# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001193125-25-193891
**Filing Date:** 2025-9
**Character Count:** 595353
**Document Hash:** 69f77680854c15505482772eb2cfc0f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193891.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193891

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251284684

**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 Active Value ETF (Series ID: S000072931)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22903

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

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

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

#### 1-844-457-6383

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
Item 1. Report to Stockholders.

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

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

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Active Growth ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JGRO - NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Active Growth ETF | $47 | 0.43% |

---

**How did the Fund Perform?**

The JPMorgan Active Growth ETF returned 14.62% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

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

* The Fund's underweight allocation to Tesla, Inc and not owning Palantir Technologies, Inc. detracted from performance. 

* The Fund's security selection in the technology and consumer staples sectors contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Active Growth ETF - Net Asset Value** | August 8, 2022 | 14.62% | 20.90% |
| **Russell 1000 Index** |  | 15.66 | 16.46 |
| **Russell 1000 Growth Index** |  | 17.22 | 21.41 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Growth ETF, the Russell 1000 Index and the Russell 1000 Growth Index from August 8, 2022 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index and the 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 benchmarks, if applicable. The Russell 1000 Index is an unmanaged index measuring the performance of the 1,000 largest companies (on the basis of capitalization) in the Russell 3000 Index. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6386023937 |
| **Total number of portfolio holdings** | 107 |
| **Portfolio turnover rate** | 47% |
| **Total advisory fees paid** | $17682196 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794553.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JGRO-625

JPMorgan Active Growth ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Active Small Cap Value ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JPSV - NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Active Small Cap Value ETF | $75 | 0.74% |

---

**How did the Fund Perform?**

The JPMorgan Active Small Cap Value ETF returned 3.93% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

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

* The Fund's overweight allocation to Chord Energy Corp. and Weatherford International plc detracted from performance. 

* The Fund's security selection in the health care and consumer discretionary sectors contributed to performance. 

* The Fund's overweight allocation to Encompass Health Corp. and Patterson Companies, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794483.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Active Small Cap Value ETF - Net Asset Value** | March 7, 2023 | 3.93% | 6.32% |
| **Russell 3000 Index** |  | 15.30 | 21.68 |
| **Russell 2000 Value Index** |  | 5.54 | 5.81 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Small Cap Value ETF, the Russell 3000 Index and the Russell 2000 Value Index from March 7, 2023 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 3000 Index and the Russell 2000 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index measuring performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $23652333 |
| **Total number of portfolio holdings** | 110 |
| **Portfolio turnover rate** | 43% |
| **Total advisory fees paid** | $140091 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794551.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPSV-625

JPMorgan Active Small Cap Value ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Active Value ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JAVA - NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Active Value ETF | $46 | 0.43% |

---

**How did the Fund Perform?**

The JPMorgan Active Value ETF returned 12.27% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals, Inc. detracted from performance. 

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

* The Fund's overweight allocation to Philip Morris International, Inc. and Wells Fargo & Co. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794479.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Active Value ETF - Net Asset Value** | October 4, 2021 | 12.27% | 9.43% |
| **Russell 1000 Index** |  | 15.66 | 11.21 |
| **Russell 1000 Value Index** |  | 13.70 | 8.06 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF, the Russell 1000 Index and the Russell 1000 Value Index from October 4, 2021 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Index and the 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 benchmarks, if applicable. The Russell 1000 Index is an unmanaged index measuring the performance of the 1,000 largest companies (on the basis of capitalization) in the Russell 3000 Index. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $3678757958 |
| **Total number of portfolio holdings** | 158 |
| **Portfolio turnover rate** | 111% |
| **Total advisory fees paid** | $10531763 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794555.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JAVA-625

JPMorgan Active Value ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Focus ETF

![FrontCoverImage](g66956images_2523.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Focus ETF | $53 | 0.50% |

---

**How did the Fund Perform?**

The JPMorgan Equity Focus ETF returned 13.30% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.

* The Fund's security selection in the consumer staples and health care sectors detracted from performance. 

* The Fund's overweight allocation to Regeneron Pharmaceuticals, Inc. and UnitedHealth Group Inc. detracted from performance. 

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

* The Fund's overweight allocation to Kinder Morgan, Inc. and Capital One Financial Corporation contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794482.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Focus ETF - Net Asset Value** | July 29, 2011\* | 13.30% | 18.61% | 14.51% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.65 |

---

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

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

JPMorgan Equity Focus ETF (the "Fund") acquired the assets and liabilities of the JPMorgan Equity Focus Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to the close of business on July 28, 2023 is the performance of the Acquired Fund's Class R6 Shares. Inception date for the Acquired Fund's Class R6 Shares is October 1, 2018. Returns for the Acquired Fund's Class R6 Shares prior to their inception date are based on the performance of the Acquired Fund's Class I Shares. The actual returns of the Acquired Fund's Class R6 Shares would have been different than those shown because the Acquired Fund's Class R6 Shares had different expenses than the Acquired Fund's Class I Shares. Inception date for the Acquired Fund's Class I Shares is July 29, 2011. Because performance for the Fund's shares has not been adjusted to reflect the Fund's different expenses, its performance may have been different from the performance of the Acquired Fund's Class R6 Shares and Class I Shares. In addition, had the Acquired Fund been structured as an exchange-traded fund ("ETF"), its performance may have differed. Performance for the Acquired Fund is based on the net asset value ("NAV") per share of the Acquired Fund Shares rather than on market-determined prices. Prior to the Fund's listing on July 31, 2023, the NAV performance of the Fund and the Class R6 Shares of the Acquired Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the S&P 500 Index ("Index") from June 30, 2015 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Index does not reflect the deduction of expenses associated with an ETF and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1555075912 |
| **Total number of portfolio holdings** | 40 |
| **Portfolio turnover rate** | 24% |
| **Total advisory fees paid** | $5362637 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794552.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPEF-625

JPMorgan Equity Focus ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Premium Income ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JEPI - NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income ETF | $36 | 0.35% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income ETF returned 8.67% for the twelve months ended June 30, 2025. The S&P 500 Index returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index (the "Index") returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 57% of the Index's positive return with 73% of its volatility. 

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation in Regeneron Pharmaceuticals, Inc. and underweight allocation in Tesla, Inc. were among the top detractors. 

* The Fund's security selection in the financials sector contributed to performance. 

* The Fund's underweight allocation in Apple, Inc. and overweight allocation in Oracle Corp. were among the top contributors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794489.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income ETF - Net Asset Value** | May 20, 2020 | 8.67% | 11.61% | 11.68% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 17.26 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.71 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from May 20, 2020 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month, the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the balancing date. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $40993558533 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 172% |
| **Total advisory fees paid** | $129793782 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794545.jpg)

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

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

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPI-625

JPMorgan Equity Premium Income ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Fundamental Data Science Large Core ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: LCDS - The NASDAQ Stock Market® LLC

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Core ETF (the "Fund") for the period of August 7, 2024 (fund inception) to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Fundamental Data Science Large Core ETF | $29 | 0.30% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Fundamental Data Science Large Core ETF returned 19.59% for the period since inception through June 30, 2025. The S&P 500 Index (the "Index") returned 20.38% for the period.

* The Fund's security selection in the health care and utilities sectors detracted from performance. 

* The Fund's overweight allocation in Regeneron Pharmaceuticals, Inc. and underweight allocation in Netflix, Inc. were among the top detractors. 

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

* The Fund's overweight allocation in Howmet Aerospace, Inc. and Philip Morris International, Inc. were among the top contributors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794473.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION** |
| **JPMorgan Fundamental Data Science Large Core ETF - Net Asset Value** | August 7, 2024 | 19.59% |
| **S&P 500 Index** |  | 20.38 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Fundamental Data Science Large Core ETF and the S&P 500 Index from August 7, 2024 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index 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 benchmark, 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $13333749 |
| **Total number of portfolio holdings** | 101 |
| **Portfolio turnover rate** | 15% |
| **Total advisory fees paid** | $33495 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794561.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

LCDS-625

JPMorgan Fundamental Data Science Large Core ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Fundamental Data Science Mid Core ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: MCDS - The NASDAQ Stock Market® LLC

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Mid Core ETF (the "Fund") for the period of August 7, 2024 (fund inception) to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Fundamental Data Science Mid Core ETF | $33 | 0.35% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Fundamental Data Science Mid Core ETF returned 13.34% for the period since inception through June 30, 2025. The Russell 3000 Index returned 20.17% and the Russell Midcap Index (the "Index") returned 15.96% for the period.

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

* The Fund's underweight allocation in AppLovin Corp. and overweight allocation in Diamondback Energy, Inc. were among the top detractors. 

* The Fund's security selection in the consumer discretionary and health care sectors contributed to performance. 

* The Fund's overweight allocation in Howmet Aerospace, Inc. and Natera, Inc. were among the top contributors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794474.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION** |
| **JPMorgan Fundamental Data Science Mid Core ETF - Net Asset Value** | August 7, 2024 | 13.34% |
| **Russell 3000 Index** |  | 20.17 |
| **Russell Midcap Index** |  | 15.96 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Fundamental Data Science Mid Core ETF, the Russell 3000 Index and the Russell Midcap Index from August 7, 2024 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 3000 Index and the Russell Midcap 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 Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index. As a result of regulatory requirements, the Fund uses the Russell Midcap Index as performance index and the Russell 3000 Index as regulatory 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6725648 |
| **Total number of portfolio holdings** | 165 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid** | $20418 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794560.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

MCDS-625

JPMorgan Fundamental Data Science Mid Core ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Fundamental Data Science Small Core ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: SCDS - The NASDAQ Stock Market® LLC

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Small Core ETF (the "Fund") for the period of August 7, 2024 (fund inception) to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Fundamental Data Science Small Core ETF | $37 | 0.40% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan Fundamental Data Science Small Core ETF returned 8.40% for the period since inception through June 30, 2025. The Russell 3000 Index returned 20.17% and the Russell 2000 Index (the "Index") returned 7.87% for the period.

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

* The Fund's overweight allocation in Credo Technology Group Holding Ltd. and iRhythm Technologies, Inc. were among the top contributors. 

* The Fund's security selection in the consumer discretionary and health care sectors detracted from performance. 

* The Fund's overweight allocation in Maravai LifeSciences Holdings, Inc. and Steven Madden Ltd. were among the top detractors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794475.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION** |
| **JPMorgan Fundamental Data Science Small Core ETF - Net Asset Value** | August 7, 2024 | 8.40% |
| **Russell 3000 Index** |  | 20.17 |
| **Russell 2000 Index** |  | 7.87 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Fundamental Data Science Small Core ETF, the Russell 3000 Index and the Russell 2000 Index from August 7, 2024 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 3000 Index and the Russell 2000 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 Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index. As a result of regulatory requirements, the Fund uses the Russell 2000 Index as performance index and the Russell 3000 Index as regulatory 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $6450939 |
| **Total number of portfolio holdings** | 243 |
| **Portfolio turnover rate** | 36% |
| **Total advisory fees paid** | $22121 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794559.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

SCDS-625

JPMorgan Fundamental Data Science Small Core ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Nasdaq Equity Premium Income ETF

![FrontCoverImage](g66956images_2523.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Nasdaq Equity Premium Income ETF | $36 | 0.35% |

---

**How did the Fund Perform?**

The JPMorgan Nasdaq Equity Premium Income ETF returned 9.81% for the twelve months ended June 30, 2025. The S&P 500 Index returned 15.16%, the Nasdaq-100 Index (the "Index") returned 16.10%, and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 61% of the Index's positive return with 76% of its volatility. 

* The Fund's security selection in the health care and information technology sectors detracted from performance. 

* The Fund's underweight allocation in Gilead Sciences, Inc. and Broadcom, Inc. were among the top detractors. 

* The Fund's security selection in the communication services sector contributed to performance. 

* The Fund's underweight allocation in Moderna, Inc. and Pinduoduo, Inc. were among the top contributors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794480.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Nasdaq Equity Premium Income ETF - Net Asset Value** | May 3, 2022 | 9.81% | 14.56% |
| **S&P 500 Index** |  | 15.16 | 15.13 |
| **Nasdaq-100 Index** |  | 16.10 | 20.02 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 4.36 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Nasdaq Equity Premium Income ETF, the S&P 500 Index, the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index from May 3, 2022 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index, the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD. The Nasdaq-100 Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications,retail/wholesale trade and biotechnology. It does not contain securities of financial companies, including investment companies. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the balancing date. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the S&P 500 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

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

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $28051847157 |
| **Total number of portfolio holdings** | 108 |
| **Portfolio turnover rate** | 168% |
| **Total advisory fees paid** | $70738596 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794554.jpg)

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

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

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPQ-625

JPMorgan Nasdaq Equity Premium Income ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JMEE - NYSE Arca, Inc.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | $25 | 0.24% |

---

**How did the Fund Perform?**

The JPMorgan Small & Mid Cap Enhanced Equity ETF returned 5.65% for the twelve months ended June 30, 2025. The S&P Composite 1500 Index returned 14.48% and the S&P 1000 Index (the "Index") returned 6.60% for the twelve months ended June 30, 2025.

* The Fund's security selection in the software & services and industrial cyclical sectors detracted from performance. 

* The Fund's underweight allocation in Texas Pacific Land Corporation and Hims & Hers Health, Inc. were among the top detractors. 

* The Fund's security selection in the finance and pharmaceuticals sectors contributed to performance. 

* The Fund's overweight allocation in Exelixis, Inc. and TransMedics Group, Inc. were among the top contributors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794490.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small & Mid Cap Enhanced Equity ETF - Net Asset Value** | July 31, 1998\* | 5.65% | 14.06% | 8.74% |
| **S&P Composite 1500 Index** |  | 14.48 | 16.35 | 13.23 |
| **S&P 1000 Index** |  | 6.60 | 12.89 | 8.88 |

---

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

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

JPMorgan Small & Mid Cap Enhanced Equity ETF (the "Fund") acquired the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on May 6, 2022 is the performance of the Acquired Fund's Class R6 Shares. The inception date for the Acquired Fund's Class R6 Shares was October 1, 2018. Returns for the Acquired Fund's Class R6 Shares prior to their inception date are based on the performance of the Acquired Fund's Class I Shares. The inception date for the Acquired Fund's Class I Shares was July 31, 1998. Because performance for the Fund's shares has not been adjusted to reflect the Fund's different expenses than those of the Acquired Fund's Class R6 Shares and Class I Shares. In addition, had the Acquired Fund been structured as an exchange-traded fund ("ETF"), its performance may have differed. Performance for the Acquired Fund is based on the net asset value ("NAV") per share of the Acquired Fund Shares rather than on market-determined prices. Prior to the Fund's listing on May 9, 2022, the NAV performance of the Fund and the Class R6 Shares of the Acquired Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund, the S&P Composite 1500 Index and the S&P 1000 Index from June 30, 2015 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P Composite 1500 Index and the 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 benchmarks, if applicable. The S&P Composite 1500 Index is an unmanaged index generally representative of the performance of the U.S. equity market. The S&P Composite 1500 Index is a combination of the S&P 500 Index, the S&P MidCap 400 Index, and the S&P SmallCap 600 Index. The S&P 1000 Index is an unmanaged index generally representative of the performance of mid and small cap companies in the U.S. stock market. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the S&P Composite 1500 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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 redemptions of Fund shares.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1839500430 |
| **Total number of portfolio holdings** | 607 |
| **Portfolio turnover rate** | 37% |
| **Total advisory fees paid** | $3861665 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794556.jpg)

#### Material changes to the Fund during the period
Effective September 30, 2024, the Fund changed its name from JPMorgan Market Expansion Enhanced Equity ETF to JPMorgan Small & Mid Cap Enhanced Equity ETF.

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

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMEE-625

JPMorgan Small & Mid Cap Enhanced Equity ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan U.S. Tech Leaders ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JTEK - The NASDAQ Stock Market® LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan U.S. Tech Leaders ETF | $71 | 0.64% |

---

**How did the Fund Perform?**

The JPMorgan U.S. Tech Leaders ETF returned 22.02% for the twelve months ended June 30, 2025. The S&P 500 Index returned 15.16% and the Russell 1000 Equal Weight Technology Index (the "Index") returned 15.10% for the twelve months ended June 30, 2025.

* The Fund's security selection in the semiconductors and consumer digital services subsectors within the information technology sector contributed to performance. 

* The Fund's overweight allocation to Robinhood and Nvidia Corp. contributed to performance. 

* The Fund's security selection in the software and electronic components subsectors within the information technology sector detracted from performance. 

* The Fund's lack of exposure to Palantir Technologies, Inc. and MicroStrategy, Inc. detracted from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan U.S. Tech Leaders ETF - Net Asset Value** | October 4, 2023 | 22.02% | 35.16% |
| **S&P 500 Index** |  | 15.16 | 25.83 |
| **Russell 1000 Equal Weight Technology Index** |  | 15.10 | 22.01 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Tech Leaders ETF, the S&P 500 Index and the Russell 1000 Equal Weight Technology Index from October 4, 2023 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the Russell 1000 Equal Weight Technology Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD. The Russell 1000 Equal Weight Technology Index equally weights securities within the technology sector in the Russell 1000 Index. The index is re-weighted on a quarterly basis and captures the performance of an equal weight investment strategy for U.S. large cap technology stocks. Investors cannot invest directly in an Index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the S&P 500 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $1957302387 |
| **Total number of portfolio holdings** | 63 |
| **Portfolio turnover rate** | 68% |
| **Total advisory fees paid** | $6567715 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794562.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JTEK-625

JPMorgan U.S. Tech Leaders ETF

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan U.S. Research Enhanced Large Cap ETF

![FrontCoverImage](g66956images_2523.jpg)

Ticker: JUSA - NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Large Cap ETF (the "Fund") for the period of March 13, 2025 (fund inception) to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan U.S. Research Enhanced Large Cap ETF | $6 | 0.20% |

---

\* This charge is annualized.

**How did the Fund Perform?**

The JPMorgan U.S. Research Enhanced Large Cap ETF returned 12.53% for the period since inception through June 30, 2025. The S&P 500 Index (the "Index") returned 12.69% for the period.

* The Fund's security selection in the hardware & semiconductors and industrial cyclical sectors contributed to performance. 

* The Fund's overweight allocation in Howmet Aerospace, Inc. and Seagate Technology Holdings plc were among the top contributors. 

* The Fund's security selection in the pharmaceutical/medical technology and health services & systems sectors detracted from performance. 

* The Fund's overweight allocation in UnitedHealth Group, Inc. and Bristol-Myers Squibb Co. were among the top detractors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g66956chartimages_4794522.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **SINCE<br>INCEPTION** |
| **JPMorgan U.S. Research Enhanced Large Cap ETF - Net Asset Value** | March 13, 2025 | 12.53% |
| **S&P 500 Index** |  | 12.69 |

---

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

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Research Enhanced Large Cap ETF and the S&P 500 Index from March 13, 2025 to June 30, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index 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 benchmark, 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.

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets** | $22460006 |
| **Total number of portfolio holdings** | 238 |
| **Portfolio turnover rate** | 6% |
| **Total advisory fees paid** | $10260 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g66956chartimages_4794546.jpg)

**Availability of Additional Information**

![QRCode](g66956images_2525.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JUSA-625

JPMorgan U.S. Research Enhanced Large Cap ETF

------

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

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

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

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### AUDIT FEES

#### 2025 – $400,019

#### 2024 – $352,450
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2025 – $57,091

#### 2024 – $40,305
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

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

#### TAX FEES

#### 2025 – $126,451

#### 2024 – $92,251
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2025 and 2024, respectively.** 

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

#### ALL OTHER FEES

#### 2025 – $0

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

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

------

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

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

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

#### 2025 – 0.0%

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

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

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

#### 2024—$40.7 million

#### 2023—$35.0 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

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

**Not** a**pplicable.**

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

------

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

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

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

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

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

#### Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

ITEM 6. INVESTMENTS.

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

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

------

Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

June 30, 2025

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

![](g70917imgbab5a7911.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_SOI-TOC-ScheduleofInvestments-1015_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_FS-TOC-FinancialStatement-1015_1) | &nbsp;&nbsp; **3** |
| [Financial Highlights](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_FIHI_2-TOC-FIHI-1015_1) | &nbsp;&nbsp; **8** |
| [Notes to Financial Statements](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_NTF-NTFRunningFooter-1015_1) | &nbsp;&nbsp; **10** |
| [Report of Independent Registered Public Accounting Firm](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_AUD-TOC-AuditorsReport-1015_1) | &nbsp;&nbsp; **17** |
| [Tax Letter](#xx_b0dec6d3-4973-4d44-950d-5bfce284fbf6_TL-TAXLETTERCC-1015_1) | &nbsp;&nbsp; **18** |

---

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

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

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

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

------

JPMorgan Equity Focus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| Tesla, Inc. \* | 49670 | 15778172 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| M&T Bank Corp. | 197249 | 38264333 |
| **Broadline Retail — 6.0%** | **Broadline Retail — 6.0%** | **Broadline Retail — 6.0%** |
| Amazon.com, Inc. \* | 422237 | 92634575 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Trane Technologies plc | 45599 | 19945459 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Morgan Stanley | 290994 | 40989415 |
| **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
| Quanta Services, Inc. | 92089 | 34817009 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| Martin Marietta Materials, Inc. | 38420 | 21091043 |
| **Consumer Finance — 3.5%** | **Consumer Finance — 3.5%** | **Consumer Finance — 3.5%** |
| Capital One Financial Corp. | 253439 | 53921682 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| NextEra Energy, Inc. | 432097 | 29996174 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Take-Two Interactive Software, Inc. \* | 101200 | 24576420 |
| **Financial Services — 5.4%** | **Financial Services — 5.4%** | **Financial Services — 5.4%** |
| Berkshire Hathaway, Inc., Class B \* | 95964 | 46616432 |
| Mastercard, Inc., Class A | 67488 | 37924207 |
|  |  | 84540639 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 310443 | 24608817 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Intuitive Surgical, Inc. \* | 41718 | 22669978 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| HCA Healthcare, Inc. | 97356 | 37297084 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| Booking Holdings, Inc. | 5520 | 31956605 |
| McDonald's Corp. | 135583 | 39613285 |
|  |  | 71569890 |
| **Household Products — 2.3%** | **Household Products — 2.3%** | **Household Products — 2.3%** |
| Procter & Gamble Co. (The) | 220882 | 35190920 |
| **Industrial Conglomerates — 3.7%** | **Industrial Conglomerates — 3.7%** | **Industrial Conglomerates — 3.7%** |
| 3M Co. | 149799 | 22805400 |
| Honeywell International, Inc. | 148214 | 34516076 |
|  |  | 57321476 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Loews Corp. | 510803 | 46820203 |
| **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** |
| Alphabet, Inc., Class C | 163181 | 28946678 |
| Meta Platforms, Inc., Class A | 97294 | 71811728 |
|  |  | 100758406 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Thermo Fisher Scientific, Inc. | 42395 | 17189477 |
| **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** |
| EOG Resources, Inc. | 290946 | 34800051 |
| Kinder Morgan, Inc. | 1698058 | 49922905 |
|  |  | 84722956 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Johnson & Johnson | 206879 | 31600767 |
| **Retail REITs — 1.4%** | **Retail REITs — 1.4%** | **Retail REITs — 1.4%** |
| Regency Centers Corp. | 304509 | 21690176 |
| **Semiconductors & Semiconductor Equipment — 12.1%** | **Semiconductors & Semiconductor Equipment — 12.1%** | **Semiconductors & Semiconductor Equipment — 12.1%** |
| Analog Devices, Inc. | 145465 | 34623579 |
| Broadcom, Inc. | 231963 | 63940601 |
| NVIDIA Corp. | 564792 | 89231488 |
|  |  | 187795668 |
| **Software — 13.8%** | **Software — 13.8%** | **Software — 13.8%** |
| HubSpot, Inc. \* | 30483 | 16967752 |
| Intuit, Inc. | 56689 | 44649957 |
| Microsoft Corp. | 241171 | 119960867 |
| Palo Alto Networks, Inc. \* | 163248 | 33407071 |
|  |  | 214985647 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| Public Storage | 102064 | 29947619 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Home Depot, Inc. (The) | 79552 | 29166945 |
| TJX Cos., Inc. (The) | 153377 | 18940526 |
|  |  | 48107471 |
| **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** |
| Apple, Inc. | 238445 | 48921761 |
| Total Common Stocks <br>(Cost $1,250,745,549)<br>|  | 1537753237 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Focus ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b) <br>(Cost $14,550,140)<br>| 14547329 | 14550239 |
| **Total Investments — 99.8%** <br>**(Cost $1,265,295,689)**<br>|  | **1552303476** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **2772436** |
| **NET ASSETS — 100.0%** |  | **1555075912** |

---

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

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

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

---

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

---

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity** <br>**Focus ETF** <br>|
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1537753237 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 14550239 |
| Cash | &nbsp;&nbsp;&nbsp; 66295 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 7349 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3468055 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 372537 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1748 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1556219460 |
| **LIABILITIES:** |  |
| Payables: |  |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 456820 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 416621 |
| Administration fees | &nbsp;&nbsp;&nbsp; 92504 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 14926 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 12504 |
| Other | &nbsp;&nbsp;&nbsp; 150173 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1143548 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1555075912 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1305489441 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 249586471 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1555075912 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 22180111 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $70.11 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1250745549 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 14550140 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity** <br>**Focus ETF** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; $4 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 13825911 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 900741 |
| Total investment income | &nbsp;&nbsp;&nbsp; 14726656 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5383959 |
| Administration fees | &nbsp;&nbsp;&nbsp; 807598 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 42740 |
| Professional fees | &nbsp;&nbsp;&nbsp; 71778 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27197 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 76017 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 118879 |
| Other | &nbsp;&nbsp;&nbsp; 14652 |
| Total expenses | &nbsp;&nbsp;&nbsp; 6542820 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (21322)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1158849)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 5362649 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 9364007 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (39713538)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (3411)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 28987189 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (10729760)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 141896760 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 99 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 141896859 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 131167099 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $140531106 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Equity Focus ETF**  | **JPMorgan Equity Focus ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $9364007 | &nbsp;&nbsp;&nbsp; $3495589 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (10729760)<br>| &nbsp;&nbsp;&nbsp; 35140287 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 141896859 | &nbsp;&nbsp;&nbsp; 74365325 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 140531106 | &nbsp;&nbsp;&nbsp; 113001201 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (7678950)<br>| &nbsp;&nbsp;&nbsp; (1316197)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 756731111 | &nbsp;&nbsp;&nbsp; 309260529 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 889583267 | &nbsp;&nbsp;&nbsp; 420945533 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 665492645 | &nbsp;&nbsp;&nbsp; 244547112 |
| End of period | &nbsp;&nbsp;&nbsp; $1555075912 | &nbsp;&nbsp;&nbsp; $665492645 |

---

------

(a) JPMorgan Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Equity Focus ETF and will be used going forward. As a result, the information prior to close of business on July 28, 2023, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Equity Focus ETF**  | **JPMorgan Equity Focus ETF**  |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024(a)** |
| **CAPITAL TRANSACTIONS:** (b) |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $835298915 | &nbsp;&nbsp;&nbsp; $391175887 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (78567804)<br>| &nbsp;&nbsp;&nbsp; (61925296)<br>|
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; 756731111 | &nbsp;&nbsp;&nbsp; 329250591 |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 450351 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1157346)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (706995)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58082 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (729187)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (671105)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3283083 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21895045)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18611962)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $756731111 | &nbsp;&nbsp;&nbsp; $309260529 |

---

------

(a) JPMorgan Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Equity Focus ETF and will be used going forward. As a result, the information prior to close of business on July 28, 2023, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from the Acquired Fund on July 28, 2023. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Equity Focus ETF**  | **JPMorgan Equity Focus ETF**  |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024(a)** |
| **SHARE TRANSACTIONS:** (b) |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12675000 | &nbsp;&nbsp;&nbsp; 7109341 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1175000)<br>| &nbsp;&nbsp;&nbsp; (1083726)<br>|
| Change in Shares | &nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp; 6025615 |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9067 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23269)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14202)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1184 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14690)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13506)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66311 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (439873)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (373562)<br>|

---

------

(a) JPMorgan Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by JPMorgan Equity Focus ETF and will be used going forward. As a result, the information prior to close of business on July 28, 2023, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.

(b) Reflects reorganization from the Acquired Fund on July 28, 2023. See Note 1.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** | **Per share operating performance(a)** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Equity Focus ETF** (f) |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | $62.31 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $7.71 | &nbsp;&nbsp; $8.28 | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.48)<br>|
| Year Ended June 30, 2024  | 48.33 | 0.56 | 13.62 | 14.18 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023  | 41.37 | 0.26 | 7.41 | 7.67 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2022  | 50.79 | 0.23 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp; (5.74)<br>|
| Year Ended June 30, 2021  | 38.86 | 0.26 | 17.20 | 17.46 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (5.20)<br>| &nbsp;&nbsp; (5.53)<br>|

---

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

(a) Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 28, 2023. See Note 1.

(b) Calculated based upon average shares outstanding.

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

(d) JPMorgan Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Market price returns are calculated using the official closing price of the JPMorgan Equity Focus ETF on the listing exchange as of the time that the JPMorgan Equity Focus ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Equity Focus ETF's listing on July 31, 2023, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns. 

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

(f) JPMorgan Equity Focus ETF (the "Fund") acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period July 1, 2019 up through the reorganization. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(c)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(d)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70.11 | &nbsp;&nbsp;&nbsp;&nbsp; $70.14 | &nbsp;&nbsp;&nbsp;&nbsp; 13.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1555075912 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.31 | &nbsp;&nbsp;&nbsp;&nbsp;62.36 | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;&nbsp;&nbsp;29.54 | &nbsp;&nbsp;&nbsp;&nbsp; 665492645 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp; 73543793 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35124561 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;50.79 | &nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp; 34054483 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

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

**1. Organization**

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

As of the close of business on July 28, 2023 (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 Equity Focus Fund (a mutual fund) (the "Acquired Fund" or "Equity Focus Fund"), a series of JPMorgan Trust I, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund's performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

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

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on July 31, 2026. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund's portfolio turnover ratio for the year ended June 30, 2024.

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

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

**2. Significant Accounting Policies**

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1552303476 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1552303476 |

---

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

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

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

As of June 30, 2025, the Fund had no investments in restricted securities including securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

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

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

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

The Fund did not lend out any securities during the year ended June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.38% <br> (a) (b)<br>| $7574399 | $110154124 | $103174972 | $(3411)<br>| $99 | $14550239 | 14547329 | $900741 | $— |

---

&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 June 30, 2025.

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

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

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

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

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

**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.

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

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

------

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $28616666 | &nbsp;&nbsp;&nbsp;&nbsp; $2679 | &nbsp;&nbsp;&nbsp;&nbsp; $(28619345)<br>|

---

The reclassifications for the Fund relate primarily to redemptions in-kind.

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

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

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

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund's average daily net assets.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

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

**E. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.50% of the Fund's average daily net assets.

The expense limitation agreement was in effect for the year ended June 30, 2025, and the contractual expense limitation is in place until at least July 31, 2026.

For the year ended June 30, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| |
|:---|
| **Contractual** <br>**Reimbursements**<br>|
| &nbsp;&nbsp; $1158849 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended June 30, 2025 was $21,322.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund used related party broker-dealers during the year ended June 30, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser in the amount of $44.

