | 96587 | 2122016 |
|  |  | 10380804 |
| **Biotechnology — 5.0%** | **Biotechnology — 5.0%** | **Biotechnology — 5.0%** |
| Alkermes plc \* | 74033 | 2272813 |
| Bridgebio Pharma, Inc. \* | 65827 | 4123403 |
| CRISPR Therapeutics AG (Switzerland) \* (a) | 40532 | 2593643 |
| Cytokinetics, Inc. \* | 55191 | 3509596 |
| Exact Sciences Corp. \* | 86423 | 5590704 |
| Exelixis, Inc. \* | 118482 | 4581699 |
| Halozyme Therapeutics, Inc. \* | 58038 | 3783497 |
| Insmed, Inc. \* | 98198 | 18618341 |
| Ionis Pharmaceuticals, Inc. \* | 69835 | 5188741 |
| Madrigal Pharmaceuticals, Inc. \* | 8604 | 3604216 |
| Natera, Inc. \* | 61769 | 12287708 |
| Neurocrine Biosciences, Inc. \* | 46394 | 6644085 |
| Revolution Medicines, Inc. \* | 70654 | 4157281 |
| Roivant Sciences Ltd. \* | 181567 | 3629524 |
| Sarepta Therapeutics, Inc. \* | 44540 | 1069405 |
| Summit Therapeutics, Inc. \* (a) | 53071 | 1003573 |
| TG Therapeutics, Inc. \* | 67959 | 2363614 |
| Ultragenyx Pharmaceutical, Inc. \* | 41734 | 1443996 |
| United Therapeutics Corp. \* | 19462 | 8668959 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Vaxcyte, Inc. \* | 53915 | 2441271 |
| Viking Therapeutics, Inc. \* (a) | 49700 | 1892576 |
|  |  | 99468645 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Dillard's, Inc., Class A | 1854 | 1112548 |
| Etsy, Inc. \* | 48943 | 3034466 |
| Macy's, Inc. | 123290 | 2402922 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 28990 | 3502282 |
|  |  | 10052218 |
| **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
| A O Smith Corp. | 53561 | 3534490 |
| AAON, Inc. | 31712 | 3120144 |
| Advanced Drainage Systems, Inc. | 32435 | 4542522 |
| Armstrong World Industries, Inc. | 20387 | 3882296 |
| Carlisle Cos., Inc. | 20348 | 6614117 |
| Fortune Brands Innovations, Inc. | 54738 | 2780690 |
| Simpson Manufacturing Co., Inc. | 19723 | 3481110 |
| Trex Co., Inc. \* | 50325 | 2431704 |
| UFP Industries, Inc. | 28513 | 2626903 |
| Zurn Elkay Water Solutions Corp. | 71132 | 3351029 |
|  |  | 36365005 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Affiliated Managers Group, Inc. | 13462 | 3203418 |
| Blue Owl Capital, Inc. | 271055 | 4274537 |
| Cohen & Steers, Inc. | 12954 | 885017 |
| Evercore, Inc., Class A | 17553 | 5170412 |
| Federated Hermes, Inc. | 37937 | 1839186 |
| Franklin Resources, Inc. | 134481 | 3040615 |
| Freedom Holding Corp. (Kazakhstan) \* (a) | 8549 | 1313639 |
| Hamilton Lane, Inc., Class A | 17944 | 2044898 |
| Houlihan Lokey, Inc. | 25403 | 4549169 |
| Interactive Brokers Group, Inc., Class A | 203801 | 14339438 |
| Invesco Ltd. | 160498 | 3803803 |
| Janus Henderson Group plc | 55867 | 2433567 |
| Jefferies Financial Group, Inc. | 74978 | 3961088 |
| Lazard, Inc. | 41359 | 2018319 |
| MarketAxess Holdings, Inc. | 17445 | 2792247 |
| Morningstar, Inc. | 11915 | 2529554 |
| SEI Investments Co. | 45193 | 3643008 |
| Stifel Financial Corp. | 47578 | 5634663 |
| TPG, Inc. | 56714 | 3121539 |
| Tradeweb Markets, Inc., Class A | 54532 | 5747127 |
|  |  | 76345244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Albemarle Corp. | 55077 | 5410214 |
| Avient Corp. | 40991 | 1314581 |
| Axalta Coating Systems Ltd. \* | 96982 | 2761077 |
| Balchem Corp. | 15308 | 2348094 |
| Cabot Corp. | 23838 | 1608588 |
| Celanese Corp. | 48413 | 1860996 |
| Eastman Chemical Co. | 54191 | 3225448 |
| Element Solutions, Inc. | 102798 | 2746762 |
| FMC Corp. | 53927 | 818073 |
| HB Fuller Co. | 24465 | 1403557 |
| Mosaic Co. (The) | 144122 | 3956149 |
| NewMarket Corp. | 3383 | 2597806 |
| RPM International, Inc. | 60521 | 6613735 |
| Scotts Miracle-Gro Co. (The) | 20411 | 1092397 |
| Sensient Technologies Corp. | 19830 | 1869771 |
|  |  | 39627248 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Casella Waste Systems, Inc., Class A \* | 29287 | 2593950 |
| Clean Harbors, Inc. \* | 23954 | 5042556 |
| MSA Safety, Inc. | 17455 | 2740959 |
| Tetra Tech, Inc. | 117834 | 3768331 |
|  |  | 14145796 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| Ciena Corp. \* | 66448 | 12619804 |
| Lumentum Holdings, Inc. \* | 32423 | 6535180 |
|  |  | 19154984 |
| **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** |
| AECOM | 60160 | 8082496 |
| API Group Corp. \* | 145513 | 5357789 |
| Arcosa, Inc. | 21574 | 2200548 |
| Comfort Systems USA, Inc. | 16562 | 15991936 |
| EMCOR Group, Inc. | 20909 | 14129884 |
| Fluor Corp. \* | 74194 | 3618441 |
| MasTec, Inc. \* | 28772 | 5874092 |
| Valmont Industries, Inc. | 9425 | 3896578 |
| WillScot Holdings Corp. | 86118 | 1873066 |
|  |  | 61024830 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Eagle Materials, Inc. | 15616 | 3315589 |
| **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** |
| Ally Financial, Inc. | 129570 | 5049343 |
| Credit Acceptance Corp. \* (a) | 2498 | 1117456 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| FirstCash Holdings, Inc. | 18764 | 2974094 |
| OneMain Holdings, Inc. | 56227 | 3328076 |
| SLM Corp. | 92780 | 2491143 |
| SoFi Technologies, Inc. \* | 545365 | 16186433 |
|  |  | 31146545 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| Albertsons Cos., Inc., Class A | 177409 | 3138365 |
| BJ's Wholesale Club Holdings, Inc. \* | 54566 | 4815995 |
| Casey's General Stores, Inc. | 17096 | 8773496 |
| Maplebear, Inc. \* | 86466 | 3187137 |
| Performance Food Group Co. \* | 72966 | 7058731 |
| Sprouts Farmers Market, Inc. \* | 46091 | 3639345 |
| US Foods Holding Corp. \* | 107643 | 7817035 |
|  |  | 38430104 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| AptarGroup, Inc. | 30837 | 3577400 |
| Graphic Packaging Holding Co. | 129154 | 2065172 |
| Sealed Air Corp. | 66269 | 2220674 |
| Silgan Holdings, Inc. | 41580 | 1605820 |
| Sonoco Products Co. | 45882 | 1861433 |
|  |  | 11330499 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| LKQ Corp. | 121048 | 3868694 |
| **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| ADT, Inc. | 162147 | 1433379 |
| Bright Horizons Family Solutions, Inc. \* | 25952 | 2834737 |
| Duolingo, Inc. \* | 18289 | 4949735 |
| Grand Canyon Education, Inc. \* | 13130 | 2472379 |
| H&R Block, Inc. | 62834 | 3125363 |
| Service Corp. International | 66760 | 5575128 |
|  |  | 20390721 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Essential Properties Realty Trust, Inc. | 92894 | 2775673 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| AST SpaceMobile, Inc. \* (a) | 105143 | 8437726 |
| Frontier Communications Parent, Inc. \* | 102755 | 3880029 |
| Liberty Global Ltd., Class A (Belgium) \* | 77889 | 856779 |
| Liberty Global Ltd., Class C (Belgium) \* | 66558 | 742121 |
| Lumen Technologies, Inc. \* | 427650 | 4396242 |
|  |  | 18312897 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| ALLETE, Inc. | 27024 | 1819526 |
| IDACORP, Inc. | 24166 | 3117897 |
| OGE Energy Corp. | 94204 | 4158165 |
| Otter Tail Corp. | 19432 | 1500539 |
| Pinnacle West Capital Corp. | 56075 | 4963759 |
| Portland General Electric Co. | 51462 | 2350784 |
| TXNM Energy, Inc. | 44499 | 2527543 |
|  |  | 20438213 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Acuity, Inc. | 14081 | 5140269 |
| EnerSys | 17814 | 2247414 |
| Generac Holdings, Inc. \* | 28013 | 4706744 |
| NEXTracker, Inc., Class A \* | 67461 | 6828403 |
| nVent Electric plc | 77642 | 8878363 |
| Regal Rexnord Corp. | 31144 | 4387878 |
| Sensata Technologies Holding plc | 67375 | 2144546 |
|  |  | 34333617 |
| **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** |
| Advanced Energy Industries, Inc. | 17736 | 3595619 |
| Arrow Electronics, Inc. \* | 22244 | 2481318 |
| Avnet, Inc. | 40598 | 1966973 |
| Badger Meter, Inc. | 13773 | 2485338 |
| Belden, Inc. | 18049 | 2199271 |
| Cognex Corp. | 75668 | 3131899 |
| Coherent Corp. \* | 72088 | 9512732 |
| Fabrinet (Thailand) \* | 17063 | 7517446 |
| Insight Enterprises, Inc. \* | 13069 | 1306900 |
| Jabil, Inc. | 46859 | 10350685 |
| Littelfuse, Inc. | 11694 | 2845267 |
| Novanta, Inc. \* | 16758 | 2128434 |
| Sanmina Corp. \* | 23316 | 3195458 |
| TD SYNNEX Corp. | 35164 | 5502814 |
| Vontier Corp. | 69611 | 2680023 |
|  |  | 60900177 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| NOV, Inc. | 170260 | 2485796 |
| TechnipFMC plc (United Kingdom) | 194434 | 8039846 |
| Weatherford International plc | 34369 | 2532651 |
|  |  | 13058293 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Madison Square Garden Sports Corp. \* | 7923 | 1698612 |
| Roku, Inc. \* | 60126 | 6381172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| TKO Group Holdings, Inc. | 32139 | 6054988 |
| Warner Music Group Corp., Class A | 64777 | 2070273 |
|  |  | 16205045 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Affirm Holdings, Inc. \* | 125049 | 8988522 |
| Enact Holdings, Inc. | 14802 | 528727 |
| Essent Group Ltd. | 46232 | 2800272 |
| Euronet Worldwide, Inc. \* | 18913 | 1434740 |
| Jackson Financial, Inc., Class A | 33467 | 3373808 |
| MGIC Investment Corp. | 106538 | 2921272 |
| PennyMac Financial Services, Inc. | 13306 | 1674028 |
| Radian Group, Inc. | 66220 | 2247507 |
| Remitly Global, Inc. \* | 73055 | 1171802 |
| Shift4 Payments, Inc., Class A \* (a) | 31008 | 2142653 |
| Toast, Inc., Class A \* | 232926 | 8417946 |
| Voya Financial, Inc. | 45110 | 3358891 |
| Western Union Co. (The) | 155146 | 1447512 |
| WEX, Inc. \* | 14762 | 2153481 |
|  |  | 42661161 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Bunge Global SA | 65579 | 6203774 |
| Darling Ingredients, Inc. \* | 68961 | 2210200 |
| Flowers Foods, Inc. | 94040 | 1121897 |
| Freshpet, Inc. \* | 21467 | 1056391 |
| Ingredion, Inc. | 29000 | 3346890 |
| Lamb Weston Holdings, Inc. | 61122 | 3773061 |
| Marzetti Co. (The) | 9571 | 1500637 |
| Pilgrim's Pride Corp. | 19496 | 742798 |
| Post Holdings, Inc. \* | 23486 | 2440900 |
| Simply Good Foods Co. (The) \* | 40662 | 795755 |
|  |  | 23192303 |
| **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
| MDU Resources Group, Inc. | 91948 | 1763563 |
| National Fuel Gas Co. | 42534 | 3356358 |
| New Jersey Resources Corp. | 45659 | 2022694 |
| ONE Gas, Inc. | 26861 | 2153984 |
| Southwest Gas Holdings, Inc. | 27678 | 2200401 |
| Spire, Inc. | 27226 | 2352326 |
| UGI Corp. | 101036 | 3377633 |
|  |  | 17226959 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| Avis Budget Group, Inc. \* (a) | 8195 | 1115094 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Knight-Swift Transportation Holdings, Inc. | 73772 | 3328593 |
| Landstar System, Inc. | 16411 | 2107665 |
| Lyft, Inc., Class A \* | 184007 | 3764783 |
| Ryder System, Inc. | 19092 | 3230939 |
| Saia, Inc. \* | 12455 | 3643087 |
| U-Haul Holding Co. \* | 3583 | 190472 |
| U-Haul Holding Co. | 45544 | 2208429 |
| XPO, Inc. \* | 55347 | 7962773 |
|  |  | 27551835 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Glaukos Corp. \* | 24920 | 2194704 |
| Globus Medical, Inc., Class A \* | 54085 | 3266193 |
| Haemonetics Corp. \* | 21152 | 1057812 |
| Inspire Medical Systems, Inc. \* | 13855 | 998668 |
| Lantheus Holdings, Inc. \* | 31789 | 1833908 |
| Masimo Corp. \* | 22134 | 3113147 |
| Merit Medical Systems, Inc. \* | 27760 | 2430111 |
| Penumbra, Inc. \* | 17482 | 3974882 |
| Solventum Corp. \* | 65056 | 4491466 |
| Teleflex, Inc. | 21792 | 2712450 |
|  |  | 26073341 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Chemed Corp. | 6853 | 2955699 |
| CorVel Corp. \* | 13851 | 1024282 |
| DaVita, Inc. \* | 18945 | 2254834 |
| Encompass Health Corp. | 45252 | 5151940 |
| Ensign Group, Inc. (The) | 27083 | 4877648 |
| HealthEquity, Inc. \* | 40037 | 3786700 |
| Henry Schein, Inc. \* | 49495 | 3128084 |
| Hims & Hers Health, Inc. \* (a) | 95476 | 4340339 |
| Option Care Health, Inc. \* | 76936 | 2002644 |
| Tenet Healthcare Corp. \* | 41137 | 8494379 |
| Universal Health Services, Inc., Class B | 26239 | 5694125 |
|  |  | 43710674 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Healthcare Realty Trust, Inc. | 160512 | 2844273 |
| Omega Healthcare Investors, Inc. | 134781 | 5664845 |
|  |  | 8509118 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Doximity, Inc., Class A \* | 61089 | 4031874 |
| Waystar Holding Corp. \* | 37390 | 1340431 |
|  |  | 5372305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** |
| Host Hotels & Resorts, Inc. | 328798 | 5267344 |
| Ryman Hospitality Properties, Inc. | 28915 | 2513003 |
|  |  | 7780347 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Aramark | 123069 | 4661854 |
| Boyd Gaming Corp. | 27398 | 2133482 |
| Caesars Entertainment, Inc. \* | 95789 | 1925359 |
| Cava Group, Inc. \* | 46011 | 2472171 |
| Choice Hotels International, Inc. (a) | 12734 | 1183753 |
| Churchill Downs, Inc. | 32516 | 3225587 |
| DraftKings, Inc., Class A \* | 229029 | 7005997 |
| Dutch Bros, Inc., Class A \* | 53755 | 2985553 |
| Hilton Grand Vacations, Inc. \* | 27875 | 1155419 |
| Hyatt Hotels Corp., Class A (a) | 18957 | 2604881 |
| Life Time Group Holdings, Inc. \* | 56835 | 1405529 |
| Light & Wonder, Inc. \* (a) | 39854 | 2897386 |
| MGM Resorts International \* | 93443 | 2992979 |
| Norwegian Cruise Line Holdings Ltd. \* | 208072 | 4664974 |
| Planet Fitness, Inc., Class A \* | 38140 | 3458917 |
| Texas Roadhouse, Inc. | 31374 | 5132159 |
| Travel + Leisure Co. | 30042 | 1886037 |
| Vail Resorts, Inc. | 16598 | 2461981 |
| Wingstop, Inc. | 13119 | 2841969 |
| Wyndham Hotels & Resorts, Inc. | 34337 | 2521366 |
| Wynn Resorts Ltd. | 39255 | 4670952 |
|  |  | 64288305 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Champion Homes, Inc. \* | 25068 | 1710390 |
| Installed Building Products, Inc. | 10890 | 2703225 |
| KB Home | 30585 | 1909116 |
| Meritage Homes Corp. | 33645 | 2273056 |
| Mohawk Industries, Inc. \* | 23191 | 2635425 |
| Somnigroup International, Inc. | 87698 | 6957959 |
| Taylor Morrison Home Corp. \* | 47159 | 2795114 |
| Toll Brothers, Inc. | 46760 | 6310262 |
| TopBuild Corp. \* | 13312 | 5624054 |
| Whirlpool Corp. (a) | 26097 | 1869328 |
|  |  | 34787929 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Reynolds Consumer Products, Inc. | 25589 | 625395 |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| AES Corp. (The) | 333570 | 4626616 |
| Clearway Energy, Inc. | 15732 | 471803 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| Clearway Energy, Inc., Class C | 38714 | 1236138 |
| Ormat Technologies, Inc. | 26932 | 2864757 |
| Talen Energy Corp. \* | 19652 | 7856476 |
|  |  | 17055790 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| Americold Realty Trust, Inc. | 117342 | 1512538 |
| EastGroup Properties, Inc. | 24619 | 4296754 |
| First Industrial Realty Trust, Inc. | 56806 | 3140236 |
| Rexford Industrial Realty, Inc. | 111096 | 4590487 |
| STAG Industrial, Inc. | 87765 | 3358766 |
| Terreno Realty Corp. | 47477 | 2712361 |
|  |  | 19611142 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| American Financial Group, Inc. | 33646 | 4430505 |
| Assurant, Inc. | 23859 | 5051427 |
| Assured Guaranty Ltd. | 22446 | 1808699 |
| Axis Capital Holdings Ltd. | 35590 | 3333359 |
| Brighthouse Financial, Inc. \* | 27463 | 1567313 |
| Erie Indemnity Co., Class A | 11847 | 3466906 |
| First American Financial Corp. | 46441 | 2903027 |
| Globe Life, Inc. | 36711 | 4827864 |
| Hanover Insurance Group, Inc. (The) | 16193 | 2767060 |
| Kemper Corp. | 26733 | 1202718 |
| Kinsale Capital Group, Inc. | 10403 | 4155686 |
| Lincoln National Corp. | 79236 | 3327912 |
| Old Republic International Corp. | 108108 | 4265942 |
| Primerica, Inc. | 15538 | 4037860 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 21571 | 5480975 |
| RLI Corp. | 39361 | 2320725 |
| Ryan Specialty Holdings, Inc. | 49337 | 2703668 |
| Selective Insurance Group, Inc. | 28461 | 2144252 |
| Unum Group | 75339 | 5531389 |
| White Mountains Insurance Group Ltd. | 1116 | 2125489 |
|  |  | 67452776 |
| **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| Match Group, Inc. | 115784 | 3744455 |
| Reddit, Inc., Class A \* | 55636 | 11625142 |
| Trump Media & Technology Group Corp. \* (a) | 55838 | 855717 |
| ZoomInfo Technologies, Inc. \* | 140376 | 1575019 |
|  |  | 17800333 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| CoreWeave, Inc., Class A \* | 25807 | 3450654 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| EPAM Systems, Inc. \* | 25980 | 4248769 |
| Kyndryl Holdings, Inc. \* | 108679 | 3142997 |
|  |  | 10842420 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Acushnet Holdings Corp. | 13148 | 1016735 |
| Brunswick Corp. | 29423 | 1945154 |
| Hasbro, Inc. | 61674 | 4706343 |
| Mattel, Inc. \* | 151565 | 2785765 |
|  |  | 10453997 |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| Avantor, Inc. \* | 317810 | 3756514 |
| Bio-Rad Laboratories, Inc., Class A \* | 9170 | 2930274 |
| Bio-Techne Corp. | 74314 | 4649827 |
| Bruker Corp. | 48604 | 1892640 |
| Charles River Laboratories International, <br> Inc. \*<br>| 21299 | 3835311 |
| Medpace Holdings, Inc. \* | 10745 | 6284858 |
| Repligen Corp. \* | 24899 | 3711445 |
| Sotera Health Co. \* | 71644 | 1189290 |
| Tempus AI, Inc. \* (a) | 39625 | 3560306 |
|  |  | 31810465 |
| **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| AGCO Corp. | 28002 | 2888686 |
| Allison Transmission Holdings, Inc. | 40050 | 3306127 |
| Chart Industries, Inc. \* | 21118 | 4215575 |
| Crane Co. | 23163 | 4400970 |
| Donaldson Co., Inc. | 56651 | 4772847 |
| Esab Corp. | 26618 | 3109515 |
| Federal Signal Corp. | 28634 | 3379671 |
| Flowserve Corp. | 61649 | 4207544 |
| Franklin Electric Co., Inc. | 18628 | 1765376 |
| Gates Industrial Corp. plc \* | 114904 | 2537080 |
| Graco, Inc. | 79225 | 6478228 |
| ITT, Inc. | 36931 | 6834820 |
| JBT Marel Corp. | 24247 | 3057547 |
| Lincoln Electric Holdings, Inc. | 26333 | 6173772 |
| Middleby Corp. (The) \* | 25159 | 3125503 |
| Mueller Industries, Inc. | 51984 | 5503546 |
| Nordson Corp. | 24427 | 5665843 |
| Oshkosh Corp. | 28206 | 3477518 |
| RBC Bearings, Inc. \* | 14536 | 6229112 |
| SPX Technologies, Inc. \* | 23157 | 5184621 |
| Stanley Black & Decker, Inc. | 71882 | 4867849 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Timken Co. (The) | 30136 | 2365977 |
| Toro Co. (The) | 46907 | 3505360 |
| Watts Water Technologies, Inc., Class A | 12836 | 3499094 |
|  |  | 100552181 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Kirby Corp. \* | 25641 | 2653331 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Interpublic Group of Cos., Inc. (The) | 173717 | 4457578 |
| Liberty Broadband Corp., Class A \* | 7976 | 426636 |
| Liberty Broadband Corp., Class C \* | 49300 | 2653326 |
| New York Times Co. (The), Class A | 73259 | 4175031 |
| Nexstar Media Group, Inc. | 12877 | 2520415 |
| Sirius XM Holdings, Inc. (a) | 89370 | 1938435 |
|  |  | 16171421 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| Alcoa Corp. | 122641 | 4511962 |
| Cleveland-Cliffs, Inc. \* | 222333 | 2763599 |
| Commercial Metals Co. | 49791 | 2955594 |
| Hecla Mining Co. | 267386 | 3441258 |
| MP Materials Corp. \* (a) | 58741 | 3705970 |
| Reliance, Inc. | 24701 | 6976303 |
| Royal Gold, Inc. | 37866 | 6618598 |
|  |  | 30973284 |
| **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. (a) | 487495 | 4874950 |
| Blackstone Mortgage Trust, Inc., Class A (a) | 77219 | 1427007 |
| Rithm Capital Corp. | 249425 | 2736192 |
| Starwood Property Trust, Inc. | 162261 | 2949905 |
|  |  | 11988054 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Avista Corp. | 37641 | 1432240 |
| Black Hills Corp. | 33861 | 2147803 |
| Northwestern Energy Group, Inc. | 27037 | 1613298 |
|  |  | 5193341 |
| **Office REITs — 0.6%** | **Office REITs — 0.6%** | **Office REITs — 0.6%** |
| BXP, Inc. | 67832 | 4828960 |
| Cousins Properties, Inc. | 73626 | 1909122 |
| Kilroy Realty Corp. | 50557 | 2136033 |
| Vornado Realty Trust | 76437 | 2900020 |
|  |  | 11774135 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** |
| Antero Midstream Corp. | 148457 | 2560883 |
| Antero Resources Corp. \* | 124249 | 3840536 |
| APA Corp. | 169076 | 3829571 |
| California Resources Corp. | 29840 | 1407553 |
| Chord Energy Corp. | 28168 | 2555401 |
| Comstock Resources, Inc. \* | 32977 | 618319 |
| DT Midstream, Inc. | 46052 | 5042233 |
| HF Sinclair Corp. | 71771 | 3703384 |
| Magnolia Oil & Gas Corp., Class A | 82732 | 1858161 |
| Matador Resources Co. | 52353 | 2065849 |
| Murphy Oil Corp. | 62489 | 1768439 |
| Ovintiv, Inc. | 121823 | 4569581 |
| Permian Resources Corp. | 298912 | 3754335 |
| Range Resources Corp. | 112696 | 4006343 |
| Viper Energy, Inc. | 78657 | 2954357 |
|  |  | 44534945 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp. | 29932 | 2607377 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Alaska Air Group, Inc. \* | 51565 | 2151808 |
| American Airlines Group, Inc. \* | 303988 | 3991362 |
|  |  | 6143170 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. \* | 59976 | 1807077 |
| Coty, Inc., Class A \* | 161627 | 641659 |
| elf Beauty, Inc. \* | 23634 | 2886657 |
| Interparfums, Inc. | 8496 | 757418 |
|  |  | 6092811 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Axsome Therapeutics, Inc. \* | 18436 | 2488676 |
| Corcept Therapeutics, Inc. \* | 45490 | 3342150 |
| Elanco Animal Health, Inc. \* | 223194 | 4943747 |
| Jazz Pharmaceuticals plc \* | 27977 | 3850754 |
| Organon & Co. | 116137 | 783925 |
| Perrigo Co. plc | 60553 | 1255869 |
| Prestige Consumer Healthcare, Inc. \* | 21985 | 1332291 |
| Viatris, Inc. | 563676 | 5839684 |
|  |  | 23837096 |
| **Professional Services — 1.8%** | **Professional Services — 1.8%** | **Professional Services — 1.8%** |
| Amentum Holdings, Inc. \* | 61950 | 1388299 |
| CACI International, Inc., Class A \* | 10329 | 5807480 |
| Clarivate plc \* | 158385 | 538509 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| Dayforce, Inc. \* | 73221 | 5033211 |
| ExlService Holdings, Inc. \* | 76168 | 2978169 |
| Exponent, Inc. | 23757 | 1682233 |
| FTI Consulting, Inc. \* | 15174 | 2503862 |
| Genpact Ltd. | 70153 | 2676337 |
| KBR, Inc. | 62033 | 2657494 |
| Maximus, Inc. | 26328 | 2188383 |
| Parsons Corp. \* | 25134 | 2089641 |
| Paylocity Holding Corp. \* | 20814 | 2940394 |
| Robert Half, Inc. | 47436 | 1242349 |
| Science Applications International Corp. | 22073 | 2068461 |
| TriNet Group, Inc. | 12267 | 736020 |
|  |  | 36530842 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Howard Hughes Holdings, Inc. \* | 14646 | 1161135 |
| Jones Lang LaSalle, Inc. \* | 22280 | 6797405 |
|  |  | 7958540 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| American Homes 4 Rent, Class A | 144429 | 4563956 |
| Independence Realty Trust, Inc. | 104350 | 1662296 |
|  |  | 6226252 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Agree Realty Corp. | 50868 | 3713873 |
| Brixmor Property Group, Inc. | 143664 | 3758250 |
| Federal Realty Investment Trust | 40344 | 3880689 |
| Kite Realty Group Trust | 103072 | 2282014 |
| NNN REIT, Inc. | 88347 | 3574520 |
| Phillips Edison & Co., Inc. | 56097 | 1898322 |
|  |  | 19107668 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| Allegro MicroSystems, Inc. (Japan) \* | 57922 | 1733026 |
| Amkor Technology, Inc. | 53400 | 1723752 |
| Astera Labs, Inc. \* | 61440 | 11469619 |
| Cirrus Logic, Inc. \* | 24974 | 3312801 |
| Credo Technology Group Holding Ltd. \* | 68364 | 12826454 |
| Enphase Energy, Inc. \* | 61708 | 1882711 |
| Lattice Semiconductor Corp. \* (a) | 64659 | 4717521 |
| MACOM Technology Solutions Holdings, Inc. \* | 29718 | 4402127 |
| MKS, Inc. | 24746 | 3556248 |
| Onto Innovation, Inc. \* | 23078 | 3114607 |
| Qorvo, Inc. \* | 39922 | 3789396 |
| Rambus, Inc. \* | 50458 | 5189101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Silicon Laboratories, Inc. \* | 15197 | 1992023 |
| Skyworks Solutions, Inc. | 73689 | 5727109 |
| Universal Display Corp. | 22204 | 3270205 |
|  |  | 68706700 |
| **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
| Aurora Innovation, Inc. \* | 510701 | 2676073 |
| Bill Holdings, Inc. \* | 39276 | 1950446 |
| Blackbaud, Inc. \* | 17748 | 1136582 |
| BlackLine, Inc. \* | 23556 | 1348581 |
| Box, Inc., Class A \* | 67282 | 2159079 |
| CCC Intelligent Solutions Holdings, Inc. \* | 239203 | 2085850 |
| Commvault Systems, Inc. \* | 20555 | 2861667 |
| Confluent, Inc., Class A \* | 132668 | 3100451 |
| Dolby Laboratories, Inc., Class A | 28677 | 1901859 |
| Dropbox, Inc., Class A \* | 87667 | 2542343 |
| Elastic NV \* | 41247 | 3680057 |
| Gitlab, Inc., Class A \* | 61683 | 3007046 |
| Guidewire Software, Inc. \* | 39142 | 9145137 |
| Informatica, Inc., Class A \* | 79215 | 1970077 |
| Manhattan Associates, Inc. \* | 28435 | 5177161 |
| Nutanix, Inc., Class A \* | 120177 | 8561410 |
| Pegasystems, Inc. | 43022 | 2738350 |
| Procore Technologies, Inc. \* | 55404 | 4089923 |
| Qualys, Inc. \* | 16455 | 2028243 |
| Rubrik, Inc., Class A \* | 55274 | 4160474 |
| SailPoint, Inc. \* (a) | 28269 | 612872 |
| Samsara, Inc., Class A \* | 124899 | 5017193 |
| SentinelOne, Inc., Class A \* | 147029 | 2624468 |
| ServiceTitan, Inc., Class A \* | 5229 | 493408 |
| SPS Commerce, Inc. \* | 17749 | 1459678 |
| Tenable Holdings, Inc. \* | 56524 | 1640327 |
| UiPath, Inc., Class A \* | 201099 | 3189430 |
| Unity Software, Inc. \* | 150860 | 5717594 |
| Workiva, Inc. \* | 24364 | 2071184 |
|  |  | 89146963 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| CubeSmart | 107244 | 4039881 |
| EPR Properties | 35350 | 1732857 |
| Gaming and Leisure Properties, Inc. | 123963 | 5536188 |
| Lamar Advertising Co., Class A | 40906 | 4851043 |
| PotlatchDeltic Corp. | 34266 | 1370640 |
| Rayonier, Inc. | 66276 | 1462711 |
|  |  | 18993320 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Abercrombie & Fitch Co., Class A \* | 21807 | 1582098 |
| Asbury Automotive Group, Inc. \* | 8521 | 1999027 |
| AutoNation, Inc. \* | 13011 | 2600509 |
| Bath & Body Works, Inc. | 96330 | 2358158 |
| CarMax, Inc. \* | 71524 | 2997571 |
| Chewy, Inc., Class A \* | 103263 | 3482028 |
| Dick's Sporting Goods, Inc. | 30639 | 6785007 |
| Five Below, Inc. \* | 25367 | 3989468 |
| Floor & Decor Holdings, Inc., Class A \* | 49324 | 3081764 |
| GameStop Corp., Class A \* (a) | 191308 | 4264255 |
| Gap, Inc. (The) | 111059 | 2537698 |
| Group 1 Automotive, Inc. | 5953 | 2366556 |
| Lithia Motors, Inc., Class A | 12218 | 3837429 |
| Murphy USA, Inc. | 8997 | 3222725 |
| Penske Automotive Group, Inc. | 9321 | 1492012 |
| RH \* | 7146 | 1232614 |
| Valvoline, Inc. \* | 59710 | 1971027 |
| Williams-Sonoma, Inc. | 57782 | 11229354 |
|  |  | 61029300 |
| **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
| IonQ, Inc. \* | 138592 | 8645369 |
| Pure Storage, Inc., Class A \* | 144344 | 14246753 |
| Sandisk Corp. \* | 54623 | 10888002 |
|  |  | 33780124 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| Columbia Sportswear Co. | 12322 | 611541 |
| Crocs, Inc. \* | 25409 | 2075661 |
| PVH Corp. | 22355 | 1751067 |
| Ralph Lauren Corp. | 18105 | 5787444 |
| Tapestry, Inc. | 97270 | 10682192 |
| VF Corp. | 154729 | 2172395 |
|  |  | 23080300 |
| **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** |
| Air Lease Corp. | 44431 | 2837364 |
| Applied Industrial Technologies, Inc. | 18177 | 4673125 |
| Core & Main, Inc., Class A \* | 78970 | 4120655 |
| FTAI Aviation Ltd. | 47662 | 8240760 |
| GATX Corp. | 16525 | 2591946 |
| Herc Holdings, Inc. | 14526 | 2063418 |
| MSC Industrial Direct Co., Inc., Class A | 18693 | 1587223 |
| QXO, Inc. \* (a) | 276168 | 4879888 |
| Rush Enterprises, Inc., Class A | 29481 | 1456656 |
| Rush Enterprises, Inc., Class B | 3668 | 192460 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| SiteOne Landscape Supply, Inc. \* | 20918 | 2714529 |
| WESCO International, Inc. | 22523 | 5845394 |
|  |  | 41203418 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co. | 18115 | 1291781 |
| California Water Service Group | 27938 | 1239888 |
| Essential Utilities, Inc. | 117691 | 4593480 |
|  |  | 7125149 |
| Total Common Stocks <br>(Cost $1,691,428,853)<br>|  | 1978092890 |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (b) (c) <br>(Cost $11,753,162)<br>| 11753162 | 11753162 |
| **Investment of Cash Collateral from Securities Loaned — 3.0%** | **Investment of Cash Collateral from Securities Loaned — 3.0%** | **Investment of Cash Collateral from Securities Loaned — 3.0%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.12% (b) (c) <br>(Cost $60,570,482)<br>| 60570482 | 60570482 |
| Total Short-Term Investments <br>(Cost $72,323,644)<br>|  | 72323644 |
| **Total Investments — 102.9%** <br>**(Cost $1,763,752,497)**<br>|  | **2050416534** |
| **Liabilities in Excess of Other Assets —** <br> **(2.9)%**<br>|  | **(58626917)**<br>|
| **NET ASSETS — 100.0%** |  | **1991789617** |

---

&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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $59,817,632.<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 October 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13350830 | &nbsp;&nbsp;&nbsp;&nbsp; (177347)<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;

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

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| AAR Corp. \* | 12624 | 1063067 |
| AeroVironment, Inc. \* | 12749 | 4715983 |
| Cadre Holdings, Inc. | 8343 | 354244 |
| Kratos Defense & Security Solutions, Inc. \* | 56314 | 5102048 |
| Mercury Systems, Inc. \* | 17634 | 1365048 |
| Moog, Inc., Class A | 9624 | 1971476 |
| V2X, Inc. \* | 5831 | 332892 |
| VSE Corp. | 6269 | 1132683 |
|  |  | 16037441 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Hub Group, Inc., Class A | 19176 | 706252 |
| **Automobile Components — 2.4%** | **Automobile Components — 2.4%** | **Automobile Components — 2.4%** |
| Adient plc \* | 28643 | 664231 |
| Dana, Inc. | 44420 | 901726 |
| Dorman Products, Inc. \* | 8923 | 1196842 |
| Fox Factory Holding Corp. \* | 13730 | 303570 |
| Garrett Motion, Inc. (Switzerland) | 40437 | 685003 |
| Gentherm, Inc. \* | 10109 | 372011 |
| Goodyear Tire & Rubber Co. (The) \* | 87937 | 605886 |
| LCI Industries | 8252 | 854000 |
| Mobileye Global, Inc., Class A (Israel) \* | 52960 | 696424 |
| Modine Manufacturing Co. \* | 16897 | 2588789 |
| Patrick Industries, Inc. | 11021 | 1150262 |
| Phinia, Inc. | 13365 | 693777 |
| QuantumScape Corp. \* | 141240 | 2604466 |
| Visteon Corp. | 8387 | 898751 |
| XPEL, Inc. \* (a) | 7349 | 250601 |
|  |  | 14466339 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc. | 38665 | 1043182 |
| Winnebago Industries, Inc. | 8453 | 318762 |
|  |  | 1361944 |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| 1st Source Corp. | 6340 | 376850 |
| Amalgamated Financial Corp. | 5592 | 152438 |
| Ameris Bancorp | 21296 | 1525220 |
| Associated Banc-Corp. | 56047 | 1388284 |
| Atlantic Union Bankshares Corp. | 44903 | 1460246 |
| Axos Financial, Inc. \* | 16848 | 1313807 |
| Banc of California, Inc. | 41929 | 711535 |
| BancFirst Corp. | 7057 | 768225 |
| Bancorp, Inc. (The) \* | 15551 | 1016569 |
| Bank of Hawaii Corp. | 13360 | 867465 |
| BankUnited, Inc. | 23979 | 961078 |
| Banner Corp. | 10735 | 648287 |
| Beacon Financial Corp. | 27770 | 675922 |
| Cathay General Bancorp | 21816 | 991537 |
| City Holding Co. | 4828 | 569125 |
| Columbia Financial, Inc. \* | 9290 | 137028 |
| Community Financial System, Inc. | 17394 | 965019 |
| Community Trust Bancorp, Inc. | 5410 | 276965 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Customers Bancorp, Inc. \* | 10828 | 726775 |
| CVB Financial Corp. | 41595 | 764100 |
| Dime Community Bancshares, Inc. | 13868 | 364035 |
| Eastern Bankshares, Inc. | 72590 | 1272503 |
| Enterprise Financial Services Corp. | 12386 | 648655 |
| FB Financial Corp. | 13351 | 721088 |
| First Bancorp | 13236 | 642476 |
| First BanCorp (Puerto Rico) | 49915 | 972843 |
| First Busey Corp. | 29301 | 655170 |
| First Commonwealth Financial Corp. | 32437 | 495962 |
| First Financial Bancorp | 29825 | 698203 |
| First Hawaiian, Inc. | 41087 | 1007864 |
| First Interstate BancSystem, Inc., Class A | 30001 | 937531 |
| First Merchants Corp. | 18305 | 649461 |
| Flagstar Bank NA | 101950 | 1164269 |
| Fulton Financial Corp. | 62006 | 1077044 |
| German American Bancorp, Inc. | 12494 | 481519 |
| Hilltop Holdings, Inc. | 13843 | 447129 |
| Hope Bancorp, Inc. | 41727 | 437716 |
| Independent Bank Corp. | 16197 | 1089896 |
| International Bancshares Corp. | 18250 | 1211435 |
| Lakeland Financial Corp. | 8565 | 488633 |
| Live Oak Bancshares, Inc. | 12142 | 378102 |
| National Bank Holdings Corp., Class A | 11516 | 410661 |
| NBT Bancorp, Inc. | 16764 | 678439 |
| Nicolet Bankshares, Inc. | 4673 | 552068 |
| Northwest Bancshares, Inc. | 44883 | 525580 |
| OceanFirst Financial Corp. | 18810 | 341966 |
| OFG Bancorp (Puerto Rico) | 14270 | 551678 |
| Origin Bancorp, Inc. | 10064 | 348818 |
| Park National Corp. | 4999 | 760798 |
| Pathward Financial, Inc. | 8006 | 544888 |
| Preferred Bank | 4044 | 364971 |
| Provident Financial Services, Inc. | 41180 | 753182 |
| Renasant Corp. | 31380 | 1055309 |
| Republic Bancorp, Inc., Class A | 2850 | 187815 |
| S&T Bancorp, Inc. | 11805 | 432535 |
| Seacoast Banking Corp. of Florida | 27050 | 819615 |
| ServisFirst Bancshares, Inc. | 18463 | 1297395 |
| Simmons First National Corp., Class A | 46566 | 809317 |
| Southside Bancshares, Inc. | 9550 | 268546 |
| Stellar Bancorp, Inc. | 16777 | 493747 |
| Stock Yards Bancorp, Inc. | 8893 | 578223 |
| Texas Capital Bancshares, Inc. \* | 14643 | 1227669 |
| Towne Bank | 23516 | 764505 |
| TriCo Bancshares | 10267 | 454109 |
| Triumph Financial, Inc. \* | 7358 | 400717 |
| Trustmark Corp. | 19419 | 722775 |
| United Community Banks, Inc. | 38608 | 1127354 |
| WaFd, Inc. | 25666 | 745084 |
| WesBanco, Inc. | 30779 | 926448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Westamerica BanCorp | 8140 | 387871 |
| WSFS Financial Corp. | 18366 | 956685 |
|  |  | 51626777 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Boston Beer Co., Inc. (The), Class A \* | 2859 | 591784 |
| Vita Coco Co., Inc. (The) \* | 13964 | 575038 |
|  |  | 1166822 |
| **Biotechnology — 7.4%** | **Biotechnology — 7.4%** | **Biotechnology — 7.4%** |
| ACADIA Pharmaceuticals, Inc. \* | 42145 | 956692 |
| ADMA Biologics, Inc. \* | 79685 | 1233524 |
| Agios Pharmaceuticals, Inc. \* | 19595 | 847288 |
| Akero Therapeutics, Inc. \* | 21658 | 1173864 |
| Amicus Therapeutics, Inc. \* | 87072 | 786260 |
| Apellis Pharmaceuticals, Inc. \* | 27198 | 583941 |
| Apogee Therapeutics, Inc. \* | 11490 | 650219 |
| Arcellx, Inc. \* | 12993 | 1172618 |
| Arcus Biosciences, Inc. \* | 23343 | 460324 |
| Arcutis Biotherapeutics, Inc. \* | 36916 | 934344 |
| Ardelyx, Inc. \* | 75797 | 459330 |
| Arrowhead Pharmaceuticals, Inc. \* | 40921 | 1734641 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 40601 | 534715 |
| Avidity Biosciences, Inc. \* | 37797 | 2640120 |
| Beam Therapeutics, Inc. \* (b) | 31187 | 779987 |
| Bicara Therapeutics, Inc. \* | 9745 | 158356 |
| BioCryst Pharmaceuticals, Inc. \* | 65741 | 481224 |
| Biohaven Ltd. \* | 30852 | 530654 |
| CareDx, Inc. \* | 18511 | 277665 |
| Catalyst Pharmaceuticals, Inc. \* | 38990 | 829317 |
| Celldex Therapeutics, Inc. \* | 17848 | 477077 |
| CG oncology, Inc. \* | 18635 | 806336 |
| Day One Biopharmaceuticals, Inc. \* | 23413 | 174193 |
| Denali Therapeutics, Inc. \* | 45687 | 743784 |
| Disc Medicine, Inc. \* | 8865 | 764340 |
| Dynavax Technologies Corp. \* | 35579 | 365041 |
| Dyne Therapeutics, Inc. \* | 38170 | 861879 |
| Geron Corp. \* | 183369 | 231045 |
| GRAIL, Inc. \* | 8545 | 785542 |
| Ideaya Biosciences, Inc. \* | 28705 | 914541 |
| ImmunityBio, Inc. \* (b) | 76654 | 183970 |
| Immunovant, Inc. \* | 23522 | 580523 |
| Intellia Therapeutics, Inc. \* | 33414 | 421685 |
| Iovance Biotherapeutics, Inc. \* (b) | 88379 | 174107 |
| Janux Therapeutics, Inc. \* | 13138 | 377192 |
| Krystal Biotech, Inc. \* | 8834 | 1744803 |
| Kymera Therapeutics, Inc. \* | 16270 | 1006137 |
| MannKind Corp. \* | 101003 | 564607 |
| Metsera, Inc. \* | 5136 | 323773 |
| Mirum Pharmaceuticals, Inc. \* | 13257 | 963121 |
| MoonLake Immunotherapeutics \* | 9782 | 98798 |
| Nuvalent, Inc., Class A \* | 13629 | 1353632 |
| Protagonist Therapeutics, Inc. \* | 17890 | 1406512 |
| PTC Therapeutics, Inc. \* | 24108 | 1646817 |
| Recursion Pharmaceuticals, Inc., Class A \* (b) | 112646 | 621806 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Rhythm Pharmaceuticals, Inc. \* | 16191 | 1841888 |
| Rocket Pharmaceuticals, Inc. \* | 29377 | 110751 |
| Scholar Rock Holding Corp. \* | 23938 | 709044 |
| Soleno Therapeutics, Inc. \* | 14555 | 977514 |
| Spyre Therapeutics, Inc. \* | 19113 | 467504 |
| Syndax Pharmaceuticals, Inc. \* | 27096 | 371215 |
| Travere Therapeutics, Inc. \* | 28527 | 1003009 |
| Twist Bioscience Corp. \* | 20294 | 667470 |
| Vera Therapeutics, Inc. \* | 16071 | 457381 |
| Veracyte, Inc. \* | 24521 | 884718 |
| Vericel Corp. \* | 17125 | 600403 |
| Vir Biotechnology, Inc. \* | 30922 | 184295 |
| Viridian Therapeutics, Inc. \* | 24020 | 567593 |
| Xencor, Inc. \* | 20168 | 296671 |
|  |  | 43955800 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| American Woodmark Corp. \* | 4962 | 316228 |
| Apogee Enterprises, Inc. | 6686 | 244775 |
| AZZ, Inc. | 9629 | 961456 |
| CSW Industrials, Inc. | 5626 | 1408863 |
| Gibraltar Industries, Inc. \* | 9985 | 622964 |
| Griffon Corp. | 13635 | 1009126 |
| Hayward Holdings, Inc. \* | 68822 | 1167909 |
| Janus International Group, Inc. \* | 36946 | 354682 |
| Masterbrand, Inc. \* | 41437 | 523349 |
| Resideo Technologies, Inc. \* | 47474 | 2031887 |
| Tecnoglass, Inc. | 8150 | 485985 |
|  |  | 9127224 |
| **Capital Markets — 2.3%** | **Capital Markets — 2.3%** | **Capital Markets — 2.3%** |
| Acadian Asset Management, Inc. | 9405 | 452380 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 23807 | 1039414 |
| BGC Group, Inc., Class A | 120792 | 1104039 |
| DigitalBridge Group, Inc. | 51730 | 611966 |
| Donnelley Financial Solutions, Inc. \* | 8565 | 393562 |
| Moelis & Co., Class A | 25365 | 1606365 |
| Piper Sandler Cos. | 5224 | 1667814 |
| PJT Partners, Inc., Class A | 7576 | 1220569 |
| StepStone Group, Inc., Class A | 21652 | 1318174 |
| StoneX Group, Inc. \* | 14827 | 1362898 |
| Victory Capital Holdings, Inc., Class A | 15676 | 976145 |
| Virtu Financial, Inc., Class A | 27540 | 959494 |
| Virtus Investment Partners, Inc. | 2149 | 349900 |
| WisdomTree, Inc. | 40575 | 485277 |
|  |  | 13547997 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ashland, Inc. | 15102 | 738488 |
| Chemours Co. (The) | 50704 | 678927 |
| Hawkins, Inc. | 6518 | 924578 |
| Huntsman Corp. | 53397 | 442127 |
| Ingevity Corp. \* | 11186 | 600912 |
| Innospec, Inc. | 8104 | 596292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Minerals Technologies, Inc. | 9927 | 563357 |
| Olin Corp. | 37973 | 786041 |
| Perimeter Solutions, Inc. \* | 45580 | 1071586 |
| PureCycle Technologies, Inc. \* (b) | 44538 | 515750 |
| Quaker Chemical Corp. | 4737 | 657922 |
| Stepan Co. | 6997 | 303320 |
| Tronox Holdings plc | 37821 | 132374 |
|  |  | 8011674 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| ABM Industries, Inc. | 19703 | 847229 |
| ACV Auctions, Inc., Class A \* | 52762 | 478551 |
| Brady Corp., Class A | 14559 | 1105174 |
| BrightView Holdings, Inc. \* | 19428 | 239353 |
| Brink's Co. (The) | 14118 | 1569357 |
| Cimpress plc (Ireland) \* | 5168 | 357677 |
| CoreCivic, Inc. \* | 37005 | 685703 |
| GEO Group, Inc. (The) \* | 45129 | 765839 |
| Healthcare Services Group, Inc. \* | 23063 | 412136 |
| HNI Corp. | 15589 | 637902 |
| MillerKnoll, Inc. | 22863 | 357120 |
| OPENLANE, Inc. \* | 34201 | 903591 |
| Pitney Bowes, Inc. | 57515 | 568248 |
| Steelcase, Inc., Class A | 31845 | 508246 |
| UniFirst Corp. | 4900 | 756315 |
| Vestis Corp. | 44521 | 233735 |
|  |  | 10426176 |
| **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |
| Calix, Inc. \* | 20013 | 1369290 |
| CommScope Holding Co., Inc. \* | 69975 | 1210568 |
| Digi International, Inc. \* | 11808 | 433117 |
| Extreme Networks, Inc. \* | 45346 | 862481 |
| Harmonic, Inc. \* | 38349 | 410334 |
| NetScout Systems, Inc. \* | 22890 | 636342 |
| Viasat, Inc. \* | 35187 | 1401146 |
| Viavi Solutions, Inc. \* | 70722 | 1251779 |
|  |  | 7575057 |
| **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** |
| Argan, Inc. | 4429 | 1356204 |
| Centuri Holdings, Inc. \* | 5720 | 115487 |
| Construction Partners, Inc., Class A \* | 15971 | 1826284 |
| Dycom Industries, Inc. \* | 9476 | 2727098 |
| Everus Construction Group, Inc. \* | 17338 | 1575851 |
| Granite Construction, Inc. | 14096 | 1450619 |
| IES Holdings, Inc. \* | 2865 | 1122736 |
| MYR Group, Inc. \* | 5099 | 1110052 |
| Primoris Services Corp. | 18215 | 2577787 |
| Sterling Infrastructure, Inc. \* | 10401 | 3930538 |
|  |  | 17792656 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Knife River Corp. \* | 17382 | 1050916 |
| United States Lime & Minerals, Inc. | 3675 | 430783 |
|  |  | 1481699 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Bread Financial Holdings, Inc. | 15565 | 975147 |
| Encore Capital Group, Inc. \* | 7201 | 299418 |
| Enova International, Inc. \* | 8180 | 978083 |
| LendingClub Corp. \* | 37839 | 658020 |
| Navient Corp. | 23552 | 288041 |
| Nelnet, Inc., Class A | 3919 | 505747 |
| PROG Holdings, Inc. | 13537 | 391625 |
| Upstart Holdings, Inc. \* (b) | 28355 | 1347430 |
|  |  | 5443511 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Andersons, Inc. (The) | 11198 | 518579 |
| Chefs' Warehouse, Inc. (The) \* | 12458 | 735022 |
| Grocery Outlet Holding Corp. \* | 30596 | 416412 |
| Ingles Markets, Inc., Class A | 4943 | 341561 |
| PriceSmart, Inc. | 7966 | 915612 |
| Weis Markets, Inc. | 4882 | 309226 |
|  |  | 3236412 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Greif, Inc., Class A | 8186 | 465701 |
| O-I Glass, Inc. \* | 50104 | 565674 |
| TriMas Corp. | 11241 | 399393 |
|  |  | 1430768 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
| Adtalem Global Education, Inc. \* | 12589 | 1233974 |
| Coursera, Inc. \* | 39075 | 329012 |
| Driven Brands Holdings, Inc. \* | 21081 | 302512 |
| Frontdoor, Inc. \* | 24526 | 1629262 |
| Graham Holdings Co., Class B | 1136 | 1149780 |
| KinderCare Learning Cos., Inc. \* | 10567 | 62345 |
| Laureate Education, Inc., Class A \* | 42075 | 1221437 |
| Mister Car Wash, Inc. \* | 35872 | 200524 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 31781 | 739544 |
| Strategic Education, Inc. | 7560 | 574409 |
| Stride, Inc. \* | 13737 | 934665 |
| Udemy, Inc. \* | 28073 | 159876 |
|  |  | 8537340 |
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| Alexander & Baldwin, Inc. | 24776 | 395673 |
| American Assets Trust, Inc. | 16257 | 310671 |
| Broadstone Net Lease, Inc. | 58972 | 1056778 |
| Global Net Lease, Inc. | 67892 | 517337 |
|  |  | 2280459 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Cogent Communications Holdings, Inc. | 15179 | 626134 |
| Globalstar, Inc. \* | 16836 | 916047 |
| Iridium Communications, Inc. | 33211 | 635990 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Liberty Latin America Ltd., Class C (Puerto <br> Rico) \*<br>| 36798 | 291072 |
| Uniti Group, Inc. | 47009 | 270772 |
|  |  | 2740015 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Hawaiian Electric Industries, Inc. \* | 58909 | 684523 |
| MGE Energy, Inc. | 12467 | 1033140 |
| Oklo, Inc. \* | 30703 | 4076437 |
|  |  | 5794100 |
| **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** |
| Atkore, Inc. | 11056 | 765628 |
| Bloom Energy Corp., Class A \* | 68540 | 9058246 |
| Enovix Corp. \* (b) | 49976 | 599212 |
| NuScale Power Corp. \* (b) | 44254 | 1985677 |
| Plug Power, Inc. \* (b) | 353475 | 950848 |
| Powell Industries, Inc. | 3160 | 1211512 |
| Sunrun, Inc. \* | 71856 | 1491731 |
| Vicor Corp. \* | 7879 | 714862 |
|  |  | 16777716 |
| **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** |
| Benchmark Electronics, Inc. | 10905 | 477857 |
| Crane NXT Co. | 18412 | 1164559 |
| CTS Corp. | 9790 | 406383 |
| ePlus, Inc. | 8600 | 629176 |
| IPG Photonics Corp. \* | 8854 | 753652 |
| Itron, Inc. \* | 15539 | 1559028 |
| Knowles Corp. \* | 27610 | 651872 |
| Mirion Technologies, Inc. \* | 77570 | 2278231 |
| Napco Security Technologies, Inc. | 11823 | 521985 |
| OSI Systems, Inc. \* | 5388 | 1500343 |
| PC Connection, Inc. | 3600 | 219492 |
| Plexus Corp. \* | 8680 | 1214332 |
| Rogers Corp. \* | 5666 | 496002 |
| TTM Technologies, Inc. \* | 32165 | 2161488 |
| Vishay Intertechnology, Inc. | 34905 | 592687 |
|  |  | 14627087 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Archrock, Inc. | 58336 | 1474151 |
| Atlas Energy Solutions, Inc. (b) | 25269 | 312830 |
| Cactus, Inc., Class A | 23258 | 1027306 |
| Helix Energy Solutions Group, Inc. \* | 44154 | 296715 |
| Helmerich & Payne, Inc. | 32058 | 841843 |
| Kodiak Gas Services, Inc. | 17859 | 658640 |
| Liberty Energy, Inc. | 53329 | 965788 |
| Noble Corp. plc | 42894 | 1258939 |
| Oceaneering International, Inc. \* | 34165 | 795703 |
| Patterson-UTI Energy, Inc. | 116802 | 732349 |
| RPC, Inc. | 29942 | 155698 |
| Seadrill Ltd. (Norway) \* | 19958 | 629874 |
| Tidewater, Inc. \* | 15858 | 802256 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Transocean Ltd. \* | 285543 | 1096485 |
| Valaris Ltd. \* | 20842 | 1169653 |
|  |  | 12218230 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| AMC Entertainment Holdings, Inc., Class A \* (b) | 147401 | 381769 |
| Atlanta Braves Holdings, Inc., Class A \* | 3398 | 146590 |
| Atlanta Braves Holdings, Inc., Class C \* | 15882 | 646715 |
| Cinemark Holdings, Inc. | 34151 | 922418 |
| IMAX Corp. \* | 14957 | 485953 |
| Liberty Media Corp-Liberty Live, Class A \* | 6711 | 588823 |
| Liberty Media Corp-Liberty Live, Class C \* | 15869 | 1434716 |
| Madison Square Garden Entertainment Corp. \* | 13561 | 598854 |
| Playtika Holding Corp. | 24390 | 89511 |
| Sphere Entertainment Co. \* | 8277 | 566809 |
| Starz Entertainment Corp. | 4124 | 43343 |
|  |  | 5905501 |
| **Financial Services — 2.2%** | **Financial Services — 2.2%** | **Financial Services — 2.2%** |
| Burford Capital Ltd. | 68038 | 676978 |
| Cannae Holdings, Inc. | 19317 | 345388 |
| Compass Diversified Holdings | 21265 | 135671 |
| EVERTEC, Inc. (Puerto Rico) | 20349 | 579336 |
| Federal Agricultural Mortgage Corp., Class C | 2922 | 463546 |
| Flywire Corp. \* | 36149 | 481505 |
| HA Sustainable Infrastructure Capital, Inc. | 40649 | 1126384 |
| Marqeta, Inc., Class A \* | 136123 | 616637 |
| Merchants Bancorp | 7198 | 224506 |
| NCR Atleos Corp. \* | 24994 | 922278 |
| NMI Holdings, Inc., Class A \* | 24907 | 907362 |
| Payoneer Global, Inc. \* | 70051 | 405595 |
| Rocket Cos., Inc., Class A | 301138 | 5016959 |
| Sezzle, Inc. \* | 6433 | 421683 |
| Walker & Dunlop, Inc. | 11149 | 891028 |
|  |  | 13214856 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Cal-Maine Foods, Inc. | 14621 | 1283724 |
| Fresh Del Monte Produce, Inc. | 12310 | 435159 |
| J & J Snack Foods Corp. | 5158 | 436625 |
| Seaboard Corp. | 86 | 289818 |
| Tootsie Roll Industries, Inc. | 5981 | 211069 |
| TreeHouse Foods, Inc. \* | 15399 | 280262 |
| Utz Brands, Inc. | 24748 | 260596 |
|  |  | 3197253 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| Chesapeake Utilities Corp. | 7694 | 979292 |
| Northwest Natural Holding Co. | 13754 | 626220 |
|  |  | 1605512 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| ArcBest Corp. | 7330 | 544766 |
| Hertz Global Holdings, Inc. \* | 37364 | 191677 |
| Marten Transport Ltd. | 17933 | 183813 |
| RXO, Inc. \* | 55823 | 989742 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Schneider National, Inc., Class B | 15460 | 330380 |
| Werner Enterprises, Inc. | 18442 | 483181 |
|  |  | 2723559 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| Alphatec Holdings, Inc. \* | 36873 | 700218 |
| AtriCure, Inc. \* | 16805 | 580613 |
| CONMED Corp. | 10514 | 462616 |
| Dentsply Sirona, Inc. | 65827 | 830078 |
| Enovis Corp. \* | 18745 | 585594 |
| Envista Holdings Corp. \* | 57888 | 1178021 |
| Establishment Labs Holdings, Inc. (Costa Rica) \* | 8224 | 394341 |
| ICU Medical, Inc. \* | 7910 | 949912 |
| Integer Holdings Corp. \* | 11763 | 759537 |
| Integra LifeSciences Holdings Corp. \* | 22887 | 274873 |
| iRhythm Technologies, Inc. \* | 10719 | 2007669 |
| Kestra Medical Technologies Ltd. \* (b) | 7988 | 218711 |
| LeMaitre Vascular, Inc. | 7059 | 611380 |
| LivaNova plc \* | 18419 | 969392 |
| Neogen Corp. \* | 66568 | 410724 |
| Novocure Ltd. \* | 34499 | 441932 |
| Omnicell, Inc. \* | 14912 | 500596 |
| PROCEPT BioRobotics Corp. \* | 18221 | 620061 |
| QuidelOrtho Corp. \* | 22527 | 608004 |
| STAAR Surgical Co. \* | 11330 | 293107 |
| Tandem Diabetes Care, Inc. \* | 22656 | 317184 |
| TransMedics Group, Inc. \* | 10654 | 1401427 |
| UFP Technologies, Inc. \* | 2598 | 500479 |
|  |  | 15616469 |
| **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** |
| Acadia Healthcare Co., Inc. \* | 31217 | 671165 |
| AdaptHealth Corp. \* | 31188 | 280380 |
| Addus HomeCare Corp. \* | 6158 | 719809 |
| agilon health, Inc. \* | 105274 | 83851 |
| Alignment Healthcare, Inc. \* | 37265 | 628288 |
| Ardent Health, Inc. \* | 7955 | 115825 |
| Astrana Health, Inc. \* | 13565 | 423364 |
| BrightSpring Health Services, Inc. \* | 23225 | 767586 |
| Brookdale Senior Living, Inc. \* | 74361 | 689326 |
| Clover Health Investments Corp. \* | 128524 | 453690 |
| Concentra Group Holdings Parent, Inc. | 40495 | 806660 |
| GeneDx Holdings Corp. \* | 6798 | 930714 |
| Guardant Health, Inc. \* | 39584 | 3682104 |
| LifeStance Health Group, Inc. \* | 53589 | 262586 |
| National HealthCare Corp. | 4248 | 507381 |
| NeoGenomics, Inc. \* | 43453 | 424536 |
| OPKO Health, Inc. \* | 123643 | 168154 |
| PACS Group, Inc. \* | 15015 | 181381 |
| Pediatrix Medical Group, Inc. \* | 28286 | 480013 |
| Premier, Inc., Class A | 27780 | 781174 |
| Privia Health Group, Inc. \* | 37582 | 913243 |
| Progyny, Inc. \* | 24428 | 457048 |
| RadNet, Inc. \* | 22297 | 1694349 |
| Select Medical Holdings Corp. | 36549 | 505473 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Surgery Partners, Inc. \* | 24591 | 539281 |
| US Physical Therapy, Inc. | 5008 | 432040 |
|  |  | 17599421 |
| **Health Care REITs — 1.5%** | **Health Care REITs — 1.5%** | **Health Care REITs — 1.5%** |
| American Healthcare REIT, Inc. | 51494 | 2333708 |
| CareTrust REIT, Inc. | 68458 | 2372070 |
| LTC Properties, Inc. | 15378 | 539460 |
| Medical Properties Trust, Inc. (b) | 171755 | 887973 |
| National Health Investors, Inc. | 15215 | 1133670 |
| Sabra Health Care REIT, Inc. | 73954 | 1317860 |
| Sila Realty Trust, Inc. | 18643 | 441839 |
|  |  | 9026580 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Certara, Inc. \* | 40912 | 475807 |
| Evolent Health, Inc., Class A \* | 36369 | 242581 |
| HealthStream, Inc. | 7942 | 195373 |
| Phreesia, Inc. \* | 18288 | 414040 |
| Schrodinger, Inc. \* | 18960 | 398919 |
| Teladoc Health, Inc. \* | 59813 | 516186 |
|  |  | 2242906 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Apple Hospitality REIT, Inc. | 76447 | 855442 |
| DiamondRock Hospitality Co. | 67161 | 525199 |
| Park Hotels & Resorts, Inc. | 68818 | 708137 |
| Pebblebrook Hotel Trust | 40297 | 421507 |
| RLJ Lodging Trust | 50368 | 342502 |
| Sunstone Hotel Investors, Inc. | 63016 | 557692 |
| Xenia Hotels & Resorts, Inc. | 32146 | 395396 |
|  |  | 3805875 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Brinker International, Inc. \* | 15055 | 1635876 |
| Cheesecake Factory, Inc. (The) (b) | 15843 | 788981 |
| Cracker Barrel Old Country Store, Inc. (b) | 7547 | 254334 |
| First Watch Restaurant Group, Inc. \* | 13469 | 222104 |
| Global Business Travel Group I \* | 34374 | 270180 |
| Marriott Vacations Worldwide Corp. | 9999 | 659734 |
| Monarch Casino & Resort, Inc. | 4518 | 406936 |
| Papa John's International, Inc. | 10608 | 538993 |
| Penn Entertainment, Inc. \* | 48547 | 799084 |
| Red Rock Resorts, Inc., Class A | 17262 | 920237 |
| Sabre Corp. \* | 124090 | 253764 |
| Shake Shack, Inc., Class A \* | 13092 | 1263509 |
| Six Flags Entertainment Corp. \* | 32116 | 738026 |
| Sweetgreen, Inc., Class A \* | 33524 | 210866 |
| United Parks & Resorts, Inc. \* | 8241 | 398864 |
| Wendy's Co. (The) | 53208 | 454396 |
|  |  | 9815884 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** | **Household Durables — 1.1%** |
| Cavco Industries, Inc. \* | 2496 | 1322381 |
| Century Communities, Inc. | 8565 | 508761 |
| Green Brick Partners, Inc. \* | 10573 | 684496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| La-Z-Boy, Inc. | 13072 | 414382 |
| Leggett & Platt, Inc. | 45685 | 426698 |
| LGI Homes, Inc. \* | 6727 | 274529 |
| M/I Homes, Inc. \* | 8481 | 1061736 |
| Newell Brands, Inc. | 129023 | 438678 |
| Sonos, Inc. \* | 36932 | 634123 |
| Tri Pointe Homes, Inc. \* | 27840 | 886704 |
|  |  | 6652488 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Central Garden & Pet Co. \* | 3086 | 94648 |
| Central Garden & Pet Co., Class A \* | 16857 | 468793 |
| Energizer Holdings, Inc. | 21514 | 499770 |
| Spectrum Brands Holdings, Inc. | 8628 | 464877 |
| WD-40 Co. | 4609 | 895436 |
|  |  | 2423524 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Innovative Industrial Properties, Inc. | 9541 | 478481 |
| LXP Industrial Trust | 100715 | 955786 |
|  |  | 1434267 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| AMERISAFE, Inc. | 6547 | 262404 |
| Baldwin Insurance Group, Inc. (The), Class A \* | 23945 | 529185 |
| CNO Financial Group, Inc. | 33680 | 1347874 |
| Employers Holdings, Inc. | 7623 | 290665 |
| F&G Annuities & Life, Inc. | 7074 | 209744 |
| Genworth Financial, Inc., Class A \* | 139643 | 1178587 |
| Goosehead Insurance, Inc., Class A | 8241 | 565909 |
| Horace Mann Educators Corp. | 13068 | 584270 |
| Lemonade, Inc. \* (b) | 18388 | 1104751 |
| Mercury General Corp. | 8445 | 652799 |
| Oscar Health, Inc., Class A \* | 65671 | 1182078 |
| Palomar Holdings, Inc. \* | 8903 | 1015031 |
| Safety Insurance Group, Inc. | 4769 | 327773 |
| SiriusPoint Ltd. (Sweden) \* | 32867 | 598179 |
| Skyward Specialty Insurance Group, Inc. \* | 10330 | 470945 |
| Stewart Information Services Corp. | 8944 | 610607 |
| Trupanion, Inc. \* | 11782 | 471162 |
|  |  | 11401963 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Cargurus, Inc. \* | 26564 | 932928 |
| Grindr, Inc. (Singapore) \* | 11148 | 154511 |
| IAC, Inc. \* | 23074 | 743444 |
| TripAdvisor, Inc. \* | 38399 | 616688 |
| Yelp, Inc. \* | 21206 | 699374 |
| Ziff Davis, Inc. \* | 13010 | 441039 |
|  |  | 3587984 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Applied Digital Corp. \* (b) | 79137 | 2742888 |
| ASGN, Inc. \* | 14447 | 646648 |
| DigitalOcean Holdings, Inc. \* | 21234 | 863374 |
| DXC Technology Co. \* | 55715 | 791153 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Fastly, Inc., Class A \* | 45469 | 376938 |
| Grid Dynamics Holdings, Inc. \* | 21728 | 202940 |
|  |  | 5623941 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| Peloton Interactive, Inc., Class A \* | 125037 | 907768 |
| Polaris, Inc. | 17475 | 1155097 |
| Topgolf Callaway Brands Corp. \* | 42904 | 403727 |
| YETI Holdings, Inc. \* | 27231 | 925582 |
|  |  | 3392174 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| 10X Genomics, Inc., Class A \* | 35321 | 481778 |
| Azenta, Inc. \* | 13618 | 411264 |
|  |  | 893042 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Alamo Group, Inc. | 3471 | 620337 |
| Albany International Corp., Class A | 10261 | 580567 |
| Atmus Filtration Technologies, Inc. | 5439 | 247366 |
| Energy Recovery, Inc. \* | 18592 | 318109 |
| Enerpac Tool Group Corp. | 18545 | 761087 |
| Enpro, Inc. | 6776 | 1572100 |
| ESCO Technologies, Inc. | 8234 | 1807116 |
| Gorman-Rupp Co. (The) | 7057 | 317353 |
| Greenbrier Cos., Inc. (The) | 9455 | 394935 |
| Helios Technologies, Inc. | 10726 | 593791 |
| Hillenbrand, Inc. | 22977 | 726073 |
| Hillman Solutions Corp. \* | 63279 | 583433 |
| Kadant, Inc. | 3842 | 1062928 |
| Kennametal, Inc. | 26135 | 573663 |
| Lindsay Corp. | 3709 | 412589 |
| Mueller Water Products, Inc., Class A | 53453 | 1371604 |
| Standex International Corp. | 3925 | 915428 |
| Symbotic, Inc. \* (b) | 14516 | 1175070 |
| Tennant Co. | 6417 | 513360 |
| Terex Corp. | 21553 | 991869 |
| Trinity Industries, Inc. | 25812 | 706475 |
| Worthington Enterprises, Inc. | 10266 | 575820 |
|  |  | 16821073 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Matson, Inc. | 10126 | 1022220 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Cable One, Inc. | 1484 | 220448 |
| DoubleVerify Holdings, Inc. \* | 46277 | 526632 |
| EchoStar Corp., Class A \* | 45692 | 3420960 |
| Ibotta, Inc., Class A \* (b) | 5163 | 166559 |
| Integral Ad Science Holding Corp. \* | 23606 | 241017 |
| John Wiley & Sons, Inc., Class A | 14844 | 547299 |
| Magnite, Inc. \* | 45340 | 810679 |
| Newsmax, Inc. \* (b) | 14296 | 142960 |
| TEGNA, Inc. | 51181 | 1006730 |
|  |  | 7083284 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alpha Metallurgical Resources, Inc. \* | 3745 | 648859 |
| Century Aluminum Co. \* | 16840 | 498801 |
| Coeur Mining, Inc. \* | 214722 | 3686777 |
| Constellium SE \* | 43676 | 687023 |
| Ivanhoe Electric, Inc. \* | 35873 | 530561 |
| Kaiser Aluminum Corp. | 5141 | 465415 |
| Materion Corp. | 6684 | 766187 |
| Warrior Met Coal, Inc. | 16678 | 1131435 |
| Worthington Steel, Inc. | 10423 | 333432 |
|  |  | 8748490 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| Apollo Commercial Real Estate Finance, Inc. | 42046 | 411630 |
| Arbor Realty Trust, Inc. (b) | 64917 | 655013 |
| ARMOUR Residential REIT, Inc. (b) | 38301 | 621242 |
| Chimera Investment Corp. | 26976 | 344214 |
| Franklin BSP Realty Trust, Inc. | 28008 | 284001 |
| Ladder Capital Corp. | 39057 | 412833 |
| MFA Financial, Inc. | 32097 | 288552 |
| PennyMac Mortgage Investment Trust | 29559 | 355890 |
| Redwood Trust, Inc. | 40762 | 216446 |
| Two Harbors Investment Corp. | 33617 | 326757 |
|  |  | 3916578 |
| **Office REITs — 0.9%** | **Office REITs — 0.9%** | **Office REITs — 0.9%** |
| COPT Defense Properties | 38446 | 1083024 |
| Douglas Emmett, Inc. | 52396 | 678004 |
| Easterly Government Properties, Inc. | 14325 | 309707 |
| Empire State Realty Trust, Inc., Class A | 46239 | 341706 |
| Highwoods Properties, Inc. | 35090 | 1004627 |
| JBG SMITH Properties | 20936 | 408043 |
| Paramount Group, Inc. \* | 62802 | 410725 |
| SL Green Realty Corp. | 24284 | 1246983 |
|  |  | 5482819 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| BKV Corp. (Thailand) \* | 5770 | 136114 |
| Calumet, Inc. \* | 22468 | 439474 |
| Civitas Resources, Inc. | 26811 | 772961 |
| CNX Resources Corp. \* | 48298 | 1625711 |
| Core Natural Resources, Inc. | 17310 | 1367490 |
| Crescent Energy Co., Class A | 63189 | 532683 |
| CVR Energy, Inc. \* | 10382 | 369495 |
| Delek US Holdings, Inc. | 20926 | 790166 |
| Dorian LPG Ltd. | 12515 | 361058 |
| Gulfport Energy Corp. \* | 5136 | 955347 |
| International Seaways, Inc. | 12809 | 656205 |
| Kinetik Holdings, Inc. (b) | 7792 | 300070 |
| New Fortress Energy, Inc. \* (b) | 48489 | 62551 |
| NextDecade Corp. \* | 54236 | 321619 |
| Northern Oil & Gas, Inc. | 28056 | 620879 |
| PBF Energy, Inc., Class A | 28510 | 974187 |
| Peabody Energy Corp. | 37536 | 1029237 |
| SM Energy Co. | 35677 | 745293 |
| Talos Energy, Inc. \* | 38259 | 375321 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Uranium Energy Corp. \* | 144251 | 2182518 |
| Venture Global, Inc., Class A (b) | 33001 | 282819 |
| World Kinect Corp. | 18704 | 483498 |
|  |  | 15384696 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Sylvamo Corp. | 11572 | 469823 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| Allegiant Travel Co. \* | 4510 | 280432 |
| JetBlue Airways Corp. \* | 97412 | 409131 |
| Joby Aviation, Inc. \* (b) | 161709 | 2804034 |
| SkyWest, Inc. \* | 13284 | 1334776 |
|  |  | 4828373 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Edgewell Personal Care Co. | 15123 | 293235 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Amneal Pharmaceuticals, Inc. \* | 42111 | 455641 |
| Amphastar Pharmaceuticals, Inc. \* | 11458 | 292179 |
| ANI Pharmaceuticals, Inc. \* | 6151 | 557280 |
| Avadel Pharmaceuticals plc, ADR \* | 29974 | 566209 |
| Crinetics Pharmaceuticals, Inc. \* | 31472 | 1369032 |
| Edgewise Therapeutics, Inc. \* | 26749 | 488972 |
| Harmony Biosciences Holdings, Inc. \* | 14462 | 413179 |
| Harrow, Inc. \* (b) | 9145 | 345407 |
| Innoviva, Inc. \* | 18788 | 341941 |
| Ligand Pharmaceuticals, Inc. \* | 6156 | 1177704 |
| Supernus Pharmaceuticals, Inc. \* | 16851 | 928996 |
| Tarsus Pharmaceuticals, Inc. \* | 9865 | 678811 |
| WaVe Life Sciences Ltd. \* | 38048 | 343954 |
|  |  | 7959305 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| Alight, Inc., Class A | 141859 | 408554 |
| CBIZ, Inc. \* | 17596 | 967780 |
| Concentrix Corp. | 13849 | 558253 |
| CSG Systems International, Inc. | 8796 | 688463 |
| First Advantage Corp. \* | 26808 | 338585 |
| Huron Consulting Group, Inc. \* | 5811 | 955561 |
| ICF International, Inc. | 5962 | 478629 |
| Insperity, Inc. | 11793 | 520307 |
| Korn Ferry | 16671 | 1078614 |
| Legalzoom.com, Inc. \* | 38906 | 387893 |
| ManpowerGroup, Inc. | 15135 | 464039 |
| UL Solutions, Inc., Class A | 20455 | 1592831 |
| Upwork, Inc. \* | 40152 | 640023 |
| Verra Mobility Corp. \* | 54183 | 1257587 |
|  |  | 10337119 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| Compass, Inc., Class A \* | 150234 | 1158304 |
| Cushman & Wakefield plc \* | 74653 | 1172052 |
| eXp World Holdings, Inc. | 28187 | 288635 |
| Forestar Group, Inc. \* | 5624 | 146280 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** |
| Kennedy-Wilson Holdings, Inc. | 35275 | 266679 |
| Marcus & Millichap, Inc. | 7934 | 231752 |
| Newmark Group, Inc., Class A | 49204 | 877308 |
| St. Joe Co. (The) | 13892 | 788788 |
|  |  | 4929798 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| Apartment Investment and Management Co., <br> Class A<br>| 45389 | 241469 |
| Centerspace | 5411 | 320602 |
| Elme Communities | 29973 | 493056 |
| NexPoint Residential Trust, Inc. | 7057 | 216438 |
| Veris Residential, Inc. | 27664 | 397255 |
|  |  | 1668820 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Acadia Realty Trust | 44421 | 847109 |
| Alexander's, Inc. | 726 | 160395 |
| Curbline Properties Corp. | 35357 | 815332 |
| Getty Realty Corp. | 17856 | 489790 |
| InvenTrust Properties Corp. | 25214 | 690864 |
| Macerich Co. (The) | 86302 | 1480079 |
| Saul Centers, Inc. | 4252 | 125902 |
| Tanger, Inc. | 38165 | 1242652 |
| Urban Edge Properties | 42655 | 820256 |
|  |  | 6672379 |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| Ambarella, Inc. \* | 13858 | 1181117 |
| Axcelis Technologies, Inc. \* | 10620 | 844927 |
| Diodes, Inc. \* | 15061 | 803655 |
| FormFactor, Inc. \* | 26563 | 1459637 |
| Impinj, Inc. \* | 9088 | 1837230 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 16208 | 647186 |
| MaxLinear, Inc. \* | 27584 | 417898 |
| Photronics, Inc. \* | 21011 | 502163 |
| Power Integrations, Inc. | 18529 | 776180 |
| Rigetti Computing, Inc. \* | 99545 | 4406857 |
| Semtech Corp. \* | 29569 | 2006552 |
| SiTime Corp. \* | 7291 | 2111765 |
| Synaptics, Inc. \* | 13349 | 946978 |
| Ultra Clean Holdings, Inc. \* | 14411 | 395006 |
| Veeco Instruments, Inc. \* | 18008 | 517730 |
|  |  | 18854881 |
| **Software — 8.7%** | **Software — 8.7%** | **Software — 8.7%** |
| A10 Networks, Inc. | 24487 | 436848 |
| ACI Worldwide, Inc. \* | 35982 | 1713823 |
| Adeia, Inc. | 36804 | 627140 |
| Agilysys, Inc. \* | 8624 | 1081967 |
| Alarm.com Holdings, Inc. \* | 16886 | 831129 |
| Alkami Technology, Inc. \* (b) | 21871 | 443763 |
| Amplitude, Inc., Class A \* | 27829 | 279682 |
| Appfolio, Inc., Class A \* | 7842 | 1995240 |
| Appian Corp., Class A \* | 10500 | 314265 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Asana, Inc., Class A \* | 30944 | 434763 |
| AvePoint, Inc. \* | 36974 | 520224 |
| Braze, Inc., Class A \* | 23908 | 685203 |
| C3.ai, Inc., Class A \* (b) | 40610 | 713924 |
| Cipher Mining, Inc. \* | 89849 | 1675684 |
| Cleanspark, Inc. \* | 92944 | 1654403 |
| Clear Secure, Inc., Class A | 28398 | 865287 |
| Clearwater Analytics Holdings, Inc., Class A \* | 91466 | 1683889 |
| Core Scientific, Inc. \* (b) | 94480 | 2035099 |
| D-Wave Quantum, Inc. (Canada) \* | 113295 | 4198712 |
| Five9, Inc. \* | 23540 | 571551 |
| Freshworks, Inc., Class A \* | 67092 | 744721 |
| Intapp, Inc. \* | 18705 | 717898 |
| InterDigital, Inc. | 8168 | 2956489 |
| Jamf Holding Corp. \* | 18008 | 231403 |
| JFrog Ltd. \* | 33020 | 1567790 |
| Klaviyo, Inc., Class A \* | 37972 | 987272 |
| Life360, Inc. \* | 25110 | 2478608 |
| LiveRamp Holdings, Inc. \* | 21371 | 584283 |
| MARA Holdings, Inc. \* | 124393 | 2272660 |
| N-Able, Inc. \* | 25068 | 196282 |
| nCino, Inc. \* | 34840 | 929531 |
| NCR Voyix Corp. \* | 47115 | 537582 |
| PagerDuty, Inc. \* | 29462 | 473160 |
| PAR Technology Corp. \* | 13639 | 482002 |
| Progress Software Corp. \* | 14049 | 599049 |
| PROS Holdings, Inc. \* | 15199 | 350337 |
| Q2 Holdings, Inc. \* | 20516 | 1267068 |
| Rapid7, Inc. \* | 20343 | 376549 |
| RingCentral, Inc., Class A \* | 24652 | 742518 |
| Riot Platforms, Inc. \* | 111030 | 2196173 |
| SoundHound AI, Inc. \* (b) | 123333 | 2173128 |
| Sprinklr, Inc., Class A \* | 38526 | 297421 |
| Sprout Social, Inc., Class A \* | 16062 | 164957 |
| Teradata Corp. \* | 29493 | 614929 |
| Terawulf, Inc. \* | 98904 | 1533012 |
| Varonis Systems, Inc. \* | 37773 | 1330743 |
| Verint Systems, Inc. \* | 20260 | 410873 |
| Vertex, Inc., Class A \* | 22924 | 524960 |
| Zeta Global Holdings Corp., Class A \* | 64289 | 1156559 |
|  |  | 51660553 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Four Corners Property Trust, Inc. | 34149 | 807282 |
| Millrose Properties, Inc., Class A | 41280 | 1329629 |
| National Storage Affiliates Trust | 24048 | 699556 |
| Outfront Media, Inc. | 48274 | 853967 |
| Safehold, Inc. | 15488 | 223492 |
|  |  | 3913926 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Academy Sports & Outdoors, Inc. | 22407 | 1073071 |
| Advance Auto Parts, Inc. | 19368 | 912814 |
| American Eagle Outfitters, Inc. | 54150 | 904846 |
| Boot Barn Holdings, Inc. \* | 9771 | 1853070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Buckle, Inc. (The) | 10897 | 597155 |
| National Vision Holdings, Inc. \* | 25380 | 653535 |
| Revolve Group, Inc. \* | 13781 | 304836 |
| Sally Beauty Holdings, Inc. \* | 31898 | 481979 |
| Signet Jewelers Ltd. | 12687 | 1254110 |
| Sonic Automotive, Inc., Class A | 4753 | 301958 |
| Upbound Group, Inc. | 17814 | 345235 |
| Urban Outfitters, Inc. \* | 20049 | 1295366 |
| Victoria's Secret & Co. \* | 23615 | 832429 |
| Warby Parker, Inc., Class A \* | 30196 | 591540 |
| Wayfair, Inc., Class A \* | 33857 | 3504538 |
| Winmark Corp. | 1016 | 409621 |
|  |  | 15316103 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| CompoSecure, Inc., Class A \* | 16128 | 320302 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Capri Holdings Ltd. \* | 40276 | 835727 |
| Carter's, Inc. | 11426 | 358776 |
| G-III Apparel Group Ltd. \* | 11852 | 318226 |
| Hanesbrands, Inc. \* | 112150 | 741311 |
| Kontoor Brands, Inc. | 18824 | 1523238 |
| Levi Strauss & Co., Class A | 29788 | 604101 |
| Steven Madden Ltd. | 22458 | 761551 |
| Under Armour, Inc., Class A \* (b) | 61388 | 282999 |
| Under Armour, Inc., Class C \* | 45704 | 202926 |
| Wolverine World Wide, Inc. | 27652 | 627700 |
|  |  | 6256555 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Universal Corp. | 7716 | 391047 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Boise Cascade Co. | 12948 | 912704 |
| DNOW, Inc. \* | 33637 | 494464 |
| McGrath RentCorp | 8347 | 896802 |
| Willis Lease Finance Corp. | 1084 | 139164 |
| Xometry, Inc., Class A \* | 13576 | 661015 |
|  |  | 3104149 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| H2O America | 10672 | 493580 |
| Middlesex Water Co. | 6076 | 349188 |
|  |  | 842768 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Array Digital Infrastructure, Inc. | 4091 | 200950 |
| Gogo, Inc. \* | 22008 | 200273 |
| Telephone and Data Systems, Inc. | 31145 | 1209049 |
|  |  | 1610272 |
| Total Common Stocks <br>(Cost $501,366,868)<br>|  | 588421263 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **RIGHTS**<br>| **VALUE($)** |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| Mirati Therapeutics, Inc., CVR ‡ \* | 39447 | 27613 |
| OmniAb Operations, Inc. ‡ \* | 2112 |  |
| Sanofi Aatd, Inc., CVR ‡ \* | 10020 | 1453 |
|  |  | 29066 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| OmniAb, Inc. ‡ \* | 2112 |  |
| Total Rights <br>(Cost $29,066)<br>|  | 29066 |
|  | **SHARES** |  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (c) (d) <br>(Cost $5,001,652)<br>| 5001652 | 5001652 |
| **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, 4.12% (c) (d) <br>(Cost $21,094,416)<br>| 21094416 | 21094416 |
| Total Short-Term Investments <br>(Cost $26,096,068)<br>|  | 26096068 |
| **Total Investments — 103.5%** <br>**(Cost $527,492,002)**<br>|  | **614546397** |
| **Liabilities in Excess of Other Assets — (3.5)%** |  | **(20619902)**<br>|
| **NET ASSETS — 100.0%** |  | **593926495** |

