# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-23-058054
**Filing Date:** 2023-3
**Character Count:** 498792
**Document Hash:** 7a245044de87c96210dc1e7695a23532
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-058054.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-058054

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23698517

**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 Equity Premium Income ETF (Series ID: S000068402)

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

### JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (Series ID: S000072166)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000227962 | JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | JUSA            |

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

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

### JPMorgan Market Expansion Enhanced Equity ETF (Series ID: S000074055)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000231438 | JPMorgan Market Expansion Enhanced Equity ETF | JMEE            |

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

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

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

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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-22903** 

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

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**277 Park Avenue** 

**New York, NY 10172** 

**(Address of principal executive offices) (Zip code)** 

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**Gregory S. Samuels** 

**J.P. Morgan Investment Management Inc.** 

**277 Park Avenue** 

**New York, NY 10172** 

**(Name and Address of Agent for Service)** 

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***With copies to:***

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| | |
|:---|:---|
|  **Elizabeth A. Davin, Esq.** | **Jon S. Rand, Esq.** |
|  **JPMorgan Chase & Co.** | **Dechert LLP** |
|  **1111 Polaris Parkway** | **1095 Avenue of the Americas** |
|  **Columbus, OH 43240** | **New York, NY 10036** |

---

**Registrant's telephone number, including area code: 1-844-457-6383** 

**Date of fiscal year end: June 30** 

**Date of reporting period: July 1, 2022 through December 31, 2022** 

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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

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ITEM 1. REPORTS 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.

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Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

December 31, 2022 (Unaudited)

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| | | |
|:---|:---|:---|
| Fund  | Ticker  | Listing Exchange  |
| JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | JUSA | NYSE Arca |
| JPMorgan Active Growth ETF | JGRO | NYSE Arca |
| JPMorgan Active Value ETF | JAVA | NYSE Arca |
| JPMorgan Equity Premium Income ETF | JEPI | NYSE Arca |
| JPMorgan Nasdaq Equity Premium Income ETF | JEPQ | Nasdaq Stock Market® LLC |

---

![](g452267img29c563671.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [President's Letter](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_lts-ltscc-932_1) | **1** |
| [Market Overview](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_mo-marketoverviewcc-932_1) | **2** |
| [Fund Commentaries:](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan ActiveBuilders U.S. Large Cap Equity ETF](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Active Growth ETF](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_4) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Active Value ETF](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_7) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Premium Income ETF](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_10) | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Nasdaq Equity Premium Income ETF](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fc-1-fundcommentarycc-932_13) | **15** |
| [Schedules of Portfolio Investments](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_soi-toc-scheduleofinvestments-932_1) | **18** |
| [Financial Statements](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fs-toc-financialstatement-958_1) | **37** |
| [Financial Highlights](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_fihi_2-toc-fihi-958_1) | **44** |
| [Notes to Financial Statements](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_ntf-ntfrunningfooter-932_1) | **46** |
| [Schedule of Shareholder Expenses](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_sse-shareholderexpensescc-932_1) | **56** |
| [Board Approval of Management Agreements](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_boardapproval_1-boardapprovalcc-932_1) | **57** |
| [Board Approval of Initial Management Agreement](#xx_b75d9699-b0d8-4681-9eeb-522fd5ceb561_boardapproval-cc-boardapproval-932_1) | **61** |

---

**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.** <br>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. <br>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. <br>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.

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**President's Letter** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g452267img06cf87a02.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g452267imgfdce36d23.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Exchange-Traded Funds <br>J.P. Morgan Asset Management <br>1-844-4JPM-ETF or jpmorgan.com/etfs for more information

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 1

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J.P. Morgan Exchange-Traded Funds

**MARKET OVERVIEW** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the "Fed"), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and investor concerns over increased competition weighed on the communication services sector.

Overall, mid cap growth stocks generated the highest U.S. equity returns, while large cap and mid cap value stocks outperformed small cap stocks and large cap growth stocks. For the six month period, S&P 500 Index returned 2.31%, the Russell 1000 Index returned 2.30%, the Russell Mid Cap Index returned 6.20% and the Russell 2000 Index returned 3.91% <br>

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

2 J.P. Morgan Exchange-Traded Funds December 31, 2022

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JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

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

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| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **3.28%** |
| Market Price <sup>\*\*</sup>  | **3.45%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 | **$24075020** |
| Fund Ticker | **JUSA** |

---

**INVESTMENT OBJECTIVE \*\*\***

The JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (the "Fund") seeks to provide long-term capital appreciation.

**INVESTMENT APPROACH**

The Fund invests primarily in equity securities of large, well-established companies located in the U.S. The Fund allocates to a variety of the adviser's actively managed U.S. equity strategies, including style strategies and seeks to outperform the S&P 500 Index (the "Benchmark") over time while maintaining similar risk characteristics.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

For the six months ended December 31, 2022, the Fund outperformed the Benchmark.

The Fund's security selection in the capital goods and health care equipment & services sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the banks sector and the media & entertainment sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co., Lowe's Cos. and AutoZone Inc. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and

earnings. Shares of Lowe's, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of AutoZone, an automotive parts retail chain, rose after the company reported fiscal first quarter results that included better-than-expected earnings and revenue, and growth in same-store sales.

Leading individual detractors from relative performance included the Fund's underweight positions in JPMorgan Chase & Co. and Netflix Inc., and its overweight position in Bristol-Myers Squibb Co. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Netflix, an entertainment content and services provider, rose amid improving subscriber numbers and positive investor response to the company's advertising initiatives during the period. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's largest overweight allocations relative to the Benchmark were to the health care equipment & services sector and the retailing sector and its largest underweight allocations were to the technology hardware &

equipment sector and software & services sector.

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 3

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JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

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\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $43.77 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $43.75.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.0% |
| 2. | Apple, Inc. | 5.2  |
| 3. | AbbVie, Inc. | 2.8  |
| 4. | UnitedHealth Group, Inc. | 2.7  |
| 5. | Amazon.com, Inc. | 2.3  |
| 6. | Alphabet, Inc., Class A | 2.1  |
| 7. | ConocoPhillips | 2.0  |
| 8. | Coca-Cola Co. (The) | 1.7  |
| 9. | Deere & Co. | 1.6  |
| 10. | NextEra Energy, Inc. | 1.6  |

---

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

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 23.0% |
| Health Care | 18.4 |
| Financials | 12.2 |
| Consumer Discretionary | 11.9 |
| Industrials | &nbsp;&nbsp; 9.9 |
| Communication Services | &nbsp;&nbsp; 5.7 |
| Energy | &nbsp;&nbsp; 5.5 |
| Consumer Staples | 4.7 |
| Utilities | &nbsp;&nbsp; 3.2 |
| Materials | &nbsp;&nbsp; 3.2 |
| Real Estate | &nbsp;&nbsp; 1.9 |
| Short-Term Investments | 0.4 |

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

4 J.P. Morgan Exchange-Traded Funds December 31, 2022

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**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE** | **SIX MONTHS\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| JPMorgan ActiveBuilders U.S. Large Cap Equity ETF |  |  |  |  |
| Net Asset Value | July 7, 2021 | 3.28% | (16.78)% | (6.00)% |
| Market Price |  | 3.45 | (16.89) | (6.02) |

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

 <br> \* Not annualized.

**LIFE OF FUND PERFORMANCE** (7/7/21 TO 12/31/22)

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![](g452267img22fd7a554.jpg)

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

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and the S&P 500 Index from July 7, 2021 to December 31, 2022. 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 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 Index, 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. 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.

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 5

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JPMorgan Active Growth ETF

**FUND COMMENTARY** <br>FOR THE PERIOD AUGUST 8, 2022 (FUND INCEPTION) THROUGH DECEMBER 31, 2022 (Unaudited)

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

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| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **(10.91)%** |
| Market Price <sup>\*\*</sup>  | **(10.91)%** |
| Russell 1000 Growth Index | **(13.13)%** |
| Net Assets as of 12/31/2022 | **$139938629** |
| Fund Ticker | **JGRO** |

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**INVESTMENT OBJECTIVE \*\*\***

The JPMorgan Active Growth ETF (the "Fund") seeks to provide long-term capital appreciation.

**INVESTMENT APPROACH**

The Fund invests primarily in equity securities of U.S. large-capitalization companies, but the adviser has discretion to invest in securities across the whole market capitalization spectrum, including securities of mid-capitalization and small-capitalization companies. In implementing its main strategies, the Fund invests primarily in common stocks of companies that the adviser believes have strong earnings growth potential.

**HOW DID THE FUND PERFORM?**

For the period from inception on August 8, 2022 to December 31, 2022, the Fund had a negative absolute return and outperformed the Russell 1000 Growth Index (the "Benchmark).

The Fund's overweight position in the health care sector and its underweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the technology and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co. and Regeneron Pharmaceuticals Inc., and its underweight position in Amazon.com Inc. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares

of Regeneron Pharmaceuticals, a drug development company, rose after the company reported positive clinical results for several of its drug candidates. Shares of Amazon.com, an internet retailer and services provider, fell amid a broad decline in large capitalization technology companies.

Leading individual detractors from relative performance included the Fund's overweight positions in SVB Financial Group and Catalent Inc., and its underweight position in Visa Inc. <br>Shares of SVB Financial Group, a regional banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2022 and amid investor concern about the company's exposure to the information technology sector. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year. Shares of Visa, a credit card and financial transactions processor, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter, increased its quarterly dividend by 20% and unveiled a $12 billion share repurchase plan.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund's largest sector allocations were to the technology and health care sectors and it had no allocations to the real estate and utilities sectors.

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

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

6 J.P. Morgan Exchange-Traded Funds December 31, 2022

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\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $44.43 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $44.43.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

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| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Apple, Inc. | 7.9% |
| 2. | Microsoft Corp. | 7.8  |
| 3. | Alphabet, Inc., Class C | 3.6  |
| 4. | Amazon.com, Inc. | 3.3  |
| 5. | UnitedHealth Group, Inc. | 2.7  |
| 6. | Deere & Co. | 2.6  |
| 7. | Regeneron Pharmaceuticals, Inc. | 2.3  |
| 8. | Eli Lilly & Co. | 2.2  |
| 9. | Charles Schwab Corp. (The) | 2.0  |
| 10. | McKesson Corp. | 1.9  |

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

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 33.5% |
| Health Care | 21.5 |
| Consumer Discretionary | 13.1 |
| Industrials | &nbsp;&nbsp; 9.5 |
| Financials | 6.0 |
| Communication Services | 4.4 |
| Energy | &nbsp;&nbsp; 3.3 |
| Consumer Staples | &nbsp;&nbsp; 3.1 |
| Materials | &nbsp;&nbsp; 1.5 |
| Short-Term Investments | 4.1 |

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan Active Growth ETF

**FUND COMMENTARY** <br>FOR THE PERIOD AUGUST 8, 2022 (FUND INCEPTION) THROUGH DECEMBER 31, 2022 (Unaudited) (continued)

**TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **INCEPTION DATE** | **CUMULATIVE SINCE**<br> **INCEPTION**<br>|
| JPMorgan Active Growth ETF |  |  |
| Net Asset Value | August 8, 2022 | (10.91)% |
| Market Price |  | (10.91) |

---

**LIFE OF FUND PERFORMANCE** (8/8/22 TO 12/31/22)

------

![](g452267imgbe5db7c05.jpg)

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

Fund commenced operations on August 8, 2022.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Growth ETF and the Russell 1000 Growth Index from August 8, 2022 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The 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 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.

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.

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

8 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

JPMorgan Active Value ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **7.94%** |
| Market Price <sup>\*\*</sup>  | **8.12%** |
| Russell 1000 Value Index | **6.11%** |
| Net Assets as of 12/31/2022 | **$302386680** |
| Fund Ticker | **JAVA** |

---

**INVESTMENT OBJECTIVE\*\*\***

The JPMorgan Active Value ETF (the "Fund") seeks to provide long-term capital appreciation.

**INVESTMENT APPROACH**

The Fund invests primarily in large- and mid-cap equity securities that the adviser believes are attractively valued given their growth potential over a long-term time horizon. The Fund employs a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

For the six months ended December 31, 2022, the Fund outperformed the Russell 1000 Value Index (the "Benchmark").

The Fund's security selection in the consumer discretionary sector and its underweight position in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the financials and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's underweight position in Intel Corp., it's overweight position in Cardinal Health Inc. and its out-of-Benchmark position in TJX Cos. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains. Shares of Cardinal Health, a pharmaceuticals and health care products distributor, rose after the company reported

better-than-expected earnings and revenue for its fiscal first quarter. Shares of TJX, an operator of discount retail apparel and home products chains, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower priced retailers.

Leading individual detractors from relative performance included the Fund's underweight position in JPMorgan Chase & Co., and its overweight positions in Bristol-Myers Squibb Co. and Fidelity National Information Services Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Bristol-Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates. Shares of Fidelity National Information Services, a financial services technology provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its earnings forecast for the full year 2022.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund's largest sector allocations were to the financials and health care sectors and its smallest allocations were to the real estate and

utilities sectors.

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan Active Value ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

------

\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.25 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $51.23.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Bristol-Myers Squibb Co. | 2.9% |
| 2. | Wells Fargo & Co. | 2.7  |
| 3. | Exxon Mobil Corp. | 2.5  |
| 4. | Berkshire Hathaway, Inc., Class B | 2.4  |
| 5. | Raytheon Technologies Corp. | 2.0  |
| 6. | AbbVie, Inc. | 2.0  |
| 7. | Chevron Corp. | 1.9  |
| 8. | Bank of America Corp. | 1.9  |
| 9. | Charter Communications, Inc., Class A | 1.4  |
| 10. | ConocoPhillips | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 21.1% |
| Health Care | 17.9 |
| Industrials | 12.2 |
| Energy | 9.2 |
| Consumer Discretionary | &nbsp;&nbsp; 7.1 |
| Consumer Staples | 6.7 |
| Communication Services | 5.5 |
| Materials | 5.2 |
| Information Technology | 5.1 |
| Utilities | 4.7 |
| Real Estate | 3.0 |
| Short-Term Investments | 2.3 |

---

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

10 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE** | **SIX MONTHS\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| JPMorgan Active Value ETF |  |  |  |  |
| Net Asset Value | October 4, 2021 | 7.94% | (0.78)% | 4.32% |
| Market Price |  | 8.12 | (0.88) | 4.28 |

---

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

 <br> \* Not annualized.

**LIFE OF FUND PERFORMANCE** (10/4/21 TO 12/31/22)

------

![](g452267img0842954c6.jpg)

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

Fund commenced operations on October 4, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF and the Russell 1000 Value Index from October 4, 2021 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The 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 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.

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.

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan Equity Premium Income ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **5.48%** |
| Market Price <sup>\*\*</sup>  | **5.56%** |
| S&P 500 Index | **2.31%** |
| ICE BofAML 3-Month US Treasury Bill Index | **1.32%** |
| Net Assets as of 12/31/2022 | **$17485138199** |
| Fund Ticker | **JEPI** |

---

**INVESTMENT OBJECTIVE\*\*\***

The JPMorgan Equity Premium Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation.

**INVESTMENT APPROACH**

The Fund seeks to generate income through a combination of options-based equity-linked notes and investing in a portfolio of U.S. large and mid cap stocks, comprised significantly of those includes in the S&P 500 Index (the "Benchmark"), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund uses a proprietary research process designed to identify over- and undervalued stocks with attractive risk/return characteristics.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund outperformed the both S&P 500 Index (the "Benchmark") and the ICE BofAML 3-Month US Treasury Bill Index for the six months ended December 30, 2022. The Fund captured 238% of the Benchmark's total return with about 61% of the Benchmark's volatility during the reporting period, resulting in distributed income of $3.95 per share.

During the period, the Fund benefitted from increased volatility in financial markets and interest rates. The Fund's underweight position in the information technology sector and its overweight positions in defensive sectors, including utilities and consumer staples, also contributed to performance amid a broad sell-off in the information technology sector during the period. The Benchmark rebounded somewhat in the fourth quarter of 2022 and the Fund's use of call options (within the equity-linked note structure) on a rolling weekly basis allowed the Fund to further benefit from rising equity prices.

The Fund's security selection in the consumer discretionary and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund's underweight position in the energy sector and its security

selection in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in O'Reilly Automotive Inc. and Lowe's Cos., and its underweight position in Amazon.com Inc. Shares of O'Reilly Automotive, an auto parts retailer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Lowe's, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of Amazon.com, an internet retailer and services provider, fell amid a broad decline in large capitalization technology companies.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark position in TC Energy Inc. and its overweight positions in Exelon Corp. and Bristol-Myers Squibb Co. Shares of TC Energy, an oil and natural gas storage and pipelines operator, fell after the company shut down its Keystone Pipeline System following a leak an estimate half-million gallons of crude oil. Shares of Exelon, an electric utility, fell after the company reported lower-than-expected earnings for the second quarter of 2022 and investor concerns over winter storm damage. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

**HOW WAS THE FUND POSITIONED?**

During the reporting period, the Fund's portfolio managers maintained a defensive equity portfolio, investing primarily in common stocks of large cap U.S. companies, with reduced volatility compared with the Benchmark, while using options-based equity-linked notes in a consistent and disciplined manner. The combination of the diversified portfolio of equity securities and income from options-based equity-linked notes provided the Fund with returns associated with equity market investments, less risk compared with the

equity market, and a stream of distributable monthly income.

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

12 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $54.45 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $54.49.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

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

\*\*\*\* Equity-Linked Notes that are linked to the S&P 500 Index.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | AbbVie, Inc. | 1.6% |
| 2. | Progressive Corp. (The) | 1.6  |
| 3. | Exxon Mobil Corp. | 1.6  |
| 4. | UnitedHealth Group, Inc. | 1.5  |
| 5. | Coca-Cola Co. (The) | 1.5  |
| 6. | Hershey Co. (The) | 1.5  |
| 7. | PepsiCo, Inc. | 1.5  |
| 8. | Honeywell International, Inc. | 1.4  |
| 9. | Bristol-Myers Squibb Co. | 1.4  |
| 10. | Eli Lilly & Co. | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 12.4% |
| Health Care | 12.3 |
| Consumer Staples | 11.6 |
| Information Technology | 10.8 |
| Financials | 10.3 |
| Utilities | &nbsp;&nbsp; 7.8 |
| Consumer Discretionary | 5.6 |
| Communication Services | 3.7 |
| Materials | 3.3 |
| Energy | 2.8 |
| Real Estate | 2.6 |
| Other <sup>\*\*\*\*</sup>  | 15.3 |
| Short-Term Investments | &nbsp;&nbsp; 1.5 |

---

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Equity Premium Income ETF

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE** | **SIX MONTHS\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| JPMorgan Equity Premium Income ETF |  |  |  |  |
| Net Asset Value | May 20, 2020 | 5.48% | (3.54)% | 13.34% |
| Market Price |  | 5.56 | (3.52) | 13.36 |

---

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

 <br> \* Not annualized.