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

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $322625770 | $257679469 |

---

During the year ended June 30, 2025, there were no purchases or sales of U.S. Government securities.

For the year ended June 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| $757074604 | $73432826 |

---

During the year ended June 30, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

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

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

------

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

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1267923047 | &nbsp;&nbsp;&nbsp;&nbsp; $299656569 | &nbsp;&nbsp;&nbsp;&nbsp; $15276140 | &nbsp;&nbsp;&nbsp;&nbsp; $284380429 |

---

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

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $6237369 | &nbsp;&nbsp;&nbsp;&nbsp; $1441581 | &nbsp;&nbsp;&nbsp;&nbsp; $7678950 |

---

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

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

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1316197 | &nbsp;&nbsp;&nbsp;&nbsp; $1316197 |

---

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

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

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $5586636 | &nbsp;&nbsp;&nbsp;&nbsp; $284380429 |

---

The cumulative timing differences primarily consist of post-October capital loss deferrals and wash sale loss deferrals.

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

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2025, the Fund deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | |
|:---|:---|
| **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $35604043 | &nbsp;&nbsp;&nbsp;&nbsp; $4728108 |

---

**6. Capital Share Transactions**

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

Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC"); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

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

**7. Borrowings** 

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 year ended June 30, 2025.

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

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

**8. Risks, Concentrations and Indemnifications**

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

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

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

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

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

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Equity Focus ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

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

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

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

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

The Fund had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025.

**Long Term Capital Gain**

The Fund distributed $1,441,581, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025.

**Qualified Dividend Income (QDI)**

The Fund had $6,237,369, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025.

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

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

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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

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

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

![](g70917img80b1eefe2.jpg)

------

![](g70917img8cd12e503.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-CONV-ETF-625

------

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

Not applicable.

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

Not applicable.

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

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

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Exchange-Traded Funds

June 30, 2025

---

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

---

![](g71093imga4ef8dc11.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_SOI-TOC-ScheduleofInvestments-932_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_FS-TOC-FinancialStatement-990_1) | &nbsp;&nbsp; **47** |
| [Financial Highlights](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_FIHI_2-TOC-FIHI-990_2) | &nbsp;&nbsp; **60** |
| [Notes to Financial Statements](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_NTF-NTFRunningFooter-932_1) | &nbsp;&nbsp; **64** |
| [Report of Independent Registered Public Accounting Firm](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_AUD-TOC-AuditorsReport-932_1) | &nbsp;&nbsp; **83** |
| [Tax Letter](#xx_d2c0d55c-ac78-4816-8dde-0fac8c64f324_TL-TAXLETTERCC-932_1) | &nbsp;&nbsp; **85** |

---

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

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

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

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

------

JPMorgan Active Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Howmet Aerospace, Inc. | 113328 | 21093741 |
| RTX Corp. | 81918 | 11961666 |
| TransDigm Group, Inc. | 18800 | 28588032 |
|  |  | 61643439 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| Tesla, Inc. \* | 569898 | 181033799 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Coca-Cola Co. (The) | 549236 | 38858447 |
| Monster Beverage Corp. \* | 64897 | 4065148 |
|  |  | 42923595 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| AbbVie, Inc. | 121687 | 22587541 |
| Alnylam Pharmaceuticals, Inc. \* | 69338 | 22610428 |
| Gilead Sciences, Inc. | 178645 | 19806371 |
| Insmed, Inc. \* | 349870 | 35210917 |
| Natera, Inc. \* | 295159 | 49864162 |
| Neurocrine Biosciences, Inc. \* | 95864 | 12049146 |
|  |  | 162128565 |
| **Broadline Retail — 7.1%** | **Broadline Retail — 7.1%** | **Broadline Retail — 7.1%** |
| Alibaba Group Holding Ltd., ADR (China) | 217401 | 24655447 |
| Amazon.com, Inc. \* | 1731319 | 379834075 |
| MercadoLibre, Inc. (Brazil) \* | 17739 | 46363183 |
|  |  | 450852705 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Trane Technologies plc | 81873 | 35812069 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
| Blackstone, Inc. | 309994 | 46368903 |
| Charles Schwab Corp. (The) | 212875 | 19422715 |
| Goldman Sachs Group, Inc. (The) | 115072 | 81442208 |
| Interactive Brokers Group, Inc., Class A | 421945 | 23379972 |
| Intercontinental Exchange, Inc. | 112772 | 20690279 |
| KKR & Co., Inc. | 68208 | 9073710 |
| Moody's Corp. | 57217 | 28699475 |
| Robinhood Markets, Inc., Class A \* | 434345 | 40667722 |
| Tradeweb Markets, Inc., Class A | 101682 | 14886245 |
|  |  | 284631229 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Copart, Inc. \* | 369429 | 18127881 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 123788 | 12664750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Quanta Services, Inc. | 146065 | 55224255 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Eagle Materials, Inc. | 57059 | 11532194 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Casey's General Stores, Inc. | 29227 | 14913661 |
| Walmart, Inc. | 604383 | 59096570 |
|  |  | 74010231 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Bright Horizons Family Solutions, Inc. \* | 91867 | 11353843 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| AMETEK, Inc. | 119987 | 21712848 |
| Eaton Corp. plc | 28376 | 10129948 |
|  |  | 31842796 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Amphenol Corp., Class A | 175476 | 17328255 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| TechnipFMC plc (United Kingdom) | 782313 | 26942860 |
| **Entertainment — 4.8%** | **Entertainment — 4.8%** | **Entertainment — 4.8%** |
| Netflix, Inc. \* | 148430 | 198767066 |
| Sea Ltd., ADR (Singapore) \* | 84349 | 13490779 |
| Spotify Technology SA \* | 85909 | 65921412 |
| Take-Two Interactive Software, Inc. \* | 127780 | 31031373 |
|  |  | 309210630 |
| **Financial Services — 4.2%** | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
| Berkshire Hathaway, Inc., Class B \* | 49688 | 24136940 |
| Mastercard, Inc., Class A | 330673 | 185818386 |
| Visa, Inc., Class A | 167388 | 59431109 |
|  |  | 269386435 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Uber Technologies, Inc. \* | 640626 | 59770406 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Abbott Laboratories | 411788 | 56007286 |
| Edwards Lifesciences Corp. \* | 113202 | 8853528 |
| Intuitive Surgical, Inc. \* | 140416 | 76303459 |
|  |  | 141164273 |
| **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| McKesson Corp. | 79445 | 58215707 |
| **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** |
| Booking Holdings, Inc. | 14251 | 82502459 |
| DoorDash, Inc., Class A \* | 366404 | 90322250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Growth ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Flutter Entertainment plc (United Kingdom) \* | 55681 | 15911403 |
| Hilton Worldwide Holdings, Inc. | 41507 | 11054974 |
| McDonald's Corp. | 94505 | 27611526 |
| Starbucks Corp. | 226720 | 20774354 |
|  |  | 248176966 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| DR Horton, Inc. | 119971 | 15466661 |
| Garmin Ltd. | 85058 | 17753306 |
|  |  | 33219967 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Vistra Corp. | 51482 | 9977726 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| 3M Co. | 479006 | 72923873 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Progressive Corp. (The) | 116387 | 31059035 |
| **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** |
| Alphabet, Inc., Class C | 1245834 | 220998493 |
| Meta Platforms, Inc., Class A | 520900 | 384471081 |
|  |  | 605469574 |
| **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| Cloudflare, Inc., Class A \* | 78304 | 15334272 |
| International Business Machines Corp. | 248058 | 73122537 |
| Shopify, Inc., Class A (Canada) \* | 351024 | 40490619 |
| Snowflake, Inc., Class A \* | 211795 | 47393367 |
| Twilio, Inc., Class A \* | 194318 | 24165387 |
|  |  | 200506182 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| IQVIA Holdings, Inc. \* | 44528 | 7017167 |
| Mettler-Toledo International, Inc. \* | 7830 | 9198058 |
| Thermo Fisher Scientific, Inc. | 41649 | 16887004 |
|  |  | 33102229 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Deere & Co. | 64939 | 33020832 |
| Ingersoll Rand, Inc. | 211054 | 17555472 |
| ITT, Inc. | 174852 | 27422039 |
|  |  | 77998343 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| Cheniere Energy, Inc. | 107739 | 26236601 |
| ConocoPhillips | 12290 | 1102904 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| EOG Resources, Inc. | 163283 | 19530280 |
| Williams Cos., Inc. (The) | 281874 | 17704506 |
|  |  | 64574291 |
| **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| Eli Lilly & Co. | 121088 | 94391728 |
| Johnson & Johnson | 126129 | 19266205 |
|  |  | 113657933 |
| **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 2168 | 1737414 |
| Broadcom, Inc. | 968782 | 267044758 |
| Lam Research Corp. | 101706 | 9900062 |
| NVIDIA Corp. | 3819487 | 603440752 |
| ON Semiconductor Corp. \* | 254182 | 13321679 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 185962 | 42118533 |
| Teradyne, Inc. | 123194 | 11077604 |
|  |  | 948640802 |
| **Software — 15.9%** | **Software — 15.9%** | **Software — 15.9%** |
| AppLovin Corp., Class A \* | 55527 | 19438892 |
| Atlassian Corp., Class A \* | 93856 | 19061215 |
| Crowdstrike Holdings, Inc., Class A \* | 95766 | 48774581 |
| Fair Isaac Corp. \* | 6579 | 12026149 |
| HubSpot, Inc. \* | 62754 | 34930759 |
| Intuit, Inc. | 115138 | 90686143 |
| Microsoft Corp. | 1141482 | 567784562 |
| Oracle Corp. | 348308 | 76150578 |
| Palo Alto Networks, Inc. \* | 265865 | 54406614 |
| ServiceNow, Inc. \* | 63797 | 65588420 |
| Synopsys, Inc. \* | 55539 | 28473734 |
|  |  | 1017321647 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| American Tower Corp. | 83784 | 18517940 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 11478 | 42608976 |
| Carvana Co. \* | 32740 | 11032071 |
| Home Depot, Inc. (The) | 61136 | 22414903 |
| TJX Cos., Inc. (The) | 245833 | 30357917 |
| Ulta Beauty, Inc. \* | 30894 | 14452831 |
|  |  | 120866698 |
| **Technology Hardware, Storage & Peripherals — 4.9%** | **Technology Hardware, Storage & Peripherals — 4.9%** | **Technology Hardware, Storage & Peripherals — 4.9%** |
| Apple, Inc. | 1532048 | 314330288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Philip Morris International, Inc. | 323683 | 58952385 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Air Lease Corp. | 181977 | 10643835 |
| WW Grainger, Inc. | 10898 | 11336535 |
|  |  | 21980370 |
| Total Common Stocks <br>(Cost $5,381,937,353)<br>|  | 6307076166 |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b) <br>(Cost $79,016,524)<br>| 79016524 | 79016524 |
| **Total Investments — 100.0%** <br>**(Cost $5,460,953,877)**<br>|  | **6386092690** |
| **Liabilities in Excess of Other Assets —** <br> **(0.0)% ^**<br>|  | **(68753)**<br>|
| **NET ASSETS — 100.0%** |  | **6386023937** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&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 June 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Small Cap Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| Cadre Holdings, Inc. | 6273 | 199795 |
| Moog, Inc., Class A | 1343 | 243043 |
|  |  | 442838 |
| **Automobile Components — 1.2%** | **Automobile Components — 1.2%** | **Automobile Components — 1.2%** |
| Dorman Products, Inc. \* | 809 | 99240 |
| Patrick Industries, Inc. | 2092 | 193029 |
|  |  | 292269 |
| **Banks — 20.3%** | **Banks — 20.3%** | **Banks — 20.3%** |
| Associated Banc-Corp. | 5163 | 125925 |
| BancFirst Corp. | 2361 | 291867 |
| Camden National Corp. | 7456 | 302564 |
| City Holding Co. | 1099 | 134540 |
| Columbia Banking System, Inc. | 11087 | 259214 |
| First Busey Corp. | 7446 | 170402 |
| First Commonwealth Financial Corp. | 13892 | 225467 |
| First Merchants Corp. | 6720 | 257376 |
| Heritage Commerce Corp. | 14229 | 141294 |
| Independent Bank Corp. | 10271 | 332883 |
| NBT Bancorp, Inc. | 5664 | 235339 |
| Old National Bancorp | 18824 | 401704 |
| Provident Financial Services, Inc. | 19571 | 343080 |
| QCR Holdings, Inc. | 3547 | 240841 |
| Simmons First National Corp., Class A | 14752 | 279698 |
| SouthState Corp. | 4120 | 379164 |
| TriCo Bancshares | 4632 | 187550 |
| WesBanco, Inc. | 8040 | 254305 |
| WSFS Financial Corp. | 4234 | 232870 |
|  |  | 4796083 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Primo Brands Corp. | 6144 | 181985 |
| **Building Products — 3.1%** | **Building Products — 3.1%** | **Building Products — 3.1%** |
| AZZ, Inc. | 2657 | 251033 |
| Hayward Holdings, Inc. \* | 20776 | 286709 |
| UFP Industries, Inc. | 2000 | 198720 |
|  |  | 736462 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
| Donnelley Financial Solutions, Inc. \* | 5920 | 364968 |
| Hamilton Lane, Inc., Class A | 1978 | 281114 |
| Virtus Investment Partners, Inc. | 1138 | 206433 |
|  |  | 852515 |
| **Chemicals — 4.2%** | **Chemicals — 4.2%** | **Chemicals — 4.2%** |
| Avient Corp. | 5155 | 166558 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Hawkins, Inc. | 874 | 124195 |
| HB Fuller Co. | 5055 | 304058 |
| Innospec, Inc. | 2263 | 190296 |
| Quaker Chemical Corp. | 1858 | 207985 |
|  |  | 993092 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Graham Holdings Co., Class B | 236 | 223296 |
| **Diversified REITs — 1.0%** | **Diversified REITs — 1.0%** | **Diversified REITs — 1.0%** |
| Essential Properties Realty Trust, Inc. | 7364 | 234985 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Iridium Communications, Inc. | 3690 | 111327 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| IDACORP, Inc. | 1384 | 159783 |
| Portland General Electric Co. | 4640 | 188523 |
|  |  | 348306 |
| **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** |
| Ingram Micro Holding Corp. | 12421 | 258854 |
| Knowles Corp. \* | 9278 | 163478 |
| Napco Security Technologies, Inc. | 3689 | 109526 |
| Sanmina Corp. \* | 1819 | 177953 |
| ScanSource, Inc. \* | 6660 | 278455 |
| TTM Technologies, Inc. \* | 2361 | 96376 |
|  |  | 1084642 |
| **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** |
| Aris Water Solutions, Inc., Class A | 6567 | 155310 |
| ChampionX Corp. | 8254 | 205029 |
| Weatherford International plc | 1532 | 77075 |
|  |  | 437414 |
| **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
| PennyMac Financial Services, Inc. | 2660 | 265043 |
| Radian Group, Inc. | 10014 | 360704 |
|  |  | 625747 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Dole plc | 13275 | 185717 |
| Flowers Foods, Inc. | 6269 | 100179 |
|  |  | 285896 |
| **Gas Utilities — 2.9%** | **Gas Utilities — 2.9%** | **Gas Utilities — 2.9%** |
| Chesapeake Utilities Corp. | 2356 | 283238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| ONE Gas, Inc. | 3751 | 269547 |
| Southwest Gas Holdings, Inc. | 1880 | 139853 |
|  |  | 692638 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Marten Transport Ltd. | 16654 | 216335 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| ICU Medical, Inc. \* | 1309 | 172984 |
| Inmode Ltd. \* | 10693 | 154407 |
| LivaNova plc \* | 5520 | 248511 |
|  |  | 575902 |
| **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** |
| Concentra Group Holdings Parent, Inc. | 9416 | 193687 |
| Encompass Health Corp. | 2298 | 281804 |
| Ensign Group, Inc. (The) | 1824 | 281370 |
|  |  | 756861 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Sabra Health Care REIT, Inc. | 11163 | 205846 |
| **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** |
| RLJ Lodging Trust | 21485 | 156411 |
| Sunstone Hotel Investors, Inc. | 14289 | 124028 |
|  |  | 280439 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Bloomin' Brands, Inc. | 4704 | 40501 |
| **Household Durables — 1.9%** | **Household Durables — 1.9%** | **Household Durables — 1.9%** |
| La-Z-Boy, Inc. | 3834 | 142510 |
| M/I Homes, Inc. \* | 1743 | 195425 |
| Meritage Homes Corp. | 1654 | 110768 |
|  |  | 448703 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Reynolds Consumer Products, Inc. | 7155 | 153260 |
| **Industrial REITs — 1.4%** | **Industrial REITs — 1.4%** | **Industrial REITs — 1.4%** |
| Plymouth Industrial REIT, Inc. | 9876 | 158609 |
| Terreno Realty Corp. | 2873 | 161089 |
|  |  | 319698 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| Safety Insurance Group, Inc. | 4123 | 327325 |
| Selective Insurance Group, Inc. | 5154 | 446594 |
|  |  | 773919 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** |
| Angi, Inc. \* | 11409 | 174101 |
| IAC, Inc. \* | 8214 | 306711 |
|  |  | 480812 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| YETI Holdings, Inc. \* | 4181 | 131785 |
| **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
| Atmus Filtration Technologies, Inc. | 4931 | 179587 |
| Enpro, Inc. | 1303 | 249590 |
| Kadant, Inc. | 572 | 181581 |
| Mueller Industries, Inc. | 3090 | 245562 |
| Tennant Co. | 2287 | 177197 |
| Toro Co. (The) | 1649 | 116551 |
|  |  | 1150068 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| John Wiley & Sons, Inc., Class A | 6493 | 289783 |
| **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** |
| Unitil Corp. | 3956 | 206305 |
| **Office REITs — 1.8%** | **Office REITs — 1.8%** | **Office REITs — 1.8%** |
| COPT Defense Properties | 7421 | 204671 |
| Highwoods Properties, Inc. | 6949 | 216045 |
|  |  | 420716 |
| **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
| Chord Energy Corp. | 1907 | 184693 |
| CNX Resources Corp. \* | 6954 | 234211 |
| Magnolia Oil & Gas Corp., Class A | 8772 | 197194 |
| Matador Resources Co. | 3873 | 184820 |
|  |  | 800918 |
| **Personal Care Products — 1.6%** | **Personal Care Products — 1.6%** | **Personal Care Products — 1.6%** |
| Edgewell Personal Care Co. | 6768 | 158439 |
| Interparfums, Inc. | 1587 | 208389 |
|  |  | 366828 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Prestige Consumer Healthcare, Inc. \* | 2816 | 224858 |
| **Residential REITs — 1.4%** | **Residential REITs — 1.4%** | **Residential REITs — 1.4%** |
| Centerspace | 2461 | 148128 |
| Independence Realty Trust, Inc. | 10781 | 190716 |
|  |  | 338844 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Small Cap Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Retail REITs — 2.4%** | **Retail REITs — 2.4%** | **Retail REITs — 2.4%** |
| Kite Realty Group Trust | 14638 | 331551 |
| Tanger, Inc. | 7682 | 234915 |
|  |  | 566466 |
| **Semiconductors & Semiconductor Equipment — 1.9%** | **Semiconductors & Semiconductor Equipment — 1.9%** | **Semiconductors & Semiconductor Equipment — 1.9%** |
| Amkor Technology, Inc. | 5059 | 106188 |
| Diodes, Inc. \* | 3757 | 198708 |
| Synaptics, Inc. \* | 2315 | 150058 |
|  |  | 454954 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Rayonier, Inc. | 6779 | 150358 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Group 1 Automotive, Inc. | 919 | 401336 |
| Urban Outfitters, Inc. \* | 2940 | 213268 |
|  |  | 614604 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Kontoor Brands, Inc. | 3684 | 243034 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| Applied Industrial Technologies, Inc. | 1006 | 233845 |
| McGrath RentCorp | 1825 | 211627 |
|  |  | 445472 |
| **Water Utilities — 0.9%** | **Water Utilities — 0.9%** | **Water Utilities — 0.9%** |
| American States Water Co. | 2697 | 206752 |
| Total Common Stocks <br>(Cost $22,404,078)<br>|  | 23203516 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $427,069)<br>| 427069 | 427069 |
| **Total Investments — 99.9%** <br>**(Cost $22,831,147)**<br>|  | **23630585** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **21748** |
| **NET ASSETS — 100.0%** |  | **23652333** |

---

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

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

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

---

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

---

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 96.4%** | **Common Stocks — 96.4%** | **Common Stocks — 96.4%** |
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| Boeing Co. (The) \* | 65267 | 13675394 |
| General Dynamics Corp. | 99469 | 29011129 |
| Howmet Aerospace, Inc. | 41638 | 7750081 |
| Northrop Grumman Corp. | 23541 | 11770029 |
| RTX Corp. | 417246 | 60926261 |
| Textron, Inc. | 135213 | 10856252 |
|  |  | 133989146 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| United Parcel Service, Inc., Class B | 118517 | 11963106 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| General Motors Co. | 91933 | 4524023 |
| **Banks — 9.6%** | **Banks — 9.6%** | **Banks — 9.6%** |
| Bank of America Corp. | 2158925 | 102160331 |
| Citizens Financial Group, Inc. | 219366 | 9816629 |
| Comerica, Inc. | 141395 | 8434212 |
| Fifth Third Bancorp | 374091 | 15386363 |
| First Citizens BancShares, Inc., Class A | 25939 | 50748875 |
| First Horizon Corp. | 693793 | 14708412 |
| M&T Bank Corp. | 95594 | 18544280 |
| PNC Financial Services Group, Inc. (The) | 66615 | 12418368 |
| Wells Fargo & Co. | 1530229 | 122601947 |
|  |  | 354819417 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| PepsiCo, Inc. | 100470 | 13266059 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc. | 251611 | 46704034 |
| Regeneron Pharmaceuticals, Inc. | 16574 | 8701350 |
| Vertex Pharmaceuticals, Inc. \* | 25740 | 11459448 |
|  |  | 66864832 |
| **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| Amazon.com, Inc. \* | 253106 | 55528925 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 824387 | 60336885 |
| **Capital Markets — 4.3%** | **Capital Markets — 4.3%** | **Capital Markets — 4.3%** |
| Ameriprise Financial, Inc. | 38554 | 20577426 |
| Ares Management Corp. | 96958 | 16793126 |
| Blackrock, Inc. | 13802 | 14481749 |
| Blackstone, Inc. | 105902 | 15840821 |
| Charles Schwab Corp. (The) | 437643 | 39930547 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Goldman Sachs Group, Inc. (The) | 33877 | 23976447 |
| Morgan Stanley | 196636 | 27698147 |
|  |  | 159298263 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Air Products and Chemicals, Inc. | 106091 | 29924028 |
| Axalta Coating Systems Ltd. \* | 710622 | 21098367 |
| Chemours Co. (The) | 515178 | 5898788 |
| Dow, Inc. | 189994 | 5031041 |
| FMC Corp. | 593048 | 24759754 |
|  |  | 86711978 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Republic Services, Inc. | 33027 | 8144788 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Amrize Ltd. \* | 173734 | 8608519 |
| Vulcan Materials Co. | 85379 | 22268551 |
|  |  | 30877070 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| Ally Financial, Inc. | 224969 | 8762542 |
| American Express Co. | 176568 | 56321661 |
| Capital One Financial Corp. | 144321 | 30705736 |
|  |  | 95789939 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| BJ's Wholesale Club Holdings, Inc. \* | 92002 | 9920576 |
| Performance Food Group Co. \* | 242766 | 21234742 |
| Walmart, Inc. | 196300 | 19194214 |
|  |  | 50349532 |
| **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** |
| Ball Corp. | 631160 | 35401764 |
| International Paper Co. | 74735 | 3499840 |
| Silgan Holdings, Inc. | 181176 | 9816116 |
|  |  | 48717720 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Verizon Communications, Inc. | 764190 | 33066501 |
| **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** |
| Edison International | 138992 | 7171987 |
| Entergy Corp. | 114235 | 9495213 |
| NextEra Energy, Inc. | 588704 | 40867832 |
| Southern Co. (The) | 350927 | 32225626 |
| Xcel Energy, Inc. | 178629 | 12164635 |
|  |  | 101925293 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| Eaton Corp. plc | 99657 | 35576552 |
| Emerson Electric Co. | 313420 | 41788289 |
|  |  | 77364841 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Corning, Inc. | 143741 | 7559339 |
| Jabil, Inc. | 46193 | 10074693 |
| TD SYNNEX Corp. | 117950 | 16005815 |
|  |  | 33639847 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Walt Disney Co. (The) | 351553 | 43596088 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| Berkshire Hathaway, Inc., Class B \* | 87623 | 42564625 |
| Corpay, Inc. \* | 52441 | 17400973 |
| Fidelity National Information Services, Inc. | 331324 | 26973087 |
| Fiserv, Inc. \* | 160591 | 27687494 |
| MGIC Investment Corp. | 423216 | 11782333 |
| WEX, Inc. \* | 66011 | 9696356 |
|  |  | 136104868 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Hershey Co. (The) | 53750 | 8919812 |
| Mondelez International, Inc., Class A | 200386 | 13514032 |
|  |  | 22433844 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| CSX Corp. | 826125 | 26956459 |
| Saia, Inc. \* | 48619 | 13321120 |
| Union Pacific Corp. | 83959 | 19317286 |
|  |  | 59594865 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Align Technology, Inc. \* | 50052 | 9476345 |
| Becton Dickinson & Co. | 61959 | 10672438 |
| Boston Scientific Corp. \* | 141726 | 15222790 |
| Medtronic plc | 369015 | 32167037 |
|  |  | 67538610 |
| **Health Care Providers & Services — 6.2%** | **Health Care Providers & Services — 6.2%** | **Health Care Providers & Services — 6.2%** |
| Cardinal Health, Inc. | 94255 | 15834840 |
| Cigna Group (The) | 177733 | 58754975 |
| CVS Health Corp. | 204624 | 14114964 |
| Elevance Health, Inc. | 52794 | 20534754 |
| Humana, Inc. | 128702 | 31465065 |
| Labcorp Holdings, Inc. | 66535 | 17466103 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Quest Diagnostics, Inc. | 90005 | 16167598 |
| UnitedHealth Group, Inc. | 172273 | 53744008 |
|  |  | 228082307 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 188807 | 11923162 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Host Hotels & Resorts, Inc. | 662944 | 10182820 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Booking Holdings, Inc. | 1834 | 10617466 |
| Carnival Corp. \* | 428576 | 12051557 |
| McDonald's Corp. | 86820 | 25366200 |
|  |  | 48035223 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Mohawk Industries, Inc. \* | 138576 | 14528308 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Procter & Gamble Co. (The) | 126097 | 20089774 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 193268 | 29423120 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 56948 | 5986374 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| Arch Capital Group Ltd. | 127860 | 11641653 |
| Arthur J Gallagher & Co. | 54090 | 17315291 |
| Chubb Ltd. | 58058 | 16820563 |
| Oscar Health, Inc., Class A \* | 577336 | 12378084 |
| Progressive Corp. (The) | 65565 | 17496676 |
| Travelers Cos., Inc. (The) | 23535 | 6296554 |
|  |  | 81948821 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Alphabet, Inc., Class C | 48613 | 8623460 |
| Meta Platforms, Inc., Class A | 19625 | 14485016 |
|  |  | 23108476 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 116396 | 9082380 |
| International Business Machines Corp. | 43786 | 12907237 |
|  |  | 21989617 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| IQVIA Holdings, Inc. \* | 31463 | 4958254 |
| Thermo Fisher Scientific, Inc. | 44972 | 18234347 |
|  |  | 23192601 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| AGCO Corp. | 242233 | 24988756 |
| Deere & Co. | 40707 | 20699103 |
| Dover Corp. | 138992 | 25467504 |
| Gates Industrial Corp. plc \* | 816245 | 18798123 |
| Middleby Corp. (The) \* | 51585 | 7428240 |
| Parker-Hannifin Corp. | 26407 | 18444497 |
|  |  | 115826223 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| Comcast Corp., Class A | 1348811 | 48139065 |
| Omnicom Group, Inc. | 192742 | 13865859 |
|  |  | 62004924 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| Alcoa Corp. | 314615 | 9284289 |
| Freeport-McMoRan, Inc. | 423275 | 18348971 |
|  |  | 27633260 |
| **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** |
| CMS Energy Corp. | 246344 | 17066712 |
| Dominion Energy, Inc. | 414895 | 23449866 |
| Public Service Enterprise Group, Inc. | 158579 | 13349180 |
|  |  | 53865758 |
| **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** |
| Chevron Corp. | 208565 | 29864422 |
| ConocoPhillips | 354911 | 31849713 |
| EOG Resources, Inc. | 262143 | 31354924 |
| EQT Corp. | 479524 | 27965840 |
| Expand Energy Corp. | 154446 | 18060915 |
| Exxon Mobil Corp. | 332077 | 35797901 |
| Hess Corp. | 53145 | 7362708 |
| Range Resources Corp. | 189591 | 7710666 |
|  |  | 189967089 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Southwest Airlines Co. | 832029 | 26991021 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| Bristol-Myers Squibb Co. | 778896 | 36055096 |
| Eli Lilly & Co. | 12659 | 9868070 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Johnson & Johnson | 349984 | 53460056 |
| Merck & Co., Inc. | 180712 | 14305162 |
|  |  | 113688384 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| Zillow Group, Inc., Class C \* | 78793 | 5519450 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| American Homes 4 Rent, Class A | 386888 | 13955050 |
| AvalonBay Communities, Inc. | 26435 | 5379523 |
| Equity LifeStyle Properties, Inc. | 241781 | 14910634 |
|  |  | 34245207 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
| Advanced Micro Devices, Inc. \* | 75588 | 10725937 |
| Analog Devices, Inc. | 138310 | 32920546 |
| Lam Research Corp. | 84166 | 8192719 |
| Micron Technology, Inc. | 90735 | 11183089 |
| NXP Semiconductors NV (Netherlands) | 205831 | 44972015 |
| ON Semiconductor Corp. \* | 161971 | 8488900 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan)<br>| 103802 | 23510115 |
| Texas Instruments, Inc. | 141864 | 29453804 |
|  |  | 169447125 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| Microsoft Corp. | 67743 | 33696045 |
| Salesforce, Inc. | 72388 | 19739484 |
|  |  | 53435529 |
| **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |
| American Tower Corp. | 173887 | 38432505 |
| Equinix, Inc. | 18821 | 14971541 |
|  |  | 53404046 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| AutoZone, Inc. \* | 4142 | 15376057 |
| Home Depot, Inc. (The) | 65554 | 24034718 |
| Lowe's Cos., Inc. | 123549 | 27411817 |
| O'Reilly Automotive, Inc. \* | 126925 | 11439750 |
| TJX Cos., Inc. (The) | 194310 | 23995342 |
|  |  | 102257684 |
| **Technology Hardware, Storage & Peripherals — 2.9%** | **Technology Hardware, Storage & Peripherals — 2.9%** | **Technology Hardware, Storage & Peripherals — 2.9%** |
| Sandisk Corp. \* | 224736 | 10191778 |
| Seagate Technology Holdings plc | 248031 | 35798314 |
| Western Digital Corp. | 954801 | 61097716 |
|  |  | 107087808 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Active Value ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Kontoor Brands, Inc. | 260215 | 17166384 |
| **Tobacco — 2.7%** | **Tobacco — 2.7%** | **Tobacco — 2.7%** |
| Philip Morris International, Inc. | 545965 | 99436605 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| AerCap Holdings NV (Ireland) | 249461 | 29186937 |
| WESCO International, Inc. | 60577 | 11218860 |
|  |  | 40405797 |
| Total Common Stocks <br>(Cost $3,278,354,582)<br>|  | 3547319337 |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| **Investment Companies — 3.5%** | **Investment Companies — 3.5%** | **Investment Companies — 3.5%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b) <br>(Cost $128,506,160)<br>| 128506160 | 128506160 |
| **Total Investments — 99.9%** <br>**(Cost $3,406,860,742)**<br>|  | **3675825497** |
| **Other Assets in Excess of Liabilities —** <br> **0.1%**<br>|  | **2932461** |
| **NET ASSETS — 100.0%** |  | **3678757958** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