---

&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 |
| 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) | 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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $20,854,077.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5350490 | &nbsp;&nbsp;&nbsp;&nbsp; 88165 |

---

&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;

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

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Brazil — 11.4%** | **Brazil — 11.4%** | **Brazil — 11.4%** |
| Alupar Investimento SA | &nbsp;&nbsp; 114632 | &nbsp;&nbsp; 695895 |
| Ambev SA | &nbsp;&nbsp; 612374 | &nbsp;&nbsp; 1451272 |
| Banco Bradesco SA (Preference) | &nbsp;&nbsp; 536687 | &nbsp;&nbsp; 1814578 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 80588 | &nbsp;&nbsp; 733238 |
| Banco do Brasil SA | &nbsp;&nbsp; 274992 | &nbsp;&nbsp; 1122468 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 147520 | &nbsp;&nbsp; 904871 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 31252 | &nbsp;&nbsp; 87309 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 149871 | &nbsp;&nbsp; 1549424 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP<br>| &nbsp;&nbsp; 62036 | &nbsp;&nbsp; 1524739 |
| Cia Energetica de Minas Gerais <br> (Preference)<br>| &nbsp;&nbsp; 454460 | &nbsp;&nbsp; 956233 |
| Cia Paranaense de Energia - Copel <br> (Preference)<br>| &nbsp;&nbsp; 374564 | &nbsp;&nbsp; 969141 |
| CPFL Energia SA | &nbsp;&nbsp; 109406 | &nbsp;&nbsp; 843532 |
| CSN Mineracao SA | &nbsp;&nbsp; 745039 | &nbsp;&nbsp; 840600 |
| Embraer SA | &nbsp;&nbsp; 94412 | &nbsp;&nbsp; 1528155 |
| Gerdau SA (Preference) | &nbsp;&nbsp; 189920 | &nbsp;&nbsp; 666491 |
| GPS Participacoes e Empreendimentos <br> SA (a)<br>| &nbsp;&nbsp; 17966 | &nbsp;&nbsp; 63149 |
| Grupo Mateus SA \* | &nbsp;&nbsp; 61940 | &nbsp;&nbsp; 74144 |
| Hypera SA | &nbsp;&nbsp; 130001 | &nbsp;&nbsp; 622222 |
| Isa Energia Brasil sa (Preference) | &nbsp;&nbsp; 78318 | &nbsp;&nbsp; 365245 |
| Itau Unibanco Holding SA (Preference) | &nbsp;&nbsp; 467554 | &nbsp;&nbsp; 3435424 |
| Itausa SA (Preference) | &nbsp;&nbsp; 738096 | &nbsp;&nbsp; 1595564 |
| Klabin SA | &nbsp;&nbsp; 161693 | &nbsp;&nbsp; 540084 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 103650 | &nbsp;&nbsp; 756768 |
| Lojas Renner SA | &nbsp;&nbsp; 296027 | &nbsp;&nbsp; 814357 |
| M Dias Branco SA | &nbsp;&nbsp; 52199 | &nbsp;&nbsp; 285060 |
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 297884 | &nbsp;&nbsp; 986127 |
| Metalurgica Gerdau SA (Preference) | &nbsp;&nbsp; 236201 | &nbsp;&nbsp; 482504 |
| Neoenergia SA | &nbsp;&nbsp; 143886 | &nbsp;&nbsp; 778810 |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 437414 | &nbsp;&nbsp; 2413117 |
| Porto Seguro SA | &nbsp;&nbsp; 85467 | &nbsp;&nbsp; 762538 |
| Rede D'Or Sao Luiz SA (b) | &nbsp;&nbsp; 135721 | &nbsp;&nbsp; 1089310 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 182968 | &nbsp;&nbsp; 292819 |
| SLC Agricola SA | &nbsp;&nbsp; 113277 | &nbsp;&nbsp; 339624 |
| Suzano SA | &nbsp;&nbsp; 82340 | &nbsp;&nbsp; 746730 |
| Telefonica Brasil SA | &nbsp;&nbsp; 165541 | &nbsp;&nbsp; 992640 |
| TIM SA | &nbsp;&nbsp; 221765 | &nbsp;&nbsp; 1000013 |
| TOTVS SA | &nbsp;&nbsp; 125433 | &nbsp;&nbsp; 1037746 |
| Transmissora Alianca de Energia Eletrica <br> S/A<br>| &nbsp;&nbsp; 121620 | &nbsp;&nbsp; 861521 |
| Vale SA | &nbsp;&nbsp; 316664 | &nbsp;&nbsp; 3826490 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Vibra Energia SA | &nbsp;&nbsp; 172737 | &nbsp;&nbsp; 764802 |
| WEG SA | &nbsp;&nbsp; 30187 | &nbsp;&nbsp; 236056 |
|  |  | &nbsp;&nbsp; 40850810 |
| **Chile — 2.6%** | **Chile — 2.6%** | **Chile — 2.6%** |
| Banco de Chile | &nbsp;&nbsp; 7706281 | &nbsp;&nbsp; 1352391 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 8567 | &nbsp;&nbsp; 440370 |
| Banco Santander Chile | &nbsp;&nbsp; 12951249 | &nbsp;&nbsp; 936700 |
| Cencosud SA | &nbsp;&nbsp; 296781 | &nbsp;&nbsp; 920366 |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 63742 | &nbsp;&nbsp; 405763 |
| Cia Sud Americana de Vapores SA | &nbsp;&nbsp; 11816086 | &nbsp;&nbsp; 587952 |
| Colbun SA | &nbsp;&nbsp; 2949460 | &nbsp;&nbsp; 443412 |
| Embotelladora Andina SA (Preference), <br> Class B<br>| &nbsp;&nbsp; 158348 | &nbsp;&nbsp; 712654 |
| Empresas CMPC SA | &nbsp;&nbsp; 129091 | &nbsp;&nbsp; 186265 |
| Empresas Copec SA | &nbsp;&nbsp; 55876 | &nbsp;&nbsp; 399500 |
| Enel Americas SA | &nbsp;&nbsp; 4054820 | &nbsp;&nbsp; 382875 |
| Enel Chile SA | &nbsp;&nbsp; 8027984 | &nbsp;&nbsp; 613246 |
| Falabella SA | &nbsp;&nbsp; 149943 | &nbsp;&nbsp; 940972 |
| Latam Airlines Group SA | &nbsp;&nbsp; 44036085 | &nbsp;&nbsp; 1003549 |
|  |  | &nbsp;&nbsp; 9326015 |
| **China — 20.7%** | **China — 20.7%** | **China — 20.7%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 571900 | &nbsp;&nbsp; 639048 |
| An Hui Wenergy Co. Ltd., Class A | &nbsp;&nbsp; 335500 | &nbsp;&nbsp; 385625 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 1491 |
| Anhui Expressway Co. Ltd., Class A | &nbsp;&nbsp; 286000 | &nbsp;&nbsp; 599012 |
| BAIC Motor Corp. Ltd., Class H \* (b) | &nbsp;&nbsp; 733500 | &nbsp;&nbsp; 189668 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 5995000 | &nbsp;&nbsp; 3394632 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 460800 | &nbsp;&nbsp; 476911 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 80500 | &nbsp;&nbsp; 353224 |
| Beijing Shougang Co. Ltd., Class A | &nbsp;&nbsp; 726400 | &nbsp;&nbsp; 428390 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 876000 | &nbsp;&nbsp; 536037 |
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 1662000 | &nbsp;&nbsp; 817762 |
| CGN Power Co. Ltd., Class H (b) | &nbsp;&nbsp; 2614000 | &nbsp;&nbsp; 1035645 |
| Chengdu Kanghong Pharmaceutical Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 126500 | &nbsp;&nbsp; 600992 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 1383000 | &nbsp;&nbsp; 1319529 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 526000 | &nbsp;&nbsp; 740947 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 886000 | &nbsp;&nbsp; 530992 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 5090000 | &nbsp;&nbsp; 5039312 |
| China Feihe Ltd. (b) | &nbsp;&nbsp; 903000 | &nbsp;&nbsp; 481942 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 1412408 |
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 198000 | &nbsp;&nbsp; 341473 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| China Merchants Port Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 120900 | &nbsp;&nbsp; 348389 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 619364 |
| China National Chemical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 150900 | &nbsp;&nbsp; 163752 |
| China National Medicines Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 70100 | &nbsp;&nbsp; 293175 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp; 1234018 |
| China Resources Pharmaceutical Group <br> Ltd. (b)<br>| &nbsp;&nbsp; 493500 | &nbsp;&nbsp; 316257 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| &nbsp;&nbsp; 126602 | &nbsp;&nbsp; 512476 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 384000 | &nbsp;&nbsp; 1999558 |
| China South Publishing & Media Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 552043 |
| China United Network Communications <br> Ltd., Class A<br>| &nbsp;&nbsp; 808800 | &nbsp;&nbsp; 615794 |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 378000 | &nbsp;&nbsp; 423134 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 212100 | &nbsp;&nbsp; 836745 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 828000 | &nbsp;&nbsp; 680894 |
| CITIC Ltd. | &nbsp;&nbsp; 726000 | &nbsp;&nbsp; 1122128 |
| COFCO Sugar Holding Co. Ltd., Class A | &nbsp;&nbsp; 286500 | &nbsp;&nbsp; 628614 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | &nbsp;&nbsp; 558850 | &nbsp;&nbsp; 969176 |
| COSCO SHIPPING Ports Ltd. | &nbsp;&nbsp; 322000 | &nbsp;&nbsp; 237382 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 478300 | &nbsp;&nbsp; 514410 |
| Datang International Power Generation Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 448000 | &nbsp;&nbsp; 137717 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 325159 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 104200 | &nbsp;&nbsp; 907923 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 122100 | &nbsp;&nbsp; 334577 |
| Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 145200 | &nbsp;&nbsp; 1462187 |
| Fujian Funeng Co. Ltd., Class A | &nbsp;&nbsp; 259900 | &nbsp;&nbsp; 368909 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 821600 | &nbsp;&nbsp; 610122 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 254000 | &nbsp;&nbsp; 602567 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 846986 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> Class A<br>| &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 485779 |
| Guangdong Baolihua New Energy Stock Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 593500 | &nbsp;&nbsp; 396579 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 362000 | &nbsp;&nbsp; 343894 |
| Guangdong South New Media Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 55600 | &nbsp;&nbsp; 377284 |
| Guangxi Guiguan Electric Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 411800 | &nbsp;&nbsp; 431820 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Guangxi Liugong Machinery Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 230400 | &nbsp;&nbsp; 376526 |
| Guangzhou Baiyunshan Pharmaceutical <br> Holdings Co. Ltd., Class H<br>| &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 38571 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 254126 |
| Heilongjiang Agriculture Co. Ltd., Class A | &nbsp;&nbsp; 270400 | &nbsp;&nbsp; 548498 |
| Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 63956 |
| HLA Group Corp. Ltd. | &nbsp;&nbsp; 450900 | &nbsp;&nbsp; 391884 |
| Huadian Power International Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 908000 | &nbsp;&nbsp; 535265 |
| Huapont Life Sciences Co. Ltd., Class A | &nbsp;&nbsp; 471700 | &nbsp;&nbsp; 323891 |
| Huaxin Cement Co. Ltd., Class H | &nbsp;&nbsp; 161900 | &nbsp;&nbsp; 363538 |
| Huayu Automotive Systems Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 92100 | &nbsp;&nbsp; 264115 |
| Hubei Jumpcan Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 137500 | &nbsp;&nbsp; 483601 |
| Industrial & Commercial Bank of China <br> Ltd., Class H<br>| &nbsp;&nbsp; 2312000 | &nbsp;&nbsp; 1791336 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 223716 | &nbsp;&nbsp; 793668 |
| Inner Mongolia ERDOS Resources Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 216380 | &nbsp;&nbsp; 336067 |
| Inner Mongolia MengDian HuaNeng <br> Thermal Power Corp. Ltd., Class A<br>| &nbsp;&nbsp; 569500 | &nbsp;&nbsp; 342169 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 399100 | &nbsp;&nbsp; 778417 |
| Jiangsu Phoenix Publishing & Media Corp. <br> Ltd., Class A<br>| &nbsp;&nbsp; 222100 | &nbsp;&nbsp; 314193 |
| Jiangsu Yuyue Medical Equipment & Supply <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 93900 | &nbsp;&nbsp; 474838 |
| Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 188400 | &nbsp;&nbsp; 447984 |
| Joincare Pharmaceutical Group Industry <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 167700 | &nbsp;&nbsp; 286272 |
| KingClean Electric Co. Ltd., Class A | &nbsp;&nbsp; 22718 | &nbsp;&nbsp; 81702 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 602000 | &nbsp;&nbsp; 553350 |
| Lao Feng Xiang Co. Ltd., Class A | &nbsp;&nbsp; 22700 | &nbsp;&nbsp; 153609 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 36962 |
| Livzon Pharmaceutical Group, Inc., Class A | &nbsp;&nbsp; 69600 | &nbsp;&nbsp; 358931 |
| Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 271400 | &nbsp;&nbsp; 425489 |
| Nanjing Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 662100 | &nbsp;&nbsp; 488033 |
| Newland Digital Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 228168 |
| Offshore Oil Engineering Co. Ltd., Class A | &nbsp;&nbsp; 335900 | &nbsp;&nbsp; 256849 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 472800 | &nbsp;&nbsp; 607966 |
| Qingdao Port International Co. Ltd., Class A | &nbsp;&nbsp; 451300 | &nbsp;&nbsp; 540162 |
| Qinhuangdao Port Co. Ltd., Class A | &nbsp;&nbsp; 796300 | &nbsp;&nbsp; 423487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 78100 | &nbsp;&nbsp; 442088 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 262500 | &nbsp;&nbsp; 836412 |
| Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 735800 | &nbsp;&nbsp; 476032 |
| Shandong Publishing & Media Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 123700 | &nbsp;&nbsp; 145132 |
| Shandong Weigao Group Medical Polymer <br> Co. Ltd., Class H<br>| &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 21560 |
| Shanghai Huayi Group Co. Ltd., Class A | &nbsp;&nbsp; 362800 | &nbsp;&nbsp; 404941 |
| Shanghai International Port Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 463900 | &nbsp;&nbsp; 363535 |
| Shanghai Mechanical and Electrical <br> Industry Co. Ltd., Class A<br>| &nbsp;&nbsp; 160800 | &nbsp;&nbsp; 611724 |
| Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 47428 |
| Shanghai Tunnel Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 446400 | &nbsp;&nbsp; 413728 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 83320 | &nbsp;&nbsp; 254319 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 335700 | &nbsp;&nbsp; 387831 |
| Shenzhen Aisidi Co. Ltd., Class A | &nbsp;&nbsp; 273340 | &nbsp;&nbsp; 475870 |
| Shenzhen Expressway Corp. Ltd. | &nbsp;&nbsp; 249700 | &nbsp;&nbsp; 358313 |
| Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3201 | &nbsp;&nbsp; 34264 |
| Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 392921 |
| Sinoma International Engineering Co., <br> Class A<br>| &nbsp;&nbsp; 154300 | &nbsp;&nbsp; 206297 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; 393826 |
| Sinotrans Ltd., Class A | &nbsp;&nbsp; 58800 | &nbsp;&nbsp; 55551 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 233000 | &nbsp;&nbsp; 778415 |
| TangShan Port Group Co. Ltd., Class A | &nbsp;&nbsp; 998700 | &nbsp;&nbsp; 556848 |
| Tasly Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 177400 | &nbsp;&nbsp; 384707 |
| Tian Di Science & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 581200 | &nbsp;&nbsp; 487698 |
| Tianhe Chemicals Group Ltd. ‡ \* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; — |
| Tianjin Port Co. Ltd., Class A | &nbsp;&nbsp; 616800 | &nbsp;&nbsp; 416356 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 241000 | &nbsp;&nbsp; 451957 |
| Triangle Tyre Co. Ltd., Class A | &nbsp;&nbsp; 177100 | &nbsp;&nbsp; 367555 |
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 344000 | &nbsp;&nbsp; 372308 |
| Wanxiang Qianchao Co. Ltd., Class A | &nbsp;&nbsp; 657400 | &nbsp;&nbsp; 1159238 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 40800 | &nbsp;&nbsp; 681537 |
| Xiamen C & D, Inc., Class A | &nbsp;&nbsp; 232500 | &nbsp;&nbsp; 332581 |
| Xinhua Winshare Publishing and Media Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 285200 | &nbsp;&nbsp; 574516 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 438900 | &nbsp;&nbsp; 1185363 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 677200 | &nbsp;&nbsp; 929691 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **China — continued** | **China — continued** | **China — continued** |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 449000 | &nbsp;&nbsp; 472747 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 185800 | &nbsp;&nbsp; 599294 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 33560 | &nbsp;&nbsp; 266982 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 134100 | &nbsp;&nbsp; 541418 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 794226 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 468000 | &nbsp;&nbsp; 456865 |
| Zhejiang Hisun Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 142800 | &nbsp;&nbsp; 224665 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 477700 | &nbsp;&nbsp; 706303 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 129800 | &nbsp;&nbsp; 442869 |
| Zhejiang Semir Garment Co. Ltd., Class A | &nbsp;&nbsp; 95800 | &nbsp;&nbsp; 72724 |
| Zhejiang Zheneng Electric Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 453700 | &nbsp;&nbsp; 328575 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 186700 | &nbsp;&nbsp; 579079 |
| Zhongshan Broad Ocean Motor Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 385100 | &nbsp;&nbsp; 662788 |
| ZMJ Group Co. Ltd., Class A | &nbsp;&nbsp; 51300 | &nbsp;&nbsp; 174212 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class H<br>| &nbsp;&nbsp; 86200 | &nbsp;&nbsp; 83229 |
|  |  | &nbsp;&nbsp; 73793993 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Ecopetrol SA | &nbsp;&nbsp; 784612 | &nbsp;&nbsp; 362316 |
| Grupo Cibest SA (Preference) | &nbsp;&nbsp; 34906 | &nbsp;&nbsp; 509825 |
|  |  | &nbsp;&nbsp; 872141 |
| **Czech Republic — 0.5%** | **Czech Republic — 0.5%** | **Czech Republic — 0.5%** |
| CEZ A/S | &nbsp;&nbsp; 20659 | &nbsp;&nbsp; 1265346 |
| Moneta Money Bank A/S (b) | &nbsp;&nbsp; 62246 | &nbsp;&nbsp; 526882 |
|  |  | &nbsp;&nbsp; 1792228 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Commercial International Bank - Egypt <br> (CIB)<br>| &nbsp;&nbsp; 339885 | &nbsp;&nbsp; 758969 |
| **Greece — 2.2%** | **Greece — 2.2%** | **Greece — 2.2%** |
| Eurobank Ergasias Services and Holdings <br> SA<br>| &nbsp;&nbsp; 205764 | &nbsp;&nbsp; 774003 |
| Hellenic Telecommunications Organization <br> SA<br>| &nbsp;&nbsp; 44055 | &nbsp;&nbsp; 827300 |
| HELLENiQ ENERGY Holdings S.A. | &nbsp;&nbsp; 32495 | &nbsp;&nbsp; 285811 |
| JUMBO SA | &nbsp;&nbsp; 26921 | &nbsp;&nbsp; 854580 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 28736 | &nbsp;&nbsp; 861148 |
| National Bank of Greece SA | &nbsp;&nbsp; 67274 | &nbsp;&nbsp; 988828 |
| OPAP SA | &nbsp;&nbsp; 44005 | &nbsp;&nbsp; 910466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Greece — continued** | **Greece — continued** | **Greece — continued** |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 162127 | &nbsp;&nbsp; 1266247 |
| Public Power Corp. SA | &nbsp;&nbsp; 55173 | &nbsp;&nbsp; 958199 |
|  |  | &nbsp;&nbsp; 7726582 |
| **Hungary — 0.8%** | **Hungary — 0.8%** | **Hungary — 0.8%** |
| Magyar Telekom Telecommunications plc | &nbsp;&nbsp; 143351 | &nbsp;&nbsp; 751326 |
| MOL Hungarian Oil & Gas plc | &nbsp;&nbsp; 88261 | &nbsp;&nbsp; 776416 |
| OTP Bank Nyrt. | &nbsp;&nbsp; 5128 | &nbsp;&nbsp; 489495 |
| Richter Gedeon Nyrt. | &nbsp;&nbsp; 32358 | &nbsp;&nbsp; 996758 |
|  |  | &nbsp;&nbsp; 3013995 |
| **India — 9.7%** | **India — 9.7%** | **India — 9.7%** |
| Adani Power Ltd. \* | &nbsp;&nbsp; 707479 | &nbsp;&nbsp; 1256538 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 21649 | &nbsp;&nbsp; 277710 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 11148 | &nbsp;&nbsp; 1116139 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 1277 | &nbsp;&nbsp; 176961 |
| Bank of Baroda | &nbsp;&nbsp; 25037 | &nbsp;&nbsp; 78462 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 173133 | &nbsp;&nbsp; 694558 |
| Canara Bank | &nbsp;&nbsp; 128342 | &nbsp;&nbsp; 197897 |
| Castrol India Ltd. | &nbsp;&nbsp; 42104 | &nbsp;&nbsp; 92395 |
| Cipla Ltd. | &nbsp;&nbsp; 61337 | &nbsp;&nbsp; 1037199 |
| Coal India Ltd. | &nbsp;&nbsp; 50777 | &nbsp;&nbsp; 222125 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 7278 | &nbsp;&nbsp; 183850 |
| Dabur India Ltd. | &nbsp;&nbsp; 61690 | &nbsp;&nbsp; 338670 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 11049 | &nbsp;&nbsp; 838827 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 54393 | &nbsp;&nbsp; 731872 |
| GAIL India Ltd. | &nbsp;&nbsp; 111973 | &nbsp;&nbsp; 230364 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 8855 | &nbsp;&nbsp; 188489 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 76328 | &nbsp;&nbsp; 1324379 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 26633 | &nbsp;&nbsp; 254021 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 82764 | &nbsp;&nbsp; 442777 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 87681 | &nbsp;&nbsp; 2435099 |
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 32504 | &nbsp;&nbsp; 174378 |
| ICICI Lombard General Insurance Co. <br> Ltd. (b)<br>| &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 83654 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 349864 | &nbsp;&nbsp; 652889 |
| Indus Towers Ltd. \* | &nbsp;&nbsp; 118600 | &nbsp;&nbsp; 486013 |
| Infosys Ltd. | &nbsp;&nbsp; 239539 | &nbsp;&nbsp; 3991221 |
| ITC Ltd. | &nbsp;&nbsp; 347448 | &nbsp;&nbsp; 1644656 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 22852 | &nbsp;&nbsp; 274359 |
| JSW Steel Ltd. | &nbsp;&nbsp; 35085 | &nbsp;&nbsp; 476416 |
| Mphasis Ltd. | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 18525 |
| Nestle India Ltd. | &nbsp;&nbsp; 58162 | &nbsp;&nbsp; 833607 |
| NHPC Ltd. | &nbsp;&nbsp; 239314 | &nbsp;&nbsp; 228465 |
| NMDC Ltd. | &nbsp;&nbsp; 609952 | &nbsp;&nbsp; 520347 |
| NTPC Ltd. | &nbsp;&nbsp; 290296 | &nbsp;&nbsp; 1101091 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **India — continued** | **India — continued** | **India — continued** |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 260367 | &nbsp;&nbsp; 749271 |
| Oil India Ltd. | &nbsp;&nbsp; 42122 | &nbsp;&nbsp; 205680 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 95100 | &nbsp;&nbsp; 301130 |
| Piramal Enterprises Ltd. | &nbsp;&nbsp; 3590 | &nbsp;&nbsp; 45464 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 229334 | &nbsp;&nbsp; 744071 |
| REC Ltd. | &nbsp;&nbsp; 112307 | &nbsp;&nbsp; 473939 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 133510 | &nbsp;&nbsp; 2234002 |
| Steel Authority of India Ltd. | &nbsp;&nbsp; 120101 | &nbsp;&nbsp; 185040 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 52379 | &nbsp;&nbsp; 998493 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 54936 | &nbsp;&nbsp; 1890717 |
| Tata Motors Ltd. ‡ \* | &nbsp;&nbsp; 99551 | &nbsp;&nbsp; 292592 |
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 99551 | &nbsp;&nbsp; 459481 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 163256 | &nbsp;&nbsp; 744067 |
| Tata Steel Ltd. | &nbsp;&nbsp; 479810 | &nbsp;&nbsp; 987457 |
| Titan Co. Ltd. | &nbsp;&nbsp; 8529 | &nbsp;&nbsp; 359905 |
| Torrent Power Ltd. | &nbsp;&nbsp; 15954 | &nbsp;&nbsp; 236365 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 91718 | &nbsp;&nbsp; 153566 |
| United Breweries Ltd. | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 57927 |
| UPL Ltd. | &nbsp;&nbsp; 12821 | &nbsp;&nbsp; 103981 |
| Vedanta Ltd. | &nbsp;&nbsp; 118944 | &nbsp;&nbsp; 660323 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 19465 | &nbsp;&nbsp; 213836 |
|  |  | &nbsp;&nbsp; 34701260 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** | **Indonesia — 2.0%** |
| Alamtri Resources Indonesia Tbk. PT | &nbsp;&nbsp; 5386500 | &nbsp;&nbsp; 609787 |
| Astra International Tbk. PT | &nbsp;&nbsp; 3494700 | &nbsp;&nbsp; 1292212 |
| Bukit Asam Tbk. PT | &nbsp;&nbsp; 2721700 | &nbsp;&nbsp; 392538 |
| Elang Mahkota Teknologi Tbk. PT | &nbsp;&nbsp; 5366800 | &nbsp;&nbsp; 381465 |
| Gudang Garam Tbk. PT | &nbsp;&nbsp; 76100 | &nbsp;&nbsp; 79166 |
| Indofood CBP Sukses Makmur Tbk. PT | &nbsp;&nbsp; 797800 | &nbsp;&nbsp; 416936 |
| Indofood Sukses Makmur Tbk. PT | &nbsp;&nbsp; 1387100 | &nbsp;&nbsp; 617281 |
| Kalbe Farma Tbk. PT | &nbsp;&nbsp; 448000 | &nbsp;&nbsp; 34362 |
| Perusahaan Gas Negara Tbk. PT | &nbsp;&nbsp; 5296100 | &nbsp;&nbsp; 553741 |
| Sarana Menara Nusantara Tbk. PT | &nbsp;&nbsp; 1443800 | &nbsp;&nbsp; 47316 |
| Sumber Alfaria Trijaya Tbk. PT | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 185958 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 6006400 | &nbsp;&nbsp; 1161846 |
| Trimegah Bangun Persada Tbk. PT | &nbsp;&nbsp; 3369900 | &nbsp;&nbsp; 253269 |
| Unilever Indonesia Tbk. PT | &nbsp;&nbsp; 1619900 | &nbsp;&nbsp; 251177 |
| United Tractors Tbk. PT | &nbsp;&nbsp; 384900 | &nbsp;&nbsp; 622336 |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 2515200 | &nbsp;&nbsp; 394749 |
|  |  | &nbsp;&nbsp; 7294139 |
| **Kuwait — 0.8%** | **Kuwait — 0.8%** | **Kuwait — 0.8%** |
| Agility Global plc | &nbsp;&nbsp; 624869 | &nbsp;&nbsp; 185439 |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 560999 | &nbsp;&nbsp; 275523 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Kuwait — continued** | **Kuwait — continued** | **Kuwait — continued** |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 559165 | &nbsp;&nbsp; 966356 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 373936 | &nbsp;&nbsp; 1280637 |
|  |  | &nbsp;&nbsp; 2707955 |
| **Malaysia — 3.4%** | **Malaysia — 3.4%** | **Malaysia — 3.4%** |
| AMMB Holdings Bhd. | &nbsp;&nbsp; 439700 | &nbsp;&nbsp; 598090 |
| Axiata Group Bhd. | &nbsp;&nbsp; 277100 | &nbsp;&nbsp; 166167 |
| CELCOMDIGI Bhd. | &nbsp;&nbsp; 193100 | &nbsp;&nbsp; 165988 |
| CIMB Group Holdings Bhd. | &nbsp;&nbsp; 651300 | &nbsp;&nbsp; 1133460 |
| Genting Bhd. | &nbsp;&nbsp; 82300 | &nbsp;&nbsp; 66368 |
| Genting Malaysia Bhd. | &nbsp;&nbsp; 493200 | &nbsp;&nbsp; 274231 |
| Hong Leong Financial Group Bhd. | &nbsp;&nbsp; 10600 | &nbsp;&nbsp; 42753 |
| IHH Healthcare Bhd. | &nbsp;&nbsp; 220200 | &nbsp;&nbsp; 433554 |
| Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp; 58200 | &nbsp;&nbsp; 284648 |
| Malayan Banking Bhd. | &nbsp;&nbsp; 555708 | &nbsp;&nbsp; 1309683 |
| Maxis Bhd. | &nbsp;&nbsp; 697100 | &nbsp;&nbsp; 632573 |
| Petronas Chemicals Group Bhd. | &nbsp;&nbsp; 393700 | &nbsp;&nbsp; 366203 |
| Petronas Gas Bhd. | &nbsp;&nbsp; 217200 | &nbsp;&nbsp; 959456 |
| PPB Group Bhd. | &nbsp;&nbsp; 192960 | &nbsp;&nbsp; 513007 |
| Press Metal Aluminium Holdings Bhd. | &nbsp;&nbsp; 474600 | &nbsp;&nbsp; 716914 |
| RHB Bank Bhd. | &nbsp;&nbsp; 570400 | &nbsp;&nbsp; 922149 |
| SD Guthrie Bhd. | &nbsp;&nbsp; 378600 | &nbsp;&nbsp; 477318 |
| Sime Darby Bhd. | &nbsp;&nbsp; 970100 | &nbsp;&nbsp; 474244 |
| Telekom Malaysia Bhd. | &nbsp;&nbsp; 447600 | &nbsp;&nbsp; 780054 |
| Tenaga Nasional Bhd. | &nbsp;&nbsp; 457400 | &nbsp;&nbsp; 1449159 |
| YTL Corp. Bhd. | &nbsp;&nbsp; 247300 | &nbsp;&nbsp; 153194 |
| YTL Power International Bhd. | &nbsp;&nbsp; 142000 | &nbsp;&nbsp; 134973 |
|  |  | &nbsp;&nbsp; 12054186 |
| **Mexico — 6.4%** | **Mexico — 6.4%** | **Mexico — 6.4%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 1066787 | &nbsp;&nbsp; 807907 |
| Alsea SAB de CV | &nbsp;&nbsp; 26363 | &nbsp;&nbsp; 72951 |
| America Movil SAB de CV | &nbsp;&nbsp; 1485977 | &nbsp;&nbsp; 1690855 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 107457 | &nbsp;&nbsp; 1039837 |
| Banco del Bajio SA (b) | &nbsp;&nbsp; 127225 | &nbsp;&nbsp; 324662 |
| Cemex SAB de CV | &nbsp;&nbsp; 1792771 | &nbsp;&nbsp; 1818005 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 111542 | &nbsp;&nbsp; 957910 |
| Controladora Alpek SAB de CV \* | &nbsp;&nbsp; 1047744 | &nbsp;&nbsp; 162419 |
| El Puerto de Liverpool SAB de CV, Class C1 | &nbsp;&nbsp; 68692 | &nbsp;&nbsp; 334688 |
| Fibra Uno Administracion SA de CV, REIT | &nbsp;&nbsp; 440996 | &nbsp;&nbsp; 642558 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 69881 | &nbsp;&nbsp; 658356 |
| Gentera SAB de CV | &nbsp;&nbsp; 81138 | &nbsp;&nbsp; 192467 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 49337 | &nbsp;&nbsp; 835583 |
| Grupo Aeroportuario del Centro Norte SAB <br> de CV<br>| &nbsp;&nbsp; 70933 | &nbsp;&nbsp; 874173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| Grupo Aeroportuario del Pacifico SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 17355 | &nbsp;&nbsp; 360449 |
| Grupo Aeroportuario del Sureste SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 31687 | &nbsp;&nbsp; 958771 |
| Grupo Carso SAB de CV | &nbsp;&nbsp; 43620 | &nbsp;&nbsp; 309849 |
| Grupo Financiero Banorte SAB de CV, <br> Class O<br>| &nbsp;&nbsp; 273476 | &nbsp;&nbsp; 2567320 |
| Grupo Mexico SAB de CV | &nbsp;&nbsp; 271910 | &nbsp;&nbsp; 2346255 |
| Industrias Penoles SAB de CV \* | &nbsp;&nbsp; 24257 | &nbsp;&nbsp; 1024791 |
| Kimberly-Clark de Mexico SAB de CV, <br> Class A<br>| &nbsp;&nbsp; 405089 | &nbsp;&nbsp; 785169 |
| Megacable Holdings SAB de CV | &nbsp;&nbsp; 167269 | &nbsp;&nbsp; 478709 |
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 185198 | &nbsp;&nbsp; 167669 |
| Prologis Property Mexico SA de CV, REIT | &nbsp;&nbsp; 180217 | &nbsp;&nbsp; 722381 |
| Promotora y Operadora de Infraestructura <br> SAB de CV<br>| &nbsp;&nbsp; 64236 | &nbsp;&nbsp; 829845 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 9463 | &nbsp;&nbsp; 85856 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 565351 | &nbsp;&nbsp; 1871469 |
|  |  | &nbsp;&nbsp; 22920904 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Globe Telecom, Inc. | &nbsp;&nbsp; 3973 | &nbsp;&nbsp; 99616 |
| Manila Electric Co. | &nbsp;&nbsp; 76760 | &nbsp;&nbsp; 763035 |
| PLDT, Inc. | &nbsp;&nbsp; 12840 | &nbsp;&nbsp; 244029 |
| Puregold Price Club, Inc. | &nbsp;&nbsp; 199500 | &nbsp;&nbsp; 129158 |
|  |  | &nbsp;&nbsp; 1235838 |
| **Qatar — 1.2%** | **Qatar — 1.2%** | **Qatar — 1.2%** |
| Industries Qatar QSC | &nbsp;&nbsp; 276052 | &nbsp;&nbsp; 962884 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 419015 | &nbsp;&nbsp; 143695 |
| Ooredoo QPSC | &nbsp;&nbsp; 246457 | &nbsp;&nbsp; 917191 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 134211 | &nbsp;&nbsp; 566185 |
| Qatar Fuel QSC | &nbsp;&nbsp; 84325 | &nbsp;&nbsp; 347398 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 676738 | &nbsp;&nbsp; 823015 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 27358 | &nbsp;&nbsp; 83748 |
| Qatar Navigation QSC | &nbsp;&nbsp; 165422 | &nbsp;&nbsp; 505227 |
|  |  | &nbsp;&nbsp; 4349343 |
| **Romania — 0.3%** | **Romania — 0.3%** | **Romania — 0.3%** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 131312 | &nbsp;&nbsp; 1063372 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC ‡ \* | &nbsp;&nbsp; 200448 | &nbsp;&nbsp; — |
| Federal Grid Co. - Rosseti PJSC ‡ \* | &nbsp;&nbsp; 170798392 | &nbsp;&nbsp; — |
| GMK Norilskiy Nickel PAO ‡ \* | &nbsp;&nbsp; 308700 | &nbsp;&nbsp; — |
| Inter RAO UES PJSC ‡ \* | &nbsp;&nbsp; 6142220 | &nbsp;&nbsp; — |
| LUKOIL PJSC ‡ \* | &nbsp;&nbsp; 17853 | &nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Russia — continued** | **Russia — continued** | **Russia — continued** |
| M.Video PJSC ‡ \* | &nbsp;&nbsp; 8526 | &nbsp;&nbsp; — |
| Magnit PJSC ‡ \* | &nbsp;&nbsp; 7858 | &nbsp;&nbsp; — |
| Magnitogorsk Iron & Steel Works PJSC ‡ \* | &nbsp;&nbsp; 334440 | &nbsp;&nbsp; — |
| Mobile TeleSystems PJSC ‡ \* | &nbsp;&nbsp; 120496 | &nbsp;&nbsp; — |
| Novolipetsk Steel PJSC ‡ \* | &nbsp;&nbsp; 155019 | &nbsp;&nbsp; — |
| PhosAgro PJSC ‡ \* | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; — |
| Rostelecom PJSC ‡ \* | &nbsp;&nbsp; 157186 | &nbsp;&nbsp; — |
| RusHydro PJSC ‡ \* | &nbsp;&nbsp; 35715691 | &nbsp;&nbsp; — |
| Sberbank of Russia PJSC ‡ \* | &nbsp;&nbsp; 537391 | &nbsp;&nbsp; — |
| Severstal PAO ‡ \* | &nbsp;&nbsp; 20498 | &nbsp;&nbsp; — |
| Sistema AFK PAO ‡ \* | &nbsp;&nbsp; 308352 | &nbsp;&nbsp; — |
| Surgutneftegas PAO (Preference) ‡ \* | &nbsp;&nbsp; 655737 | &nbsp;&nbsp; — |
| Tatneft PJSC ‡ \* | &nbsp;&nbsp; 17275 | &nbsp;&nbsp; — |
| Unipro PAO ‡ \* | &nbsp;&nbsp; 4941067 | &nbsp;&nbsp; — |
| **Saudi Arabia — 4.3%** | **Saudi Arabia — 4.3%** | **Saudi Arabia — 4.3%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 144420 | &nbsp;&nbsp; 293219 |
| Almarai Co. JSC | &nbsp;&nbsp; 57552 | &nbsp;&nbsp; 763036 |
| Arab National Bank | &nbsp;&nbsp; 45200 | &nbsp;&nbsp; 292332 |
| Arabian Centres Co. (b) | &nbsp;&nbsp; 30526 | &nbsp;&nbsp; 178373 |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 19974 | &nbsp;&nbsp; 515000 |
| Elm Co. | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 464215 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 68384 | &nbsp;&nbsp; 1233748 |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 13169 | &nbsp;&nbsp; 547175 |
| Jarir Marketing Co. | &nbsp;&nbsp; 139771 | &nbsp;&nbsp; 529366 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 8147 | &nbsp;&nbsp; 278202 |
| Mobile Telecommunications Co. Saudi <br> Arabia<br>| &nbsp;&nbsp; 121868 | &nbsp;&nbsp; 372961 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 16103 | &nbsp;&nbsp; 330060 |
| Nahdi Medical Co. | &nbsp;&nbsp; 5718 | &nbsp;&nbsp; 177012 |
| Riyadh Cables Group Co. | &nbsp;&nbsp; 19044 | &nbsp;&nbsp; 719552 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 29852 | &nbsp;&nbsp; 974668 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 23715 | &nbsp;&nbsp; 119521 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 5538 | &nbsp;&nbsp; 260060 |
| Saudi Arabian Mining Co. \* | &nbsp;&nbsp; 14505 | &nbsp;&nbsp; 249366 |
| Saudi Arabian Oil Co. (b) | &nbsp;&nbsp; 348436 | &nbsp;&nbsp; 2407516 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 19736 | &nbsp;&nbsp; 507164 |
| Saudi Cement Co. | &nbsp;&nbsp; 37118 | &nbsp;&nbsp; 378799 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 49894 | &nbsp;&nbsp; 182878 |
| Saudi Telecom Co. | &nbsp;&nbsp; 192318 | &nbsp;&nbsp; 2316783 |
| Savola Group (The) \* | &nbsp;&nbsp; 30537 | &nbsp;&nbsp; 200396 |
| Seera Group Holding \* | &nbsp;&nbsp; 55145 | &nbsp;&nbsp; 456345 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| United Electronics Co. | &nbsp;&nbsp; 17720 | &nbsp;&nbsp; 419123 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 18582 | &nbsp;&nbsp; 170862 |
|  |  | &nbsp;&nbsp; 15337732 |
| **South Africa — 6.7%** | **South Africa — 6.7%** | **South Africa — 6.7%** |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp; 60252 | &nbsp;&nbsp; 598363 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 76652 | &nbsp;&nbsp; 433805 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 44888 | &nbsp;&nbsp; 1110426 |
| Bidvest Group Ltd. | &nbsp;&nbsp; 79522 | &nbsp;&nbsp; 1031917 |
| Clicks Group Ltd. | &nbsp;&nbsp; 34626 | &nbsp;&nbsp; 730089 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 81666 | &nbsp;&nbsp; 833029 |
| Foschini Group Ltd. | &nbsp;&nbsp; 77147 | &nbsp;&nbsp; 409819 |
| Gold Fields Ltd. | &nbsp;&nbsp; 18909 | &nbsp;&nbsp; 729058 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 81345 | &nbsp;&nbsp; 1353465 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 75466 | &nbsp;&nbsp; 808768 |
| Investec Ltd. | &nbsp;&nbsp; 94876 | &nbsp;&nbsp; 713643 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 24456 | &nbsp;&nbsp; 487004 |
| Mr Price Group Ltd. | &nbsp;&nbsp; 77493 | &nbsp;&nbsp; 925874 |
| MTN Group Ltd. | &nbsp;&nbsp; 201041 | &nbsp;&nbsp; 2008504 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 66074 | &nbsp;&nbsp; 4640777 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 76374 | &nbsp;&nbsp; 1040316 |
| Pepkor Holdings Ltd. (b) | &nbsp;&nbsp; 545128 | &nbsp;&nbsp; 831168 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 50809 | &nbsp;&nbsp; 850016 |
| Sibanye Stillwater Ltd. \* | &nbsp;&nbsp; 212230 | &nbsp;&nbsp; 563195 |
| Tiger Brands Ltd. | &nbsp;&nbsp; 49401 | &nbsp;&nbsp; 935734 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 19280 | &nbsp;&nbsp; 1192453 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 121933 | &nbsp;&nbsp; 987079 |
| Woolworths Holdings Ltd. | &nbsp;&nbsp; 246371 | &nbsp;&nbsp; 744051 |
|  |  | &nbsp;&nbsp; 23958553 |
| **Taiwan — 10.4%** | **Taiwan — 10.4%** | **Taiwan — 10.4%** |
| Accton Technology Corp. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 834641 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 1355490 |
| Capital Securities Corp. | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 666462 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 103172 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 482000 | &nbsp;&nbsp; 1000291 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 315136 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 553000 | &nbsp;&nbsp; 573285 |
| China Airlines Ltd. | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 729347 |
| China Motor Corp. | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 208205 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 422000 | &nbsp;&nbsp; 1798124 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 1624395 | &nbsp;&nbsp; 2206063 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 835831 | &nbsp;&nbsp; 807368 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 637945 |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 339000 | &nbsp;&nbsp; 449092 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Eva Airways Corp. | &nbsp;&nbsp; 716000 | &nbsp;&nbsp; 840489 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 159800 | &nbsp;&nbsp; 1002445 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 314000 | &nbsp;&nbsp; 942989 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 117960 | &nbsp;&nbsp; 466904 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 750799 | &nbsp;&nbsp; 696412 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 291526 | &nbsp;&nbsp; 862791 |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 224035 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 654280 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 1459281 |
| MediaTek, Inc. | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 2290110 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 1326694 | &nbsp;&nbsp; 1744198 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 670871 |
| Pou Chen Corp. | &nbsp;&nbsp; 746000 | &nbsp;&nbsp; 709814 |
| President Chain Store Corp. | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 921534 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 1660349 | &nbsp;&nbsp; 1382063 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| &nbsp;&nbsp; 502834 | &nbsp;&nbsp; 388613 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 418000 | &nbsp;&nbsp; 653416 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 281000 | &nbsp;&nbsp; 1000038 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 4932688 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 611000 | &nbsp;&nbsp; 1561057 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 291000 | &nbsp;&nbsp; 542907 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 1381104 | &nbsp;&nbsp; 1546347 |
|  |  | &nbsp;&nbsp; 37177903 |
| **Thailand — 4.3%** | **Thailand — 4.3%** | **Thailand — 4.3%** |
| Advanced Info Service PCL | &nbsp;&nbsp; 151000 | &nbsp;&nbsp; 1410299 |
| Bangkok Bank PCL | &nbsp;&nbsp; 120400 | &nbsp;&nbsp; 595763 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 2978000 | &nbsp;&nbsp; 464587 |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 214700 | &nbsp;&nbsp; 298208 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 1220300 | &nbsp;&nbsp; 795620 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 561600 | &nbsp;&nbsp; 798506 |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 71992 | &nbsp;&nbsp; 43606 |
| Digital Telecommunications Infrastructure <br> Fund, Class F<br>| &nbsp;&nbsp; 1237600 | &nbsp;&nbsp; 356073 |
| Electricity Generating PCL | &nbsp;&nbsp; 72800 | &nbsp;&nbsp; 276921 |
| Global Power Synergy PCL, Class F | &nbsp;&nbsp; 308000 | &nbsp;&nbsp; 394802 |
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 617200 | &nbsp;&nbsp; 364177 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 254500 | &nbsp;&nbsp; 1466962 |
| Krung Thai Bank PCL | &nbsp;&nbsp; 1305800 | &nbsp;&nbsp; 1090354 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 687100 | &nbsp;&nbsp; 488599 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 578400 | &nbsp;&nbsp; 280598 |
| PTT Exploration & Production PCL | &nbsp;&nbsp; 279000 | &nbsp;&nbsp; 924494 |
| PTT Oil & Retail Business PCL | &nbsp;&nbsp; 926700 | &nbsp;&nbsp; 420669 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Thailand — continued** | **Thailand — continued** | **Thailand — continued** |
| PTT PCL, NVDR | &nbsp;&nbsp; 1564800 | &nbsp;&nbsp; 1488137 |
| Ratch Group PCL | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 81505 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 295700 | &nbsp;&nbsp; 1197586 |
| Thai Oil PCL | &nbsp;&nbsp; 510400 | &nbsp;&nbsp; 564475 |
| Thai Union Group PCL, Class F | &nbsp;&nbsp; 993600 | &nbsp;&nbsp; 402407 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 9411400 | &nbsp;&nbsp; 538592 |
| True Corp. PCL, NVDR \* | &nbsp;&nbsp; 1782300 | &nbsp;&nbsp; 622421 |
|  |  | &nbsp;&nbsp; 15365361 |
| **Turkey — 5.7%** | **Turkey — 5.7%** | **Turkey — 5.7%** |
| AG Anadolu Grubu Holding A/S | &nbsp;&nbsp; 403197 | &nbsp;&nbsp; 245791 |
| Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim <br> A/S \*<br>| &nbsp;&nbsp; 695133 | &nbsp;&nbsp; 474728 |
| Akbank TAS | &nbsp;&nbsp; 115894 | &nbsp;&nbsp; 167338 |
| Akcansa Cimento A/S | &nbsp;&nbsp; 139122 | &nbsp;&nbsp; 441101 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | &nbsp;&nbsp; 246680 | &nbsp;&nbsp; 1192585 |
| Astor Transformator Enerji Turizm Insaat <br> ve Petrol Sanayi Ticaret A/S<br>| &nbsp;&nbsp; 142838 | &nbsp;&nbsp; 333377 |
| Aygaz A/S | &nbsp;&nbsp; 123523 | &nbsp;&nbsp; 580106 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 63426 | &nbsp;&nbsp; 812233 |
| Celebi Hava Servisi A/S | &nbsp;&nbsp; 9313 | &nbsp;&nbsp; 345467 |
| Cimsa Cimento Sanayi ve Ticaret A/S | &nbsp;&nbsp; 513859 | &nbsp;&nbsp; 579223 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 323558 | &nbsp;&nbsp; 395526 |
| Dogan Sirketler Grubu Holding A/S | &nbsp;&nbsp; 1483334 | &nbsp;&nbsp; 602312 |
| Dogus Otomotiv Servis ve Ticaret A/S | &nbsp;&nbsp; 86163 | &nbsp;&nbsp; 369410 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal <br> Yatirimlar Sanayi ve Ticaret A/S<br>| &nbsp;&nbsp; 460524 | &nbsp;&nbsp; 990060 |
| Enerjisa Enerji A/S (b) | &nbsp;&nbsp; 122865 | &nbsp;&nbsp; 241032 |
| Enerya Enerji A/S | &nbsp;&nbsp; 2548912 | &nbsp;&nbsp; 591770 |
| Enka Insaat ve Sanayi A/S | &nbsp;&nbsp; 470484 | &nbsp;&nbsp; 867937 |
| Ford Otomotiv Sanayi A/S | &nbsp;&nbsp; 313847 | &nbsp;&nbsp; 739988 |
| GUR-Sel Turizm Tasimacilik ve Servis <br> Ticaret A/S<br>| &nbsp;&nbsp; 30771 | &nbsp;&nbsp; 249487 |
| Is Yatirim Menkul Degerler A/S | &nbsp;&nbsp; 333775 | &nbsp;&nbsp; 348722 |
| Mavi Giyim Sanayi ve Ticaret A/S, <br> Class B (b)<br>| &nbsp;&nbsp; 480590 | &nbsp;&nbsp; 460199 |
| Migros Ticaret A/S | &nbsp;&nbsp; 50353 | &nbsp;&nbsp; 542357 |
| MLP Saglik Hizmetleri A/S \* (b) | &nbsp;&nbsp; 61387 | &nbsp;&nbsp; 490544 |
| Nuh Cimento Sanayi A/S | &nbsp;&nbsp; 48276 | &nbsp;&nbsp; 280100 |
| Oyak Cimento Fabrikalari A/S | &nbsp;&nbsp; 1383656 | &nbsp;&nbsp; 697956 |
| Pegasus Hava Tasimaciligi A/S \* | &nbsp;&nbsp; 105122 | &nbsp;&nbsp; 524137 |
| Sok Marketler Ticaret A/S \* | &nbsp;&nbsp; 427133 | &nbsp;&nbsp; 448931 |
| TAV Havalimanlari Holding A/S \* | &nbsp;&nbsp; 84668 | &nbsp;&nbsp; 532162 |
| Tekfen Holding A/S \* | &nbsp;&nbsp; 262228 | &nbsp;&nbsp; 525030 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S, <br> REIT<br>| &nbsp;&nbsp; 388589 | &nbsp;&nbsp; 709187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Turkey — continued** | **Turkey — continued** | **Turkey — continued** |
| Turk Hava Yollari AO | &nbsp;&nbsp; 126478 | &nbsp;&nbsp; 875816 |
| Turk Telekomunikasyon A/S \* | &nbsp;&nbsp; 493766 | &nbsp;&nbsp; 598589 |
| Turk Traktor ve Ziraat Makineleri A/S | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 61393 |
| Turkcell Iletisim Hizmetleri A/S | &nbsp;&nbsp; 342300 | &nbsp;&nbsp; 810447 |
| Turkiye Garanti Bankasi A/S | &nbsp;&nbsp; 58891 | &nbsp;&nbsp; 188093 |
| Turkiye Is Bankasi A/S, Class C | &nbsp;&nbsp; 1952630 | &nbsp;&nbsp; 586089 |
| Turkiye Petrol Rafinerileri A/S | &nbsp;&nbsp; 195685 | &nbsp;&nbsp; 918554 |
| Ulker Biskuvi Sanayi A/S | &nbsp;&nbsp; 138613 | &nbsp;&nbsp; 355648 |
| Zorlu Enerji Elektrik Uretim A/S \* | &nbsp;&nbsp; 860908 | &nbsp;&nbsp; 68520 |
|  |  | &nbsp;&nbsp; 20241945 |
| **United Arab Emirates — 4.8%** | **United Arab Emirates — 4.8%** | **United Arab Emirates — 4.8%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 376455 | &nbsp;&nbsp; 1476946 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 216072 | &nbsp;&nbsp; 1241578 |
| Abu Dhabi National Oil Co. for Distribution <br> PJSC<br>| &nbsp;&nbsp; 544199 | &nbsp;&nbsp; 531909 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 441073 | &nbsp;&nbsp; 670085 |
| ADNOC Logistics & Services | &nbsp;&nbsp; 337957 | &nbsp;&nbsp; 527913 |
| Air Arabia PJSC | &nbsp;&nbsp; 784376 | &nbsp;&nbsp; 832292 |
| Aldar Properties PJSC | &nbsp;&nbsp; 536665 | &nbsp;&nbsp; 1314893 |
| Borouge plc | &nbsp;&nbsp; 649313 | &nbsp;&nbsp; 443932 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1313029 | &nbsp;&nbsp; 993395 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 474022 | &nbsp;&nbsp; 1226208 |
| Emaar Development PJSC | &nbsp;&nbsp; 238585 | &nbsp;&nbsp; 969146 |
| Emaar Properties PJSC | &nbsp;&nbsp; 531661 | &nbsp;&nbsp; 2057339 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 107249 | &nbsp;&nbsp; 820511 |
| Emirates Telecommunications Group Co. <br> PJSC<br>| &nbsp;&nbsp; 314130 | &nbsp;&nbsp; 1658538 |
| NMDC Group PJSC | &nbsp;&nbsp; 113960 | &nbsp;&nbsp; 742162 |
| Presight AI Holding plc \* | &nbsp;&nbsp; 190794 | &nbsp;&nbsp; 187440 |
| Salik Co. PJSC | &nbsp;&nbsp; 525115 | &nbsp;&nbsp; 854950 |
| Space42 plc \* | &nbsp;&nbsp; 361071 | &nbsp;&nbsp; 182691 |
| Talabat Holding plc | &nbsp;&nbsp; 1310920 | &nbsp;&nbsp; 341232 |
|  |  | &nbsp;&nbsp; 17073160 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| Anglogold Ashanti plc | &nbsp;&nbsp; 39238 | &nbsp;&nbsp; 2690307 |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| GCC SAB de CV | &nbsp;&nbsp; 52150 | &nbsp;&nbsp; 500546 |
| Titan SA | &nbsp;&nbsp; 11957 | &nbsp;&nbsp; 535377 |
|  |  | &nbsp;&nbsp; 1035923 |
| Total Common Stocks <br>(Cost $294,765,365)<br>|  | &nbsp;&nbsp; 357342614 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **WARRANTS**<br>| **VALUE($)** |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Malaysia — 0.0% ^** | **Malaysia — 0.0% ^** | **Malaysia — 0.0% ^** |
| YTL Corp. Bhd. expiring 6/2/2028, price <br> 1.50 MYR \*<br>| &nbsp;&nbsp; 212660 | &nbsp;&nbsp; 55568 |
| YTL Power International Bhd. expiring <br> 6/2/2028, price 2.45 MYR \*<br>| &nbsp;&nbsp; 68800 | &nbsp;&nbsp; 25147 |
| Total Warrants <br>(Cost $—)<br>|  | &nbsp;&nbsp; 80715 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (c) (d) <br>(Cost $810,808)<br>| &nbsp;&nbsp; 810808 | &nbsp;&nbsp; 810808 |
| **Total Investments — 100.3%** <br>**(Cost $295,576,173)**<br>|  | &nbsp;&nbsp; **358234137** |
| **Liabilities in Excess of Other Assets —** <br> **(0.3)%**<br>|  | &nbsp;&nbsp; **(943862)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **357290275** |