**LIFE OF FUND PERFORMANCE** (5/20/20 TO 12/31/22)

------

![](g452267imgfd845a507.jpg)

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

Fund commenced operations on May 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 20, 2020 to December 31, 2022. 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 BofAML 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 BofAML 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 BofAML 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.

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

14 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

JPMorgan Nasdaq Equity Premium Income ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **(2.96)%** |
| Market Price <sup>\*\*</sup>  | **(3.51)%** |
| Nasdaq-100 Index® | **(4.46)%** |
| ICE BofAML 3-Month US Treasury Bill Index | **1.32%** |
| Net Assets as of 12/31/2022 | **$1004291637** |
| Fund Ticker | **JEPQ** |

---

**INVESTMENT OBJECTIVE\*\*\***

The JPMorgan Nasdaq Equity Premium Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation.

**INVESTMENT APPROACH**

The Fund seeks to generate income through a combination of options-based equity-linked notes and investing in a portfolio of U.S. large cap and mid cap growth stocks comprised significantly of those included in the Nasdaq-100 Index (the "Benchmark"), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund's equity portfolio follows a proprietary data science driven investment approach designed to construct a portfolio that maximizes risk-adjusted expected returns.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund outperformed the Benchmark and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2022. The Fund captured 66% of the Benchmark's total return with about 75% of the Benchmark's volatility during the reporting period, resulting in distributed income of $3.48 per share.

The Fund's security selection in the information technology and consumer discretionary sectors was a contributor to performance relative to the Benchmark, while the Fund's security selection in the health care and communications sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's out-of-Benchmark positions in Deere & Co. and Eaton Corp., and its overweight position in DexCom Inc. Shares of Deere, an agricultural equipment and machinery

manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Eaton, a manufacturer of electrical components and equipment, rose after the company reported better-than-expected earnings for the third quarter of 2022. Shares of DexCom, a manufacturer of diabetes monitoring devices, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast revenue growth for the full year 2022.

Leading individual detractors from relative performance included the Portfolio's underweight positions in Gilead Sciences Inc., Starbucks Corp. and Ross Stores Inc. Shares of Gilead Sciences, a pharmaceuticals developer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its forecast for the full year. Shares of Starbucks, a beverages and food retailer not held in the Fund, rose later in the period after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter, as well as growth in comparable store sales. Shares of Ross Stores, a discount apparel retailer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with attractive risk/return characteristics. The combination of the portfolio of equity securities and income from options-based equity-linked notes provided the Fund with a portion of the returns associated with equity market investments, less risk compared with the equity market, and a stream of distributable

monthly income.

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 15

------

JPMorgan Nasdaq Equity Premium Income ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

------

\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $40.78 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of December 31, 2022, the closing price was $40.80.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

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

\*\*\*\* Equity-Linked Notes that are linked to the Nasdaq-100 Index. <br> ELN Equity-Linked Note

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 10.5% |
| 2. | Apple, Inc. | 8.8  |
| 3. | Alphabet, Inc., Class C | 6.6  |
| 4. | Amazon.com, Inc. | 5.0  |
| 5. | UBS AG, ELN, 97.50%, 2/7/2023, (linked <br> to Nasdaq-100 Index) (Switzerland)<br>| 4.6  |
| 6. | Citigroup Global Markets Holdings, Inc., <br> ELN, 103.55%, 1/31/2023, (linked to <br> Nasdaq-100 Index)<br>| &nbsp;&nbsp; 4.1  |
| 7. | BofA Finance LLC, ELN, 91.38%, <br> 1/10/2023, (linked to Nasdaq-100 <br> Index)<br>| 3.5  |
| 8. | BNP Paribas, ELN, 92.00%, 1/24/2023, <br> (linked to Nasdaq-100 Index)<br>| 3.0  |
| 9. | NVIDIA Corp. | 2.4  |
| 10. | Tesla, Inc. | &nbsp;&nbsp; 2.1  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 39.4% |
| Communication Services | 12.3 |
| Consumer Discretionary | 11.6 |
| Health Care | 6.2 |
| Consumer Staples | &nbsp;&nbsp; 5.3 |
| Industrials | &nbsp;&nbsp; 3.7 |
| Utilities | &nbsp;&nbsp; 1.6 |
| Real Estate | 0.4 |
| Energy | 0.4 |
| Other <sup>\*\*\*\*</sup>  | 17.3 |
| Short-Term Investments | &nbsp;&nbsp; 1.8 |

---

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

16 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **INCEPTION DATE** | **SIX MONTHS\*** | **SINCE**<br> **INCEPTION**<br>|
| JPMorgan Nasdaq Equity Premium Income ETF |  |  |  |
| Net Asset Value | May 3, 2022 | (2.96)% | (11.04)% |
| Market Price |  | (3.51) | (11.01) |

---

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

 <br> \* Not annualized.

**LIFE OF FUND PERFORMANCE** (5/3/22 TO 12/31/22)

------

![](g452267imgd768f88c8.jpg)

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

Fund commenced operations on May 3, 2022.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Nasdaq Equity Premium Income ETF, the Nasdaq-100 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 3, 2022 to December 31, 2022. 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 Nasdaq-100 Index and the ICE BofAML 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 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 BofAML 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 BofAML 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.

*Nasdaq®, Nasdaq-100 Index®, Nasdaq 100® and NDX® 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.*

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 17

------

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 303 | 75177 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 269 | 146769 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 1520 | 153399 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 380 | 26904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 402249 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 1193 | 207391 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 1119 | 37677 |
| **Auto Components — 0.0% ^** | **Auto Components — 0.0% ^** | **Auto Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 210 | 11798 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 249686 |
| **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3879 | &nbsp;&nbsp;&nbsp;&nbsp; 128473 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36953 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17244 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24804 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24660 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45329 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47179 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6049 | &nbsp;&nbsp;&nbsp;&nbsp; 260288 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 4333 | &nbsp;&nbsp;&nbsp;&nbsp; 188962 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5719 | &nbsp;&nbsp;&nbsp;&nbsp; 236138 |
|  |  | &nbsp;&nbsp; 1010030 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 6508 | &nbsp;&nbsp;&nbsp;&nbsp; 413974 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31286 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94322 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 608594 |
| **Biotechnology — 5.9%** | **Biotechnology — 5.9%** | **Biotechnology — 5.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp;&nbsp; 667772 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26617 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp; 134734 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34892 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6934 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7286 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp;&nbsp; 356416 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | 225 | 28915 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | 558 | 161139 |
|  |  | &nbsp;&nbsp; 1424705 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 357 | 16661 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 1289 | 216668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 233329 |
| **Capital Markets — 4.8%** | **Capital Markets — 4.8%** | **Capital Markets — 4.8%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 374 | 116452 |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 117 | 82910 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | 456 | 33831 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 2109 | &nbsp;&nbsp;&nbsp;&nbsp; 175595 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30605 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50134 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34265 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp;&nbsp; 337529 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24189 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19447 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp; 212352 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14350 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30973 |
|  |  | &nbsp;&nbsp; 1162632 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84463 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58428 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14550 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86897 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61974 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp;&nbsp; 134039 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 478561 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9936 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36121 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17009 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11829 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp; 133609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 145438 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 742 | 109631 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 490 | 45550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 155181 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 54 | 9774 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 331 | 16927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26701 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 638 | 197078 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2196 | 86522 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16650 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9772 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4553 | &nbsp;&nbsp;&nbsp;&nbsp; 380631 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61381 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp; 118416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 586850 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 1687 | &nbsp;&nbsp;&nbsp;&nbsp; 264774 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 296713 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71952 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7219 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88699 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5586 | &nbsp;&nbsp;&nbsp;&nbsp; 164955 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39219 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63458 |
| **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11953 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7272 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21616 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12145 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22871 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp; 276639 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 129 | 36160 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 119 | 17017 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 435 | 16848 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 966 | 43518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 466039 |
| **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 120 | 54780 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 335 | 47500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102280 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | 41 | 9495 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77411 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39415 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24415 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36619 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 4961 | &nbsp;&nbsp;&nbsp;&nbsp; 229545 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33745 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 158149 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67461 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 633336 |
| **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33706 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62292 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89090 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92848 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; 101023 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68121 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 174431 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp;&nbsp; 651591 |
|  |  | &nbsp;&nbsp; 1273102 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11885 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76581 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67987 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14717 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 136383 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; 256151 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 575615 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 19

------

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 265 | 23982 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 937 | 12256 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 143 | 7139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43377 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 583 | 45935 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 194 | 26335 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 827 | 125340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 197610 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 400 | 85720 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16808 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52282 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12176 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46787 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20299 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21678 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38935 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp;&nbsp; 122057 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29440 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 411834 |
| **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 5706 | &nbsp;&nbsp;&nbsp;&nbsp; 503441 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 3836 | &nbsp;&nbsp;&nbsp;&nbsp; 340368 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp; 153313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 997122 |
| **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6534 | &nbsp;&nbsp;&nbsp;&nbsp; 548856 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11379 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 583083 |
| **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64842 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76913 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39804 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24613 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp; 113980 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 967 | 336255 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 467 | 97024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 753431 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 166 | 44060 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 194 | 106834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 150894 |
| **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 918 | 393602 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 560 | 75829 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 338 | 26469 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 569814 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34588 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3097 | &nbsp;&nbsp;&nbsp;&nbsp; 108302 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164767 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp;&nbsp; 102182 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 114177 |
| **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 162771 |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 209570 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19474 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21533 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49207 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54285 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 182052 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37640 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85976 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp;&nbsp; 472708 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12088 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44043 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp; 120972 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 260859 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 119 | 12386 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 428 | 97751 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 80 | 10149 |
|  |  | &nbsp;&nbsp; 1154572 |
| **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 71 | 17616 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 4740 | 341043 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 822 | 300721 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 859 | 151742 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 656 | 72783 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 928341 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7212 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17104 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77104 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 157521 |
| **Road & Rail — 1.4%** | **Road & Rail — 1.4%** | **Road & Rail — 1.4%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57034 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp; 174219 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85343 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 342894 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 189452 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; 125975 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89610 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14537 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22787 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98350 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21145 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6947 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1354 | &nbsp;&nbsp;&nbsp;&nbsp; 197874 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320643 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13962 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66211 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp; 183890 |
|  |  | &nbsp;&nbsp; 1351383 |
| **Software — 8.4%** | **Software — 8.4%** | **Software — 8.4%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48797 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | 59 | 9478 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 132 | 7315 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | 144 | 7040 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 399 | 155299 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 6048 | 1450431 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2674 | 218573 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | 315 | 41766 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | 222 | 70882 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | 141 | 23594 |
|  |  | &nbsp;&nbsp; 2033175 |
| **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9442 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 258949 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26469 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12977 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97601 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp;&nbsp;&nbsp; 351858 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64146 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; 165807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 987249 |
| **Technology Hardware, Storage & Peripherals — 5.3%** | **Technology Hardware, Storage & Peripherals — 5.3%** | **Technology Hardware, Storage & Peripherals — 5.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9702 | &nbsp;&nbsp; 1260581 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22201 |
|  |  | &nbsp;&nbsp; 1282782 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 173760 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 206699 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23586 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 119837 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $25,502,902)<br>|  | 23928520 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 21

------

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $108,080)<br>| 108080 | 108080 |
| **Total Investments — 99.8%** <br>**(Cost $25,610,982)**<br>|  | **24036600** |
| **Other Assets Less Liabilities — 0.2%** |  | **38420** |
| **NET ASSETS — 100.0%** |  | **24075020** |

---

&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 |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**Futures contracts outstanding as of December 31, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | 6 | 03/17/2023 | USD | 115830 | (2051) |

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

JPMorgan Active Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 95.9%** | **Common Stocks — 95.9%** | **Common Stocks — 95.9%** |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 5414 | 941170 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 18242 | 2247050 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| &nbsp;&nbsp;&nbsp; First Republic Bank | 3191 | 388951 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 3107 | 715045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1103996 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 29946 | 1904865 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 3118 | 722597 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | 8872 | 900774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3528236 |
| **Biotechnology — 8.1%** | **Biotechnology — 8.1%** | **Biotechnology — 8.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15807 | &nbsp;&nbsp;&nbsp;&nbsp; 2554569 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp;&nbsp; 1052552 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6978 | &nbsp;&nbsp;&nbsp;&nbsp; 1832702 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609023 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286940 |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 10303 | &nbsp;&nbsp;&nbsp;&nbsp; 1172481 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62867 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243631 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4379 | &nbsp;&nbsp;&nbsp;&nbsp; 3159405 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365996 |
|  |  | &nbsp;&nbsp; 11340166 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 10885 | &nbsp;&nbsp;&nbsp;&nbsp; 1829660 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14419 | &nbsp;&nbsp;&nbsp;&nbsp; 1069745 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 34038 | &nbsp;&nbsp;&nbsp;&nbsp; 2834004 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 14993 | &nbsp;&nbsp;&nbsp;&nbsp; 1274705 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285149 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6240999 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459946 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879191 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293424 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10033 | &nbsp;&nbsp;&nbsp;&nbsp; 1429703 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1745 | 162215 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 6314 | 882192 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 2379 | 558304 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1490 | 383779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1824275 |
| **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 11413 | 868986 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | 2768 | 473522 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | 1591 | 407948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1750456 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272149 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92988 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666961 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8928 | &nbsp;&nbsp;&nbsp;&nbsp; 1011007 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553453 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5680 | &nbsp;&nbsp;&nbsp;&nbsp; 1507188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3738609 |
| **Health Care Providers & Services — 6.5%** | **Health Care Providers & Services — 6.5%** | **Health Care Providers & Services — 6.5%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357974 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11078 | &nbsp;&nbsp;&nbsp;&nbsp; 1032359 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5120 | &nbsp;&nbsp;&nbsp;&nbsp; 1228595 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp;&nbsp; 2704990 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7228 | &nbsp;&nbsp;&nbsp;&nbsp; 3832141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9156059 |
| **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136885 |
| &nbsp;&nbsp;&nbsp; Aramark | &nbsp;&nbsp;&nbsp;&nbsp; 13628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563382 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667058 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452322 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738953 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873984 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3732377 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329383 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886827 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 23

------

JPMorgan Active Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 56677 | 5028950 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | 17155 | 361113 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. \* | 1050 | 43564 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 720 | 86645 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | 1704 | 15251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5535523 |
| **Internet & Direct Marketing Retail — 3.6%** | **Internet & Direct Marketing Retail — 3.6%** | **Internet & Direct Marketing Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 54512 | 4579008 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | 1216 | 145652 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil) \* | 336 | 284337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5008997 |
| **IT Services — 4.5%** | **IT Services — 4.5%** | **IT Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961173 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28843 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495666 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474352 |
| &nbsp;&nbsp;&nbsp; Globant SA \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421745 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7531 | &nbsp;&nbsp;&nbsp;&nbsp; 1061043 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6993 | &nbsp;&nbsp;&nbsp;&nbsp; 2431676 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467298 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (Canada) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6355298 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576735 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp;&nbsp; 1096974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1673709 |
| **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8372 | &nbsp;&nbsp;&nbsp;&nbsp; 3589579 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692051 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4777899 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 12334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552933 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43058 | &nbsp;&nbsp;&nbsp;&nbsp; 1636204 |
| **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437880 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7302 | &nbsp;&nbsp;&nbsp;&nbsp; 1095008 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 16314 | 1925052 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 9651 | 1249997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4270057 |
| **Personal Products — 0.6%** | **Personal Products — 0.6%** | **Personal Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 3305 | 820004 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 8460 | 3095006 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | 3153 | 502304 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 14847 | 586754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4184064 |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602127 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1277639 |
| **Road & Rail — 0.2%** | **Road & Rail — 0.2%** | **Road & Rail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336279 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21568 | &nbsp;&nbsp;&nbsp;&nbsp; 1396959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463347 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270524 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370321 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754439 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357325 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14200 | &nbsp;&nbsp;&nbsp;&nbsp; 2075188 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756937 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743867 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586035 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8031357 |
| **Software — 13.9%** | **Software — 13.9%** | **Software — 13.9%** |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 17333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385486 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268805 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321802 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4168 | &nbsp;&nbsp;&nbsp;&nbsp; 1622269 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 45257 | &nbsp;&nbsp; 10853534 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19723 | &nbsp;&nbsp;&nbsp;&nbsp; 1612158 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839193 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420178 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648023 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5102 | &nbsp;&nbsp;&nbsp;&nbsp; 1629017 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108932 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A \* | 7161 | 485086 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. \* | 1979 | 221450 |
|  |  | &nbsp;&nbsp; 19415933 |
| **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 871 | 2148043 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | 3787 | 767852 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* | 3181 | 193691 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 9354 | 1863691 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1447 | 167953 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 2738 | 615968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5757198 |
| **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 85051 | &nbsp;&nbsp; 11050676 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461136 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $138,182,203)<br>|  | 134237956 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| **Investment Companies — 4.1%** | **Investment Companies — 4.1%** | **Investment Companies — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $5,698,329)<br>| 5698329 | 5698329 |
| **Total Investments — 100.0%** <br>**(Cost $143,880,532)**<br>|  | **139936285** |
| **Other Assets Less Liabilities — 0.0% ^** |  | **2344** |
| **NET ASSETS — 100.0%** |  | **139938629** |

---

&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 |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 25