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

\* 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 June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 86.6%** | **Common Stocks — 86.6%** | **Common Stocks — 86.6%** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Howmet Aerospace, Inc. | 2972857 | 553337873 |
| RTX Corp. | 1937341 | 282890533 |
| TransDigm Group, Inc. | 157468 | 239452140 |
|  |  | 1075680546 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| FedEx Corp. | 509762 | 115874000 |
| United Parcel Service, Inc., Class B | 2577370 | 260159728 |
|  |  | 376033728 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank of America Corp. | 2964205 | 140266181 |
| US Bancorp | 1687128 | 76342542 |
|  |  | 216608723 |
| **Beverages — 3.2%** | **Beverages — 3.2%** | **Beverages — 3.2%** |
| Coca-Cola Co. (The) | 5306534 | 375437280 |
| Keurig Dr Pepper, Inc. | 8599482 | 284298875 |
| Monster Beverage Corp. \* | 1604281 | 100492162 |
| PepsiCo, Inc. | 4015846 | 530252306 |
|  |  | 1290480623 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| AbbVie, Inc. | 3113658 | 577957198 |
| Regeneron Pharmaceuticals, Inc. | 496636 | 260733900 |
| Vertex Pharmaceuticals, Inc. \* | 531960 | 236828592 |
|  |  | 1075519690 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Amazon.com, Inc. \* | 2930658 | 642957059 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| Carrier Global Corp. | 5578195 | 408268092 |
| Trane Technologies plc | 1505606 | 658567120 |
|  |  | 1066835212 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 893565 | 476922448 |
| CME Group, Inc. | 986731 | 271962798 |
| Raymond James Financial, Inc. | 768003 | 117788620 |
|  |  | 866673866 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Linde plc | 770391 | 361452049 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Motorola Solutions, Inc. | 322049 | 135408722 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Vulcan Materials Co. | 551102 | 143738424 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| American Express Co. | 1267999 | 404466321 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Walmart, Inc. | 5476442 | 535486499 |
| **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** |
| Entergy Corp. | 1410276 | 117222141 |
| NextEra Energy, Inc. | 7567231 | 525317176 |
| Southern Co. (The) | 6585309 | 604728926 |
|  |  | 1247268243 |
| **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** |
| Eaton Corp. plc | 1541347 | 550245466 |
| Emerson Electric Co. | 4130931 | 550777030 |
|  |  | 1101022496 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co. | 1315716 | 50444551 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Netflix, Inc. \* | 188870 | 252921483 |
| Walt Disney Co. (The) | 4182054 | 518616517 |
|  |  | 771538000 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Berkshire Hathaway, Inc., Class B \* | 584956 | 284154076 |
| Corpay, Inc. \* | 795874 | 264086911 |
| Fiserv, Inc. \* | 1322398 | 227994639 |
| Mastercard, Inc., Class A | 1176991 | 661398323 |
| Visa, Inc., Class A | 1865544 | 662361397 |
|  |  | 2099995346 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Mondelez International, Inc., Class A | 7192129 | 485037180 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| CSX Corp. | 3677057 | 119982370 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Boston Scientific Corp. \* | 2211508 | 237538074 |
| Medtronic plc | 3939122 | 343373265 |
| Stryker Corp. | 1374782 | 543905003 |
|  |  | 1124816342 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| UnitedHealth Group, Inc. | 924079 | 288284926 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Ventas, Inc. | 2038263 | 128716309 |
| Welltower, Inc. | 1106425 | 170090715 |
|  |  | 298807024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| Chipotle Mexican Grill, Inc. \* | 7083324 | 397728643 |
| McDonald's Corp. | 1647852 | 481452919 |
| Yum! Brands, Inc. | 3687353 | 546391967 |
|  |  | 1425573529 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| Church & Dwight Co., Inc. | 2165022 | 208080264 |
| Procter & Gamble Co. (The) | 2051517 | 326847689 |
|  |  | 534927953 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 1001228 | 194047999 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. | 1774101 | 270089136 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 1016511 | 106855636 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Aon plc, Class A | 365024 | 130225962 |
| Arthur J Gallagher & Co. | 1318367 | 422035644 |
| Chubb Ltd. | 775932 | 224803019 |
| Progressive Corp. (The) | 2291927 | 611623639 |
| Travelers Cos., Inc. (The) | 1032377 | 276202143 |
|  |  | 1664890407 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 3154932 | 555993666 |
| Meta Platforms, Inc., Class A | 958762 | 707652645 |
|  |  | 1263646311 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 4875392 | 380426838 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Danaher Corp. | 719436 | 142117388 |
| Thermo Fisher Scientific, Inc. | 1144246 | 463945983 |
|  |  | 606063371 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Cummins, Inc. | 407514 | 133460835 |
| Deere & Co. | 408354 | 207643925 |
| Ingersoll Rand, Inc. | 1297216 | 107902427 |
| Otis Worldwide Corp. | 2991404 | 296208824 |
|  |  | 745216011 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Comcast Corp., Class A | 14942665 | 533303714 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Ameren Corp. | 538837 | 51749905 |
| CMS Energy Corp. | 2567290 | 177861851 |
| Dominion Energy, Inc. | 1570973 | 88791394 |
| Public Service Enterprise Group, Inc. | 1635409 | 137668730 |
|  |  | 456071880 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| ConocoPhillips | 2951801 | 264894622 |
| EOG Resources, Inc. | 3914199 | 468177342 |
| Exxon Mobil Corp. | 2630427 | 283560031 |
|  |  | 1016631995 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 1827153 | 38242312 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Bristol-Myers Squibb Co. | 11186659 | 517830445 |
| Eli Lilly & Co. | 392897 | 306274999 |
| Johnson & Johnson | 3481371 | 531779420 |
| Merck & Co., Inc. | 2612214 | 206782860 |
|  |  | 1562667724 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Automatic Data Processing, Inc. | 683042 | 210650153 |
| Leidos Holdings, Inc. | 768674 | 121266010 |
|  |  | 331916163 |
| **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** |
| Analog Devices, Inc. | 2478505 | 589933760 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 300188 | 240567661 |
| Broadcom, Inc. | 1857719 | 512080242 |
| Lam Research Corp. | 2686841 | 261537103 |
| NVIDIA Corp. | 4190489 | 662055357 |
| NXP Semiconductors NV (Netherlands) | 1487700 | 325047573 |
| Texas Instruments, Inc. | 2169898 | 450514223 |
|  |  | 3041735919 |
| **Software — 6.2%** | **Software — 6.2%** | **Software — 6.2%** |
| Cadence Design Systems, Inc. \* | 658411 | 202889350 |
| Microsoft Corp. | 1348666 | 670839955 |
| Oracle Corp. | 3230553 | 706295802 |
| Salesforce, Inc. | 1349863 | 368094142 |
| ServiceNow, Inc. \* | 555666 | 571269101 |
|  |  | 2519388350 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| American Tower Corp. | 598754 | 132336609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| Equinix, Inc. | 446637 | 355286334 |
| SBA Communications Corp. | 1252282 | 294085905 |
|  |  | 781708848 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* | 29216 | 108456512 |
| Burlington Stores, Inc. \* | 952670 | 221629149 |
| Lowe's Cos., Inc. | 2450816 | 543762546 |
| Ross Stores, Inc. | 4101046 | 523211448 |
|  |  | 1397059655 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Apple, Inc. | 1380868 | 283312687 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 1481980 | 86888487 |
| Philip Morris International, Inc. | 1192507 | 217191300 |
|  |  | 304079787 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| United Rentals, Inc. | 322721 | 243138001 |
| Total Common Stocks <br>(Cost $29,565,737,581)<br>|  | 35479532166 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 12.5%** | **Equity-Linked Notes — 12.5%** | **Equity-Linked Notes — 12.5%** |
| Barclays Bank plc, ELN, 48.50%, <br> 7/18/2025, (linked to S&P 500 <br> Index) (a)<br>| 59614 | 348424157 |
| Barclays Bank plc, ELN, 50.15%, <br> 7/21/2025, (linked to S&P 500 <br> Index) (a)<br>| 59778 | 345738018 |
| BNP Paribas, ELN, 49.30%, 7/11/2025, <br> (linked to S&P 500 Index) (b)<br>| 57785 | 325743291 |
| BNP Paribas, ELN, 49.90%, 8/4/2025, <br> (linked to S&P 500 Index) (b)<br>| 62375 | 369749644 |
| BNP Paribas, ELN, 52.56%, 7/14/2025, <br> (linked to S&P 500 Index) (b)<br>| 57781 | 324407380 |
| BNP Paribas, ELN, 54.30%, 7/29/2025, <br> (linked to S&P 500 Index) (b)<br>| 61864 | 347067557 |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 51.86%, 7/22/2025, (linked to <br> S&P 500 Index) (b)<br>| 59551 | 348282832 |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 56.40%, 7/15/2025, (linked to <br> S&P 500 Index) (b)<br>| 60613 | 330382067 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| Morgan Stanley Finance LLC, ELN, <br> 51.41%, 7/25/2025, (linked to S&P <br> 500 Index) (a)<br>| 61328 | 355912755 |
| Morgan Stanley Finance LLC, ELN, <br> 52.75%, 7/7/2025, (linked to S&P 500 <br> Index) (a)<br>| 59106 | 319812518 |
| Morgan Stanley Finance LLC, ELN, <br> 55.72%, 7/9/2025, (linked to S&P 500 <br> Index) (a)<br>| 59199 | 316756089 |
| Societe Generale SA, ELN, 48.04%, <br> 8/1/2025, (linked to S&P 500 <br> Index) (b)<br>| 61554 | 364726532 |
| Societe Generale SA, ELN, 50.30%, <br> 8/5/2025, (linked to S&P 500 <br> Index) (b)<br>| 61879 | 375811587 |
| Societe Generale SA, ELN, 53.00%, <br> 7/8/2025, (linked to S&P 500 <br> Index) (b)<br>| 59437 | 311942613 |
| Societe Generale SA, ELN, 56.41%, <br> 7/28/2025, (linked to S&P 500 <br> Index) (b)<br>| 61845 | 350548592 |
| Total Equity-Linked Notes <br>(Cost $5,424,980,330)<br>|  | 5135305632 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (c) (d) <br>(Cost $279,447,397)<br>| 279447397 | 279447397 |
| **Total Investments — 99.8%** <br>**(Cost $35,270,165,308)**<br>|  | **40894285195** |
| **Other Assets in Excess of Liabilities —** <br> **0.2%**<br>|  | **99273338** |
| **NET ASSETS — 100.0%** |  | **40993558533** |

---

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

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

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

---

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

---

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

\* 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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Large Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| Howmet Aerospace, Inc. | 825 | 153557 |
| Northrop Grumman Corp. | 210 | 104996 |
| RTX Corp. | 809 | 118130 |
| Textron, Inc. | 476 | 38218 |
|  |  | 414901 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| United Parcel Service, Inc., Class B | 482 | 48653 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 262 | 17874 |
| **Automobiles — 1.3%** | **Automobiles — 1.3%** | **Automobiles — 1.3%** |
| Tesla, Inc. \* | 549 | 174395 |
| **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
| Bank of America Corp. | 3673 | 173806 |
| First Citizens BancShares, Inc., Class A | 24 | 46955 |
| Wells Fargo & Co. | 4214 | 337626 |
|  |  | 558387 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Co. (The) | 1513 | 107045 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc. | 926 | 171884 |
| Regeneron Pharmaceuticals, Inc. | 135 | 70875 |
| Vertex Pharmaceuticals, Inc. \* | 123 | 54760 |
|  |  | 297519 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* | 2773 | 608369 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Trane Technologies plc | 345 | 150906 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Ameriprise Financial, Inc. | 256 | 136635 |
| Charles Schwab Corp. (The) | 1085 | 98995 |
| CME Group, Inc. | 412 | 113555 |
| Morgan Stanley | 632 | 89024 |
|  |  | 438209 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Axalta Coating Systems Ltd. \* | 1805 | 53590 |
| DuPont de Nemours, Inc. | 579 | 39714 |
| Linde plc | 38 | 17829 |
|  |  | 111133 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 78 | 7980 |
| Motorola Solutions, Inc. | 56 | 23546 |
|  |  | 31526 |
| **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** |
| American Express Co. | 656 | 209251 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| BJ's Wholesale Club Holdings, Inc. \* | 529 | 57042 |
| Costco Wholesale Corp. | 48 | 47517 |
| Performance Food Group Co. \* | 716 | 62628 |
| Walmart, Inc. | 606 | 59255 |
|  |  | 226442 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Entergy Corp. | 815 | 67743 |
| NextEra Energy, Inc. | 1224 | 84970 |
| Southern Co. (The) | 1262 | 115889 |
|  |  | 268602 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Eaton Corp. plc | 218 | 77824 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 822 | 81173 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Netflix, Inc. \* | 45 | 60261 |
| Spotify Technology SA \* | 86 | 65991 |
| Walt Disney Co. (The) | 684 | 84823 |
|  |  | 211075 |
| **Financial Services — 3.6%** | **Financial Services — 3.6%** | **Financial Services — 3.6%** |
| Berkshire Hathaway, Inc., Class B \* | 202 | 98126 |
| Block, Inc. \* | 407 | 27647 |
| Corpay, Inc. \* | 110 | 36500 |
| Fidelity National Information Services, Inc. | 552 | 44938 |
| Mastercard, Inc., Class A | 487 | 273665 |
|  |  | 480876 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Mondelez International, Inc., Class A | 1802 | 121527 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 4040 | 131825 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Medtronic plc | 967 | 84293 |
| Stryker Corp. | 484 | 191485 |
|  |  | 275778 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Large Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| Cigna Group (The) | 219 | 72397 |
| UnitedHealth Group, Inc. | 392 | 122292 |
|  |  | 194689 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 546 | 34480 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| Chipotle Mexican Grill, Inc. \* | 1194 | 67043 |
| Hilton Worldwide Holdings, Inc. | 262 | 69781 |
| McDonald's Corp. | 383 | 111901 |
| Starbucks Corp. | 176 | 16127 |
|  |  | 264852 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Church & Dwight Co., Inc. | 418 | 40174 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. | 661 | 100631 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| Prologis, Inc. | 679 | 71377 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Arthur J Gallagher & Co. | 166 | 53140 |
| MetLife, Inc. | 767 | 61682 |
| Progressive Corp. (The) | 509 | 135832 |
|  |  | 250654 |
| **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** |
| Alphabet, Inc., Class A | 2217 | 390702 |
| Meta Platforms, Inc., Class A | 772 | 569805 |
|  |  | 960507 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 807 | 62970 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 225 | 91229 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| Deere & Co. | 172 | 87461 |
| Dover Corp. | 453 | 83003 |
|  |  | 170464 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Comcast Corp., Class A | 3427 | 122310 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| CMS Energy Corp. | 1098 | 76069 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| ConocoPhillips | 1152 | 103381 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| EOG Resources, Inc. | 1071 | 128102 |
| Exxon Mobil Corp. | 1903 | 205143 |
|  |  | 436626 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| Bristol-Myers Squibb Co. | 2534 | 117299 |
| Elanco Animal Health, Inc. \* | 2397 | 34229 |
| Eli Lilly & Co. | 195 | 152008 |
| Johnson & Johnson | 226 | 34522 |
|  |  | 338058 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Leidos Holdings, Inc. | 425 | 67048 |
| **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** |
| Analog Devices, Inc. | 180 | 42844 |
| Broadcom, Inc. | 1099 | 302939 |
| Lam Research Corp. | 647 | 62979 |
| Marvell Technology, Inc. | 178 | 13777 |
| Micron Technology, Inc. | 838 | 103284 |
| NVIDIA Corp. | 6770 | 1069592 |
| NXP Semiconductors NV (Netherlands) | 496 | 108371 |
|  |  | 1703786 |
| **Software — 11.7%** | **Software — 11.7%** | **Software — 11.7%** |
| Fair Isaac Corp. \* | 28 | 51183 |
| Intuit, Inc. | 166 | 130747 |
| Microsoft Corp. | 2259 | 1123649 |
| Oracle Corp. | 268 | 58593 |
| Salesforce, Inc. | 496 | 135254 |
| ServiceNow, Inc. \* | 15 | 15421 |
| Synopsys, Inc. \* | 78 | 39989 |
|  |  | 1554836 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Digital Realty Trust, Inc. | 487 | 84899 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| AutoZone, Inc. \* | 22 | 81669 |
| Lowe's Cos., Inc. | 626 | 138891 |
| TJX Cos., Inc. (The) | 568 | 70142 |
|  |  | 290702 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| Apple, Inc. | 3387 | 694911 |
| Hewlett Packard Enterprise Co. | 3464 | 70839 |
| Seagate Technology Holdings plc | 929 | 134082 |
|  |  | 899832 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Tobacco — 1.7%** | **Tobacco — 1.7%** | **Tobacco — 1.7%** |
| Philip Morris International, Inc. | 1242 | 226205 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| T-Mobile US, Inc. | 351 | 83629 |
| Total Common Stocks <br>(Cost $11,239,485)<br>|  | 13169317 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $145,460)<br>| 145460 | 145460 |
| **Total Investments — 99.9%** <br>**(Cost $11,384,945)**<br>|  | **13314777** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **18972** |
| **NET ASSETS — 100.0%** |  | **13333749** |

---

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

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

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

---

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

---

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 62518 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 |

---

&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;

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

------

JPMorgan Fundamental Data Science Mid Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 95.2%** | **Common Stocks — 95.2%** | **Common Stocks — 95.2%** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| Axon Enterprise, Inc. \* | 15 | 12419 |
| HEICO Corp., Class A | 232 | 60030 |
| Howmet Aerospace, Inc. | 575 | 107025 |
| L3Harris Technologies, Inc. | 70 | 17559 |
| Textron, Inc. | 395 | 31714 |
|  |  | 228747 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Aptiv plc (Jersey) \* | 246 | 16782 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Fifth Third Bancorp | 305 | 12545 |
| First Citizens BancShares, Inc., Class A | 12 | 23478 |
| First Horizon Corp. | 3322 | 70426 |
| M&T Bank Corp. | 392 | 76044 |
| Regions Financial Corp. | 2566 | 60352 |
|  |  | 242845 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| Alnylam Pharmaceuticals, Inc. \* | 178 | 58044 |
| Natera, Inc. \* | 367 | 62001 |
| Viking Therapeutics, Inc. \* | 170 | 4505 |
|  |  | 124550 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| AAON, Inc. | 313 | 23084 |
| Carlisle Cos., Inc. | 139 | 51903 |
| Fortune Brands Innovations, Inc. | 622 | 32020 |
| Masco Corp. | 317 | 20402 |
|  |  | 127409 |
| **Capital Markets — 5.5%** | **Capital Markets — 5.5%** | **Capital Markets — 5.5%** |
| Ares Management Corp. | 281 | 48669 |
| Coinbase Global, Inc., Class A \* | 54 | 18926 |
| LPL Financial Holdings, Inc. | 74 | 27748 |
| MSCI, Inc. | 68 | 39218 |
| Northern Trust Corp. | 415 | 52618 |
| Raymond James Financial, Inc. | 495 | 75918 |
| Robinhood Markets, Inc., Class A \* | 220 | 20599 |
| State Street Corp. | 646 | 68696 |
| Tradeweb Markets, Inc., Class A | 115 | 16836 |
|  |  | 369228 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Axalta Coating Systems Ltd. \* | 1099 | 32629 |
| Chemours Co. (The) | 1901 | 21767 |
| Dow, Inc. | 804 | 21290 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Element Solutions, Inc. | 1048 | 23737 |
| LyondellBasell Industries NV, Class A | 271 | 15680 |
|  |  | 115103 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| Quanta Services, Inc. | 264 | 99813 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Eagle Materials, Inc. | 150 | 30316 |
| Martin Marietta Materials, Inc. | 101 | 55445 |
|  |  | 85761 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Capital One Financial Corp. | 309 | 65743 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
| BJ's Wholesale Club Holdings, Inc. \* | 587 | 63296 |
| Performance Food Group Co. \* | 676 | 59130 |
| US Foods Holding Corp. \* | 704 | 54215 |
|  |  | 176641 |
| **Containers & Packaging — 1.8%** | **Containers & Packaging — 1.8%** | **Containers & Packaging — 1.8%** |
| AptarGroup, Inc. | 342 | 53499 |
| Ball Corp. | 438 | 24568 |
| Packaging Corp. of America | 236 | 44474 |
|  |  | 122541 |
| **Distributors — 0.9%** | **Distributors — 0.9%** | **Distributors — 0.9%** |
| Genuine Parts Co. | 113 | 13708 |
| LKQ Corp. | 862 | 31903 |
| Pool Corp. | 42 | 12242 |
|  |  | 57853 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Bright Horizons Family Solutions, Inc. \* | 127 | 15696 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 656 | 54527 |
| Xcel Energy, Inc. | 1074 | 73139 |
|  |  | 127666 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| AMETEK, Inc. | 295 | 53383 |
| Hubbell, Inc. | 88 | 35940 |
|  |  | 89323 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| TD SYNNEX Corp. | 379 | 51430 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Teledyne Technologies, Inc. \* | 65 | 33300 |
| Zebra Technologies Corp., Class A \* | 125 | 38545 |
|  |  | 123275 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| TechnipFMC plc (United Kingdom) | 1949 | 67124 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| ROBLOX Corp., Class A \* | 127 | 13360 |
| Take-Two Interactive Software, Inc. \* | 184 | 44684 |
| Warner Bros Discovery, Inc. \* | 2986 | 34220 |
|  |  | 92264 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| Block, Inc. \* | 427 | 29006 |
| Corpay, Inc. \* | 80 | 26546 |
| Fidelity National Information Services, Inc. | 938 | 76362 |
|  |  | 131914 |
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| Archer-Daniels-Midland Co. | 288 | 15201 |
| General Mills, Inc. | 568 | 29428 |
| Hershey Co. (The) | 205 | 34020 |
| Post Holdings, Inc. \* | 286 | 31182 |
|  |  | 109831 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| JB Hunt Transport Services, Inc. | 295 | 42362 |
| Saia, Inc. \* | 117 | 32057 |
|  |  | 74419 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Dexcom, Inc. \* | 177 | 15450 |
| Envista Holdings Corp. \* | 1831 | 35778 |
| GE HealthCare Technologies, Inc. | 467 | 34591 |
| QuidelOrtho Corp. \* | 457 | 13171 |
|  |  | 98990 |
| **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** |
| Cardinal Health, Inc. | 438 | 73584 |
| Encompass Health Corp. | 556 | 68182 |
| Humana, Inc. | 156 | 38139 |
| Quest Diagnostics, Inc. | 316 | 56763 |
|  |  | 236668 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Ventas, Inc. | 658 | 41553 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Veeva Systems, Inc., Class A \* | 47 | 13535 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Host Hotels & Resorts, Inc. | 2215 | 34022 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| Darden Restaurants, Inc. | 286 | 62339 |
| Expedia Group, Inc. | 223 | 37616 |
| Flutter Entertainment plc (United Kingdom) \* | 155 | 44293 |
| Hilton Worldwide Holdings, Inc. | 270 | 71912 |
| Royal Caribbean Cruises Ltd. | 152 | 47597 |
| Yum! Brands, Inc. | 318 | 47121 |
|  |  | 310878 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Garmin Ltd. | 226 | 47171 |
| Toll Brothers, Inc. | 280 | 31956 |
|  |  | 79127 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Church & Dwight Co., Inc. | 179 | 17204 |
| **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** |
| Vistra Corp. | 267 | 51747 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Americold Realty Trust, Inc. | 716 | 11907 |
| EastGroup Properties, Inc. | 218 | 36432 |
|  |  | 48339 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Arch Capital Group Ltd. | 727 | 66193 |
| Arthur J Gallagher & Co. | 64 | 20488 |
| Hartford Insurance Group, Inc. (The) | 568 | 72062 |
| Loews Corp. | 648 | 59396 |
| Prudential Financial, Inc. | 192 | 20628 |
| RLI Corp. | 390 | 28166 |
|  |  | 266933 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| IAC, Inc. \* | 283 | 10567 |
| Pinterest, Inc., Class A \* | 647 | 23202 |
|  |  | 33769 |
| **IT Services — 2.5%** | **IT Services — 2.5%** | **IT Services — 2.5%** |
| Cloudflare, Inc., Class A \* | 53 | 10379 |
| Cognizant Technology Solutions Corp., Class A | 631 | 49237 |
| Gartner, Inc. \* | 100 | 40422 |
| GoDaddy, Inc., Class A \* | 181 | 32591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Mid Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| MongoDB, Inc. \* | 77 | 16169 |
| Twilio, Inc., Class A \* | 182 | 22634 |
|  |  | 171432 |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| IQVIA Holdings, Inc. \* | 232 | 36561 |
| Mettler-Toledo International, Inc. \* | 36 | 42290 |
| West Pharmaceutical Services, Inc. | 131 | 28663 |
|  |  | 107514 |
| **Machinery — 3.0%** | **Machinery — 3.0%** | **Machinery — 3.0%** |
| AGCO Corp. | 270 | 27853 |
| Dover Corp. | 384 | 70361 |
| IDEX Corp. | 210 | 36870 |
| Westinghouse Air Brake Technologies Corp. | 318 | 66573 |
|  |  | 201657 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Charter Communications, Inc., Class A \* | 115 | 47013 |
| Trade Desk, Inc. (The), Class A \* | 492 | 35419 |
|  |  | 82432 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alcoa Corp. | 814 | 24021 |
| **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** |
| Ameren Corp. | 572 | 54935 |
| CMS Energy Corp. | 1007 | 69765 |
| NiSource, Inc. | 978 | 39452 |
| Public Service Enterprise Group, Inc. | 246 | 20708 |
| WEC Energy Group, Inc. | 458 | 47724 |
|  |  | 232584 |
| **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** |
| Cheniere Energy, Inc. | 214 | 52113 |
| Coterra Energy, Inc. | 2014 | 51115 |
| Diamondback Energy, Inc. | 430 | 59082 |
| DT Midstream, Inc. | 250 | 27478 |
| Marathon Petroleum Corp. | 268 | 44518 |
| Williams Cos., Inc. (The) | 826 | 51881 |
|  |  | 286187 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Delta Air Lines, Inc. | 900 | 44262 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Jazz Pharmaceuticals plc \* | 331 | 35126 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Professional Services — 2.3%** | **Professional Services — 2.3%** | **Professional Services — 2.3%** |
| Booz Allen Hamilton Holding Corp. | 326 | 33946 |
| Leidos Holdings, Inc. | 227 | 35812 |
| Paylocity Holding Corp. \* | 119 | 21562 |
| SS&C Technologies Holdings, Inc. | 748 | 61934 |
|  |  | 153254 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| CBRE Group, Inc., Class A \* | 408 | 57169 |
| **Residential REITs — 1.9%** | **Residential REITs — 1.9%** | **Residential REITs — 1.9%** |
| AvalonBay Communities, Inc. | 245 | 49857 |
| Equity LifeStyle Properties, Inc. | 713 | 43971 |
| Mid-America Apartment Communities, Inc. | 221 | 32710 |
|  |  | 126538 |
| **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
| Regency Centers Corp. | 726 | 51713 |
| **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** |
| Entegris, Inc. | 473 | 38147 |
| Microchip Technology, Inc. | 818 | 57563 |
| ON Semiconductor Corp. \* | 568 | 29769 |
| Teradyne, Inc. | 332 | 29853 |
|  |  | 155332 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Confluent, Inc., Class A \* | 430 | 10720 |
| Datadog, Inc., Class A \* | 238 | 31970 |
| Fair Isaac Corp. \* | 7 | 12796 |
| HubSpot, Inc. \* | 80 | 44530 |
| Manhattan Associates, Inc. \* | 127 | 25079 |
| nCino, Inc. \* | 290 | 8111 |
| Nutanix, Inc., Class A \* | 454 | 34704 |
| Tyler Technologies, Inc. \* | 64 | 37942 |
|  |  | 205852 |
| **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** |
| CubeSmart | 1054 | 44795 |
| Digital Realty Trust, Inc. | 118 | 20571 |
| SBA Communications Corp. | 226 | 53074 |
| Weyerhaeuser Co. | 1297 | 33320 |
|  |  | 151760 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| Bath & Body Works, Inc. | 1030 | 30859 |
| Best Buy Co., Inc. | 523 | 35109 |
| Burlington Stores, Inc. \* | 184 | 42806 |
| Carvana Co. \* | 37 | 12467 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Ross Stores, Inc. | 392 | 50011 |
| Tractor Supply Co. | 335 | 17678 |
|  |  | 188930 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| Hewlett Packard Enterprise Co. | 2355 | 48160 |
| Super Micro Computer, Inc. \* | 101 | 4950 |
| Western Digital Corp. | 423 | 27068 |
|  |  | 80178 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Ralph Lauren Corp. | 232 | 63633 |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| Core & Main, Inc., Class A \* | 780 | 47073 |
| WW Grainger, Inc. | 40 | 41610 |
|  |  | 88683 |
| Total Common Stocks <br>(Cost $6,106,120)<br>|  | 6405550 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $288,084)<br>| 288084 | 288084 |
| **Total Investments — 99.5%** <br>**(Cost $6,394,204)**<br>|  | **6693634** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **32014** |
| **NET ASSETS — 100.0%** |  | **6725648** |

---

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

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

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

---

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

---

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P Midcap 400 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 311340 | &nbsp;&nbsp;&nbsp;&nbsp; 7193 |

---

&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;