---

&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 |
| MYR | Malaysian Ringgit |
| 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>|
| (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>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

**Summary of Investments by Industry, October 31, 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 | 16.0<br> %<br>|
| Oil, Gas & Consumable Fuels | 8.1 |
| Metals & Mining | 7.8 |
| Wireless Telecommunication Services | 4.1 |
| Electric Utilities | 4.0 |
| Food Products | 3.8 |
| Diversified Telecommunication Services | 3.7 |
| Pharmaceuticals | 2.9 |
| Consumer Staples Distribution & Retail | 2.8 |
| Transportation Infrastructure | 2.7 |
| Independent Power and Renewable Electricity Producers | 2.7 |
| Specialty Retail | 2.3 |
| IT Services | 2.2 |
| Chemicals | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Beverages | 1.9 |
| Broadline Retail | 1.9 |
| Real Estate Management & Development | 1.7 |
| Machinery | 1.6 |
| Construction Materials | 1.6 |
| Gas Utilities | 1.5 |
| Industrial Conglomerates | 1.5 |
| Automobiles | 1.4 |
| Passenger Airlines | 1.3 |
| Personal Care Products | 1.1 |
| Insurance | 1.1 |
| Marine Transportation | 1.0 |
| Construction & Engineering | 1.0 |
| Textiles, Apparel & Luxury Goods | 1.0 |
| Others (each less than 1.0%) | 13.0 |
| Short-Term Investments | 0.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 85

------

JPMorgan Diversified Return Emerging Markets Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 140650 | &nbsp;&nbsp;&nbsp;&nbsp; 6076 |

---

&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;

86 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Australia — 10.1%** | **Australia — 10.1%** | **Australia — 10.1%** |
| AGL Energy Ltd. | 75720 | 458687 |
| Ampol Ltd. | 12563 | 252386 |
| Ansell Ltd. | 39240 | 937451 |
| APA Group | 119684 | 718814 |
| BHP Group Ltd. | 39358 | 1122027 |
| BlueScope Steel Ltd. | 49804 | 745125 |
| Brambles Ltd. | 13188 | 214299 |
| CAR Group Ltd. | 33979 | 793390 |
| Charter Hall Group, REIT | 28636 | 420569 |
| Cochlear Ltd. | 5550 | 1041956 |
| Coles Group Ltd. | 90725 | 1308486 |
| Dexus, REIT | 175954 | 838909 |
| Dyno Nobel Ltd. | 276857 | 582611 |
| EBOS Group Ltd. | 10962 | 181290 |
| Endeavour Group Ltd. | 275478 | 659068 |
| Evolution Mining Ltd. | 78192 | 553331 |
| Fortescue Ltd. | 90992 | 1265447 |
| GPT Group (The), REIT | 323879 | 1137626 |
| Harvey Norman Holdings Ltd. | 174821 | 826221 |
| Iluka Resources Ltd. | 7102 | 32109 |
| JB Hi-Fi Ltd. | 18739 | 1281867 |
| Lottery Corp. Ltd. (The) | 176959 | 636525 |
| Metcash Ltd. | 257690 | 641886 |
| New Hope Corp. Ltd. (a) | 215403 | 584602 |
| Northern Star Resources Ltd. | 81756 | 1318303 |
| Orica Ltd. | 13828 | 201064 |
| Origin Energy Ltd. | 175022 | 1402595 |
| Pro Medicus Ltd. | 6028 | 1035037 |
| Qantas Airways Ltd. | 66515 | 443133 |
| Ramsay Health Care Ltd. (a) | 9229 | 193625 |
| REA Group Ltd. | 3869 | 539095 |
| Rio Tinto Ltd. | 13278 | 1152880 |
| Rio Tinto plc | 22964 | 1655475 |
| Santos Ltd. | 278690 | 1151028 |
| SGH Ltd. | 10839 | 343438 |
| Sigma Healthcare Ltd. | 191739 | 389818 |
| Sonic Healthcare Ltd. | 61843 | 855945 |
| South32 Ltd. | 288775 | 597212 |
| Stockland, REIT | 349482 | 1444893 |
| Telstra Group Ltd. | 434521 | 1388225 |
| Vicinity Ltd., REIT | 755865 | 1248741 |
| Wesfarmers Ltd. | 23485 | 1288998 |
| Whitehaven Coal Ltd. (a) | 276409 | 1299151 |
| WiseTech Global Ltd. | 10494 | 473300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Woodside Energy Group Ltd. | 29791 | 482777 |
| Yancoal Australia Ltd. | 212474 | 773094 |
|  |  | 36912509 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| OMV AG | 26344 | 1442233 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Anheuser-Busch InBev SA | 12346 | 752825 |
| D'ieteren Group | 2685 | 490476 |
| Syensqo SA | 473 | 39045 |
|  |  | 1282346 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Yara International ASA (a) | 16691 | 608088 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Antofagasta plc | 43856 | 1609619 |
| **China — 1.3%** | **China — 1.3%** | **China — 1.3%** |
| AAC Technologies Holdings, Inc. | 209000 | 1074342 |
| Budweiser Brewing Co. APAC Ltd. (b) | 844106 | 856213 |
| Lenovo Group Ltd. | 776000 | 1132067 |
| SITC International Holdings Co. Ltd. | 177917 | 655293 |
| Wilmar International Ltd. | 354500 | 851902 |
| Xinyi Glass Holdings Ltd. | 13000 | 15204 |
|  |  | 4585021 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Carlsberg A/S, Class B (a) | 8384 | 985787 |
| Novo Nordisk A/S, Class B | 5884 | 289679 |
|  |  | 1275466 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| Elisa OYJ | 4549 | 200448 |
| Kesko OYJ, Class B | 28078 | 592295 |
| Orion OYJ, Class B | 8297 | 579404 |
| UPM-Kymmene OYJ (a) | 33244 | 892013 |
| Wartsila OYJ Abp | 8597 | 281269 |
|  |  | 2545429 |
| **France — 5.0%** | **France — 5.0%** | **France — 5.0%** |
| Air Liquide SA | 2880 | 557392 |
| Arkema SA | 8463 | 502386 |
| Capgemini SE | 5100 | 784612 |
| Carrefour SA | 61312 | 923417 |
| Cie Generale des Etablissements Michelin SCA | 21083 | 673505 |
| Covivio SA, REIT | 8785 | 563627 |
| Credit Agricole SA | 49332 | 890511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 87

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Danone SA | 15137 | 1336849 |
| Eiffage SA | 9797 | 1205519 |
| Engie SA | 56382 | 1320070 |
| EssilorLuxottica SA | 3852 | 1410675 |
| Gecina SA, REIT | 8155 | 757855 |
| Klepierre SA, REIT | 35483 | 1356038 |
| Orange SA | 88518 | 1415967 |
| Publicis Groupe SA | 10534 | 1055813 |
| TotalEnergies SE | 18407 | 1149242 |
| Unibail-Rodamco-Westfield, REIT | 10753 | 1111895 |
| Vinci SA | 7770 | 1038976 |
|  |  | 18054349 |
| **Germany — 3.2%** | **Germany — 3.2%** | **Germany — 3.2%** |
| Aumovio SE \* | 4461 | 191795 |
| Beiersdorf AG | 2297 | 243514 |
| Brenntag SE (a) | 5142 | 285580 |
| Continental AG | 8923 | 681823 |
| Covestro AG \* | 5084 | 355120 |
| Deutsche Lufthansa AG (Registered) | 101112 | 886439 |
| Deutsche Telekom AG (Registered) | 32978 | 1021500 |
| Evonik Industries AG | 56586 | 948271 |
| Fresenius Medical Care AG | 21702 | 1165121 |
| Fresenius SE & Co. KGaA | 13878 | 798581 |
| Heidelberg Materials AG | 6129 | 1437886 |
| Mercedes-Benz Group AG | 14729 | 955685 |
| Merck KGaA | 3136 | 410796 |
| SAP SE | 4449 | 1157063 |
| Scout24 SE (b) | 8261 | 955354 |
|  |  | 11494528 |
| **Hong Kong — 3.4%** | **Hong Kong — 3.4%** | **Hong Kong — 3.4%** |
| CK Infrastructure Holdings Ltd. | 162500 | 1056958 |
| CLP Holdings Ltd. | 144500 | 1232494 |
| Henderson Land Development Co. Ltd. | 191000 | 671891 |
| Hong Kong & China Gas Co. Ltd. | 1092393 | 1016638 |
| Hongkong Land Holdings Ltd. | 40100 | 245024 |
| Hutchison Port Holdings Trust | 929800 | 195258 |
| Johnson Electric Holdings Ltd. | 55000 | 258076 |
| Link, REIT | 55700 | 290064 |
| Orient Overseas International Ltd. | 63500 | 1098927 |
| PCCW Ltd. | 1249000 | 892248 |
| Power Assets Holdings Ltd. | 175500 | 1114907 |
| Prudential plc | 20641 | 287077 |
| Sun Hung Kai Properties Ltd. | 92500 | 1125613 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Swire Pacific Ltd., Class A (a) | 90500 | 747469 |
| United Energy Group Ltd. | 6216000 | 396605 |
| WH Group Ltd. (b) | 1332243 | 1281508 |
| Yue Yuen Industrial Holdings Ltd. | 198500 | 364043 |
|  |  | 12274800 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| First Pacific Co. Ltd. | 336000 | 271290 |
| **Italy — 3.4%** | **Italy — 3.4%** | **Italy — 3.4%** |
| A2A SpA | 421924 | 1229326 |
| Banca Mediolanum SpA | 23982 | 482146 |
| BPER Banca SpA (a) | 30469 | 365076 |
| Coca-Cola HBC AG | 25299 | 1148020 |
| Enel SpA | 116524 | 1178729 |
| Eni SpA | 61644 | 1136683 |
| Generali | 17864 | 687691 |
| Italgas SpA | 141239 | 1482011 |
| Pirelli & C SpA (b) | 80374 | 564229 |
| Poste Italiane SpA (b) | 55686 | 1342584 |
| Recordati Industria Chimica e Farmaceutica SpA | 13624 | 810925 |
| Ryanair Holdings plc | 19502 | 590435 |
| UniCredit SpA | 18779 | 1390523 |
|  |  | 12408378 |
| **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** |
| Endeavour Mining plc | 28276 | 1144424 |
| **Japan — 26.4%** | **Japan — 26.4%** | **Japan — 26.4%** |
| Activia Properties, Inc., REIT | 501 | 458400 |
| AEON REIT Investment Corp., REIT | 332 | 281080 |
| Alfresa Holdings Corp. | 33500 | 473300 |
| Asahi Group Holdings Ltd. | 73100 | 788151 |
| Asahi Intecc Co. Ltd. | 25300 | 401190 |
| Asahi Kasei Corp. | 34900 | 267408 |
| Astellas Pharma, Inc. | 57800 | 605029 |
| BIPROGY, Inc. | 11500 | 464501 |
| Brother Industries Ltd. | 34600 | 588917 |
| Canon Marketing Japan, Inc. | 20600 | 857800 |
| Canon, Inc. | 38600 | 1108509 |
| Capcom Co. Ltd. | 28600 | 746835 |
| Chubu Electric Power Co., Inc. | 32900 | 457500 |
| Chugai Pharmaceutical Co. Ltd. | 25600 | 1171654 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 22700 | 363268 |
| COMSYS Holdings Corp. | 28700 | 723742 |
| Cosmo Energy Holdings Co. Ltd. | 37600 | 858610 |
| Daito Trust Construction Co. Ltd. | 53000 | 990892 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Daiwa Securities Group, Inc. | 125600 | 966612 |
| Dexerials Corp. | 17300 | 279048 |
| Dowa Holdings Co. Ltd. | 200 | 7252 |
| Electric Power Development Co. Ltd. | 71100 | 1351308 |
| ENEOS Holdings, Inc. | 221600 | 1398012 |
| Fuji Media Holdings, Inc. | 5500 | 122520 |
| FUJIFILM Holdings Corp. | 47400 | 1098575 |
| Hachijuni Bank Ltd. (The) | 31400 | 316297 |
| Hikari Tsushin, Inc. | 4600 | 1218477 |
| Hoya Corp. | 1300 | 211162 |
| Hulic Co. Ltd. | 88300 | 912260 |
| Idemitsu Kosan Co. Ltd. | 168085 | 1168822 |
| Inpex Corp. | 72200 | 1332244 |
| Invincible Investment Corp., REIT | 760 | 339563 |
| ITOCHU Corp. | 20700 | 1199012 |
| Iwatani Corp. | 30200 | 314405 |
| Japan Metropolitan Fund Invest, REIT | 906 | 700857 |
| Japan Post Holdings Co. Ltd. | 71800 | 672842 |
| Japan Post Insurance Co. Ltd. | 27500 | 711214 |
| Japan Real Estate Investment Corp., REIT | 656 | 541051 |
| Japan Tobacco, Inc. | 41900 | 1459499 |
| JFE Holdings, Inc. | 4900 | 56155 |
| Kajima Corp. | 11600 | 373958 |
| Kakaku.com, Inc. | 12500 | 222219 |
| Kansai Electric Power Co., Inc. (The) | 27900 | 435244 |
| Kao Corp. | 25500 | 1079151 |
| Kawasaki Kisen Kaisha Ltd. | 87700 | 1256527 |
| KDDI Corp. | 83100 | 1324644 |
| Kinden Corp. | 3700 | 148212 |
| Kirin Holdings Co. Ltd. | 18500 | 260160 |
| Kobe Steel Ltd. | 95200 | 1120444 |
| K's Holdings Corp. | 35500 | 351922 |
| Kuraray Co. Ltd. | 57200 | 619851 |
| Kyowa Kirin Co. Ltd. | 6700 | 103743 |
| Kyushu Electric Power Co., Inc. | 129400 | 1269966 |
| Marubeni Corp. | 60500 | 1486849 |
| MatsukiyoCocokara & Co. | 56200 | 1018354 |
| Mebuki Financial Group, Inc. | 77000 | 480450 |
| Medipal Holdings Corp. | 34000 | 553194 |
| MEIJI Holdings Co. Ltd. | 40800 | 785398 |
| Mitsubishi Chemical Group Corp. | 144700 | 755852 |
| Mitsubishi Corp. | 49200 | 1181423 |
| Mitsubishi HC Capital, Inc. | 122900 | 961407 |
| Mitsubishi UFJ Financial Group, Inc. | 92400 | 1395728 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Mitsui & Co. Ltd. | 51400 | 1264010 |
| Mitsui Fudosan Co. Ltd. | 85800 | 893384 |
| Mitsui Kinzoku Co. Ltd. | 19900 | 2026964 |
| Modec, Inc. | 8300 | 538414 |
| Morinaga Milk Industry Co. Ltd. | 4200 | 90662 |
| NEC Corp. | 29500 | 1071441 |
| NH Foods Ltd. | 10000 | 369328 |
| Nichirei Corp. | 17600 | 208338 |
| Nintendo Co. Ltd. | 15000 | 1279348 |
| Nippon Building Fund, Inc., REIT | 600 | 553630 |
| Nippon Shokubai Co. Ltd. | 37200 | 431012 |
| Nippon Steel Corp. | 183500 | 756393 |
| Nippon Yusen KK | 28300 | 977293 |
| Nissan Chemical Corp. | 8000 | 270285 |
| Nisshin Seifun Group, Inc. | 4800 | 54266 |
| Niterra Co. Ltd. | 38000 | 1558878 |
| Nitto Denko Corp. | 60600 | 1509234 |
| NOF Corp. | 900 | 16015 |
| Nomura Real Estate Holdings, Inc. | 210000 | 1199284 |
| Nomura Real Estate Master Fund, Inc., REIT | 196 | 209131 |
| NS Solutions Corp. (a) | 14400 | 362834 |
| NTT, Inc. | 1218500 | 1254146 |
| Obayashi Corp. | 15300 | 258837 |
| Ono Pharmaceutical Co. Ltd. | 73600 | 898171 |
| Open House Group Co. Ltd. | 13200 | 635223 |
| Osaka Gas Co. Ltd. | 48800 | 1535486 |
| Otsuka Holdings Co. Ltd. | 25400 | 1382370 |
| PeptiDream, Inc. \* | 9900 | 100238 |
| Sankyo Co. Ltd. | 69500 | 1205642 |
| Santen Pharmaceutical Co. Ltd. | 92100 | 902375 |
| Sanwa Holdings Corp. | 19900 | 542707 |
| Sawai Group Holdings Co. Ltd. | 36500 | 435893 |
| SCREEN Holdings Co. Ltd. | 900 | 85318 |
| SCSK Corp. | 29000 | 1065653 |
| Seibu Holdings, Inc. | 12700 | 446380 |
| Seiko Epson Corp. | 51500 | 652537 |
| Sekisui Chemical Co. Ltd. | 20300 | 351683 |
| Sekisui House REIT, Inc., REIT | 816 | 419970 |
| Shimamura Co. Ltd. | 6000 | 386818 |
| Shionogi & Co. Ltd. | 78700 | 1320004 |
| Skylark Holdings Co. Ltd. | 19300 | 349156 |
| SoftBank Corp. | 900600 | 1279752 |
| SoftBank Group Corp. | 9100 | 1596765 |
| Sojitz Corp. | 13120 | 348080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 89

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Subaru Corp. | 13600 | 289314 |
| Sugi Holdings Co. Ltd. | 21100 | 455654 |
| Sumitomo Chemical Co. Ltd. | 135400 | 398255 |
| Sumitomo Mitsui Financial Group, Inc. | 51300 | 1388886 |
| Suntory Beverage & Food Ltd. | 19100 | 578151 |
| Suzuken Co. Ltd. | 12100 | 459516 |
| Takeda Pharmaceutical Co. Ltd. | 45800 | 1236028 |
| TIS, Inc. | 3200 | 110243 |
| Toho Gas Co. Ltd. | 16200 | 483732 |
| Tohoku Electric Power Co., Inc. | 137500 | 940805 |
| Tokyo Electron Ltd. | 5600 | 1234634 |
| Tokyo Gas Co. Ltd. | 36600 | 1284448 |
| Tokyo Tatemono Co. Ltd. | 56600 | 1056735 |
| Tokyu Fudosan Holdings Corp. | 167900 | 1353055 |
| Tosoh Corp. | 47000 | 670105 |
| Toyo Suisan Kaisha Ltd. | 18100 | 1311978 |
| Toyo Tire Corp. | 22800 | 623126 |
| Toyota Boshoku Corp. | 11200 | 170297 |
| Trend Micro, Inc. | 7500 | 382743 |
| Tsumura & Co. | 17000 | 394342 |
| UBE Corp. | 3700 | 54394 |
| United Urban Investment Corp., REIT | 312 | 377603 |
| USS Co. Ltd. | 77700 | 857644 |
| Yamada Holdings Co. Ltd. | 59600 | 179170 |
| Yamato Kogyo Co. Ltd. | 5400 | 340370 |
| Yamazaki Baking Co. Ltd. | 10600 | 208318 |
| Yokohama Rubber Co. Ltd. (The) | 26300 | 938621 |
|  |  | 96040184 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| RTL Group SA | 7378 | 284872 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| MGM China Holdings Ltd. | 198800 | 380789 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Fresnillo plc | 50143 | 1466341 |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| ABN AMRO Bank NV, CVA (b) | 35051 | 1047278 |
| ASR Nederland NV | 6646 | 443545 |
| Heineken Holding NV | 11873 | 801796 |
| JDE Peet's NV | 5071 | 184555 |
| Koninklijke Ahold Delhaize NV | 32175 | 1316942 |
| Koninklijke KPN NV | 280116 | 1296227 |
| NN Group NV | 6357 | 435040 |
|  |  | 5525383 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 41714 | 885608 |
| Spark New Zealand Ltd. | 52407 | 73471 |
|  |  | 959079 |
| **Norway — 1.3%** | **Norway — 1.3%** | **Norway — 1.3%** |
| Aker BP ASA | 4362 | 113050 |
| DNB Bank ASA | 13975 | 356718 |
| Equinor ASA | 50582 | 1211505 |
| Mowi ASA | 26724 | 587474 |
| Norsk Hydro ASA | 124245 | 839966 |
| Orkla ASA | 69953 | 710464 |
| Telenor ASA | 67524 | 1004186 |
|  |  | 4823363 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| ORLEN SA | 56178 | 1522641 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Galp Energia SGPS SA | 989 | 19870 |
| Jeronimo Martins SGPS SA | 29687 | 764590 |
|  |  | 784460 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Evraz plc ‡ \* | 393430 |  |
| **Singapore — 3.0%** | **Singapore — 3.0%** | **Singapore — 3.0%** |
| CapitaLand Integrated Commercial Trust, REIT | 717308 | 1304060 |
| ComfortDelGro Corp. Ltd. | 249000 | 279196 |
| DBS Group Holdings Ltd. | 20800 | 861173 |
| Jardine Cycle & Carriage Ltd. | 17900 | 446956 |
| Keppel Ltd. | 168900 | 1320858 |
| Mapletree Pan Asia Commercial Trust, REIT | 4700 | 5200 |
| Oversea-Chinese Banking Corp. Ltd. | 95200 | 1245349 |
| Sembcorp Industries Ltd. | 190200 | 953006 |
| Singapore Airlines Ltd. | 209300 | 1065445 |
| Singapore Telecommunications Ltd. | 416900 | 1360783 |
| Suntec, REIT | 674900 | 694799 |
| United Overseas Bank Ltd. | 18000 | 478754 |
| Venture Corp. Ltd. | 73900 | 845696 |
|  |  | 10861275 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
| Anglo American plc | 45650 | 1727061 |
| **South Korea — 8.8%** | **South Korea — 8.8%** | **South Korea — 8.8%** |
| Alteogen, Inc. \* | 1301 | 444870 |
| CJ CheilJedang Corp. | 731 | 117561 |
| CJ Corp. | 2951 | 353024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| CJ Logistics Corp. | 555 | 32045 |
| DB Insurance Co. Ltd. | 4389 | 390111 |
| Doosan Bobcat, Inc. | 6222 | 262650 |
| GS Holdings Corp. | 6534 | 219618 |
| GS Retail Co. Ltd. | 11191 | 139090 |
| Hana Financial Group, Inc. | 24408 | 1462248 |
| Hankook Tire & Technology Co. Ltd. | 14844 | 481948 |
| Hanmi Pharm Co. Ltd. | 1484 | 441643 |
| Hanwha Aerospace Co. Ltd. | 1947 | 1335495 |
| HD Hyundai Co. Ltd. | 9095 | 1306344 |
| HD Hyundai Electric Co. Ltd. | 3834 | 2329333 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 4625 | 1537260 |
| Hyundai Mobis Co. Ltd. | 3381 | 747666 |
| Industrial Bank of Korea | 70334 | 953165 |
| KB Financial Group, Inc. | 14488 | 1182707 |
| Kia Corp. | 12476 | 1046470 |
| Korea Electric Power Corp. | 53930 | 1614343 |
| Korea Gas Corp. | 35370 | 1034095 |
| Korea Investment Holdings Co. Ltd. | 199 | 25372 |
| Korean Air Lines Co. Ltd. | 10152 | 157541 |
| KT&G Corp. | 14659 | 1379586 |
| LG Corp. | 12630 | 710323 |
| LG H&H Co. Ltd. | 1375 | 274150 |
| LG Innotek Co. Ltd. | 3498 | 590086 |
| LG Uplus Corp. | 75051 | 802792 |
| NAVER Corp. | 1164 | 218152 |
| NH Investment & Securities Co. Ltd. | 21922 | 312522 |
| NongShim Co. Ltd. | 1628 | 497793 |
| Orion Corp. | 11205 | 780260 |
| Posco International Corp. | 7019 | 270387 |
| Samsung Biologics Co. Ltd. \* (b) | 274 | 234255 |
| Samsung Electronics Co. Ltd. | 17905 | 1347821 |
| Samsung Fire & Marine Insurance Co. Ltd. | 362 | 112041 |
| Samsung SDS Co. Ltd. | 2483 | 318484 |
| Samsung Securities Co. Ltd. | 11839 | 640747 |
| SK hynix, Inc. | 7247 | 2819761 |
| SK, Inc. | 3009 | 522522 |
| S-Oil Corp. \* | 4078 | 205263 |
| Woori Financial Group, Inc. | 81562 | 1451942 |
| Yuhan Corp. | 13409 | 1109337 |
|  |  | 32212823 |
| **Spain — 2.1%** | **Spain — 2.1%** | **Spain — 2.1%** |
| Amadeus IT Group SA | 16463 | 1258443 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Endesa SA | 44521 | 1595449 |
| Iberdrola SA | 58251 | 1180529 |
| Industria de Diseno Textil SA | 20875 | 1152726 |
| Merlin Properties Socimi SA, REIT | 52027 | 810491 |
| Naturgy Energy Group SA | 38454 | 1164835 |
| Telefonica SA | 111060 | 563205 |
|  |  | 7725678 |
| **Sweden — 2.1%** | **Sweden — 2.1%** | **Sweden — 2.1%** |
| Castellum AB (a) | 4447 | 50572 |
| Essity AB, Class B | 30960 | 850398 |
| Getinge AB, Class B | 11746 | 275159 |
| H & M Hennes & Mauritz AB, Class B (a) | 21582 | 407600 |
| Securitas AB, Class B (a) | 59576 | 877606 |
| SKF AB, Class B | 45918 | 1176972 |
| SSAB AB, Class B | 170885 | 1058102 |
| Tele2 AB, Class B | 80019 | 1271172 |
| Telefonaktiebolaget LM Ericsson, Class B | 62660 | 635740 |
| Telia Co. AB | 133310 | 524797 |
| Trelleborg AB, Class B | 13472 | 562217 |
|  |  | 7690335 |
| **Switzerland — 1.8%** | **Switzerland — 1.8%** | **Switzerland — 1.8%** |
| Avolta AG | 5297 | 279226 |
| DSM-Firmenich AG | 3872 | 315603 |
| Logitech International SA (Registered) | 13066 | 1570775 |
| PSP Swiss Property AG (Registered) | 4710 | 814659 |
| Sandoz Group AG | 2236 | 149089 |
| Sonova Holding AG (Registered) | 1363 | 371786 |
| Swiss Prime Site AG (Registered) | 7719 | 1097201 |
| Swisscom AG (Registered) | 1118 | 818961 |
| Temenos AG (Registered) | 11964 | 1129618 |
|  |  | 6546918 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Thai Beverage PCL | 1745800 | 643412 |
| **United Kingdom — 17.5%** | **United Kingdom — 17.5%** | **United Kingdom — 17.5%** |
| 3i Group plc | 24393 | 1411638 |
| Admiral Group plc | 19179 | 825795 |
| Ashtead Group plc | 11192 | 747568 |
| Associated British Foods plc | 40834 | 1232230 |
| AstraZeneca plc | 5231 | 862846 |
| Auto Trader Group plc (b) | 80937 | 830340 |
| Aviva plc | 162288 | 1426397 |
| BAE Systems plc | 52431 | 1291558 |
| Barclays plc | 295803 | 1586576 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 91

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Berkeley Group Holdings plc | 6408 | 339462 |
| British American Tobacco plc | 26051 | 1334216 |
| British Land Co. plc (The), REIT | 247023 | 1233747 |
| BT Group plc | 439165 | 1071815 |
| Bunzl plc | 30210 | 918315 |
| Burberry Group plc \* | 26798 | 436209 |
| Centrica plc | 648143 | 1527545 |
| CK Hutchison Holdings Ltd. | 16756 | 111117 |
| Compass Group plc | 25908 | 857551 |
| Convatec Group plc (b) | 251371 | 807299 |
| Croda International plc | 14240 | 540566 |
| DCC plc | 7666 | 505029 |
| Diploma plc | 4734 | 349242 |
| Entain plc | 19096 | 198898 |
| Halma plc | 16883 | 786722 |
| Hikma Pharmaceuticals plc | 43231 | 1045737 |
| Howden Joinery Group plc | 57812 | 656621 |
| HSBC Holdings plc | 114197 | 1598695 |
| IMI plc | 37957 | 1193330 |
| Imperial Brands plc | 33736 | 1340478 |
| Informa plc | 105605 | 1344703 |
| InterContinental Hotels Group plc | 10679 | 1288179 |
| International Consolidated Airlines Group SA | 270408 | 1486594 |
| Intertek Group plc | 17250 | 1148990 |
| J Sainsbury plc | 269429 | 1209089 |
| Kingfisher plc | 203837 | 826678 |
| Land Securities Group plc, REIT | 141582 | 1157093 |
| M&G plc | 110707 | 383287 |
| Marks & Spencer Group plc | 221654 | 1158324 |
| National Grid plc | 96018 | 1439705 |
| NatWest Group plc | 208327 | 1603809 |
| Next plc | 8640 | 1623372 |
| Pearson plc | 100826 | 1403299 |
| Persimmon plc | 19046 | 302700 |
| Reckitt Benckiser Group plc | 14489 | 1108250 |
| RELX plc | 23459 | 1036803 |
| Rightmove plc | 123013 | 1080111 |
| Rolls-Royce Holdings plc | 100322 | 1543836 |
| Sage Group plc (The) | 73126 | 1105327 |
| Smith & Nephew plc | 56072 | 1035427 |
| Smiths Group plc | 45149 | 1495067 |
| SSE plc | 48173 | 1213613 |
| St. James's Place plc | 35906 | 612630 |
| Standard Chartered plc | 77674 | 1594434 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Taylor Wimpey plc | 177558 | 245606 |
| Tesco plc | 240773 | 1452987 |
| Unilever plc | 21216 | 1273053 |
| UNITE Group plc (The), REIT | 60994 | 454968 |
| United Utilities Group plc | 88838 | 1401553 |
| Vodafone Group plc | 1089029 | 1318351 |
| Weir Group plc (The) | 21526 | 837962 |
| Whitbread plc | 7737 | 294549 |
| Wise plc, Class A \* | 45946 | 584251 |
| WPP plc | 193789 | 732265 |
|  |  | 63864407 |
| **United States — 3.6%** | **United States — 3.6%** | **United States — 3.6%** |
| Amrize Ltd. \* | 10439 | 540176 |
| AP Moller - Maersk A/S, Class B | 267 | 548933 |
| BP plc | 131144 | 768348 |
| CSL Ltd. | 6191 | 721476 |
| Experian plc | 21344 | 995595 |
| GSK plc | 66158 | 1548987 |
| Haleon plc | 251977 | 1171752 |
| Holcim AG | 17007 | 1511943 |
| Novartis AG (Registered) | 10262 | 1270042 |
| Roche Holding AG | 2975 | 963663 |
| Sanofi SA | 4735 | 479006 |
| Shell plc | 41720 | 1564059 |
| Sims Ltd. | 32401 | 338004 |
| Tenaris SA | 32085 | 637686 |
|  |  | 13059670 |
| Total Common Stocks <br>(Cost $297,822,144)<br>|  | 362027171 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (c) (d) <br>(Cost $242,263)<br>| 242142 | 242239 |
| **Investment of Cash Collateral from Securities Loaned — 1.2%** | **Investment of Cash Collateral from Securities Loaned — 1.2%** | **Investment of Cash Collateral from Securities Loaned — 1.2%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (c) (d)(Cost <br> $4,566,374)<br>| 4566374 | 4566374 |
| Total Short-Term Investments <br>(Cost $4,808,637)<br>|  | 4808613 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Total Investments — 100.7%** <br>**(Cost $302,630,781)**<br>|  | **366835784** |
| **Liabilities in Excess of Other Assets — (0.7)%** |  | **(2546784)**<br>|
| **NET ASSETS — 100.0%** |  | **364289000** |

---

&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;

---

| | |
|:---|:---|
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at October 31, <br> 2025. The total value of securities on loan at October 31, 2025 is <br> $3,805,203.<br>|
| (b) | Security exempt from registration pursuant to Regulation S under <br> the Securities Act of 1933, as amended. Regulation S applies to <br> securities offerings that are made outside of the United States and <br> do not involve direct selling efforts in the United States and as <br> such may have restrictions on resale.<br>|
| (c) | Investment in an affiliated fund, which is registered under the <br> Investment Company Act of 1940, as amended, and is advised by <br> J.P. Morgan Investment Management Inc.<br>|
| (d) | The rate shown is the current yield as of October 31, 2025. |

---

**Summary of Investments by Industry, October 31, 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 | 5.9<br> %<br>|
| Metals & Mining | 5.7 |
| Oil, Gas & Consumable Fuels | 5.6 |
| Pharmaceuticals | 5.3 |
| Electric Utilities | 4.0 |
| Diversified Telecommunication Services | 3.7 |
| Consumer Staples Distribution & Retail | 3.2 |
| Food Products | 3.0 |
| Real Estate Management & Development | 2.8 |
| Diversified REITs | 2.8 |
| Chemicals | 2.6 |
| Trading Companies & Distributors | 2.5 |
| Gas Utilities | 2.4 |
| Industrial Conglomerates | 2.2 |
| Technology Hardware, Storage & Peripherals | 2.0 |
| Health Care Equipment & Supplies | 2.0 |
| Beverages | 2.0 |
| Multi-Utilities | 1.9 |
| Automobile Components | 1.9 |
| Wireless Telecommunication Services | 1.8 |
| Insurance | 1.6 |
| Machinery | 1.6 |
| Specialty Retail | 1.6 |
| Tobacco | 1.5 |
| Hotels, Restaurants & Leisure | 1.4 |
| Health Care Providers & Services | 1.4 |
| Retail REITs | 1.4 |
| Interactive Media & Services | 1.3 |
| Passenger Airlines | 1.3 |
| Marine Transportation | 1.2 |
| Electronic Equipment, Instruments & Components | 1.2 |
| Software | 1.2 |
| IT Services | 1.1 |
| Aerospace & Defense | 1.1 |
| Semiconductors & Semiconductor Equipment | 1.1 |
| Capital Markets | 1.1 |
| Financial Services | 1.0 |
| Construction & Engineering | 1.0 |
| Broadline Retail | 1.0 |
| Media | 1.0 |
| Construction Materials | 1.0 |
| Others (each less than 1.0%) | 9.3 |
| Short-Term Investments | 1.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 93

------

JPMorgan Diversified Return International Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1683720 | &nbsp;&nbsp;&nbsp;&nbsp; 14311 |

---

&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;

94 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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 — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| General Dynamics Corp. | 4482 | 1545842 |
| **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** |
| Ford Motor Co. | 64699 | 849498 |
| Gentex Corp. | 33666 | 789468 |
|  |  | 1638966 |
| **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** |
| Bank of America Corp. | 29324 | 1567368 |
| Citizens Financial Group, Inc. | 6066 | 308577 |
| Fifth Third Bancorp | 27232 | 1133396 |
| First Citizens BancShares, Inc., Class A | 804 | 1467155 |
| Huntington Bancshares, Inc. | 80789 | 1247382 |
| KeyCorp | 13289 | 233754 |
| Popular, Inc. (Puerto Rico) | 8848 | 986287 |
| Regions Financial Corp. | 15181 | 367380 |
| US Bancorp | 9218 | 430296 |
|  |  | 7741595 |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Boston Beer Co., Inc. (The), Class A \* | 4832 | 1000176 |
| Brown-Forman Corp., Class B | 21923 | 596963 |
| Celsius Holdings, Inc. \* | 20036 | 1206768 |
| Coca-Cola Consolidated, Inc. | 11031 | 1438222 |
| Molson Coors Beverage Co., Class B | 30945 | 1352915 |
| Monster Beverage Corp. \* | 24966 | 1668478 |
| PepsiCo, Inc. | 8440 | 1233000 |
| Primo Brands Corp. | 18692 | 410663 |
|  |  | 8907185 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| Air Products and Chemicals, Inc. | 1642 | 398333 |
| Celanese Corp. | 9593 | 368755 |
| CF Industries Holdings, Inc. | 18458 | 1537367 |
| Eastman Chemical Co. | 15875 | 944880 |
| Ecolab, Inc. | 5675 | 1455070 |
| Element Solutions, Inc. | 43819 | 1170844 |
| FMC Corp. | 16363 | 248227 |
| International Flavors & Fragrances, Inc. | 5078 | 319762 |
| Linde plc | 2498 | 1044913 |
| LyondellBasell Industries NV, Class A | 14822 | 688037 |
| Mosaic Co. (The) | 36040 | 989298 |
| NewMarket Corp. | 1834 | 1408328 |
| Olin Corp. | 21839 | 452067 |
| Scotts Miracle-Gro Co. (The) | 9841 | 526690 |
|  |  | 11552571 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Construction & Materials — 1.9%** | **Construction & Materials — 1.9%** | **Construction & Materials — 1.9%** |
| A O Smith Corp. | 14618 | 964642 |
| Builders FirstSource, Inc. \* | 7012 | 814584 |
| Carlisle Cos., Inc. | 1493 | 485299 |
| Carrier Global Corp. | 4418 | 262827 |
| Eagle Materials, Inc. | 2762 | 586428 |
| Fortune Brands Innovations, Inc. | 6009 | 305257 |
| Louisiana-Pacific Corp. | 5335 | 464732 |
| Masco Corp. | 13562 | 878275 |
| Owens Corning | 6871 | 874747 |
| Quanta Services, Inc. | 4178 | 1876465 |
|  |  | 7513256 |
| **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** |
| eBay, Inc. | 6684 | 543476 |
| Grand Canyon Education, Inc. \* | 2179 | 410306 |
| H&R Block, Inc. | 23236 | 1155759 |
| Service Corp. International | 8254 | 689291 |
|  |  | 2798832 |
| **Electricity — 7.1%** | **Electricity — 7.1%** | **Electricity — 7.1%** |
| American Electric Power Co., Inc. | 14582 | 1753631 |
| Brookfield Renewable Corp. (Canada) | 1832 | 79252 |
| Clearway Energy, Inc., Class C | 7688 | 245478 |
| CMS Energy Corp. | 16039 | 1179668 |
| Consolidated Edison, Inc. | 14249 | 1387995 |
| DTE Energy Co. | 10106 | 1369767 |
| Edison International | 19747 | 1093589 |
| Entergy Corp. | 17685 | 1699352 |
| Evergy, Inc. | 21990 | 1689052 |
| Exelon Corp. | 33982 | 1567250 |
| FirstEnergy Corp. | 34170 | 1566011 |
| IDACORP, Inc. | 2852 | 367965 |
| NRG Energy, Inc. | 9635 | 1655871 |
| OGE Energy Corp. | 34077 | 1504159 |
| Pinnacle West Capital Corp. | 16657 | 1474478 |
| PPL Corp. | 43874 | 1602279 |
| Public Service Enterprise Group, Inc. | 14050 | 1131868 |
| Southern Co. (The) | 16383 | 1540657 |
| Talen Energy Corp. \* | 3005 | 1201339 |
| Vistra Corp. | 8294 | 1561760 |
| Xcel Energy, Inc. | 21748 | 1765285 |
|  |  | 27436706 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 95

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic & Electrical Equipment — 0.4%** | **Electronic & Electrical Equipment — 0.4%** | **Electronic & Electrical Equipment — 0.4%** |
| Hubbell, Inc. | 3105 | 1459350 |
| Veralto Corp. | 1465 | 144566 |
|  |  | 1603916 |
| **Finance & Credit Services — 0.8%** | **Finance & Credit Services — 0.8%** | **Finance & Credit Services — 0.8%** |
| MGIC Investment Corp. | 53578 | 1469109 |
| OneMain Holdings, Inc. | 16797 | 994214 |
| SLM Corp. | 19950 | 535658 |
|  |  | 2998981 |
| **Food Producers — 6.0%** | **Food Producers — 6.0%** | **Food Producers — 6.0%** |
| Archer-Daniels-Midland Co. | 24775 | 1499631 |
| Campbell's Co. (The) | 34367 | 1035478 |
| Conagra Brands, Inc. | 80878 | 1390293 |
| Corteva, Inc. | 21568 | 1325138 |
| Darling Ingredients, Inc. \* | 29047 | 930956 |
| Flowers Foods, Inc. | 69183 | 825353 |
| General Mills, Inc. | 23330 | 1087411 |
| Hershey Co. (The) | 8407 | 1426079 |
| Hormel Foods Corp. | 49150 | 1061149 |
| Ingredion, Inc. | 10826 | 1249429 |
| J M Smucker Co. (The) | 13859 | 1435100 |
| Kellanova | 19524 | 1621663 |
| Kraft Heinz Co. (The) | 57139 | 1413048 |
| McCormick & Co., Inc. (Non-Voting) | 3150 | 202104 |
| Mondelez International, Inc., Class A | 19179 | 1102025 |
| Pilgrim's Pride Corp. | 33826 | 1288771 |
| Post Holdings, Inc. \* | 14399 | 1496488 |
| Tyson Foods, Inc., Class A | 27745 | 1426370 |
| US Foods Holding Corp. \* | 20226 | 1468812 |
|  |  | 23285298 |
| **Gas, Water & Multi-utilities — 2.6%** | **Gas, Water & Multi-utilities — 2.6%** | **Gas, Water & Multi-utilities — 2.6%** |
| Ameren Corp. | 4626 | 471944 |
| Atmos Energy Corp. | 7025 | 1206333 |
| Duke Energy Corp. | 13056 | 1622861 |
| MDU Resources Group, Inc. | 41035 | 787051 |
| National Fuel Gas Co. | 17799 | 1404519 |
| NiSource, Inc. | 38664 | 1628141 |
| UGI Corp. | 41484 | 1386810 |
| WEC Energy Group, Inc. | 13983 | 1562321 |
|  |  | 10069980 |
| **General Industrials — 2.0%** | **General Industrials — 2.0%** | **General Industrials — 2.0%** |
| Eaton Corp. plc | 4232 | 1614762 |
| Illinois Tool Works, Inc. | 4557 | 1111543 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| ITT, Inc. | 5914 | 1094504 |
| Packaging Corp. of America | 5107 | 999746 |
| Parker-Hannifin Corp. | 2055 | 1588166 |
| RPM International, Inc. | 8295 | 906478 |
| Valmont Industries, Inc. | 751 | 310486 |
|  |  | 7625685 |
| **Health Care Providers — 2.6%** | **Health Care Providers — 2.6%** | **Health Care Providers — 2.6%** |
| Chemed Corp. | 1163 | 501602 |
| Cigna Group (The) | 3985 | 973974 |
| DaVita, Inc. \* | 9429 | 1122239 |
| Elevance Health, Inc. | 2525 | 800930 |
| Encompass Health Corp. | 9105 | 1036604 |
| HCA Healthcare, Inc. | 3454 | 1587735 |
| Tenet Healthcare Corp. \* | 7949 | 1641389 |
| UnitedHealth Group, Inc. | 2239 | 764753 |
| Universal Health Services, Inc., Class B | 8202 | 1779916 |
|  |  | 10209142 |
| **Household Goods & Home Construction — 1.0%** | **Household Goods & Home Construction — 1.0%** | **Household Goods & Home Construction — 1.0%** |
| DR Horton, Inc. | 6951 | 1036255 |
| NVR, Inc. \* | 58 | 418227 |
| PulteGroup, Inc. | 10146 | 1216201 |
| Toll Brothers, Inc. | 9328 | 1258814 |
|  |  | 3929497 |
| **Industrial Engineering — 1.2%** | **Industrial Engineering — 1.2%** | **Industrial Engineering — 1.2%** |
| Caterpillar, Inc. | 2675 | 1544170 |
| Cummins, Inc. | 3900 | 1706952 |
| Snap-on, Inc. | 4052 | 1359649 |
|  |  | 4610771 |
| **Industrial Materials — 0.6%** | **Industrial Materials — 0.6%** | **Industrial Materials — 0.6%** |
| Avery Dennison Corp. | 5376 | 940209 |
| International Paper Co. | 30428 | 1175738 |
|  |  | 2115947 |
| **Industrial Metals & Mining — 3.2%** | **Industrial Metals & Mining — 3.2%** | **Industrial Metals & Mining — 3.2%** |
| Carpenter Technology Corp. | 5041 | 1592452 |
| Fastenal Co. | 32493 | 1337087 |
| Freeport-McMoRan, Inc. | 20180 | 841506 |
| Mueller Industries, Inc. | 9297 | 984273 |
| Nucor Corp. | 7763 | 1164838 |
| RBC Bearings, Inc. \* | 1597 | 684362 |
| Reliance, Inc. | 4735 | 1337306 |
| Southern Copper Corp. (Mexico) | 14781 | 2051603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Steel Dynamics, Inc. | 10875 | 1705200 |
| Timken Co. (The) | 10182 | 799389 |
|  |  | 12498016 |
| **Industrial Support Services — 2.2%** | **Industrial Support Services — 2.2%** | **Industrial Support Services — 2.2%** |
| Accenture plc, Class A | 2019 | 504952 |
| Booz Allen Hamilton Holding Corp. | 7821 | 681678 |
| Capital One Financial Corp. | 7038 | 1548290 |
| Core & Main, Inc., Class A \* | 17051 | 889721 |
| Genpact Ltd. | 11740 | 447881 |
| MSC Industrial Direct Co., Inc., Class A | 10891 | 924755 |
| Robert Half, Inc. | 2810 | 73594 |
| Synchrony Financial | 20623 | 1533939 |
| Western Union Co. (The) | 40677 | 379516 |
| WW Grainger, Inc. | 1375 | 1346125 |
|  |  | 8330451 |
| **Industrial Transportation — 1.0%** | **Industrial Transportation — 1.0%** | **Industrial Transportation — 1.0%** |
| Allison Transmission Holdings, Inc. | 13749 | 1134980 |
| CSX Corp. | 14673 | 528522 |
| Landstar System, Inc. | 858 | 110193 |
| PACCAR, Inc. | 1846 | 181646 |
| Ryder System, Inc. | 4547 | 769489 |
| Union Pacific Corp. | 4525 | 997174 |
|  |  | 3722004 |
| **Investment Banking & Brokerage Services — 1.7%** | **Investment Banking & Brokerage Services — 1.7%** | **Investment Banking & Brokerage Services — 1.7%** |
| Ameriprise Financial, Inc. | 2265 | 1025524 |
| Bank of New York Mellon Corp. (The) | 15038 | 1623051 |
| Berkshire Hathaway, Inc., Class B \* | 3093 | 1477031 |
| Jefferies Financial Group, Inc. | 17660 | 932978 |
| State Street Corp. | 9789 | 1132196 |
| Virtu Financial, Inc., Class A | 14458 | 503717 |
|  |  | 6694497 |
| **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** |
| Electronic Arts, Inc. | 3737 | 747624 |
| Garmin Ltd. | 6569 | 1405372 |
| Harley-Davidson, Inc. | 3496 | 94322 |
|  |  | 2247318 |
| **Life Insurance — 0.5%** | **Life Insurance — 0.5%** | **Life Insurance — 0.5%** |
| Aflac, Inc. | 3477 | 372700 |
| Prudential Financial, Inc. | 3325 | 345800 |
| Unum Group | 18001 | 1321633 |
|  |  | 2040133 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Fox Corp., Class A | 20501 | 1325390 |
| Interpublic Group of Cos., Inc. (The) | 20010 | 513457 |
| Nexstar Media Group, Inc. | 7487 | 1465430 |
|  |  | 3304277 |
| **Medical Equipment & Services — 3.9%** | **Medical Equipment & Services — 3.9%** | **Medical Equipment & Services — 3.9%** |
| Abbott Laboratories | 10479 | 1295414 |
| Becton Dickinson & Co. | 3106 | 555073 |
| Danaher Corp. | 4323 | 931088 |
| GE HealthCare Technologies, Inc. | 9594 | 719070 |
| Globus Medical, Inc., Class A \* | 7455 | 450207 |
| Hologic, Inc. \* | 14730 | 1088694 |
| Labcorp Holdings, Inc. | 4338 | 1101678 |
| Medtronic plc | 14224 | 1290117 |
| QIAGEN NV | 9290 | 435236 |
| Quest Diagnostics, Inc. | 8105 | 1426075 |
| ResMed, Inc. | 5628 | 1389441 |
| Revvity, Inc. (a) | 7201 | 673942 |
| STERIS plc | 4691 | 1105669 |
| Stryker Corp. | 3103 | 1105413 |
| Thermo Fisher Scientific, Inc. | 1069 | 606540 |
| West Pharmaceutical Services, Inc. | 2848 | 803335 |
|  |  | 14976992 |
| **Mortgage Real Estate Investment Trusts — 0.5%** | **Mortgage Real Estate Investment Trusts — 0.5%** | **Mortgage Real Estate Investment Trusts — 0.5%** |
| Rithm Capital Corp. | 105192 | 1153956 |
| Starwood Property Trust, Inc. | 34498 | 627174 |
|  |  | 1781130 |
| **Non-life Insurance — 2.1%** | **Non-life Insurance — 2.1%** | **Non-life Insurance — 2.1%** |
| American Financial Group, Inc. | 1643 | 216350 |
| Assured Guaranty Ltd. | 153 | 12329 |
| Axis Capital Holdings Ltd. | 6730 | 630332 |
| Chubb Ltd. | 3734 | 1034094 |
| Everest Group Ltd. | 38 | 11952 |
| Fidelity National Financial, Inc. | 22119 | 1221854 |
| Hartford Insurance Group, Inc. (The) | 11953 | 1484323 |
| Old Republic International Corp. | 32925 | 1299220 |
| Progressive Corp. (The) | 5621 | 1157926 |
| Reinsurance Group of America, Inc. | 3177 | 579675 |
| WR Berkley Corp. | 7996 | 570435 |
|  |  | 8218490 |
| **Non-Renewable Energy — 6.4%** | **Non-Renewable Energy — 6.4%** | **Non-Renewable Energy — 6.4%** |
| Antero Midstream Corp. | 80412 | 1387107 |
| APA Corp. | 44208 | 1001311 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 97