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 9023 | 2238697 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2471 | 1348202 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 59638 | 6018667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9605566 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 9608 | 1664106 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. \* | 3379 | 144249 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 12148 | 2111808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3920163 |
| **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | 50420 | 1656801 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 33141 | &nbsp;&nbsp;&nbsp;&nbsp; 1115858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2772659 |
| **Banks — 9.4%** | **Banks — 9.4%** | **Banks — 9.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp; 169702 | &nbsp;&nbsp;&nbsp;&nbsp; 5620530 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64137 | &nbsp;&nbsp;&nbsp;&nbsp; 2900917 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630511 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 62183 | &nbsp;&nbsp;&nbsp;&nbsp; 2040224 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941356 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886172 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9810 | &nbsp;&nbsp;&nbsp;&nbsp; 1549391 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 37643 | &nbsp;&nbsp;&nbsp;&nbsp; 1619778 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 92406 | &nbsp;&nbsp;&nbsp;&nbsp; 4029826 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp; 200535 | &nbsp;&nbsp;&nbsp;&nbsp; 8280090 |
|  |  | &nbsp;&nbsp; 28498795 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615999 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554691 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729798 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6820 | &nbsp;&nbsp;&nbsp;&nbsp; 1232101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3132589 |
| **Biotechnology — 5.4%** | **Biotechnology — 5.4%** | **Biotechnology — 5.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37219 | &nbsp;&nbsp;&nbsp;&nbsp; 6014963 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942615 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3765 | &nbsp;&nbsp;&nbsp;&nbsp; 1042604 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12647 | &nbsp;&nbsp;&nbsp;&nbsp; 1308838 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294061 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp;&nbsp;&nbsp; 3914083 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp;&nbsp; 2778641 |
|  |  | &nbsp;&nbsp; 16295805 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 36816 | 1518660 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 5172 | 3665034 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 12621 | 1050825 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 5092 | 1748491 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 8740 | 896637 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 39769 | 3381160 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 8047 | 859822 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2825 | 946206 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 9572 | 1043922 |
|  |  | &nbsp;&nbsp; 13592097 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp;&nbsp;&nbsp; 2430630 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp; 108683 | &nbsp;&nbsp;&nbsp;&nbsp; 2768156 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 54477 | &nbsp;&nbsp;&nbsp;&nbsp; 1668086 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11987 | &nbsp;&nbsp;&nbsp;&nbsp; 1507245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8374117 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937499 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 10350 | &nbsp;&nbsp;&nbsp;&nbsp; 1812389 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 20045 | &nbsp;&nbsp;&nbsp;&nbsp; 2961649 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3892271 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582996 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1301068 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 23397 | &nbsp;&nbsp;&nbsp;&nbsp; 7227333 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544163 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44332 | &nbsp;&nbsp;&nbsp;&nbsp; 3706155 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20417 | &nbsp;&nbsp;&nbsp;&nbsp; 1431436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5681754 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 11473 | &nbsp;&nbsp;&nbsp;&nbsp; 1800687 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp;&nbsp; 1140778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2941465 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | 4994 | 433879 |
| **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 2550 | 371459 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 2710 | 437719 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 38646 | 2496532 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 44683 | 717162 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 12564 | 1416340 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 3333 | 934273 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 57047 | 2569967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8943452 |
| **Food & Staples Retailing — 2.4%** | **Food & Staples Retailing — 2.4%** | **Food & Staples Retailing — 2.4%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17126 | &nbsp;&nbsp;&nbsp;&nbsp; 1133056 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23598 | &nbsp;&nbsp;&nbsp;&nbsp; 1377887 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 49616 | &nbsp;&nbsp;&nbsp;&nbsp; 1687937 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21514 | &nbsp;&nbsp;&nbsp;&nbsp; 3050470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7249350 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 12286 | &nbsp;&nbsp;&nbsp;&nbsp; 1225774 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770104 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 35050 | &nbsp;&nbsp;&nbsp;&nbsp; 2336083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4331961 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27960 | &nbsp;&nbsp;&nbsp;&nbsp; 1425121 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4854 | &nbsp;&nbsp;&nbsp;&nbsp; 1234372 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 33807 | &nbsp;&nbsp;&nbsp;&nbsp; 1564250 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 17608 | &nbsp;&nbsp;&nbsp;&nbsp; 1368494 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15795 | &nbsp;&nbsp;&nbsp;&nbsp; 2013863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7606100 |
| **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885004 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 40468 | &nbsp;&nbsp;&nbsp;&nbsp; 3318781 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6408 | &nbsp;&nbsp;&nbsp;&nbsp; 2123227 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982875 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2932 | &nbsp;&nbsp;&nbsp;&nbsp; 1504028 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364 | &nbsp;&nbsp;&nbsp;&nbsp; 1723007 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6202 | &nbsp;&nbsp;&nbsp;&nbsp; 3288176 |
|  |  | &nbsp;&nbsp; 13825098 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp; 1124526 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286819 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 1494215 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | 28854 | 1426253 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 2429 | 311107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4643750 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 9429 | 840501 |
| &nbsp;&nbsp;&nbsp; KB Home | 12761 | 406438 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 29524 | 386174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1633113 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 12371 | 1874949 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10177 | &nbsp;&nbsp;&nbsp;&nbsp; 2180931 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8086 | &nbsp;&nbsp;&nbsp;&nbsp; 1783772 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 36986 | &nbsp;&nbsp;&nbsp;&nbsp; 2804648 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698735 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754754 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp; 1347168 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 19593 | &nbsp;&nbsp;&nbsp;&nbsp; 2541408 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684086 |
|  |  | &nbsp;&nbsp; 10614571 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 32511 | &nbsp;&nbsp;&nbsp;&nbsp; 2884701 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 32535 | &nbsp;&nbsp;&nbsp;&nbsp; 3915262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6799963 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706681 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700005 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7809 | &nbsp;&nbsp;&nbsp;&nbsp; 1100210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2506896 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846702 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3945 | &nbsp;&nbsp;&nbsp;&nbsp; 1691458 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15345 | &nbsp;&nbsp;&nbsp;&nbsp; 2077867 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10103 | &nbsp;&nbsp;&nbsp;&nbsp; 2939973 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8526325 |
| **Media — 2.7%** | **Media — 2.7%** | **Media — 2.7%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 12254 | &nbsp;&nbsp;&nbsp;&nbsp; 4155331 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp; 114041 | &nbsp;&nbsp;&nbsp;&nbsp; 3988014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8143345 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 27

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 41451 | 1884777 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 61284 | 2328792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4213569 |
| **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 5598 | 1378508 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 26068 | 2317966 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 61317 | 1838897 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 26140 | 1655446 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 44555 | 2729885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8542194 |
| **Oil, Gas & Consumable Fuels — 9.2%** | **Oil, Gas & Consumable Fuels — 9.2%** | **Oil, Gas & Consumable Fuels — 9.2%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31384 | &nbsp;&nbsp;&nbsp;&nbsp; 5633114 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 34966 | &nbsp;&nbsp;&nbsp;&nbsp; 4125988 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16031 | &nbsp;&nbsp;&nbsp;&nbsp; 2192720 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28679 | &nbsp;&nbsp;&nbsp;&nbsp; 3714504 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678799 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 68855 | &nbsp;&nbsp;&nbsp;&nbsp; 7594707 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 25316 | &nbsp;&nbsp;&nbsp;&nbsp; 3590315 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351402 |
|  |  | &nbsp;&nbsp; 27881697 |
| **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp; 122888 | &nbsp;&nbsp;&nbsp;&nbsp; 8841792 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 24925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304583 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 1145079 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 15715 | &nbsp;&nbsp;&nbsp;&nbsp; 2776055 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574166 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52396 | &nbsp;&nbsp;&nbsp;&nbsp; 2684771 |
|  |  | &nbsp;&nbsp; 16326446 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 78332 | &nbsp;&nbsp;&nbsp;&nbsp; 2426725 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2727349 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14150 | &nbsp;&nbsp;&nbsp;&nbsp; 2321025 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758221 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 20655 | &nbsp;&nbsp;&nbsp;&nbsp; 3264110 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672458 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12078 | &nbsp;&nbsp;&nbsp;&nbsp; 1995527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9011341 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | 6 | 475 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 6471 | 1551875 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 5761 | 470904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2023254 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 657 | 1620280 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 5846 | 1846518 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 13246 | 2639133 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 1334 | 1125936 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 27707 | 2205477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9437344 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498671 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 26910 | &nbsp;&nbsp;&nbsp;&nbsp; 1415735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1914406 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766888 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 13721 | &nbsp;&nbsp;&nbsp;&nbsp; 1605494 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52448 | &nbsp;&nbsp;&nbsp;&nbsp; 1997220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4369602 |
| **Tobacco — 1.3%** | **Tobacco — 1.3%** | **Tobacco — 1.3%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38735 | &nbsp;&nbsp;&nbsp;&nbsp; 3920369 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13868 | &nbsp;&nbsp;&nbsp;&nbsp; 1736274 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $286,593,258)<br>|  | 295260666 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $6,913,734)<br>| 6913734 | 6913734 |
| **Total Investments — 99.9%** <br>**(Cost $293,506,992)**<br>|  | **302174400** |
| **Other Assets Less Liabilities — 0.1%** |  | **212280** |
| **NET ASSETS — 100.0%** |  | **302386680** |

---

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

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

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 29

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 82.7%** | **Common Stocks — 82.7%** | **Common Stocks — 82.7%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 598009 | 148372013 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 879084 | 88717157 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 750173 | 53112249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 290201419 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 1262428 | 219460483 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp; US Bancorp | 5015920 | 218744271 |
| **Beverages — 3.7%** | **Beverages — 3.7%** | **Beverages — 3.7%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 4094080 | 260424429 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 364128 | 84386664 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1279750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45635885 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1402253 | &nbsp;&nbsp;&nbsp;&nbsp; 253331027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 643778005 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1774713 | &nbsp;&nbsp;&nbsp;&nbsp; 286811368 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241685 | &nbsp;&nbsp;&nbsp;&nbsp; 174373311 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485234 | &nbsp;&nbsp;&nbsp;&nbsp; 140125874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 601310553 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 1275207 | &nbsp;&nbsp;&nbsp;&nbsp; 214349545 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1061385 | &nbsp;&nbsp;&nbsp;&nbsp; 178482502 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1366899 | &nbsp;&nbsp;&nbsp;&nbsp; 140230168 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375415 | &nbsp;&nbsp;&nbsp;&nbsp; 125741500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 444454170 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587173 | &nbsp;&nbsp;&nbsp;&nbsp; 181001949 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31296419 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703942 | &nbsp;&nbsp;&nbsp;&nbsp; 229611801 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77781758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 519691927 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903896 | &nbsp;&nbsp;&nbsp;&nbsp; 133550634 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59316415 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565237 | &nbsp;&nbsp;&nbsp;&nbsp; 174601709 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2456933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96803160 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 1363543 | 75281209 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 219111 | 22566242 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 662651 | 41700627 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 2701183 | 225818899 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 2081413 | 145927866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 511294843 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 1239108 | 194478001 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | 695640 | 119003135 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19841788 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32758576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31396430 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1011015 | &nbsp;&nbsp;&nbsp;&nbsp; 113971721 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86143295 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99567513 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73785998 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14324252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 451947785 |
| **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79257530 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709597 | &nbsp;&nbsp;&nbsp;&nbsp; 100613759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 179871289 |
| **Food Products — 2.3%** | **Food Products — 2.3%** | **Food Products — 2.3%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32876792 |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1110002 | &nbsp;&nbsp;&nbsp;&nbsp; 257043163 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1740480 | &nbsp;&nbsp;&nbsp;&nbsp; 116002992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 405922947 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1124908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52049493 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47622141 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198805 | &nbsp;&nbsp;&nbsp;&nbsp; 101981001 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499133 | &nbsp;&nbsp;&nbsp;&nbsp; 264630334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 414233476 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28050885 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45688775 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 518657 | 136681679 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 1033150 | 132325852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 342747191 |
| **Household Products — 3.7%** | **Household Products — 3.7%** | **Household Products — 3.7%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 2837591 | 223573795 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 1390219 | 188722229 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 1559706 | 236389041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 648685065 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1174466 | 251688064 |
| **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531808 | &nbsp;&nbsp;&nbsp;&nbsp; 159616853 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604408 | &nbsp;&nbsp;&nbsp;&nbsp; 113955084 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 2116452 | &nbsp;&nbsp;&nbsp;&nbsp; 274524989 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1320385 | &nbsp;&nbsp;&nbsp;&nbsp; 247558984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 795655910 |
| **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1990840 | &nbsp;&nbsp;&nbsp;&nbsp; 175651813 |
| **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1226702 | &nbsp;&nbsp;&nbsp;&nbsp; 103042968 |
| **IT Services — 6.3%** | **IT Services — 6.3%** | **IT Services — 6.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843649 | &nbsp;&nbsp;&nbsp;&nbsp; 225119299 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638957 | &nbsp;&nbsp;&nbsp;&nbsp; 152621269 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57288506 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1074164 | &nbsp;&nbsp;&nbsp;&nbsp; 188580232 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700176 | &nbsp;&nbsp;&nbsp;&nbsp; 243472200 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1095584 | &nbsp;&nbsp;&nbsp;&nbsp; 227618532 |
|  |  | &nbsp;&nbsp; 1094700038 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363814 | &nbsp;&nbsp;&nbsp;&nbsp; 200348732 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93146395 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1043348 | &nbsp;&nbsp;&nbsp;&nbsp; 141279752 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58390912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 292817059 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57220073 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 6385958 | &nbsp;&nbsp;&nbsp;&nbsp; 223316951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 280537024 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 1317715 | 117171218 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 1327444 | 84067029 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 582179 | 55487480 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 886954 | 54388019 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 840746 | 98812877 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 2827856 | 173262737 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 776851 | 120054554 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 1571739 | 147366249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 850610163 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 803155 | 144158291 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45729602 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21903516 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2446720 | &nbsp;&nbsp;&nbsp;&nbsp; 269873216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 481664625 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3484785 | &nbsp;&nbsp;&nbsp;&nbsp; 250730281 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682861 | &nbsp;&nbsp;&nbsp;&nbsp; 249817868 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866678 | &nbsp;&nbsp;&nbsp;&nbsp; 153098669 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1865287 | &nbsp;&nbsp;&nbsp;&nbsp; 206953592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 860600410 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36729268 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25501317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62230585 |
| **Road & Rail — 3.6%** | **Road & Rail — 3.6%** | **Road & Rail — 3.6%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1155689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35803245 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829526 | &nbsp;&nbsp;&nbsp;&nbsp; 204411797 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605049 | &nbsp;&nbsp;&nbsp;&nbsp; 171700805 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1058335 | &nbsp;&nbsp;&nbsp;&nbsp; 219149429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 631065276 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82056336 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1324832 | &nbsp;&nbsp;&nbsp;&nbsp; 218888743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 300945079 |
| **Software — 2.0%** | **Software — 2.0%** | **Software — 2.0%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41544965 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95955963 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881358 | &nbsp;&nbsp;&nbsp;&nbsp; 211367276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 348868204 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 31

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 52236 | 128823378 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 1072233 | 213631703 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 166129 | 140217860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 482672941 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 184474 | 23968707 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 343172 | 40154556 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 1500039 | 68566783 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 890744 | 90152200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 158718983 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67035640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $14,074,511,976)<br>|  | 14459314081 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 15.2%** | **Equity-Linked Notes — 15.2%** | **Equity-Linked Notes — 15.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, ELN, 63.40%, <br> 1/23/2023, (linked to S&P 500 Index) <br> (United Kingdom) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45052 | &nbsp;&nbsp;&nbsp;&nbsp; 179776852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 60.40%, 1/10/2023, <br> (linked to S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49061 | &nbsp;&nbsp;&nbsp;&nbsp; 191718123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 66.70%, 1/20/2023, <br> (linked to S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46024 | &nbsp;&nbsp;&nbsp;&nbsp; 183347190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 67.10%, 1/24/2023, <br> (linked to S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43637 | &nbsp;&nbsp;&nbsp;&nbsp; 172955686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 70.90%, 1/31/2023, <br> (linked to S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48399 | &nbsp;&nbsp;&nbsp;&nbsp; 188755132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 64.70%, <br> 1/9/2023, (linked to S&P 500 <br> Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42891 | &nbsp;&nbsp;&nbsp;&nbsp; 167503509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 67.30%, <br> 1/27/2023, (linked to S&P 500 <br> Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44484 | &nbsp;&nbsp;&nbsp;&nbsp; 172185108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 71.70%, <br> 2/7/2023, (linked to S&P 500 <br> Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45463 | &nbsp;&nbsp;&nbsp;&nbsp; 177605301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, <br> ELN, 64.11%, 1/6/2023, (linked to <br> S&P 500 Index) (Canada) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40428 | &nbsp;&nbsp;&nbsp;&nbsp; 157010628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, <br> ELN, 72.23%, 2/6/2023, (linked to <br> S&P 500 Index) (Canada) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48107 | &nbsp;&nbsp;&nbsp;&nbsp; 181952701 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley BV, ELN, 68.54%, <br> 1/18/2023, (linked to S&P 500 <br> Index) (b)<br>| 42891 | 170257969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 66.10%, <br> 1/30/2023, (linked to S&P 500 Index) <br> (Canada) (b)<br>| 47699 | 188828893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 68.71%, <br> 1/13/2023, (linked to S&P 500 Index) <br> (Canada) (b)<br>| 42118 | 165773079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 69.53%, <br> 2/3/2023, (linked to S&P 500 Index) <br> (Canada) (b)<br>| 48312 | 188410036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG, ELN, 67.99%, 1/17/2023, <br> (linked to S&P 500 Index) <br> (Switzerland) (b)<br>| 42197 | 167145271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity-Linked Notes <br>(Cost $2,653,988,968)<br>|  | &nbsp;&nbsp; 2653225478 |
|  | **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (c) (d) <br>(Cost $264,972,342)<br>| 264972342 | 264972342 |
| **Total Investments — 99.4%** <br>**(Cost $16,993,473,286)**<br>|  | **17377511901** |
| **Other Assets Less Liabilities — 0.6%** |  | **107626298** |
| **NET ASSETS — 100.0%** |  | **17485138199** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |

---

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

(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 December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**Futures contracts outstanding as of December 31, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | (1150) | 03/17/2023 | USD | (222036250) | 2720263 |