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 95.2%** | **Common Stocks — 95.2%** | **Common Stocks — 95.2%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| AeroVironment, Inc. \* | 67 | 19091 |
| Moog, Inc., Class A | 207 | 37461 |
| V2X, Inc. \* | 538 | 26120 |
|  |  | 82672 |
| **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
| LCI Industries | 454 | 41400 |
| Modine Manufacturing Co. \* | 340 | 33490 |
| Visteon Corp. \* | 454 | 42358 |
|  |  | 117248 |
| **Banks — 10.9%** | **Banks — 10.9%** | **Banks — 10.9%** |
| Amalgamated Financial Corp. | 526 | 16411 |
| BancFirst Corp. | 212 | 26207 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 667 | 29535 |
| BankUnited, Inc. | 1462 | 52033 |
| Business First Bancshares, Inc. | 423 | 10427 |
| Byline Bancorp, Inc. | 393 | 10505 |
| Camden National Corp. | 774 | 31409 |
| City Holding Co. | 381 | 46642 |
| Enterprise Financial Services Corp. | 474 | 26117 |
| First Busey Corp. | 1899 | 43459 |
| First Financial Bancorp | 2039 | 49466 |
| First Interstate BancSystem, Inc., Class A | 1778 | 51242 |
| First Merchants Corp. | 1293 | 49522 |
| Heritage Commerce Corp. | 2726 | 27069 |
| Independent Bank Corp. | 440 | 14260 |
| OceanFirst Financial Corp. | 1213 | 21361 |
| Old Second Bancorp, Inc. | 964 | 17101 |
| Pathward Financial, Inc. | 258 | 20413 |
| QCR Holdings, Inc. | 394 | 26753 |
| Simmons First National Corp., Class A | 1482 | 28099 |
| TriCo Bancshares | 1133 | 45875 |
| WSFS Financial Corp. | 1025 | 56375 |
|  |  | 700281 |
| **Biotechnology — 7.9%** | **Biotechnology — 7.9%** | **Biotechnology — 7.9%** |
| Agios Pharmaceuticals, Inc. \* | 732 | 24346 |
| Akero Therapeutics, Inc. \* | 522 | 27854 |
| Alkermes plc \* | 1002 | 28667 |
| Allogene Therapeutics, Inc. \* (a) | 1873 | 2116 |
| Amicus Therapeutics, Inc. \* | 2995 | 17161 |
| Apogee Therapeutics, Inc. \* | 368 | 15982 |
| Arrowhead Pharmaceuticals, Inc. \* | 266 | 4203 |
| Biohaven Ltd. \* | 836 | 11796 |
| Blueprint Medicines Corp. \* | 205 | 26277 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Cytokinetics, Inc. \* | 315 | 10408 |
| Disc Medicine, Inc. \* | 302 | 15994 |
| Halozyme Therapeutics, Inc. \* | 447 | 23253 |
| Insmed, Inc. \* | 299 | 30091 |
| iTeos Therapeutics, Inc. \* | 1360 | 13559 |
| Mirum Pharmaceuticals, Inc. \* | 418 | 21272 |
| Nkarta, Inc. \* (a) | 1317 | 2186 |
| Protagonist Therapeutics, Inc. \* | 685 | 37860 |
| REGENXBIO, Inc. \* | 2336 | 19179 |
| Relay Therapeutics, Inc. \* | 3663 | 12674 |
| Replimune Group, Inc. \* | 685 | 6364 |
| Revolution Medicines, Inc. \* | 548 | 20161 |
| Rhythm Pharmaceuticals, Inc. \* | 451 | 28499 |
| Sionna Therapeutics, Inc. \* | 478 | 8293 |
| TG Therapeutics, Inc. \* | 218 | 7846 |
| Twist Bioscience Corp. \* | 888 | 32670 |
| Tyra Biosciences, Inc. \* (a) | 313 | 2995 |
| Vaxcyte, Inc. \* | 677 | 22009 |
| Viking Therapeutics, Inc. \* | 247 | 6546 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 901 | 28201 |
|  |  | 508462 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Savers Value Village, Inc. \* | 2763 | 28183 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| AZZ, Inc. | 661 | 62451 |
| Griffon Corp. | 521 | 37705 |
| Janus International Group, Inc. \* | 622 | 5063 |
|  |  | 105219 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| Acadian Asset Management, Inc. | 282 | 9938 |
| Donnelley Financial Solutions, Inc. \* | 764 | 47100 |
| Hamilton Lane, Inc., Class A | 205 | 29135 |
| Moelis & Co., Class A | 368 | 22934 |
| Virtus Investment Partners, Inc. | 241 | 43717 |
|  |  | 152824 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| Balchem Corp. | 253 | 40278 |
| Hawkins, Inc. | 296 | 42061 |
| Innospec, Inc. | 430 | 36159 |
| Orion SA (Germany) | 689 | 7228 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Perimeter Solutions, Inc. \* | 3693 | 51406 |
| Quaker Chemical Corp. | 127 | 14216 |
|  |  | 191348 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| ABM Industries, Inc. | 888 | 41922 |
| Driven Brands Holdings, Inc. \* | 2841 | 49888 |
| UniFirst Corp. | 66 | 12423 |
|  |  | 104233 |
| **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |
| MYR Group, Inc. \* | 226 | 41008 |
| Primoris Services Corp. | 415 | 32345 |
| Sterling Infrastructure, Inc. \* | 34 | 7845 |
|  |  | 81198 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Enova International, Inc. \* | 313 | 34906 |
| Upstart Holdings, Inc. \* | 336 | 21732 |
|  |  | 56638 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Chefs' Warehouse, Inc. (The) \* | 1012 | 64576 |
| Sprouts Farmers Market, Inc. \* | 137 | 22555 |
|  |  | 87131 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Graham Holdings Co., Class B | 40 | 37847 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 731 | 14905 |
|  |  | 52752 |
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| Essential Properties Realty Trust, Inc. | 819 | 26134 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Bandwidth, Inc., Class A \* | 713 | 11337 |
| Iridium Communications, Inc. | 571 | 17227 |
| Liberty Latin America Ltd., Class C (Puerto Rico) \* | 2392 | 14878 |
|  |  | 43442 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Oklo, Inc. \* | 173 | 9686 |
| Portland General Electric Co. | 1053 | 42784 |
|  |  | 52470 |
| **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
| Atkore, Inc. | 86 | 6067 |
| Bloom Energy Corp., Class A \* | 1255 | 30020 |
| EnerSys | 176 | 15096 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Shoals Technologies Group, Inc., Class A \* | 2489 | 10578 |
| Thermon Group Holdings, Inc. \* | 371 | 10418 |
| Vicor Corp. \* | 667 | 30255 |
|  |  | 102434 |
| **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** |
| Badger Meter, Inc. | 119 | 29149 |
| Fabrinet (Thailand) \* | 218 | 64240 |
| Knowles Corp. \* | 2496 | 43980 |
| Plexus Corp. \* | 220 | 29768 |
| ScanSource, Inc. \* | 694 | 29016 |
| TTM Technologies, Inc. \* | 1745 | 71231 |
| Vishay Intertechnology, Inc. | 1183 | 18786 |
|  |  | 286170 |
| **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** |
| Aris Water Solutions, Inc., Class A | 917 | 21687 |
| Cactus, Inc., Class A | 726 | 31741 |
| ChampionX Corp. | 2357 | 58548 |
| Liberty Energy, Inc. | 1170 | 13431 |
| Noble Corp. plc | 596 | 15824 |
| Select Water Solutions, Inc. | 1252 | 10817 |
|  |  | 152048 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Lionsgate Studios Corp. \* | 956 | 5554 |
| Starz Entertainment Corp. | 63 | 1013 |
|  |  | 6567 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Enact Holdings, Inc. | 728 | 27045 |
| Jackson Financial, Inc., Class A | 242 | 21487 |
| Radian Group, Inc. | 1533 | 55219 |
| Remitly Global, Inc. \* | 1339 | 25133 |
| WEX, Inc. \* | 151 | 22181 |
|  |  | 151065 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Dole plc | 1020 | 14270 |
| Utz Brands, Inc. | 2782 | 34914 |
| Vital Farms, Inc. \* | 453 | 17449 |
|  |  | 66633 |
| **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
| Chesapeake Utilities Corp. | 412 | 49531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| ONE Gas, Inc. | 334 | 24001 |
| Southwest Gas Holdings, Inc. | 312 | 23210 |
|  |  | 96742 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Marten Transport Ltd. | 2551 | 33138 |
| **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** |
| Alphatec Holdings, Inc. \* | 972 | 10789 |
| AtriCure, Inc. \* | 464 | 15205 |
| CVRx, Inc. \* | 792 | 4657 |
| ICU Medical, Inc. \* | 323 | 42684 |
| Inmode Ltd. \* | 1806 | 26079 |
| Inogen, Inc. \* | 1118 | 7860 |
| iRhythm Technologies, Inc. \* | 458 | 70514 |
| Lantheus Holdings, Inc. \* | 79 | 6467 |
| LivaNova plc \* | 408 | 18368 |
| Omnicell, Inc. \* | 164 | 4822 |
| PROCEPT BioRobotics Corp. \* | 336 | 19354 |
| QuidelOrtho Corp. \* | 898 | 25880 |
| Utah Medical Products, Inc. | 256 | 14571 |
|  |  | 267250 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Concentra Group Holdings Parent, Inc. | 1739 | 35771 |
| HealthEquity, Inc. \* | 503 | 52694 |
| Hims & Hers Health, Inc. \* | 510 | 25424 |
| PACS Group, Inc. \* | 314 | 4057 |
|  |  | 117946 |
| **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** |
| CareTrust REIT, Inc. | 1086 | 33232 |
| Sabra Health Care REIT, Inc. | 1639 | 30223 |
|  |  | 63455 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Evolent Health, Inc., Class A \* | 1653 | 18613 |
| Health Catalyst, Inc. \* | 1629 | 6141 |
|  |  | 24754 |
| **Hotel & Resort REITs — 1.7%** | **Hotel & Resort REITs — 1.7%** | **Hotel & Resort REITs — 1.7%** |
| RLJ Lodging Trust | 1378 | 10032 |
| Ryman Hospitality Properties, Inc. | 722 | 71240 |
| Sunstone Hotel Investors, Inc. | 2308 | 20033 |
| Xenia Hotels & Resorts, Inc. | 814 | 10232 |
|  |  | 111537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Accel Entertainment, Inc. \* | 800 | 9416 |
| Bloomin' Brands, Inc. | 769 | 6621 |
| First Watch Restaurant Group, Inc. \* | 677 | 10859 |
| Hilton Grand Vacations, Inc. \* | 393 | 16321 |
| Life Time Group Holdings, Inc. \* | 1877 | 56930 |
| Monarch Casino & Resort, Inc. | 640 | 55322 |
|  |  | 155469 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Green Brick Partners, Inc. \* | 124 | 7797 |
| La-Z-Boy, Inc. | 406 | 15091 |
| M/I Homes, Inc. \* | 333 | 37336 |
| Sonos, Inc. \* | 1581 | 17091 |
|  |  | 77315 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Spectrum Brands Holdings, Inc. | 483 | 25599 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Plymouth Industrial REIT, Inc. | 1164 | 18694 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Oscar Health, Inc., Class A \* | 1730 | 37091 |
| Palomar Holdings, Inc. \* | 108 | 16659 |
| Safety Insurance Group, Inc. | 329 | 26119 |
| Selective Insurance Group, Inc. | 319 | 27642 |
|  |  | 107511 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Angi, Inc. \* | 228 | 3479 |
| Cargurus, Inc. \* | 685 | 22927 |
| IAC, Inc. \* | 548 | 20463 |
|  |  | 46869 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| DigitalOcean Holdings, Inc. \* | 940 | 26846 |
| Unisys Corp. \* | 2097 | 9500 |
|  |  | 36346 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Azenta, Inc. \* | 393 | 12096 |
| CryoPort, Inc. \* | 713 | 5319 |
| Maravai LifeSciences Holdings, Inc., Class A \* | 3170 | 7640 |
|  |  | 25055 |
| **Machinery — 4.2%** | **Machinery — 4.2%** | **Machinery — 4.2%** |
| Atmus Filtration Technologies, Inc. | 1401 | 51024 |
| Blue Bird Corp. \* | 270 | 11653 |
| Douglas Dynamics, Inc. | 963 | 28380 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Hillman Solutions Corp. \* | 4163 | 29724 |
| Kadant, Inc. | 97 | 30793 |
| Mueller Industries, Inc. | 416 | 33059 |
| SPX Technologies, Inc. \* | 198 | 33201 |
| Watts Water Technologies, Inc., Class A | 215 | 52866 |
|  |  | 270700 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| John Wiley & Sons, Inc., Class A | 818 | 36507 |
| Magnite, Inc. \* | 1084 | 26146 |
| Thryv Holdings, Inc. \* | 587 | 7138 |
|  |  | 69791 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Commercial Metals Co. | 186 | 9097 |
| Warrior Met Coal, Inc. | 195 | 8937 |
|  |  | 18034 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
| Ladder Capital Corp. | 1820 | 19565 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Unitil Corp. | 511 | 26649 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| COPT Defense Properties | 1235 | 34061 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| CNX Resources Corp. \* | 1337 | 45030 |
| Core Natural Resources, Inc. | 114 | 7950 |
| International Seaways, Inc. | 316 | 11528 |
| Peabody Energy Corp. | 374 | 5019 |
| SM Energy Co. | 1721 | 42526 |
| Teekay Tankers Ltd., Class A (Canada) | 314 | 13100 |
|  |  | 125153 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| SkyWest, Inc. \* | 267 | 27493 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| Edgewell Personal Care Co. | 1113 | 26055 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| Arvinas, Inc. \* | 1277 | 9399 |
| Axsome Therapeutics, Inc. \* | 87 | 9082 |
| Evolus, Inc. \* | 831 | 7653 |
|  |  | 26134 |
| **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| Barrett Business Services, Inc. | 379 | 15800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| Conduent, Inc. \* | 2896 | 7645 |
| ExlService Holdings, Inc. \* | 901 | 39455 |
| First Advantage Corp. \* | 1851 | 30745 |
| IBEX Holdings Ltd. \* | 627 | 18246 |
| Verra Mobility Corp. \* | 1102 | 27980 |
|  |  | 139871 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Cushman & Wakefield plc \* | 2540 | 28118 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Centerspace | 394 | 23715 |
| **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
| Kite Realty Group Trust | 2367 | 53613 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Cohu, Inc. \* | 51 | 981 |
| Credo Technology Group Holding Ltd. \* | 842 | 77961 |
| Penguin Solutions, Inc. \* | 606 | 12005 |
| Power Integrations, Inc. | 640 | 35776 |
| Rambus, Inc. \* | 973 | 62291 |
| Semtech Corp. \* | 177 | 7990 |
| Synaptics, Inc. \* | 444 | 28780 |
|  |  | 225784 |
| **Software — 5.2%** | **Software — 5.2%** | **Software — 5.2%** |
| AvePoint, Inc. \* | 1313 | 25354 |
| BlackLine, Inc. \* | 908 | 51411 |
| Braze, Inc., Class A \* | 314 | 8823 |
| Clear Secure, Inc., Class A | 920 | 25539 |
| Clearwater Analytics Holdings, Inc., Class A \* | 1079 | 23663 |
| Core Scientific, Inc. \* | 1356 | 23147 |
| Freshworks, Inc., Class A \* | 3646 | 54362 |
| LiveRamp Holdings, Inc. \* | 422 | 13943 |
| MARA Holdings, Inc. \* (a) | 534 | 8373 |
| Ooma, Inc. \* | 807 | 10410 |
| Qualys, Inc. \* | 356 | 50862 |
| Vertex, Inc., Class A \* | 483 | 17067 |
| Workiva, Inc. \* | 183 | 12526 |
| Zeta Global Holdings Corp., Class A \* | 612 | 9480 |
|  |  | 334960 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Abercrombie & Fitch Co., Class A \* | 196 | 16239 |
| Arhaus, Inc. \* | 1815 | 15736 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Fundamental Data Science Small Core ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Group 1 Automotive, Inc. | 130 | 56772 |
| Warby Parker, Inc., Class A \* | 785 | 17215 |
|  |  | 105962 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| IonQ, Inc. \* (a) | 403 | 17317 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Kontoor Brands, Inc. | 652 | 43012 |
| Steven Madden Ltd. | 1249 | 29951 |
|  |  | 72963 |
| **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** |
| Applied Industrial Technologies, Inc. | 118 | 27429 |
| DNOW, Inc. \* | 1391 | 20628 |
| McGrath RentCorp | 356 | 41282 |
| Rush Enterprises, Inc., Class A | 855 | 44041 |
|  |  | 133380 |
| Total Common Stocks <br>(Cost $6,001,647)<br>|  | 6142150 |
| **Short-Term Investments — 4.5%** | **Short-Term Investments — 4.5%** | **Short-Term Investments — 4.5%** |
| **Investment Companies — 4.2%** | **Investment Companies — 4.2%** | **Investment Companies — 4.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c) <br>(Cost $270,795)<br>| 270795 | 270795 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $19,588)<br>| 19588 | 19588 |
| Total Short-Term Investments <br>(Cost $290,383)<br>|  | 290383 |
| **Total Investments — 99.7%** <br>**(Cost $6,292,030)**<br>|  | **6432533** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **18406** |
| **NET ASSETS — 100.0%** |  | **6450939** |

---

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

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

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

---

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

---

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $19,633. 

(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 June 30, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 284843 | &nbsp;&nbsp;&nbsp;&nbsp; 9062 |

---

&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;