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| Baker Hughes Co., Class A | 9657 | 467495 |
| Cheniere Energy, Inc. | 6394 | 1355528 |
| Chevron Corp. | 9376 | 1478783 |
| ConocoPhillips | 15364 | 1365245 |
| Coterra Energy, Inc. | 52959 | 1253010 |
| Devon Energy Corp. | 9584 | 311384 |
| DT Midstream, Inc. | 11983 | 1312019 |
| EOG Resources, Inc. | 10961 | 1160112 |
| EQT Corp. | 5576 | 298762 |
| Expand Energy Corp. | 5001 | 516653 |
| Exxon Mobil Corp. | 13108 | 1499031 |
| Kinder Morgan, Inc. | 54554 | 1428769 |
| Marathon Petroleum Corp. | 8649 | 1685777 |
| Permian Resources Corp. | 102476 | 1287099 |
| Phillips 66 | 10225 | 1392031 |
| Range Resources Corp. | 6178 | 219628 |
| Targa Resources Corp. | 7682 | 1183335 |
| TechnipFMC plc (United Kingdom) | 15777 | 652379 |
| Valero Energy Corp. | 9946 | 1686444 |
| Viper Energy, Inc. | 8176 | 307091 |
| Williams Cos., Inc. (The) | 25155 | 1455720 |
|  |  | 24704713 |
| **Personal Care, Drug & Grocery Stores — 5.6%** | **Personal Care, Drug & Grocery Stores — 5.6%** | **Personal Care, Drug & Grocery Stores — 5.6%** |
| Albertsons Cos., Inc., Class A | 81811 | 1447237 |
| Casey's General Stores, Inc. | 3084 | 1582678 |
| Cencora, Inc. | 5331 | 1800865 |
| Church & Dwight Co., Inc. | 16277 | 1427330 |
| Clorox Co. (The) | 10991 | 1236048 |
| Colgate-Palmolive Co. | 15745 | 1213152 |
| CVS Health Corp. | 21134 | 1651622 |
| Kenvue, Inc. | 83744 | 1203401 |
| Kimberly-Clark Corp. | 12004 | 1436999 |
| Kroger Co. (The) | 23016 | 1464508 |
| McKesson Corp. | 2269 | 1840931 |
| Performance Food Group Co. \* | 14791 | 1430881 |
| Procter & Gamble Co. (The) | 9745 | 1465356 |
| Sprouts Farmers Market, Inc. \* | 11231 | 886800 |
| Sysco Corp. | 18912 | 1404783 |
|  |  | 21492591 |
| **Personal Goods — 0.5%** | **Personal Goods — 0.5%** | **Personal Goods — 0.5%** |
| NIKE, Inc., Class B | 3481 | 224838 |
| Ralph Lauren Corp. | 4997 | 1597341 |
|  |  | 1822179 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.4%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.4%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.4%** |
| AbbVie, Inc. | 6844 | 1492266 |
| Amgen, Inc. | 4417 | 1318165 |
| Bristol-Myers Squibb Co. | 25405 | 1170408 |
| Cardinal Health, Inc. | 9282 | 1770727 |
| Exelixis, Inc. \* | 41165 | 1591851 |
| Gilead Sciences, Inc. | 13584 | 1627227 |
| Halozyme Therapeutics, Inc. \* | 14817 | 965920 |
| Jazz Pharmaceuticals plc \* | 7522 | 1035328 |
| Johnson & Johnson | 7010 | 1323979 |
| Medpace Holdings, Inc. \* | 1974 | 1154612 |
| Merck & Co., Inc. | 8917 | 766684 |
| Organon & Co. | 16627 | 112232 |
| Pfizer, Inc. | 18783 | 463001 |
| Regeneron Pharmaceuticals, Inc. | 1155 | 752829 |
| Royalty Pharma plc, Class A | 43230 | 1622854 |
| United Therapeutics Corp. \* | 3894 | 1734505 |
| Viatris, Inc. | 87974 | 911411 |
| Zoetis, Inc. | 5953 | 857768 |
|  |  | 20671767 |
| **Precious Metals & Mining — 1.3%** | **Precious Metals & Mining — 1.3%** | **Precious Metals & Mining — 1.3%** |
| Anglogold Ashanti plc (United Kingdom) | 26088 | 1773984 |
| Newmont Corp. | 20471 | 1657537 |
| Royal Gold, Inc. | 8066 | 1409856 |
|  |  | 4841377 |
| **Real Estate Investment & Services — 0.5%** | **Real Estate Investment & Services — 0.5%** | **Real Estate Investment & Services — 0.5%** |
| CBRE Group, Inc., Class A \* | 1963 | 299220 |
| Jones Lang LaSalle, Inc. \* | 5006 | 1527281 |
|  |  | 1826501 |
| **Real Estate Investment Trusts — 8.4%** | **Real Estate Investment Trusts — 8.4%** | **Real Estate Investment Trusts — 8.4%** |
| Agree Realty Corp. | 5128 | 374395 |
| AvalonBay Communities, Inc. | 5661 | 984561 |
| Brixmor Property Group, Inc. | 52346 | 1369371 |
| Camden Property Trust | 9773 | 972218 |
| Crown Castle, Inc. | 6230 | 562071 |
| CubeSmart | 26928 | 1014378 |
| EPR Properties | 24472 | 1199618 |
| Equity Residential | 11388 | 676903 |
| Essex Property Trust, Inc. | 4947 | 1245506 |
| Federal Realty Investment Trust | 3034 | 291841 |
| First Industrial Realty Trust, Inc. | 11365 | 628257 |
| Gaming and Leisure Properties, Inc. | 32197 | 1437918 |
| Highwoods Properties, Inc. | 30410 | 870638 |
| Host Hotels & Resorts, Inc. | 89462 | 1433181 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Iron Mountain, Inc. | 5602 | 576726 |
| Kilroy Realty Corp. | 24068 | 1016873 |
| Kimco Realty Corp. | 53731 | 1110083 |
| Lamar Advertising Co., Class A | 12182 | 1444663 |
| Mid-America Apartment Communities, Inc. | 7569 | 970573 |
| National Storage Affiliates Trust | 5560 | 161740 |
| NNN REIT, Inc. | 14713 | 595288 |
| Omega Healthcare Investors, Inc. | 36146 | 1519216 |
| Park Hotels & Resorts, Inc. | 62429 | 642394 |
| Public Storage | 4057 | 1130118 |
| Regency Centers Corp. | 21336 | 1471117 |
| Simon Property Group, Inc. | 8556 | 1503803 |
| STAG Industrial, Inc. | 23781 | 910099 |
| UDR, Inc. | 9957 | 335451 |
| Ventas, Inc. | 15639 | 1154002 |
| VICI Properties, Inc., Class A | 46611 | 1397864 |
| Vornado Realty Trust | 8993 | 341194 |
| Welltower, Inc. | 9291 | 1682043 |
| WP Carey, Inc. | 22891 | 1510806 |
|  |  | 32534909 |
| **Retailers — 3.5%** | **Retailers — 3.5%** | **Retailers — 3.5%** |
| AutoZone, Inc. \* | 370 | 1359539 |
| Best Buy Co., Inc. | 10391 | 853517 |
| Dick's Sporting Goods, Inc. | 3127 | 692474 |
| Gap, Inc. (The) | 30265 | 691555 |
| Lowe's Cos., Inc. | 5134 | 1222560 |
| Macy's, Inc. | 35731 | 696397 |
| O'Reilly Automotive, Inc. \* | 14873 | 1404606 |
| Penske Automotive Group, Inc. | 7718 | 1235420 |
| Ross Stores, Inc. | 6536 | 1038701 |
| TJX Cos., Inc. (The) | 11308 | 1584703 |
| Tractor Supply Co. | 21710 | 1174728 |
| Williams-Sonoma, Inc. | 7704 | 1497196 |
|  |  | 13451396 |
| **Software & Computer Services — 4.1%** | **Software & Computer Services — 4.1%** | **Software & Computer Services — 4.1%** |
| Adobe, Inc. \* | 342 | 116386 |
| Alphabet, Inc., Class A | 2329 | 654892 |
| Amdocs Ltd. | 10334 | 870743 |
| CACI International, Inc., Class A \* | 899 | 505463 |
| Cognizant Technology Solutions Corp., Class A | 17774 | 1295369 |
| Dolby Laboratories, Inc., Class A | 2933 | 194517 |
| F5, Inc. \* | 1523 | 385395 |
| Gartner, Inc. \* | 2566 | 637240 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| Gen Digital, Inc. | 36506 | 962298 |
| Hewlett Packard Enterprise Co. | 55824 | 1363222 |
| International Business Machines Corp. | 5289 | 1625891 |
| Intuit, Inc. | 1927 | 1286369 |
| Leidos Holdings, Inc. | 4694 | 894066 |
| Meta Platforms, Inc., Class A | 2072 | 1343381 |
| Microsoft Corp. | 3149 | 1630584 |
| Oracle Corp. | 6411 | 1683593 |
| Science Applications International Corp. | 2752 | 257890 |
| SS&C Technologies Holdings, Inc. | 2295 | 194891 |
|  |  | 15902190 |
| **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** |
| Amphenol Corp., Class A | 14118 | 1967202 |
| Analog Devices, Inc. | 6174 | 1445519 |
| Apple, Inc. | 6251 | 1690083 |
| Applied Materials, Inc. | 5275 | 1229602 |
| Broadcom, Inc. | 4657 | 1721367 |
| Cirrus Logic, Inc. \* | 3310 | 439072 |
| KLA Corp. | 1557 | 1882008 |
| Lam Research Corp. | 10992 | 1730800 |
| NetApp, Inc. | 9163 | 1079218 |
| NVIDIA Corp. | 9336 | 1890447 |
| QUALCOMM, Inc. | 6318 | 1142926 |
| Skyworks Solutions, Inc. | 5608 | 435854 |
| TD SYNNEX Corp. | 4558 | 713281 |
|  |  | 17367379 |
| **Telecommunications Equipment — 2.9%** | **Telecommunications Equipment — 2.9%** | **Telecommunications Equipment — 2.9%** |
| Arista Networks, Inc. \* | 10916 | 1721344 |
| Ciena Corp. \* | 13363 | 2537901 |
| Cisco Systems, Inc. | 23388 | 1709897 |
| Lumentum Holdings, Inc. \* | 9518 | 1918448 |
| Motorola Solutions, Inc. | 3256 | 1324248 |
| Ubiquiti, Inc. | 2702 | 2126960 |
|  |  | 11338798 |
| **Telecommunications Service Providers — 2.3%** | **Telecommunications Service Providers — 2.3%** | **Telecommunications Service Providers — 2.3%** |
| AT&T, Inc. | 53203 | 1316774 |
| Charter Communications, Inc., Class A \* | 3222 | 753432 |
| Comcast Corp., Class A | 45984 | 1279965 |
| Frontier Communications Parent, Inc. \* | 15167 | 572706 |
| GCI Liberty, Inc., Class C \* | 2162 | 79183 |
| GCI Liberty, Inc. Escrow ‡ \* | 2678 |  |
| Iridium Communications, Inc. | 32916 | 630341 |
| Liberty Broadband Corp., Class C \* | 11289 | 607574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 99

------

JPMorgan Diversified Return U.S. Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| Liberty Global Ltd., Class C (Belgium) \* | 38082 | 424614 |
| Millicom International Cellular SA (Guatemala) | 6527 | 307487 |
| Roku, Inc. \* | 3235 | 343331 |
| T-Mobile US, Inc. | 6170 | 1296009 |
| Verizon Communications, Inc. | 35136 | 1396305 |
|  |  | 9007721 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 23430 | 1320984 |
| Philip Morris International, Inc. | 9652 | 1393073 |
|  |  | 2714057 |
| **Travel & Leisure — 1.2%** | **Travel & Leisure — 1.2%** | **Travel & Leisure — 1.2%** |
| Booking Holdings, Inc. | 152 | 771816 |
| Boyd Gaming Corp. | 5722 | 445572 |
| Darden Restaurants, Inc. | 5651 | 1018028 |
| Expedia Group, Inc. | 6790 | 1493800 |
| Travel + Leisure Co. | 5193 | 326017 |
| United Airlines Holdings, Inc. \* | 6034 | 567437 |
|  |  | 4622670 |
| **Waste & Disposal Services — 0.9%** | **Waste & Disposal Services — 0.9%** | **Waste & Disposal Services — 0.9%** |
| Clean Harbors, Inc. \* | 4026 | 847513 |
| Republic Services, Inc., Class A | 6023 | 1254230 |
| Waste Management, Inc. | 6464 | 1291313 |
|  |  | 3393056 |
| Total Common Stocks <br>(Cost $320,586,947)<br>|  | 385088782 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.0% ^** | **Investment Companies — 0.0% ^** | **Investment Companies — 0.0% ^** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)(Cost $167,308)<br>| 167308 | 167308 |
| **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (b) (c)(Cost <br> $614,069)<br>| 614069 | 614069 |
| Total Short-Term Investments <br>(Cost $781,377)<br>|  | 781377 |
| **Total Investments — 100.0%** <br>**(Cost $321,368,324)**<br>|  | **385870159** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(116372)**<br>|
| **NET ASSETS — 100.0%** |  | **385753787** |

---

&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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $618,630.<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 October 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 343538 | &nbsp;&nbsp;&nbsp;&nbsp; 11235 |

---

&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;

100 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Automobiles & Parts — 0.5%** | **Automobiles & Parts — 0.5%** | **Automobiles & Parts — 0.5%** |
| BorgWarner, Inc. | 14258 | 612524 |
| Gentex Corp. | 34802 | 816107 |
| Valvoline, Inc. \* | 14636 | 483134 |
|  |  | 1911765 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| Citizens Financial Group, Inc. | 9966 | 506970 |
| Comerica, Inc. | 4765 | 364522 |
| Fifth Third Bancorp | 16581 | 690101 |
| First Citizens BancShares, Inc., Class A | 778 | 1419710 |
| FNB Corp. | 18630 | 292864 |
| Huntington Bancshares, Inc. | 85661 | 1322606 |
| KeyCorp | 22064 | 388106 |
| M&T Bank Corp. | 6278 | 1154336 |
| Popular, Inc. (Puerto Rico) | 12048 | 1342991 |
| Prosperity Bancshares, Inc. | 3436 | 226157 |
| Regions Financial Corp. | 26727 | 646793 |
| Zions Bancorp NA | 6770 | 352785 |
|  |  | 8707941 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Boston Beer Co., Inc. (The), Class A \* | 5023 | 1039711 |
| Brown-Forman Corp., Class B (a) | 38827 | 1057259 |
| Celsius Holdings, Inc. \* | 19237 | 1158644 |
| Coca-Cola Consolidated, Inc. | 11204 | 1460778 |
| Molson Coors Beverage Co., Class B | 29693 | 1298178 |
| Primo Brands Corp. | 44480 | 977226 |
|  |  | 6991796 |
| **Chemicals — 3.4%** | **Chemicals — 3.4%** | **Chemicals — 3.4%** |
| Ashland, Inc. | 83 | 4059 |
| Celanese Corp. | 14056 | 540313 |
| CF Industries Holdings, Inc. | 17711 | 1475149 |
| Eastman Chemical Co. | 16258 | 967676 |
| Element Solutions, Inc. | 57593 | 1538885 |
| FMC Corp. | 35349 | 536244 |
| Huntsman Corp. | 41515 | 343744 |
| International Flavors & Fragrances, Inc. | 18049 | 1136546 |
| LyondellBasell Industries NV, Class A | 14705 | 682606 |
| Mosaic Co. (The) | 41292 | 1133465 |
| NewMarket Corp. | 1855 | 1424455 |
| Olin Corp. | 44346 | 917962 |
| Scotts Miracle-Gro Co. (The) | 21994 | 1177119 |
| Westlake Corp. (a) | 8487 | 583990 |
|  |  | 12462213 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Construction & Materials — 2.9%** | **Construction & Materials — 2.9%** | **Construction & Materials — 2.9%** |
| A O Smith Corp. | 13737 | 906505 |
| Acuity, Inc. | 1024 | 373811 |
| Builders FirstSource, Inc. \* | 6845 | 795184 |
| Carlisle Cos., Inc. | 3639 | 1182857 |
| Eagle Materials, Inc. | 2704 | 574113 |
| EMCOR Group, Inc. | 2411 | 1629305 |
| Fortune Brands Innovations, Inc. | 14202 | 721462 |
| Louisiana-Pacific Corp. | 9267 | 807248 |
| Masco Corp. | 14202 | 919721 |
| Owens Corning | 7709 | 981433 |
| Quanta Services, Inc. | 4030 | 1809994 |
|  |  | 10701633 |
| **Consumer Services — 0.4%** | **Consumer Services — 0.4%** | **Consumer Services — 0.4%** |
| H&R Block, Inc. | 20948 | 1041954 |
| Service Corp. International | 6742 | 563024 |
|  |  | 1604978 |
| **Electricity — 8.2%** | **Electricity — 8.2%** | **Electricity — 8.2%** |
| Alliant Energy Corp. | 23174 | 1548487 |
| Brookfield Renewable Corp. (Canada) | 35446 | 1533394 |
| Clearway Energy, Inc., Class C | 43533 | 1390009 |
| CMS Energy Corp. | 19796 | 1455996 |
| Consolidated Edison, Inc. | 13852 | 1349323 |
| DTE Energy Co. | 10953 | 1484570 |
| Edison International | 20579 | 1139665 |
| Entergy Corp. | 17085 | 1641698 |
| Evergy, Inc. | 20915 | 1606481 |
| Exelon Corp. | 34452 | 1588926 |
| FirstEnergy Corp. | 34276 | 1570869 |
| IDACORP, Inc. | 10706 | 1381288 |
| NRG Energy, Inc. | 10133 | 1741457 |
| OGE Energy Corp. | 34168 | 1508175 |
| Pinnacle West Capital Corp. | 16009 | 1417117 |
| PPL Corp. | 42027 | 1534826 |
| Public Service Enterprise Group, Inc. | 17830 | 1436385 |
| Talen Energy Corp. \* | 3845 | 1537154 |
| Vistra Corp. | 8050 | 1515815 |
| Xcel Energy, Inc. | 20631 | 1674618 |
|  |  | 30056253 |
| **Electronic & Electrical Equipment — 1.4%** | **Electronic & Electrical Equipment — 1.4%** | **Electronic & Electrical Equipment — 1.4%** |
| AMETEK, Inc. | 7756 | 1567565 |
| Crane Co. | 1197 | 227430 |
| Crane NXT Co. | 6631 | 419411 |
| Hubbell, Inc. | 3437 | 1615390 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 101

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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. | 824 | 141283 |
| nVent Electric plc | 9629 | 1101076 |
|  |  | 5072155 |
| **Finance & Credit Services — 1.0%** | **Finance & Credit Services — 1.0%** | **Finance & Credit Services — 1.0%** |
| MGIC Investment Corp. | 52817 | 1448242 |
| OneMain Holdings, Inc. | 24531 | 1451990 |
| SLM Corp. | 29102 | 781389 |
|  |  | 3681621 |
| **Food Producers — 5.9%** | **Food Producers — 5.9%** | **Food Producers — 5.9%** |
| Archer-Daniels-Midland Co. | 23772 | 1438919 |
| Campbell's Co. (The) | 32991 | 994019 |
| Conagra Brands, Inc. | 58241 | 1001163 |
| Corteva, Inc. | 20716 | 1272791 |
| Darling Ingredients, Inc. \* | 31766 | 1018100 |
| Flowers Foods, Inc. | 75786 | 904127 |
| General Mills, Inc. | 22202 | 1034835 |
| Hershey Co. (The) | 7660 | 1299366 |
| Hormel Foods Corp. | 43755 | 944671 |
| Ingredion, Inc. | 11652 | 1344757 |
| J M Smucker Co. (The) | 13298 | 1377008 |
| Kellanova | 17885 | 1485528 |
| Kraft Heinz Co. (The) | 42341 | 1047093 |
| McCormick & Co., Inc. (Non-Voting) | 14443 | 926663 |
| Pilgrim's Pride Corp. | 33783 | 1287132 |
| Post Holdings, Inc. \* | 12763 | 1326459 |
| Smithfield Foods, Inc. | 10365 | 229688 |
| Tyson Foods, Inc., Class A | 24466 | 1257797 |
| US Foods Holding Corp. \* | 19203 | 1394522 |
|  |  | 21584638 |
| **Gas, Water & Multi-utilities — 2.6%** | **Gas, Water & Multi-utilities — 2.6%** | **Gas, Water & Multi-utilities — 2.6%** |
| Ameren Corp. | 5465 | 557539 |
| Atmos Energy Corp. | 9076 | 1558531 |
| MDU Resources Group, Inc. | 81092 | 1555345 |
| National Fuel Gas Co. | 17285 | 1363959 |
| NiSource, Inc. | 37140 | 1563966 |
| UGI Corp. | 43282 | 1446917 |
| WEC Energy Group, Inc. | 13881 | 1550924 |
|  |  | 9597181 |
| **General Industrials — 1.1%** | **General Industrials — 1.1%** | **General Industrials — 1.1%** |
| AptarGroup, Inc. | 261 | 30279 |
| ITT, Inc. | 4198 | 776924 |
| Packaging Corp. of America | 6557 | 1283598 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| RPM International, Inc. | 11709 | 1279559 |
| Valmont Industries, Inc. | 1306 | 539940 |
|  |  | 3910300 |
| **Health Care Providers — 2.9%** | **Health Care Providers — 2.9%** | **Health Care Providers — 2.9%** |
| Chemed Corp. | 2285 | 985521 |
| DaVita, Inc. \* | 9837 | 1170800 |
| Doximity, Inc., Class A \* | 20578 | 1358148 |
| Encompass Health Corp. | 11497 | 1308933 |
| IQVIA Holdings, Inc. \* | 4587 | 992902 |
| Molina Healthcare, Inc. \* | 3481 | 532802 |
| Tenet Healthcare Corp. \* | 7687 | 1587289 |
| Universal Health Services, Inc., Class B | 7939 | 1722842 |
| Veeva Systems, Inc., Class A \* | 3770 | 1097824 |
|  |  | 10757061 |
| **Household Goods & Home Construction — 1.1%** | **Household Goods & Home Construction — 1.1%** | **Household Goods & Home Construction — 1.1%** |
| DR Horton, Inc. | 6940 | 1034615 |
| NVR, Inc. \* | 96 | 692239 |
| PulteGroup, Inc. | 9982 | 1196542 |
| Toll Brothers, Inc. | 9204 | 1242080 |
|  |  | 4165476 |
| **Industrial Engineering — 1.5%** | **Industrial Engineering — 1.5%** | **Industrial Engineering — 1.5%** |
| Cummins, Inc. | 3778 | 1653555 |
| Graco, Inc. | 14761 | 1207007 |
| Lincoln Electric Holdings, Inc. | 5433 | 1273767 |
| Snap-on, Inc. | 4344 | 1457629 |
|  |  | 5591958 |
| **Industrial Materials — 1.0%** | **Industrial Materials — 1.0%** | **Industrial Materials — 1.0%** |
| Avery Dennison Corp. | 6683 | 1168790 |
| Hexcel Corp. | 17302 | 1235363 |
| International Paper Co. | 29560 | 1142198 |
|  |  | 3546351 |
| **Industrial Metals & Mining — 3.4%** | **Industrial Metals & Mining — 3.4%** | **Industrial Metals & Mining — 3.4%** |
| Alcoa Corp. | 35276 | 1297804 |
| Carpenter Technology Corp. | 4539 | 1433870 |
| Fastenal Co. | 31507 | 1296513 |
| Mueller Industries, Inc. | 12306 | 1302836 |
| Nucor Corp. | 8022 | 1203701 |
| RBC Bearings, Inc. \* | 3836 | 1643841 |
| Reliance, Inc. | 4576 | 1292400 |
| Steel Dynamics, Inc. | 10499 | 1646243 |
| Timken Co. (The) | 17321 | 1359872 |
|  |  | 12477080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Support Services — 1.9%** | **Industrial Support Services — 1.9%** | **Industrial Support Services — 1.9%** |
| ADT, Inc. | 13068 | 115521 |
| Booz Allen Hamilton Holding Corp. | 3562 | 310464 |
| Core & Main, Inc., Class A \* | 22353 | 1166380 |
| Genpact Ltd. | 8900 | 339535 |
| MSC Industrial Direct Co., Inc., Class A | 13914 | 1181438 |
| Paychex, Inc. | 7431 | 869650 |
| Synchrony Financial | 19951 | 1483955 |
| Western Union Co. (The) | 11640 | 108601 |
| WW Grainger, Inc. | 1381 | 1351999 |
|  |  | 6927543 |
| **Industrial Transportation — 0.8%** | **Industrial Transportation — 0.8%** | **Industrial Transportation — 0.8%** |
| Allison Transmission Holdings, Inc. | 13612 | 1123670 |
| Landstar System, Inc. | 3867 | 496639 |
| Ryder System, Inc. | 6790 | 1149072 |
|  |  | 2769381 |
| **Investment Banking & Brokerage Services — 1.4%** | **Investment Banking & Brokerage Services — 1.4%** | **Investment Banking & Brokerage Services — 1.4%** |
| Ameriprise Financial, Inc. | 3017 | 1366007 |
| Bank of New York Mellon Corp. (The) | 12433 | 1341894 |
| Jefferies Financial Group, Inc. | 21744 | 1148735 |
| Principal Financial Group, Inc. | 2492 | 209428 |
| State Street Corp. | 8765 | 1013760 |
| Virtu Financial, Inc., Class A | 5216 | 181725 |
|  |  | 5261549 |
| **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** |
| Garmin Ltd. | 6367 | 1362156 |
| Harley-Davidson, Inc. | 2382 | 64267 |
| Pool Corp. | 1239 | 330887 |
| Thor Industries, Inc. | 5052 | 527176 |
|  |  | 2284486 |
| **Life Insurance — 0.6%** | **Life Insurance — 0.6%** | **Life Insurance — 0.6%** |
| Primerica, Inc. | 3000 | 779610 |
| Unum Group | 17545 | 1288154 |
|  |  | 2067764 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Fox Corp., Class A | 19460 | 1258089 |
| Interpublic Group of Cos., Inc. (The) | 3553 | 91170 |
| Liberty Media Corp-Liberty Live, Class A \* | 1226 | 107569 |
| Nexstar Media Group, Inc. | 7186 | 1406516 |
| Omnicom Group, Inc. | 10305 | 773081 |
|  |  | 3636425 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Medical Equipment & Services — 4.6%** | **Medical Equipment & Services — 4.6%** | **Medical Equipment & Services — 4.6%** |
| Agilent Technologies, Inc. | 7648 | 1119361 |
| Bio-Techne Corp. | 2996 | 187460 |
| Cooper Cos., Inc. (The) \* | 8488 | 593396 |
| Dentsply Sirona, Inc. | 19020 | 239842 |
| Envista Holdings Corp. \* | 10238 | 208343 |
| GE HealthCare Technologies, Inc. | 6498 | 487025 |
| Globus Medical, Inc., Class A \* | 18983 | 1146384 |
| Henry Schein, Inc. \* | 16471 | 1040967 |
| Hologic, Inc. \* | 15509 | 1146270 |
| Insulet Corp. \* | 637 | 199388 |
| Labcorp Holdings, Inc. | 5373 | 1364527 |
| Penumbra, Inc. \* | 4063 | 923804 |
| QIAGEN NV | 23595 | 1105426 |
| Quest Diagnostics, Inc. | 7874 | 1385430 |
| ResMed, Inc. | 5454 | 1346484 |
| Revvity, Inc. (a) | 11707 | 1095658 |
| STERIS plc | 5164 | 1217155 |
| Teleflex, Inc. | 1628 | 202637 |
| Waters Corp. \* | 3100 | 1083760 |
| West Pharmaceutical Services, Inc. | 2962 | 835491 |
|  |  | 16928808 |
| **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** |
| Annaly Capital Management, Inc. | 4386 | 92852 |
| Rithm Capital Corp. | 116159 | 1274264 |
| Starwood Property Trust, Inc. | 42109 | 765541 |
|  |  | 2132657 |
| **Non-life Insurance — 2.4%** | **Non-life Insurance — 2.4%** | **Non-life Insurance — 2.4%** |
| American Financial Group, Inc. | 4879 | 642467 |
| Assured Guaranty Ltd. | 6877 | 554149 |
| Axis Capital Holdings Ltd. | 11925 | 1116895 |
| CNA Financial Corp. | 237 | 10558 |
| Everest Group Ltd. | 1841 | 579031 |
| Fidelity National Financial, Inc. | 11045 | 610126 |
| Hartford Insurance Group, Inc. (The) | 11381 | 1413292 |
| Loews Corp. | 11714 | 1166246 |
| Old Republic International Corp. | 37306 | 1472095 |
| Reinsurance Group of America, Inc. | 7343 | 1339804 |
|  |  | 8904663 |
| **Non-Renewable Energy — 7.0%** | **Non-Renewable Energy — 7.0%** | **Non-Renewable Energy — 7.0%** |
| Antero Midstream Corp. | 82066 | 1415639 |
| Antero Resources Corp. \* | 34410 | 1063613 |
| APA Corp. | 65769 | 1489668 |
| Baker Hughes Co., Class A | 27523 | 1332388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 103

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| Cheniere Energy, Inc. | 6193 | 1312916 |
| Chord Energy Corp. | 4075 | 369684 |
| Coterra Energy, Inc. | 49278 | 1165918 |
| Devon Energy Corp. | 26064 | 846819 |
| Diamondback Energy, Inc. | 869 | 124432 |
| DT Midstream, Inc. | 13350 | 1461692 |
| EQT Corp. | 24562 | 1316032 |
| Expand Energy Corp. | 11766 | 1215546 |
| Halliburton Co. | 32107 | 861752 |
| Kinder Morgan, Inc. | 52829 | 1383592 |
| Matador Resources Co. | 18353 | 724209 |
| NOV, Inc. | 36708 | 535937 |
| ONEOK, Inc. | 16303 | 1092301 |
| Ovintiv, Inc. | 27330 | 1025148 |
| Permian Resources Corp. | 107798 | 1353943 |
| Range Resources Corp. | 32537 | 1156690 |
| Targa Resources Corp. | 7486 | 1153143 |
| TechnipFMC plc (United Kingdom) | 38464 | 1590486 |
| Texas Pacific Land Corp. | 1114 | 1050925 |
| Viper Energy, Inc. | 12924 | 485425 |
|  |  | 25527898 |
| **Personal Care, Drug & Grocery Stores — 3.6%** | **Personal Care, Drug & Grocery Stores — 3.6%** | **Personal Care, Drug & Grocery Stores — 3.6%** |
| Albertsons Cos., Inc., Class A | 78502 | 1388700 |
| Casey's General Stores, Inc. | 2960 | 1519043 |
| Cencora, Inc. | 4856 | 1640405 |
| Church & Dwight Co., Inc. | 12698 | 1113488 |
| Clorox Co. (The) | 8843 | 994484 |
| Kenvue, Inc. | 68200 | 980034 |
| Kroger Co. (The) | 22081 | 1405014 |
| Performance Food Group Co. \* | 14303 | 1383672 |
| Reynolds Consumer Products, Inc. | 40993 | 1001869 |
| Sprouts Farmers Market, Inc. \* | 10777 | 850952 |
| Sysco Corp. | 14175 | 1052919 |
|  |  | 13330580 |
| **Personal Goods — 0.6%** | **Personal Goods — 0.6%** | **Personal Goods — 0.6%** |
| Crocs, Inc. \* | 8070 | 659238 |
| Ralph Lauren Corp. | 4834 | 1545237 |
|  |  | 2204475 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.4%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.4%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.4%** |
| Biogen, Inc. \* | 987 | 152265 |
| Cardinal Health, Inc. | 8855 | 1689268 |
| Elanco Animal Health, Inc. \* | 42523 | 941885 |
| Exelixis, Inc. \* | 34058 | 1317023 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** |
| Halozyme Therapeutics, Inc. \* | 19444 | 1267554 |
| Incyte Corp. \* | 15503 | 1449220 |
| Jazz Pharmaceuticals plc \* | 10239 | 1409296 |
| Medpace Holdings, Inc. \* | 3098 | 1812051 |
| Neurocrine Biosciences, Inc. \* | 7419 | 1062475 |
| Organon & Co. | 27881 | 188197 |
| Perrigo Co. plc | 17343 | 359694 |
| Royalty Pharma plc, Class A | 41082 | 1542218 |
| United Therapeutics Corp. \* | 3754 | 1672144 |
| Viatris, Inc. | 112681 | 1167375 |
|  |  | 16030665 |
| **Precious Metals & Mining — 0.7%** | **Precious Metals & Mining — 0.7%** | **Precious Metals & Mining — 0.7%** |
| Anglogold Ashanti plc (United Kingdom) | 20277 | 1378836 |
| Royal Gold, Inc. | 7644 | 1336095 |
|  |  | 2714931 |
| **Real Estate Investment & Services — 0.8%** | **Real Estate Investment & Services — 0.8%** | **Real Estate Investment & Services — 0.8%** |
| CBRE Group, Inc., Class A \* | 9196 | 1401746 |
| Jones Lang LaSalle, Inc. \* | 4849 | 1479382 |
|  |  | 2881128 |
| **Real Estate Investment Trusts — 9.2%** | **Real Estate Investment Trusts — 9.2%** | **Real Estate Investment Trusts — 9.2%** |
| American Homes 4 Rent, Class A | 29272 | 924995 |
| AvalonBay Communities, Inc. | 6696 | 1164568 |
| Brixmor Property Group, Inc. | 52551 | 1374734 |
| Camden Property Trust | 9719 | 966846 |
| Cousins Properties, Inc. | 30739 | 797062 |
| CubeSmart | 26049 | 981266 |
| EastGroup Properties, Inc. | 5109 | 891674 |
| EPR Properties | 28094 | 1377168 |
| Equity Residential | 15757 | 936596 |
| Essex Property Trust, Inc. | 4062 | 1022690 |
| Federal Realty Investment Trust | 6273 | 603400 |
| First Industrial Realty Trust, Inc. | 17110 | 945841 |
| Gaming and Leisure Properties, Inc. | 30895 | 1379771 |
| Highwoods Properties, Inc. | 35150 | 1006345 |
| Host Hotels & Resorts, Inc. | 85843 | 1375205 |
| Kilroy Realty Corp. | 35041 | 1480482 |
| Kimco Realty Corp. | 57171 | 1181153 |
| Lamar Advertising Co., Class A | 11688 | 1386080 |
| Mid-America Apartment Communities, Inc. | 6354 | 814773 |
| National Storage Affiliates Trust | 13922 | 404991 |
| NNN REIT, Inc. | 19205 | 777034 |
| Omega Healthcare Investors, Inc. | 34980 | 1470209 |
| Park Hotels & Resorts, Inc. | 84196 | 866377 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Rayonier, Inc. | 30487 | 672848 |
| Regency Centers Corp. | 20307 | 1400168 |
| Rexford Industrial Realty, Inc. | 15945 | 658847 |
| Simon Property Group, Inc. | 8302 | 1459160 |
| STAG Industrial, Inc. | 28319 | 1083768 |
| UDR, Inc. | 26312 | 886451 |
| VICI Properties, Inc., Class A | 44531 | 1335485 |
| Vornado Realty Trust | 16433 | 623468 |
| WP Carey, Inc. | 21965 | 1449690 |
|  |  | 33699145 |
| **Retailers — 3.0%** | **Retailers — 3.0%** | **Retailers — 3.0%** |
| AutoNation, Inc. \* | 6653 | 1329735 |
| Best Buy Co., Inc. | 12665 | 1040303 |
| Dick's Sporting Goods, Inc. | 6498 | 1438982 |
| Macy's, Inc. | 27416 | 534338 |
| Penske Automotive Group, Inc. | 7722 | 1236061 |
| Ross Stores, Inc. | 8678 | 1379108 |
| Tapestry, Inc. | 14447 | 1586570 |
| Tractor Supply Co. | 21267 | 1150757 |
| Williams-Sonoma, Inc. | 7463 | 1450359 |
|  |  | 11146213 |
| **Software & Computer Services — 4.7%** | **Software & Computer Services — 4.7%** | **Software & Computer Services — 4.7%** |
| Akamai Technologies, Inc. \* | 4611 | 346286 |
| Amdocs Ltd. | 12505 | 1053671 |
| CACI International, Inc., Class A \* | 2488 | 1398878 |
| Cognizant Technology Solutions Corp., Class A | 10924 | 796141 |
| Concentrix Corp. | 5259 | 211990 |
| Docusign, Inc. \* | 3312 | 242240 |
| Dolby Laboratories, Inc., Class A | 10306 | 683494 |
| F5, Inc. \* | 4742 | 1199963 |
| Gartner, Inc. \* | 2994 | 743530 |
| Gen Digital, Inc. | 49335 | 1300471 |
| GoDaddy, Inc., Class A \* | 8343 | 1110704 |
| Hewlett Packard Enterprise Co. | 63998 | 1562831 |
| Leidos Holdings, Inc. | 8370 | 1594234 |
| Manhattan Associates, Inc. \* | 888 | 161678 |
| Paycom Software, Inc. | 634 | 118615 |
| Pegasystems, Inc. | 14517 | 924007 |
| Science Applications International Corp. | 9416 | 882373 |
| SS&C Technologies Holdings, Inc. | 17017 | 1445084 |
| Tyler Technologies, Inc. \* | 2446 | 1164932 |
| VeriSign, Inc. | 1271 | 304786 |
|  |  | 17245908 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** |
| Avnet, Inc. | 18803 | 911005 |
| Cirrus Logic, Inc. \* | 10006 | 1327296 |
| Corning, Inc. | 14323 | 1275893 |
| HP, Inc. | 31335 | 867039 |
| Jabil, Inc. | 7178 | 1585548 |
| Microchip Technology, Inc. | 11769 | 734621 |
| Monolithic Power Systems, Inc. | 1633 | 1641165 |
| NetApp, Inc. | 10134 | 1193582 |
| ON Semiconductor Corp. \* | 12396 | 620792 |
| Qorvo, Inc. \* | 6168 | 585467 |
| Skyworks Solutions, Inc. | 9316 | 724040 |
| TD SYNNEX Corp. | 10083 | 1577889 |
| Teradyne, Inc. | 8387 | 1524421 |
| Western Digital Corp. | 12218 | 1835266 |
|  |  | 16404024 |
| **Telecommunications Equipment — 1.8%** | **Telecommunications Equipment — 1.8%** | **Telecommunications Equipment — 1.8%** |
| Ciena Corp. \* | 12926 | 2454906 |
| Lumentum Holdings, Inc. \* | 10017 | 2019026 |
| Ubiquiti, Inc. | 2603 | 2049030 |
|  |  | 6522962 |
| **Telecommunications Service Providers — 1.8%** | **Telecommunications Service Providers — 1.8%** | **Telecommunications Service Providers — 1.8%** |
| Charter Communications, Inc., Class A \* | 3750 | 876900 |
| Frontier Communications Parent, Inc. \* | 38860 | 1467353 |
| GCI Liberty, Inc., Class C \* | 2411 | 88303 |
| GCI Liberty, Inc. Escrow ‡ \* | 7824 |  |
| Iridium Communications, Inc. | 37204 | 712457 |
| Liberty Broadband Corp., Class C \* | 11840 | 637229 |
| Liberty Global Ltd., Class C (Belgium) \* | 67584 | 753562 |
| Millicom International Cellular SA (Guatemala) | 15903 | 749190 |
| Roku, Inc. \* | 12440 | 1320257 |
|  |  | 6605251 |
| **Travel & Leisure — 2.0%** | **Travel & Leisure — 2.0%** | **Travel & Leisure — 2.0%** |
| Boyd Gaming Corp. | 14928 | 1162443 |
| Darden Restaurants, Inc. | 6001 | 1081080 |
| Expedia Group, Inc. | 4495 | 988900 |
| MGM Resorts International \* | 27231 | 872209 |
| Texas Roadhouse, Inc. | 8043 | 1315674 |
| Travel + Leisure Co. | 5121 | 321496 |
| United Airlines Holdings, Inc. \* | 13939 | 1310824 |
| Wendy's Co. (The) | 28775 | 245739 |
|  |  | 7298365 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 105

------

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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. \* | 1546 | 325448 |
| Total Common Stocks <br>(Cost $336,344,050)<br>|  | 365670669 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)(Cost <br> $683,663)<br>| 683663 | 683663 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (b) (c)(Cost <br> $2,009,848)<br>| 2009848 | 2009848 |
| Total Short-Term Investments <br>(Cost $2,693,511)<br>|  | 2693511 |
| **Total Investments — 100.4%** <br>**(Cost $339,037,561)**<br>|  | **368364180** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(1583183)**<br>|
| **NET ASSETS — 100.0%** |  | **366780997** |

---

&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 October 31, 2025. The total value of securities on loan at October 31, 2025 is $2,008,937. 

(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 October 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 976890 | &nbsp;&nbsp;&nbsp;&nbsp; (3716)<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;

106 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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 — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Moog, Inc., Class A | 3772 | 772694 |
| National Presto Industries, Inc. | 2809 | 300479 |
|  |  | 1073173 |
| **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** | **Automobiles & Parts — 0.4%** |
| Dorman Products, Inc. \* | 3788 | 508084 |
| Phinia, Inc. | 26123 | 1356045 |
|  |  | 1864129 |
| **Banks — 4.9%** | **Banks — 4.9%** | **Banks — 4.9%** |
| 1st Source Corp. | 6249 | 371441 |
| Ameris Bancorp | 20802 | 1489839 |
| Axos Financial, Inc. \* | 16981 | 1324178 |
| BancFirst Corp. | 1868 | 203351 |
| Bank of NT Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 31492 | 1456820 |
| Cathay General Bancorp | 22736 | 1033351 |
| City Holding Co. | 2805 | 330653 |
| Community Trust Bancorp, Inc. | 5791 | 296470 |
| First BanCorp (Puerto Rico) | 43733 | 852356 |
| First Busey Corp. | 12320 | 275475 |
| First Commonwealth Financial Corp. | 23245 | 355416 |
| First Financial Bancorp | 26447 | 619124 |
| First Financial Corp. | 5185 | 276464 |
| First Merchants Corp. | 9720 | 344866 |
| Fulton Financial Corp. | 47387 | 823112 |
| Hancock Whitney Corp. | 17418 | 994742 |
| Home BancShares, Inc. | 45072 | 1203873 |
| Hope Bancorp, Inc. | 62794 | 658709 |
| International Bancshares Corp. | 16036 | 1064470 |
| NBT Bancorp, Inc. | 13402 | 542379 |
| Northwest Bancshares, Inc. | 63554 | 744217 |
| OceanFirst Financial Corp. | 27557 | 500986 |
| OFG Bancorp (Puerto Rico) | 29223 | 1129761 |
| Old National Bancorp | 67594 | 1380946 |
| Pathward Financial, Inc. | 8387 | 570819 |
| Renasant Corp. | 20738 | 697419 |
| Republic Bancorp, Inc., Class A | 3949 | 260239 |
| Simmons First National Corp., Class A | 32941 | 572515 |
| TrustCo Bank Corp. | 10839 | 408739 |
| Trustmark Corp. | 13572 | 505150 |
| UMB Financial Corp. | 5948 | 635722 |
| United Bankshares, Inc. | 39426 | 1411057 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| WaFd, Inc. | 32278 | 937030 |
| WesBanco, Inc. | 22905 | 689441 |
|  |  | 24961130 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| MGP Ingredients, Inc. | 32198 | 779192 |
| National Beverage Corp. \* | 27964 | 958326 |
| Vita Coco Co., Inc. (The) \* | 39139 | 1611744 |
|  |  | 3349262 |
| **Chemicals — 3.7%** | **Chemicals — 3.7%** | **Chemicals — 3.7%** |
| AdvanSix, Inc. | 35125 | 652974 |
| American Vanguard Corp. \* | 39553 | 176802 |
| ASP Isotopes, Inc. \* | 187114 | 1895465 |
| Avient Corp. | 34388 | 1102823 |
| Balchem Corp. | 8664 | 1328971 |
| Cabot Corp. | 17069 | 1151816 |
| Ecovyst, Inc. \* | 154073 | 1261858 |
| Hawkins, Inc. | 9184 | 1302750 |
| Ingevity Corp. \* | 25622 | 1376414 |
| Innospec, Inc. | 12708 | 935055 |
| Intrepid Potash, Inc. \* | 28062 | 747291 |
| LSB Industries, Inc. \* | 103625 | 873559 |
| Orion SA (Germany) | 39497 | 209334 |
| Perimeter Solutions, Inc. \* | 68654 | 1614055 |
| Quaker Chemical Corp. | 8186 | 1136953 |
| Rayonier Advanced Materials, Inc. \* | 108044 | 750906 |
| Sensient Technologies Corp. | 13623 | 1284513 |
| Stepan Co. | 17182 | 744840 |
|  |  | 18546379 |
| **Construction & Materials — 3.4%** | **Construction & Materials — 3.4%** | **Construction & Materials — 3.4%** |
| American Woodmark Corp. \* | 3630 | 231340 |
| Arcosa, Inc. | 15771 | 1608642 |
| Argan, Inc. | 6984 | 2138571 |
| Boise Cascade Co. | 11127 | 784342 |
| CSW Industrials, Inc. | 4325 | 1083066 |
| Exponent, Inc. | 6648 | 470745 |
| Granite Construction, Inc. | 14203 | 1461631 |
| Griffon Corp. | 13188 | 976044 |
| Installed Building Products, Inc. | 5643 | 1400762 |
| Masterbrand, Inc. \* | 29429 | 371688 |
| Mueller Water Products, Inc., Class A | 15157 | 388928 |
| Patrick Industries, Inc. | 13556 | 1414840 |
| Primoris Services Corp. | 13159 | 1862262 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 107

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction & Materials — continued** | **Construction & Materials — continued** | **Construction & Materials — continued** |
| Sterling Infrastructure, Inc. \* | 5402 | 2041416 |
| Tutor Perini Corp. \* | 16045 | 1080791 |
|  |  | 17315068 |
| **Consumer Services — 1.9%** | **Consumer Services — 1.9%** | **Consumer Services — 1.9%** |
| Adtalem Global Education, Inc. \* | 11137 | 1091649 |
| Carriage Services, Inc. | 11812 | 527996 |
| Cars.com, Inc. \* | 16833 | 180786 |
| Frontdoor, Inc. \* | 8333 | 553561 |
| Graham Holdings Co., Class B | 1145 | 1158889 |
| Laureate Education, Inc., Class A \* | 55089 | 1599234 |
| OPENLANE, Inc. \* | 27082 | 715506 |
| Perdoceo Education Corp. | 43722 | 1388611 |
| PROG Holdings, Inc. | 13935 | 403140 |
| Strategic Education, Inc. | 10555 | 801969 |
| Stride, Inc. \* | 8512 | 579156 |
| Upbound Group, Inc. | 26378 | 511206 |
|  |  | 9511703 |
| **Electricity — 2.9%** | **Electricity — 2.9%** | **Electricity — 2.9%** |
| ALLETE, Inc. | 22012 | 1482068 |
| Hawaiian Electric Industries, Inc. \* | 101470 | 1179082 |
| MGE Energy, Inc. | 15823 | 1311252 |
| NANO Nuclear Energy, Inc. \* (a) | 32206 | 1531073 |
| Northwestern Energy Group, Inc. | 26460 | 1578868 |
| NuScale Power Corp. \* (a) | 36859 | 1653863 |
| Oklo, Inc. \* | 14870 | 1974290 |
| Ormat Technologies, Inc. | 11325 | 1204640 |
| Portland General Electric Co. | 32969 | 1506024 |
| TXNM Energy, Inc. | 21140 | 1200752 |
|  |  | 14621912 |
| **Electronic & Electrical Equipment — 1.1%** | **Electronic & Electrical Equipment — 1.1%** | **Electronic & Electrical Equipment — 1.1%** |
| Atkore, Inc. | 9756 | 675603 |
| Badger Meter, Inc. | 5971 | 1077467 |
| Belden, Inc. | 10407 | 1268093 |
| EnerSys | 6556 | 827105 |
| Watts Water Technologies, Inc., Class A | 5529 | 1507205 |
|  |  | 5355473 |
| **Finance & Credit Services — 1.2%** | **Finance & Credit Services — 1.2%** | **Finance & Credit Services — 1.2%** |
| Enact Holdings, Inc. | 25582 | 913789 |
| Enova International, Inc. \* | 12796 | 1530018 |
| Federal Agricultural Mortgage Corp., Class C | 2417 | 383433 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Finance & Credit Services — continued** | **Finance & Credit Services — continued** | **Finance & Credit Services — continued** |
| PennyMac Financial Services, Inc. | 12860 | 1617916 |
| Radian Group, Inc. | 41052 | 1393305 |
|  |  | 5838461 |
| **Food Producers — 2.7%** | **Food Producers — 2.7%** | **Food Producers — 2.7%** |
| Andersons, Inc. (The) | 26771 | 1239765 |
| B&G Foods, Inc. (a) | 219178 | 876712 |
| Cal-Maine Foods, Inc. | 13591 | 1193290 |
| Dole plc | 85945 | 1094939 |
| Fresh Del Monte Produce, Inc. | 42587 | 1505450 |
| Herbalife Ltd. \* | 121286 | 970288 |
| J & J Snack Foods Corp. | 9421 | 797488 |
| John B Sanfilippo & Son, Inc. | 10105 | 634392 |
| Marzetti Co. (The) | 6469 | 1014274 |
| Medifast, Inc. \* (a) | 50131 | 602575 |
| Nature's Sunshine Products, Inc. \* | 17039 | 229686 |
| Simply Good Foods Co. (The) \* | 38320 | 749922 |
| SunOpta, Inc. (Canada) \* | 131090 | 684290 |
| TreeHouse Foods, Inc. \* | 25763 | 468887 |
| USANA Health Sciences, Inc. \* | 4738 | 100209 |
| Utz Brands, Inc. | 65399 | 688651 |
| Vital Farms, Inc. \* | 29974 | 984646 |
|  |  | 13835464 |
| **Gas, Water & Multi-utilities — 3.5%** | **Gas, Water & Multi-utilities — 3.5%** | **Gas, Water & Multi-utilities — 3.5%** |
| American States Water Co. | 13761 | 981297 |
| Avista Corp. | 36744 | 1398109 |
| Black Hills Corp. | 24631 | 1562344 |
| Brookfield Infrastructure Corp., Class A <br> (Canada)<br>| 34982 | 1585034 |
| California Water Service Group | 19879 | 882230 |
| Chesapeake Utilities Corp. | 10998 | 1399826 |
| Consolidated Water Co. Ltd., Class D | 14823 | 504130 |
| Excelerate Energy, Inc., Class A | 43125 | 1117369 |
| Middlesex Water Co. | 10249 | 589010 |
| New Jersey Resources Corp. | 31130 | 1379059 |
| Northwest Natural Holding Co. | 32045 | 1459009 |
| ONE Gas, Inc. | 19668 | 1577177 |
| Southwest Gas Holdings, Inc. | 19545 | 1553828 |
| Spire, Inc. | 19813 | 1711843 |
|  |  | 17700265 |
| **General Industrials — 1.1%** | **General Industrials — 1.1%** | **General Industrials — 1.1%** |
| Apogee Enterprises, Inc. | 19238 | 704303 |
| AZZ, Inc. | 11234 | 1121715 |
| Greif, Inc., Class A | 13349 | 759425 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

108 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **General Industrials — continued** | **General Industrials — continued** | **General Industrials — continued** |
| HB Fuller Co. | 1065 | 61099 |
| Kronos Worldwide, Inc. | 3850 | 18942 |
| Myers Industries, Inc. | 10188 | 176558 |
| Otter Tail Corp. | 17280 | 1334362 |
| Standex International Corp. | 6087 | 1419671 |
| TriMas Corp. | 4302 | 152850 |
|  |  | 5748925 |
| **Health Care Providers — 3.8%** | **Health Care Providers — 3.8%** | **Health Care Providers — 3.8%** |
| Addus HomeCare Corp. \* | 8976 | 1049205 |
| Astrana Health, Inc. \* | 22463 | 701070 |
| BrightSpring Health Services, Inc. \* | 26751 | 884121 |
| CorVel Corp. \* | 13906 | 1028349 |
| Ensign Group, Inc. (The) | 8906 | 1603971 |
| Healthcare Services Group, Inc. \* | 48704 | 870340 |
| HealthEquity, Inc. \* | 13677 | 1293571 |
| LifeMD, Inc. \* | 41377 | 244538 |
| National HealthCare Corp. | 4654 | 555874 |
| Nutex Health, Inc. \* (a) | 12225 | 1504408 |
| Option Care Health, Inc. \* | 43438 | 1130691 |
| Pediatrix Medical Group, Inc. \* | 67210 | 1140554 |
| Pennant Group, Inc. (The) \* | 16566 | 409677 |
| Premier, Inc., Class A | 55995 | 1574579 |
| RadNet, Inc. \* | 19815 | 1505742 |
| Select Medical Holdings Corp. | 55129 | 762434 |
| Surgery Partners, Inc. \* | 39459 | 865336 |
| US Physical Therapy, Inc. | 9586 | 826984 |
| Waystar Holding Corp. \* | 27586 | 988958 |
|  |  | 18940402 |
| **Household Goods & Home Construction — 2.7%** | **Household Goods & Home Construction — 2.7%** | **Household Goods & Home Construction — 2.7%** |
| Central Garden & Pet Co., Class A \* | 23799 | 661850 |
| Century Communities, Inc. | 6195 | 367983 |
| CompX International, Inc. | 3919 | 88138 |
| Ethan Allen Interiors, Inc. | 41070 | 992662 |
| Green Brick Partners, Inc. \* | 14878 | 963202 |
| HNI Corp. | 28100 | 1149852 |
| Interface, Inc. | 54356 | 1353464 |
| KB Home | 8929 | 557348 |
| La-Z-Boy, Inc. | 37280 | 1181776 |
| M/I Homes, Inc. \* | 8691 | 1088026 |
| MillerKnoll, Inc. | 27508 | 429675 |
| Steelcase, Inc., Class A | 79756 | 1272906 |
| Taylor Morrison Home Corp. \* | 21505 | 1274601 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Household Goods & Home Construction — continued** | **Household Goods & Home Construction — continued** | **Household Goods & Home Construction — continued** |
| Tri Pointe Homes, Inc. \* | 28397 | 904445 |
| Worthington Enterprises, Inc. | 23607 | 1324117 |
|  |  | 13610045 |
| **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** | **Industrial Engineering — 0.7%** |
| Albany International Corp., Class A | 8402 | 475385 |
| Enpro, Inc. | 7016 | 1627782 |
| Franklin Electric Co., Inc. | 14293 | 1354548 |
| Hillenbrand, Inc. | 4170 | 131772 |
| Tennant Co. | 899 | 71920 |
|  |  | 3661407 |
| **Industrial Materials — 1.4%** | **Industrial Materials — 1.4%** | **Industrial Materials — 1.4%** |
| Clearwater Paper Corp. \* | 43094 | 760609 |
| Koppers Holdings, Inc. | 27990 | 789878 |
| Materion Corp. | 12066 | 1383125 |
| Mativ Holdings, Inc. | 77201 | 824507 |
| Minerals Technologies, Inc. | 19222 | 1090848 |
| Sylvamo Corp. | 25152 | 1021171 |
| Tredegar Corp. \* | 15636 | 108045 |
| UFP Industries, Inc. | 12036 | 1108877 |
|  |  | 7087060 |
| **Industrial Metals & Mining — 3.1%** | **Industrial Metals & Mining — 3.1%** | **Industrial Metals & Mining — 3.1%** |
| Century Aluminum Co. \* | 57603 | 1706201 |
| Commercial Metals Co. | 26009 | 1543894 |
| Compass Minerals International, Inc. \* | 40682 | 705426 |
| Constellium SE \* | 76596 | 1204854 |
| Energy Fuels, Inc. \* (a) | 88459 | 1814294 |
| Kaiser Aluminum Corp. | 13715 | 1241619 |
| Metallus, Inc. \* | 41308 | 726608 |
| Olympic Steel, Inc. | 16422 | 607614 |
| Ryerson Holding Corp. | 55910 | 1233375 |
| United States Antimony Corp. \* | 225799 | 1822198 |
| Uranium Energy Corp. \* | 137420 | 2079165 |
| Worthington Steel, Inc. | 23901 | 764593 |
|  |  | 15449841 |
| **Industrial Support Services — 2.1%** | **Industrial Support Services — 2.1%** | **Industrial Support Services — 2.1%** |
| ABM Industries, Inc. | 22833 | 981819 |
| ASGN, Inc. \* | 9457 | 423295 |
| CoreCivic, Inc., REIT \* | 70271 | 1302122 |
| CRA International, Inc. | 7331 | 1396482 |
| Cross Country Healthcare, Inc. \* | 10515 | 128914 |
| Donnelley Financial Solutions, Inc. \* | 6008 | 276068 |
| DXP Enterprises, Inc. \* | 2794 | 334302 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 109

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| EVERTEC, Inc. (Puerto Rico) | 19037 | 541983 |
| GEO Group, Inc. (The), REIT \* | 57321 | 972737 |
| Heidrick & Struggles International, Inc. | 8047 | 469703 |
| Korn Ferry | 12537 | 811144 |
| Maximus, Inc. | 15922 | 1323437 |
| Pitney Bowes, Inc. | 86283 | 852476 |
| Resources Connection, Inc. | 3112 | 13693 |
| Target Hospitality Corp. \* | 25144 | 193357 |
| TriNet Group, Inc. | 11624 | 697440 |
| UniFirst Corp. | 559 | 86282 |
|  |  | 10805254 |
| **Industrial Transportation — 2.9%** | **Industrial Transportation — 2.9%** | **Industrial Transportation — 2.9%** |
| ArcBest Corp. | 10307 | 766016 |
| Ardmore Shipping Corp. (Ireland) | 37244 | 468902 |
| Costamare Bulkers Holdings Ltd. (Monaco) \* | 6872 | 88924 |
| Costamare, Inc. (Monaco) | 47698 | 582870 |
| DHT Holdings, Inc. | 103591 | 1375689 |
| Dorian LPG Ltd. | 30137 | 869452 |
| Federal Signal Corp. | 12377 | 1460857 |
| FLEX LNG Ltd. (Norway) (a) | 16026 | 416195 |
| GATX Corp. | 9203 | 1443491 |
| Genco Shipping & Trading Ltd. | 27858 | 474700 |
| Hub Group, Inc., Class A | 9004 | 331617 |
| International Seaways, Inc. | 20600 | 1055338 |
| Matson, Inc. | 10681 | 1078247 |
| McGrath RentCorp | 7609 | 817511 |
| Nordic American Tankers Ltd. | 64613 | 237776 |
| Scorpio Tankers, Inc. (Monaco) | 17246 | 1064078 |
| Teekay Corp. Ltd. (Bermuda) | 52855 | 508465 |
| Teekay Tankers Ltd., Class A (Canada) | 21766 | 1327726 |
| Tingo Group, Inc. \* (a) | 827098 | 2481 |
| Wabash National Corp. | 16735 | 134215 |
|  |  | 14504550 |
| **Investment Banking & Brokerage Services — 0.8%** | **Investment Banking & Brokerage Services — 0.8%** | **Investment Banking & Brokerage Services — 0.8%** |
| Acadian Asset Management, Inc. | 6622 | 318518 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 17393 | 759378 |
| Moelis & Co., Class A | 21801 | 1380657 |
| StoneX Group, Inc. \* | 9295 | 854397 |
| Victory Capital Holdings, Inc., Class A | 14096 | 877758 |
|  |  | 4190708 |
| **Leisure Goods — 0.4%** | **Leisure Goods — 0.4%** | **Leisure Goods — 0.4%** |
| LCI Industries | 7003 | 724740 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Leisure Goods — continued** | **Leisure Goods — continued** | **Leisure Goods — continued** |
| Smith & Wesson Brands, Inc. | 70133 | 672225 |
| Sturm Ruger & Co., Inc. | 17990 | 762956 |
|  |  | 2159921 |
| **Life Insurance — 0.9%** | **Life Insurance — 0.9%** | **Life Insurance — 0.9%** |
| CNO Financial Group, Inc. | 37031 | 1481981 |
| Genworth Financial, Inc., Class A \* | 152485 | 1286973 |
| Jackson Financial, Inc., Class A | 16153 | 1628384 |
|  |  | 4397338 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Gray Media, Inc. | 48808 | 223053 |
| Scholastic Corp. | 7142 | 204761 |
| TEGNA, Inc. | 73102 | 1437916 |
|  |  | 1865730 |
| **Medical Equipment & Services — 2.0%** | **Medical Equipment & Services — 2.0%** | **Medical Equipment & Services — 2.0%** |
| AdaptHealth Corp. \* | 35711 | 321042 |
| Anika Therapeutics, Inc. \* | 4793 | 46732 |
| Avanos Medical, Inc. \* | 13317 | 147952 |
| CONMED Corp. | 10837 | 476828 |
| Fulgent Genetics, Inc. \* | 14108 | 316725 |
| Haemonetics Corp. \* | 12574 | 628826 |
| ICU Medical, Inc. \* | 7109 | 853720 |
| Integer Holdings Corp. \* | 11620 | 750303 |
| Lantheus Holdings, Inc. \* | 12812 | 739124 |
| LeMaitre Vascular, Inc. | 11325 | 980858 |
| Merit Medical Systems, Inc. \* | 14461 | 1265916 |
| Myriad Genetics, Inc. \* | 18316 | 147261 |
| NeoGenomics, Inc. \* | 29102 | 284326 |
| Omnicell, Inc. \* | 27138 | 911023 |
| OraSure Technologies, Inc. \* | 107264 | 293903 |
| STAAR Surgical Co. \* | 6916 | 178917 |
| Surmodics, Inc. \* | 3331 | 91386 |
| UFP Technologies, Inc. \* | 5238 | 1009048 |
| Varex Imaging Corp. \* | 38719 | 452625 |
|  |  | 9896515 |
| **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** |
| Ares Commercial Real Estate Corp. | 45224 | 201699 |
| Chimera Investment Corp. | 16982 | 216690 |
| Ellington Financial, Inc. | 96420 | 1284315 |
| Ladder Capital Corp. | 74202 | 784315 |
| MFA Financial, Inc. | 81481 | 732514 |
| PennyMac Mortgage Investment Trust | 59432 | 715561 |
| Redwood Trust, Inc. | 5480 | 29099 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