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 33

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 81.2%** | **Common Stocks — 81.2%** | **Common Stocks — 81.2%** |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 16511 | 2870272 |
| **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 175885 | 21665514 |
| **Beverages — 2.8%** | **Beverages — 2.8%** | **Beverages — 2.8%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 115211 | 7328572 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 19920 | 4616460 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | 68373 | 6941910 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 49071 | 8865167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27752109 |
| **Biotechnology — 3.3%** | **Biotechnology — 3.3%** | **Biotechnology — 3.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 41231 | 6663342 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2559952 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5871812 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14290 | &nbsp;&nbsp;&nbsp;&nbsp; 10310092 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4170535 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3863299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33439032 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4931664 |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 370455 | &nbsp;&nbsp;&nbsp;&nbsp; 17648476 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6723112 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9728884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16451996 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5697599 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057346 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34512 | &nbsp;&nbsp;&nbsp;&nbsp; 10176898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11234244 |
| **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3818165 |
| **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23202 | &nbsp;&nbsp;&nbsp;&nbsp; 10591713 |
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 129954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5290427 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 154853 | &nbsp;&nbsp;&nbsp;&nbsp; 10320953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15611380 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | 70363 | 7967906 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 38037 | 10093118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18061024 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 7981 | 4231367 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | 4838 | 413649 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | 5238 | 10556037 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | 3756 | 5211412 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 32263 | 4803638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20984736 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7959959 |
| **Interactive Media & Services — 8.7%** | **Interactive Media & Services — 8.7%** | **Interactive Media & Services — 8.7%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 751414 | &nbsp;&nbsp;&nbsp;&nbsp; 66672964 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 172161 | &nbsp;&nbsp;&nbsp;&nbsp; 20717855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 87390819 |
| **Internet & Direct Marketing Retail — 5.4%** | **Internet & Direct Marketing Retail — 5.4%** | **Internet & Direct Marketing Retail — 5.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 599438 | &nbsp;&nbsp;&nbsp;&nbsp; 50352792 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54366508 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4211010 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 128484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9150631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13361641 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3470448 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6424969 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3492730 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 377164 | &nbsp;&nbsp;&nbsp;&nbsp; 13189425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16682155 |
| **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500923 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3562025 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3818818 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 26512 | 4677247 |
| **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 121297 | 3757781 |
| **Semiconductors & Semiconductor Equipment — 11.6%** | **Semiconductors & Semiconductor Equipment — 11.6%** | **Semiconductors & Semiconductor Equipment — 11.6%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 184517 | 11951166 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 76999 | 12630146 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 35493 | 3456308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 10928 | 5971059 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 19873 | 11111591 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 134103 | 3544342 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 20161 | 8473668 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3667553 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134896 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 165072 | &nbsp;&nbsp;&nbsp;&nbsp; 24123622 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6967069 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95280 | &nbsp;&nbsp;&nbsp;&nbsp; 10475083 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541851 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8813330 |
|  |  | &nbsp;&nbsp;&nbsp; 116861684 |
| **Software — 15.5%** | **Software — 15.5%** | **Software — 15.5%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5223955 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2571233 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31087 | &nbsp;&nbsp;&nbsp;&nbsp; 12099682 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 439287 | &nbsp;&nbsp;&nbsp; 105349808 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4780155 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5340335 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2140533 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35098 | &nbsp;&nbsp;&nbsp;&nbsp; 11206441 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5639356 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322099 |
|  |  | &nbsp;&nbsp;&nbsp; 155673597 |
| **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5709023 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7712746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13421769 |
| **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 684741 | &nbsp;&nbsp;&nbsp;&nbsp; 88968398 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3774084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92742482 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293331 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 57858 | 8100120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $863,246,796)<br>|  | &nbsp;&nbsp;&nbsp; 815055567 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 17.3%** | **Equity-Linked Notes — 17.3%** | **Equity-Linked Notes — 17.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 92.00%, 1/24/2023, <br> (linked to Nasdaq-100 Index) (a)<br>| 2644 | 30577437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 91.38%, <br> 1/10/2023, (linked to Nasdaq-100 <br> Index) (b)<br>| 3155 | 35498135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., ELN, <br> 103.55%, 1/31/2023, (linked to <br> Nasdaq-100 Index) (a)<br>| 3650 | 41590327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, ELN, 95.50%, <br> 1/18/2023, (linked to Nasdaq-100 Index) <br> (Canada) (b)<br>| 1718 | 19741143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG, ELN, 97.50%, 2/7/2023, (linked to <br> Nasdaq-100 Index) (Switzerland) (b)<br>| 4200 | 46851168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity-Linked Notes <br>(Cost $173,966,444)<br>|  | &nbsp;&nbsp;&nbsp; 174258210 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (c) (d) <br>(Cost $18,135,704)<br>| 18135704 | &nbsp;&nbsp;&nbsp;&nbsp; 18135704 |
| **Total Investments — 100.3%** <br>**(Cost $1,055,348,944)**<br>|  | **1007449481** |
| **Liabilities in Excess of Other Assets —** <br> **(0.3)%**<br>|  | **(3157844)** |
| **NET ASSETS — 100.0%** |  | **1004291637** |

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 35

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |

---

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

(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 December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**ActiveBuilders U.S.** <br>**Large Cap** <br>**Equity ETF**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF**<br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | $23928520 | $134237956 | $295260666 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5698329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6913734 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19430 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357881 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 |
| Total Assets | &nbsp;&nbsp; 24075743 | &nbsp;&nbsp; 139992225 | &nbsp;&nbsp; 302552492 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | &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; 6835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68145 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97667 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165812 |
| Net Assets | $24075020 | $139938629  | $302386680 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | $26962153 | $145748475 | $298041102 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (2887133) | &nbsp;&nbsp;&nbsp;&nbsp; (5809846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4345578 |
| Total Net Assets | $24075020 | $139938629  | $302386680 |
| &nbsp;&nbsp;&nbsp; Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900000 |
| Net asset value, per share | $43.77 | $44.42 | $51.25  |
| Cost of investments in non-affiliates | $25502902 | $138182203 | $286593258 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5698329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6913734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 37

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF**<br>|
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | $17112539559 | $989313777 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264972342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18135704 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42647 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11458000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513519770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46582543 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171862171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17337895 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79903301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000632 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20924313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304492 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 18176652016 | &nbsp;&nbsp; 1078719739 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182159914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13942456 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498960870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60220748 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5445335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4947698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264898 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691513817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74428102 |
| Net Assets | $17485138199 | $1004291637 |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | $18611983950 | $1092145620 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (1126845751) | &nbsp;&nbsp;&nbsp;&nbsp; (87853983) |
| Total Net Assets | $17485138199 | $1004291637 |
| &nbsp;&nbsp;&nbsp; Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24625000 |
| Net asset value, per share | $54.45 | $40.78 |
| Cost of investments in non-affiliates | $16728500944 | $1037213240 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264972342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18135704 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**STATEMENTS OF OPERATIONS** <br> FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**ActiveBuilders U.S.** <br>**Large Cap** <br>**Equity ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | $383 | $— | $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 207114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289268 | &nbsp;&nbsp;&nbsp;&nbsp; 1667534 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66149 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 208847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332916 | &nbsp;&nbsp;&nbsp;&nbsp; 1733683 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326389 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326389 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 187700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203822 | &nbsp;&nbsp;&nbsp;&nbsp; 1407294 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (440828) | &nbsp;&nbsp; (2085210) | &nbsp;&nbsp;&nbsp; (4005585) |
| &nbsp;&nbsp;&nbsp; In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375540 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (438562) | &nbsp;&nbsp; (1862776) | &nbsp;&nbsp;&nbsp; (3630045) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; 1027496 | &nbsp;&nbsp; (3944247) | &nbsp;&nbsp; 10611308 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; 1025455 | &nbsp;&nbsp; (3944247) | &nbsp;&nbsp; 10611308 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 586893 | &nbsp;&nbsp; (5807023) | &nbsp;&nbsp;&nbsp;&nbsp; 6981263 |
| Change in net assets resulting from operations | $774593 | $(5603201) | $8388557 |

---

------

(a) Commenced operations on August 8, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 39

------

**STATEMENTS OF OPERATIONS** <br> FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | $767277331 | $43317314 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 112553319 | &nbsp;&nbsp;&nbsp;&nbsp; 1941789 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3273594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131523 |
| Total investment income | &nbsp;&nbsp;&nbsp; 883126442 | &nbsp;&nbsp;&nbsp; 45391096 |
| **EXPENSES:** |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp;&nbsp; 23716839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888842 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 23752822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888858 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 859373620 | &nbsp;&nbsp;&nbsp; 44502238 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (974922192) | &nbsp;&nbsp; (45557266) |
| &nbsp;&nbsp;&nbsp; In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 81956747 | &nbsp;&nbsp;&nbsp;&nbsp; 6458459 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7687248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83798 |
| Net realized gain (loss) | &nbsp;&nbsp; (885278197) | &nbsp;&nbsp; (39015009) |
| Change in net unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 743570894 | &nbsp;&nbsp; (43275801) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15350 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 746291157 | &nbsp;&nbsp; (43260451) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (138987040) | &nbsp;&nbsp; (82275460) |
| Change in net assets resulting from operations | $720386580 | $(37773222) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED

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

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**ActiveBuilders U.S.** <br>**Large Cap** <br>**Equity ETF** | **JPMorgan** <br>**ActiveBuilders U.S.** <br>**Large Cap** <br>**Equity ETF** | **JPMorgan** <br>**Active** <br>**Growth ETF**<br>|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Period Ended** <br>**June 30, 2022 (a)**<br>| &nbsp;&nbsp; **Period Ended** <br>**December 31, 2022** <br>**(Unaudited)(b)**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |
| Net investment income (loss) | $187700 | $334991 | $203822 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (438562) | &nbsp;&nbsp;&nbsp;&nbsp; (861236) | &nbsp;&nbsp;&nbsp;&nbsp; (1862776) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1025455 | &nbsp;&nbsp;&nbsp; (2601888) | &nbsp;&nbsp;&nbsp;&nbsp; (3944247) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774593 | &nbsp;&nbsp;&nbsp; (3128133) | &nbsp;&nbsp;&nbsp;&nbsp; (5603201) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (378735) | &nbsp;&nbsp;&nbsp;&nbsp; (154858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206645) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 26962153 | &nbsp;&nbsp; 145748475 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395858 | &nbsp;&nbsp; 23679162 | &nbsp;&nbsp; 139938629 |
| Beginning of period | &nbsp;&nbsp; 23679162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| End of period | $24075020 | $23679162 | $139938629 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $—  | $26962153 | $148038213 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2289738) |
| **Total change in net assets resulting from capital transactions** | $— | $26962153 | $145748475 |
| **SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50000) |
| Net increase in shares from transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000 |

---

------

(a) Commenced operations on July 7, 2021.

(b) Commenced operations on August 8, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**Value ETF** | **JPMorgan** <br>**Active** <br>**Value ETF** | **JPMorgan Equity** <br>**Premium Income ETF** | **JPMorgan Equity** <br>**Premium Income ETF** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Period Ended** <br>**June 30, 2022 (a)**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30, 2022**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1407294 | $410429 | $859373620 | $600120493 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (3630045) | &nbsp;&nbsp;&nbsp;&nbsp; (635535) | &nbsp;&nbsp;&nbsp;&nbsp; (885278197) | &nbsp;&nbsp;&nbsp;&nbsp; (538883868) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 10611308 | &nbsp;&nbsp;&nbsp; (1943900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746291157 | &nbsp;&nbsp;&nbsp;&nbsp; (450224219) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8388557 | &nbsp;&nbsp;&nbsp; (2169006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720386580 | &nbsp;&nbsp;&nbsp;&nbsp; (388987594) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1496549) | &nbsp;&nbsp;&nbsp;&nbsp; (377424) | &nbsp;&nbsp;&nbsp;&nbsp; (984646951) | &nbsp;&nbsp;&nbsp;&nbsp; (493807029) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; 251269545 | &nbsp;&nbsp; 46771557 | &nbsp;&nbsp;&nbsp;&nbsp; 7542987617 | &nbsp;&nbsp;&nbsp;&nbsp; 9172786489 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; 258161553 | &nbsp;&nbsp; 44225127 | &nbsp;&nbsp;&nbsp;&nbsp; 7278727246 | &nbsp;&nbsp;&nbsp;&nbsp; 8289991866 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 44225127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10206410953 | &nbsp;&nbsp;&nbsp;&nbsp; 1916419087 |
| End of period | $302386680 | $44225127 | $17485138199 | $10206410953  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $253783924 | $46771557 | $8184733322 | $9663664928 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2514379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (641745705) | &nbsp;&nbsp;&nbsp;&nbsp; (490878439) |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| $251269545 | $46771557 | $7542987617 | $9172786489  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160575000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11575000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8175000) |
| Net increase in shares from transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152400000 |

---

------

(a) Commenced operations on October 4, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Nasdaq Equity Premium Income ETF** | **JPMorgan Nasdaq Equity Premium Income ETF** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| **Period Ended** <br>**June 30, 2022 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $44502238 | $1172963 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (39015009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (478926) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (43260451) | &nbsp;&nbsp;&nbsp;&nbsp; (4639012) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (37773222) | &nbsp;&nbsp;&nbsp;&nbsp; (3944975) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (45797035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338751) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 986706165 | &nbsp;&nbsp; 105439455 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 903135908 | &nbsp;&nbsp; 101155729 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 101155729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| End of period | $1004291637 | $101155729 |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1067219914 | $105439455 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (80513749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital transactions** | $986706165 | $105439455 |
| **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2225000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1825000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase in shares from transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2225000 |

---

------

(a) Commenced operations on May 3, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 43

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net investment <br>income <br>(loss) (b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| &nbsp;&nbsp; Total from <br>investment <br>operations <br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain <br>| &nbsp;&nbsp; Total <br>distributions <br>|
| **JPMorgan ActiveBuilders U.S. Large Cap Equity ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $43.05 | $0.34 | $1.07 | $1.41 | $(0.69) | $— | $(0.69) |
| July 7, 2021 (f) through June 30, 2022  | &nbsp;&nbsp; 49.00 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (6.28) | &nbsp;&nbsp;&nbsp; (5.67) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) |
| **JPMorgan Active Growth ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; August 8, 2022 (f) <br>through December 31, 2022 (Unaudited)<br>| &nbsp;&nbsp; 49.95 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (5.58) | &nbsp;&nbsp;&nbsp; (5.46) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| **JPMorgan Active Value ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.81 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 3.31 | &nbsp;&nbsp;&nbsp;&nbsp; 3.79 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.35) |
| October 4, 2021 (f) through June 30, 2022  | &nbsp;&nbsp; 49.50 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.54) |
| **JPMorgan Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 55.45 | &nbsp;&nbsp; 3.48 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp; (3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.95) |
| Year Ended June 30, 2022  | &nbsp;&nbsp; 60.50 | &nbsp;&nbsp; 6.11 | &nbsp;&nbsp; (6.20) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (4.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.96) |
| Year Ended June 30, 2021  | &nbsp;&nbsp; 50.76 | &nbsp;&nbsp; 5.17 | &nbsp;&nbsp;&nbsp; 9.42 | &nbsp;&nbsp; 14.59 | &nbsp;&nbsp; (4.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.85) |
| May 20, 2020 (f) through June 30, 2020  | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 0.13(i) | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **JPMorgan Nasdaq Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 45.46 | &nbsp;&nbsp; 3.79 | &nbsp;&nbsp; (4.99) | &nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.48) |
| May 3, 2022 (f) through June 30, 2022  | &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; 1.11 | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |

---

&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 market price during the period, and sale at the market price on the last day of the period. The closing price was used to calculate the market price return. 

(f) Commencement of operations.

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

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund's net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments. 

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

44 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

&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;&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 (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return (c)(e)<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 (c)<br>|
| $43.77 | $43.75 | &nbsp;&nbsp;&nbsp; 3.28% | &nbsp;&nbsp;&nbsp; 3.45% | $24075020 | 0.17% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 14% |
| &nbsp;&nbsp; 43.05 | &nbsp;&nbsp; 42.96 | (11.67) | (11.85)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23679162 | 0.17(h) | &nbsp;&nbsp; 1.25(h) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp; 44.42 | &nbsp;&nbsp; 44.43 | (10.93) | (10.91)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139938629 | 0.44 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; 51.25 | &nbsp;&nbsp; 51.23 | &nbsp;&nbsp;&nbsp; 7.94 | &nbsp;&nbsp;&nbsp; 8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302386680 | 0.43 | &nbsp;&nbsp; 1.87 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp; 47.81 | &nbsp;&nbsp; 47.71 | &nbsp;&nbsp; (2.37) | &nbsp;&nbsp; (2.57)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44225127 | 0.44 | &nbsp;&nbsp; 1.64 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 54.45 | &nbsp;&nbsp; 54.49 | &nbsp;&nbsp;&nbsp; 5.48 | &nbsp;&nbsp;&nbsp; 5.56 | &nbsp;&nbsp; 17485138199 | 0.35(h) | 12.58(h) | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp; 55.45 | &nbsp;&nbsp; 55.45 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; 10206410953 | 0.35 | 10.23 | 195 |
| &nbsp;&nbsp; 60.50 | &nbsp;&nbsp; 60.57 | 30.22 | 29.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1916419087 | 0.35 | &nbsp;&nbsp; 8.89 | 195 |
| &nbsp;&nbsp; 50.76 | &nbsp;&nbsp; 50.94 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.88(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27916586 | 0.35 | 11.11 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; 40.78 | &nbsp;&nbsp; 40.80 | &nbsp;&nbsp; (2.91) | &nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp;&nbsp; 1004291637 | 0.35 | 17.28 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp; 45.46 | &nbsp;&nbsp; 45.76 | &nbsp;&nbsp; (8.37) | &nbsp;&nbsp; (7.77)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101155729 | 0.35 | 14.59 | &nbsp;&nbsp; 12 |

---

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 45

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited)

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

**1. Organization**

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

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

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | Diversified |
| JPMorgan Active Growth ETF<sup>(1)</sup> <br>| Non-diversified |
| JPMorgan Active Value ETF | Diversified |
| JPMorgan Equity Premium Income ETF | Diversified |
| JPMorgan Nasdaq Equity Premium Income ETF | Non-Diversified |

---

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

 <br> <sup>(1)</sup> Commencement of operations was August 8, 2022.

The investment objective of JPMorgan ActiveBuilders U.S. Large Cap Equity ETF ("ActiveBuilders U.S. Large Cap Equity ETF"), JPMorgan Active Growth ETF ("Active Growth ETF") and JPMorgan Active Value ETF ("Active Value ETF") is to seek to provide long-term capital appreciation.