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

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 83.3%** | **Common Stocks — 83.3%** | **Common Stocks — 83.3%** |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| United Parcel Service, Inc., Class B | 215783 | 21781136 |
| **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| Tesla, Inc. \* | 1944881 | 617810898 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Coca-Cola Co. (The) | 1770780 | 125282685 |
| Constellation Brands, Inc., Class A | 139265 | 22655630 |
| Monster Beverage Corp. \* | 2041741 | 127894656 |
| PepsiCo, Inc. | 1253740 | 165543830 |
|  |  | 441376801 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| AbbVie, Inc. | 668495 | 124086042 |
| Amgen, Inc. | 369112 | 103059761 |
| Biogen, Inc. \* | 339379 | 42622609 |
| Regeneron Pharmaceuticals, Inc. | 233216 | 122438400 |
| Vertex Pharmaceuticals, Inc. \* | 467900 | 208309080 |
|  |  | 600515892 |
| **Broadline Retail — 5.8%** | **Broadline Retail — 5.8%** | **Broadline Retail — 5.8%** |
| Amazon.com, Inc. \* | 6277332 | 1377183868 |
| MercadoLibre, Inc. (Brazil) \* | 81437 | 212846186 |
| PDD Holdings, Inc., ADR (China) \* | 290564 | 30410428 |
|  |  | 1620440482 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Linde plc | 538241 | 252531912 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Copart, Inc. \* | 2685890 | 131796622 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Cisco Systems, Inc. | 4379823 | 303872120 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Costco Wholesale Corp. | 458650 | 454035981 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Constellation Energy Corp. | 87694 | 28304115 |
| NextEra Energy, Inc. | 1143132 | 79356224 |
| Southern Co. (The) | 1052313 | 96633903 |
| Xcel Energy, Inc. | 1361190 | 92697039 |
|  |  | 296991281 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Eaton Corp. plc | 310321 | 110781494 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Entertainment — 3.4%** | **Entertainment — 3.4%** | **Entertainment — 3.4%** |
| Netflix, Inc. \* | 657268 | 880167297 |
| Take-Two Interactive Software, Inc. \* | 370075 | 89872714 |
|  |  | 970040011 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Corpay, Inc. \* | 170575 | 56600197 |
| Mastercard, Inc., Class A | 158060 | 88820236 |
| PayPal Holdings, Inc. \* | 771134 | 57310679 |
|  |  | 202731112 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Kraft Heinz Co. (The) | 1489115 | 38448949 |
| Mondelez International, Inc., Class A | 2790074 | 188162591 |
|  |  | 226611540 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 4849649 | 158244047 |
| Uber Technologies, Inc. \* | 820742 | 76575228 |
|  |  | 234819275 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Dexcom, Inc. \* | 824875 | 72003339 |
| Intuitive Surgical, Inc. \* | 606817 | 329750426 |
|  |  | 401753765 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| UnitedHealth Group, Inc. | 143116 | 44647898 |
| **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |
| Airbnb, Inc., Class A \* | 228884 | 30290508 |
| Booking Holdings, Inc. | 60011 | 347418082 |
| Chipotle Mexican Grill, Inc. \* | 1677924 | 94215433 |
| DoorDash, Inc., Class A \* | 431271 | 106312614 |
| Marriott International, Inc., Class A | 477778 | 130533727 |
| Starbucks Corp. | 1029187 | 94304405 |
|  |  | 803074769 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| Honeywell International, Inc. | 1099287 | 256001957 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 454882 | 47817196 |
| **Interactive Media & Services — 7.4%** | **Interactive Media & Services — 7.4%** | **Interactive Media & Services — 7.4%** |
| Alphabet, Inc., Class C | 6038421 | 1071155501 |
| Meta Platforms, Inc., Class A | 1363834 | 1006632237 |
|  |  | 2077787738 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Nasdaq Equity Premium Income ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 815461 | 63630422 |
| Shopify, Inc., Class A (Canada) \* | 1154469 | 133167999 |
|  |  | 196798421 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Thermo Fisher Scientific, Inc. | 115176 | 46699261 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Deere & Co. | 166242 | 84532395 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Charter Communications, Inc., Class A \* | 179261 | 73283689 |
| Comcast Corp., Class A | 6235890 | 222558914 |
| Trade Desk, Inc. (The), Class A \* | 490546 | 35314407 |
|  |  | 331157010 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| Diamondback Energy, Inc. | 506756 | 69628274 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bristol-Myers Squibb Co. | 1291813 | 59798024 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Verisk Analytics, Inc. | 373925 | 116477637 |
| **Semiconductors & Semiconductor Equipment — 20.0%** | **Semiconductors & Semiconductor Equipment — 20.0%** | **Semiconductors & Semiconductor Equipment — 20.0%** |
| Advanced Micro Devices, Inc. \* | 2505768 | 355568479 |
| Analog Devices, Inc. | 1081454 | 257407681 |
| Applied Materials, Inc. | 643687 | 117839779 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 190813 | 152915630 |
| Broadcom, Inc. | 4177918 | 1151643097 |
| Intel Corp. | 3495682 | 78303277 |
| Lam Research Corp. | 2560708 | 249259317 |
| Marvell Technology, Inc. | 1768855 | 136909377 |
| Micron Technology, Inc. | 1842242 | 227056327 |
| NVIDIA Corp. | 14238468 | 2249535559 |
| NXP Semiconductors NV (Netherlands) | 741993 | 162118051 |
| QUALCOMM, Inc. | 1252295 | 199440502 |
| Teradyne, Inc. | 410071 | 36873584 |
| Texas Instruments, Inc. | 1093754 | 227085205 |
|  |  | 5601955865 |
| **Software — 15.3%** | **Software — 15.3%** | **Software — 15.3%** |
| Adobe, Inc. \* | 493433 | 190899359 |
| ANSYS, Inc. \* | 65530 | 23015447 |
| AppLovin Corp., Class A \* | 389351 | 136303998 |
| Atlassian Corp., Class A \* | 113146 | 22978821 |
| Crowdstrike Holdings, Inc., Class A \* | 372963 | 189953786 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Datadog, Inc., Class A \* | 193472 | 25989094 |
| HubSpot, Inc. \* | 125283 | 69736276 |
| Intuit, Inc. | 510783 | 402308014 |
| Microsoft Corp. | 4260798 | 2119363533 |
| MicroStrategy, Inc., Class A \* | 133865 | 54112249 |
| Oracle Corp. | 573906 | 125473069 |
| Palantir Technologies, Inc., Class A \* | 2210392 | 301320637 |
| Palo Alto Networks, Inc. \* | 1287212 | 263415064 |
| ServiceNow, Inc. \* | 104082 | 107004623 |
| Synopsys, Inc. \* | 398414 | 204258889 |
| Workday, Inc., Class A \* | 199500 | 47880000 |
|  |  | 4284012859 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Lowe's Cos., Inc. | 401059 | 88982960 |
| O'Reilly Automotive, Inc. \* | 1912957 | 172414814 |
| Ross Stores, Inc. | 383575 | 48936499 |
|  |  | 310334273 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc. | 8437137 | 1731047398 |
| Seagate Technology Holdings plc | 787765 | 113698123 |
|  |  | 1844745521 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| Lululemon Athletica, Inc. \* | 46254 | 10989025 |
| **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** |
| T-Mobile US, Inc. | 1256146 | 299289346 |
| Total Common Stocks <br>(Cost $18,655,131,531)<br>|  | 23373637791 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Equity-Linked Notes — 15.1%** | **Equity-Linked Notes — 15.1%** | **Equity-Linked Notes — 15.1%** |
| Barclays Bank plc, ELN, 61.90%, <br> 7/14/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 14731 | 304041211 |
| Barclays Bank plc, ELN, 64.80%, <br> 7/11/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 14310 | 290068708 |
| BNP Paribas, ELN, 55.60%, 8/1/2025, <br> (linked to Nasdaq-100 Index) (a)<br>| 13068 | 282298856 |
| BNP Paribas, ELN, 60.52%, 7/31/2025, <br> (linked to Nasdaq-100 Index) (a)<br>| 13268 | 272968402 |
| BNP Paribas, ELN, 61.07%, 7/18/2025, <br> (linked to Nasdaq-100 Index) (a)<br>| 13672 | 289054108 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Equity-Linked Notes — continued** | **Equity-Linked Notes — continued** | **Equity-Linked Notes — continued** |
| BNP Paribas, ELN, 63.26%, 8/7/2025, <br> (linked to Nasdaq-100 Index) (a)<br>| 13228 | 299997944 |
| BofA Finance LLC, ELN, 61.49%, <br> 7/21/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 13723 | 285858598 |
| Citigroup Global Markets Holdings, Inc., <br> ELN, 60.85%, 8/4/2025, (linked to <br> Nasdaq-100 Index) (a)<br>| 13040 | 283321384 |
| Morgan Stanley Finance LLC, ELN, <br> 59.82%, 7/17/2025, (linked to <br> Nasdaq-100 Index) (b)<br>| 13762 | 283927400 |
| Morgan Stanley Finance LLC, ELN, <br> 62.64%, 7/24/2025, (linked to <br> Nasdaq-100 Index) (b)<br>| 13219 | 277351144 |
| Royal Bank of Canada, ELN, 72.71%, <br> 7/25/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 13352 | 271707058 |
| Societe Generale SA, ELN, 63.08%, <br> 7/8/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 13603 | 258097337 |
| Societe Generale SA, ELN, 63.69%, <br> 7/10/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 14424 | 281707788 |
| Societe Generale SA, ELN, 69.73%, <br> 7/7/2025, (linked to Nasdaq-100 <br> Index) (a)<br>| 14510 | 274124661 |
| Toronto-Dominion Bank (The), ELN, <br> 61.94%, 7/28/2025, (linked to <br> Nasdaq-100 Index) (a)<br>| 13351 | 269758157 |
| Total Equity-Linked Notes <br>(Cost $4,479,843,133)<br>|  | 4224282756 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (c) (d) <br>(Cost $321,794,479)<br>| 321794479 | 321794479 |
| **Total Investments — 99.5%** <br>**(Cost $23,456,769,143)**<br>|  | **27919715026** |
| **Other Assets in Excess of Liabilities —** <br> **0.5%**<br>|  | **132132131** |
| **NET ASSETS — 100.0%** |  | **28051847157** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (c) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (d) | The rate shown is the current yield as of June 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 96.8%** | **Common Stocks — 96.8%** | **Common Stocks — 96.8%** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| AAR Corp. \* | 14230 | 978882 |
| AeroVironment, Inc. \* | 10997 | 3133595 |
| ATI, Inc. \* | 48496 | 4187145 |
| BWX Technologies, Inc. | 38476 | 5542852 |
| Curtiss-Wright Corp. | 15563 | 7603304 |
| Hexcel Corp. | 39935 | 2255928 |
| Kratos Defense & Security Solutions, Inc. \* | 64018 | 2973636 |
| Moog, Inc., Class A | 11794 | 2134360 |
| Woodward, Inc. | 40233 | 9860706 |
|  |  | 38670408 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. \* | 44890 | 2186143 |
| Hub Group, Inc., Class A | 29936 | 1000760 |
|  |  | 3186903 |
| **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
| Adient plc \* | 37978 | 739052 |
| Autoliv, Inc. (Sweden) | 25558 | 2859940 |
| BorgWarner, Inc. | 133951 | 4484680 |
| Dana, Inc. | 59834 | 1026153 |
| Gentex Corp. | 65526 | 1440917 |
| Goodyear Tire & Rubber Co. (The) \* | 161090 | 1670503 |
| Lear Corp. | 15802 | 1500874 |
| Phinia, Inc. | 55821 | 2483476 |
| Visteon Corp. \* | 11908 | 1111016 |
|  |  | 17316611 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Harley-Davidson, Inc. | 50472 | 1191139 |
| Thor Industries, Inc. (a) | 16147 | 1434015 |
|  |  | 2625154 |
| **Banks — 7.2%** | **Banks — 7.2%** | **Banks — 7.2%** |
| Ameris Bancorp | 56353 | 3646039 |
| Atlantic Union Bankshares Corp. | 57721 | 1805513 |
| Axos Financial, Inc. \* | 24921 | 1894993 |
| Banc of California, Inc. | 176380 | 2478139 |
| Bancorp, Inc. (The) \* | 19552 | 1113877 |
| BankUnited, Inc. | 110193 | 3921769 |
| Berkshire Hills Bancorp, Inc. | 19218 | 481219 |
| Brookline Bancorp, Inc. | 195634 | 2063939 |
| Cadence Bank | 80704 | 2580914 |
| Capitol Federal Financial, Inc. | 54379 | 331712 |
| Central Pacific Financial Corp. | 109873 | 3079740 |
| City Holding Co. | 21284 | 2605587 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Comerica, Inc. | 43749 | 2609628 |
| Commerce Bancshares, Inc. | 36394 | 2262615 |
| Cullen/Frost Bankers, Inc. | 32897 | 4228580 |
| Customers Bancorp, Inc. \* | 43999 | 2584501 |
| CVB Financial Corp. | 60061 | 1188607 |
| Dime Community Bancshares, Inc. | 23768 | 640310 |
| East West Bancorp, Inc. | 65842 | 6648725 |
| FB Financial Corp. | 14814 | 671074 |
| First BanCorp (Puerto Rico) | 168397 | 3507710 |
| First Horizon Corp. | 309525 | 6561930 |
| FNB Corp. | 277760 | 4049741 |
| Hancock Whitney Corp. | 59963 | 3441876 |
| Hanmi Financial Corp. | 114413 | 2823713 |
| Heritage Financial Corp. | 16633 | 396531 |
| Hilltop Holdings, Inc. | 129009 | 3915423 |
| Hope Bancorp, Inc. | 126761 | 1360146 |
| National Bank Holdings Corp., Class A | 37362 | 1405185 |
| Northwest Bancshares, Inc. | 126876 | 1621475 |
| OFG Bancorp (Puerto Rico) | 80633 | 3451092 |
| Old National Bancorp | 236399 | 5044755 |
| Pathward Financial, Inc. | 42524 | 3364499 |
| Pinnacle Financial Partners, Inc. | 23954 | 2644761 |
| Prosperity Bancshares, Inc. | 51629 | 3626421 |
| Renasant Corp. | 27142 | 975212 |
| Seacoast Banking Corp. of Florida | 70781 | 1954971 |
| Southside Bancshares, Inc. | 42374 | 1247067 |
| Synovus Financial Corp. | 95661 | 4950457 |
| Texas Capital Bancshares, Inc. \* | 18844 | 1496214 |
| Trustmark Corp. | 25303 | 922547 |
| UMB Financial Corp. | 35962 | 3781764 |
| United Community Banks, Inc. | 47808 | 1424200 |
| Veritex Holdings, Inc. | 93439 | 2438758 |
| WaFd, Inc. | 34911 | 1022194 |
| Webster Financial Corp. | 137820 | 7524972 |
| Westamerica BanCorp | 11012 | 533421 |
| Western Alliance Bancorp | 47024 | 3666932 |
| Wintrust Financial Corp. | 28181 | 3493880 |
| WSFS Financial Corp. | 29340 | 1613700 |
| Zions Bancorp NA | 28893 | 1500702 |
|  |  | 132599730 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Celsius Holdings, Inc. \* | 81228 | 3768167 |
| Coca-Cola Consolidated, Inc. | 20424 | 2280340 |
|  |  | 6048507 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| Arrowhead Pharmaceuticals, Inc. \* | 78749 | 1244234 |
| Exelixis, Inc. \* | 281074 | 12388336 |
| Halozyme Therapeutics, Inc. \* | 132354 | 6885055 |
| Myriad Genetics, Inc. \* | 119299 | 633478 |
| Neurocrine Biosciences, Inc. \* | 42223 | 5307009 |
| Protagonist Therapeutics, Inc. \* | 119763 | 6619301 |
| Sarepta Therapeutics, Inc. \* | 41460 | 708966 |
| United Therapeutics Corp. \* | 35096 | 10084836 |
| Vir Biotechnology, Inc. \* | 358530 | 1806991 |
|  |  | 45678206 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Macy's, Inc. | 85488 | 996790 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 22760 | 2999313 |
|  |  | 3996103 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| AAON, Inc. | 27488 | 2027240 |
| Advanced Drainage Systems, Inc. | 20916 | 2402412 |
| Apogee Enterprises, Inc. | 56369 | 2288581 |
| AZZ, Inc. | 12258 | 1158136 |
| Carlisle Cos., Inc. | 15455 | 5770897 |
| Fortune Brands Innovations, Inc. | 10985 | 565508 |
| Gibraltar Industries, Inc. \* | 15197 | 896623 |
| Griffon Corp. | 25186 | 1822711 |
| Owens Corning | 59274 | 8151360 |
| Quanex Building Products Corp. | 14619 | 276299 |
| Resideo Technologies, Inc. \* | 173113 | 3818873 |
| Simpson Manufacturing Co., Inc. | 17664 | 2743396 |
| Trex Co., Inc. \* | 8196 | 445698 |
| UFP Industries, Inc. | 50042 | 4972173 |
|  |  | 37339907 |
| **Capital Markets — 3.0%** | **Capital Markets — 3.0%** | **Capital Markets — 3.0%** |
| Acadian Asset Management, Inc. | 10795 | 380416 |
| Affiliated Managers Group, Inc. | 26517 | 5217750 |
| BGC Group, Inc., Class A | 161086 | 1647910 |
| Carlyle Group, Inc. (The) | 47526 | 2442836 |
| Donnelley Financial Solutions, Inc. \* | 24216 | 1492916 |
| Evercore, Inc., Class A | 10773 | 2908925 |
| Federated Hermes, Inc. | 72956 | 3233410 |
| Hamilton Lane, Inc., Class A | 7480 | 1063058 |
| Houlihan Lokey, Inc. | 17584 | 3164241 |
| Interactive Brokers Group, Inc., Class A | 180812 | 10018793 |
| Janus Henderson Group plc | 93608 | 3635735 |
| Jefferies Financial Group, Inc. | 122651 | 6707783 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Morningstar, Inc. | 5684 | 1784378 |
| Piper Sandler Cos. | 6697 | 1861364 |
| StepStone Group, Inc., Class A | 9689 | 537740 |
| Stifel Financial Corp. | 43807 | 4546290 |
| StoneX Group, Inc. \* | 28887 | 2632761 |
| Virtu Financial, Inc., Class A | 33026 | 1479235 |
| Virtus Investment Partners, Inc. | 2593 | 470370 |
| WisdomTree, Inc. | 49563 | 570470 |
|  |  | 55796381 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| AdvanSix, Inc. | 12317 | 292529 |
| Ashland, Inc. | 24831 | 1248503 |
| Avient Corp. | 78554 | 2538080 |
| Axalta Coating Systems Ltd. \* | 91863 | 2727412 |
| Balchem Corp. | 15425 | 2455660 |
| Cabot Corp. | 34039 | 2552925 |
| Chemours Co. (The) | 106629 | 1220902 |
| Element Solutions, Inc. | 55902 | 1266180 |
| FMC Corp. | 87352 | 3646946 |
| Hawkins, Inc. | 9599 | 1364018 |
| HB Fuller Co. | 81817 | 4921292 |
| Ingevity Corp. \* | 16008 | 689785 |
| Innospec, Inc. | 46460 | 3906821 |
| Minerals Technologies, Inc. | 31143 | 1715045 |
| RPM International, Inc. | 47157 | 5179725 |
|  |  | 35725823 |
| **Commercial Services & Supplies — 2.1%** | **Commercial Services & Supplies — 2.1%** | **Commercial Services & Supplies — 2.1%** |
| ABM Industries, Inc. | 45836 | 2163917 |
| Brady Corp., Class A | 80787 | 5491092 |
| Brink's Co. (The) | 26180 | 2337612 |
| Clean Harbors, Inc. \* | 32588 | 7533694 |
| Enviri Corp. \* | 33001 | 286449 |
| MillerKnoll, Inc. | 42104 | 817660 |
| MSA Safety, Inc. | 28845 | 4832403 |
| OPENLANE, Inc. \* | 116471 | 2847716 |
| Pitney Bowes, Inc. | 53746 | 586369 |
| RB Global, Inc. (Canada) | 52817 | 5608637 |
| Tetra Tech, Inc. | 115659 | 4159098 |
| UniFirst Corp. | 6377 | 1200279 |
|  |  | 37864926 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Ciena Corp. \* | 27148 | 2207947 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| Digi International, Inc. \* | 16934 | 590319 |
| Lumentum Holdings, Inc. \* | 52037 | 4946637 |
|  |  | 7744903 |
| **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** |
| AECOM | 100383 | 11329225 |
| Arcosa, Inc. | 26873 | 2330158 |
| Comfort Systems USA, Inc. | 18036 | 9671084 |
| Dycom Industries, Inc. \* | 27157 | 6636899 |
| EMCOR Group, Inc. | 12700 | 6793103 |
| Everus Construction Group, Inc. \* | 14156 | 899331 |
| Fluor Corp. \* | 73705 | 3778855 |
| Granite Construction, Inc. | 57332 | 5361115 |
| MasTec, Inc. \* | 46358 | 7900794 |
| MYR Group, Inc. \* | 19164 | 3477308 |
| Sterling Infrastructure, Inc. \* | 12343 | 2847900 |
| Valmont Industries, Inc. | 8464 | 2764089 |
|  |  | 63789861 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Eagle Materials, Inc. | 13557 | 2740005 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| Ally Financial, Inc. | 160494 | 6251241 |
| Bread Financial Holdings, Inc. | 20951 | 1196721 |
| Enova International, Inc. \* | 36456 | 4065573 |
| FirstCash Holdings, Inc. | 22453 | 3034298 |
| Navient Corp. | 156759 | 2210302 |
| SLM Corp. | 172245 | 5647914 |
|  |  | 22406049 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Albertsons Cos., Inc., Class A | 167565 | 3604323 |
| Andersons, Inc. (The) | 12335 | 453311 |
| BJ's Wholesale Club Holdings, Inc. \* | 58269 | 6283146 |
| Casey's General Stores, Inc. | 17331 | 8843489 |
| Chefs' Warehouse, Inc. (The) \* | 40913 | 2610659 |
| Grocery Outlet Holding Corp. \* | 40153 | 498700 |
| Maplebear, Inc. \* | 98640 | 4462474 |
| Performance Food Group Co. \* | 87181 | 7625722 |
| PriceSmart, Inc. | 10787 | 1133067 |
| SpartanNash Co. | 18092 | 479257 |
| Sprouts Farmers Market, Inc. \* | 41259 | 6792882 |
| US Foods Holding Corp. \* | 112193 | 8639983 |
|  |  | 51427013 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| AptarGroup, Inc. | 26346 | 4121305 |
| Crown Holdings, Inc. | 48797 | 5025115 |
| Greif, Inc., Class A | 51467 | 3344840 |
| O-I Glass, Inc. \* | 192870 | 2842904 |
| Silgan Holdings, Inc. | 39208 | 2124289 |
| Sonoco Products Co. | 100496 | 4377606 |
|  |  | 21836059 |
| **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** |
| Adtalem Global Education, Inc. \* | 22353 | 2843972 |
| Duolingo, Inc. \* | 7367 | 3020617 |
| Frontdoor, Inc. \* | 27490 | 1620261 |
| Graham Holdings Co., Class B | 754 | 713412 |
| Grand Canyon Education, Inc. \* | 28125 | 5315625 |
| H&R Block, Inc. | 63901 | 3507526 |
| Mister Car Wash, Inc. \* | 141419 | 849928 |
| Perdoceo Education Corp. | 54621 | 1785561 |
| Service Corp. International | 59289 | 4826125 |
| Strategic Education, Inc. | 28633 | 2437527 |
| Stride, Inc. \* | 33568 | 4873738 |
|  |  | 31794292 |
| **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** |
| Alexander & Baldwin, Inc. | 185330 | 3304434 |
| American Assets Trust, Inc. | 65488 | 1293388 |
| Armada Hoffler Properties, Inc. | 221631 | 1522605 |
| Essential Properties Realty Trust, Inc. | 175369 | 5596025 |
| WP Carey, Inc. | 37279 | 2325464 |
|  |  | 14041916 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Frontier Communications Parent, Inc. \* | 102323 | 3724557 |
| Iridium Communications, Inc. | 169865 | 5124827 |
| Lumen Technologies, Inc. \* | 954893 | 4182432 |
|  |  | 13031816 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| IDACORP, Inc. | 22424 | 2588851 |
| OGE Energy Corp. | 184562 | 8190861 |
| Otter Tail Corp. | 17942 | 1383149 |
|  |  | 12162861 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Acuity, Inc. | 12754 | 3805028 |
| EnerSys | 41558 | 3564430 |
| NEXTracker, Inc., Class A \* | 22539 | 1225445 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| nVent Electric plc | 113743 | 8331675 |
| Regal Rexnord Corp. | 29039 | 4209494 |
|  |  | 21136072 |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| Advanced Energy Industries, Inc. | 41570 | 5508025 |
| Arrow Electronics, Inc. \* | 47828 | 6094722 |
| Badger Meter, Inc. | 12396 | 3036400 |
| Belden, Inc. | 22005 | 2548179 |
| Benchmark Electronics, Inc. | 55728 | 2163918 |
| Coherent Corp. \* | 134677 | 12014535 |
| Fabrinet (Thailand) \* | 31914 | 9404418 |
| Flex Ltd. \* | 43847 | 2188842 |
| Insight Enterprises, Inc. \* | 11077 | 1529568 |
| Plexus Corp. \* | 23440 | 3171666 |
| TD SYNNEX Corp. | 44083 | 5982063 |
| TTM Technologies, Inc. \* | 155164 | 6333794 |
| Vontier Corp. | 65075 | 2401268 |
|  |  | 62377398 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| Archrock, Inc. | 24269 | 602599 |
| Bristow Group, Inc. \* | 14546 | 479582 |
| ChampionX Corp. | 121523 | 3018631 |
| Helmerich & Payne, Inc. | 34625 | 524915 |
| Liberty Energy, Inc. | 160474 | 1842242 |
| NOV, Inc. | 199658 | 2481749 |
| Oceaneering International, Inc. \* | 110538 | 2290347 |
| Patterson-UTI Energy, Inc. | 203999 | 1209714 |
| ProPetro Holding Corp. \* | 37782 | 225559 |
| Valaris Ltd. \* | 31783 | 1338382 |
| Weatherford International plc | 27494 | 1383223 |
|  |  | 15396943 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark Holdings, Inc. | 51173 | 1544401 |
| **Financial Services — 3.3%** | **Financial Services — 3.3%** | **Financial Services — 3.3%** |
| Equitable Holdings, Inc. | 128792 | 7225231 |
| Essent Group Ltd. | 60082 | 3648780 |
| Euronet Worldwide, Inc. \* | 9867 | 1000316 |
| EVERTEC, Inc. (Puerto Rico) | 75624 | 2726245 |
| HA Sustainable Infrastructure Capital, Inc. | 102804 | 2761315 |
| Jackson Financial, Inc., Class A | 40196 | 3569003 |
| MGIC Investment Corp. | 74276 | 2067844 |
| Mr. Cooper Group, Inc. \* | 25814 | 3851707 |
| NCR Atleos Corp. \* | 51942 | 1481905 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| NMI Holdings, Inc., Class A \* | 106277 | 4483827 |
| Radian Group, Inc. | 58696 | 2114230 |
| Shift4 Payments, Inc., Class A \* (a) | 98396 | 9752028 |
| Voya Financial, Inc. | 64363 | 4569773 |
| Walker & Dunlop, Inc. | 62956 | 4437139 |
| WEX, Inc. \* | 48065 | 7060268 |
|  |  | 60749611 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Cal-Maine Foods, Inc. | 17189 | 1712540 |
| Darling Ingredients, Inc. \* | 67144 | 2547443 |
| Fresh Del Monte Produce, Inc. | 43426 | 1407871 |
| Freshpet, Inc. \* | 37308 | 2535452 |
| Ingredion, Inc. | 37990 | 5152204 |
| Marzetti Co. (The) | 7893 | 1363673 |
| Post Holdings, Inc. \* | 42271 | 4608807 |
| Simply Good Foods Co. (The) \* | 64771 | 2046116 |
|  |  | 21374106 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| Chesapeake Utilities Corp. | 9635 | 1158320 |
| MDU Resources Group, Inc. | 105779 | 1763336 |
| Southwest Gas Holdings, Inc. | 73235 | 5447952 |
| Spire, Inc. | 13492 | 984781 |
| UGI Corp. | 171220 | 6235832 |
|  |  | 15590221 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| ArcBest Corp. | 26087 | 2008960 |
| Avis Budget Group, Inc. \* (a) | 9870 | 1668523 |
| Hertz Global Holdings, Inc. \* | 53607 | 366136 |
| Knight-Swift Transportation Holdings, Inc. | 57431 | 2540173 |
| Ryder System, Inc. | 19251 | 3060909 |
| Saia, Inc. \* | 4759 | 1303918 |
| XPO, Inc. \* | 35819 | 4523582 |
|  |  | 15472201 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| Embecta Corp. | 176111 | 1706515 |
| Glaukos Corp. \* | 39509 | 4080885 |
| Globus Medical, Inc., Class A \* | 104286 | 6154960 |
| Haemonetics Corp. \* | 57165 | 4265081 |
| Integer Holdings Corp. \* | 16122 | 1982522 |
| Integra LifeSciences Holdings Corp. \* | 35704 | 438088 |
| Lantheus Holdings, Inc. \* | 44487 | 3641706 |
| Masimo Corp. \* | 47916 | 8060429 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Merit Medical Systems, Inc. \* | 25260 | 2361305 |
| Omnicell, Inc. \* | 20919 | 615019 |
| Penumbra, Inc. \* | 18388 | 4718912 |
| Tandem Diabetes Care, Inc. \* | 169698 | 3163171 |
| TransMedics Group, Inc. \* | 53005 | 7103200 |
|  |  | 48291793 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Acadia Healthcare Co., Inc. \* | 44314 | 1005485 |
| Addus HomeCare Corp. \* | 7472 | 860700 |
| Amedisys, Inc. \* | 41774 | 4110144 |
| Chemed Corp. | 8374 | 4077552 |
| CorVel Corp. \* | 12104 | 1244049 |
| Encompass Health Corp. | 72476 | 8887732 |
| HealthEquity, Inc. \* | 18152 | 1901603 |
| Hims & Hers Health, Inc. \* (a) | 81750 | 4075237 |
| Option Care Health, Inc. \* | 130391 | 4235100 |
| Progyny, Inc. \* | 207251 | 4559522 |
| Tenet Healthcare Corp. \* | 35835 | 6306960 |
|  |  | 41264084 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| CareTrust REIT, Inc. | 104424 | 3195375 |
| Healthcare Realty Trust, Inc. | 173821 | 2756801 |
| Omega Healthcare Investors, Inc. | 89045 | 3263499 |
| Sabra Health Care REIT, Inc. | 96439 | 1778335 |
|  |  | 10994010 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Doximity, Inc., Class A \* | 65809 | 4036724 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| DiamondRock Hospitality Co. | 306009 | 2344029 |
| Sunstone Hotel Investors, Inc. | 78305 | 679687 |
| Xenia Hotels & Resorts, Inc. | 261438 | 3286276 |
|  |  | 6309992 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Aramark | 111617 | 4673404 |
| BJ's Restaurants, Inc. \* | 52024 | 2320270 |
| Boyd Gaming Corp. | 30996 | 2424817 |
| Brinker International, Inc. \* | 18761 | 3383171 |
| Cava Group, Inc. \* | 48387 | 4075637 |
| Churchill Downs, Inc. | 44891 | 4533991 |
| Hilton Grand Vacations, Inc. \* | 34810 | 1445659 |
| Hyatt Hotels Corp., Class A | 14590 | 2037493 |
| Jack in the Box, Inc. (a) | 78855 | 1376808 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Light & Wonder, Inc. \* | 46061 | 4433832 |
| Marriott Vacations Worldwide Corp. | 20525 | 1484163 |
| Monarch Casino & Resort, Inc. | 41063 | 3549486 |
| Papa John's International, Inc. | 9985 | 488666 |
| Penn Entertainment, Inc. \* | 57554 | 1028490 |
| Planet Fitness, Inc., Class A \* | 34956 | 3811952 |
| Shake Shack, Inc., Class A \* | 25696 | 3612858 |
| Six Flags Entertainment Corp. \* | 37631 | 1145111 |
| Texas Roadhouse, Inc. | 10003 | 1874662 |
| Travel + Leisure Co. | 58844 | 3036939 |
| Vail Resorts, Inc. | 5190 | 815505 |
| Wendy's Co. (The) | 78556 | 897110 |
| Wingstop, Inc. | 12020 | 4047615 |
| Wyndham Hotels & Resorts, Inc. | 17702 | 1437579 |
|  |  | 57935218 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| Cavco Industries, Inc. \* | 2341 | 1017001 |
| Century Communities, Inc. | 13365 | 752717 |
| Champion Homes, Inc. \* | 21004 | 1315061 |
| Green Brick Partners, Inc. \* | 26484 | 1665314 |
| KB Home | 29964 | 1587193 |
| Leggett & Platt, Inc. | 59248 | 528492 |
| M/I Homes, Inc. \* | 13459 | 1509023 |
| Meritage Homes Corp. | 14862 | 995308 |
| Somnigroup International, Inc. | 42578 | 2897433 |
| Taylor Morrison Home Corp. \* | 42736 | 2624845 |
| Toll Brothers, Inc. | 49334 | 5630489 |
| TopBuild Corp. \* | 13546 | 4385382 |
| Tri Pointe Homes, Inc. \* | 138263 | 4417503 |
|  |  | 29325761 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co., Class A \* | 29398 | 919863 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Clearway Energy, Inc., Class C | 97754 | 3128128 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| EastGroup Properties, Inc. | 41153 | 6877490 |
| First Industrial Realty Trust, Inc. | 89299 | 4297961 |
| LXP Industrial Trust | 395878 | 3269952 |
| STAG Industrial, Inc. | 13361 | 484737 |
|  |  | 14930140 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| American Financial Group, Inc. | 30684 | 3872628 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| AMERISAFE, Inc. | 26108 | 1141703 |
| Assured Guaranty Ltd. | 23764 | 2069844 |
| Brighthouse Financial, Inc. \* | 52096 | 2801202 |
| CNO Financial Group, Inc. | 40203 | 1551032 |
| Employers Holdings, Inc. | 42963 | 2026994 |
| Fidelity National Financial, Inc. | 108500 | 6082510 |
| First American Financial Corp. | 26194 | 1608050 |
| Genworth Financial, Inc., Class A \* | 195575 | 1521574 |
| Horace Mann Educators Corp. | 20121 | 864599 |
| Kemper Corp. | 66703 | 4305012 |
| Kinsale Capital Group, Inc. | 5575 | 2697742 |
| Mercury General Corp. | 10671 | 718585 |
| Old Republic International Corp. | 49046 | 1885328 |
| Palomar Holdings, Inc. \* | 5156 | 795313 |
| Reinsurance Group of America, Inc. | 35740 | 7089386 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 16833 | 4088736 |
| RLI Corp. | 53895 | 3892297 |
| Safety Insurance Group, Inc. | 47846 | 3798494 |
| Selective Insurance Group, Inc. | 25916 | 2245621 |
| SiriusPoint Ltd. (Sweden) \* | 34510 | 703659 |
| Unum Group | 88951 | 7183683 |
|  |  | 62943992 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Cargurus, Inc. \* | 123662 | 4138967 |
| QuinStreet, Inc. \* | 67431 | 1085639 |
| Yelp, Inc. \* | 53184 | 1822616 |
|  |  | 7047222 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| ASGN, Inc. \* | 34416 | 1718391 |
| Kyndryl Holdings, Inc. \* | 96505 | 4049350 |
|  |  | 5767741 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Acushnet Holdings Corp. (a) | 12171 | 886292 |
| Brunswick Corp. | 14576 | 805178 |
| Mattel, Inc. \* | 149189 | 2942007 |
| YETI Holdings, Inc. \* | 41591 | 1310949 |
|  |  | 5944426 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Azenta, Inc. \* | 39412 | 1213101 |
| Bruker Corp. | 50275 | 2071330 |
| Illumina, Inc. \* | 44968 | 4290397 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| Medpace Holdings, Inc. \* | 13395 | 4204155 |
| Repligen Corp. \* | 9415 | 1171038 |
|  |  | 12950021 |
| **Machinery — 4.8%** | **Machinery — 4.8%** | **Machinery — 4.8%** |
| AGCO Corp. | 26149 | 2697531 |
| Alamo Group, Inc. | 12511 | 2732152 |
| Albany International Corp., Class A | 12676 | 888968 |
| Chart Industries, Inc. \* | 17486 | 2879070 |
| Crane Co. | 22747 | 4319428 |
| Donaldson Co., Inc. | 106334 | 7374263 |
| Esab Corp. | 21734 | 2620034 |
| ESCO Technologies, Inc. | 7296 | 1399883 |
| Flowserve Corp. | 66459 | 3479129 |
| Graco, Inc. | 112607 | 9680824 |
| Greenbrier Cos., Inc. (The) | 11336 | 522023 |
| ITT, Inc. | 38742 | 6075908 |
| Kennametal, Inc. | 33234 | 763053 |
| Lincoln Electric Holdings, Inc. | 21407 | 4438099 |
| Lindsay Corp. | 8096 | 1167848 |
| Mueller Industries, Inc. | 102243 | 8125251 |
| Oshkosh Corp. | 30693 | 3484883 |
| RBC Bearings, Inc. \* | 13699 | 5271375 |
| SPX Technologies, Inc. \* | 21101 | 3538216 |
| Standex International Corp. | 3646 | 570526 |
| Tennant Co. | 8460 | 655481 |
| Terex Corp. | 36002 | 1680933 |
| Timken Co. (The) | 48479 | 3517151 |
| Toro Co. (The) | 25295 | 1787850 |
| Trinity Industries, Inc. | 32473 | 877096 |
| Watts Water Technologies, Inc., Class A | 29549 | 7265804 |
|  |  | 87812779 |
| **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** |
| Kirby Corp. \* | 30649 | 3475903 |
| Matson, Inc. | 26958 | 3001773 |
|  |  | 6477676 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| DoubleVerify Holdings, Inc. \* | 55278 | 827512 |
| John Wiley & Sons, Inc., Class A | 36585 | 1632789 |
| New York Times Co. (The), Class A | 83557 | 4677521 |
| Nexstar Media Group, Inc. | 7751 | 1340535 |
| Scholastic Corp. | 35923 | 753665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| TechTarget, Inc. \* | 223803 | 1738949 |
| TEGNA, Inc. | 64499 | 1081003 |
|  |  | 12051974 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alcoa Corp. | 81944 | 2418167 |
| Alpha Metallurgical Resources, Inc. \* | 5056 | 568699 |
| Carpenter Technology Corp. | 10566 | 2920231 |
| Cleveland-Cliffs, Inc. \* | 94222 | 716087 |
| Commercial Metals Co. | 82108 | 4015902 |
| Kaiser Aluminum Corp. | 6890 | 550511 |
| Materion Corp. | 19403 | 1540016 |
| Reliance, Inc. | 33255 | 10438745 |
| Royal Gold, Inc. | 8549 | 1520354 |
| SunCoke Energy, Inc. | 38949 | 334572 |
| Warrior Met Coal, Inc. | 42878 | 1965099 |
|  |  | 26988383 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** |
| Annaly Capital Management, Inc. | 191367 | 3601527 |
| Apollo Commercial Real Estate Finance, Inc. | 55064 | 533019 |
| Ellington Financial, Inc. (a) | 38923 | 505610 |
| KKR Real Estate Finance Trust, Inc. | 32294 | 283218 |
| New York Mortgage Trust, Inc. | 25044 | 167795 |
| PennyMac Mortgage Investment Trust | 41527 | 534037 |
| Redwood Trust, Inc. | 58666 | 346716 |
| Starwood Property Trust, Inc. | 139465 | 2799063 |
|  |  | 8770985 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Northwestern Energy Group, Inc. | 23827 | 1222325 |
| Unitil Corp. | 57627 | 3005248 |
|  |  | 4227573 |
| **Office REITs — 0.9%** | **Office REITs — 0.9%** | **Office REITs — 0.9%** |
| Brandywine Realty Trust | 72492 | 310991 |
| COPT Defense Properties | 107608 | 2967829 |
| Cousins Properties, Inc. | 109234 | 3280297 |
| Highwoods Properties, Inc. | 48352 | 1503264 |
| Kilroy Realty Corp. | 74082 | 2541753 |
| SL Green Realty Corp. | 54766 | 3390015 |
| Vornado Realty Trust | 66897 | 2558141 |
|  |  | 16552290 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Antero Midstream Corp. | 141943 | 2689820 |
| Antero Resources Corp. \* | 58317 | 2349009 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| California Resources Corp. | 35695 | 1630191 |
| Chord Energy Corp. | 43830 | 4244935 |
| Civitas Resources, Inc. | 62293 | 1714303 |
| CNX Resources Corp. \* | 45288 | 1525300 |
| Core Natural Resources, Inc. | 19140 | 1334824 |
| Dorian LPG Ltd. | 14287 | 348317 |
| DT Midstream, Inc. | 27649 | 3038902 |
| HF Sinclair Corp. | 83035 | 3411078 |
| Magnolia Oil & Gas Corp., Class A | 21386 | 480757 |
| Matador Resources Co. | 113231 | 5403383 |
| Murphy Oil Corp. | 72410 | 1629225 |
| Ovintiv, Inc. | 135644 | 5161254 |
| Par Pacific Holdings, Inc. \* | 24221 | 642583 |
| PBF Energy, Inc., Class A | 42193 | 914322 |
| Peabody Energy Corp. | 57482 | 771408 |
| Permian Resources Corp. | 267490 | 3643214 |
| Range Resources Corp. | 165278 | 6721856 |
| REX American Resources Corp. \* | 16799 | 818279 |
| SM Energy Co. | 70904 | 1752038 |
| Talos Energy, Inc. \* | 17672 | 149859 |
| World Kinect Corp. | 31216 | 884974 |
|  |  | 51259831 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp. | 26196 | 2252594 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc. \* | 27473 | 1359364 |
| Allegiant Travel Co. \* | 5897 | 324040 |
| American Airlines Group, Inc. \* | 217756 | 2443222 |
| SkyWest, Inc. \* | 37304 | 3841193 |
|  |  | 7967819 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| BellRing Brands, Inc. \* | 66992 | 3880847 |
| Coty, Inc., Class A \* | 303879 | 1413037 |
| elf Beauty, Inc. \* | 23791 | 2960552 |
|  |  | 8254436 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Corcept Therapeutics, Inc. \* | 40051 | 2939744 |
| Jazz Pharmaceuticals plc \* | 42400 | 4499488 |
| Prestige Consumer Healthcare, Inc. \* | 7184 | 573642 |
| Supernus Pharmaceuticals, Inc. \* | 24362 | 767890 |
|  |  | 8780764 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
| CACI International, Inc., Class A \* | 18890 | 9004863 |
| Concentrix Corp. | 43156 | 2281010 |
| ExlService Holdings, Inc. \* | 88465 | 3873882 |
| FTI Consulting, Inc. \* | 14781 | 2387131 |
| Heidrick & Struggles International, Inc. | 15667 | 716922 |
| Insperity, Inc. | 13438 | 807893 |
| KBR, Inc. | 117688 | 5641963 |
| Korn Ferry | 21908 | 1606514 |
| Paylocity Holding Corp. \* | 36584 | 6628655 |
| Science Applications International Corp. | 19865 | 2236998 |
|  |  | 35185831 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Cushman & Wakefield plc \* | 91230 | 1009916 |
| Jones Lang LaSalle, Inc. \* | 34894 | 8925187 |
| St. Joe Co. (The) | 14695 | 700952 |
|  |  | 10636055 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
| American Homes 4 Rent, Class A | 152016 | 5483217 |
| Centerspace | 18761 | 1129225 |
| Equity LifeStyle Properties, Inc. | 61823 | 3812625 |
| Independence Realty Trust, Inc. | 109644 | 1939602 |
| Veris Residential, Inc. | 36227 | 539420 |
|  |  | 12904089 |
| **Retail REITs — 1.4%** | **Retail REITs — 1.4%** | **Retail REITs — 1.4%** |
| Acadia Realty Trust | 52553 | 975909 |
| Agree Realty Corp. | 28264 | 2064968 |
| Brixmor Property Group, Inc. | 257419 | 6703191 |
| Curbline Properties Corp. | 148129 | 3381785 |
| Getty Realty Corp. | 81312 | 2247464 |
| Kite Realty Group Trust | 112639 | 2551273 |
| Macerich Co. (The) | 43038 | 696355 |
| NNN REIT, Inc. | 79504 | 3432983 |
| Phillips Edison & Co., Inc. | 52774 | 1848673 |
| Saul Centers, Inc. | 5501 | 187804 |
| Urban Edge Properties | 49821 | 929660 |
|  |  | 25020065 |
| **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** |
| Alpha & Omega Semiconductor Ltd. \* | 32768 | 840827 |
| Axcelis Technologies, Inc. \* | 18164 | 1265849 |
| Cohu, Inc. \* | 20919 | 402482 |
| Diodes, Inc. \* | 20358 | 1076735 |
| FormFactor, Inc. \* | 43981 | 1513386 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Impinj, Inc. \* | 43385 | 4818772 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 117261 | 4057231 |
| Lattice Semiconductor Corp. \* | 71931 | 3523900 |
| MACOM Technology Solutions Holdings, Inc. \* | 25993 | 3724537 |
| MaxLinear, Inc. \* | 150436 | 2137695 |
| MKS, Inc. | 47683 | 4737783 |
| Onto Innovation, Inc. \* | 38519 | 3887723 |
| Penguin Solutions, Inc. \* | 109545 | 2170086 |
| Power Integrations, Inc. | 15448 | 863543 |
| Qorvo, Inc. \* | 23769 | 2018226 |
| Rambus, Inc. \* | 85889 | 5498614 |
| Semtech Corp. \* | 81082 | 3660041 |
| SiTime Corp. \* | 23014 | 4903823 |
| Veeco Instruments, Inc. \* | 3573 | 72603 |
|  |  | 51173856 |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| ACI Worldwide, Inc. \* | 27939 | 1282679 |
| Appfolio, Inc., Class A \* | 10459 | 2408498 |
| Bill Holdings, Inc. \* | 18700 | 865062 |
| BlackLine, Inc. \* | 80116 | 4536168 |
| Cleanspark, Inc. \* | 65270 | 719928 |
| Clear Secure, Inc., Class A | 101067 | 2805620 |
| Docusign, Inc. \* | 83492 | 6503192 |
| Dropbox, Inc., Class A \* | 240330 | 6873438 |
| Dynatrace, Inc. \* | 105320 | 5814717 |
| Guidewire Software, Inc. \* | 41064 | 9668519 |
| InterDigital, Inc. (a) | 16233 | 3639926 |
| LiveRamp Holdings, Inc. \* | 110742 | 3658916 |
| Manhattan Associates, Inc. \* | 33262 | 6568247 |
| MARA Holdings, Inc. \* (a) | 367291 | 5759123 |
| Qualys, Inc. \* | 16429 | 2347211 |
|  |  | 63451244 |
| **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| CubeSmart | 186720 | 7935600 |
| Four Corners Property Trust, Inc. | 98275 | 2644580 |
| Gaming and Leisure Properties, Inc. | 62100 | 2898828 |
| Lamar Advertising Co., Class A | 35391 | 4295052 |
| Millrose Properties, Inc., Class A | 48844 | 1392542 |
| PotlatchDeltic Corp. | 74635 | 2863745 |
| Rayonier, Inc. | 57204 | 1268785 |
|  |  | 23299132 |
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| Abercrombie & Fitch Co., Class A \* | 39020 | 3232807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF)