110 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Mortgage Real Estate Investment Trusts — continued** | **Mortgage Real Estate Investment Trusts — continued** | **Mortgage Real Estate Investment Trusts — continued** |
| Safehold, Inc. | 14829 | 213983 |
| TPG RE Finance Trust, Inc. | 4209 | 36408 |
|  |  | 4214584 |
| **Non-life Insurance — 0.8%** | **Non-life Insurance — 0.8%** | **Non-life Insurance — 0.8%** |
| Employers Holdings, Inc. | 18437 | 703003 |
| Essent Group Ltd. | 23998 | 1453559 |
| Horace Mann Educators Corp. | 6108 | 273089 |
| NMI Holdings, Inc., Class A \* | 32145 | 1171042 |
| Safety Insurance Group, Inc. | 596 | 40963 |
| Stewart Information Services Corp. | 6479 | 442321 |
|  |  | 4083977 |
| **Non-Renewable Energy — 7.4%** | **Non-Renewable Energy — 7.4%** | **Non-Renewable Energy — 7.4%** |
| Alpha Metallurgical Resources, Inc. \* | 5588 | 968177 |
| Archrock, Inc. | 56183 | 1419744 |
| Berry Corp. | 72005 | 242657 |
| Cactus, Inc., Class A | 23656 | 1044886 |
| California Resources Corp. | 20950 | 988212 |
| CNX Resources Corp. \* | 41357 | 1392077 |
| Comstock Resources, Inc. \* | 64233 | 1204369 |
| Core Natural Resources, Inc. | 18837 | 1488123 |
| Crescent Energy Co., Class A | 54942 | 463161 |
| DNOW, Inc. \* | 64364 | 946151 |
| Gulfport Energy Corp. \* | 7145 | 1329041 |
| Hallador Energy Co. \* | 55122 | 1192289 |
| Helix Energy Solutions Group, Inc. \* | 130952 | 879997 |
| Kinetik Holdings, Inc. | 24421 | 940453 |
| Kodiak Gas Services, Inc. (a) | 29020 | 1070258 |
| Liberty Energy, Inc. | 60024 | 1087035 |
| Magnolia Oil & Gas Corp., Class A | 55016 | 1235659 |
| MRC Global, Inc. \* | 73117 | 1019982 |
| Murphy Oil Corp. | 41186 | 1165564 |
| Northern Oil & Gas, Inc. | 21806 | 482567 |
| NPK International, Inc. \* | 42611 | 524115 |
| Par Pacific Holdings, Inc. \* | 30237 | 1208875 |
| Patterson-UTI Energy, Inc. | 88959 | 557773 |
| Peabody Energy Corp. | 53475 | 1466285 |
| PrimeEnergy Resources Corp. \* (a) | 2556 | 345673 |
| ProPetro Holding Corp. \* | 53540 | 555745 |
| Ramaco Resources, Inc., Class A \* | 45365 | 1377281 |
| RPC, Inc. | 138421 | 719789 |
| SandRidge Energy, Inc. | 37238 | 443505 |
| Select Water Solutions, Inc. | 99831 | 1154046 |
| SM Energy Co. | 37944 | 792650 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| Solaris Energy Infrastructure, Inc., Class A | 57897 | 3081857 |
| SunCoke Energy, Inc. | 129751 | 1039306 |
| TETRA Technologies, Inc. \* | 60153 | 424680 |
| VAALCO Energy, Inc. | 87628 | 344378 |
| Vitesse Energy, Inc. (a) | 10916 | 237423 |
| Warrior Met Coal, Inc. | 25162 | 1706990 |
| World Kinect Corp. | 36838 | 952262 |
|  |  | 37493035 |
| **Personal Care, Drug & Grocery Stores — 2.5%** | **Personal Care, Drug & Grocery Stores — 2.5%** | **Personal Care, Drug & Grocery Stores — 2.5%** |
| ACCO Brands Corp. | 109767 | 412724 |
| Chefs' Warehouse, Inc. (The) \* | 22564 | 1331276 |
| Edgewell Personal Care Co. | 43701 | 847362 |
| Energizer Holdings, Inc. | 44530 | 1034432 |
| Grocery Outlet Holding Corp. \* | 56068 | 763086 |
| Honest Co., Inc. (The) \* (a) | 186740 | 636783 |
| Ingles Markets, Inc., Class A | 14749 | 1019156 |
| Natural Grocers by Vitamin Cottage, Inc. | 25242 | 810016 |
| Nu Skin Enterprises, Inc., Class A | 103452 | 1109005 |
| Spectrum Brands Holdings, Inc. | 18138 | 977275 |
| United Natural Foods, Inc. \* | 52998 | 1995375 |
| WD-40 Co. | 5077 | 986360 |
| Weis Markets, Inc. | 14015 | 887710 |
|  |  | 12810560 |
| **Personal Goods — 1.4%** | **Personal Goods — 1.4%** | **Personal Goods — 1.4%** |
| G-III Apparel Group Ltd. \* | 18283 | 490898 |
| Interparfums, Inc. | 5398 | 481232 |
| Kontoor Brands, Inc. | 19127 | 1547757 |
| Movado Group, Inc. | 25289 | 460513 |
| Oxford Industries, Inc. | 9855 | 363157 |
| Signet Jewelers Ltd. | 14825 | 1465451 |
| Steven Madden Ltd. | 26541 | 900005 |
| Wolverine World Wide, Inc. | 48267 | 1095661 |
|  |  | 6804674 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.9%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.9%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 3.9%** |
| ADMA Biologics, Inc. \* | 30307 | 469152 |
| Alkermes plc \* | 31381 | 963397 |
| Amphastar Pharmaceuticals, Inc. \* | 25786 | 657543 |
| ANI Pharmaceuticals, Inc. \* | 14922 | 1351933 |
| Arcellx, Inc. \* | 15526 | 1401222 |
| Arcturus Therapeutics Holdings, Inc. \* | 10021 | 99909 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 82726 | 1089501 |
| Castle Biosciences, Inc. \* | 13215 | 336983 |
| Catalyst Pharmaceuticals, Inc. \* | 60672 | 1290493 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 111

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** | **Pharmaceuticals, Biotechnology & Marijuana Producers — continued** |
| Collegium Pharmaceutical, Inc. \* | 38937 | 1401732 |
| Dynavax Technologies Corp. \* | 74223 | 761528 |
| Harmony Biosciences Holdings, Inc. \* | 16589 | 473948 |
| Innoviva, Inc. \* | 64159 | 1167694 |
| Ironwood Pharmaceuticals, Inc. \* | 47707 | 91597 |
| Ligand Pharmaceuticals, Inc. \* | 9204 | 1760817 |
| Niagen Bioscience, Inc. \* | 33668 | 253857 |
| Pacira BioSciences, Inc. \* | 38472 | 822531 |
| PDL BioPharma, Inc. ‡ \* | 22361 | 4696 |
| Prestige Consumer Healthcare, Inc. \* | 17266 | 1046320 |
| Protagonist Therapeutics, Inc. \* | 20443 | 1607229 |
| Rigel Pharmaceuticals, Inc. \* | 24524 | 774468 |
| Supernus Pharmaceuticals, Inc. \* | 30439 | 1678102 |
| Vanda Pharmaceuticals, Inc. \* | 29991 | 130461 |
|  |  | 19635113 |
| **Precious Metals & Mining — 1.7%** | **Precious Metals & Mining — 1.7%** | **Precious Metals & Mining — 1.7%** |
| Coeur Mining, Inc. \* | 105238 | 1806936 |
| Hecla Mining Co. | 169880 | 2186356 |
| Idaho Strategic Resources, Inc. \* (a) | 16986 | 561557 |
| Novagold Resources, Inc. (Canada) \* | 125666 | 1041771 |
| Perpetua Resources Corp. \* | 55510 | 1333905 |
| SSR Mining, Inc. (Canada) \* | 72769 | 1641669 |
|  |  | 8572194 |
| **Real Estate Investment & Services — 1.4%** | **Real Estate Investment & Services — 1.4%** | **Real Estate Investment & Services — 1.4%** |
| Compass, Inc., Class A \* | 151733 | 1169861 |
| Cushman & Wakefield plc \* | 78536 | 1233015 |
| DigitalBridge Group, Inc. | 42481 | 502550 |
| eXp World Holdings, Inc. (a) | 17027 | 174357 |
| HA Sustainable Infrastructure Capital, Inc., REIT | 33220 | 920526 |
| Newmark Group, Inc., Class A | 82658 | 1473792 |
| St. Joe Co. (The) | 25543 | 1450332 |
|  |  | 6924433 |
| **Real Estate Investment Trusts — 10.4%** | **Real Estate Investment Trusts — 10.4%** | **Real Estate Investment Trusts — 10.4%** |
| Acadia Realty Trust | 62941 | 1200285 |
| Alexander & Baldwin, Inc. | 48975 | 782131 |
| Alexander's, Inc. | 1623 | 358569 |
| American Assets Trust, Inc. | 47908 | 915522 |
| American Healthcare REIT, Inc. | 36117 | 1636822 |
| Apple Hospitality REIT, Inc. | 90974 | 1017999 |
| Brandywine Realty Trust | 214058 | 734219 |
| Broadstone Net Lease, Inc. | 82098 | 1471196 |
| CareTrust REIT, Inc. | 45470 | 1575536 |
| Community Healthcare Trust, Inc. | 15758 | 231012 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| COPT Defense Properties | 46294 | 1304102 |
| CTO Realty Growth, Inc. | 24668 | 411462 |
| Curbline Properties Corp. | 50128 | 1155952 |
| DiamondRock Hospitality Co. | 125055 | 977930 |
| Douglas Emmett, Inc. | 75039 | 971005 |
| Easterly Government Properties, Inc. | 33792 | 730583 |
| Elme Communities | 59464 | 978183 |
| Empire State Realty Trust, Inc., Class A | 129129 | 954263 |
| Essential Properties Realty Trust, Inc. | 45156 | 1349261 |
| Four Corners Property Trust, Inc. | 48647 | 1150015 |
| Getty Realty Corp. | 43271 | 1186924 |
| Global Net Lease, Inc. | 127589 | 972228 |
| Independence Realty Trust, Inc. | 71097 | 1132575 |
| Innovative Industrial Properties, Inc. | 17901 | 897735 |
| InvenTrust Properties Corp. | 34288 | 939491 |
| JBG SMITH Properties (a) | 45119 | 879369 |
| Kite Realty Group Trust | 58505 | 1295301 |
| LTC Properties, Inc. | 41702 | 1462906 |
| LXP Industrial Trust | 113910 | 1081006 |
| Macerich Co. (The) | 78747 | 1350511 |
| National Health Investors, Inc. | 19557 | 1457192 |
| NETSTREIT Corp. (a) | 36568 | 680896 |
| Outfront Media, Inc. | 84036 | 1486597 |
| Paramount Group, Inc. \* | 137540 | 899512 |
| Pebblebrook Hotel Trust (a) | 60522 | 633060 |
| Phillips Edison & Co., Inc. | 36738 | 1243214 |
| Piedmont Realty Trust, Inc., Class A | 131753 | 1061929 |
| PotlatchDeltic Corp. | 29856 | 1194240 |
| RLJ Lodging Trust | 130198 | 885346 |
| Ryman Hospitality Properties, Inc. | 13286 | 1154686 |
| Sabra Health Care REIT, Inc. | 80208 | 1429307 |
| Sila Realty Trust, Inc. | 23471 | 556263 |
| SITE Centers Corp. | 109579 | 803214 |
| SL Green Realty Corp. | 17974 | 922965 |
| Summit Hotel Properties, Inc. | 84070 | 432120 |
| Sunstone Hotel Investors, Inc. | 117854 | 1043008 |
| Tanger, Inc. | 42078 | 1370060 |
| Terreno Realty Corp. | 20135 | 1150313 |
| UMH Properties, Inc. | 14506 | 210917 |
| Urban Edge Properties | 68849 | 1323966 |
| Whitestone | 48360 | 606434 |
| Xenia Hotels & Resorts, Inc. | 70865 | 871640 |
|  |  | 52520972 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Renewable Energy — 1.3%** | **Renewable Energy — 1.3%** | **Renewable Energy — 1.3%** |
| American Superconductor Corp. \* | 31281 | 1852774 |
| Centrus Energy Corp., Class A \* (a) | 4988 | 1832890 |
| NEXTracker, Inc., Class A \* | 14843 | 1502408 |
| REX American Resources Corp. \* | 41322 | 1323544 |
|  |  | 6511616 |
| **Retailers — 1.7%** | **Retailers — 1.7%** | **Retailers — 1.7%** |
| Abercrombie & Fitch Co., Class A \* | 2723 | 197554 |
| Academy Sports & Outdoors, Inc. | 19349 | 926624 |
| American Eagle Outfitters, Inc. | 43628 | 729024 |
| Asbury Automotive Group, Inc. \* | 2783 | 652892 |
| Buckle, Inc. (The) | 25859 | 1417073 |
| Global Industrial Co. | 3144 | 89352 |
| Group 1 Automotive, Inc. | 3139 | 1247878 |
| Haverty Furniture Cos., Inc. | 31827 | 694147 |
| Liquidity Services, Inc. \* | 15515 | 371429 |
| PriceSmart, Inc. | 4058 | 466426 |
| Shoe Carnival, Inc. | 28030 | 513790 |
| Urban Outfitters, Inc. \* | 19854 | 1282767 |
| Zumiez, Inc. \* | 1245 | 26954 |
|  |  | 8615910 |
| **Software & Computer Services — 4.4%** | **Software & Computer Services — 4.4%** | **Software & Computer Services — 4.4%** |
| A10 Networks, Inc. | 66323 | 1183202 |
| Agilysys, Inc. \* | 11881 | 1490590 |
| Alarm.com Holdings, Inc. \* | 10698 | 526556 |
| Blackbaud, Inc. \* | 6751 | 432334 |
| Box, Inc., Class A \* | 31933 | 1024730 |
| Cargurus, Inc. \* | 36691 | 1288588 |
| Clear Secure, Inc., Class A | 39519 | 1204144 |
| Commvault Systems, Inc. \* | 8251 | 1148704 |
| Consensus Cloud Solutions, Inc. \* | 3514 | 103030 |
| CSG Systems International, Inc. | 19273 | 1508498 |
| ePlus, Inc. | 13735 | 1004853 |
| EverQuote, Inc., Class A \* | 14938 | 321764 |
| Grindr, Inc. (Singapore) \* | 55499 | 769216 |
| Magnite, Inc. \* | 41533 | 742610 |
| Mitek Systems, Inc. \* | 35393 | 325969 |
| NetScout Systems, Inc. \* | 41210 | 1145638 |
| OneSpan, Inc. | 24372 | 277841 |
| Powerfleet, Inc. NJ \* | 150597 | 768045 |
| Progress Software Corp. \* | 22205 | 946821 |
| Q2 Holdings, Inc. \* | 16671 | 1029601 |
| Qualys, Inc. \* | 8058 | 993229 |
| Simulations Plus, Inc. \* | 27256 | 468258 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Software & Computer Services — continued** | **Software & Computer Services — continued** | **Software & Computer Services — continued** |
| SPS Commerce, Inc. \* | 8729 | 717873 |
| Verint Systems, Inc. \* | 8639 | 175199 |
| Viant Technology, Inc., Class A \* | 19353 | 171855 |
| Workiva, Inc. \* | 14068 | 1195921 |
| Yelp, Inc. \* | 37011 | 1220623 |
|  |  | 22185692 |
| **Technology Hardware & Equipment — 5.5%** | **Technology Hardware & Equipment — 5.5%** | **Technology Hardware & Equipment — 5.5%** |
| Adeia, Inc. | 76731 | 1307496 |
| Advanced Energy Industries, Inc. | 10014 | 2030138 |
| Alpha & Omega Semiconductor Ltd. \* | 2435 | 68326 |
| Axcelis Technologies, Inc. \* | 5221 | 415383 |
| Benchmark Electronics, Inc. | 36128 | 1583129 |
| Cohu, Inc. \* | 999 | 23766 |
| CTS Corp. | 21430 | 889559 |
| Diodes, Inc. \* | 16523 | 881667 |
| Fabrinet (Thailand) \* | 4215 | 1857003 |
| FormFactor, Inc. \* | 23585 | 1295996 |
| Impinj, Inc. \* | 7511 | 1518424 |
| Insight Enterprises, Inc. \* | 7162 | 716200 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 25152 | 1004319 |
| Methode Electronics, Inc. | 36089 | 242879 |
| Novanta, Inc. \* | 9128 | 1159347 |
| PC Connection, Inc. | 12306 | 750297 |
| Photronics, Inc. \* | 49076 | 1172917 |
| Plexus Corp. \* | 10681 | 1494272 |
| Power Integrations, Inc. | 15671 | 656458 |
| Rambus, Inc. \* | 19405 | 1995610 |
| Sanmina Corp. \* | 12751 | 1747525 |
| ScanSource, Inc. \* | 20345 | 872902 |
| Synaptics, Inc. \* | 3434 | 243608 |
| TTM Technologies, Inc. \* | 32194 | 2163437 |
| Ultra Clean Holdings, Inc. \* | 29707 | 814269 |
| Vishay Intertechnology, Inc. | 46780 | 794324 |
| Xerox Holdings Corp. | 61322 | 203589 |
|  |  | 27902840 |
| **Telecommunications Equipment — 3.9%** | **Telecommunications Equipment — 3.9%** | **Telecommunications Equipment — 3.9%** |
| ADTRAN Holdings, Inc. \* | 112588 | 1173167 |
| Applied Optoelectronics, Inc. \* | 7384 | 262575 |
| Aviat Networks, Inc. \* | 10129 | 252820 |
| Calix, Inc. \* | 24642 | 1686006 |
| Clearfield, Inc. \* | 30107 | 1062777 |
| CommScope Holding Co., Inc. \* | 95913 | 1659295 |
| Digi International, Inc. \* | 39833 | 1461075 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 113

------

JPMorgan Diversified Return U.S. Small Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Telecommunications Equipment — continued** | **Telecommunications Equipment — continued** | **Telecommunications Equipment — continued** |
| EchoStar Corp., Class A \* | 22982 | 1720662 |
| Extreme Networks, Inc. \* | 70598 | 1342774 |
| Harmonic, Inc. \* | 102049 | 1091924 |
| InterDigital, Inc. (a) | 5365 | 1941915 |
| NETGEAR, Inc. \* | 54590 | 1895365 |
| Ribbon Communications, Inc. \* | 1005 | 3377 |
| Uniti Group, Inc., REIT | 87407 | 503464 |
| Viasat, Inc. \* | 34637 | 1379245 |
| Viavi Solutions, Inc. \* | 124522 | 2204040 |
|  |  | 19640481 |
| **Telecommunications Service Providers — 2.7%** | **Telecommunications Service Providers — 2.7%** | **Telecommunications Service Providers — 2.7%** |
| 8x8, Inc. \* | 291874 | 537048 |
| Cable One, Inc. | 6647 | 987412 |
| fuboTV, Inc. \* (a) | 373425 | 1411546 |
| Globalstar, Inc. \* | 48885 | 2659833 |
| Gogo, Inc. \* | 99378 | 904340 |
| IDT Corp., Class B | 23627 | 1196944 |
| Liberty Latin America Ltd., Class C (Puerto <br> Rico) \*<br>| 123762 | 978957 |
| Lumen Technologies, Inc. \* | 276438 | 2841783 |
| Shenandoah Telecommunications Co. | 23154 | 285257 |
| Telephone and Data Systems, Inc. | 38932 | 1511340 |
| WideOpenWest, Inc. \* | 46855 | 240366 |
| Xperi, Inc. \* | 17730 | 119146 |
|  |  | 13673972 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Turning Point Brands, Inc. | 15213 | 1367649 |
| Universal Corp. | 24286 | 1230814 |
|  |  | 2598463 |
| **Travel & Leisure — 0.5%** | **Travel & Leisure — 0.5%** | **Travel & Leisure — 0.5%** |
| Biglari Holdings, Inc., Class B \* | 234 | 84547 |
| Brightstar Lottery plc | 29417 | 490087 |
| Monarch Casino & Resort, Inc. | 4427 | 398740 |
| SkyWest, Inc. \* | 12896 | 1295790 |
|  |  | 2269164 |
| **Waste & Disposal Services — 0.2%** | **Waste & Disposal Services — 0.2%** | **Waste & Disposal Services — 0.2%** |
| Casella Waste Systems, Inc., Class A \* | 12796 | 1133342 |
| Total Common Stocks <br>(Cost $462,781,301)<br>|  | 503881137 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **RIGHTS**<br>| **VALUE ($)** |
| **Rights—0.0% ^** | **Rights—0.0% ^** | **Rights—0.0% ^** |
| **Pharmaceuticals & Biotechnology — 0.00% ^** | **Pharmaceuticals & Biotechnology — 0.00% ^** | **Pharmaceuticals & Biotechnology — 0.00% ^** |
| OmniAb Operations, Inc. ‡ \* | 1382 |  |
| OmniAb, Inc. ‡ \* | 1382 |  |
| Total Rights <br>(Cost $—)<br>|  |  |
|  | **SHARES** |  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)(Cost <br> $405,629)<br>| 405629 | 405629 |
| **Investment of Cash Collateral from Securities Loaned — 3.0%** | **Investment of Cash Collateral from Securities Loaned — 3.0%** | **Investment of Cash Collateral from Securities Loaned — 3.0%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (b) <br> (c)(Cost $15,353,997)<br>| 15353997 | 15353997 |
| Total Short-Term Investments <br>(Cost $15,759,626)<br>|  | 15759626 |
| **Total Investments — 103.0%** <br>**(Cost $478,540,927)**<br>|  | **519640763** |
| **Liabilities in Excess of Other Assets — (3.0)%** |  | **(14941521)**<br>|
| **NET ASSETS — 100.0%** |  | **504699242** |

---

&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> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $14,352,067.<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 October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 497720 | &nbsp;&nbsp;&nbsp;&nbsp; 9946 |

---

&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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 115

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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 — 4.4%** | **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** |
| Axon Enterprise, Inc. \* | 8288 | 6068722 |
| BWX Technologies, Inc. | 24797 | 5296887 |
| Curtiss-Wright Corp. | 8440 | 5027961 |
| GE Aerospace | 64491 | 19924495 |
| HEICO Corp. | 11933 | 3791949 |
| Howmet Aerospace, Inc. | 38644 | 7958732 |
| Rocket Lab Corp. \* | 93058 | 5860793 |
| RTX Corp. | 84836 | 15143226 |
| TransDigm Group, Inc. | 5191 | 6792475 |
|  |  | 75865240 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Citigroup, Inc. | 126089 | 12763989 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Coca-Cola Co. (The) | 17917 | 1234482 |
| Coca-Cola Consolidated, Inc. | 11213 | 1461951 |
| Monster Beverage Corp. \* | 20063 | 1340810 |
|  |  | 4037243 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Ecolab, Inc. | 24594 | 6305901 |
| Linde plc | 7593 | 3176152 |
|  |  | 9482053 |
| **Construction & Materials — 2.1%** | **Construction & Materials — 2.1%** | **Construction & Materials — 2.1%** |
| Acuity, Inc. | 2864 | 1045503 |
| Armstrong World Industries, Inc. | 17288 | 3292154 |
| Comfort Systems USA, Inc. | 6181 | 5968250 |
| EMCOR Group, Inc. | 7510 | 5075108 |
| Lennox International, Inc. | 6170 | 3115850 |
| Louisiana-Pacific Corp. | 15678 | 1365711 |
| Quanta Services, Inc. | 16261 | 7303303 |
| Trane Technologies plc | 18825 | 8445836 |
|  |  | 35611715 |
| **Consumer Services — 1.2%** | **Consumer Services — 1.2%** | **Consumer Services — 1.2%** |
| Duolingo, Inc. \* | 9246 | 2502338 |
| Grand Canyon Education, Inc. \* | 13521 | 2546004 |
| Rollins, Inc. | 45217 | 2604951 |
| Uber Technologies, Inc. \* | 136143 | 13137800 |
|  |  | 20791093 |
| **Electricity — 1.4%** | **Electricity — 1.4%** | **Electricity — 1.4%** |
| Entergy Corp. | 58877 | 5657491 |
| Evergy, Inc. | 53166 | 4083680 |
| NRG Energy, Inc. | 30158 | 5182954 |
| OGE Energy Corp. | 25148 | 1110033 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Electricity — continued** | **Electricity — continued** | **Electricity — continued** |
| Southern Co. (The) | 22120 | 2080165 |
| Vistra Corp. | 27949 | 5262796 |
|  |  | 23377119 |
| **Electronic & Electrical Equipment — 0.3%** | **Electronic & Electrical Equipment — 0.3%** | **Electronic & Electrical Equipment — 0.3%** |
| Hubbell, Inc. | 9711 | 4564170 |
| Pentair plc | 9764 | 1038401 |
|  |  | 5602571 |
| **Finance & Credit Services — 0.6%** | **Finance & Credit Services — 0.6%** | **Finance & Credit Services — 0.6%** |
| MGIC Investment Corp. | 59493 | 1631298 |
| SLM Corp. | 116448 | 3126629 |
| SoFi Technologies, Inc. \* | 186357 | 5531076 |
|  |  | 10289003 |
| **Food Producers — 0.6%** | **Food Producers — 0.6%** | **Food Producers — 0.6%** |
| Ingredion, Inc. | 20516 | 2367752 |
| Pilgrim's Pride Corp. | 30812 | 1173937 |
| Post Holdings, Inc. \* | 25523 | 2652605 |
| US Foods Holding Corp. \* | 52538 | 3815310 |
|  |  | 10009604 |
| **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** | **Gas, Water & Multi-utilities — 0.8%** |
| Ameren Corp. | 43571 | 4445113 |
| Atmos Energy Corp. | 6293 | 1080634 |
| MDU Resources Group, Inc. | 68711 | 1317877 |
| National Fuel Gas Co. | 31539 | 2488743 |
| NiSource, Inc. | 105163 | 4428414 |
| WEC Energy Group, Inc. | 7312 | 816970 |
|  |  | 14577751 |
| **General Industrials — 2.3%** | **General Industrials — 2.3%** | **General Industrials — 2.3%** |
| 3M Co. | 48029 | 7996828 |
| Eaton Corp. plc | 28053 | 10703903 |
| GE Vernova, Inc. | 19370 | 11334162 |
| Parker-Hannifin Corp. | 10819 | 8361248 |
| RPM International, Inc. | 14405 | 1574178 |
|  |  | 39970319 |
| **Health Care Providers — 0.9%** | **Health Care Providers — 0.9%** | **Health Care Providers — 0.9%** |
| Doximity, Inc., Class A \* | 54596 | 3603336 |
| Encompass Health Corp. | 31282 | 3561456 |
| HCA Healthcare, Inc. | 7927 | 3643883 |
| Tenet Healthcare Corp. \* | 21232 | 4384196 |
|  |  | 15192871 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

116 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Goods & Home Construction — 0.4%** | **Household Goods & Home Construction — 0.4%** | **Household Goods & Home Construction — 0.4%** |
| SharkNinja, Inc. \* | 32289 | 2760709 |
| Somnigroup International, Inc. | 48234 | 3826886 |
|  |  | 6587595 |
| **Industrial Engineering — 1.0%** | **Industrial Engineering — 1.0%** | **Industrial Engineering — 1.0%** |
| Caterpillar, Inc. | 30022 | 17330500 |
| **Industrial Materials — 0.1%** | **Industrial Materials — 0.1%** | **Industrial Materials — 0.1%** |
| International Paper Co. | 55809 | 2156460 |
| **Industrial Metals & Mining — 0.8%** | **Industrial Metals & Mining — 0.8%** | **Industrial Metals & Mining — 0.8%** |
| Carpenter Technology Corp. | 14595 | 4610560 |
| Reliance, Inc. | 5083 | 1435592 |
| Southern Copper Corp. (Mexico) | 27208 | 3776470 |
| Steel Dynamics, Inc. | 26714 | 4188755 |
| Timken Co. (The) | 2350 | 184499 |
|  |  | 14195876 |
| **Industrial Support Services — 2.0%** | **Industrial Support Services — 2.0%** | **Industrial Support Services — 2.0%** |
| American Express Co. | 37637 | 13576795 |
| Automatic Data Processing, Inc. | 13923 | 3624157 |
| Cintas Corp. | 32324 | 5924019 |
| Core & Main, Inc., Class A \* | 58726 | 3064323 |
| ExlService Holdings, Inc. \* | 36126 | 1412527 |
| Genpact Ltd. | 45011 | 1717170 |
| Verisk Analytics, Inc., Class A | 5136 | 1123551 |
| WW Grainger, Inc. | 4979 | 4874441 |
|  |  | 35316983 |
| **Industrial Transportation — 0.6%** | **Industrial Transportation — 0.6%** | **Industrial Transportation — 0.6%** |
| Allison Transmission Holdings, Inc. | 31727 | 2619064 |
| Ryder System, Inc. | 19670 | 3328754 |
| XPO, Inc. \* | 27191 | 3911969 |
|  |  | 9859787 |
| **Investment Banking & Brokerage Services — 7.2%** | **Investment Banking & Brokerage Services — 7.2%** | **Investment Banking & Brokerage Services — 7.2%** |
| Ameriprise Financial, Inc. | 11487 | 5200969 |
| Bank of New York Mellon Corp. (The) | 67263 | 7259696 |
| Berkshire Hathaway, Inc., Class B \* | 61902 | 29560681 |
| Charles Schwab Corp. (The) | 121388 | 11473594 |
| CME Group, Inc. | 30635 | 8133286 |
| Equitable Holdings, Inc. | 75900 | 3749460 |
| Evercore, Inc., Class A | 12261 | 3611600 |
| Goldman Sachs Group, Inc. (The) | 19528 | 15414817 |
| Houlihan Lokey, Inc. | 9189 | 1645566 |
| Interactive Brokers Group, Inc., Class A | 76579 | 5388099 |
| Intercontinental Exchange, Inc. | 47109 | 6891576 |
| Lazard, Inc. | 762 | 37186 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** | **Investment Banking & Brokerage Services — continued** |
| LPL Financial Holdings, Inc. | 10617 | 4005900 |
| Nasdaq, Inc. | 55939 | 4782225 |
| Robinhood Markets, Inc., Class A \* | 67927 | 9970325 |
| Stifel Financial Corp. | 15566 | 1843481 |
| TPG, Inc. | 54026 | 2973591 |
| Virtu Financial, Inc., Class A | 83306 | 2902381 |
|  |  | 124844433 |
| **Leisure Goods — 0.4%** | **Leisure Goods — 0.4%** | **Leisure Goods — 0.4%** |
| ROBLOX Corp., Class A \* | 56527 | 6428250 |
| **Life Insurance — 0.3%** | **Life Insurance — 0.3%** | **Life Insurance — 0.3%** |
| Corebridge Financial, Inc. | 1352 | 44021 |
| Globe Life, Inc. | 17087 | 2247111 |
| Unum Group | 45913 | 3370933 |
|  |  | 5662065 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| Liberty Media Corp-Liberty Formula One, <br> Class C \*<br>| 37031 | 3697545 |
| Liberty Media Corp-Liberty Live, Class C \* | 9907 | 895692 |
| Netflix, Inc. \* | 23466 | 26255169 |
| Spotify Technology SA \* | 11782 | 7720980 |
|  |  | 38569386 |
| **Medical Equipment & Services — 3.7%** | **Medical Equipment & Services — 3.7%** | **Medical Equipment & Services — 3.7%** |
| Abbott Laboratories | 93240 | 11526329 |
| Boston Scientific Corp. \* | 104756 | 10551024 |
| Insulet Corp. \* | 13053 | 4085720 |
| Intuitive Surgical, Inc. \* | 24584 | 13134739 |
| Labcorp Holdings, Inc. | 14180 | 3601153 |
| Natera, Inc. \* | 26265 | 5224896 |
| Penumbra, Inc. \* | 11046 | 2511529 |
| Quest Diagnostics, Inc. | 21386 | 3762867 |
| Stryker Corp. | 25003 | 8907069 |
|  |  | 63305326 |
| **Non-life Insurance — 1.3%** | **Non-life Insurance — 1.3%** | **Non-life Insurance — 1.3%** |
| Allstate Corp. (The) | 28779 | 5511754 |
| Axis Capital Holdings Ltd. | 34331 | 3215442 |
| Cincinnati Financial Corp. | 13304 | 2056665 |
| Hartford Insurance Group, Inc. (The) | 39271 | 4876673 |
| Old Republic International Corp. | 93506 | 3689747 |
| WR Berkley Corp. | 36765 | 2622815 |
|  |  | 21973096 |
| **Non-Renewable Energy — 2.9%** | **Non-Renewable Energy — 2.9%** | **Non-Renewable Energy — 2.9%** |
| Antero Midstream Corp. | 181730 | 3134842 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 117

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** | **Non-Renewable Energy — continued** |
| Cheniere Energy, Inc. | 17109 | 3627108 |
| DT Midstream, Inc. | 33951 | 3717295 |
| Kinder Morgan, Inc. | 214872 | 5627498 |
| Marathon Petroleum Corp. | 33747 | 6577628 |
| Phillips 66 | 38661 | 5263308 |
| Targa Resources Corp. | 25250 | 3889510 |
| TechnipFMC plc (United Kingdom) | 105382 | 4357546 |
| Texas Pacific Land Corp. | 3239 | 3055608 |
| Valero Energy Corp. | 27616 | 4682569 |
| Williams Cos., Inc. (The) | 115459 | 6681612 |
|  |  | 50614524 |
| **Personal Care, Drug & Grocery Stores — 1.5%** | **Personal Care, Drug & Grocery Stores — 1.5%** | **Personal Care, Drug & Grocery Stores — 1.5%** |
| Casey's General Stores, Inc. | 7661 | 3931548 |
| Cencora, Inc. | 19360 | 6540002 |
| Kroger Co. (The) | 67990 | 4326204 |
| McKesson Corp. | 10664 | 8652130 |
| Procter & Gamble Co. (The) | 18273 | 2747711 |
|  |  | 26197595 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.1%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.1%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 4.1%** |
| AbbVie, Inc. | 90410 | 19712996 |
| Alnylam Pharmaceuticals, Inc. \* | 13573 | 6189831 |
| Cardinal Health, Inc. | 34027 | 6491331 |
| Eli Lilly & Co. | 14559 | 12562379 |
| Exelixis, Inc. \* | 100892 | 3901494 |
| Gilead Sciences, Inc. | 91113 | 10914426 |
| Insmed, Inc. \* | 32197 | 6104551 |
| Roivant Sciences Ltd. \* | 108230 | 2163518 |
| Royalty Pharma plc, Class A | 82273 | 3088528 |
|  |  | 71129054 |
| **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** | **Real Estate Investment & Services — 0.4%** |
| CBRE Group, Inc., Class A \* | 34974 | 5331087 |
| Jones Lang LaSalle, Inc. \* | 7119 | 2171936 |
|  |  | 7503023 |
| **Real Estate Investment Trusts — 1.8%** | **Real Estate Investment Trusts — 1.8%** | **Real Estate Investment Trusts — 1.8%** |
| Agree Realty Corp. | 23615 | 1724131 |
| Digital Realty Trust, Inc. | 3076 | 524181 |
| EPR Properties | 45291 | 2220165 |
| Essex Property Trust, Inc. | 5029 | 1266151 |
| Iron Mountain, Inc. | 7158 | 736916 |
| Mid-America Apartment Communities, Inc. | 10460 | 1341286 |
| Omega Healthcare Investors, Inc. | 46113 | 1938129 |
| Simon Property Group, Inc. | 34410 | 6047902 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| Ventas, Inc. | 65280 | 4817011 |
| Welltower, Inc. | 53222 | 9635311 |
|  |  | 30251183 |
| **Retailers — 7.4%** | **Retailers — 7.4%** | **Retailers — 7.4%** |
| Amazon.com, Inc. \* | 41670 | 10176647 |
| Amer Sports, Inc. (Finland) \* | 97696 | 3051046 |
| AutoNation, Inc. \* | 15975 | 3192923 |
| AutoZone, Inc. \* | 1625 | 5970949 |
| Carvana Co. \* | 15577 | 4774974 |
| Costco Wholesale Corp. | 25217 | 22984035 |
| Gap, Inc. (The) | 110039 | 2514391 |
| Home Depot, Inc. (The) | 53594 | 20343747 |
| Lowe's Cos., Inc. | 19168 | 4564476 |
| O'Reilly Automotive, Inc. \* | 74273 | 7014342 |
| Penske Automotive Group, Inc. | 11121 | 1780139 |
| Tapestry, Inc. | 42192 | 4633525 |
| TJX Cos., Inc. (The) | 78539 | 11006455 |
| Walmart, Inc. | 245658 | 24855676 |
| Williams-Sonoma, Inc. | 7350 | 1428399 |
|  |  | 128291724 |
| **Software & Computer Services — 25.1%** | **Software & Computer Services — 25.1%** | **Software & Computer Services — 25.1%** |
| Alphabet, Inc., Class A | 140855 | 39607017 |
| Amdocs Ltd. | 14028 | 1181999 |
| Appfolio, Inc., Class A \* | 8705 | 2214813 |
| AppLovin Corp., Class A \* | 18690 | 11911698 |
| Atlassian Corp., Class A \* | 24717 | 4187554 |
| Autodesk, Inc. \* | 20830 | 6276912 |
| Cadence Design Systems, Inc. \* | 23090 | 7820352 |
| Cloudflare, Inc., Class A \* | 30886 | 7823424 |
| Crowdstrike Holdings, Inc., Class A \* | 20151 | 10942194 |
| Datadog, Inc., Class A \* | 39798 | 6479512 |
| Dayforce, Inc. \* | 55883 | 3841397 |
| Docusign, Inc. \* | 51339 | 3754934 |
| DoorDash, Inc., Class A \* | 31368 | 7979078 |
| Dropbox, Inc., Class A \* | 119729 | 3472141 |
| Dynatrace, Inc. \* | 74222 | 3753407 |
| F5, Inc. \* | 13359 | 3380495 |
| Fortinet, Inc. \* | 63299 | 5470933 |
| Gen Digital, Inc. | 139283 | 3671500 |
| Guidewire Software, Inc. \* | 16885 | 3945011 |
| Hewlett Packard Enterprise Co. | 206680 | 5047126 |
| HubSpot, Inc. \* | 7506 | 3692351 |
| International Business Machines Corp. | 59895 | 18412322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Intuit, Inc. | 17881 | 11936462 |
| Kyndryl Holdings, Inc. \* | 112276 | 3247022 |
| Leidos Holdings, Inc. | 24882 | 4739275 |
| Maplebear, Inc. \* | 81457 | 3002505 |
| Meta Platforms, Inc., Class A | 43993 | 28522862 |
| Microsoft Corp. | 66867 | 34624401 |
| MongoDB, Inc., Class A \* | 14174 | 5100089 |
| Nutanix, Inc., Class A \* | 54065 | 3851591 |
| Okta, Inc. \* | 44337 | 4058166 |
| Oracle Corp. | 97107 | 25501269 |
| Palantir Technologies, Inc., Class A \* | 130956 | 26252749 |
| Palo Alto Networks, Inc. \* | 48307 | 10639134 |
| Paycom Software, Inc. | 17279 | 3232728 |
| Pegasystems, Inc. | 64196 | 4086075 |
| Pinterest, Inc., Class A \* | 116452 | 3854561 |
| Procore Technologies, Inc. \* | 53107 | 3920359 |
| PTC, Inc. \* | 21492 | 4267022 |
| Reddit, Inc., Class A \* | 19640 | 4103778 |
| Rubrik, Inc., Class A \* | 42095 | 3168491 |
| Salesforce, Inc. | 59938 | 15608455 |
| ServiceNow, Inc. \* | 13733 | 12624472 |
| Snowflake, Inc., Class A \* | 30327 | 8336286 |
| SS&C Technologies Holdings, Inc. | 47996 | 4075820 |
| Strategy, Inc., Class A \* | 23071 | 6217865 |
| Synopsys, Inc. \* | 14790 | 6711998 |
| Toast, Inc., Class A \* | 102592 | 3707675 |
| Twilio, Inc., Class A \* | 37643 | 5077288 |
| Unity Software, Inc. \* | 91100 | 3452690 |
| VeriSign, Inc. | 16083 | 3856703 |
| Zoom Communications, Inc., Class A \* | 52854 | 4610454 |
| Zscaler, Inc. \* | 16993 | 5627062 |
|  |  | 432881477 |
| **Technology Hardware & Equipment — 15.0%** | **Technology Hardware & Equipment — 15.0%** | **Technology Hardware & Equipment — 15.0%** |
| Allegro MicroSystems, Inc. (Japan) \* | 34328 | 1027094 |
| Amphenol Corp., Class A | 90326 | 12586025 |
| Analog Devices, Inc. | 36772 | 8609428 |
| Apple, Inc. | 123529 | 33398536 |
| Astera Labs, Inc. \* | 23642 | 4413488 |
| Avnet, Inc. | 56048 | 2715526 |
| Broadcom, Inc. | 98839 | 36533860 |
| Coherent Corp. \* | 41586 | 5487688 |
| Corning, Inc. | 85578 | 7623288 |
| Flex Ltd. \* | 78350 | 4898442 |
| Intel Corp. \* | 87740 | 3508723 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Jabil, Inc. | 21097 | 4660116 |
| KLA Corp. | 8505 | 10280334 |
| Lam Research Corp. | 96159 | 15141196 |
| Lattice Semiconductor Corp. \* | 57032 | 4161055 |
| MACOM Technology Solutions Holdings, Inc. \* | 26885 | 3982475 |
| Micron Technology, Inc. | 81128 | 18154012 |
| NVIDIA Corp. | 198185 | 40130480 |
| Pure Storage, Inc., Class A \* | 57283 | 5653832 |
| Sandisk Corp. \* | 22051 | 4395426 |
| TD SYNNEX Corp. | 25946 | 4060289 |
| Texas Instruments, Inc. | 61963 | 10004546 |
| Vertiv Holdings Co., Class A | 45793 | 8831638 |
| Western Digital Corp. | 53317 | 8008747 |
|  |  | 258266244 |
| **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** |
| Cisco Systems, Inc. | 41451 | 3030483 |
| Lumentum Holdings, Inc. \* | 24681 | 4974702 |
| Ubiquiti, Inc. | 5960 | 4691593 |
|  |  | 12696778 |
| **Telecommunications Service Providers — 1.2%** | **Telecommunications Service Providers — 1.2%** | **Telecommunications Service Providers — 1.2%** |
| AT&T, Inc. | 462995 | 11459126 |
| GCI Liberty, Inc. Escrow ‡ \* | 3962 |  |
| Millicom International Cellular SA (Guatemala) | 27615 | 1300943 |
| T-Mobile US, Inc. | 35831 | 7526301 |
|  |  | 20286370 |
| **Tobacco — 1.3%** | **Tobacco — 1.3%** | **Tobacco — 1.3%** |
| Altria Group, Inc. | 134172 | 7564617 |
| Philip Morris International, Inc. | 98477 | 14213186 |
|  |  | 21777803 |
| **Travel & Leisure — 2.0%** | **Travel & Leisure — 2.0%** | **Travel & Leisure — 2.0%** |
| Aramark | 54522 | 2065293 |
| Booking Holdings, Inc. | 2228 | 11313205 |
| Hilton Worldwide Holdings, Inc. | 23734 | 6098689 |
| Live Nation Entertainment, Inc. \* | 12545 | 1875854 |
| Royal Caribbean Cruises Ltd. | 22090 | 6336075 |
| Texas Roadhouse, Inc. | 13173 | 2154839 |
| United Airlines Holdings, Inc. \* | 47458 | 4462950 |
|  |  | 34306905 |
| **Waste & Disposal Services — 0.3%** | **Waste & Disposal Services — 0.3%** | **Waste & Disposal Services — 0.3%** |
| Republic Services, Inc., Class A | 23153 | 4821381 |
| Total Common Stocks <br>(Cost $1,470,571,687)<br>|  | 1722824389 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 119

------

JPMorgan U.S. Momentum Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **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, 4.00% (a) (b)(Cost <br> $2,121,409)<br>| 2121409 | 2121409 |
| **Total Investments — 99.9%** <br>**(Cost $1,472,693,096)**<br>|  | **1724945798** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **886812** |
| **NET ASSETS — 100.0%** |  | **1725832610** |

---

&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. <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 October 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2404763 | &nbsp;&nbsp;&nbsp;&nbsp; 55272 |

---

&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;

120 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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. | 68720 | 33801994 |
| **Automobiles & Parts — 0.0% ^** | **Automobiles & Parts — 0.0% ^** | **Automobiles & Parts — 0.0% ^** |
| Gentex Corp. | 95219 | 2232886 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Commerce Bancshares, Inc. | 220706 | 11615757 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Monster Beverage Corp. \* | 382487 | 25561606 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| CF Industries Holdings, Inc. | 157800 | 13143162 |
| Linde plc | 135986 | 56882944 |
|  |  | 70026106 |
| **Construction & Materials — 1.5%** | **Construction & Materials — 1.5%** | **Construction & Materials — 1.5%** |
| A O Smith Corp. | 103110 | 6804229 |
| Acuity, Inc. | 50105 | 18290830 |
| Advanced Drainage Systems, Inc. | 75912 | 10631475 |
| Builders FirstSource, Inc. \* | 72087 | 8374347 |
| Carlisle Cos., Inc. | 46755 | 15197713 |
| Eagle Materials, Inc. | 39226 | 8328464 |
| EMCOR Group, Inc. | 33406 | 22575107 |
| Louisiana-Pacific Corp. | 56168 | 4892794 |
| Trane Technologies plc | 11364 | 5098459 |
| Watsco, Inc. | 34367 | 12647400 |
|  |  | 112840818 |
| **Consumer Services — 1.2%** | **Consumer Services — 1.2%** | **Consumer Services — 1.2%** |
| Copart, Inc. \* | 461470 | 19847825 |
| eBay, Inc. | 261576 | 21268744 |
| Grand Canyon Education, Inc. \* | 78311 | 14745961 |
| H&R Block, Inc. | 277554 | 13805536 |
| Rollins, Inc. | 311193 | 17927829 |
|  |  | 87595895 |
| **Electricity — 0.8%** | **Electricity — 0.8%** | **Electricity — 0.8%** |
| Consolidated Edison, Inc. | 157402 | 15332529 |
| Evergy, Inc. | 159249 | 12231915 |
| NRG Energy, Inc. | 135844 | 23346150 |
| OGE Energy Corp. | 208014 | 9181738 |
|  |  | 60092332 |
| **Electronic & Electrical Equipment — 0.9%** | **Electronic & Electrical Equipment — 0.9%** | **Electronic & Electrical Equipment — 0.9%** |
| Donaldson Co., Inc. | 155823 | 13128088 |
| IDEX Corp. | 66073 | 11328876 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** | **Electronic & Electrical Equipment — continued** |
| Keysight Technologies, Inc. \* | 104657 | 19148045 |
| Mettler-Toledo International, Inc. \* | 15617 | 22118201 |
|  |  | 65723210 |
| **Finance & Credit Services — 1.1%** | **Finance & Credit Services — 1.1%** | **Finance & Credit Services — 1.1%** |
| FactSet Research Systems, Inc. | 38737 | 10335032 |
| Moody's Corp. | 64148 | 30810284 |
| S&P Global, Inc. | 81312 | 39616020 |
|  |  | 80761336 |
| **Food Producers — 0.2%** | **Food Producers — 0.2%** | **Food Producers — 0.2%** |
| Ingredion, Inc. | 117131 | 13518089 |
| **Gas, Water & Multi-utilities — 0.7%** | **Gas, Water & Multi-utilities — 0.7%** | **Gas, Water & Multi-utilities — 0.7%** |
| National Fuel Gas Co. | 187659 | 14808172 |
| UGI Corp. | 437769 | 14634617 |
| WEC Energy Group, Inc. | 204404 | 22838059 |
|  |  | 52280848 |
| **General Industrials — 1.1%** | **General Industrials — 1.1%** | **General Industrials — 1.1%** |
| GE Vernova, Inc. | 86209 | 50444334 |
| Illinois Tool Works, Inc. | 118733 | 28961353 |
| RPM International, Inc. | 638 | 69721 |
|  |  | 79475408 |
| **Health Care Providers — 0.3%** | **Health Care Providers — 0.3%** | **Health Care Providers — 0.3%** |
| Chemed Corp. | 27438 | 11834009 |
| DaVita, Inc. \* | 92321 | 10988046 |
|  |  | 22822055 |
| **Household Goods & Home Construction — 0.2%** | **Household Goods & Home Construction — 0.2%** | **Household Goods & Home Construction — 0.2%** |
| NVR, Inc. \* | 1969 | 14198105 |
| **Industrial Engineering — 0.5%** | **Industrial Engineering — 0.5%** | **Industrial Engineering — 0.5%** |
| Graco, Inc. | 166236 | 13593118 |
| Lincoln Electric Holdings, Inc. | 72364 | 16965740 |
| Snap-on, Inc. | 31183 | 10463455 |
|  |  | 41022313 |
| **Industrial Metals & Mining — 0.4%** | **Industrial Metals & Mining — 0.4%** | **Industrial Metals & Mining — 0.4%** |
| Fastenal Co. | 147936 | 6087567 |
| Reliance, Inc. | 13930 | 3934250 |
| Southern Copper Corp. (Mexico) | 129754 | 18009855 |
|  |  | 28031672 |
| **Industrial Support Services — 6.1%** | **Industrial Support Services — 6.1%** | **Industrial Support Services — 6.1%** |
| Accenture plc, Class A | 173907 | 43494141 |
| Automatic Data Processing, Inc. | 140546 | 36584124 |
| Cintas Corp. | 146074 | 26770982 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 121

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| Corpay, Inc. \* | 34141 | 8888609 |
| Jack Henry & Associates, Inc. | 77692 | 11571447 |
| Mastercard, Inc., Class A | 206460 | 113963855 |
| MSC Industrial Direct Co., Inc., Class A | 104154 | 8843716 |
| Paychex, Inc. | 170640 | 19969999 |
| Verisk Analytics, Inc., Class A | 85668 | 18740732 |
| Visa, Inc., Class A | 422322 | 143901998 |
| WW Grainger, Inc. | 23004 | 22520916 |
|  |  | 455250519 |
| **Industrial Transportation — 1.1%** | **Industrial Transportation — 1.1%** | **Industrial Transportation — 1.1%** |
| Allison Transmission Holdings, Inc. | 147396 | 12167540 |
| Expeditors International of Washington, Inc. | 114745 | 13987415 |
| Landstar System, Inc. | 83031 | 10663671 |
| Union Pacific Corp. | 198148 | 43665875 |
| United Parcel Service, Inc., Class B | 21219 | 2045936 |
|  |  | 82530437 |
| **Investment Banking & Brokerage Services — 4.1%** | **Investment Banking & Brokerage Services — 4.1%** | **Investment Banking & Brokerage Services — 4.1%** |
| Ameriprise Financial, Inc. | 51404 | 23274189 |
| Berkshire Hathaway, Inc., Class B \* | 289520 | 138257381 |
| Blackrock, Inc. | 43832 | 47461728 |
| Broadridge Financial Solutions, Inc. | 84646 | 18655978 |
| Cboe Global Markets, Inc. | 76867 | 18881610 |
| CME Group, Inc. | 62957 | 16714454 |
| Intercontinental Exchange, Inc. | 172406 | 25221274 |
| Nasdaq, Inc. | 28646 | 2448946 |
| SEI Investments Co. | 192208 | 15493887 |
|  |  | 306409447 |
| **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** | **Leisure Goods — 0.6%** |
| Electronic Arts, Inc. | 143374 | 28683402 |
| Pool Corp. | 42771 | 11422423 |
| YETI Holdings, Inc. \* | 243448 | 8274798 |
|  |  | 48380623 |
| **Life Insurance — 0.5%** | **Life Insurance — 0.5%** | **Life Insurance — 0.5%** |
| Aflac, Inc. | 246278 | 26398539 |
| Primerica, Inc. | 35216 | 9151582 |
|  |  | 35550121 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Fox Corp., Class A | 171056 | 11058771 |
| New York Times Co. (The), Class A | 206585 | 11773279 |
| Nexstar Media Group, Inc. | 47232 | 9244719 |
| Spotify Technology SA \* | 50784 | 33279771 |
|  |  | 65356540 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Medical Equipment & Services — 1.9%** | **Medical Equipment & Services — 1.9%** | **Medical Equipment & Services — 1.9%** |
| Abbott Laboratories | 197780 | 24449564 |
| Agilent Technologies, Inc. | 148306 | 21706066 |
| Bio-Techne Corp. | 47398 | 2965693 |
| Hologic, Inc. \* | 208773 | 15430412 |
| IDEXX Laboratories, Inc. \* | 40884 | 25736887 |
| Penumbra, Inc. \* | 57993 | 13185868 |
| QIAGEN NV | 117197 | 5490679 |
| ResMed, Inc. | 85691 | 21155394 |
| STERIS plc | 49071 | 11566035 |
| Waters Corp. \* | 11008 | 3848397 |
|  |  | 145534995 |
| **Non-life Insurance — 4.1%** | **Non-life Insurance — 4.1%** | **Non-life Insurance — 4.1%** |
| Allstate Corp. (The) | 94327 | 18065507 |
| American Financial Group, Inc. | 65637 | 8643080 |
| Aon plc, Class A | 82295 | 28036261 |
| Arch Capital Group Ltd. | 218578 | 18865467 |
| Arthur J Gallagher & Co. | 103831 | 25904796 |
| Brown & Brown, Inc. | 187824 | 14977086 |
| Chubb Ltd. | 119589 | 33118978 |
| Fidelity National Financial, Inc. | 217609 | 12020721 |
| Hartford Insurance Group, Inc. (The) | 139512 | 17324600 |
| Markel Group, Inc. \* | 730 | 1441407 |
| Marsh & McLennan Cos., Inc. | 179815 | 32034042 |
| Old Republic International Corp. | 228923 | 9033302 |
| Progressive Corp. (The) | 149871 | 30873426 |
| RLI Corp. | 126666 | 7468227 |
| Travelers Cos., Inc. (The) | 103799 | 27882488 |
| WR Berkley Corp. | 260180 | 18561241 |
|  |  | 304250629 |
| **Non-Renewable Energy — 3.0%** | **Non-Renewable Energy — 3.0%** | **Non-Renewable Energy — 3.0%** |
| Antero Midstream Corp. | 164592 | 2839212 |
| Chevron Corp. | 326684 | 51524600 |
| ConocoPhillips | 264417 | 23496095 |
| Coterra Energy, Inc. | 68518 | 1621136 |
| EOG Resources, Inc. | 186011 | 19687404 |
| Exxon Mobil Corp. | 972978 | 111269764 |
| TechnipFMC plc (United Kingdom) | 274863 | 11365585 |
|  |  | 221803796 |
| **Personal Care, Drug & Grocery Stores — 2.2%** | **Personal Care, Drug & Grocery Stores — 2.2%** | **Personal Care, Drug & Grocery Stores — 2.2%** |
| Church & Dwight Co., Inc. | 178439 | 15647316 |
| Clorox Co. (The) | 97274 | 10939434 |
| Colgate-Palmolive Co. | 335995 | 25888415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Personal Care, Drug & Grocery Stores — continued** | **Personal Care, Drug & Grocery Stores — continued** | **Personal Care, Drug & Grocery Stores — continued** |
| Kimberly-Clark Corp. | 182535 | 21851265 |
| Procter & Gamble Co. (The) | 589428 | 88632288 |
|  |  | 162958718 |
| **Personal Goods — 1.2%** | **Personal Goods — 1.2%** | **Personal Goods — 1.2%** |
| Crocs, Inc. \* | 79980 | 6533566 |
| Deckers Outdoor Corp. \* | 119405 | 9731508 |
| Lululemon Athletica, Inc. \* | 99835 | 17025861 |
| NIKE, Inc., Class B | 457053 | 29521053 |
| On Holding AG, Class A (Switzerland) \* | 178541 | 6632798 |
| Ralph Lauren Corp. | 55659 | 17791956 |
|  |  | 87236742 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5%** |
| AbbVie, Inc. | 453544 | 98890734 |
| Amgen, Inc. | 46529 | 13885649 |
| Bristol-Myers Squibb Co. | 661545 | 30477378 |
| Gilead Sciences, Inc. | 405472 | 48571491 |
| Jazz Pharmaceuticals plc \* | 111885 | 15399851 |
| Johnson & Johnson | 618657 | 116845748 |
| Medpace Holdings, Inc. \* | 35223 | 20602285 |
| Merck & Co., Inc. | 697801 | 59996930 |
| Regeneron Pharmaceuticals, Inc. | 31671 | 20643158 |
| Royalty Pharma plc, Class A | 377519 | 14172063 |
| United Therapeutics Corp. \* | 45430 | 20235885 |
| Zoetis, Inc. | 191733 | 27626808 |
|  |  | 487347980 |
| **Precious Metals & Mining — 0.1%** | **Precious Metals & Mining — 0.1%** | **Precious Metals & Mining — 0.1%** |
| Royal Gold, Inc. | 44162 | 7719076 |
| **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** |
| American Tower Corp. | 104712 | 18741354 |
| Camden Property Trust | 60857 | 6054054 |
| Crown Castle, Inc. | 83442 | 7528137 |
| CubeSmart | 71325 | 2686813 |
| Equity LifeStyle Properties, Inc. | 133933 | 8176610 |
| Equity Residential | 82945 | 4930251 |
| Extra Space Storage, Inc. | 58958 | 7873251 |
| Gaming and Leisure Properties, Inc. | 94280 | 4210545 |
| Host Hotels & Resorts, Inc. | 895084 | 14339246 |
| Lamar Advertising Co., Class A | 131969 | 15650204 |
| Mid-America Apartment Communities, Inc. | 99079 | 12704900 |
| Public Storage | 76492 | 21307611 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| Simon Property Group, Inc. | 124475 | 21877726 |
| Weyerhaeuser Co. | 389887 | 8967401 |
|  |  | 155048103 |
| **Renewable Energy — 0.0% ^** | **Renewable Energy — 0.0% ^** | **Renewable Energy — 0.0% ^** |
| Enphase Energy, Inc. \* | 83242 | 2539713 |
| **Retailers — 5.9%** | **Retailers — 5.9%** | **Retailers — 5.9%** |
| Best Buy Co., Inc. | 120870 | 9928262 |
| Costco Wholesale Corp. | 113800 | 103723010 |
| Dollar Tree, Inc. \* | 125831 | 12472369 |
| Etsy, Inc. \* | 294333 | 18248646 |
| Home Depot, Inc. (The) | 256970 | 97543242 |
| Lowe's Cos., Inc. | 147490 | 35121794 |
| O'Reilly Automotive, Inc. \* | 330360 | 31199198 |
| Ross Stores, Inc. | 160503 | 25507137 |
| TJX Cos., Inc. (The) | 354953 | 49743113 |
| Tractor Supply Co. | 129352 | 6999237 |
| Ulta Beauty, Inc. \* | 24115 | 12536906 |
| Walmart, Inc. | 181583 | 18372568 |
| Williams-Sonoma, Inc. | 99193 | 19277168 |
|  |  | 440672650 |
| **Software & Computer Services — 24.3%** | **Software & Computer Services — 24.3%** | **Software & Computer Services — 24.3%** |
| Adobe, Inc. \* | 137017 | 46628255 |
| Akamai Technologies, Inc. \* | 192329 | 14443908 |
| Alphabet, Inc., Class A | 626971 | 176297976 |
| Amdocs Ltd. | 195866 | 16503669 |
| AppLovin Corp., Class A \* | 83161 | 53001000 |
| Atlassian Corp., Class A \* | 121477 | 20580633 |
| Autodesk, Inc. \* | 92591 | 27901372 |
| Bentley Systems, Inc., Class B | 308862 | 15699455 |
| Cadence Design Systems, Inc. \* | 102741 | 34797349 |
| CCC Intelligent Solutions Holdings, Inc. \* | 75789 | 660880 |
| Cognizant Technology Solutions Corp., Class A | 315066 | 22962010 |
| Crowdstrike Holdings, Inc., Class A \* | 89678 | 48696051 |
| Datadog, Inc., Class A \* | 176965 | 28811672 |
| Docusign, Inc. \* | 212913 | 15572457 |
| Dolby Laboratories, Inc., Class A | 93501 | 6200986 |
| DoorDash, Inc., Class A \* | 139607 | 35511833 |
| DoubleVerify Holdings, Inc. \* | 689089 | 7841833 |
| Dropbox, Inc., Class A \* | 534482 | 15499978 |
| DXC Technology Co. \* | 533684 | 7578313 |
| Dynatrace, Inc. \* | 360002 | 18205301 |
| Elastic NV \* | 190074 | 16958402 |
| F5, Inc. \* | 59459 | 15046100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 123