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

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

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

---

| | |
|:---|:---|
|  | **Listing Exchange** |
| ActiveBuilders U.S. Large Cap Equity ETF | NYSE Arca |
| Active Growth ETF | NYSE Arca |
| Active Value ETF | NYSE Arca |
| Equity Premium Income ETF | NYSE Arca |
| Nasdaq Equity Premium Income ETF | 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 principally in-kind for a basket of securities. A cash amount may be substituted if a Fund has sizable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

**2. Significant Accounting Policies**

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

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations

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

46 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Funds are calculated on a valuation date.

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

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

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

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

• Level 1 — Quoted prices in active markets for identical securities.

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

• Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ActiveBuilders U.S. Large Cap Equity ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $24036600 | $— | $— | $24036600 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(2051) | $— | $— | $(2051) |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Growth ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $139936285 | $— | $— | $139936285 |

---

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

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

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 47

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Value ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $302174400 | $— | $— | $302174400 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $14459314081 | $— | $— | $14459314081 |
| Equity Linked Notes | &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; 2653225478 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2653225478 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264972342 | &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; 264972342 |
| **Total Investments in Securities** | $14724286423 | $2653225478 | $— | $17377511901 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $2720263 | $— | $— | $2720263 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq Equity Premium Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $815055567 | $— | $— | $815055567 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 174258210 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174258210 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18135704 | &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; 18135704 |
| **Total Investments in Securities** | $833191271 | $174258210 | $— | $1007449481 |

---

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

As of December 31, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from

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

48 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

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.

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.

The Funds did not lend out any securities during the six months ended December 31, 2022.

**D. Investment Transactions with Affiliates** — The Funds invested in an Underlying Fund which is 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 issuer listed in the tables below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  | **ActiveBuilders U.S. Large Cap Equity ETF**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| $108091 | $816036 | $816047 | $— | $— | $108080 | 108080 | $1350 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  | **Active Growth ETF**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**August 8,** <br>**2022(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>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (b) (c)<br>| $— | $8979704 | $3281375 | $— | $— | $5698329 | 5698329 | $43646 | $— |

---

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

(a) Commencement of operations was August 8, 2022.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of December 31, 2022.

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 49

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  | **Active Value ETF**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, 4.12% <br> (a) (b)<br>| $1396966 | $15017341 | $9500573 | $— | $— | $6913734 | 6913734 | $66149 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  | **Equity Premium Income ETF**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan <br> U.S. Government <br> Money Market Fund <br> Class IM Shares, <br> 4.12% (a) (b)<br>| $121300698  | $3345724539 | $3202052895 | $— | $— | $264972342  | 264972342 | $3273594 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  | **Nasdaq Equity Premium Income ETF**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.12% (a) (b)<br>| $1754620 | $223364984  | $206983900  | $— | $— | $18135704 | 18135704 | $131523 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**E. Futures Contracts—** ActiveBuilders U.S. Large Cap Equity ETF, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF used index futures contracts to manage and hedge equity price risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered

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

50 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBuilders U.S.** <br>**Large Cap** <br>**Equity ETF** <br>| **Equity Premium** <br>**Income ETF** <br>| **Nasdaq Equity Premium Income ETF**  |
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | $97779 | $9348446 | $201418 |
| Average Notional Balance Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (118470518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 115830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Ending Notional Balance Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (222036250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

As of December 31, 2022, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF had outstanding ELNs as listed on the SOIs.

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 51

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued)

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

**H. Federal Income Taxes** — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of December 31, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

**I. Distributions to Shareholders** — Distributions from net investment income, if any, are generally declared and paid at least monthly for Equity Premium Income ETF and Nasdaq Equity Premium Income ETF, at least annually for ActiveBuilders U.S. Large Cap Equity ETF and Active Growth ETF, and at least quarterly for Active Value ETF. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**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:

---

| | |
|:---|:---|
| ActiveBuilders U.S. Large Cap Equity ETF | 0.17% |
| Active Growth ETF | 0.44 |
| Active Value ETF | 0.44 |
| Equity Premium Income ETF | 0.35 |
| Nasdaq Equity Premium Income ETF | 0.35 |

---

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.

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

52 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

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

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

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

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

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

**4. Investment Transactions** 

During the six months ended December 31, 2022, 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>|
| ActiveBuilders U.S. Large Cap Equity ETF | $3454888  | $3637703 |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34944696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9642212 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69020296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61121671 |
| Equity Premium Income ETF | &nbsp;&nbsp; 14047129397 | &nbsp;&nbsp; 12638989439 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646266804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459753377 |

---

During the six months ended December 31, 2022, there were no purchases or sales of U.S. Government securities.

For the six months ended December 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| Active Growth ETF | $116954838  | $2212342 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 240001519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2371394 |
| Equity Premium Income ETF | &nbsp;&nbsp; 6405784630 | &nbsp;&nbsp; 531547015 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 851528899 | &nbsp;&nbsp;&nbsp;&nbsp; 64965249 |

---

During the six months ended December 31, 2022, the Funds delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2022 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>|
| ActiveBuilders U.S. Large Cap Equity ETF | $25610982  | $1633792 | $3210225 | $(1576433) |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143880532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4134873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8079120 | &nbsp;&nbsp;&nbsp;&nbsp; (3944247) |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293506992 | &nbsp;&nbsp;&nbsp;&nbsp; 12920519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4253111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8667408 |
| Equity Premium Income ETF | &nbsp;&nbsp; 16993473286 | &nbsp;&nbsp; 810725964 | &nbsp;&nbsp; 423967086 | &nbsp;&nbsp; 386758878 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1055348944 | &nbsp;&nbsp;&nbsp;&nbsp; 19369082 | &nbsp;&nbsp;&nbsp;&nbsp; 67268545 | &nbsp;&nbsp;&nbsp; (47899463) |

---

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 53

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**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued)

At June 30, 2022, 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** |
| ActiveBuilders U.S. Large Cap Equity ETF | $37530  | $— |
| Equity Premium Income ETF | &nbsp;&nbsp; 38787304 | &nbsp;&nbsp; 17023570 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the Funds deferred to July 1, 2022 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| ActiveBuilders U.S. Large Cap Equity ETF | $754043 | $13501 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2753) |
| Equity Premium Income ETF | &nbsp;&nbsp; 469512656 | &nbsp;&nbsp; 58409907 |

---

**6. Capital Share Transactions**

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

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

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

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

**7. Borrowings** 

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2022.

**8. Risks, Concentrations and Indemnifications**

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

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

54 J.P. Morgan Exchange-Traded Funds December 31, 2022

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As of December 31, 2022, the Adviser owned shares representing more than 10% of net assets of the following Funds:

---

| | |
|:---|:---|
|  | **% of Ownership** |
| ActiveBuilders U.S. Large Cap Equity ETF | 91% |
| Active Growth ETF | 16 |

---

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

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

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

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 55

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

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

Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period**<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan ActiveBuilders U.S. Large Cap Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual \* | $1000.00 | $1032.80 | $0.87 | 0.17% |
| &nbsp;&nbsp;&nbsp; Hypothetical \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.35 | &nbsp;&nbsp; 0.87 | 0.17 |
| **JPMorgan Active Growth ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual \*\* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 890.70 | &nbsp;&nbsp; 1.65 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp; 2.24 | 0.44 |
| **JPMorgan Active Value ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1079.40 | &nbsp;&nbsp; 2.25 | 0.43 |
| &nbsp;&nbsp;&nbsp; Hypothetical \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.04 | &nbsp;&nbsp; 2.19 | 0.43 |
| **JPMorgan Equity Premium Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.80 | &nbsp;&nbsp; 1.81 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp; 1.79 | 0.35 |
| **JPMorgan Nasdaq Equity Premium Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 970.90 | &nbsp;&nbsp; 1.74 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical \* | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp; 1.79 | 0.35 |

---

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

\* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

\*\* Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 145/365 (to reflect the actual period). The Fund commenced operations on August 8, 2022. 

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

56 J.P. Morgan Exchange-Traded Funds December 31, 2022

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**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited)

*JPMorgan ActiveBuilders U.S. Large Cap Equity ETF, JPMorgan Active Value ETF and JPMorgan Equity Premium Income ETF* 

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board, and now consists of Trustees from both Boards. 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 for JPMorgan ActiveBuilders U.S. Large Cap Equity ETF, JPMorgan Active Value ETF and JPMorgan Equity Premium Income ETF (each a "Fund," and collectively, the "Funds"). The Board held meetings on June 21-22, 2022 and August 9-11, 2022, at which the Trustees considered the continuation of the management agreements for each Fund whose semi-annual report is contained herein (each a "Management Agreement" and collectively, the "Management Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 11, 2022.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from 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 (including certain ETFs, beginning in February 2022) provided by an independent investment consulting firm ("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 Trusts, and independent legal counsel, 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. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. 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, including additional reporting and information provided in connection with the COVID-19 pandemic, 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. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

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

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective 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:

(i) The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any; <br>(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management each of the Funds, including personnel changes, if any; <br>

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 57

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

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

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams; <br>(iv) Information about the structure and distribution strategy for each of the Funds and how it fits within the Trust's other fund offerings; <br>(v) The administration services provided by the Adviser in its role as Administrator; <br>(vi) 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 Trusts and in the financial industry generally; <br>(vii) The overall reputation and capabilities of the Adviser and its affiliates; <br>(viii) The commitment of the Adviser to provide high quality service to the Funds; <br>(ix) Their overall confidence in the Adviser's integrity; <br>(x) 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; and <br>(xi) The Adviser's business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser's and its affiliates' success in continuing to provide services to the Funds and their shareholders throughout this period.

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

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

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates from providing services to the Funds. 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 allocation methodologies developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, 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 these 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 certain 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.

*Economies of Scale*

The Trustees considered the extent to which each Fund may benefit from potential economies of scale. The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are 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 also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

*Fees Relative to Adviser's Other Clients*

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent

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

58 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

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, as applicable. 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 JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Active Value ETF, each of which launched in 2021 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 Fund with the Adviser. Based on these discussions and various other factors, the Trustees concluded each Fund's performance was satisfactory.

For the JPMorgan Equity Premium Income ETF (the "EPI Fund"), the Trustees received and considered absolute and relative performance information for the EPI Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included ranking the EPI Fund within a performance universe comprised of funds with the same Morningstar investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"), by total return for applicable one-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting exchange-traded funds in the EPI Fund's Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum. The Trustees also considered the EPI Fund's investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees

reviewed the EPI Fund's performance against its benchmark and considered the EPI Fund's performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the EPI Fund's performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the EPI Fund's performance are summarized below:

The Trustees noted that the EPI Fund's performance was in the second quintile of the Universe for the one-year period ended December 31, 2021. Broadridge did not calculate quintile rankings for the Peer Group for the EPI Fund due to the limited number of funds in the Peer Group. The Trustees discussed the performance and investment strategy of the EPI 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 EPI Fund's performance was satisfactory.

*Management Fees and Expense Ratios*

The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund. This review included ranking of each Fund within an expense universe comprised of funds with the same Morningstar 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 quintile rankings were not calculated if the number of funds in the 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 compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund's management fee was appropriate as compared to identified peer 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 ActiveBuilders U.S. Large Cap Equity ETF's net management fee and actual total expenses were both in the first and second quintile of the Peer Group and Universe, respectively. After considering the factors identified

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 59

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**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Active Value ETF's net management fee was in the second and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Equity Premium Income ETF's net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe. Broadridge did not calculate quintile rankings for the Peer Group for the 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 satisfactory in light of the services provided to the Fund.

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

60 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT** <br>(Unaudited)

*JPMorgan Active Growth ETF*

On May 10-12, 2022, the Board of Trustees (the "Board" or the "Trustees") of JPMorgan Exchange-Traded Fund Trust (the "Trust") held meetings and approved the initial management agreement (the "Management Agreement") for the JPMorgan Active Growth 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 that Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by 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 Trust 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: <br>(i) The background and experience of the Adviser's senior management and investment personnel; <br>(ii) The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the

day-to-day management of the Fund; <br>(iii) The investment strategy for the Fund, and the infrastructure supporting the portfolio management team; <br>(iv) Information about the structure and distribution strategy of the Fund and how it fits within the Trust's other fund offerings; <br>(v) The administration services to be provided by the Adviser under the Management Agreement; <br>(vi) 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 Trust and in the financial industry generally; <br>(vii) The overall reputation and capabilities of the Adviser and its affiliates; <br>(viii) The commitment of the Adviser to provide high quality service to the Fund; <br>(ix) Their overall confidence in the Adviser's integrity; <br>(x) The Adviser's responsiveness to requests for additional information, questions or concerns raised by them; and <br>(xi) The Adviser's business continuity plan, steps the Adviser and its affiliates have taken to provide services to the Fund during the COVID-19 pandemic and the Adviser's and its affiliates' success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period.

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 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 noted that the proposed unitary management fee schedule 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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 61

------

**BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT** <br>(Unaudited) (continued)

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 considered the Adviser's view that it does not manage other accounts with a substantially similar investment strategy 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 Fees and Expense Ratios* 

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 ("unitary fee structure"). 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, 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 and noted that the Fund's proposed management fee compared favorably with identified peer funds. 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 reasonable.

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

62 J.P. Morgan Exchange-Traded Funds December 31, 2022

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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.

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

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

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

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

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

![](g452267img0696f0499.jpg)

------

![](g452267imge0bb189510.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., 2022. All rights reserved. December 2022.

SAN-EPIETF-1222

------

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

December 31, 2022 (Unaudited)

Fund Ticker Listing Exchange <br> JPMorgan Market Expansion Enhanced Equity ETF JMEE NYSE Arca

![](g434173img325d63181.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [President's Letter](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_lts-ltscc-981_1) | **1** |
| [Fund Commentary](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_fc-1-fundcommentarycc-981_1) | **2** |
| [Schedule of Portfolio Investments](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_soi-toc-scheduleofinvestments-981_1) | **5** |
| [Financial Statements](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_fs-toc-financialstatement-981_1) | **15** |
| [Financial Highlights](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_fihi_2-toc-fihi-981_1) | **20** |
| [Notes to Financial Statements](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_ntf-ntfrunningfooter-981_1) | **22** |
| [Schedule of Shareholder Expenses](#xx_e6f59266-17ce-4ce6-9f78-71dde04f0aa2_sse-shareholderexpensescc-981_1) | **30** |

---

**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.** <br>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. <br>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. <br>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 very large creation/redemption units. Brokerage commissions will reduce returns.

------

**President's Letter** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g434173img545bbbb72.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g434173img19d01ccd3.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Exchange-Traded Funds <br>J.P. Morgan Asset Management <br>1-844-4JPM-ETF or jpmorgan.com/etfs for more information

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 1

------

JPMorgan Market Expansion Enhanced Equity ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Net Asset Value <sup>\*</sup> | **7.19%** |
| Market Price <sup>\*\*</sup>  | **7.16%** |
| S&P 1000 Index | **6.67%** |
| Net Assets as of 12/31/2022 | **$786533246** |
| Fund Ticker | **JMEE** |

---

**INVESTMENT OBJECTIVE \*\*\***

The JPMorgan Market Expansion Enhanced Equity ETF (the "Fund") seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

**INVESTMENT APPROACH**

The Fund combines a proprietary stock-ranking system with fundamental analysis to identify the most attractive stocks in the S&P 1000 Index (the "Benchmark"). The Fund owns a large portion of stocks in the Benchmark, modestly overweighting higher-ranked stocks and underweighting lower-ranked stocks.

**HOW DID THE MARKET PERFORM?**

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the "Fed"), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and

investor concerns over increased competition weighed on the communication services sector.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

For the six months ended December 31, 2022, the Fund outperformed the Benchmark. The Fund's security selection in the basic materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the retail and consumer cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in First Solar Inc. and Fabrinet and its underweight position in Neoegen Corp. Shares of First Solar, a manufacturer of solar energy technologies, rose after the company reported a large backlog of orders and investor expectations that the company would benefit from increased federal spending on renewable energy. Shares of Fabrinet, a Cayman Islands-based provider of technology and services to the electronics manufacturing industry, rose after the company reported better-than-expected earnings for its fiscal fourth and first quarters. Shares of Neogen, a manufacturer of food safety and animal health products, fell following the completion of its merger with 3M Co.'s food safety business.

Leading individual detractors from relative performance included the Fund's overweight positions in Exelixis Inc. and Lantheus Holdings Inc. and its underweight position in Toro Co. <br>Shares of Exelixis, a pharmaceuticals developer focused on cancer treatments, fell after a run-up in the share price early in the period. Shares of Lantheus Holdings, a provider of diagnostics imaging and nuclear medicine products, fell after a run-up in the share price ahead of the company's third quarter results. Shares of Toro, a manufacturer of tractors, mowers and related landscaping equipment, rose after the company reported consecutive quarters of better-than-expected earnings and increased its quarterly dividend.

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

2 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

\*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.07 as of December 31, 2022.

\*\*

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $46.05.

\*\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

**HOW WAS THE FUND POSITIONED?**

The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund's position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund's portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather

than sector, style or theme allocation.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | United Therapeutics Corp. | 0.9% |
| 2. | First Solar, Inc. | 0.8  |
| 3. | Steel Dynamics, Inc. | 0.7  |
| 4. | Builders FirstSource, Inc. | 0.7  |
| 5. | Jabil, Inc. | 0.6  |
| 6. | Reliance Steel & Aluminum Co. | 0.6  |
| 7. | Ciena Corp. | 0.6  |
| 8. | Genpact Ltd. | 0.6  |
| 9. | AGCO Corp. | 0.5  |
| 10. | Essential Utilities, Inc. | 0.5  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 20.1% |
| Financials | 15.4 |
| Information Technology | 12.9 |
| Consumer Discretionary | 12.6 |
| Health Care | 10.8 |
| Real Estate | &nbsp;&nbsp; 7.6 |
| Materials | &nbsp;&nbsp; 6.5 |
| Consumer Staples | &nbsp;&nbsp; 4.6 |
| Energy | &nbsp;&nbsp; 4.2 |
| Utilities | &nbsp;&nbsp; 3.1 |
| Communication Services | &nbsp;&nbsp; 1.4 |
| Short-Term Investments | &nbsp;&nbsp; 0.8 |

---

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 3

------

JPMorgan Market Expansion Enhanced Equity ETF

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE** | **SIX MONTHS\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| JPMorgan Market Expansion Enhanced Equity ETF |  |  |  |  |  |
| Net Asset Value | July 31, 1998\*\* | 7.19% | (12.83)% | 5.88% | 10.62% |
| Market Price |  | 7.16 | (12.87) | 5.87 | 10.61 |

---

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

 <br> \* Not annualized. <br> \*\* Inception date for Class I Shares of the Predecessor Fund (as defined below).