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Advance Auto Parts, Inc. | 16442 | 764389 |
| American Eagle Outfitters, Inc. | 91043 | 875834 |
| Asbury Automotive Group, Inc. \* | 11412 | 2722219 |
| AutoNation, Inc. \* | 17463 | 3469025 |
| Bath & Body Works, Inc. | 89226 | 2673211 |
| Boot Barn Holdings, Inc. \* | 13178 | 2003056 |
| Burlington Stores, Inc. \* | 32121 | 7472629 |
| Chewy, Inc., Class A \* | 97881 | 4171688 |
| Dick's Sporting Goods, Inc. | 20837 | 4121767 |
| Five Below, Inc. \* | 18552 | 2433651 |
| Floor & Decor Holdings, Inc., Class A \* | 68997 | 5241012 |
| GameStop Corp., Class A \* (a) | 165455 | 4035448 |
| Gap, Inc. (The) | 92548 | 2018472 |
| Group 1 Automotive, Inc. | 3484 | 1521498 |
| Lithia Motors, Inc., Class A | 12438 | 4201805 |
| Murphy USA, Inc. | 7408 | 3013574 |
| Penske Automotive Group, Inc. | 17006 | 2921801 |
| Signet Jewelers Ltd. | 11421 | 908541 |
| Sonic Automotive, Inc., Class A | 14151 | 1131089 |
| Urban Outfitters, Inc. \* | 42224 | 3062929 |
| Valvoline, Inc. \* | 54412 | 2060582 |
| Victoria's Secret & Co. \* | 82479 | 1527511 |
|  |  | 65584538 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Pure Storage, Inc., Class A \* | 133790 | 7703628 |
| Sandisk Corp. \* | 111745 | 5067636 |
|  |  | 12771264 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Capri Holdings Ltd. \* | 98886 | 1750282 |
| Crocs, Inc. \* | 23206 | 2350304 |
| G-III Apparel Group Ltd. \* | 62573 | 1401635 |
| Hanesbrands, Inc. \* | 53247 | 243871 |
| Kontoor Brands, Inc. | 21111 | 1392693 |
| PVH Corp. | 38420 | 2635612 |
| Skechers U.S.A., Inc., Class A \* | 60924 | 3844304 |
| Under Armour, Inc., Class A \* | 111395 | 760828 |
| VF Corp. | 138498 | 1627352 |
| Wolverine World Wide, Inc. | 123277 | 2228848 |
|  |  | 18235729 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Applied Industrial Technologies, Inc. | 13272 | 3085077 |
| Boise Cascade Co. | 50328 | 4369477 |
| Core & Main, Inc., Class A \* | 8924 | 538563 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| DNOW, Inc. \* | 182105 | 2700617 |
| DXP Enterprises, Inc. \* | 39262 | 3441314 |
| GATX Corp. | 20250 | 3109590 |
| GMS, Inc. \* | 12772 | 1388955 |
| MSC Industrial Direct Co., Inc., Class A | 23610 | 2007322 |
| Rush Enterprises, Inc., Class A | 20195 | 1040245 |
| Watsco, Inc. | 6305 | 2784414 |
| WESCO International, Inc. | 20888 | 3868458 |
|  |  | 28334032 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| American States Water Co. | 18208 | 1395825 |
| California Water Service Group | 24030 | 1092885 |
| Essential Utilities, Inc. | 105459 | 3916747 |
|  |  | 6405457 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Gogo, Inc. \* (a) | 115047 | 1688890 |
| Telephone and Data Systems, Inc. | 42418 | 1509232 |
|  |  | 3198122 |
| Total Common Stocks <br>(Cost $1,578,887,828)<br>|  | 1780850020 |
| **Short-Term Investments — 4.5%** | **Short-Term Investments — 4.5%** | **Short-Term Investments — 4.5%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (b) (c) <br>(Cost $53,186,146)<br>| 53186146 | 53186146 |
| **Investment of Cash Collateral from Securities Loaned — 1.6%** | **Investment of Cash Collateral from Securities Loaned — 1.6%** | **Investment of Cash Collateral from Securities Loaned — 1.6%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.40% (b) (c) <br>(Cost $29,423,749)<br>| 29423749 | 29423749 |
| Total Short-Term Investments <br>(Cost $82,609,895)<br>|  | 82609895 |
| **Total Investments — 101.3%** <br>**(Cost $1,661,497,723)**<br>|  | **1863459915** |
| **Liabilities in Excess of Other Assets —** <br> **(1.3)%**<br>|  | **(23959485)**<br>|
| **NET ASSETS — 100.0%** |  | **1839500430** |

---

&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;

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

------

---

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

---

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $29,056,377. 

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

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

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13583580 | &nbsp;&nbsp;&nbsp;&nbsp; 448923 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41872320 | &nbsp;&nbsp;&nbsp;&nbsp; 1255370 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1704293 |

---

&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;

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Boeing Co. (The) \* | 53 | 11105 |
| GE Aerospace | 223 | 57398 |
| Howmet Aerospace, Inc. | 802 | 149276 |
| RTX Corp. | 949 | 138573 |
| Textron, Inc. | 283 | 22722 |
| TransDigm Group, Inc. | 61 | 92759 |
|  |  | 471833 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| FedEx Corp. | 232 | 52736 |
| United Parcel Service, Inc., Class B | 432 | 43606 |
|  |  | 96342 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 159 | 10847 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* | 1120 | 355779 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 5230 | 247484 |
| Citigroup, Inc. | 1278 | 108784 |
| Fifth Third Bancorp | 1814 | 74610 |
| Truist Financial Corp. | 1667 | 71664 |
| US Bancorp | 1765 | 79866 |
| Wells Fargo & Co. | 2594 | 207831 |
|  |  | 790239 |
| **Beverages — 1.7%** | **Beverages — 1.7%** | **Beverages — 1.7%** |
| Coca-Cola Co. (The) | 1932 | 136689 |
| Keurig Dr Pepper, Inc. | 2200 | 72732 |
| Monster Beverage Corp. \* | 203 | 12716 |
| PepsiCo, Inc. | 1134 | 149733 |
|  |  | 371870 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc. | 1214 | 225343 |
| Gilead Sciences, Inc. | 247 | 27385 |
| Neurocrine Biosciences, Inc. \* | 125 | 15711 |
| Regeneron Pharmaceuticals, Inc. | 112 | 58800 |
| Vertex Pharmaceuticals, Inc. \* | 191 | 85033 |
|  |  | 412272 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc. \* | 4338 | 951714 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Builders FirstSource, Inc. \* | 48 | 5601 |
| Carrier Global Corp. | 1135 | 83071 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Masco Corp. | 558 | 35913 |
| Trane Technologies plc | 295 | 129036 |
|  |  | 253621 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Ameriprise Financial, Inc. | 125 | 66716 |
| Charles Schwab Corp. (The) | 1581 | 144251 |
| CME Group, Inc. | 449 | 123753 |
| Goldman Sachs Group, Inc. (The) | 140 | 99085 |
| Intercontinental Exchange, Inc. | 124 | 22750 |
| Morgan Stanley | 181 | 25496 |
| MSCI, Inc. | 30 | 17302 |
| Raymond James Financial, Inc. | 164 | 25153 |
| S&P Global, Inc. | 57 | 30056 |
| State Street Corp. | 374 | 39771 |
|  |  | 594333 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Corteva, Inc. | 207 | 15428 |
| DuPont de Nemours, Inc. | 149 | 10220 |
| Eastman Chemical Co. | 28 | 2090 |
| Linde plc | 388 | 182042 |
| LyondellBasell Industries NV, Class A | 147 | 8505 |
| PPG Industries, Inc. | 353 | 40154 |
| Sherwin-Williams Co. (The) | 44 | 15108 |
|  |  | 273547 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Copart, Inc. \* | 71 | 3484 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 511 | 52280 |
| Cisco Systems, Inc. | 337 | 23381 |
| Motorola Solutions, Inc. | 88 | 37001 |
|  |  | 112662 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 65 | 24575 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Martin Marietta Materials, Inc. | 62 | 34035 |
| Vulcan Materials Co. | 56 | 14606 |
|  |  | 48641 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| American Express Co. | 196 | 62520 |
| Capital One Financial Corp. | 279 | 59360 |
|  |  | 121880 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Costco Wholesale Corp. | 133 | 131662 |
| Walmart, Inc. | 1698 | 166031 |
|  |  | 297693 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Avery Dennison Corp. | 78 | 13687 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc. | 4019 | 116310 |
| Verizon Communications, Inc. | 186 | 8048 |
|  |  | 124358 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| Constellation Energy Corp. | 108 | 34858 |
| Entergy Corp. | 542 | 45051 |
| NextEra Energy, Inc. | 1690 | 117320 |
| NRG Energy, Inc. | 104 | 16700 |
| PG&E Corp. | 2366 | 32982 |
| Southern Co. (The) | 1429 | 131225 |
|  |  | 378136 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| AMETEK, Inc. | 119 | 21534 |
| Eaton Corp. plc | 253 | 90319 |
| Emerson Electric Co. | 307 | 40932 |
| GE Vernova, Inc. | 107 | 56619 |
|  |  | 209404 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Amphenol Corp., Class A | 48 | 4740 |
| Jabil, Inc. | 54 | 11778 |
| Keysight Technologies, Inc. \* | 53 | 8685 |
| Ralliant Corp. \* | 19 | 921 |
| TE Connectivity plc (Switzerland) | 66 | 11132 |
|  |  | 37256 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 1057 | 40525 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 133 | 178104 |
| Walt Disney Co. (The) | 933 | 115701 |
| Warner Bros Discovery, Inc. \* | 929 | 10647 |
|  |  | 304452 |
| **Financial Services — 5.5%** | **Financial Services — 5.5%** | **Financial Services — 5.5%** |
| Apollo Global Management, Inc. | 424 | 60153 |
| Berkshire Hathaway, Inc., Class B \* | 686 | 333238 |
| Corpay, Inc. \* | 174 | 57737 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Fidelity National Information Services, Inc. | 1080 | 87923 |
| Fiserv, Inc. \* | 171 | 29482 |
| Mastercard, Inc., Class A | 525 | 295018 |
| Toast, Inc., Class A \* | 461 | 20418 |
| Visa, Inc., Class A | 978 | 347239 |
| WEX, Inc. \* | 83 | 12192 |
|  |  | 1243400 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Bunge Global SA | 63 | 5057 |
| Hershey Co. (The) | 63 | 10455 |
| Mondelez International, Inc., Class A | 1638 | 110467 |
|  |  | 125979 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 1938 | 63237 |
| Uber Technologies, Inc. \* | 1163 | 108508 |
| Union Pacific Corp. | 206 | 47396 |
|  |  | 219141 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Abbott Laboratories | 198 | 26930 |
| Align Technology, Inc. \* | 32 | 6058 |
| Baxter International, Inc. | 479 | 14504 |
| Becton Dickinson & Co. | 40 | 6890 |
| Boston Scientific Corp. \* | 1138 | 122232 |
| Edwards Lifesciences Corp. \* | 660 | 51619 |
| GE HealthCare Technologies, Inc. | 196 | 14518 |
| Hologic, Inc. \* | 112 | 7298 |
| Intuitive Surgical, Inc. \* | 62 | 33691 |
| Medtronic plc | 1046 | 91180 |
| ResMed, Inc. | 16 | 4128 |
| Stryker Corp. | 336 | 132932 |
|  |  | 511980 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Centene Corp. \* | 168 | 9119 |
| Cigna Group (The) | 235 | 77686 |
| CVS Health Corp. | 318 | 21936 |
| Elevance Health, Inc. | 188 | 73124 |
| HCA Healthcare, Inc. | 65 | 24902 |
| Humana, Inc. | 115 | 28115 |
| McKesson Corp. | 56 | 41036 |
| UnitedHealth Group, Inc. | 401 | 125100 |
|  |  | 401018 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Ventas, Inc. | 1006 | 63529 |
| Welltower, Inc. | 255 | 39201 |
|  |  | 102730 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| Host Hotels & Resorts, Inc. | 301 | 4623 |
| **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
| Airbnb, Inc., Class A \* | 63 | 8337 |
| Booking Holdings, Inc. | 21 | 121574 |
| Carnival Corp. \* | 1845 | 51881 |
| Chipotle Mexican Grill, Inc. \* | 1779 | 99891 |
| Domino's Pizza, Inc. | 15 | 6759 |
| DoorDash, Inc., Class A \* | 176 | 43386 |
| Expedia Group, Inc. | 256 | 43182 |
| Hilton Worldwide Holdings, Inc. | 421 | 112129 |
| McDonald's Corp. | 548 | 160109 |
| Royal Caribbean Cruises Ltd. | 135 | 42274 |
| Yum! Brands, Inc. | 542 | 80314 |
|  |  | 769836 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Lennar Corp., Class A | 334 | 36944 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 142 | 13647 |
| Clorox Co. (The) | 52 | 6244 |
| Procter & Gamble Co. (The) | 502 | 79979 |
|  |  | 99870 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Vistra Corp. | 286 | 55430 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 545 | 82971 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 692 | 72743 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Aon plc, Class A | 194 | 69211 |
| Arthur J Gallagher & Co. | 323 | 103399 |
| Chubb Ltd. | 206 | 59682 |
| MetLife, Inc. | 287 | 23081 |
| Principal Financial Group, Inc. | 190 | 15092 |
| Progressive Corp. (The) | 593 | 158248 |
| Travelers Cos., Inc. (The) | 59 | 15785 |
|  |  | 444498 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** |
| Alphabet, Inc., Class A | 2464 | 434231 |
| Alphabet, Inc., Class C | 1691 | 299966 |
| Meta Platforms, Inc., Class A | 1043 | 769828 |
|  |  | 1504025 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Accenture plc, Class A (Ireland) | 155 | 46328 |
| Akamai Technologies, Inc. \* | 70 | 5583 |
| Cognizant Technology Solutions Corp., Class A | 832 | 64921 |
| Gartner, Inc. \* | 18 | 7276 |
| International Business Machines Corp. | 120 | 35374 |
|  |  | 159482 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Danaher Corp. | 204 | 40298 |
| Thermo Fisher Scientific, Inc. | 286 | 115962 |
|  |  | 156260 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 212 | 82301 |
| Cummins, Inc. | 62 | 20305 |
| Deere & Co. | 262 | 133224 |
| Fortive Corp. | 57 | 2971 |
| Ingersoll Rand, Inc. | 479 | 39843 |
| Otis Worldwide Corp. | 881 | 87237 |
| PACCAR, Inc. | 317 | 30134 |
| Westinghouse Air Brake Technologies Corp. | 32 | 6699 |
|  |  | 402714 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Charter Communications, Inc., Class A \* | 166 | 67863 |
| Comcast Corp., Class A | 2867 | 102323 |
|  |  | 170186 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 736 | 31905 |
| Newmont Corp. | 132 | 7690 |
| Nucor Corp. | 153 | 19820 |
| Steel Dynamics, Inc. | 88 | 11265 |
|  |  | 70680 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp. | 263 | 25259 |
| CMS Energy Corp. | 522 | 36164 |
| Dominion Energy, Inc. | 622 | 35155 |
|  |  | 96578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| Cheniere Energy, Inc. | 37 | 9010 |
| Chevron Corp. | 592 | 84768 |
| ConocoPhillips | 1112 | 99791 |
| Diamondback Energy, Inc. | 359 | 49327 |
| EOG Resources, Inc. | 888 | 106214 |
| EQT Corp. | 80 | 4666 |
| Exxon Mobil Corp. | 2435 | 262493 |
|  |  | 616269 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 403 | 19820 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Estee Lauder Cos., Inc. (The), Class A | 98 | 7918 |
| Kenvue, Inc. | 1560 | 32651 |
|  |  | 40569 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 2269 | 105032 |
| Eli Lilly & Co. | 299 | 233079 |
| Johnson & Johnson | 1245 | 190174 |
| Merck & Co., Inc. | 695 | 55016 |
|  |  | 583301 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Booz Allen Hamilton Holding Corp. | 45 | 4686 |
| Leidos Holdings, Inc. | 419 | 66101 |
|  |  | 70787 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc., Class A \* | 128 | 17935 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 339 | 20906 |
| **Semiconductors & Semiconductor Equipment — 13.2%** | **Semiconductors & Semiconductor Equipment — 13.2%** | **Semiconductors & Semiconductor Equipment — 13.2%** |
| Advanced Micro Devices, Inc. \* | 549 | 77903 |
| Analog Devices, Inc. | 518 | 123294 |
| Broadcom, Inc. | 1956 | 539172 |
| Lam Research Corp. | 1189 | 115737 |
| Microchip Technology, Inc. | 316 | 22237 |
| Micron Technology, Inc. | 762 | 93917 |
| NVIDIA Corp. | 10804 | 1706924 |
| NXP Semiconductors NV (Netherlands) | 455 | 99413 |
| ON Semiconductor Corp. \* | 191 | 10010 |
| QUALCOMM, Inc. | 142 | 22615 |
| Texas Instruments, Inc. | 750 | 155715 |
|  |  | 2966937 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Software — 11.7%** | **Software — 11.7%** | **Software — 11.7%** |
| Adobe, Inc. \* | 76 | 29403 |
| Cadence Design Systems, Inc. \* | 143 | 44066 |
| Crowdstrike Holdings, Inc., Class A \* | 101 | 51440 |
| Fair Isaac Corp. \* | 11 | 20108 |
| Fortinet, Inc. \* | 285 | 30130 |
| Intuit, Inc. | 136 | 107118 |
| Microsoft Corp. | 3363 | 1672790 |
| Oracle Corp. | 864 | 188896 |
| Palantir Technologies, Inc., Class A \* | 610 | 83155 |
| Palo Alto Networks, Inc. \* | 226 | 46249 |
| Roper Technologies, Inc. | 16 | 9069 |
| Salesforce, Inc. | 560 | 152706 |
| ServiceNow, Inc. \* | 150 | 154212 |
| Synopsys, Inc. \* | 74 | 37938 |
|  |  | 2627280 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| American Tower Corp. | 362 | 80009 |
| Equinix, Inc. | 78 | 62047 |
| Extra Space Storage, Inc. | 82 | 12090 |
| SBA Communications Corp. | 224 | 52604 |
|  |  | 206750 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. \* | 15 | 55683 |
| Burlington Stores, Inc. \* | 166 | 38618 |
| Home Depot, Inc. (The) | 133 | 48763 |
| Lowe's Cos., Inc. | 711 | 157750 |
| O'Reilly Automotive, Inc. \* | 75 | 6760 |
| Ross Stores, Inc. | 526 | 67107 |
| TJX Cos., Inc. (The) | 137 | 16918 |
|  |  | 391599 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| Apple, Inc. | 6272 | 1286826 |
| Dell Technologies, Inc., Class C | 88 | 10789 |
| Hewlett Packard Enterprise Co. | 585 | 11963 |
| Seagate Technology Holdings plc | 609 | 87897 |
| Western Digital Corp. | 246 | 15742 |
|  |  | 1413217 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Deckers Outdoor Corp. \* | 37 | 3813 |
| NIKE, Inc., Class B | 416 | 29553 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Research Enhanced Large Cap ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| Ralph Lauren Corp. | 17 | 4663 |
| Tapestry, Inc. | 87 | 7639 |
|  |  | 45668 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 511 | 29960 |
| Philip Morris International, Inc. | 599 | 109096 |
|  |  | 139056 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| United Rentals, Inc. | 49 | 36917 |
| Total Common Stocks <br>(Cost $19,735,587)<br>|  | 22227249 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $197,499)<br>| 197499 | 197499 |
| **Total Investments — 99.8%** <br>**(Cost $19,933,086)**<br>|  | **22424748** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **35258** |
| **NET ASSETS — 100.0%** |  | **22460006** |

---

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

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

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

---

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

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of June 30, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 218811 | &nbsp;&nbsp;&nbsp;&nbsp; 7666 |

---

&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;

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

------

JPMorgan U.S. Tech Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Automobiles — 2.9%** | **Automobiles — 2.9%** | **Automobiles — 2.9%** |
| Tesla, Inc. \* | 177364 | 56341448 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| NU Holdings Ltd., Class A (Brazil) \* | 1441890 | 19782731 |
| **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** |
| Alibaba Group Holding Ltd., ADR (China) | 144333 | 16368805 |
| Amazon.com, Inc. \* | 186707 | 40961649 |
| MercadoLibre, Inc. (Brazil) \* | 15517 | 40555697 |
|  |  | 97886151 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Coinbase Global, Inc., Class A \* | 34291 | 12018653 |
| Robinhood Markets, Inc., Class A \* | 1009654 | 94533904 |
|  |  | 106552557 |
| **Communications Equipment — 2.0%** | **Communications Equipment — 2.0%** | **Communications Equipment — 2.0%** |
| Arista Networks, Inc. \* | 208585 | 21340331 |
| Ciena Corp. \* | 217084 | 17655442 |
|  |  | 38995773 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Vicor Corp. \* | 301191 | 13662024 |
| **Entertainment — 13.5%** | **Entertainment — 13.5%** | **Entertainment — 13.5%** |
| Netflix, Inc. \* | 67762 | 90742127 |
| Sea Ltd., ADR (Singapore) \* | 278992 | 44621981 |
| Spotify Technology SA \* | 66110 | 50728847 |
| Take-Two Interactive Software, Inc. \* | 322517 | 78323253 |
|  |  | 264416208 |
| **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** |
| Uber Technologies, Inc. \* | 362763 | 33845788 |
| **Health Care Technology — 1.9%** | **Health Care Technology — 1.9%** | **Health Care Technology — 1.9%** |
| Veeva Systems, Inc., Class A \* | 127581 | 36740776 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Booking Holdings, Inc. | 5468 | 31655564 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Lemonade, Inc. \* (a) | 173501 | 7601079 |
| **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** |
| Alphabet, Inc., Class C | 148284 | 26304099 |
| Meta Platforms, Inc., Class A | 105344 | 77753353 |
|  |  | 104057452 |
| **IT Services — 10.4%** | **IT Services — 10.4%** | **IT Services — 10.4%** |
| International Business Machines Corp. | 51586 | 15206521 |
| MongoDB, Inc. \* | 33729 | 7082753 |
| Okta, Inc. \* | 102194 | 10216334 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Shopify, Inc., Class A (Canada) \* | 411482 | 47464449 |
| Snowflake, Inc., Class A \* | 379063 | 84822927 |
| Twilio, Inc., Class A \* | 306167 | 38074928 |
|  |  | 202867912 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| Tempus AI, Inc. \* (a) | 379292 | 24100214 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Trade Desk, Inc. (The), Class A \* | 348387 | 25080380 |
| **Semiconductors & Semiconductor Equipment — 18.4%** | **Semiconductors & Semiconductor Equipment — 18.4%** | **Semiconductors & Semiconductor Equipment — 18.4%** |
| Allegro MicroSystems, Inc. (Japan) \* | 352075 | 12037444 |
| ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 9316 | 7465749 |
| Broadcom, Inc. | 191526 | 52794142 |
| Credo Technology Group Holding Ltd. \* | 422742 | 39141682 |
| Intel Corp. | 909043 | 20362563 |
| Lam Research Corp. | 401105 | 39043561 |
| MACOM Technology Solutions Holdings, Inc. \* | 44726 | 6408789 |
| Micron Technology, Inc. | 135497 | 16700005 |
| NVIDIA Corp. | 479689 | 75786065 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 229210 | 51913773 |
| Texas Instruments, Inc. | 183327 | 38062352 |
|  |  | 359716125 |
| **Software — 25.2%** | **Software — 25.2%** | **Software — 25.2%** |
| AppLovin Corp., Class A \* | 22114 | 7741669 |
| Atlassian Corp., Class A \* | 108464 | 22027954 |
| Cadence Design Systems, Inc. \* | 52489 | 16174485 |
| Circle Internet Group, Inc. \* (a) | 23552 | 4269742 |
| Confluent, Inc., Class A \* | 212063 | 5286731 |
| Crowdstrike Holdings, Inc., Class A \* | 52162 | 26566628 |
| Datadog, Inc., Class A \* | 108133 | 14525506 |
| Elastic NV \* | 55441 | 4675340 |
| Gitlab, Inc., Class A \* | 142531 | 6429573 |
| HubSpot, Inc. \* | 62434 | 34752637 |
| Intuit, Inc. | 73833 | 58153086 |
| Microsoft Corp. | 85870 | 42712597 |
| Monday.com Ltd. \* | 49080 | 15434678 |
| Oracle Corp. | 282623 | 61789866 |
| Palo Alto Networks, Inc. \* | 123434 | 25259534 |
| Procore Technologies, Inc. \* | 243103 | 16633107 |
| ServiceNow, Inc. \* | 68847 | 70780224 |
| ServiceTitan, Inc., Class A \* | 114722 | 12295904 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Tech Leaders ETF

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Synopsys, Inc. \* | 47146 | 24170811 |
| Zoom Communications, Inc., Class A \* | 297824 | 23224316 |
|  |  | 492904388 |
| **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** |
| SBA Communications Corp. | 92602 | 21746654 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Warby Parker, Inc., Class A \* | 268365 | 5885244 |
| Total Common Stocks <br>(Cost $1,546,884,717)<br>|  | 1943838468 |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (b) (c) <br>(Cost $17,475,661)<br>| 17475661 | 17475661 |
| **Investment of Cash Collateral from Securities Loaned — 1.8%** | **Investment of Cash Collateral from Securities Loaned — 1.8%** | **Investment of Cash Collateral from Securities Loaned — 1.8%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, <br> 4.40% (b) (c) <br>(Cost $36,055,385)<br>| 36055385 | 36055385 |
| Total Short-Term Investments <br>(Cost $53,531,046)<br>|  | 53531046 |
| **Total Investments — 102.0%** <br>**(Cost $1,600,415,763)**<br>|  | **1997369514** |
| **Liabilities in Excess of Other Assets —** <br> **(2.0)%**<br>|  | **(40067127)**<br>|
| **NET ASSETS — 100.0%** |  | **1957302387** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $34,517,915. 