------

JPMorgan U.S. Quality Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| Fortinet, Inc. \* | 328590 | 28400034 |
| Gartner, Inc. \* | 76586 | 19019367 |
| Gen Digital, Inc. | 607269 | 16007611 |
| GoDaddy, Inc., Class A \* | 132030 | 17577154 |
| HubSpot, Inc. \* | 41534 | 20431405 |
| Informatica, Inc., Class A \* | 299637 | 7451972 |
| Intuit, Inc. | 82716 | 55217066 |
| Leidos Holdings, Inc. | 67727 | 12899962 |
| Manhattan Associates, Inc. \* | 81763 | 14886589 |
| Maplebear, Inc. \* | 197461 | 7278412 |
| Match Group, Inc. | 440360 | 14241242 |
| Meta Platforms, Inc., Class A | 195815 | 126956655 |
| Microsoft Corp. | 297767 | 154186730 |
| Nutanix, Inc., Class A \* | 267486 | 19055703 |
| Okta, Inc. \* | 197713 | 18096671 |
| Palantir Technologies, Inc., Class A \* | 582826 | 116839128 |
| Palo Alto Networks, Inc. \* | 222064 | 48907375 |
| Paycom Software, Inc. | 69966 | 13089939 |
| Pegasystems, Inc. | 284835 | 18129748 |
| Pinterest, Inc., Class A \* | 314991 | 10426202 |
| Procore Technologies, Inc. \* | 132880 | 9809202 |
| PTC, Inc. \* | 95427 | 18946077 |
| Reddit, Inc., Class A \* | 54526 | 11393208 |
| RingCentral, Inc., Class A \* | 479089 | 14430161 |
| Roper Technologies, Inc. | 36128 | 16118507 |
| Salesforce, Inc. | 266736 | 69460722 |
| SentinelOne, Inc., Class A \* | 451951 | 8067325 |
| ServiceNow, Inc. \* | 62156 | 57138768 |
| Snowflake, Inc., Class A \* | 134934 | 37090658 |
| Synopsys, Inc. \* | 44455 | 20174568 |
| Teradata Corp. \* | 590967 | 12321662 |
| Toast, Inc., Class A \* | 271159 | 9799686 |
| Twilio, Inc., Class A \* | 167042 | 22530625 |
| Tyler Technologies, Inc. \* | 35895 | 17095353 |
| UiPath, Inc., Class A \* | 723870 | 11480578 |
| VeriSign, Inc. | 71369 | 17114286 |
| Workday, Inc., Class A \* | 111673 | 26792586 |
| Zoom Communications, Inc., Class A \* | 234560 | 20460669 |
| ZoomInfo Technologies, Inc. \* | 174808 | 1961346 |
| Zscaler, Inc. \* | 75472 | 24991798 |
|  |  | 1811676183 |
| **Technology Hardware & Equipment — 16.4%** | **Technology Hardware & Equipment — 16.4%** | **Technology Hardware & Equipment — 16.4%** |
| Amphenol Corp., Class A | 401983 | 56012311 |
| Analog Devices, Inc. | 170152 | 39837688 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Apple, Inc. | 614931 | 166258895 |
| Applied Materials, Inc. | 269169 | 62743294 |
| Avnet, Inc. | 21660 | 1049427 |
| Broadcom, Inc. | 439970 | 162626111 |
| Cirrus Logic, Inc. \* | 138672 | 18394841 |
| GLOBALFOUNDRIES, Inc. \* | 241825 | 8608970 |
| IPG Photonics Corp. \* | 86311 | 7346792 |
| Jabil, Inc. | 93604 | 20676188 |
| KLA Corp. | 45914 | 55498088 |
| Lam Research Corp. | 427904 | 67377764 |
| Lattice Semiconductor Corp. \* | 253092 | 18465592 |
| MACOM Technology Solutions Holdings, Inc. \* | 75276 | 11150634 |
| Marvell Technology, Inc. | 292827 | 27449603 |
| Monolithic Power Systems, Inc. | 27317 | 27453585 |
| NetApp, Inc. | 168549 | 19851701 |
| NVIDIA Corp. | 882539 | 178705321 |
| ON Semiconductor Corp. \* | 393882 | 19725611 |
| Pure Storage, Inc., Class A \* | 255099 | 25178271 |
| Qorvo, Inc. \* | 177475 | 16845927 |
| QUALCOMM, Inc. | 332826 | 60208223 |
| Skyworks Solutions, Inc. | 229252 | 17817465 |
| Super Micro Computer, Inc. \* | 287113 | 14918392 |
| Teradyne, Inc. | 158374 | 28786058 |
| Texas Instruments, Inc. | 224783 | 36293463 |
| Vertiv Holdings Co., Class A | 168997 | 32592761 |
| Western Digital Corp. | 150698 | 22636347 |
|  |  | 1224509323 |
| **Telecommunications Equipment — 1.8%** | **Telecommunications Equipment — 1.8%** | **Telecommunications Equipment — 1.8%** |
| Ciena Corp. \* | 156858 | 29790471 |
| Cisco Systems, Inc. | 1106877 | 80923777 |
| Motorola Solutions, Inc. | 58112 | 23634732 |
|  |  | 134348980 |
| **Telecommunications Service Providers — 0.3%** | **Telecommunications Service Providers — 0.3%** | **Telecommunications Service Providers — 0.3%** |
| AT&T, Inc. | 887019 | 21953720 |
| Iridium Communications, Inc. | 185849 | 3559009 |
|  |  | 25512729 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Altria Group, Inc. | 550473 | 31035668 |
| Philip Morris International, Inc. | 204338 | 29492103 |
|  |  | 60527771 |
| **Travel & Leisure — 4.2%** | **Travel & Leisure — 4.2%** | **Travel & Leisure — 4.2%** |
| Airbnb, Inc., Class A \* | 167801 | 21233538 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

124 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Travel & Leisure — continued** | **Travel & Leisure — continued** | **Travel & Leisure — continued** |
| Booking Holdings, Inc. | 9920 | 50371181 |
| Boyd Gaming Corp. | 108765 | 8469531 |
| Darden Restaurants, Inc. | 89955 | 16205393 |
| Domino's Pizza, Inc. | 21956 | 8748588 |
| Expedia Group, Inc. | 95483 | 21006260 |
| Hilton Worldwide Holdings, Inc. | 85373 | 21937446 |
| Madison Square Garden Sports Corp. \* | 61842 | 13258306 |
| Marriott International, Inc., Class A | 106362 | 27715810 |
| McDonald's Corp. | 200462 | 59823875 |
| Starbucks Corp. | 370446 | 29957968 |
| Texas Roadhouse, Inc. | 53604 | 8768542 |
| Wyndham Hotels & Resorts, Inc. | 77653 | 5702060 |
| Yum! Brands, Inc. | 138406 | 19129093 |
|  |  | 312327591 |
| **Waste & Disposal Services — 0.9%** | **Waste & Disposal Services — 0.9%** | **Waste & Disposal Services — 0.9%** |
| Clean Harbors, Inc. \* | 73671 | 15508482 |
| Republic Services, Inc., Class A | 104286 | 21716517 |
| Waste Management, Inc. | 148513 | 29668442 |
|  |  | 66893441 |
| Total Common Stocks <br>(Cost $6,741,971,014)<br>|  | 7445986537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **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, 4.00% (a) (b)(Cost <br> $6,662,084)<br>| 6662084 | 6662084 |
| **Total Investments — 99.9%** <br>**(Cost $6,748,633,098)**<br>|  | **7452648621** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **3984520** |
| **NET ASSETS — 100.0%** |  | **7456633141** |

---

&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) | 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 October 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8588438 | &nbsp;&nbsp;&nbsp;&nbsp; 160009 |

---

&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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 125

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&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 — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| General Dynamics Corp. | 6181 | 2131827 |
| Huntington Ingalls Industries, Inc. | 3774 | 1215303 |
| L3Harris Technologies, Inc. | 5954 | 1721301 |
| RTX Corp. | 5915 | 1055828 |
| Textron, Inc. | 10770 | 870324 |
|  |  | 6994583 |
| **Automobiles & Parts — 1.7%** | **Automobiles & Parts — 1.7%** | **Automobiles & Parts — 1.7%** |
| Aptiv plc \* | 12568 | 1019265 |
| BorgWarner, Inc. | 23356 | 1003374 |
| Ford Motor Co. | 155446 | 2041006 |
| General Motors Co. | 34017 | 2350234 |
| Gentex Corp. | 29065 | 681574 |
| Genuine Parts Co. | 8543 | 1087609 |
| Lear Corp. | 6563 | 686818 |
| LKQ Corp. | 23257 | 743294 |
|  |  | 9613174 |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| Bank of America Corp. | 60503 | 3233885 |
| Bank OZK | 15821 | 711787 |
| BOK Financial Corp. | 4474 | 467891 |
| Citigroup, Inc. | 41316 | 4182419 |
| Citizens Financial Group, Inc. | 27937 | 1421155 |
| Columbia Banking System, Inc. | 36024 | 965443 |
| Comerica, Inc. | 17735 | 1356728 |
| Fifth Third Bancorp | 34481 | 1435099 |
| First Hawaiian, Inc. | 27797 | 681860 |
| First Horizon Corp. | 56663 | 1210322 |
| FNB Corp. | 71195 | 1119185 |
| Huntington Bancshares, Inc. | 84714 | 1307984 |
| KeyCorp | 71926 | 1265178 |
| M&T Bank Corp. | 7669 | 1410099 |
| PNC Financial Services Group, Inc. (The) | 3473 | 633996 |
| Popular, Inc. (Puerto Rico) | 9686 | 1079699 |
| Prosperity Bancshares, Inc. | 10717 | 705393 |
| Regions Financial Corp. | 54521 | 1319408 |
| Synovus Financial Corp. | 23332 | 1041541 |
| Truist Financial Corp. | 44199 | 1972601 |
| US Bancorp | 46566 | 2173701 |
| Webster Financial Corp. | 16565 | 944868 |
| Western Alliance Bancorp | 13651 | 1055905 |
| Zions Bancorp NA | 18689 | 973884 |
|  |  | 32670031 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Molson Coors Beverage Co., Class B | 20760 | 907627 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Celanese Corp. | 6892 | 264928 |
| CF Industries Holdings, Inc. | 8789 | 732036 |
| Eastman Chemical Co. | 9520 | 566630 |
| FMC Corp. | 26879 | 407754 |
| LyondellBasell Industries NV, Class A | 17002 | 789233 |
| Mosaic Co. (The) | 33959 | 932175 |
|  |  | 3692756 |
| **Construction & Materials — 1.3%** | **Construction & Materials — 1.3%** | **Construction & Materials — 1.3%** |
| A O Smith Corp. | 9358 | 617534 |
| Acuity, Inc. | 3156 | 1152098 |
| Builders FirstSource, Inc. \* | 7151 | 830731 |
| CRH plc | 17749 | 2113906 |
| Fortune Brands Innovations, Inc. | 11516 | 585013 |
| Louisiana-Pacific Corp. | 6462 | 562905 |
| Mohawk Industries, Inc. \* | 5387 | 612179 |
| Owens Corning | 6861 | 873474 |
|  |  | 7347840 |
| **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** |
| eBay, Inc. | 19141 | 1556355 |
| H&R Block, Inc. | 17990 | 894823 |
| Service Corp. International | 14818 | 1237451 |
| U-Haul Holding Co. \* | 3809 | 202486 |
|  |  | 3891115 |
| **Electricity — 1.9%** | **Electricity — 1.9%** | **Electricity — 1.9%** |
| Brookfield Renewable Corp. (Canada) | 6216 | 268904 |
| Clearway Energy, Inc., Class C | 28430 | 907770 |
| Consolidated Edison, Inc. | 15911 | 1549891 |
| Dominion Energy, Inc. | 9530 | 559316 |
| Edison International | 26009 | 1440378 |
| Evergy, Inc. | 18412 | 1414226 |
| Exelon Corp. | 39932 | 1841664 |
| OGE Energy Corp. | 26049 | 1149803 |
| Pinnacle West Capital Corp. | 13064 | 1156425 |
| PPL Corp. | 5099 | 186215 |
|  |  | 10474592 |
| **Electronic & Electrical Equipment — 1.6%** | **Electronic & Electrical Equipment — 1.6%** | **Electronic & Electrical Equipment — 1.6%** |
| Crane NXT Co. | 12812 | 810359 |
| Johnson Controls International plc | 20669 | 2364327 |
| MKS, Inc. | 6457 | 927935 |
| nVent Electric plc | 9566 | 1093872 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

126 J.P. Morgan Exchange-Traded Funds October 31, 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 | 12408 | 1319591 |
| Sensata Technologies Holding plc | 28999 | 923038 |
| WESCO International, Inc. | 5698 | 1478802 |
|  |  | 8917924 |
| **Finance & Credit Services — 0.6%** | **Finance & Credit Services — 0.6%** | **Finance & Credit Services — 0.6%** |
| Ally Financial, Inc. | 30559 | 1190884 |
| MGIC Investment Corp. | 40148 | 1100858 |
| OneMain Holdings, Inc. | 19467 | 1152252 |
|  |  | 3443994 |
| **Food Producers — 2.0%** | **Food Producers — 2.0%** | **Food Producers — 2.0%** |
| Archer-Daniels-Midland Co. | 24918 | 1508287 |
| Bunge Global SA | 14445 | 1366497 |
| Campbell's Co. (The) | 20430 | 615556 |
| Conagra Brands, Inc. | 49080 | 843685 |
| Flowers Foods, Inc. | 35211 | 420067 |
| General Mills, Inc. | 25264 | 1177555 |
| Hormel Foods Corp. | 21508 | 464358 |
| Ingredion, Inc. | 7590 | 875962 |
| J M Smucker Co. (The) | 7310 | 756951 |
| Kraft Heinz Co. (The) | 49521 | 1224654 |
| Pilgrim's Pride Corp. | 11816 | 450190 |
| Post Holdings, Inc. \* | 6022 | 625866 |
| Tyson Foods, Inc., Class A | 13484 | 693212 |
|  |  | 11022840 |
| **Gas, Water & Multi-utilities — 0.6%** | **Gas, Water & Multi-utilities — 0.6%** | **Gas, Water & Multi-utilities — 0.6%** |
| Duke Energy Corp. | 5035 | 625851 |
| MDU Resources Group, Inc. | 61352 | 1176731 |
| National Fuel Gas Co. | 7306 | 576516 |
| UGI Corp. | 34684 | 1159486 |
|  |  | 3538584 |
| **General Industrials — 1.8%** | **General Industrials — 1.8%** | **General Industrials — 1.8%** |
| Amcor plc | 152392 | 1203897 |
| Crown Holdings, Inc. | 12511 | 1215819 |
| Dover Corp. | 7904 | 1434260 |
| Dow, Inc. | 26315 | 627613 |
| DuPont de Nemours, Inc. | 20277 | 1655617 |
| Graphic Packaging Holding Co. | 40789 | 652216 |
| Packaging Corp. of America | 6196 | 1212929 |
| Sealed Air Corp. | 18387 | 616148 |
| Silgan Holdings, Inc. | 20596 | 795418 |
| Sonoco Products Co. | 13339 | 541163 |
|  |  | 9955080 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Health Care Providers — 2.2%** | **Health Care Providers — 2.2%** | **Health Care Providers — 2.2%** |
| Centene Corp. \* | 19277 | 681828 |
| Cigna Group (The) | 7430 | 1815966 |
| Elevance Health, Inc. | 5911 | 1874969 |
| Encompass Health Corp. | 7658 | 871863 |
| Humana, Inc. | 3776 | 1050446 |
| Tenet Healthcare Corp. \* | 6576 | 1357878 |
| UnitedHealth Group, Inc. | 10235 | 3495867 |
| Universal Health Services, Inc., Class B | 5918 | 1284265 |
|  |  | 12433082 |
| **Household Goods & Home Construction — 1.2%** | **Household Goods & Home Construction — 1.2%** | **Household Goods & Home Construction — 1.2%** |
| DR Horton, Inc. | 9361 | 1395538 |
| Lennar Corp., Class A | 8889 | 1100191 |
| Newell Brands, Inc. | 57763 | 196394 |
| NVR, Inc. \* | 110 | 793190 |
| PulteGroup, Inc. | 10157 | 1217520 |
| Toll Brothers, Inc. | 8006 | 1080410 |
| Whirlpool Corp. | 8144 | 583355 |
|  |  | 6366598 |
| **Industrial Engineering — 2.5%** | **Industrial Engineering — 2.5%** | **Industrial Engineering — 2.5%** |
| AGCO Corp. | 9395 | 969188 |
| Brunswick Corp. | 12274 | 811434 |
| Caterpillar, Inc. | 10138 | 5852262 |
| CNH Industrial NV | 91809 | 963076 |
| Cummins, Inc. | 4941 | 2162577 |
| Gates Industrial Corp. plc \* | 33677 | 743588 |
| Snap-on, Inc. | 3961 | 1329114 |
| Stanley Black & Decker, Inc. | 9418 | 637787 |
| Toro Co. (The) | 7129 | 532750 |
|  |  | 14001776 |
| **Industrial Metals & Mining — 0.6%** | **Industrial Metals & Mining — 0.6%** | **Industrial Metals & Mining — 0.6%** |
| Alcoa Corp. | 15536 | 571569 |
| Nucor Corp. | 10671 | 1601184 |
| Reliance, Inc. | 4089 | 1154856 |
|  |  | 3327609 |
| **Industrial Support Services — 2.0%** | **Industrial Support Services — 2.0%** | **Industrial Support Services — 2.0%** |
| ADT, Inc. | 129070 | 1140979 |
| Booz Allen Hamilton Holding Corp. | 4245 | 369994 |
| Capital One Financial Corp. | 12550 | 2760875 |
| Fidelity National Information Services, Inc. | 8322 | 520291 |
| Genpact Ltd. | 16304 | 621998 |
| Global Payments, Inc. | 10654 | 828455 |
| ManpowerGroup, Inc. | 18255 | 559698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 127

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| MSC Industrial Direct Co., Inc., Class A | 11473 | 974172 |
| Robert Half, Inc. | 15671 | 410424 |
| Synchrony Financial | 20318 | 1511253 |
| Western Union Co. (The) | 118576 | 1106314 |
|  |  | 10804453 |
| **Industrial Transportation — 1.7%** | **Industrial Transportation — 1.7%** | **Industrial Transportation — 1.7%** |
| Air Lease Corp. | 6063 | 387183 |
| Allison Transmission Holdings, Inc. | 11191 | 923817 |
| FedEx Corp. | 7762 | 1970151 |
| Oshkosh Corp. | 8766 | 1080760 |
| PACCAR, Inc. | 17572 | 1729085 |
| Ryder System, Inc. | 6404 | 1083749 |
| Schneider National, Inc., Class B | 19168 | 409620 |
| United Parcel Service, Inc., Class B | 16414 | 1582638 |
|  |  | 9167003 |
| **Investment Banking & Brokerage Services — 1.4%** | **Investment Banking & Brokerage Services — 1.4%** | **Investment Banking & Brokerage Services — 1.4%** |
| Bank of New York Mellon Corp. (The) | 4364 | 471007 |
| Franklin Resources, Inc. | 35614 | 805233 |
| Invesco Ltd. | 54949 | 1302291 |
| Janus Henderson Group plc | 26406 | 1150245 |
| Jefferies Financial Group, Inc. | 8305 | 438753 |
| Principal Financial Group, Inc. | 16379 | 1376491 |
| State Street Corp. | 14156 | 1637283 |
| Voya Financial, Inc. | 6478 | 482352 |
|  |  | 7663655 |
| **Leisure Goods — 1.0%** | **Leisure Goods — 1.0%** | **Leisure Goods — 1.0%** |
| Garmin Ltd. | 7198 | 1539940 |
| Harley-Davidson, Inc. | 27509 | 742193 |
| Hasbro, Inc. | 10349 | 789732 |
| Mattel, Inc. \* | 30717 | 564578 |
| Pool Corp. | 1815 | 484714 |
| Thor Industries, Inc. | 10005 | 1044022 |
| YETI Holdings, Inc. \* | 17506 | 595029 |
|  |  | 5760208 |
| **Life Insurance — 0.6%** | **Life Insurance — 0.6%** | **Life Insurance — 0.6%** |
| Lincoln National Corp. | 17718 | 744156 |
| Prudential Financial, Inc. | 15678 | 1630512 |
| Unum Group | 14737 | 1081991 |
|  |  | 3456659 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| Fox Corp., Class A | 20983 | 1356551 |
| Interpublic Group of Cos., Inc. (The) | 31510 | 808547 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| New York Times Co. (The), Class A | 11569 | 659317 |
| News Corp., Class A | 42837 | 1135180 |
| Nexstar Media Group, Inc. | 5637 | 1103330 |
| Omnicom Group, Inc. | 13148 | 986363 |
| Sirius XM Holdings, Inc. (a) | 25748 | 558474 |
| Walt Disney Co. (The) | 31673 | 3567013 |
| Warner Bros Discovery, Inc. \* | 86535 | 1942711 |
|  |  | 12117486 |
| **Medical Equipment & Services — 1.3%** | **Medical Equipment & Services — 1.3%** | **Medical Equipment & Services — 1.3%** |
| Becton Dickinson & Co. | 1354 | 241973 |
| Henry Schein, Inc. \* | 5328 | 336730 |
| Labcorp Holdings, Inc. | 3388 | 860417 |
| Medtronic plc | 29042 | 2634109 |
| Quest Diagnostics, Inc. | 7342 | 1291825 |
| Revvity, Inc. (a) | 5819 | 544600 |
| Teleflex, Inc. | 1903 | 236866 |
| Zimmer Biomet Holdings, Inc. | 8374 | 842090 |
|  |  | 6988610 |
| **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** |
| AGNC Investment Corp. (a) | 56900 | 569000 |
| Annaly Capital Management, Inc. | 43004 | 910395 |
| Rithm Capital Corp. | 90983 | 998083 |
| Starwood Property Trust, Inc. | 44464 | 808356 |
|  |  | 3285834 |
| **Non-life Insurance — 1.0%** | **Non-life Insurance — 1.0%** | **Non-life Insurance — 1.0%** |
| American International Group, Inc. | 10909 | 861375 |
| Assured Guaranty Ltd. | 11979 | 965268 |
| Axis Capital Holdings Ltd. | 10477 | 981276 |
| Everest Group Ltd. | 972 | 305713 |
| First American Financial Corp. | 14802 | 925273 |
| Old Republic International Corp. | 30388 | 1199110 |
| Reinsurance Group of America, Inc. | 2458 | 448487 |
|  |  | 5686502 |
| **Non-Renewable Energy — 2.9%** | **Non-Renewable Energy — 2.9%** | **Non-Renewable Energy — 2.9%** |
| APA Corp. | 53161 | 1204097 |
| Chevron Corp. | 25406 | 4007034 |
| Chord Energy Corp. | 7231 | 655996 |
| Civitas Resources, Inc. | 32847 | 946979 |
| Coterra Energy, Inc. | 48648 | 1151012 |
| Devon Energy Corp. | 20658 | 671179 |
| Diamondback Energy, Inc. | 2980 | 426706 |
| HF Sinclair Corp. | 21345 | 1101402 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

128 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Kinder Morgan, Inc. | 68764 | 1800929 |
| NOV, Inc. | 27783 | 405632 |
| Ovintiv, Inc. | 25430 | 953879 |
| Permian Resources Corp. | 87911 | 1104162 |
| Valero Energy Corp. | 9085 | 1540453 |
|  |  | 15969460 |
| **Personal Care, Drug & Grocery Stores — 0.9%** | **Personal Care, Drug & Grocery Stores — 0.9%** | **Personal Care, Drug & Grocery Stores — 0.9%** |
| Albertsons Cos., Inc., Class A | 50291 | 889648 |
| CVS Health Corp. | 34969 | 2732827 |
| Kroger Co. (The) | 22845 | 1453627 |
|  |  | 5076102 |
| **Personal Goods — 1.2%** | **Personal Goods — 1.2%** | **Personal Goods — 1.2%** |
| Columbia Sportswear Co. | 8582 | 425925 |
| Crocs, Inc. \* | 6153 | 502639 |
| Estee Lauder Cos., Inc. (The), Class A | 11202 | 1083121 |
| NIKE, Inc., Class B | 26736 | 1726878 |
| PVH Corp. | 10977 | 859828 |
| Ralph Lauren Corp. | 4072 | 1301655 |
| VF Corp. | 49014 | 688157 |
|  |  | 6588203 |
| **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.1%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.1%** | **Pharmaceuticals, Biotechnology & Marijuana Producers — 5.1%** |
| Amgen, Inc. | 11018 | 3288102 |
| Biogen, Inc. \* | 3339 | 515108 |
| Bristol-Myers Squibb Co. | 43141 | 1987506 |
| Gilead Sciences, Inc. | 28113 | 3367656 |
| Jazz Pharmaceuticals plc \* | 4953 | 681731 |
| Johnson & Johnson | 42134 | 7957849 |
| Merck & Co., Inc. | 42938 | 3691809 |
| Organon & Co. | 30929 | 208771 |
| Perrigo Co. plc | 22954 | 476066 |
| Pfizer, Inc. | 122836 | 3027907 |
| Royalty Pharma plc, Class A | 23045 | 865109 |
| United Therapeutics Corp. \* | 2898 | 1290856 |
| Viatris, Inc. | 95542 | 989815 |
|  |  | 28348285 |
| **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** |
| EPR Properties | 19177 | 940057 |
| Gaming and Leisure Properties, Inc. | 13658 | 609966 |
| Highwoods Properties, Inc. | 31193 | 893056 |
| Host Hotels & Resorts, Inc. | 42293 | 677534 |
| Kilroy Realty Corp. | 18868 | 797173 |
| Kimco Realty Corp. | 51546 | 1064940 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| Medical Properties Trust, Inc. (a) | 112937 | 583884 |
| NNN REIT, Inc. | 12751 | 515905 |
| Omega Healthcare Investors, Inc. | 28952 | 1216853 |
| Park Hotels & Resorts, Inc. | 58847 | 605536 |
| Simon Property Group, Inc. | 10508 | 1846886 |
| VICI Properties, Inc., Class A | 47153 | 1414118 |
| WP Carey, Inc. | 6335 | 418110 |
|  |  | 11584018 |
| **Retailers — 3.4%** | **Retailers — 3.4%** | **Retailers — 3.4%** |
| AutoNation, Inc. \* | 5034 | 1006146 |
| Bath & Body Works, Inc. | 24552 | 601033 |
| Best Buy Co., Inc. | 14560 | 1195959 |
| Dick's Sporting Goods, Inc. | 5472 | 1211775 |
| Dillard's, Inc., Class A | 1349 | 809508 |
| Dollar General Corp. | 7924 | 781782 |
| Gap, Inc. (The) | 39738 | 908013 |
| Home Depot, Inc. (The) | 11134 | 4226355 |
| Lithia Motors, Inc., Class A | 3428 | 1076666 |
| Lowe's Cos., Inc. | 6562 | 1562609 |
| Macy's, Inc. | 51333 | 1000480 |
| Murphy USA, Inc. | 1784 | 639029 |
| Penske Automotive Group, Inc. | 5889 | 942652 |
| Tapestry, Inc. | 4254 | 467174 |
| Target Corp. | 12645 | 1172444 |
| Williams-Sonoma, Inc. | 7256 | 1410131 |
|  |  | 19011756 |
| **Software & Computer Services — 19.6%** | **Software & Computer Services — 19.6%** | **Software & Computer Services — 19.6%** |
| Adobe, Inc. \* | 9746 | 3316661 |
| Akamai Technologies, Inc. \* | 16059 | 1206031 |
| Alphabet, Inc., Class A | 46059 | 12951330 |
| Amdocs Ltd. | 14334 | 1207783 |
| Bentley Systems, Inc., Class B | 14120 | 717720 |
| CACI International, Inc., Class A \* | 2627 | 1477031 |
| CCC Intelligent Solutions Holdings, Inc. \* | 65734 | 573200 |
| Clarivate plc \* | 208336 | 708342 |
| Cognizant Technology Solutions Corp., Class A | 23057 | 1680394 |
| Concentrix Corp. | 20758 | 836755 |
| Dayforce, Inc. \* | 10115 | 695305 |
| Docusign, Inc. \* | 16771 | 1226631 |
| Dolby Laboratories, Inc., Class A | 14492 | 961109 |
| DoubleVerify Holdings, Inc. \* | 74067 | 842882 |
| Dropbox, Inc., Class A \* | 37518 | 1088022 |
| DXC Technology Co. \* | 58983 | 837559 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 129

------

JPMorgan U.S. Value Factor ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (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** |
| Dynatrace, Inc. \* | 15495 | 783582 |
| EPAM Systems, Inc. \* | 7256 | 1186646 |
| F5, Inc. \* | 4335 | 1096972 |
| Fortinet, Inc. \* | 16344 | 1412612 |
| Gartner, Inc. \* | 5606 | 1392194 |
| Gen Digital, Inc. | 45493 | 1199196 |
| Globant SA \* | 17782 | 1095016 |
| GoDaddy, Inc., Class A \* | 8077 | 1075291 |
| Hewlett Packard Enterprise Co. | 67203 | 1641097 |
| IAC, Inc. \* | 24567 | 791549 |
| Informatica, Inc., Class A \* | 43323 | 1077443 |
| International Business Machines Corp. | 19584 | 6020317 |
| Intuit, Inc. | 5742 | 3833072 |
| KBR, Inc. | 23801 | 1019635 |
| Kyndryl Holdings, Inc. \* | 19906 | 575682 |
| Leidos Holdings, Inc. | 8101 | 1542997 |
| Maplebear, Inc. \* | 26607 | 980734 |
| Match Group, Inc. | 32224 | 1042124 |
| Meta Platforms, Inc., Class A | 14349 | 9303174 |
| Microsoft Corp. | 21556 | 11161912 |
| Okta, Inc. \* | 14468 | 1324256 |
| Oracle Corp. | 10343 | 2716175 |
| Parsons Corp. \* | 15163 | 1260652 |
| Paycom Software, Inc. | 5646 | 1056310 |
| Pegasystems, Inc. | 20765 | 1321692 |
| Pinterest, Inc., Class A \* | 37871 | 1253530 |
| PTC, Inc. \* | 4964 | 985553 |
| RingCentral, Inc., Class A \* | 15049 | 453276 |
| Roper Technologies, Inc. | 3828 | 1707862 |
| Salesforce, Inc. | 19617 | 5108463 |
| Science Applications International Corp. | 11039 | 1034465 |
| SS&C Technologies Holdings, Inc. | 15743 | 1336896 |
| Strategy, Inc., Class A \* | 5550 | 1495781 |
| Teradata Corp. \* | 36732 | 765862 |
| Twilio, Inc., Class A \* | 10890 | 1468843 |
| Tyler Technologies, Inc. \* | 1605 | 764397 |
| UiPath, Inc., Class A \* | 52917 | 839264 |
| VeriSign, Inc. | 3183 | 763283 |
| Workday, Inc., Class A \* | 5548 | 1331076 |
| Zoom Communications, Inc., Class A \* | 17259 | 1505503 |
| ZoomInfo Technologies, Inc. \* | 110184 | 1236265 |
|  |  | 108287404 |
| **Technology Hardware & Equipment — 21.3%** | **Technology Hardware & Equipment — 21.3%** | **Technology Hardware & Equipment — 21.3%** |
| Advanced Micro Devices, Inc. \* | 27724 | 7100671 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Amkor Technology, Inc. | 45609 | 1472259 |
| Amphenol Corp., Class A | 29592 | 4123349 |
| Analog Devices, Inc. | 12507 | 2928264 |
| Apple, Inc. | 43143 | 11664573 |
| Applied Materials, Inc. | 19803 | 4616079 |
| Arrow Electronics, Inc. \* | 9288 | 1036076 |
| Avnet, Inc. | 21528 | 1043032 |
| Broadcom, Inc. | 28236 | 10436873 |
| CDW Corp. | 8495 | 1353848 |
| Cirrus Logic, Inc. \* | 10148 | 1346132 |
| Coherent Corp. \* | 8073 | 1065313 |
| Corning, Inc. | 27868 | 2482481 |
| Dell Technologies, Inc., Class C | 13557 | 2196370 |
| Entegris, Inc. | 15643 | 1432429 |
| Flex Ltd. \* | 25451 | 1591196 |
| GLOBALFOUNDRIES, Inc. \* | 24240 | 862944 |
| HP, Inc. | 52110 | 1441884 |
| Intel Corp. \* | 115852 | 4632921 |
| IPG Photonics Corp. \* | 9048 | 770166 |
| Jabil, Inc. | 6849 | 1512876 |
| KLA Corp. | 3169 | 3830497 |
| Lam Research Corp. | 31469 | 4955109 |
| Marvell Technology, Inc. | 21427 | 2008567 |
| Microchip Technology, Inc. | 23172 | 1446396 |
| Micron Technology, Inc. | 26528 | 5936171 |
| Monolithic Power Systems, Inc. | 1998 | 2007990 |
| NetApp, Inc. | 12332 | 1452463 |
| NVIDIA Corp. | 29304 | 5933767 |
| ON Semiconductor Corp. \* | 28824 | 1443506 |
| Onto Innovation, Inc. \* | 11287 | 1523293 |
| Qorvo, Inc. \* | 12988 | 1232821 |
| QUALCOMM, Inc. | 24492 | 4430603 |
| Skyworks Solutions, Inc. | 16776 | 1303831 |
| Super Micro Computer, Inc. \* | 35045 | 1820938 |
| TD SYNNEX Corp. | 8469 | 1325314 |
| Teradyne, Inc. | 11590 | 2106598 |
| Texas Instruments, Inc. | 20707 | 3343352 |
| Universal Display Corp. | 8131 | 1197534 |
| Vertiv Holdings Co., Class A | 15019 | 2896564 |
| Western Digital Corp. | 17355 | 2606895 |
|  |  | 117911945 |
| **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** | **Telecommunications Equipment — 0.7%** |
| Cisco Systems, Inc. | 51975 | 3799892 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

130 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Telecommunications Service Providers — 1.2%** | **Telecommunications Service Providers — 1.2%** | **Telecommunications Service Providers — 1.2%** |
| AT&T, Inc. | 147022 | 3638794 |
| Comcast Corp., Class A | 63844 | 1777098 |
| Verizon Communications, Inc. | 25171 | 1000296 |
|  |  | 6416188 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Altria Group, Inc. | 43802 | 2469557 |
| **Travel & Leisure — 2.5%** | **Travel & Leisure — 2.5%** | **Travel & Leisure — 2.5%** |
| Aramark | 18350 | 695098 |
| Boyd Gaming Corp. | 13388 | 1042523 |
| Carnival Corp. \* | 38777 | 1117941 |
| Churchill Downs, Inc. | 6315 | 626448 |
| Darden Restaurants, Inc. | 6366 | 1146835 |
| Delta Air Lines, Inc. | 25931 | 1487921 |
| Expedia Group, Inc. | 4840 | 1064800 |
| MGM Resorts International \* | 30057 | 962726 |
| Restaurant Brands International, Inc. (Canada) | 12408 | 815081 |
| Travel + Leisure Co. | 18196 | 1142345 |
| United Airlines Holdings, Inc. \* | 15418 | 1449909 |
| Vail Resorts, Inc. (a) | 3969 | 588722 |
| Wendy's Co. (The) | 48753 | 416351 |
| Wyndham Hotels & Resorts, Inc. | 7599 | 557994 |
| Wynn Resorts Ltd. | 8173 | 972505 |
|  |  | 14087199 |
| Total Common Stocks <br>(Cost $501,388,285)<br>|  | 553079624 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE ($)** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.0% ^** | **Investment Companies — 0.0% ^** | **Investment Companies — 0.0% ^** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.00% (b) (c)(Cost <br> $212,057)<br>| 212057 | 212057 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (b) (c)(Cost <br> $2,863,860)<br>| 2863860 | 2863860 |
| Total Short-Term Investments <br>(Cost $3,075,917)<br>|  | 3075917 |
| **Total Investments — 100.4%** <br>**(Cost $504,464,202)**<br>|  | **556155541** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(2324920)**<br>|
| **NET ASSETS — 100.0%** |  | **553830621** |

---

&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 <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $2,759,025.<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 October 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 343538 | &nbsp;&nbsp;&nbsp;&nbsp; 11598 |

---

&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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 131

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

&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; $8798981642 | &nbsp;&nbsp;&nbsp; $5442079782 | &nbsp;&nbsp;&nbsp; $738803934 | &nbsp;&nbsp;&nbsp; $8153432460 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7467059 | &nbsp;&nbsp;&nbsp; — |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 380456486 | &nbsp;&nbsp;&nbsp; 19372222 | &nbsp;&nbsp;&nbsp; 581524 | &nbsp;&nbsp;&nbsp; 121277733 |
| Cash | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 51078 | &nbsp;&nbsp;&nbsp; 7173905 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 46344587 | &nbsp;&nbsp;&nbsp; 36517241 | &nbsp;&nbsp;&nbsp; 207561 | &nbsp;&nbsp;&nbsp; 29209182 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3570539 | &nbsp;&nbsp;&nbsp; 2456840 | &nbsp;&nbsp;&nbsp; 518125 | &nbsp;&nbsp;&nbsp; 3492451 |
| Segregated cash balance with Authorized Participant for <br> deposit securities<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7174157 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 93458 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68952 | &nbsp;&nbsp;&nbsp; 794296 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 19174924 | &nbsp;&nbsp;&nbsp; 958238 | &nbsp;&nbsp;&nbsp; 595870 | &nbsp;&nbsp;&nbsp; 4833704 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20788 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87578 | &nbsp;&nbsp;&nbsp; 66431 | &nbsp;&nbsp;&nbsp; 16936441 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 459980 | &nbsp;&nbsp;&nbsp; 8161 | &nbsp;&nbsp;&nbsp; 1838 | &nbsp;&nbsp;&nbsp; 39059 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 192753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 9249190913 | &nbsp;&nbsp;&nbsp; 5501531140 | &nbsp;&nbsp;&nbsp; 755599445 | &nbsp;&nbsp;&nbsp; 8337189483 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5652 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1201733 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 380456486 | &nbsp;&nbsp;&nbsp; 19372222 | &nbsp;&nbsp;&nbsp; 581524 | &nbsp;&nbsp;&nbsp; 121277733 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 273680 | &nbsp;&nbsp;&nbsp; 33874 | &nbsp;&nbsp;&nbsp; 252443 |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7174157 |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 1451532 | &nbsp;&nbsp;&nbsp; 908506 | &nbsp;&nbsp;&nbsp; 95619 | &nbsp;&nbsp;&nbsp; 488805 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5034393 | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 381908018 | &nbsp;&nbsp;&nbsp; 20554408 | &nbsp;&nbsp;&nbsp; 5745410 | &nbsp;&nbsp;&nbsp; 130400523 |
| Net Assets | &nbsp;&nbsp;&nbsp; $8867282895 | &nbsp;&nbsp;&nbsp; $5480976732 | &nbsp;&nbsp;&nbsp; $749854035 | &nbsp;&nbsp;&nbsp; $8206788960 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $6108493929 | &nbsp;&nbsp;&nbsp; $5315028810 | &nbsp;&nbsp;&nbsp; $534041099 | &nbsp;&nbsp;&nbsp; $8223007854 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 2758788966 | &nbsp;&nbsp;&nbsp; 165947922 | &nbsp;&nbsp;&nbsp; 215812936 | &nbsp;&nbsp;&nbsp; (16218894)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $8867282895 | &nbsp;&nbsp;&nbsp; $5480976732 | &nbsp;&nbsp;&nbsp; $749854035 | &nbsp;&nbsp;&nbsp; $8206788960 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 101848911 | &nbsp;&nbsp;&nbsp; 97748641 | &nbsp;&nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp; 117149596 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $87.06 | &nbsp;&nbsp;&nbsp; $56.07 | &nbsp;&nbsp;&nbsp; $65.78 | &nbsp;&nbsp;&nbsp; $70.05 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $5816661969 | &nbsp;&nbsp;&nbsp; $4757948776 | &nbsp;&nbsp;&nbsp; $530689913 | &nbsp;&nbsp;&nbsp; $7680220076 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7467059 | &nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 45629154 | &nbsp;&nbsp;&nbsp; 36535125 | &nbsp;&nbsp;&nbsp; 207490 | &nbsp;&nbsp;&nbsp; 29030044 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 361114412 | &nbsp;&nbsp;&nbsp; 16698644 | &nbsp;&nbsp;&nbsp; 550640 | &nbsp;&nbsp;&nbsp; 114806327 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 380456486 | &nbsp;&nbsp;&nbsp; 19372222 | &nbsp;&nbsp;&nbsp; 581524 | &nbsp;&nbsp;&nbsp; 121277733 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

132 J.P. Morgan Exchange-Traded Funds October 31, 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; $5841696651 | &nbsp;&nbsp;&nbsp; $14558794461 | &nbsp;&nbsp;&nbsp; $6075628277 | &nbsp;&nbsp;&nbsp; $1978092890 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 22645557 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115866196 | &nbsp;&nbsp;&nbsp; 11753162 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 32600781 | &nbsp;&nbsp;&nbsp; 4295527 | &nbsp;&nbsp;&nbsp; 2278524 | &nbsp;&nbsp;&nbsp; 60570482 |
| Cash | &nbsp;&nbsp;&nbsp; 98964 | &nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp;&nbsp; 2356 | &nbsp;&nbsp;&nbsp; 732 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 1408531 | &nbsp;&nbsp;&nbsp; 49293294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 1400975 | &nbsp;&nbsp;&nbsp; 9910444 | &nbsp;&nbsp;&nbsp; 1927000 | &nbsp;&nbsp;&nbsp; 960000 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 743556 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1344736 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288122 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 14654481 | &nbsp;&nbsp;&nbsp; 115665257 | &nbsp;&nbsp;&nbsp; 2702899 | &nbsp;&nbsp;&nbsp; 701417 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 5777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84113 | &nbsp;&nbsp;&nbsp; 41175 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 7212743 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 24378 | &nbsp;&nbsp;&nbsp; 4725 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 29423 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2226593 | &nbsp;&nbsp;&nbsp; 68591 | &nbsp;&nbsp;&nbsp; 70058 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5921748838 | &nbsp;&nbsp;&nbsp; 14741549384 | &nbsp;&nbsp;&nbsp; 6199303589 | &nbsp;&nbsp;&nbsp; 2052507461 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 369999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34172 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 32600781 | &nbsp;&nbsp;&nbsp; 4295527 | &nbsp;&nbsp;&nbsp; 2278524 | &nbsp;&nbsp;&nbsp; 60570482 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 140610 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 342831 | &nbsp;&nbsp;&nbsp; 2316248 | &nbsp;&nbsp;&nbsp; 96878 | &nbsp;&nbsp;&nbsp; 113190 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 33084222 | &nbsp;&nbsp;&nbsp; 6981774 | &nbsp;&nbsp;&nbsp; 2375402 | &nbsp;&nbsp;&nbsp; 60717844 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5888664616 | &nbsp;&nbsp;&nbsp; $14734567610 | &nbsp;&nbsp;&nbsp; $6196928187 | &nbsp;&nbsp;&nbsp; $1991789617 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4720453252 | &nbsp;&nbsp;&nbsp; $12309911979 | &nbsp;&nbsp;&nbsp; $4554615617 | &nbsp;&nbsp;&nbsp; $2155904338 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1168211364 | &nbsp;&nbsp;&nbsp; 2424655631 | &nbsp;&nbsp;&nbsp; 1642312570 | &nbsp;&nbsp;&nbsp; (164114721)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5888664616 | &nbsp;&nbsp;&nbsp; $14734567610 | &nbsp;&nbsp;&nbsp; $6196928187 | &nbsp;&nbsp;&nbsp; $1991789617 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 82800000 | &nbsp;&nbsp;&nbsp; 213697548 | &nbsp;&nbsp;&nbsp; 50150000 | &nbsp;&nbsp;&nbsp; 19025000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $71.12 | &nbsp;&nbsp;&nbsp; $68.95 | &nbsp;&nbsp;&nbsp; $123.57 | &nbsp;&nbsp;&nbsp; $104.69 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4478868954 | &nbsp;&nbsp;&nbsp; $11535017366 | &nbsp;&nbsp;&nbsp; $4397827713 | &nbsp;&nbsp;&nbsp; $1691428853 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 22645557 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79518843 | &nbsp;&nbsp;&nbsp; 11753162 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 1420131 | &nbsp;&nbsp;&nbsp; 49884937 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 30818216 | &nbsp;&nbsp;&nbsp; 4085585 | &nbsp;&nbsp;&nbsp; 2225887 | &nbsp;&nbsp;&nbsp; 59817632 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 32600781 | &nbsp;&nbsp;&nbsp; 4295527 | &nbsp;&nbsp;&nbsp; 2278524 | &nbsp;&nbsp;&nbsp; 60570482 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 133

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (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>**Diversified** <br>**Return** <br>**Emerging** <br>**Markets Equity** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified Return** <br>**International** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S.** <br>**Equity ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $588450329 | &nbsp;&nbsp;&nbsp; $357423329 | &nbsp;&nbsp;&nbsp; $362027171 | &nbsp;&nbsp;&nbsp; $385088782 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 5001652 | &nbsp;&nbsp;&nbsp; 810808 | &nbsp;&nbsp;&nbsp; 242239 | &nbsp;&nbsp;&nbsp; 167308 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 21094416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4566374 | &nbsp;&nbsp;&nbsp; 614069 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 213443 | &nbsp;&nbsp;&nbsp; 97337 | &nbsp;&nbsp;&nbsp; 89 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 377042 | &nbsp;&nbsp;&nbsp; 119918 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp; 229180 | &nbsp;&nbsp;&nbsp; 193000 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 66603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2005 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 114056 | &nbsp;&nbsp;&nbsp; 625223 | &nbsp;&nbsp;&nbsp; 1200401 | &nbsp;&nbsp;&nbsp; 358319 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 13291 | &nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 1885 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 489500 | &nbsp;&nbsp;&nbsp; 1504 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 14175 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; 364 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 28652 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 645 |
| Total Assets | &nbsp;&nbsp;&nbsp; 615198174 | &nbsp;&nbsp;&nbsp; 359646509 | &nbsp;&nbsp;&nbsp; 368974657 | &nbsp;&nbsp;&nbsp; 386427970 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 132914 | &nbsp;&nbsp;&nbsp; 1008180 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 21094416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4566374 | &nbsp;&nbsp;&nbsp; 614069 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 5153 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 44287 | &nbsp;&nbsp;&nbsp; 132147 | &nbsp;&nbsp;&nbsp; 114130 | &nbsp;&nbsp;&nbsp; 60114 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1215454 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 21271679 | &nbsp;&nbsp;&nbsp; 2356234 | &nbsp;&nbsp;&nbsp; 4685657 | &nbsp;&nbsp;&nbsp; 674183 |
| Net Assets | &nbsp;&nbsp;&nbsp; $593926495 | &nbsp;&nbsp;&nbsp; $357290275 | &nbsp;&nbsp;&nbsp; $364289000 | &nbsp;&nbsp;&nbsp; $385753787 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $724299569 | &nbsp;&nbsp;&nbsp; $337609390 | &nbsp;&nbsp;&nbsp; $468004372 | &nbsp;&nbsp;&nbsp; $364306985 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (130373074)<br>| &nbsp;&nbsp;&nbsp; 19680885 | &nbsp;&nbsp;&nbsp; (103715372)<br>| &nbsp;&nbsp;&nbsp; 21446802 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $593926495 | &nbsp;&nbsp;&nbsp; $357290275 | &nbsp;&nbsp;&nbsp; $364289000 | &nbsp;&nbsp;&nbsp; $385753787 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 3175000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $75.18 | &nbsp;&nbsp;&nbsp; $59.55 | &nbsp;&nbsp;&nbsp; $67.46 | &nbsp;&nbsp;&nbsp; $121.50 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $501395934 | &nbsp;&nbsp;&nbsp; $294765365 | &nbsp;&nbsp;&nbsp; $297822144 | &nbsp;&nbsp;&nbsp; $320586947 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 5001652 | &nbsp;&nbsp;&nbsp; 810808 | &nbsp;&nbsp;&nbsp; 242263 | &nbsp;&nbsp;&nbsp; 167308 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 377356 | &nbsp;&nbsp;&nbsp; 120798 | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 20854077 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3805203 | &nbsp;&nbsp;&nbsp; 618630 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 21094416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4566374 | &nbsp;&nbsp;&nbsp; 614069 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

134 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Quality Factor** <br>**ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $365670669 | &nbsp;&nbsp;&nbsp; $503881137 | &nbsp;&nbsp;&nbsp; $1722824389 | &nbsp;&nbsp;&nbsp; $7445986537 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 683663 | &nbsp;&nbsp;&nbsp; 405629 | &nbsp;&nbsp;&nbsp; 2121409 | &nbsp;&nbsp;&nbsp; 6662084 |
| Investments of cash collateral received from securities loaned, <br> at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 2009848 | &nbsp;&nbsp;&nbsp; 15353997 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 2279 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 199300 | &nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp; 284140 | &nbsp;&nbsp;&nbsp; 542400 |
| Receivables: |  |  |  |  |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 2033 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 285109 | &nbsp;&nbsp;&nbsp; 271239 | &nbsp;&nbsp;&nbsp; 762924 | &nbsp;&nbsp;&nbsp; 4141959 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1783 | &nbsp;&nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp; 7026 | &nbsp;&nbsp;&nbsp; 25356 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 7564 | &nbsp;&nbsp;&nbsp; 15922 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp; 26900 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 167 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 5739 | &nbsp;&nbsp;&nbsp; 2578 | &nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp; 19135 |
| Total Assets | &nbsp;&nbsp;&nbsp; 368866354 | &nbsp;&nbsp;&nbsp; 520178343 | &nbsp;&nbsp;&nbsp; 1726005352 | &nbsp;&nbsp;&nbsp; 7457379917 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2009848 | &nbsp;&nbsp;&nbsp; 15353997 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 75509 | &nbsp;&nbsp;&nbsp; 125104 | &nbsp;&nbsp;&nbsp; 172742 | &nbsp;&nbsp;&nbsp; 746776 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2085357 | &nbsp;&nbsp;&nbsp; 15479101 | &nbsp;&nbsp;&nbsp; 172742 | &nbsp;&nbsp;&nbsp; 746776 |
| Net Assets | &nbsp;&nbsp;&nbsp; $366780997 | &nbsp;&nbsp;&nbsp; $504699242 | &nbsp;&nbsp;&nbsp; $1725832610 | &nbsp;&nbsp;&nbsp; $7456633141 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $375687324 | &nbsp;&nbsp;&nbsp; $524090823 | &nbsp;&nbsp;&nbsp; $1606946072 | &nbsp;&nbsp;&nbsp; $6977317671 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (8906327)<br>| &nbsp;&nbsp;&nbsp; (19391581)<br>| &nbsp;&nbsp;&nbsp; 118886538 | &nbsp;&nbsp;&nbsp; 479315470 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $366780997 | &nbsp;&nbsp;&nbsp; $504699242 | &nbsp;&nbsp;&nbsp; $1725832610 | &nbsp;&nbsp;&nbsp; $7456633141 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; 10175000 | &nbsp;&nbsp;&nbsp; 25125000 | &nbsp;&nbsp;&nbsp; 118900000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $106.31 | &nbsp;&nbsp;&nbsp; $49.60 | &nbsp;&nbsp;&nbsp; $68.69 | &nbsp;&nbsp;&nbsp; $62.71 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $336344050 | &nbsp;&nbsp;&nbsp; $462781301 | &nbsp;&nbsp;&nbsp; $1470571687 | &nbsp;&nbsp;&nbsp; $6741971014 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 683663 | &nbsp;&nbsp;&nbsp; 405629 | &nbsp;&nbsp;&nbsp; 2121409 | &nbsp;&nbsp;&nbsp; 6662084 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2008937 | &nbsp;&nbsp;&nbsp; 14352067 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2009848 | &nbsp;&nbsp;&nbsp; 15353997 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 135

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Value Factor** <br>**ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $553079624 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 212057 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 2863860 |
| Cash | &nbsp;&nbsp;&nbsp; 47 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 221800 |
| Receivables: |  |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 6306 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 358441 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 2931 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 3810 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 969 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 664 |
| Total Assets | &nbsp;&nbsp;&nbsp; 556750509 |
| **LIABILITIES:** |  |
| Payables: |  |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2863860 |
| Accrued liabilities: |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 56028 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2919888 |
| Net Assets | &nbsp;&nbsp;&nbsp; $553830621 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $576363955 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (22533334)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $553830621 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 11500000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $48.16 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $501388285 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 212057 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2759025 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2863860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

136 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

&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; $96532 | &nbsp;&nbsp;&nbsp; $113672 | &nbsp;&nbsp;&nbsp; $17606 | &nbsp;&nbsp;&nbsp; $186887 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5926 | &nbsp;&nbsp;&nbsp; 161133 | &nbsp;&nbsp;&nbsp; 13802 | &nbsp;&nbsp;&nbsp; 95534 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 215019550 | &nbsp;&nbsp;&nbsp; 197685626 | &nbsp;&nbsp;&nbsp; 25556478 | &nbsp;&nbsp;&nbsp; 145926474 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 576860 | &nbsp;&nbsp;&nbsp; — |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 4999678 | &nbsp;&nbsp;&nbsp; 102364 | &nbsp;&nbsp;&nbsp; 22756 | &nbsp;&nbsp;&nbsp; 605750 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (30984923)<br>| &nbsp;&nbsp;&nbsp; (1365191)<br>| &nbsp;&nbsp;&nbsp; (2979111)<br>| &nbsp;&nbsp;&nbsp; (15295497)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 189136763 | &nbsp;&nbsp;&nbsp; 196697604 | &nbsp;&nbsp;&nbsp; 23208391 | &nbsp;&nbsp;&nbsp; 131519148 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 15152143 | &nbsp;&nbsp;&nbsp; 9441642 | &nbsp;&nbsp;&nbsp; 1331483 | &nbsp;&nbsp;&nbsp; 4063194 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4577 | &nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp; 6849 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2386 | &nbsp;&nbsp;&nbsp; 2715 | &nbsp;&nbsp;&nbsp; 7143 | &nbsp;&nbsp;&nbsp; 3919 |
| Total expenses | &nbsp;&nbsp;&nbsp; 15154529 | &nbsp;&nbsp;&nbsp; 9448934 | &nbsp;&nbsp;&nbsp; 1339474 | &nbsp;&nbsp;&nbsp; 4073962 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 173982234 | &nbsp;&nbsp;&nbsp; 187248670 | &nbsp;&nbsp;&nbsp; 21868917 | &nbsp;&nbsp;&nbsp; 127445186 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (16285503)<br>| &nbsp;&nbsp;&nbsp; (103824354)<br>| &nbsp;&nbsp;&nbsp; 24,744,420<br> (a)<br>| &nbsp;&nbsp;&nbsp; (47693242)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 321674152 | &nbsp;&nbsp;&nbsp; 13648729 | &nbsp;&nbsp;&nbsp; 43519587 | &nbsp;&nbsp;&nbsp; 399034769 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 13776549 | &nbsp;&nbsp;&nbsp; 3129885 | &nbsp;&nbsp;&nbsp; 2523120 | &nbsp;&nbsp;&nbsp; 6975762 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (3308120)<br>| &nbsp;&nbsp;&nbsp; (693542)<br>| &nbsp;&nbsp;&nbsp; (290924)<br>| &nbsp;&nbsp;&nbsp; 2936541 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 315857078 | &nbsp;&nbsp;&nbsp; (87739282)<br>| &nbsp;&nbsp;&nbsp; 70496203 | &nbsp;&nbsp;&nbsp; 361253830 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1357533579 | &nbsp;&nbsp;&nbsp; 599463832 | &nbsp;&nbsp;&nbsp; 137,650,751<br> (b)<br>| &nbsp;&nbsp;&nbsp; 334268145 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 804843 | &nbsp;&nbsp;&nbsp; 460196 | &nbsp;&nbsp;&nbsp; 401721 | &nbsp;&nbsp;&nbsp; 2421844 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1575123 | &nbsp;&nbsp;&nbsp; 636278 | &nbsp;&nbsp;&nbsp; 35054 | &nbsp;&nbsp;&nbsp; 339575 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1359913545 | &nbsp;&nbsp;&nbsp; 600560306 | &nbsp;&nbsp;&nbsp; 138087526 | &nbsp;&nbsp;&nbsp; 337029564 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1675770623 | &nbsp;&nbsp;&nbsp; 512821024 | &nbsp;&nbsp;&nbsp; 208583729 | &nbsp;&nbsp;&nbsp; 698283394 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1849752857 | &nbsp;&nbsp;&nbsp; $700069694 | &nbsp;&nbsp;&nbsp; $230452646 | &nbsp;&nbsp;&nbsp; $825728580 |

---

------

(a) Net of foreign capital gains tax of $(1,635,189).

(b) Net of change in foreign capital gains tax of $(135,398).

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 137

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (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; $68804 | &nbsp;&nbsp;&nbsp; $5583 | &nbsp;&nbsp;&nbsp; $76469 | &nbsp;&nbsp;&nbsp; $58657 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 589174 | &nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 504 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 165221435 | &nbsp;&nbsp;&nbsp; 305937940 | &nbsp;&nbsp;&nbsp; 56786412 | &nbsp;&nbsp;&nbsp; 24420894 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1037647 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2506861 | &nbsp;&nbsp;&nbsp; 801149 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 452359 | &nbsp;&nbsp;&nbsp; 466008 | &nbsp;&nbsp;&nbsp; 3206 | &nbsp;&nbsp;&nbsp; 792261 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (15301828)<br>| &nbsp;&nbsp;&nbsp; (30630058)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 152067591 | &nbsp;&nbsp;&nbsp; 275783044 | &nbsp;&nbsp;&nbsp; 59373087 | &nbsp;&nbsp;&nbsp; 26073465 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3677645 | &nbsp;&nbsp;&nbsp; 23763615 | &nbsp;&nbsp;&nbsp; 919091 | &nbsp;&nbsp;&nbsp; 1287359 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 3434 | &nbsp;&nbsp;&nbsp; 5094 | &nbsp;&nbsp;&nbsp; 4063 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp; 9240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1911 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3682465 | &nbsp;&nbsp;&nbsp; 23776289 | &nbsp;&nbsp;&nbsp; 924185 | &nbsp;&nbsp;&nbsp; 1293333 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 148385126 | &nbsp;&nbsp;&nbsp; 252006755 | &nbsp;&nbsp;&nbsp; 58448902 | &nbsp;&nbsp;&nbsp; 24780132 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (44947021)<br>| &nbsp;&nbsp;&nbsp; (182844056)<br>| &nbsp;&nbsp;&nbsp; (30377983)<br>| &nbsp;&nbsp;&nbsp; (100629497)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16883)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 208758970 | &nbsp;&nbsp;&nbsp; 494031660 | &nbsp;&nbsp;&nbsp; 85509455 | &nbsp;&nbsp;&nbsp; 256020331 |
| In-kind redemptions of investments in affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1595331 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 5716148 | &nbsp;&nbsp;&nbsp; 16232969 | &nbsp;&nbsp;&nbsp; 3723792 | &nbsp;&nbsp;&nbsp; 793223 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 541916 | &nbsp;&nbsp;&nbsp; (6191907)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 170070013 | &nbsp;&nbsp;&nbsp; 321228666 | &nbsp;&nbsp;&nbsp; 60433712 | &nbsp;&nbsp;&nbsp; 156184057 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 811753459 | &nbsp;&nbsp;&nbsp; 2488165507 | &nbsp;&nbsp;&nbsp; 858242619 | &nbsp;&nbsp;&nbsp; 48698259 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20805252 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2127412 | &nbsp;&nbsp;&nbsp; 11770263 | &nbsp;&nbsp;&nbsp; 762537 | &nbsp;&nbsp;&nbsp; (272579)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 430564 | &nbsp;&nbsp;&nbsp; 745282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 814311435 | &nbsp;&nbsp;&nbsp; 2500681052 | &nbsp;&nbsp;&nbsp; 879810408 | &nbsp;&nbsp;&nbsp; 48425680 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 984381448 | &nbsp;&nbsp;&nbsp; 2821909718 | &nbsp;&nbsp;&nbsp; 940244120 | &nbsp;&nbsp;&nbsp; 204609737 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1132766574 | &nbsp;&nbsp;&nbsp; $3073916473 | &nbsp;&nbsp;&nbsp; $998693022 | &nbsp;&nbsp;&nbsp; $229389869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

138 J.P. Morgan Exchange-Traded Funds October 31, 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>**Diversified** <br>**Return** <br>**Emerging** <br>**Markets Equity** <br>**ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified Return** <br>**International** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Diversified** <br>**Return U.S.** <br>**Equity ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $22441 | &nbsp;&nbsp;&nbsp; $6098 | &nbsp;&nbsp;&nbsp; $9868 | &nbsp;&nbsp;&nbsp; $10304 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 9889 | &nbsp;&nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; 67 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 6656019 | &nbsp;&nbsp;&nbsp; 16585121 | &nbsp;&nbsp;&nbsp; 12835310 | &nbsp;&nbsp;&nbsp; 9759277 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 227202 | &nbsp;&nbsp;&nbsp; 29712 | &nbsp;&nbsp;&nbsp; 18773 | &nbsp;&nbsp;&nbsp; 35112 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 280585 | &nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 33543 | &nbsp;&nbsp;&nbsp; 980 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1626551)<br>| &nbsp;&nbsp;&nbsp; (946799)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 7186425 | &nbsp;&nbsp;&nbsp; 15004615 | &nbsp;&nbsp;&nbsp; 11952679 | &nbsp;&nbsp;&nbsp; 9805740 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 476350 | &nbsp;&nbsp;&nbsp; 1446760 | &nbsp;&nbsp;&nbsp; 1239920 | &nbsp;&nbsp;&nbsp; 723331 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp; 207 |
| Total expenses | &nbsp;&nbsp;&nbsp; 478719 | &nbsp;&nbsp;&nbsp; 1447470 | &nbsp;&nbsp;&nbsp; 1241660 | &nbsp;&nbsp;&nbsp; 723538 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 6707706 | &nbsp;&nbsp;&nbsp; 13557145 | &nbsp;&nbsp;&nbsp; 10711019 | &nbsp;&nbsp;&nbsp; 9082202 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (39165440)<br>| &nbsp;&nbsp;&nbsp; 4,139,702<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3542346 | &nbsp;&nbsp;&nbsp; 9970445 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 65534639 | &nbsp;&nbsp;&nbsp; 1333915 | &nbsp;&nbsp;&nbsp; 3853919 | &nbsp;&nbsp;&nbsp; 19965131 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 503029 | &nbsp;&nbsp;&nbsp; 317887 | &nbsp;&nbsp;&nbsp; 359183 | &nbsp;&nbsp;&nbsp; 143028 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (85205)<br>| &nbsp;&nbsp;&nbsp; (49881)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 26872228 | &nbsp;&nbsp;&nbsp; 5706299 | &nbsp;&nbsp;&nbsp; 7705800 | &nbsp;&nbsp;&nbsp; 30078604 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 51511130 | &nbsp;&nbsp;&nbsp; 31,921,300<br> (b)<br>| &nbsp;&nbsp;&nbsp; 53663979 | &nbsp;&nbsp;&nbsp; (20429859)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 131863 | &nbsp;&nbsp;&nbsp; 8141 | &nbsp;&nbsp;&nbsp; 73180 | &nbsp;&nbsp;&nbsp; 16473 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37287 | &nbsp;&nbsp;&nbsp; 52950 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 51642993 | &nbsp;&nbsp;&nbsp; 31966728 | &nbsp;&nbsp;&nbsp; 53790107 | &nbsp;&nbsp;&nbsp; (20413386)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 78515221 | &nbsp;&nbsp;&nbsp; 37673027 | &nbsp;&nbsp;&nbsp; 61495907 | &nbsp;&nbsp;&nbsp; 9665218 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $85222927 | &nbsp;&nbsp;&nbsp; $51230172 | &nbsp;&nbsp;&nbsp; $72206926 | &nbsp;&nbsp;&nbsp; $18747420 |

---

------

(a) Net of foreign capital gains tax of $(208,591).