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g434173imgd12b42cf4.jpg)

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

JPMorgan Market Expansion Enhanced Equity ETF (the "Fund") acquired the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on May 6, 2022 is the performance of the Predecessor Fund's Class R6 Shares. Inception date for the Predecessor Fund's Class R6 Shares is October 1, 2018. Returns for the Predecessor Fund's Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund's Class I Shares. The actual returns of the Predecessor Fund's Class R6 Shares would have been different than those shown because the Predecessor Fund's Class R6 Shares had different expenses than the Predecessor Fund's Class I Shares. Inception date for the Predecessor Fund's Class I Shares is July 31, 1998. Performance for the Fund's shares has not been adjusted to reflect the Fund's shares' lower expenses than those of the Predecessor Fund's Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund ("ETF"), its performance may have differed. Performance for the Predecessor

Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund's listing on May 9, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the S&P 1000 Index from December 31, 2012 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses, assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 1000 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 Index, if applicable. The S&P 1000 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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. 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 NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.

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

4 J.P. Morgan Exchange-Traded Funds December 31, 2022

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JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| &nbsp;&nbsp;&nbsp; Aerojet Rocketdyne Holdings, Inc. \* | 20334 | 1137280 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc. \* | 5804 | 497171 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. \* | 15997 | 2654382 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1609 | 268687 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 4516 | 436291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4993811 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| &nbsp;&nbsp;&nbsp; Atlas Air Worldwide Holdings, Inc. \* | 7498 | 755798 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp. | 8331 | 873839 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. \* | 20639 | 881079 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A \* | 22245 | 1768255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4278971 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hawaiian Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 22473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230573 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. \* | &nbsp;&nbsp;&nbsp; 266258 | &nbsp;&nbsp;&nbsp;&nbsp; 1725352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1955925 |
| **Auto Components — 1.1%** | **Auto Components — 1.1%** | **Auto Components — 1.1%** |
| &nbsp;&nbsp;&nbsp; Adient plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 24159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838076 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 37071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289895 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 86573 | &nbsp;&nbsp;&nbsp;&nbsp; 1309849 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516271 |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561102 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) \* | &nbsp;&nbsp;&nbsp; 182845 | &nbsp;&nbsp;&nbsp;&nbsp; 1855877 |
| &nbsp;&nbsp;&nbsp; LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590386 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14991 | &nbsp;&nbsp;&nbsp;&nbsp; 1859184 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8252960 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 40146 | &nbsp;&nbsp;&nbsp;&nbsp; 1670074 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15019 | &nbsp;&nbsp;&nbsp;&nbsp; 1133784 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3345350 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 40246 | &nbsp;&nbsp;&nbsp;&nbsp; 1897197 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 40847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943157 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615121 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410829 |
| &nbsp;&nbsp;&nbsp; Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp; 11595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464496 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30746 | &nbsp;&nbsp;&nbsp;&nbsp; 1943147 |
| &nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266996 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp; 18829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464323 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 10663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434944 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 11359 | 773207 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 17251 | 2306459 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. \* | 32926 | 933123 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 71692 | 1846069 |
| &nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 12536 | 399021 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 61547 | 4055947 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | 35846 | 1295475 |
| &nbsp;&nbsp;&nbsp; First Bancorp | 9349 | 400511 |
| &nbsp;&nbsp;&nbsp; First BanCorp (Puerto Rico) | 61676 | 784519 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 28385 | 396539 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 11658 | 282473 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575168 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | &nbsp;&nbsp;&nbsp; 138580 | &nbsp;&nbsp;&nbsp;&nbsp; 3395210 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | &nbsp;&nbsp;&nbsp; 151886 | &nbsp;&nbsp;&nbsp;&nbsp; 1982112 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134768 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36253 | &nbsp;&nbsp;&nbsp;&nbsp; 1754283 |
| &nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218147 |
| &nbsp;&nbsp;&nbsp; HomeStreet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164487 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607727 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 47505 | &nbsp;&nbsp;&nbsp;&nbsp; 1998535 |
| &nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386785 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp; 71623 | &nbsp;&nbsp;&nbsp;&nbsp; 1973930 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | &nbsp;&nbsp;&nbsp; 165040 | &nbsp;&nbsp;&nbsp;&nbsp; 2967419 |
| &nbsp;&nbsp;&nbsp; PacWest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 49873 | &nbsp;&nbsp;&nbsp;&nbsp; 1144585 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308582 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42094 | &nbsp;&nbsp;&nbsp;&nbsp; 3089700 |
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp; 14279 | &nbsp;&nbsp;&nbsp;&nbsp; 1065499 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24805 | &nbsp;&nbsp;&nbsp;&nbsp; 1802827 |
| &nbsp;&nbsp;&nbsp; Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537161 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 85421 | &nbsp;&nbsp;&nbsp;&nbsp; 1843385 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 38296 | &nbsp;&nbsp;&nbsp;&nbsp; 1438015 |
| &nbsp;&nbsp;&nbsp; Triumph Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288919 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946950 |
| &nbsp;&nbsp;&nbsp; Umpqua Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 56005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999689 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910133 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 80292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908103 |
| &nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 67952 | &nbsp;&nbsp;&nbsp;&nbsp; 1908092 |
| &nbsp;&nbsp;&nbsp; Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60770 | &nbsp;&nbsp;&nbsp;&nbsp; 2038834 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30842 | &nbsp;&nbsp;&nbsp;&nbsp; 1460060 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 35235 | &nbsp;&nbsp;&nbsp;&nbsp; 2978062 |
|  |  | &nbsp;&nbsp; 60740720 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 5

------

JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The), Class A \* | 2402 | 791507 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 1396 | 715255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1506762 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. \* | 41442 | 1680888 |
| &nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals, Inc. \* | 28785 | 841386 |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. \* | 3878 | 45799 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. \* | 228551 | 3665958 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | 27289 | 3259398 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc. \* | 61583 | 1396702 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. \* | 26205 | 7287348 |
|  |  | &nbsp;&nbsp; 18177479 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 80823 | &nbsp;&nbsp;&nbsp;&nbsp; 5243796 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13633 | &nbsp;&nbsp;&nbsp;&nbsp; 3212617 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473716 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6507 | &nbsp;&nbsp;&nbsp;&nbsp; 1556670 |
| &nbsp;&nbsp;&nbsp; Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp; 26989 | &nbsp;&nbsp;&nbsp;&nbsp; 2302162 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 41152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676950 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11438 | &nbsp;&nbsp;&nbsp;&nbsp; 1014093 |
| &nbsp;&nbsp;&nbsp; Trex Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180876 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36069 | &nbsp;&nbsp;&nbsp;&nbsp; 2858468 |
|  |  | &nbsp;&nbsp; 17519348 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10673 | &nbsp;&nbsp;&nbsp;&nbsp; 1690923 |
| &nbsp;&nbsp;&nbsp; Blucora, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 94696 | &nbsp;&nbsp;&nbsp;&nbsp; 2417589 |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492672 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670406 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 37728 | &nbsp;&nbsp;&nbsp;&nbsp; 2729621 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60240 | &nbsp;&nbsp;&nbsp;&nbsp; 2065027 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 34444 | &nbsp;&nbsp;&nbsp;&nbsp; 2010496 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822058 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370245 |
|  |  | &nbsp;&nbsp; 13269037 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29383 | &nbsp;&nbsp;&nbsp;&nbsp; 1117142 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11060 | &nbsp;&nbsp;&nbsp;&nbsp; 1189282 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 41332 | &nbsp;&nbsp;&nbsp;&nbsp; 1395368 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27435 | &nbsp;&nbsp;&nbsp;&nbsp; 1833755 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 62614 | &nbsp;&nbsp;&nbsp;&nbsp; 1917241 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193425 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp; 27019 | &nbsp;&nbsp;&nbsp;&nbsp; 1935101 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Ingevity Corp. \* | 24223 | 1706268 |
| &nbsp;&nbsp;&nbsp; Livent Corp. \* | 19350 | 384485 |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 9023 | 188581 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 14483 | 879408 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 24801 | 2416857 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 11009 | 534927 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 11202 | 816850 |
| &nbsp;&nbsp;&nbsp; Stepan Co. | 6887 | 733190 |
| &nbsp;&nbsp;&nbsp; Trinseo plc | 10185 | 231301 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc. | 51248 | 1673247 |
|  |  | &nbsp;&nbsp; 19146428 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746611 |
| &nbsp;&nbsp;&nbsp; Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 47450 | &nbsp;&nbsp;&nbsp;&nbsp; 2234895 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 13784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740339 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 30101 | &nbsp;&nbsp;&nbsp;&nbsp; 3435126 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc., REIT \* | &nbsp;&nbsp;&nbsp; 115970 | &nbsp;&nbsp;&nbsp;&nbsp; 1340613 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203998 |
| &nbsp;&nbsp;&nbsp; Harsco Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109188 |
| &nbsp;&nbsp;&nbsp; IAA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35425 | &nbsp;&nbsp;&nbsp;&nbsp; 1417000 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167050 |
| &nbsp;&nbsp;&nbsp; KAR Auction Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 33586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438297 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264341 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465413 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 40036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152137 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318598 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14221 | &nbsp;&nbsp;&nbsp;&nbsp; 2064747 |
| &nbsp;&nbsp;&nbsp; Viad Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128389 |
|  |  | &nbsp;&nbsp; 14226742 |
| **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274935 |
| &nbsp;&nbsp;&nbsp; Calix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14646 | &nbsp;&nbsp;&nbsp;&nbsp; 1002226 |
| &nbsp;&nbsp;&nbsp; Ciena Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 88337 | &nbsp;&nbsp;&nbsp;&nbsp; 4503420 |
| &nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101138 |
| &nbsp;&nbsp;&nbsp; Digi International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324527 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 31357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574147 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763351 |
| &nbsp;&nbsp;&nbsp; NETGEAR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 99077 | &nbsp;&nbsp;&nbsp;&nbsp; 1794285 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 44632 | &nbsp;&nbsp;&nbsp;&nbsp; 1412603 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 58825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618251 |
|  |  | &nbsp;&nbsp; 11368883 |
| **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
| &nbsp;&nbsp;&nbsp; AECOM | &nbsp;&nbsp;&nbsp;&nbsp; 34555 | &nbsp;&nbsp;&nbsp;&nbsp; 2934756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 14143 | 768531 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 26210 | 3016247 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 27084 | 4011411 |
| &nbsp;&nbsp;&nbsp; Fluor Corp. \* | 39201 | 1358707 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. \* | 15117 | 1289934 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 136883 | 4153030 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc. \* | 4263 | 392494 |
|  |  | &nbsp;&nbsp; 17925110 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 7198 | 956254 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876273 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411996 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 40842 | &nbsp;&nbsp;&nbsp;&nbsp; 1567108 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 23421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190881 |
| &nbsp;&nbsp;&nbsp; Green Dot Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 13505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213649 |
| &nbsp;&nbsp;&nbsp; LendingTree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39119 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220150 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303834 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 96211 | &nbsp;&nbsp;&nbsp;&nbsp; 1597103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5420113 |
| **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13854 | &nbsp;&nbsp;&nbsp;&nbsp; 1523663 |
| &nbsp;&nbsp;&nbsp; Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 12789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857630 |
| &nbsp;&nbsp;&nbsp; Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226524 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41721 | &nbsp;&nbsp;&nbsp;&nbsp; 2162816 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp; 52887 | &nbsp;&nbsp;&nbsp;&nbsp; 3210770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7981403 |
| **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482623 |
| &nbsp;&nbsp;&nbsp; American Public Education, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264739 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp;&nbsp; 1015677 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538866 |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44493 | &nbsp;&nbsp;&nbsp;&nbsp; 1624439 |
| &nbsp;&nbsp;&nbsp; Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp; 43755 | &nbsp;&nbsp;&nbsp;&nbsp; 3025221 |
| &nbsp;&nbsp;&nbsp; Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551686 |
| &nbsp;&nbsp;&nbsp; WW International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7558229 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20270 | &nbsp;&nbsp;&nbsp;&nbsp; 1246402 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112459 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 10813 | 617206 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. \* | 35520 | 1825728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2555393 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 77675 | 3250699 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 32520 | 3507282 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 92975 | 3677161 |
|  |  | &nbsp;&nbsp; 10435142 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | 8862 | 1467636 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 6486 | 260737 |
| &nbsp;&nbsp;&nbsp; Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15131 | &nbsp;&nbsp;&nbsp;&nbsp; 2081420 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6202 | &nbsp;&nbsp;&nbsp;&nbsp; 1455485 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 94694 | &nbsp;&nbsp;&nbsp;&nbsp; 3642878 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18181 | &nbsp;&nbsp;&nbsp;&nbsp; 2181357 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 40146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964307 |
|  |  | &nbsp;&nbsp; 12053820 |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952759 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 25130 | &nbsp;&nbsp;&nbsp;&nbsp; 2627844 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832746 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266366 |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36621 | &nbsp;&nbsp;&nbsp;&nbsp; 1725215 |
| &nbsp;&nbsp;&nbsp; Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 19253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675780 |
| &nbsp;&nbsp;&nbsp; Fabrinet (Thailand) \* | &nbsp;&nbsp;&nbsp;&nbsp; 26905 | &nbsp;&nbsp;&nbsp;&nbsp; 3449759 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158535 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 71044 | &nbsp;&nbsp;&nbsp;&nbsp; 4845201 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5557 | &nbsp;&nbsp;&nbsp;&nbsp; 1223651 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375016 |
| &nbsp;&nbsp;&nbsp; Rogers Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594433 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23147 | &nbsp;&nbsp;&nbsp;&nbsp; 2192252 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. | &nbsp;&nbsp;&nbsp; 123759 | &nbsp;&nbsp;&nbsp;&nbsp; 2392262 |
|  |  | &nbsp;&nbsp; 22311819 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206893 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | &nbsp;&nbsp;&nbsp; 124400 | &nbsp;&nbsp;&nbsp;&nbsp; 3606356 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902719 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247173 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | &nbsp;&nbsp;&nbsp; 104943 | &nbsp;&nbsp;&nbsp;&nbsp; 2192259 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496454 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 7