(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 June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Small Cap** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $6307076166 | &nbsp;&nbsp;&nbsp; $23203516 | &nbsp;&nbsp;&nbsp; $3547319337 | &nbsp;&nbsp;&nbsp; $40614837798 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 79016524 | &nbsp;&nbsp;&nbsp; 427069 | &nbsp;&nbsp;&nbsp; 128506160 | &nbsp;&nbsp;&nbsp; 279447397 |
| Cash | &nbsp;&nbsp;&nbsp; 254489 | &nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; 437175 | &nbsp;&nbsp;&nbsp; 1080219 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 401328326 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8334536 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13387 | &nbsp;&nbsp;&nbsp; 140746937 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1768081 | &nbsp;&nbsp;&nbsp; 33934 | &nbsp;&nbsp;&nbsp; 3685047 | &nbsp;&nbsp;&nbsp; 28642120 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 9253 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 15049 | &nbsp;&nbsp;&nbsp; 32724 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 6388124513 | &nbsp;&nbsp;&nbsp; 23666409 | &nbsp;&nbsp;&nbsp; 3679976512 | &nbsp;&nbsp;&nbsp; 41474450057 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 469512578 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198441 |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 2100576 | &nbsp;&nbsp;&nbsp; 14076 | &nbsp;&nbsp;&nbsp; 1218554 | &nbsp;&nbsp;&nbsp; 11180505 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2100576 | &nbsp;&nbsp;&nbsp; 14076 | &nbsp;&nbsp;&nbsp; 1218554 | &nbsp;&nbsp;&nbsp; 480891524 |
| Net Assets | &nbsp;&nbsp;&nbsp; $6386023937 | &nbsp;&nbsp;&nbsp; $23652333 | &nbsp;&nbsp;&nbsp; $3678757958 | &nbsp;&nbsp;&nbsp; $40993558533 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5779818483 | &nbsp;&nbsp;&nbsp; $22832114 | &nbsp;&nbsp;&nbsp; $3605687383 | &nbsp;&nbsp;&nbsp; $41933357731 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 606205454 | &nbsp;&nbsp;&nbsp; 820219 | &nbsp;&nbsp;&nbsp; 73070575 | &nbsp;&nbsp;&nbsp; (939799198)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $6386023937 | &nbsp;&nbsp;&nbsp; $23652333 | &nbsp;&nbsp;&nbsp; $3678757958 | &nbsp;&nbsp;&nbsp; $40993558533 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 74150000 | &nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 56125000 | &nbsp;&nbsp;&nbsp; 721525000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $86.12 | &nbsp;&nbsp;&nbsp; $56.32 | &nbsp;&nbsp;&nbsp; $65.55 | &nbsp;&nbsp;&nbsp; $56.82 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $5381937353 | &nbsp;&nbsp;&nbsp; $22404078 | &nbsp;&nbsp;&nbsp; $3278354582 | &nbsp;&nbsp;&nbsp; $34990717911 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 79016524 | &nbsp;&nbsp;&nbsp; 427069 | &nbsp;&nbsp;&nbsp; 128506160 | &nbsp;&nbsp;&nbsp; 279447397 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF** <br>|
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $13169317 | &nbsp;&nbsp;&nbsp; $6405550 | &nbsp;&nbsp;&nbsp; $6142150 | &nbsp;&nbsp;&nbsp; $27597920547 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 145460 | &nbsp;&nbsp;&nbsp; 288084 | &nbsp;&nbsp;&nbsp; 270795 | &nbsp;&nbsp;&nbsp; 321794479 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19588 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 819398 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 281443 | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 90562 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18814 | &nbsp;&nbsp;&nbsp; 261816020 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38259271 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133406428 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 7616 | &nbsp;&nbsp;&nbsp; 7039 | &nbsp;&nbsp;&nbsp; 5509 | &nbsp;&nbsp;&nbsp; 5171630 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 37683 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 13427832 | &nbsp;&nbsp;&nbsp; 6728718 | &nbsp;&nbsp;&nbsp; 6771659 | &nbsp;&nbsp;&nbsp; 28359225456 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 90984 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 299116 | &nbsp;&nbsp;&nbsp; 299997944 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19588 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 3099 | &nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp; 7380355 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 94083 | &nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp; 320720 | &nbsp;&nbsp;&nbsp; 307378299 |
| Net Assets | &nbsp;&nbsp;&nbsp; $13333749 | &nbsp;&nbsp;&nbsp; $6725648 | &nbsp;&nbsp;&nbsp; $6450939 | &nbsp;&nbsp;&nbsp; $28051847157 |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $11431108 | &nbsp;&nbsp;&nbsp; $6529355 | &nbsp;&nbsp;&nbsp; $6467555 | &nbsp;&nbsp;&nbsp; $27893811222 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1902641 | &nbsp;&nbsp;&nbsp; 196293 | &nbsp;&nbsp;&nbsp; (16616)<br>| &nbsp;&nbsp;&nbsp; 158035935 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $13333749 | &nbsp;&nbsp;&nbsp; $6725648 | &nbsp;&nbsp;&nbsp; $6450939 | &nbsp;&nbsp;&nbsp; $28051847157 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value <br> $0.0001)<br>| &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 515825000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $59.26 | &nbsp;&nbsp;&nbsp; $56.05 | &nbsp;&nbsp;&nbsp; $53.76 | &nbsp;&nbsp;&nbsp; $54.38 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11239485 | &nbsp;&nbsp;&nbsp; $6106120 | &nbsp;&nbsp;&nbsp; $6001647 | &nbsp;&nbsp;&nbsp; $23134974664 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 145460 | &nbsp;&nbsp;&nbsp; 288084 | &nbsp;&nbsp;&nbsp; 270795 | &nbsp;&nbsp;&nbsp; 321794479 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19633 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19588 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>**(formerly known as** <br>**JPMorgan Market** <br>**Expansion Enhanced** <br>**Equity ETF)** <br>| &nbsp;&nbsp; **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1780850020 | &nbsp;&nbsp;&nbsp; $22227249 | &nbsp;&nbsp;&nbsp; $1943838468 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 53186146 | &nbsp;&nbsp;&nbsp; 197499 | &nbsp;&nbsp;&nbsp; 17475661 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 29423749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36055385 |
| Cash | &nbsp;&nbsp;&nbsp; 257815 | &nbsp;&nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; 68419 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 4126000 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1347596 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1630499 | &nbsp;&nbsp;&nbsp; 12071 | &nbsp;&nbsp;&nbsp; 494389 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 2047 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 3641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31062 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 1870832366 | &nbsp;&nbsp;&nbsp; 22463571 | &nbsp;&nbsp;&nbsp; 1997965431 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1462105 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3698241 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29423749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36055385 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 7078 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 135187 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 111439 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 2269 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3565 | &nbsp;&nbsp;&nbsp; 909418 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 24323 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 165786 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 31331936 | &nbsp;&nbsp;&nbsp; 3565 | &nbsp;&nbsp;&nbsp; 40663044 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1839500430 | &nbsp;&nbsp;&nbsp; $22460006 | &nbsp;&nbsp;&nbsp; $1957302387 |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1671041342 | &nbsp;&nbsp;&nbsp; $19955349 | &nbsp;&nbsp;&nbsp; $1679215246 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 168459088 | &nbsp;&nbsp;&nbsp; 2504657 | &nbsp;&nbsp;&nbsp; 278087141 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1839500430 | &nbsp;&nbsp;&nbsp; $22460006 | &nbsp;&nbsp;&nbsp; $1957302387 |
| Outstanding number of shares <br>(unlimited number of shares authorized - par value $0.0001)<br>| &nbsp;&nbsp;&nbsp; 31048634 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 23175000 |
| Net asset value, per share | &nbsp;&nbsp;&nbsp; $59.25 | &nbsp;&nbsp;&nbsp; $56.15 | &nbsp;&nbsp;&nbsp; $84.46 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1578887828 | &nbsp;&nbsp;&nbsp; $19735587 | &nbsp;&nbsp;&nbsp; $1546884717 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 53186146 | &nbsp;&nbsp;&nbsp; 197499 | &nbsp;&nbsp;&nbsp; 17475661 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29056377 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34517915 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29423749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36055385 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Growth ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active Small Cap** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Active** <br>**Value ETF** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income ETF** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2714894434 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54661 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 24350544 | &nbsp;&nbsp;&nbsp; 387076 | &nbsp;&nbsp;&nbsp; 47681378 | &nbsp;&nbsp;&nbsp; 526948916 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 5178889 | &nbsp;&nbsp;&nbsp; 23953 | &nbsp;&nbsp;&nbsp; 4260588 | &nbsp;&nbsp;&nbsp; 13578001 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 32693 | &nbsp;&nbsp;&nbsp; 1077 |
| Total investment income | &nbsp;&nbsp;&nbsp; 29529703 | &nbsp;&nbsp;&nbsp; 411038 | &nbsp;&nbsp;&nbsp; 51974659 | &nbsp;&nbsp;&nbsp; 3255477089 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 17682196 | &nbsp;&nbsp;&nbsp; 140091 | &nbsp;&nbsp;&nbsp; 10531763 | &nbsp;&nbsp;&nbsp; 129793782 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 61309 |
| Total expenses | &nbsp;&nbsp;&nbsp; 17682661 | &nbsp;&nbsp;&nbsp; 140091 | &nbsp;&nbsp;&nbsp; 10531928 | &nbsp;&nbsp;&nbsp; 129855189 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 11847042 | &nbsp;&nbsp;&nbsp; 270947 | &nbsp;&nbsp;&nbsp; 41442731 | &nbsp;&nbsp;&nbsp; 3125621900 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (295457067)<br>| &nbsp;&nbsp;&nbsp; (106228)<br>| &nbsp;&nbsp;&nbsp; (170339831)<br>| &nbsp;&nbsp;&nbsp; (1625909932)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 424093437 | &nbsp;&nbsp;&nbsp; 66105 | &nbsp;&nbsp;&nbsp; 158079641 | &nbsp;&nbsp;&nbsp; 486466290 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (125463)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 128636370 | &nbsp;&nbsp;&nbsp; (40123)<br>| &nbsp;&nbsp;&nbsp; (12260190)<br>| &nbsp;&nbsp;&nbsp; (1139569105)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 512498816 | &nbsp;&nbsp;&nbsp; 197060 | &nbsp;&nbsp;&nbsp; 180151470 | &nbsp;&nbsp;&nbsp; 930816631 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (88737)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 512498816 | &nbsp;&nbsp;&nbsp; 197060 | &nbsp;&nbsp;&nbsp; 180151470 | &nbsp;&nbsp;&nbsp; 930727894 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 641135186 | &nbsp;&nbsp;&nbsp; 156937 | &nbsp;&nbsp;&nbsp; 167891280 | &nbsp;&nbsp;&nbsp; (208841211)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $652982228 | &nbsp;&nbsp;&nbsp; $427884 | &nbsp;&nbsp;&nbsp; $209334011 | &nbsp;&nbsp;&nbsp; $2916780689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Nasdaq Equity** <br>**Premium Income ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $245 | &nbsp;&nbsp;&nbsp; $794 | &nbsp;&nbsp;&nbsp; $853 | &nbsp;&nbsp;&nbsp; $2359255430 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 136512 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 153383 | &nbsp;&nbsp;&nbsp; 88665 | &nbsp;&nbsp;&nbsp; 66660 | &nbsp;&nbsp;&nbsp; 127950015 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 5309 | &nbsp;&nbsp;&nbsp; 10858 | &nbsp;&nbsp;&nbsp; 10345 | &nbsp;&nbsp;&nbsp; 12880673 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 7080 |
| Total investment income | &nbsp;&nbsp;&nbsp; 159033 | &nbsp;&nbsp;&nbsp; 100366 | &nbsp;&nbsp;&nbsp; 77943 | &nbsp;&nbsp;&nbsp; 2500229710 |
| **EXPENSES:** |  |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; 33495 | &nbsp;&nbsp;&nbsp; 20418 | &nbsp;&nbsp;&nbsp; 22121 | &nbsp;&nbsp;&nbsp; 70738596 |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45469 |
| Total expenses | &nbsp;&nbsp;&nbsp; 33500 | &nbsp;&nbsp;&nbsp; 20433 | &nbsp;&nbsp;&nbsp; 22142 | &nbsp;&nbsp;&nbsp; 70784065 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 125533 | &nbsp;&nbsp;&nbsp; 79933 | &nbsp;&nbsp;&nbsp; 55801 | &nbsp;&nbsp;&nbsp; 2429445645 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (68862)<br>| &nbsp;&nbsp;&nbsp; (104021)<br>| &nbsp;&nbsp;&nbsp; (163859)<br>| &nbsp;&nbsp;&nbsp; (3230973241)<br>|
| In-kind redemptions of investments in <br> non-affiliates (See Note 4)<br>| &nbsp;&nbsp;&nbsp; 160435 | &nbsp;&nbsp;&nbsp; 491058 | &nbsp;&nbsp;&nbsp; 427785 | &nbsp;&nbsp;&nbsp; 875479899 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 28321 | &nbsp;&nbsp;&nbsp; (12662)<br>| &nbsp;&nbsp;&nbsp; (7561)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 119894 | &nbsp;&nbsp;&nbsp; 374375 | &nbsp;&nbsp;&nbsp; 256365 | &nbsp;&nbsp;&nbsp; (2355493342)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1929832 | &nbsp;&nbsp;&nbsp; 299430 | &nbsp;&nbsp;&nbsp; 140503 | &nbsp;&nbsp;&nbsp; 1940514246 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp; 7193 | &nbsp;&nbsp;&nbsp; 9062 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1932022 | &nbsp;&nbsp;&nbsp; 306623 | &nbsp;&nbsp;&nbsp; 149565 | &nbsp;&nbsp;&nbsp; 1940514246 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 2051916 | &nbsp;&nbsp;&nbsp; 680998 | &nbsp;&nbsp;&nbsp; 405930 | &nbsp;&nbsp;&nbsp; (414979096)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $2177449 | &nbsp;&nbsp;&nbsp; $760931 | &nbsp;&nbsp;&nbsp; $461731 | &nbsp;&nbsp;&nbsp; $2014466549 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>**(formerly known as** <br>**JPMorgan Market** <br>**Expansion Enhanced** <br>**Equity ETF)** <br>| &nbsp;&nbsp; **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF (a)**<br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $85184 | &nbsp;&nbsp;&nbsp; $171 | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 254 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 22161709 | &nbsp;&nbsp;&nbsp; 68283 | &nbsp;&nbsp;&nbsp; 2706669 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1438090 | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 792694 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 22756 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 460564 |
| Total investment income | &nbsp;&nbsp;&nbsp; 23711277 | &nbsp;&nbsp;&nbsp; 70562 | &nbsp;&nbsp;&nbsp; 3960181 |
| **EXPENSES:** |  |  |  |
| Management fees (See Note 3.A.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10260 | &nbsp;&nbsp;&nbsp; 6567715 |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3893785 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 1168141 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 113466 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to non-affiliates | &nbsp;&nbsp;&nbsp; 10625 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95 |
| Professional fees | &nbsp;&nbsp;&nbsp; 73049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 28336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 98389 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 130860 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 10581 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp;&nbsp; 5527420 | &nbsp;&nbsp;&nbsp; 10261 | &nbsp;&nbsp;&nbsp; 6567810 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (32120)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1773884)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 3721416 | &nbsp;&nbsp;&nbsp; 10261 | &nbsp;&nbsp;&nbsp; 6567810 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 19989861 | &nbsp;&nbsp;&nbsp; 60301 | &nbsp;&nbsp;&nbsp; (2607629)<br>|
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (38216730)<br>| &nbsp;&nbsp;&nbsp; (23236)<br>| &nbsp;&nbsp;&nbsp; (110794525)<br>|
| In-kind redemptions of investments in non-affiliates (See Note 4) | &nbsp;&nbsp;&nbsp; 109341403 | &nbsp;&nbsp;&nbsp; 87677 | &nbsp;&nbsp;&nbsp; 55370824 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (2043046)<br>| &nbsp;&nbsp;&nbsp; 16221 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 69081627 | &nbsp;&nbsp;&nbsp; 80662 | &nbsp;&nbsp;&nbsp; (55423701)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (41416005)<br>| &nbsp;&nbsp;&nbsp; 2491662 | &nbsp;&nbsp;&nbsp; 329763562 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 1679932 | &nbsp;&nbsp;&nbsp; 7666 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (39734973)<br>| &nbsp;&nbsp;&nbsp; 2499328 | &nbsp;&nbsp;&nbsp; 329763562 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 29346654 | &nbsp;&nbsp;&nbsp; 2579990 | &nbsp;&nbsp;&nbsp; 274339861 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $49336515 | &nbsp;&nbsp;&nbsp; $2640291 | &nbsp;&nbsp;&nbsp; $271732232 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Active** <br>**Growth ETF**  | **JPMorgan** <br>**Active** <br>**Growth ETF**  | **JPMorgan** <br>**Active Small Cap** <br>**Value ETF**  | **JPMorgan** <br>**Active Small Cap** <br>**Value ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $11847042 | &nbsp;&nbsp;&nbsp; $2101952 | &nbsp;&nbsp;&nbsp; $270947 | &nbsp;&nbsp;&nbsp; $181962 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 128636370 | &nbsp;&nbsp;&nbsp; 658439 | &nbsp;&nbsp;&nbsp; (40123)<br>| &nbsp;&nbsp;&nbsp; 476772 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 512498816 | &nbsp;&nbsp;&nbsp; 355580171 | &nbsp;&nbsp;&nbsp; 197060 | &nbsp;&nbsp;&nbsp; 748986 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 652982228 | &nbsp;&nbsp;&nbsp; 358340562 | &nbsp;&nbsp;&nbsp; 427884 | &nbsp;&nbsp;&nbsp; 1407720 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (4426088)<br>| &nbsp;&nbsp;&nbsp; (1449368)<br>| &nbsp;&nbsp;&nbsp; (230259)<br>| &nbsp;&nbsp;&nbsp; (138781)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 3648605986 | &nbsp;&nbsp;&nbsp; 1373940239 | &nbsp;&nbsp;&nbsp; 10293648 | &nbsp;&nbsp;&nbsp; 1055465 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 4297162126 | &nbsp;&nbsp;&nbsp; 1730831433 | &nbsp;&nbsp;&nbsp; 10491273 | &nbsp;&nbsp;&nbsp; 2324404 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2088861811 | &nbsp;&nbsp;&nbsp; 358030378 | &nbsp;&nbsp;&nbsp; 13161060 | &nbsp;&nbsp;&nbsp; 10836656 |
| End of period | &nbsp;&nbsp;&nbsp; $6386023937 | &nbsp;&nbsp;&nbsp; $2088861811 | &nbsp;&nbsp;&nbsp; $23652333 | &nbsp;&nbsp;&nbsp; $13161060 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $4841821292 | &nbsp;&nbsp;&nbsp; $1446010379 | &nbsp;&nbsp;&nbsp; $10589899 | &nbsp;&nbsp;&nbsp; $4316589 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1193215306)<br>| &nbsp;&nbsp;&nbsp; (72070140)<br>| &nbsp;&nbsp;&nbsp; (296251)<br>| &nbsp;&nbsp;&nbsp; (3261124)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $3648605986 | &nbsp;&nbsp;&nbsp; $1373940239 | &nbsp;&nbsp;&nbsp; $10293648 | &nbsp;&nbsp;&nbsp; $1055465 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 61475000 | &nbsp;&nbsp;&nbsp; 22375000 | &nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 80000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (15100000)<br>| &nbsp;&nbsp;&nbsp; (1025000)<br>| &nbsp;&nbsp;&nbsp; (5000)<br>| &nbsp;&nbsp;&nbsp; (60000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 46375000 | &nbsp;&nbsp;&nbsp; 21350000 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 20000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <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; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $41442731 | &nbsp;&nbsp;&nbsp; $15336691 | &nbsp;&nbsp;&nbsp; $3125621900 | &nbsp;&nbsp;&nbsp; $2326206734 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (12260190)<br>| &nbsp;&nbsp;&nbsp; 29530937 | &nbsp;&nbsp;&nbsp; (1139569105)<br>| &nbsp;&nbsp;&nbsp; (2351288323)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 180151470 | &nbsp;&nbsp;&nbsp; 69292976 | &nbsp;&nbsp;&nbsp; 930727894 | &nbsp;&nbsp;&nbsp; 3169990007 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 209334011 | &nbsp;&nbsp;&nbsp; 114160604 | &nbsp;&nbsp;&nbsp; 2916780689 | &nbsp;&nbsp;&nbsp; 3144908418 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (38123372)<br>| &nbsp;&nbsp;&nbsp; (14678345)<br>| &nbsp;&nbsp;&nbsp; (3027394985)<br>| &nbsp;&nbsp;&nbsp; (2314633449)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 2241634909 | &nbsp;&nbsp;&nbsp; 747987523 | &nbsp;&nbsp;&nbsp; 7348590046 | &nbsp;&nbsp;&nbsp; 4878611486 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2412845548 | &nbsp;&nbsp;&nbsp; 847469782 | &nbsp;&nbsp;&nbsp; 7237975750 | &nbsp;&nbsp;&nbsp; 5708886455 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1265912410 | &nbsp;&nbsp;&nbsp; 418442628 | &nbsp;&nbsp;&nbsp; 33755582783 | &nbsp;&nbsp;&nbsp; 28046696328 |
| End of period | &nbsp;&nbsp;&nbsp; $3678757958 | &nbsp;&nbsp;&nbsp; $1265912410 | &nbsp;&nbsp;&nbsp; $40993558533 | &nbsp;&nbsp;&nbsp; $33755582783 |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $3028591219 | &nbsp;&nbsp;&nbsp; $1051432477 | &nbsp;&nbsp;&nbsp; $9516871009 | &nbsp;&nbsp;&nbsp; $6655815402 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (786956310)<br>| &nbsp;&nbsp;&nbsp; (303444954)<br>| &nbsp;&nbsp;&nbsp; (2168280963)<br>| &nbsp;&nbsp;&nbsp; (1777203916)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $2241634909 | &nbsp;&nbsp;&nbsp; $747987523 | &nbsp;&nbsp;&nbsp; $7348590046 | &nbsp;&nbsp;&nbsp; $4878611486 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 46975000 | &nbsp;&nbsp;&nbsp; 18725000 | &nbsp;&nbsp;&nbsp; 164950000 | &nbsp;&nbsp;&nbsp; 120100000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12225000)<br>| &nbsp;&nbsp;&nbsp; (5225000)<br>| &nbsp;&nbsp;&nbsp; (38675000)<br>| &nbsp;&nbsp;&nbsp; (32075000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 34750000 | &nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp; 126275000 | &nbsp;&nbsp;&nbsp; 88025000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| **JPMorgan** <br>**Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>|
|  | &nbsp;&nbsp; **Period Ended** <br>**June 30, 2025(a)**<br>| **Period Ended** <br>**June 30, 2025(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $125533 | &nbsp;&nbsp;&nbsp; $79933 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 119894 | &nbsp;&nbsp;&nbsp; 374375 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1932022 | &nbsp;&nbsp;&nbsp; 306623 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 2177449 | &nbsp;&nbsp;&nbsp; 760931 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (114917)<br>| &nbsp;&nbsp;&nbsp; (73579)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 11271217 | &nbsp;&nbsp;&nbsp; 6038296 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 13333749 | &nbsp;&nbsp;&nbsp; 6725648 |
| Beginning of period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $13333749 | &nbsp;&nbsp;&nbsp; $6725648 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $12676509 | &nbsp;&nbsp;&nbsp; $12153691 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1405292)<br>| &nbsp;&nbsp;&nbsp; (6115395)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $11271217 | &nbsp;&nbsp;&nbsp; $6038296 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 240000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (120000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 120000 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 55

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| **JPMorgan Nasdaq Equity Premium Income ETF**  | **JPMorgan Nasdaq Equity Premium Income ETF**  |
|  | &nbsp;&nbsp; **Period Ended** <br>**June 30, 2025(a)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $55801 | &nbsp;&nbsp;&nbsp; $2429445645 | &nbsp;&nbsp;&nbsp; $894985293 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 256365 | &nbsp;&nbsp;&nbsp; (2355493342)<br>| &nbsp;&nbsp;&nbsp; (630196125)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 149565 | &nbsp;&nbsp;&nbsp; 1940514246 | &nbsp;&nbsp;&nbsp; 1988265105 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 461731 | &nbsp;&nbsp;&nbsp; 2014466549 | &nbsp;&nbsp;&nbsp; 2253054273 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (50574)<br>| &nbsp;&nbsp;&nbsp; (2289840737)<br>| &nbsp;&nbsp;&nbsp; (809391007)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 6039782 | &nbsp;&nbsp;&nbsp; 13082585313 | &nbsp;&nbsp;&nbsp; 9843976704 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 6450939 | &nbsp;&nbsp;&nbsp; 12807211125 | &nbsp;&nbsp;&nbsp; 11287639970 |
| Beginning of period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15244636032 | &nbsp;&nbsp;&nbsp; 3956996062 |
| End of period | &nbsp;&nbsp;&nbsp; $6450939 | &nbsp;&nbsp;&nbsp; $28051847157 | &nbsp;&nbsp;&nbsp; $15244636032 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $8753823 | &nbsp;&nbsp;&nbsp; $15205843149 | &nbsp;&nbsp;&nbsp; $11226821789 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2714041)<br>| &nbsp;&nbsp;&nbsp; (2123257836)<br>| &nbsp;&nbsp;&nbsp; (1382845085)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $6039782 | &nbsp;&nbsp;&nbsp; $13082585313 | &nbsp;&nbsp;&nbsp; $9843976704 |
| **SHARE TRANSACTIONS:** |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 279975000 | &nbsp;&nbsp;&nbsp; 220825000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (38975000)<br>| &nbsp;&nbsp;&nbsp; (27875000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 241000000 | &nbsp;&nbsp;&nbsp; 192950000 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>**(formerly known as** <br>**JPMorgan Market** <br>**Expansion Enhanced** <br>**Equity ETF)**  | **JPMorgan** <br>**Small & Mid Cap** <br>**Enhanced Equity ETF** <br>**(formerly known as** <br>**JPMorgan Market** <br>**Expansion Enhanced** <br>**Equity ETF)**  | **JPMorgan U.S. Research** <br>**Enhanced Large Cap ETF** <br>|
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| **Period Ended** <br>**June 30, 2025(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $19989861 | &nbsp;&nbsp;&nbsp; $12542802 | &nbsp;&nbsp;&nbsp; $60301 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 69081627 | &nbsp;&nbsp;&nbsp; 103595700 | &nbsp;&nbsp;&nbsp; 80662 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (39734973)<br>| &nbsp;&nbsp;&nbsp; 12766670 | &nbsp;&nbsp;&nbsp; 2499328 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 49336515 | &nbsp;&nbsp;&nbsp; 128905172 | &nbsp;&nbsp;&nbsp; 2640291 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (15116192)<br>| &nbsp;&nbsp;&nbsp; (11920279)<br>| &nbsp;&nbsp;&nbsp; (44740)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 677440475 | &nbsp;&nbsp;&nbsp; 156294367 | &nbsp;&nbsp;&nbsp; 19864455 |
| **NET ASSETS:** |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 711660798 | &nbsp;&nbsp;&nbsp; 273279260 | &nbsp;&nbsp;&nbsp; 22460006 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1127839632 | &nbsp;&nbsp;&nbsp; 854560372 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $1839500430 | &nbsp;&nbsp;&nbsp; $1127839632 | &nbsp;&nbsp;&nbsp; $22460006 |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $939331249 | &nbsp;&nbsp;&nbsp; $355097159 | &nbsp;&nbsp;&nbsp; $21121034 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (261890774)<br>| &nbsp;&nbsp;&nbsp; (198802792)<br>| &nbsp;&nbsp;&nbsp; (1256579)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $677440475 | &nbsp;&nbsp;&nbsp; $156294367 | &nbsp;&nbsp;&nbsp; $19864455 |
| **SHARE TRANSACTIONS:** |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15600000 | &nbsp;&nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp; 425000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4475000)<br>| &nbsp;&nbsp;&nbsp; (3575000)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 11125000 | &nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp; 400000 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 57

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF**  | **JPMorgan** <br>**U.S. Tech** <br>**Leaders ETF**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Period Ended** <br>**June 30, 2024(a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(2607629)<br>| &nbsp;&nbsp;&nbsp; $(530241)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (55423701)<br>| &nbsp;&nbsp;&nbsp; (2880816)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 329763562 | &nbsp;&nbsp;&nbsp; 67190189 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 271732232 | &nbsp;&nbsp;&nbsp; 63779132 |
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1145750964 | &nbsp;&nbsp;&nbsp; 476040059 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1417483196 | &nbsp;&nbsp;&nbsp; 539819191 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 539819191 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $1957302387 | &nbsp;&nbsp;&nbsp; $539819191 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1352729391 | &nbsp;&nbsp;&nbsp; $488505585 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (206978427)<br>| &nbsp;&nbsp;&nbsp; (12465526)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1145750964 | &nbsp;&nbsp;&nbsp; $476040059 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18450000 | &nbsp;&nbsp;&nbsp; 8000000 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3075000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>|
| Net increase in shares from share transactions | &nbsp;&nbsp;&nbsp; 15375000 | &nbsp;&nbsp;&nbsp; 7800000 |

---

------

(a) Commencement of operations was October 4, 2023.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

59 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Active Growth ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | $75.21 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.08)<br>|
| Year Ended June 30, 2024  | 55.72 | 0.14 | 19.45 | 19.59 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| August 8, 2022 (f) through June 30, 2023  | 49.95 | 0.19 | 5.65 | 5.84 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| **JPMorgan Active Small Cap Value ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 54.84 | 0.82 | 1.37 | 2.19 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024  | 49.26 | 0.75 | 5.42 | 6.17 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| March 7, 2023 (f) through June 30, 2023  | 50.00 | 0.23 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **JPMorgan Active Value ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 59.22 | 1.08 | 6.17 | 7.25 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2024  | 53.14 | 1.06 | 5.95 | 7.01 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023  | 47.81 | 0.98 | 5.09 | 6.07 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| October 4, 2021 (f) through June 30, 2022  | 49.50 | 0.63 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.54)<br>|
| **JPMorgan Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 56.71 | 4.83 | &nbsp;&nbsp; (0.05)<br>| 4.78 | &nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.67)<br>|
| Year Ended June 30, 2024  | 55.29 | 4.16 | 1.42 | 5.58 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.16)<br>|
| Year Ended June 30, 2023  | 55.45 | 5.84 | 0.04 | 5.88 | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.04)<br>|
| Year Ended June 30, 2022  | 60.50 | 6.11 | &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.96)<br>|
| Year Ended June 30, 2021  | 50.76 | 5.17 | 9.42 | 14.59 | &nbsp;&nbsp; (4.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.85)<br>|
| **JPMorgan Fundamental Data Science Large Core ETF** |  |  |  |  |  |  |  |
| August 7, 2024 (f) through June 30, 2025  | 50.00 | 0.56 | 9.21 | 9.77 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|

---

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

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of operations.

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

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

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

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $86.12 | &nbsp;&nbsp;&nbsp;&nbsp; $86.07 | &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6386023937 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.21 | &nbsp;&nbsp;&nbsp;&nbsp;75.15 | &nbsp;&nbsp;&nbsp;&nbsp;35.21 | &nbsp;&nbsp;&nbsp;&nbsp;35.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2088861811 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.72 | &nbsp;&nbsp;&nbsp;&nbsp;55.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp; 11.77<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 358030378 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.32 | &nbsp;&nbsp;&nbsp;&nbsp;56.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp; 23652333 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.84 | &nbsp;&nbsp;&nbsp;&nbsp;54.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 | &nbsp;&nbsp;&nbsp;&nbsp; 13161060 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.26 | &nbsp;&nbsp;&nbsp;&nbsp;49.30 | &nbsp;&nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10836656 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.55 | &nbsp;&nbsp;&nbsp;&nbsp;65.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.28 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp; 3678757958 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.22 | &nbsp;&nbsp;&nbsp;&nbsp;59.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1265912410 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.14 | &nbsp;&nbsp;&nbsp;&nbsp;53.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;&nbsp;&nbsp; 418442628 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;47.71 | &nbsp;&nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44225127 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.82 | &nbsp;&nbsp;&nbsp;&nbsp;56.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp; 40993558533 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.71 | &nbsp;&nbsp;&nbsp;&nbsp;56.68 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;&nbsp; 33755582783 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.29 | &nbsp;&nbsp;&nbsp;&nbsp;55.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp; 28046696328 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp;55.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10206410953 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.50 | &nbsp;&nbsp;&nbsp;&nbsp;60.57 | &nbsp;&nbsp;&nbsp;&nbsp;30.22 | &nbsp;&nbsp;&nbsp;&nbsp;29.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1916419087 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.26 | &nbsp;&nbsp;&nbsp;&nbsp;59.30 | &nbsp;&nbsp;&nbsp;&nbsp;19.59 | &nbsp;&nbsp;&nbsp;&nbsp; 19.67<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13333749 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |

---

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 61

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period <br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) <br>on investments <br>| Total from <br>investment <br>operations <br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain <br>| Total <br>distributions <br>|
| **JPMorgan Fundamental Data Science Mid Core ETF** |  |  |  |  |  |  |  |
| August 7, 2024 (f) through June 30, 2025  | $50.00 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $5.99 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.61)<br>|
| **JPMorgan Fundamental Data Science Small Core ETF** |  |  |  |  |  |  |  |
| August 7, 2024 (f) through June 30, 2025  | 50.00 | 0.48 | 3.72 | 4.20 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **JPMorgan Nasdaq Equity Premium Income ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 55.47 | 6.45 | &nbsp;&nbsp; (1.43)<br>| 5.02 | &nbsp;&nbsp; (6.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.11)<br>|
| Year Ended June 30, 2024  | 48.33 | 5.25 | 6.75 | 12.00 | &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.86)<br>|
| Year Ended June 30, 2023  | 45.46 | 6.04 | 2.47 | 8.51 | &nbsp;&nbsp; (5.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.64)<br>|
| May 3, 2022 (f) through June 30, 2022  | 50.00 | 1.11 | &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| **JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly** <br> **known as JPMorgan Market Expansion Enhanced Equity ETF)** <br> (h) (i)<br>|  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 56.61 | 0.76 | 2.45 | 3.21 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024  | 50.12 | 0.70 | 6.46 | 7.16 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2023  | 45.83 | 0.67 | 6.67 | 7.34 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (3.05)<br>|
| Year Ended June 30, 2022  | 62.87 | 0.70 | &nbsp;&nbsp; (8.03)<br>| &nbsp;&nbsp; (7.33)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp; (9.71)<br>|
| Year Ended June 30, 2021  | 41.41 | 0.63 | 23.22 | 23.85 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.39)<br>|
| **JPMorgan U.S. Research Enhanced Large Cap ETF** |  |  |  |  |  |  |  |
| March 13, 2025 (f) through June 30, 2025  | 50.00 | 0.18 | 6.08 | 6.26 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| **JPMorgan U.S. Tech Leaders ETF** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 69.21 | &nbsp;&nbsp; (0.19)<br>| 15.44 | 15.25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| October 4, 2023 (f) through June 30, 2024  | 50.00 | &nbsp;&nbsp; (0.14)<br>| 19.35 | 19.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of operations.