(b) Net of change in foreign capital gains tax of $607,135.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 139

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Quality Factor** <br>**ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10495 | &nbsp;&nbsp;&nbsp; $10688 | &nbsp;&nbsp;&nbsp; $11247 | &nbsp;&nbsp;&nbsp; $30964 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 6594 | &nbsp;&nbsp;&nbsp; 1004 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 8571804 | &nbsp;&nbsp;&nbsp; 8972978 | &nbsp;&nbsp;&nbsp; 15195787 | &nbsp;&nbsp;&nbsp; 84702336 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 30864 | &nbsp;&nbsp;&nbsp; 45978 | &nbsp;&nbsp;&nbsp; 78334 | &nbsp;&nbsp;&nbsp; 415876 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp; 172227 | &nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp; 12376 |
| Total investment income | &nbsp;&nbsp;&nbsp; 8615397 | &nbsp;&nbsp;&nbsp; 9201946 | &nbsp;&nbsp;&nbsp; 15296094 | &nbsp;&nbsp;&nbsp; 85162556 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 917039 | &nbsp;&nbsp;&nbsp; 1431009 | &nbsp;&nbsp;&nbsp; 1730690 | &nbsp;&nbsp;&nbsp; 7362537 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 1138 | &nbsp;&nbsp;&nbsp; 2520 |
| Total expenses | &nbsp;&nbsp;&nbsp; 917426 | &nbsp;&nbsp;&nbsp; 1431329 | &nbsp;&nbsp;&nbsp; 1731828 | &nbsp;&nbsp;&nbsp; 7365057 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 7697971 | &nbsp;&nbsp;&nbsp; 7770617 | &nbsp;&nbsp;&nbsp; 13564266 | &nbsp;&nbsp;&nbsp; 77797499 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1095379 | &nbsp;&nbsp;&nbsp; (13308144)<br>| &nbsp;&nbsp;&nbsp; (71866976)<br>| &nbsp;&nbsp;&nbsp; (112452202)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 33343748 | &nbsp;&nbsp;&nbsp; 35755430 | &nbsp;&nbsp;&nbsp; 232735502 | &nbsp;&nbsp;&nbsp; 670941627 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 140633 | &nbsp;&nbsp;&nbsp; 78155 | &nbsp;&nbsp;&nbsp; 363458 | &nbsp;&nbsp;&nbsp; 1781808 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 34579760 | &nbsp;&nbsp;&nbsp; 22525441 | &nbsp;&nbsp;&nbsp; 161231984 | &nbsp;&nbsp;&nbsp; 560271233 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (29160790)<br>| &nbsp;&nbsp;&nbsp; 1958377 | &nbsp;&nbsp;&nbsp; 117565824 | &nbsp;&nbsp;&nbsp; 164525389 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1617)<br>| &nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp; 62347 | &nbsp;&nbsp;&nbsp; 207633 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (29162407)<br>| &nbsp;&nbsp;&nbsp; 1970785 | &nbsp;&nbsp;&nbsp; 117628171 | &nbsp;&nbsp;&nbsp; 164733022 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 5417353 | &nbsp;&nbsp;&nbsp; 24496226 | &nbsp;&nbsp;&nbsp; 278860155 | &nbsp;&nbsp;&nbsp; 725004255 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $13115324 | &nbsp;&nbsp;&nbsp; $32266843 | &nbsp;&nbsp;&nbsp; $292424421 | &nbsp;&nbsp;&nbsp; $802801754 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

140 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Value Factor** <br>**ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $12756 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 74 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 14112083 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 47561 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 19752 |
| Total investment income | &nbsp;&nbsp;&nbsp; 14192226 |
| **EXPENSES:** |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 728206 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 97 |
| Total expenses | &nbsp;&nbsp;&nbsp; 728303 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 13463923 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 12722347 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 20734113 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 262391 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 33718851 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 8565565 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 7021 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 8572586 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 42291437 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $55755360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 141

------

**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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $173982234 | &nbsp;&nbsp;&nbsp; $173333274 | &nbsp;&nbsp;&nbsp; $187248670 | &nbsp;&nbsp;&nbsp; $179080777 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 315857078 | &nbsp;&nbsp;&nbsp; 218718086 | &nbsp;&nbsp;&nbsp; (87739282)<br>| &nbsp;&nbsp;&nbsp; 11114372 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1359913545 | &nbsp;&nbsp;&nbsp; 1399650742 | &nbsp;&nbsp;&nbsp; 600560306 | &nbsp;&nbsp;&nbsp; 679218837 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1849752857 | &nbsp;&nbsp;&nbsp; 1791702102 | &nbsp;&nbsp;&nbsp; 700069694 | &nbsp;&nbsp;&nbsp; 869413986 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (170592188)<br>| &nbsp;&nbsp;&nbsp; (173065727)<br>| &nbsp;&nbsp;&nbsp; (192013206)<br>| &nbsp;&nbsp;&nbsp; (205686432)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 10448095 | &nbsp;&nbsp;&nbsp; (127936956)<br>| &nbsp;&nbsp;&nbsp; 322918485 | &nbsp;&nbsp;&nbsp; 176371689 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1689608764 | &nbsp;&nbsp;&nbsp; 1490699419 | &nbsp;&nbsp;&nbsp; 830974973 | &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; $8867282895 | &nbsp;&nbsp;&nbsp; $7177674131 | &nbsp;&nbsp;&nbsp; $5480976732 | &nbsp;&nbsp;&nbsp; $4650001759 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $742021227 | &nbsp;&nbsp;&nbsp; $583887773 | &nbsp;&nbsp;&nbsp; $377270967 | &nbsp;&nbsp;&nbsp; $504075894 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (731573132)<br>| &nbsp;&nbsp;&nbsp; (711824729)<br>| &nbsp;&nbsp;&nbsp; (54352482)<br>| &nbsp;&nbsp;&nbsp; (327704205)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $10448095 | &nbsp;&nbsp;&nbsp; $(127936956)<br>| &nbsp;&nbsp;&nbsp; $322918485 | &nbsp;&nbsp;&nbsp; $176371689 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp; 10600000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9500000)<br>| &nbsp;&nbsp;&nbsp; (10550000)<br>| &nbsp;&nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp;&nbsp; (6500000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 4100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

142 J.P. Morgan Exchange-Traded Funds October 31, 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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $21868917 | &nbsp;&nbsp;&nbsp; $14477904 | &nbsp;&nbsp;&nbsp; $127445186 | &nbsp;&nbsp;&nbsp; $223161508 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 70496203 | &nbsp;&nbsp;&nbsp; (2194870)<br>| &nbsp;&nbsp;&nbsp; 361253830 | &nbsp;&nbsp;&nbsp; 128974451 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 138087526 | &nbsp;&nbsp;&nbsp; 102817938 | &nbsp;&nbsp;&nbsp; 337029564 | &nbsp;&nbsp;&nbsp; 966888150 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 230452646 | &nbsp;&nbsp;&nbsp; 115100972 | &nbsp;&nbsp;&nbsp; 825728580 | &nbsp;&nbsp;&nbsp; 1319024109 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (25909884)<br>| &nbsp;&nbsp;&nbsp; (15449955)<br>| &nbsp;&nbsp;&nbsp; (157548374)<br>| &nbsp;&nbsp;&nbsp; (226908416)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (65624108)<br>| &nbsp;&nbsp;&nbsp; 27878750 | &nbsp;&nbsp;&nbsp; 861782343 | &nbsp;&nbsp;&nbsp; 441350143 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 138918654 | &nbsp;&nbsp;&nbsp; 127529767 | &nbsp;&nbsp;&nbsp; 1529962549 | &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; $749854035 | &nbsp;&nbsp;&nbsp; $610935381 | &nbsp;&nbsp;&nbsp; $8206788960 | &nbsp;&nbsp;&nbsp; $6676826411 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $326721343 | &nbsp;&nbsp;&nbsp; $49984032 | &nbsp;&nbsp;&nbsp; $4362520371 | &nbsp;&nbsp;&nbsp; $1780131365 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (392345451)<br>| &nbsp;&nbsp;&nbsp; (22105282)<br>| &nbsp;&nbsp;&nbsp; (3500738028)<br>| &nbsp;&nbsp;&nbsp; (1338781222)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(65624108)<br>| &nbsp;&nbsp;&nbsp; $27878750 | &nbsp;&nbsp;&nbsp; $861782343 | &nbsp;&nbsp;&nbsp; $441350143 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 62500000 | &nbsp;&nbsp;&nbsp; 31300000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6200000)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (58700000)<br>| &nbsp;&nbsp;&nbsp; (22150000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; 9150000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 143

------

**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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <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; $148385126 | &nbsp;&nbsp;&nbsp; $119663174 | &nbsp;&nbsp;&nbsp; $252006755 | &nbsp;&nbsp;&nbsp; $220096725 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 170070013 | &nbsp;&nbsp;&nbsp; 57760571 | &nbsp;&nbsp;&nbsp; 321228666 | &nbsp;&nbsp;&nbsp; 216325269 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 814311435 | &nbsp;&nbsp;&nbsp; 572199460 | &nbsp;&nbsp;&nbsp; 2500681052 | &nbsp;&nbsp;&nbsp; 1218227082 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1132766574 | &nbsp;&nbsp;&nbsp; 749623205 | &nbsp;&nbsp;&nbsp; 3073916473 | &nbsp;&nbsp;&nbsp; 1654649076 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (168145950)<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; 156026452 | &nbsp;&nbsp;&nbsp; 595462882 | &nbsp;&nbsp;&nbsp; 192814357 | &nbsp;&nbsp;&nbsp; 1617788334 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1120647076 | &nbsp;&nbsp;&nbsp; 1207720863 | &nbsp;&nbsp;&nbsp; 2959645125 | &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; $5888664616 | &nbsp;&nbsp;&nbsp; $4768017540 | &nbsp;&nbsp;&nbsp; $14734567610 | &nbsp;&nbsp;&nbsp; $11774922485 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $703054464 | &nbsp;&nbsp;&nbsp; $956731978 | &nbsp;&nbsp;&nbsp; $1835821001 | &nbsp;&nbsp;&nbsp; $3128983059 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (547028012)<br>| &nbsp;&nbsp;&nbsp; (361269096)<br>| &nbsp;&nbsp;&nbsp; (1643006644)<br>| &nbsp;&nbsp;&nbsp; (1511194725)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $156026452 | &nbsp;&nbsp;&nbsp; $595462882 | &nbsp;&nbsp;&nbsp; $192814357 | &nbsp;&nbsp;&nbsp; $1617788334 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 15800000 | &nbsp;&nbsp;&nbsp; 31200000 | &nbsp;&nbsp;&nbsp; 55900000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8400000)<br>| &nbsp;&nbsp;&nbsp; (6200000)<br>| &nbsp;&nbsp;&nbsp; (27500000)<br>| &nbsp;&nbsp;&nbsp; (26600000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 29300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

144 J.P. Morgan Exchange-Traded Funds October 31, 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; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $58448902 | &nbsp;&nbsp;&nbsp; $45294146 | &nbsp;&nbsp;&nbsp; $24780132 | &nbsp;&nbsp;&nbsp; $21118653 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 60433712 | &nbsp;&nbsp;&nbsp; 43485975 | &nbsp;&nbsp;&nbsp; 156184057 | &nbsp;&nbsp;&nbsp; 103456500 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 879810408 | &nbsp;&nbsp;&nbsp; 837542784 | &nbsp;&nbsp;&nbsp; 48425680 | &nbsp;&nbsp;&nbsp; 352856220 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 998693022 | &nbsp;&nbsp;&nbsp; 926322905 | &nbsp;&nbsp;&nbsp; 229389869 | &nbsp;&nbsp;&nbsp; 477431373 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (57522854)<br>| &nbsp;&nbsp;&nbsp; (43394093)<br>| &nbsp;&nbsp;&nbsp; (26113324)<br>| &nbsp;&nbsp;&nbsp; (21955852)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1241505298 | &nbsp;&nbsp;&nbsp; 958285410 | &nbsp;&nbsp;&nbsp; 25263269 | &nbsp;&nbsp;&nbsp; (106388209)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2182675466 | &nbsp;&nbsp;&nbsp; 1841214222 | &nbsp;&nbsp;&nbsp; 228539814 | &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; $6196928187 | &nbsp;&nbsp;&nbsp; $4014252721 | &nbsp;&nbsp;&nbsp; $1991789617 | &nbsp;&nbsp;&nbsp; $1763249803 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1444320067 | &nbsp;&nbsp;&nbsp; $1090914484 | &nbsp;&nbsp;&nbsp; $695502550 | &nbsp;&nbsp;&nbsp; $381818755 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (202814769)<br>| &nbsp;&nbsp;&nbsp; (132629074)<br>| &nbsp;&nbsp;&nbsp; (670239281)<br>| &nbsp;&nbsp;&nbsp; (488206964)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1241505298 | &nbsp;&nbsp;&nbsp; $958285410 | &nbsp;&nbsp;&nbsp; $25263269 | &nbsp;&nbsp;&nbsp; $(106388209)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13050000 | &nbsp;&nbsp;&nbsp; 11600000 | &nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; 4400000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1950000)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (6875000)<br>| &nbsp;&nbsp;&nbsp; (5600000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 11100000 | &nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; (1200000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 145

------

**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 Diversified Return** <br>**Emerging Markets Equity ETF**  | **JPMorgan Diversified Return** <br>**Emerging Markets Equity ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $6707706 | &nbsp;&nbsp;&nbsp; $8170908 | &nbsp;&nbsp;&nbsp; $13557145 | &nbsp;&nbsp;&nbsp; $12012141 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 26872228 | &nbsp;&nbsp;&nbsp; 10863064 | &nbsp;&nbsp;&nbsp; 5706299 | &nbsp;&nbsp;&nbsp; 1117510 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 51642993 | &nbsp;&nbsp;&nbsp; 183070964 | &nbsp;&nbsp;&nbsp; 31966728 | &nbsp;&nbsp;&nbsp; 32252782 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 85222927 | &nbsp;&nbsp;&nbsp; 202104936 | &nbsp;&nbsp;&nbsp; 51230172 | &nbsp;&nbsp;&nbsp; 45382433 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (6710455)<br>| &nbsp;&nbsp;&nbsp; (9286017)<br>| &nbsp;&nbsp;&nbsp; (16814520)<br>| &nbsp;&nbsp;&nbsp; (14003945)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 3987186 | &nbsp;&nbsp;&nbsp; (305114969)<br>| &nbsp;&nbsp;&nbsp; 454708 | &nbsp;&nbsp;&nbsp; 21542525 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 82499658 | &nbsp;&nbsp;&nbsp; (112296050)<br>| &nbsp;&nbsp;&nbsp; 34870360 | &nbsp;&nbsp;&nbsp; 52921013 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 511426837 | &nbsp;&nbsp;&nbsp; 623722887 | &nbsp;&nbsp;&nbsp; 322419915 | &nbsp;&nbsp;&nbsp; 269498902 |
| End of period | &nbsp;&nbsp;&nbsp; $593926495 | &nbsp;&nbsp;&nbsp; $511426837 | &nbsp;&nbsp;&nbsp; $357290275 | &nbsp;&nbsp;&nbsp; $322419915 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $173569137 | &nbsp;&nbsp;&nbsp; $264828166 | &nbsp;&nbsp;&nbsp; $11917590 | &nbsp;&nbsp;&nbsp; $32606560 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (169581951)<br>| &nbsp;&nbsp;&nbsp; (569943135)<br>| &nbsp;&nbsp;&nbsp; (11462882)<br>| &nbsp;&nbsp;&nbsp; (11064035)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $3987186 | &nbsp;&nbsp;&nbsp; $(305114969)<br>| &nbsp;&nbsp;&nbsp; $454708 | &nbsp;&nbsp;&nbsp; $21542525 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 4525000 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 600000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2450000)<br>| &nbsp;&nbsp;&nbsp; (9450000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; (4925000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 400000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

146 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Diversified Return** <br>**International Equity ETF**  | **JPMorgan Diversified Return** <br>**International Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Equity ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $10711019 | &nbsp;&nbsp;&nbsp; $12108909 | &nbsp;&nbsp;&nbsp; $9082202 | &nbsp;&nbsp;&nbsp; $9371786 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 7705800 | &nbsp;&nbsp;&nbsp; 7526740 | &nbsp;&nbsp;&nbsp; 30078604 | &nbsp;&nbsp;&nbsp; 28805387 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 53790107 | &nbsp;&nbsp;&nbsp; 50483178 | &nbsp;&nbsp;&nbsp; (20413386)<br>| &nbsp;&nbsp;&nbsp; 79310176 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 72206926 | &nbsp;&nbsp;&nbsp; 70118827 | &nbsp;&nbsp;&nbsp; 18747420 | &nbsp;&nbsp;&nbsp; 117487349 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (14109596)<br>| &nbsp;&nbsp;&nbsp; (17692014)<br>| &nbsp;&nbsp;&nbsp; (9344708)<br>| &nbsp;&nbsp;&nbsp; (9649355)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (33208315)<br>| &nbsp;&nbsp;&nbsp; (66202207)<br>| &nbsp;&nbsp;&nbsp; (60469600)<br>| &nbsp;&nbsp;&nbsp; (91183360)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 24889015 | &nbsp;&nbsp;&nbsp; (13775394)<br>| &nbsp;&nbsp;&nbsp; (51066888)<br>| &nbsp;&nbsp;&nbsp; 16654634 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 339399985 | &nbsp;&nbsp;&nbsp; 353175379 | &nbsp;&nbsp;&nbsp; 436820675 | &nbsp;&nbsp;&nbsp; 420166041 |
| End of period | &nbsp;&nbsp;&nbsp; $364289000 | &nbsp;&nbsp;&nbsp; $339399985 | &nbsp;&nbsp;&nbsp; $385753787 | &nbsp;&nbsp;&nbsp; $436820675 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $8319 | &nbsp;&nbsp;&nbsp; $30329 | &nbsp;&nbsp;&nbsp; $24009911 | &nbsp;&nbsp;&nbsp; $10863233 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (33216634)<br>| &nbsp;&nbsp;&nbsp; (66232536)<br>| &nbsp;&nbsp;&nbsp; (84479511)<br>| &nbsp;&nbsp;&nbsp; (102046593)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(33208315)<br>| &nbsp;&nbsp;&nbsp; $(66202207)<br>| &nbsp;&nbsp;&nbsp; $(60469600)<br>| &nbsp;&nbsp;&nbsp; $(91183360)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 100000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (975000)<br>|
| Net decrease in shares from share transactions | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (875000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 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 Diversified Return** <br>**U.S. Mid Cap Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Mid Cap Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Small Cap Equity ETF**  | **JPMorgan Diversified Return** <br>**U.S. Small Cap Equity ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $7697971 | &nbsp;&nbsp;&nbsp; $7018971 | &nbsp;&nbsp;&nbsp; $7770617 | &nbsp;&nbsp;&nbsp; $8539215 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 34579760 | &nbsp;&nbsp;&nbsp; 12600081 | &nbsp;&nbsp;&nbsp; 22525441 | &nbsp;&nbsp;&nbsp; 27586998 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (29162407)<br>| &nbsp;&nbsp;&nbsp; 77033350 | &nbsp;&nbsp;&nbsp; 1970785 | &nbsp;&nbsp;&nbsp; 71858972 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 13115324 | &nbsp;&nbsp;&nbsp; 96652402 | &nbsp;&nbsp;&nbsp; 32266843 | &nbsp;&nbsp;&nbsp; 107985185 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (7853116)<br>| &nbsp;&nbsp;&nbsp; (7087097)<br>| &nbsp;&nbsp;&nbsp; (8314796)<br>| &nbsp;&nbsp;&nbsp; (8638889)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (46172311)<br>| &nbsp;&nbsp;&nbsp; 8061848 | &nbsp;&nbsp;&nbsp; (17058103)<br>| &nbsp;&nbsp;&nbsp; 12250696 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (40910103)<br>| &nbsp;&nbsp;&nbsp; 97627153 | &nbsp;&nbsp;&nbsp; 6893944 | &nbsp;&nbsp;&nbsp; 111596992 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 407691100 | &nbsp;&nbsp;&nbsp; 310063947 | &nbsp;&nbsp;&nbsp; 497805298 | &nbsp;&nbsp;&nbsp; 386208306 |
| End of period | &nbsp;&nbsp;&nbsp; $366780997 | &nbsp;&nbsp;&nbsp; $407691100 | &nbsp;&nbsp;&nbsp; $504699242 | &nbsp;&nbsp;&nbsp; $497805298 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $93306066 | &nbsp;&nbsp;&nbsp; $82491746 | &nbsp;&nbsp;&nbsp; $92912108 | &nbsp;&nbsp;&nbsp; $105671103 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (139478377)<br>| &nbsp;&nbsp;&nbsp; (74429898)<br>| &nbsp;&nbsp;&nbsp; (109970211)<br>| &nbsp;&nbsp;&nbsp; (93420407)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(46172311)<br>| &nbsp;&nbsp;&nbsp; $8061848 | &nbsp;&nbsp;&nbsp; $(17058103)<br>| &nbsp;&nbsp;&nbsp; $12250696 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 2425000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (775000)<br>| &nbsp;&nbsp;&nbsp; (2425000)<br>| &nbsp;&nbsp;&nbsp; (2125000)<br>|
| Net increase (decrease) in shares from share transactions | &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (475000)<br>| &nbsp;&nbsp;&nbsp; 300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

148 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Momentum Factor ETF**  | **JPMorgan** <br>**U.S. Momentum Factor ETF**  | **JPMorgan** <br>**U.S. Quality Factor ETF**  | **JPMorgan** <br>**U.S. Quality Factor ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $13564266 | &nbsp;&nbsp;&nbsp; $7378426 | &nbsp;&nbsp;&nbsp; $77797499 | &nbsp;&nbsp;&nbsp; $57090425 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 161231984 | &nbsp;&nbsp;&nbsp; 86840314 | &nbsp;&nbsp;&nbsp; 560271233 | &nbsp;&nbsp;&nbsp; 408186195 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 117628171 | &nbsp;&nbsp;&nbsp; 121291731 | &nbsp;&nbsp;&nbsp; 164733022 | &nbsp;&nbsp;&nbsp; 548587703 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 292424421 | &nbsp;&nbsp;&nbsp; 215510471 | &nbsp;&nbsp;&nbsp; 802801754 | &nbsp;&nbsp;&nbsp; 1013864323 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (13660021)<br>| &nbsp;&nbsp;&nbsp; (6298065)<br>| &nbsp;&nbsp;&nbsp; (75619235)<br>| &nbsp;&nbsp;&nbsp; (53090759)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 287897367 | &nbsp;&nbsp;&nbsp; 648031851 | &nbsp;&nbsp;&nbsp; 1704928979 | &nbsp;&nbsp;&nbsp; 1661524473 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 566661767 | &nbsp;&nbsp;&nbsp; 857244257 | &nbsp;&nbsp;&nbsp; 2432111498 | &nbsp;&nbsp;&nbsp; 2622298037 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1159170843 | &nbsp;&nbsp;&nbsp; 301926586 | &nbsp;&nbsp;&nbsp; 5024521643 | &nbsp;&nbsp;&nbsp; 2402223606 |
| End of period | &nbsp;&nbsp;&nbsp; $1725832610 | &nbsp;&nbsp;&nbsp; $1159170843 | &nbsp;&nbsp;&nbsp; $7456633141 | &nbsp;&nbsp;&nbsp; $5024521643 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $992956579 | &nbsp;&nbsp;&nbsp; $941475520 | &nbsp;&nbsp;&nbsp; $3763967961 | &nbsp;&nbsp;&nbsp; $3198913560 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (705059212)<br>| &nbsp;&nbsp;&nbsp; (293443669)<br>| &nbsp;&nbsp;&nbsp; (2059038982)<br>| &nbsp;&nbsp;&nbsp; (1537389087)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $287897367 | &nbsp;&nbsp;&nbsp; $648031851 | &nbsp;&nbsp;&nbsp; $1704928979 | &nbsp;&nbsp;&nbsp; $1661524473 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16225000 | &nbsp;&nbsp;&nbsp; 18200000 | &nbsp;&nbsp;&nbsp; 63800000 | &nbsp;&nbsp;&nbsp; 62400000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11425000)<br>| &nbsp;&nbsp;&nbsp; (5425000)<br>| &nbsp;&nbsp;&nbsp; (34800000)<br>| &nbsp;&nbsp;&nbsp; (29450000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 12775000 | &nbsp;&nbsp;&nbsp; 29000000 | &nbsp;&nbsp;&nbsp; 32950000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 149

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Value Factor ETF**  | **JPMorgan** <br>**U.S. Value Factor ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $13463923 | &nbsp;&nbsp;&nbsp; $18007511 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 33718851 | &nbsp;&nbsp;&nbsp; 83998494 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8572586 | &nbsp;&nbsp;&nbsp; 106707971 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 55755360 | &nbsp;&nbsp;&nbsp; 208713976 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (13773646)<br>| &nbsp;&nbsp;&nbsp; (18627808)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (164968136)<br>| &nbsp;&nbsp;&nbsp; (196914746)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (122986422)<br>| &nbsp;&nbsp;&nbsp; (6828578)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 676817043 | &nbsp;&nbsp;&nbsp; 683645621 |
| End of period | &nbsp;&nbsp;&nbsp; $553830621 | &nbsp;&nbsp;&nbsp; $676817043 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $66759018 | &nbsp;&nbsp;&nbsp; $267657833 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (231727154)<br>| &nbsp;&nbsp;&nbsp; (464572579)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(164968136)<br>| &nbsp;&nbsp;&nbsp; $(196914746)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 6650000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5800000)<br>| &nbsp;&nbsp;&nbsp; (11400000)<br>|
| Net decrease in shares from share transactions | &nbsp;&nbsp;&nbsp; (4250000)<br>| &nbsp;&nbsp;&nbsp; (4750000)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

150 J.P. Morgan Exchange-Traded Funds October 31, 2025

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

151 <br>

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **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** |  |  |  |  |  |
| Year Ended October 31, 2025  | $70.75 | &nbsp;&nbsp; $1.68 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $17.96 | &nbsp;&nbsp; $(1.65)<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 (e) | 45.99 | 1.38 | 21.78 | 23.16 | &nbsp;&nbsp; (1.35)<br>|
| **JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 50.79 | 1.98 | 5.31 | 7.29 | &nbsp;&nbsp; (2.01)<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 (e) | 44.97 | 2.44 | 11.48 | 13.92 | &nbsp;&nbsp; (2.00)<br>|
| **JPMorgan BetaBuilders Emerging Markets Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 53.59 | 1.36 | 12.49 | 13.85 | &nbsp;&nbsp; (1.66)<br>|
| Year Ended October 31, 2024  | 44.76 | 1.27 | 8.90 | 10.17 | &nbsp;&nbsp; (1.34)<br>|
| May 10, 2023 (f) 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** |  |  |  |  |  |
| Year Ended October 31, 2025  | 58.90 | 1.79 | 11.75 | 13.54 | &nbsp;&nbsp; (2.39)<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 (e) | 43.29 | 1.67 | 16.19 | 17.86 | &nbsp;&nbsp; (1.41)<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) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.

(f) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

152 J.P. Morgan Exchange-Traded Funds October 31, 2025

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $87.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $87.11 | &nbsp;&nbsp;&nbsp;&nbsp; 25.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8867282895 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<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;&nbsp;&nbsp; 7177674131 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5686974712 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (13.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5644273295 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 6071268619 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.07 | &nbsp;&nbsp;&nbsp;&nbsp;56.18 | &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5480976732 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &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;&nbsp;&nbsp; 4650001759 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 3809902516 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (19.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3412010904 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 4113118547 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.78 | &nbsp;&nbsp;&nbsp;&nbsp;65.79 | &nbsp;&nbsp;&nbsp;&nbsp;26.31 | &nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749854035 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &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;&nbsp;&nbsp; 610935381 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483405614 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.05 | &nbsp;&nbsp;&nbsp;&nbsp;70.17 | &nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8206788960 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &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;&nbsp;&nbsp; 6676826411 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 5143360575 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (23.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3527687759 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 9427453378 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 153

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**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)(a)<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** |  |  |  |  |  |
| Year Ended October 31, 2025  | $59.45 | &nbsp;&nbsp; $1.80 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $13.71 | &nbsp;&nbsp; $(2.04)<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>|
| **JPMorgan BetaBuilders Japan ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 56.07 | 1.20 | 13.21 | 14.41 | &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 (c) | 48.39 | 1.04 | 8.36 | 9.40 | &nbsp;&nbsp; (0.63)<br>|
| **JPMorgan BetaBuilders U.S. Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 102.80 | 1.35 | 20.76 | 22.11 | &nbsp;&nbsp; (1.34)<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>|
| **JPMorgan BetaBuilders U.S. Mid Cap Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 94.29 | 1.30 | 10.47 | 11.77 | &nbsp;&nbsp; (1.37)<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>|

---

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

(a) Calculated based upon average shares outstanding.

(b) 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. 

(c) 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;

154 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &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(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return<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<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.03 | &nbsp;&nbsp;&nbsp;&nbsp; 23.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5888664616 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<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;&nbsp;&nbsp; 4768017540 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 3560296677 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (23.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710097518 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 3680140678 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.95 | &nbsp;&nbsp;&nbsp;&nbsp;68.81 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;&nbsp;&nbsp;25.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14734567610 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &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;&nbsp;&nbsp; 11774922485 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 8797309934 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (24.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6211237563 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 7864537853 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.57 | &nbsp;&nbsp;&nbsp;&nbsp;123.56 | &nbsp;&nbsp;&nbsp;&nbsp;21.67 | &nbsp;&nbsp;&nbsp;&nbsp;21.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6196928187 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &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;&nbsp;&nbsp; 4014252721 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 2173038499 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (16.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1276523608 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 782605972 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.69 | &nbsp;&nbsp;&nbsp;&nbsp;104.75 | &nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991789617 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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;&nbsp;&nbsp; 1763249803 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414162491 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (19.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390564346 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 1698624114 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 155

------

**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** |  |  |  |  |  |
| Year Ended October 31, 2025  | $66.42 | &nbsp;&nbsp; $0.85 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $(0.87)<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 (e) through October 31, 2021  | 51.27 | 0.62 | 16.04 | 16.66 | &nbsp;&nbsp; (0.44)<br>|
| **JPMorgan Diversified Return Emerging Markets Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 53.74 | 2.27 | 6.34 | 8.61 | &nbsp;&nbsp; (2.80)<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>|
| **JPMorgan Diversified Return International Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 56.57 | 1.93 | 11.49 | 13.42 | &nbsp;&nbsp; (2.53)<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>|

---

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

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Commencement of operations.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

156 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75.21 | &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $593926495 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<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;&nbsp;&nbsp; 511426837 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (8.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623722887 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (17.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494762260 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&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> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442061490 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.55 | &nbsp;&nbsp;&nbsp;&nbsp;59.90 | &nbsp;&nbsp;&nbsp;&nbsp;16.56 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357290275 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &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;&nbsp;&nbsp; 322419915 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 269498902 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (15.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163926226 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 153882748 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.46 | &nbsp;&nbsp;&nbsp;&nbsp;67.27 | &nbsp;&nbsp;&nbsp;&nbsp;24.42 | &nbsp;&nbsp;&nbsp;&nbsp;24.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364289000 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &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;&nbsp;&nbsp; 339399985 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 353175379 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&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;&nbsp;&nbsp; (23.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671062140 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 842016222 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 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)(a)<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** |  |  |  |  |  |
| Year Ended October 31, 2025  | $117.27 | &nbsp;&nbsp; $2.66 | &nbsp;&nbsp; $4.30 | &nbsp;&nbsp; $6.96 | &nbsp;&nbsp; $(2.73)<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>|
| **JPMorgan Diversified Return U.S. Mid Cap Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 103.21 | 2.10 | 3.14 | 5.24 | &nbsp;&nbsp; (2.14)<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>|
| **JPMorgan Diversified Return U.S. Small Cap Equity ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 46.74 | 0.73 | 2.91 | 3.64 | &nbsp;&nbsp; (0.78)<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>|

---

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

(a) Calculated based upon average shares outstanding.

(b) 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

158 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $121.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $121.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $385753787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436820675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420166041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507282453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710012574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366780997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407691100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310063947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267520530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239808712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504699242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497805298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386208306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286932997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176262186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 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)(a)<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** |  |  |  |  |  |
| Year Ended October 31, 2025  | $57.03 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; $(0.59)<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>|
| **JPMorgan U.S. Quality Factor ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 55.89 | 0.75 | 6.81 | 7.56 | &nbsp;&nbsp; (0.74)<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>|
| **JPMorgan U.S. Value Factor ETF** |  |  |  |  |  |
| Year Ended October 31, 2025  | 42.97 | 0.97 | 5.22 | 6.19 | &nbsp;&nbsp; (1.00)<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>|

---

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

(a) Calculated based upon average shares outstanding.

(b) 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

160 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &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(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return<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<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1725832610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159170843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301926586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229323118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221858171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7456633141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5024521643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402223606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579728107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393204091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553830621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676817043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683645621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444083720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400579487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 161

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

&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 17 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan BetaBuilders Canada ETF | Diversified<sup>(1)</sup> <br>|
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | Diversified<sup>(2)</sup> <br>|
| JPMorgan BetaBuilders Emerging Markets Equity ETF | Diversified<sup>(3)</sup> <br>|
| JPMorgan BetaBuilders Europe ETF | Diversified<sup>(4)</sup> <br>|
| JPMorgan BetaBuilders International Equity ETF | Diversified<sup>(5)</sup> <br>|
| JPMorgan BetaBuilders Japan ETF | Diversified<sup>(6)</sup> <br>|
| JPMorgan BetaBuilders U.S. Equity ETF | Diversified<sup>(7)</sup> <br>|
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | Diversified<sup>(8)</sup> <br>|
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | Diversified<sup>(9)</sup> <br>|
| 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 |

---

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

<sup>(1)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Canada Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(2)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(3)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Emerging Markets Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(4)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Developed Europe Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(5)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Developed Markets ex-North America Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(6)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar Japan Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(7)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar US Target Market Exposure Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(8)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar US Mid Cap Target Market Exposure Extended Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

<sup>(9)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the Morningstar US Small Cap Target Market Exposure Extended Index (the "Index") is non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. 

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>.

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

162 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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 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.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 163

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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. |
| 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 ("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.

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

164 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $8798981642 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8798981642 |
| 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; 380456486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380456486 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $9179438128 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9179438128 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1439053 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1439053 |

---

&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; $3419180763 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3419180763 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 6877137 | &nbsp;&nbsp;&nbsp;&nbsp; 61399115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68276252 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 2957628 | &nbsp;&nbsp;&nbsp;&nbsp; 868353260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 871310888 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31752845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31752845 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46769946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46769946 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Developed Asia Pacific ex-Japan ETF** (continued) | **BetaBuilders Developed Asia Pacific ex-Japan ETF** (continued) | **BetaBuilders Developed Asia Pacific ex-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** |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; $32154998 | &nbsp;&nbsp;&nbsp;&nbsp; $31358071 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63513069 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704782448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704782448 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48486031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48486031 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188007540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188007540 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 41989763 | &nbsp;&nbsp;&nbsp;&nbsp; 5400090019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5442079782 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19372222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19372222 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $61361985 | &nbsp;&nbsp;&nbsp;&nbsp; $5400090019 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5461452004 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $147963 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $147963 |

---

&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; $81716 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $81716 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 25383729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25383729 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 3794819 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3794819 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 13763091 | &nbsp;&nbsp;&nbsp;&nbsp; 197746180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211509271 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 1448111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1448111 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; 698118 | &nbsp;&nbsp;&nbsp;&nbsp; 277061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 975179 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315494 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; 493806 | &nbsp;&nbsp;&nbsp;&nbsp; 3128464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3622270 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107830 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1961319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1961319 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 2366193 | &nbsp;&nbsp;&nbsp;&nbsp; 120867946 | &nbsp;&nbsp;&nbsp;&nbsp; 445886 | &nbsp;&nbsp;&nbsp;&nbsp; 123680025 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 746713 | &nbsp;&nbsp;&nbsp;&nbsp; 8578196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9324909 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; 3069699 | &nbsp;&nbsp;&nbsp;&nbsp; 2436529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5506228 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; 304246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304246 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; 872038 | &nbsp;&nbsp;&nbsp;&nbsp; 9786207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10658245 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 13008586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13008586 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 1262788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1262788 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 2125627 | &nbsp;&nbsp;&nbsp;&nbsp; 964972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3090599 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 2227455 | &nbsp;&nbsp;&nbsp;&nbsp; 3085016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5312471 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; 2379217 | &nbsp;&nbsp;&nbsp;&nbsp; 20342659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22721876 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 3653530 | &nbsp;&nbsp;&nbsp;&nbsp; 17722874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21376404 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 3447372 | &nbsp;&nbsp;&nbsp;&nbsp; 89380299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92827671 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148929299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148929299 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8392213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8392213 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 64891 | &nbsp;&nbsp;&nbsp;&nbsp; 3604971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3669862 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 8065512 | &nbsp;&nbsp;&nbsp;&nbsp; 8786579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16852091 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 388438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388438 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1286264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1286264 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 89563979 | &nbsp;&nbsp;&nbsp;&nbsp; 648782088 | &nbsp;&nbsp;&nbsp;&nbsp; 445886 | &nbsp;&nbsp;&nbsp;&nbsp; 738791953 |

---

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

166 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $11816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11816 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 7467059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7467059 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 581524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 581524 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 8048583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8048583 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $97624378 | &nbsp;&nbsp;&nbsp;&nbsp; $648782253 | &nbsp;&nbsp;&nbsp;&nbsp; $445886 | &nbsp;&nbsp;&nbsp;&nbsp; $746852517 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $455135 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $455135 |

---

&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; $81440119 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $81440119 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 606612 | &nbsp;&nbsp;&nbsp;&nbsp; 45442330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46048942 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113441021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113441021 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3898271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3898271 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8347551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8347551 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59427351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59427351 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220523514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220523514 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149953786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149953786 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1128959456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1128959456 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 6404389 | &nbsp;&nbsp;&nbsp;&nbsp; 1142815422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1149219811 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22473082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22473082 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16410600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16410600 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 404106366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 404106366 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19097191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19097191 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3545268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3545268 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 23813097 | &nbsp;&nbsp;&nbsp;&nbsp; 518138550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 541951647 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 3976035 | &nbsp;&nbsp;&nbsp;&nbsp; 70206551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74182586 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56492015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56492015 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19214350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19214350 |
| 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; 10407201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10407201 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26561669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26561669 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 9567284 | &nbsp;&nbsp;&nbsp;&nbsp; 415907685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425474969 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 256520 | &nbsp;&nbsp;&nbsp;&nbsp; 432804891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 433061411 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550627500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550627500 |
| 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; 17589761 | &nbsp;&nbsp;&nbsp;&nbsp; 1471401153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1488990914 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1099484553 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1099484553 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 62213698 | &nbsp;&nbsp;&nbsp;&nbsp; 8091127446 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8153341144 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91316 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91316 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 167

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121277733 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $121277733 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $183491431 | &nbsp;&nbsp;&nbsp;&nbsp; $8091218762 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8274710193 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1663766 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1663766 |

---

&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; $414899898 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $414899898 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 278794 | &nbsp;&nbsp;&nbsp;&nbsp; 20929068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21207862 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52199700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52199700 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1794390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1794390 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3845271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3845271 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 754199 | &nbsp;&nbsp;&nbsp;&nbsp; 34179598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34933797 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101618059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101618059 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69082110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69082110 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 520360259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 520360259 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 2957175 | &nbsp;&nbsp;&nbsp;&nbsp; 526745096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 529702271 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 322448 | &nbsp;&nbsp;&nbsp;&nbsp; 106195446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106517894 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3528746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3528746 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7568574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7568574 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39486457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39486457 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186281897 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186281897 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 7632649 | &nbsp;&nbsp;&nbsp;&nbsp; 1436110215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1443742864 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8796868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8796868 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5147960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5147960 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1632676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1632676 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 10981558 | &nbsp;&nbsp;&nbsp;&nbsp; 238883411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249864969 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 3546721 | &nbsp;&nbsp;&nbsp;&nbsp; 3452228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6998949 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 1784373 | &nbsp;&nbsp;&nbsp;&nbsp; 32346716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34131089 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26025407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26025407 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8851876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8851876 |
| 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; 82538455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82538455 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12242498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12242498 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 4398182 | &nbsp;&nbsp;&nbsp;&nbsp; 191727650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196125832 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 117127 | &nbsp;&nbsp;&nbsp;&nbsp; 199399285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199516412 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253850050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253850050 |
| 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; 8105900 | &nbsp;&nbsp;&nbsp;&nbsp; 683521766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 691627666 |

---

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

168 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $527531622 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $527531622 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 40879126 | &nbsp;&nbsp;&nbsp;&nbsp; 5800773252 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5841652378 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44273 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 22645557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22645557 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32600781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32600781 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 55246338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55246338 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $96125464 | &nbsp;&nbsp;&nbsp;&nbsp; $5800817525 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5896942989 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $304514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $304514 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **BetaBuilders Japan ETF**  | **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 |  |  |  |  |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; $10953495 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10953495 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295506995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295506995 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1018958170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1018958170 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338280748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338280748 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96010081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96010081 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77699970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77699970 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124146665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124146665 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173551422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173551422 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 346101935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 346101935 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86870411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86870411 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140959296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140959296 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; 21178859 | &nbsp;&nbsp;&nbsp;&nbsp; 224303933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245482792 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86167998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86167998 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105000260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105000260 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354835303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354835303 |
| Electronic Equipment, Instruments & <br> Components<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 555600351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 555600351 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436010142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436010142 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111041562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111041562 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167881261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167881261 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77820427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77820427 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223726901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223726901 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306210817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306210817 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19218576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19218576 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98104698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98104698 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632395144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632395144 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; 21738513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21738513 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509424240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509424240 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders Japan ETF** (continued) | **BetaBuilders Japan ETF** (continued) | **BetaBuilders Japan ETF** (continued) | **BetaBuilders Japan ETF** (continued) | **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** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $569555728 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $569555728 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24826360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24826360 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 420771555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 420771555 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87714496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87714496 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 894933533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 894933533 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92252124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92252124 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13633658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13633658 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114506335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114506335 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; 23174974 | &nbsp;&nbsp;&nbsp;&nbsp; 17933047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41108021 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119079985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119079985 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16828811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16828811 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79396379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79396379 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 588414681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 588414681 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216565556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216565556 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330797898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330797898 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 866224436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 866224436 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29037524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29037524 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237187567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237187567 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179307805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179307805 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55499177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55499177 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117923313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117923313 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1037164126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1037164126 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 766367220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 766367220 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 77045841 | &nbsp;&nbsp;&nbsp;&nbsp; 14481748620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14558794461 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4295527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4295527 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $81341368 | &nbsp;&nbsp;&nbsp;&nbsp; $14481748620 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14563089988 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $10332715 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10332715 |

---

&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; $6164661798 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6164661798 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 26832675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26832675 |
| Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2278524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2278524 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 29111199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29111199 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $6193772997 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6193772997 |

---

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

170 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. 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** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $830947 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $830947 |

---

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

 <br> (a) Value is zero.

&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**  |
|  | &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; $2050416534 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2050416534 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(177347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(177347)<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**  | **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**  |
|  | &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; $588421263 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $588421263 |
| 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; 5001652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5001652 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 21094416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21094416 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 26096068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26096068 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $614517331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29066 | &nbsp;&nbsp;&nbsp;&nbsp; $614546397 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $88165 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $88165 |

---

&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; $40850810 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40850810 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 9326015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9326015 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 8248021 | &nbsp;&nbsp;&nbsp;&nbsp; 65545972 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73793993 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 872141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 872141 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; 1265346 | &nbsp;&nbsp;&nbsp;&nbsp; 526882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1792228 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 758969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 758969 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; 1765046 | &nbsp;&nbsp;&nbsp;&nbsp; 5961536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7726582 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3013995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3013995 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34408668 | &nbsp;&nbsp;&nbsp;&nbsp; 292592 | &nbsp;&nbsp;&nbsp;&nbsp; 34701260 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 521231 | &nbsp;&nbsp;&nbsp;&nbsp; 6772908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7294139 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; 185439 | &nbsp;&nbsp;&nbsp;&nbsp; 2522516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2707955 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; 1602762 | &nbsp;&nbsp;&nbsp;&nbsp; 10451424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12054186 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity ETF** (continued) | **Emerging Markets Equity ETF** (continued) | **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** |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; $22920904 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22920904 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 892193 | &nbsp;&nbsp;&nbsp;&nbsp; 343645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1235838 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; 3616673 | &nbsp;&nbsp;&nbsp;&nbsp; 732670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4349343 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp; 1063372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1063372 |
| 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; 719552 | &nbsp;&nbsp;&nbsp;&nbsp; 14618180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15337732 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 8589760 | &nbsp;&nbsp;&nbsp;&nbsp; 15368793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23958553 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37177903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37177903 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 4293885 | &nbsp;&nbsp;&nbsp;&nbsp; 11071476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15365361 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 2877266 | &nbsp;&nbsp;&nbsp;&nbsp; 17364679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20241945 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 3619617 | &nbsp;&nbsp;&nbsp;&nbsp; 13453543 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17073160 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2690307 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2690307 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 500546 | &nbsp;&nbsp;&nbsp;&nbsp; 535377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1035923 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 113730579 | &nbsp;&nbsp;&nbsp;&nbsp; 243319443 | &nbsp;&nbsp;&nbsp;&nbsp; 292592 | &nbsp;&nbsp;&nbsp;&nbsp; 357342614 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80715 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 810808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810808 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $114541387 | &nbsp;&nbsp;&nbsp;&nbsp; $243400158 | &nbsp;&nbsp;&nbsp;&nbsp; $292592 | &nbsp;&nbsp;&nbsp;&nbsp; $358234137 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $6076 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6076 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $181290 | &nbsp;&nbsp;&nbsp;&nbsp; $36731219 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $36912509 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1442233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1442233 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1282346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1282346 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608088 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1609619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1609619 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 655293 | &nbsp;&nbsp;&nbsp;&nbsp; 3929728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4585021 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1275466 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1275466 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2545429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2545429 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18054349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18054349 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 546915 | &nbsp;&nbsp;&nbsp;&nbsp; 10947613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11494528 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 195258 | &nbsp;&nbsp;&nbsp;&nbsp; 12079542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12274800 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 271290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 271290 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12408378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12408378 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1144424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1144424 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 2499314 | &nbsp;&nbsp;&nbsp;&nbsp; 93540870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96040184 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 284872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 284872 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380789 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1466341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1466341 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 1316942 | &nbsp;&nbsp;&nbsp;&nbsp; 4208441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5525383 |

---

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

172 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity ETF** (continued) | **International Equity ETF** (continued) | **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** |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; $885608 | &nbsp;&nbsp;&nbsp;&nbsp; $73471 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $959079 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4823363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4823363 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1522641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1522641 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 784460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 784460 |
| 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; 10861275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10861275 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1727061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1727061 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 802792 | &nbsp;&nbsp;&nbsp;&nbsp; 31410031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32212823 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 2760284 | &nbsp;&nbsp;&nbsp;&nbsp; 4965394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7725678 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7690335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7690335 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6546918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6546918 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 643412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 643412 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 1209089 | &nbsp;&nbsp;&nbsp;&nbsp; 62655318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63864407 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13059670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13059670 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 11052785 | &nbsp;&nbsp;&nbsp;&nbsp; 350974386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 362027171 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 242239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242239 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 4566374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4566374 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 4808613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4808613 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $15861398 | &nbsp;&nbsp;&nbsp;&nbsp; $350974386 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $366835784 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $14311 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14311 |

---

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

 <br> (a) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $385870159 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $385870159 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $11235 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11235 |

---

&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; $368364180 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $368364180 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(3716)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3716)<br>|

---

&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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $1073173 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1073173 |
| Automobiles & Parts | &nbsp;&nbsp;&nbsp;&nbsp; 1864129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1864129 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; 24961130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24961130 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; 3349262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3349262 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; 18546379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18546379 |
| Construction & Materials | &nbsp;&nbsp;&nbsp;&nbsp; 17315068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17315068 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; 9511703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9511703 |
| Electricity | &nbsp;&nbsp;&nbsp;&nbsp; 14621912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14621912 |
| Electronic & Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 5355473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5355473 |
| Finance & Credit Services | &nbsp;&nbsp;&nbsp;&nbsp; 5838461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5838461 |
| Food Producers | &nbsp;&nbsp;&nbsp;&nbsp; 13835464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13835464 |
| Gas, Water & Multi-utilities | &nbsp;&nbsp;&nbsp;&nbsp; 17700265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17700265 |
| General Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 5748925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5748925 |
| Health Care Providers | &nbsp;&nbsp;&nbsp;&nbsp; 18940402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18940402 |
| Household Goods & Home Construction | &nbsp;&nbsp;&nbsp;&nbsp; 13610045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13610045 |
| Industrial Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 3661407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3661407 |
| Industrial Materials | &nbsp;&nbsp;&nbsp;&nbsp; 7087060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7087060 |
| Industrial Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 15449841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15449841 |
| Industrial Support Services | &nbsp;&nbsp;&nbsp;&nbsp; 10805254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10805254 |
| Industrial Transportation | &nbsp;&nbsp;&nbsp;&nbsp; 14504550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14504550 |
| Investment Banking & Brokerage Services | &nbsp;&nbsp;&nbsp;&nbsp; 4190708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4190708 |
| Leisure Goods | &nbsp;&nbsp;&nbsp;&nbsp; 2159921 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2159921 |
| Life Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 4397338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4397338 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 1865730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1865730 |
| Medical Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 9896515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9896515 |
| Mortgage Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp; 4214584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4214584 |
| Non-life Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 4083977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4083977 |
| Non-Renewable Energy | &nbsp;&nbsp;&nbsp;&nbsp; 37493035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37493035 |
| Personal Care, Drug & Grocery Stores | &nbsp;&nbsp;&nbsp;&nbsp; 12810560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12810560 |
| Personal Goods | &nbsp;&nbsp;&nbsp;&nbsp; 6804674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6804674 |
| Pharmaceuticals, Biotechnology & Marijuana <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19630417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4696 | &nbsp;&nbsp;&nbsp;&nbsp; 19635113 |
| Precious Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 8572194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8572194 |
| Real Estate Investment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 6924433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6924433 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp; 52520972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52520972 |
| Renewable Energy | &nbsp;&nbsp;&nbsp;&nbsp; 6511616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6511616 |
| Retailers | &nbsp;&nbsp;&nbsp;&nbsp; 8615910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8615910 |
| Software & Computer Services | &nbsp;&nbsp;&nbsp;&nbsp; 22185692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22185692 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 27902840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27902840 |
| Telecommunications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 19640481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19640481 |
| Telecommunications Service Providers | &nbsp;&nbsp;&nbsp;&nbsp; 13673972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13673972 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; 2598463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2598463 |
| Travel & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 2269164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2269164 |
| Waste & Disposal Services | &nbsp;&nbsp;&nbsp;&nbsp; 1133342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1133342 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 503876441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4696 | &nbsp;&nbsp;&nbsp;&nbsp; 503881137 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

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

174 J.P. Morgan Exchange-Traded Funds October 31, 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** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $405629 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $405629 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 15353997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15353997 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 15759626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15759626 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $519636067 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4696 | &nbsp;&nbsp;&nbsp;&nbsp; $519640763 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $9946 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9946 |

---

&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; $1724945798 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1724945798 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $55272 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $55272 |

---

&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. 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; $7452648621 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7452648621 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $160009 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $160009 |

---

&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; $556155541 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $556155541 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $11598 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11598 |

---

&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 October 31, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

**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 October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp; $361114412 | &nbsp;&nbsp; $(361114412)<br>| &nbsp;&nbsp; $— |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp; 16698644 | &nbsp;&nbsp; (16698644)<br>| &nbsp;&nbsp; — |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; 550640 | &nbsp;&nbsp; (550640)<br>| &nbsp;&nbsp; — |
| BetaBuilders Europe ETF | &nbsp;&nbsp; 114806327 | &nbsp;&nbsp; (114806327)<br>| &nbsp;&nbsp; — |
| BetaBuilders International Equity ETF | &nbsp;&nbsp; 30818216 | &nbsp;&nbsp; (30818216)<br>| &nbsp;&nbsp; — |
| BetaBuilders Japan ETF | &nbsp;&nbsp; 4085585 | &nbsp;&nbsp; (4085585)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp; 2225887 | &nbsp;&nbsp; (2225887)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 59817632 | &nbsp;&nbsp; (59817632)<br>| &nbsp;&nbsp; — |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp; 20854077 | &nbsp;&nbsp; (20854077)<br>| &nbsp;&nbsp; — |
| International Equity ETF | &nbsp;&nbsp; 3805203 | &nbsp;&nbsp; (3805203)<br>| &nbsp;&nbsp; — |
| U.S. Equity ETF | &nbsp;&nbsp; 618630 | &nbsp;&nbsp; (614,069)\*\*<br>| &nbsp;&nbsp; 4561 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 2008937 | &nbsp;&nbsp; (2008937)<br>| &nbsp;&nbsp; — |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp; 14352067 | &nbsp;&nbsp; (14352067)<br>| &nbsp;&nbsp; — |
| U.S. Value Factor ETF | &nbsp;&nbsp; 2759025 | &nbsp;&nbsp; (2759025)<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.

\*\* Subsequent to October 31, 2025, additional collateral was received.

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.

Emerging Markets Equity ETF, U.S. Momentum Factor ETF and U.S. Quality Factor ETF did not have any securities out on loan at October 31, 2025.

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

176 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

**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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan <br> Securities <br> Lending Money <br> Market Fund <br> Agency SL <br> Class Shares, <br> 4.12% (a) (b)<br>| $227654452 | $10904894449 | $10752092415 | $— | $— | $380456486 | 380456486 | $13,749,479<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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>| $35199421 | $309458637 | $325285836 | $— | $— | $19372222 | 19372222 | $1,327,294<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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| $47125 | $13963812 | $13429413 | $— | $— | $581524 | 581524 | $44,143<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.00% (a) (b)<br>| 9314174 | 225436865 | 227283980 |  |  | 7467059 | 7467059 | 576860 |  |
| **Total** | $9361299 | $239400677 | $240713393 | $— | $— | $8048583 |  | $621003 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 177

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

(b) The rate shown is the current yield as of October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund <br> Agency SL Class Shares, <br> 4.12% (a) (b)<br>| $75600705 | $586708878 | $541031850 | $— | $— | $121277733 | 121277733 | $2,600,005<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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>| $15951317 | $465361464 | $448712000 | $— | $— | $32600781 | 32600781 | $1,613,039<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.00% (a) (b)<br>| 19826097 | 286036774 | 283217314 |  |  | 22645557 | 22645557 | 1037647 |  |
| **Total** | $35777414 | $751398238 | $731929314 | $— | $— | $55246338 |  | $2650686 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>| $63807415 | $1093002423 | $1152514311 | $— | $— | $4295527 | 4295527 | $4,516,957<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 October 31, 2025.

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

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

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

178 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $50972583 | $20747727 | $5070489 | $1578448 | $20805252 | $89033521 | 286171 | $1409899 | $— |
| JPMorgan Securities <br> Lending Money Market <br> Fund Agency SL <br> Class Shares, 4.12% <br> (b) (c)<br>| 2976209 | 85872214 | 86569899 |  |  | 2278524 | 2278524 | 92,589<br> \*<br>|  |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 4.00% <br> (b) (c)<br>| 19442351 | 93175734 | 85785410 |  |  | 26832675 | 26832675 | 1096962 |  |
| **Total** | $73391143 | $199795675 | $177425798 | $1578448 | $20805252 | $118144720 |  | $2599450 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BetaBuilders U.S. 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>| $46831039 | $408939865 | $395200422 | $— | $— | $60570482 | 60570482 | $1,899,840<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.00% (a) (b)<br>| 8076683 | 114948003 | 111271524 |  |  | 11753162 | 11753162 | 801149 |  |
| **Total** | $54907722 | $523887868 | $506471946 | $— | $— | $72323644 |  | $2700989 | $— |

---

&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 October 31, 2025.

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

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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 179

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.12% <br> (a) (b)<br>| $19349471 | $222426816 | $220681871 | $— | $— | $21094416 | 21094416 | $1,107,670<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.00% (a) (b)<br>| 4153660 | 36407020 | 35559028 |  |  | 5001652 | 5001652 | 227202 |  |
| **Total** | $23503131 | $258833836 | $256240899 | $— | $— | $26096068 |  | $1334872 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% <br> (a) (b)<br>| $— | $1608071 | $1608071 | $— | $— | $— |  | $6,961<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (a) (b)<br>| 1185453 | 43730063 | 44104708 |  |  | 810808 | 810808 | 29712 |  |
| **Total** | $1185453 | $45338134 | $45712779 | $— | $— | $810808 |  | $36673 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.10% (a) (b)<br>| $476589 | $31093188 | $31327769 | $233 | $(2)<br>| $242239 | 242142 | $18773 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.12% (a) (b)<br>| 3907539 | 47673652 | 47014817 |  |  | 4566374 | 4566374 | 278,733<br> \*<br>|  |
| **Total** | $4384128 | $78766840 | $78342586 | $233 | $(2)<br>| $4808613 |  | $297506 | $— |

---

&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 October 31, 2025.

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

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

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

180 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% <br> (a) (b)<br>| $182000 | $17693727 | $17261658 | $— | $— | $614069 | 614069 | $22,423<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (a) (b)<br>| 712498 | 18642334 | 19187524 |  |  | 167308 | 167308 | 35112 |  |
| **Total** | $894498 | $36336061 | $36449182 | $— | $— | $781377 |  | $57535 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% <br> (a) (b)<br>| $167244 | $41044466 | $39201862 | $— | $— | $2009848 | 2009848 | $65,069<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.00% (a) (b)<br>| 515360 | 22823239 | 22654936 |  |  | 683663 | 683663 | 30864 |  |
| **Total** | $682604 | $63867705 | $61856798 | $— | $— | $2693511 |  | $95933 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| $12534155 | $128310946 | $125491104 | $— | $— | $15353997 | 15353997 | $514,715<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.00% (a) (b)<br>| 773904 | 30428215 | 30796490 |  |  | 405629 | 405629 | 45978 |  |
| **Total** | $13308059 | $158739161 | $156287594 | $— | $— | $15759626 |  | $560693 | $— |

---

&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 October 31, 2025.

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

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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 181

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| $1591982 | $90906583 | $92498565 | $— | $— | $— |  | $116,735<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.00% (a) (b)<br>| 2150007 | 43168038 | 43196636 |  |  | 2121409 | 2121409 | 78334 |  |
| **Total** | $3741989 | $134074621 | $135695201 | $— | $— | $2121409 |  | $195069 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| $6177185 | $102540308 | $108717493 | $— | $— | $— |  | $193,627<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.00% (a) (b)<br>| 4594496 | 148370261 | 146302673 |  |  | 6662084 | 6662084 | 415876 |  |
| **Total** | $10771681 | $250910569 | $255020166 | $— | $— | $6662084 |  | $609503 | $— |

---

&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 October 31, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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 year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.12% (a) (b)<br>| $5014297 | $73529505 | $75679942 | $— | $— | $2863860 | 2863860 | $235,525<br> \*<br>| $— |
| JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.00% (a) (b)<br>| 407337 | 27680506 | 27875786 |  |  | 212057 | 212057 | 47561 |  |
| **Total** | $5421634 | $101210011 | $103555728 | $— | $— | $3075917 |  | $283086 | $— |

---

&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 October 31, 2025.