------

JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 55026 | 926638 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp. \* | 19891 | 206270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8784762 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 8146 | 117221 |
| **Equity Real Estate Investment Trusts (REITs) — 7.1%** | **Equity Real Estate Investment Trusts (REITs) — 7.1%** | **Equity Real Estate Investment Trusts (REITs) — 7.1%** |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | 49175 | 3487983 |
| &nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 12598 | 333847 |
| &nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 57698 | 1979618 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 47751 | 549137 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 42655 | 966989 |
| &nbsp;&nbsp;&nbsp; Centerspace | &nbsp;&nbsp;&nbsp;&nbsp; 12508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733844 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205778 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp; 59542 | &nbsp;&nbsp;&nbsp;&nbsp; 1544519 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41085 | &nbsp;&nbsp;&nbsp;&nbsp; 1039040 |
| &nbsp;&nbsp;&nbsp; CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp; 98150 | &nbsp;&nbsp;&nbsp;&nbsp; 3950537 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp; 51350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420557 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123057 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11112 | &nbsp;&nbsp;&nbsp;&nbsp; 1645243 |
| &nbsp;&nbsp;&nbsp; EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp; 19907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750892 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72150 | &nbsp;&nbsp;&nbsp;&nbsp; 1693361 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59221 | &nbsp;&nbsp;&nbsp;&nbsp; 2858005 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188252 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407689 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 79227 | &nbsp;&nbsp;&nbsp;&nbsp; 1526704 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813910 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361236 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60137 | &nbsp;&nbsp;&nbsp;&nbsp; 1013910 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10762 | &nbsp;&nbsp;&nbsp;&nbsp; 1090729 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 67415 | &nbsp;&nbsp;&nbsp;&nbsp; 2606938 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp; 59203 | &nbsp;&nbsp;&nbsp;&nbsp; 1246223 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23664 | &nbsp;&nbsp;&nbsp;&nbsp; 2233882 |
| &nbsp;&nbsp;&nbsp; Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36816 | &nbsp;&nbsp;&nbsp;&nbsp; 3626376 |
| &nbsp;&nbsp;&nbsp; Macerich Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 54979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619064 |
| &nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660408 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp; 66326 | &nbsp;&nbsp;&nbsp;&nbsp; 2395695 |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613371 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 65483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772045 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp; 34301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459290 |
| &nbsp;&nbsp;&nbsp; Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 57598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833443 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943234 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50336 | &nbsp;&nbsp;&nbsp;&nbsp; 1659075 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 75863 | &nbsp;&nbsp;&nbsp;&nbsp; 4145154 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757832 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 2971 | 120860 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | 49915 | 681839 |
| &nbsp;&nbsp;&nbsp; Spirit Realty Capital, Inc. | 42170 | 1683848 |
| &nbsp;&nbsp;&nbsp; STORE Capital Corp. | 17798 | 570604 |
| &nbsp;&nbsp;&nbsp; Tanger Factory Outlet Centers, Inc. | 8046 | 144345 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 112780 | 623673 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 30039 | 395914 |
|  |  | &nbsp;&nbsp; 55477950 |
| **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 32353 | 1132031 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | 55216 | 3653091 |
| &nbsp;&nbsp;&nbsp; SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp; 51863 | &nbsp;&nbsp;&nbsp;&nbsp; 1568337 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 99140 | &nbsp;&nbsp;&nbsp;&nbsp; 3209162 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616186 |
|  |  | &nbsp;&nbsp; 10178807 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 44104 | &nbsp;&nbsp;&nbsp;&nbsp; 2760469 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp; 108865 | &nbsp;&nbsp;&nbsp;&nbsp; 3128780 |
| &nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 21730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351591 |
| &nbsp;&nbsp;&nbsp; Hostess Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795274 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31422 | &nbsp;&nbsp;&nbsp;&nbsp; 3077156 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218100 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 50226 | &nbsp;&nbsp;&nbsp;&nbsp; 1191863 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15180 | &nbsp;&nbsp;&nbsp;&nbsp; 1370147 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 22125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841414 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651125 |
|  |  | &nbsp;&nbsp; 14385919 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24249 | &nbsp;&nbsp;&nbsp;&nbsp; 1203235 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20637 | &nbsp;&nbsp;&nbsp;&nbsp; 1277018 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491247 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 94855 | &nbsp;&nbsp;&nbsp;&nbsp; 3516275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6487775 |
| **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** |
| &nbsp;&nbsp;&nbsp; Avanos Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322907 |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581478 |
| &nbsp;&nbsp;&nbsp; Cutera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192888 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 94429 | &nbsp;&nbsp;&nbsp;&nbsp; 3179424 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 20803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908675 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 20334 | &nbsp;&nbsp;&nbsp;&nbsp; 1510206 |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 30061 | &nbsp;&nbsp;&nbsp;&nbsp; 2364298 |
| &nbsp;&nbsp;&nbsp; Heska Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172929 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp. \* | 8530 | 583964 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. \* | 18759 | 1051817 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc. \* | 73437 | 3742349 |
| &nbsp;&nbsp;&nbsp; LivaNova plc \* | 11561 | 642098 |
| &nbsp;&nbsp;&nbsp; Masimo Corp. \* | 27727 | 4102210 |
| &nbsp;&nbsp;&nbsp; Meridian Bioscience, Inc. \* | 15339 | 509408 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. \* | 13310 | 939952 |
| &nbsp;&nbsp;&nbsp; Neogen Corp. \* | 117786 | 1793881 |
| &nbsp;&nbsp;&nbsp; NuVasive, Inc. \* | 46048 | 1899019 |
| &nbsp;&nbsp;&nbsp; Omnicell, Inc. \* | 11009 | 555074 |
| &nbsp;&nbsp;&nbsp; Orthofix Medical, Inc. \* | 12847 | 263749 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6486 | &nbsp;&nbsp;&nbsp;&nbsp; 1442876 |
| &nbsp;&nbsp;&nbsp; Shockwave Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9724 | &nbsp;&nbsp;&nbsp;&nbsp; 1999352 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 67801 | &nbsp;&nbsp;&nbsp;&nbsp; 3047655 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 10628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215748 |
|  |  | &nbsp;&nbsp; 32021957 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23321 | &nbsp;&nbsp;&nbsp;&nbsp; 1919785 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395771 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21951 | &nbsp;&nbsp;&nbsp;&nbsp; 1833787 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569520 |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp;&nbsp; 2226496 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 25045 | &nbsp;&nbsp;&nbsp;&nbsp; 1497941 |
| &nbsp;&nbsp;&nbsp; Enhabit, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165079 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 13405 | &nbsp;&nbsp;&nbsp;&nbsp; 1268247 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 40170 | &nbsp;&nbsp;&nbsp;&nbsp; 1196263 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 39522 | &nbsp;&nbsp;&nbsp;&nbsp; 2436136 |
| &nbsp;&nbsp;&nbsp; LHC Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8784 | &nbsp;&nbsp;&nbsp;&nbsp; 1420285 |
| &nbsp;&nbsp;&nbsp; ModivCare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12014 | &nbsp;&nbsp;&nbsp;&nbsp; 1078016 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 36083 | &nbsp;&nbsp;&nbsp;&nbsp; 1085737 |
| &nbsp;&nbsp;&nbsp; R1 RCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 30719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336373 |
| &nbsp;&nbsp;&nbsp; RadNet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214022 |
|  |  | &nbsp;&nbsp; 17643458 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| &nbsp;&nbsp;&nbsp; HealthStream, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194944 |
| &nbsp;&nbsp;&nbsp; NextGen Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp; 149097 | &nbsp;&nbsp;&nbsp;&nbsp; 2800042 |
| &nbsp;&nbsp;&nbsp; Veradigm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 51512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3903658 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163741 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404191 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22189 | &nbsp;&nbsp;&nbsp;&nbsp; 1209966 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35973 | &nbsp;&nbsp;&nbsp;&nbsp; 1147898 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The) | 14538 | 461000 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 6660 | 1408124 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 4377 | 414677 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. \* | 13505 | 478617 |
| &nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 19148 | 1236961 |
| &nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. \* | 9068 | 339143 |
| &nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 6660 | 454412 |
| &nbsp;&nbsp;&nbsp; Light & Wonder, Inc. \* | 16466 | 964908 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 10813 | 1455322 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 6486 | 533863 |
| &nbsp;&nbsp;&nbsp; Ruth's Hospitality Group, Inc. | 6002 | 92911 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 47085 | &nbsp;&nbsp;&nbsp;&nbsp; 1094726 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15778 | &nbsp;&nbsp;&nbsp;&nbsp; 1435009 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp; 30968 | &nbsp;&nbsp;&nbsp;&nbsp; 1127235 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 34234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774715 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50400 | &nbsp;&nbsp;&nbsp;&nbsp; 3594024 |
|  |  | &nbsp;&nbsp; 18791443 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482818 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717699 |
| &nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 24059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766279 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278381 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912411 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 34254 | &nbsp;&nbsp;&nbsp;&nbsp; 1039609 |
| &nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51348 | &nbsp;&nbsp;&nbsp;&nbsp; 1762777 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78711 | &nbsp;&nbsp;&nbsp;&nbsp; 3929253 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. \* | &nbsp;&nbsp;&nbsp; 136783 | &nbsp;&nbsp;&nbsp;&nbsp; 2542796 |
| &nbsp;&nbsp;&nbsp; Tupperware Brands Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60576 |
| &nbsp;&nbsp;&nbsp; Universal Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151663 |
|  |  | &nbsp;&nbsp; 12644262 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 27389 | &nbsp;&nbsp;&nbsp;&nbsp; 1025718 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 55126 | &nbsp;&nbsp;&nbsp;&nbsp; 1973511 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3588803 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23925 | &nbsp;&nbsp;&nbsp;&nbsp; 3284424 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 11212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698059 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 32991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753844 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347024 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 43877 | &nbsp;&nbsp;&nbsp;&nbsp; 2296522 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9845 | &nbsp;&nbsp;&nbsp;&nbsp; 1330355 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 9

------

JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 43128 | 901806 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 4720 | 1234374 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 7020 | 240084 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 75830 | 1831295 |
| &nbsp;&nbsp;&nbsp; Palomar Holdings, Inc. \* | 6207 | 280308 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 7090 | 1005504 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 18121 | 2574813 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 15805 | 2911755 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | 16589 | 2177638 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 26324 | 1124825 |
| &nbsp;&nbsp;&nbsp; Unum Group | 77993 | 3200053 |
|  |  | &nbsp;&nbsp; 26589328 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508349 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 25445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457501 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488073 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12957 | &nbsp;&nbsp;&nbsp;&nbsp; 1024899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2478822 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13784 | &nbsp;&nbsp;&nbsp;&nbsp; 1835477 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383938 |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp; 16450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532651 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9304 | &nbsp;&nbsp;&nbsp;&nbsp; 1576377 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 94229 | &nbsp;&nbsp;&nbsp;&nbsp; 4364688 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17309 | &nbsp;&nbsp;&nbsp;&nbsp; 1269269 |
| &nbsp;&nbsp;&nbsp; Perficient, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644670 |
| &nbsp;&nbsp;&nbsp; Sabre Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 93976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580772 |
| &nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832689 |
| &nbsp;&nbsp;&nbsp; Unisys Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 32152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164297 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17669 | &nbsp;&nbsp;&nbsp;&nbsp; 2891532 |
|  |  | &nbsp;&nbsp; 15076360 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23769 | &nbsp;&nbsp;&nbsp;&nbsp; 1713270 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 89524 | &nbsp;&nbsp;&nbsp;&nbsp; 1597108 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15267 | &nbsp;&nbsp;&nbsp;&nbsp; 1541967 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5608772 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 20709 | &nbsp;&nbsp;&nbsp;&nbsp; 1205678 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 26414 | &nbsp;&nbsp;&nbsp;&nbsp; 1805397 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7044 | &nbsp;&nbsp;&nbsp;&nbsp; 1496216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| &nbsp;&nbsp;&nbsp; Repligen Corp. \* | 4911 | 831481 |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc. \* | 23769 | 871847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6210619 |
| **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
| &nbsp;&nbsp;&nbsp; 3D Systems Corp. \* | 18595 | 137603 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 30621 | 4246827 |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 6667 | 944047 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. \* | 9232 | 1063803 |
| &nbsp;&nbsp;&nbsp; Crane Holdings Co. | 31923 | 3206665 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 11427 | 536155 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 15351 | 713361 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 34961 | &nbsp;&nbsp;&nbsp;&nbsp; 1072603 |
| &nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31896 | &nbsp;&nbsp;&nbsp;&nbsp; 2543706 |
| &nbsp;&nbsp;&nbsp; Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45971 | &nbsp;&nbsp;&nbsp;&nbsp; 3092009 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28037 | &nbsp;&nbsp;&nbsp;&nbsp; 1196339 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44786 | &nbsp;&nbsp;&nbsp;&nbsp; 3632145 |
| &nbsp;&nbsp;&nbsp; John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725708 |
| &nbsp;&nbsp;&nbsp; Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532568 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11306 | &nbsp;&nbsp;&nbsp;&nbsp; 1633604 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454677 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14991 | &nbsp;&nbsp;&nbsp;&nbsp; 2007295 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910901 |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 32453 | &nbsp;&nbsp;&nbsp;&nbsp; 2862030 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861985 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19992 | &nbsp;&nbsp;&nbsp;&nbsp; 2047381 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809715 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 25501 | &nbsp;&nbsp;&nbsp;&nbsp; 1802156 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232558 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868923 |
|  |  | &nbsp;&nbsp; 38134764 |
| **Marine — 0.2%** | **Marine — 0.2%** | **Marine — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kirby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 16127 | &nbsp;&nbsp;&nbsp;&nbsp; 1037772 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1783704 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130547 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606 | &nbsp;&nbsp;&nbsp;&nbsp; 1855107 |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 15529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204828 |
| &nbsp;&nbsp;&nbsp; Gannett Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71704 |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 11266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451316 |
| &nbsp;&nbsp;&nbsp; New York Times Co. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp; 43938 | &nbsp;&nbsp;&nbsp;&nbsp; 1426227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4139729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 41206 | 1873637 |
| &nbsp;&nbsp;&nbsp; Arconic Corp. \* | 41362 | 875220 |
| &nbsp;&nbsp;&nbsp; ATI, Inc. \* | 49314 | 1472516 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. \* | 129418 | 2084924 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 54974 | 2655244 |
| &nbsp;&nbsp;&nbsp; Haynes International, Inc. | 10099 | 461423 |
| &nbsp;&nbsp;&nbsp; Materion Corp. | 10183 | 891114 |
| &nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 23513 | 4759972 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 4516 | 509044 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 57114 | 5580038 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 72689 | 627306 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383390 |
|  |  | &nbsp;&nbsp; 22173828 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp; 113290 | &nbsp;&nbsp;&nbsp;&nbsp; 2388153 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158670 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96432 | &nbsp;&nbsp;&nbsp;&nbsp; 1346191 |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305994 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4395203 |
| **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Big Lots, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163346 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 64010 | &nbsp;&nbsp;&nbsp;&nbsp; 1616253 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | &nbsp;&nbsp;&nbsp; 145029 | &nbsp;&nbsp;&nbsp;&nbsp; 2994849 |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456697 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5663572 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18719 | &nbsp;&nbsp;&nbsp;&nbsp; 1110785 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 74623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805182 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 30672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950525 |
| &nbsp;&nbsp;&nbsp; Callon Petroleum Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412701 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18869 | &nbsp;&nbsp;&nbsp;&nbsp; 1093081 |
| &nbsp;&nbsp;&nbsp; CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832650 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142087 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803038 |
| &nbsp;&nbsp;&nbsp; Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp; 103504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693477 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 29248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892064 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 48466 | &nbsp;&nbsp;&nbsp;&nbsp; 2514901 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp; 42558 | &nbsp;&nbsp;&nbsp;&nbsp; 2436020 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 38095 | &nbsp;&nbsp;&nbsp;&nbsp; 1638466 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 22189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904868 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 43950 | 2789946 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 77660 | 1943053 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp. \* | 13024 | 414945 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 57200 | 1992276 |
| &nbsp;&nbsp;&nbsp; Southwestern Energy Co. \* | 457071 | 2673865 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc. \* | 9342 | 176377 |
| &nbsp;&nbsp;&nbsp; World Fuel Services Corp. | 16437 | 449223 |
|  |  | &nbsp;&nbsp; 24558745 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 25828 | 1529018 |
| **Personal Products — 0.7%** | **Personal Products — 0.7%** | **Personal Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 36693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940809 |
| &nbsp;&nbsp;&nbsp; Coty, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 77215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660960 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp; 15280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588891 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551894 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478160 |
| &nbsp;&nbsp;&nbsp; Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12499 | &nbsp;&nbsp;&nbsp;&nbsp; 1441760 |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 13584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572702 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5394084 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. \* | &nbsp;&nbsp;&nbsp; 162302 | &nbsp;&nbsp;&nbsp;&nbsp; 2150502 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 22279 | &nbsp;&nbsp;&nbsp;&nbsp; 3549268 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956528 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7114550 |
| **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; ASGN, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15180 | &nbsp;&nbsp;&nbsp;&nbsp; 1236866 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 12321 | &nbsp;&nbsp;&nbsp;&nbsp; 3703569 |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9313 | &nbsp;&nbsp;&nbsp;&nbsp; 1478905 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928352 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997862 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69967 | &nbsp;&nbsp;&nbsp;&nbsp; 3694258 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 10628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179613 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp; 36621 | &nbsp;&nbsp;&nbsp;&nbsp; 1853755 |
| &nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31790 | &nbsp;&nbsp;&nbsp;&nbsp; 2645246 |
| &nbsp;&nbsp;&nbsp; Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571545 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp;&nbsp; 1475369 |
|  |  | &nbsp;&nbsp; 18765340 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 81119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518350 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 46280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 11

------

JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** |
| &nbsp;&nbsp;&nbsp; Douglas Elliman, Inc. | 16466 | 67017 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc. \* | 15127 | 2410790 |
| &nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A | 5812 | 108336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3681142 |
| **Road & Rail — 1.5%** | **Road & Rail — 1.5%** | **Road & Rail — 1.5%** |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 13697 | 959338 |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc. \* | 12598 | 2065190 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 42918 | 2249333 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 19407 | 3161400 |
| &nbsp;&nbsp;&nbsp; Saia, Inc. \* | 6750 | 1415340 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 25385 | 1022000 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963246 |
|  |  | &nbsp;&nbsp; 11835847 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756063 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 42948 | &nbsp;&nbsp;&nbsp;&nbsp; 3198767 |
| &nbsp;&nbsp;&nbsp; Cohu, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352838 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816830 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 42369 | &nbsp;&nbsp;&nbsp;&nbsp; 6346452 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513758 |
| &nbsp;&nbsp;&nbsp; Ichor Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952646 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp; 61706 | &nbsp;&nbsp;&nbsp;&nbsp; 2731108 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 37821 | &nbsp;&nbsp;&nbsp;&nbsp; 2453826 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638973 |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14406 | &nbsp;&nbsp;&nbsp;&nbsp; 1220620 |
| &nbsp;&nbsp;&nbsp; Photronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263373 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15439 | &nbsp;&nbsp;&nbsp;&nbsp; 1107285 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 30256 | &nbsp;&nbsp;&nbsp;&nbsp; 1083770 |
| &nbsp;&nbsp;&nbsp; Semtech Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522474 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21266 | &nbsp;&nbsp;&nbsp;&nbsp; 2885158 |
| &nbsp;&nbsp;&nbsp; SiTime Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418878 |
| &nbsp;&nbsp;&nbsp; SMART Global Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 57598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857058 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872427 |
| &nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703211 |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11202 | &nbsp;&nbsp;&nbsp;&nbsp; 1210264 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33908 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17669 | &nbsp;&nbsp;&nbsp;&nbsp; 1219868 |
|  |  | &nbsp;&nbsp; 31159555 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664355 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 99143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939876 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280007 |
| &nbsp;&nbsp;&nbsp; Aspen Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7753 | &nbsp;&nbsp;&nbsp;&nbsp; 1592466 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc. \* | 12662 | 745285 |
| &nbsp;&nbsp;&nbsp; Digital Turbine, Inc. \* | 34882 | 531602 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | 29152 | 1798678 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. \* | 4504 | 2696004 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 8594 | 425231 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. \* | 80533 | 1887694 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. \* | 17473 | 2121222 |
| &nbsp;&nbsp;&nbsp; NCR Corp. \* | 54756 | 1281838 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp. \* | 9527 | 1850715 |
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | 8318 | 419643 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc. \* | 8684 | 974605 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8430 | &nbsp;&nbsp;&nbsp;&nbsp; 1082665 |
| &nbsp;&nbsp;&nbsp; Teradata Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 27837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936994 |
| &nbsp;&nbsp;&nbsp; Xperi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 39654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341421 |
|  |  | &nbsp;&nbsp; 20570301 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| &nbsp;&nbsp;&nbsp; Aaron's Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107072 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 15828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362619 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 56223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784873 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943572 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 32553 | &nbsp;&nbsp;&nbsp;&nbsp; 3492937 |
| &nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72823 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486531 |
| &nbsp;&nbsp;&nbsp; Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282109 |
| &nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49113 |
| &nbsp;&nbsp;&nbsp; Chico's FAS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139654 |
| &nbsp;&nbsp;&nbsp; Children's Place, Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145789 |
| &nbsp;&nbsp;&nbsp; Conn's, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24286 |
| &nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179952 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17877 | &nbsp;&nbsp;&nbsp;&nbsp; 2150424 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11461 | &nbsp;&nbsp;&nbsp;&nbsp; 2027107 |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30619 | &nbsp;&nbsp;&nbsp;&nbsp; 1157092 |
| &nbsp;&nbsp;&nbsp; GameStop Corp., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 58550 | &nbsp;&nbsp;&nbsp;&nbsp; 1080833 |
| &nbsp;&nbsp;&nbsp; Genesco, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191811 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850625 |
| &nbsp;&nbsp;&nbsp; Guess?, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265804 |
| &nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133145 |
| &nbsp;&nbsp;&nbsp; Hibbett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297576 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6945 | &nbsp;&nbsp;&nbsp;&nbsp; 1421919 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6002 | &nbsp;&nbsp;&nbsp;&nbsp; 1677799 |
| &nbsp;&nbsp;&nbsp; ODP Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672535 |
| &nbsp;&nbsp;&nbsp; Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714948 |
| &nbsp;&nbsp;&nbsp; RH \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp; 1086929 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 57460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719399 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 5154 | 123232 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 15439 | 1049852 |
| &nbsp;&nbsp;&nbsp; Sleep Number Corp. \* | 6112 | 158790 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. \* | 18695 | 445876 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 22368 | 2570531 |
| &nbsp;&nbsp;&nbsp; Zumiez, Inc. \* | 22663 | 492694 |
|  |  | &nbsp;&nbsp; 26360251 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. \* | 23211 | 32959 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 57698 | 842391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875350 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 41895 | &nbsp;&nbsp;&nbsp;&nbsp; 2401422 |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655374 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195654 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp; 1855671 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7676 | &nbsp;&nbsp;&nbsp;&nbsp; 3063952 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157130 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602649 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379056 |
| &nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 47668 | &nbsp;&nbsp;&nbsp;&nbsp; 1999673 |
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 21880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699285 |
| &nbsp;&nbsp;&nbsp; Unifi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50041 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239531 |
|  |  | &nbsp;&nbsp; 12299438 |
| **Thrifts & Mortgage Finance — 1.3%** | **Thrifts & Mortgage Finance — 1.3%** | **Thrifts & Mortgage Finance — 1.3%** |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 35143 | &nbsp;&nbsp;&nbsp;&nbsp; 1343165 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258843 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 48352 | &nbsp;&nbsp;&nbsp;&nbsp; 1879926 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 77313 | &nbsp;&nbsp;&nbsp;&nbsp; 1005069 |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28487 | &nbsp;&nbsp;&nbsp;&nbsp; 1143183 |
| &nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 135032 | &nbsp;&nbsp;&nbsp;&nbsp; 1161275 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 59765 | &nbsp;&nbsp;&nbsp;&nbsp; 1249089 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15070 | &nbsp;&nbsp;&nbsp;&nbsp; 1182694 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9994704 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vector Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 32190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381773 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17473 | &nbsp;&nbsp;&nbsp;&nbsp; 1199871 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94497 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227142 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | <br> **VALUE($)**<br>|
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &nbsp;&nbsp;&nbsp; GMS, Inc. \* | 47325 | 2356785 |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 12393 | 1012508 |
| &nbsp;&nbsp;&nbsp; NOW, Inc. \* | 219562 | 2788437 |
| &nbsp;&nbsp;&nbsp; Univar Solutions, Inc. \* | 94811 | 3014990 |
| &nbsp;&nbsp;&nbsp; Veritiv Corp. | 3858 | 469557 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 8818 | 2199209 |
|  |  | &nbsp;&nbsp; 13362996 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 9571 | 885796 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 12662 | 767824 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 88037 | 4202006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5855626 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Gogo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 60485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892759 |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204010 |
| &nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 55674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1680789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $613,716,259)<br>|  | 780037111 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c) <br>(Cost $4,220,087)<br>| 4220087 | &nbsp;&nbsp;&nbsp;&nbsp; 4220087 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c) <br>(Cost $1,712,939)<br>| 1712939 | &nbsp;&nbsp;&nbsp;&nbsp; 1712939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $5,933,026)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5933026 |
| **Total Investments — 99.9%** <br>**(Cost $619,649,285)**<br>|  | **785970137** |
| **Other Assets Less Liabilities — 0.1%** |  | **563109** |
| **NET ASSETS — 100.0%** |  | **786533246** |