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

(h) JPMorgan Small & Mid Cap Enhanced Equity ETF acquired all of the assets and liabilities of JPMorgan Market Expansion Enhanced Index Fund (the "Acquired Fund") in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Acquired Fund's Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund's Class R6 Shares for the period July 1, 2020 up through the reorganization. 

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

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

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

62 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  |  |  | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** | **Ratios to average net assets (a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Market <br>price, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Total <br>return(c)(d)<br>| &nbsp;&nbsp;&nbsp; Market <br>price <br>total <br>return(c)(e)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>| &nbsp;&nbsp;&nbsp; Net <br>expenses<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses <br>without waivers <br>and reimbursements<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.05 | &nbsp;&nbsp;&nbsp;&nbsp; $56.07 | &nbsp;&nbsp;&nbsp;&nbsp; 13.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.38<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6725648 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.76 | &nbsp;&nbsp;&nbsp;&nbsp;53.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp; 8.28<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6450939 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.38 | &nbsp;&nbsp;&nbsp;&nbsp;54.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp; 28051847157 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.47 | &nbsp;&nbsp;&nbsp;&nbsp;55.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;&nbsp;&nbsp;26.41 | &nbsp;&nbsp;&nbsp;&nbsp; 15244636032 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.33 | &nbsp;&nbsp;&nbsp;&nbsp;48.37 | &nbsp;&nbsp;&nbsp;&nbsp;20.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp; 3956996062 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.46 | &nbsp;&nbsp;&nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp;&nbsp; (8.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.77)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101155729 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.25 | &nbsp;&nbsp;&nbsp;&nbsp;59.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1839500430 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.61 | &nbsp;&nbsp;&nbsp;&nbsp;56.64 | &nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp; 14.33<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1127839632 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.12 | &nbsp;&nbsp;&nbsp;&nbsp;50.16 | &nbsp;&nbsp;&nbsp;&nbsp;16.61 | &nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 854560372 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;&nbsp;&nbsp;45.82 | &nbsp;&nbsp;&nbsp;&nbsp; (13.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.81)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 833993386 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.87 | &nbsp;&nbsp;&nbsp;&nbsp;62.87 | &nbsp;&nbsp;&nbsp;&nbsp;58.97 | &nbsp;&nbsp;&nbsp;&nbsp; 58.97<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 766008977 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.15 | &nbsp;&nbsp;&nbsp;&nbsp;56.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp;&nbsp; 12.61<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22460006 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.46 | &nbsp;&nbsp;&nbsp;&nbsp;84.46 | &nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;&nbsp;&nbsp; 1957302387 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.21 | &nbsp;&nbsp;&nbsp;&nbsp;69.25 | &nbsp;&nbsp;&nbsp;&nbsp;38.42 | &nbsp;&nbsp;&nbsp;&nbsp; 38.50<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 539819191 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 63

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

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

**1. Organization**

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

The following are 11 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | |
|:---|:---|
|  | **Diversification Classification** |
| JPMorgan Active Growth ETF | Non-Diversified |
| JPMorgan Active Small Cap Value ETF | Diversified |
| JPMorgan Active Value ETF | Diversified |
| JPMorgan Equity Premium Income ETF | Diversified |
| JPMorgan Fundamental Data Science Large Core ETF<sup>(1)</sup> <br>| Non-Diversified |
| JPMorgan Fundamental Data Science Mid Core ETF<sup>(1)</sup> <br>| Diversified |
| JPMorgan Fundamental Data Science Small Core ETF<sup>(1)</sup> <br>| Diversified |
| JPMorgan Nasdaq Equity Premium Income ETF | Non-Diversified |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity <br> ETF)<sup>(2)</sup> <br>| Diversified |
| JPMorgan U.S. Research Enhanced Large Cap ETF<sup>(3)</sup> <br>| Diversified |
| JPMorgan U.S. Tech Leaders ETF | Diversified |

---

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

<sup>(1)</sup> Commencement of operations was August 7, 2024.

<sup>(2)</sup> Effective September 30, 2024, JPMorgan Market Expansion Enhanced Equity ETF changed its name to JPMorgan Small & Mid Cap Enhanced Equity ETF. 

<sup>(3)</sup> Commencement of operations was March 13, 2025.

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

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

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

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

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

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

64 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

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

---

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

---

Market prices for the Funds' shares may be different from their net asset value ("NAV").

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the "Distributor" or "JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as "Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an "Authorized Participant").

**2. Significant Accounting Policies**

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

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

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

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

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.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Growth ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6386092690 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6386092690 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Small Cap Value ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $23630585 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23630585 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Value ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3675825497 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3675825497 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $35479532166 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35479532166 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5135305632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5135305632 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 279447397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279447397 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $35758979563 | &nbsp;&nbsp;&nbsp;&nbsp; $5135305632 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40894285195 |

---

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

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Large Core ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $13314777 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13314777 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2190 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Mid Core ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6693634 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6693634 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $7193 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7193 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Data Science Small Core ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6432533 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6432533 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $9062 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9062 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq Equity Premium Income ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $23373637791 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23373637791 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4224282756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4224282756 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 321794479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321794479 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $23695432270 | &nbsp;&nbsp;&nbsp;&nbsp; $4224282756 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27919715026 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small & Mid Cap Enhanced Equity ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1863459915 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1863459915 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1704293 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1704293 |

---

&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;

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Large Cap ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $22424748 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22424748 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $7666 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7666 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Tech Leaders ETF**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1997369514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1997369514 |

---

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

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

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

As of June 30, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

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

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp; $19633 | &nbsp;&nbsp; $(19,588)\*\*<br>| &nbsp;&nbsp; $45 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp; 29056377 | &nbsp;&nbsp; (29056377)<br>| &nbsp;&nbsp; — |
| U.S. Tech Leaders ETF | &nbsp;&nbsp; 34517915 | &nbsp;&nbsp; (34517915)<br>| &nbsp;&nbsp; — |

---

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

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

\*\* Subsequent to June 30, 2025, additional collateral was received.

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

JPMIM voluntarily waived management fees charged to the Funds 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 year ended June 30, 2025, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Active Value ETF | &nbsp;&nbsp; $50 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp; 1 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp; 745 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp; 122 |

---

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 Statements of Operations as Income from securities lending (net).

Active Small Cap Value ETF, Active Value ETF, Equity Premium Income ETF, Fundamental Data Science Mid Core ETF and Nasdaq Equity Premium Income ETF did not have any securities on loan at June 30, 2025.

Active Growth ETF, Fundamental Data Science Large Core ETF and U.S. Research Enhanced Large Cap ETF did not lend out any securities during the year ended June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.27% (a) (b)<br>| $50270146 | $394591401 | $365845023 | $— | $— | $79016524 | 79016524 | $5178889 | $— |

---

&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 June 30, 2025.

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  | **Active Small Cap Value ETF**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| $— | $5810 | $5810 | $— | $— | $— |  | $5<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>|  | 62400 | 62400 |  |  |  |  | 9<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 308189 | 3941967 | 3823087 |  |  | 427069 | 427069 | 23953 |  |
| **Total** | $308189 | $4010177 | $3891297 | $— | $— | $427069 |  | $23967 | $— |

---

&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 June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund <br> Agency SL Class Shares, <br> 4.40% (a) (b)<br>| $— | $58882397 | $58882397 | $— | $— | $— |  | $24,978<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 4.27% <br> (a) (b)<br>| 545974 | 414701 | 960675 |  |  |  |  | 2,629<br> \*<br>|  |
| JPMorgan U.S. Government <br> Money Market Fund <br> Class IM Shares, 4.27% <br> (a) (b)<br>| 40756464 | 228684577 | 140934881 |  |  | 128506160 | 128506160 | 4260588 |  |
| **Total** | $41302438 | $287981675 | $200777953 | $— | $— | $128506160 |  | $4288195 | $— |

---

&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 June 30, 2025.

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

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

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

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities <br> Lending Money <br> Market Fund <br> Agency SL <br> Class Shares, <br> 4.40% (a) (b)<br>| $— | $83700161 | $83700161 | $— | $— | $— |  | $77,011<br> \*<br>| $— |
| JPMorgan <br> U.S. Government <br> Money Market <br> Fund Class IM <br> Shares, 4.27% <br> (a) (b)<br>| 219654416 | 6953208673 | 6893415692 |  |  | 279447397 | 279447397 | 13578001 |  |
| **Total** | $219654416 | $7036908834 | $6977115853 | $— | $— | $279447397 |  | $13655012 | $— |

---

&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 June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  | **Fundamental Data Science Large Core ETF**  |
| **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
| **Security Description** | **Value at** <br>**August 7,** <br>**2024(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>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>| $— | $679469 | $534009 | $— | $— | $145460 | 145460 | $5309 | $— |

---

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

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

(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 June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  | **Fundamental Data Science Mid Core ETF**  |
| **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
| **Security Description** | **Value at** <br>**August 7,** <br>**2024(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>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c)<br>| $— | $44401 | $44401 | $— | $— | $— |  | $36<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>|  | 814869 | 526785 |  |  | 288084 | 288084 | 10858 |  |
| **Total** | $— | $859270 | $571186 | $— | $— | $288084 |  | $10894 | $— |

---

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

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

(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 June 30, 2025.

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  | **Fundamental Data Science Small Core ETF**  |
| **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
| **Security Description** | **Value at** <br>**August 7,** <br>**2024(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>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c)<br>| $— | $442370 | $422782 | $— | $— | $19588 | 19588 | $1,199<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>|  | 31199 | 31199 |  |  |  |  | 50<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>|  | 793334 | 522539 |  |  | 270795 | 270795 | 10345 |  |
| **Total** | $— | $1266903 | $976520 | $— | $— | $290383 |  | $11594 | $— |

---

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

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

(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 June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq 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 year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities <br> Lending Money <br> Market Fund <br> Agency SL <br> Class Shares, <br> 4.40% (a) (b)<br>| $— | $277650044 | $277650044 | $— | $— | $— |  | $216,808<br> \*<br>| $— |
| JPMorgan <br> U.S. Government <br> Money Market <br> Fund Class IM <br> Shares, 4.27% <br> (a) (b)<br>| 133145071 | 6430223026 | 6241573618 |  |  | 321794479 | 321794479 | 12880673 |  |
| **Total** | $133145071 | $6707873070 | $6519223662 | $— | $— | $321794479 |  | $13097481 | $— |

---

&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 June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  | **Small & Mid Cap Enhanced Equity ETF**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.40% <br> (a) (b)<br>| $13996200 | $186085479 | $170659730 | $700<br> \*<br>| $1100 | $29423749 | 29423749 | $638,814<br> \*<br>| $— |

---

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

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) | **Small & Mid Cap Enhanced Equity ETF** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.27% (a) (b)<br>| $1906302 | $16309209 | $18215511 | $— | $— | $— |  | $23,604<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.27% (a) (b)<br>| 16205206 | 299846280 | 262865340 |  |  | 53186146 | 53186146 | 1438090 |  |
| **Total** | $32107708 | $502240968 | $451740581 | $700 | $1100 | $82609895 |  | $2100508 | $— |

---

&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 June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  | **U.S. Research Enhanced Large Cap ETF**  |
| **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
| **Security Description** | **Value at** <br>**March 13,** <br>**2025(a)**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>| $— | $314393 | $116894 | $— | $— | $197499 | 197499 | $2100 | $— |

---

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

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

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

(c) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  | **U.S. Tech Leaders ETF**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.40% <br> (a) (b)<br>| $— | $119406977 | $83351592 | $— | $— | $36055385 | 36055385 | $349,549<br> \*<br>| $— |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.27% (a) (b)<br>| 1211550 | 2879081 | 4090631 |  |  |  |  | 8,056<br> \*<br>|  |
| JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.27% (a) (b)<br>| 6303772 | 299202632 | 288030743 |  |  | 17475661 | 17475661 | 792694 |  |
| **Total** | $7515322 | $421488690 | $375472966 | $— | $— | $53531046 |  | $1150299 | $— |

---

&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 June 30, 2025.

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

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

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

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

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts 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 year ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Premium** <br>**Income ETF** <br>| **Fundamental Data** <br>**Science Large** <br>**Core ETF** <br>| **Fundamental Data** <br>**Science Mid** <br>**Core ETF** <br>| **Fundamental Data** <br>**Science Small** <br>**Core ETF** <br>| **Small & Mid Cap** <br>**Enhanced** <br>**Equity ETF** <br>| **U.S. Research** <br>**Enhanced Large Cap ETF** <br>|
| **Futures Contracts:** |  |  |  |  |  |  |
| Average Notional <br> Balance Long<br>| &nbsp;&nbsp; $4375252 | &nbsp;&nbsp; $36,017<br> (a)<br>| &nbsp;&nbsp; $250,757<br> (a)<br>| &nbsp;&nbsp; $228,014<br> (a)<br>| &nbsp;&nbsp; $34621007 | &nbsp;&nbsp; $152,823<br> (b)<br>|
| Average Notional <br> Balance Short<br>| &nbsp;&nbsp; (5545173)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional <br> Balance Long<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 62518 | &nbsp;&nbsp; 311340 | &nbsp;&nbsp; 284843 | &nbsp;&nbsp; 55455900 | &nbsp;&nbsp; 218811 |

---

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

 <br> (a) For the period August 07, 2024 through June 30, 2025. <br> (b) For the period March 13, 2025 through June 30, 2025.

**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 June 30, 2025, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF had outstanding ELNs as listed on the SOIs.

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the

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

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

------

components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

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

During the period March 13, 2025 (commencement of operations) through June 30, 2025, U.S. Research Enhanced Large Cap ETF did not pay any significant foreign, federal or state and local income taxes.

**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 Active Growth ETF, Active Small Cap Value ETF, Small & Mid Cap Enhanced Equity ETF and U.S. Tech Leaders ETF, and at least quarterly for Active Value ETF, Fundamental Data Science Large Core ETF, Fundamental Data Science Mid Core ETF, Fundamental Data Science Small Core ETF and U.S. Research Enhanced Large Cap ETF. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $421591897 | &nbsp;&nbsp;&nbsp;&nbsp; $6388 | &nbsp;&nbsp;&nbsp;&nbsp; $(421598285)<br>|
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 66079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66079)<br>|
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 152854087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (152854087)<br>|
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 456203902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (456203902)<br>|
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 159891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (159891)<br>|
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 491059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (491059)<br>|
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 427773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (427773)<br>|
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 871777031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (871777031)<br>|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 108602807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (108602807)<br>|
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 90894 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90894)<br>|
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 54036755 | &nbsp;&nbsp;&nbsp;&nbsp; 1320547 | &nbsp;&nbsp;&nbsp;&nbsp; (55357302)<br>|

---

The reclassifications for the Funds relate primarily to redemptions in-kind and net operating losses.

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

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

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

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

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

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements, with the exception of U.S. Research Enhanced Large Cap ETF. For U.S. Research Enhanced Large Cap ETF, Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund's net assets or results of operation.

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

**A. Management Fee**—JPMIM manages the investments of each Fund. For each Fund other than Small & Mid Cap Enhanced Equity ETF, the investments are managed pursuant to a Management Agreement, under which JPMIM is responsible for substantially all of each Fund's expenses as described below. JPMIM also manages the investments of Small & Mid Cap Enhanced Equity ETF pursuant to an Investment Advisory Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:

---

| | |
|:---|:---|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

Under each Management Agreement applicable to each Fund except Small & Mid Cap Enhanced Equity ETF, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund's business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund's securities lending program, if applicable. For the avoidance of doubt, the Adviser's payment of such expenses may be accomplished through a Fund's payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.

**B. Administration Fee**— JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.

Pursuant to a separate Administration Agreement, the Administrator provides certain administration services to Small & Mid Cap Enhanced Equity ETF. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of Small & Mid Cap Enhanced Equity ETF's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate was 0.075% of Small & Mid Cap Enhanced Equity ETF's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees for Small & Mid Cap Enhanced Equity ETF as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM (a portion of the administration fee for the Small & Mid Cap Enhanced Equity ETF).

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

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

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

76 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

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

**E. Waivers and Reimbursements**— The Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse Small & Mid Cap Enhanced Equity ETF to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of Small & Mid Cap Enhanced Equity ETF's average daily net assets. The expense limitation agreement was in effect for the year ended June 30, 2025 and the contractual expense limitation is in place until at least October 31, 2025.

For the year ended June 30, 2025, Small & Mid Cap Enhanced Equity ETF's service providers waived fees and/or reimbursed expenses for Small & Mid Cap Enhanced Equity ETF as follows. None of these parties expect Small & Mid Cap Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years.

---

| | |
|:---|:---|
|  | **Contractual** <br>**Reimbursements**<br>|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp; $1773884 |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). For each Fund, except Small & Mid Cap Enhanced Equity ETF, the fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A. For Small & Mid Cap Enhanced Equity ETF, the Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Small & Mid Cap Enhanced Equity ETF's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expects Small & Mid Cap Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; $32120 |

---

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A. for the Funds except Small & Mid Cap Enhanced Equity ETF. Small & Mid Cap Enhanced Equity ETF, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The below Funds used related party broker-dealers during the year ended June 30, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $13536 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 64525 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9799 |

---

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; $18872 |

---

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

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Active Growth ETF | $1999291485 | $1885575337 |
| Active Small Cap Value ETF | 8331095 | 7969784 |
| Active Value ETF | 2794816938 | 2616525097 |
| Equity Premium Income ETF | 65922280264 | 63982404176 |
| Fundamental Data Science Large Core ETF | 11617846 | 1842352 |
| Fundamental Data Science Mid Core ETF | 6261729 | 1791272 |
| Fundamental Data Science Small Core ETF | 6493950 | 2103995 |
| Nasdaq Equity Premium Income ETF | 37550534724 | 34138529380 |
| Small & Mid Cap Enhanced Equity ETF | 710282716 | 566934578 |
| U.S. Research Enhanced Large Cap ETF | 11159763 | 1003786 |
| U.S. Tech Leaders ETF | 745059087 | 690338417 |

---

During the year ended June 30, 2025, there were no purchases or sales of U.S. Government securities.

For the year ended June 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**<br>| **In-Kind** <br>**Sales**<br>|
| Active Growth ETF | $4663937199 | $1149445743 |
| Active Small Cap Value ETF | 10156917 | 285681 |
| Active Value ETF | 2728578814 | 751027173 |
| Equity Premium Income ETF | 7287759564 | 1836020021 |
| Fundamental Data Science Large Core ETF | 2549312 | 1175841 |
| Fundamental Data Science Mid Core ETF | 6511848 | 5260301 |
| Fundamental Data Science Small Core ETF | 3530422 | 2179700 |
| Nasdaq Equity Premium Income ETF | 11408395204 | 1840193417 |
| Small & Mid Cap Enhanced Equity ETF | 742009103 | 241338044 |
| U.S. Research Enhanced Large Cap ETF | 10731619 | 1215921 |
| U.S. Tech Leaders ETF | 1279828084 | 198538464 |

---

During the year ended June 30, 2025, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

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

78 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

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

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $5492976501 | &nbsp;&nbsp;&nbsp;&nbsp; $947051541 | &nbsp;&nbsp;&nbsp;&nbsp; $53935352 | &nbsp;&nbsp;&nbsp;&nbsp; $893116189 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22886266 | &nbsp;&nbsp;&nbsp;&nbsp; 2014199 | &nbsp;&nbsp;&nbsp;&nbsp; 1269880 | &nbsp;&nbsp;&nbsp;&nbsp; 744319 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3464401542 | &nbsp;&nbsp;&nbsp;&nbsp; 284765300 | &nbsp;&nbsp;&nbsp;&nbsp; 73341345 | &nbsp;&nbsp;&nbsp;&nbsp; 211423955 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 35473465453 | &nbsp;&nbsp;&nbsp;&nbsp; 6766228920 | &nbsp;&nbsp;&nbsp;&nbsp; 1345409178 | &nbsp;&nbsp;&nbsp;&nbsp; 5420819742 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11395144 | &nbsp;&nbsp;&nbsp;&nbsp; 2261820 | &nbsp;&nbsp;&nbsp;&nbsp; 339997 | &nbsp;&nbsp;&nbsp;&nbsp; 1921823 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6405915 | &nbsp;&nbsp;&nbsp;&nbsp; 523194 | &nbsp;&nbsp;&nbsp;&nbsp; 228282 | &nbsp;&nbsp;&nbsp;&nbsp; 294912 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6301802 | &nbsp;&nbsp;&nbsp;&nbsp; 576138 | &nbsp;&nbsp;&nbsp;&nbsp; 436345 | &nbsp;&nbsp;&nbsp;&nbsp; 139793 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23478941080 | &nbsp;&nbsp;&nbsp;&nbsp; 5034600162 | &nbsp;&nbsp;&nbsp;&nbsp; 593826216 | &nbsp;&nbsp;&nbsp;&nbsp; 4440773946 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1665653846 | &nbsp;&nbsp;&nbsp;&nbsp; 292741752 | &nbsp;&nbsp;&nbsp;&nbsp; 93231390 | &nbsp;&nbsp;&nbsp;&nbsp; 199510362 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19943318 | &nbsp;&nbsp;&nbsp;&nbsp; 2800157 | &nbsp;&nbsp;&nbsp;&nbsp; 311061 | &nbsp;&nbsp;&nbsp;&nbsp; 2489096 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1606313048 | &nbsp;&nbsp;&nbsp;&nbsp; 403226495 | &nbsp;&nbsp;&nbsp;&nbsp; 12170029 | &nbsp;&nbsp;&nbsp;&nbsp; 391056466 |

---

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

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $4426088 | &nbsp;&nbsp;&nbsp;&nbsp; $4426088 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 230259 | &nbsp;&nbsp;&nbsp;&nbsp; 230259 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 38123372 | &nbsp;&nbsp;&nbsp;&nbsp; 38123372 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3027394985 | &nbsp;&nbsp;&nbsp;&nbsp; 3027394985 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 114917 | &nbsp;&nbsp;&nbsp;&nbsp; 114917 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 73579 | &nbsp;&nbsp;&nbsp;&nbsp; 73579 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 50574 | &nbsp;&nbsp;&nbsp;&nbsp; 50574 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2289840737 | &nbsp;&nbsp;&nbsp;&nbsp; 2289840737 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 15116192 | &nbsp;&nbsp;&nbsp;&nbsp; 15116192 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 44740 | &nbsp;&nbsp;&nbsp;&nbsp; 44740 |

---

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

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

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $1449368 | &nbsp;&nbsp;&nbsp;&nbsp; $1449368 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 138781 | &nbsp;&nbsp;&nbsp;&nbsp; 138781 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14678345 | &nbsp;&nbsp;&nbsp;&nbsp; 14678345 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2314633449 | &nbsp;&nbsp;&nbsp;&nbsp; 2314633449 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 809391007 | &nbsp;&nbsp;&nbsp;&nbsp; 809391007 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11920279 | &nbsp;&nbsp;&nbsp;&nbsp; 11920279 |

---

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

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

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $8557972 | &nbsp;&nbsp;&nbsp;&nbsp; $(71005563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $893116189 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 149419 | &nbsp;&nbsp;&nbsp;&nbsp; (36026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 744319 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4448835 | &nbsp;&nbsp;&nbsp;&nbsp; (38408090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 211423955 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 301546263 | &nbsp;&nbsp;&nbsp;&nbsp; (5348734698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5420819742 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 16349 | &nbsp;&nbsp;&nbsp;&nbsp; (6775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1921823 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 12086 | &nbsp;&nbsp;&nbsp;&nbsp; (8527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 294912 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11051 | &nbsp;&nbsp;&nbsp;&nbsp; (19554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 139793 |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 256335984 | &nbsp;&nbsp;&nbsp;&nbsp; (1825746773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4440302273 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11169150 | &nbsp;&nbsp;&nbsp;&nbsp; (12190276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199510362 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2489096 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24406066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 391056466 |

---

The cumulative timing differences primarily consist of certain derivatives, ordinary loss deferrals, post-October capital loss deferrals, trustee deferred compensation and wash sale loss deferrals.

As of June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $69992070 | &nbsp;&nbsp;&nbsp;&nbsp; $1013493 |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25077 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 |
| Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29730093 | &nbsp;&nbsp;&nbsp;&nbsp; 8677997 |
| Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5101154175 | &nbsp;&nbsp;&nbsp;&nbsp; 247580523 |
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6775 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8527 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19554 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1796362075 | &nbsp;&nbsp;&nbsp;&nbsp; 29384698 |
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7209850 | &nbsp;&nbsp;&nbsp;&nbsp; 4980426 |
| U.S. Tech Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp; 24406066 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

80 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

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

---

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

---

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

---

**6. Capital Share Transactions**

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

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

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

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

**7. Borrowings** 

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 81

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

**8. Risks, Concentrations and Indemnifications**

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>|
| Small & Mid Cap Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 33.3<br> %<br>|

---

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

As of June 30, 2025, the Adviser owned shares representing more than 10% of net assets of the following Funds:

---

| | |
|:---|:---|
|  | **% of Ownership** |
| Active Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| Fundamental Data Science Large Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| Fundamental Data Science Mid Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Fundamental Data Science Small Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

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

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

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

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

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

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

82 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the eleven funds listed in the table below

***Opinions on the Financial Statements*** 

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (eleven of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of June 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Fund** 

---

| |
|:---|
| JPMorgan Active Growth ETF (1) |
| JPMorgan Active Small Cap Value ETF (1) |
| JPMorgan Active Value ETF (1) |
| JPMorgan Equity Premium Income ETF (1) |
| JPMorgan Fundamental Data Science Large Core ETF (2) |
| JPMorgan Fundamental Data Science Mid Core ETF (2) |
| JPMorgan Fundamental Data Science Small Core ETF (2) |
| JPMorgan Nasdaq Equity Premium Income ETF (1) |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF) (1) |
| JPMorgan U.S. Research Enhanced Large Cap ETF (3) |
| JPMorgan U.S. Tech Leaders ETF (4) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(1) Statement of operations for the year ended June 30, 2025 and statement of changes in net assets for the years ended June 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;(2) Statement of operations and statement of changes in net assets for the period August 7, 2024 (commencement of operations) through June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(3) Statement of operations and statement of changes in net assets for the period March 13, 2025 (commencement of operations) through June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(4) Statement of operations for the year ended June 30, 2025, and statement of changes in net assets for the year ended June 30, 2025 and the period October 4, 2023 (commencement of operations) through June 30, 2024

***Basis for Opinions*** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 83

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

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

84 J.P. Morgan Exchange-Traded Funds June 30, 2025

------

**TAX LETTER**

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Active Growth ETF | 100.00<br> %<br>|
| JPMorgan Active Small Cap Value ETF | 100.00 |
| JPMorgan Active Value ETF | 100.00 |
| JPMorgan Equity Premium Income ETF | 15.20 |
| JPMorgan Fundamental Data Science Large Core ETF | 100.00 |
| JPMorgan Fundamental Data Science Mid Core ETF | 95.21 |
| JPMorgan Fundamental Data Science Small Core ETF | 100.00 |
| JPMorgan Nasdaq Equity Premium Income ETF | 5.18 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF <br> (formerly known as JPMorgan Market Expansion <br> Enhanced Equity ETF)<br>| 100.00 |
| JPMorgan U.S. Research Enhanced Large Cap ETF | 100.00 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp; $3216 |

---

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Active Growth ETF | &nbsp;&nbsp; $4426088 |
| JPMorgan Active Small Cap Value ETF | &nbsp;&nbsp; 230259 |
| JPMorgan Active Value ETF | &nbsp;&nbsp; 38123372 |
| JPMorgan Equity Premium Income ETF | &nbsp;&nbsp; 497428489 |
| JPMorgan Fundamental Data Science Large Core <br> ETF<br>| &nbsp;&nbsp; 114917 |
| JPMorgan Fundamental Data Science Mid Core ETF | &nbsp;&nbsp; 71411 |
| JPMorgan Fundamental Data Science Small Core <br> ETF<br>| &nbsp;&nbsp; 50574 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp; 125411604 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF <br> (formerly known as JPMorgan Market Expansion <br> Enhanced Equity ETF)<br>| &nbsp;&nbsp; 15116192 |
| JPMorgan U.S. Research Enhanced Large Cap ETF | &nbsp;&nbsp; 44740 |

---

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

June 30, 2025 J.P. Morgan Exchange-Traded Funds 85

------

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

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

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

![](g71093imgb05900c52.jpg)

------

![](g71093img845c70283.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-ETF-625

------

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

Not applicable.

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

Not applicable.

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

Included in the Statements of Operations within the Funds' Financial Statements.

------

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

***JPMorgan U.S. Research Enhanced Large Cap ETF***

On November 19-21, 2024 , the Board of Trustees (the "Board" or the "Trustees") held meetings and approved the initial management agreement (the "Management Agreement") for the JPMorgan U.S. Research Enhanced Large Cap ETF (the "Fund"). The Management Agreement was approved by a majority of the Trustees who are not "Interested Persons" (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of its affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the "Adviser") and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

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

In connection with the approval of the Fund's initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;

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

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

• The administration services to be provided by the Adviser under the Management Agreement;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

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

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

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

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them.

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

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

------

The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund except for certain enumerated contractual exclusions under a "unitary fee" structure. The Trustees noted that the proposed unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund's shareholders will receive the benefits of potential economies of scale.

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

The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for management styles substantially similar to that of the Fund. The Trustees considered the Adviser's view that it currently manages other vehicles with substantially similar investment strategies as that of the Fund.

***Investment Performance***

The Trustees considered the Fund's investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

***Management Fee***

The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. ("Broadridge"), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund's proposed management fee was fair and reasonable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d66956dex99codeeth.htm)

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:](d66956dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

#### Not applicable.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

(b) [A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.](d66956dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | September 2, 2025 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

---

| | |
|:---|:---|
| **Persons covered by this Code of Ethics:** |  |
| **Matthew J. Kamburowski** | **Principal Executive Officer** |
| **Timothy J. Clemens** | **Principal Financial Officer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion**.

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Growth
ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan
Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders ETF, each a series of the J.P.
Morgan Exchange-Traded Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 2, 2025 |  |
|  | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value
ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF,
JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders ETF (the "Funds"), each a series of the J.P. Morgan Exchange-Traded
Fund Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 2, 2025 |  |
|  | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders ETF (the "Funds"), each a series of the J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of the operations of the Funds.

---

| |
|:---|
| /s/ ****Matthew J. Kamburowski |
| Matthew J. Kamburowski<br> President and Principal Executive Officer |

---

September 2, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Focus ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF, JPMorgan Small & Mid Cap Enhanced Equity ETF, JPMorgan U.S. Research Enhanced Large Cap ETF and JPMorgan U.S. Tech Leaders ETF (the "Funds"), each a series of the J.P. Morgan Exchange-Traded Fund Trust (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

/s/ <u>Timothy J. Clemens</u> 

Timothy J. Clemens

Treasurer and Principal Financial Officer

September 2, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.