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

182 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

**E. 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 year 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.

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 year ended October 31, 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; $57062959 | &nbsp;&nbsp; $38070349 | &nbsp;&nbsp; $10119395 | &nbsp;&nbsp; $54696257 |
| Ending Notional Balance Long | &nbsp;&nbsp; 64801326 | &nbsp;&nbsp; 37974636 | &nbsp;&nbsp; 10830050 | &nbsp;&nbsp; 53014082 |

---

&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; $40070224 | &nbsp;&nbsp; $121556502 | &nbsp;&nbsp; $26897677 | &nbsp;&nbsp; $17846218 |
| Ending Notional Balance Long | &nbsp;&nbsp; 45881370 | &nbsp;&nbsp; 171939459 | &nbsp;&nbsp; 30918375 | &nbsp;&nbsp; 13350830 |

---

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

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 183

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BetaBuilders U.S.** <br>**Small Cap** <br>**Equity ETF**<br>| **Emerging** <br>**Markets** <br>**Equity ETF**<br>| **International** <br>**Equity ETF**<br>| **U.S.** <br>**Equity ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $5115847 | &nbsp;&nbsp; $387137 | &nbsp;&nbsp; $1779395 | &nbsp;&nbsp; $658078 |
| Ending Notional Balance Long | &nbsp;&nbsp; 5350490 | &nbsp;&nbsp; 140650 | &nbsp;&nbsp; 1683720 | &nbsp;&nbsp; 343538 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| **U.S. Quality** <br>**Factor ETF**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $655245 | &nbsp;&nbsp; $827197 | &nbsp;&nbsp; $1827624 | &nbsp;&nbsp; $9808372 |
| Ending Notional Balance Long | &nbsp;&nbsp; 976890 | &nbsp;&nbsp; 497720 | &nbsp;&nbsp; 2404763 | &nbsp;&nbsp; 8588438 |

---

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

---

| | |
|:---|:---|
|  | **U.S. Value** <br>**Factor ETF**<br>|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $986632 |
| Ending Notional Balance Long | &nbsp;&nbsp; 343538 |

---

**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 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 October 31, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

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

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

184 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $321342006 | &nbsp;&nbsp;&nbsp;&nbsp; $(3209332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(318132674)<br>|
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 12448023 | &nbsp;&nbsp;&nbsp;&nbsp; (164510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12283513)<br>|
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 49121436 | &nbsp;&nbsp;&nbsp;&nbsp; 2835123 | &nbsp;&nbsp;&nbsp;&nbsp; (51956559)<br>|
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 376845455 | &nbsp;&nbsp;&nbsp;&nbsp; 22185556 | &nbsp;&nbsp;&nbsp;&nbsp; (399031011)<br>|
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 199244003 | &nbsp;&nbsp;&nbsp;&nbsp; 13062576 | &nbsp;&nbsp;&nbsp;&nbsp; (212306579)<br>|
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 441755667 | &nbsp;&nbsp;&nbsp;&nbsp; 65276168 | &nbsp;&nbsp;&nbsp;&nbsp; (507031835)<br>|
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 86877724 | &nbsp;&nbsp;&nbsp;&nbsp; (1067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86876657)<br>|
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 254565260 | &nbsp;&nbsp;&nbsp;&nbsp; 1078482 | &nbsp;&nbsp;&nbsp;&nbsp; (255643742)<br>|
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 65268831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65268831)<br>|
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1081367 | &nbsp;&nbsp;&nbsp;&nbsp; 1245927 | &nbsp;&nbsp;&nbsp;&nbsp; (2327294)<br>|
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3054015 | &nbsp;&nbsp;&nbsp;&nbsp; 1912126 | &nbsp;&nbsp;&nbsp;&nbsp; (4966141)<br>|
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19523891 | &nbsp;&nbsp;&nbsp;&nbsp; 191024 | &nbsp;&nbsp;&nbsp;&nbsp; (19714915)<br>|
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 33062402 | &nbsp;&nbsp;&nbsp;&nbsp; 185196 | &nbsp;&nbsp;&nbsp;&nbsp; (33247598)<br>|
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 35400138 | &nbsp;&nbsp;&nbsp;&nbsp; 132808 | &nbsp;&nbsp;&nbsp;&nbsp; (35532946)<br>|
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 232490456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (232490456)<br>|
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 670045562 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; (670046567)<br>|
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19877882 | &nbsp;&nbsp;&nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp;&nbsp; (19879085)<br>|

---

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

**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 |

---

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 185

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

---

| | |
|:---|:---|
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| 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 its distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

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

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

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

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

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

186 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| BetaBuilders Canada ETF | $161578437 | $147545697 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 249969418 | 205142923 |
| BetaBuilders Emerging Markets Equity ETF | 350174994 | 351471169 |
| BetaBuilders Europe ETF | 240181582 | 243410060 |
| BetaBuilders International Equity ETF | 251349503 | 253421842 |
| BetaBuilders Japan ETF | 594650508 | 625999076 |
| BetaBuilders U.S. Equity ETF | 128403852 | 122528480 |
| BetaBuilders U.S. Mid Cap Equity ETF | 352588615 | 355805500 |
| BetaBuilders U.S. Small Cap Equity ETF | 131014986 | 131563118 |
| Emerging Markets Equity ETF | 98701472 | 99067437 |
| International Equity ETF | 83581899 | 89363208 |
| U.S. Equity ETF | 101927980 | 101893216 |
| U.S. Mid Cap Equity ETF | 93978518 | 95933977 |
| U.S. Small Cap Equity ETF | 135040552 | 135461581 |
| U.S. Momentum Factor ETF | 556095909 | 572484514 |
| U.S. Quality Factor ETF | 1178046792 | 1205227385 |
| U.S. Value Factor ETF | 158418617 | 161835863 |

---

During the year ended October 31, 2025, there were no purchases or sales of U.S. Government securities.

For the year ended October 31, 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 | $735883067 | $726229173 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 306215697 | 43742495 |
| BetaBuilders Emerging Markets Equity ETF | 35655182 | 107775502 |
| BetaBuilders Europe ETF | 4296281230 | 3436842171 |
| BetaBuilders International Equity ETF | 683797517 | 535809502 |
| BetaBuilders Japan ETF | 1803973905 | 1616182179 |
| BetaBuilders U.S. Equity ETF | 1427302219 | 194763986 |
| BetaBuilders U.S. Mid Cap Equity ETF | 685967908 | 661332011 |
| BetaBuilders U.S. Small Cap Equity ETF | 170779241 | 165624700 |
| Emerging Markets Equity ETF | 3271644 | 4158029 |
| International Equity ETF |  | 29971539 |
| U.S. Equity ETF | 23614260 | 82908672 |
| U.S. Mid Cap Equity ETF | 91383899 | 135127593 |
| U.S. Small Cap Equity ETF | 92075412 | 107195410 |
| U.S. Momentum Factor ETF | 981554206 | 676341799 |
| U.S. Quality Factor ETF | 3740177775 | 2006307873 |
| U.S. Value Factor ETF | 65732831 | 226738434 |

---

During the year ended October 31, 2025, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 187

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $6202969860 | &nbsp;&nbsp;&nbsp;&nbsp; $3037602617 | &nbsp;&nbsp;&nbsp;&nbsp; $59695296 | &nbsp;&nbsp;&nbsp;&nbsp; $2977907321 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4937048402 | &nbsp;&nbsp;&nbsp;&nbsp; 915956454 | &nbsp;&nbsp;&nbsp;&nbsp; 391404889 | &nbsp;&nbsp;&nbsp;&nbsp; 524551565 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 551848854 | &nbsp;&nbsp;&nbsp;&nbsp; 214480288 | &nbsp;&nbsp;&nbsp;&nbsp; 19021490 | &nbsp;&nbsp;&nbsp;&nbsp; 195458798 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7846935840 | &nbsp;&nbsp;&nbsp;&nbsp; 862344176 | &nbsp;&nbsp;&nbsp;&nbsp; 432906057 | &nbsp;&nbsp;&nbsp;&nbsp; 429438119 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4661086554 | &nbsp;&nbsp;&nbsp;&nbsp; 1510423726 | &nbsp;&nbsp;&nbsp;&nbsp; 274262777 | &nbsp;&nbsp;&nbsp;&nbsp; 1236160949 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 12219500934 | &nbsp;&nbsp;&nbsp;&nbsp; 3427229106 | &nbsp;&nbsp;&nbsp;&nbsp; 1073307337 | &nbsp;&nbsp;&nbsp;&nbsp; 2353921769 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4484389541 | &nbsp;&nbsp;&nbsp;&nbsp; 1863314342 | &nbsp;&nbsp;&nbsp;&nbsp; 153099939 | &nbsp;&nbsp;&nbsp;&nbsp; 1710214403 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1767542628 | &nbsp;&nbsp;&nbsp;&nbsp; 400389853 | &nbsp;&nbsp;&nbsp;&nbsp; 117693294 | &nbsp;&nbsp;&nbsp;&nbsp; 282696559 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 529103396 | &nbsp;&nbsp;&nbsp;&nbsp; 134890458 | &nbsp;&nbsp;&nbsp;&nbsp; 49359292 | &nbsp;&nbsp;&nbsp;&nbsp; 85531166 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 307401361 | &nbsp;&nbsp;&nbsp;&nbsp; 73673808 | &nbsp;&nbsp;&nbsp;&nbsp; 22834956 | &nbsp;&nbsp;&nbsp;&nbsp; 50838852 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 313705030 | &nbsp;&nbsp;&nbsp;&nbsp; 80160701 | &nbsp;&nbsp;&nbsp;&nbsp; 27015636 | &nbsp;&nbsp;&nbsp;&nbsp; 53145065 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 322707479 | &nbsp;&nbsp;&nbsp;&nbsp; 85871466 | &nbsp;&nbsp;&nbsp;&nbsp; 22697551 | &nbsp;&nbsp;&nbsp;&nbsp; 63173915 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 340145975 | &nbsp;&nbsp;&nbsp;&nbsp; 54735004 | &nbsp;&nbsp;&nbsp;&nbsp; 26520515 | &nbsp;&nbsp;&nbsp;&nbsp; 28214489 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 481397065 | &nbsp;&nbsp;&nbsp;&nbsp; 85149771 | &nbsp;&nbsp;&nbsp;&nbsp; 46896127 | &nbsp;&nbsp;&nbsp;&nbsp; 38253644 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1473531981 | &nbsp;&nbsp;&nbsp;&nbsp; 279538255 | &nbsp;&nbsp;&nbsp;&nbsp; 28069166 | &nbsp;&nbsp;&nbsp;&nbsp; 251469089 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6756661025 | &nbsp;&nbsp;&nbsp;&nbsp; 952291328 | &nbsp;&nbsp;&nbsp;&nbsp; 256143723 | &nbsp;&nbsp;&nbsp;&nbsp; 696147605 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 506634700 | &nbsp;&nbsp;&nbsp;&nbsp; 101429511 | &nbsp;&nbsp;&nbsp;&nbsp; 51897072 | &nbsp;&nbsp;&nbsp;&nbsp; 49532439 |

---

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

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $170592188 | &nbsp;&nbsp;&nbsp;&nbsp; $170592188 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 192013206 | &nbsp;&nbsp;&nbsp;&nbsp; 192013206 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25909884 | &nbsp;&nbsp;&nbsp;&nbsp; 25909884 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 157548374 | &nbsp;&nbsp;&nbsp;&nbsp; 157548374 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 168145950 | &nbsp;&nbsp;&nbsp;&nbsp; 168145950 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 307085705 | &nbsp;&nbsp;&nbsp;&nbsp; 307085705 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 57522854 | &nbsp;&nbsp;&nbsp;&nbsp; 57522854 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26113324 | &nbsp;&nbsp;&nbsp;&nbsp; 26113324 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6710455 | &nbsp;&nbsp;&nbsp;&nbsp; 6710455 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 16814520 | &nbsp;&nbsp;&nbsp;&nbsp; 16814520 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14109596 | &nbsp;&nbsp;&nbsp;&nbsp; 14109596 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9344708 | &nbsp;&nbsp;&nbsp;&nbsp; 9344708 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7853116 | &nbsp;&nbsp;&nbsp;&nbsp; 7853116 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8314796 | &nbsp;&nbsp;&nbsp;&nbsp; 8314796 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 13660021 | &nbsp;&nbsp;&nbsp;&nbsp; 13660021 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 75619235 | &nbsp;&nbsp;&nbsp;&nbsp; 75619235 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 13773646 | &nbsp;&nbsp;&nbsp;&nbsp; 13773646 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

188 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $173065727 | &nbsp;&nbsp;&nbsp;&nbsp; $173065727 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 205686432 | &nbsp;&nbsp;&nbsp;&nbsp; 205686432 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 15449955 | &nbsp;&nbsp;&nbsp;&nbsp; 15449955 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 226908416 | &nbsp;&nbsp;&nbsp;&nbsp; 226908416 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 137365224 | &nbsp;&nbsp;&nbsp;&nbsp; 137365224 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 294824859 | &nbsp;&nbsp;&nbsp;&nbsp; 294824859 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 43394093 | &nbsp;&nbsp;&nbsp;&nbsp; 43394093 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 21955852 | &nbsp;&nbsp;&nbsp;&nbsp; 21955852 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9286017 | &nbsp;&nbsp;&nbsp;&nbsp; 9286017 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14003945 | &nbsp;&nbsp;&nbsp;&nbsp; 14003945 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17692014 | &nbsp;&nbsp;&nbsp;&nbsp; 17692014 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9649355 | &nbsp;&nbsp;&nbsp;&nbsp; 9649355 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7087097 | &nbsp;&nbsp;&nbsp;&nbsp; 7087097 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8638889 | &nbsp;&nbsp;&nbsp;&nbsp; 8638889 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6298065 | &nbsp;&nbsp;&nbsp;&nbsp; 6298065 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 53090759 | &nbsp;&nbsp;&nbsp;&nbsp; 53090759 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 18627808 | &nbsp;&nbsp;&nbsp;&nbsp; 18627808 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $30274700 | &nbsp;&nbsp;&nbsp;&nbsp; $(250098058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2978651315 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22128784 | &nbsp;&nbsp;&nbsp;&nbsp; (380745165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 524598175 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25395431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190434020 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 37218513 | &nbsp;&nbsp;&nbsp;&nbsp; (484470167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 431071075 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 97868847 | &nbsp;&nbsp;&nbsp;&nbsp; (165799102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1236174316 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 741474544 | &nbsp;&nbsp;&nbsp;&nbsp; (665447971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2348674234 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6869175 | &nbsp;&nbsp;&nbsp;&nbsp; (74741401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1710214403 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3721082 | &nbsp;&nbsp;&nbsp;&nbsp; (450504749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 282696559 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 953395 | &nbsp;&nbsp;&nbsp;&nbsp; (216832385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85531166 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4254038 | &nbsp;&nbsp;&nbsp;&nbsp; (34185880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49637300 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7192023 | &nbsp;&nbsp;&nbsp;&nbsp; (164012198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53129986 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1193433 | &nbsp;&nbsp;&nbsp;&nbsp; (42896468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63173915 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1021046 | &nbsp;&nbsp;&nbsp;&nbsp; (38117143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28214489 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1241709 | &nbsp;&nbsp;&nbsp;&nbsp; (58862391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38253644 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1556450 | &nbsp;&nbsp;&nbsp;&nbsp; (134113636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 251469089 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 13234783 | &nbsp;&nbsp;&nbsp;&nbsp; (230036794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 696147605 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1463728 | &nbsp;&nbsp;&nbsp;&nbsp; (73504100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49532439 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments, certain derivatives and wash sale loss deferrals.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 189

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

As of October 31, 2025, 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; $52774347 | &nbsp;&nbsp;&nbsp;&nbsp; $197323711 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 96642307 | &nbsp;&nbsp;&nbsp;&nbsp; 284102858 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 124319178 | &nbsp;&nbsp;&nbsp;&nbsp; 360150989 |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 30244570 | &nbsp;&nbsp;&nbsp;&nbsp; 135554532 |
| BetaBuilders Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 94834352 | &nbsp;&nbsp;&nbsp;&nbsp; 570613619 |
| BetaBuilders U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 34326080 | &nbsp;&nbsp;&nbsp;&nbsp; 40415321 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 180686035 | &nbsp;&nbsp;&nbsp;&nbsp; 269818714 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 79513222 | &nbsp;&nbsp;&nbsp;&nbsp; 137319163 |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 28439305 | &nbsp;&nbsp;&nbsp;&nbsp; 5746575 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 51468276 | &nbsp;&nbsp;&nbsp;&nbsp; 112543922 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 32485729 | &nbsp;&nbsp;&nbsp;&nbsp; 10410739 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 18268250 | &nbsp;&nbsp;&nbsp;&nbsp; 19848893 |
| U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29721035 | &nbsp;&nbsp;&nbsp;&nbsp; 29141356 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 106260011 | &nbsp;&nbsp;&nbsp;&nbsp; 27853625 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 144820037 | &nbsp;&nbsp;&nbsp;&nbsp; 85216757 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 41494283 | &nbsp;&nbsp;&nbsp;&nbsp; 32009817 |

---

As of October 31, 2025, the following Funds utilized net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp;&nbsp; $4396071 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 136784 | &nbsp;&nbsp;&nbsp;&nbsp; 2166939 |
| BetaBuilders Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8040253 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 151628 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3511970 |
| International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 952989 | &nbsp;&nbsp;&nbsp;&nbsp; 1635466 |
| U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 604620 | &nbsp;&nbsp;&nbsp;&nbsp; 9301545 |
| U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4092011 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8360490 | &nbsp;&nbsp;&nbsp;&nbsp; 5451695 |

---

**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 and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

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

190 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

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

**7. Borrowings** 

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund at October 31, 2025. Average borrowings from the Facility during the year ended October 31, 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 Developed Asia Pacific ex-Japan ETF | &nbsp;&nbsp; $6310098 | &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $894 |
| BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; 9515864 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1348 |
| BetaBuilders Japan ETF | &nbsp;&nbsp; 3189581 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &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 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

**8. Risks, Concentrations and Indemnifications**

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

As of October 31, 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; 92.6<br> %<br>|
| BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;63.8 |
| BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;48.9 | &nbsp;&nbsp;&nbsp;&nbsp;44.1 |
| BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;74.6 |

---

Significant shareholder transactions by these shareholders 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.

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 191

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

As of October 31, 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>| 62.8<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 10.2<br> %<br>|
| Brazil |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.4 | &nbsp;&nbsp; — |
| Canada | 94.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| China |  | &nbsp;&nbsp; — | 28.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.6 | &nbsp;&nbsp; — |
| France |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 13.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong |  | 16.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| India |  | &nbsp;&nbsp; — | 16.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Japan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 24.6 | 100.0 | &nbsp;&nbsp; — | 26.5 |
| Singapore |  | 13.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| South Korea |  | &nbsp;&nbsp; — | 12.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Taiwan |  | &nbsp;&nbsp; — | 20.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.4 | &nbsp;&nbsp; — |
| United Kingdom |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.3 | 11.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 17.6 |

---

As of October 31, 2025, a significant portion of the investments of the 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 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 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. Diversified Return 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

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

192 J.P. Morgan Exchange-Traded Funds October 31, 2025

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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;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 193

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan BetaBuilders 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 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 U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan BetaBuilders 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 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 U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (seventeen of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

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194 J.P. Morgan Exchange-Traded Funds October 31, 2025

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**TAX LETTER**

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan BetaBuilders U.S. Equity ETF | 92.17<br> %<br>|
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 71.98 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 70.27 |
| JPMorgan Diversified Return U.S. Equity ETF | 86.04 |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 83.17 |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | 74.71 |
| JPMorgan U.S. Momentum Factor ETF | 100.00 |
| JPMorgan U.S. Quality Factor ETF | 98.41 |
| JPMorgan U.S. Value Factor ETF | 86.09 |

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**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp; $1508936 |

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**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions and foreign tax credits (if applicable) treated as qualified dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan BetaBuilders Canada ETF | &nbsp;&nbsp; $77854897 |
| JPMorgan BetaBuilders Developed Asia Pacific <br> ex-Japan ETF<br>| &nbsp;&nbsp; 121731022 |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF<br>| &nbsp;&nbsp; 11410753 |
| JPMorgan BetaBuilders Europe ETF | &nbsp;&nbsp; 131174457 |
| JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp; 146804225 |
| JPMorgan BetaBuilders Japan ETF | &nbsp;&nbsp; 277544782 |
| JPMorgan BetaBuilders U.S. Equity ETF | &nbsp;&nbsp; 54989576 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 19142288 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp; 4825971 |
| JPMorgan Diversified Return Emerging Markets <br> Equity ETF<br>| &nbsp;&nbsp; 7844731 |
| JPMorgan Diversified Return International Equity <br> ETF<br>| &nbsp;&nbsp; 9958724 |
| JPMorgan Diversified Return U.S. Equity ETF | &nbsp;&nbsp; 8317436 |
| JPMorgan Diversified Return U.S. Mid Cap Equity <br> ETF<br>| &nbsp;&nbsp; 6848724 |
| JPMorgan Diversified Return U.S. Small Cap Equity <br> ETF<br>| &nbsp;&nbsp; 6430968 |
| JPMorgan U.S. Momentum Factor ETF | &nbsp;&nbsp; 13660021 |
| JPMorgan U.S. Quality Factor ETF | &nbsp;&nbsp; 75619235 |
| JPMorgan U.S. Value Factor ETF | &nbsp;&nbsp; 12363354 |

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**Section 199A Income**

The following Funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income**<br>|
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp; $3277744 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp; 1313068 |
| JPMorgan Diversified Return U.S. Equity ETF | &nbsp;&nbsp; 1027272 |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | &nbsp;&nbsp; 1004392 |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | &nbsp;&nbsp; 1449203 |
| JPMorgan U.S. Value Factor ETF | &nbsp;&nbsp; 815729 |

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

October 31, 2025 J.P. Morgan Exchange-Traded Funds 195

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**TAX LETTER**

(Unaudited) (continued)

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended October 31, 2025, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

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| | | |
|:---|:---|:---|
|  | **Total Foreign** <br>**Source Income**<br>| **Total Foreign Tax** <br>**Credit**<br>|
| JPMorgan BetaBuilders Canada <br> ETF<br>| &nbsp;&nbsp; $216587002 | &nbsp;&nbsp; $11468619 |
| JPMorgan BetaBuilders <br> Developed Asia Pacific <br> ex-Japan ETF<br>| &nbsp;&nbsp; 198346127 | &nbsp;&nbsp; 1282238 |
| JPMorgan BetaBuilders <br> Emerging Markets Equity ETF<br>| &nbsp;&nbsp; 26349572 | &nbsp;&nbsp; 3301071 |
| JPMorgan BetaBuilders Europe <br> ETF<br>| &nbsp;&nbsp; 149616982 | &nbsp;&nbsp; 13369639 |
| JPMorgan BetaBuilders <br> International Equity ETF<br>| &nbsp;&nbsp; 170375976 | &nbsp;&nbsp; 13875135 |
| JPMorgan BetaBuilders Japan <br> ETF<br>| &nbsp;&nbsp; 325644614 | &nbsp;&nbsp; 29537781 |
| JPMorgan Diversified Return <br> Emerging Markets Equity ETF<br>| &nbsp;&nbsp; 17113746 | &nbsp;&nbsp; 1974981 |
| JPMorgan Diversified Return <br> International Equity ETF<br>| &nbsp;&nbsp; 13167235 | &nbsp;&nbsp; 866323 |

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

196 J.P. Morgan Exchange-Traded Funds October 31, 2025

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

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

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

![](g20050img3ccc58332.jpg)

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![](g20050img3a99246f3.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. October 2025.

AN-ETF-1025

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

Not applicable.

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

Not applicable.

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

Included in the Statements of Operations within the Funds' Financial Statements.

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

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreements for each Fund whose annual report is contained herein (each a "Management Agreement" and collectively, the "Management Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 14, 2025.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with represen

tatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its

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role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

***Costs of Services Provided and Profitability to the Adviser and its Affiliates***

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds' potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Funds' distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and

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infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees considered that each Fund is a "passive" ETF whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees receive and consider information about each Fund's performance throughout the year. The Trustees considered each Fund's investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark index. The Trustees also discussed the performance and the investment strategy of each Fund with the Adviser. Based on these discussions and various other factors, the Trustee concluded each Fund's performance was satisfactory.

***Management Fees and Expense Ratios***

The Trustees considered the contractual and net management fee rates paid by each Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. This review included ranking of each Fund within an expense universe comprised of funds with the same Broadridge investment classification and

objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"). The Trustees reviewed a description of Broadridge's methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group and/or Universe quintile rankings were not calculated if the number of funds in the Peer Group and/or Universe did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan BetaBuilders Canada ETF's net management fee and actual total expenses were both in the first quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF's net management fee and actual total expenses were both in the first quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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

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

The Trustees noted that the JPMorgan BetaBuilders International Equity ETF's net management fee and actual total expenses were both in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors

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identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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

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

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

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

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

The Trustees noted that the JPMorgan Diversified Return International Equity ETF's net management fee and actual total expenses were both in the fourth and fifth quintiles of the Peer Group and Universe, respectively. After considering the factors

identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

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

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

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

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

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

The Trustees noted that the JPMorgan U.S. Value Factor ETF's net management fee was in the third and second quintiles of the Peer Group and Universe, respectively, and that the total actual expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

------

Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

October 31, 2025

Fund Ticker Listing Exchange <br> JPMorgan International Hedged Equity Laddered Overlay ETF HOLA NYSE Arca, Inc.

![](g30384img6ae1d8441.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_SOI-TOC-ScheduleofInvestments-1081_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_FS-TOC-FinancialStatement-1081_1) | &nbsp;&nbsp; **6** |
| [Financial Highlights](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_FIHI_2-TOC-FIHI-1081_1) | &nbsp;&nbsp; **12** |
| [Notes to Financial Statements](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_NTF-NTFRunningFooter-1081_1) | &nbsp;&nbsp; **14** |
| [Report of Independent Registered Public Accounting Firm](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_AUD-TOC-AuditorsReport-1081_1) | &nbsp;&nbsp; **26** |
| [Tax Letter](#xx_98d2664d-9df7-4aa5-bceb-0cf95ced99b2_TL-TAXLETTERCC-1081_1) | &nbsp;&nbsp; **27** |

---

**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 Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Australia — 7.2%** | **Australia — 7.2%** | **Australia — 7.2%** |
| ANZ Group Holdings Ltd. | 45813 | 1097300 |
| BHP Group Ltd. | 80584 | 2297307 |
| Brambles Ltd. | 34438 | 559603 |
| Commonwealth Bank of Australia | 20330 | 2281129 |
| Glencore plc | 30855 | 147813 |
| Goodman Group, REIT | 26898 | 580141 |
| Insurance Australia Group Ltd. | 135217 | 695129 |
| Macquarie Group Ltd. | 4702 | 670668 |
| Medibank Pvt Ltd. | 219277 | 699820 |
| National Australia Bank Ltd. | 44646 | 1272861 |
| Northern Star Resources Ltd. | 14795 | 238567 |
| QBE Insurance Group Ltd. | 72337 | 938542 |
| Rio Tinto Ltd. | 25534 | 2217024 |
| Rio Tinto plc | 12179 | 877984 |
| Santos Ltd. | 168312 | 695152 |
| Telstra Group Ltd. | 164763 | 526391 |
| Transurban Group | 69863 | 661022 |
| Wesfarmers Ltd. | 11168 | 612967 |
| Westpac Banking Corp. | 20795 | 526207 |
| Woodside Energy Group Ltd. | 19368 | 313867 |
| Woolworths Group Ltd. | 34837 | 647236 |
|  |  | 18556730 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA (a) | 10341 | 630566 |
| KBC Group NV (a) | 10001 | 1203215 |
|  |  | 1833781 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| BOC Hong Kong Holdings Ltd. | 54000 | 265341 |
| Prosus NV \* | 19164 | 1324586 |
|  |  | 1589927 |
| **Denmark — 2.4%** | **Denmark — 2.4%** | **Denmark — 2.4%** |
| Carlsberg A/S, Class B (a) | 9219 | 1083966 |
| Danske Bank A/S (a) | 37515 | 1676667 |
| Novo Nordisk A/S, Class B (a) | 48569 | 2391135 |
| Novonesis Novozymes B (a) | 16713 | 998762 |
|  |  | 6150530 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Nokia OYJ (a) | 43329 | 295560 |
| Nordea Bank Abp (a) | 51969 | 888029 |
|  |  | 1183589 |
| **France — 11.0%** | **France — 11.0%** | **France — 11.0%** |
| Air Liquide SA (a) | 14996 | 2902310 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **France — continued** | **France — continued** | **France — continued** |
| Airbus SE (a) | 6375 | 1571891 |
| AXA SA | 6951 | 301593 |
| BNP Paribas SA (a) | 19047 | 1475343 |
| Capgemini SE (a) | 9489 | 1459839 |
| Cie Generale des Etablissements Michelin SCA | 24696 | 788924 |
| Engie SA | 109953 | 2574325 |
| EssilorLuxottica SA | 3904 | 1429718 |
| Hermes International SCA | 144 | 356322 |
| Legrand SA | 10264 | 1772467 |
| L'Oreal SA (a) | 1734 | 723618 |
| LVMH Moet Hennessy Louis Vuitton SE (a) | 3221 | 2276678 |
| Orange SA | 77422 | 1238471 |
| Pernod Ricard SA (a) | 9480 | 928477 |
| Safran SA (a) | 10015 | 3558515 |
| Societe Generale SA (a) | 34684 | 2199682 |
| TotalEnergies SE (a) | 20175 | 1259627 |
| Vinci SA (a) | 11227 | 1501233 |
|  |  | 28319033 |
| **Germany — 11.1%** | **Germany — 11.1%** | **Germany — 11.1%** |
| adidas AG (a) | 2819 | 533023 |
| Allianz SE (Registered) (a) | 8810 | 3540227 |
| BASF SE | 2216 | 109342 |
| Bayer AG (Registered) (a) | 22789 | 708840 |
| Daimler Truck Holding AG | 5810 | 232880 |
| Deutsche Boerse AG | 1217 | 308193 |
| Deutsche Post AG (a) | 25473 | 1170392 |
| Deutsche Telekom AG (Registered) (a) | 67945 | 2104609 |
| E.ON SE (a) | 78859 | 1467281 |
| Heidelberg Materials AG (a) | 1183 | 277536 |
| Infineon Technologies AG (a) | 44825 | 1779234 |
| Mercedes-Benz Group AG | 7598 | 492993 |
| MTU Aero Engines AG (a) | 3525 | 1540515 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) (a)<br>| 4361 | 2698124 |
| Rheinmetall AG (a) | 581 | 1142121 |
| RWE AG (a) | 24829 | 1222345 |
| SAP SE (a) | 13043 | 3392126 |
| Siemens AG (Registered) (a) | 15791 | 4475127 |
| Siemens Energy AG \* | 6816 | 849174 |
| Siemens Healthineers AG (b) | 3644 | 204246 |
| Zalando SE \* (a) (b) | 15865 | 444578 |
|  |  | 28692906 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd. | 195200 | 1899440 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| CK Asset Holdings Ltd. | 38500 | 190469 |
| Hong Kong Exchanges & Clearing Ltd. | 18600 | 1013754 |
| Link, REIT | 40900 | 212992 |
| Prudential plc | 29083 | 404489 |
| Sun Hung Kai Properties Ltd. | 40000 | 486751 |
| Techtronic Industries Co. Ltd. | 26500 | 309096 |
|  |  | 4516991 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group plc | 40463 | 372920 |
| Kingspan Group plc | 10026 | 750730 |
|  |  | 1123650 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| Enel SpA (a) | 42510 | 430021 |
| Ferrari NV | 979 | 392051 |
| FinecoBank Banca Fineco SpA (a) | 16187 | 370361 |
| Prysmian SpA | 18940 | 1974755 |
| Ryanair Holdings plc | 12129 | 367213 |
| UniCredit SpA | 42514 | 3148021 |
|  |  | 6682422 |
| **Japan — 22.8%** | **Japan — 22.8%** | **Japan — 22.8%** |
| Advantest Corp. | 9700 | 1452535 |
| Ajinomoto Co., Inc. | 50900 | 1443642 |
| Asahi Group Holdings Ltd. | 21600 | 232887 |
| Asahi Kasei Corp. | 66200 | 507232 |
| Asics Corp. | 9100 | 231724 |
| Bridgestone Corp. | 20200 | 881834 |
| Daiichi Sankyo Co. Ltd. | 64400 | 1538395 |
| Daikin Industries Ltd. | 7700 | 894586 |
| Denso Corp. | 61200 | 855073 |
| Disco Corp. | 2400 | 797000 |
| East Japan Railway Co. | 35500 | 867088 |
| Fast Retailing Co. Ltd. | 3500 | 1284920 |
| Fuji Electric Co. Ltd. | 12000 | 857056 |
| Fujitsu Ltd. | 20600 | 536845 |
| Hitachi Ltd. | 92600 | 3163122 |
| Honda Motor Co. Ltd. | 30600 | 309282 |
| Hoya Corp. | 11200 | 1819240 |
| IHI Corp. | 24600 | 509321 |
| ITOCHU Corp. | 34300 | 1986769 |
| Japan Exchange Group, Inc. | 37200 | 414823 |
| Japan Post Bank Co. Ltd. | 37000 | 414588 |
| Kajima Corp. | 13800 | 444881 |
| Kao Corp. | 18500 | 782913 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Keyence Corp. | 3800 | 1410312 |
| Kobe Bussan Co. Ltd. | 17200 | 399111 |
| Kubota Corp. | 22200 | 287427 |
| Mitsubishi Corp. | 23300 | 559495 |
| Mitsubishi Heavy Industries Ltd. | 19400 | 585680 |
| Mitsubishi UFJ Financial Group, Inc. | 79800 | 1205401 |
| Mitsui & Co. Ltd. | 69400 | 1706659 |
| Mitsui Fudosan Co. Ltd. | 98300 | 1023539 |
| Murata Manufacturing Co. Ltd. | 18300 | 394565 |
| Nintendo Co. Ltd. | 7800 | 665261 |
| Nomura Research Institute Ltd. | 19600 | 756817 |
| NTT, Inc. | 1148800 | 1182407 |
| Obayashi Corp. | 23100 | 390793 |
| Obic Co. Ltd. | 17100 | 530461 |
| ORIX Corp. | 41700 | 1020067 |
| Otsuka Corp. | 10600 | 209563 |
| Pan Pacific International Holdings Corp. | 147500 | 877420 |
| Panasonic Holdings Corp. | 31800 | 369492 |
| Recruit Holdings Co. Ltd. | 19000 | 942172 |
| Renesas Electronics Corp. | 52800 | 652057 |
| Resona Holdings, Inc. | 97200 | 937113 |
| Sanrio Co. Ltd. | 5100 | 236020 |
| Shimano, Inc. | 2200 | 230485 |
| Shin-Etsu Chemical Co. Ltd. | 46700 | 1403753 |
| Shionogi & Co. Ltd. | 29700 | 498146 |
| SoftBank Group Corp. | 7000 | 1228281 |
| Sony Financial Group, Inc. \* | 108200 | 109106 |
| Sony Group Corp. | 108200 | 3013325 |
| Sumitomo Mitsui Financial Group, Inc. | 90400 | 2447472 |
| Sumitomo Realty & Development Co. Ltd. | 16600 | 708770 |
| Suzuki Motor Corp. | 107700 | 1607839 |
| T&D Holdings, Inc. | 49200 | 1056596 |
| Takeda Pharmaceutical Co. Ltd. | 35800 | 966153 |
| Terumo Corp. | 60100 | 970070 |
| Tokio Marine Holdings, Inc. | 50900 | 1898224 |
| Tokyo Electron Ltd. | 9500 | 2094468 |
| Toyota Motor Corp. | 102300 | 2085604 |
|  |  | 58885880 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Sands China Ltd. | 94400 | 246031 |
| **Netherlands — 4.8%** | **Netherlands — 4.8%** | **Netherlands — 4.8%** |
| Adyen NV \* (a) (b) | 411 | 704242 |
| Argenx SE \* | 788 | 644952 |
| ASML Holding NV (a) | 6646 | 7026881 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Heineken NV (a) | 12940 | 1001974 |
| Koninklijke Ahold Delhaize NV (a) | 15135 | 619485 |
| Koninklijke KPN NV (a) | 230890 | 1068435 |
| NN Group NV (a) | 13883 | 950081 |
| Wolters Kluwer NV | 2670 | 327303 |
|  |  | 12343353 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Xero Ltd. \* | 1862 | 176155 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Equinor ASA | 14804 | 354575 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| DBS Group Holdings Ltd. | 44120 | 1826680 |
| Oversea-Chinese Banking Corp. Ltd. | 26500 | 346657 |
| Sea Ltd., ADR \* | 7064 | 1103750 |
| United Overseas Bank Ltd. | 20100 | 534609 |
|  |  | 3811696 |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| Banco Bilbao Vizcaya Argentaria SA (a) | 55800 | 1124152 |
| Banco Santander SA (a) | 380060 | 3872884 |
| Iberdrola SA (a) | 56705 | 1149197 |
| Industria de Diseno Textil SA (a) | 14438 | 797272 |
|  |  | 6943505 |
| **Sweden — 2.3%** | **Sweden — 2.3%** | **Sweden — 2.3%** |
| Assa Abloy AB, Class B | 18291 | 689288 |
| Atlas Copco AB, Class A (a) | 158003 | 2647509 |
| Swedbank AB, Class A | 17733 | 538388 |
| Volvo AB, Class B (a) | 78202 | 2142348 |
|  |  | 6017533 |
| **Switzerland — 3.3%** | **Switzerland — 3.3%** | **Switzerland — 3.3%** |
| ABB Ltd. (Registered) | 4429 | 329285 |
| Cie Financiere Richemont SA (Registered) (a) | 12042 | 2381976 |
| Givaudan SA (Registered) (a) | 74 | 303152 |
| Lonza Group AG (Registered) (a) | 3013 | 2080573 |
| Sandoz Group AG (a) | 6674 | 445001 |
| SGS SA (Registered) | 3746 | 422436 |
| UBS Group AG (Registered) (a) | 37893 | 1449988 |
| Zurich Insurance Group AG (a) | 1620 | 1126664 |
|  |  | 8539075 |
| **United Kingdom — 14.4%** | **United Kingdom — 14.4%** | **United Kingdom — 14.4%** |
| 3i Group plc (a) | 41761 | 2416735 |
| AstraZeneca plc (a) | 31352 | 5171470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| BAE Systems plc | 51623 | 1271655 |
| Barclays plc (a) | 549098 | 2945155 |
| British American Tobacco plc | 23209 | 1188662 |
| Compass Group plc | 27301 | 903659 |
| Diageo plc | 21079 | 484854 |
| HSBC Holdings plc | 218734 | 3062156 |
| InterContinental Hotels Group plc | 7893 | 952111 |
| Lloyds Banking Group plc | 487543 | 571639 |
| London Stock Exchange Group plc (a) | 14572 | 1816055 |
| National Grid plc (a) | 130186 | 1952023 |
| NatWest Group plc (a) | 273137 | 2102750 |
| Next plc (a) | 3311 | 622105 |
| Reckitt Benckiser Group plc | 13822 | 1057232 |
| RELX plc (a) | 59517 | 2630437 |
| Rolls-Royce Holdings plc | 74561 | 1147405 |
| Sage Group plc (The) (a) | 71926 | 1087189 |
| SSE plc (a) | 83390 | 2100828 |
| Standard Chartered plc | 19061 | 391270 |
| Tesco plc | 259789 | 1567742 |
| Unilever plc | 28350 | 1716776 |
|  |  | 37159908 |
| **United States — 9.2%** | **United States — 9.2%** | **United States — 9.2%** |
| BP plc | 161090 | 943796 |
| CSL Ltd. | 5681 | 662043 |
| Ferrovial SE (a) | 19429 | 1192248 |
| GSK plc | 42078 | 985191 |
| Haleon plc | 128737 | 598657 |
| Nestle SA (Registered) (a) | 38792 | 3706516 |
| Novartis AG (Registered) (a) | 22705 | 2810009 |
| Roche Holding AG (a) | 8772 | 2841430 |
| Sanofi SA (a) | 25559 | 2585621 |
| Schneider Electric SE (a) | 6216 | 1771125 |
| Shell plc | 130223 | 4881985 |
| Spotify Technology SA \* (a) | 1167 | 764758 |
|  |  | 23743379 |
| Total Common Stocks <br>(Cost $185,261,371)<br>|  | 256870649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan International Hedged Equity Laddered Overlay ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** |
| **Options Purchased — 0.7%** | **Options Purchased — 0.7%** | **Options Purchased — 0.7%** |
| **Put Options Purchased — 0.7%** | **Put Options Purchased — 0.7%** | **Put Options Purchased — 0.7%** |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| iShares MSCI EAFE ETF |  |  |
| 11/28/2025 at USD 87.00, American Style |  |  |
| Notional Amount: USD 85,891,410 |  |  |
| Counterparty: Exchange-Traded \* | 9090 | 127260 |
| iShares MSCI EAFE ETF |  |  |
| 12/31/2025 at USD 88.00, American Style |  |  |
| Notional Amount: USD 85,891,410 |  |  |
| Counterparty: Exchange-Traded \* | 9090 | 609030 |
| iShares MSCI EAFE ETF |  |  |
| 1/30/2026 at USD 89.00, American Style |  |  |
| Notional Amount: USD 85,041,000 |  |  |
| Counterparty: Exchange-Traded \* | 9000 | 1039500 |
| Total Options Purchased <br>(Cost $3,020,059)<br>|  | 1775790 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (c) (d) <br>(Cost $1,485,008)<br>| 1484347 | 1484941 |
| **Total Investments — 100.9%** <br>**(Cost $189,766,438)**<br>|  | **260131380** |
| **Liabilities in Excess of Other Assets — (0.9)%** |  | **(2196407)**<br>|
| **NET ASSETS — 100.0%** |  | **257934973** |

---

&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 |
| EAFE | Europe, Australasia and Far East |
| ETF | Exchange Traded Fund |
| MSCI | Morgan Stanley Capital International |
| 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) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $98,795,033. 

(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;

&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 October 31, 2025.

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY AS OF October 31, 2025** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 15.0<br> %<br>|
| Pharmaceuticals | 8.3 |
| Insurance | 6.2 |
| Semiconductors & Semiconductor Equipment | 5.3 |
| Aerospace & Defense | 3.9 |
| Oil, Gas & Consumable Fuels | 3.2 |
| Capital Markets | 3.1 |
| Industrial Conglomerates | 2.9 |
| Electrical Equipment | 2.9 |
| Machinery | 2.6 |
| Chemicals | 2.4 |
| Diversified Telecommunication Services | 2.4 |
| Multi-Utilities | 2.3 |
| Textiles, Apparel & Luxury Goods | 2.2 |
| Metals & Mining | 2.2 |
| Food Products | 2.0 |
| Automobiles | 1.9 |
| Software | 1.8 |
| Broadline Retail | 1.7 |
| Health Care Equipment & Supplies | 1.7 |
| Beverages | 1.7 |
| Professional Services | 1.7 |
| Trading Companies & Distributors | 1.6 |
| Electric Utilities | 1.4 |
| Construction & Engineering | 1.4 |
| IT Services | 1.3 |
| Household Durables | 1.3 |
| Consumer Staples Distribution & Retail | 1.2 |
| Personal Care Products | 1.2 |
| Specialty Retail | 1.1 |
| Automobile Components | 1.0 |
| Others (each less than 1.0%) | 10.5 |
| Short-Term Investments | 0.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 2025:** | **Written Call Options Contracts as of October 31, 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 ($)** |
| iShares MSCI EAFE ETF | Exchange-Traded | 9090 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,891,410<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 96.00<br>| 11/28/2025 | &nbsp;&nbsp; (736290)<br>|
| iShares MSCI EAFE ETF | Exchange-Traded | 9090 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,891,410<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 97.00<br>| 12/31/2025 | &nbsp;&nbsp; (745380)<br>|
| iShares MSCI EAFE ETF | Exchange-Traded | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,041,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 99.00<br>| 1/30/2026 | &nbsp;&nbsp; (648000)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (2129670)<br>|
| **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** | **Written Put Options Contracts as of October 31, 2025** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| iShares MSCI EAFE ETF | Exchange-Traded | 9090 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,891,410<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 73.00<br>| 11/28/2025 | &nbsp;&nbsp; (18180)<br>|
| iShares MSCI EAFE ETF | Exchange-Traded | 9090 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,891,410<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 74.00<br>| 12/31/2025 | &nbsp;&nbsp; (109080)<br>|
| iShares MSCI EAFE ETF | Exchange-Traded | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 85,041,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 75.00<br>| 1/30/2026 | &nbsp;&nbsp; (211500)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (338760)<br>|
| Total Written Options Contracts (Premiums Received $2,806,837) | Total Written Options Contracts (Premiums Received $2,806,837) | Total Written Options Contracts (Premiums Received $2,806,837) | Total Written Options Contracts (Premiums Received $2,806,837) | Total Written Options Contracts (Premiums Received $2,806,837) | Total Written Options Contracts (Premiums Received $2,806,837) | &nbsp;&nbsp; (2468430)<br>|

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $256870649 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1484941 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 1775790 |
| Cash | &nbsp;&nbsp;&nbsp; 61203 |
| Segregated cash balance with Authorized Participant for deposit securities | &nbsp;&nbsp;&nbsp; 4045 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1652569 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 569187 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 516 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 736250 |
| Total Assets | &nbsp;&nbsp;&nbsp; 263155150 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 2567399 |
| Collateral upon return of deposit securities | &nbsp;&nbsp;&nbsp; 4045 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 2468430 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 34314 |
| Administration fees | &nbsp;&nbsp;&nbsp; 15832 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 12351 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 3164 |
| Other | &nbsp;&nbsp;&nbsp; 114642 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 5220177 |
| Net Assets | &nbsp;&nbsp;&nbsp; $257934973 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $222817789 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 35117184 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $257934973 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001) (a)<br>| &nbsp;&nbsp;&nbsp; 4948398 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $52.12 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $185261371 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 1485008 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 3020059 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 2806837 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF (a)** |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $13306 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 7051 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 6314559 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 158230 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (565881)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 5927265 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 521747 |
| Administration fees | &nbsp;&nbsp;&nbsp; 156594 |
| Distribution fees  | &nbsp;&nbsp;&nbsp; 17839 |
| Service fees  | &nbsp;&nbsp;&nbsp; 312621 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 112849 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 3302 |
| Professional fees | &nbsp;&nbsp;&nbsp; 122615 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 25461 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 42956 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 72947 |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp; 2699 |
| Other | &nbsp;&nbsp;&nbsp; 30209 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1421839 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (228638)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (24719)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1168482 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 4758783 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **International Hedged Equity**<br>**Laddered Overlay ETF (a)** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3095650 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (80)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 2311684 |
| Options purchased | &nbsp;&nbsp;&nbsp; (3993216)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 788685 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (12121)<br>|
| Options written | &nbsp;&nbsp;&nbsp; (4181440)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1990838)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 32907292 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (869)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (2873459)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 73321 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 45194 |
| Options written | &nbsp;&nbsp;&nbsp; (1400978)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 28750501 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 26759663 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $31518446 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF (a)** | **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF (a)** |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $4758783 | &nbsp;&nbsp;&nbsp; $3881744 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1990838)<br>| &nbsp;&nbsp;&nbsp; (4973195)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 28750501 | &nbsp;&nbsp;&nbsp; 22182905 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 31518446 | &nbsp;&nbsp;&nbsp; 21091454 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (4988756)<br>| &nbsp;&nbsp;&nbsp; (4243332)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; 48373999 | &nbsp;&nbsp;&nbsp; 21354883 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 74903689 | &nbsp;&nbsp;&nbsp; 38203005 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 183031284 | &nbsp;&nbsp;&nbsp; 144828279 |
| End of period | &nbsp;&nbsp;&nbsp; $257934973 | &nbsp;&nbsp;&nbsp; $183031284 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF (a)** | **JPMorgan** <br>**International Hedged Equity** <br>**Laddered Overlay ETF (a)** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** (b) |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $92655307 | &nbsp;&nbsp;&nbsp; $64054518 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3672531 | &nbsp;&nbsp;&nbsp; 3287378 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (45951002)<br>| &nbsp;&nbsp;&nbsp; (56267550)<br>|
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; 50376836 | &nbsp;&nbsp;&nbsp; 11074346 |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2220361 | &nbsp;&nbsp;&nbsp; 768680 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 233668 | &nbsp;&nbsp;&nbsp; 225692 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2280079)<br>| &nbsp;&nbsp;&nbsp; (2130287)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 173950 | &nbsp;&nbsp;&nbsp; (1135915)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 124626 | &nbsp;&nbsp;&nbsp; 203121 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6535 | &nbsp;&nbsp;&nbsp; 6111 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (102836)<br>| &nbsp;&nbsp;&nbsp; (134552)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 28325 | &nbsp;&nbsp;&nbsp; 74680 |
| **Class R5** (c) |  |  |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 362 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25068)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (25068)<br>| &nbsp;&nbsp;&nbsp; 362 |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1599131 | &nbsp;&nbsp;&nbsp; 13082165 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 397888 | &nbsp;&nbsp;&nbsp; 49011 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4177063)<br>| &nbsp;&nbsp;&nbsp; (1789766)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (2180044)<br>| &nbsp;&nbsp;&nbsp; 11341410 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $48373999 | &nbsp;&nbsp;&nbsp; $21354883 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from the Acquired Fund on July 11, 2025. See Note 1.

(c) Liquidated on December 10, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan**<br> **International Hedged Equity**<br> **Laddered Overlay ETF (a)** | **JPMorgan**<br> **International Hedged Equity**<br> **Laddered Overlay ETF (a)** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS:** (b) |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1916983 | &nbsp;&nbsp;&nbsp; 3846758 |
| Reinvested | &nbsp;&nbsp;&nbsp; 83295 | &nbsp;&nbsp;&nbsp; 209922 |
| Redeemed | &nbsp;&nbsp;&nbsp; (975177)<br>| &nbsp;&nbsp;&nbsp; (3447277)<br>|
| Change in Shares | &nbsp;&nbsp;&nbsp; 1025101 | &nbsp;&nbsp;&nbsp; 609403 |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 46492 | &nbsp;&nbsp;&nbsp; 46781 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5296 | &nbsp;&nbsp;&nbsp; 14514 |
| Redeemed | &nbsp;&nbsp;&nbsp; (48832)<br>| &nbsp;&nbsp;&nbsp; (132233)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 2956 | &nbsp;&nbsp;&nbsp; (70938)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2682 | &nbsp;&nbsp;&nbsp; 12237 |
| Reinvested | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 392 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2286)<br>| &nbsp;&nbsp;&nbsp; (8078)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 4551 |
| **Class R5** (c) |  |  |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; 42 |
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 34480 | &nbsp;&nbsp;&nbsp; 792984 |
| Reinvested | &nbsp;&nbsp;&nbsp; 9032 | &nbsp;&nbsp;&nbsp; 3128 |
| Redeemed | &nbsp;&nbsp;&nbsp; (87054)<br>| &nbsp;&nbsp;&nbsp; (105983)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (43542)<br>| &nbsp;&nbsp;&nbsp; 690129 |

---

------

(a) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by JPMorgan International Hedged Equity Laddered Overlay ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class I Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from the Acquired Fund on July 11, 2025. See Note 1.

(c) Liquidated on December 10, 2024.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**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 <br>asset <br>value <br>beginning of <br>period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net <br>realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total <br>from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan International Hedged Equity Laddered Overlay ETF** (f) |  |  |  |  |  |
| Year Ended October 31, 2025 | $46.18 | &nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $6.10 | &nbsp;&nbsp; $7.19 | &nbsp;&nbsp; $(1.25)<br>|
| Year Ended October 31, 2024 | 41.24 | 1.04 | 5.08 | 6.12 | &nbsp;&nbsp; (1.18)<br>|
| Year Ended October 31, 2023 | 38.85 | 0.99 | 2.31 | 3.30 | &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2022 | 46.18 | 0.91 | &nbsp;&nbsp; (7.12)<br>| &nbsp;&nbsp; (6.21)<br>| &nbsp;&nbsp; (1.12)<br>|
| Year Ended October 31, 2021 | 38.90 | 0.88 | 7.17 | 8.05 | &nbsp;&nbsp; (0.77)<br>|

---

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

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 11, 2025. See Note 1.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) JPMorgan International Hedged Equity Laddered Overlay ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business on July 11, 2025. Market price returns are calculated using the official closing price of the JPMorgan International Hedged Equity Laddered Overlay ETF on the listing exchange as of the time that the JPMorgan International Hedged Equity Laddered Overlay ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan International Hedged Equity Laddered Overlay ETF's listing on July 14, 2025, the NAV performance of the Class I Shares of the Acquired Fund are used as proxy market price returns. 

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

(f) JPMorgan International Hedged Equity Laddered Overlay ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan International Hedged Equity Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund's Class I Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class I Shares for the period November 1, 2020 up through the reorganization. 

(g) Interest expense is 0.01%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &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)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.12 | &nbsp;&nbsp;&nbsp;&nbsp; $52.38 | &nbsp;&nbsp;&nbsp;&nbsp; 16.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $257934973 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.18 | &nbsp;&nbsp;&nbsp;&nbsp;46.18 | &nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp; 160132105 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.24 | &nbsp;&nbsp;&nbsp;&nbsp;41.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp; 133817596 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.85 | &nbsp;&nbsp;&nbsp;&nbsp;38.85 | &nbsp;&nbsp;&nbsp;&nbsp; (13.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156580905 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.18 | &nbsp;&nbsp;&nbsp;&nbsp;46.18 | &nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;&nbsp;&nbsp; 148702864 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

&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 Hedged Equity Laddered Overlay ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

As of the close of business on July 11, 2025 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the "Board"), JPMorgan International Hedged Equity Fund (a mutual fund) (the "Acquired Fund" or "International Hedged Equity Fund"), a series of JPMorgan Trust IV, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund's performance (Class I Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

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

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on July 31, 2028. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund's portfolio turnover ratio for the year ended October 31, 2025.

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

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

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

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

------

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 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 Fund's investments are summarized into the three broad levels listed below.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18556730 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18556730 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1833781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1833781 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1589927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1589927 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6150530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6150530 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1183589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1183589 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28319033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28319033 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28692906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28692906 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4516991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4516991 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1123650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1123650 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6682422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6682422 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 109106 | &nbsp;&nbsp;&nbsp;&nbsp; 58776774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58885880 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246031 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 619485 | &nbsp;&nbsp;&nbsp;&nbsp; 11723868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12343353 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176155 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354575 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354575 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 1103750 | &nbsp;&nbsp;&nbsp;&nbsp; 2707946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3811696 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6943505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6943505 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6017533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6017533 |

---

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (continued) | (continued) | (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** |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8539075 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8539075 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37159908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37159908 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 764758 | &nbsp;&nbsp;&nbsp;&nbsp; 22978621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23743379 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 2597099 | &nbsp;&nbsp;&nbsp;&nbsp; 254273550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256870649 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1775790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1775790 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1484941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1484941 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1484941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1484941 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5857830 | &nbsp;&nbsp;&nbsp;&nbsp; $254273550 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $260131380 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(2129670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2129670)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (338760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (338760)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(2468430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2468430)<br>|

---

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

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

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

The Fund did not lend out any securities during the year ended October 31, 2025.

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 2025\*** | **For the year ended October 31, 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>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.10% (a) (b)<br>| $1423222 | $61042148 | $60979480 | $(80)<br>| $(869)<br>| $1484941 | 1484347 | $158230 | $— |

---

&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 October 31, 2025.

\* Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period November 1, 2024 through July 11, 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 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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

**F. Options**— The Fund purchased put and call options on securities to gain long or short exposure to the underlying instrument. 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 Statement 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 Statement of Operations. If the option is allowed to expire, the Fund 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 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 Statement 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 of options written on the Statement 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

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**—The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Fund's options and futures contracts activity during the year ended October 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $2550228 |
| **Exchange-Traded Options:** |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 8705 |
| Average Number of Contracts Written | &nbsp;&nbsp; (17410)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 27180 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (54360)<br>|

---

**H. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

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.

**I. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

Transfer agency fees charged to the Acquired Fund were class-specific expenses. The amount of the transfer agency fees charged to each share class of the Acquired Fund for the period November 1, 2024 through Closing Date were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R5** | **Class R6** | **Total** |
| Transfer agency fees  | $582 | $285 | $1573 | $3 | $256 | $2699 |

---

**J. 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 October 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**K. 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.

**L. 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.

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1992769 | &nbsp;&nbsp;&nbsp;&nbsp; $446210 | &nbsp;&nbsp;&nbsp;&nbsp; $(2438979)<br>|

---

The reclassifications for the Fund relate primarily to tax adjustments on certain investments and redemptions in-kind.

**M. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**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. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.25% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 19

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

&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 year ended October 31, 2025, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.G.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees paid to the Administrator.

**C. Distribution Fees**— Up through the Closing Date, pursuant to a distribution agreement with JPMorgan Trust IV, JPMDS served as the Acquired Fund's principal underwriter and promoted and arranged for the sale of the Acquired Fund's shares.

Up through the Closing Date, the Acquired Fund's Board had adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Acquired Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Acquired Fund did not charge a distribution fee. The Distribution Plan provided that the Acquired Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

For the period November 1, 2024 through the Closing Date, JPMDS waived its distribution fee for the Acquired Fund.

In addition, up through the Closing Date, JPMDS was entitled to receive the front-end sales charges from purchases of Class A Shares and the contingent deferred sales charge ("CDSC") from redemptions of Class C Shares and certain Class A Shares of the Acquired Fund for which front-end sales charges have been waived. For the period November 1, 2024 through Closing Date, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $489 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**D. Service Fees**— Up through the Closing Date, JPMorgan Trust IV, on behalf of the Acquired Fund, had entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provided certain support services to fund shareholders. For performing these services, JPMDS received a fee with respect to all share classes of the Acquired Fund, except Class R6 Shares which did not charge a service fee, that was accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R5** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

Prior to the Closing Date, JPMDS had entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invested in the Acquired Fund. Pursuant to such contracts, JPMDS paid all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

**E. Custodian, Accounting and Transfer Agent Fees**— JPMCB provides portfolio custody, accounting and transfer agency services (effective as of the Closing Date) to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Distribution Services**— The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives no fees for its distribution services under the distribution agreement with the Trust (the "Distribution Agreement"). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

**G. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.50% of the Fund's average daily net assets.

The expense limitation agreement was in effect for the year ended October 31, 2025, and the contractual expense limitation is in place until at least July 31, 2028.

Prior to the Closing Date, the Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Acquired Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Acquired Fund's respective average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; N/A %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> For the period November 1, 2024 to December 10, 2024, expense limitation agreement was 0.45%.

For the year ended October 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  | **Voluntary Waivers** |
| **Management** <br>**Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| &nbsp;&nbsp; $80433 | &nbsp;&nbsp; $42632 | &nbsp;&nbsp; $91875 | &nbsp;&nbsp; $214940 | &nbsp;&nbsp; $24719 | &nbsp;&nbsp; $9567 |

---

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 year ended October 31, 2025 was $4,131.

**H. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $92906986 | $63530466 |

---

During the year ended October 31, 2025, there were no purchases or sales of U.S. Government securities.

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $19986929 | $4916918 |

---

During the year ended October 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $195027497 | &nbsp;&nbsp;&nbsp;&nbsp; $67552239 | &nbsp;&nbsp;&nbsp;&nbsp; $4916786 | &nbsp;&nbsp;&nbsp;&nbsp; $62635453 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $4988756 | &nbsp;&nbsp;&nbsp;&nbsp; $4988756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $4243332 | &nbsp;&nbsp;&nbsp;&nbsp; $4243332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $7084913 | &nbsp;&nbsp;&nbsp;&nbsp; $(34612093)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62678210 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments and wash sale loss deferrals.

As of October 31, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $12014748 | &nbsp;&nbsp;&nbsp;&nbsp; $22597345 |

---

**6. Capital Share Transactions**

The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.

Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC"); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments ("Deposit Instruments") and cash as described in the Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 110% for the Fund of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

**7. Borrowings** 

The Fund relies upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended October 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

JPMorgan Trust IV, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Acquired Fund did not utilize the Credit Facility during the period November 1, 2024 through the Closing Date. The Fund is not part of the Credit Facility.

**8. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

The Fund 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 October 31, 2025, the Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

---

| | |
|:---|:---|
| France | 10.9<br> %<br>|
| Germany | 11.0 |
| Japan | 22.6 |
| United Kingdom | 14.3 |

---

As of October 31, 2025, a significant portion of each Fund's investments 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 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 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 the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 25

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan International Hedged Equity Laddered Overlay ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan International Hedged Equity Laddered Overlay ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Exchange-Traded Funds October 31, 2025

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Qualified Dividend Income (QDI)**

The Fund had $5,554,329, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2025.

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended October 31, 2025, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. The Fund had $6,426,859 and $565,573 in gross income and foreign tax expenses or amounts as finally determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Exchange-Traded Funds 27

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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g30384img4b59410d2.jpg)

------

![](g30384img447f421f3.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. October 2025.

AN-CONV1-ETF-1025

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

------

**Statement Regarding Basis for Approval of Initial Investment Advisory Agreement**

On February 11-13, 2025, the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial investment advisory agreement (the "Advisory Agreement") for the JPMorgan International Hedged Equity Laddered Overlay ETF (the "Fund"). The Advisory Agreement was approved by a majority of the Trustees who are not "Interested Persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates. In connection with the approval of the Advisory Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. The Trustees noted that the Fund was anticipated to commence operations by acquiring the assets of a mutual fund for which the Adviser serves as investment adviser (the "Acquired Fund"). Before voting on the proposed Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Advisory Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Advisory Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Advisory Agreement was fair and reasonable and that initial approval of the Advisory Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

***Nature, Extent and Quality of Services Provided by the Adviser***

In connection with the approval of the Fund's initial Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Advisory Agreement, as well as other relevant information furnished for

the Trustees, regarding the nature, extent, and quality of services provided by the Adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy of the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also considered the benefits to the Adviser and its affiliates from the conversion of a mutual fund to an ETF, for example, through the expansion of the Adviser's ETF offerings.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.'s ("JPMCB"), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

------

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver ("Fee Cap") which allows the Fund's shareholders to share potential economies of scale, and that the proposed fees are fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.'s ("JPMDS"), an affiliate of the Adviser which serves as the Fund's distributor and principal underwriter, ongoing investments in its business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale through the Fee Cap and the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

***Fees Relative to Adviser's Other Clients***

The Trustees considered the Adviser's view that it manages one account (including the Acquired Fund) with a substantially similar investment strategy as that of the Fund. The Trustees concluded that the fees charged to the Fund in comparison to those charged to such other clients were reasonable. The Trustees also considered the benefits to the Acquired Fund shareholders from the fact that the total expense ratio of the Fund, after application of the Fee Cap, would be lower than those of the Acquired Fund.

***Investment Performance***

The Trustees considered the Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable. In addition, because the Fund was anticipated to commence operations by acquiring the assets of the Acquired Fund, and the Fund was to be the accounting survivor to the Acquired Fund, the Trustees were provided with performance information for the Acquired Fund.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. ("Broadridge"), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Cap proposed for the Fund, and the net advisory fee rate and net expense ratio for the Fund, after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Fund's estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also considered the fees paid to JPMCB for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available; however, the Trustees considered the profitability information for the Acquired Fund that they had received in connection with the most recent annual approval of the Acquired Fund's investment advisory agreement. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund's proposed advisory fee was fair and reasonable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.

------

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d43117dex99codeeth.htm)

#### 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:](d43117dex99cert.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.](d43117dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| J.P. Morgan Exchange-Traded Fund Trust | J.P. Morgan Exchange-Traded Fund Trust |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | December 30, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | December 30, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | December 30, 2025 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

---

| | |
|:---|:---|
| **Matthew J. Kamburowski** | **Principal Executive Officer** |
| **Timothy J. Clemens** | **Principal Financial Officer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.**

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active 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 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 Equity and Options Total Return 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 Hedged Equity Laddered Overlay 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 the J.P. Morgan Exchange-Traded Fund Trust (the
"Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: December 30, 2025

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active 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 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 Equity and Options Total Return 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 Hedged Equity Laddered Overlay 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 the J.P. Morgan Exchange-Traded Fund Trust (the
"Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: December 30, 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** 

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 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 Equity and Options Total Return 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 Hedged Equity Laddered Overlay 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 the J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ ****Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

December 30, 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** 

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 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 Equity and Options Total Return 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 Hedged Equity Laddered Overlay 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 the 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 |

---

December 30, 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.