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 13

------

JPMorgan Market Expansion Enhanced Equity ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2022. The total value of securities on <br> loan at December 31, 2022 is $1,663,580.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**Futures contracts outstanding as of December 31, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 9 | 03/17/2023 | USD | &nbsp;&nbsp;&nbsp; 797040 | (18244) |
| S&P Midcap 400 E-Mini Index | 11 | 03/17/2023 | USD | 2687630 | (47344) |
|  |  |  |  |  | (65588) |

---

&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;

14 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**STATEMENT OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Market** <br>**Expansion** <br>**Enhanced** <br>**Equity ETF**<br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | $780037111 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4220087 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712939 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Due from custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473787 |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794541 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953298 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30629 |
| Total Assets | &nbsp;&nbsp; 791631019 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3162711 |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712939 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16611 |
| Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91117 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52767 |
| &nbsp;&nbsp;&nbsp; Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17775 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43853 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5097773 |
| Net Assets | $786533246 |
| **NET ASSETS:** |  |
| Paid-in-Capital | $596656288 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 189876958 |
| Total Net Assets | $786533246 |
| &nbsp;&nbsp;&nbsp; Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17073634 |
| Net asset value, per share | $46.07  |
| Cost of investments in non-affiliates | $613716259 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4220087 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663580 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712939 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 15

------

**STATEMENT OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Market** <br>**Expansion** <br>**Enhanced** <br>**Equity ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | $89661 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 6258903 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370570 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72366 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6791500 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 1073394 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322020 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20786 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25343 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13548 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54960 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31167 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16283 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1557501 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51128) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; (492514) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1013859 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 5777641 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; 21816949 |
| &nbsp;&nbsp;&nbsp; In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp; 27352786 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1544938 |
| Net realized gain (loss) | &nbsp;&nbsp; 50714673 |
| Change in net unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 4350211 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1191099 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 5541310 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; 56255983 |
| Change in net assets resulting from operations | $62033624 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Market Expansion** <br>**Enhanced Equity ETF** | **JPMorgan Market Expansion** <br>**Enhanced Equity ETF** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30, 2022 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $5777641 | $12427409 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 50714673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99215056 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5541310 | &nbsp;&nbsp;&nbsp; (248681340) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 62033624 | &nbsp;&nbsp;&nbsp; (137038875) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (52218515) | &nbsp;&nbsp;&nbsp; (176087906) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (57275249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26187530 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (47460140) | &nbsp;&nbsp;&nbsp; (286939251) |
| Beginning of period | &nbsp;&nbsp; 833993386 | &nbsp;&nbsp; 1120932637 |
| End of period | $786533246 | $833993386  |

---

------

(a) JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. The Predecessor Fund's Class R6 Shares performance and financial history have been adopted by JPMorgan Market Expansion Enhanced Equity ETF and will be used going forward. As a result, the information prior to the close of business on May 6, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund's Class A Shares, Class C Shares, Class I Shares and Class R2 Shares ceased operations as of the date of the reorganization. (See Note 1).

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 17

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Market Expansion** <br>**Enhanced Equity ETF** | **JPMorgan Market Expansion** <br>**Enhanced Equity ETF** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022(a)** |
| **CAPITAL TRANSACTIONS:** (b) |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $5076106 | $16072047 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 123329499 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (62351355) | &nbsp;&nbsp;&nbsp; (53645989) |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; (57275249) | &nbsp;&nbsp;&nbsp;&nbsp; 85755557 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7213239 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17945255 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41770683) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16612189) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510970 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548357 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11945898) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6886571) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32169494 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23772565 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (83394480) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27452421) |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031211 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950085 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12598142) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8616846) |
| **Total change in net assets resulting from capital transactions** | $(57275249) | $26187530 |

---

------

(a) JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. The Predecessor Fund's Class R6 Shares performance and financial history have been adopted by JPMorgan Market Expansion Enhanced Equity ETF and will be used going forward. As a result, the information prior to the close of business on May 6, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund's Class A Shares, Class C Shares, Class I Shares and Class R2 Shares ceased operations as of the date of the reorganization. (See Note 1).

(b) Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Market Expansion**<br> **Enhanced Equity ETF** | **JPMorgan Market Expansion**<br> **Enhanced Equity ETF** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022(a)** |
| **SHARES TRANSACTIONS:** (b) |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 267214 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 2224181 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1225000) | (1008937) |
| Change in Shares | (1125000) | 1482458 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120263 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322868 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (750550) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (307419) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23706 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63214 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (204223) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (117303) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 541296 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 427319 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1480505) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (511890) |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32990 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34939 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (230081) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (162152) |

---

------

(a) JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. The Predecessor Fund's Class R6 Shares performance and financial history have been adopted by JPMorgan Market Expansion Enhanced Equity ETF and will be used going forward. As a result, the information prior to the close of business on May 6, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund's Class A Shares, Class C Shares, Class I Shares and Class R2 Shares ceased operations as of the date of the reorganization. (See Note 1).

(b) Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 19

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** | **Per share operating performance (a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net <br>asset <br>value <br>beginning of <br>period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>loss(c)<br>| &nbsp;&nbsp; Net <br>realized <br>and unrealized <br>gains (losses) <br>on investments<br>| &nbsp;&nbsp; Total <br>from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>Distributions<br>|
| **JPMorgan Market Expansion Enhanced Equity ETF** (g) |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $45.83 | $0.36 | $2.93 | $3.29 | $(0.66) | $(2.39) | $(3.05) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 62.87 | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp; (7.33) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (9.05) | &nbsp;&nbsp; (9.71) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 41.41 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp; 23.22 | &nbsp;&nbsp; 23.85 | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (2.39) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 48.77 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; (4.82) | &nbsp;&nbsp;&nbsp; (4.19) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (2.49) | &nbsp;&nbsp; (3.17) |
| October 1, 2018 through June 30, 2019 | &nbsp;&nbsp; 58.92 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; (4.01) | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (6.00) | &nbsp;&nbsp; (6.68) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.67 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp; (2.61) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (6.39) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 56.41 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 7.16 | &nbsp;&nbsp;&nbsp;&nbsp; 7.79 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (6.05) | &nbsp;&nbsp; (6.53) |

---

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

(a) Per Share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on May 6, 2022. See Note 1.

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

(c) Calculated based upon average shares outstanding.

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

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

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

(g) JPMorgan Market Expansion Enhanced Equity ETF (the "Fund") acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund's Class R6 Shares for the period October 1, 2018 ("Predecessor Fund's Class R6 Shares inception date") up through the reorganization and the Predecessor Fund's Class I Shares for the periods July 1, 2017 through June 30, 2018 and July 1, 2018 through June 30, 2019. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Exchange-Traded Funds December 31, 2022

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** | **Ratios to average net assets (b)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| $46.07 | $46.05 | &nbsp;&nbsp;&nbsp; 7.19% | &nbsp;&nbsp;&nbsp; 7.16% | $786533246 | 0.24% | 1.45% | 0.36% | 18% |
| &nbsp;&nbsp; 45.83 | &nbsp;&nbsp; 45.82 | (13.80) | (13.81) | &nbsp;&nbsp; 833993386 | 0.25 | 1.21 | 0.36 | 27 |
| &nbsp;&nbsp; 62.87 | &nbsp;&nbsp; 62.87 | 58.97 | 58.97 | &nbsp;&nbsp; 766008977 | 0.25 | 1.18 | 0.35 | 35 |
| &nbsp;&nbsp; 41.41 | &nbsp;&nbsp; 41.41 | &nbsp;&nbsp; (9.65) | &nbsp;&nbsp; (9.65) | &nbsp;&nbsp; 500129035 | 0.25 | 1.45 | 0.36 | 49 |
| &nbsp;&nbsp; 48.77 | &nbsp;&nbsp; 48.77 | &nbsp;&nbsp; (4.81) | &nbsp;&nbsp; (4.81) | &nbsp;&nbsp; 512511625 | 0.25 | 1.51 | 0.37 | 36 |
| &nbsp;&nbsp; 48.67 | &nbsp;&nbsp; 48.67 | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp; 264414719 | 0.34 | 1.14 | 0.61 | 36 |
| &nbsp;&nbsp; 57.67 | &nbsp;&nbsp; 57.67 | 14.31 | 14.31 | &nbsp;&nbsp; 864315757 | 0.35 | 1.10 | 0.61 | 33 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 21

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

**1. Organization**

J.P. Morgan Exchange-Traded Fund Trust (the "Trust") was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. JPMorgan Market Expansion Enhanced Equity ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

As of the close of business on May 6, 2022 (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 Market Expansion Enhanced Index Fund (a mutual fund) (the "Acquired Fund" or "Market Expansion Enhanced Index Fund"), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund's performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

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 June 30, 2025. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund's portfolio turnover ratio for the six months ended December 31, 2022.

The investment objective of the Fund is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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. 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 principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the 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.

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

22 J.P. Morgan Exchange-Traded Funds December 31, 2022

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

**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 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 are calculated on a valuation date.

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

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

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

The various inputs that are used in determining the valuation of the 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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $785970137 | $— | $— | $785970137 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(65588) | $— | $— | $(65588) |

---

&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;

December 31, 2022 J.P. Morgan Exchange-Traded Funds 23

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

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

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

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

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

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

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

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **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>|
| $1663580 | $(1663580) | $— |

---

&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.

JPMIM voluntarily waived management fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended December 31, 2022, JPMIM waived fees associated with the Fund's investment in the JPMorgan U.S. Government Money Market Fund as follows:

$1035<br>

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

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

24 J.P. Morgan Exchange-Traded Funds December 31, 2022

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**December 31,** <br>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.12% (a) (b)<br>| $4706771  | $13744189 | $16738021 | $— | $— | $1712939 | 1712939 | $32,459\* | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 4.12% (a) (b)<br>| &nbsp;&nbsp; 29389113 | &nbsp;&nbsp; 112360770 | &nbsp;&nbsp; 137529796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4220087 | 4220087 | &nbsp;&nbsp; 370570 | &nbsp;&nbsp; — |
| **Total** | $34095884 | $126104959  | $154267817  | $— | $— | $5933026 |  | $403029 | $— |

---

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

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of December 31, 2022.

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

**D. Futures Contracts** — The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

The table below discloses the volume of the Fund's futures contracts activity during the six months ended December 31, 2022:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | $26129210 |
| Ending Notional Balance Long | &nbsp;&nbsp;&nbsp;&nbsp; 3484670 |

---

**E. Security Transactions and Investment Income** — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 25

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

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

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

**G. Federal Income Taxes** — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2022, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

**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.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 six months ended December 31, 2022, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.E.

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

**C. Custodian, Accounting and Transfer Agent Fees** — JPMCB provides portfolio custody, accounting and transfer agency services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statements 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;

26 J.P. Morgan Exchange-Traded Funds December 31, 2022

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

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

**E. Waivers and Reimbursements** — The 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.

For the six months ended December 31, 2022, 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**  |  |
| **Investment** <br>**Advisory Fees**<br>| **Contractual** <br>**Reimbursements**<br>|
| $32497 | $491669 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such affiliated money market funds. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2022 was $18,631.

JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of this reimbursement was $845.

**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.

During the six months ended December 31, 2022, purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

**4. Investment Transactions** 

During the six months ended December 31, 2022, 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>|
| $145760596 | $171277358 |

---

For the six months ended December 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $4904100 | $59510189 |

---

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 27

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

During the six months ended December 31, 2022, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2022 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>|
| $619649285 | $230515953 | $64260689 | $166255264 |

---

At June 30, 2022, the Fund did not have any net capital loss carryforwards.

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2022, the Fund deferred to July 1, 2022 the following net capital losses (gains) of:

---

| |
|:---|
| **Net Capital Losses (Gains)** |
| **Short-Term** |
| $2728600 |

---

**6. Capital Share Transactions**

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

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

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

**7. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2022.

**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.

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

28 J.P. Morgan Exchange-Traded Funds December 31, 2022

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As of December 31, 2022, J.P. Morgan Investor 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>|
| 71.8% |

---

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

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

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

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

December 31, 2022 J.P. Morgan Exchange-Traded Funds 29

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

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

Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period**<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Market Expansion Enhanced Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1071.90 | $1.25 | 0.24% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.00 | &nbsp;&nbsp; 1.22 | 0.24 |

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

 <br> \* Expenses are equal to Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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30 J.P. Morgan Exchange-Traded Funds December 31, 2022

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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.

***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.

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

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

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

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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2022. All rights reserved. December 2022.

SAN-CONV-ETF-1222

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ITEM 2. CODE OF ETHICS.

**Not applicable to a semi-annual report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

**Not applicable to a semi-annual report.** 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Not applicable to a semi-annual report.** 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

**Not applicable to a semi-annual report.** 

ITEM 6. SCHEDULE OF 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 as part of the report to shareholders filed under Item 1 of this Form.

**Included in Item 1.** 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**Not applicable.** 

ITEM 10. 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 11. 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.** 

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(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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 13. EXHIBITS.

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

**Not applicable.** 

&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), exactly as set forth below:

**[Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.](d399493dex99cert.htm)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

**Not applicable.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

**Not applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A separate or combined certification for each principal executive officer and principal officer of the
registrant as required by Rule 30a-2(b) under the Act of 1940.

**[Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.](d399493dex99906cert.htm)** 

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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.

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| | |
|:---|:---|
| J.P. Morgan Exchange-Traded Fund Trust | J.P. Morgan Exchange-Traded Fund Trust |
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | March 2, 2023 |

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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.

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| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | March 2, 2023 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | March 2, 2023 |

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## Ex-99.Cert

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Growth ETF, JPMorgan Active Value ETF,
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Equity Premium Income ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Nasdaq Equity Premium Income ETF (the "Funds"), each a series of J.P. Morgan
Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant 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 Registrant 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 Registrant, 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 Registrant's 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 Registrant's 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 Registrant's 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 Registrant's 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 Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2023 | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |

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CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Growth ETF, JPMorgan Active Value ETF,
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Equity Premium Income ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Nasdaq Equity Premium Income ETF (the "Funds"), each a series of J.P. Morgan
Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2023 | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 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 Growth ETF, JPMorgan Active Value ETF, JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Equity Premium Income ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Nasdaq Equity Premium Income ETF (the "Funds"), each a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of the operations of the Registrant.

---

| |
|:---|
| /s/ Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |

---

March 2, 2023

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.

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CERTIFICATION PURSUANT TO SECTION 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 Growth ETF, JPMorgan Active Value ETF, JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Equity Premium Income ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Nasdaq Equity Premium Income ETF (the "Funds"), each a series of J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of the operations of the Registrant.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

March 2, 2023

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.